Graphical user interface related to non-standard trading of financial instruments

• US 8,060,427 B2
• Filed: 10/11/2010
• Issued: 11/15/2011
• Est. Priority Date: 09/11/2003
• Status: Expired due to Fees

• Current Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Heaton, Timothy H.
• Primary Examiner(s): Shrestha; Bijendra K
• Application Number:
  US12/901,628
• Publication Number:
  US 20110029421A1
• Time in Patent Office: 400 Days
• Field of Search: 705/35
• 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
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A graphical user interface related to non-standard settlement trading in financial instruments is provided. The graphical user interface preferably includes a selectable portion of a display screen related to a financial instrument and a selectable tab for accessing a selectable portion of the display screen related to one or a plurality of non-standard settlement positions with respect to the financial instrument. In one embodiment of the invention, when the tab is selected, access is provided to the selectable portion of the display screen related to the plurality of non-standard settlement positions.

Claims

1. A method comprising:

obtaining by at least one processor, from a cash market for a financial instrument, at least one market price for the financial instrument, wherein the at least one market price comprises a bid price for the financial instrument and/or an offer price for the financial instrument;

obtaining by the at least one processor, from a Repurchase desk, at least a first cost of borrowing the financial instrument for a first duration of time and a second cost of borrowing the financial instrument for a second duration of time;

determining by the at least one processor from the first cost and from the at least one market price at least one order price for a first forward position for the financial instrument,

wherein the first forward position has a settlement date that corresponds to the first duration of time;

determining by the at least one processor from the second cost and from the at least one market price at least one order price for a second forward position for the financial instrument,

wherein the second forward position has a settlement date that corresponds to the second duration of time;

displaying in a first selectable portion of a graphical user interface information related to the financial instrument;

displaying in a second selectable portion of the graphical user interface the at least one order price for the first forward position and the at least one order price for the second forward position;

receiving by the at least one processor from a user a request to trade the first forward position at the at least one order price for the first forward position; and

in response to receiving the request to trade, purchasing from or selling to the Repurchase desk the financial instrument at the at least one market price for the financial instrument, wherein the user trades the first forward position without the user interacting with the Repurchase desk.

2. The method of claim 1, wherein the information related to the financial instrument reflects market conditions for the financial instrument.

3. The method of claim 1, wherein the information related to the financial instrument comprises the at least one market price for the financial instrument.

4. The method of claim 1, wherein the at least one market price for the financial instrument, the at least one order price for the first forward position, and the at least one order price for the second forward position are each selectable by the user to submit a respective trading order for the financial instrument, the first forward position, and the second forward position.

5. The method of claim 1, wherein the financial instrument is an interest-rate related instrument.

6. The method of claim 1, wherein the graphical user interface comprises a selectable tab that when selected, causes the second selectable portion of the graphical user interface to be displayed such that access is provided to the second selectable portion.

13. The method of claim 1,

wherein the at least one order price for the first forward position comprises at least one of a bid price for the first forward position and an offer price for the first forward position;

and

wherein the at least one order price for the second forward position comprises at least one of a bid price for the second forward position and an offer price for the second forward position.

14. The method of claim 13,

wherein receiving the request to trade the first forward position comprises receiving a request to sell the first forward position at the bid price for the first forward position;

wherein purchasing from or selling to the Repurchase desk the financial instrument comprises purchasing from the Repurchase desk the financial instrument at the bid price for the financial instrument; and

wherein the method further comprises;

in response to receiving the request to sell, selling the financial instrument in the cash market at the bid price for the financial instrument.

15. The method of claim 14, further comprising:

at the settlement date of the first forward position;

purchasing in the cash market the financial instrument at a current market price for the financial instrument, the current market price being a market price on the settlement date of the first forward position; and

selling to the Repurchase desk the financial instrument at the bid price of the first forward position.

16. The method of claim 13,

wherein receiving the request to trade the first forward position comprises receiving a request to buy the first forward position at the offer price for the first forward position;

wherein purchasing from or selling to the Repurchase desk the financial instrument comprises selling to the Repurchase desk the financial instrument at the offer price for the financial instrument; and

wherein the method further comprises;

in response to receiving the request to buy, purchasing the financial instrument in the cash market at the offer price for the financial instrument.

17. The method of claim 16, further comprising:

at the settlement date of the first forward position;

purchasing from the Repurchase desk the financial instrument at the offer price for the first forward position; and

selling in the cash market the financial instrument at a current market price for the financial instrument, the current market price being a market price on the settlement date of the first forward position.

18. The method of claim 1,

wherein a workstation comprises the graphical user interface;

wherein the at least one processor is communicatively coupled to the workstation via a communications network;

wherein the at least one processor displays in the first selectable portion of the graphical user interface the information related to the financial instrument; and

wherein the at least one processor displays in the second selectable portion of the graphical user interface the at least one order price for the first forward position and the at least one order price for the second forward position.

7. An apparatus comprising:

at least one processor; and

a memory electronically coupled to the at least one processor and having a program stored thereon that when executed by the at least one processor, directs the at least one processor to;

obtain, from a cash market for a financial instrument, at least one market price for the financial instrument, wherein the at least one market price comprises a bid price for the financial instrument and/or an offer price for the financial instrument;

obtain, from a Repurchase desk, at least a first cost of borrowing the financial instrument for a first duration of time and a second cost of borrowing the financial instrument for a second duration of time;

determine from the first cost and from the at least one market price at least one order price for a first forward position for the financial instrument,

wherein the first forward position has a settlement date that corresponds to the first duration of time;

determine from the second cost and from the at least one market price at least one order price for a second forward position for the financial instrument,

wherein the second forward position has a settlement date that corresponds to the second duration of time; and

display in a first selectable portion of a graphical user interface information related to the financial instrument;

display in a second selectable portion of the graphical user interface the at least one order price for the first forward position and the at least one order price for the second forward position;

receive from a user a request to trade the first forward position at the at least one order price for the first forward position; and

in response to receiving the request to trade, purchase from or sell to the Repurchase desk the financial instrument at the at least one market price for the financial instrument, wherein the user trades the first forward position without the user interacting with the Repurchase desk.

8. The apparatus of claim 7, wherein the information related to the financial instrument reflects market conditions for the financial instrument.

9. The apparatus of claim 7, wherein the information related to the financial instrument comprises the at least one market price for the financial instrument.

10. The apparatus of claim 7, wherein the at least one market price for the financial instrument, the at least one order price for the first forward position, and the at least one order price for the second forward position are each selectable by the user to submit a respective trading order for the financial instrument, the first forward position, and the second forward position.

11. The apparatus of claim 7, wherein the financial instrument is an interest-rate related instrument.

12. The apparatus of claim 7, wherein the graphical user interface comprises a selectable tab that when selected, causes the second selectable portion of the graphical user interface to be displayed such that access is provided to the second selectable portion.

19. The apparatus of claim 7,

wherein the at least one order price for the first forward position comprises at least one of a bid price for the first forward position and an offer price for the first forward position;

and

wherein the at least one order price for the second forward position comprises at least one of a bid price for the second forward position and an offer price for the second forward position.

20. The apparatus of claim 19,

wherein receiving the request to trade the first forward position comprises receiving a request to sell the first forward position at the bid price for the first forward position;

wherein purchasing from or selling to the Repurchase desk the financial instrument comprises purchasing from the Repurchase desk the financial instrument at the bid price for the financial instrument; and

wherein the program, when executed by the at least one processor, further directs the at least one processor to;

in response to receiving the request to sell, sell the financial instrument in the cash market at the bid price for the financial instrument.

21. The apparatus of claim 20, wherein the program, when executed by the at least one processor, further directs the at least one processor to:

at the settlement date of the first forward position;

purchase in the cash market the financial instrument at a current market price for the financial instrument, the current market price being a market price on the settlement date of the first forward position; and

sell to the Repurchase desk the financial instrument at the bid price of the first forward position.

22. The apparatus of claim 19,

wherein receiving the request to trade the first forward position comprises receiving a request to buy the first forward position at the offer price for the first forward position;

wherein purchasing from or selling to the Repurchase desk the financial instrument comprises selling to the Repurchase desk the financial instrument at the offer price for the financial instrument; and

wherein the program, when executed by the at least one processor, further directs the at least one processor to;

in response to receiving the request to buy, purchase the financial instrument in the cash market at the offer price for the financial instrument.

23. The apparatus of claim 22, wherein the program, when executed by the at least one processor, further directs the at least one processor to:

at the settlement date of the first forward position;

purchase from the Repurchase desk the financial instrument at the offer price for the first forward position; and

sell in the cash market the financial instrument at a current market price for the financial instrument, the current market price being a market price on the settlement date of the first forward position.

24. The apparatus of claim 7, wherein a workstation comprises the graphical user interface, and wherein the at least one processor is operable to communicate with the workstation via a communications network.