Computer method and system for intermediated exchanges

Abstract

This invention includes computer systems that exchange messages in order to facilitate an intermediated exchange of financial commodities between a plurality of participants. The messages are exchanged according to a preferred protocol that leads to a satisfactory exchange that meets the objectives of the participants, and that substantially maximizes in a fair manner the total amount of financial commodities exchanged. Optionally, the invention employs heuristic rules in association with the preferred protocol that adapt the protocol to the time and exchange requirements of financial commodities. In other embodiments, this invention is equally applicable to the exchange of any tangible or intangible commodities. In a general embodiment, this invention further includes a preferred message-exchange protocol for the construction of computer programs representing exchange participants and an intermediary.

What is claimed is: 
     
         1 . An electronic intermediated exchange for exchanging a plurality of commodities among a plurality of participants in an electronic trading network, said network including a plurality of participant clients coupled with an electronic data network, each client configured to generate and transmit data representing participant exchange objectives for each corresponding participant, said electronic intermediated exchange comprising:
 intermediated exchange facilities coupled to the network including a memory unit for storing data representing commodity exchange objectives of the intermediated exchange and configured to receive data representing participant exchange objectives from the plurality of participant clients and to exchange a plurality of commodities among the plurality of participants based upon said data representing said commodity exchange objectives and upon said data representing said participant exchange objectives received from the plurality of participant clients.   
     
     
         2 . The electronic intermediated exchange of  claim 1 , wherein said intermediated exchange facilities are further configured to determine the maximum quantity of at least one commodity that can be exchanged based on said participant exchange objectives and to communicate to said plurality of participants respective first offers to buy or sell a quantity of said at least one commodity, wherein the quantity of said first offers to each of said plurality of participants comprises an allocation of said maximum quantity proportional to said participant exchange objectives. 
     
     
         3 . The electronic intermediated exchange of  claim 2 , wherein said quantities of said first offers to each of said plurality of participants is less than or equal to the quantities indicated by said participant exchange objectives. 
     
     
         4 . The electronic intermediated exchange of  claim 2 , wherein said intermediated exchange facilities are further configured to receive from said plurality of participants counter offers to buy or sell a quantity of said at least one commodity, to determine the maximum quantity of at least one commodity that can be exchanged based on said counter offers, and to communicate to said plurality of participants respective secondary offers to buy or sell a quantity of said at least one commodity, wherein the quantity of said secondary offer to each of said plurality of participants comprises an allocation of said maximum quantity proportional to said counter offers. 
     
     
         5 . The electronic intermediated exchange of  claim 4 , wherein the quantities of said secondary offers to each of said plurality of participants are respectively less than or equal to the quantities of said first offers, and wherein the quantities of said secondary offers to each of said plurality of participants are respectively greater than or equal to the quantities of said counter offers. 
     
     
         6 . The electronic intermediated exchange of  claim 1 , wherein one or more of said plurality of participants comprise an electronic agents that exchange electronic messages with said intermediated exchange facilities via said electronic data network.