Patent ID: 8438097
Filing Date: 2013-05-07
Classification: G06Q

Abstract:
1. A method of trading items on an electronic trading system comprising a processor, the method comprising: receiving a good-until-bettered bid by the processor over a network, the good-until-bettered bid comprising a bid price; receiving by the processor instructions that specify a good-until-bettered increment value specifying an amount of standard trading price increments for the bid; maintaining the good-until-bettered bid in the electronic trading system until a bid that tops the good-until-bettered bid by the specified amount of standard trading price increments is received by the electronic trading system; determining by the processor that a bid that tops the good-until-bettered bid by the specified amount of standard trading price increments (1) has been received by the electronic trading system and (2) has remained in the electronic trading system for a predetermined amount of time; and canceling by the processor the good-until-bettered bid based on the act of determining that the bid that tops the good-until-bettered bid by the specified amount of standard trading price increments (1) has been received by the electronic trading system and (2) has remained in the electronic trading system for a predetermined amount of time.