Click based trading with intuitive grid display of market depth

• US 7,693,768 B2
• Filed: 10/25/2006
• Issued: 04/06/2010
• Est. Priority Date: 03/02/2000
• Status: Expired due to Fees

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Schluetter, Jens-Uwe, Brumfield, Harris, Kemp, Gary Allan II
• Primary Examiner(s): Weisberger; Richard C
• Application Number:
  US11/585,906
• Publication Number:
  US 20070038555A1
• Time in Patent Office: 1,259 Days
• Field of Search: 705 35- 45
• US Class Current: 705/35
• 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 fluctuates. This allows the trader to trade quickly and efficiently.

Claims

1. A method of placing a trade order for a commodity on an electronic exchange using a graphical user interface and a user input device, the method comprising:

receiving data relating to the commodity from the electronic exchange, the data comprising an inside market with a highest bid price and a lowest ask price currently available for the commodity;

dynamically displaying via a computing device a first indicator in one of a plurality of areas in a bid display region, each area in the bid display region corresponding to a price level along a price axis, the first indicator representing a quantity associated with at least one order to buy the commodity at the highest bid price;

dynamically displaying via the computing device a second indicator in one of a plurality of areas in an ask display region, each area in the ask display region corresponding to a price level along the price axis, the second indicator representing a quantity associated with at least one order to sell the commodity at the lowest ask price;

displaying an order entry region comprising a plurality of locations for receiving single action commands to send trade orders, the plurality of locations including;

(a) at least one first fixed location corresponding to a first price level along the price axis associated with the highest bid price currently available in the market, wherein upon receipt of new data representing an updated highest bid price currently available for the commodity, the at least one first fixed location continues to correspond to the first price level even if the first price level is no longer associated with the highest bid price currently available in the market; and

(b) at least one second fixed location corresponding to a second price level along the price axis associated with the lowest ask price currently available in the market, wherein upon receipt of new data representing an updated lowest ask price currently available for the commodity, the at least one second fixed location continues to correspond to the second price level even if the second price level is no longer associated with the lowest ask price currently available in the market;

updating the display of the first indicator such that the first indicator is moved relative to the price axis to a different area in the bid display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated highest bid price currently available for the commodity;

updating the display of the second indicator such that the second indicator is moved relative to the price axis to a different area in the ask display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated lowest ask price currently available for the commodity; and

setting a plurality of parameters for a trade order relating to the commodity and sending the trade order to the electronic exchange in response to a selection of a particular location of the order entry region by a single action of a user input device.

2. The method of claim 1, wherein the bid display region, the ask display region, and the order entry region are oriented vertically.

3. The method of claim 1, wherein the bid display region, the ask display region, and the order entry region are oriented horizontally.

4. The method of claim 1, wherein the order entry region comprises:

a bid order entry region comprising a plurality of locations for receiving commands to send buy orders, each location corresponding to a price level along the price axis; and

an ask order entry region comprising a plurality of locations for receiving commands to send sell orders, each location corresponding to a price level along the price axis.

5. The method of claim 4, wherein the bid order entry region overlaps with the bid display region, and wherein the ask order entry region overlaps with the ask display region.

6. The method of claim 4, further comprising dynamically displaying an entered order indicator in association with a price level along the price axis, wherein the entered order indicator represents an order pending at the electronic exchange.

7. The method of claim 6, further comprising sending a message to the electronic exchange to delete the order represented by the entered order indicator in response to a single action of the user input device with a pointer of the user input device positioned over the entered order indicator.

8. The method of claim 7, wherein the single action of the user input device that results in sending the message to the electronic exchange to delete the order consists of a single click of the user input device with the pointer of the user input device positioned over the entered order indicator.

9. The method of claim 8, wherein the single action of the user input device that results in sending the message to the electronic exchange to delete the order consists of a double click of the user input device with the pointer of the user input device positioned over the entered order indicator.

10. The method of claim 1, further comprising dynamically displaying a last trade indicator in association with the price axis.

11. The method of claim 1, wherein the bid and ask display regions are displayed in a window, the method further comprising centering the display of the first and second indicators in the window upon receipt of a centering instruction.

12. The method of claim 1, wherein the plurality of parameters comprises a price and type of order.

13. The method of claim 1, wherein the order entry region comprises a plurality of first locations corresponding to the first price level along the price axis.

14. The method of claim 13, wherein the plurality of first locations are within a cell.

15. The method of claim 13, wherein after receipt of new data representing an updated highest bid price currently available for the commodity, the plurality of first locations continues to correspond to the first price level even if the first price level is no longer associated with the highest bid price currently available in the market.

16. The method of claim 1, wherein the order entry region comprises a plurality of second locations corresponding to the second price level along the price axis.

17. The method of claim 16, wherein the plurality of second locations are within a cell.

18. The method of claim 16, wherein after receipt of new data representing an updated highest bid price currently available for the commodity, the plurality of second locations continues to correspond to the second price level even if the second price level is no longer associated with the lowest ask price currently available in the market.

19. The method of claim 1, wherein an area of the plurality of areas in the bid display region is a cell of a grid.

20. The method of claim 1, wherein an area of the plurality of areas in the ask display region is a cell of a grid.

21. The method of claim 1, wherein the single action of the user input device for setting the plurality of parameters for the trade order relating to the commodity and sending the trade order to the electronic exchange consists of a single click of the user input device.

22. The method of claim 1, wherein the single action of the user input device for setting the plurality of parameters for the trade order relating to the commodity and sending the trade order to the electronic exchange consists of a double click of the user input device.

23. A computer readable medium having program code recorded thereon for execution on a computer for displaying market information relating to and facilitating trading of a commodity being traded in an electronic exchange on a graphical user interface, the program code causing a machine to perform the following method steps:

receiving data relating to the commodity from the electronic exchange, the data comprising an inside market with a highest bid price and a lowest ask price currently available for the commodity;

dynamically displaying a first indicator in one of a plurality of areas in a bid display region, each area in the bid display region corresponding to a price level along a price axis, the first indicator representing a quantity associated with at least one order to buy the commodity at the highest bid price;

dynamically displaying a second indicator in one of a plurality of areas in an ask display region, each area in the ask display region corresponding to a price level along the price axis, the second indicator representing a quantity associated with at least one order to sell the commodity at the lowest ask price;

displaying an order entry region comprising a plurality of locations for receiving single action commands to send trade orders, the plurality of locations including;

(a) at least one first fixed location corresponding to a first price level along the price axis associated with the highest bid price currently available in the market, wherein upon receipt of new data representing an updated highest bid price currently available for the commodity, the at least one first fixed location continues to correspond to the first price level even if the first price level is no longer associated with the highest bid price currently available in the market; and

(b) at least one second fixed location corresponding to a second price level along the price axis associated with the lowest ask price currently available in the market, wherein upon receipt of new data representing an updated lowest ask price currently available for the commodity, the at least one second fixed location continues to correspond to the second price level even if the second price level is no longer associated with the lowest ask price currently available in the market;

updating the display of the first indicator such that the first indicator is moved relative to the price axis to a different area in the bid display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated highest bid price currently available for the commodity;

updating the display of the second indicator such that the second indicator is moved relative to the price axis to a different area in the ask display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated lowest ask price currently available for the commodity; and

setting a plurality of parameters for a trade order relating to the commodity and sending the trade order to the electronic exchange in response to a selection of a particular location of the order entry region by a single action of a user input device.