Electronic systems and methods for providing a trading interface with advanced features

• US 8,566,212 B2
• Filed: 10/31/2003
• Issued: 10/22/2013
• Est. Priority Date: 10/31/2002
• 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, Amaitis, Lee, Johnson, Jim
• Primary Examiner(s): Kazimi, Hani M
• Assistant Examiner(s): Ali, Hatem M
• Application Number:
  US10/699,859
• Publication Number:
  US 20040158519A1
• Time in Patent Office: 3,644 Days
• Field of Search: 705/36.R, 705/37, 705/38, 705/39
• US Class Current: 705/37
• CPC Class Codes: G06F 3/0219 Special purpose keyboards
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Systems and methods for a trading interface with advanced features are provided. Along with providing the benchmark issue and non-benchmark issues, the trading application may also provide the trader with the ability to obtain trading information (e.g., another quad) for each of the related U.S. Treasury swaps (“T-swaps”), off-the-runs, yield curve T-swaps, and basis. In some embodiments, the trader may be provided with a customized keyboard to navigate through the trading interface. The keyboard preferably includes keys that allow the trader to quickly and efficiently switch between multiple issues in a quad. Using the keyboard, the trader may also be provided with price improvement functionality and direct dealing functionality. In some embodiments, the trading application may simultaneously display a DD ticker along with the trading quadrant that provides the trader with the progression of the direct dealings of the selected issue.

Claims

1. An apparatus comprising:

a display device that simultaneously displays a plurality of quadrants in a single viewing region, in which each quadrant displays a benchmark issue and a plurality of non-benchmark issues related to the benchmark issue;

a keyboard that comprises;

(1) a first plurality of keys, in which a first key of the first plurality of keys corresponds to a first benchmark issue and a second key of the first plurality of keys corresponds to a second benchmark issue;

(2) a second plurality of keys, in which each key of the second plurality of keys corresponds to an order for a non-benchmark issue; and

a computing device that is coupled to the display device, the keyboard and a non-transitory machine readable medium, in which the non-transitory machine readable medium stores instructions which, when executed by the computing device, direct the computing device to;

in response to the first key being pressed;

(1) select a first quadrant of the plurality of simultaneously displayed quadrants, in which the first quadrant displays the first benchmark issue;

(2) map the second plurality of keys such that each key of the second plurality of keys corresponds to a non-benchmark issue that is related to the first benchmark issue; and

(3) place an order for the non-benchmark issue in response to one of the second plurality of keys being pressed after the first key being pressed;

in response to the second key being pressed after the first key was pressed;

(1) switch, from the first quadrant, to select a second quadrant of the plurality of simultaneously displayed quadrant, in which the second quadrant displays the second benchmark issue; and

(2) re-map the second plurality of keys such that each key of the second plurality of keys corresponds to a non-benchmark issue related to the second benchmark issue that is displayed in the second quadrant.

2. The apparatus of claim 1, in which the keyboard comprises:

a price improvement key, and in which the computing device is directed to;

improve a market price for the selected non-benchmark issue and places the order with the improved market price in advance of other orders in a trading stack in response to the price improvement key being pressed.

3. The apparatus of claim 1, in which the keyboard comprises:

a key that provides direct dealing functionality.

4. The apparatus of claim 1, in which the computing device is further directed to:

direct the display device to display information for each of the non-benchmark issue in the selected first quadrant.

5. The apparatus of claim 4, in which the selected first quadrant includes a Treasury swaps trading quadrant.

6. The apparatus of claim 5, in which the Treasure swaps trading quadrant includes at least three of the most recent benchmark issues.

7. The apparatus of claim 4, in which the selected first quadrant includes an off-the-run trading quadrant.

8. The apparatus of claim 4, in which the selected first quadrant includes a yield curve trading quadrant.

9. The apparatus of claim 4, in which the selected first quadrant includes a basis trading quadrant.

10. The apparatus of claim 4, in which the selected first quadrant is includes a limit orders trading quadrant.

11. The apparatus of claim 1, in which the computing device is further directed to:

receive real-time direct dealing content related to at least one non-benchmark issue and trading information related to the at least one non-benchmark issue, in which the direct dealing content comprises at least one of;

a request for a quote,

a response with a price,

a cancel to a response,

an amendment to a response, and

an acceptance of a response, and

in which the trading information comprises limit order data for the non-benchmark issue.

12. The apparatus of claim 11, in which the computing device is further directed to:

simultaneously display in the first quadrant;

the trading information related to the non-benchmark issue; and

a ticker that displays the received real-time direct dealing content related to the non-benchmark issue.

13. The apparatus of claim 12, in which the computing device is further directed to:

receive a midprice order to buy or sell the non-benchmark issue at a price within a spread market; and

update the displayed direct dealing content in the ticker to include the midprice order to buy or sell the non-benchmark issue.

14. The apparatus of claim 12, in which the ticker includes at least one request that includes an orientation and a size.

15. The apparatus of claim 12, in which the ticker includes at least one response that includes an orientation and a size.

16. The apparatus of claim 1, in which the keyboard further comprises a direct dealing key;

and in which the computing device is further directed to;

in response to the direct dealing key being pressed before the second key and after the first key, transmitting a request for a submission of orders for the non-benchmark issue at a midpoint price of a current spread for orders of the non-benchmark issue; and

receiving at least one order in response to the request, and directing the display device to display the at least one order.

17. The apparatus of claim 16, in which displaying the at least one order includes displaying a plurality of orders through a ticker in the first quadrant in response to the orders being placed.

18. The apparatus of claim 1, in which the keyboard further comprises a price improvement key;

and in which the computing device is further directed to;

in response to the price improvement key being pressed before the second key and after the first key, placing the order having a price that places the order at a front of an order stack of orders for the non-benchmark issue.

19. An method comprising:

simultaneously displaying via a display device a plurality of quadrants in a single viewing region, in which each quadrant displays a benchmark issue and a plurality of non-benchmark issues related to the benchmark issue;

in response to a first key being pressed, selecting, via a processor, a first quadrant of the plurality of simultaneously displayed quadrants, in which the first quadrant displays a first benchmark issue;

in response to the first key being pressed, mapping via the processor a plurality of keys such that each key corresponds to a non-benchmark issue related to the first benchmark issue;

using the processor, placing an order for the non-benchmark issue in response to one of the plurality of keys being pressed after the first key was pressed;

in response to a second key being pressed after the first key was pressed;

switching, via the processor, from the first quadrant to a second quadrant of the plurality of simultaneously displayed quadrant, in which the second quadrant displays a second benchmark issue; and

re-mapping, via the processor, the plurality of keys such that each key corresponds to a non-benchmark issue related to the second benchmark issue that is displayed in the second quadrant.

20. The method of claim 19 further comprising:

receiving an indication that a price improvement key of the keyboard has been pressed, in which the price improvement key corresponds to improving a market price for the selected non-benchmark issue; and

in response to receiving the indication, placing the order with the improved market price in advance of other orders in a trading stack.

21. The method of claim 19 further comprising:

providing direct dealing functionality.

22. The method of claim 19 further comprising:

displaying information for each of the non-benchmark issue in the selected first quadrant.

23. The method of claim 22, in which the selected first quadrant includes a Treasury swaps trading quadrant.

24. The method of claim 23, in which the Treasure swaps trading quadrant includes at least three of the most recent benchmark issues.

25. The method of claim 22, in which the selected first quadrant includes an off-the-run trading quadrant.

26. The method of claim 22, in which the selected first quadrant includes a yield curve trading quadrant.

27. The method of claim 22, in which the selected first quadrant includes a basis trading quadrant.

28. The method of claim 22, in which the selected first quadrant includes a limit orders trading quadrant.

29. The method of claim 19 further comprising:

receiving real-time direct dealing content related to the non-benchmark issue and trading information related to the non-benchmark issue, in which the direct dealing content comprises at least one of;

a request for a quote,

a response with a price,

a cancel to a response,

an amendment a response, and

an acceptance of a response, and

in which the trading information comprises limit order data for the non-benchmark issue.

30. The method of claim 29 further comprising simultaneously displaying in the first quadrant:

the trading information related to the non-benchmark issue; and

a ticker that displays the received real-time direct dealing content related to the non-benchmark issue.

31. The method of claim 30 further comprising:

receiving a midprice order to buy or sell the non-benchmark issue at a price within a spread market; and

updating the displayed direct dealing content in the ticker to include the midprice order to buy or sell the non-benchmark issue.

32. The method of claim 30, in which the ticker includes at least one request that includes an orientation and a size.

33. The method of claim 30, in which the ticker includes at least one response that includes an orientation and a size.

34. The method of claim 19, further comprising:

in response to a direct dealing key being pressed before the second key and after the first key, transmitting a request for a submission of orders for the non-benchmark issue at a midpoint price of a current spread for orders of the non-benchmark issue; and

receiving at least one order in response to the request, and directing the display device to display the at least one order.

35. The method of claim 34, in which displaying the at least one order includes displaying a plurality of orders through a ticker in the first quadrant in response to the orders being placed.

36. The method of claim 19, further comprising:

in response to a price improvement key being pressed before the second key and after the first key, placing the order having a price that places the order at a front of an order stack of orders for the non-benchmark issue.