Patent ID: 7523063
Filing Date: 2009-04-21
Classification: G06Q

Abstract:
1. A computer-mediated method of conducting an auction of a financial or legal instrument over an electronic network, wherein bidders can be in different physical locations and can simultaneously participate in the auction, said bidders having access to networked devices, said bidders' networked devices communicating over the electronic network with at least one computer having auction software, said method comprising: a) enforcing at least one condition bidders must satisfy to submit competing bids; b) enforcing at least one condition competing bids must satisfy; c) providing a centralized time indication; d) receiving, over the network, bids from bidders using said networked devices; e) enabling bidders to modify their bid inputs; f) permitting comparison of received bids; and g) providing information allowing for display of at least the best bid.