System and method for managing transactions of financial instruments

• US 10,410,283 B2
• Filed: 02/28/2011
• Issued: 09/10/2019
• Est. Priority Date: 06/07/2004
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Bandman, Jeffrey M., Manning, Gregory P., Weinstein, Bernie A.
• Primary Examiner(s): Tinkler, Muriel S
• Application Number:
  US13/036,173
• Publication Number:
  US 20110145134A1
• Time in Patent Office: 3,116 Days
• Field of Search: 705 37, 705 39
• CPC Class Codes: G06Q 20/027 involving a payment switch or gateway
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/0633 Lists, e.g. purchase orders, compilation or processing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A system and method for managing transactions of financial instruments that comprises generating a graphical representation having a plurality of multi-dimensional objects positioned along an axis. Each position along the axis represents a price of a financial instrument. The system receives an indication that at least one multi-dimensional object has been selected. The system generates, in response to the at least one multi-dimensional object being selected, a dialog box in the graphical representation. The system receives information relating to a transaction of the financial instrument. The information is displayed in the dialog box and comprises a desired volume of the financial instrument at a specific price. The system communicates to a remote device the information. The remote device is in communication with the processor over a network. The system receives an indication that the transaction of the financial instrument has been executed for the desired volume at the specific price.

Claims

1. A method comprising:

receiving, by at least one processor, a plurality of bids and a plurality of offers for a financial instrument, wherein each bid and offer includes a respective price and size, wherein the plurality of bids includes one or more bids at a best bid price, and wherein the plurality of offers includes one or more offers at a best offer price;

aggregating, by the at least one processor, the sizes of the bids at the best bid price to produce a gross bid volume;

aggregating, by the at least one processor, the sizes of the offers at the best offer price to produce a gross offer volume;

displaying, by the at least one processor, a first portion on a display screen comprising a graphical depiction of completed transactions involving financial instruments and a second portion on the display screen comprising a second graphical representation of current market conditions, the second graphical representation having at least two multi-dimensional objects positioned along a price axis, wherein a first type of multi-dimensional object of the at least two multi-dimensional objects corresponds to the one or more bids for the financial instrument at the best bid price, wherein a second type of multi-dimensional object of the at least two multi-dimensional objects corresponds to the one or more offers for the financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object is reflective of the gross bid volume, wherein a size of the second type of multi-dimensional object is reflective of the gross offer volume, wherein prices along the price axis increase along one direction of the price axis, and wherein the first type of multi-dimensional object and the second type of multi-dimensional object are displayed along the price axis at respective positions representative of the best bid price and best offer price, respectively, of the financial instrument;

displaying, by the at least one processor, on the display screen a first caption along the price axis and proximate to the first type of multi-dimensional object, the first caption comprising the best bid price;

displaying, by the at least one processor, on the display screen a second caption along the price axis and proximate to the second type of multi-dimensional object, the second caption comprising the best offer price;

receiving, by the at least one processor, an indication that a cursor has scrolled over the first or the second type of multi-dimensional object;

in response to receiving the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, displaying, by the at least one processor, a graphical box on the on the display screen, wherein the graphical box permits entry of a trading command for the financial instrument;

detecting, by the at least one processor, an indication of a trading command for the financial instrument;

in response to receiving the indication of the trading command, displaying, by the at least one processor, a graphical confirmation window on the display screen that enables confirmation of the trading command; and

in response to the detecting a confirmation of the trading command, communicating, by the at least one processor to a device, an indication that the trading command has been executed, wherein the device is in communication with the at least one processor over a network.

2. The method of claim 1, wherein the first and the second type of multi-dimensional objects are vertical bars, wherein a height of the vertical bar for the first type of multi-dimensional object is reflective the gross bid volume, and wherein a height of the vertical bar for the second type of multi-dimensional object is reflective the gross offer volume.

3. The method of claim 1, further comprising:

receiving market data for the financial instrument; and

generating hidden information based on the received market data.

4. The method of claim 3, wherein generating the hidden information comprises displaying, in response to the indication that the cursor has scrolled over the first or the second multi-dimensional object, the hidden information the display screen.

5. The method of claim 3, wherein generating the hidden information comprises causing an audio file to be downloaded in response to the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, wherein the audio file provides the hidden information in a sound format.

6. The method of claim 3, wherein the hidden information appears on the display screen for a pre-determined period of time and wherein the hidden information automatically disappears from the display screen after the pre-determined period of time has expired.

7. The method of claim 1, further comprising:

receiving a plurality of bids and a plurality of offers for a second financial instrument, wherein each bid and offer for the second financial instrument includes a respective price and size, wherein the plurality of bids for the second financial instrument includes one or more bids at a best bid price, and wherein the plurality of offers for the second financial instrument includes one or more offers at a best offer price;

aggregating the sizes of the bids for the second financial instrument at the best bid price to produce a gross bid volume for the second financial instrument;

aggregating the sizes of the offers at the best offer price for the second financial instrument to produce a gross offer volume for the second financial instrument; and

displaying on the display screen a second graphical representation that comprises at least two multi-dimensional objects for the second financial instrument, wherein a first of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more bids for the second financial instrument at the best bid price, wherein a second of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more offers for the second financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object for the second financial instrument is reflective of the gross bid volume for the second financial instrument, wherein a size of the second type of multi-dimensional object for the second financial instrument is reflective of the gross offer volume for the second financial instrument, and wherein the first and second type of multi-dimensional objects for the second financial instrument are displayed along a price axis at respective positions representative of the best bid price and best offer price, respectively, of the second financial instrument.

8. The method of claim 7, in which the first financial instrument comprises a first type and the second financial instrument comprises a second type that is different from the first type.

11. The method of claim 1, wherein displaying the first type of multi-dimensional object comprises displaying the first type of multi-dimensional object as an object with one or more layers wherein each layer represents one of the bids at the best bid price that makes up the first type of multi-dimensional object, and wherein each layer has a size that is reflective of the respective bid size corresponding to the layer;

and

wherein displaying the second type of multi-dimensional object comprises displaying the second type of multi-dimensional object as a second object with one or more layers wherein each layer of the second object represents one of the offers at the offer bid price that makes up the second type of multi-dimensional object, and wherein each layer of the second object has a size that is reflective of the respective offer size corresponding to the layer.

9. An apparatus comprising:

at least one processor; and

a memory in electronic communication with the at least one processor, wherein the memory stores instructions which, when executed by the at least one processor, direct the at least one processor to;

receive a plurality of bids and a plurality of offers for a financial instrument, wherein each bid and offer includes a respective price and size, wherein the plurality of bids includes one or more bids at a best bid price, and wherein the plurality of offers includes one or more offers at a best offer price;

aggregate the sizes of the bids at the best bid price to produce a gross bid volume;

aggregate the sizes of the offers at the best offer price to produce a gross offer volume;

display a first portion on a display screen comprising a graphical depiction of completed transactions involving financial instruments and a second portion on the display screen comprising a second graphical representation of current market conditions, the second graphical representation having at least two multi-dimensional objects positioned along a price axis, wherein a first type of multi-dimensional object of the at least two multi-dimensional objects corresponds to the one or more bids for the financial instrument at the best bid price, wherein a second type of multi-dimensional object of the at least two multi-dimensional objects corresponds to the one or more offers for the financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object is reflective of the gross bid volume, wherein a size of the second type of multi-dimensional object is reflective of the gross offer volume, wherein prices along the price axis increase along one direction of the price axis, and wherein the first type of multi-dimensional object and the second type of multi-dimensional object are displayed along the price axis at respective positions representative of the best bid price and best offer price, respectively, of the financial instrument;

display on the display screen a first caption along the price axis and proximate to the first type of multi-dimensional object, the first caption comprising the best bid price;

display on the display screen a second caption along the price axis and proximate to the second type of multi-dimensional object, the second caption comprising the best offer price;

receive an indication that a cursor has scrolled over the first or the second type of multi-dimensional object;

in response to receiving the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, display a graphical box on the on the display screen, wherein the graphical box enables entry of a trading command for the financial instrument;

in response to the user interfacing with the graphical box, receive an indication of a trading command for the financial instrument;

in response to receiving the indication of the trading command, display a graphical confirmation window on the display screen that enables confirmation of the trading command; and

in response to detecting confirmation of the trading command, communicate to a device an indication that the trading command has been executed.

12. The apparatus of claim 9, wherein the first and the second type of multi-dimensional objects are vertical bars, wherein a height of the vertical bar for the first type of multi-dimensional object is reflective the gross bid volume, and wherein a height of the vertical bar for the second type of multi-dimensional object is reflective the gross offer volume.

13. The apparatus of claim 9, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:

receive market data for the financial instrument; and

generate hidden information based on the received market data.

14. The apparatus of claim 13, wherein to generate the hidden information comprises to display, in response to the indication that the cursor has scrolled over the first or the second multi-dimensional object, the hidden information the display screen.

15. The apparatus of claim 13, wherein to generate the hidden information comprises to cause an audio file to be downloaded in response to the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, wherein the audio file provides the hidden information in a sound format.

16. The apparatus of claim 13, wherein the hidden information appears on the display screen for a pre-determined period of time and wherein the hidden information automatically disappears from the display screen after the pre-determined period of time has expired.

17. The apparatus of claim 9, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:

receive a plurality of bids and a plurality of offers for a second financial instrument, wherein each bid and offer for the second financial instrument includes a respective price and size, wherein the plurality of bids for the second financial instrument includes one or more bids at a best bid price, and wherein the plurality of offers for the second financial instrument includes one or more offers at a best offer price;

aggregate the sizes of the bids for the second financial instrument at the best bid price to produce a gross bid volume for the second financial instrument;

aggregate the sizes of the offers at the best offer price for the second financial instrument to produce a gross offer volume for the second financial instrument; and

display on the display screen a second graphical representation that comprises at least two multi-dimensional objects for the second financial instrument, wherein a first of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more bids for the second financial instrument at the best bid price, wherein a second of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more offers for the second financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object for the second financial instrument is reflective of the gross bid volume for the second financial instrument, wherein a size of the second type of multi-dimensional object for the second financial instrument is reflective of the gross offer volume for the second financial instrument, and wherein the first and second type of multi-dimensional objects for the second financial instrument are displayed along a price axis at respective positions representative of the best bid price and best offer price, respectively, of the second financial instrument.

18. The apparatus of claim 17, in which the first financial instrument comprises a first type and the second financial instrument comprises a second type that is different from the first type.

19. The apparatus of claim 9, wherein to display the first type of multi-dimensional object comprises to display the first type of multi-dimensional object as an object with one or more layers wherein each layer represents one of the bids at the best bid price that makes up the first type of multi-dimensional object, and wherein each layer has a size that is reflective of the respective bid size corresponding to the layer;

and

wherein to display the second type of multi-dimensional object comprises to display the second type of multi-dimensional object as a second object with one or more layers wherein each layer of the second object represents one of the offers at the offer bid price that makes up the second type of multi-dimensional object, and wherein each layer of the second object has a size that is reflective of the respective offer size corresponding to the layer.

10. A non-transitory computer readable medium with instructions stored therein which, when executed, cause at least one processor to:

receive a plurality of bids and a plurality of offers for a financial instrument, wherein each bid and offer includes a respective price and size, wherein the plurality of bids includes one or more bids at a best bid price, and wherein the plurality of offers includes one or more offers at a best offer price;

aggregate the sizes of the bids at the best bid price to produce a gross bid volume;

aggregate the sizes of the offers at the best offer price to produce a gross offer volume;

display a first portion on a display screen comprising a graphical depiction of completed transactions involving financial instruments and a second portion on the display screen comprising a second graphical representation of current market conditions, the second graphical representation having a graphical representation that comprises at least two multi-dimensional objects positioned along a price axis, wherein a first type of multi-dimensional object of the at least two multi-dimensional objects corresponds to the one or more bids for the financial instrument at the best bid price, wherein a second type of multi-dimensional object of the at least two multi-dimensional objects corresponds to the one or more offers for the financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object is reflective of the gross bid volume, wherein a size of the second type of multi-dimensional object is reflective of the gross offer volume, wherein prices along the price axis increase along one direction of the price axis, and wherein the first type of multi-dimensional object and the second type of multi-dimensional object are displayed along the price axis at respective positions representative of the best bid price and best offer price, respectively, of the financial instrument;

display on the display screen a first caption along the price axis and proximate to the first type of multi-dimensional object, the first caption comprising the best bid price;

display on the display screen a second caption along the price axis and proximate to the second type of multi-dimensional object, the second caption comprising the best offer price;

receive an indication that a cursor has scrolled over the first or the second type of multi-dimensional object;

in response to receiving the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, display a graphical box on the display screen, wherein the graphical box enables entry of a trading command for the financial instrument;

receive an indication of a trading command for the financial instrument;

in response to receiving the indication of the trading command, display a graphical confirmation window on the display screen that enables confirmation of the trading command; and

in response to detecting confirmation of the trading command, communicate to a device an indication that the trading command has been executed.

20. The non-transitory computer readable medium of claim 10, wherein the first and the second type of multi-dimensional objects are vertical bars, wherein a height of the vertical bar for the first type of multi-dimensional object is reflective the gross bid volume, and wherein a height of the vertical bar for the second type of multi-dimensional object is reflective the gross offer volume.

21. The non-transitory computer readable medium of claim 10, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:

receive market data for the financial instrument; and

generate hidden information based on the received market data.

22. The non-transitory computer readable medium of claim 21,

wherein to generate the hidden information comprises to display, in response to the indication that the cursor has scrolled over the first or the second multi-dimensional object, the hidden information the display screen.

23. The non-transitory computer readable medium of claim 21,

wherein to generate the hidden information comprises to cause an audio file to be downloaded in response to the indication that the cursor has scrolled over the first or the second type of multi-dimensional object, wherein the audio file provides the hidden information in a sound format.

24. The non-transitory computer readable medium of claim 21, wherein the hidden information appears on the display screen for a pre-determined period of time and wherein the hidden information automatically disappears from the display screen after the pre-determined period of time has expired.

25. The non-transitory computer readable medium of claim 10, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:

receive a plurality of bids and a plurality of offers for a second financial instrument, wherein each bid and offer for the second financial instrument includes a respective price and size, wherein the plurality of bids for the second financial instrument includes one or more bids at a best bid price, and wherein the plurality of offers for the second financial instrument includes one or more offers at a best offer price;

aggregate the sizes of the bids for the second financial instrument at the best bid price to produce a gross bid volume for the second financial instrument;

aggregate the sizes of the offers at the best offer price for the second financial instrument to produce a gross offer volume for the second financial instrument; and

display on the display screen a second graphical representation that comprises at least two multi-dimensional objects for the second financial instrument, wherein a first of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more bids for the second financial instrument at the best bid price, wherein a second of the at least two multi-dimensional objects for the second financial instrument corresponds to the one or more offers for the second financial instrument at the best offer price, wherein a size of the first type of multi-dimensional object for the second financial instrument is reflective of the gross bid volume for the second financial instrument, wherein a size of the second type of multi-dimensional object for the second financial instrument is reflective of the gross offer volume for the second financial instrument, and wherein the first and second type of multi-dimensional objects for the second financial instrument are displayed along a price axis at respective positions representative of the best bid price and best offer price, respectively, of the second financial instrument.

26. The non-transitory computer readable medium of claim 25, in which the first financial instrument comprises a first type and the second financial instrument comprises a second type that is different from the first type.

27. The non-transitory computer readable medium of claim 10, wherein to display the first type of multi-dimensional object comprises to display the first type of multi-dimensional object as an object with one or more layers wherein each layer represents one of the bids at the best bid price that makes up the first type of multi-dimensional object, and wherein each layer has a size that is reflective of the respective bid size corresponding to the layer;

and

wherein to display the second type of multi-dimensional object comprises to display the second type of multi-dimensional object as a second object with one or more layers wherein each layer of the second object represents one of the offers at the offer bid price that makes up the second type of multi-dimensional object, and wherein each layer of the second object has a size that is reflective of the respective offer size corresponding to the layer.