Patent ID: 7162448

Claim:
A method of auctioning a product, said method executed over a distributed networked computer system, said method comprising: receiving, by the distributed networked computer system from an auction participant, a pre-defined relative indication that corresponds to a willingness to buy or sell the product, the pre-defined relative indication specifying a single trading interest with a price relative to a current market price and a quantity, with the pre-defined relative indication remaining dormant and undisclosed to other auction participants as to the existence of the pre-defined relative indication until executed against an order, and when executed, disclosing details of a transaction involving the pre-defined relative indication to the parties to the transaction, and wherein only receipt of an order initiates an auction; receiving an order for the product, the order specifying a price and quantity, and upon receiving the order starting an auction in the distributed networked computer system for the product by: determining whether the received pre-defined relative indication has a relative price that satisfies the price of the received order; and if the price of the pre-defined relative indication satisfies the price of the received order, executing the received order against the pre-defined relative indication to satisfy the order and end the auction if the quantity in the pre-defined relative indication is sufficient to satisfy the quantity specified in the order.