Click based trading with intuitive grid display of market depth and price consolidation

• US 7,127,424 B2
• Filed: 10/05/2001
• Issued: 10/24/2006
• Est. Priority Date: 03/02/2000
• Status: Expired due to Term

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Brumfield, Harris, Kemp, Gary Allan II
• Primary Examiner(s): WEISBERGER, RICHARD C
• Application Number:
  US09/971,087
• Publication Number:
  US 20020099644A1
• Time in Patent Office: 1,845 Days
• Field of Search: 705/35, 705/36, 705/37
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0275 Auctions
• 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 method and system for reducing the time it takes for a trader to place a trade when electronically trading on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. The “Mercury” display and trading method of the present invention ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuate. This allows the trader to trade quickly and efficiently. The price consolidation feature of the present invention, as described herein, enables a trader to consolidate a number of prices in order to condense the display. Such action allows a trader to view a greater range of prices and a greater number of orders in the market at any given time. By consolidating prices, and therefore orders, a trader reduces the risk of a favorable order scrolling from the screen prior to filling a bid or ask on that order at a favorable price.

Claims

1. A method for displaying market information relating to a commodity being traded in a market with a highest bid price and a lowest ask price on a graphical user interface, the method comprising:

dynamically displaying a plurality of bid indicators in a bid display region in association with price levels arranged along a common static axis of prices, each bid indicator representing quantity associated with a price level;

dynamically displaying a plurality of ask indicators in an ask display region in association with the price levels arranged along the common static price axis, each ask indicator representing quantity associated with a price level;

consolidating the price levels of the common static price axis such that a plurality of price levels are combined into a consolidated price level;

consolidating the display of the plurality of bid and ask indicators into a plurality of consolidated bid and ask indicators so that each consolidated bid and ask indicator represents quantity associated with a plurality of price levels within a consolidated price level.

2. The method of claim 1 wherein the bid and ask display regions comprise columns.

3. The method of claim 1 wherein the bid and ask is play regions are oriented vertically.

4. The method of claim 1 wherein the bid and ask display regions are oriented horizontally.

5. The method of claim 1 wherein the number of prices that are consolidated is adjustable.

6. The method of claim 1 further comprising the step of displaying at least a portion of the common static axis of consolidated prices in a price display region.

7. The method of claim 1 further comprising the steps of:

displaying a bid order entry region comprising a plurality of locations for receiving commands to send buy orders; and

displaying an ask order entry region comprising a plurality of locations for receiving commands to send sell orders.

8. The method of claim 7 wherein the bid order entry region comprises the bid display region and the ask order entry region comprises the ask display region.

9. The method of claim 7 wherein the bid and ask order entry regions are displayed in association with the common static axis of consolidated prices such that each of the plurality of locations for receiving commands is associated with a consolidated price level on the common static price axis.

10. The method of claim 1 wherein a bid indicator comprises a blank region in the bid display region.

11. The method of claim 1 wherein an ask indicator comprises a blank region in the ask display region.

12. A computer readable medium having program code recorded thereon for execution on a computer for displaying market information relating to a commodity being traded in a market with a highest bid price and a lowest ask price on a graphical user interface, the program code causing a machine to perform the following method steps:

dynamically displaying a plurality of bid indicators in a bid display region in association with price levels arranged along a common static axis of prices, each bid indicator representing quantity associated with a price level;

dynamically displaying a plurality of ask indicators in an ask display region in association with the price levels arranged along the common static price axis, each ask indicator representing quantity associated with a price level;

consolidating the price levels of the common static price axis such that a plurality of price levels are combined into a consolidated price level; and

consolidating the display of the plurality of bid and ask indicators into a plurality of consolidated bid and ask indicators so that each consolidated bid and ask indicator represents quantity associated with a plurality of price levels within a consolidated price level.