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Financial products having demand-based, adjustable returns, and trading exchange therefor

  • US 7,389,262 B1
  • Filed: 07/18/2000
  • Issued: 06/17/2008
  • Est. Priority Date: 07/21/1999
  • Status: Active Grant
First Claim
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1. A method for conducting demand-based trading, comprising the steps of:

  • establishing a plurality of defined states and a plurality of predetermined termination criteria, wherein each of the defined states corresponds to at least one possible outcome of an event of economic significance;

    accepting, prior to fulfillment of all of the predetermined termination criteria, an investment of value units by each of a plurality of traders in at least one of the plurality of defined states wherein at least one investment of value units is a multi-state investment that designates a set of defined states; and

    allocating a payout to each investment, responsive tothe total number of the value units invested in the plurality of defined states,the relative number of the value units invested in each of the plurality of defined states, andan identification of the defined state that occurred upon the fulfillment of all of the predetermined termination criteria.

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