Mechanism and business method for implementing a service contract futures exchange

• US 7,373,320 B1
• Filed: 03/30/2000
• Issued: 05/13/2008
• Est. Priority Date: 03/30/2000
• Status: Expired due to Fees

• Current Assignee: Mcdonough Heritage Group LLC
• Original Assignee: Mcdonough Heritage Group LLC
• Inventors: McDonough, Timothy Francis
• Primary Examiner(s): Millin; Vincent
• Assistant Examiner(s): FELTEN, DANIEL S
• Application Number:
  US09/539,132
• Time in Patent Office: 2,966 Days
• Field of Search: 705/37, 705/35, 705/36, 705/38, 235/379, 235/380
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The present invention relates a futures exchange for services contracts. The SerFEx is an electronic market system that enables the exchange of cash (spot and forward) contracts and futures contracts for the delivery of services. Services are traded on the exchange similar to commodities on a prior art commodities exchange. The exchange allows the futures market to determine the right price for services for the producers and consumers of those services. Participants may buy, sell, or leverage services contracts through a variety of order types. The exchange is composed of an electronic infrastructure that has four major components: a front-end facility comprised of licensed authorized intermediaries, an automated bid/ask matching system, a clearinghouse system, and a title management system. The exchange operates twenty-four hours per day and seven days per week with all accounts settled at least once in every twenty-four hours. Participants in the exchange may be producers of services, intermediaries, speculators, and consumers of the services.

Claims

1. A data processing system implemented method for implementing a service contract futures exchange, comprising:

receiving a bid order for a service futures contract, wherein the bid order originates from a bidder;

matching the bid order for a service futures contract with an ask order for a corresponding service futures contract in the data processing system, wherein an asker owns the corresponding service futures contract and the ask order originates from the asker; and

transferring ownership of the corresponding service futures contract to the bidder.

2. The method recited in claim 1 above, prior to transferring ownership of the corresponding service futures contract to the bidder the method further comprises:

conveying funds from the bidder to the asker.

3. The method recited in claim 1 above, wherein matching the bid order for a service futures contract with an ask order for a corresponding service futures contract in the data processing system further comprises identifying service futures contract options for the service futures contract which is the subject of the bid order from the bidder.

4. The method recited in claim 1 above, wherein the bid order includes a bid price and further wherein the bid order identifies service futures contract options for the service order including at least one of service quantity, service grade, delivery date, and delivery point.

5. The method recited in claim 1 above, wherein receiving a bid order for a service futures contract further comprises obtaining the bid order from a bidder'"'"'s authorized intermediary, wherein the bidder'"'"'s authorized intermediary represents the bidder.

6. The method recited in claim 1 above, wherein the asker is represented by an asker'"'"'s authorized intermediary.

7. The method recited in claim 1 above, wherein matching the bid order for a service futures contract with an ask order for a corresponding service futures contract in the data processing system further comprises:

identifying service futures contract options for the service futures contract which is the subject of the bid order from the bidder in the data processing system, wherein the service futures contract options for the service order includes at least one of service quantity, service grade, service delivery date, and service delivery point;

searching a plurality of available service futures contracts for at least one corresponding service futures contract in the data processing system, wherein the corresponding service contract includes service futures contract options that correspond to the service contract which is the subject of the bid from the bidder;

identifying at least one corresponding service contract from the plurality of available service futures contracts in the data processing system;

comparing a bid price associated with the bid order with each ask price associated with each ask order for the identified at least one corresponding service futures contract in the data processing system; and

identifying at least one corresponding service futures contract having a price match in the data processing system, wherein the ask price of the ask order associated with the at least one corresponding service futures contract is lower than or equal to the bid price associated with the bid order.

8. The method recited in claim 2 above, wherein conveying funds from the bidder to the asker further comprises:

receiving notification of a price match between a bid order from a bidder and an ask order from an asker;

debiting a bidder'"'"'s authorized intermediary; and

crediting an asker'"'"'s authorized intermediary.

9. The method recited in claim 8 above, wherein transferring ownership of the corresponding service futures contract to the bidder further comprises:

receiving notification of funds being transferred from the bidder authorized intermediary to the seller'"'"'s authorized intermediary for the corresponding service futures contract;

accessing a title record for the corresponding service futures contract; and

updating the title record for the corresponding service contract to reflect the bidder as the owner of the corresponding service futures contract.

10. The method recited in claim 1 above, further comprising:

issuing a certificate of title to the bidder.

59. The method recited in claim 1 above, wherein the bid order is the first bid order, the ask order is the first ask order and the service futures contract is a first service futures contract, the method further comprises:

receiving a first ask order for a first service futures contract from a first asker, said first ask order defining first service futures contract options for the service futures contract including at least a first ask price, first execution locations and a first execution time;

receiving a second ask order for a second service futures contract from a second asker, said second ask order defining second service futures contract options for the service futures contract including at least a second ask price, second execution locations and a second execution time, wherein at least a portion of the first execution locations are different from the second execution locations;

receiving a bid order for third service futures contract from a bidder, said bid order defining third service futures contract options for the third service contract including at least a bid price, third execution locations and an execution time interval;

matching the bid order to the first and second ask orders by forming conjunctive relationships between the first service futures contract options and the second service futures contract options, comprising

identifying a sequential relationship in the first execution locations and the second execution locations, that matched the third execution locations;

identifying a sequential relationship in the first execution time and the second execution time, that matched the third execution time interval; and

matching a sum of the first ask price and the second ask price match, to the bid price; and

transferring ownership of first service futures contract and the second service futures contract based on options and the second service futures contract options.

62. A method recited in claim 1 further comprising:

identifying a service market to be represented in the service contract futures exchange, the service market comprising a plurality of service related assets provided by service providers;

receiving an ask order for a service futures contract in the service contract futures exchange data processing system for future delivery of an underlying service related asset identified in the service contract futures exchange data processing system and specifying a future delivery date for a service provider to delivery the underlying service related asset, the ask order originating from an asker and representing an open futures position obligating the asker to relinquish ownership of a related service futures contract based on an ask price;

receiving a bid order for a service futures contract in the service contract futures exchange data processing system for future delivery of an underlying service related asset identified in the service contract futures exchange data processing system, the bid order originating from a bidder and representing an open futures position in which the bidder is obliged to relinquish funds equivalent to a bid price for ownership of a service related futures contract;

displaying one of the bid price and the ask price for the related service futures contract for the matched orders, wherein the one of the bid price and the ask price establishes a price for the future delivery of the underlying service asset identified in the service contract futures exchange data processing system; and

transferring ownership of a service futures contract to the bidder in response to matching the bid order with the ask order in the service contract futures exchange data processing system.

11. A data processing system implemented method for implementing a service contract futures exchange, comprising:

receiving an ask order associated with an asker'"'"'s service futures contract, wherein the ask order originates from an asker;

entering the ask order in a service contract database containing a plurality of ask orders, each ask order being associated with a service futures contract;

receiving a bid order for a bidder'"'"'s service futures contract;

searching the service futures contract database on the basis of the bid order;

matching the bid order to the ask order in the data processing system; and

recording an ownership change of the asker'"'"'s service futures contract.

12. The method recited in claim 11 above, wherein the ask order identifies the asker'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the bid order includes an ask price.

13. The method recited in claim 11 above, wherein receiving an ask order associated with an asker'"'"'s service futures contract further comprises:

receiving an asker'"'"'s identity;

receiving an ask price from the ask order;

receiving a description of the asker'"'"'s service futures contract including at least one of service quantity, service grade, service delivery date, and service delivery point; and

receiving a title to the asker'"'"'s service futures contract.

14. The method recited in claim 11 above, further comprises:

transmitting an identity of a last owner of record to the asker.

15. The method recited in claim 11 above, wherein transferring ownership of the asker'"'"'s service futures contract to the bidder further comprises:

issuing a certificate of title to the bidder.

16. The method recited in claim 11 above, wherein receiving an ask order associated with an asker'"'"'s service futures contract further comprises:

receiving an asker'"'"'s identity;

receiving a royalty owner'"'"'s identity;

receiving an ask price from the ask order; and

receiving a description of the asker'"'"'s service futures contract including a royalty fee.

17. The method recited in claim 11 above, prior to recording the ownership change of the asker'"'"'s service futures contract, method further comprises:

conveying funds for the asker'"'"'s service futures contract.

18. The method recited in claim 17 above, conveying funds for the asker'"'"'s service futures contract further comprises:

transferring funds from the bidder to the asker; and

escrowing funds for a royalty owner based on a royalty fee.

19. The method recited in claim 11, further comprises:

transmitting an identity of a last title holder of record to the asker.

20. The method recited in claim 11, further comprises:

issuing a certificate of title to the bidder; and

transmitting an identity of the bidder to the asker.

21. A data processing system implemented method for implementing a service contract futures exchange, comprising:

receiving an ask order for an asker'"'"'s service futures contract;

receiving a bid order for a bidder'"'"'s service futures contract;

matching the bid order with the ask order in the data processing system;

in response to matching the bid order with the ask order, determining whether to process the asker'"'"'s service futures contract is in a cash market or a futures market in the data processing system; and

processing the asker'"'"'s service futures contract based on whether the asker'"'"'s service futures contract is processed in a cash market or a futures market.

22. The method recited in claim 21, wherein the asker'"'"'s service futures contract is a transferable contract to provide a service relating to at least one of construction;

transportation and warehousing;

postal services;

information;

real estate and rental and leasing;

financial and insurance;

professional, scientific, and technical services;

management of companies and enterprises;

administrative and support and waste management and remediation services;

educational services;

health care and social assistance;

arts, entertainment, and recreation;

accommodation and food services;

public administration; and

other services.

23. The method recited in claim 21, in response to the determination of whether to process the asker'"'"'s service futures contract in a cash market, processing the asker'"'"'s service futures contract further comprises:

transferring funds from the bidder to the asker; and

transferring ownership of the asker'"'"'s service futures contract to the bidder following transferring funds from the bidder to the asker.

24. The method recited in claim 21, in response to the determination of whether to process the askers service futures contract in a futures market, processing the asker'"'"'s service futures contract further comprises:

calculating mark to market time, wherein all futures service futures contracts are processed at mark to market time;

determining whether present time is equal to mark to market time;

on the basis of present time being equal to mark to market time, transferring funds from the bidder to the asker; and

transferring ownership of the asker'"'"'s service futures contract to the bidder in response to transferring funds from the bidder to the asker.

25. The method recited in claim 21, wherein determining whether to process the asker'"'"'s service futures contract is in a cash market or a futures market further comprises:

getting a ripe time value for the asker'"'"'s service futures contract, wherein the ripe time value is an amount of time prior to service delivery time and date that the asker'"'"'s service futures contract must be processed in a cash market;

determining a performance time value, wherein the performance time value is the amount of time from the present time until the service delivery time and date of the asker'"'"'s service futures contract;

comparing the performance time value with the ripe time value for the asker'"'"'s contract, wherein the asker'"'"'s service futures contract is processed in a futures market only if the performance time value is greater than the ripe time value, otherwise the asker'"'"'s contract is processed in a cash market.

26. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:

receiving an ask order from an asker for an asker'"'"'s service futures contract;

receiving a bid order from a bidder for a bidder'"'"'s contract;

matching the bid order with the ask order in the data processing system;

transferring funds from the bidder to the asker in response to matching the bid order with the ask order; and

transferring ownership of the asker'"'"'s service futures contract to the bidder in response to transferring funds from the bidder to the asker.

27. The method recited in claim 26 above, wherein the bidder is the first bidder, the bid order is the first bid order, the ask order is the first ask order, the bidder'"'"'s contract is a first bidder'"'"'s contract and the method further comprises:

receiving a second ask order from the bidder for the asker'"'"'s service futures contract;

receiving a second bid order from a second bidder for a second bidder'"'"'s contract;

matching the second bid order with the second ask order;

transferring funds from the second bidder to the first bidder in response to matching the second bid order with the second ask order; and

transferring ownership of the asker'"'"'s service futures contract to the second bidder in response to transferring funds from the second bidder to the bidder.

28. The method recited in claim 26 above, wherein receiving an ask order and receiving a bid order further comprise electronically telecommunicating the respective bid and ask orders.

29. The method recited in claim 26 above, wherein receiving an ask order and receiving a bid order further comprise orally communicating the respective bid and ask orders.

30. The method recited in claim 26 above, wherein matching the bid order with the ask order is performed orally using open outcry oral bargaining.

31. The method recited in claim 26 above, wherein matching the bid order to the ask order is performed electronically.

32. The method recited in claim 26 above, wherein receiving an ask order from an asker is performed electronically by an asker'"'"'s authorized intermediary and further wherein matching the bid order with the ask order is performed orally using open outcry oral bargaining.

33. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:

transmitting an ask order for an asker'"'"'s service futures contract from the data processing system, wherein the ask order identifies an asker'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the ask order includes an ask price;

receiving an indication, in the data processing system, that a bid price associated with a bid order from a bidder has matched the ask price; and

receiving sales funds for ownership of the asker'"'"'s service futures contract, wherein the sales funds are equal in amount to the ask price.

34. The method recited in claim 33 above, wherein the asker'"'"'s service futures contract is a transferable instrument promising to provide a service at a future service delivery date and remote service delivery point.

35. The method recited in claim 33 above, further comprising:

escrowing royalty funds for a royalty owner, wherein the royalty funds are equal in amount to a royalty fee.

36. The method recited in claim 34 above, further comprising:

receiving information as to an identity of the bidder;

receiving a demand for service from a demander;

identifying the demander;

confirming that the demander'"'"'s identity matches the identity of the bidder; and

performing a service for the demander.

37. The method recited in claim 34 above, further comprising:

receiving notification of an issuance of an asker'"'"'s service futures contract certificate of title, wherein the asker'"'"'s service futures contract certificate of title is one of a transferable instrument and a nontransferable instrument;

receiving a demand for service from qa demander, wherein the demander bears a certificate of title;

authenticating the certificate of title as the asker'"'"'s service futures contract certificate of title; and

performing a service for the demander.

38. The method recited in claim 34 above, further comprising:

generating a second bid order for seller'"'"'s service futures contract owned by the bidder in the data processing system, wherein the second bid order includes a second bid price;

receiving a notification, in the data processing system, that the second bid order matched an ask order for the asker'"'"'s service futures contract; and

making available second sales funds for ownership of the asker'"'"'s service futures contract, wherein the second sales funds are equal in amount to a second ask price.

39. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:

contracting for a secondary service from a secondary service provider;

generating an ask order in the data processing system, wherein the ask order is for an askers service futures contract and further wherein the ask order identifies an asker'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and the ask order includes an ask price and a royalty fee amount;

receiving an indication that a bid price associated with a bid order from a bidder has matched the ask price; and

receiving sales funds for ownership of the asker'"'"'s service futures contract, wherein the sales funds are equal in amount to the ask price less the royalty fee.

40. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:

transmitting a bid order for a bidder'"'"'s service futures contract to the data processing system, wherein the bid order identifies a bidder'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the bid order includes a bid price;

receiving an indication from the data processing system that an ask price associated with an ask order for an asker'"'"'s service futures contract from an asker has matched the bid price; and

transferring funds for ownership of the asker'"'"'s service futures contract, wherein the funds are equal in amount to the bid price.

41. The method recited in claim 40 above, further comprising:

receiving an indication of ownership of the asker'"'"'s service futures contract.

42. The method recited in claim 40 above, further comprising:

receiving a certificate of title for the asker'"'"'s service futures contract, wherein the asker'"'"'s service futures contract certificate of title is one of a transferable instrument entitling a bearer of the certificate of title to the asker'"'"'s service upon demand.

43. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:

transmitting a conjunctive bid order to the data processing system, wherein the conjunctive bid order identifies at least two dissimilar service futures contracts to form the conjunctive service and further each service futures contract identifies at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the conjunctive bid order includes a conjunctive bid price comprising a separate bid price for each service futures contract;

receiving an indication from the data processing system that a first ask price associated with a first ask order for a first seller'"'"'s service futures contract from a first seller has matched one bid price from the conjunctive order in the data processing system;

receiving an indication from the data processing system that a last ask price associated with a last ask order for a last seller'"'"'s service futures contract from a last seller has matched a last bid price from the conjunctive order, thereby completely matching the conjunctive bid order; and

transferring funds for ownership of the first seller'"'"'s service futures contract and the last seller'"'"'s service futures contract, wherein the funds are equal in amount to the conjunctive bid price.

44. A data processing system implemented method for implementing a service contract futures exchange, comprising:

receiving at least one bid order and at least one ask order for a service futures contract, wherein the service futures contract is a transferable contract to provide a service relating to at least one of construction;

transportation and warehousing;

postal services;

information;

real estate and rental and leasing;

financial and insurance;

professional, scientific, and technical services;

management of companies and enterprises;

administrative and support and waste management and remediation services;

educational services;

health care and social assistance;

arts, entertainment, and recreation;

accommodation and food services;

public administration; and

other services;

matching the at least one bid order to the at least one ask order for a service futures contract in the data processing system, wherein a basis for matching is price of the service futures contract.

45. A data processing system implemented system for implementing a service contract futures exchange, comprising:

transmitting means for transmitting a bid order for a bidder'"'"'s service futures contract, wherein the bid order identifies a bidder'"'"'s service futures contract by at least one of service quantity, service grade, service delivery date, and service delivery point and further wherein the bid order includes a bid price;

receiving means for receiving an indication that an ask price associated with an ask order for an asker'"'"'s service futures contract from an asker has matched the bid price; and

transferring means for transferring funds for ownership of the asker'"'"'s service futures contract, wherein the funds are equal in amount to the bid price.

46. The system recited in claim 45 above, further comprising:

receiving means for receiving an indication of ownership of the asker'"'"'s service futures contract.

47. The system recited in claim 45 above, further comprising:

receiving means for receiving a certificate of title for the asker'"'"'s service futures contract, wherein the asker'"'"'s service futures contract certificate of title is one of a transferable instrument entitling a bearer of the certificate of title to the asker'"'"'s service upon demand.

48. A data processing system implemented method for implementing a service contract futures exchange, comprising:

receiving an ask order for a service futures contract, wherein the ask order originates from a speculator, said speculator not having an ownership interest in said service futures contract;

receiving a bid order for a service futures contract, wherein the bid order originates from a bidder;

matching the bid order with the ask order in the data processing system; and

reconciling offsetting futures positions for the bid order and the ask order.

49. The method recited in claim 48 above, wherein reconciling offsetting futures positions of the bid order and the ask order comprises:

recognizing the ask order as a short sale for a service futures contract; and

issuing a call against said speculator for an amount equaling a price for said service futures contract.

50. The method recited in claim 48 above, wherein the bid order is a first bid order and the ask order is a first ask order and prior to reconciling offsetting futures positions the method comprises:

receiving a second bid order for a service futures contract, wherein the second bid order originates from the speculator;

matching the second bid order with a second ask order, said second ask order originates from a participant having an ownership interest in said service futures contract; and

wherein reconciling offsetting futures positions further comprises;

transferring ownership of the service futures contract from the participant to the bidder, via the speculator'"'"'s bid and ask orders.

51. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:

receiving a plurality of ask orders for service futures contracts, wherein the plurality of ask orders originate from speculators, said speculators not having an ownership interest in said service futures contracts;

receiving one ask order for service futures contract, wherein the one ask order originates from a service producer, said service producer having an ownership interest in one service futures contract;

receiving a plurality of bid orders for service futures contracts, wherein the bid orders originates from a plurality of bidders;

matching the plurality of bid orders with both the plurality of ask orders and the one ask order in the data processing system; and

reconciling offsetting futures positions for the plurality of bid orders and with both the plurality of ask orders and the one ask order.

52. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:

receiving an ask order for a service futures contract, wherein the ask order originates from an asker;

receiving a bid order for a service futures contract, wherein the bid order originates from a bidder;

matching the bid order with the ask order in the data processing system;

holding the matching bid and ask orders;

ascertaining an occurrence of time to mark to market; and

reconciling offsetting futures positions for the bid order and the ask order in response to the occurrence of time to mark to market.

53. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:

receiving an ask order for a service futures contract from an asker, said ask order defining first service futures contract options for the service futures contract;

analyzing said ask order for said first service futures contract options including at least an execution date and an ask price, said ask price being based both the execution date and the service having no residual value subsequent to the execution date;

receiving a bid order for a service futures contract from a bidder, said bid order defining second service futures contract options for a service futures contract;

analyzing said bid order for said second service futures contract options including at least an execution date and a bid price, said bid price being based both the execution date the service having no residual value subsequent to the execution date;

matching the bid price of the bid order with the ask price of the ask order in the data processing system; and

setting the value for the service based on the matching bid price for the contract.

54. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:

receiving an ask order for a service futures contract, wherein the ask order originates from an asker;

receiving a bid order for a service futures contract, wherein the bid order originates from a bidder;

matching the bid order with the ask order in the data processing system; and

reconciling offsetting futures positions for the bid order and the ask order.

55. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:

receiving an ask order for a service futures contract from an asker, said ask order defining first service futures contract options for the service futures contract;

displaying said first service futures contract options to participants to the transportation service futures contract futures exchange, said first service futures contract options including at least an ask price;

receiving a first bid order for the service futures contract from a first bidder, said bid order defining second service futures contract options for a service futures contract;

displaying said second service futures contract options to the participants of the transportation service futures contract futures exchange, said second service futures contract options including at least a first bid price;

receiving a second bid order for the service futures contract from a second bidder, said second bid order defining second service futures contract options including a second bid price, said second bid price being based in the first bid price displayed by the transportation service futures contract futures exchange;

matching the second bid price of the second bid order with the ask price of the ask order in the data processing system; and

setting the value for the service based on the matching second bid price for the contract.

56. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:

receiving an ask order for a service futures contract from a service producer, said ask order defining first service futures contract options for the service futures contract including at least an ask price, a royalty owner'"'"'s identity and a royalty rate;

receiving a bid order for the service futures contract from a bidder, said bid order defining second service futures contract options including a second bid price, said second bid price being based in the first bid price displayed by the transportation service futures contract futures exchange;

matching the bid price of the bid order with the ask price of the ask order in the data processing system;

reconciling offsetting futures positions for the bid order and the ask order comprising;

ascertaining a royalty owner'"'"'s identity from the first service futures contract options;

ascertaining a royalty rate from the first service futures contract options;

calculating a royalty fee from the royalty rate;

dispersing the royalty fee to the royalty owner;

dispersing the bid price less the royalty fee to a asker of the ask order having a matching ask price; and

transferring ownership of the service futures contract to a bidder of a bid order having the matching bid price.

57. The data processing system implemented method recited in claim 56, wherein the royalty owner is the service producer.

58. The data processing system implemented method recited in claim 56, wherein the royalty owner is a subsequent owner of the service futures contract.

60. A data processing system implemented method for implementing a service contract futures exchange, comprising:

receiving an order in the service contract futures exchange data processing system;

parsing the order into order process type, contract type field, contract price field, delivery time field, and bidder identification field;

identifying the order process type as a bid type process; and

in response to identifying the order process type from the order, executing a bid process in the service contract futures exchange data processing system, comprising;

identifying the contract type as a futures contract for delivery of a particular type of service from the order;

accessing a database in the service contract futures exchange data processing system based on the contract type;

identifying a plurality of ask orders in the database;

searching the plurality of ask orders from the database;

returning at least one ask order for a futures contract for delivery of the particular type of service, based on the contract type field;

returning at least one ask order for a futures contract for delivery of the particular type of service at the delivery time;

matching the contract price from the bid order to a contract price for one of the returned at least one ask order in the service contract futures exchange data processing system;

determining an identity for a contract owner of the futures contract for delivery of the particular type of service at the delivery time;

transferring ownership of the futures contract for delivery of the particular type of service at the delivery time from the contract owner to the bidder identified in the bidder identification field of the order futures contract for delivery of the particular type of service at the delivery time;

recording the bidder identified in the bidder identification field of the order as the owner of the service contract futures exchange data processing system;

establishing a price for the particular type of service at the delivery time based on the contract price; and

transmitting the established price for the particular type of service at the delivery time for displaying external to the service contract futures exchange data processing system.

61. The data processing system recited in claim 60 further comprising:

offsetting futures positions for the bidder and the contract owner.