Patent ID: 8180700
Filing Date: 2012-05-15
Classification: G06Q

Abstract:
1. A computer implemented method for auctioning compensation instruments issued by an issuer, the method comprising: receiving, by a computer-based automated transaction system, via, an electronic data communications network, sell orders for a plurality of sellers, where, in each sell order is an order to sell a quantity of a specified compensation instrument issued by the issuer to the seller, wherein exercise of the compensation instrument by the seller entitles the seller to an underlying financial, security, wherein the automated transaction system comprises at least one computerized transaction engine that implements auction transactions in connection with the specified compensation instrument, wherein the computerized transaction engine comprises at least one processor that executes instructions stored on a computer readable medium; and wherein the sell orders are processed by the transaction: system in a received time order; receiving, by the transaction system, via a plurality of electronic communication links, a plurality of bids from a plurality of computer-based automated bid systems each associated with one of a plurality of bidders, wherein each of the plurality of bids is for a product corresponding to the specified compensation instrument and indicates a bid price and a bid quantity, wherein the transaction engine adds the bids to its book in order to execute the auction transactions and wherein when the auction for a pending sell order is won by a winning bid, the transaction system is configured m decrement the bid quantity of the winning bid by an amount corresponding to the quantity of the pending sell order; determining for each of the auction transactions, by the transaction system, whether each of the bids is a qualifying bid comprising at least verifying that the bids are either (i) at or above a predetermined minimum bid quantity, or (ii) at or above the bid quantity for the pending sell order where a pending bid is below the predetermined minimum bid quantity because the transaction system decremented the pending bid due to the pending bid having won a prior auction; transaction; determining for each of the auction transactions, by the transaction system, whether there are at least a predetermined required plurality of qualifying bids, and if not then suspending the auction transaction; determining for a suspended auction transaction, by the transaction system, when there are at least the predetermined required plurality of qualifying bids, in determining when there are at least the predetermined required plurality of qualifying bids for the suspended auction, one or more automated bid system bids below the predetermined minimum bid quantity due to decrementing of bid quantity associated with one or more prior auction transactions are enabled to count toward the predetermined required plurality of qualifying bids and are enabled to participate as one or more active auction bids, even prior to the one or more automated bid systems refreshing the one or more automated bid system bids to at least the predetermined minimum bid quantity; and upon a determination that there, are at least the predetermined required plurality of qualifying bids proceeding with the suspended auction transaction by the transaction system wherein proceeding with the suspended auction transaction comprises: