Combined order limit for a group of related transactions in an automated dealing system

• US 6,343,278 B1
• Filed: 09/03/1999
• Issued: 01/29/2002
• Est. Priority Date: 09/04/1998
• Status: Expired due to Term

• Current Assignee: EBS Dealing Resources, Inc. (CME Group Incorporated)
• Original Assignee: EBS Dealing Resources, Inc. (CME Group Incorporated)
• Inventors: Jain, Neena, Howorka, Edward R., Mills, Gregory D.
• Primary Examiner(s): Hafiz, Tariq R.
• Assistant Examiner(s): Jeanty, Romain
• Application Number:
  US09/390,621
• Time in Patent Office: 879 Days
• Field of Search: 705/35, 705/36, 705/37
• US Class Current: 705/36.00R
• 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

An improved multiple order facility for a computerized trading system in which a first trader submits a plurality of orders for display and acceptance by other traders, including a first subsystem which permits the first trader to simultaneously generate a plurality of orders, and a second subsystem which displays the orders at computer terminals of the other traders to whom the orders were sent. Using the first subsystem, the first trader selects one or more financial instruments associated with a respective one of the orders from a displayed list of related financial instruments, selects a common quantity to be applied to each of the orders, and selects, for each order, a respective price at which the first trader is willing to buy or sell the financial instrument associated with that order. Each of the orders is then sent to a plurality of other trading using the computerized trading system. The second subsystem provides a display of the orders at computer terminals for each of the other traders to whom the orders were sent. Each order display includes the price for the financial instrument associated with the order as selected by the first trader; and an available quantity of the financial instrument associated with the order, the available quantity initially being equal to the common quantity set by the first trader and being reduced whenever a deal is made covering only a part of any of the plurality of orders by any of the other traders.

Claims

1. In a computerized trading system for permitting a trader to submit orders for display and acceptance by other traders, an improved multiple order facility comprising:

sheet means for simultaneously displaying current market prices for a plurality of related financial instruments;

multiple selection means for selecting at least two of said plurality of related instruments;

price means for manually adjusting an associated price parameter for each of the selected instruments;

order limit means for simultaneously setting an associated size parameter for all the selected instruments to a common order limit; and

submission means for submitting respective orders each including a respective price parameter and a respective size parameter for each of the selected instruments to the other traders;

wherein after any of the submitted orders subject to the common order limit is dealt on by any of the other traders for a particular deal size, the order limit means automatically reduces the size parameter of each of the other submitted orders subject to that same common order limit by an amount corresponding to that deal size.

2. The multiple order facility of claim 1, wherein

the common order limit is established by the trader submitting the selected instruments, the selected instruments in at least one said multiple order are not subject to such a common order limit, and

the facility further comprises size means for manually adjusting the individual size parameters for at least those selected instruments not subject to any such common order limit.

3. The multiple order facility of claim 1, wherein

the orders submitted by the submitting means include bids and offers from market makers and buy and sell orders from market takers

the multiple selection means presents a market maker with a current market default price for those selected instruments for which a market price currently exists and a blank price for those selected instruments for which a market price does not currently exist;

and

the price means is adapted to be manipulated by the market maker to individually adjust the price of each of the selected instruments.

4. The multiple order facility of claim 3, wherein

the multiple selection means presents a market taker with a current market default price only for those selected instruments for which a market price currently exists;

and

the price means is adapted to be manipulated by the market maker to individually adjust the price of each of the instruments presented to the market taker by the multiple selection means.

5. The multiple order facility of either of claims 3 or 4, further comprising group price means for simultaneously adjusting by a predetermined increment the prices of all of the instruments presented by the multiple selection means.

6. The multiple order facility of claim 5 further comprising

group size means for simultaneously adjusting by a predetermined increment the sizes of all of the instruments presented by the multiple selection means.

7. In a computerized trading system for permitting a first trader to submit a plurality of orders for display and acceptance by other traders, an improved multiple order facility comprising:

(a) means for permitting the first trader to simultaneously generate a plurality of orders by;

(1) selecting a plurality of financial instruments from a displayed list of related financial instruments, each selected financial instrument being associated with a respective one of the orders;

(2) selecting a common quantity to be applied to each of the orders;

(3) selecting, for each respective order, a respective price at which the first trader is willing to buy or sell the financial instrument associated with that order; and

(4) sending each of the orders to a plurality of other traders using the computerized trading system; and

(b) means displaying the orders at the terminals of the other traders to whom the orders were sent, each displayed order showing;

(1) the price for the financial instrument associated with the order as selected by the first trader; and

(2) an available quantity of the financial instrument associated with the order, the available quantity initially being equal to the common quantity set by the first trader and being reduced whenever a deal is made on any of the plurality of orders.

8. The improved multiple order facility of claim 7, wherein the available quantity is reduced by an amount equal to the monetary value of any deal made on any of the plurality of orders.

9. The improved multiple order facility of claim 8, wherein a deal is made when all or part of one of the orders made by the first trader is accepted by one of the other traders.

10. The improved multiple order facility of claim 7, wherein the orders are bids and offers from market makers.

11. The improved multiple order facility of claim 10, wherein the first trader is presented with information concerning available market prices for the financial instruments selected.

12. The improved multiple order facility of claim 11, wherein the information concerning market prices is provided at least at the time that the first trader selects, for each respective order, the price at which the first trader is willing to buy or sell the financial instrument associated with that order.

13. The improved multiple order facility of claim 7, wherein the orders are buy and sell orders from market makers.

14. The improved multiple order facility of claim 13, wherein the first trader is presented with information concerning available market prices for the financial instruments selected.

15. The improved multiple order facility of claim 14, wherein the available market price information is presented at least at the time that the first trader selects, for each respective order, the price at which the first trader is willing to buy or sell the financial instrument associated with that order.

16. The improved multiple order facility of claim 14, wherein the available market price information is presented at least at the time that the first trader selects, for each respective order, the price at which the first trader is willing to buy or sell the financial instrument associated with that order.

17. The improved multiple order facility of claim 7, wherein the means for permitting allows the first trader to select the price for each respective order by manually varying a default price, the default price being set equal to an available market price for the financial instrument associated with that order.

19. The process of claim 11, wherein the available quantity is reduced by an amount equal to the monetary value of any deal made on any of the plurality of orders.

20. The process of claim 19, wherein a deal is made when all or part of one of the orders made by the first trader is accepted by one of the other traders.

18. A process for submitting a plurality of orders for display and acceptance by other traders, comprising:

(a) a first trader simultaneously generating a plurality of orders by;

(1) selecting a plurality of financial instruments from a displayed list of related financial instruments, each selected financial instrument being associated with a respective one of the orders;

(2) selecting a common quantity to be applied to each of the orders;

(3) selecting, for each respective order, a respective price at which the first trader is willing to buy or sell the financial instrument associated with that order; and

(4) sending each of the orders to a plurality of other traders using the computerized trading system; and

(b) displaying the orders at the terminals of the other traders to whom the orders were sent, each displayed order showing;

(1) the price for the financial instrument associated with the order as selected by the first trader; and

(2) an available quantity of the financial instrument associated with the order, the available quantity initially being equal to the common quantity set by the first trader and being reduced whenever a deal is made on any of the plurality of orders.

21. The improved multiple order facility of claim 18, wherein the orders are bids and offers from market makers.

22. The improved multiple order facility of claim 21, wherein the first trader is presented with information concerning available market prices for the financial instruments selected.

23. The improved multiple order facility of claim 22, wherein the information concerning market prices is provided at least at the time that the first trader selects, for each respective order, the price at which the first trader is willing to buy or sell the financial instrument associated with that order.

24. The improved multiple order facility of claim 18, wherein the orders are buy and sell orders from market makers.

25. The improved multiple order facility of claim 24, wherein the first trader is presented with information concerning available market prices for the financial instruments selected.

26. The improved multiple order facility of claim 18, wherein the first trader selects the price for each respective order by manually varying a default price, the default price being set equal to an available market price for the financial instrument associated with that order.