System and method for electronic trading and delivery of a commoditized product
AssigneeBullion Direct, Inc.
InventorsCharles Hadley McAllister, Vivek Katyal
Life of this patent
Estimating the term…
Abstract
The present invention provides a system and method for trading of a commoditized product through a distributed network of computers, and for delivering the commoditized products after the trade. The system includes an order matching routine, a payment routine, a product qualification routine, and a distribution routine. The invention provides for secure electronic trading of a commoditized product through a hub centric platform that provides for a real order exchange in a real time environment, allows individual buyers and sellers to remain anonymous to each other, eliminates size or volume as a means of discrimination for transaction, and maximizes distribution efficiency.
Claims26
A method for facilitating trading of a commoditized product comprising
- electronically receiving at least one sell order from at least one seller to sell a commoditized product;
- electronically receiving at least one buy order from at least one buyer to buy a commoditized product;
- electronically matching the at least one sell order with the at least one buy order;
- receiving commoditized product from the at least one seller;
- physically qualifying the commoditized product after it is received from the at least one seller and before it is distributed to the at least one buyer;
- distributing a seller payment to the at least one seller;
- receiving a buyer payment from the at least one buyer;
- and
- distributing commoditized product to the at least one buyer.
A platform for facilitating trading a commoditized product comprising
- means for electronically receiving at least one sell order from at least one seller to sell a commoditized product;
- means for electronically receiving at least one buy order from at least one buyer to buy a commoditized product;
- means for electronically matching the at least one sell order with the at least one buy order;
- means for receiving commoditized product from the at least one seller;
- means for physically qualifying commoditized product after it is received from the at least one seller and before it is distributed to the at least one buyer;
- means for receiving a buyer payment from the at least one buyer;
- means for distributing commoditized product to the at least one buyer;
- means for distributing a seller payment to the at least one seller.
Dependencies are inferred from the claim text.