Appeal No. 2004-2085
Application 09/272,542
competing bids" (EA21-22). The examiner finds that a "bid"
reflects a willingness to buy and that the "best bid" in
Harrington corresponds to the "prevailing current market price"
since it is the price of obtaining the product (EA22).
Appellants rely on the previous arguments (RBr9).
As discussed in connection with claim 1, we conclude that a
"bid" in Harrington is not equivalent to a "generally accepted
indicator of a prevailing current market price." Moreover, the
bids are for specific amounts, such as a coupon and price, or
yield, for each principal maturity in a maturity by maturity bid
(col. 9, lines 23-39) or for an aggregate purchase price in an
all-or-none bid (col. 9, lines 40-55); the bids do not specify a
"relative price with a price improvement." In addition, the bids
in Harrington cannot correspond to both a "response" and a
"pre-defined relative indication" because these are separate
elements. Furthermore, Harrington does not disclose or suggest
"pre-defined relative indications ... which are dormant in the
system and undisclosed to participants until and unless matched
with the order," as discussed in connection with claim 40. Also,
Harrington does disclose "matching the order with a first one of
the responses or predefined relative indications that meets
conditions specified by the order, during the exposure time
specified by the order" because it waits until the end of the
auction. The rejection of claims 71, 72, 77, and 78 is reversed.
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