U.S. patent application number 17/738136 was filed with the patent office on 2022-08-18 for systems and methods for providing price axes.
The applicant listed for this patent is BGC PARTNERS, INC.. Invention is credited to Kevin M. Foley, Howard W. Lutnick, Joseph Noviello, Michael Sweeting.
Application Number | 20220261911 17/738136 |
Document ID | / |
Family ID | |
Filed Date | 2022-08-18 |
United States Patent
Application |
20220261911 |
Kind Code |
A1 |
Lutnick; Howard W. ; et
al. |
August 18, 2022 |
SYSTEMS AND METHODS FOR PROVIDING PRICE AXES
Abstract
The invention relates to systems and methods that provide a user
interface for use with an electronic trading system. The interface
displays a bid price axis and an ask price axis, as well as
corresponding sizes, and an indication of the inside market. When
the inside market changes in response to changing market
conditions, the indication of the inside market changes locations
before being restored to its original location by shifting the bid
and ask prices in a direction parallel to the bid or ask price
axis. The user may enter trade commands at different price levels
using an input device. In order to help prevent such trade commands
from being entered at erroneous price levels, the system locks a
pointer associated with the input device to a price the user points
to during the shifting process, unless the pointer is moved away
from that price.
Inventors: |
Lutnick; Howard W.; (New
York, NY) ; Foley; Kevin M.; (New York, NY) ;
Noviello; Joseph; (New York, NY) ; Sweeting;
Michael; (Aldershot Hampshire, GB) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
BGC PARTNERS, INC. |
NEW YORK |
NY |
US |
|
|
Appl. No.: |
17/738136 |
Filed: |
May 6, 2022 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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15870178 |
Jan 12, 2018 |
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17738136 |
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11570069 |
Dec 5, 2006 |
9870590 |
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PCT/US05/27320 |
Jul 29, 2005 |
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15870178 |
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60678383 |
May 5, 2005 |
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60654350 |
Feb 18, 2005 |
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60653056 |
Feb 14, 2005 |
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60629696 |
Nov 19, 2004 |
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60592415 |
Jul 29, 2004 |
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International
Class: |
G06Q 40/04 20060101
G06Q040/04 |
Claims
1. (canceled)
2. A method comprising: controlling, by at least one processor of a
computer: displaying, over a communication network, on a display of
a remote computing device, a plurality of bid prices along a first
axis and a plurality of ask prices along a second axis, and an
indication of an inside market among the bid and ask prices in a
central display location along the first and second axes; in
response to the inside market changing from a first of the
plurality of bid prices and a first of the plurality of ask prices
to at least one of a second of the plurality of bid prices and a
second of the plurality of ask prices, displaying, over the
communication network, on the display of the remote computing
device, the indication of the inside market in a second location
along the first and second axes corresponding to a display location
of the at least one of the second of the plurality of bid prices
and the second of the plurality of ask prices, the second location
being different than the central display location; receiving, over
the communication network, real time trade information indicating
market activities including a first market activity; and
automatically, in real time in response to the change to the inside
market, over the communication network, shifting at least one of
the plurality of bid prices along the first axis of the display and
the plurality of ask prices along the second axis of the display,
the shifting comprising: displaying (1) the at least one of the
second of the plurality of bid prices and the second of the
plurality of ask prices, and (2) the indication of the inside
market, at a third location at least part of a way between the
second location and the central display location, the third
location being different than the second and central display
locations; and displaying (1) the at least one of the second of the
plurality of bid prices and the second of the plurality of ask
prices, and (2) the indication of the inside market, at the central
display location, wherein the shifting of the at least one of the
plurality of bid prices and the plurality of ask prices (i) is at a
varying speed including a first speed before a first market
activity occurs and a second speed different from the first speed
after the first market activity occurs and (ii) substantially
continuously in real time maintains the display location of the
indication of the inside market at or near the central display
location; wherein the display includes a pointer associated with a
mouse; when the inside market changes at a time when the pointer is
pointing to one of the prices on one of the axes, as the shifting
of the plurality of bid and ask prices occurs, maintaining the
pointer at the pointed-to price by repositioning the pointer on the
display; and in response to receiving a click from the mouse,
generating an order to buy or sell at the pointed-to price.
3. The method of claim 2 wherein the second axis is parallel to but
not collinear with the first axis.
4. The method of claim 2 wherein the first and second axes are the
same axis.
5. The method of claim 2 wherein the first and second axes are
curved axes.
6. The method of claim 2 further comprising, when shifting the
plurality of bid and ask prices, displaying along the first and
second axes one or more bid and ask prices that were not displayed
on the display immediately before the shifting.
7. The method of claim 2 wherein shifting the plurality of bid and
ask prices comprises shifting the plurality of bid and ask prices
on a pixel by pixel basis on the display.
8. The method of claim 2 wherein shifting the plurality of bid and
ask prices comprises transitioning the plurality of bid and ask
prices on a cell by cell basis.
9. The method of claim 2 wherein shifting the plurality of bid and
ask prices occurs at a particular speed.
10. The method of claim 9, wherein said particular speed is set by
a user of the computer display.
11. The method of claim 9, wherein said second speed is less than
the first speed and a change of speed from the first speed to the
second occurs when a user of the computer display enters a command
to trade.
12. The method of claim 2 wherein shifting the plurality of bid and
ask prices occurs at a slower speed when a pointer associated with
an input device is pointing to one of the plurality of bid and ask
prices than when the pointer is not pointing to any of the
plurality of bid and ask prices.
13. The method of claim 2 wherein: the shifting to maintain the
display location of the inside market is at an amount that is a
ratio less than one of a distance by which the display location of
the inside market changes.
14. The method of claim 2 further comprising receiving a command to
trade from a user.
15. The method of claim 2 further comprising, substantially at the
same time as shifting the plurality of bid and ask prices,
repositioning a pointer associated with an input device associated
with the display such that the pointer is pointing to a price
previously pointed to prior to the change in the inside market.
16. The method of claim 2 further comprising controlling, by the at
least one processor, displaying, over the communication network, on
the display a plurality of sizes along a third axis that is
parallel to but not collinear with the first axis, wherein at least
one of the plurality of sizes corresponds to at least one order for
a price displayed in a location along the first axis that is
aligned with a location of the at least one of the plurality of
sizes.
17. The method of claim 16 further comprising controlling, by the
at least one processor, displaying, over the communication network,
on the display a second plurality of sizes along a fourth axis that
is parallel to but not collinear with the second axis, wherein at
least one of the second plurality of sizes corresponds to at least
one order for a price displayed in a location along the second axis
that is aligned with a location of the at least one of the second
plurality of sizes.
18. A method for displaying market information, the method
comprising: controlling, by at least one processor of a computer:
displaying, over a communication network, on a display of a remote
computing device, a plurality of bid prices along a first axis and
a plurality of ask prices along a second axis; displaying, over the
communication network, on the display an indication of an inside
market in a first location along the first and second axes; in
response to the inside market changing from a first of the
plurality of bid prices and a first of the plurality of ask prices
to at least one of a second of the plurality of bid prices and a
second of the plurality of ask prices, over the communication
network, on the display of the remote computing device, displaying
the indication of the inside market in a second location along the
first and second axes corresponding to a display location of the at
least one of the second of the plurality of bid prices and the
second of the plurality of ask prices, the second location being
different than the first location; receiving, over the
communication network, real time trade information indicating
market activities including a first market activity; following the
displaying of the indication of the inside market in the second
location, in real time in response to the change to the inside
market, over the communication network, shifting at least one of
the plurality of bid prices along the first axis and the plurality
of ask prices along the second axis of the display, the shifting
comprising: displaying on the display (1) the at least one of the
second of the plurality of bid prices and the second of the
plurality of ask prices, and (2) the indication of the inside
market, at a third location at least part of a way between the
second location and the first location, the third location being
different than the second and first locations; and displaying on
the display (1) the at least one of the second of the plurality of
bid prices and the second of the plurality of ask prices, and (2)
the indication of the inside market, at the first location, wherein
the shifting is at a varying speed including a first speed before a
first market activity occurs and a second speed different from the
first speed after the first market activity occurs; substantially
at the same time as shifting the plurality of bid and ask prices,
in real time repositioning a pointer associated with an input
device on the display such that the pointer is pointing to a price
previously pointed to prior to the change in the inside market;
wherein the display includes a pointer associated with a mouse;
when the inside market changes at a time when the pointer is
pointing to one of the prices on one of the axes, as the shifting
of the plurality of bid and ask prices occurs, maintaining the
pointer at the pointed-to price by repositioning the pointer on the
display; and in response to receiving a click from the mouse,
generating an order to buy or sell at the pointed-to price.
19. A system for displaying market information, the system
comprising: a server computer adapted to distribute, over a
communication network, a plurality of bid and ask prices associated
with an item to a plurality of workstations that are coupled to the
server, each of the plurality of workstations displaying a user
interface, the server computer including at least one processor
configured to control to: displaying, over the communication
network, on a display of at least one of the workstations as a
remote computing device a plurality of bid prices along a first
axis and a plurality of ask prices along a second axis, including
an indication of an inside market among the bid and ask prices in a
central display location along the first and second axes; in
response to the inside market changing from a first of the
plurality of bid prices and a first of the plurality of ask prices
to at least one of a second of the plurality of bid prices and a
second of the plurality of ask prices, displaying, over the
communication network, on the display, the indication of the inside
market in a second location along the first and second axes
corresponding to a display location of the at least one of the
second of the plurality of bid prices and the second of the
plurality of ask prices, the second location being different than
the central display location; receiving, over the communication
network, real time trade information indicating market activities
including a first market activity; and automatically, in real time
in response to the change to the inside market, over the
communication network, shifting at least one of the plurality of
bid prices along the first axis of the display and the plurality of
ask prices along the second axis of the display, the shifting
comprising: displaying (1) the at least one of the second of the
plurality of bid prices and the second of the plurality of ask
prices, and (2) the indication of the inside market, at a third
location at least part of a way between the second location and the
central display location, the third location being different than
the second and central display locations; and displaying (1) the at
least one of the second of the plurality of bid prices and the
second of the plurality of ask prices, and (2) the indication of
the inside market, at the central display location, wherein the
shifting of the least one of the plurality of bid prices and the
plurality of ask prices maintains the display location of the
indication of the inside market at or near the central display
location, the shifting being (i) is at a varying speed including a
first speed before a first market activity occurs and a second
speed different from the first speed after the first market
activity occurs and (ii) substantially continuous in real time to
appear visually smooth; and substantially at the same time as
shifting the plurality of bid and ask prices, maintaining a display
pointer associated with an input device to point at the same price
on one of the axes as the pointer pointed to before the change in
the inside market, by in real time repositioning the input device
pointer on the display; wherein the display includes a pointer
associated with a mouse; when the inside market changes at a time
when the pointer is pointing to one of the prices on one of the
axes, as the shifting of the plurality of bid and ask prices
occurs; maintaining the pointer at the pointed-to price by
repositioning the pointer on the display; and in response to
receiving a click from the mouse, generating an order to buy or
sell at the pointed-to price.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application is a continuation of U.S. patent
application Ser. No. 15/870,178 filed Jan. 12, 208, which is a
continuation of U.S. patent application Ser. No. 11/570,069 filed
on Dec. 5, 2006 which is a U.S. 371 National Stage Application of
PCT/US05/27320 filed on Jul. 29, 2005 which claims the benefit of
U.S. provisional application No. 60/592,415, filed Jul. 29, 2004,
U.S. provisional application No. 60/629,696, filed Nov. 19, 2004,
U.S. provisional application No. 60/653,056, filed Feb. 14, 2005,
U.S. provisional application No. 60/654,350, filed Feb. 18, 2005,
and U.S. provisional application No. 60/678,383, filed May 5, 2005,
which are hereby incorporated by reference herein in their
respective entireties.
FIELD OF THE INVENTION
[0002] This invention relates to electronic trading systems. More
particularly, this invention relates to user interfaces and methods
of use of user interfaces with electronic trading systems.
BACKGROUND OF THE INVENTION
[0003] Much trading today involves some computer support, from
simple information delivery to sophisticated trading systems that
automate transactions of goods and services. Electronic trading
systems and methods have gained widespread acceptance for trading
of a wide variety of items ranging from financial instruments (such
as stocks, bonds, currency, futures, options, etc.) to household
goods (such as old records, antiques, wines, etc.).
[0004] As electronic trading becomes more popular, an increasing
number of traders are in need of new systems and methods to enter
trade commands in a quick, efficient and accurate manner. In one
method of electronic trading, bids and asks are submitted by
traders to a trading system. Those bids and asks are then displayed
by the trading system to other traders, and the other traders may
then respond to the bids and asks by submitting sell (or hit) or
buy (or lift) commands to the system.
[0005] Some implementations of such systems and methods of
electronic trading show a bid column, an ask column and a single
price axis. Bid and ask quantities are associated with their
respective prices which are displayed in standard increments. While
straightforward, this approach fails to unambiguously convey the
inside market to a user, especially when a trading interface
displays static price axes. This is because the user's attention is
drawn to changes in quantity rather than changes in price.
Moreover, this approach fails to show trade activity that was
occurring in real-time.
[0006] Furthermore, market conditions change quickly as trades are
executed at a fast pace. Price positions may therefore change
rapidly and sometimes almost instantaneously. Users of such systems
therefore face the risk of entering trade commands at erroneous
price levels by, for example, using a mouse pointer to select a
price that may have changed by the time the command is registered
by the system. Such erroneous entries can lead to highly
undesirable results in a rapidly changing market. Many such users
are traders that track more than one active market by typically
looking at multiple windows, interfaces or screens simultaneously,
thereby increasing the likelihood that such erroneous entries
occur.
[0007] Therefore, it would be desirable to provide systems and
methods that clearly represent price fluctuations while ensuring
quick, accurate and efficient execution of trades.
[0008] It would also be desirable to provide a user interface for
electronic trading that is intuitive whereby the inside market is
represented to the user by a dynamic display of the bid/ask prices
and their associated quantities.
[0009] It would also be desirable to smoothly adjust the display of
the bid/ask prices and their associated quantities while
maintaining accurate and accessible axes for order entry at desired
price levels.
[0010] It would also be desirable to enable users to manipulate the
user interface using any suitable input device.
SUMMARY OF THE INVENTION
[0011] Therefore, it is an object of the invention to provide
systems and methods that clearly represent price fluctuations while
ensuring quick, accurate and efficient execution of trades.
[0012] It is another object of the invention to provide a user
interface for electronic trading that is intuitive whereby the
inside market is represented to the user by a dynamic display of
the bid/ask prices and their associated quantities.
[0013] It is yet another object of the invention to smoothly adjust
the display of the bid/ask prices and their associated quantities
while maintaining accurate and accessible axes for order entry at
desired price levels.
[0014] It is yet another object of the invention to enable users to
manipulate the user interface using any suitable input device.
[0015] These and other objects are accomplished in accordance with
the principles of the invention by providing systems and methods
for displaying market information for, and allowing for electronic
trading in, items through a user interface. More specifically, some
embodiments of the invention provide an interface for use with an
electronic trading system that displays bid prices and ask prices,
preferably along different axes that may or may not be parallel to
one another. Alternatively, the bid and ask prices may be displayed
along a single axis. Each bid or ask price level may be displayed
in a particular cell along one such axis. The cells may be
consecutively ordered according to the price levels displayed
therein. The interface may display at least one additional axis
that is parallel to one of the price axes for displaying size
information alongside each corresponding price. In some embodiments
of the invention, the interface may provide a bid size axis and an
ask size axis. The interface may also provide an indication of the
inside market--i.e., the best (highest) bid and best (lowest) ask
prices for which size exists which may be centered within the
interface. Preferably, each price axis includes vertically aligned
cells, each displaying a distinct price level, wherein the inside
market is displayed relatively midway between the lowest bid price
and the highest ask price. In order to facilitate viewing the
inside market, the cell displaying the best bid price for which
size exists is preferably displayed alongside or adjacent to the
cell displaying the best ask price for which size exists.
Accordingly, the inside market may be displayed along an axis that
is parallel to the price axes. Preferably, the price and size axes
are vertical axes whereas the axis along which the inside market is
displayed is a horizontal axis. Alternatively, the price and size
axes may be curved parallel or intersecting lines. For example,
each axis may be in the shape of a substantially circular arc such
that the trading interface represents at least a portion of, or a
full, a circle or an ellipse. In alternative embodiments of the
present invention, the inside market is not displayed along a
single axis.
[0016] When the inside market changes in response to changing
market conditions, its indication changes locations from a first
location, preferably centered within the interface to a second
location along the price axes. Preferably, when the inside market
changes in response to changing market conditions, a first cell
that was populated with the previous best price in one of the price
axes (a first axis) remains populated with that price whereas a
second cell that was unpopulated in the first axis is populated
with the new best bid or ask price. Cells along the first axis that
are located between the first and second cells may also be
populated with prices that lie between the previous and new best
prices. The first and second cells may be separated by any number N
of cells that are populated with prices lying between the previous
and new best prices in the first axis. A third cell in the other
price axis (a second axis) that is adjacent to the first cell and
that displayed the other best price is depopulated as well as N
cells along the second axis that are adjacent to the cells that
were recently populated in the first axis. The second cell in the
first axis and a fourth cell adjacent to it in the second axis may
display the new best prices, thereby indicating the new inside
market, which will have been displaced from the center of the
interface by N+1 cells along a direction that is parallel to the
price axes.
[0017] After the inside market changes and the indication of the
new inside market is displayed in a location other than the center
of the interface, the indication of the inside market may be
restored to the center of the interface. This is accomplished by
shifting the bid and ask prices in a direction parallel to the
price axes in which they are displayed. More specifically, the
shifting may be made on a cell-by-cell basis whereby all cells
transition substantially simultaneously. Such shifting may
therefore take place one row at a time whereby all rows transition
substantially simultaneously. With each such transition, the number
of populated cells in the first price axis may decrease whereas the
number of populated cells in the other price axis may increase. In
other embodiments of the present invention, the shifting may be
made whereby the bid and ask prices transition substantially
simultaneously from one cell to another. In yet other embodiments
of the present invention, the shifting may occur at a rate that is
greater than one row at a time. For example, the transitions may
occur at a rate of two or more rows at a time. In alternative
embodiments of the present invention, the shifting may be
substantially continuous--e.g., pixel by pixel--such that it is
displayed in a manner that is relatively seamless.
[0018] The speed at which the shifting occurs may be increased or
decreased to the point of pausing or temporarily stopping the
shifting process. Such speed may be defined by a user or may depend
on user or market activity. During the shifting process, an
appropriate method--e.g., highlighting, balding, or any other
suitable method--may be used to identify the inside market. If the
inside market changes during the shifting process, the indication
of the inside market may change substantially immediately--i.e.,
without transitioning through any intermediate rows--or at a
predetermined rate to the price levels associated with the new
inside market. The position of the inside market may be
automatically recentered at any time or for any appropriate reason,
such as through a user-entered command.
[0019] Moreover, when the inside market changes in response to
changing market conditions, at least one of the prices may change
locations between the bid price axis and the ask price axis. The
sizes of orders that were submitted before they are accepted (or
rejected), the sizes of completed trades and/or the user's share of
the total size may also be displayed.
[0020] The user may use an input device to enter bid, ask, buy and
sell orders and modify them before submission. Order entry regions
may be displayed to the user to facilitate order submission. In
some embodiments of the present invention, when a user moves a
pointer to a cell that includes or is adjacent to a particular
price, the system may lock the pointer to that price. That is, when
the indication of the inside market shifts, the pointer may be
repositioned such that it is pointing to the cell that includes or
is adjacent to the same price, unless the user moves the pointer
away from that cell.
BRIEF DESCRIPTION OF THE DRAWINGS
[0021] The above and other objects and advantages of the invention
will be apparent upon consideration of the following detailed
description, taken in conjunction with the accompanying drawings,
in which like reference characters refer to like parts throughout,
and in which:
[0022] FIG. 1 is a block diagram of an exemplary system that may be
used to implement the processes and functions of certain
embodiments of the present invention;
[0023] FIGS. 2A-2E are illustrations of exemplary interactive
displays that may be displayed to users in accordance with certain
embodiments of the present invention;
[0024] FIGS. 3A-3B are illustrations of alternative embodiments of
exemplary interactive displays that may be displayed to users in
accordance with certain embodiments of the present invention;
[0025] FIG. 4 is an illustration of an alternative embodiment of
exemplary interactive displays that may be displayed to users in
accordance with certain embodiments of the present invention;
and
[0026] FIG. 5 is an illustration of another alternative embodiment
of exemplary interactive displays that may be displayed to users in
accordance with certain embodiments of the present invention.
DETAILED DESCRIPTION OF THE INVENTION
[0027] The invention is directed to systems and methods that
provide a trading interface that displays market information
showing greater levels of movement and trade activity than prior
art systems and methods, and that have added functionality, are
easier to use and more intuitive compared to prior art systems and
methods. The invention is also directed to user input devices for
receiving user input. More particularly, the invention relates to
customizable interfaces and input devices having arrangements,
labels, colorization, programmed functionalities, and the like,
that allows any user--e.g., a broker, a trader or any other market
participant--to view market activity such as bids and asks or
offers placed on particular items, and enter, execute and view
trades intuitively, quickly and accurately. A bid (or buy command)
may include a bid price--i.e., a dollar amount proposed to buy an
issue or item--and a bid size--i.e., the volume of the particular
bid. Similarly, an ask or offer may include an ask or offer
price--i.e., a dollar amount proposed to sell an issue or item--and
an ask or offer size--i.e., the volume of the particular ask or
offer.
[0028] Further details of the invention are described below in
relation to FIGS. 1-5.
[0029] Referring to FIG. 1, exemplary system 100 for implementing
the invention is shown. As illustrated, system 100 may include one
or more workstations 110. Workstations 110 may be local or remote
and are connected by one or more communications links 102 to
computer network 103 that is linked via communications link 105 to
server 120. Server 120 may be linked to back office clearing center
130 via communications link 107.
[0030] Server 120 may be any suitable server, processor, computer,
data processing device, or combination of the same. Server 120 may
be used to implement the governing logic that processes and
executes orders and trades, and distributes trade and market
information, including price and size information, to workstations
110. Computer network 103 preferably includes the Internet but, may
consist of any suitable computer network such as an intranet, a
wide-area network {WAN), a local-area network (LAN), a wireless
network, a digital subscriber line (DSL) network, a frame relay
network, an asynchronous transfer mode (ATM) network, a virtual
private network (VPN), or any combination of the same.
Communications links 102 and 105 may be any communications links
suitable for communicating data between workstations 110 and server
120, such as network links, dial-up links, wireless links,
hard-wired links, etc.
[0031] Workstations 110 may be personal computers, laptop
computers, mainframe computers, dumb terminals, data displays,
Internet browsers, Personal Digital Assistants (PDAs), two-way
pagers, wireless terminals, portable telephones, etc., or any
combination of the same. Workstations 110 may be used by
participants to enter bid, ask, buy and sell orders for the items
being traded and view market activity corresponding to these
items.
[0032] A typical workstation 110 may include processor 111, display
112, input device 113, and memory 114, which may be interconnected.
In a preferred embodiment, memory 114 includes a storage device for
storing a workstation program for controlling processor 111. Memory
114 may also store user configuration files, as described below,
and other data on the storage device. The workstation program may
include a trading application for running the trading interfaces
shown in FIGS. 2-5 and displayed on display 112. Input device 113
may be used in conjunction with display 112 by users to enter
bids/asks on desired items and to execute and monitor trades.
Processor 111 may use the workstation program to receive trade
information relating to the items being traded by multiple users of
system 100, or other users, and display such information on display
112 or communicate such information to display 112.
[0033] Server 120 may include processor 121, display 122, input
device 123, and memory 124, which may be interconnected. In a
preferred embodiment, memory 124 includes a storage device for
storing a server program that provides the governing logic for
controlling processor 121. Processor 121 may use the server program
to process orders and execute trades communicated from various
workstations that are operated by multiple users of system 100, or
other users, and communicate trade information, as well as bid and
ask information, to workstations 110 and back office clearing
center 130. More specifically, processor 121 may use the serve
program to process orders placed by users in response to users
entering commands using input device(s) 113, and execute trades
based on such orders, whenever applicable.
[0034] Back office clearing center 130 may be any suitable
equipment, such as a computer, a laptop computer, a mainframe
computer, etc., or any combination of the same, for causing trades
to be settled and/or verifying that trades are settled.
Communications link 107 may be any communications links suitable
for communicating data between server 120 and back office clearing
center 130, such as network links, dial-up links, wireless links,
hard-wired links, etc.
[0035] FIGS. 2-5 illustrate user interfaces that may be implemented
by and displayed on system 100 of FIG. 1, in accordance with the
principles of the invention. For example, FIGS. 2-5 illustrate
interactive displays and portions thereof that may be shown on
display 112 and manipulated using input device 113.
[0036] FIGS. 2A-2E show a trading interface according to the
invention that may be associated with electronic trading of
financial instruments, such as interest-rate-related instruments,
derivates thereof, or any other instruments and/or items. More
specifically, FIGS. 2A-2E show interactive display 200 of a market
at different times. While interactive display 200 shows multiple
vertical axes or columns, it should be noted that the scope of the
invention includes horizontal axes, curved axes and any other
suitable axes or display regions. Moreover, the multiple axes
discussed may be combined in a single axis that displays at least
bid and ask prices. The same axis, or alternatively other axes, may
display additional information such as sizes associated with these
prices.
[0037] Interactive display 200 preferably includes a bid size
column 210 on a first axis, an ask size column 220 on a second
axis, a bid price column 230 on a third axis and an ask price
column 240 on a fourth axis. Bid price column 230 and bid size
column 210 represent the bid side of interface 200 while ask price
column 240 and ask size column 220 represent the ask side of
interface 200. Each of price columns 230 and 240 may include
several cells, each of which displaying a particular price level.
The cells may be consecutively ordered according to the price
levels displayed therein. Each cell may or may not have a displayed
border, including horizontal and/or vertical edges. Bid size column
210 preferably includes cells that display the sizes of bids
available at the corresponding prices shown in bid price column
230. Similarly, ask size column 220 preferably includes cells that
display the sizes of asks available at the corresponding prices
shown in ask price column 240. A size corresponding to a particular
price may be displayed in a cell that is adjacent to the cell
displaying that price. A visual indicator may be used to accentuate
the difference between columns associated with bids and asks. For
example, bid size column 210 and/or bid price column 230 may be
colored differently than ask size column 220 and/or ask price
column 240.
[0038] In alternative embodiments of the present invention, each
size cell may display at least two numbers: one denoting the size
that was already accepted by the system, and one denoting the sizes
of orders that were submitted before they are accepted (or
rejected) by the system. The latter may represent the size in which
the user participates or is interested. Alternatively, in other
embodiments of the invention, the at least two numbers may be
combined, and a visual indicator may be used to indicate that the
total size displayed includes both sizes mentioned above.
[0039] In some embodiments of the present invention, at least two
columns may be displayed: one associated with the bid prices and
another associated with the ask prices. The bid column may
additionally display bid sizes associated with the bid prices,
whereas the ask column may display sizes that are associated with
the ask prices. In alternative embodiments of the present
invention, a third column including sizes may be displayed such
that the size associated with a bid price is displayed adjacent to
that bid price and, similarly, such that the size associated with
an ask price is displayed adjacent to that ask price. FIGS. 3A and
3B illustrate such embodiments.
[0040] FIGS. 3A and 3B show alternative trading interfaces
according to the invention. More specifically, FIGS. 3A and 3B show
interactive displays 300A and 300B, respectively, that preferably
each include a bid price column 330 on a first axis and an ask
price column 340 on a second axis. Each of these interactive
displays may additionally include a size column that displays sizes
corresponding to the prices in the bid and ask columns. For
example, the cells in size column 315 of FIG. 3A that are adjacent
to and horizontally aligned with--i.e., along the same horizontal
level as--the cells in ask price column 340 display ask sizes that
correspond to these prices, and the sizes displayed therein may be
vertically aligned and offset to a particular side of column 315.
The cells that are horizontally aligned with the cells in bid price
column 330 display bid sizes that correspond to these prices, and
the sizes displayed therein may be vertically aligned and offset to
the opposite side of column 315. Alternatively, the bid and ask
sizes may all be vertically aligned along the size column, as shown
in size column 325 of interactive display 300B of FIG. 3B.
[0041] An indication of the inside market is shown by area 306 in
each of FIGS. 3A and 3B. Area 306 may include a box that surrounds
the cells displaying the inside market, thereby emphasizing the
best bid and best ask in each of interactive displays 330A and
300B. Area 306 may be highlighted, or its edges colored. While area
306 is indicated by a box, the indication may be provided using a
reverse highlighting of the inside market or other suitable visual
indicator or method, such as displaying the best prices and
corresponding sizes in an underlined, italicized and/or bold
fashion and/or using a unique or different font or font size.
Alternatively, that no higher bids or lower asks are displayed may
be a sufficient indication of the inside market instead of a
physical visual indicator.
[0042] Preferably, the bid and ask price cells, as well as
corresponding size cells, displaying the inside market are
displayed along an axis that is parallel to price columns 330 and
340. Accordingly, the best bid and ask prices for which sizes exist
may be displayed along the same horizontal level as the cell
displaying the corresponding sizes to facilitate viewing the inside
market. Therefore, the inside market may be displayed along a
horizontal axis that is perpendicular to the vertical axes along
which prices and sizes are displayed. If the bid price column is
displayed to the right of the ask price column, then the size that
is offset to the right in the size column may correspond to a bid
size whereas the size that is offset to the left may correspond to
an ask size.
[0043] Referring back to FIG. 2A-2E, an indication of the inside
market is shown by areas 206A, 206B, 206C, 206D and 206E at
different stages that occur pursuant to a change in the inside
market. For example, each of areas 206A, 206B, 206C, 206D and 206E
may include a box that surrounds the cells displaying the inside
market on interactive display 200, thereby emphasizing the best bid
and best ask in interactive display 200. Areas 206A, 206B, 206C,
206D and 206E may be highlighted or their edges colored. While each
one of areas 206A, 206B, 206C, 206D and 206E is indicated by a box,
the indication may be provided using a reverse highlighting of the
inside market or other suitable visual indicator or method, such as
displaying the best prices and corresponding sizes in an
underlined, italicized and/or bold fashion and/or using a unique or
different font or font size.
[0044] Alternatively, the fact that the highest displayed bid price
is 14 and the lowest displayed ask price is 15 is an indication of
an inside market having best bid-ask prices 14-15. It should be
noted that there could be a difference of more than one increment
between the highest displayed bid price and the lowest displayed
ask price. This may be because the best bid price for which size
exist is significantly lower than the best ask price for which size
exists. For example, if all sizes entered at prices 13, 14 and 15
were canceled, the inside market would be 12-16. In such a
situation, the best bid of 12 could be displayed on the same
horizontal level as the best ask of 16. Alternatively, the best bid
of 12 could be shown at a different horizontal level than the best
ask of 16 whereby the horizontal levels corresponding to prices
13-15 are between the best bid and the best offer, yet show no size
associated therewith.
[0045] The bid and ask price cells, as well as corresponding size
cells, displaying the inside market may be displayed along an axis
that is not parallel to price and size columns 210, 220, 230 and
240. Accordingly, the best bid price for which size exist is
preferably displayed alongside or adjacent to the cell displaying
the best ask price for which size exists to facilitate viewing the
inside market. Accordingly, the inside market may be displayed
along a horizontal axis that is perpendicular to the vertical axes
along which prices and sizes are displayed. In alternative
embodiments of the present invention, the inside market is not
displayed along an axis that is perpendicular to the price axes.
For example, the inside market may be displayed along a single
price axis, as shown in FIG. 4, or not, as shown in FIG. 5.
[0046] The inside market may initially include bid size 5,
available at best bid price 14, and ask size 37, available at best
ask price 15, as shown in area 206A of FIG. 2A. The inside market
in area 206A is preferably displayed relatively midway between the
lowest bid price and the highest ask price shown in interactive
display 200. Accordingly, the inside market may be initially
centered within interactive display 200, as shown in FIG. 2A. As
market conditions and the inside market change, the location of the
inside market may change along the price and size columns before
shifting back to the center of interactive display 200 along with
the rest of the displayed bid and ask prices and sizes.
[0047] FIG. 2B shows a change in the inside market shown in
interactive display 200 as follows. As the inside market changes
from best bid-ask prices of 14-15 to 17-18 and displayed in area
206B, the cells between areas 207B and 206B that are associated
with bid prices and/or sizes may be populated while adjacent cells
that are associated with ask prices and/or sizes may be
depopulated. Moreover, the cells on the bid side of area 207B may
remain populated with the same prices displayed on the buy side of
area 206A of FIG. 2A, while the cells on the ask side of area 207B
may be depopulated. The new inside market may include bid size 13,
available at best bid price 17, and ask size 56, available at best
ask price 18, as shown in area 206B of FIG. 2E. Such a change in
the inside market may be due to a higher bid being entered and
accepted at price 17 through system 100 of FIG. 1.
[0048] Generally, when the inside market changes in response to
changing market conditions, it changes locations from a first
location--e.g., along the center of the interface--to a second
location along the price columns. Preferably, a first cell that was
populated with the previous best price in the first price column
remains populated with that price whereas a second cell that was
unpopulated in the first price column is populated with the new
best price. Cells along the first price column that are located
between the first and second cell may also be populated with prices
that lie between the previous and new best prices that pertain to
that column. A third cell in the second price column that is
adjacent to the first cell and that displayed the other previous
best price is depopulated as well as other cells along that price
column that are adjacent to the cells that were recently populated
in the first price column. The second cell in the first price
column and a fourth cell adjacent to it in the second price column
may display the new best bid and ask prices, thereby indicating the
new inside market, which will have been displaced from the center
by at least one row of cells. The indication of the inside market
may or may not initially transition from a first location to a
second location one row at a time.
[0049] After the inside market changes and the new inside market is
displayed in the second location--e.g., other than the center of
interactive display 200--the inside market may shift back to the
center of interactive display 200. Such a shifting process may be
in the form of a transition in the location of the prices and sizes
pertaining to the inside market. FIGS. 2C-2E show such a shifting
process according to some embodiments of the present invention as
follows. After the inside market 17-18 is displayed in area 206B as
shown in FIG. 2B, the location of the inside market may transition
to area 206C as shown in FIG. 2C, then to area 206D as shown in
FIG. 2D, before transitioning back to, and being recentered at,
area 206E as shown in FIG. 2E, which has a location that
corresponds to that of area 206A of FIG. 2A.
[0050] At each step of the transitioning process, an appropriate
method--e.g., highlighting, holding, or any other suitable
method--may be used to identify the inside market. Such a
transitioning process may occur one row at a time at a speed that
may be suitable for, e.g., a trader using a system that displays
such a trading screen. The speed at which the transition may occur
may be increased or, alternatively, decreased to the point of
pausing or temporarily stopping the transitioning process. Such
speed may be defined by a user or may depend on user or market
activity. For example, as the user places an order during the
shifting process, the transitioning process may slow down or
temporarily pause (or proceed in a discernibly stepped fashion).
This may occur for any order placed by the user or any other user
during the shifting process or may occur when orders are entered at
specific price levels. The shifting process may be accompanied by a
corresponding shift in the location of all other prices and sizes
in the price and size columns through transitions similar to the
ones described above. With each such transition, the number of
populated cells in the corresponding price and size columns may
decrease. For example, columns 210 and 230 of FIG. 2B may include a
larger number of populated cells than they previously included in
FIG. 2A. Also, columns 210 and 230 of FIG. 2B may include a larger
number of populated cells than they may subsequently include in
each of FIGS. 2C, 2D and 2E. At the conclusion of the shifting
process, columns 210 and 230 of FIG. 2E may include the same number
of populated cells that they included in FIG. 2A.
[0051] The shifting process may be made in a direction parallel to
the price and size columns. More specifically, each transition may
be made on a cell-by-cell basis whereby all cells transition
substantially simultaneously such that the location of each cell is
replaced by another. Such a shifting process may therefore take
place one row at a time whereby all rows transition substantially
simultaneously. With each such transition, the number of populated
cells in the first price column may decrease whereas the number of
populated cells in the second price column may increase. In other
embodiments of the present invention, the shifting may be made
whereby the bid and ask prices transition substantially
simultaneously from one cell to another. In such a situation, the
cells shown in FIGS. 2A-2E may remain in the same location whereas
the prices displayed therein may change locations or transition
from one cell to another. In yet other embodiments of the present
invention, the shifting process may occur at a rate that is greater
than one row at a time. For example, the transitions may occur at a
rate of two or more rows at a time. In alternative embodiments of
the present invention, the shifting process may be substantially
continuous--e.g., pixel by pixel--such that it is displayed in a
manner that is relatively seamless.
[0052] If the inside market changes during the shifting process,
the indication of the inside market may be shifted substantially
immediately--i.e., without transitioning through any intermediate
rows--or may transition at a predetermined rate to the price levels
associated with the new inside market.
[0053] Alternatively, a user may take a particular action, such as
clicking on area 206A (or 207B or 207C or 207D or 206E) in order to
recenter the location of the inside market. The position of the
inside market may be automatically recentered at any time or for
any appropriate reason.
[0054] In yet another alternative embodiment of the recentering
function according to the invention, recentering may be implemented
according to a ratio. In this embodiment, the position of the
inside market is not recentered to the center of the screen but
rather offset from the center of the screen by some proportion to
the change of the inside market. For example, the center line of
the display, and consequently the display of the inside market,
preferably shifts up a 3/4 of a cell's height or other suitable
amount for every tick that the inside market moves from the
original--i.e., at the time the participant's trading session
started, or other suitable time--position of the inside market.
[0055] Thus, in the examples discussed above, columns 230 and 240
of FIGS. 2A-2E, as well as columns 330 and 340 of FIGS. 3A and 3B
may be dynamic in that they may change based on changing market
conditions. For example, both price columns 230 and 240 change
based on a change in the inside market. The changes in the price
columns may be characterized by a change in the location of a
displayed price from one column to the other, or within the same
column. The changes may also be characterized by a decrease in the
number of populated cells that are displayed in one column and a
corresponding increase in the number of populated cells that are
displayed in the other column. Moreover, the position on the
display may also change based on such changes in market conditions.
Thus, it can be seen that, unlike other systems that use a common
static price axis, some embodiments of the current systems use d al
dynamic price axes.
[0056] Typically, in conventional trading systems, users enter
their respective commands by typing the price and size in
particular fields on an interactive display. Interactive trading
according to the invention may be implemented by using input device
113 of FIG. 1 to enter an order as follows. Input device 113 of
FIG. 1 may be a mouse, a trackball, a game controller, a touch pad,
a keyboard, any combination of the same or any suitable input
device(s) that the user may use to enter orders. Preferably, a user
may for example enter a buy at price 8 (as illustrated in bid price
column 230) by at least moving a pointer to cell 208 and clicking
on that cell. Such an order may be entered as an additional bid at
price 8, and the size displayed in the adjacent cell pertaining to
bid size column 210 may be adjusted to take into account the size
entered by the user.
[0057] Alternatively, a user may hit the bid--i.e., enter a
sell--at price 8 by at least moving the pointer to and clicking on
cell 209. Similarly, a user may enter a sell at price 18 (as
illustrated in ask price column 240) by at least moving the pointer
to and clicking on cell 211. Such an order may be entered as an
additional ask at price 18, and the size displayed in the adjacent
cell pertaining to ask size column 220 may be adjusted to take into
account the size entered by the user. A user may lift the
ask--i.e., enter a buy--at price 18 by at least moving the pointer
to and clicking on cell 212.
[0058] The user may set a default size that he or she may
subsequently modify using any appropriate method, such that each
time the user enters an order at a selected price, the order is
entered for the default size unless the user changes it.
Alternatively, if a user is utilizing an input device having at
least two buttons--e.g., a left click button and a right click
button--the user may use one of the buttons to enter an order for a
default size or use the other button to enter another size--e.g., a
different default size--or choose a size, price, order type, or any
combination of the same from a display window, dialog box, popup
menu, toolbar, pane, command line or any other suitable trading
interface. Moreover, if the user is utilizing an input device
having scrolling capabilities, such as a wheel, the user may
increase or decrease the default size by desired increments using
the wheel. In some embodiments of the invention, whether the user
clicks on a cell in a bid column, or an ask column may determine
whether the user is bidding, asking, buying or selling. In
alternative embodiments of the invention, a right click may be
associated with an order to hit (sell) or ask (place an order to
sell) whereas a left click may be associated with an order to lift
(buy) or bid (place an order to buy), and vice versa.
[0059] With respect to other implementations of scrolling, it
should be noted that in systems and methods according to the
invention, one can preferably use a scroll input to scroll up or
down on a particular display. Preferably, the scrolling will not
interrupt the regular functions of the program. Alternatively, the
scrolling may momentarily pause the other operations that are being
displayed at the time of the scrolling.
[0060] In some embodiments of the invention, a single click may
actuate a trade at the displayed price and size. In other
embodiments of the invention, a double click may actuate a trade.
In the latter embodiments, a single click may cause an overlay
window, a popup menu, a toolbar or a similar or different display
or interface to be displayed. In these situations, following the
first click, the pointer may warp to a button displaying the
default selection in order to confirm the trade. In some
embodiments of the invention, the pointer may warp to a button
displaying the word "yes" or the like in order to confirm the trade
following a first click. In other embodiments of the invention, a
first or subsequent step in the order entry process, such as a
first click by the user, may cause another display showing the
price and size selected (or the default size). In yet other
embodiments of the invention, a first click may cause another
display window to be displayed. The display window may contain a
set of alternative sizes from which the user may choose before
confirming the order through a second click.
[0061] It should be noted that a single click may serve as an
alternative to a double click whenever possible and appropriate,
whereby a downclick may perform the same function as a first click,
and a release or an upclick may perform the same function as a
second click.
[0062] The unpopulated cells in the bid price, bid size, ask price
and/or ask size columns may alternatively be used to implement and
display a suitable order of any type at the corresponding price
displayed on the same row in which the cell is located. Examples of
suitable orders include a hit/lift all order, a stop order and/or a
market if touched order.
[0063] In order to help prevent trade commands from being entered
at erroneous price levels, the system may lock a pointer to a price
the user points to according to some embodiments of the invention.
Accordingly, when a user moves a pointer to a cell that includes or
is adjacent to a particular price, the system may lock the pointer
to that price. That is, when the indication of the inside market
shifts, the pointer may be repositioned such that it is pointing to
the cell that includes or is adjacent to the same price, unless the
user moves the pointer away from that cell. Unless the user moves
the pointer away from that cell, a command is entered for the price
desired by the user when the user clicks to enter the command. In
case the pointer is moved away from that cell, the pointer ceases
to be repositioned to point to the same price. That a particular
price is locked may be indicated by displaying a visual indicator,
such as lightning bolt 222 of FIGS. 2A-2E and/or highlighting the
appropriate cell. For example, after a transition of the position
of the inside market to cells 206C, 206D and 206E, the pointer may
be repositioned such that it points to cells 213, 214 and 215,
respectively. The order entry process described above may be used
in connection with, or adapted to, all interfaces shown in FIGS.
3-5.
[0064] As described above, the speed at which the shifting occurs
may be increased or decreased to the point of pausing or
temporarily stopping the shifting process based on user activity.
Such speed may vary based on whether the pointer is used by the
user to point or lock to a specific price level or whether the user
moves the pointer away from the interactive interface. For example,
the transitioning process may be slower when the pointer is
pointing to a price or cell within the interface as compared to
when the pointer is not located within the boundaries of the
interface. Moreover, the closer the pointer is brought to the
inside market, the slower the transitioning process may be.
[0065] The present invention may be practiced in embodiments that
include any layout techniques, shapes or forms other than ones
described above. For example, prices and sizes may be displayed
along substantially circular arcs such that the resulting
interactive interface represents a full circle or ellipse or at
least a portion of a circle or ellipse, as shown in FIG. 4.
Interactive interface 400 of FIG. 4 may include one or more arcs,
such as arc 410, for displaying bid and ask prices, along with
corresponding sizes thereto. Alternatively, semicircular area 420
may include pies, such as portion 433, that are selectively
colored, filled or sized to convey corresponding indications of
sizes that are associated with the prices shown in arc 410. In such
embodiments, an indication of the inside market may be implemented
through radial axis 405 which separates the best bid and ask prices
for which sizes exist. Arc 410 and/or additional arcs may also
display the sizes of orders that were submitted before they are
accepted (or rejected), the sizes of completed trades and/or the
user's share of the total size.
[0066] As another example, interactive interface 500 of FIG. 5 may
include arcs 530 and 540 for displaying bid and ask prices,
respectively. Interactive interface 500 may also include arcs 510
and 520 for displaying corresponding bid and ask sizes,
respectively. Alternatively, interactive interface may include
pies, such as portion 533, for conveying indications of sizes,
whereas arcs 510 and 520 may display the user's share of the total
bid and ask sizes, respectively, the sizes of orders that were
submitted before they are accepted (or rejected) and/or the sizes
of completed trades. The information displayed in arcs 510 and 520
may instead be displayed in a single arc. Alternatively, such
information may be included in each of arcs 530 and 540.
[0067] An indication of the inside market may be implemented
through radial axis 505 which separates the best bid and ask prices
for which sizes exist. Similar to the discussion of FIG. 2, the
inside market may initially include bid size 5, available at best
bid price 14, and ask size 37, available at best ask price 15. As
market conditions and the inside market change, the location of the
inside market may change along arcs 530 and 540 before shifting
back to its original location along with the rest of the displayed
bid and ask prices and sizes. The indication of the inside market
may be set to default to any location including one that lies at
the center of the interface.
[0068] The interactive displays described herein may be used in any
kind of trading application, system or exchange such as auction
trading systems, interactive matching systems, automated matching
systems, price improvement systems, FIFO (First In, First Out)
systems, RFQ (Request for Quote) systems, etc., and may be applied
to the trading of any types of items. This includes cases where
users are or are not granted exclusive rights to trade, cases where
users are or are not provided with a share of a trade based on
their status or market role, the stage during which they start or
join a trade and/or their degree or extent of participation, cases
where users are or are not provided with shares of a trade on a
pro-rata basis based on existing agreements or distribution
algorithms, or any combination of the same.
[0069] Moreover, the trading application described herein may be
any suitable, software, hardware, or both configured to implement
the features of the invention. The trading application may be
located at a central location (e.g., a central server such as
server 120 of FIG. 1) and instances thereof may be stored on
workstations connected thereto (e.g., workstations 101 of FIG. 1).
In another suitable approach, the trading application may reside
among different locations (e.g., a network such as computer network
103 of FIG. 1)
[0070] The trading systems and methods described above, or
variation thereof, may be implemented in conjunction with the
interactive displays discussed or shown herein, or in conjunction
with variations on those displays.
[0071] One of ordinary skill in the art should appreciate that the
invention may be practiced in embodiments other than those
described herein. For example, it will be understood that the size,
shape, arrangement, color, and label of various portions of the
interactive displays discussed or shown are examples shown for
purposes of illustration only. It will be understood that
modifications of any or all of the foregoing characteristics of
these portions are within the scope of the invention. Embodiments
discussed or shown herein may be applied to trading interfaces that
use single static price axis, dual dynamic price axis, or any other
suitable display.
[0072] It will be understood that the foregoing is only
illustrative of the principles of the invention, and that various
modifications can be made by those skilled in the art without
departing from the scope and spirit of the invention, and the
invention is limited only by the claims that follow.
* * * * *