Patent ID: 7672892

Claim:
A computer-implemented method for operating a real time networked exchange in which a financial instrument is traded from a first participant to a second participant, the method comprising: under control of instructions executed by at least one processor of a host server, configuring the host server on which the networked exchange is operated according to a mode of operations by: defining a start time of the exchange, defining a stop time of the exchange, defining rules of public access to the exchange, and providing a capability for the first participant to intervene in the exchange by terminating an offer of a trade; receiving from a first participant over a computer network an offer to trade the financial instrument, the financial instrument being in an account of the first participant at the exchange; receiving from a second participant over a computer network an offer to trade an item for the financial instrument, the item being in an account of the second participant at the exchange; associating the first participants offer with the second participant's offer; and clearing the trade between the first and second participants of the item for the financial instrument by: transferring the item traded by the second participant to the account at the exchange of the first participant, transferring the financial instrument to the account at the exchange of the second participant, making the financial instrument immediately available to the second participant for additional trading on the exchange, and making the item immediately available to the first participant for additional trading on the exchange.