Systems and methods for providing dynamic price axes in featured user interfaces

• US 8,515,854 B2
• Filed: 07/29/2005
• Issued: 08/20/2013
• Est. Priority Date: 07/29/2004
• Status: Active Grant

• Current Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Lutnick, Howard W., Noviello, Joseph, Sweeting, Michael, Stedman, James P., Gill, William P., Bhatia, Atul, Davies, James L., Eccleston, Daniel
• Primary Examiner(s): Bartley, Kenneth
• Application Number:
  US11/569,837
• Publication Number:
  US 20090043664A1
• Time in Patent Office: 2,944 Days
• Field of Search: 705/37
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

The invention relates to systems and methods that provide a user interface for use with an electronic trading system. The interface includes a display that shows a bid price axis and an ask price axis, as well as corresponding sizes, and a visual indicator of the inside market. When the inside market changes in response to changing market conditions, the display of the inside market clearly shows a spatial movement of the inside market as well as the representative price(s) associated therewith, thereby rendering the two price axis dynamic axis. The user interface is easy to use, intuitive as well as customizable, and contains features that facilitate efficient electronic trading and shows trading activity pertaining to the user as well as the market in general.

Claims

1. A method comprising the steps of:

displaying a plurality of bid prices associated with an item to be traded in an electronic trading system, the bid prices displayed in a contiguous rectangle to define a bid price region within a user interface displayed on a workstation connected to the electronic trading system, at least one of the bid prices having associated quantities displayed therewith;

displaying a plurality of ask prices associated with the item in a contiguous rectangle to define an ask price region within the user interface, at least one of the ask prices having associated quantities, the ask price region being discontinuous with and parallel to the bid price region, the bid prices and ask prices within the parallel bid and ask regions both increasing from small to large in the same direction; and

displaying in association with the highest price at which a bid order exists (best bid) and lowest price at which an ask order exists (best ask) a visual indication of an inside market associated with the item; and

when the inside market changes, automatically moving at least one of the plurality of displayed prices between the bid price and the ask price regions within the user interface, and maintaining the visual indication in association with the displayed prices to indicate the best bid and best ask.

2. The method of claim 1 wherein the displayed indication of the inside market changes locations within the user interface when the inside market changes.

3. The method of claim 1 further comprising displaying an indication of the change of locations of the at least one of the plurality of prices displayed.

4. The method of claim 1 further comprising:

for at least one of the displayed prices, displaying only a portion of a price, and for other displayed prices, displaying the entire price.

5. The method of claim 1 further comprising:

displaying only prices at which a pending bid or ask order for the item exists, and omitting display of prices having no pending orders.

6. The method of claim 1 further comprising calculating and displaying a volume-weighted average price for orders that are not displayed.

7. The method of claim 1 further comprising displaying a price that is selected from a particular group of prices that were not previously displayed.

8. The method of claim 1 further comprising displaying at least one order entry region for receiving an input from a user.

9. The method of claim 8 wherein the at least one order entry region is adapted to allow the user to trade a size corresponding to a size needed to balance the user'"'"'s net volume position with respect to the item.

10. The method of claim 8 wherein the at least one order entry region is adapted to allow the user to modify a type of order the user chooses to enter.

11. The method of claim 1, further comprising the step of:

displaying an indication of existence of orders at price levels between those displayed in the two regions.

12. The method of claim 1 wherein the plurality of ask prices are displayed along an ask price and wherein the plurality of bid prices are displayed along a bid price axis.

13. The method of claim 12 further comprising displaying a plurality of quantities along an ask quantity axis that is aligned with the ask price axis wherein at least one of the plurality of quantities displayed corresponds to at least one order for the item at a price displayed in a location along the ask price axis that is aligned with a location of the displayed size along the bid price axis.

14. The method of claim 13 wherein at least one of the plurality of quantities corresponds to an in-transit order for the item.

15. The method of claim 13 wherein at least one of the plurality of quantities corresponds to a total size of completed trades on the item.

16. The method of claim 13 wherein at least one of the plurality of quantities corresponds to a user'"'"'s share of the at least one order for the item.

17. The method of claim 13 wherein the plurality of quantities comprise a first plurality of quantities, each one of which comprises at least one order to buy the item.

18. The method of claim 17 wherein the ask quantity axis is further aligned with the bid price axis and wherein the plurality of quantities comprise a second plurality of quantities, each one of which comprises at least one order to sell the item.

19. The method of claim 17 further comprising:

displaying a second plurality of quantities along a bid quantity axis that is aligned with the bid price axis wherein at least one of the second plurality of quantities displayed corresponds to at least one order to sell the item at a price displayed in a location along the bid price axis that is aligned with a location of the displayed size along the bid quantity axis.

20. The method of claim 13 wherein the plurality of quantities comprise a first plurality of quantities, the method further comprising displaying a second plurality of quantities that are aligned with the first plurality of quantities.

21. The method of claim 20 wherein the at least one of the second plurality of quantities corresponds to an in-transit order for the item.

22. The method of claim 1 further comprising centering the displayed indication of the inside market within the user interface.

23. A tangible computer-readable memory having stored therein one or more programs designed to cause computers of an electronic trading system to:

display a plurality of bid prices associated with an item to be traded in an electronic trading system, the bid prices displayed in a contiguous rectangle to define a bid price region within a user interface displayed on a workstation connected to the electronic trading system, at least one of the bid prices having associated quantities displayed therewith;

display the plurality of ask prices associated with the item in a contiguous rectangle to define an ask price region within the user interface, at least one of the ask prices having associated quantities, the ask price region being discontinuous with and parallel to the bid price region, the bid prices and ask prices within the parallel bid and ask regions both increasing from small to large in the same direction; and

display in association with the highest price at which a bid order exists (best bid) and lowest price at which an ask order exists (best ask) a visual indication of an inside market associated with the item and when the inside market changes, automatically move at least one of the plurality of displayed prices between the bid price and the ask price regions within the user interface, and maintaining the visual indication in association with the displayed prices to indicate the best bid and best ask.

24. The memory of claim 23, the program(s) being further designed to:

change the location of the displayed indication of the inside market within the user interface when the inside market changes.

25. The memory of claim 23, the program(s) being further designed to:

display an indication of the change of locations of the at least one of the plurality of prices displayed.

26. The memory of claim 23, the program(s) being further designed to:

for at least one of the displayed prices, display only a portion of at least one of the displayed prices, and for other displayed prices, displaying the entire price.

27. The memory of claim 23, the program(s) being further designed to:

display only prices at which a pending order for the item exists, and omit display of prices having no orders.

28. The memory of claim 23, the program(s) being further designed to:

calculate and display a volume-weighted average price for orders that are not displayed.

29. The memory of claim 23, the program(s) being further designed to:

display an indication of existence of orders at price levels between those displayed in the two regions.

30. The memory of claim 29, wherein the indicated orders existing between displayed prices are at price increments other than a standard price increment used by the trading system.

31. The memory of claim 23, the program(s) being further designed to:

display the plurality of ask prices along an ask price axis and to display the plurality of bid prices along a bid price axis parallel to but displaced from the ask price axis.

32. The memory of claim 31, the program(s) being further designed to:

display a plurality of quantities along an ask quantity axis that is parallel to the ask price axis, the quantities in the ask quantity axis being aligned with corresponding prices of the ask price axis.

33. The memory of claim 23, the program(s) being further designed to:

maintain the display of the inside market at or near a central location within the user interface.