System and method for conducting an electronic financial...

Details System and method for conducting an electronic financial... System and method for conducting an electronic financial...

2011-08-16

2011-08-16

Kazimi, Hani (Department: 3691)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S035000, C705S03600T

Reexamination Certificate

active

08001035

ABSTRACT:
A trusted computer system for conducting an electronic financial asset deposit auction over a computer network such as the Internet wherein invited depositor members are anonymous and bid against themselves for a number of sessions no greater than the number of depositor members. At each session, a member is declared a winner and eliminated from further sessions. The winner then collects the pooled discount deposits with repayment due in the next session payable to the winner of the said session. The aforesaid steps are repeated until one depositor is left wherein said depositor will receive the highest rate of return.

REFERENCES:
patent: 5613679 (1997-03-01), Casa et al.
patent: 6363365 (2002-03-01), Kou
patent: 7092904 (2006-08-01), Understein
patent: 2001/0054001 (2001-12-01), Robinson
PNC Bank to Hold CD Auctions Through Jan. 2000, PR Newswire. New York: Nov. 4, 1999. p. 1.

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