Flexible System and Method for Electronic Trading

• US 20100228662A1
• Filed: 05/13/2010
• Published: 09/09/2010
• Est. Priority Date: 10/18/2004
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Mittal, Bharat, Owens, Farley, Saucier, Diane, Singh, Nidhi, Kline, Robert J.
• Granted Patent: US 7,930,233 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• 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
• CPC Class Codes: G06Q 50/06 Energy or water supply

Abstract

System, method, and program products offer flexibility to the rather rigid way of trading in an electronic trading system. Orders for a tradeable object may typically get matched according to set terms and/or conditions at an electronic exchange. A trader may log onto the electronic exchange to trade the tradeable object, and may choose to display and trade the tradeable object according to a different set of terms and/or conditions. As such, the market data sent to the trader from the exchange is converted to a format according to the trader'"'"'s selection, so that it may be presented to the trader in this format. Transaction messages sent to the exchange from the trader are converted to the format readable by the matching process, so that it can process the messages. Other features and advantages are described herein.

Claims

1-20. -20. (canceled)

21. A computer readable medium having stored therein instructions executable by a processor to perform a method including:

receiving by a computing device electronic market data from a computerized matching process, the electronic market data associated with a tradeable object and including quantity information that is based, in part, on a flow based unit;

converting by the computing device the quantity information that is based on the flow based unit to converted quantity information that is based on a contract based unit;

displaying by a trading station the converted quantity information in a screen region of a graphical user interface, the graphical user interface being coupled to a microprocessor;

receiving by the trading station a command through a user input device to initiate placement of a trade order to buy or sell the tradeable object, the trade order having an order quantity parameter that is based on the contract based unit;

converting by the computing device the order quantity parameter that is based on the contract based unit to a converted order quantity parameter that is based on the flow based unit; and

sending by the computing device the trade order to the computerized matching process, wherein the trade order includes the converted order quantity parameter.

22. The computer readable medium of claim 21, wherein a predefined relationship is used to convert the quantity information that is based on the flow based unit to the converted quantity information that is based on the contract based unit.

23. The computer readable medium of claim 21, wherein the flow based unit is associated with a set of terms and conditions utilized by the computerized matching process.

24. The computer readable medium of claim 21, wherein the contract based unit is associated with a set of terms and conditions preferred by a trader.

25. The computer readable medium of claim 21, wherein the tradeable object includes any of the following products:

oil, natural gas, or electric power.

26. The computer readable medium of claim 21, wherein displaying the converted quantity information on the graphical user interface includes dynamically displaying bid quantities and ask quantities that are based on the contract based unit.

27. The computer readable medium of claim 21, further including instructions for:

receiving new electronic market data from the computerized matching process, the new electronic market data associated with the tradeable object and including new quantity information that is based, in part, on the flow based unit;

converting the new quantity information that is based on the flow based unit to new converted quantity information that is based on the contract based unit; and

updating the screen region of the graphical user interface with the new converted quantity information.

28. The computer readable medium of claim 21, wherein the computing device is the trading station.

29. The computer readable medium of claim 21, wherein the computing device is a gateway.

30. The computer readable medium of claim 21, wherein the flow based unit includes any of the following units:

bbl/day, MMBtus/day, MMBtus, MWhrs/day, or MWhrs.

31. A system for electronic trading including:

a computing device adapted to receive electronic market data from a computerized matching process, the electronic market data associated with a tradeable object and including quantity information that is based, in part, on a flow based unit, wherein the computing device is adapted to convert the quantity information that is based on the flow based unit to converted quantity information that is based on a contract based unit; and

a trading station adapted to display the converted quantity information in a screen region of a graphical user interface, the graphical user interface being coupled to a microprocessor, wherein the trading station is adapted to receive a command through a user input device to initiate placement of a trade order to buy or sell the tradeable object, the trade order having an order quantity parameter that is based on the contract based unit;

wherein the computing device is adapted to convert the order quantity parameter that is based on the contract based unit to a converted order quantity parameter that is based on the flow based unit, and wherein the computing device is adapted to send trade order to the computerized matching process, wherein the trade order includes the converted order quantity parameter.

32. The system of claim 31, wherein a predefined relationship is used to convert the quantity information that is based on the flow based unit to the converted quantity information that is based on the contract based unit.

33. The system of claim 31, wherein the flow based unit is associated with a set of terms and conditions utilized by the computerized matching process.

34. The system of claim 31, wherein the contract based unit is associated with a set of terms and conditions preferred by a trader.

35. The system of claim 31, wherein the tradeable object includes any of the following products:

oil, natural gas, or electric power.

36. The system of claim 31, wherein displaying the converted quantity information on the graphical user interface includes dynamically displaying bid quantities and ask quantities that are based on the contract based unit.

37. The system of claim 31, wherein the computing device is further adapted to receive new electronic market data from the computerized matching process, the new electronic market data associated with the tradeable object and including new quantity information that is based, in part, on the flow based unit, wherein the computing device is further adapted to convert the new quantity information that is based on the flow based unit to new converted quantity information that is based on the contract based unit, and wherein the trading station is further adapted to update the screen region of the graphical user interface with the new converted quantity information.

38. The system of claim 31, wherein the computing device is the trading station.

39. The system of claim 31, wherein the computing device is a gateway.

40. The system of claim 31, wherein the flow based unit includes any of the following units:

bbl/day, MMBtus/day, MMBtus, MWhrs/day, or MWhrs.