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

• US 8,612,333 B2
• Filed: 04/25/2012
• Issued: 12/17/2013
• Est. Priority Date: 03/02/2000
• Status: Expired due to Fees

• 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:
  US13/455,995
• Publication Number:
  US 20120239545A1
• Time in Patent Office: 601 Days
• Field of Search: 705 35- 45
• US Class Current: 705/37
• 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 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 comprising:

generating, by a computer device, a plurality of consolidated price levels, wherein each consolidated price level represents a range of price levels for a commodity, wherein each price level of the range of price levels is based on price information related to the commodity and received from an electronic exchange;

displaying, by the computer device, the plurality of consolidated price levels;

generating, by the computer device, a first consolidated quantity indicator, wherein the first consolidated quantity indicator represents a plurality of bid quantity indicators associated with a first range of price levels of a first consolidated price level of the plurality of consolidated price levels, the first range of price levels corresponding to bids;

displaying, by the computer device, the first consolidated quantity indicator at a first location aligned with the first consolidated price level of the plurality of consolidated price levels;

generating, by the computer device, a second consolidated quantity indicator, wherein the second consolidated quantity indicator represents a plurality of ask quantity indicators associated with a second range of price levels of a second consolidated price level of the plurality of consolidated price levels, the second range of price levels corresponding to asks; and

displaying, by the computer device, the second consolidated quantity indicator at a second location aligned with the second consolidated price level of the plurality of consolidated price levels.

2. The method of claim 1, wherein the plurality of consolidated price levels is displayed in a grid.

3. The method of claim 1, further comprising:

dynamically updating the first consolidated quantity indicator and the second consolidated quantity indicator based on changes in the price information received from the electronic exchange.

4. The method of claim 1, further comprising:

displaying an order entry region comprising a plurality of locations, each location in the order entry region for receiving a command to send a trade order to the electronic exchange, each location being aligned with a corresponding price level of the plurality of consolidated price levels and each location being selectable by a user input device, the order entry region being configured such that selection of one of the plurality of locations is a command to send a trade order to the electronic exchange based on a price level within a range of price levels of a consolidated price level that is associated with the selected location.

5. The method of claim 4, wherein the price level within the range of price levels of the consolidated price level is selected using an order allocation rule.

6. The method of claim 4, wherein the command consists of a single action command from the user input device.

7. The method of claim 6, wherein the single action command consists of a single click of the user input device.

8. The method of claim 6, wherein the single action command consists of a double click of the user input device.

9. The method of claim 1, wherein one or more of a number of price levels per consolidated price level and an offset used to configure a starting point for the plurality of consolidated price levels are adjustable.

10. The method of claim 1, wherein the plurality of consolidated price levels are displayed along a price axis.

11. The method of claim 10, wherein the price axis is static.

12. A computer readable medium having stored therein instruction for execution by a processor, wherein the instructions are executable to:

generate a plurality of consolidated price levels, wherein each consolidated price level represents a range of price levels for a commodity, wherein each price level of the range of price levels is based on price information related to the commodity and received from an electronic exchange;

display the plurality of consolidated price levels;

generate a first consolidated quantity indicator, wherein the first consolidated quantity indicator represents a plurality of bid quantity indicators associated with a first range of price levels of a first consolidated price level of the plurality of consolidated price levels, the first range of price levels corresponding to bids;

display the first consolidated quantity indicator at a first location aligned with the first consolidated price level of the plurality of consolidated price levels;

generate a second consolidated quantity indicator, wherein the second consolidated quantity indicator represents a plurality of ask quantity indicators associated with a second range of price levels of a second consolidated price level of the plurality of consolidated price levels, the second range of price levels corresponding to asks; and

display the second consolidated quantity indicator at a second location aligned with the second consolidated price level of the plurality of consolidated price levels.

13. The computer readable medium of claim 12, wherein the plurality of consolidated price levels is displayed in a grid.

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

dynamically update the first consolidated quantity indicator and the second consolidated quantity indicator based on changes in the price information received from the electronic exchange.

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

display an order entry region comprising a plurality of locations, each location in the order entry region for receiving a command to send a trade order to the electronic exchange, each location being aligned with a corresponding price level of the plurality of consolidated price levels and each location being selectable by a user input device, the order entry region being configured such that selection of one of the plurality of locations is a command to send a trade order to the electronic exchange based on a price level within a range of price levels of a consolidated price level that is associated with the selected location.

16. The computer readable medium of claim 15, wherein the price level within the range of price levels of the consolidated price level is selected using an order allocation rule.

17. The computer readable medium of claim 15, wherein the command consists of a single action command from the user input device.

18. The computer readable medium of claim 17, wherein the single action command consists of a single click of the user input device.

19. The computer readable medium of claim 17, wherein the single action command consists of a double click of the user input device.

20. The computer readable medium of claim 12, wherein one or more of a number of price levels per consolidated price level and an offset used to configure the starting point for the plurality of consolidated price levels are adjustable.

21. The computer readable medium of claim 12, wherein the plurality of consolidated price levels are displayed along a price axis.

22. The computer readable medium of claim 21, wherein the price axis is static.