Method and apparatus for order management by market brokers

• US 5,297,031 A
• Filed: 03/06/1990
• Issued: 03/22/1994
• Est. Priority Date: 03/06/1990
• Status: Expired due to Term

• Current Assignee: Chicago Board of Trade (CME Group Incorporated)
• Original Assignee: Chicago Board of Trade (CME Group Incorporated)
• Inventors: Brogan, John J., Gutterman, Burton J., Wu, Shirley, Panek, Dolores, Palenik, Thomas
• Primary Examiner(s): Envall, Roy
• Assistant Examiner(s): Poinvil, Frantzy
• Application Number:
  US07/489,196
• Time in Patent Office: 1,477 Days
• Field of Search: 364/408, 364/412, 364/406
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

There is provided a broker workstation for managing orders in a market for trading commodities, securities, securities options, futures contracts and futures options and other items including: a device for selectively displaying order information; a computer for receiving the orders and for controlling the displaying device; and a device for entering the orders into the computer; wherein the displaying device comprises a device for displaying selected order information about each incoming order, a device for displaying a representation of an order deck and a device for displaying a total of market orders. In another aspect of the invention, there is provided in a workstation having a computer, a device for entering order information into the computer and a device for displaying the order information entered, a method for managing orders in a market for trading commodities, securities, securities options, futures contracts and futures options and the like comprising the steps of: selectively displaying order information incoming to the workstation; accepting or rejecting orders corresponding to the incoming order information displayed; displaying accepted order information in a representation of a broker deck; and selectively displaying a total of orders at the market price.

Claims

1. A broker workstation for managing buy and sell orders submitted to a broker from a plurality of customers for execution in a commodities, securities, securities options, futures contracts or futures options exchange, comprising:

a first means for displaying information concerning a plurality of unexecuted orders submitted to a broker from a plurality of customers for execution, each of said unexecuted orders comprising a quantity of a particular commodity, security, option or contract to be bought or sold;

a computer for receiving order information, for controlling said first displaying means, and for calculating a total of said unexecuted orders for a particular commodity, security, option, or contract at the market price; and

means for entering data into the computer, said data comprising information concerning incoming orders submitted to a broker from a plurality of customers for execution;

wherein said first displaying means comprises means for displaying selected information about each incoming order, means for displaying selected information concerning orders that have been accepted for execution, and means for displaying said total of unexecuted orders.

2. The workstation of claim 1, wherein the entering means includes means for receiving order information from an electronic order entry system.

3. The workstation of claim 1, wherein the accepted order displaying means comprises a price tick column and a market price bar for indicating the market price, and first and second types of order icons, the first type of order icon representing sell orders and the second type of order icon representing buy orders.

4. The workstation of claim 3, wherein the accepted order displaying means comprises a selected plurality of price tick columns and market price bars for indicating market prices in a plurality of markets.

5. The workstation of claim 3, wherein the first and second types of icons are different colors and shapes, and each order icon indicates the quantity of the order represented.

6. The workstation of the claim 1, wherein said first displaying means further comprises means for selectively displaying order fill information and said data entering means comprises means for entering order fill information.

7. The workstation of claim 1, wherein said first displaying means further comprises means for selectively displaying detailed information about selected incoming orders.

8. In a workstation having a computer, means for entering data into the computer, and means for displaying the data entered, a method for managing buy and sell orders submitted to a broker from a plurality of customers for execution in a commodities, securities, securities options, futures contracts or futures options exchange, comprising the steps of:

entering data into the computer, said data comprising information concerning incoming orders from a plurality of customers to be executed by a broker;

displaying selected information concerning a plurality of unexecuted orders, each of said unexecuted orders comprising a quantity of a particular commodity, security, option or contract to be bought or sold;

accepting or rejecting orders corresponding to the incoming order information;

displaying selected information concerning orders that have been accepted for execution; and

calculating a total of said unexecuted orders for a particular commodity, security, option, or contract at the market price and displaying said total.

9. The method of claim 8, wherein the accepted order displaying step comprises the steps of indicating the market price by a price tick column and a market price bar and representing the accepted orders by one of first and second types of order icons, the first type representing sell order and the second type representing buy orders.

10. The method of claim 9, wherein the accepted order displaying step comprises the step of displaying a selected plurality of price tick columns and market price bars for indicating market prices in a plurality of markets.

11. The method of claim 9, wherein the first and second types of order icons have different colors and shapes, and each order icon indicates the quantity of the order represented.

12. The method of claim 8, further comprising the steps of entering order fill information and displaying the order fill information entered.

13. The method of claim 8, further comprising the step of selectively displaying detailed information about selected incoming orders.