Click based trading with intuitive grid display of market depth and price consolidation

• US 8,190,501 B2
• Filed: 10/08/2009
• Issued: 05/29/2012
• Est. Priority Date: 03/02/2000
• Status: Expired due to Term

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Kemp, Gary Allan II, Brumfield, Harris
• Primary Examiner(s): Weisberger, Richard C
• Application Number:
  US12/576,084
• Publication Number:
  US 20100030684A1
• Time in Patent Office: 964 Days
• Field of Search: 705 35- 45
• US Class Current: 705/35
• CPC Class Codes: G06Q 30/0275 Auctions
• CPC Class Codes: G06Q 30/08 Auctions
• 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 method and system for reducing the time it takes for a trader to place a trade when electronically trading on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. The “Mercury” display and trading method of the present invention ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuate. This allows the trader to trade quickly and efficiently. The price consolidation feature of the present invention, as described herein, enables a trader to consolidate a number of prices in order to condense the display. Such action allows a trader to view a greater range of prices and a greater number of orders in the market at any given time. By consolidating prices, and therefore orders, a trader reduces the risk of a favorable order scrolling from the screen prior to filling a bid or ask on that order at a favorable price.

Claims

1. A method for displaying market information relating to a commodity being traded in a market, the method including:

generating by a computing device a consolidated price level, wherein the consolidated price level represents a range of price levels for a commodity;

generating by the computing device a consolidated quantity indicator, wherein the consolidated quantity indicator represents a plurality of quantity indicators associated with the range of price levels for the commodity represented by the consolidated price level;

displaying by the computing device on a user interface of an electronic trading system the consolidated quantity indicator in association with the consolidated price level on a price axis including a plurality of consolidated price levels for the commodity, wherein the consolidated price level is displayed on the price axis in place of the range of price levels; and

displaying by the computing device a plurality of locations in an order entry region, wherein each location in the order entry region corresponds to a consolidated price level along the price axis, and wherein each location in the order entry region is configured to receive a single action command from a user input device that sets a plurality of parameters for a trade order relating to the commodity and sends the trade order to an electronic exchange.

2. The method of claim 1, further including:

generating a plurality of consolidated price levels, wherein each consolidated price level in the plurality of consolidated price levels represents a range of price levels for the commodity; and

displaying the plurality of consolidated price levels on the price axis in place of the corresponding range of price levels for each consolidated price level in the plurality of consolidated price levels.

3. The method of claim 1, wherein the range of price levels represented by the consolidated price level is adjustable.

4. The method of claim 1, wherein the consolidated quantity indicator is a consolidated bid quantity indicator representing a plurality of bid quantity values.

5. The method of claim 1, wherein the consolidated quantity indicator is a consolidated ask quantity indicator representing a plurality of ask quantity values.

6. The method of claim 4, wherein the bid quantity values are consolidated into the lowest corresponding price in the range corresponding to the bid quantity values.

7. The method of claim 5, wherein the ask quantity values are consolidated into the highest corresponding price in the range corresponding to the ask quantity values.

8. The method of claim 1, wherein the price axis is static.

9. The method of claim 1, wherein the range of price levels represented by the consolidated price level is offset from a reference starting point.

10. The method of claim 1, wherein the consolidated quantity indicator represents a sum of a plurality of quantity values associated with the range of price levels.

11. A computer readable medium having stored therein instructions executable by a processor, wherein the instructions are executable to:

generate by a computing device a consolidated price level, wherein the consolidated price level represents a range of price levels for a commodity;

generate by the computing device a consolidated quantity indicator, wherein the consolidated quantity indicator represents a plurality of quantity indicators associated with the range of price levels for the commodity represented by the consolidated price level;

display by the computing device on a user interface of an electronic trading system the consolidated quantity indicator in association with the consolidated price level on a price axis including a plurality of consolidated price levels for the commodity, wherein the consolidated price level is displayed on the price axis in place of the range of price levels; and

display by the computing device a plurality of locations in an order entry region, wherein each location in the order entry region corresponds to a consolidated price level along the price axis, and wherein each location in the order entry region is configured to receive a single action command from a user input device that sets a plurality of parameters for a trade order relating to the commodity and sends the trade order to an electronic exchange.

12. The computer readable medium of claim 11, wherein the instructions are further executable to:

generate a plurality of consolidated price levels, wherein each consolidated price level in the plurality of consolidated price levels represents a range of price levels for the commodity; and

display the plurality of consolidated price levels on the price axis in place of the corresponding range of price levels for each consolidated price level in the plurality of consolidated price levels.

13. The computer readable medium of claim 11, wherein the range of price levels represented by the consolidated price level is adjustable.

14. The computer readable medium of claim 11, wherein the consolidated quantity indicator is a consolidated bid quantity indicator representing a plurality of bid quantity values.

15. The computer readable medium of claim 11, wherein the consolidated quantity indicator is a consolidated ask quantity indicator representing a plurality of ask quantity values.

16. The compute readable medium of claim 14, wherein the bid quantity values are consolidated into the lowest corresponding price in the range corresponding to the bid quantity values.

17. The computer readable medium of claim 15, wherein the ask quantity values are consolidated into the highest corresponding price in the range corresponding to the ask quantity values.

18. The computer readable medium of claim 11, wherein the price axis is static.

19. The computer readable medium of claim 11, wherein the range of price levels represented by the consolidated price level is offset from a reference starting point.

20. The computer readable medium of claim 11, wherein the consolidated quantity indicator represents a sum of a plurality of quantity values associated with the range of price levels.