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US Patent 7099841 - Methods and systems for trading permanent seat licenses

US Patent Issued on August 29, 2006
Estimated Patent Expiration Date: Icon_subject August 4, 2020Estimated Expiration Date is calculated based on simple USPTO term provisions. It does not account for terminal disclaimers, term adjustments, failure to pay maintenance fees, or other factors which might affect the term of a patent.
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Abstract

A method of trading seat licenses over a computer network is provided whereby a seat license is listed for sale by a seller on a seat license exchange hosted by an intermediary, wherein the seat license exchange is conducted through a central computer over the computer network and the seat license is issued by an issuer and has an asking price determined by the seller. At least one bid for the seat license is received over the computer network from the bidder, wherein the bidder offering a first bid for the seat license, that is at least equal to the asking price thereof, is designated as the buyer of the seat license. A trade is thereafter initiated whereby the seat license listing is removed from the seat license exchange and a trade status is established. A title to the seat license is then directed from the seller and received by the intermediary. Concurrently, a remittance at least equal to the first bid is directed from the buyer and received by the intermediary. Upon receiving a final approval of the trade from the issuer, the trade is completed by directing the title to the seat license to the buyer, directing a first portion of the remittance to the intermediary, directing a second portion of the remittance to the seller, and notifying the issuer of the completion of the trade. Associated methods and systems are also provided.

Other References

  • http://www.google.com/search?hl=en&lr=&ie=ISO-8859-1&q=permanent+seat+licenses+exchange&btnG=Google+Search.
  • http://www.shareholder.com/ebay/annual/1999annual10K.pdf.

Inventors

Assignee

Application

No. 09632699 filed on 08/04/2000

US Classes:

705/37, Trading, matching, or bidding705/39Including funds transfer or credit transaction

Field of Search

705/37Trading, matching, or bidding

Examiners

Primary: Weisberger, Richard

Attorney, Agent or Firm

US Patent References

4674044, Automated securities trading system
Issued on: 06/16/1987
Inventor: Kalmus ,   et al.
5168446, System for conducting and processing spot commodity transactions
Issued on: 12/01/1992
Inventor: Wiseman
5835896, Method and system for processing and transmitting electronic auction information
Issued on: 11/10/1998
Inventor: Fisher, et al.
5873071, Computer method and system for intermediated exchange of commodities
Issued on: 02/16/1999
Inventor: Ferstenberg, et al.
5918218, Method and apparatus for automated trade transactions processing
Issued on: 06/29/1999
Inventor: Harris, et al.
5950176, Computer-implemented securities trading system with a virtual specialist function
Issued on: 09/07/1999
Inventor: Keiser, et al.
5963923, System and method for trading having a principal market maker
Issued on: 10/05/1999
Inventor: Garber
6014643, Interactive securities trading system
Issued on: 01/11/2000
Inventor: Minton
6029146Method and apparatus for trading securities electronically
Issued on: 02/22/2000
Inventor: Hawkins, et al.

International Class

G06F 17/60

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