Securities trading system with multiple levels of interest
First Claim
1. An electronic trading system comprising at least one computing device, a memory thereof having stored therein a securities trading program for trading individual lots of a security, the trading program operable when executed to cause the system to:
- receive a plurality of bids and offers for a security;
cause an interface screen to be displayed at a user computer station, the interface screen comprising;
a) a listing of multiple priced bids for the security, the bid listing comprising at least one bid having a best bid price and at least one off-best bid having a price lower than the best bid price; and
b) a listing of multiple priced offers for the security, the offer listing comprising at least one offer having a best offer price and at least one off-best offer having a price higher than the best offer price;
the bid and offer listings are to be displayed in an active form to enable the user to select a displayed bid and/or displayed offer at a price off the price of the best displayed bid and/or best displayed offer;
receive from the user a selection of at least one off-best bid or off-best offer, and instructions to execute the selected off-best bid or off-best offer; and
execute the selected off-best bid or off-best offer at, respectively, a price worse than the best displayed bid or best displayed offer.
3 Assignments
0 Petitions
Accused Products
Abstract
Disclosed is a securities trading program for trading individual lots of a security which can be run at a security trader'"'"'s computer station. The program generates a trading screen comprising a listing of multiple bids for the security, each bid having a price, as well as a listing of multiple priced offers for the security. The bid and offer listings are active, enabling the trader to hit any one of the displayed bids or take any one of the displayed offers, for example by selecting and clicking on a displayed bid or offer. In one embodiment, the bids and offers are arranged in side-by-side columns on the trader'"'"'s screen, helping the trader to rapidly overview the market for a particular security, and compare different, possibly competitive, securities by paging through level-of-interest windows for each security. The invention'"'"'s easily manipulated insights into market dynamics offers a sophisticated trader new opportunities to profitably exploit market niches, for example by browsing for attractive bids or offers on closely comparable securities.
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Citations
28 Claims
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1. An electronic trading system comprising at least one computing device, a memory thereof having stored therein a securities trading program for trading individual lots of a security, the trading program operable when executed to cause the system to:
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receive a plurality of bids and offers for a security; cause an interface screen to be displayed at a user computer station, the interface screen comprising; a) a listing of multiple priced bids for the security, the bid listing comprising at least one bid having a best bid price and at least one off-best bid having a price lower than the best bid price; and b) a listing of multiple priced offers for the security, the offer listing comprising at least one offer having a best offer price and at least one off-best offer having a price higher than the best offer price; the bid and offer listings are to be displayed in an active form to enable the user to select a displayed bid and/or displayed offer at a price off the price of the best displayed bid and/or best displayed offer; receive from the user a selection of at least one off-best bid or off-best offer, and instructions to execute the selected off-best bid or off-best offer; and execute the selected off-best bid or off-best offer at, respectively, a price worse than the best displayed bid or best displayed offer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A method, comprising the steps of:
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displaying on a computer display to a user an interface screen comprising; a) a listing of multiple priced bids for a security traded on an electronic trading system, the bid listing comprising at least one bid having a best bid price and at least one off-best bid having a price lower than the best bid price; and b) a listing of multiple priced offers for the security, the offer listing comprising at least one offer having a best offer price and at least one off-best offer having a price higher than the best offer price; the bid and offer listings are to be displayed in an active form to enable the user to select a displayed bid and/or displayed offer at a price off the price of the best displayed bid and/or best displayed offer; receiving at an input device of the computer from the user a selection of at least one off- best bid or off-best offer, and instructions to execute the selected off-best bid or off-best offer; and submitting the selected off-best bid or off-best offer to the electronic trading system at, respectively, a price worse than the best displayed bid or best displayed offer. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27, 28)
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Specification