Market program for interacting with trading programs on a platform
First Claim
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1. A computer-implemented method of providing a market process on a computer system, comprising:
- selecting, via at least one computer in the computer system, a market methodology from a set of market methodologies, each of the market methodologies comprising rules of engagement for trading an item between at least two trading processes;
specify in values for the selected market methodology via at least one computer in the computer system, wherein the values indicate;
a maximum amount of time for the market process to return a price for an item in response to receiving an order for the item,a pricing methodology used by the market process to determine the price for the item, andan amount of time that the price for the item can be relied upon for executing a trade after the price is returned;
publishing the specified values for the selected market methodology to a plurality of trading processes via at least one computer in the computer system, wherein the trading processes and the market process are each computer program entities executing on the computer system;
automatically, via at least one computer in the computer system, receiving an order from at least one trading process for trading an item with another trading process according to the selected market methodology; and
automatically, via at least one computer in the computer system, processing the order according to the selected market methodology.
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Abstract
A market process having a market methodology selected from a set of market methodologies is operative to interact with trading processes on a platform. The platform also supports platform processes for providing services to the market process and the trading processes. The trading processes interact with each other and with external markets through the market processes.
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Citations
113 Claims
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1. A computer-implemented method of providing a market process on a computer system, comprising:
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selecting, via at least one computer in the computer system, a market methodology from a set of market methodologies, each of the market methodologies comprising rules of engagement for trading an item between at least two trading processes; specify in values for the selected market methodology via at least one computer in the computer system, wherein the values indicate; a maximum amount of time for the market process to return a price for an item in response to receiving an order for the item, a pricing methodology used by the market process to determine the price for the item, and an amount of time that the price for the item can be relied upon for executing a trade after the price is returned; publishing the specified values for the selected market methodology to a plurality of trading processes via at least one computer in the computer system, wherein the trading processes and the market process are each computer program entities executing on the computer system; automatically, via at least one computer in the computer system, receiving an order from at least one trading process for trading an item with another trading process according to the selected market methodology; and automatically, via at least one computer in the computer system, processing the order according to the selected market methodology. - 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, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92)
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93. A computer-implemented method of providing a market process on a computer system, comprising:
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selecting, via at least one computer in the computer system, a market methodology from a set of market methodologies, each of the market methodologies comprising rules of engagement for trading an item between at least two trading processes; specifying values for the selected market methodology via at least one computer in the computer system, wherein the values indicate; a maximum amount of time in which the market process must return a price for an item to a trading process, wherein the price is returned to the trading process in response to receiving an inquiry from the trading process for trading the item, a pricing methodology used by the market process to determine the price for the item, and an amount of time that the trading process can rely on the price for the item to execute a trade for the item after the price is returned; publishing the specified values for the selected market methodology to a plurality of trading processes via at least one computer in the computer system, wherein the trading processes and the market process are each computer program entities executing on the computer system; automatically, via at least one computer in the computer system, receiving an inquiry from at least one trading process for trading an item with another trading process according to the selected market methodology; and automatically, via at least one computer in the computer system, processing the inquiry according to the selected market methodology.
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94. A method of providing a market process on a computer system, comprising:
under control of instructions that are executed by one or more computers in the computer system; receiving input, via at least one computer in the computer system, for selecting a market methodology from a set of market methodologies, wherein each of the market methodologies comprises rules of engagement for trading an item between at least two trading processes; receiving values for the selected market methodology via at least one computer in the computer system, wherein the values indicate; a maximum amount of time in which the market process must return a price for an item to a trading process, wherein the price is returned to the trading process in response to receiving an order from the trading process for trading the item, a pricing methodology used by the market process to determine the price for the item, and an amount of time that the trading process can rely on the price for the item to execute a trade for the item after the price is returned; publishing the specified values for the selected market methodology to a plurality of trading processes via at least one computer in the computer system, wherein the trading processes and the market process are each computer program entities executing on the computer system; automatically, via at least one computer in the computer system, receiving an order from at least one trading process for trading an item with another trading process according to the selected market methodology; automatically, via at least one computer in the computer system, determining whether the market process has authority to execute the order; and automatically, via at least one computer in the computer system, executing the order according to the selected market methodology after the market process has determined that it has authority to execute the order. - View Dependent Claims (95, 96, 97, 98, 99)
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100. A computer-implemented method of providing a market process, comprising:
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automatically, via at least one computer, detecting that a next book price will be worse than a previous book price according to a market methodology selected from a set of market methodologies, automatically, via at least one computer, notifying a crowd of an opportunity to improve upon the next book price, automatically, via at least one computer, receiving a crowd price from the crowd, and automatically, via at least one computer, providing the crowd price as a response when the crowd price is better than the next book price. - View Dependent Claims (101, 102, 103, 104)
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105. A computer system providing a market process for trading an item between at least two trading processes, comprising:
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at least one computer configured to operate in accordance with a selected market methodology, in which the market methodology comprises rules of engagement for trading an item between at least two trading processes, and in which the selected market methodology includes specified values that indicate; a maximum amount of time for the market process to return a price for an item in response to receiving an order for the item, a pricing methodology used by the market process to determine the price for the item, and an amount of time that the price for the item can be relied upon for executing a trade after the price is returned; at least one computer configured to publish the specified values for the market methodology to a plurality of trading processes, wherein the trading processes and the market process are each computer program entities executing on the computer system; and at least one computer configured to receive a communication from at least one trading process for trading an item with another trading process according to the selected market methodology and to process the communication according to the selected market methodology, wherein the at least one computer in each instance is configured to operate using a computer processor and a memory. - View Dependent Claims (106, 107, 108)
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109. A tangible computer-readable medium having computer-executable instructions stored thereon, in which the instructions, if executed by a computer, cause the computer to provide a market process for trading an item between at least two trading processes by:
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receiving user input for specifying a market to be provided by the market process; based on the received user input, selecting a market methodology from a set of market methodologies, in which each of the market methodologies comprises rules of engagement for trading an item between at least two trading processes; specifying values for the selected market methodology in accordance with the received user input, wherein the values indicate; a maximum amount of time for the market process to return a price for an item in response to receiving an order for the item, a pricing methodology used by the market process to determine the price for the item, and an amount of time that the price for the item can be relied upon for executing a trade after the price is returned; publishing the specified values for the selected market methodology to a plurality of trading processes; receiving a communication from at least one trading process for trading an item with another trading process according to the selected market methodology; and processing the communication according to the selected market methodology. - View Dependent Claims (110, 111, 112)
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113. A computer system providing a market process for trading an item between at least two trading processes, comprising:
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means for selecting a market methodology from a set of market methodologies, in which each of the market methodologies comprises rules of engagement for trading an item between at least two trading processes; means for specifying values for the selected market methodology in which the values indicate; a maximum amount of time for the market process to return a price for an item to a trading process in response to receiving a communication from the trading process for trading the item, a pricing methodology used by the market process to determine the price for the item, and an amount of time that the price for the item can be relied upon by the trading process for executing a trade after the price is returned; means for publishing the specified values for the selected market methodology to a plurality of trading processes; means for receiving a communication from at least one trading process for trading an item with another trading process according to the selected market methodology; and means for processing the communication according to the selected market methodology.
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Specification