Abstract: Methods and systems are provided herewith for determining prices and executing trades among a plurality of users of an electronic trading system. The users may transmit to a processor a plurality of bid-offer pairs, each comprising an estimate of a fair bid and offer price for exchanging between a first and a second currency. The processor may determine an exchange rate for exchanging between the first currency and the second currency based on a determined qualifying set of overlapping bid-offer pairs. The processor may match user orders to exchange between the first and second currencies and execute those orders at the exchange rate. A price adjustment amount is determined based on a change in price after each of a plurality of exchanges between the first and second users. A subsequent transaction between the first and second user is adjusted by a price adjustment amount selected at a user interface.

Abstract: Methods and systems are provided herewith for determining prices and executing trades among a plurality of users of an electronic trading system. The users may transmit to a processor a plurality of bid-offer pairs. Each bid-offer pair may comprise an estimate of a fair bid price and an estimate of a fair offer price for exchanging between a first and a second currency. The processor may determine from the bid-offer pairs a qualifying set of overlapping bid-offer pairs. The processor may determine an exchange rate for exchanging between the first currency and the second currency based on the qualifying set of overlapping bid-offer pairs. The processor may match user orders to exchange between the first and second currencies and execute those orders at the exchange rate.

Abstract: Methods and systems are provided herewith for rating a likelihood of payment of one or more cash flows. A computing device receives information about a debt instrument portfolio comprising one or more debt instruments, the information comprising a quantity and a price (e.g., a purchase price) associated with each of the one or more debt instruments. The computing device determines a current market price of each of the one or more debt instruments. The computing device determines a payment schedule for each of the one or more debt instruments, each payment schedule comprising one or more payments, each payment schedule correlating a series of payment amounts with respective scheduled times of payment. The computing device determines a probability of payment for the one or more payments for each of the one or more debt instruments. In some embodiments, the computing device may also determine an expected net present value of the one or more payments.

Abstract: Methods and systems are provided herewith for managing a wagering system. In one exemplary embodiment, state information of a live event may be received in real time. The live event may comprise a sporting event played by human players according to predetermined rules that are used to determine at least one winner of the sporting event. An initial state and a plurality of possible future states of a performance parameter of the live event may be determined based on the state information. A first betting market for betting on at least one of the plurality of possible future states may be created. The act of creating a first betting market may comprise (1) determining by the processor probabilities for the plurality of possible future states, and (2) based at least in part on the probabilities, determining by the processor odds for betting on at least one of the plurality of possible future states.

Abstract: Methods and systems are provided herewith for managing a wagering system. In one exemplary embodiment, a stream of state information of a live sporting event is received in real time. A computer processor determines an initial state and a plurality of possible future states of a first performance parameter of the live sporting event based on the stream of state information. After a beginning of the game and before the start of the event, a probability of occurrence is calculated for at least one of the plurality of possible future states of the first performance parameter based on historical data related to the first performance parameter. The plurality of possible future states are mutually exclusive from one another. During an initial state of the first performance parameter, a signal operative to open a first market for betting on the at least one of the plurality of possible future states is transmitted. The first market comprises betting odds based on the calculated probability of occurrence.

Abstract: A system and method for arranging and providing a plurality of display elements are provided. A plurality of users are prompted to enter element information related to a plurality of corresponding display elements. Element data for each display element is received from each of the corresponding plurality of users. A plurality of display elements are generated based on the corresponding element data. Element information related to each of the display elements is stored. A request from a user for a plurality of display elements is received. Responsive to the request, a plurality of display elements is selected for output to the user based on the stored element information. An output arrangement for the plurality of selected display elements is determined based on a predetermined arrangement algorithm. The plurality of selected display elements are outputted at a network site so that they are displayed to the user in the output arrangement.