Interactive grid-based graphical trading system for real time security trading

• US 7,797,226 B2
• Filed: 02/22/2008
• Issued: 09/14/2010
• Est. Priority Date: 07/03/2001
• Status: Expired due to Fees

• Current Assignee: Pranil Ram
• Original Assignee: Pranil Ram
• Inventors: Almodovar, Crispin M., Ram, Pranil
• Primary Examiner(s): Poinvil; Frantzy
• Assistant Examiner(s): GRAHAM, CLEMENT B
• Application Number:
  US12/035,670
• Publication Number:
  US 20080140559A1
• Time in Patent Office: 935 Days
• Field of Search: 705 35- 38
• US Class Current: 705/37
• CPC Class Codes: G06F 3/0482 Interaction with lists of selectable items, e.g. menus
• CPC Class Codes: G06F 3/0486 Drag-and-drop
• CPC Class Codes: G06F 40/18 of spreadsheets form-filling G06F40/174
• 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

An interactive grid-based graphical trading system for use in securities trading provides a dynamic, visual display of trading data consisting of orders, quotes and indices, for any security and for any number of market participants. The trading data are plotted on a grid consisting of cells arranged in rows and columns, which are associated with specific parameters. Distinct visual presentation styles are used, and differences in the price parameter are represented spatially. The values of the price and other parameters associated with the same orders and quotes are mapped against the values associated with the rows and columns of the grid. A trader may place or modify trading orders by interacting with the trading data displayed on the grid, and with specific GUI objects displayed on the same grid. Trading instructions are generated and transmitted to a market participant, in a manner transparent to the trader.

Claims

1. An interactive grid-based graphical trading system for use by any trader who engages in trading securities through established security trading markets, in essentially real time, where the system comprises a grid-based graphical interface for use by any trader, said graphical interface being adapted to establish a connection with any backend system used by any market participant through suitable communication channels;

wherein said interactive grid-based graphical trading system is available through a computer at each participating trader'"'"'s site;

wherein said interactive grid-based graphical trading system for use by any trader is adapted to receive and display market trading data received from a plurality of market participants, in essentially real time; and

wherein any trader may select any particular securities for which data are electively required, at any instant in time;

wherein said interactive grid-based graphical trading system includes first process means that function to send transaction instructions through said communication channels to the backend system used by any market participant, and to receive messages from said backend system through said communication channels; and

wherein said grid-based graphical interface includes second process means that function to receive, process, and display said market trading data, and said messages, to any trader;

wherein said market trading data includes information chosen from the group of market trading data consisting of;

order data as to buy, sell, or other trading orders existing at that instant in time for any selected security or group of securities, quote data as to bid and ask prices, volume, market participant identifiers, and other parameters, existing at that instant in time for any selected security or group of securities;

wherein said market trading data is transmitted to each said grid-based graphical interface at the site of any participating trader from said backend system of any market participant in computer-readable electronic format;

wherein said interactive grid-based graphical trading system includes third process means that function to transform said market trading data received from any back end system, at any instant in time, into a graphical representation for display on any display device, wherein said graphical representation includes at least one grid having a plurality of cells arranged in an array of at least one row or at least one column;

wherein a row is an arrangement of horizontally adjacent cells with at least one common property, and a column is an arrangement of vertically adjacent cells with at least one common property, and wherein each cell within the said plurality of cells belongs to one row and one column;

wherein said plurality of cells is arranged in a matrix chosen from the group consisting of a plurality of rows and at least one column, and in a plurality of columns and at least one row, and wherein said plurality of rows or said plurality of columns are associated with an axis representing price;

wherein any cell is associated with said market trading data, and contains a graphical representation of said market trading data, and is associated with a specific price or range of prices;

wherein each cell along said price axis indicates a price or price range for which said market trading data exists, and the other of said at least one column or said a least one row is indicative of a specific criterion chosen from a plurality of selected criteria within which said market trading data is categorized as to price or a range of prices; and

wherein any trader can place, or modify, an order for a selected security or group of securities, over which that trader has discretion, by interacting with said grid-based graphical interface;

wherein said interaction can be accomplished by a drag and drop operation; and

wherein said order or said quote is represented graphically in a cell.

2. The interactive grid-based graphical trading system of claim 1, wherein said communication channels are network-based, so that at any instant in time a connection between any trader and a backend system of any market participant may be persistent or intermittent.

3. The interactive grid-based graphical trading system of claim 2, wherein said network is the Internet.

4. The interactive grid-based graphical trading system of claim 1, wherein any cell in said plurality of cells is assigned specific visual or graphical attributes or properties chosen from the group of graphical or visual attributes or properties consisting of:

color, border, label indicator, graphic overlay, text overlay, and combinations thereof; and

wherein the specific attribute or property assigned to any cell is a function of the specific market trading data associated therewith.

5. The interactive grid-based graphical trading system of claim 1, wherein any trader can modify the parameters of any order, over which that trader has discretion, for a selected security or group of securities being displayed on the grid-based graphical interface, at any instant in time, by selecting a relevant order cell using a pointing device interactive with said grid-based graphical interface, and dragging and dropping said selected relevant order cell to a destination cell;

wherein said dragging and dropping of said selected relevant order cell causes said grid-based graphical interface to activate said first process means to send transaction instructions comprising an amendment of previous specific trading parameters associated with the relevant selected order; and

wherein said second process means electively affects an alteration of the specific visual or graphical properties assigned to both said relevant order cell and said destination cell.

6. The interactive grid-based graphical trading system of claim 1, wherein said axis associated with price is presented as a specific price range above and a specific price range below the last traded price of a selected security or groups of securities at any instant in time, and wherein said last traded price is present on said price axis.

7. The interactive grid-based graphical trading system of claim 1, wherein said communication channels include middleware used by any market participant.

8. The interactive grid-based graphical trading system of claim 6, wherein the price difference between two adjacent cells along said price axis is the minimum price variance (MPV), or a multiple of the minimum price variance, for any selected security or groups of securities being displayed at any instant in time.

9. The interactive grid-based graphical trading system of claim 1, wherein said market trading data representing specific order data and quote data for a selected security or group of securities, is presented in a matrix comprising a plurality of rows and a plurality of columns of cells, wherein each row of cells or each column of cells is associated with a specific price or range of specific prices for any given security or group of securities, and wherein said market trading data being displayed in any cell of said row of cells or said column of cells includes a plurality of specific components related to selected market parameters associated with said data.

10. The interactive grid-based graphical trading system of claim 9, wherein specific order data and specific quote data are linked and associated to a respective one of a set of GUI objects in said grid-based graphical interface at each said trader'"'"'s location.

11. The interactive grid-based graphical trading system of claim 7, wherein said middleware functions to translate data and instructions sent over any communication channel into a format that is understood by said grid-based graphical interface at any trader'"'"'s location, or a respective backend system at any market participant'"'"'s location.

12. The interactive grid-based graphical trading system of claim 11, wherein said middleware has components therein to translate any trading order instruction issued thereto from a trader, or to translate messages from a market participant.

13. The interactive grid-based graphical trading system of claim 1, wherein said grid-based graphical interface for any trader has a data storage.

14. The interactive grid-based graphical trading system of claim 7, wherein said middleware has an associated data storage relevant to said system.

15. The interactive grid-based graphical trading system of claim 1, wherein a selected security for which said trading data is displayed at any instant in time may be changed to another selected security by any trader, at any instant in time.

16. The interactive grid-based graphical trading system of claim 1, wherein the trading data for any selected security being displayed at any instant in time by any trader is constantly updated having regard to new trading data being received by the grid-based graphical interface for that selected security.

17. The interactive grid-based graphical trading system of claim 1, wherein any backend system will perform at least the following tasks:

account management for each trading account, processing trading orders for each valid transaction which a trader issues;

order execution, whereby each valid transaction issued by any trader is executed;

data dissemination, whereby market trading data concerning any security is delivered to any trader'"'"'s grid-based graphical interface; and

backend system management for monitoring and maintaining security and operation of the backend system.

18. The interactive grid-based graphical trading system of claim 1, wherein each market participant is chosen from the group consisting of stock brokerages, electronic communication networks (ECN'"'"'s), stock exchanges, commodity exchanges, futures exchanges, bourses, and auction houses.

19. The interactive grid-based graphical trading system of claim 1, wherein each selected security for which market trading data is displayed is chosen from the group consisting of shares of stock, commodities, futures, options, bonds, warrants, exchange traded funds (ETFs), share or index based options, futures contracts, options on futures contracts, and items that are bought or sold by auction.

20. The interactive grid-based graphical trading system of claim 1, wherein data communications over said communications channels are in keeping with selected protocols which are established to standardize data interchange between the grid-based graphical interface communicating over any said communications channels, with any backend systems;

wherein said data communications may electively use secure data encryption modes.