Trading system and method for institutional athletic and education programs
First Claim
1. An apparatus for trading an educational institution athletic derivative contract where an underlying commercial relationship corresponding to said derivative contract is a mutually-agreed upon obligation between a particular educational institution and at least one student-athlete such that said at least one student-athlete participates in at least one intercollegiate sport offered by said particular educational institution in return for said particular educational institution providing at least a portion of the cost of said at least one student-athlete to attend said particular educational institution, said apparatus comprising:
- a data output configured to convey trading information relating to said derivative contract to a first trader;
a data input configured to receive trading instructions related to said derivative contract from said first trader;
a communications link configured to electronically connect at least one of said data input and said data output with a trading exchange; and
a computer readable medium cooperative with said data input, said data output and the trading exchange such that upon attainment of said obligation between said particular educational institution and said at least one student-athlete, trading on said derivative contract that corresponds to said obligation can commence, further such that upon placement from said first trader of an offer to sell or a bid to buy said derivative contract through said data input, said apparatus processes said bid or said offer in order to establish a trade between said first trader and a second trader with a complementary bid to buy or offer to sell said derivative contract.
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Accused Products
Abstract
A device and method for trading commodity options and futures related to an educational institution'"'"'s non-rival athletic program to manage risks associated with producing collegiate athletic programs. In one version, the underlying asset of the options and futures contracts is an athletic prospect'"'"'s obligation to participate in a non-rival athletic program at a particular institution in exchange for the opportunity for the athletic prospect to participate in academic and athletic programs within the institution. In a particular form, the underlying asset is a signed National Letter of Intent, a contract that obligates a prospect attending a particular institution to participate in that institution'"'"'s non-rival athletic program. Revenues generated by options and futures contracts traded according to the device and method of the present invention can be used to further the institution'"'"'s educational and athletic missions.
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Citations
19 Claims
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1. An apparatus for trading an educational institution athletic derivative contract where an underlying commercial relationship corresponding to said derivative contract is a mutually-agreed upon obligation between a particular educational institution and at least one student-athlete such that said at least one student-athlete participates in at least one intercollegiate sport offered by said particular educational institution in return for said particular educational institution providing at least a portion of the cost of said at least one student-athlete to attend said particular educational institution, said apparatus comprising:
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a data output configured to convey trading information relating to said derivative contract to a first trader; a data input configured to receive trading instructions related to said derivative contract from said first trader; a communications link configured to electronically connect at least one of said data input and said data output with a trading exchange; and a computer readable medium cooperative with said data input, said data output and the trading exchange such that upon attainment of said obligation between said particular educational institution and said at least one student-athlete, trading on said derivative contract that corresponds to said obligation can commence, further such that upon placement from said first trader of an offer to sell or a bid to buy said derivative contract through said data input, said apparatus processes said bid or said offer in order to establish a trade between said first trader and a second trader with a complementary bid to buy or offer to sell said derivative contract. - View Dependent Claims (2, 3, 4, 5, 6)
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7. An apparatus for trading a non-rival college athletic derivative contract where an underlying commercial relationship corresponding to said non-rival college athletic derivative contract is a mutually-agreed upon obligation between a particular educational institution and at least one student-athlete such that said at least one student-athlete participates in at least one intercollegiate sport offered by said particular educational institution in return for said particular educational institution providing at least a portion of the cost of said at least one student-athlete to attend said particular educational institution, said apparatus comprising:
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a central trading platform through which trading orders of said non-rival college athletic derivative contract are executed; a database comprising a collection of available athletic programs from which a trader may choose to trade, each of said athletic programs within said database comprising unique identification indicia pertaining to said non-rival college athletic derivative contract, said database cooperative with said trading platform such that information contained in said database can be retrieved and operated on by said trading platform; means for exchanging order information pertaining to said non-rival college athletic derivative contract; means for executing a trade of said non-rival college athletic derivative contract; and means for informing traders of a fill status of said non-rival college athletic derivative contract. - View Dependent Claims (8, 9, 10, 11, 12, 13)
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14. An article of manufacture comprising a computer usable medium having computer readable program code embodied therein for executing a trade of at least one college athletic futures contract where an underlying commercial relationship corresponding to said futures contract is a mutually-agreed upon obligation between a particular educational institution and at least one student-athlete such that said at least one student-athlete participates in at least one intercollegiate sport offered by said particular educational institution in return for said particular educational institution providing at least a portion of the cost of said at least one student-athlete to attend said particular educational institution, said computer readable program code in said article of manufacture comprising:
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computer readable program code portion for causing a computer to accept at least one bid from a buyer of said at least one college athletic futures contract; computer readable program code for causing said computer to accept at least one offer from a seller of said at least one college athletic futures contract; computer readable program code portion for causing said computer to match said bid and said offer, thereby effecting said trade of at least one college athletic futures contract; and computer readable program code portion for causing said computer to notify said buyer and said seller that said trade of said at least one college athletic futures contract has been executed. - View Dependent Claims (15, 16, 17, 18, 19)
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Specification