Patent Document ID: 20090099955
Application ID: 11974169
Patent Flag: 0

Claim One:
1. A method for implementing a call auction at a central market organizer computer, the method comprising: a) receiving a set of orders submitted by a set of market participants; b) calculating from the received orders a quantity of accepted bids for each of the orders; and c) communicating to the market participants the calculated quantity of accepted bids for each of the orders; wherein each order includes: i) a specification by a participant of contingent claims on outcomes of a future event upon which the participant is placing a bid, ii) a limit bid price indicating a maximum price the participant is willing to pay for the bid, and iii) a limit quantity indicating a maximum number of bids containing the contingent claims the participant is willing to buy at or below the limit bid price; wherein calculating the quantity of accepted bids for each of the orders comprises maximizing an objective function given by an approximate profit to the market organizer plus a weighted logarithmic penalty function.