Time market grid interface

• US 7,574,388 B1
• Filed: 06/03/2005
• Issued: 08/11/2009
• Est. Priority Date: 06/03/2005
• Status: Expired due to Fees

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Peebler, Simeon C.
• Primary Examiner(s): Dass; Harish T
• Assistant Examiner(s): Fields; Benjamin S
• Application Number:
  US11/144,134
• Time in Patent Office: 1,530 Days
• Field of Search: None
• 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 40/03 Credit; Loans; Processing thereof
• 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 system and method are provided for trading a tradeable object. One example apparatus includes a microprocessor, a graphical user comprising a first screen region having a plurality of locations in the first screen region, each location corresponding to a price level along a first axis and a time along a second axis. The apparatus also comprises a user input device for sending a command to initiate placement of a timed trade order, and an indicator being dynamically displayed in one of the plurality locations of the first screen region and corresponding to the timed order. In one example embodiment, the indicator dynamically moves over time relative to the second axis indicating a time until the order will be automatically sent to a computerized matching process.

Claims

1. A trading apparatus for trading a tradeable object at an electronic exchange, comprising:

a microprocessor;

a graphical user interface coupled with the microprocessor comprising a first screen region having a plurality of locations, each location in the first screen region corresponding to one of a plurality of price levels along a price axis and corresponding to one of a plurality of times along a time axis;

a user input device for sending a command to initiate placement of a timed trade order to buy or sell the tradeable object at a future time, wherein the command is received through an action of a user input device with a cursor of the user input device positioned over a location of the plurality of locations in the first screen region, the timed trade order associated with a price parameter indicating a price corresponding to the location and further with a time parameter corresponding to a time remaining until the timed trade order is to be submitted to a matching engine at the electronic exchange, wherein the price parameter and the time parameter are associated with the location of the cursor at the time of the action; and

a first indicator being dynamically displayed in the location in the first screen region, the first indicator representing the timed trade order and the location of the first indicator corresponding to the price parameter and the time parameter, wherein the first indicator dynamically moves over time, relative to the time axis, to a new location as the time remaining until the timed trade order is submitted to the matching engine changes.

2. The trading apparatus of claim 1, wherein the price axis is perpendicular to the time axis.

3. The trading apparatus of claim 1, wherein the new location corresponds to a subsequent time compared to the time of the location.

4. The trading apparatus of claim 1, wherein the command to initiate placement of a timed trade order comprises selecting the location in the first screen region, wherein the selected location is based on the price parameter and the time parameter.

5. The trading apparatus of claim 1, wherein the user input device is further used for sending a change command to initiate a change in the price parameter, the time parameter, both the price parameter and the time parameter, or to cancel the timed trade order.

6. The trading apparatus of claim 5, wherein the change command to initiate the change comprises moving the first indicator to a desired location in the first screen region.

7. The trading apparatus of claim 1, further comprising:

an input interface for receiving electronic market data from a computerized matching process, the electronic market data associated with the tradeable object, wherein the market data is displayed in relation to the price axis.

8. The trading apparatus of claim 1, further comprising:

a second screen region of the graphical user interface having a plurality of locations, each location in the second screen region corresponding to a price level along the price axis;

the user input device for sending a command to initiate placement of an immediate execution order to buy or sell the tradeable object, the immediate execution order associated with a price parameter and being sent for execution to the matching engine at the electronic exchange upon receiving the command, wherein the command is received through an action of the user input device positioned over a location in the plurality of locations in the second screen region, wherein the price parameter of the immediate execution order is associated with the location of the cursor at the time of the action in the second screen region;

a second indicator being dynamically displayed in one of the plurality of locations in the second screen region, the second indicator representing the immediate execution order, and the location of the second indicator corresponding to the price parameter associated with the immediate execution order.

9. The trading apparatus of claim 8, wherein the second screen region comprises a market depth indicator in relation to the second indicator, and the location of the second indicator in relation to the market depth indicator shows an approximate location of the immediate execution order in an order queue at a computerized matching process.

10. The trading apparatus of claim 8, wherein the first indicator is moved from the first screen region to the second screen region upon detecting that a time remaining until execution associated with the timed trade order has been reached.

11. A method for trading a tradeable object at an electronic exchange, comprising:

displaying by a trading apparatus a first screen region of a graphical user interface having a plurality of locations, each location in the first screen region corresponding to one of a plurality of price levels along a price axis and further corresponding to one of a plurality of times along a time axis;

receiving by the trading apparatus a command to initiate placement of a timed trade order to buy or sell at a future time the tradeable object, wherein the command is received through an action of a user input device with a cursor of the user input device positioned over a location of the plurality of locations in the first screen region, the timed trade order associated with a price parameter indicating a price corresponding to the location and further with a time parameter corresponding to a time remaining until the timed trade order is to be submitted to a matching engine at the electronic exchange, wherein the price parameter and the time parameter are associated with the location of the cursor at the time of the action;

dynamically displaying by the trading apparatus a first indicator in the location in the first screen region, the first indicator representing the timed trade order, and the location of the first indicator corresponding to the price parameter and the time parameter;

dynamically updating by the trading apparatus the location of the first indicator relative to the time axis to a new location as the time remaining until the timed trade order is submitted to the matching engine changes; and

sending by the trading apparatus an order to the matching engine at the electronic exchange when the time remaining until the timed trade order is submitted to the matching engine reaches zero.

12. The method of claim 11, wherein the price axis is perpendicular to the time axis.

13. The method of claim 11, wherein the new location corresponds to a subsequent time compared to the time associated with the location.

14. The method of claim 11, wherein sending a command to initiate placement of a timed trade order comprises selecting the location in the first screen region, wherein the selected location is based on the price parameter and the time parameter.

15. The method of claim 11, further comprising:

sending a change command to initiate a change in the price parameter, the time parameter, or both the price parameter and the time parameter associated with the timed trade order, wherein the change command comprises moving the first indicator to a desired location in the first screen region.

16. The method of claim 11, further comprising:

receiving electronic market data from a computerized matching process, the electronic market data associated with the tradeable object; and

displaying market data in relation to the price axis.

17. The method of claim 11, further comprising:

displaying a second screen region of the graphical user interface having a plurality of locations, each location in the second screen region corresponding to one of a plurality of price levels along the price axis;

sending a command to initiate placement of an immediate execution order to buy or sell the tradeable object, the immediate execution order associated with a price parameter and being sent for execution to the matching engine at the electronic exchange upon receiving the command, wherein the command is received through an action of the user input device positioned over a location in the plurality of locations in the second screen region, wherein the price parameter of the immediate execution order is associated with the location of the cursor at the time of the action in the second screen region; and

dynamically displaying a second indicator in one of the plurality of locations in the second screen region, the second indicator representing the immediate execution order, and the location of the second indicator corresponding to the price parameter associated with the immediate execution order.

18. The method of claim 17, wherein sending the command comprises selecting the location in the second screen region, the selected location corresponding to the price parameter associated with the immediate execution order.

19. The method of claim 17, further comprising:

moving the first indicator from the first screen region to the second screen region upon detecting that a time remaining until execution associated with the timed trade order has been reached.

20. A computer readable medium containing program instructions for causing a microprocessor to execute a method for use by a trader in an electronic trading system that includes at least one computer terminal connected over a network to at least one electronic exchange, comprising:

displaying a first screen region of a graphical user interface having a plurality of locations, each location in the first screen region corresponding to one of a plurality of price levels along a price axis and further corresponding to one of a plurality of times along a time axis;

displaying a second screen region of the graphical user interface having a plurality of locations, each location in the second screen region corresponding to one of the plurality of price levels along the price axis;

sending a command to initiate placement of a timed trade order to buy or sell at a future time a tradeable object, wherein the command is received through an action of a user input device with a cursor of the user input device positioned over a location of the plurality of locations in the first screen region, the timed trade order associated with a price parameter indicating a price corresponding to the location and further with a time parameter corresponding to a time remaining until the timed trade order is to be submitted to a matching engine at the electronic exchange, wherein the price parameter and the time parameter are associated with the location of the cursor at the time of the action;

dynamically displaying a first indicator in the location in the first screen region, the first indicator representing the timed trade order, and the location of the first indicator corresponding to the price parameter and the time parameter;

dynamically updating the location of the first indicator relative to the time axis to a new location as the time remaining until the timed trade order is submitted to the matching engine changes;

sending a command to initiate placement of an immediate execution order to buy or sell the tradeable object, the immediate execution order associated with a price parameter and being sent for execution to the matching engine at the electronic exchange upon receiving the command, wherein the command is received through an action of the user input device positioned over a location in the plurality of locations in the second screen region, wherein the price parameter of the immediate execution order is associated with the location of the cursor at the time of the action in the second screen region; and

dynamically displaying a second indicator in one of the plurality of locations in the second screen region, the second indicator representing the immediate execution order, and the location of the second indicator corresponding to the price parameter associated with the immediate execution order.