US Patent:
20010034687, Oct 25, 2001
Inventors:
Arthur Bushonville - Winnetka IL, US
Norbert Schenk - Chicago IL, US
International Classification:
G06F017/60
US Classification:
705/037000, 705/026000, 705/007000, 705/027000
Abstract:
Market liquidity for service-based commodities is established by fixing contract maturity dates and directing spot market trades to these fixed dates. Service contracts have the following characteristics: a specific duration during which the service is to be provided, a specific service quality, a specific service delivery date, a specific service maturity date and a specific delivery location. The contract maturity dates are consistent with forward contract delivery dates, preferably, monthly or quarterly. Unlike a traditional goods-based futures contract, each forward contract, after delivery, does not stop trading but continues to trade on spot markets until maturity. Market information for each type of service contract is provided to users of an exchange system, preferably implemented within a publicly available network, such as the Internet or World Wide Web. Based on this market information, users may submit quote proposals (e.g., bid or offers) or quote acceptances.