Patent ID: 8583535

Claim:
A method for operating an auction that facilitates trading of at least one commodity, the method comprising: receiving, by an exchange processor, a representation of a mode of operation for the auction from a seller, the representation of the mode of operation comprising: defining a start time; defining a stop time; defining rules of public access to the auction; and providing an intervening capability of a seller to terminate the auction; receiving a representation associated with at least one first characteristic associated with said commodity from the seller; receiving, by the exchange processor, an indication of an intervention in the auction from said seller, wherein said intervention includes at least one second characteristic associated with said commodity, and said at least one second characteristic is different than said at least one first characteristic in at least one aspect; presenting information, by the exchange processor, representing the intervention in the auction, wherein the information representing the intervention includes a representation associated with said at least one second characteristic; and determining a purchaser of said commodity, wherein determining comprises processing, by the exchange processor, information representing a negotiation for the commodity between said seller and at least one potential purchaser of the commodity.