System and method for trading and displaying market information in an electronic trading environment

• US 7,228,289 B2
• Filed: 02/28/2003
• Issued: 06/05/2007
• Est. Priority Date: 03/02/2000
• Status: Expired due to Term

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Borsand, Steven F., Triplett, Mark W., Brumfield, Harris C.
• Primary Examiner(s): WEISBERGER, RICHARD C
• Application Number:
  US10/376,417
• Publication Number:
  US 20040117292A1
• Time in Patent Office: 1,558 Days
• Field of Search: 705 35- 40, 345/440.2
• US Class Current: 705/35
• 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

Abstract

A system and method for trading and displaying market information along a static axis are described to ensure fast and accurate execution of trades. The static axis, whether is a straight axis or a curved one, can be oriented in any direction. Regardless of how the axis is oriented, a first region may display price levels that are arranged along the static axis. A second region, which overlaps the first region, may display one or more indicators for highlighting one of the price levels associated with the lowest offer and one of the price levels associated with the highest bid. Moreover, a third region, which overlaps the first region, may be included for initiating placement of an order to buy or an order to sell the tradeable object through an action of a user input device. Other overlapping regions may also be displayed so that additional market information may be viewed by a trader.

Claims

1. A trading display and order placement apparatus comprising:

a microprocessor;

a graphical user interface coupled to the microprocessor comprising three or more screen regions;

a first screen region comprising a plurality of locations, each location corresponding to one of a plurality of static price levels along an axis;

a second screen region, that substantially overlaps the first screen region, for displaying an indicator representing the market depth, the indicator being associated with a price level and the indicator being placed in one of the plurality of locations corresponding to the price level, wherein the location of the indicator changes when the price level associated with the indicator changes; and

a third screen region, that substantially overlaps the first screen region, for sending placement of an order to buy or an order to sell the tradeable object through an action of a user input device with a cursor of the user input device positioned over one of the plurality of static price levels, wherein at least one order parameter is associated with the position of the cursor at the time of the action.

2. The trading display and order placement apparatus of claim 1 wherein the indicator comprises a number that represents a bid or ask quantity associated with one of the plurality of static price levels.

3. The trading display and order placement apparatus of claim 1 wherein the indicator graphically represents a bid or ask quantity associated with one of the plurality of static price levels.

4. The trading display and order placement apparatus of claim 1 wherein the indicator represents a trader'"'"'s working orders associated with at least one of the plurality of static price levels.

5. The trading display and order placement apparatus of claim 1 wherein the indicator represents a last traded quantity (LTQ) associated with at least one of the plurality of static price levels.

6. The trading display and order placement apparatus of claim 1 further comprising:

a fourth screen region for initiating placement of a command through an action of the user input device with a cursor of the user input device positioned over the fourth screen region, wherein at the time of the command, the plurality of static price levels are repositioned so that a lowest offer and a highest bid for the tradeable object are centered for display in the first screen region.

7. The trading display and order placement apparatus of claim 1 further comprising:

a fourth screen region for initiating placement of a command through an action of the user input device with a cursor of the user input device positioned over the fourth screen region, wherein at the time of the command, the plurality of static price levels are repositioned so that at least one price level of interest is positioned for display in the first screen region.

8. The trading display and order placement apparatus of claim 1 wherein the axis comprises a straight axis.

9. The trading display and order placement apparatus of claim 1 wherein the axis comprises a curvilinear axis.

10. The trading display and order placement apparatus of claim 1 comprising a workstation, a personal computer, a laptop computer, or a hand-held device.

11. The trading display and order placement apparatus of claim 1 wherein the order placement apparatus is connected with an exchange through a gateway.

12. The trading display and order placement apparatus of claim 11 wherein the exchange utilizes a first in, first out (FIFO) matching algorithm.

13. The trading display and order placement apparatus of claim 11 wherein the exchange utilizes an allocation matching algorithm.

14. The trading display and order placement apparatus of claim 11 wherein the gateway receives market updates from the exchange and forwards them to the trading display and order placement apparatus where the graphical user interface updates the first screen region and the second screen region to reflect changes based on the market updates.

15. The trading display and order placement apparatus of claim 1 further comprising an arrow icon that when selected causes price levels which were not previously in view in the first screen region to now be in view.

16. The trading display and order placement apparatus of claim 1 wherein the second screen region displays a second set of indicators for highlighting one of the plurality of static price levels associated with a second lowest offer and for highlighting one of the plurality of static price levels associated with a second highest bid, where the second set of indicators corresponds to a second market.

28. The trading display and order placement apparatus of claim 1 wherein the plurality of static price levels remain static such that the plurality of static price levels do not normally change locations unless a user initiated command is received.

29. The trading display and order placement apparatus of claim 1 wherein the plurality of static price levels remain static such that the indicator moves relative to the axis when the price level associated with the indicator changes.

17. A method for trading and displaying market information of a tradeable object comprising the steps of:

displaying a first screen region of a graphical user interface coupled to a microprocessor comprising a plurality of locations, each location corresponding to one of a plurality of static price levels along an axis;

displaying in a second screen region of the graphical user interface that substantially overlaps the first screen region an indicator representing a parameter associated with a tradeable object, the indicator being associated with a price level and the indicator being placed in one of the plurality of locations corresponding to the price level, wherein the location of the indicator changes when the price level associated with the indicator chances; and

displaying a third screen region of the graphical user interface that substantially overlaps the first screen region for initiating placement of an order to buy or an order to sell the tradeable object through an action of a user input device with a cursor of the user input device positioned over one of the plurality of static price levels, wherein at least one order parameter is associated with the position of the cursor at the time of the action.

18. The method of claim 17 further comprising:

receiving a command through an action of the user input device with a cursor of the user input device positioned over a fourth screen region, wherein at the time of the command, the plurality of static price levels are repositioned so that a lowest offer and a highest bid for the tradeable object are centered for display in the first region.

19. The method of claim 17 further comprising:

receiving a command through an action of the user input device with a cursor of the user input device positioned over a fourth screen region, wherein at the time of the command, the plurality of static price levels are repositioned so that at least one price level of interest is positioned for display in the first screen region.

20. The method of claim 17 wherein the indicator comprises a number that represents a bid or ask quantity associated with one of the plurality of static price levels.

21. The method of claim 17 wherein the indicator comprises a graphical indication that graphically represents a bid or ask quantity associated with one of the plurality of static price levels.

22. The method of claim 17 wherein the indicator represents a trader'"'"'s working order associated with at least one of the plurality of static price levels.

23. The method of claim 17 wherein the indicator represents a last traded quantity (LTQ) associated with at least one of the plurality of static price levels.

24. The method of claim 17 wherein the axis comprises a straight axis.

25. The method of claim 17 wherein the axis comprises a curvilinear axis.

26. The method of claim 17 wherein the plurality of static price levels remain static such that the plurality of static price levels do not normally change locations unless a user initiated command is received.

27. The method of claim 17 wherein the plurality of static price levels remain static such that the indicator moves relative to the axis when the price level associated with the indicator changes.