Patent ID: 6405180
Filing Date: 2002-06-11
Classification: G06Q

Abstract:
An automated exchange system for matching a bid and offer between a buyer and a seller, wherein one of the buyer or the seller is a market maker on the exchange and the other of the buyer or the seller is an investor, comprising:means for receiving a quote for the market maker; means for receiving an order on the exchange for the investor and identifying the investor as a type of counterpart of the market maker, wherein the type of counterpart is one of a plurality of types, and wherein each type corresponds to one of a plurality of distinct relationships between the investor and the exchange; means for executing the matching between the quote from the market maker and the order for the investor according to at least one of at least two different matching schemes in response to the type of counterpart identified; means for generating a revised quote for the market maker according to at least one of at least two different quote generating schemes in response to the type of counterpart; and means for executing a further matching between the revised quote and the order entered for the investor.