Trading of illiquid goods, services, instruments or commodities

Abstract

Traders are notified of a computed tradeable price for an object of commerce. The computed tradeable price is calculated by a computer in conformance to a standard published to traders in a market for the object of commerce. The standard specifies rules for calculating the tradeable price based on orders received or trades executed in the market. Based at least in part on the computed tradeable price, trades are executed or negotiated, or negotiating offers are exchanged among the traders

1 . A method, comprising the steps of:
 notifying traders of a computed tradeable price for an object of commerce, the computed tradeable price calculated by a computer in conformance to a standard published to traders in a market for the object of commerce, the standard specifying rules for calculating the tradeable price based on orders received or trades executed in the market; and   executing or negotiating trades, or receiving negotiating offers, based at least in part on the computed tradeable price.   
     
     
         2 . The method of  claim 1 , further comprising the step of:
 automatically executing a trade at the computed tradeable price, without further confirmation from a trader who entered one of the orders involved in the trade, even though the order was entered at a price other than the computed tradeable price.   
     
     
         3 . The method of  claim 2 , further comprising the step of:
 accepting a discretion price from a trader for an order, and   automatically executing the trade without confirmation after ascertaining that the computed tradeable price is within the discretion price entered by the trader.   
     
     
         4 . (canceled) 
     
     
         5 . The method of  claim 1 , further comprising the step of:
 accepting a discretion price from a trader for an order, and   before executing a trade, obtaining the confirmation based on a determination that the computed tradeable price is within the discretion price entered by the trader but different than the computed tradeable price.   
     
     
         6 . The method of  claim 1 , further comprising the step of:
 inviting traders to negotiate based at least in part on the computed tradeable price, without binding trades to occur at the computed tradeable price.   
     
     
         7 . The method of  claim 1 , wherein:
 the notifying of traders of the computed tradeable price occurs after a close of regular trading, and   the executing or negotiating trades, or receiving negotiating offers, occurs during an extended trading period defined by published rule.   
     
     
         8 . The method of  claim 1 , wherein:
 the notifying of traders of the computed tradeable price occurs from time to time during regular trading hours.   
     
     
         9 . The method of  claim 1 , wherein:
 the calculation of computed tradeable price is based at least in part on entry times of orders on which the calculation is based.   
     
     
         10 . The method of  claim 1 , wherein:
 the calculation of computed tradeable price is based at least in part on an execution price of at least one executed trade.   
     
     
         11 . The method of  claim 1 , wherein:
 the calculation of computed tradeable price is based at least in part on price of pending orders, without regard to execution price of any executed trade.   
     
     
         12 . The method of  claim 1 , wherein the object of commerce is defined ad hoc by a trader in the market. 
     
     
         13 . Tangible media, embodying one or more computer programs, for programming a computer:
 to notify traders of a computed tradeable price for an object of commerce, the computed tradeable price calculated by a computer in conformance to a standard published to traders in a market for the object of commerce, the standard specifying rules for calculating the tradeable price based on orders received or trades executed in the market; and   to execute or negotiate trades, or to receive negotiating offers, based at least in part on the computed tradeable price.   
     
     
         14 . The media of  claim 13 , further comprising the step of:
 automatically executing a trade at the computed tradeable price, without further confirmation from a trader who entered one of the orders involved in the trade, even though the order was entered at a price other than the computed tradeable price.   
     
     
         15 . The media of  claim 13 , further comprising the step of:
 accepting a discretion price from a trader for an order, and   automatically executing the trade without confirmation after ascertaining that the computed tradeable price is within the discretion price entered by the trader.   
     
     
         16 . The media of  claim 13 , further comprising the step of:
 inviting traders to negotiate based at least in part on the computed tradeable price, without binding trades to occur at the computed tradeable price.   
     
     
         17 . The media of  claim 13 , wherein:
 the notifying of traders of the computed tradeable price occurs from time to time during regular trading hours.   
     
     
         18 - 21 . (canceled) 
     
     
         22 . The method according to  claim 1 , wherein the computed tradable price is recomputed at least one of periodically. 
     
     
         23 . The method according to  claim 22 , wherein the computed tradable price is computed periodically according to a fixed schedule selected from the group consisting of hourly, daily, weekly, at the close of each trading day, and at the close of each trading week. 
     
     
         24 . The method according to  claim 1 , wherein the computed tradable price is computed continuously as each order is received or executed by the market. 
     
     
         25 . The method according to  claim 1 , further comprising:
 recomputing the computed tradable price;   notifying the traders of the recomputed computed tradeable price, the notification including an indication that the traders are permitted to adjust an order or a discretion price in response to the recomputed computed tradable price, the discretion price being an amount which the trader will permit re-pricing of the order, and   executing or negotiating trades, or receiving negotiating offers, based at least in part on the recomputed computed tradeable price.   
     
     
         26 . The method according to  claim 25 , wherein the execution or negotiation of trades or reception of negotiating offers is based at least in part on an adjusted order or adjusted discretion price received from a trader.