Computer system and method for speculating on a financial market

1. A method in a computer system for a user to speculate on a financial market, comprising:

presenting via a user terminal a prompt to the user requesting one or more parameters from the user, the one or more parameters defining a custom contract on at least one future characteristic of the financial market;

presenting to the user via the user terminal a calculated value for the custom contract that will be offered to the user so that the user can purchase the custom contract at the calculated value, the calculated value determined by a central processing machine based on the one or more parameters and data regarding the financial market; and

presenting via the user terminal a prompt to the user requesting the user to purchase the custom contract based on the presented calculated value and the one or more parameters,

thereby allowing the user to define the custom contract, a bookmaker to offer the custom contract to the user based on the calculated value, and the user to purchase the custom contract from the bookmaker so that the bookmaker has an obligation to pay a payout amount upon the occurrence of the at least one future characteristic of the financial market satisfying the one or more parameters.

2. The method of claim 1 further comprising:

in response to the user purchasing the custom contract, presenting to the user via the user terminal a confirmation that the custom contract has been purchased; and

based upon the occurrence of the at least one future characteristic of the financial market satisfying the one or more parameters, presenting to the user via the user terminal an indication that a payout will be made to the user.

3. The method of claim 1 wherein the payout amount includes a fixed payout amount.

4. The method of claim 1 wherein the calculated value for the custom contract includes a contract price for the custom contract.

5. The method of claim 1 wherein the calculated value for the custom contract includes odds that the at least one future characteristic of the financial market will satisfy the one or more parameters.

6. The method of claim 1 wherein the calculated value for the custom contract includes a payout for the custom contract.

7. The method of claim 1 wherein the calculated value reflects an implied volatility of the financial market.

8. The method of claim 1 wherein the custom contract must be purchased within a period of time.

9. The method of claim 1 wherein the one or more parameters includes a selected financial market.

10. The method of claim 1 wherein the one or more parameters includes a desired payout amount.

11. The method of claim 1 wherein the one or more parameters includes a target for the at least one future characteristic of the financial market.

12. The method of claim 1 wherein the one or more parameters includes a barrier for the at least one future characteristic of the financial market.

13. The method of claim 1 wherein the financial market includes a foreign currency market and the one or more parameters includes a currency exchange rate.

14. The method of claim 1 wherein the financial market includes a stock market and the one or more parameters includes a stock price.

15. The method of claim 1 wherein the financial market includes a stock market index and the one or more parameters includes a stock index price.

16. The method of claim 1 wherein the financial market includes a commodity market and the one or more parameters includes a commodity price.

17. The method of claim 1 wherein the financial market includes a foreign currency market and the at least one future characteristic of the financial market includes a change in a foreign currency exchange rate.

18. The method of claim 1 wherein the financial market includes a stock market and the at least one future characteristic of the financial market includes a change in a stock price.

19. The method of claim 1 wherein the financial market includes a stock market index and the at least one future characteristic of the financial market includes a change in a stock market index price.

20. The method of claim 1 wherein the financial market includes a commodity market and the at least one future characteristic of the financial market includes a change in a commodity price.

21. The method of claim 1 wherein the one or more parameters includes a first financial market and a second financial market and the at least one future characteristic of the first financial market includes a first target for the first financial market and the at least one future characteristic of the second financial market includes a second target for the second financial market.

22. The method of claim 1 wherein the data regarding the financial market includes real-time market data.

23. The method of claim 1 wherein the data regarding the financial market includes historical market data.

24. A computer system for speculating on a financial market, comprising:

an input component for accepting from a user one or more parameters, the one or more parameters defining a custom contract on at least one future characteristic of the financial market;

a transmission component in communication with the input component for:

transmitting the one or more parameters over a communication network to a trading system to calculate a value for the custom contract that will be offered to the user so that the user can purchase the custom contract at the calculated value, the calculated value determined based on the one or more parameters and data regarding the financial market; and

receiving the calculated value from the trading system via the communication network; and

a display component in communication with the transmission component for presenting to the user the calculated value for the custom contract,

wherein the user can purchase the custom contract via the input component based on the presented calculated value and the one or more parameters to thereby create an obligation for a bookmaker to pay a payout amount upon the occurrence of the at least one future characteristic of the financial market satisfying the one or more parameters.

25. The computer system of claim 24 wherein, in response to the user purchasing the custom contract via the input component, the display component presents an indication to the user that the custom contract has been purchased and a payout will be made to the user based on the at least one future characteristic of the financial market satisfying the one or more parameters.

26. The computer system of claim 24 wherein the payout amount includes a fixed payout amount.

27. The computer system of claim 24 wherein the calculated value for the custom contract includes a price for the custom contract.

28. The computer system of claim 24 wherein the calculated value for the custom contract includes odds that the at least one future characteristic of the financial market will satisfy the one or more parameters.

29. The computer system of claim 24 wherein the calculated value for the custom contract includes a payout for the custom contract.

30. The computer system of claim 24 wherein the calculated value reflects an implied volatility of the financial market.

31. The computer system of claim 24 wherein the custom contract must be purchased within a period of time.

32. The computer system of claim 24 wherein the one or more parameters includes a desired payout amount.

33. The computer system of claim 24 wherein the one or more parameters includes a target for the at least one future characteristic of the financial market.

34. The computer system of claim 24 wherein the one or more parameters includes a barrier for the at least one future characteristic of the financial market.

35. The computer system of claim 24 wherein the financial market includes a foreign currency market and the one or more parameters includes a currency exchange rate.

36. The computer system of claim 24 wherein the financial market includes a stock market and the one or more parameters includes a stock price.

37. The computer system of claim 24 wherein the financial market includes a stock market index and the one or more parameters includes a stock index price.

38. The computer system of claim 24 wherein the financial market includes a commodity market and the one or more parameters includes a commodity price.

39. The computer system of claim 24 wherein the financial market includes a foreign currency market and the at least one future characteristic of the financial market includes a change in a foreign currency exchange rate.

40. The computer system of claim 24 wherein the financial market includes a stock market and the at least one future characteristic of the financial market includes a change in a stock price.

41. The computer system of claim 24 wherein the financial market includes a stock market index and the at least one future characteristic of the financial market includes a change in a stock market index price.

42. The computer system of claim 24 wherein the financial market includes a commodity market and the at least one future characteristic of the financial market includes a change in a commodity price.

43. The computer system of claim 24 wherein the one or more parameters includes a first financial market and a second financial market and the at least one future characteristic of the first financial market includes a first target for the first financial market and the at least one future characteristic of the second financial market includes a second target for the second financial market.

44. The computer system of claim 24 wherein the data regarding the financial market includes real-time market data.

45. The computer system of claim 24 wherein the data regarding the financial market includes historical market data.

46. A computer system for speculating on a financial market, comprising:

an input device;

a display;

a network interface; and

a processor in communication with the input device, the display, and the network interface, the processor operable to:

accept via the input device one or more parameters from a user, the one or more parameters defining a custom contract on at least one future characteristic of the financial market;

transmit via the network interface the one or more parameters to a trading system to calculate a value for the custom contract based on the one or more parameters and data regarding the financial market;

receive via the network interface the calculated value for the custom contract;

display on the display the calculated value for the custom contract that will be offered to the user so that the user can purchase the custom contract at the calculated value;

accept via the input device an order for the custom contract based on the displayed calculated value and the one or more parameters; and

transmit via the network interface the order to the trading system, thereby creating an obligation for a bookmaker to pay a payout amount upon the occurrence of the at least one future characteristic of the financial market satisfying the one or more parameters.

47. The computer system of claim 46 wherein the processor is further operable to cause the display to present an indication to the user that an order for the custom contract has been placed and a payout will be made to the user based on the at least one future characteristic of the financial market satisfying the one or more parameters.

48. The computer system of claim 46 wherein the payout amount includes a fixed payout amount.

49. The computer system of claim 46 wherein the calculated value for the custom contract includes a price for the custom contract.

50. The computer system of claim 46 wherein the calculated value for the custom contract includes odds that the at least one future characteristic of the financial market will satisfy the one or more parameters.

51. The computer system of claim 46 wherein the calculated value for the custom contract includes a payout for the custom contract.

52. The computer system of claim 46 wherein the calculated value reflects an implied volatility of the financial market.

53. The computer system of claim 46 wherein the custom contract must be ordered within a period of time.

54. The computer system of claim 46 wherein the one or more parameters includes a desired payout amount.

55. The computer system of claim 46 wherein the one or more parameters includes a target for the at least one future characteristic of the financial market.

56. The computer system of claim 46 wherein the one or more parameters includes a barrier for the at least one future characteristic of the financial market.

57. The computer system of claim 46 wherein the financial market includes a foreign currency market and the one or more parameters includes a currency exchange rate.

58. The computer system of claim 46 wherein the financial market includes a stock market and the one or more parameters includes a stock price.

59. The computer system of claim 46 wherein the financial market includes a stock market index and the one or more parameters includes a stock market index price.

60. The computer system of claim 46 wherein the financial market includes a commodity market and the one or more parameters includes a commodity price.

61. The computer system of claim 46 wherein the financial market includes a foreign currency market and the at least one future characteristic of the financial market includes a change in a foreign currency exchange rate.

62. The computer system of claim 46 wherein the financial market includes a stock market and the at least one future characteristic of the financial market includes a change in a stock price.

63. The computer system of claim 46 wherein the financial market includes a stock market index and the at least one future characteristic of the financial market includes a change in a stock market index price.

64. The computer system of claim 46 wherein the financial market includes a commodity market and the at least one future characteristic of the financial market includes a change in a commodity price.

65. The computer system of claim 46 wherein the one or more parameters includes a first financial market and a second financial market and the at least one future characteristic of the first financial market includes a first target for the first financial market and the at least one future characteristic of the second financial market includes a second target for the second financial market.

66. The computer system of claim 46 wherein the data regarding the financial market includes real-time market data.

67. The computer system of claim 46 wherein the data regarding the financial market includes historical market data.

68. A method for facilitating speculation on at least one future characteristic of a financial market, comprising:

presenting to a user via a user terminal a menu of user-selectable parameters for a proposed contract on at least one future characteristic of a financial market;

in response to user selection of one or more parameters via the menu, presenting to the user via the user terminal an indication of a value for the proposed contract, the value determined based on the one or more parameters and data concerning the financial market; and

presenting to the user via the user terminal an option to place an order for a contract based on the value presented to the user and the one or more parameters selected by the user to thereby facilitate speculation on the financial market.

69. A system, comprising:

an input device;

a display;

a network interface; and

a processor in communication with the input device, the display, and the network interface, the processor configured to:

present via the display a menu of user-selectable parameters for a proposed contract on at least one future characteristic of a financial market;

in response to receiving via the input device a selection of one or more parameters from the menu, present via the display an indication of a value for the proposed contract, the value determined based on the one or more parameters and data concerning the financial market;

present via the display an option to place an order for a contract based on the value presented via the display and the one or more parameters selected from the menu; and

in response to receiving via the input device a selection of the option to place an order for the contract, transmit via the network interface an order for the contract to thereby facilitate speculation on the financial market.