Trading of illiquid goods, services, instruments or commodities

摘要

Traders are notified of a computed tradeable price for an object of commerce. The computed tradeable price is calculated by a computer in conformance to a standard published to traders in a market for the object of commerce. The standard specifies rules for calculating the tradeable price based on orders received or trades executed in the market. Based at least in part on the computed tradeable price, trades are executed or negotiated, or negotiating offers are exchanged among the traders.

主权项

1. A method comprising the steps of:
notifying traders of a computed tradeable price for an object of commerce, the computed tradeable price calculated by a computer in conformance to a standard published to traders in a market for the object of commerce, the standard specifying rules for calculating the tradeable price based on orders received or trades executed in the market; executing or negotiating trades, or receiving negotiating offers, based at least in part on the computed tradeable price; and before executing a trade, obtaining confirmation from a trader who entered one of the orders involved in a trade to be executed, the order having a price other than the computed tradeable price.