Patent ID: 6560580
Filing Date: 2003-05-06
Classification: G06Q

Abstract:
A method implemented by a programmed computer system for trading a volume of an item between participants, comprising:providing a bid/offer system state to enable participants to enter into the system bids and offers at select prices and volumes for the item; presenting the bids and offers to the participants; receiving a first hit or lift trade command from a first participant, responding to presented bids and offers, to transact a trade of a desired volume of the item at a desired price; in response to the first trade command, transitioning from the bid/offer system state to a trading system state to transact a trade of the item at a defined price corresponding to the desired price, and to transact in response to an additional trade command a trade of an additional volume of the item at the defined price; and if a bid or offer hit or lifted by the first trade command has not aged, transitioning to a second look system state to enable the first participant to refuse to trade at least a portion of the volume of the item associated with the unaged bid or offer.