Patent ID: 7895117
Filing Date: 2011-02-22
Classification: G06Q

Abstract:
1. A system for clearing binding offers, each of which specifies conditions for acceptance, the system comprising: a processing unit; an input/output device coupled to the processing unit; a storage device in communication with the processing unit, the storage device including, program code for receiving a plurality of binding advantaged offers each having a respective requested close time, wherein an advantaged offer is one which, once associated with a given disadvantaged offer, will necessarily be transacted upon, either in accordance with terms originally associated with the advantaged offer, or in accordance with better terms; program code for associating individual binding advantaged offers with individual available most-favorable binding disadvantaged offers each having a respective close time, wherein the conditions of acceptance of the individual binding advantaged offers are met by respective binding disadvantaged offers; program code for changing the association of one of the individual binding associated advantaged offers to a newly available binding disadvantaged offer that offers more favorable terms than a currently associated binding disadvantaged offer, when the newly available binding disadvantaged offer is received and meets the conditions of acceptance of the associated binding advantaged offer, wherein the step of changing the association is performed in order of chronological priority of receipt of the binding advantaged offers; program code for, at a time based on respective requested close times of associated individual binding advantaged offers and binding disadvantaged offers, clearing the associated individual binding advantaged offers and binding disadvantaged offers to produce cleared individual binding advantaged offers and binding disadvantaged offers; and program code for transmitting transaction directives to transacting buyers and sellers associated respectively with the cleared individual binding advantaged offers and binding disadvantaged offers.