System and method for conducting an electronic financial asset deposit auction over computer network

• US 8,001,035 B2
• Filed: 07/03/2003
• Issued: 08/16/2011
• Est. Priority Date: 03/24/2000
• Status: Active Grant

• Current Assignee: Khai Hee Kwan
• Original Assignee: Khai Hee Kwan
• Inventors: Kwan, Khai Hee
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): Graham; Clement B
• Application Number:
  US10/614,919
• Publication Number:
  US 20040006531A1
• Time in Patent Office: 2,966 Days
• Field of Search: 705 35- 38
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A trusted computer system for conducting an electronic financial asset deposit auction over a computer network such as the Internet wherein invited depositor members are anonymous and bid against themselves for a number of sessions no greater than the number of depositor members. At each session, a member is declared a winner and eliminated from further sessions. The winner then collects the pooled discount deposits with repayment due in the next session payable to the winner of the said session. The aforesaid steps are repeated until one depositor is left wherein said depositor will receive the highest rate of return.

Claims

1. A method for conducting a trusted deposit auction within at least one network connected to at least one depositor'"'"'s computer comprising:

providing a host server connected to the network that performing steps comprising;

A) receiving bid amount as a discount from principal or discounted principal from depositors;

B) selecting a winner from said bids in said auction submitted by said depositors;

C) excluding said winner from future auctions;

D) depositing pooled funds for said winner'"'"'s account;

E) repeating steps A, B, C, D at predetermined intervals with remaining depositors and whereby said host server maximizes return on deposit for at least one depositor.

2. The method of claim 1 wherein pooled funds include funds from each selected winner making principal repayment at each predetermined interval beginning from next interval following their respective winning interval.

3. The method of claim 1 wherein pooled funds include a discounted principal from each remaining depositor not selected as winner at each predetermined interval, said discounted principal is based on discount equivalent to the bid amount submitted by selected winner.

4. The method of claim 1 whereby membership of a depositor to said network is by invitation only and anonymous.

5. The method of claim 1 whereby said networks are linked for deposit auction by invitation from at least one member of one network having relationship with at least one member of a target network.

6. The method of claim 1 whereby said step of repeating at step E is executed until one depositor is remaining or for a fixed number of sessions as agreed at outset of the auction whereby said number of sessions is no greater than number of depositors at outset.

13. Computer executable software code stored on a computer readable storage medium implementing the method of claim 1.

14. Computer executable software code stored on a computer readable storage medium implementing the method of claim 2.

15. Computer executable software code stored on a computer readable storage medium implementing the method of claim 3.

16. Computer executable software code stored on a computer readable storage medium implementing the method of claim 4.

17. Computer executable software code stored on a computer readable storage medium implementing the method of claim 5.

18. Computer executable software code stored on a computer readable storage medium implementing the method of claim 6.

19. A trusted deposit auction system including a computer connected to a network programmed to perform the method of claim 1.

20. A trusted deposit auction system including a computer connected to a network programmed to perform the method of claim 6.

7. A trusted deposit auction system comprising:

at least a network consisting of depositors'"'"' computers;

a host server connected to the network for deposit auction;

wherein said host server further comprising;

a memory having at least one region for storing executable program code; and

a processor to execute the program code stored in the memory, wherein the program code, further comprising;

A) code to receive bid amount as a discount from principal or discounted principal from depositors;

B) code to select a winner from said bids in said auction submitted by said depositors;

C) code to exclude said winner from future auctions;

D) code to deposit pooled funds for said winner'"'"'s account;

E) code to repeat execution of codes A, B, C, D at predetermined intervals with remaining depositors; and

whereby said host server maximizes return on deposit for at least one depositor.

8. The system of claim 7 wherein pooled funds include funds from each selected winner making principal repayment at each predetermined interval beginning from next interval following their respective winning interval.

9. The system of claim 7 wherein pooled funds include a discounted principal from each remaining depositor not selected as winner at each predetermined interval, said discounted principal is based on discount the bid amount submitted by selected winner.

10. The system of claim 7 whereby membership of a depositor to said network is by invitation only and anonymous.

11. The system of claim 7 whereby said networks are linked for deposit auction by invitation from at least one member of one network having relationship with at least one member of a target network.

12. The system of claim 7 whereby said code E is executed until one depositor is remaining or for a fixed number of sessions as agreed at outset of the auction whereby said number of sessions is no greater than number of depositors at outset.