Method for displaying information for use in electronic trading of financial instruments

• US 7,702,571 B2
• Filed: 08/19/2008
• Issued: 04/20/2010
• Est. Priority Date: 08/10/2005
• Status: Active Grant

• Current Assignee: Chicago Mercantile Exchange, Inc. (CME Group Incorporated)
• Original Assignee: TradeHelm Incorporated
• Inventors: Janowski, Braden Shayne, Ginzburg, Grigoriy
• Primary Examiner(s): CAMPEN, KELLY SCAGGS
• Application Number:
  US12/194,063
• Publication Number:
  US 20080313098A1
• Time in Patent Office: 609 Days
• Field of Search: 705/14, 705/35, 705/36.R, 705/37, 705/39
• US Class Current: 705/37
• 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

Financial instruments may be electronically traded according to any of three modes, including single instrument mode, correlated mode, and aggregated mode. One of more market depth representations showing current market price levels, Bids and Asks of the financial instrument(s) to be traded are displayed on a GUI window. The user mouses parallel to the market depth representation to a price level at which the user wishes to initiate a trade, and the moused-over price level is selected and highlighted for all correlated market depth representations displayed on the GUI. All trade order parameters are pre-constructed either prior to selecting or upon selecting of a price level. The user then clicks a mouse button or initiates some other action of a user input device to place an order.

Claims

1. A method implemented by a computer system for displaying information for use in placing a trade order bundle having trade order parameters for one or more financial instruments to be traded on one or more electronic exchanges, the method comprising:

displaying on a graphical user interface screen of the computer system a first real time market depth representation of one or more tradable financial instruments, said first real time market depth representation having multiple price levels representing market prices for the one or more financial instruments represented by the first market depth representation;

displaying on the graphical user interface screen a second real time market depth representation of one or more tradable financial instruments, said second real time market depth representation having multiple price levels representing market prices for the one or more financial instruments represented by the second market depth representation;

defining by the computer system a correlation between price levels of the first and second real time market depth representations;

selecting through action of a user input device of the computer system a market price level of the first market depth representation; and

displaying on the graphical user interface screen an indicator of one or more correlated price levels on the second real time market depth representation.

2. The method of claim 1, wherein said correlated price levels are displayed based in part on a correlation algorithm.

3. The method of claim 1, further comprising sending the trade order bundle to said one or more electronic exchanges through further action of a user input device.

4. The method of claim 3, wherein said user input device includes a computer mouse with one or more mouse buttons, and said further action of the user input device includes clicking a mouse button.

5. The method of claim 3, wherein said user input device includes a computer mouse with one or more mouse buttons, and said further action of the user input device includes double-clicking a mouse button.

6. The method of claim 3, wherein said user input device includes a computer keyboard with keys, and said further action of the user input device includes striking a key on the computer keyboard.

7. The method of claim 3, wherein said step of sending further comprises:

sending a buy order bundle by activating a first active element of the user input device; and

sending a sell order bundle by activating a second active element of the user input device.

8. The method of claim 7 wherein said first active element includes the left button of a computer mouse and said second active element includes the right button of the computer mouse.

9. The method of claim 3, wherein one or more trade order parameters are pre-set according to a best execution algorithm prior to said further action of the user input device.

10. The method of claim 3, wherein all parameters of the trade order bundle are pre-set prior to said further action of the user input device.

11. The method of claim 3, wherein all parameters of the trade order bundle are pre-set prior to selection of the market price level.

12. The method of claim 3, wherein all parameters of the trade order are pre-constructed upon selection of the market price level.

13. The method of claim 1, wherein a market price level of the first market depth representation displayed on the graphical user interface screen is positively correlated to the second market depth representation.

14. The method of claim 1, wherein a market price level of the first market depth representation displayed on the graphical user interface screen is negatively correlated to the second market depth representation.

15. The method of claim 1, wherein a market price level of the first market depth representation displayed on the graphical user interface screen is linearly correlated to the second market depth representation.

16. The method of claim 1, wherein a market price level of the first market depth representation displayed on the graphical user interface screen is non-linearly correlated to the second market depth representation.

17. The method of claim 1, wherein said tradable financial instruments include stocks.

18. The method of claim 1, wherein said tradable financial instruments include commodities.

19. The method of claim 1, wherein each of said real time market depth representations comprises a price axis having a plurality of market prices for a financial instrument, a bid area having a plurality of displayed bid quantities each of which is associated with a market price level, and an ask area having a plurality of displayed ask quantities each of which is associated with a market price level.

20. The method of claim 19, wherein each of said market depth representations includes a static price interval that separates the display of quantities associated with the market price levels, wherein the static price interval may be defined by the user.

21. The method of claim 20, wherein bid quantities for one or more instruments having values that fall between the static market price levels are rounded down to the closest market price level.

22. The method of claim 20, wherein ask quantities for one or more instruments having values that fall between the static market price levels are rounded down to the closest market price level.

23. The method of claim 1, wherein said selecting step includes positioning an on-screen pointer of the user input device at said market price level.

24. The method of claim 23, wherein movement of the on-screen pointer along the market depth display changes the selected market price level.

25. The method of claim 1, wherein said indicator is displayed by changing the font color at the selected price level.

26. The method of claim 1, wherein said indicator is displayed by placing an icon adjacent the selected price level.

27. The method of claim 1, wherein said indicator is displayed by highlighting an area adjacent the selected price level.

28. A method implemented by a computer system for displaying information for use in placing a trade order bundle having trade order parameters for one or more financial instruments to be traded on one or more electronic exchanges, the method comprising:

displaying on a graphical user interface screen of the computer system a first real time market depth representation of one or more tradable financial instruments, said first real time market depth representation having multiple price levels representing market prices for the one or more financial instruments represented by the first market depth representation;

displaying on the graphical user interface screen a second real time market depth representation of one or more tradable financial instruments, said second real time market depth representation having multiple price levels representing market prices for the one or more financial instruments represented by the second market depth representation;

defining by the computer system a correlation between price levels of the first and second real time market depth representations;

selecting through action of a user input device of the computer system a market price level of the first market depth representation;

displaying on the graphical user interface screen an indicator of one or more correlated price levels on the second real time market depth representation; and

sending the trade order bundle to said one or more electronic exchanges through further action of a user input device.

29. A method implemented by a computer system for displaying information for use in placing a trade order bundle having trade order parameters for one or more financial instruments to be traded on one or more electronic exchanges, the method comprising:

displaying on a graphical user interface screen of the computer system a first real time market depth representation of one or more tradable financial instruments, said first real time market depth representation having multiple price levels representing market prices for the one or more financial instruments represented by the first market depth representation;

displaying on the graphical user interface screen a second real time market depth representation of one or more tradable financial instruments, said second real time market depth representation having multiple price levels representing market prices for the one or more financial instruments represented by the second market depth representation;

defining by the computer system a correlation between price levels of the first and second real time market depth representations;

positioning an on-screen pointer of a user input device of the computer system at a market price level of the first market depth representation; and

displaying on the graphical user interface screen an indicator of one or more correlated price levels on the second real time market depth representation.