U.S. patent application number 12/070138 was filed with the patent office on 2008-09-04 for system for trading commodities and the like.
Invention is credited to Vincent P. Annunziata.
Application Number | 20080215477 12/070138 |
Document ID | / |
Family ID | 39733835 |
Filed Date | 2008-09-04 |
United States Patent
Application |
20080215477 |
Kind Code |
A1 |
Annunziata; Vincent P. |
September 4, 2008 |
System for trading commodities and the like
Abstract
The present invention provides a system for trading commodities
and the like. A computer, a communications link between the
computer and the Internet, and a database, accessible by the
computer are provided. The database includes a plurality of user
files. Each of the user files corresponds to a specified user of
the system. Each of the user files contains exchange permissions
corresponding to exchanges to which the specified user may access.
At least one computerized exchange transacts specified commodities
executing on the computer accessible by selected users having
proper exchange permissions for each exchange. A display is
provided for pooling liquidity that permits users to post and view
bids and offers and negotiate and consummate transactions on common
commodities from one or more groups or exchanges. By such liquidity
pooling, the liquidity of transactions of commodities between
various exchanges and users is improved.
Inventors: |
Annunziata; Vincent P.;
(Greenwich, CT) |
Correspondence
Address: |
Paul E Schaafsma;NovusIP, LLC
Suite 221, 521 West Superior Street
Chicago
IL
60610
US
|
Family ID: |
39733835 |
Appl. No.: |
12/070138 |
Filed: |
February 15, 2008 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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09764574 |
Jan 18, 2001 |
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12070138 |
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60177275 |
Jan 21, 2000 |
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Current U.S.
Class: |
705/37 |
Current CPC
Class: |
G06Q 40/04 20130101 |
Class at
Publication: |
705/37 |
International
Class: |
G06Q 40/00 20060101
G06Q040/00 |
Claims
1. A system for trading commodities and the like comprising: a
computer; a communications link between the computer and the
Internet; a database, accessible by the computer, containing a
plurality of user files wherein each of the plurality of user files
corresponds to a specified user of the system and further
containing exchange permissions corresponding to exchanges to which
the specified user may access; at least one computerized exchange
for transacting specified commodities executing on the computer
accessible by selected users having proper exchange permissions for
each exchange; a database, accessible by the computer, containing a
plurality of indications wherein each of the plurality of
indications contains information corresponding to open bids or
offers for commodities and the indications are organized according
to the commodities to which they correspond; and software executing
on the computer for querying the user database to retrieve exchange
permissions from a user file corresponding to the user, retrieving
indications from the indication database corresponding to
predetermined commodities within the exchanges to which the user
has been determined to have access, generating a presentation of
the retrieved indications, transmitting the presentation to the
user over the communications link, and displaying the presentation
of the retrieved indications corresponding to the commodities
within the exchanges to which the user has been determined to have
access.
2. The system of claim 1 wherein the specified commodities
associated with an exchange are viewed exclusively by users having
exchange permissions corresponding to the exchange.
3. The system of claim 2 further comprising commodity-sharing
privileges granted between at least two exchanges permitting at
least one of the exchanges access to at least one commodity
associated with the exchanges.
4. The system of claim 1 wherein each of the plurality of user
files further contains a plurality of transaction parameters
corresponding to one or more indications associated with the user
file, the transaction parameters governing the presentation and
acceptance of indications associated therewith and the system
further comprising software executing on the computer for querying
user files in the user database corresponding to each of the
retrieved indications to determine transaction parameters
associated with each of the retrieved indications, and generating
the presentation of the retrieved indications in accordance with
the determined transaction parameters.
5. The system of claim 4 wherein the transaction parameters enable
a submitter of an indication to remain anonymous to specific users
of the system that have been predetermined by the submitter.
6. The system of claim 1 wherein the transaction parameters enable
a submitter of an indication to reveal contact information to
specific users of the system that have been predetermined by the
submitter.
7. A system for trading commodities and the like comprising: a
computer; a communications link between the computer and the
Internet; a database, accessible by the computer, containing a
plurality of user files wherein each of the plurality of user files
corresponds to a specified user of the system and further
containing exchange permissions corresponding to exchanges to which
the specified user may access; at least one computerized exchange
for transacting specified commodities executing on the computer
accessible by selected users having proper exchange permissions for
each exchange; and a display that permits users to post and view
bids and offers and negotiate and consummate transactions on common
commodities from one or more exchanges; whereby sharing of common
commodities from one or more exchanges pools and thereby improves
liquidity.
8. The system of claim 7 wherein the display for each group
comprises designated web sites for each user.
9. The system of claim 7 further including a database, accessible
by the computer, containing a plurality of indications wherein each
of the plurality of indications contains information corresponding
to open bids or offers for commodities and the indications are
organized according to the commodities to which they
correspond.
10. The system of claim 9 further including software executing on
the computer for querying the user database to retrieve exchange
permissions from a user file corresponding to the user; retrieving
indications from the indication database corresponding to
predetermined commodities within the exchanges to which the user
has been determined to have access, generating a presentation of
the retrieved indications, transmitting the presentation to the
user over the communications link, and displaying the presentation
of the retrieved indications corresponding to the commodities
within the exchanges to which the user has been determined to have
access.
11. The system of claim 7 wherein the specified commodities
associated with an exchange are viewed exclusively by users having
exchange permissions corresponding to the exchange.
12. The system of claim 7 wherein the transaction parameters enable
a submitter of an indication to reveal contact information to
specific users of the system that have been predetermined by the
submitter.
13. A system for trading commodities and the like comprising: a
computer; a communications link between the computer and the
Internet; a database, accessible by the computer, containing a
plurality of user files wherein each of the plurality of user files
corresponds to a specified user of the system and further
containing exchange permissions corresponding to exchanges to which
the specified user may access; at least two computerized exchanges
for transacting specified commodities executing on the computer
accessible by selected users having proper exchange permissions for
each exchange; software executing on the computer for generating an
aggregated presentation of a plurality of indications, transmitting
the aggregated presentation to the user over the communications
link, and displaying the aggregated presentation of the plurality
of indications corresponding to the commodities within the
exchanges to which the user has been determined to have access;
whereby sharing of common commodities from one or more exchanges
pools and thereby improves liquidity.
14. The system of claim 13 wherein the specified commodities
associated with an exchange are viewed exclusively by users having
exchange permissions corresponding to the exchange.
15. The system of claim 14 further comprising commodity-sharing
privileges granted between at least two exchanges permitting at
least one of the exchanges access to at least one commodity
associated with the exchanges.
16. The system of claim 13 wherein each of the plurality of user
files further contains a plurality of transaction parameters
corresponding to one or more indications associated with the user
file, the transaction parameters governing the presentation and
acceptance of indications associated therewith and the system
further comprising software executing on the computer for querying
user files in the user database corresponding to each of the
retrieved indications to determine transaction parameters
associated with each of the retrieved indications, and generating
the presentation of the retrieved indications in accordance with
the determined transaction parameters.
17. The system of claim 16 wherein the transaction parameters
enable a submitter of an indication to remain anonymous to specific
users of the system that have been predetermined by the
submitter.
18. The system of claim 13 wherein the transaction parameters
enable a submitter of an indication to reveal contact information
to specific users of the system that have been predetermined by the
submitter.
19. A system for trading commodities and the like comprising: a
computer; a communications link between the computer and the
Internet; a database, accessible by the computer, containing a
plurality of user files wherein each of the plurality of user files
corresponds to a specified user of the system and further
containing exchange permissions corresponding to exchanges to which
the specified user may access, the database further containing
exchange permissions for at least one broker; at least one
computerized exchange for transacting specified commodities
executing on the computer accessible by selected users and brokers
having proper exchange permissions for each exchange; software
executing on the computer for permitting member traders and brokers
of various groups to post and view bids and offers and negotiate
and consummate transactions on commodities from one or more
exchanges in an integrated presentation that pools order liquidity
from the various exchanges.
20. The system of claim 19 wherein the specified commodities
associated with an exchange are viewed exclusively by users having
exchange permissions corresponding to the exchange.
21. The system of claim 20 further comprising commodity-sharing
privileges granted between at least two exchanges permitting at
least one of the exchanges access to at least one commodity
associated with the exchanges.
22. The system of claim 19 wherein each of the plurality of user
files further contains a plurality of transaction parameters
corresponding to one or more indications associated with the user
file, the transaction parameters governing the presentation and
acceptance of indications associated therewith and the system
further comprising software executing on the computer for querying
user files in the user database corresponding to each of the
retrieved indications to determine transaction parameters
associated with each of the retrieved indications, and generating
the presentation of the retrieved indications in accordance with
the determined transaction parameters.
23. The system of claim 22 wherein the transaction parameters
enable a submitter of an indication to remain anonymous to specific
users of the system that have been predetermined by the
submitter.
24. The system of claim 19 wherein the transaction parameters
enable a submitter of an indication to reveal contact information
to specific users of the system that have been predetermined by the
submitter.
25. A method for trading commodities and the like comprising:
providing a plurality of users; defining exchange permissions
corresponding to exchanges to which the user may access; connecting
the users having proper exchange permissions to at least two
exchanges for transacting specified commodities; organizing a
plurality of indications containing information corresponding to
open bids or offers for commodities according to the commodities to
which they correspond; retrieving exchange permissions for a
specified user; retrieving indications corresponding to
predetermined commodities within the exchanges to which the user
has been determined to have access; generating a presentation of
the retrieved indications; transmitting the presentation to the
user; and displaying the presentation of the retrieved indications
corresponding to the commodities within the exchanges to which the
user has been determined to have access.
26. The method of claim 25 further comprising viewing the specified
commodities associated with an exchange exclusively by users having
exchange permissions corresponding to the exchange.
27. The method of claim 26 further comprising granting
commodity-sharing privileges between at least two exchanges
permitting at least one of the exchanges access to at least one
commodity associated with the exchanges.
28. The method of claim 25 further defining a plurality of
transaction parameters corresponding to one or more indications,
the transaction parameters governing the presentation and
acceptance of indications associated therewith; querying the
retrieved indications to determine transaction parameters
associated with each of the retrieved indications; and generating
the presentation of the retrieved indications in accordance with
the determined transaction parameters.
29. The method of claim 28 further comprising a submitter of an
indication remaining anonymous to specific users that have been
predetermined by the submitter.
30. The method of claim 25 further comprising a submitter of an
indication revealing contact information to specific users of the
method that have been predetermined by the submitter.
31. A method for trading commodities and the like comprising:
providing a plurality of users; defining exchange permissions
corresponding to exchanges to which the user may access; connecting
the users having proper exchange permissions to at least two
exchanges for transacting specified commodities; permitting users
to post and view bids and offers and negotiate and consummate
transactions on common commodities from one or more exchanges;
whereby sharing of common commodities from one or more exchanges
pools and thereby improves liquidity.
31. The method of claim 31 further comprising designating web sites
for each user.
33. The method of claim 31 further comprising organizing a
plurality of indications containing information corresponding to
open bids or offers for commodities according to the commodities to
which they correspond.
34. The method of claim 33 further comprising querying exchange
permissions for a user; retrieving indications corresponding to
predetermined commodities within the exchanges to which the user
has been determined to have access; generating a presentation of
the retrieved indications; transmitting the presentation to the
user; and displaying the presentation of the retrieved indications
corresponding to the commodities within the exchanges to which the
user has been determined to have access.
35. The method of claim 31 further comprising viewing the specified
commodities associated with an exchange exclusively by users having
exchange permissions corresponding to the exchange.
36. The method of claim 31 further comprising a submitter of an
indication revealing contact information to specific users that
have been predetermined by the submitter.
37. A method for trading commodities and the like comprising:
providing a plurality of users; defining exchange permissions
corresponding to exchanges to which the user may access; connecting
the users having proper exchange permissions to at least two
exchanges for transacting specified commodities; generating an
aggregated presentation of a plurality of indications; transmitting
the aggregated presentation to the user; and displaying the
aggregated presentation of the plurality of indications
corresponding to the commodities within the exchanges to which the
user has been determined to have access; whereby sharing of common
commodities from one or more exchanges pools and thereby improves
liquidity.
38. The method of claim 37 further comprising viewing the specified
commodities associated with an exchange exclusively by users having
exchange permissions corresponding to the exchange.
39. The method of claim 38 further comprising grating
commodity-sharing privileges between at least two exchanges
permitting at least one of the exchanges access to at least one
commodity associated with the exchanges.
40. The method of claim 37 further comprising querying exchange
permissions for a user; retrieving indications corresponding to
predetermined commodities within the exchanges to which the user
has been determined to have access; generating a presentation of
the retrieved indications; transmitting the presentation to the
user; and displaying the presentation of the retrieved indications
corresponding to the commodities within the exchanges to which the
user has been determined to have access.
41. The method of claim 40 further comprising a submitter of an
indication remaining anonymous to specific users of the method that
have been predetermined by the submitter.
42. The method of claim 37 further comprising a submitter of an
indication revealing contact information to specific users of the
method that have been predetermined by the submitter.
43. A method for trading commodities and the like comprising:
providing a plurality of users; defining exchange permissions
corresponding to exchanges to which the user may access; defining
exchange permissions corresponding to exchanges to which at least
one broker may access; connecting the users and brokers having
proper exchange permissions to at least two exchanges for
transacting specified commodities; and permitting member traders
and brokers of various groups to post and view bids and offers and
negotiate and consummate transactions on commodities from one or
more exchanges in an integrated presentation that pools order
liquidity from the various exchanges.
44. The system of claim 43 further comprising viewing the specified
commodities associated with an exchange exclusively by users having
exchange permissions corresponding to the exchange.
45. The system of claim 44 further comprising granting
commodity-sharing privileges between at least two exchanges
permitting at least one of the exchanges access to at least one
commodity associated with the exchanges.
46. The method of claim 43 further comprising querying exchange
permissions for a user; retrieving indications corresponding to
predetermined commodities within the exchanges to which the user
has been determined to have access; generating a presentation of
the retrieved indications; transmitting the presentation to the
user; and displaying the presentation of the retrieved indications
corresponding to the commodities within the exchanges to which the
user has been determined to have access.
47. The system of claim 46 further comprising a submitter of an
indication remaining anonymous to specific users of the system that
have been predetermined by the submitter.
48. The system of claim 43 further comprising a submitter of an
indication revealing contact information to specific users of the
system that have been predetermined by the submitter.
Description
CROSS-REFERENCE TO RELATED PATENT APPLICATIONS
[0001] This application is a continuation-in-part of U.S. patent
application Ser. No. 09/764,574 filed 18 Jan. 2001, which claims
benefit of U.S. Provisional Patent Application Ser. No. 60/177,275
filed 21 Jan. 2000.
FIELD OF THE INVENTION
[0002] The invention relates to a system for trading commodities
and the like over the Internet.
BACKGROUND OF THE INVENTION
[0003] The commodities market is a constantly evolving market
covering a wide variety of tradable goods. There are three basic
segments of the commodities market: agricultural, natural
resources, and financial instruments. The agricultural segment is a
broad segment covering everything from grains, such as corn and
wheat, to oils and meal, such as soybeans and sunflower seed oil,
to livestock such as live cattle and pork bellies. The agricultural
segment also includes forest products, such as lumber and plywood,
textiles such as cotton, and foodstuffs such as coffee and sugar.
The natural resources segment covers metals and petroleum, such as
gold, copper, crude oil, and natural gas. The financial instruments
segment is another broad market covering everything from interest
bearing assets, such as government treasury bills to municipal
bonds, to foreign currencies, such as the yen and Euro, to futures
on most major indexes, such as the S&P 500 and New York Stock
Exchange Composite. For each of these commodities there are
different contract months, grades, amounts, and types available for
trading and the available commodities and contracts expands on
nearly a daily basis.
[0004] Trading in such over-the-counter ("OTC") commodities markets
generally involves commodity traders and commodity brokers placing
bids to buy physical commodities or derivatives, consisting of
contracts known in the commodities industry as "swaps" and
"options", the value of which are based upon the fluctuating prices
of one or more underlying commodities that are the subject of such
contract, and offers to sell commodities and derivatives, in the
various forms. Such bids and offers are often designated as firm or
non-firm. Firm bids and offers are generally non-negotiable while
non-firm bids may be negotiable. Trading of exchange traded futures
and options are also extremely active in the commodities
industry.
[0005] There has been an increasing desire in the various
commodities markets to move toward Internet-based systems to
cultivate the vast capabilities and possibilities of the Internet
in order to attract new clientele and to expedite and process
transactions between parties. Currently, OTC physicals and
derivatives are traded dominantly via a phone based system of Party
A calling Party B. Regulated futures contracts have been trading
via a "pit" and electronic "non-internet" basis. However, the
actual trading of the OTC physical and derivative commodities is
generally left to brokers and traders using relatively traditional
means of telephone, fax, and telex. In this regard, various
industry entities comprised of commodity traders, commodity
brokers, and combinations thereof, have been forming groups to
study the use of the Internet as a tool to "pool order liquidity"
and "streamline transactions and workflow". However, when multiple
groups form a major problem occurs as liquidity is thus divided up
or spread out amongst the groups. Certain groups may have dominant
liquidity in commodities specific to that group. However,
commodities that are common to various groups have liquidity
drained by splitting the liquid pool provided by users amongst the
multiple groups.
[0006] When used herein, the term "exchange" refers broadly to
various industry entities comprised of commodity traders, commodity
brokers, and combinations thereof formed as groups to "pool order
liquidity" and is not limited to official exchanges such as for
example the New York Mercantile Exchange (NYMEX), World Financial
Center, One North End Avenue, New York, N.Y. 10282, the Chicago
Mercantile Exchange (CME), 20 South Wacker Drive, Chicago, Ill.
60606 or the Intercontinental Exchange, Inc. (ICE), Fifth Floor,
2100 River Edge Parkway, Atlanta, Ga. 30328.
[0007] What is desired, therefore, is a system for trading
commodities and the like in an Internet-driven environment that
enables various exchanges to create and share commodities within a
unified database. What would be further desired is a system for
trading commodities and the like in an Internet-driven environment
that permits member traders and brokers of various groups to post
and view bids and offers and negotiate and consummate transactions
on commodities from one or more exchanges in an integrated
presentation that pools order liquidity from the various
exchanges.
SUMMARY OF THE INVENTION
[0008] The system for trading commodities and the like in
accordance with the principles of the present invention provides
trading in an Internet-driven environment that enables various
exchanges to create and share commodities within a unified
database. The present invention provides a system for trading
commodities and the like. A computer, a communications link between
the computer and the Internet, and a database, accessible by the
computer, are provided. The database includes a plurality of user
files. Each of the user files corresponds to a specified user of
the system. Each of the user files contains exchange permissions
corresponding to exchanges to which the specified user may access.
At least one computerized exchange transacts specified commodities
executing on the computer accessible by selected users having
proper exchange permissions for each exchange. A display is
provided for pooling liquidity that permits users to post and view
bids and offers and negotiate and consummate transactions on common
commodities from one or more groups or exchanges. By such liquidity
pooling, the liquidity of transactions of commodities between
various exchanges and users is improved.
BRIEF DESCRIPTION OF THE DRAWINGS
[0009] FIG. 1 is a schematic of a system for trading commodities
and the like in accordance with the principles of the present
invention.
[0010] FIG. 2 is a schematic of the authentication process of the
system depicted in FIG. 1.
[0011] FIG. 3 is a schematic of the indication presentation process
of the system depicted in FIG. 1.
[0012] FIG. 4 is a schematic of the indication submission process
of the system depicted in FIG. 1.
[0013] FIG. 5 is a schematic of an embodiment of the consummation
of transaction process of the system depicted in FIG. 1.
[0014] FIG. 6 is a schematic of another embodiment of the
consummation of transaction process of the system depicted in FIG.
1.
[0015] FIG. 7 is a schematic of the exchange and commodity-sharing
features of the system depicted in FIG. 1.
[0016] FIGS. 8-10 show the application setup introduction of the
present invention.
[0017] FIGS. 11-16 show setting up an exchange application of the
present invention.
[0018] FIGS. 17-27 show a vanilla commodities and trading period
application of the present invention.
[0019] FIGS. 28-30 show a clearing, trading limits, and accounts
application of the present invention.
[0020] FIGS. 31-34 show a companies, brokers, and traders
application of the present invention.
[0021] FIGS. 35 and 36 show a management shows trading period
templates shows and trading period generation application of the
present invention.
[0022] FIGS. 37-45 show a setting up a series of trading period
application of the present invention.
[0023] FIGS. 46-56 show the setting up for inter-market spreads
application of the present invention.
[0024] FIG. 57 shows the `file` menu of the present invention.
[0025] FIGS. 58-66 show the user preferences set-up application of
the present invention.
[0026] FIGS. 67-69 show the market details screen of the present
invention.
[0027] FIGS. 70 and 71 show the market grid screen of the present
invention.
[0028] FIG. 72-75 shows examples of the market summary screen of
the present invention.
[0029] FIGS. 76-78 show each broker exchange in its own tab
window.
[0030] FIGS. 79-89 show bids and offers for an example commodity
that is common across the three broker exchanges.
[0031] FIG. 90 shows the spread matrix screen of the present
invention.
[0032] FIGS. 91-94 show the placing an order application of the
present invention.
[0033] FIGS. 95-102 show the placing a linked order chain
application of the present invention.
[0034] FIGS. 103 and 104 show the edit, cancel, hold show, and
reinstate a linked order chain application of the present
invention.
[0035] FIGS. 105-108 show the placing an OCO order chain
application of the present invention.
[0036] FIGS. 109-111 show the trading an order without single click
trading selected application of the present invention.
[0037] FIGS. 112 and 113 show the partial fills application of the
present invention.
[0038] FIGS. 114-120 show the `trade notification` panel with
`repeat order` function application of the present invention.
[0039] FIGS. 121-124 show the trading a linked order application of
the present invention.
[0040] FIGS. 125-129 show the place an option order application of
the present invention.
[0041] FIGS. 130 and 131 show the edit, hold, cancel, and reinstate
an option order application of the present invention.
[0042] FIGS. 132-134 show the trade an option order application of
the present invention.
[0043] FIGS. 136 and 137 show the active order and my orders
application of the present invention.
[0044] FIGS. 138-141 show the market profile builder application of
the present invention.
[0045] FIG. 142 shows the ICTS trade search application of the
present invention.
[0046] FIGS. 143-145 show the ICTS position grid application of the
present invention.
[0047] FIG. 146 shows the position inspector of the present
invention.
[0048] FIGS. 147-153 show the headlines application of the present
invention.
[0049] FIGS. 154-156 show the shopping cart application of the
present invention.
[0050] FIG. 157 shows the confirmation language screen application
of the present invention.
[0051] FIGS. 158-160 show the credit administration application of
the present invention.
DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS
[0052] FIG. 1 depicts a system 10 for trading commodities and the
like in accordance with the principles of the present invention.
The system 10 includes a computer 12 and a communications link 14
between the computer 12 and the users 16 of the system. The
computer 12 may be any type of computing device capable of
performing the functions described herein. For example, the
computer 12 may be a personal computer, minicomputer, mainframe,
supercomputer, web server or any combination thereof. The
communications link 14 may take any suitable form that permits
communication between the users 16 and the computer 12, such as for
example direct-dial modem, DSL, satellite or hardwire connection.
Preferably, the communications link 13 comprises an appropriate
connection between the computer 12 and the Internet and software
executing on the computer 12 for operating and maintaining an
interactive website for facilitating communication between the
computer 12 and users 16. Users 16 of the system 10 will generally
include commodity traders 18 seeking to place offers or bids and/or
professional commodity brokers 20 seeking to do the same on behalf
of their clients.
[0053] A user 16 of the system 10 of the present invention is first
authenticated 22 before he or she can enter and utilize the system
10. The authentication process 22, shown in FIG. 2, generally
includes the submission of authentication data 24 associated with
the user 16 that permits the computer 12 to recognize the user 16,
such as a username and password. Software executing on the computer
12 may transmit a prompt to the user 16 over the communications
link 14 requesting the user's authenticating data. The user 16 then
submits 24 his or her data to the computer 12 over the
communications link 14. Upon receipt, software executing on the
computer 12 accesses a database 26 containing a plurality of user
files 38 to verify 28 the submitted authentication data 24. The
user file 38 acts as a depository for information related to the
user. Once verified, the user 16 has been authenticated 30 and can
proceed to use the system 10. Alternately, the system 10 may
include cookie technology that permits the computer 12 to
immediately identify and recognize the user 16 once the user
accesses the system 10 or the system 10 may include software
executing on the computer 12 that recognizes the user based on the
user's Internet Protocol (IP) address. These alternatives would
allow the user 16 to be immediately recognized without having to
actively submit authentication data.
[0054] If the user 16 does not have authentication data 24, he or
she may request to register with the system 10. In such a case,
software executing on the computer 12 transmits a registration form
32 to the user 16. The registration form 32 may also be transmitted
to a prospective user via other means such as for example e-mail or
postal service. Preferably, though, the registration form 32 is
electronic and is received and completed 34 by the user 16 and
returned electronically via a website to expedite and simplify the
process. The registration form 32 may request information deemed to
be necessary by the administrators of the system 10 to determine
whether the user 16 is eligible to perform trades on the system 10
and any preferences the user may have regarding various options
described herein. Once the registration form has been submitted 34
and approved, the user 16 is assigned authentication data 24, such
as a username and password, and a user file 38 related to the user
16. The user file 38 contains the authentication data 24 and any
other information provided by the user in the registration form and
is created 36 and stored in the user database 26. It is to be
understood that authentication data 24 such as user names and
passwords can be chosen by the user 16 as opposed to being assigned
by the computer 16.
[0055] Once an authenticated user 16 accesses the system 10,
software executing on the computer 12 accesses an indication
database 40 containing a plurality of open bids and offers
currently available for trading that have been previously submitted
by other users 16 of the system 10. Such open offers and bids can
generally be referred to as indications of interest, or indications
for short. Each indication contains relevant information pertaining
to the bid or offer such as the type of commodity involved, the
amount of commodity available, the price of the commodity, and/or
the contact information required, if any, to complete a transaction
related to the indication. The software retrieves the indications
from the database and presents 42 them to the user 16 over the
communications link 14. Generally, the indications can be presented
to the user 16 as a list or table that permits the user 16 to
select specific bid or offer.
[0056] Preferably, each of the user files 38 in the user database
26 contains a plurality of transaction parameters corresponding to
one or more indications associated with the user file 38. These
transaction parameters govern the presentation and acceptance of
indications associated therewith. The transaction parameters may
enable a submitter of an indication to remain anonymous to specific
users 16 of the system 10 that have been predetermined by the
submitter. For example, the submitter may wish to post his
indications anonymously to certain other users for various reasons.
The transaction parameters may also permit the submitter of an
indication to grant specific users preferred status over other
users of the system with respect to actions concerning indications
submitted by the submitter. For example, a submitter may have had
good relations with particular user and may wish to give them
preference over other users of the system such as for credit
purposes or otherwise. In essence, the transaction parameters
permit the submitter of an indication to control to how the
indication is presented and acted upon by other users. Other
examples of transaction parameters may include whether the
indication is firm or not or the desired contact person regarding
the indication.
[0057] The transaction parameters can be predetermined by the user
and may be submitted to the computer 12 by a user 16 within a
completed indication submission form 58. The transaction parameters
may also be determined by the user 16 and submitted to the computer
12 within the completed registration form 32. Software executing on
the computer would retrieve the transaction parameters submitted
within the completed indication submission form 58 or completed
registration form 32 and store the transaction parameters in a user
file 38 corresponding to the user 16.
[0058] Preferably, the presentation 42 of the indications can be
completely sortable and interactive to permit the user 16 to
quickly and easily access desired indications or information that
is available, as shown in FIG. 3. Software executing on the
computer 12 may transmit a plurality of format, content, and/or
sorting options 44 to the user 16 over the communications link 14.
Such format options may include the format in which the bids and
offers can be presented to the user 16, such as in tabular or
graphical format. Content options may allow a user 16 to retrieve
indications for specific bids or offers having certain parameters,
such as commodity type, bid versus offer or other discernible
difference ascertainable from information submitted with the
indication. For example, the user may seek only open offers on
Brent Crude Oil or firm bids from a specific trader or broker. The
software may also transmit a plurality of sorting options to the
user over the communications link. Such sorting options could
include options to sort by date posted, highest/lowest price,
quantity available, etc.
[0059] It is to be understood that the format, content, and sorting
options of the presentation of the indications can be closely
interrelated and can be presented to the user 16 simultaneously.
Upon receipt of the customer selections 46, if any, software
executing on the computer 12 queries the indication database 40 to
retrieve 48 any indications corresponding to the user's selections
46. The software then queries 49 the user files 38 associated with
the retrieved indications to determine the transaction parameters
related to each indication. The software then creates 50 a
presentation of the retrieved indications based on the user's
selections 46 and determined transaction parameters. The created
presentation can be then transmitted and displayed 52 to the user
16 over the communications link 14. Preferably, during the
registration process or otherwise, the user submits the user's
preferred format, content, and sorting options to the system and
the preferred options can be stored in the user's user file 38. As
such, the user may be presented with a display corresponding to
their preferred options whenever the user accesses the system. For
example, the user may primarily trade in three types of commodities
and only desire to see the five indications in each commodity
having the lowest offer price. The user would still be able to
modify the presentation upon accessing the system and could modify
the preferred options from time to time as needed or desired.
[0060] In practice, the user 16 may be presented with a menu
permitting the user 16 to select which commodities for which he or
she would like to view indications and in what order the display
would be organized. For example, the user 16 may wish to be
presented with a table displaying the currently open offers on
Brent Crude Oil arranged according to number of barrels available.
Additionally, the user 16 may search for a particular offer
matching specific parameters, such as bids on Brent Crude Oil for a
specified price, submitted by the user 16 to the computer 12 over
the communications link 14. Preferably, the system 10 further
includes software executing on the computer 12 for refreshing and
updating the user's presentation 52 of indications to reflect new
bids and offers as other users of the system submit them.
Therefore, the user 16 can be apprised on a real-time basis of the
current bids and offers available for trading within the system
10.
[0061] Regardless of the format or style of the presentation 52 of
indications chosen by the user 16, it is important that the user 16
be presented with sufficient information to make a determination as
to whether or not the user 16 would like to pursue the bid or offer
further. As such, initial displays 52 may only present a limited
summary of the bid or offer in order to conserve space and
facilitate quicker perusal of larger number of bids and offers. The
user 16 may then request more detailed information regarding
specific bids and offers, if desired.
[0062] As shown in FIG. 4, in order to submit 54 a bid or offer to
the system 10, the user 16 completes and submits an indication
submission form 56. Software executing on the computer may transmit
the submission form 56 to the user 16 over the communications link
14. Alternately, the submission form 56 may be incorporated into
the indication presentation 52 to permit the user 16 to quickly
view the existing market depth and submit a bid or offer. The
submission form 56 requests necessary information for permitting a
trade to be accomplished, for example the commodity type, number of
units, cash price, term of open bid or offer, delivery month,
contact information, if applicable, etc. Upon receipt of a
completed submission form 58, software executing on the computer 12
creates 60 a new indication based on the information provided by
the user 16 in the completed registration form 58 and stores 62 the
new indication in the indication database 40. Preferably, the
software also updates the user's associated user file 38 in the
user database 26 to reflect the submitted indication. This readily
permits the user 16 to access the indications he or she has
submitted. Once stored in the indication database 40, the new
indication may be accessed and presented to current and subsequent
users 16 of the system 10 for their perusal and action.
Additionally, software executing on the computer may permit the
users 16 to withdraw or cancel a bid or offer if such a bid or
offer were not firm or had not been accepted as of the time of
withdrawal.
[0063] The process for completing 66 a trade or transaction depends
on the capabilities of the specific system and the type of
indications being presented to the user 16, namely whether the
system 10 processes firm or non-firm bids and offers. If the system
10 is capable and certified to process and transact firm offers,
the consummation of the transaction can be accomplished very
easily, as shown in FIG. 5. Once the user 16 finds an indication
that he desires to accept, the user may select the indication from
the presentation 52 and submit 68 the selection to the computer 12
over the communications link 14. Software executing on the computer
12 would receive the indication selection and process and complete
70 the transaction appropriately and in accordance with any
transaction parameters that may be associated with the selected
indication 68. Once completed, a confirmation that the transaction
was successful can be transmitted 72 to the user 16 and the
submitter of the selected indication over the communications link
14 by the software. The software may also remove 74 the selected
bid or offer from the indication database 40 and update 76 the
appropriate user files 38 in the user databases 26 to reflect the
transaction. Thus, through a simple process, such as a point and
click operation on a website, the user may complete a transaction
when the system 10 includes firm bids and offers.
[0064] In practice, a submitter would enter a firm bid to buy, or
firm offer to sell commodities or derivatives at a specific price
for a particular delivery date, both of which were designated by
the submitter in the respective completed indication submission
form. If the user 16 desires to accept a firm offer or bid, the
user 16 need only click on the desired firm indication using a
mouse or keyboard or other appropriate input device, at which point
the transaction would be considered final and binding between the
user 16 and the submitter. The system 10 then would automatically
generate a trade confirmation and transmit it to both parties to
the trade over the communications link.
[0065] In the instance where non-firm bids and offers are presented
to the user 16 by the system 10, as shown in FIG. 6, the
consummation process is more interactive and involved. As before,
the user 16 selects and submits 68 the indication desired to be
accepted to the computer 12 over the communications link 14.
Software executing on the computer 12 receives the user selection
68 and retrieves 78 contact information corresponding to the
selected bid or offer 68 from the indication database 40. The
contact information 80 identifies a person 82, generally another
broker or trader, to be contacted regarding the selected indication
who has the authority and capability to complete the transaction.
The contact information 80 also contains appropriate information on
how to communicate with the person 82, such as a phone number or
email address. The submitter of the indication may provide the
contact information 80 of the desired contact person 82 during the
bid or offer submission process 54, for example within the
indication submission form 56. Alternatively, the appropriate
contact information 80 may be obtained during the authentication
process 22, included in the user file 38, and added automatically
to the bid or offer when a user 16 makes a submission.
[0066] The retrieved contact information 80 can then be transmitted
to the user 16 over the communications link 14. Upon receipt, the
user 16 contacts the person 82 accordingly depending on the content
of the contact information 80 to complete 84 the transaction. The
system 10 may provide for some flexibility of the indications
submitted permitting the user and the contact person to negotiate
86 various aspects of the bid or offer prior to consummating the
trade. As can be seen, in instances of transactions involving
non-firm bids and offers, the user 16 contacts a third party apart
from the computer 12, such as by phone or otherwise to complete the
deal. However, the system could be readily modified to include
software executing on the computer 12 for providing users 16 of the
system 10 a computerized means for real time communication, such as
a dedicated secure chat room, in which the various parties to the
transaction may directly communicate to negotiate or otherwise
complete the transaction. Nonetheless, the consummation of non-firm
indications may be completed off-line from the computer 12. This
aspect is indicated in FIG. 1 by the dashed lines.
[0067] In practice, a submitter, whether it be a trader or broker,
would submit to the computer 12 an indication at a specific price
for a particular delivery or settlement date, both of which can be
designated by the submitter in the respective completed bid or
offer submission form. If the user sees the submitter's bid or
offer, he may select it if he is interested in negotiating a
transaction based upon that indication. Once the user clicks on the
bid or offer, the computer transmits the contact information for
the submitter to the user over the communication link. For example,
the computer would transmit the name of a broker and how to contact
him. The user may then, independent of the system or otherwise,
contact the submitter and attempt to negotiate a firm and binding
agreement based upon the original terms presented by non-firm bid
or offer submitted.
[0068] Indications submitted by brokers may show the name of the
broker and how to contact him and often the underlying client on
whose behalf the broker is working. However, depending on the
transaction parameters selected by the broker, he or she may elect
to submit bids and offers anonymously for his client, i.e. that a
client's name or other identification information not be provided
with any bids or offers submitted to the system 10. Alternatively,
the user 16 may permit the broker to submit indications under the
user's name. Thus, the broker may submit a bid for a commodity and
the indication could be shown under the user's contact information
and according the user's desired transaction parameters. It is to
be understood that any other user of the system 10 designated by
the user 16 may utilize this feature and the other user need not be
a broker. The feature may also be integrated as a transaction
parameter. The broker may also provide a list of traders and
brokers having a preferred status with his or her client as part of
the transaction parameters. Traders and brokers with the preferred
status would be able to identify the client 10 as the submitter of
the indication and/or have other benefits regarding action on the
indication.
[0069] The system 10 may also collect information regarding each
transaction performed by the user 16. Software executing on the
computer 12 would track submissions, actions, and trades performed
by the user 16 and store the collected information in the user's
user file 38 in the user database 26. Thus, a user may access and
view his or her personal trading history. The trading history could
be sortable and searchable to permit the user 16 to access and
display desired or specific types of trades performed. For example,
the user 16 may wish to view completed trades for a specific time
period or cancelled trades for a specific commodity or his or her
position in a particular commodity. This feature may be extended to
permit an administrator to monitor and track transactions of a
specific group of traders. In such an instance, the administrator
would be granted permission by the system 10 to access and view the
user files 38 of specified users. For example, a brokerage firm may
have twelve traders working for it using the system 10. This
feature would allow the manager to monitor and review the
transactions and performance of each of the twelve traders or view
the firm's position in various markets. Software executing on the
computer could permit the administrator to sort and view the
desired information in a selected format, similar to the options
provided in the presentation process 42.
[0070] The system 10 may further include software executing on the
computer 12 for operating and maintaining a plurality of different
exchanges 88, as shown in FIG. 7. The exchanges 88 permit the
transaction of predetermined commodities and can be accessible by
only selected users 16 having proper exchange permissions
corresponding to each exchange. Indications involving the
commodities associated with an exchange can be solely accessible by
users 16 who have access to the exchange. Likewise, any indications
submitted by users 16 having access to the exchange 88 would be
stored in the database under the commodity associated with the
exchange. Accordingly, indications within the indication database
40 may be organized according to the commodity to which the
indication relates to facilitate and expedite access to the
indication by the exchanges 88 and ultimately, the users 16. The
exchanges 88 may be created by the system administrators or any
other entity desiring to create an exchange. The party that creates
the exchange may also decide and/or create the commodities
associated with the exchange 88. Preferably, the exchanges 88
utilize and retrieve information from a common indication database
40 that can be shared by the exchanges in the system 10.
[0071] The exchange feature is shown by way of example in FIG. 7.
Exchange B 88b is associated with Commodity B 94 in the indication
database 40. Users 16b having exchange permissions for Exchange B
88b may view and select 96 bids and offers from indications stored
under Commodity B 94 in the indication database 40. Any indication
submissions submitted by the users 16b would be stored in the
indication database 40 under Commodity B 94. However, as can be
seen, users 16b having access to Exchange B may not view or
transact indications that may be stored in other commodities in the
indication database 40, such as the bids and offers 100 stored in
Commodity A 102.
[0072] In many instances, it may be desirable to grant
commodity-sharing privileges 104 to other exchanges to improve the
liquidity of transaction of commodities between various exchanges
88 and users 16. Such privileges would permit multiple exchanges to
transact indications within a single commodity in the indication
database 40. As shown in FIG. 7, Exchange A 88a is associated with
Commodity A 102. If Exchange B grants commodity-sharing privileges
104 to Exchange A 88a, users 16a having exchange privileges for
Exchange A 88a may now view and transact 106 bids and offers 94 in
Commodity B 96 in addition to indications 100 within Commodity A
102. However, when users 16a of Exchange A submit indications
relating to Commodity A 102, the indication would be stored under
Commodity A 102 in the indication database 40. Such
commodity-sharing privileges are generally agreed to between the
various creators of the exchanges 88. It is to be understood that
any number of exchanges 88 may agree to grant commodity-sharing
privileges 104 between them for any number of commodities. While
FIG. 7 illustrates a unilateral commodity-sharing privilege, it is
to be understood that such commodity-sharing privileges may also be
bilateral permitting both exchanges to view and transact indication
within the other's related commodities.
[0073] The exchanges 88 may be accessed through the authentication
process 30 to permit the user to directly access exchanges 31 to
which the user 16 may have access. Software executing on the
computer 12 would query the user's user file 38 to verify proper
exchange permissions. Additionally, the registration form may
permit the user 16 to select which exchanges he or she would like
to have access. The system may grant permissions directly to the
user 16 if the desired guidelines have provided to the system
administrators by the exchange creator or the request may be
appropriately forwarded to the creator for independent decision. It
is to be understood that users 16 may directly contact an exchange
creator and seek permissions and the creator may contact the system
administrators to grant the exchange permissions. Regardless, if a
user is granted access to an exchange, the exchange permissions can
be preferably stored in the user's user file 38 in the user
database 26.
[0074] In the instance of exchanges 88, when presenting 42
indications to the users 16 of an exchange, software executing on
the computer 12 may query the user database 26 to retrieve and/or
verify the exchange permissions from a user file 38 corresponding
to the user 16 and retrieve indications from the indication
database 40 corresponding to the predetermined commodities within
the exchanges 88 to which the user has been determined to have
access. The software may then generate a presentation 52 of the
retrieved indications and transmit the presentation to the user 16
over the communications link 14.
[0075] The system may further include software executing on the
computer for tracking and storing information corresponding to the
transactions that are completed on the system. Such information may
include for example the commodity, the number of units, the unit
price, etc. Such tracked information may then be downloaded or
otherwise transferred to a desired third party database or system
for further processing or use.
[0076] The previous description and figures encompasses specific
embodiments of the present invention. More specifically, the
description and figures refer to the trading of commodities. While
the description refers to commodity trading, it is to be understood
that the system is applicable to all types of trading of tangibles
and/or intangibles, including, but not limited to, trading of
products, things, services, stocks, securities, futures, and
bonds.
[0077] Referring now to FIGS. 8-160, a graphical user interface
implementing the exchange and commodity-sharing features of the
system for trading commodities and the like in accordance with the
principles of the present invention is seen. Referring to FIGS.
8-57, an application setup is described. The application set-up can
include: an introduction; setting up an exchange; setting up
vanilla commodities and trading periods; clearing, trading limits,
and accounts; companies, brokers, and traders; using management,
trading period templates, and trading period generation; and
inter-market spreads, inter-market spread commodities, and
inter-market spread trade periods.
[0078] Referring to FIGS. 8-10, the setup introduction application
is described. FIG. 8 is an example of an applications launch page.
The applications launch page can include a `trading` link, a `live
prices` link, an `exchange help` link, a `chat` link, an `ICTS
admin` link, an `admin` link, and an `LMD admin` link. To log into
the administration application from the applications launch screen,
the `admin` link can be clicked. FIG. 9 shows an example of a user
log screen having as inputs `user name` and `password.` Upon a
successful log in, an exchange tools administration application
screen can be presented, an example of which is seen in FIG.
10.
[0079] Referring to FIGS. 11-16, the setting up an exchange
application is described. To set up a new exchange, a
`search/view/edit` drop-down menu can be selected from the exchange
tools administration application screen of FIG. 10. As seen in FIG.
11, files presented can include: `clearing, trading limits &
accounts`; `commodities & trading periods`; `companies, brokers
& traders`; and `miscellaneous`. Selecting the `miscellaneous`
file can present in a drop-down menu `broadcast messages`;
`calendar`; `calendar events`; `chats`; `commissions`;
`currencies`; `currency conversions`; `exchanges`; `price index
temples`; `price indexes`; `settlements`; and `settlement prices`,
as seen in FIG. 12. Selecting `exchanges" allows the user to search
for existing exchanges by selecting a `search` icon, an example of
which is seen in FIG. 13.
[0080] In the `view/edit exchanges` section a `new` or `copy`
button can be clicked for a new exchange. On the `general`
information tab, fields for the new exchange can be filled in. The
fields can include: `name`--a name for the exchange can be
selected; `time zone`--selected from a drop-down menu; `default
locale`--selected from a drop-down menu; `e-mail`; `skin info`; and
`identifier`.
[0081] `Commodities`, `commodity groups`, and `chat groups` can be
associated with exchanges. `Commodities/commodity groups/chats` to
be associated with the exchange can be selected from each of their
respective tabs. Referring to FIG. 14, an example of the
`commodities` tab is seen. An item from the available list can be
highlighted and assigned to the exchange for example with the
`right` arrow. To remove an assigned item from an exchange, the
item to be removed can be highlight in the `assigned` column and
for example the `left` arrow can remove it. FIG. 15 shows an
example of the `commodities groups` tab while FIG. 16 shows an
example of the `chat groups` tab.
[0082] Referring to FIGS. 17-27, the vanilla commodities and
trading period application is described. To set up new commodities
and trading periods, the `commodities & trading periods` file
can be selected from the `search/view/edit` drop-down menu of the
exchange tools administration application screen seen in FIG. 11.
Selecting the `commodities & trading periods` file in the
commodities groups screen can present: `commodity groups`;
`inter-market spread commodities`; `inter-market spread trading
periods`; `inter-period spread trading commodities`; `inter-period
spread trading periods`; `quantity restrictions`; `trading period
categories`; `trading period templates`; `units of measure`;
`vanilla commodities`; and `vanilla trading periods`, an example of
which is seen in FIG. 17.
[0083] Vanilla commodity can be selected. Several tabs of
information can be provided for a vanilla commodity, which can
include: `gen` (general); `qty & price` (quantity and price);
and `misc` (miscellaneous). An example of the `gen` tab is seen in
FIG. 18. The `gen` tab can include: `name--the commodity name
displayed in trading screens; `short name`; `abbreviated name`--the
clearing code used for automated clearing; `allow aggregation on
prices` flag--allows commodity to be shown in a trading screen with
bids/offers at a certain price to be combined to show total volume
as well as by counterparty; `allow crossing bids & offers`
flag--permits bids better than best offer and offers better than
best bid for this commodity; `allow automatic order matching`
flag--will not be enabled; `allow negotiations` flag--permits
traders/brokers to negotiate transactions on the commodity; `must
be cleared` flag--prevents bilateral transactions and allows only
cleared trades for the commodity; `partial fills type` flag--has
three choices: to allow, require or disallow partial fills; `show
spot trading period date in . . . ` flag; `show valid counterparty
orders only` flag--allows a view which eliminates bids/offers from
counterparties with whom viewers are not approved for trading; and
`allow private trades` flag--permits this commodity to have private
trades.
[0084] An example of the `qty & price` (quantity & price)
tab is seen in FIG. 19. For a vanilla commodity, the following tabs
can be provided: `trade in multiples of lot` flag--determines if
only quantities which are multiples of specified lot size for the
commodity are allowed; `lot size` field--filled if `trade in
multiples of lot` is flagged; `lot choices count`; `default
quantity` field--minimum lot size; `quantity scale` field--refers
to the number of decimal places allowed in the `quantity` field:
zero in this field would indicate that whole numbers only be
allowed in `quantity` fields; `quantity multiplier; quantity UOM`
--selects unit of measure (e.g. bbl, gal) from a drop-down menu;
`default price`; `allow positive prices only` flag--prevents the
commodity from being able to accept negative prices for
bids/offers: spread or basis commodities are examples where
negative prices are acceptable; `price variance exception amount`;
`price scale`--the number of decimal places in price for commodity;
`price tick size`; `constrain prices to tick size`; and `price
UOM`--selects unit of measure to be used for commodity price (e.g.
bbl, gal).
[0085] An example of the `misc` (miscellaneous) tab is seen in FIG.
20. For a vanilla commodity, the following tabs can be provided:
`uses net costs`--when flagged, commodity shows net prices on
confirms; `settlement`--selected from a drop-down menu;
`currency`--selected from a drop-down menu; `holiday
calendar`--selected from a drop-down menu; `additional terms
type`--selected from a drop-down menu; `permitted order
types`--selected from a drop-down menu; `locale`--selected from a
drop-down menu; `option style`--selected from a drop-down menu;
`generate structured options`--when flagged; `ICTS order
type`--selected from a drop-down menu.
[0086] Referring to FIGS. 21-25, additional tabs for a vanilla
commodity can be seen, which can include: `groups`; `exchanges`;
trading prds`; `UOM` (unit of measure); and `contract`. FIG. 21
shows an example of a `groups` tab in which vanilla commodities can
be added to a commodity group(s); FIG. 22 shows an example of an
`exchanges` tab in which vanilla commodities can be added to an
exchange; FIG. 23 shows an example of a `trading period` tab in
which active trading periods for the selected commodity can be
displayed; FIG. 24 shows an example of a `UOM` tab in which the
conversion factor between two units of measure can be defined; and
FIG. 25 shows an example of a `contracts` tab in which contract
terms for commodity can be entered. In the `UOM` tab a drop-down
menu can be used to select units of measure for selected commodity
and a conversion factor can be entered which sets source measure
equivalent to destination measure.
[0087] Referring to FIG. 26, an example of the commodities and
trading period screen is seen. The commodities and trading period
screen defines trading periods associated with commodities. The
commodities and trading period screen can include: `name`--name of
trading period being created; `commodity`--the commodity that uses
the trading period (the commodity pre-exists); `category`--selected
from a drop-down menu; `sorting priority`--used to sort trading
period categories, i.e. where monthly, quarterly, annual trading
periods exist for same commodity; `pricing start date`; `pricing
end date`--sets pricing terms for the trade period being named;
`trading start date`; and `trading end date`--sets dates when
trading period rolls on and off.
[0088] Referring to FIG. 27, an example of the commodities groups
screen is seen. On the commodities groups screen, commodities can
be assigned to one or more commodity groups. New commodity groups
also can be created and commodities can be added or removed from
groups. To define a new group, an existing group can be selected
and edited or `select new` can be selected. `Left` and `right`
arrows can be used to add or remove commodities.
[0089] Referring to FIGS. 28-30, the clearing, trading limits, and
accounts application is described. To set up new commodities and
trading periods, the `commodities groups` file can be selected from
the `search/view/edit` drop-down menu of the exchange tools
administration application screen seen in FIG. 11. Selecting the
`clearing, trading limits & accounts' file in the commodities
groups screen can present: `cleared quantity restrictions`;
`clearing houses`; `trading accounts`; `trading limit templates`;
`trading limits`; `trading session templates`; and `trading
sessions`, an example of which is seen in FIG. 28. Commodities can
be assigned to a clearing house by selecting `clearing houses`, an
example of which screen is seen in FIG. 29. Trading accounts can be
associated with `clearing members and owners (companies)`, an
example of which screen is seen in FIG. 31.
[0090] Referring to FIGS. 31-34, the companies, brokers, and
traders application is described. To set up companies, brokers, and
traders, the `commodities & trading periods` file can be
selected from the `search/view/edit` drop-down menu of the exchange
tools administration application screen seen in FIG. 11. Selecting
the `companies, brokers, and traders` file in the commodities
groups screen can present: `administrators`; `brokers`;
`companies`; `open account requests`; `traders`; `user locations`;
`user login histories`; and `verification questions`, an example of
which is seen in FIG. 30.
[0091] Companies can be associated with counterparties and clearing
houses, and have traders and brokers by selecting `companies`, an
example screen of which is seen in FIG. 32. Traders can be
associated with companies by selecting `traders`, an example screen
of which is seen in FIG. 33. Brokers can be affiliated with
exchanges and companies by selecting `brokers`, an example screen
of which is seen in FIG. 34. In addition, as seen in FIGS. 33 and
34, a "Permitted to Add Grapes" feature can be provided. This
feature allows users to add people to their contact list for
chatting with and instant messaging via a chat application (a la
"heard it through the grape-vine"). Users can also enter RFQs and
other orders, which will appear in the headlines window.
[0092] Referring to FIGS. 35-36, the management, trading period
templates, and trading period generation application is described.
Referring back to FIG. 17, the `commodities & trading periods`
file in the commodities groups screen is seen. Two ways can be
provided to set up vanilla trading periods. In the
`search/view/edit` drop-down menu for commodities & trading
periods, an individual trading period (or a small number of trading
periods) can be set up in vanilla trading periods. Referring to
FIG. 35, an example of a vanilla trading periods screen is seen.
Once a new trading period has been set, the trading period screen
is generated, an example of which is seen in FIG. 36.
[0093] Referring to FIGS. 37-45, the setting up a series of trading
period application is described. To set up a series of trading
periods, from the `menu` bar the `trading period generation`
function can be selected from the `management` drop-down menu.
Trading period templates are needed to use the trading period
generation method. Referring to FIG. 37, the commodities for which
trading periods will be generated can be selected with a check
mark. Then, the `select commodities` button can be clicked.
Existing templates/offsets can be listed, an example of which is
seen in FIG. 38.
[0094] Alternatively, referring back to FIG. 17 a user can check
for `trading period templates` in `commodities & trading
periods` in the `search/view/edit` drop-down menu. An example of a
trading period template is seen in FIG. 39. The trading period
template is where new templates to be used in generation can be
defined. A trading period template can be set up for each trading
period for which a commodity is to be generated, an example of
which is seen in FIG. 40. The `new` and or `copy` buttons can be
used to enter/amend appropriate information in each field,
including: `type (of template)`--selected from a drop-down menu
(e.g. monthly, quarterly, monthly strips, peak);
`commodity`--selected from a drop-down menu (vanilla commodities
listed); `category`--selected from a drop-down menu (e.g. BOY, BOM,
BOW, daily, day ahead, monthly, qtly, annual); `sorting
priority`--refers to priority in which a category can be sorted
when displayed in trading screen; `offset`--the number of time
units which the trading periods pricing start date can be offset
from the reference date and time shown in the generation screen;
`offset unit`--selected from a drop-down menu; `cutoff`--selected
day of the week from a drop-down menu; `time`--selected from a
drop-down menu; `strike price step size`--the price difference
required between consecutive option strike prices; `strikes
above/below ATM a count`--the number of out of the money option
strikes required; `ICTS quote string`; and `periodicity`--time
interval at which quantity traded repeats, factor of total
quantity. Once the desired number of templates for the commodity
has been defined, from the `menu` bar `trading period generation`
can be selected from the `management drop-down menu, the
`commodities` can be selected, and the `select commodities` can be
selected to return the available templates for the selected
commodities, an example of which is seen in FIG. 41.
[0095] Referring to FIG. 42, to begin generating trading periods,
the reference date is amended appropriately to produce the desired
pricing start dates based on monthly offset numbers, and the
templates for each period to be generated can be checked off. For
instance, if the first month is desired to have a pricing period
that starts 1 Jan. 2006, then the reference date is set to that
date. The `test` button can be used before `generate and save` to
ensure the information returns the desired results, an example of
which is seen in FIG. 43. If the test information is correct, then
`generate and save` can be used to create new active trading
periods
[0096] Referring to FIG. 44, an example of the `commodities &
trading periods` in the `search/view/edit` drop-down menu is seen.
An `active trading periods` tab can be reviewed. If adjustments
need to be made, then an `edit` function in the vanilla trading
periods can be used to make changes. `Active trading periods` tab
can also be viewed in vanilla commodities, an example of which is
seen in FIG. 45.
[0097] Referring to FIGS. 46-56, setting up for inter-market
spreads application is described. To create a spread between two
commodities, the `inter-market spread commodities` function can be
selected from `search/view/edit` drop-down menu of FIG. 17, which
displays the view/edit inter-market spread commodity seen in FIG.
46. `Commodities & trading periods` can be selected. Individual
legs for each of the commodities to be spread already exist; if the
individual legs do not exist, then the individual legs are created
in vanilla commodities first. If both commodities needed for the
spread exist, then set-up can be started by clicking the `new`
button and filling in information on tabs.
[0098] FIG. 47 shows an example of a `general` tab. The `general`
tab can include as input: `name`--a name to be displayed on trading
screens; `short name`--short version; `abbreviated name`--two
character code used for clear port clearing; `allow aggregation on
price`--when flagged permits volume from orders at the same price
but from different traders to be combined in `quantity` field on
trading screens; `allow crossing of bids and offers`--not
applicable; `allow negotiations`--when flagged permits negotiation
capability from trading screen; `must be cleared `--when flagged
bilateral trades are not allowed, trades are sent to `clearing`;
`requires primary leg price`--spread include outright price for one
leg as well as the differential; `partial fills type`--selected
from `required/allowed/not allowed`; `show spot trading period date
in name`; and `show valid counterparty orders only`--when flagged
trading screens only displays bids/offers from counterparties
approved for trading with user.
[0099] FIG. 48 shows an example of a `quantity and price` tab. Tabs
for the `quantity and price` tab can include: `trade in multiples
of lot`--when flagged only allows quantities which are multiples of
specified lot; `lot size`--contract size traded; `lot choices
count`--the number of lot size multiples; `default quantity`;
`quantity scale`--number of decimal places allowed in quantity;
`quantity multiplier `--used for weather contracts; `quantity
UOM`--selected unit of measure for commodity from pull-down menu;
`default price`; `allow positive prices only`--when flagged will
not accept negative spread prices; `price variance exception
amount`--a bid/offer away from the current market by the variance
amount can be flagged with a notice; `price scale`--the number of
decimal places allowed in commodity price; `price tick
size`--minimum price tick; `constrain prices to tick size`--when
flagged will not allow prices not conforming to tick size; and
`price UOM`--unit of measure for commodity price.
[0100] FIGS. 49-53 show additional tabs. FIG. 49 shows an example
of a `miscellaneous` tab; FIG. 50 shows an example of the `groups`
tab where spreads can be assigned to groups; FIG. 51 shows an
example of the `exchanges` tab where spreads can be assigned to
exchanges; FIG. 52 shows an example of the `trading periods` tab
where active trading periods and defined templates can be
displayed; FIG. 53 shows an example of the `unit of measure` tab
where conversion rates can be set-up for spread unit of
measure.
[0101] Referring to FIGS. 54 and 55, the `contract legs` tab is
described: FIG. 54 is a first leg while FIG. 55 is a second leg.
The order of commodity legs in the spread is defined and conversion
rates can be assigned to each leg of the spread. FIG. 56 shows an
example of a `contract` tab. Contract terms can be entered in the
`contract` tab. `Save` can be clicked to save the new spread
commodity.
[0102] Referring to FIGS. 57-160, the user interaction is
described. The user interaction can include multiple applications,
which can include: user preferences set-up application; placing an
order application; placing a linked order chain application; edit,
cancel, hold, and reinstate a linked order chain application;
placing an OCO order chain application; trading an order without
single click trading selected application; partial fills
application; the `trade notification` panel with `repeat order`
function application; trading a linked order application; place an
option order application; edit, hold, cancel and reinstate an
option order application; trade an option order application; active
order and my orders application; trade an option order application;
active order and my orders; market profile builder application;
ICTS trade search application; ICTS position grid application;
headlines application; shopping cart application; and credit
administration application.
[0103] Referring to FIG. 57, an example of the `file` drop-down
menu from the `menu` bar is seen. The `file` drop-down menu is
available from the user interaction screens. The `file` menu can
include: `market details`; `market summaries`; `markets grid`;
`market profile builder`; `spread matrix`; `my orders`; `active
order`s; `place multiple/opt orders`; `place batch orders`; `price
indices`; `ICTS position grid`; `shopping cart`; `ICTS trade
search`; `headlines`; `preferences`; `confirmation language`; and
`quit`.
[0104] Upon first logging in, a new user should go to the `file`
menu and select the `preference` panel to set their preferences.
Referring to FIGS. 58-66, the user preferences set-up application
is described. An example of the `preference` panel is seen in FIG.
58. The `preference` panel can include as pull-down menus: `default
locales`, `default commodities`, and `default new order expire
times`. Users can change their preference settings. Selections or
changes take effect in real time. The `default` tab gives user the
ability to select a `default locale`, `default commodity`, and
`default new order expiry time`. The `preferences` panel can
include a `miscellaneous` tab, a `preferred` tab, a `preferred
brokers` tab, and an `accounts` tab.
[0105] An example of the `miscellaneous` tab of the `preferences`
panel is seen in FIG. 59. The `miscellaneous` tab gives users a
checkbox for choosing their setting in several areas, which can
include: `require password after logon for operation`; `use audible
alerts`; `allow partial fills selected`; `place order for balance
of sweeps`; `aggregate orders by default`; and `single click
trading`. When `require password after logon for operation` is
checked, the user is required to re-enter their password before
they can perform significant functions on the exchange. When `use
audible alerts` option is checked and the user has speakers
attached to his or her computer, the user hears a "ping" when
trades are concluded on the exchange and when the user receives
messages from other exchange users. When `allow partial fills
selected` is checked orders placed by the user automatically allows
partial fills; the user has the option of changing the partial fill
requirement with each order when it is entered (a user's preference
with respect to partial fills will not override the commodity
setup. In other words, if a commodity requires partial fills, then
a user can not enter an "all or none" order or an order requiring a
minimum fill quantity). When `place order for balance of sweeps' is
checked, this setting permits a user to automatically place an
order for the unfilled portion of a `market sweep order`; users
have the ability to change the status if each market sweep order at
the time the order is placed. When `aggregate orders by default` is
flagged commodities which are enabled to be aggregated default to
aggregated prices on trading screens. When `single click trading`
is flagged, `trade confirmation` panel will not be displayed prior
to concluding transaction. Many of these settings give users the
ability to reduce the number of keystrokes required to perform
certain trading functions on the system; however, the system does
provide users with the ability to make changes to specific orders
when those orders are entered into the system.
[0106] An example of the `preferred` tab of the `preferences` panel
is seen in FIG. 60. The `preferred` tab allows users to select and
sort their preferred commodities. The preferred commodities can be
displayed as the default commodities viewed in the markets grid and
markets summaries screens, as well as listed at the top of the
commodity list throughout the trading platform. To select preferred
commodities, the `+` icon can be clicked and a panel opens with a
list of commodities available on the user's exchange, an example of
which is seen in FIG. 61. The commodities to add can be
highlighted, and the `OK` button clicked. To highlight multiple
commodities, a commodity can be clicked, and the shift key can be
held down to highlight a string of consecutively listed commodities
or the control key hold down can be used to highlight commodities
that are not listed consecutively. To remove a commodity from the
preferred list, that commodity can be highlighted and the `remove`
button clicked. To resort the list of preferred commodities, a
commodity can be highlighted and either the `up` or `down` arrow
clicked.
[0107] If there are brokers on the user's exchange, a user can give
one or more brokers permission to act on their behalf. Users can
create a list of preferred brokers, as well as a select a default
broker, by clicking on the `preferred brokers` tab, an example of
which is seen in FIG. 62. If the `add` button is clicked, then a
panel opens that displays a list of brokers that have been given
permission to act on the user's behalf, an example of which is seen
in FIG. 63. Users can highlight one or more brokers and click the
`OK` button to add the broker(s) to their preferred broker list. A
user can delete a broker from their preferred broker list by
highlighting the broker and clicking on the `remove` button.
[0108] A user can sort their preferred broker list by highlighting
a broker and clicking on the `up` or `down` arrow. There is a
`preferred brokers` drop-down menu available on the `place order`
panels throughout the exchange, an example of which is seen in FIG.
64. Optionally, users can select a broker from this list when the
order is placed. Users can also select a default broker by clicking
on the `down` arrow located at the right side of the `default
broker` drop-down menu. If a default broker is selected, then
orders placed by the user can be automatically assigned to the
default broker; however, users have the ability to de-select the
default broker at the time the order is placed and assign it to
another broker, or the user can choose not to assign the order to a
broker.
[0109] An example of the `accounts` tab of the `preferences` panel
is seen in FIG. 65. When a user and the user's company are set up
on the exchange, one or more trading accounts can be assigned to
the user. The system supports cleared and bilateral trades. If a
user clicks on the `add` button, then a panel opens that displays
the trading accounts available to the user, an example of which is
seen in FIG. 66. Users can highlight one or more accounts and click
the `OK` button. The selected accounts appear in the user's
preferred account list. A user can remove an account by
highlighting that account on the preferred account list and
clicking the `remove` button. A user can resort their preferred
account list by highlighting an account and clicking the `up` or
`down` arrow. The user's preferred account list appears in panels
that allow a user to place or trade an order. To save changes, a
user clicks on the `OK` button of the `user preference` panel. The
`cancel` button cancels changes.
[0110] Referring to FIGS. 67-160, the trading screens are
described. The trading screens can include: market details, markets
grid, markets summaries, and spread matrix. The trading screens
include a number of icons. A `hand` icon puts the open orders on
that screen on hold with one click. The `compress` icon switches
the screen view from both top and bottom to bottom only. The `bar
graph` icon adds or removes market depth information in graphical
format. Trading can be initiated directly through the graphical
view by double-clicking a bar. A pull-down menu is provided to
change the view of the market depth from best bid/best offer to for
example top three, five or ten. A `scroll` arrow can be used to
scroll through various views.
[0111] The steps required to place, trade, edit, hold, reinstate,
and cancel orders can be the same for each trading screen. A user
can have one or more of the trading screens, as well as multiple
versions of the same trading screen, open simultaneously. Each
trading screen has a selection for bids and offers. Each section
has as columns `hit` (for bids), `lift` (for offers), `quantity`,
and `price`.
[0112] In FIGS. 67-69, examples of the market details screen are
seen. FIG. 67 shows an example market detail display for a WT (1)
Bullet Swap (WS). The market details screen shows market
information for one commodity at a time. The market details screen
is a preformatted screen with pull-down menus for selecting
commodities or commodity groups. More than one market details
screen can be opened at once for each different commodity. The
commodities available can be viewed and selected by opening a
drop-down menu. A broker can see trader's information such as
company name in the `hit/lift` columns, and trader's information
such as trader name, phone number, and order details while mousing
over an order. The user can toggle between full market depth or the
best bids and offers.
[0113] The market details example shown in FIG. 68 shows an example
of three best bids/offers and a graph view for additional market
depth. For a trader's perspective, the `hit` and `lift` columns
show a `+` icon if a trade can be made with the counterparty or
`self` if it is the trader's own order. In addition, users are able
to click on the graph bars and trade from the graph bars.
[0114] The market details example shown in FIG. 69 shows the
details for the commodity WTI Bullet Swap Futures. In this example
of FIG. 69, the commodity WTI Bullet Swap Futures is traded on the
Chicago Mercantile Exchange (CME), 20 South Wacker Drive, Chicago,
Ill. 60606 and the Inter Continental Exchange (ICE), 2100 RiverEdge
Parkway, Suite 500, Atlanta, Ga. 30328. While in this example, the
market details designates from which exchange the quote is
obtained, in other embodiments the quotes from different exchanges
can be listed but not identified as from a particular exchange.
Thus, the market details screen permits member traders and brokers
of various groups to post and view bids and offers and negotiate
and consummate transactions on commodities from one or more
exchanges in an integrated presentation that pools order liquidity
from the various exchanges. While the CME and ICE are example
exchanges, different exchanges can be used; indeed, the different
exchanges can include other existing "public" exchanges as well as
private "proprietary" exchanges.
[0115] In FIGS. 70 and 71, examples of the market grid screen are
seen. The markets grid screen allows a user to view multiple
markets with commodities listed for example horizontally and
trading periods for example vertically. The market grid screen is a
preformatted screen with pull-down menus for selecting commodities
or commodity groups. An `arrow` icon can be clicked to
automatically increase/decrease the number of displayed markets
from the group. A `scroll` bar can be utilized to access
commodities in a group. The commodities groups that can be viewed
can be predefined and can be selected using a pull-down menu in the
`view` field. Additional commodity groups can be added.
[0116] In the example of the markets grid screen of FIG. 71,
Panhandle Eastern, Chicago City Gate, and Northwest Rockies are
separate commodities. Panhandle Eastern and Chicago City Gate come
from different exchanges; Northwest Rockies is listed on both
exchanges. Thus, the present invention permits member traders and
brokers of various groups to post and view bids and offers and
negotiate and consummate transactions on commodities from one or
more exchanges in an integrated presentation that pools order
liquidity from the various exchanges.
[0117] Examples of the market summaries screen are seen in FIGS.
72-75 with examples from both a trader's point of view and three
different separate broker exchanges' points of view. The market
summaries screen lists commodities and trading periods for example
vertically based on the order the commodities are listed in the
group being viewed. The market summaries screen is a preformatted
screen with pull-down menus for selecting commodities or commodity
groups. FIG. 73 shows a market summary screen from a trader's
viewpoint displaying all three different broker exchanges in one
window. FIGS. 74 and 75 show the trader's view of the three-broker
exchange.
[0118] FIGS. 76-78 show each broker exchange in its own tab window.
FIG. 76 shows a first broker exchange seeing only ICAP broker
exchange commodities; FIG. 77 shows a second broker exchange seeing
only TFS broker exchange commodities; and FIG. 78 shows a third
broker exchange seeing only PVM broker exchange commodities. The
trader can see all commodities from all three brokers whereas the
brokers also can see the commodities listed on their own exchange.
Since WTI Calendar Swaps are listed as a commodity on all three
broker exchanges, the trader sees that commodity with the combined
liquidity from all three brokers in one window. The trader is also
able to see each brokers exchange in separate tabs as per the
screen snapshots.
[0119] Referring to FIGS. 79-89, bids and offers for an example
commodity called WTI Calendar Swaps that is common across the three
broker exchanges of FIGS. 72-78. The example commodity is displayed
as a commodity for the trader and for a special catagory of brokers
referred to here as "super broker". FIG. 79 is an example of a
screen in which a trader sees all open bids and offers combined
from each of the broker exchanges combined onto one screen. FIG. 80
is an example of a screen in which a super broker sees all open
bids and offers combined from each of the broker exchanges combined
onto one screen. Traders and super brokers see all bids and offers
from all three different brokers whereas the brokers only see the
bids and offers from their own exchange. FIG. 81 is an edit bid
screen for a first broker with a bid of 90.53; FIG. 82 is an edit
offer screen for a second broker with an offer of 91.00; FIG. 83 is
an edit bid screen for a third broker with a bid of 90.00; FIG. 84
is an edit offer screen for the trader with an offer of 92.00; FIG.
85 is an edit bid screen for the second broker with a bid of 90.23;
and FIG. 86 is an edit offer screen for the first broker with an
offer of 91.53.
[0120] FIG. 87 is an example of a screen in which the first broker
sees only those bids and offers in which that broker is named as
the broker from his exchange. Thus, only the edit bid screen for
the first broker of FIG. 81 and the edit offer screen for the first
broker of FIG. 86 can be seen. FIG. 88 is another example of a
screen in which the second broker sees only those bids and offers
in which that broker is named as the broker from his exchange.
Thus, only the edit offer screen for the second broker of FIG. 82
and the edit bid screen for the second broker of FIG. 85 can be
seen. FIG. 89 is another example of a screen in which the third
broker sees only those bids and offers in which that broker is
named as the broker from his exchange. Thus, only the edit bid
screen for the third broker of FIG. 83 can be seen.
[0121] An example of the spread matrix screen is seen in FIG. 90.
The spread matrix screen displays implied and outright inter-period
(or calendar) spread markets. The spread matrix screen is a
preformatted screen with pull-down menus for selecting commodities
or commodity groups.
[0122] The system of the present invention makes use of
color-coding and notation to designate specific attributes of
orders in the system. Referring back to FIG. 67, in the `hit/lift`
column, a `+` icon indicates that the user has credit approval with
the owner of the order in the specific commodity/trading period
combination, a `-` icon indicates there is no credit approval. A
designated color such as for example red designates a firm order
subject to clearing, a designated color such as for example dark
blue designates a firm bilateral order, a designated color such as
for example light purple designates an indicative order, and `self`
indicates the user is the owner of the order. Mousing over `self`
launches a `tooltip` panel that displays the account the user
selected for the order.
[0123] In the `quantity` column, a quantity with a designated color
such as for example dark blue text accepts partial fills; a
quantity displayed with a designated color such as for example red
bold text does not accept partial fills. Orders that accept partial
fill quantities can have minimum partial fill requirements. A user
can mouse over the quantity cell of an order to open a `tooltip`
panel that displays any minimum partial fill requirements. A
commodity/trading period combination can support multiple trading
period periodicities. For example, a swap can support periodicities
such as for example per day, per week, per month, per quarter, per
year, etc. A periodicity abbreviation (/D, /M, /Q, /Y, etc.) can be
included in the quantity cell, where applicable.
[0124] In the `price ` column, a price in a designated color such
as for example blue text designates a bilateral order and a price
in a designated color such as for example red text designates an
order subject to clearing. Orders with a designated color such as
for example light blue text designates that the order is part of an
OCO chain. Mousing over the cell in the `hit or lift` column of an
order that is part of an OCO chain opens a `tooltip` panel. The
`tooltip` panel displays the legs of the OCO chain, including the
commodity, trading period, quantity and periodicity (if
applicable), order number, clearing status, and bid or offer.
Orders with a designated color such as for example green text
designates that the order is part of a linked order chain. Mousing
over the cell in the `hit or lift` column of an order that is part
of a linked order chain opens a `tooltip` panel that displays the
legs of the linked order chain, including the commodity, trading
period, quantity and periodicity (if applicable), order number,
clearing status, and bid or offer. Mousing over the price of an
order launches a `tooltip` panel that displays the order start and
expiry times. Mousing over the price of an implied or outright
spread order displays the order start and expiry times, as well as
the primary and secondary leg price information.
[0125] Held orders can appear in like manor such as a designated
background color such as for example light green. New orders can be
designated in like manor such as a designated color such as for
example yellow. The field remains the designated color until a new
order appears, or until the user clicks in the screen to perform a
function. `Quantity` fields can be designated to indicate that
partial fills are not accepted and that partial fills are accepted
by for example bold/regular typeface. Mousing over a quantity cell
can provide information detail for the order. Implied and synthetic
orders can be designated by for example an asterisk (*) icon.
[0126] Referring to FIGS. 91-94, the placing an order application
is described. Brokers and traders can amend orders belong to them
or for which they have permission by clicking on the price cell.
The panel that opens when a price cell for an order belonging to a
broker or trader is clicked allows the user to place a new order or
amend an existing order. Existing orders can remain active while
being edited or can be cancelled while being edited. If an order at
the same price level is cancelled while being edited, then that
order looses its place in line; but, if an order is kept active,
then that order keeps its place in line. Users can also cancel
orders or place orders on hold using. The panel also allows the
user to raise or lower order price rapidly.
[0127] When a user clicks on an empty price cell, an `add
bid/offer` order panel opens. If a cell with an existing order has
been clicked that is not the user's order, then the price and
`quantity` fields of the `add order` panel fills with an existing
order price and a default preference for `order quantity`. A broker
can use the pull-down menu to select the `trader account` in the
`on behalf of` field. To enter a `new order`, the `price` and
`quantity` fields are filled and the `place/sweep` button can be
clicked to enter the order. To place an individual order, the price
cell appropriate for the commodity/trading period combination and
side of the market (bid or offer) can be clicked. For example, if a
user wants to enter a bid in the April 2006 Brent Calendar Swap
market, the user clicks on the corresponding cell. This opens a
menu to an `add/edit bid` (or `add offer`) pane, an example of
which is seen in FIG. 91. After selecting `add bid` (or `add
offer`), a `quick order` panel opens, an example of which is seen
in FIG. 92. A single click on a price cell brings up the `quick
order` panel. The user only needs to enter the price and quantity
of order then click the `OK` button to place an order.
[0128] A `full `order` panel can be brought up by a double click in
a price cell, an example of which is seen in FIG. 93.
Alternatively, the user can click on `details` on the `quick order`
panel to enter or edit additional order information. If additional
details are not amended, then the default choices selected in the
user preferences can be used as default information for `broker`,
`partial fills`, and `account` fields. Additional defaults can
include: `subject to clearing` can be the default choice if the
commodity is clearable, `fill or kill type` can be `<none>`,
`order type` can be `firm`, and `min qty` (minimum quantity) for
`partial fills` can be one or minimum quantity for default setup in
the terms for the commodity. If the `full order` panel is used, the
user can leave default information as is or amend the fields and
then click the `OK` button to enter the order.
[0129] A trader can use the same procedure as a broker to enter an
order on their own behalf. `Price` and `quantity` fields can be
edited with on-screen key pads beneath the `price` and `quantity`
fields for rapid entry, or keyboard number pads.
[0130] If the price cell in a trading screen on which the user
clicks contains an order that does not belong to the user, then the
`add bid` (or `add offer`) panel opens, with the same price and
quantity from the original order. Both of these fields can be
modified by the user before submitting the order. If the price cell
the user clicked on is empty, then the `price` and `quantity`
fields can be blank. When a price cell containing an order is
clicked, the `quick order entry` panel appears with duplicate price
and quantity information.
[0131] The full `order entry` panel with order details can be
displayed by clicking on the `details` drop-down menu. There can be
several editable fields within the `add order` panels. These can
include `price`; `quantity`; `periodicity` (if applicable);
`broker` (optional); `subject to clearing`; `fill or kill type`;
`on hold`; `partial fill` status; `account`; and `privacy type`. In
the `price` field, a user can enter the price manually, or can use
their mouse and the keypad within the `place order` panel. If the
panel opens with the `price` field already populated, users can
edit the price by clicking the `up` and `down` arrow or by using
the keypad to create a new price. Users can also click on one of
the preset price change increments to the left of the keypad. In
`subject to clearing`, checking the box makes the order subject to
clearing; leaving the box unchecked makes the order subject to
bilateral credit. This option appears for commodities that can be
cleared or traded bilaterally. In `fill or kill`, `fill or kill`
orders can be supported with expirations such as for example 30,
60, or 90 second expirations. In `on hold`, users can input new
orders that can be placed `on hold` at inception. These orders can
be activated, canceled, or edited at the discretion of the user.
The exchange can support private and public trades. Private trades
to not generate a public headline. Once the required data has been
entered, the `OK` button can be clicked.
[0132] Errors result in a `warning` panel that describes the error,
an example of which is seen in FIG. 94. A bid (offer) that is
higher (lower) than the best offer (bid) in the selected
commodity/trading period combination generates a panel informing
the user. The user can be provided with the option of editing the
order by clicking the `OK` button or concluding the order by
selecting `sweep`.
[0133] Referring back to the `add/edit bid` (or `add offer`) pane
seen in FIG. 91, a user with an order on the platform has several
options displayed in a panel when the user clicks on the price cell
of their order. These can include `add bid/offer`; `edit
bid/offer`; `edit bid/offer-keep active`; `cancel bid/offer`; `hold
bid/offer`; `reinstate order` (in the case of clicking on a held
order); and `preset price increment shifts, up and down`. In `edit
bid/offer-cancel first`, the order is canceled and removed from the
marketplace and an `edit order` panel can be launched. In `edit
bid/offer-keep active`, the order can be traded by another user
while it is being edited. The owner of the order can be notified of
the trade and the user can receive a warning that the original
order has been concluded if the user attempts to submit an edited
order. In `cancel bid/offer`, the order can be removed from the
market. In `hold bid/offer`, the order is withheld. The owner of
the held order, other users from the owner's company, and brokers
approved to act on behalf of the specific order can see the held
order appear with a designated color such as for example a green
background in the `price` field. The held order disappears from the
view of other users. In `reinstate order`, the order status returns
to live. In `preset price increment shifts, up and down`, the
levels can be set at the commodity level and can not be
configurable by the user.
[0134] A user can enter a linked order chain by selecting the
`place multiple orders` option from the `file` drop-down menu of
the `menu` bar, as seen in FIG. 57. Referring to FIGS. 95-102, the
placing a linked order chain application is described. An example
of a multiple orders screen is seen in FIG. 95. The user can select
`linked orders` by clicking in the radio button associated with
this option, thereby activating the `add new bid` and `add new
offer` buttons. The user can combine commodities and trading
periods available on the user's exchange when creating a linked
order chain, including comingling purchases and sales. The user
clicks the `add new bid` and `add new offer` buttons for each leg
of the chain. If a user makes a mistake or opens too many rows, the
unwanted row can be deleted by clicking on the `X` icon at the side
of the row. The first rows populate with default information such
as the user's default commodity, the first trading period for the
default commodity, default quantity, and default trading account,
an example of which is seen in FIG. 96.
[0135] These fields can be edited. When `add new bid` is selected
again, subsequent rows populate with the same commodity and
successive trading periods, the same quantity, price, clearing
status, and account information. When the user is satisfied with
the information assigned to each leg of the linked order chain, the
user can click the `OK` button to place the order and the multiple
orders screen of FIG. 97 appears. Linked order chains can be
displayed with a designated color such as for example green text in
the `price` cell. If a user mouses over the cell in the `hit or
lift` column of a linked order chain, then a `tooltip` panel opens
displaying legs of the linked order chain.
[0136] A linked order chain can have multiple legs as well as bids
and offers, or mixed options and commodities orders, an example of
which is seen in FIG. 98. The linked order chain appears in the
market when the user clicks the `OK` button to place the order.
Legs of a linked order chain are "all or none" by definition; in
other words, no partial fills are permitted. Therefore, quantities
of a linked order chain can be displayed in a designated color such
as for example red bold text, an example of which is seen in the
completed place linked order screen example of FIG. 99. When
concluding a linked order, a user agrees to trade each leg of the
chain.
[0137] When another user on the system mouses over the `hit/lift`
column, a panel an example of which is seen in FIG. 100 is
displayed with the legs of the linked order. In this example, the
other user sees the legs (Brent and WTI Bullet Swaps) even though
the user is using the market details view and is only looking at
one of the two commodities in the linked trade. A `confirm` panel
re-capping the order and warning the trader that the order is a
linked order can be displayed, an example of which is seen in FIG.
101, before the trade is concluded. Details of each of the legs can
be displayed when the commodity is highlighted. If the trader
clicks the `OK` linked button and completes the transaction, then
an `order confirm` panel can be displayed re-capping the legs of
the trades, an example of which is seen in FIG. 102.
[0138] Referring to FIGS. 103 and 104, the edit, cancel, hold, and
reinstate a linked order chain application is described. As seen in
FIG. 103, a user with an order on the platform has several options
displayed in a panel when the price cell of the order is clicked,
including: `add bid; `add linked orders`; `edit linked
orders-cancel first`; `edit linked orders-keep active`; `cancel
linked orders`; `hold linked orders`; `reinstate held linked
orders` (only if linked order is on hold); `edit linked
orders-cancel first`; and `edit linked orders-keep active`. In
`edit linked orders-cancel first` the linked order chain can be
canceled and removed from the marketplace and an `edit order chain
orders` panel is launched. In `edit linked orders-keep active` the
linked order chain can be traded by another user while it is being
edited. The owner of the order can be notified of the trade and the
user receives a warning that the original order has been concluded
if the user attempts to submit an edited order. An `edit order
chain orders` panel is launched, an example of which is seen in
FIG. 104.
[0139] Fields in the `edit order chain orders` panel that can be
edited can include: `strike price`, `quantity`, `price`, `clearing
status`, and `account`. There can also be a uniform price shift
feature available by entering a price change increment in the
`Adjust All Prices by . . . ` field and clicking the `up` or `down`
arrow. Users can also add additional legs to the chain by clicking
on the `add new bid` or `add new offer` buttons and entering the
details for the new legs. Once the edit is complete and the user is
satisfied with the changes, the user clicks on the `OK` button to
submit the changes to the market. If the user decides not to make
changes after beginning the edit process, the user can click on the
`cancel` button and the original linked order chain can be
re-submitted. Clicking `cancel` from the edit screen only cancels
the edit--it will not cancel the order. A held linked order chain
can also be edited. When the edit changes are complete and
submitted, the linked order chain maintains its held linked order
status. The legs of a held linked order chain also appear with a
designated color such as for example green background in the
`price` field. To reinstate a held linked order chain the user
clicks on the price cell of a leg of the chain and selects
`reinstate held linked order`. A held linked order chain can be
viewed by the owner of the order chain, other traders from the
owner's company, and brokers with permission to act on the order.
Only the owner of an order (or a broker with permission to act on
behalf of the trader) can reinstate a held order.
[0140] Referring to FIGS. 105-108, the placing an OCO order chain
application is described. A user can enter an OCO order chain by
selecting the `place multiple/opt orders` option from the `file`
drop-down menu of the `menu` bar, as seen in FIG. 57. To place an
OCO order the radio button associated with this option can be
clicked. This activates the `add new bid` and `add new offer`
buttons, an example of which is seen in FIG. 105. The user can
combine commodities and trading periods available on the user's
exchange when creating an OCO order chain, including co-mingling
purchases and sales. The user clicks the `add new bid` and `add new
offer` buttons for each leg of the chain. If a user makes a mistake
or opens too many rows, the unwanted row can be deleted by clicking
on the `X` icon at the side of the row. Initially the rows populate
with default information such as the user's default commodity, the
first trading period for the default commodity, default quantity,
and default trading account. When the first rows fields are edited
to certain selected data, the subsequent rows can be populated with
the same data in the fields except the `trading period` field. The
`trading period` field can be populated with successive trading
periods. This example of FIG. 105 shows two offers for a WTI Bullet
Swap. When the user is satisfied with the information assigned to
each leg of the OCO order chain, the user can click the `OK` button
to place the order.
[0141] Referring to FIG. 106, new orders appear on a designated
color such as for example a yellow background first. OCO order
chains can be displayed with a designated color such as for example
light blue text in the `price` cell. Legs of an OCO order chain are
"all or none" by definition--again, there are no partial fills.
Therefore, quantities of an OCO order chain can be displayed in a
designated color such as for example red bold text. When user
mouses over the cell in the `hit or lift` column of an OCO order
chain, a `tooltip` panel opens displaying legs of the OCO order
chain, an example of which is shown in FIG. 107, from another
trader's view.
[0142] An OCO order chain can be edited with respect to price,
quantity, clearing status, and account. To edit the user clicks on
the `price` cell of a leg of the OCO chain and select one of the
`edit` options. This launches an `edit OCO` panel, an example of
which is seen in FIG. 108. A user can also perform a uniform price
shift for legs of the OCO chain by entering a price in the `adjust
all prices by` field and clicking the `up` or `down` arrow. User
can also cancel a leg of the OCO chain by clicking on the `X` icon
corresponding to the order at the side of the screen. Once the
changes have been submitted, the user clicks the `OK` button, which
returns the edited OCO chain to the market. A user reinstates a
held edited OCO chain to reactivate the chain. In other words, like
other orders in the system, the order maintains its status
throughout the edit process. An OCO chain can be held by clicking
on the `price` cell of a leg of the OCO chain and selecting the
`hold OCO` option. An OCO chain can be reinstated by clicking on
the price cell of a leg of a held OCO chain and selecting
`reinstate OCO`. Clicking `cancel` from the edit order chains
screen only cancels the edit--it will not cancel the order. An OCO
chain can be cancelled by clicking on the price cell of a leg of an
OCO chain and selecting the `cancel OCO` option.
[0143] Referring to FIGS. 109-111, the trading an order without
single click trading selected application is described. Referring
to FIG. 109, a user can trade a firm order by clicking on the `+`
icon in the ` hit` (or `lift`) column. If the user did not flag
`single click trading` in the `miscellaneous` tab of preferences,
then a `please confirm the following purchase (or sale)` panel can
be launched, an example of which is seen in FIG. 110, which
contains the relevant data related to the trade. If the user wishes
to conclude the trade, the `OK` button can be clicked. If the user
wishes to cancel the transaction, the `cancel` button can be
clicked. If the user clicks the `OK` button and the trade is
concluded, then both users that are involved in the trade receive a
`trade notification` panel, an example of which is seen in FIG.
111.
[0144] The `trade notification` panels can be generated and
automatically displayed after a trade has been concluded. Trade
notification can be turned off if a user desires. A `repeat order`
button re-enters a duplicate of the original order. If the
execution was a partial fill, then the duplicate order can be
placed (not balance); if execution was a partial fill, then the
balance still remains as an open order.
[0145] If the user has flagged the `single click trading` option in
their preferences, then the user will not receive the `please
confirm trade` panel of FIG. 110, and will not have the opportunity
to cancel a trade if clicked on erroneously. Instead, if `single
click trading` has been selected as a preference, then trades can
be concluded immediately upon clicking in the `hit/lift` panel.
[0146] The example of the `trade notification` panel seen in FIG.
111 can include: `trade date and time`; `trade #; input order #;
accepted order #; buyer`; `buyer contact`; `buyer account`;
`seller; seller contact`; `seller account` (null in the FIG. 111
example); `commodity`; `trading period`; `type (purchase or sale)`;
`price`; `quantity and periodicity`; `total quantity`; `net cost`
(notion value of the contracts traded); `commissions`, if
applicable; and `additional terms`, if permitted and included in
the transaction. The user can click the `OK` button to close the
panel. The panel disappears but can be reopened through another
screen described below. The owner of the order also gets an option
to repeat the order. If the owner clicks the `repeat order` button,
then a `repeat order` panel opens.
[0147] Referring to FIGS. 112 and 113, the partial fills
application is described. FIG. 112 shows an example of a partial
fills screen. The fields for `partial fill quantity and account`
can be editable. In the FIG. 112 example, the user could amend the
quantity in the `partial fill quantity` field to for example only
25 if preferred. In that case, when the user clicks on the `hit`
button the trade can be a `partial fill` and a `trade notification`
for the `partial fill quantity` can be generated. The other buttons
located at the bottom of the panel for `add to cart`, `negotiate`,
and `sweep` are discussed below. A view of the trade screen would
show a remaining bid of for example 50, an example of which is seen
in FIG. 113.
[0148] Referring to FIGS. 114-120, the `trade notification` panel
with `repeat order` function application is described. A trader
trying to lift an `anonymous bilateral` trade can click on the `+`
icon in the `lift` column, an example of which is seen in FIG. 114:
a `+` icon in the `lift` column designates that the user's company
has approved credit terms in place. In the example seen in the
`confirm purchase` panel of FIG. 115, the user's preferred account
is for cleared trades and the order being traded can be color coded
in a designated color such as for example dark blue which signifies
a firm bilateral order. After `lift` is clicked in the `confirm
purchase` panel, the user receives a `trade failure` notice, an
example of which is seen in FIG. 116, informing the user that the
account selected is not valid for bilateral trades.
[0149] The user can click the `OK` button to dismiss the notice and
the `please confirm the following purchase` panel re-opens,
allowing the user an opportunity to correct the account type.
Referring to FIG. 117, the user can click on the drop-down menu in
the `account` field and select an alternate account which allows
bilateral trades. Clicking the `lift` button at the bottom of the
panel concludes the transaction and launches a `trade notification`
panel. In this example, the buyer receives the `notification` panel
seen in FIG. 118 displaying the sellers account name and contact
information, and the user can acknowledge the transaction by
clicking the `OK` button.
[0150] The seller receives a similar panel an example of which is
seen in FIG. 119 displaying the name and account information of the
buyer. The seller can also be given an opportunity to repeat the
order that has been traded from this `notification` panel before
clicking the `OK` button. A user may not want to show their size to
the market, so this can be a way to reduce keystrokes and re-enter
orders. A seller can click `repeat offer` to launch the `repeat
offer` panel, an example of which is seen in FIG. 120. The fields
of the `order` panel can have the same terms as the original
transaction. The user can edit some, all or none of the fields in
the `repeat order` panel, and then click the `OK` button to submit
the order; or, the owner could decide to cancel the request
altogether.
[0151] For cleared transactions, the buyer will not see the account
information of the seller in the `trade notification` panel, and
the seller will not see the account information of the buyer in the
`trade notification` panel. Trades that can be cleared display
`subject to clearing` as the counterparty. A user only sees their
own account information in the panel. An approved broker that has
been given permission to act on an order can receive the same
`trade notification` panel that the original owner receives. If the
original owner is offline when the trade occurs, then the owner
receives a `trade notification` panel for trades concluded while
they were offline at their next login.
[0152] An e-mail trade confirmation can be sent to the same users
that get a `trade notification` panel. The e-mail trade
confirmation contains the same data as the `trade notification`
panel, with the addition of the commodity specification language
associated with the commodity that was traded. The system has the
capacity to send multiple e-mail trade confirmations to the same
company. For instance, an e-mail trade confirmation message could
be sent to the trader and the trader's back office or risk manager
simultaneously.
[0153] Referring to FIGS. 121-124, the trading a linked order
application is described. As previously described, a linked order
is displayed with a designated color such as for example a green
text in the `price` field. If a user mouses over the `+` column,
then a `tooltip` panel displaying the linked order legs can be
displayed, an example of which is seen in FIG. 121. When the user
clicks on the `+` icon in the `hit or lift` column on a leg of a
linked order, a `please confirm purchases and sales` panel opens,
an example of which is seen in FIG. 122. Legs of the linked order
chain can be displayed at the top of the panel, including the
`order #`, `commodity`, `trading period`, `credit status`,
`quantity/periodicity`, `bid or offer`, `price`, and `account`.
Legs of a linked order are "all or none" quantities by definition
and so, do not accept partial fills. Since linked order chains can
include both cleared and bilateral legs, a user assigns an
appropriate account to each leg. This can be done by highlighting
the row of a leg in the chain and selecting an account from the
`account` drop-down menu. If necessary, it can be done for each leg
of the linked order chain. Linked orders can not be included in
market sweep transaction. Linked orders can be added to a shopping
cart. Shopping carts are discussed below.
[0154] A user concludes a linked order by clicking on the `OK`
button. Each leg of the linked order chain must be accepted. The
owner of the linked order receives a `trade notification` panel, an
example of which is seen in FIG. 123. The user can launch a `repeat
order` panel by clicking on the `repeat chain` panel, an example of
which is seen in FIG. 124. An entire chain can be repeated without
making changes, or a user can edit the panel and submit a different
linked order chain. The changes can include: uniform price shift up
or down; individual price changes up or down; change commodity;
change the trading period; change the quantity and periodicity;
deletion of entire legs of the chain altogether by clicking on the
`X` icon in the circle; add new legs to the chain by clicking on
the `add new bid` or `add new offer` buttons; change clearing
status and trading accounts; and change the strike price in the
case of an option.
[0155] Referring to FIGS. 125-129, the place an option order
application is described. A user can enter an option order by
selecting `place multiple/option orders` from the `file` drop-down
menu of the `menu` bar, as seen in FIG. 57. Clicking the `option
& regular orders` radio button activates the `add new bid` and
`add new offer` buttons, an example of which is seen in FIG. 125. A
user can place orders for futures, swaps or physical commodities in
combination with options when creating a linked or OCO order chain.
New fields can be activated when entering data for an option order.
Specifically, the user can enter the strike price and select put or
cell, an example of which is seen in FIG. 126.
[0156] The option order screen, an example of which is seen in FIG.
127, allows for entry of both bids and offers on different option
classes as well as different periodicities for the same instrument.
To enter the order, the `OK` button can be clicked. Option order
can be viewed in the `market summaries` page, an example of which
is seen in FIG. 128, by selecting the desired option commodity
group. The options can be displayed based on the sorting priority
setup for each option commodity. A `price agg` check-box aggregates
bids and offers at the same price. Aggregated prices can be
displayed in like manor such as a like color such as blue. A `hide
inactive` hides inactive trading periods in order to condense the
screen size. The system creates a new structure for each new
non-standardized option. The headlines screen, an example of which
is seen in FIG. 129, displays new orders as they are entered into
the market. The filters on the headline screen are discussed
below.
[0157] When a user clicks on an empty price cell an `add bid/offer`
order panel opens. Referring to FIGS. 130 and 131, the edit, hold,
cancel and reinstate an option order application is described. An
option order can be edited like other orders; however, the class,
strike price, and trading period can not be edited. If the only
changes are price or quantity, a mini version of the `edit order`
panel is sufficient, an example of which is seen in FIG. 130.
Clicking the `details` button expands the `edit order` panel to
show the `order details` and `price increment` buttons in the `full
edit` panel, an example of which is seen in FIG. 131. If items
other than price and quantity need to be amended, the `full edit`
panel provides access to order details such as for example;
`broker`, `clearing, `order and fill` type, and `account`
information. Users can switch from the `full order` panel to the
`mini order` panel by clicking on a `switch` arrow in the middle of
the `full order` panel
[0158] If a cell with an existing order that is not the user's is
selected, then the `price` and `quantity` fields of the `add order`
panel can be automatically filled with existing order price and a
default preference for `order quantity`. The pull-down menu can be
used to select the `trader account` in the `on behalf of` field. To
enter a new order, `price` and `quantity` fields can be filled and
a `place/sweep` button can be selected. A trader uses the same
procedure as a broker to enter an order on their own behalf.
`Price` and `quantity` fields can be edited with on-screen key pads
for rapid entry or keyboard number pads.
[0159] Referring to FIGS. 132-134, the trade an option order
application is described. An option order can be traded like other
orders in the system. Referring to FIG. 132, clicking on the `+`
icon in the `hit/lift` column opens a `confirm the following sale
(or purchase)` panel, an example of which is seen in FIG. 133. The
user can click on the `confirm panel` buttons. If the user clicks
`hit`, then the trade is concluded and a `notification` panel can
be generated, an example of which is seen in FIG. 134. A concluded
trade generates a `trade notification` panel for both parties to
the transaction. This can include two additional pieces of
information for strike price and put or call. A concluded option
order generates a `trade notification` panel to the trader posting
the initial bid, an example of which is seen in FIG. 135. That
`notification` panel can include the opportunity to repeat an
order. A newly created option structure remains active for trading
for the remainder of the current trading day, even if there are no
active bids/offers in the structure.
[0160] Referring to FIGS. 136 and 137, the active order and my
orders application is described. In FIG. 136, there are two
applications, active orders and my orders, which allow users to
manage their order book. The active orders application can include
the following filters: `company`; `orders by user`; `commodity
group`; `commodity`; `orders status`; `trading period`; `order
type`; and `clearing type`. Columns in this application can be
resized and re-ordered. The columns can display the following
information: `commodity`; `trading period`; `clearing status`; `bid
or offer`; `quantity`; `price (active button)`; `filled quantity`;
`order chain #` (if applicable); `owner`; `account #`; `additional
terms`; `time from start`; `time to expiry`; and `order number`.
Several action options can be applied to one or more orders. These
orders are highlighted before selecting the action. The actions can
include: `cancel selected orders`; `hold selected orders`;
`reinstate selected orders`; `edit selected orders--cancel first`;
and `edit selected orders--keep active`.
[0161] Referring to FIG. 137, my orders application uses tabs to
select the desired view, including for example: `my open orders`;
`my held orders`; `my open order chains`; and `my held order
chains`. The columns in the application present the same
information that is displayed in the active orders screen, except
for owner information and additional terms, and the `price` field
is not an active button. Several action options can be available.
The user highlights the orders to be acted upon and selects an
option, for example: `cancel selected bids and offers`; `hold (or
reinstate) selected bids and offers`; `edit selected bids and
offers--cancel first`; and `edit selected bids and offers--keep
active`.
[0162] Referring to FIGS. 138-141, the market profile builder
application is described. Users can customize trading screens with
respect to commodities and trading periods with the market profile
builder. A user can define and view multiple market profile screens
at the same time. In FIG. 138, an example of the market profile
builder screen is seen, which can be launched from the `file`
drop-down menu of the `menu` bar, as seen in FIG. 57. Referring to
FIG. 139, a user can click on `add new profile` once for each new
profile they wish to create. The profile name can be entered free
form. The user selects the desired commodity from the `commodity`
drop-down menu. Once a commodity is selected, the system can
display active trading periods for that commodity, with a checkbox,
on the side of the screen. The user clicks the checkbox that
corresponds to each commodity they wish to see in the custom view.
The user can select `save` to retain market profiles that have been
created. New or existing profiles can be deleted by clicking on the
`X` icon at the side of the corresponding row.
[0163] After saving a market profile, a user receives the panel
notice, an example of which is seen in FIG. 140. A user can open
market profile trading screens, an example of which is seen in FIG.
141, by highlighting the profile and clicking on `open selected
profile(s)`. Market profile screens can be functioning trading
screens with the same features and functionality as the markets
grid application. The setup for specific market profile can be
edited by the user.
[0164] Referring to FIG. 142, the ICTS trade search application is
described. This application displays public trades concluded during
the current trading day. ICTS trade search can be opened by
clicking on `ICTS trade search` in the `file` drop-down menu of the
`menu` bar, as seen in FIG. 57. FIG. 142a shows a first partial
view while FIG. 142b shows a view scrolled to the right. This
application can include filters for the following: `trades done
by`; `commodity group`; `commodity; `counterparty`; `trading period
category`; and `trade type`. The columns display relevant
information related to the trade. `Buyer` and `seller` fields are
populated when the trader, or a trader from his/her company, is
involved in a bilateral transaction. When a transaction is sent to
clearing the deal is anonymous.
[0165] Referring to FIGS. 143-145, the ICTS position grid
application is described. The ICTS position grid allows a user to
view their net position for commodity and trading period
combinations for trades concluded on the platform. Trades on the
system can be recorded in the position grid which can be
viewed/sorted by commodity group and trading period. Users can view
their position and profit/loss in a commodity as well as see their
average buy price and average sell price for their trades by
commodity. The app can be launched by selecting `ICTS position
grid` from the `file` drop-down menu of the `menu` bar, as seen in
FIG. 57. Drop-down menus available to customize the view can
include: `view preferred commodities or preset commodity group`;
`trading periods for my positions or all trading periods`; and `all
trades` or `today's trades`. The information the application can
display for commodity and trading period combinations can include:
`net position`; `quantity bought with average price`; and `quantity
sold with average price`.
[0166] The `net position` button is active and when clicked
launches a reference inspector that displays transactions which
comprise that commodity and trading periods position, an example of
which is seen in FIG. 144. By clicking on the `magnifying glass`
icon a user can open the `trade notification` panel associated with
a concluded trade, an example of which is seen in FIG. 145. This
application updates in real time. Profit and loss calculations can
be based on the last price traded for each commodity and trading
period combination.
[0167] Referring to FIG. 146, an example of a position inspector is
seen. The position inspector displays the individual transaction
details which make up the net position for a commodity for a
user.
[0168] Referring to FIGS. 147-153, the headlines application is
described. Headlines act as instant messages of information
regarding available order liquidity and concluded transactions.
Headlines pools order liquidity from various exchanges into a
single window. Users can have multiple headlines windows open with
various filtering in each window. The headlines application can be
opened by selecting `headlines` from the `file` drop-down menu of
the `menu` bar, as seen in FIG. 57. Headlines can be color-coded
with designated colors such as for example: white--concluded
transaction; blue--new offer; green--new bid; yellow--held order;
and grey--canceled order. Headlines can include the time and
relevant information for each action. The filter options available
in this screen can include: `RFQ` (request for quote)--an order
that can be marked as an indication rather than a firm order can be
categorized as a request for quote; `transaction type`; and `order
type`; users can also filter for all commodity groups or a specific
commodity group. Transaction type can include: `all`; `straddle`;
`strangle`; `volume trade`; `fence`; `vertical spread`; `calendar
spread`; and `diagonal spread`. Order types can include: `all`;
`bids and offers`; `offers`; `bids`; and `trades`.
[0169] Trading can be conducted directly from the headlines screen
by clicking in the `hit/lift` column. Referring to FIG. 147, an
example of the headlines screen is seen. The headlines screen
records bids/offers placed as well as trades and amendments to
orders. Trading can be conducted directly from the headlines screen
by clicking in the `hit/lift` column. A `+` icon in the column
indicates an approved trading partner. Anonymous online
negotiations can be conducted directly from the headlines screen.
If a user clicks on the `phone` icon, then the `negotiation
initiator` panel and the original `order owner` panels launch,
examples of which are seen in FIGS. 148 and 149, respectively. If
the original order owner is willing to accept a negotiation, he or
she has the option of putting the original order on hold or not,
and can click `accept`. If original order owner accepts
negotiation, then the negotiation initiator receives a panel
allowing the terms of the negotiation to be proposed. The
negotiation initiator receives a panel allowing him to enter the
terms for the new proposal, an example of which is seen in FIG.
150. Clicking `make proposal` transmits the proposed new terms. The
original order owner then receives the corresponding panel allowing
either acceptance or the opportunity to negotiate further. These
negotiations can be done anonymously.
[0170] An accepted negotiation generates a `proposal accepted`
panel, an example of which is seen in FIG. 151, and the initiator
of the negotiation can conclude or cancel the transaction. A
`notification` panel can be provided, an example of which is seen
in FIG. 152. In the `trade notification` panel, an example of which
is seen in FIG. 153, headlines can be color-coded by designated
colors such as for example: white--concluded transaction; blue--:
new offer; green--new bid; yellow--held order; and grey--canceled
order. Headlines can include the time and relevant information for
each action.
[0171] Referring to FIGS. 154-155, the shopping cart application is
described. The shopping cart is an application that permits a user
to select multiple orders, combining various commodity and trading
period combinations, and place them in a basket. This basket can be
executed simultaneously. If all of the orders cannot be executed,
then none of the orders in the basket will be executed. A user can
launch the shopping cart from the `file` drop-down menu of the
`menu` bar, as seen in FIG. 57, or by clicking on `add to cart` in
the `please confirm the following purchase (or sale)`, an example
of which is seen in FIG. 156. If an order that has been placed in
the cart either trades, is cancelled, is held, or is being edited,
then that order appears with a designated color such as for example
a red background. The user can delete an order from the shopping
cart by clicking on the `X` icon at the left hand side of the
order. A user can conclude the transaction by clicking `trade
orders`. A `trade notification` panel can be generated for each
order. The shopping cart can be cleared automatically after a
predetermined number of minutes. Partial fill quantities can also
be supported.
[0172] Referring to FIG. 157, an example of a confirmation language
screen is seen. The confirmation language screen can be opened from
the `file` drop-down menu of the `menu` bar, as seen in FIG. 57. A
`sample contract` tab and a `details` tab can be provided. The
`details` tab displays the commodity specification language for the
selected commodity. The commodity can be selected from the
`commodity` menu. The sample contract displays an example for a
trade confirmation. The commodity specification language can also
be included in the e-mailed trade confirmation.
[0173] Referring to FIGS. 158-160, the credit administration
application is described. Users who have been assigned credit
administration privileges can access this application. If so, the
credit administration application can be launched from the `file`
drop-down menu of the `menu` bar, as seen in FIG. 57. Referring to
FIG. 158, tabs that permit the user to view/edit credit by
commodity, by company, and by commodity group can be provided.
Credit can be modified by clicking the `edit` button. Referring to
FIG. 159, first and third options listed can either turn credit on
or off for commodities and trading periods. The second option can
open a panel that permits the credit administrator to modify credit
by commodity, by trading period and by purchase or sale. Clicking
on the `edit` button launches this screen, an example of which is
seen in FIG. 160. Credit administration changes take effect in
real-time. The system also allows a user to make their orders
non-anonymous to specific companies by checking the `non-anonymous`
option for a specific company/commodity combination.
[0174] It should be understood that various changes and
modifications preferred in to the embodiment described herein would
be apparent to those skilled in the art. Such changes and
modifications can be made without departing from the spirit and
scope of the present invention and without demising its attendant
advantages. It is therefore intended that such changes and
modifications be covered by the appended claims.
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