Abstract: A plurality of electronic exchange are conducted over a network. Each exchange is conducted between a plurality of traders, including a set of sellers and a set of bidders. The exchange determines a transactional value of an item. A plurality of requests are made to initiate the exchanges. A plurality of parameters are identified for each exchange. A plurality of offers are received. For an exchange, a settlement criteria is designated from the plurality of parameters. The settlement criteria is used to select one of the plurality of offers for that exchange to determine the transactional value of the item. An external event is detected over the network. Then, the transactional value of the item is determined for that exchange using the selected offer.

Abstract: An engine is provided for conducting electronic exchanges between sellers and bidders. The engine includes a lot handler module which processes each exchange as a lot object. The lot handler module associates each lot object with a strategy object. The strategy object associated with the lot object is for determining the transactional value of the item from at least one offer in a plurality of offers received in the exchange. The lot objects maybe stored in a lot container module.

Abstract: A plurality of exchanges are conducted over a network between a set of sellers and a set of bidders. The set of sellers includes at least a first seller on a first terminal coupled to the network. The set of bidders includes at least a first bidder on a second terminal coupled to the network. Each exchange is conducted to determine a transactional value of an item. A plurality of parameters are identified with each of the plurality of requests to configure the exchange according to a combination of instructions.