Click based trading with market depth display
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Abstract
A method and system for reducing the time it takes for a trader to place a trade when electronically trading commodities on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. Click based trading, as described herein and specifically the “Click” and “Dime” methods of the present invention, enables a trader to execute single mouse click trades for large volumes of commodities at a price within a pre-specified range.
105 Citations
64 Claims
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1-44. -44. (canceled)
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45. A method of placing a trade order for a commodity on an electronic exchange using a client system, the method comprising:
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setting a preset offset parameter;
initiating placement of a trade order relating to the commodity at a price;
computing an acceptable range of prices by a computer processor at which a trade order can be sent, wherein the acceptable range of prices is based on the preset offset parameter and a designated value; and
refraining from sending the trade order to the electronic exchange if the price is outside the acceptable range of prices. - View Dependent Claims (46, 47, 48, 49, 50, 51, 52, 53)
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54. A program product for placing a trade order for a commodity on an electronic exchange using a client system, said program product comprising machine-readable program code for causing, when executed, one or more machines to perform the following method steps:
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setting a preset offset parameter;
initiating placement of a trade order relating to the commodity at a price;
computing an acceptable range of prices by a computer processor at which a trade order can be sent, wherein the acceptable range of prices is based on the preset offset parameter and a designated value; and
refraining from sending the trade order to the electronic exchange if the price is outside the acceptable range of prices.
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55. A method of placing a trade order for a commodity on an electronic exchange having an inside market with a highest bid price and a lowest ask price, using a client system with a graphical interface and a user input device, the method comprising:
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setting a preset offset parameter;
dynamically displaying, on the graphical interface, market depth of the commodity comprising information representing orders at the inside market and orders outside of the inside market through a display of prices and quantities of a plurality of bids and asks in the market for the commodity;
displaying, on the graphical interface, an order entry region comprising a plurality of areas for receiving commands to send trade orders, each area associated with a price of the display of prices;
initiating placement of a trade order relating to the commodity at a price in response to a single action of the user input device with a pointer of the user input device positioned over an area in the order entry region associated with the price; and
refraining from sending the trade order to the electronic exchange if the price is outside an acceptable range of prices determined by the preset offset parameter and a designated value. - View Dependent Claims (56, 57, 58, 59, 60, 61, 62, 63)
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64. A client system for placing a trade order for a commodity on an electronic exchange, the client system comprising:
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a user input device for initiating placement of a trade order relating to the commodity at a price; and
a computer processor for computing an acceptable range of prices at which a trade order can be sent, wherein the acceptable range of prices is based on a preset offset parameter and a designated value and refraining from sending the trade order to the electronic exchange if the price is outside the acceptable range of prices.
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Specification