System and method for electronic trading and delivery of a commoditized product
First Claim
1. A method for facilitating trading of a commoditized product comprisingelectronically receiving at least one sell order from at least one seller to sell a commoditized product;
- electronically receiving at least one buy order from at least one buyer to buy a commoditized product;
electronically matching the at least one sell order with the at least one buy order;
receiving commoditized product from the at least one seller;
physically qualifying the commoditized product after it is received from the at least one seller and before it is distributed to the at least one buyer;
distributing a seller payment to the at least one seller;
receiving a buyer payment from the at least one buyer; and
distributing commoditized product to the at least one buyer.
3 Assignments
0 Petitions
Accused Products
Abstract
The present invention provides a system and method for trading of a commoditized product through a distributed network of computers, and for delivering the commoditized products after the trade. The system includes an order matching routine, a payment routine, a product qualification routine, and a distribution routine. The invention provides for secure electronic trading of a commoditized product through a hub centric platform that provides for a real order exchange in a real time environment, allows individual buyers and sellers to remain anonymous to each other, eliminates size or volume as a means of discrimination for transaction, and maximizes distribution efficiency.
-
Citations
26 Claims
-
1. A method for facilitating trading of a commoditized product comprising
electronically receiving at least one sell order from at least one seller to sell a commoditized product; -
electronically receiving at least one buy order from at least one buyer to buy a commoditized product; electronically matching the at least one sell order with the at least one buy order; receiving commoditized product from the at least one seller; physically qualifying the commoditized product after it is received from the at least one seller and before it is distributed to the at least one buyer; distributing a seller payment to the at least one seller; receiving a buyer payment from the at least one buyer; and distributing commoditized product to the at least one buyer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
-
-
26. A platform for facilitating trading a commoditized product comprising
means for electronically receiving at least one sell order from at least one seller to sell a commoditized product; -
means for electronically receiving at least one buy order from at least one buyer to buy a commoditized product; means for electronically matching the at least one sell order with the at least one buy order; means for receiving commoditized product from the at least one seller; means for physically qualifying commoditized product after it is received from the at least one seller and before it is distributed to the at least one buyer; means for receiving a buyer payment from the at least one buyer; means for distributing commoditized product to the at least one buyer; means for distributing a seller payment to the at least one seller.
-
Specification