Patent ID: 8423448
Filing Date: 2013-04-16
Classification: G06Q

Abstract:
1. A computer-implemented method for trading, between a buyer and a seller at an exchange, a futures exchange, an options exchange, or a futures and options exchange, the method being performed on a computer system, the method comprising: receiving, by the computer system, first inputs from the buyer and seller corresponding to a standardized form of contract for trading at a price on which the buyer and the seller agree, the standardized form of contract having contract terms under which the buyer is granted an option, and the seller grants an option, exercisable at, or during, one or more specified times, to perform at least one of the following: to pay a call strike price and receive a final settlement price, or to receive a put strike price and pay a final settlement price; receiving, by the computer system, second inputs from the buyer and the seller at or prior to a first reference time wherein the second inputs include bid prices and offer prices for the standardized form of contract; and matching, in the computer system, the first inputs and the bid prices and the offer prices and forming a contract based, at least in part, on the matching; wherein said single final settlement price is being determined, in accordance with the contract terms, by reference to both a first level of an underlying and a second level of an underlying, the first level of the underlying being a value of the underlying at said first reference time prior to settlement of the contract, the first reference time determined in accordance with the contract terms, the underlying being a specified observable quantity selected from a group consisting of a stock price, a commodity price, a financial asset price, a basket of financial assets price, a financial index value and a financial contract price, the second level of the underlying being the value of the underlying at a second reference time prior to settlement of the contract, the second reference time determined in accordance with the contract terms and being later than said first reference time; and wherein the contract is available to trade before said first reference time.