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

The invention claimed is: 
     
         1 . (canceled) 
     
     
         2 . A method comprising:
 controlling, by at least one processor:   receiving in real time, over a communication network, a plurality of bids and a plurality of offers from first remote computing devices of respective first traders in a market for an object of commerce, each bid and offer including a price;   determining in real time that at least some of the bids and offers are not fully executed;   in response to determining that at least some of the bids and offers are not fully executed and receiving the plurality of bids and the plurality of offers, continuously in real time:
 calculating a calculated tradable price based on a standard published to given traders in the market for the object of commerce, the standard specifying rules for calculating a tradeable price based on at least one of a) received bids and offers or b) trades executed in the market for the object of commerce; and 
 transmitting, over the communication network, to each of a plurality of second remote computing devices of respective second traders in the market, an electronic message notifying second traders of the calculated tradeable price for the object of commerce; and 
   timing a predetermined time window to trade at the calculated tradeable price; and   when a current time is determined to be within the predetermined time window, automatically executing at least one given trade during the predetermined time window, for at least some of the bids and offers that are not executed, based at least in part on the calculated tradeable price, wherein at least some quantity of the object of commerce is traded at the calculated tradeable price.   
     
     
         3 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor:   before executing or negotiating second given trades or receiving negotiating given offers, receiving from a specific trader a second order entered by the specific trader at a specific price, in which the specific price is different from the calculated tradeable price; and   automatically executing a third trade involving the second order at the calculated tradeable price, without further confirmation from the specific trader who entered one order involved in the third trade, even though the second order was entered at a price other than the calculated tradeable price.   
     
     
         4 . The method of  claim 3 , further comprising:
 controlling, by the at least one processor:   accepting a discretion price from a third trader for a third order, and   automatically executing a fourth trade without confirmation from the third trader after ascertaining that the calculated tradeable price is within the discretion price entered by the third trader.   
     
     
         5 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor:   accepting a discretion price from a third trader for a third order, and   before executing a second trade, obtaining confirmation from the third trader based on a determination that the calculated tradeable price is within the discretion price entered by the third trader.   
     
     
         6 . The method of  claim 2 , further comprising:
 controlling, by the at least one processor:   inviting traders to negotiate based at least in part on the calculated tradeable price, without binding trades to occur at the calculated tradeable price.   
     
     
         7 . The method of  claim 2 , wherein:
 the notifying of second traders of the calculated tradeable price occurs after a close of regular trading, and   the executing occurs during an extended trading period defined by the standard.   
     
     
         8 . The method of  claim 2 , wherein:
 the notifying of second traders of the calculated tradeable price occurs from time to time during regular trading hours.   
     
     
         9 . The method of  claim 2 , wherein:
 the calculated tradeable price is calculated based at least in part on at least one of:
 (1) entry times of orders on which the calculating is based; 
 (2) an execution price of at least one executed trade; 
 (3) execution prices of trades within a specified time window; or 
 (4) a midpoint between a highest bid and a lowest offer in the market for the object of commerce. 
   
     
     
         10 . The method of  claim 2 , wherein:
 the calculated tradeable price is calculated based at least in part on prices of pending bids and offers, without regard to execution price of any executed trade.   
     
     
         11 . The method of  claim 2 , wherein the object of commerce is defined ad hoc by a trader in the market. 
     
     
         12 . A non-transitory computer readable medium configured to store instructions that, when executed by at least one processor, control:
 receiving in real time, over a communication network, a plurality of bids and a plurality of offers from first remote computing devices of respective first traders in a market for an object of commerce, each bid and offer including a price;   determining in real time that at least some of the bids and offers are not fully executed;   in response to determining that at least some of the bids and offers are not fully executed and receiving the plurality of bids and the plurality of offers, continuously in real time:
 calculating a calculated tradable price based on a standard published to given traders in the market for the object of commerce, the standard specifying rules for calculating a tradeable price based on at least one of a) received bids and offers or b) trades executed in the market for the object of commerce; and 
 transmitting, over the communication network, to each of a plurality of second remote computing devices of respective second traders in the market, an electronic message notifying second traders of the calculated tradeable price for the object of commerce; and 
   timing a predetermined time window to trade at the calculated tradeable price; and   when a current time is determined to be within the predetermined time window, automatically executing at least one given trade during the predetermined time window, for at least some of the bids and offers that are not executed, based at least in part on the calculated tradeable price, wherein at least some quantity of the object of commerce is traded at the calculated tradeable price.   
     
     
         13 . The non-transitory computer readable medium of  claim 12 , wherein the instructions, when executed by the at least one processor, control:
 before executing or negotiating second given trades or receiving negotiating given offers, receiving from a specific trader a second order entered by the specific trader at a specific price, in which the specific price is different from the calculated tradeable price; and   
       automatically executing a third trade involving the second order at the calculated tradeable price, without further confirmation from the specific trader who entered one order involved in the third trade, even though the second order was entered at a price other than the calculated tradeable price 
     
     
         14 . The non-transitory computer readable medium of  claim 12 , wherein the instructions, when executed by the at least one processor, control:
 accepting a discretion price from a third trader for a bid or offer, and   automatically executing a second trade without confirmation after ascertaining that the calculated tradeable price is within the discretion price entered by the third trader.   
     
     
         15 . The non-transitory computer readable medium of  claim 12 , wherein the instructions, when executed by the at least one processor, control inviting traders to negotiate based at least in part on the calculated tradeable price, without binding trades to occur at the calculated tradeable price. 
     
     
         16 . The non-transitory computer readable medium of  claim 12 , wherein:
 the notifying of second traders of the calculated tradeable price occurs from time to time during regular trading hours, and   the instructions, when executed by the at least one processor, control re-pricing at least a portion of at least one order to the calculated tradeable price, in which the at least a portion of the at least one order comprises at least one of the bids and offers that are not fully executed.   
     
     
         17 . The method according to  claim 2 , further comprising:
 controlling, by the at least one processor:   recalculating the tradeable price to obtain a recalculated tradeable price;   notifying the second traders of the recalculated tradeable price with a notification including an indication that the second traders are permitted to adjust at least one of a bid or an offer, and a discretion price in response to the recalculated tradeable price, the discretion price being an amount which a given trader will permit re-pricing of received bid or offer from the given trader, and   executing or negotiating trades, or receiving negotiating offers, based at least in part on the recalculated tradeable price.   
     
     
         18 . The method according to  claim 17 , wherein the executing or negotiating trades or receiving negotiating offers is based at least in part on an adjusted bid or offer, or an adjusted discretion price received from a trader. 
     
     
         19 . The method of  claim 2 , wherein the second traders are notified of the calculated tradable price in response to a determination that a highest bid to buy the object of commerce in the market is lower than a lowest offer to sell the object of commerce in the market. 
     
     
         20 . The method of  claim 2 , wherein the standard is published to the second traders in advance of notifying the second traders of the calculated tradable price for the object of commerce. 
     
     
         21 . An apparatus comprising:
 at least one processor configured to control:   receiving in real time, over a communication network, a plurality of bids and a plurality of offers from first remote computing devices of respective first traders in a market for an object of commerce, each bid and offer including a price;   determining in real time that at least some of the bids and offers are not fully executed;   in response to determining that at least some of the bids and offers are not fully executed and receiving the plurality of bids and the plurality of offers, continuously in real time:
 calculating a calculated tradable price based on a standard published to given traders in the market for the object of commerce, the standard specifying rules for calculating a tradeable price based on at least one of a) received bids and offers or b) trades executed in the market for the object of commerce; and 
 transmitting, over the communication network, to each of a plurality of second remote computing devices of respective second traders in the market, an electronic message notifying second traders of the calculated tradeable price for the object of commerce; and 
   timing by the at least one processor a predetermined time window to trade at the calculated tradeable price; and   when a current time is determined to be within the predetermined time window, automatically executing at least one given trade during the predetermined time window, for at least some of the bids and offers that are not executed, based at least in part on the calculated tradeable price, wherein at least some quantity of the object of commerce is traded at the calculated tradeable price.