Computer implemented continuous dual auction system
View Patent ↗A computer implemented continuous dual auction system consisting of a computer, server, and a process for creating a real-time, or substantially real-time, online marketplace for the sale of goods and services. The system allows a buyer to define parameters of one or more items that the buyer wishes to purchase and place a bid on all of the items that satisfy those parameters. The system automatically takes any fees to be paid by the buyer and the seller into account for a buyer's bid and a seller's offer. The system may be accessed via a web browser or a remote application.
1 . A non-transitory computer readable storage medium encoded with processing instructions for performing a method of implementing a continuous dual auction, the method comprising:
receiving, electronically, through at least one input interface, over a network, and from at least a first user via at least a first user device, real-time auction information including bid data and sell data, the bid data including a plurality of bid prices, a plurality of corresponding proxy bid prices, and a plurality of corresponding bid quantities, the sell data including a plurality of sell prices, a plurality of corresponding proxy sell prices, and a plurality of corresponding sell quantities;
storing the bid data and the sell data in a database;
establishing a computer interface accessible over the network for conducting the continuous dual auction, wherein establishing a computer interface comprises:
displaying at least one of a seller montage and a bidder montage, wherein displaying each of the seller montage and the bidder montage comprises:
dynamically displaying the plurality of bid prices in a first column such that each of the plurality of bid prices are arranged in descending order when viewed from top to bottom;
dynamically displaying the plurality of sell prices in a second column generally adjacent the first column such that each of the plurality of sell prices are arranged in descending order when viewed from top to bottom; and automatically updating the at least one of a seller montage and a bidder montage if either the bid data or the sell data is modified,
wherein the plurality of bid prices and the plurality of sell prices are also displayed in descending order relative to one another;
continually analyzing the user inputs to determine if any of the transactions have resulted in a sale, wherein continually analyzing and identifying comprises:
comparing the bid prices to the sell prices;
comparing the proxy bid prices to the sell prices; and
comparing the bid prices to the proxy sell prices, and
executing a sale if any one of:
a bid prices meets or exceeds a sell prices;
a proxy bid price meets or exceeds a sell price; and
a bid price meets or exceeds a proxy sell price.
2 . The non-transitory computer readable storage medium of claim 1 , the method further comprising dynamically displaying the plurality of corresponding bid quantities in a third column adjacent the plurality of bid prices.
3 . The non-transitory computer readable storage medium of claim 1 , the method further comprising dynamically displaying the plurality of corresponding sell quantities in a fourth column adjacent the plurality of sell prices.