System and method for placing a trade order for a tradeable instrument on an electronic exchange

• US 20070208647A1
• Filed: 03/01/2006
• Published: 09/06/2007
• Est. Priority Date: 03/01/2006
• Status: Abandoned Application

• Current Assignee: RTS Realtime Systems Software GmbH
• Original Assignee: RTS Realtime Systems Incorporated (RTS Realtime Systems)
• Inventors: Gemuenden, Steffen, Sluga, Igor
• Application Number:
  US11/365,370
• Publication Number:
  US 20070208647A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for placing a trade order for a tradable instrument on an electronic exchange. The method includes displaying a trade order dartboard on a client terminal where the dartboard displays a market depth of the tradable instrument comprising information representing trade orders at an inside market and outside of the inside market through a dynamic display of prices, bid and ask quantities for the tradable instrument. The method also includes displaying a selected-price display displaying a first price therein in response to detecting a first user action via the user input device, initiating placement of a trade order relating to the tradable instrument at the first price in response to detecting a second user action via the user input device, and setting a trade order price of the trade order based in part upon one of a plurality of preset parameters and the first price.

Claims

1. A method for placing a trade order for a tradable instrument on an electronic exchange using a client terminal including a user input device and a display device, the method comprising:

displaying a trade order dartboard, the trade order dartboard displaying a market depth of the tradable instrument comprising information representing orders at an inside market and orders outside of the inside market through a dynamic display of a plurality of prices and a plurality of bid quantities and ask quantities in the market for the tradable instrument;

displaying a selected-price display on the trade order dartboard, the selected-price display displaying a first price of the plurality of prices in response to detecting a first user action via the user input device;

initiating placement of a trade order relating to the tradable instrument at the first price in response to detecting a second user action via the user input device; and

setting a trade order price of the trade order based in part upon one of a plurality of preset parameters and the first price.

2. The method of claim 1, wherein the trade order is an order to sell a quantity of the tradable instrument at the trade order price.

3. The method of claim 1, wherein the trade order is an order to buy a quantity of the tradable instrument at the trade order price.

4. The method of claim 1, wherein the user input device comprises a computer mouse having a right button to enable a right click, a left button to enable a left click and a center scroll wheel to enable scrolling.

5. The method of claim 4, wherein detecting the first user action comprises:

detecting a position of a pointer of the user input device over the trade order dartboard; and

detecting movement of the center scroll wheel, the movement causing the first price to be displayed in the selected-price display.

6. The method of claim 4, wherein detecting the first user action comprises detecting movement of the center scroll wheel, the movement causing the first price to be displayed in the selected-price display.

7. The method of claim 4, wherein detecting the first user action comprises detecting a position of a pointer of the user input device over the trade order dartboard.

8. The method of claim 4, wherein detecting the second user action comprises detecting a right click with the pointer of the user input device positioned over a price associated with the plurality of ask quantities.

9. The method of claim 4, wherein detecting the second user action comprises detecting a left click with the pointer of the user input device positioned over a price associated with the plurality of bid quantities.

10. The method of claim 4, wherein detecting the second user action comprises detecting a left click with the pointer of the user input device positioned over a bid quantity of the plurality of bid quantities.

11. The method of claim 4, wherein detecting the second user action comprises detecting a left click with the pointer of the user input device positioned over a ask quantity of the plurality of ask quantities.

12. The method of claim 4, wherein the first price is changed to another price of the plurality of prices in response to detecting movement of the center scroll wheel.

13. The method of claim 4, wherein, after setting the trade order price of the trade order, the first price is changed to another price of the plurality of prices in response to:

detecting a right click and a hold with the pointer of the user input device positioned over a trade order quantity of the trade order displayed on the trade order dartboard;

detecting repositioning of the pointer of the user input device to a location of the trade order dartboard associated with the another price, the another price displayed in the selected-price display; and

detecting release of the right click and the hold, a new trade order price based in part upon the one of the plurality of preset parameters and the another price.

14. The method of claim 4, wherein, after setting the trade order price of the trade order, the first price is changed to another price of the plurality of prices in response to:

detecting a right click and a hold with the pointer of the user input device positioned over a trade order quantity of the trade order displayed on the trade order dartboard;

detecting movement of the center scroll wheel, the movement causing the another price to be displayed in the selected-price display; and

detecting release of the right click and hold, a new trade order price based in part upon the one of the plurality of preset parameters and the another price.

15. The method of claim 1, wherein the user input device comprises a biometric input device, a keyboard, a radio frequency input device.

16. The method of claim 1, wherein the tradable instrument is selected from the group consisting of equities, options, futures, warrants, bonds, commodities and currencies.

17. The method of claim 1, further comprising adjusting a position of the selected-price display on the trade order dartboard.

18. The method of claim 1, wherein the position of the selected-price display is based on the first user action.

19. The method of claim 1, wherein the selected-price display is displayed in a bid quantity column of the trade order dartboard when the pointer of the user input device is positioned over an ask quantity of the plurality ask quantities.

20. The method of claim 1, wherein the selected-price display is displayed in a bid quantity column of the trade order dartboard when the pointer of the user input device is positioned over a limit price associated with the plurality ask quantities.

21. The method of claim 1, wherein the selected-price display is displayed in an ask quantity column of the trade order dartboard when the pointer of the user input device is positioned over a bid quantity of the plurality bid quantities.

22. The method of claim 1, wherein the selected-price display is displayed in an ask quantity column of the trade order dartboard when the pointer of the user input device is positioned over a limit price associated with the plurality bid quantities.

23. The method of claim 1, wherein the plurality of preset parameters is selected from the group consisting of trade order quantities, trading account information, trade order validity information and trade order restrictions.

24. A method for placing a stop order for a tradable instrument on an electronic exchange using a client terminal including a user input device and a display device, the method comprising:

displaying a trade order dartboard, the trade order dartboard displaying a market depth of the tradable instrument comprising information representing orders at an inside market and orders outside of the inside market through a dynamic display of a plurality of prices and a plurality of bid quantities and ask quantities in the market for the tradable instrument;

detecting selection of a first button image of the trade order dartboard, the first button indicating the stop order;

displaying a selected-price display on the trade order dartboard, the selected-price display displaying a first price of the plurality of prices in the selected-price display in response to a first user action via the user input device, the first price indicating a stop price; and

initiating placement of a stop order relating to the tradable instrument upon detecting a second user action via the user input device, the stop order activated when a last executed trade order price overlaps the stop price, a stop order price of the stop order based in part upon one of a plurality of preset parameters.

25. The method of claim 24, wherein a stop order price is further based on a second price equal to a market price of the tradable instrument at the time of trade order activation.

26. The method of claim 24, wherein a stop order price is further based on a second price equal to the first price plus a predetermined offset amount.

27. The method of claim 26, wherein the second price is equal to the first price minus the predetermined offset when the stop order is a sell stop order.

28. The method of claim 26, wherein the second price is equal to the first price plus the predetermined offset when the stop order is a buy stop order.

29. The method of claim 26, wherein the predetermined offset amount comprises a fixed number of ticks upward from the first price when the stop order is a buy stop order and a fixed number of ticks downward from the first price when the stop order is a sell stop order.

30. The method of claim 24, wherein the plurality of preset parameters is selected from the group consisting of trade order quantities, trading account information, trade order validity information, trade order restrictions and the predetermined amount.

31. The method of claim 24, wherein the user input device comprises a computer mouse having a right button to enable a right click, a left button to enable a left click and a center scroll wheel to enable scrolling.

32. The method of claim 24, wherein detecting the first user action comprises:

detecting a position of a pointer of the user input device over the trade order dartboard; and

detecting movement of the center scroll wheel, the movement causing the first price to be displayed in the selected-price display.

33. The method of claim 24, wherein detecting the first user action comprises detecting movement of the center scroll wheel, the movement causing the first price to be displayed in the selected-price display.

34. The method of claim 24, wherein detecting the first user action comprises detecting a position of a pointer of the user input device over the trade order dartboard.

35. The method of claim 24, wherein detecting the second user action comprises detecting a right click with the pointer of the user input device positioned over a price associated with the plurality of ask quantities.

36. The method of claim 24, wherein detecting the second user action comprises detecting a left click with the pointer of the user input device positioned over a price associated with the plurality of bid quantities.

37. The method of claim 24, wherein detecting the second user action comprises detecting a left click with the pointer of the user input device positioned over a bid quantity of the plurality of bid quantities.

38. The method of claim 24, wherein detecting the second user action comprises detecting a left click with the pointer of the user input device positioned over a ask quantity of the plurality of ask quantities.

39. The method of claim 24, wherein the first price is changed to another price of the plurality of prices in response to detecting movement of the center scroll wheel.

40. The method of claim 24, wherein the tradable instrument is selected from the group consisting of equities, options, futures, warrants, bonds, commodities and currencies.

41. The method of claim 24, wherein detecting selection of the first button image comprises detecting a first left click with the pointer of the user input device positioned over the first button image.

42. A computer readable medium having program code recorded thereon for execution on a computer to place a trade order for a tradable instrument on an electronic exchange, comprising:

a first program code for displaying a trade order dartboard, the trade order dartboard displaying a market depth of the tradable instrument comprising information representing orders at an inside market and orders outside of the inside market through a dynamic display of a plurality of prices and a plurality of bid quantities and ask quantities in the market for the tradable instrument;

a second program code for displaying a selected-price display on the trade order dartboard, the selected-price display displaying a first price of the plurality of prices in the selected-price display in response to detecting a first user action via a user input device;

a third program code for initiating placement of a trade order relating to the tradable instrument at the first price in response to detecting a second user action via the user input device; and

a fourth program code for setting a trade order price of the trade order based in part upon one of a plurality of preset parameters and the first price.

43. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for establishing that the trade order is an order to sell a quantity of the tradable instrument at the trade order price.

44. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for establishing that the trade order is an order to buy a quantity of the tradable instrument at the trade order price.

45. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for detecting a right click, a left click and a center scroll wheel movement of the user input device.

46. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for detecting the first user action when a position of a pointer of the user input device is detected over the trade order dartboard and when center scroll wheel movement is detected.

47. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for detecting the first user action when center scroll wheel movement is detected.

48. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for detecting the first user action when a position of a pointer of the user input device is detected over the trade order dartboard.

49. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for detecting the second user action when a right click with the pointer of the user input device positioned over a price associated with the plurality of ask quantities is detected.

50. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for detecting the second user action when a left click with the pointer of the user input device positioned over a price associated with the plurality of bid quantities is detected.

51. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for detecting the second user action when a left click with the pointer of the user input device positioned over a bid quantity of the plurality of bid quantities is detected.

52. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for detecting the second user action when a left click with the pointer of the user input device positioned over a ask quantity of the plurality of ask quantities is detected.

53. A computer readable medium having program code recorded thereon for execution on a computer according to claim 45, further comprising program code for changing the first price to another price of the plurality of prices in response to detecting center scroll wheel movement.

54. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for adjusting a position of the selected-price display on the trade order dartboard.

55. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for establishing that a position of the selected-price display is based on the first user action.

56. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for establishing that the selected-price display is displayed in a bid quantity column of the trade order dartboard when the pointer of the user input device is positioned over an ask quantity of the plurality ask quantities.

57. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for establishing that the selected-price display is displayed in a bid quantity column of the trade order dartboard when the pointer of the user input device is positioned over a limit price associated with the plurality ask quantities.

58. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for establishing that the selected-price display is displayed in an ask quantity column of the trade order dartboard when the pointer of the user input device is positioned over a bid quantity of the plurality bid quantities.

59. A computer readable medium having program code recorded thereon for execution on a computer according to claim 42, further comprising program code for establishing that the selected-price display is displayed in an ask quantity column of the trade order dartboard when the pointer of the user input device is positioned over a limit price associated with the plurality bid quantities.

60. A client system for placing a trade order for a tradable instrument on an electronic exchange, the system comprising:

a display device configured to display a trade order dartboard and a selected-price display on the trade order dartboard, the trade order dartboard displaying a market depth of the tradable instrument comprising information representing orders at an inside market and orders outside of the inside market through a dynamic display of a plurality of prices and a plurality of bid quantities and ask quantities in the market for the tradable instrument;

a user input device configured to enable a first user action causing a first price of the plurality of prices to be displayed in the selected-price display, and configured to enable a second user action to initiate placement of a trade order relating to the tradable instrument at the first price; and

a trade order characteristic setting component configured to set a trade order price of the trade order based in part upon one of a plurality of preset parameters and the first price.

61. The client system of 60, wherein the trade order characteristic setting component establishes that the trade order is an order to sell a quantity of the tradable instrument at the trade order price.

62. The client system of 60, wherein the trade order characteristic setting component establishes that the trade order is an order to buy a quantity of the tradable instrument at the trade order price.

63. The client system of 60, wherein the trade order characteristic setting component detects a right click, a left click and a center scroll wheel movement of the user input device.

64. The client system of 63, wherein the trade order characteristic setting component detects the first user action when a position of a pointer of the user input device is detected over the trade order dartboard and when center scroll wheel movement is detected.

65. The client system of 63, wherein the trade order characteristic setting component detects the first user action when center scroll wheel movement is detected.

66. The client system of 63, wherein the trade order characteristic setting component detects the first user action when a position of a pointer of the user input device is detected over the trade order dartboard.

67. The client system of 63, wherein the trade order characteristic setting component detects the second user action when a right click with the pointer of the user input device positioned over a price associated with the plurality of ask quantities is detected.

68. The client system of 63, wherein the trade order characteristic setting component detects the second user action when a left click with the pointer of the user input device positioned over a price associated with the plurality of bid quantities is detected.

69. The client system of 63, wherein the trade order characteristic setting component detects the second user action when a left click with the pointer of the user input device positioned over a bid quantity of the plurality of bid quantities is detected.

70. The client system of 63, wherein the trade order characteristic setting component detects the second user action when a left click with the pointer of the user input device positioned over a ask quantity of the plurality of ask quantities is detected.

71. The client system of 63, wherein the trade order characteristic setting component changes the first price to another price of the plurality of prices in response to detecting center scroll wheel movement.

72. The client system of 60, wherein the trade order characteristic setting component adjusts a position of the selected-price display on the trade order dartboard.

73. The client system of 60, wherein the trade order characteristic setting component establishes that the position of the selected-price display is based on the first user action.

74. The client system of 60, wherein the trade order characteristic setting component establishes that the selected-price display is displayed in a bid quantity column of the trade order dartboard when the pointer of the user input device is over an ask quantity of the plurality ask quantities.

75. The client system of 60, wherein the trade order characteristic setting component establishes that the selected-price display is displayed in a bid quantity column of the trade order dartboard when the pointer of the user input device is over a limit price associated with the plurality ask quantities.

76. The client system of 60, wherein the trade order characteristic setting component establishes that the selected-price display is displayed in an ask quantity column of the trade order dartboard when the pointer of the user input device is over a bid quantity of the plurality bid quantities.

77. The client system of 60, wherein the trade order characteristic setting component establishes that the selected-price display is displayed in an ask quantity column of the trade order dartboard when the pointer of the user input device is over a limit price associated with the plurality bid quantities.