# US 8,788,395 B2 · Trading of illiquid goods, services, instruments or commodities > Agents: this data is available as JSON from the patentgrep API and MCP server — see https://patentgrep.com/llms.txt - Number: US 8,788,395 B2 - Document ID: US8788395B2 - Status: Granted - Kind: B2 - Application number: 11/677,232 - Filed: 2007-02-21 - Published: 2007-11-08 - Granted: 2014-07-22 - Earliest claimed: 2006-02-21 - Assignees: Cfph, LLC - Applicants: Philip Myron Ginsberg - Inventors: Philip Myron Ginsberg - Web page: https://patentgrep.com/patent/US8788395B2 ## CPC - G06Q 40/04: Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange - G06Q 50/188: {Electronic negotiation} - G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR ## 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. ## Claims ### Claim 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; executing or negotiating trades, or receiving negotiating offers, based at least in part on the computed tradeable price; and before executing a trade, obtaining confirmation from a trader who entered one of the orders involved in a trade to be executed, the order having a price other than the computed tradeable price. ### Claim 2 A method performed by a computer apparatus, comprising the steps of: receiving notification of a computed tradeable price for an object of commerce, the computed tradeable price calculated by a computer operating a market for the object of commerce in conformance to a standard published to traders in the market, the standard specifying rules for calculating the tradeable price based at least in part on orders received and/or trades executed in the market, the market computer being operated by a broker for arranging trades between principals; and communicating with other traders in the market to negotiate trades in the object of commerce, or to send negotiating offers for trades in the object of commerce, based at least in part on the computed tradeable price. ### Claim 3 (depends on 2) The method of claim 2, wherein: the calculation of computed tradeable price is based at least in part on an execution price of at least one executed trade. ### Claim 4 (depends on 2) The method of claim 2, 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. ### Claim 5 (depends on 2) 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. ### Claim 6 (depends on 2) The method of claim 2, further comprising the step of: before executing a trade, obtaining confirmation from a trader who entered one of the orders involved in a trade to be executed, the order having a price other than the computed tradeable price. ### Claim 7 (depends on 2) The method of claim 2, 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. ### Claim 8 (depends on 2) The method of claim 2, wherein: the notifying of traders of the computed tradeable price occurs after a close of regular trading, and the negotiating occurs during an extended trading period defined by published rule. ### Claim 9 (depends on 2) The method of claim 2, wherein: the market computer sends notifications of computed tradeable price throughout the trading day. ### Claim 10 (depends on 2) The method of claim 2, wherein: a trader receiving a notification of the computed tradeable price or an offer to deal at the computed tradeable price is offered a favorable price or fee level to deal promptly, the favorable price or fee level to be withdrawn after a period of time. ### Claim 11 (depends on 2) The method of claim 2, wherein: a trader receiving a notification of the computed tradeable price or an offer to deal at the computed tradeable price is offered an opportunity to modify the price of an existing order to match the computed tradeable price. ### Claim 12 (depends on 2) The method of claim 2, wherein: inviting a trader receiving a notification of the computed tradeable price or receiving an offer to deal at the computed tradeable price into a conversational dealing mode with the computed tradeable price as a suggested mediated price. ### Claim 13 (depends on 2) The method of claim 2, wherein: computation of computed tradeable price includes the step of determining whether a low offer or high bid is from a disfavored party. ### Claim 14 One or more computer apparatus with nontransitory memory containing programs to cause the computer(s) to: transmit notification of a computed tradeable price for an object of commerce from a market computer being operated by a broker for arranging trades between principals to a trader's computer, the computed tradeable price calculated in conformance to a standard published to traders in the market, the standard specifying rules for calculating the tradeable price based at least in part on orders received and/or trades executed in the market; and communicate negotiating messages among traders in the market to negotiate trades in the object of commerce, or to send negotiating offers for trades in the object of commerce, based at least in part on the computed tradeable price. ### Claim 15 (depends on 14) The apparatus of claim 14, the programs being further programmed to cause the computer(s) to: accept a discretion price from a trader for an order, and automatically execute the trade without confirmation after ascertaining that the computed tradeable price is within the discretion price entered by the trader. ### Claim 16 (depends on 14) The apparatus of claim 14, the programs being further programmed to cause the computer(s) to: before executing a trade, obtaining confirmation from a trader who entered one of the orders involved in a trade to be executed, the order having a price other than the computed tradeable price. ### Claim 17 (depends on 14) The apparatus of claim 14, the programs being further programmed to cause the computer(s) to: invite traders to negotiate based at least in part on the computed tradeable price, without binding trades to occur at the computed tradeable price. ### Claim 18 (depends on 14) The apparatus of claim 14, the programs being further programmed to cause the computer(s) to: offer to a trader receiving a notification of the computed tradeable price or receiving an offer to deal at the computed tradeable price a favorable price or fee level to deal promptly, and to withdraw the favorable price or fee level after a period of time. ### Claim 19 (depends on 14) The apparatus of claim 14, the programs being further programmed to cause the computer(s) to: offer to a trader receiving a notification of the computed tradeable price or receiving an offer to deal at the computed tradeable price an opportunity to modify the price of an existing order to match the computed tradeable price. ### Claim 20 (depends on 14) The apparatus of claim 14, the programs being further programmed to cause the computer(s) to: invite a trader receiving a notification of the computed tradeable price or receiving an offer to deal at the computed tradeable price into a conversational dealing mode with the computed tradeable price as a suggested mediated price. ### Claim 21 (depends on 14) The apparatus of claim 14, the programs being further programmed to cause the computer(s) to: compute the computed tradeable price based at least in part on determining whether a low offer or high bid is from a disfavored party.