Click based trading with intuitive grid display of market depth and price consolidation

• US 20020099644A1
• Filed: 10/05/2001
• Published: 07/25/2002
• Est. Priority Date: 03/02/2000
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Brumfield, Harris, Kemp, Gary Allan II
• Granted Patent: US 7,127,424 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0275 Auctions
• CPC Class Codes: G06Q 30/08 Auctions
• 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 method and system for reducing the time it takes for a trader to place a trade when electronically trading on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. The “Mercury” display and trading method of the present invention ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuate. This allows the trader to trade quickly and efficiently. The price consolidation feature of the present invention, as described herein, enables a trader to consolidate a number of prices in order to condense the display. Such action allows a trader to view a greater range of prices and a greater number of orders in the market at any given time. By consolidating prices, and therefore orders, a trader reduces the risk of a favorable order scrolling from the screen prior to filling a bid or ask on that order at a favorable price.

Claims

1. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market, said method comprising:

dynamically displaying, in a bid display region, a plurality of consolidated bids for said commodity, each of said plurality of consolidated bids representing a plurality of bid quantities in the market for said commodity;

dynamically displaying, in an ask display region, a plurality of consolidated asks for said commodity;

each of said plurality of consolidated asks representing a plurality of ask quantities in the market for said commodity; and

statically displaying consolidated prices corresponding to said plurality of consolidated bids and asks, each of said consolidated prices representing a plurality of prices for said commodity,

wherein said pluralities of consolidated bids and asks are dynamically displayed in alignment with the consolidated prices corresponding thereto.

2. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to claim 1, wherein said consolidated bids and asks are oriented vertically.

3. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to claim 1, wherein said consolidated bids and asks are oriented horizontally.

4. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to claim 1, wherein the number of prices in said plurality of prices represented by each of said consolidated prices is adjustable.

5. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to claim 1, wherein if a range of prices corresponds to ask quantities in the market, such prices are rounded up to a consolidated price greater than or equal to such prices and wherein if a range of prices corresponds to bid quantities in the market, such prices are rounded down to a consolidated price less than or equal to such prices.

6. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to claim 5, wherein a range of ask quantities in the market are summed to a consolidated ask corresponding to a consolidated price greater than or equal to the prices corresponding to such ask quantities and wherein a range of bid quantities in the market are summed to a consolidated bid corresponding to a consolidated price less than or equal to the prices corresponding to such bid quantities.

7. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to claim 1, wherein prices corresponding to ask quantities are rounded to consolidated prices in accordance with the equation Acp=Int(((Ap−

Os)+N−

1)/N)N+Os, where Ap=Ask Quantity Price (in ticks), N=Variable increment chosen by the trader, Acp=Consolidated price row with corresponding ask quantity (in ticks), Os=Offset (# of ticks) and Int=Integer Function.

8. A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to claim 1, wherein prices corresponding to bid quantities are rounded to consolidated prices in accordance with the equation:

Bcp=Int((Bp−

Os)/N)N+Os, where Bp=Bid Quantity Price (in ticks), N=Variable increment chosen by the trader, Bcp=Consolidated price row with corresponding bid quantity (in ticks), Os=Offset (# of ticks) and Int=Integer Function.

9. A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market, the program code for causing a machine to perform the following method steps:

dynamically displaying, in a bid display region, a plurality of consolidated bids for said commodity, each of said plurality of consolidated bids representing a plurality of bid quantities in the market for said commodity;

dynamically displaying, in an ask display region, a plurality of consolidated asks for said commodity;

each of said plurality of consolidated asks representing a plurality of ask quantities in the market for said commodity; and

statically displaying consolidated prices corresponding to said plurality of consolidated bids and asks, each of said consolidated prices representing a plurality of prices for said commodity,

wherein said pluralities of consolidated bids and asks are dynamically displayed in alignment with the consolidated prices corresponding thereto.

10. A computer readable medium according to claim 9, wherein said consolidated bids and asks are oriented vertically.

11. A computer readable medium according to claim 9, wherein said consolidated bids and asks are oriented horizontally.

12. A computer readable medium according to claim 9, wherein the number of prices in said plurality of prices represented by each of said consolidated prices is adjustable.

13. A computer readable medium according to claim 9, wherein if a range of prices corresponds to ask quantities in the market, such prices are rounded up to a consolidated price greater than or equal to such prices and wherein if a range of prices corresponds to bid quantities in the market, such prices are rounded down to a consolidated price less than or equal to such prices.

14. A computer readable medium according to claim 13, wherein a range of ask quantities in the market are summed to a consolidated ask corresponding to a consolidated price greater than or equal to the prices corresponding to such ask quantities and wherein a range of bid quantities in the market are summed to a consolidated bid corresponding to a consolidated price less than or equal to the prices corresponding to such bid quantities.

15. A computer readable medium according to claim 9, wherein prices corresponding to ask quantities are rounded to consolidated prices in accordance with the equation Acp=Int(((Ap−

Os)+N−

1)/N)N+Os, where Ap=Ask Quantity Price (in ticks), N=Variable increment chosen by the trader, Acp=Consolidated price row with corresponding ask quantity (in ticks), Os=Offset (# of ticks) and Int=Integer Function.

16. A computer readable medium according to claim 9, wherein prices corresponding to bid quantities are rounded to consolidated prices in accordance with the equation:

Bcp=Int((Bp−

Os)/N)N+Os, where Bp=Bid Quantity Price (in ticks), N=Variable increment chosen by the trader, Bcp=Consolidated price row with corresponding bid quantity (in ticks), Os=Offset (# of ticks) and Int=Integer Function.

18. A graphical user interface according to claim 17, wherein said displays are oriented vertically.

19. A graphical user interface according to claim 17, wherein said displays are oriented horizontally.

20. A graphical user interface according to claim 17, wherein the number of prices in said plurality of prices represented by each of said consolidated prices is adjustable.

21. A graphical user interface according to claim 17, wherein if a range of prices corresponds to ask quantities in the market, such prices are rounded up to a consolidated price greater than or equal to such prices and wherein if a range of prices corresponds to bid quantities in the market, such prices are rounded down to a consolidated price less than or equal to such prices.

22. A graphical user interface according to claim 21, wherein a range of ask quantities in the market are summed to a consolidated ask corresponding to a consolidated price greater than or equal to the prices corresponding to such ask quantities and wherein a range of bid quantities in the market are summed to a consolidated bid corresponding to a consolidated price less than or equal to the prices corresponding to such bid quantities.

24. A method of placing a trade order according to claim 23, wherein said trade order is a buy order if the position of the pointer at the time of said single action is within the bid display region and wherein said trade order is a sell order if the position of the pointer at the time of said single action is within the asks display region.

25. A method of placing a trade order according to claim 24, wherein the trade order is a single order for said pre-determined quantity and for the lowest price represented by the consolidated price corresponding to the position of the pointer at the time of said single action if said trade order is a buy order and for the highest price represented by the consolidated price corresponding to the position of the pointer at the time of said single action if said trade order is a sell order.

26. A method of placing a trade order according to claim 24, wherein the trade order is comprised of multiple trade orders, quantities for which sum to a predetermined quantity and prices for which include prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

27. A method of placing a trade order according to claim 26, wherein the quantities for said multiple trade orders are evenly distributed among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

28. A method of placing a trade order according to claim 26, wherein the quantities for said multiple trade orders are randomly distributed among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

29. A method of placing a trade order according to claim 26, wherein the quantities for said multiple trade orders are distributed in accordance with a predetermined distribution method among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

30. A method of placing a trade order according to claim 26, wherein said predetermined quantity is based on said preset parameters and the quantities of said commodity available in the market at the time of said single action.

17. A graphical user interface for displaying the market depth of a commodity traded in a market, comprising:

a dynamic display, in a bid display region, of a plurality of consolidated bids for said commodity, each of said plurality of consolidated bids representing a plurality of bid quantities in the market for said commodity;

a dynamic display, in an ask display region, of a plurality of consolidated asks for said commodity, each of said plurality of consolidated asks representing a plurality of ask quantities in the market for said commodity; and

a static display of consolidated prices corresponding to said plurality of consolidated bids and asks, each of said consolidated prices representing a plurality of prices for said commodity,

wherein said pluralities of consolidated bids and asks are dynamically displayed in alignment with the consolidated prices corresponding thereto.

23. A method of placing a trade order for a commodity, using a graphical user interface and a user input device and having preset parameters for trade orders, said method comprising:

displaying the market depth of a commodity traded in a market, through a dynamic display, in a bid display region, of a plurality of consolidated bids for said commodity and, in an ask display region, of a plurality of consolidated asks for said commodity, aligned with a static display of consolidated prices corresponding thereto; and

initiating placement of a trade order of the commodity through a single action of the user input device with a pointer of the user input device positioned within at least one of said bid and ask display regions;

wherein each of said plurality of consolidated bids represents a plurality of bid quantities in the market for said commodity;

wherein each of said plurality of consolidated asks represents a plurality of ask quantities in the market for said commodity;

wherein each of said consolidated prices represents a plurality of prices for said commodity;

wherein the contents of the trade order are based in part upon the preset parameters and the position of the pointer at the time of said single action.

31. A computer readable medium having program code recorded thereon, for execution on a computer having a graphical user interface and a user input device and having preset parameters for trade orders, to place a trade order for a commodity on an electronic exchange, the program code for causing a machine to perform the following method steps:

displaying the market depth of a commodity traded in a market, through a dynamic display, in a bid display region, of a plurality of consolidated bids for said commodity and, in an ask display region, of a plurality of consolidated asks for said commodity, aligned with a static display of consolidated prices corresponding thereto; and

initiating placement of a trade order of the commodity through a single action of the user input device with a pointer of the user input device positioned within at least one of said bid and ask display regions; and

setting characteristics of the trade order based in part upon the preset parameters and the position of the pointer at the time of said single action,

wherein each of said plurality of consolidated bids represents a plurality of bid quantities in the market for said commodity;

wherein each of said plurality of consolidated asks represents a plurality of ask quantities in the market for said commodity;

wherein each of said consolidated prices represents a plurality of prices for said commodity.

32. A computer readable medium according to claim 31, wherein said trade order is a buy order if the position of the pointer at the time of said single action is within the bid display region and wherein said trade order is a sell order if the position of the pointer at the time of said single action is within the asks display region.

33. A computer readable medium according to claim 32, wherein the trade order is a single order for said pre-determined quantity and for the lowest price represented by the consolidated price corresponding to the position of the pointer at the time of said single action if said trade order is a buy order and for the highest price represented by the consolidated price corresponding to the position of the pointer at the time of said single action if said trade order is a sell order.

34. A computer readable medium according to claim 32, wherein the trade order is comprised of multiple trade orders, quantities for which sum to a predetermined quantity and prices for which include prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

35. A computer readable medium according to claim 34, wherein the quantities for said multiple trade orders are evenly distributed among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

36. A computer readable medium according to claim 34, wherein the quantities for said multiple trade orders are randomly distributed among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

37. A computer readable medium according to claim 34, wherein the quantities for said multiple trade orders are distributed in accordance with a predetermined distribution method among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

38. A computer readable medium according to claim 34, wherein said predetermined quantity is based on said preset parameters and the quantities of said commodity available in the market at the time of said single action.

40. A client system for placing a trade order for a commodity according to claim 39, wherein said trade order characteristics setting component establishes that said trade order is a buy order if the position of the pointer at the time of said single action is within the bid display region and wherein said trade order is a sell order if the position of the pointer at the time of said single action is within the asks display region.

41. A client system for placing a trade order for a commodity according to claim 40, wherein said trade order characteristics setting component establishes that the trade order is a single order for said pre-determined quantity and for the lowest price represented by the consolidated price corresponding to the position of the pointer at the time of said single action if said trade order is a buy order and for the highest price represented by the consolidated price corresponding to the position of the pointer at the time of said single action if said trade order is a sell order.

42. A client system for placing a trade order for a commodity according to claim 40, wherein said trade order characteristics setting component establishes that the trade order is comprised of multiple trade orders, quantities for which sum to a predetermined quantity and prices for which include prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

43. A client system for placing a trade order for a commodity according to claim 42, wherein said trade order characteristics setting component establishes that the quantities for said multiple trade orders are evenly distributed among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

44. A client system for placing a trade order for a commodity according to claim 42, wherein said trade order characteristics setting component establishes that the quantities for said multiple trade orders are randomly distributed among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

45. A client system for placing a trade order for a commodity according to claim 42, wherein said trade order characteristics setting component establishes that the quantities for said multiple trade orders are distributed in accordance with a predetermined distribution method among the prices within the range represented by the consolidated price corresponding to the position of the pointer at the time of said single action.

46. A client system for placing a trade order for a commodity according to claim 42, wherein said predetermined quantity is based on said preset parameters and the quantities of said commodity available in the market at the time of said single action.

39. A client system for placing a trade order for a commodity on an electronic exchange, the system comprising:

a display device for displaying the market depth of a commodity traded in a market, through a dynamic display, in a bid display region, of a plurality of consolidated bids for said commodity and, in an ask display region, of a plurality of consolidated asks for said commodity, aligned with a static display of consolidated prices corresponding thereto

a user input device for positioning a pointer thereof over an area within at least one of said bid display region and said ask display region and for initiating placement of a trade order of the commodity through a single action of the user input device; and

a trade order characteristics setting component for setting characteristics of the trade order based in part upon preset parameters and the position of the pointer at the time of said single action,

wherein each of said plurality of consolidated bids represents a plurality of bid quantities in the market for said commodity;

wherein each of said plurality of consolidated asks represents a plurality of ask quantities in the market for said commodity;

wherein each of said consolidated prices represents a plurality of prices for said commodity.