USER INTERFACE FOR AN ELECTRONIC TRADING SYSTEM

• US 20100235273A1
• Filed: 05/25/2010
• Published: 09/16/2010
• Est. Priority Date: 04/09/1999
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Friesen, Richard W., Hart, Peter C.
• Granted Patent: US 8,374,952 B2
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/08 Auctions
• 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

A user interface for an electronic trading exchange is provided which allows a remote trader to view in real time bid orders, offer orders, and trades for an item, and optionally one or more sources of contextual data. Individual traders place orders on remote client terminals, and this information is routed to a transaction server. The transaction server receives order information from the remote terminals, matches a bid for an item to an offer for an item responsive to the bid corresponding with the offer, and communicates outstanding bid and offer information, and additional information (such as trades and contextual data) back to the client terminals. Each client terminal displays all of the outstanding bids and offers for an item, allowing the trader to view trends in orders for an item. A priority view is provided in which orders are displayed as tokens at locations corresponding to the values of the orders. The size of the tokens reflects the quantity of the orders. An alternate view positions order icons at a location which reflects the value and quantity of the order. Additionally, contextual data for the item is also displayed to allow the trader to consider as much information as possible while making transaction decisions. A pit panel view is also provided in which traders connected to the pit are represented by icons, and are displayed corresponding to an activity level of the trader.

Claims

1. A method for administering a trade for an item, the method comprising:

displaying a value axis via a trading screen associated with a computing device, the value axis having periodic graduations of value derived from market information for the item, where each of the periodic graduations corresponds to a selectable location to trade the item;

receiving a first selection according to manipulation of a cursor relative to a first selectable location corresponding to at least one of the periodic graduations via an input device associated with the computing device, where the first selectable location is associated with a first price for a first order for the item; and

causing the first order for a predetermined quantity of the item at the first price to be submitted for execution.

2. The method of claim 1 further comprising displaying a user order indicator along the value axis at the first selectable location.

3. The method of claim 1, further comprising receiving a new predetermined quantity for the item.

4. The method of claim 3, further comprising causing a second order for the new predetermined quantity for the item at a second price associated with a second selectable location of the value axis selected via a second command to be submitted for execution.

5. The method of claim 1, further comprising displaying pending order indicators along the value axis, each of the pending order indicators being associated with at least one order pending execution at an electronic exchange and being displayed relative to the value axis according to an associated price for the at least one order.

6. The method of claim 5 where the pending order indicators comprise any of a graphical indicator, a numerical indicator, a color-coded indicator, and combinations thereof.

7. The method of claim 5 where the pending order indicators are aligned substantially orthogonal to the value axis according to the associated price of the pending order indicators.

8. The method of claim 5 where the pending order indicators represent a quantity available for trading.

9. The method of claim 8 where the pending order indicators are configured to represent an aggregated plurality of orders for the associated price according to graphically stacking the aggregated plurality of orders.

10. The method of claim 9 where the aggregated plurality of orders are graphically stacked according to a time priority.

11. The method of claim 5 where the pending order indicators comprise bid indicators, each of the bid indicators being associated with at least one bid pending execution at the electronic exchange and being displayed relative to the value axis according to a bid price for the associated at least one bid.

12. The method of claim 5 where the pending order indicators comprise ask indicators, each of the ask indicators being associated with at least one ask pending execution at the electronic exchange and being displayed relative to the value axis according to an ask price for the associated at least one ask.

13. The method of claim 5 where the pending order indicators comprise at least one bid indicator and at least one offer indicator, where the at least one bid indicator is associated with at least one bid pending execution at the electronic exchange and is displayed relative to the value axis according to a bid price for the associated at least one bid, and where the at least one ask indicator is associated with at least one ask pending execution at the electronic exchange and is displayed relative to the value axis according to an ask price for the associated at least one ask.

14. The method of claim 13 where the pending order indicators further comprise at least one user order indicator associated with a user order pending execution at the electronic exchange, the user order indicator being distinguishable from a non-user order indicator.

15. The method of claim 5 where the pending order indicators comprise any of an icon and a token.

16. The method of claim 1 where each of the periodic graduations corresponds to a value for the item.

17. The method of claim 16 where the value for the item comprises any of price, interest rate, implied interest, volatility, implied volatility, difference between prices, yield, and combinations thereof.

18. The method of claim 1 further comprising:

displaying a time axis substantially orthogonal to the value axis; and

displaying contextual data relative to the value axis and the time axis.

19. The method of claim 18 where displaying the contextual data comprises displaying historical volume data for the item as any of a chart, a graph, and combinations thereof.

20. The method of claim 19 further comprising updating the contextual data according to updates in the market information.

21. The method of claim 1 where the predetermined quantity is determined prior to selection of the first selectable location.

22. The method of claim 1 where the predetermined quantity is determined according to a user selection.

23. The method of claim 1 further comprising displaying a plurality of order tokens via the trading screen, each order token representing an order quantity.

24. The method of claim 23 where receiving the first selection comprises selecting a desired order token and associating the desired order token with the first selectable location.

25. The method of claim 24 where the associating the desired order token comprises any of moving the desired order token to the first selectable location, dragging the desired order token to the first selectable location, selecting of the first selectable location, and combinations thereof.

26. The method of claim 25 where the input device comprises a computer mouse and associating the desired order token further comprises any of any of manipulating a button of the computer mouse, activating a button of the computer mouse, releasing a button of the computer mouse, initiating activation of the button of the computer mouse, and combinations thereof.

27. The method of claim 24 further comprising adjusting a size of the desired order token, where the size of the desired order token comprises represents the order quantity.

28. The method of claim 23 where the plurality of order tokens comprises a bid token and an ask token, the bid token being configured for initiating a bid order, and the ask token being configured for initiating an ask order.

29. The method of claim 1 where causing comprises generating an order confirmation for confirming the first order to be submitted.

30. The method of claim 29 where the order confirmation comprises an order ticket being populated with the predetermined quantity and the first price.

31. The method of claim 30 further comprising submitting the order in response to detecting confirmation of the order via the order ticket.

32. The method of claim 31 where confirmation of the order comprises any of selection of a designated area relative to the order ticket, manipulating the input device, manipulating a button of the input device, activating a button of the input device, releasing a button of the input device, initiating activation of a button of the input device, and combinations thereof.

33. An apparatus for trading items at an exchange, the apparatus comprising:

a market information receiver communicatively coupled with an electronic exchange and configured to receive market information for an item from the electronic exchange, the market information representing orders for the item pending execution at the electronic exchange;

a display communicatively coupled with the market information receiver and configured to generate a trading screen having a value axis with periodic graduations of value derived from the market information, where each of the periodic graduations corresponds to at least one selectable location to trade the item;

a user input device communicatively coupled with the display and configured to receive a selection of a first selectable location corresponding to at least one of the periodic graduations to trade the item at a selected value; and

an order router responsive to the selection and configured to cause an order for a predetermined quantity of the item at the selected value to be submitted to the electronic exchange.

34. The apparatus of claim 33, further comprising a quantity adjuster for selecting the predetermined quantity.

35. The apparatus of claim 33 where the display is further configured to display pending order indicators along the value axis, where each of the pending order indicators is associated with at least one order pending execution at the electronic exchange and is displayed relative to the value axis according to a price for the associated at least one order.

36. The apparatus of claim 35 where the pending order indicators comprise bid indicators, each of the bid indicators being associated with at least one bid pending execution at the electronic exchange and being displayed relative to the value axis according to a bid price for the associated at least one bid.

37. The apparatus of claim 35 where the pending order indicators comprise ask indicators, each of the ask indicators being associated with at least one ask pending execution at the electronic exchange and being displayed relative to the value axis according to an ask price for the associated at least one ask.

38. The apparatus of claim 35 where the pending order indicators comprise at least one bid indicator and at least one offer indicator, where the at least one bid indicator is associated with at least one bid pending execution at the electronic exchange and is displayed relative to the value axis according to a bid price for the associated at least one bid, and where the at least one ask indicator is associated with at least one ask pending execution at the electronic exchange and is displayed relative to the value axis according to an ask price for the associated at least one ask.

39. The apparatus of claim 38 where the pending order indicators further comprise at least one user order indicator associated with a user order pending execution at the electronic exchange, the user order indicator being distinguishable from a non-user order indicator.

40. The apparatus of claim 35 where the pending order indicators comprise any of an icon and a token.

41. The apparatus of claim 33 where each of the periodic graduations comprises any of price, interest rate, implied interest, volatility, implied volatility, difference between prices, yield, and combinations thereof.

42. The apparatus of claim 33 where the predetermined quantity is determined according to a user selection.

43. A method for administering order placement for an item, the method comprising:

displaying a value axis having periodic graduations of value derived from market information for the item via a computing device, where each of the periodic graduations corresponds to at least one selectable location to trade the item;

displaying at least one of a bid indicator and an ask indicator along the value axis according to the market information on a display associated with a computing device, where the bid indicator is associated with at least one bid pending execution at an electronic exchange and is displayed relative to a bid value of the value axis corresponding to a bid price for the associated at least one bid, and where the ask indicator is associated with at least one ask pending execution at the electronic exchange and is displayed relative to an ask value of the value axis corresponding to an ask price for the associated at least one ask;

receiving a selection according to manipulation of a cursor relative to a first selectable location corresponding to at least one of the periodic graduations via an input device associated with the computing device, the selection identifying a selected value; and

causing an order for a predetermined quantity of the item at a price determined according to the selected value to be submitted for execution via the computing device.

44. The method of claim 43 further comprising receiving a user-selection for the predetermined quantity prior to receiving the command.

45. The method of claim 43 where the predetermined quantity remains unchanged absent user intervention.

46. The method of claim 43 where the bid indicator and the offer indicator comprise any of an icon and a token.

47. The method of claim 43 where the value axis comprises a plurality of values including any of price, interest rate, implied interest, volatility, implied volatility, difference between prices, yield, and combinations thereof.