Graphical user interface to facilitate rapid and reliable electronic trading assessment and execution

• US 20060155626A1
• Filed: 12/14/2005
• Published: 07/13/2006
• Est. Priority Date: 12/15/2004
• Status: Active Grant

• Current Assignee: Orc Software AB (Itiviti Group AB)
• Original Assignee: Orc Software AB (Itiviti Group AB)
• Inventors: Wigzell, Simon
• Granted Patent: US 7,805,355 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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

An electronic trading user interface allows a trader to react to market conditions very quickly in order to give the trader an improved probability of trading at a desired price and volume. The electronic order process is made faster, more efficient, and more reliable. The construction and sending of orders may be performed using a simple “click” of a mouse or other input device. The current market data is presented dynamically and in a user-friendly way to allow a trader to quickly assess the current market situation, including the trader'"'"'s own orders, and to send orders quickly and reliably. Different embodiments are presented that ensure that the trader sends the order at the price intended, which is particularly desirable when the market is moving simultaneously or very close in time with when the trader is selecting and placing an order.

Claims

1. A method for placing a trade order for a financial instrument on an electronic exchange using a graphical user interface that includes a display screen and a user input device that allows the user to interact with the display screen, comprising:

dynamically displaying a market depth of the financial instrument including;

a dynamic display of bids in the market for the financial instrument,

a dynamic display of asks in the market for the financial instrument, and

a dynamic display of prices in the market for the financial instrument, wherein the dynamic price display is interposed between the dynamic bid display and the dynamic ask display;

wherein a user may use the user input device to enter a trade command by selecting a region of one of the dynamic displays and actuating the user device to enter an order for the financial instrument at a volume and price displayed in or associated with that region;

moving the dynamic displays with changes in the market for the financial instrument; and

temporarily freezing movement of the selected region of the dynamic displays as long as the selected region remains selected, even though a market change causes unselected portions of the dynamic displays to move.

2. The method in claim 1, wherein if a region of the dynamic display is not selected, then the dynamic bid, ask, and price displays move with changes in the market for the financial instrument.

3. The method in claim 1, wherein the selected region is a row including a bid or an ask and a price, and wherein the freezing step further includes maintaining display of quantity and price values associated with the selected region even though the market for the financial instrument may have changed.

4. The method in claim 3, wherein the entry of the trade command in the selected region results in sending an order at the maintained quantity and price value of the selected region even though the market for the financial instrument may have changed.

5. The method in claim 1, wherein the entered order is a buy order if the position of the selected row at the time of actuation is within a bid order entry region and wherein the entered order is a sell order if the selected row at the time of actuation is within an ask order entry region, the method further comprising displaying a side switch indicator at a price level on one of the bid and ask dynamic displays which when selected and actuated by the user device causes a selected user trade order to be switched to the price level on the other of the bid and ask dynamic displays.

6. The method in claim 1, further comprising:

selecting with the user device a region in the dynamic display to configure a first trade order at a first price;

moving with the user device the first trade order to a different display region associated with a second price to configure a second trade order; and

entering the second trade order.

7. The method in claim 6, wherein the user device is a mouse, the selecting includes using a mouse to point to the selected region, the configuring includes clicking the mouse at the selected region, and the moving and entering are performing by dragging the first trade order to the different display region and unclicking the mouse.

8. The method in claim 1, wherein the user device is a mouse configured in used to permit the user to move a pointer to different locations on the display screen, the selecting includes using the mouse to move the cursor over the selected region, and the actuating includes clicking the mouse when the cursor is over the selected region, the method further comprising:

withdrawing all bid orders by selecting, using the user device, an area of the display configured as a withdraw bid region and actuating the user device, and

withdrawing all ask orders by selecting, using the user device, an area of the display configured as a withdraw ask region and actuating the user device.

9. The method in claim 1, wherein the dynamic bid display,dynamic ask display, and dynamic price display have a different display characteristic to facilitate visual distinction, and wherein the best price is highlighted on the display.

10. The method in claim 1, further comprising:

providing a template display region permitting selection of a template using the user device,

automatically including information in the order based on a selected template.

11. A computer readable medium having program code recorded thereon for execution on a computer having a graphical user interface including a display screen and a user input device useable to place a trade order for a financial instrument on an electronic exchange, comprising:

first program code for dynamically displaying a market depth of the financial instrument including;

a dynamic display of bids in the market for the financial instrument,

a dynamic display of asks in the market for the financial instrument, and

a dynamic display of prices in the market for the financial instrument,

wherein the dynamic price display is interposed between the dynamic bid display and the dynamic ask display, and

wherein a user may use the user input device to enter a trade command by selecting a region of one of the dynamic displays and actuating the user device to enter an order for the financial instrument at a volume and price displayed in or associated with that region,

second program code for moving the dynamic displays with changes in the market for the financial instrument; and

third program code for temporarily freezing movement of the selected region of the dynamic displays as long as the selected region remains selected, even though a market change causes unselected portions of the dynamic displays to move.

12. The computer readable medium in claim 11, further comprising program code for moving the dynamic bid, ask, and price displays with changes in the market for the financial instrument if a region of the dynamic display is not selected.

13. The computer readable medium in claim 11, further comprising program code for maintaining display of quantity and price values associated with the selected region even though the market for the financial instrument may have changed, and program code for sending an order at the maintained quantity and price value of the selected region even though the market for the financial instrument may have changed.

14. The computer readable medium in claim 11, wherein the entered order is a buy order if the position of the selected region at the time of actuation is within a bid order entry region and wherein the entered order is a sell order if the selected region at the time of actuation is within an ask order entry region, the computer readable medium further comprising program code for displaying a side switch indicator at a price level on one of the bid and ask dynamic displays which when selected and actuated by the user device causes a selected user trade order to be switched to the price level on the other of the bid and ask dynamic displays.

15. The computer readable medium in claim 11, wherein when the user device selects a region in the dynamic display to configure a first trade order at a first price and the user device moves the first trade order to a different display region associated with a second price to configure a second trade order, program code is configured to enter the second trade order.

16. The computer readable medium in claim 11, further comprising program code for:

withdrawing all bid orders in an area of the display configured as a withdraw bid region selected by the user device, and

withdrawing all ask orders in an area of the display configured as a withdraw ask region selected by the user device.

17. The computer readable medium in claim 11, further comprising program code for:

providing a template display region permitting selection of a template using the user device,

automatically including information in the order based on a selected template.

18. A client system for placing a trade order for a financial instrument on an electronic exchange using a graphical user interface, comprising:

a display screen,

a user input device that allows the user to interact with the display screen,

a computer for controlling the display in accordance with inputs from the user input device to dynamically display a market depth of the financial instrument including;

a dynamic display of bids in the market for the financial instrument,

a dynamic display of asks in the market for the financial instrument, and

a dynamic display of prices in the market for the financial instrument,

wherein the dynamic price display is interposed between the dynamic bid display and the dynamic ask display,

wherein the computer is configured to permit a user to enter a trade command by selecting a region of one of the dynamic displays with the user input device and actuating the user input device to enter an order for the financial instrument at a volume and price displayed in or associated with that region,

wherein the computer is configured to move the dynamic displays with changes in the market for the financial instrument and temporarily freeze movement of the selected region of the dynamic displays as long as the selected region remains selected, even though a market change causes unselected portions of the dynamic displays to move.

19. The client system in claim 18, wherein the computer is coupled for communication with an electronic market and configured to receive information regarding the market for the financial instrument, and wherein if a region of the dynamic display is not selected, then the computer is configured to move the dynamic bid, ask, and price displays with changes in the market for the financial instrument received from the electronic market.

20. The client system in claim 19, wherein the computer is further configured to maintain display of quantity and price values associated with the selected region even though the market for the financial instrument has changed.

21. The client system in claim 18, wherein in response to the entry of the trade command in the selected region, the computer is configured to send an order to the electronic market at the maintained quantity and price value of the selected region even though the market for the financial instrument may have changed.

22. The client system in claim 18, wherein the entered order is a buy order if the position of the selected region at the time of actuation is within a bid order entry region, wherein the entered order is a sell order if the selected region at the time of actuation is within an ask order entry region, and wherein the computer is configured to display on the display screen a side switch indicator at a price level on one of the bid and ask dynamic displays, which when selected and actuated by the user device causes the computer to switch a selected user trade order to the price level on the other of the bid and ask dynamic displays.

23. The client system in claim 18, wherein the computer is configured to:

receive from the user device a selected region in the dynamic display and configure a first trade order at a first price;

move the first trade order to a different display region associated with a second price to configure a second trade order in response to movement of the user device from the selected region to a new region in the dynamic displays; and

enter the second trade order.

24. The client system in claim 23, wherein the user device is a mouse configured in use to permit the user to point to the selected region, click the mouse at the selected region, and drag the first trade order to the different display region and unclick the mouse.

25. The client system in claim 18, wherein the user device is a mouse configured in use to permit the user to move a pointer to different locations on the display screen, move the cursor over the selected region, and click the mouse when the cursor is over the selected region.

26. The client system in claim 18, wherein the computer is configured to:

withdraw all bid orders in response to the user device selecting an area of the display configured as a withdraw bid region, and

withdraw all ask orders in response to the user device selecting an area of the display configured as a withdraw ask region.

27. The client system in claim 18, wherein the dynamic bid display, dynamic ask display, and dynamic price display are have a different display characteristic to facilitate visual distinction, and wherein the best price is highlighted on the display.

28. The client system in claim 18, wherein the computer is configured to:

provide a template display region permitting selection of a template by the user device,

automatically include information in the order based on a selected template.