Auction market with price improvement mechanism
First Claim
1. A method of auctioning products, said method executed over a distributed networked computer system, said method executed using one or more computer systems, said method comprising:
- receiving by one or more computer systems an order for a product by specifying in the order at least conditions of a quantity of the product and an exposure time for which the order can be displayed for responses;
receiving by one or more computer systems responses to the order, at least some of the responses specifying a relative price with a price improvement with the relative price being relative to a generally accepted indicator of a prevailing current market price for the product, and quantity for the product; and
matching by one or more computer systems the order with a first one of the responses that meets all of the conditions specified by the order during the exposure time specified by the order, with matching of the first one of the responses with the order terminating the auction.
1 Assignment
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Accused Products
Abstract
A system for auctioning financial products over a distributed, networked computer system includes a plurality of workstations for entering orders for financial products into the distributed, networked computer system. The orders specify a price for the financial product, a quantity of the financial product and exposure time which the order can remain active. The system also includes a plurality of workstations for entering predefined relative indication and responses to orders for the product. The predefined relative indications specify a willingness to trade. The responses specify a price and quantity. The system includes a server computer coupled to the workstations for entering the orders, predefined relative indications, and the responses, with the server computer executing a server process that for a first one of said orders, determines a match to said first order with the predefined relative indications, responses and contra-side orders during an interval determined by the exposure time specified by said first order.
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Citations
58 Claims
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1. A method of auctioning products, said method executed over a distributed networked computer system, said method executed using one or more computer systems, said method comprising:
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receiving by one or more computer systems an order for a product by specifying in the order at least conditions of a quantity of the product and an exposure time for which the order can be displayed for responses; receiving by one or more computer systems responses to the order, at least some of the responses specifying a relative price with a price improvement with the relative price being relative to a generally accepted indicator of a prevailing current market price for the product, and quantity for the product; and matching by one or more computer systems the order with a first one of the responses that meets all of the conditions specified by the order during the exposure time specified by the order, with matching of the first one of the responses with the order terminating the auction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 53, 54, 55, 56)
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14. A method of auctioning financial products over a distributed, networked computer system, said method comprising:
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receiving orders for financial products into the distributed, networked computer system by specifying in the order a price for the financial product, a quantity of the financial product and exposure time which the order can remain active; receiving responses to orders for the product by said distributed networked computer system, said responses specifying a price and quantity with at least some of the responses specifying the price as a relative price with a price improvement with the relative price being relative to a generally accepted indicator of a prevailing current market price for the product; and
for a first one of said orders;matching in a computer in the distributed, networked computer system said first order to the responses and contra-side orders, during an interval determined by the exposure time specified by said first order, with a first one of the responses or contra side orders that meets the conditions specified by the order terminating the auction; and expiring by the computer in the distributed networked computer system the first one of the orders if no matching responses or contra-side orders are received during the exposure period. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23)
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24. A computer program product for auctioning products, said computer program product residing on a computer readable medium comprising instructions for causing a computer to:
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receive an order that was entered for a product, the order having a specified price, a quantity and an exposure time; receive at least one response specifying a relative price with price improvement, and a quantity; and match the order with the at least one response during the exposure time specified by the order at the price of the response, with the relative portion of the price fluctuating according to changes in a national best bid/offer price that is periodically published during the auction. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32)
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33. A system for auctioning financial products over a distributed, networked computer system, said system comprising:
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a plurality of workstations for entering orders for financial products into the distributed, networked computer system by specifying in the order a quantity of the financial product and an exposure time for which the order is displayed for responses; plurality of workstations for entering responses to orders for the product, said responses specifying a price and quantity with at least some of the responses specifying the price as a relative price with a price improvement with the relative price being relative to a generally accepted indicator of a prevailing current market price for the product; a server computer coupled to the workstations for entering the orders and the responses, said server computer executing a server process, said server process comprising software to; for a first one of said orders determines a match to said first order with the responses and contra-side orders during the exposure time specified by said first order. - View Dependent Claims (34, 35, 36, 37, 38)
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39. A system for auctioning financial products over a distributed, networked computer system comprises:
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a plurality of workstations for entering orders for financial products into the distributed, networked computer system, the orders specify a price for the financial product, a quantity of the financial product and exposure time which the order can remain active; a plurality of workstations for entering predefined relative indications, the predefined relative indications specifying a quantity and being undisclosed to participants in the market until and unless matched with an order and responses to orders for the product, the predefined relative indications, the responses specifying a price and quantity; and a server computer coupled to the workstations for entering the orders, predefined relative indications, and the responses, with the server computer executing a server process, said server process comprising software to; determine a match to a first order with the predefined relative indications, responses and contra-side orders during an interval determined by the exposure time specified by said first order. - View Dependent Claims (45, 46, 47, 48, 49, 50)
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40. A computer implemented method of auctioning securities comprises:
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receiving by one or more computer systems an order for a security, the order specifying a condition that seeks a specific minimum relative price improvement and an exposure time for which the order can be exposed to responses; receiving by one or more computer systems a response to the order, the response specifying a price, which can be a relative or fixed price or a contra-side order that has a condition seeking a relative price improvement, and quantity; and matching by one or more computer systems the order with a first one of the response or the contra side order that satisfy conditions of the order and in accordance with the exposure time specified by the order. - View Dependent Claims (41, 42, 43)
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44. A computer program product residing on a computer readable medium for auctioning securities, the computer program product comprising executable instructions to cause a computer to:
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receive an order for a security, the order specifying a condition that seeks a specific minimum relative price improvement and an exposure time; receive a response to the order, the response specifying a price, which can be a relative or fixed price or a contra-side order that may have a condition seeking a relative price improvement, and quantity; and match the order with the response or contra-side order in accordance with the exposure time specified by the order.
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51. A method of auctioning products, said method executed over a distributed networked computer system, said method comprising:
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receiving by one or more computer systems an order for a product by specifying in the order at least conditions of a quantity of the product and an exposure time for which the order can be displayed for responses; receiving by one or more computer systems responses to the order, at least one of the responses specifying a relative price with a price improvement with the relative price being relative to a generally accepted indicator of a prevailing, current market price for the product, and quantity for the product; receiving by one or more computer systems pre-defined relative indications that correspond to a willingness to buy or sell the product, the pre-defined relative indications specify a price relative to a current market price and, which are dormant in the system and undisclosed to participants until and unless matched with the order matching by one or more computer systems the order with a first one of the responses or predefined relative indications that meets conditions specified by the order, during the exposure time specified by the order. - View Dependent Claims (52, 57, 58)
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Specification