Mechanism and business method for implementing a service contract futures exchange
First Claim
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.
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Accused Products
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.
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Citations
62 Claims
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1. A data processing system implemented method for implementing a service contract futures exchange, comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 59, 62)
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11. A data processing system implemented method for implementing a service contract futures exchange, comprising:
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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. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A data processing system implemented method for implementing a service contract futures exchange, comprising:
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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. - View Dependent Claims (22, 23, 24, 25)
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26. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:
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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. - View Dependent Claims (27, 28, 29, 30, 31, 32)
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33. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:
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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. - View Dependent Claims (34, 35, 36, 37, 38)
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39. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:
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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.
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40. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:
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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. - View Dependent Claims (41, 42)
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43. A data processing system implemented method for implementing a service futures contract futures exchange, comprising:
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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.
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44. A data processing system implemented method for implementing a service contract futures exchange, comprising:
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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.
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45. A data processing system implemented system for implementing a service contract futures exchange, comprising:
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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. - View Dependent Claims (46, 47)
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48. A data processing system implemented method for implementing a service contract futures exchange, comprising:
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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. - View Dependent Claims (49, 50)
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51. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:
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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.
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52. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:
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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.
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53. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:
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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.
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54. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:
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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.
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55. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:
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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.
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56. A data processing system implemented method for implementing a transportation service futures contract futures exchange for a transportation market, comprising:
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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. - View Dependent Claims (57, 58)
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60. A data processing system implemented method for implementing a service contract futures exchange, comprising:
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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. - View Dependent Claims (61)
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Specification