Interface for Electronic Trading Platform

• US 20120303507A1
• Filed: 05/26/2011
• Published: 11/29/2012
• Est. Priority Date: 05/26/2011
• Status: Abandoned Application

• Current Assignee: Rosenthal Collins Group LLC (Marex Spectron Group Ltd.)
• Original Assignee: Rosenthal Collins Group LLC (Marex Spectron Group Ltd.)
• Inventors: Rosenthal, Leslie, Arnold, Jason, Marzi, Adam, Gebhardt, Timothy P., Collins, John Robert
• Application Number:
  US13/116,883
• Publication Number:
  US 20120303507A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

An electronic trading platform provides a system and methods including an interface for presenting market data and receiving user input for entering orders to buy and sell financial instruments on an exchange. The interface includes an order entry window adapted to display price information relating to a financial instrument traded on the exchange. The price information is presented as a portion of price spectrum including all possible prices for the financial instrument. The portion of the price spectrum is presented within the order entry window in a first dynamic mode when operational focus is on an interface window other than the order entry window, and the portion of the price spectrum is presented within the order entry window in a static or partially static order entry mode when operational focus is on the order entry window. Orders to buy and sell the financial instrument are created by, among other things, selecting a price and a quantity to be included in the order to buy or sell the financial instrument.

Claims

1. A method of displaying market data comprising:

receiving market data from an exchange on which a financial instrument is traded, the market data including substantially real-time price data for the financial instrument, including a last traded price, a highest bid price, and a lowest ask price for the financial instrument;

displaying an interactive graphical user interface (GUI) window on a display device associated with a computer workstation executing a financial instrument trading application;

displaying a portion of a price spectrum in the GUI window, the price spectrum comprising a plurality of incremental price values linearly arranged in numeric order;

determining whether the GUI window has operational focus of the trading application;

displaying the portion of the price spectrum in the GUI window in a first mode when the GUI window does not have operational focus of the trading application, in the first mode the portion of the price spectrum being dynamically displayed in the GUI window centered on one of the last traded price, the highest bid price, or the lowest ask price; and

displaying the portion of the price spectrum in the GUI window in a second mode when the GUI window has operational focus of the trading application, in the second mode the portion of the price spectrum being displayed for a first predefined period of time centered on a first value of one of the last traded price, the highest bid price, or the lowest ask price, the first value of the last traded price, the highest bid price, or the lowest ask price being established at a time when the GUI window received operational focus of the trading application, and wherein, upon expiration of the period of time, the portion of the price spectrum displayed in the GUI being displayed centered on a second value of the last traded price highest bid price, or lowest ask price established at the expiration of the first period of time.

2. The method of claim 1 wherein the portion of the price spectrum displayed in the GUI window centered on the second value of the last traded price established at the Expiration of the first period of time is displayed for a second period of time.

3. The method of claim 1 further comprising displaying the portion of the price spectrum in the GUI window in the first mode after expiration of the first period of time.

4. The method of claim 2 wherein displaying the portion of the price spectrum displayed in the GUI window centered on the second value of the last traded price, highest bid price, or lowest ask price established at the expiration of the first period of time comprises shifting the displayed portion of the price spectrum over time until the second value of the last traded price is centered within the GUI window.

5. The method of claim 1 wherein determining whether the GUI window has operational focus of the trading application comprises determining a position of a user positionable cursor, the GUI window having operation focus of the trading application when the cursor is positioned over the GUI window.

6. The method of claim 1 further comprising issuing an alert prior to the expiration of the period of time indicating that the portion of the price spectrum displayed in the GUI window may change upon expiration of the period of time.

7. The method of claim 6 wherein the alert is issued a user selectable amount of time prior to the expiration of the first period of time.

8. The method of claim 6 wherein issuing an alert prior to the expiration of the first period of time comprises issuing one of a visual alert, an audio alert, or a tactile alert.

9. The method of claim 8 wherein the type of alert issued is user selectable.

10. The method of claim 8 wherein the alert is a visual alert, and wherein the location of the visual alert within the GUI window is user selectable.

11. The method of claim 6 wherein the alert comprises causing a user positionable cursor to begin flashing an amount of time before the expiration of the period of time.

12. The method of claim 6 wherein the alert comprises highlighting the portion of the price spectrum displayed in the GUI a different color and flashing the highlighted color an amount of time before the expiration of the period of time.

13. The method of claim 6 wherein the alert comprises changing a display color the price values of the portion of the of the price spectrum displayed in the GUI window, and causing the price values to flash an amount of time before the expiration of the period of time.

14. The method of claim 1 further comprising preventing orders from being entered via a trading application associated with the GUI for an order disable period immediately preceding expiration of the period of time.

15. The method of claim 1 further comprising preventing orders from being entered via a trading application associated with the GUI for an order disable period immediately following expiration of the period of time.

16. The method of claim 1 further comprising preventing orders from being entered via a trading application associated with the GUI for a first order disable period immediately preceding the expiration of the period of time, and a second order disable period immediately following the expiration of the period of time.

17. The method of claim 16 wherein the first order disable period and the second order disable period are in the range from 1 mSec to 1000 mSec long.

18. The method of claim 16 further comprising allowing a user to configure a length of time for both the first order disable period and the second order disable period.

19. A system for trading a financial instrument on an exchange, the system comprising:

a processor;

a display device;

an input device adapted to control a position of a cursor on the display device and to register user selection of one or more graphical objects displayed on the display device;

a communication module for receiving market data associated with the financial instrument from the exchange and for sending orders to the exchange to buy or sell the financial instrument; and

a memory storing instructions which, when executed by the processor, cause the processor to display a graphical user interface (GUI) on the display device, the GUI including an order entry window that includes;

a price display region adapted to display a portion of a price spectrum associated with the financial instrument in a first mode when the cursor is positioned outside the order entry window, and in a second mode when the cursor is positioned within the order entry window;

the first mode comprising a dynamic price display mode in which the display region is continuously updated to reflect the market data received from the exchange as the data are received such that a portion of the price spectrum centered on an instantaneous price is displayed in the display region; and

the second mode comprising a static price display mode in which a portion of the price spectrum centered on a price determined at a time when the cursor is moved into the order entry window is displayed on the display for a period of time, and a portion of the price spectrum centered on a price determined at the expiration of the period of time is displayed in the display region after the expiration of the period of time.

20. The system of claim 19 wherein the second mode further comprises displaying the portion of the price spectrum centered on a price determined at the expiration of the first period of time for a second period of time.

21. The system of claim 19 wherein displaying the portion of the price spectrum displayed in the GUI window centered on a price established at the expiration of the first period of time comprises shifting the displayed portion of the price spectrum over time until the price established at the expiration of the first period of time is centered within the GUI window.

22. The system of claim 19 wherein the portion of the price spectrum displayed in the display region is displayed in the first mode after expiration of the first period of time in the second mode until such time as the user moves the cursor out of the order entry window and subsequently moves the cursor back into the order entry window.

23. The system of claim 19 wherein the instructions stored in the memory, when executed by the processor, cause the processor to display a GUI on the display device that generates a warning in the static price display mode prior to the expiration of the period of time indicating that the portion of the price spectrum displayed in the display region will soon be re-centered on the price determined at the expiration of the period of time.

24. The system of claim 23 wherein an amount of time before expiration of the period of time at which the warning is generated is user configurable via the GUI.

25. The system of claim 23 wherein the warning comprises a type of warning that is at least one of a visual warning, an audible warning, or a tactile warning.

26. The system of claim 25 wherein the type of warning is user selectable.

27. The system of claim 23 wherein the warning comprises a visual warning displayed in a user selectable location within the order entry window.

28. The system of claim 23 wherein the warning comprises causing the cursor to begin flashing an amount of time before the expiration of the period of time.

29. The system of claim 23 wherein the warning comprises highlighting the portion of the price spectrum displayed in the display region in a different color and flashing the highlighted color an amount of time before the expiration of the period of time.

30. The system of claim 23 wherein the warning comprises changing a display color of the portion of the of the price spectrum displayed in the display region, and causing the portion of the price spectrum displayed in the display region to flash an amount of time before the expiration of the period of time.

31. The system of claim 19 wherein the instructions stored in the memory, when executed by the processor, cause the processor to prevent orders from being entered during an order disable period immediately preceding expiration of the period of time.

32. The method of claim 19 wherein the instructions stored in the memory, when executed by the processor, cause the processor to prevent orders from being entered during an order disable period immediately following expiration of the period of time.

33. The method of claim 19 wherein the instructions stored in the memory, when executed by the processor, cause the processor to prevent orders from being entered during an order disable period immediately preceding expiration of the period of time and to prevent orders from being entered during an order disable period immediately following expiration of the period of time.

34. The system of claim 33 wherein the first order disable period and the second order disable period are both in the range between 1 mSec-1000 mSec long.

35. The system of claim 33 wherein the first order disable period and the second order period are user configurable.

36. The system of claim 19 wherein the instructions stored in the memory, when executed by the processor, cause the processor to display a GUI on the display device that further includes a plurality of quantity selection graphical elements for setting an order quantity for an order to buy or sell the financial instrument.

37. The system of claim 36 wherein the instructions stored in the memory, when executed by the processor, cause the processor to display a GUI that includes a quantity value corresponding to a selected quantity for an order to buy or sell the financial instrument.

38. The system of claim 37 wherein the instructions stored in the memory, when executed by the processor cause the processor to display a GUI that visually highlights the quantity value corresponding to a selected quantity for an order to buy or sell the financial instrument.

39. The system of claim 36 wherein the quantity selection graphical elements comprise a plurality of numbered icons, wherein a value equal to the number of a particular one of the plurality of numbered icons is added to an order quantity when the particular one of the plurality of numbered icons is selected by a user via a primary input action with respect to the input device.

40. The system of claim 39 a value equal to the number of a particular one of the plurality of numbered icons is subtracted from an order quantity when the particular one of the plurality of numbered icons is selected by a user via an alternate input action with respect to the input device.

41. The system of claim 39 wherein the values of the numbered icons comprising the quantity selection graphical elements are user selectable.

42. The system of claim 36 wherein the quantity selection graphical elements comprise an increment icon which, when selected by a user via the input device, increments an order quantity by a predefined amount.

43. The system of claim 36 wherein the quantity selection graphical elements comprise an decrement icon which, when selected by a user via the input device, decrements an order quantity by a predefined amount.

44. The system of claim 36 wherein the quantity selection graphical elements comprise a flatten position icon which, when selected by a user via the input device, sets an order quantity equal to an amount that equals a current position for the financial instrument in an account the user is currently trading in for an order taking a position opposite the current position in the account.

45. The system of claim 36 wherein the quantity selection graphical elements comprise a reverse position icon which, when selected by a user via the input device, sets an order quantity equal to an amount double a current position for the financial instrument in an account the user is currently trading in for an order taking a position opposite the current position in the account.

46. The system of claim 36 wherein the quantity selection graphical elements comprise a position icon which, when selected by a user via the input device, sets an order quantity equal to an amount that equals a current position for the financial instrument in an account the user is currently trading in.

47. The system of claim 36 wherein the quantity selection graphical elements comprise a quantity entry field into which the user may manually enter a quantity for an order to buy or sell the financial instrument.

48. The system of claim 36 wherein the quantity selection graphical elements comprise a reset quantity icon which, when selected by a user via the input device, sets an order quantity to zero for a current order.

49. The system of claim 48 wherein, when selected by a user via the input device, the reset quantity icon sets an order price to zero.

50. The system of claim 36 wherein the instructions stored in the memory, when executed by the processor, cause the processor to display a GUI on the display device that further includes a submit graphical element for submitting an order to the exchange for execution, the order including an order quantity and a price.

51. An interface for displaying market data associated with a financial instrument traded on an exchange and for receiving user input for placing orders to buy and sell the financial instrument on the exchange, the interface comprising:

a display device for presenting a plurality of interactive windows in a display area;

an input device for interacting with the interactive windows;

one of the interactive window comprising an order entry window displayed on the display device, the order entry window including a price display region adapted to display a plurality of price values in one of a dynamic price monitoring mode and a static order entry mode, in the dynamic price monitoring mode the plurality of price values displayed in the price display region are updated on a substantially continuous basis according to market data received from the exchange and are displayed centered around one of a last traded price value a highest bid price or a lowest ask price, in the static order entry mode the plurality of price values are statically displayed for a first period of time centered around one of a last traded price value a highest bid price, or a lowest ask price displayed at the time the interface entered the order entry mode, and wherein the plurality of price values are displayed centered around a new last traded price, highest bid price, or lowest ask price corresponding to the last traded price value highest bid price value or lowest ask price value received from the exchange at a time corresponding to the time when the first period of time expires.

52. The interface of claim 51 wherein the plurality of price values are displayed for a second period of time centered around the new last traded price value, highest bid price value or lowest ask price value, corresponding to the last traded price value, highest bid price value, or lowest ask price value received from the exchange at the time corresponding to the time when the first period of time expired, and wherein the plurality of price values are displayed centered around yet another new last traded price value highest bid price value, or lowest ask price value corresponding to the time when the second period of time expires.

53. The interface of claim 51 wherein displaying the portion of the price spectrum displayed in the GUI window centered on the new last traded price value, highest bid price value or lowest ask price value, established at the expiration of the first period of time comprises shifting the displayed portion of the price spectrum over time until the second value of the last traded price value, highest bid price value or lowest ask price value is centered within the GUI window.

54. The interface of claim 51 wherein the static order entry mode reverts to the dynamic price monitoring mode when the first period of time expires.

55. The interface of claim 51 wherein operational focus of the interface may only be directed to one of the plurality of interactive windows at a time, and wherein operational focus is determined according to position of a user positionable cursor within the display area, the interactive window having operation focus being the interactive window in which the cursor is located.

56. The interface of claim 51 wherein order entry window is adapted to provide an alert prior to the expiration of the period of time indicating that the plurality of price values centered around the last traded price value displayed at the time the interface entered the order entry mode will soon change to the plurality of price values centered around the new last traded price value corresponding to the last traded price valued received when the time period expires.

57. The interface of claim 56 wherein an amount of time prior to the expiration of the period of time at which the alert is issued is user selectable.

58. The interface of claim 56 wherein the alert comprises one of a visual alert, an audible alert, or a tactile alert.

59. The interface of claim 56 wherein the alert comprises a visual alert displayed at a user selectable location within the order entry window.

60. The interface of claim 56 wherein the alert comprises causing a user positionable cursor to begin flashing an amount of time before the time period expires.

61. The interface of claim 56 wherein the alert comprises highlighting the portion of the price display region in a different color and flashing the highlighted color an amount of time before the time period expires.

62. The interface of claim 56 wherein the alert comprises changing a display color of the price values displayed in the price display region and causing the price values to flash an amount of time before the time period expires.

63. The interface of claim 51 further adapted prevent orders from being entered during a first order disable period immediately preceding expiration of the time period.

64. The interface of claim 63 further adapted to prevent orders from being entered for a second order disable period immediately following expiration of the time period.

65. The interface of claim 64 further adapted to prevent orders from being entered for a first order disable period immediately preceding expiration of the time period, and a second order disable period immediately following expiration of the time period, wherein the first order disable period and the second order disable period are both in the range from 1 mSec-1000 mSec.

66. The interface of claim 64 wherein the first order disable period and the second order disable period are configurable.

67. The interface of claim 51 further comprising further comprising a plurality of quantity selection graphical elements for setting an order quantity for an order to buy or sell the financial instrument.

68. The interface of claim 67 further comprising a displayed quantity value corresponding to a selected quantity for the order to buy or sell the financial instrument.

69. The interface of claim 67 wherein the quantity selection graphical elements comprise a plurality of numbered icons, and wherein a value equal to the number of a particular one of the plurality of numbered icons is added to an order quantity when the particular one of the plurality of numbered icons is selected by a user via the input device.

70. The interface of claim 69 wherein the values of the plurality of numbered icons comprising the quantity selection graphical elements are user selectable.

71. The interface of claim 67 wherein the quantity selection graphical elements comprise a plurality of numbered icons, wherein a value equal to the number of a particular one of the plurality of numbered icons is subtracted from an order quantity when the particular one of the plurality of numbered icons is selected by an alternate selection by the user via the input device.

72. The interface of claim 67 wherein the plurality of quantity selection graphical elements are displayed in the order entry window in a user selectable location.

73. The interface of claim 67 wherein the quantity selection graphical elements comprise an increment icon which, when selected by a user via the input device, increments an order quantity by a predefined amount.

74. The interface of claim 67 wherein the quantity selection graphical elements comprise an decrement icon which, when selected by a user via the input device, decrements an order quantity by a predefined amount.

75. The interface of claim 67 wherein the quantity selection graphical elements comprise a flatten position icon which, when selected by a user via the input device, sets an order quantity equal to an amount that equals a current position for the financial instrument in an account administered by the user for an order taking a position opposite the current position in the account.

76. The interface of claim 67 wherein the quantity selection graphical elements comprise a reverse position icon which, when selected by a user via the input device, sets an order quantity equal to an amount double a current position for the financial instrument in an account administered by the user for an order taking a position opposite the current position in the account.

77. The interface of claim 67 wherein the quantity selection graphical elements comprise a position icon which, when selected by a user via the input device, sets an order quantity equal to an amount that equals a current position for the financial instrument in an account administered by the user.

78. The interface of claim 67 wherein the quantity selection graphical elements comprise a quantity entry field into which the user may manually enter a quantity for an order to buy or sell the financial instrument.

79. The interface of claim 67 wherein the quantity selection graphical elements comprise a reset quantity icon which, when selected by the user via the input device sets an order quantity to zero.

80. The interface of claim 79 wherein, when selected by a user via the input device, the reset quantity icon sets an order price to a zero.

81. The interface of claim 51 wherein the order entry window further includes a submit graphical element for submitting an order to the exchange for execution, the order including an order quantity and a price.

82. A method of entering an order to by or sell a financial instrument on an exchange, the method comprising:

providing a graphical user interface (GUI) for receiving market data related to the financial instrument;

presenting a plurality of price options via the GUI for buying and selling the financial instrument;

setting an order quantity to zero;

providing a graphical element via the GUI for setting the order quantity to a value corresponding to a desired order quantity;

receiving an input via user interaction with the graphical element for setting the order quantity to a non-zero value;

setting the order quantity to the non-zero value;

receiving a buy or sell input via the GUI corresponding to a price selected from among said plurality of price options, the input further indicating an order type;

sending an order to the exchange to buy or sell the financial instrument, the order specifying a price corresponding to the price selected from among said plurality of price options, and an order type corresponding to the order type indicated by the received buy or sell input, and a quantity corresponding to the non-zero value; and

resetting the order quantity to zero.

83. The method of claim 82 wherein providing a graphical element via the GUI for setting the order quantity comprises providing a plurality of user selectable numbered icons having user selectable values.

84. The method of claim 83 wherein providing the plurality of user selectable icons comprises displaying the plurality of user selectable icons at user selectable locations within the GUI.

85. The method of claim 82 further comprising displaying the order quantity via the GUI.

86. The method of claim 85 further comprising highlighting the displayed order quantity.

87. The method of claim 82 wherein the graphical element for setting the order quantity comprises a plurality of numbered icons, and wherein receiving an input via user interaction with the graphical element for setting the order quantity to a non-zero value comprises a user selecting a particular one of the plurality of numbered icons, and wherein the method further comprises adding a value equal to the number of the particular one of the plurality of numbered icons selected by the user to the order quantity.

88. The method of claim 87 further comprising a user selecting a particular one of the numbered icons using an alternate input associated with the input and device, and subtracting a value equal to the number of the particular one of the plurality of numbered icons selected using the alternate input from the order quantity.

89. The method of claim 82 wherein the graphical element for setting the order quantity comprises an increment icon, and wherein receiving an input via user interaction with the graphical element for setting the order quantity to a non-zero value comprises a user selecting the increment icon, and wherein the method further comprises incrementing the order quantity by a predefined amount.

90. The method of claim 82 wherein the graphical element for setting the order quantity comprises an decrement icon, and wherein receiving an input via user interaction with the graphical element for setting the order quantity to a non-zero value comprises a user selecting the decrement icon, and wherein the method further comprises decrementing the order quantity by a predefined amount.

91. The method of claim 82 wherein the graphical element for setting the order quantity comprises a flatten position icon, and wherein receiving an input via user interaction with the graphical element for setting the order quantity to a non-zero value comprises a user selecting the flatten icon, and wherein the method further comprises setting the order quantity equal to an amount that equals a current position for the financial instrument in an account administered by the user for an order taking a position opposite the current position open in the account.

92. The method of claim 82 wherein the graphical element for setting the order quantity comprises an reverse icon, and wherein receiving an input via user interaction with the graphical element for setting the order quantity to a non-zero value comprises a user selecting the reverse icon, and wherein the method further comprises setting the order quantity equal to an amount double a current position for the financial instrument in an account administered by the user for an order taking a position opposite the current position open in the account.

93. The method of claim 82 wherein the graphical element for setting the order quantity comprises a position icon, and wherein receiving an input via user interaction with the graphical element for setting the order quantity to anon-zero value comprises a user selecting the position icon, and wherein the method further comprises setting the order quantity equal to an amount that equals a current position for the financial instrument in an account administered by the user.

94. The method of claim 82 wherein the graphical element for setting the order quantity comprises a manual input field, and wherein receiving an input via user interaction with the reset icon for setting the order quantity to a non-zero value comprises a user manually entering a value in the manual input field, and wherein the method further comprises setting the order quantity equal to the value manually entered in the manual input field for an order to buy or sell the financial instrument.

95. The method of claim 82 wherein the graphical element for setting the order quantity comprises a reset icon, the method further comprising receiving an input via user interaction with the graphical element, and setting the order quantity to zero upon receiving the input.

96. The method of claim 95 wherein, when selected by a user via the input device, the reset quantity icon sets an order price to a zero.

97. The method of claim 82 wherein providing a GUI further includes providing a graphical element for submitting an order to the exchange for execution, the order including an order quantity and a price.