U.S. patent application number 17/555682 was filed with the patent office on 2022-04-14 for system and method for managing transactions of financial information.
The applicant listed for this patent is CFPH, LLC. Invention is credited to Jeffrey M. Bandman, Gregory P. Manning, Bernard A. Weinstein.
Application Number | 20220114668 17/555682 |
Document ID | / |
Family ID | |
Filed Date | 2022-04-14 |
![](/patent/app/20220114668/US20220114668A1-20220414-D00000.png)
![](/patent/app/20220114668/US20220114668A1-20220414-D00001.png)
![](/patent/app/20220114668/US20220114668A1-20220414-D00002.png)
![](/patent/app/20220114668/US20220114668A1-20220414-D00003.png)
![](/patent/app/20220114668/US20220114668A1-20220414-D00004.png)
![](/patent/app/20220114668/US20220114668A1-20220414-D00005.png)
United States Patent
Application |
20220114668 |
Kind Code |
A1 |
Bandman; Jeffrey M. ; et
al. |
April 14, 2022 |
SYSTEM AND METHOD FOR MANAGING TRANSACTIONS OF FINANCIAL
INFORMATION
Abstract
A system and method are provided for managing financial market
information. According to certain embodiments, the system includes
a computer having a memory, processor, and display. The processor
is capable of generating a graphical depiction of the financial
market information on the display. The graphical depiction includes
a multidimensional representation of a broad range of market
information for at least two financial instruments. The graphical
depiction resides in a single window on the display.
Inventors: |
Bandman; Jeffrey M.; (New
York, NY) ; Manning; Gregory P.; (New York, NY)
; Weinstein; Bernard A.; (Katonah, NY) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
CFPH, LLC |
NEW YORK |
NY |
US |
|
|
Appl. No.: |
17/555682 |
Filed: |
December 20, 2021 |
Related U.S. Patent Documents
|
|
|
|
|
|
Application
Number |
Filing Date |
Patent Number |
|
|
16546948 |
Aug 21, 2019 |
11205225 |
|
|
17555682 |
|
|
|
|
13036173 |
Feb 28, 2011 |
10410283 |
|
|
16546948 |
|
|
|
|
12851620 |
Aug 6, 2010 |
7937309 |
|
|
13036173 |
|
|
|
|
11146663 |
Jun 7, 2005 |
7801784 |
|
|
12851620 |
|
|
|
|
60577666 |
Jun 7, 2004 |
|
|
|
International
Class: |
G06Q 40/04 20060101
G06Q040/04; G06Q 20/02 20060101 G06Q020/02; G06Q 20/08 20060101
G06Q020/08; G06Q 20/10 20060101 G06Q020/10; G06Q 20/38 20060101
G06Q020/38; G06Q 30/04 20060101 G06Q030/04; G06Q 30/06 20060101
G06Q030/06; G06Q 40/00 20060101 G06Q040/00; G06Q 40/06 20060101
G06Q040/06 |
Claims
1. A system for displaying financial market information, the system
comprising: a computer comprising: a memory to receive and store
financial market information; a display; and a processor operable
to process the financial market information and to execute software
to generate a graphical depiction of the financial market
information on the display, wherein the graphical depiction
comprises a multidimensional representation, in at least three
dimensions of market information for at least two financial
instruments, wherein the graphical depiction resides in a single
window on the display, and wherein at least a portion of the
displayed financial market information is dynamically updated in
real-time.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application is a continuation of U.S. patent
application Ser. No. 16/546,948 filed Aug. 21, 2019, which is a
continuation of U.S. patent application Ser. No. 13/036,173 filed
Feb. 28, 2011 (now U.S. Pat. No. 10,410,283), which is a
continuation of U.S. patent application Ser. No. 12/851,620 filed
Aug. 6, 2010 (now U.S. Pat. No. 7,937,309), which is continuation
of U.S. patent application Ser. No. 11/146,663 filed Jun. 7, 2005
(now U.S. Pat. No. 7,801,784), which claims the benefit of U.S.
Provisional Application Ser. No. 60/577,666 filed Jun. 7, 2004,
each of which is hereby incorporated by reference herein in its
entirety.
TECHNICAL FIELD
[0002] This invention relates generally to financial market
information systems and, more particularly, to a system and method
for providing, manipulating, viewing, and acting upon financial
market information.
BACKGROUND
[0003] In recent years, electronic financial market information and
trading systems have gained a widespread acceptance. For example,
electronic trading systems have been created which facilitate the
trading of financial instruments such as stocks, bonds, currency,
futures, or other suitable financial instruments. Many of these
electronic trading systems use a bid/offer process in which bids
and offers are submitted to the systems by a passive side. These
bids and offers are hit and lifted (or taken) by an aggressive
side. For example, a passive trader may submit a "bid" to buy a
particular number of thirty-year U.S. Treasury Bonds at a given
price. In response to such a bid, an aggressive trader may submit a
"hit" in order to indicate a willingness to sell bonds to the first
trader at the given price. Alternatively, a passive side trader may
submit an "offer" to sell a particular number of the bonds at the
given price, and then the aggressive side trader may submit a
"lift" (or "take") in response to the offer to indicate a
willingness to buy bonds from the passive side trader at the given
price. In such trading systems, the bid, the offer, the hit, and
the lift (or take) may be collectively known as "orders." Thus,
when a trader submits a bit, the trader is said to be submitting an
order.
[0004] In general, financial market information systems typically
display various pieces of information related to a particular
financial market. The pieces of information are usually displayed
in separate windows or screens on a monitor. Comparative
information, to the extent it is provided, is offered in one or two
dimensions. For example, it is common for financial information
systems to display two-dimensional graphs of information relating
to the market for a single financial instrument. Further, if a user
of the system wishes to conduct electronic trading based on the
information, the trading activity is typically initiated in a
trading application separate from the application providing the
financial market information.
SUMMARY
[0005] This invention relates generally to financial market
information systems and, more particularly, to a system and method
for providing, manipulating, viewing, and acting upon financial
market information. Some embodiments relate to systems, software,
and/or graphical user interfaces for the display of market
information and options that allow a user to make transactions
based on that market information.
[0006] In at least one embodiment, a system is provided for
displaying financial market information. The system includes a
computer having a memory to receive and store financial market
information. The computer also has a display and a processor
operable to process the financial market information and to execute
software to generate a graphical depiction of the financial market
information on the display. The graphical depiction has a
multidimensional representation, in at least three dimensions of
market information for at least two financial instruments. The
graphical depiction resides in a single window on the display, and
at least a portion of the displayed financial market information is
dynamically updated in real-time.
[0007] In another embodiment, software is provided, which is
executable by a processor and operable to generate a graphical
depiction of financial market information on a display. The
graphical depiction includes a multidimensional representation, in
at least three dimensions of market information for at least two
financial instruments. The graphical depiction resides in a single
window on the display, and at least a portion of the displayed
financial market information is dynamically updated in
real-time.
[0008] In another embodiment, software is provided, which is
executable by a processor and operable to generate a graphical
depiction of financial market information on a display. The
graphical depiction includes a three-dimensional representation of
market information for at least two financial instruments. The
graphical depiction includes a first component of dynamic,
real-time market information in one dimension, and a second
component of market information in a second dimension.
Representations of the at least two financial instruments are
arranged along a third dimension.
[0009] The invention has several important technical advantages.
Various embodiments of the invention may have none, some, or all of
these advantages. Among other things, certain embodiments of the
invention provide real-time information for financial instruments
(e.g., fixed income securities) in a manner and presentation such
that the viewer of the display receives an integrated and
easily-understood view of currently updated prices, yields,
transactions types and sizes, bid and offer prices, market
direction, prevalence of buying and selling interest, price trends
and key security relationships and interrelationships. The viewer
is provided with the ability to focus on an aggregate measure and
retrieve its specific underlying numeric components. This is
accomplished in a single display or window in such a way that the
single display may give access to a broad array of information that
might otherwise require numerous contiguous display windows.
Additional information not previously available is provided in a
comprehensive graphical format. This simultaneously facilitates the
capability to submit a bid to purchase, offer to sell, or to
execute a transaction in, each of the securities. The invention
also supports display of raw market information with simultaneous
mathematical calculations, sophisticated quantitative analytical
studies, and 24-hour worldwide transaction capability. The
invention facilitates the presentation of financial market
information to a user and enables the user to improve the level and
speed of understanding that information as compared with known
systems. The invention also increases the efficiency of managing
the financial market information, as well as the speed and
efficiency of transactional activity relating to the financial
instruments associated with the information.
[0010] Viewing the real-time characteristics of a group of
financial instruments in a comprehensive and interactive visual
display permits market participants to understand numerous variable
and quantitative market dynamics instantly and with precision,
including relationships both within the market for a single one of
the financial instruments, relationships between the markets for
any two or several of the instruments, and comprehensively for the
entire group of instruments. The system enables market participants
to more effectively execute transactions in any of the instruments
through interaction with the same display that is depicting the
market information. In addition to facilitating the reading of the
quantitative information, the display format and other tools
summarize and characterize key market dynamics, providing a
simplified framework for a substantially enhanced comprehension of
real-time market characteristics and complexities simultaneously
with the ability to execute transactions electronically in the
respective instruments.
[0011] Certain embodiments provide a user interface that is easier
and more efficient to use. Certain embodiments facilitate the rapid
selection and retrieval of information by presenting a graphical
multidimensional representation of market information for financial
instruments in a single window. Certain embodiments provide a
graphical user interface that enables users to execute information
associated with financial instruments represented by the
multidimensional representation. Such embodiments are providing a
new input tool. Certain embodiments of the invention relate to the
manufacture and/or production of a display or a report, such a
display or report having a graphical multidimensional
representation of market information for two or more financial
instruments. The report is a product that may be a printed document
or an electronic document.
[0012] In certain embodiments there is provided a graphical
depiction that includes a first portion representing completed
trading activity and a second portion representing current market
conditions, such as potential market activity. By displaying such a
graphical depiction in a single window, a user is able to
simultaneously view both completed and current market conditions.
This is achieved without the user taking further action (such as
opening further windows). In this way the mental and operational
burdens on the user are reduced and the user can act more quickly
since he is required to take fewer steps to view the information he
requires.
[0013] In certain embodiments, the invention provides for the
display of a multidimensional representation of market information
for at least two financial instruments. By doing so, the current
invention provides for a technically more reliable system compared
to the prior art. This is because the number of queries that are
necessary by a user and the number subsequent replies supplied by
the system will be reduced. Since data is provided as a
multidimensional representation there is more data available to the
user in a single display and there will be less of a need for the
user and system to perform further operations to obtain required
data or to complete an order. Fewer required operations result in a
smaller the risk of a failure or delay in an operation. Such
failures or delays may be caused by peaks in data traffic over a
network.
[0014] An embodiment of the invention provides a default base
combination of displays designed to answer all the immediate
questions of a user such as current prices, volumes etc. The
provision of such a default that predicts a user's questions has a
number of technical advantages. The default makes efficient use of
the display space available on a GUI (so called display
"real-estate"). Since the answers to the most likely questions are
made readily available, then there is a reduction in the use of the
available telecommunications bandwidth because the user is required
to interrogate the system less frequently to obtain the answers he
needs.
[0015] Other technical advantages of the present invention will be
readily apparent to one skilled in the art.
BRIEF DESCRIPTION OF THE DRAWINGS
[0016] For a more complete understanding of the present invention
and for further features and advantages, reference is now made to
the following description, taken in conjunction with the
accompanying drawings, in which:
[0017] FIG. 1 is a block diagram depicting a system for managing
financial market information according to an embodiment of the
invention;
[0018] FIG. 2 is an example of a market presentation and an
associated graphical depiction for displaying financial market
information in accordance with an embodiment of the invention;
[0019] FIG. 3 is an example of a market presentation and an
associated graphical depiction for displaying financial market
information in accordance with an embodiment of the invention;
and
[0020] FIG. 4 is an example of a market presentation and an
associated graphical depiction for displaying financial market
information in accordance with an embodiment of the invention.
DETAILED DESCRIPTION
[0021] In general, certain embodiments of the present invention are
directed to presenting financial market information to market
participants. According to some embodiments, the invention
provides, among other things, electronic displays, which seamlessly
integrate the combination of raw data, value-added calculated data,
real-time analytical values, graphical displays, and transactional
capability, permitting the rapid comprehension and related decision
making, market action and decision support required by the market
participants. A system provides a means to view the most current
and best available raw market data, reliable value-added
calculations and analytical and statistical measurements within a
framework utilizing various visual display techniques to provide a
presentation of current market conditions and dynamics for the
securities that a trader or other market participant may be
interested in either buying, selling, or assigning a price to for
purposes of valuing securities currently held in portfolios. In
some embodiments, the system further permits the user to execute
transactions in such securities directly and instantly by way of
interactivity with the display providing the market
information.
[0022] Certain embodiments of the invention provide, among other
thing, a system for providing, to a market participant, a set of
information and transaction displays that depict the current price
and yield for one or more financial instruments. Preferably, at
least two financial instruments may be represented. Financial
instruments include any instrument that may be traded. Although
certain embodiments described herein refer to securities, the
invention is not limited as such. By way of example only, financial
instruments may include securities, treasuries, currency,
fixed-income assets, or other similar financial instrument or
assets that have a value that changes in response to market
conditions. A market participant may include a trader, market
maker, analyst, investor, or any other user that views the
information. The system also depicts the volume of buy and sell
orders including individually-aggregated buy and sell orders that
compose the gross volume of securities currently available to buy
and sell at the highest currently bid price, and lowest currently
offered price, respectively described as the best-bid and the
best-offer price. Preferably, this information is provided by a
secure worldwide real-time electronic transaction network which
aggregates active bids and offers for multiple securities and
facilitates the display of the most current and frequently updated
best-bid and best-offer prices, as well as current transaction
prices for such securities.
[0023] Brief identifying information for each security identifies
that security at each incidence of its location within the display.
Preferably, all instances of the information displayed for that
security are real-time, simultaneous, and actionable through user
interaction with an interactive transaction inquiry, submission,
and execution dialogue window.
[0024] The aggregated current best-bid and best-offer orders may be
referred to, collectively, as the Active Market Stack.TM. or simply
the order stack. The order stack indicates stacked orders to
execute at the current active market, or best prices. Orders
comprising the order stack are preferably revealed by shading and
highlighting layers in multidimensional (preferably
three-dimensional) graphical depiction in a window on an electronic
display, such is the monitor of a computer. The graphical depiction
may be, for example, in the form of vertical bars. Although certain
embodiments described herein refer to particular types and
configurations of graphical displays, the invention is not so
limited. Any suitable type of representation may be utilized to
convey the subject financial market information including, without
limitation, pie charts, bar charts, graphs, boxes, colors, gray
scales, points, curves, lines, or any other geometric, textual, or
pictorial representation of information. Further, certain
embodiments may provide certain market information in multiple
dimensions (e.g., in at least two dimensions), while other
embodiments may provide market information in three, four, or more
dimensions.
[0025] With respect to the referenced vertical bars, the cumulative
height reflects the total aggregate size of the layers within the
stacks. Similar vertical bars preferably will be arrayed
horizontally and may denote the aggregate volume of current buy and
sell orders at specific increments below the current best-bid price
and above the current best-offer price. This collection may be
referred to as a limit order book. Individually and collectively,
the horizontally arrayed vertical bars preferably will give an
immediate impression of the prevalence of buying and selling
interest on a real-time, continual basis both at and surrounding
the current active market price.
[0026] Also provided are captions for each of the vertical bars,
and cumulative tags for each horizontal line of vertical bars,
indicating the real-time data. Current market prices, transaction
prices, yields and volumes, and underlying prices at each increment
of the limit order book are preferably provided so that all
visually presented market characteristics are clearly labeled and
numerically defined.
[0027] Also provided in horizontal alignment are charts denoting
the price histories for a given time period (preferably for a
trading day) so as to provide a continually-updated context for
current market levels, and a visual display indicating price
direction for a predetermined number of transactions in each
financial instrument. The charts and the trade direction histories,
in one embodiment, are presented in a terrace-step format so as to
clearly separate the information for each security, whether
separated by sector or maturity.
[0028] The interactive visual displays presenting specific security
information are further surrounded by tabular and graphical display
summaries of execution prices, calculated yields, high and low
transaction prices including their times and associated yields, and
a real-time updated display of the yield curve in graphical form
and superimposed on prior days' histories.
[0029] A default base combination of these displays is designed to
answer all immediate questions of the market participant as to
current prices, volumes, prevalence of buying or selling interest,
context within a given time period, current price direction within
each maturity and across all securities as a group, price direction
and a sense of coming short-term market direction. In addition,
each visual display element is further constituted as an aggregate
container for underlying values that can be retrieved by scrolling
a cursor over the respective element. As this is done, the
respective element's individual characteristics, whether components
or a summary of its current state, can be viewed as the information
is dynamically updated.
[0030] In addition, individual displays for each security component
of the display are available to permit the market participant to
focus on the dynamics of the particular security or maturity
sector. In these subordinate individual security displays, visual
elements are preferably similarly highlighted to reveal their
underlying components either in detailed numeric or status-summary
form.
[0031] Preferably, any element of the display can be enlarged to
highlight the element in greater detail. Also, the entire display
can be rotated to permit optimal viewing of the multidimensional
elements. At any time, the rotated and enlarged displays can be
toggled back to their original default position.
[0032] Clicking on any portion of the price, yield or volume listed
for a given security preferably will open a transaction window
permitting the trader or other qualified user to submit a bid to
purchase, or an offer to sell, that security, or to execute a
transaction in the security by accepting one of the existing bids
or offers, or through the electronic matching of the bid or offer
submitted by the trader to the fixed income transaction network
with the bid to purchase or offer to sell of another trader or
other authorized and qualified user of the financial transaction
platform.
[0033] Also provided are security and authorization tools necessary
to acquire and maintain access to associated secure subscription
services, financial credit management services, and transaction
management services.
[0034] An example embodiment is illustrated in FIG. 1, which is a
block diagram illustrating a market information management system
100 including one or more displays 116. At a high level, system 100
is preferably provided as a client/server environment comprising at
least one client 102, a server 104, and one or more data providers
106. Although this configuration is provided as an example, any
suitable electronic configuration that performs the desired
functionality may be utilized. In general, system 100 comprises a
system for providing a market participant using client 102 with the
ability to view a graphical depiction of financial market
information 118 for one or more financial instruments. Preferably,
the graphical depiction is provided and viewable in a single window
of display 116. The market information 118 may be received from a
data provider 106 and stored in a central repository 110 on server
104.
[0035] For example, system 100 may comprise a market system that
compiles U.S. Treasury benchmark and non-benchmark instrument data,
automatically presents the compiled instrument data to a trader via
display 116, and dynamically processes any appropriate changes in
market information 118. The term "automatically," as used herein,
generally means that the appropriate processing is substantially
performed by at least part of system 100. It should be understood
that "automatically" further contemplates any suitable user
interaction with system 100 without departing from the scope of
this disclosure. The term "dynamically/" as used herein, generally
means that certain processing is determined, at least in part, at
run-time based on one or more variables.
[0036] Server 104 comprises any computer including a central
repository 110 and communicably connected to at least one client
102 and/or one data provider 106. For example, server 104 may be a
general-purpose personal computer (PC), a Macintosh, a workstation,
a Unix-based computer, a server computer, or any other suitable
device. FIG. 1 only provides one example of computers that may be
used. For example, although FIG. 1 illustrates one server 104,
system 100 can be implemented using computers other than servers,
as well as a server pool. The present disclosure contemplates
computers other than general purpose computers as well as computers
without conventional operating systems. As used herein, the term
"computer" is intended to encompass a personal computer,
workstation, network computer, or any other suitable processing
device. Computer server 104 may be adapted to execute any operating
system including UNIX, Windows, or any other suitable operating
system so long as server 104 remains communicably connected to
client 102. According to one embodiment, server 104 may be a remote
web server. In short, server 104 may comprise any computer with
software and/or hardware in any combination suitable to present
client 102 with market information.
[0037] Central repository 110 includes a variety of market
information 118 from one or more data providers 106. Central
repository 110 comprises any physical or logical description of
data storage operable to be defined, processed, or retrieved by
externally-implemented code. For example, central repository 110
may comprise one or more extensible Markup Language (XML) tables or
documents. In another example, central repository 110 may comprise
a relational database described in terms of SQL statements or
scripts, flat files, Btrieve files, or comma-separated-value (CSV)
files. Central repository 110 may comprise a plurality of tables
stored on one server 104 or across a plurality of servers 104.
Moreover, central repository 110 may be local or remote without
departing from the scope of this disclosure. In short, central
repository 110 is any data storage comprising at least a subset of
market data 118 that is communicably connected to at least one
client 102.
[0038] Additionally, the present invention contemplates any
suitable configuration for the storage of market information. For
example, although FIG. 1 depicts a central repository 110, market
information 118 may be stored at any suitable location, such as on
client 102.
[0039] Each client 102 is preferably a trading workstation or
device operable to present a market participant with display 116
via a graphical user interface (GUI). At a high level, illustrated
client 102 includes GUI 112, memory 120 and processor 125 and
comprises an electronic computing device operable to receive,
transmit, process, and store any appropriate data associated with
system 100. It will be understood that there may be any number of
clients 102 coupled to server 104, as illustrated by client 102a
and client 102b. Further, "client 102" and "user of client 102" may
be used interchangeably without departing from the scope of this
disclosure. As used herein, client 102 is intended to encompass a
personal computer, workstation, network computer, kiosk, wireless
data port, personal data assistant (PDA), one or more processors
within these or other devices, or any other suitable processing
device. For example, client 102 may comprise a computer that
includes an input device, such as a keypad, touch screen, mouse, or
other device that can accept information, and an output device that
conveys information associated with the operation of server 104 or
clients 102, including digital data, visual information, or display
116. Moreover, client 102 may comprise a keyboard customized to
match display 116, with each key mapped to a particular component,
view, or functionality of display 116. Both the input device and
output device may include fixed or removable storage media such as
a magnetic computer disk, CD-ROM, or other suitable media to both
receive input from and provide output to users of clients 102
through the display 116 by way of, for example, the GUI.
[0040] The GUI may comprise a graphical user interface operable to
allow the user of client 102 to interface with system 100 to
receive one or more sets of market information from data provider
106. Generally, the GUI provides the user of client 102 with an
efficient and user-friendly presentation of data provided by system
100. The GUI may comprise a plurality of frames or views having
interactive fields, pull-down lists, and buttons operated by the
user. In one embodiment, the GUI presents, in a single window, a
graphical depiction of the various market information 118 and
receives commands from the user of client 102 via one of the input
devices. As illustrated in more detail in FIG. 2A, and as will be
described below in great detail, according to certain embodiments,
display 116 includes a graphical depiction of a series of limit
order books and completed trading information for a plurality of
financial instruments.
[0041] Display 116 may also be associated with a configuration
file, module, or dynamic link library (DLL) operable to store
various dynamically configurable or selectable options and
parameters. This configuration component may be a distributed file
that is managed by an administrator or manager, thereby providing
centralized and consistent configuration for a plurality of market
participants. It will be understood that "administrator" as used
herein is any user with permissions or rights to dynamically
configure options for display 116. In other words, each market
participant may also be an administrator without departing from the
scope of this disclosure. These parameters may be configured during
run-time to allow for swift responses to changing trading,
regulatory, or other industry conditions. In short, display 116
contemplates any graphical user interface, such as a generic web
browser, that processes information in system 100 and efficiently
presents the information to the user. Server 104 can accept data
from client 102 via the web browser (e.g., Microsoft Internet
Explorer or Netscape Navigator) and return the appropriate HTML or
XML responses using network 108.
[0042] Network 108 facilitates wireless or wireline communication
between computer server 104 and any other computer. Network 108 may
communicate, for example, Internet Protocol (IP) packets, Frame
Relay frames, Asynchronous Transfer Mode (ATM) cells, voice, video,
data, and other suitable information between network addresses.
Network 108 may include one or more local area networks (LANs),
radio access networks (RANs), metropolitan area networks (MANs),
wide area networks (WANs), all or a portion of the global computer
network known as the Internet, and/or any other communication
system or systems at one or more locations. Client 102 includes
interface 112 for communicating with other computer systems, such
as server 104, over network 108 in a client-server or other
distributed environment. In certain embodiments, client 102
receives market information 118 from network 108 for storage in
memory 120. Generally, interface 112 comprises logic encoded in
software and/or hardware in a suitable combination and operable to
communicate with network 108 via link 114. More specifically,
interface 112 may comprise software supporting one or more
communications protocols associated with communications network 108
or hardware operable to communicate physical signals.
[0043] Memory 120 may include any memory or database module and may
take the form of volatile or non-volatile memory including, without
limitation, magnetic media, optical media, random access memory
(RAM), read-only memory (ROM), removable media, or any other
suitable local or remote memory component. In the illustrated
embodiment, memory 120 includes at least a market information
management application 130, local market data 132, and a
transaction application 134, but may also include any other
appropriate applications and data, such as a configuration file for
use by display 116 and application 130 and 134.
[0044] Applications 130 and 134 may include any hardware, software,
firmware, or combination thereof operable to receive and process
market information 118, present it to market participants through
display 116, and enable users to execute transactions associated
with the financial instruments represented by the information
presented on display 116. When loading or configuring display 116,
application 130, for example, may first process the configuration
file, whether local or remote, to determine the initial or default
parameters of the graphical depiction(s) presented on display 116.
Further, application 130 may receive and process requests from the
market participant using client 102 via display 116. Trade
application 130 may deny, ignore, or communicate an error in
response to certain requests based on the configuration file. It
will be understood that while applications 130 and 134 are
illustrated as single multi-tasked modules, the features and
functionality performed by these applications may be performed by
multiple modules such as, for example, a data retrieval module and
a presentation engine. Moreover, applications 130 and 134 may
comprise a child or sub-module of another software module without
departing from the scope of this disclosure. In short, application
130 and 134 comprises one or more software modules operable to
provide any appropriate processing for presenting, manipulating,
and acting upon market information 118 as described herein.
[0045] Local market data 132 stores one or more subsets of remote
market data 118, such as benchmark and non-benchmark instruments.
Local market data 132 may receive a copy of market data 118 through
interface 112 or from another process running on client 102 as
appropriate. As appropriate, local market data 132 may
automatically, dynamically, or manually retrieve or receive market
data 118 from central repository 110 at any appropriate time. For
example, management application 130 may automatically retrieve a
copy of market data 118 in central repository 110 upon initial
execution. Further, local market data 132 may be of any suitable
format including XML documents, flat files, comma-separated-value
(CSV) files, SQL tables, relational database tables, and any other
format operable to store at least one subset of market data 118. It
will be understood that local market data 132 may be in a format
different from the data in central repository 110 or communicated
market data 118 so long as it is compatible with display 116 and
may be processed by applications 130 and 134.
[0046] Display 116 includes a window or windows, as appropriate, to
present market information to the user. In one embodiment, market
information is presented to the user in a graphical depiction
displayed in a single window. In another embodiment, a user may
execute transactions in the depicted financial instruments by
interacting with elements or objects displayed in the same window
as the market information, including interaction with components of
the graphical depiction of the information. However, the invention
is not so limited and contemplates the use of multiple windows for
displaying market information and/or executing transactions
corresponding to, or based on, the information.
[0047] Client 102 also includes processor 125. Processor 125
executes instructions and manipulates data to perform the
operations of client 102 such as, for example, a central processing
unit (CPU), an application specific integrated circuit (ASIC) or a
field-programmable gate array (FPGA). Although FIG. 1 illustrates a
single processor 125 in client 102, multiple processors 125 may be
used according to particular needs, and reference to processor 125
is meant to include multiple processors 125 where applicable. In
certain embodiments, processor 125 executes one or more processes
associated with applications 130 and 134 to present market data 118
communicated from central repository 110 via data providers 106 and
to enable a user to conduct transactions in the financial
instruments represented by the market data 118.
[0048] Data provider 106 typically comprises a third-party web
server or an enterprise agent residing on a machine operable to
communicate at least a portion of market data 118 for storage in
central repository 110. It will be understood that data provider
106 may be remote or local. Further, data provider 106 may
represent a separate process running on server 104 or client 102
without departing from the scope of this disclosure. Generally,
data provider 106 is any hardware, software, or logic operable to
provide system 100 with at least a subset of any appropriate market
data 118. System 100 may comprise any number of data providers 106,
as illustrated by data providers 106a and 106b. For example, a
plurality of data providers 106 may be communicably daisy-chained
off a master provider 106. Master data provider 106 may compile and
verify substantially all of market data 118 and communicate the
compiled market data 118 to server 104 upon request or at a
scheduled time.
[0049] In one aspect of operation, applications 130 and 134 are
executed and initialized either automatically, such as when client
102 is powered up, or in response to a command from the user.
Application 130 and 134 may determines a default configuration and
layout for display 116, retrieves the appropriate market data for
the benchmark and non-benchmark instruments from central repository
110 and/or local market data 132, and generates the graphical
depiction(s) presented in display 116 based on the default
configuration and retrieved data. Application 130 and 134 processes
the information presented in display 116 and/or the actions
initiated by the user as appropriate.
[0050] As illustrated in FIG. 2, and by way of example only, an
embodiment of the present invention provides a market information
presentation 200 to a user of client 102. Components of
presentation 200 are preferably displayed in a single window on
display 116. However, components of presentation 200 may be
displayed in multiple windows and/or on multiple displays without
departing from the scope of this disclosure.
[0051] More specifically, market presentation 200 preferably
includes a graphical depiction 201, which comprises a first portion
210 and a second portion 220. First portion 210 represents
information regarding completed transactions, bids, offers, or any
other activity in connection with the market(s) represented. As
shown in FIG. 2, first portion 210 represents intraday trading
activity. Second portion 220 represents current market conditions
and potential market activity, such as available trading
opportunities. Collectively, first and second portions 210 and 220
present a multidimensional a multidimensional representation of
market information for at least two financial instruments.
Preferably, the entire graphical depiction 201 resides in (i.e., is
viewable in) a single window of an electronic display. Preferably,
at least one first and second portions 210 and 220 reside in a
single window. More preferably, both first and second portions 210
and 220 are viewable in the single window. Although the
single-window display is preferably, the disclosure contemplates
any other suitable configuration, such as presenting certain
portions of the graphical depiction 200 in multiple, different
windows.
[0052] First portion 210 includes a multidimensional object
representing completed, intraday, trading activity. First portion
210 is presented as a terraced, or stepped, three-dimensional
object. Each step 211 represents a different financial instrument.
In the example illustrated in FIG. 2, there are five steps 211
representing the five different U.S. benchmark treasuries,
including 2-Year, 3-Year, 5-Year, 10-Year, and 30-Year treasuries,
respectively. It should be noted, as previously described, that the
depiction 201 (and, for example, the steps 211), may represent any
financial instruments or any other asset or item that may be
transacted on an electronic exchange. Each step 211 includes a
horizontal section 212 and a vertical section 213. Preferably, the
horizontal section 212 is a horizontal plane having dimensions in
the x and z directions. Preferably the vertical section 213 is a
vertical plane having dimensions in the x and y directions. The
various different financial instruments are represented by a
progression of steps 211 in the z direction. In other words, the
different financial instruments are arranged along the z
dimension.
[0053] Each horizontal section 212 comprises various information
displayed in the form of a graph 214 superimposed on a grid 215.
The grid 215 represents transaction price in z direction and time
in the z direction. The graph 214 is a depiction of connected data
points on the grid over a period of time. The example in FIG. 1
uses a portion of the trading day as the time period. For example,
FIG. 1 depicts a time period of from before 9:00 am to slightly
after 3:00 pm. Any period of time may be represented, however,
including minutes, hours, days, years, etc. Also, multiple time
periods may be represented, such as a portion of one day and a
portion of another day. More than one graph (not expressly shown)
may be included in any given horizontal section 212. Each graph may
represent different time periods or any other suitable information,
which may be desirable to present to a market participant. It
should be noted that the representation of graph 214, or any other
two-dimensional graphic, may be made three-dimensional (or with a
greater number of dimensions) in order to display even more
information (such as size or volume in the case of graph 214).
[0054] Each vertical section 213 also represents completed trading
information as well. In FIG. 1, each vertical section 213 includes
a tick strip 216, which is an indication of price direction for a
predetermined number of trades, the price direction for each of the
respective trades being represented by an indicator 217. The tick
strips shown display price direction for ten trades, but any
suitable number of trades may be used. Preferably, the number of
trades represented by a tick strip is in the range of from five to
fifteen. This provides a market participant with a manageable and
useful number of previous price directions from which to draw
conclusions about how recent price directions affect the decision
to purchase or sell a particular security associated with the tick
strip being viewed. More preferably, the number of indicators, or
ticks, is in the range of from eight to twelve. The price direction
is indicated by the use of different colors for each indicator 217.
Although not expressly shown in FIG. 2, the colors may include
yellow for "no change," green for an "upward" price direction, and
red for a "downward" price direction. However, any graphical
representation may be used. For example, price direction might show
by upward and downward arrows and flat bars for "no change." As
another example, price direction may be indicated by gray-scale as
opposed to colors. Alternatively, the price direction information
made be represented by textual or numeric information.
[0055] Therefore, as shown, a graph 214 represents completed
trading information over a first period of time and a tick strip
216 represents completed trading information over a second period
of time. The second period of time is shorter than the first period
of time and is a subset of the first period of time. Also, as
discussed, the graph 214 represents price-amount information and
the tick strip 216 represents price-direction information. Thus,
the graph and tick strips represent different information over
different time periods.
[0056] Second portion 220 includes a plurality of multidimensional
objects representing the entire current market for the five
benchmark treasuries. Second portion 220 comprises a plurality of
instrument slabs 221. Each slab 221 represents a financial
instrument. As shown in FIG. 1, there are five slabs 221
representing the five benchmark treasuries. Preferably, each slab
221 corresponds with a step 211. That is, a step 211 and a
corresponding slab 221 both represent the same financial
instrument.
[0057] Each slab 221 has disposed thereon a series of 3D vertical
bars 222. Each of the vertical bars is known as a stack. The stack
represents a volume of security orders (either for sale or for
purchase) at a given price. A series of stack along a given slab is
known as a limit order book for the particular security. Each slab
has a center point 223. The stack immediately to one side of center
point (e.g., stack 224) represents the best-bid price, or the best
price for which users are willing to pay for the security. The
stack immediately to other side of center point 223 (e.g., stack
225) represents the best ask price, or the best price for which
users are willing to sell the security. The center point may be
known, therefore, as the best bid/ask, or BBA point. The pair of
stacks straddling the BBA point may be known as the BBA stacks.
Preferably, the BBA stacks illustrate additional information in the
form of layers. The layers indicate different order volumes in a
queue at the best bid/ask prices, respectively. However, any
vertical bar 222 may be configured in this manner.
[0058] Thus, second portion 220 includes a plurality of slabs 221,
each of which comprises a plurality of vertical bars or stacks 222
arranged along a given dimension. In FIG. 2, the stacks 222 for a
given slab 221 are arranged along the x dimension. Similar to first
portion 210, the various different financial instruments are
represented by a progression of slabs 221 in the z direction. In
other words, the different financial instruments are arranged along
the z dimension. As represented by stacks price information is
provided in the x direction and volume information is provided in
the y direction. As shown in FIG. 2, the price information for each
stack 222 is provided numerically superimposed on the respective
slabs 221, below the respective stacks 222.
[0059] Market presentation 201 may also include certain collateral
information. As shown in FIG. 2, presentation 201 includes yield
curve indicator 202, trade status indicators 203, and quote board
204. Yield curve indicator 202 shows yield curve information for
the plurality of financial instruments. As shown in FIG. 1, yield
curve information is shown for the five benchmark treasuries.
Although only one curve is shown, the indicator 202 may show
multiple curves representing multiple time periods.
[0060] Trade status indicators include trade state indicators 205
and BBA instrument quotes 206. Trade state indicators 205 are
displayed when the particular security is in a trade state. The
trade state indicator provides information such as price
information, volume information, and hit/take information. Hit/take
information indicates whether the trade was a hit or take (i.e., a
sale at a best-offer price, or purchase at a best-bid price,
respectively).
[0061] Quote board 204 displays current market quote information.
In other words, board 204 displays instrument type information
(such as 2Y or 3Y treasury), last price information (including a
hit/take indication), price change information, yield information,
high price/yield/time information, and low price/yield/time
information.
[0062] FIGS. 3 and 4 illustrate additional aspects of the graphical
depictions contemplated by various embodiments of the present
invention. For example, as shown in FIGS. 3 and 4, there is hidden
information embedded within the graphical depiction 301. The
information is preferably viewable by scrolling a cursor over a
certain object to cause a dialog box to be presented. For example,
as shown in FIG. 3, scrolling the cursor (not expressly shown) over
a stack may cause a box 302 to be displayed. Box 302 contains
information such as instrument type, bid price, yield, and volume.
The box 302 information is the type of information that would
preferably be available for a non best-bid/ask stack. Similar
information would be available for the ask stacks (i.e., the stacks
representing securities being offered for purchase), except that an
ask price would be provided instead of a bid price.
[0063] Scrolling the cursor over best-bid/ask stacks produces boxes
such as box 303. Box 303 includes information such as instrument
type, offer price, yield, aggregate volume, and incremental
volumes. The incremental volumes represent the respective volumes
of each order within the queue of the stack for a single price. For
example, in box 303, the incremental volumes are 10, 8, 5, 5, and 2
respectively. The aggregate volume is the sum of the incremental
volumes. For example, in box 303, the aggregate volume is 30.
Similar information would be displayed in a box corresponding to a
best bid stack, except that the bid price instead of the offer, or
ask, would be displayed.
[0064] Another example of an information box is box 304, which
corresponds to a stack while the instrument is in a trade state.
Box 304 displays information such as instrument type, hit/take,
price, yield, volume, and price direction. Similar information is
displayed in box 305 except the hit/take indication is "take,"
because the trade-state stack that corresponds to box 305 is among
the offer orders of the respective limit order book as opposed to
the bid orders.
[0065] It should be noted that hidden information may be provided
in varying levels as desired. Multiple layers may be accessed by
"drilling down," for example, to more and more detailed layers.
Hidden information may be viewed in any number of configurations
such as the illustrated boxes. Other possible configurations
include such things as pop-up windows, scroll bars (at the bottom
of the screen for example), and audio files. Hidden information,
once accessed, may remain on the screen until affirmatively
re-hidden, may remain for a predetermined period of time, or may
return to a hidden status as the cursor leaves the object associate
with the hidden information. The disclosure contemplates any
routine by which hidden information is at least initially accessed
to be made viewable, and any routine by which the information
returns to a hidden state.
[0066] In FIG. 4 there is illustrated an example of certain
information that may be "broken out" from the base graphical
depiction (such as graphical depiction 201 or 301). For example,
slab 421 and its associate limit order book have been broken out
and displayed in FIG. 4. The market presentation 400 shown in FIG.
4 also includes yield curve 402, quote board 404, instrument quote
406 and trading indicator 412. Indicator 412 corresponds to a
top-down view of the horizontal section of one of the steps of the
first portion of a graphical depiction (e.g., horizontal section
212).
[0067] Any portion of the graphical depiction and collateral
information shown in a market presentation may be zoomed, enlarged,
broken out, rotated, another otherwise manipulated in order to
provide the user with different views of the various pieces of
information being illustrated in the respective market
presentation.
[0068] According to an aspect of certain embodiments, transactions
in the financial instruments are enabled. A transaction is
accomplished by taking an appropriate step or steps to execute
transaction application 134 shown in FIG. 1. The trigger to engage
the transaction application can be any suitable trigger, such as
clicking on an icon, typing a textual command, pressing a
predetermined key or series or combination of keys, and issuing a
verbal command to system 100. In at least one embodiment, market
presentation or graphical depiction (e.g., market presentation 200
or depiction 201) provide interactive transaction capability.
Accordingly, the user may execute a transaction directly from the
market presentation display window. This may be accomplished, for
example, by scrolling the cursor onto a best-bid/ask stack and
clicking a mouse. Then, application 134 presents a transaction
dialog box for the user to complete additional information relating
to the transaction. A confirmation window would provide the user
with the opportunity to confirm the hit or take. According to
another aspect, the application 134 and interactive display window
cooperate to allow the user to place bid or ask orders.
[0069] Although embodiments of the invention and their advantages
are described in detail, a person skilled in the art could make
various alterations, additions, and omissions without departing
from the spirit and scope of the present invention as defined by
the appended claims.
* * * * *