Montage for automated market system

• US 7,181,424 B1
• Filed: 09/23/1999
• Issued: 02/20/2007
• Est. Priority Date: 09/23/1999
• Status: Expired due to Term

• Current Assignee: Nasdaq, Inc.
• Original Assignee: Nasdaq Stock Market LLC (Nasdaq, Inc.)
• Inventors: Dizenhaus, Patti, Martyn, Peter, Peter, Debra, Malitzis, John, Ketchum, Richard G., Serkin, Stuart, Brown, Doug
• Primary Examiner(s): Sough; Hyung Sub
• Assistant Examiner(s): Subramanian; Narayanswamy
• Application Number:
  US09/401,872
• Time in Patent Office: 2,707 Days
• Field of Search: 705 35- 37, 705/26, 707 1- 10, 707/500, 707/505, 707/506, 707/507, 707/26
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0627 using item specifications
• CPC Class Codes: G06Q 30/0641 Shopping interfaces
• 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

An electronic market for trading of securities includes a plurality of client stations for entering quotes for securities and a server process that receives quotes from the clients, aggregates the quotes and causes a total of all aggregated quotes to be displayed for a plurality of price levels on the client systems. The market uses a graphical user that depicts aggregated quotes in an aggregate window a plurality of price levels of a product traded in the market. The market also includes processes to handle lock/cross market conditions, match-off of order flow and provides a central quote/order collector that interfaces to disparate order delivery systems to minimize dual liability of market makers.

Claims

1. An electronic market system for trading of securities comprises:

a plurality of client stations for entering quotes for securities; and

a server computer that receives quotes from the client stations, aggregates the quotes and causes a total of all aggregated quotes to be displayed for each of a plurality of price levels on the client systems and causes a current quote window to be displayed on the client systems in proximity to the aggregated quotes.

2. The system of claim 1 wherein the aggregated quotes at the plurality of price levels are rendered in an aggregate window of a graphical user interface displayed on the client systems.

3. The system of claim 1 wherein the plurality of price levels are dynamically changeable depending on market conditions.

4. The system of claim 1 wherein the aggregate window displays aggregate interest for both sides of a market.

5. The system of claim 1 wherein the server updates the aggregate window.

6. The system of claim 1 wherein the server produces a special quote for display in the current quote window the special quote comprising an identifier and a size that represents the aggregate size of all non-attributable quotes/orders at the best bid/best offer displayed in the current quote montage.

7. The system of claim 6 wherein the identifier is displayed for both sides of the market.

8. The system of claim 1 wherein three price levels of aggregated quotes are displayed, with one being the price levels corresponding to the inside quote and the others being the next best price levels in the system for each side of the market.

9. The system of claim 1 wherein the quotes are attributable quotes to a market participant or non-attributable quotes to a market participant, that entered the quote.

10. The system of claim 1 wherein the server that receives quotes receives both attributable and non-attributable quotes.

11. The system of claim 1 wherein the current quote window includes a list of attributable quotes in a current quote montage.

12. The system of claim 1 wherein prices in each of plurality of price levels dynamically changes depending on market conditions.

13. The system of claim 1 wherein the aggregated quotes are displayed in an aggregate window for both sides of the market.

14. The system of claim 1 wherein the price levels are price levels of a financial security traded in the market.

15. The system of claim 1 wherein the current quote window includes attributable quotes of participants in the system and a size indicator quote that represents a total non attributable aggregate quote size at a current market level.

16. A graphical user interface for an electronic market for trading products comprises:

an aggregate window, having a first plurality of indicators, each indicator displaying a total of aggregated interest of market participants each indicator being for one of a plurality of price levels of a product traded in the market; and

a current quote window disposed adjacent the aggregate window; and

with the indicators being controls that when selected by a user allows the user to enter orders to execute against interest represented by the indicator.

17. The graphical user interface of claim 16 wherein said current quote window displays quotes that are negotiable quotes of participants in the system.

18. The graphical user interface of claim 16 wherein said current quote window displays quotes that are attributable quotes of participates in the system and further comprises a special quote that represents total aggregate of non-attributable quotes at a current market level included in an indicator in the aggregation window.

19. The graphical user interface of claim 16 wherein three price levels of aggregated interest are displayed, with one being the price levels corresponding to the inside quote and the others being the next best price levels in the system for each side of the market.

20. The graphical user interface of claim 19 wherein the price levels are dynamically changeable depending on market conditions.

21. The graphical user interface of claim 16 wherein the graphical user interface displays totals of attributable and non-attributable quotes.

22. The graphical user interface of claim 21 wherein the current quote window includes a list of attributable quotes in the current quote window.

23. The graphical user interface of claim 21 wherein the prices of the plurality of price levels in the controls dynamically change depending on market conditions.

24. The graphical user interface of claim 21 wherein the price levels are price levels of a financial security traded in the market.

25. The graphical user interface of claim 21 wherein the current quote window displays a special quote that represents total aggregate quotes at a current market level displayed in the aggregate window.

26. A method of operating an electronic market for trading products comprises:

receiving, from client systems attributable and non attributable quotes for a product;

aggregating the non-attributable quotes in the product to provide a total of all non-attributable interest at a plurality of price levels; and

sending from the electronic market data to render a user interface on displays of the client systems, the user interface displaying totals of all interest for a plurality of price levels on the client systems.

27. The method of claim 26 wherein sending further comprises:

sending data to display a current quote window on the client systems in proximity to the totals of all interest, the current quote window displaying attributable quotes for the product.

28. The method of claim 27 further comprising:

producing a special quote that represents the total of non-attributable quotes at the inside price for each side of a market in the product and wherein sending further comprises;

sending data to display the special quote in the user interface.

29. The method of claim 27 wherein displaying further comprises:

producing a current quote window disposed adjacent the aggregate window.

30. The method of claim 27 wherein displaying further comprises:

producing a current quote window disposed adjacent the aggregate window and wherein said current quote window displays negotiable quotes of participants in the system.

31. The method of claim 27 wherein the receiving further comprises:

receiving attributable and non attributable orders and quotes for the product;

aggregating further comprises;

aggregating the non-attributable orders and quotes in the product to provide the total of all non-attributable interest at the plurality of price levels.

32. The method of claim 26 wherein sending sends data to display three price levels with one being the price levels corresponding to an inside quote and the others being the next best price levels in the system for each side of the market.

33. The method of claim 26 wherein the price levels are dynamically changeable depending on market conditions.

34. A computer program product residing on a computer readable medium for use in trading a financial product, the computer program product comprising instructions for causing a computer to:

receive non-attributable interest in the form of quotes and/or orders for a financial product traded in an electronic system;

aggregate non-attributable interest in the financial product to provide a total of all non-attributable interest at a plurality of price levels; and

configure the data corresponding to the total of the non attributable interest at the plurality of price levels to render the totals to an output device.