Trading Interface for Facilitating Trading of Multiple Tradeable Objects in an Electronic Trading Environment

• US 20090240617A1
• Filed: 05/29/2009
• Published: 09/24/2009
• Est. Priority Date: 11/13/2002
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: West, Robert A., Burns, Michael J., Murphy, Stephen J., O'Connor, Gerald J.
• Granted Patent: US 8,332,304 B2
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A system and method are provided for trading multiple tradeable objects. One example method includes displaying at least one combined quantity indicator representing a combined quantity associated with at least two tradeable objects, detecting an input associated with an order for a predetermined order quantity in relation to one of the combined quantity indicators, and allocating the order quantity between the at least two tradeable objects using at least one quantity allocation rule. In one example embodiment, a plurality of quantity allocation rules can be user-configurable, and different rules can be defined and applied in relation to different order types.

Claims

1. A trading terminal configured to facilitate trading of multiple tradeable objects comprising:

a processor configured to display a market display having;

a plurality of price levels along a price axis;

a bid indicator displayed at a bid level of the plurality of price levels corresponding to a bid for a first tradeable object;

an ask indicator displayed at an ask level of the plurality of price levels corresponding to an ask for the first tradeable object;

an equalized bid indicator displayed at an equalized bid level of the plurality of price levels corresponding to a bid for a second tradeable object, the equalized bid indicator representing an equalized quantity determined according to a quantity of the bid for the second tradeable object and a quantity equalizer value; and

an equalized ask indicator displayed at an equalized ask level of the plurality of price levels corresponding to an ask for the second tradeable object, the equalized ask indicator representing an equalized quantity determined according to a quantity of the ask for the second tradeable object and the quantity equalizer value;

where the bid indicator, ask indicator, equalized bid indicator, and equalized ask indicator are moveable relative to the price axis according to changes for the first and second tradeable objects.

2. The trading terminal of claim 1, further comprising:

an order entry region aligned with the price axis and having a plurality of locations, each corresponding to a price level of the price axis;

a user input device configured to receive a user selection of one of the plurality of locations; and

an order router configured to submit a trade order in response to receiving the user selection.

3. The trading terminal of claim 2 where the market display further comprises:

a first field having a default static quantity for order entry in the order entry region; and

a second field having a dynamic quantity for order entry in the order entry region, where the dynamic quantity is linked to a formula and is dynamically updated based on the formula.

4. The trading terminal of claim 1, further comprising an order window displayed in relation relative to the price axis and having working order related information, where the order window is activated in response to a user activation received via a user input device associated with the trading terminal.

5. The trading terminal of claim 4, where the working order related information comprises at least one working order parameter being changeable according to a user input received via the user input device.

6. The trading terminal of claim 5, where the at least one working order parameter comprises a working order quantity.

7. The trading terminal of claim 5, where the at least one working order parameter comprises a working order price.

8. The trading terminal of claim 1, where the market display further comprises a plurality of working order indicators each displayed relative at one the plurality of price levels along a price axis corresponding to a price of a working order.

9. The trading terminal of claim 8, further comprising an order deletion region where the plurality of working orders are deleted in response to a request to delete the plurality of working order received via the order deletion region.

10. The trading terminal of claim 9, where the plurality of working orders are deleted in a sequence based on a level of each of the plurality of orders relative to an inside market.

11. The trading terminal of claim 1, where the market display further comprises a better than best indicator displayed relative to a location associated with a price level of the price axis, the better than best indicator identifying a bid higher in value than the location or an ask lower in value than the location.

12. The trading terminal of claim 11, where the better than best indicator is based on consolidated quantities corresponding to unconsolidated prices.

13. The trading terminal of claim 11, where the better than best indicator is based on implied quantities at implied prices.

14. A computer readable medium having program code recorded thereon for execution on a computer, the program code causing a machine to perform the method comprising:

displaying a market display having;

a plurality of price levels along a price axis;

a bid indicator displayed at a bid level of the plurality of price levels corresponding to a bid for a first tradeable object;

an ask indicator displayed at an ask level of the plurality of price levels corresponding to an ask for the first tradeable object;

an equalized bid quantity indicator representing an equalized quantity determined according to a quantity of the bid for the second tradeable object and a quantity equalizer value and displayed at a second bid level of the plurality of price levels corresponding to a bid for a second tradeable object different from the first tradeable object;

an equalized ask quantity indicator representing an equalized quantity determined according to a quantity of the ask for the second tradeable object and the quantity equalizer value and displayed at one of the location and displayed at a second ask level of the plurality of price levels corresponding to an ask for the second tradeable object;

moving the bid indicator and the ask indicator according to changes in a market for the first tradeable object; and

moving the equalized bid indicator and the equalized ask indicator according to change in a market for the second tradeable object.

15. The computer readable medium of claim 14, where the market display further comprises an order entry region aligned with the price axis and having a plurality of locations, each corresponding to a price level of the price axis, the method further comprising:

receiving a user selection of one of the plurality of locations; and

submitting a trade order in response to receiving the user selection.

16. The trading terminal of claim 14, further comprising an order window displayed in relation relative to the price axis and having working order related information, where the order window is activated in response to a user activation received via a user input device associated with the trading terminal.

17. The trading terminal of claim 14, where the market display further comprises a better than best indicator displayed relative to a location associated with a price level of the price axis, the better than best indicator identifying a bid higher in value than the location or an ask lower in value than the location.

18. A client system for trading of tradeable objects comprising:

a display device displaying a plurality of price levels along a price axis;

a first indicator displayed at a first level of the plurality of price levels corresponding to a first request for a transaction for a first tradeable object;

a second indicator displayed at a second level of the plurality of price levels corresponding to a second request for a transaction for the first tradeable object;

an first equalized indicator displayed at a first equalized indicator level of the plurality of price levels corresponding to a first price for a second tradeable object, the first equalized indicator representing an equalized quantity determined according to a quantity of a first request for a second tradeable object and a quantity equalizer value; and

a second equalized indicator displayed at a second equalized indicator level of the plurality of price levels corresponding to a second price for a second tradeable object, the second equalized indicator representing an equalized quantity determined according to a quantity of the second request for a second tradeable object and the quantity equalizer value;

where the first indicator, second indicator, first equalized indicator, and second equalized indicator are moveable relative to the price axis according to changes in a market for the first and second tradeable objects.

19. The client system of claim 18, further comprising an order entry region aligned with the price axis and having a plurality of locations, each corresponding to a price level of the price axis, where the order entry region is configured to receive a user selection of one of the plurality of locations for submitting a trade order.

20. The client system of claim 18, further comprising a better than best indicator displayed relative to a location associated with a price level of the price axis, the better than best indicator identifying a bid higher in value than the location or an ask lower in value than the location.