Patent ID: 6493683
Filing Date: 2002-12-10
Classification: G06Q

Abstract:
A commodity trading system for allowing commodity trading between a first and a second customer, wherein each commodity has a variable exchange rate, said system comprising:a first data base holding data indicative of a commodity being held by a custodian facility on behalf of said first customer; an exchange server being in communication with said first data base and to said first customer and receiving an order for sale of said security, said exchange server being arranged to confirm that said first customer has rights to said commodity by contacting said first data base and to securitize said commodity for said order; said system adapted to display said order to a second customer a second data base holding data indicating that said second customer has deposited with the same or a different custodian facility assets to pay for commodities; and said exchange server also being in communication with a second data base and to said second customer and receiving an order from said second consumer to exchange its assets for those displayed by the first customer, said exchange server being arranged to securitize the assets of the second customer; wherein said exchange server is constructed and arranged to lock the commodities and initiate the settlement of the trade.