System and method for matching buyers and sellers in a marketplace
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United States of America Patent
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Mar 10, 2009
Grant Date -
Nov 29, 2001
app pub date -
Mar 11, 2001
filing date -
Mar 13, 2000
priority date (Note) -
In Force
status (Latency Note)
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Abstract
In accordance with the present invention, a system and method for matching buyers and sellers in a marketplace accepts limit bids and offers into a central system. Periodically, an optimizing algorithm is executed to match buyers and sellers. The algorithm utilizes techniques to maximize global utility. After buyers and sellers are matched, a transaction price is calculated for each pairing. The transaction price is selected to ensure that each participant executes the transaction at that participant's best effective transaction price.
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