TIMING MECHANISM AND DIRECTED MESSAGING FOR ELECTRONIC TRADING PLATFORM

• US 20140046824A1
• Filed: 10/11/2013
• Published: 02/13/2014
• Est. Priority Date: 09/02/2003
• Status: Abandoned Application

• Current Assignee: CME Group Incorporated
• Original Assignee: ICAP Services North America LLC (TP ICAP Plc)
• Inventors: Cooper, Steven
• Application Number:
  US14/051,564
• Publication Number:
  US 20140046824A1
• 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

Abstract

A system and interface for trading financial instruments. The system consists of an intermediary computer system that is operable to communicate with one or more trader terminals utilizing either a private line, a network or the Internet. The intermediary computer system is comprised of one or more processors and storage media. The intermediary computer system communicates with trader terminals and displays to the trader terminals a listing of financial instruments, and information related to such financial instruments, that are available for trading. The intermediary computer system periodically updates the option adjusted price of financial instruments as to provide the traders with a time period in which the price will remain stable and during which time the traders can confidently execute orders based on the then available price. A timer, which is constantly visible to traders using the electronic trading system, displays the amount of time remaining until the displayed adjusted prices will be updated. The intermediary computer system is also operable to communicate directly with selected traders or groups of traders in the form of directed messages to the trader terminals.

Claims

1. A system facilitating electronic trading of a financial instrument by a trader, the system comprising:

an intermediary computer having one or more processors and configured to;

transmit first display data to a trader terminal for a first display area on the trader terminal that lists said financial instrument in association with information regarding said financial instrument, said information including a price for said financial instrument, an option adjusted price for said financial instrument that is periodically updated based on said financial instrument'"'"'s type, said option adjusted price being periodically updated based on an option adjusted spread for said financial instrument, a skew adjusted volatility for said financial instrument, and a designated yield curve for said financial instrument that has been dynamically recalculated based on periodic updates to a constant maturity debt index for said financial instrument; and

transmit second display data to the trader terminal for a second display area on the trader terminal that displays a status indicator indicating a status associated with said option adjusted price, wherein said status indicator includes a timer indicating a time remaining before said option adjusted price may be adjusted.

2. The system of claim 1, wherein said information further includes said option adjusted price after said option adjusted price has been periodically updated at an interval sufficient to encourage orderly trading of said financial instrument.

3. The system of claim 1, wherein said timer is a graphical representation.

4. The system of claim 3, wherein said graphical representation is numerical.

5. The system of claim 3, wherein said graphical representation is colour coded with changes in colour indicating changes in said time remaining.

6. The system of claim 1, wherein said status indicator indicates if said option adjusted price cannot be updated or cannot be displayed.

7. The system of claim 1, wherein the intermediary computer is further configured to transmit third display data to the trader terminal for a third display area on the trader terminal that indicates a directed message to said trader.

8. The system of claim 7, wherein said directed message includes terms of a transaction involving said financial instrument.

9. The system of claim 7, wherein said directed message includes a confirmation of a trade involving said financial instrument.

10. The system of claim 7, wherein said directed message includes attributes used to calculate said option adjusted price.

11. The system of claim 7, wherein said directed message includes a notice to said trader of activity not otherwise displayed to said trader at said time of said activity.

12. The system of claim 11, wherein said directed message includes detailed information associated with said activity.