Patent ID: 8554658

Claim:
A computer-implemented method for trading, between a buyer and a seller at an exchange, a futures exchange, an options exchange, or a futures and options exchange, the method being performed on a computer system, the method comprising: receiving, by the computer system, first inputs from the buyer and seller corresponding to a standardized form of contract for trading at a price on which the buyer and the seller agree, the standardized form of contract having contract terms requiring the buyer and seller to settle based on a final settlement price; receiving, by the computer system, second inputs from the buyer and the seller at or prior to a first reference time wherein the second inputs include bid prices and offer prices for the standardized form of contract; and matching, in the computer system, the first inputs and the bid prices and the offer prices and forming a contract based, at least in part, on the matching; wherein said final settlement price is being determined, in accordance with the contract terms, by reference to both a first level of an underlying and a second level of an underlying, the first level of the underlying being substantially a value of the underlying at said first reference time prior to settlement of the contract, the first reference time determined in accordance with the contract terms, the underlying being a specified observable quantity selected from a group consisting of a stock price, a commodity price, a financial asset price, a basket of financial assets price, a financial index value and a financial contract price, the second level of the underlying being substantially the value of the underlying at a second reference time prior to settlement of the contract, the second reference time determined in accordance with the contract terms and being later than said first reference time; and wherein the contract is available to trade before said first reference time.