(12) United States Patent
`Brum?eld et a1.
`
`(10) Patent No.:
`(45) Date of Patent:
`
`US 7,685,055 B2
`Mar. 23, 2010
`
`US007685055B2
`
`(54) SYSTEM AND METHOD FOR AUTOMATIC
`REPOSITIONING OF MARKET
`INFORMATION IN A GRAPHICAL USER
`INTERFACE
`
`(75)
`
`(73) Assignee:
`
`Inventors: Harris Brum?eld, Chicago, IL (US);
`Jens-UWe Schluetter, Evanston, IL (US)
`Trading Technologies International,
`Inc., Chicago, IL (US)
`Subject to any disclaimer, the term of this
`patent is extended or adjusted under 35
`U.S.C. 154(b) by 0 days.
`
`Notice:
`
`(21) Appl.No.: 11/417,547
`
`(22) Filed:
`
`May 3, 2006
`
`(65)
`
`Prior Publication Data
`
`US 2006/0265305 A1
`
`Nov. 23, 2006
`
`(63)
`
`Related US. Application Data
`
`Continuation of application No. 10/403,881, ?led on
`Mar. 31, 2003, Which is a continuation of application
`No. 10/125,894, ?led on Apr. 19, 2002, noW Pat. No.
`7,389,268, Which is a continuation-in-part of applica
`tion No. 09/971,087, ?led on Oct. 5, 2001, noW Pat.
`No. 7,127,424, said application No. 10/125,894 is a
`continuation-in-part of application No. 09/590,692,
`?led on Jun. 9, 2000, noW Pat. No. 6,772,132, and a
`continuation-in-part of application No. 09/589,751,
`?led on Jun. 9, 2000, noW Pat. No. 6,938,011.
`
`(60)
`
`Provisional application No. 60/238,001, ?led on Oct.
`6, 2000, provisional application No. 60/186,332, ?led
`on Mar. 2, 2000, provisional application No. 60/325,
`553, ?led on Oct. 1, 2001.
`
`(51) Int. Cl.
`G06Q 40/00
`
`(2006.01)
`
`(52) US. Cl. ......................................... .. 705/37; 705/35
`(58) Field of Classi?cation Search
`705/35i45
`See application ?le for complete search history.
`
`(56)
`
`References Cited
`
`U.S. PATENT DOCUMENTS
`
`4,674,044 A
`4,750,135 A
`4,903,201 A
`5,038,284 A
`
`6/1987 Kalmus
`6/1988 Boilen
`2/1990 Wagner
`8/1991 Kramer
`(Continued)
`FOREIGN PATENT DOCUMENTS
`
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`
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`
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`
`(Continued)
`OTHER PUBLICATIONS
`
`Tokyo Stock Exchange (“TSE”), Publication 1, Sep. 1997.
`(Continued)
`Primary ExamineriRichard C Weisberger
`(74) Attorney, Agent, or FirmiMcDonnell Boehnen Hulbert
`& Berghoff LLP
`
`(57)
`
`ABSTRACT
`
`A method for automatically positioning information related
`to a commodity on a graphical user interface. Market infor
`mation is displayed on the graphical user interface. The mar
`ket information may be presented as a number of indicators,
`corresponding to particular items of interest, that are associ
`ated With a static scale. The scale may, for example, represent
`price. Upon detecting a predetermined condition, the location
`of the market information is automatically repositioned.
`
`19 Claims, 27 Drawing Sheets
`
`CONNECTION TO MULTIPLE EXCHANGES
`
`'01-,‘
`
`HOSTEXCHANGE
`AFACIUTIES 1°2-~.
`
`HOSTEXCHANGE
`BFABILITIES
`
`103-1
`
`H
`DcSIE/FiiSiIAENsGE
`
`_
`
`h’
`
`‘I
`
`.
`
`7 _’
`
`
`
`HOSTEXCHANGE ; 1
`
`
`
`gHosTEXCHANeEB; ‘ i
`
`
`
`l
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`l
`g
`:
`
`:
`1
`1
`,
`
`.'
`
`a
`
`l
`
`I
`,
`
`i
`
`_‘
`
`
`
`J1 OSTEXCHANGE
`
`1
`
`104,
`ROUTER
`
`Mé'nl'é'é???u
`FACILITIES
`
`105
`ROUTER
`
`1
`
`noursn
`
`1074
`
`108
`
`109
`
`1 =
`
`.......-
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`
`..... ..
`
`v ......... ..
`
`........ .. I ...
`
`..--‘l
`
`cuEm' cuEN'r cuem CUENT
`110
`111
`112
`113
`
`CLIENT cusm cum
`114
`115
`116
`
`l
`1
`i
`I
`
`i
`
`TDA 1001
`CBM of U.S. Patent No. 7,685,055
`
`0001
`
`

`

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`
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`5,768,158
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`5,774,878
`5,793,301
`5,797,002
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`5,873,071
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`
`US 7,685,055 B2
`Page 2
`
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`
`0002
`
`

`

`US 7,685,055 B2
`Page 3
`
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`
`0003
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 1 0f 27
`
`US 7,685,055 B2
`
`1
`FIG.
`
`CONNECTION TO MULTIPLE EXCHANGES
`
`HOST EXCHANGE
`A FACILITIES
`
`HOST EXCHANGE
`B FACILITIES
`
`HOST EXCHANGE
`
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`
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`
`0004
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 2 0f 27
`
`US 7,685,055 B2
`
`
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`
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`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 3 0f 27
`
`US 7,685,055 B2
`
`FIG. 3
`
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`
`0006
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 4 0f 27
`
`US 7,685,055 B2
`
`FIG. 4
`
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`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 5 0f 27
`
`US 7,685,055 B2
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`
`

`

`U.S. Patent
`
`Mar. 23, 2010
`
`Sheet 6 of 27
`
`US 7,685,055 B2
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`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 7 0f 27
`
`US 7,685,055 B2
`
`,0 mus-1.
`
`Previous
`LT Price
`
`704 (Price Column)
`
`702 (LTQ Column)
`
`Blue Highlight
`signi?es LTQ
`ticked upward
`from the
`previous LTQ
`price 710
`
`708
`
`Red Highlight
`signi?es LTQ
`ticked
`downward from
`the previous
`LTQ price 71
`
`0010
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 8 0f 27
`
`US 7,685,055 B2
`
`802
`f
`Exchange
`
`L806
`Price Packet
`
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`
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`Price Packet
`
`Price Packet
`
`L 808
`
`FIG. 9
`
`0011
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 9 0f 27
`
`US 7,685,055 B2
`
`FIG. 10
`
`Working
`Quantities
`Column
`1010
`
`1006
`1008
`
`a:
`
`1002
`
`iii] But‘. 1;}
`Qu'antitles'
`
`004
`
`0012
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 10 0f 27
`
`US 7,685,055 B2
`
`FIG. 11A
`
`FIG.11B
`
`145834
`
`0 1 D. a. b :1
`.4822.
`
`1
`
`Dynamic
`Indicator
`Columns
`
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`
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`
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`
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`
`A
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`
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`
`1458534
`
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`in
`-
`Increments
`of 25
`
`'20
`
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`
`
`
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`
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`Indicator
`
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`Pastes Cell in
`Indicator
`Column
`
`Partial Shading
`for Price
`Movements at a
`Portion of aTick
`
`0013
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 11 0127
`
`US 7,685,055 B2
`
`FIG. 12A
`
`Buy
`Quantity
`Column
`
`1202
`
`0014
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 12 0f 27
`
`US 7,685,055 B2
`
`FIG. 12B
`
`1204
`
`1 4:58:34
`
`1 D: an; :1
`4922'
`
`Sell
`Quantity
`Column
`
`Click on any
`‘arrow’ cell to
`view quantities
`currently outside
`of the viewable
`area
`
`1206
`
`0015
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 13 0f 27
`
`US 7,685,055 B2
`
`FIG. 13A
`
`'=' LlFFE-ED cAws OCEEIBUEIH BEJEI
`
`@5003;
`
`These Thermometers
`show approximately‘ .
`50% of the quantity is.
`buy quantity and‘50%
`is sell quantity. ,
`'
`
`1300
`
`1302
`
`0016
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 14 0f 27
`
`US 7,685,055 B2
`
`FIG. 13B
`
`LIFFE~ED {I AWS 012B
`
`@153
`
`"10,540,
`
`<Default>
`
`These Thermometers
`show approximately
`95% of the quantity is "
`buy quantityand 5%
`is sell quantity. F
`
`'
`
`1304 \
`
`0017
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 15 0f 27
`
`US 7,685,055 B2
`
`FIG. 14A
`
`FIG. 14B
`
`x
`
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`
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`
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`of Prices
`
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`
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`
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`
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`
`+
`
`.
`
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`
`indicators move
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`when using
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`
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`indicators
`
`Indicators
`move closer
`together when
`using CTRL
`and scroll
`wheel down
`
`Del Offers
`
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`
`+
`
`-
`
`Paar Funding
`
`0018
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 16 0f 27
`
`US 7,685,055 B2
`
`FIG. 15A
`
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`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 17 0f 27
`
`US 7,685,055 B2
`
`FIG. 15B
`
`5 LlFFE-El] c Aws [WEEKS-BEBE HE]
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`
`Buy Prices -_
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`
`0020
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 18 0f 27
`
`US 7,685,055 B2
`
`FIG. 16A
`
`1610
`
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`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 19 0f 27
`
`US 7,685,055 B2
`
`FIG. 163
`
`
`
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`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 20 0f 27
`
`US 7,685,055 B2
`
`
`
` Current
`Working
`Sell
`Quantities
`
`
`Working Quantity
`of 3|] at the Price
`
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`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 21 0f 27
`
`US 7,685,055 B2
`
`FIG. 18
`
`Average
`Working
`Sell Price
`
`Average
`Working
`
`:
`
`Buy Price
`
`Working
`Quantities
`
`0024
`
`0024
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 22 0f 27
`
`US 7,685,055 B2
`
`E
`—-—————«;
`!
`
`10:54:04
`
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`
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`at the time ofthe
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`Price Rows
`
`between the Best
`Bid and Best Offer
`at the time ofthe
`last re—center
`event
`
`3
`1
`'-
`
`
`
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`
`
`
`0025
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 23 0f 27
`
`US 7,685,055 B2
`
`FIG. 19C
`
`
`
`and
`
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`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 24 0f 27
`
`US 7,685,055 B2
`
`FIG. 20A
`
`= 58145-5 E5 Juuoz
`
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`
`
`
`0027
`
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`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 25 0f 27
`
`US 7,685,055 B2
`
`FIG. ZOB
`
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`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 26 0f 27
`
`US 7,685,055 B2
`
`FIG. 21
`
`'2' UFFE—EO saws DEE-Bflfiflfl BEJE
`
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`
`of the Open
`Position as
`
`2100
`
`Displayed with a
`Box Around the
`
`Average Price’s
`Pfice Level
`
`0029
`
`0029
`
`

`

`US. Patent
`
`Mar. 23, 2010
`
`Sheet 27 0f 27
`
`US 7,685,055 B2
`
`FIG. 22
`
`145854 '
`‘I-Vu.' .3
`
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`
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`
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`
`0030
`
`0030
`
`

`

`US 7,685,055 B2
`
`1
`SYSTEM AND METHOD FOR AUTOMATIC
`REPOSITIONING OF MARKET
`INFORMATION IN A GRAPHICAL USER
`INTERFACE
`
`This application is a continuation of US. patent applica-
`tion Ser. No. 10/403,881, filed Mar. 31, 2003, which is a
`continuation of US. patent application Ser. No. 10/ 125,894,
`“Trading Tools for Electronic Trading,” filed Apr. 19, 2002
`now US. Pat No. 7,389,268, which is a continuation-in-part
`of US. patent application No. Ser. 09/971,087, filed Oct. 5,
`2001 now US. Pat No. 7,127,424, which claims the benefit of
`US. Provisional Application No. 60/238,001, filed Oct. 6,
`2000. US. patent application Ser. No. 10/125,894 is also a
`continuation-in-part of US. patent application Ser. No.
`09/590,692, filed Jun. 9, 2000 now US. Pat No. 6,772,132
`and US. patent application Ser. No. 09/589,751, filed Jun. 9,
`2000 now US. Pat No. 6,938,011, both of which claim the
`benefit of US. Provisional Application No. 60/186,322, filed
`Mar. 2, 2000. US. patent application Ser. No. 10/125,894
`also claims the benefit pf US. patent application Ser. No.
`60/325,553, filed Oct. 1, 2001. The entire content of each of
`the above-referenced applications is incorporated herein by
`reference.
`
`FIELD OF INVENTION
`
`The present invention is directed to electronic trading.
`Specifically, the present invention is directed to tools for
`trading products that can be traded with quantities and/or
`prices.
`
`BACKGROUND
`
`Many exchanges throughout the world utilize electronic
`trading in varying degrees to trade stocks, bonds, futures,
`options and other products. These electronic exchanges are
`based on three components: mainframe computers (host),
`communications servers, and the exchange participants’
`computers (client). The host forms the electronic heart of the
`fully computerized electronic trading system. The system’s
`operations cover order-matching, maintaining order books
`and positions, price information, and managing and updating
`the database for the online trading day as well as nightly batch
`runs. The host is also equipped with external interfaces that
`maintain uninterrupted online contact to quote vendors and
`other price information systems.
`Traders can link to the host through at least three types of
`structures: high speed data lines, high speed communications
`servers or the Internet. High speed data lines establish direct
`connections between the client and the host. Another connec-
`
`tion can be established by configuring high speed networks or
`communications servers at strategic access points worldwide
`in locations where traders physically are located. Data is
`transmitted in both directions between traders and exchanges
`via dedicated high speed communication lines. Most
`exchange participants install two lines between the exchange
`and the client site or between the communication server and
`
`the client site as a safety measure against potential failures.
`An exchange’s internal computer system is also often
`installed with backups as a redundant measure to secure sys-
`tem availability. The third connection utilizes the Internet.
`Here, the exchange and the traders communicate back and
`forth through high speed data lines, which are connected to
`the Internet. This allows traders to be located anywhere they
`can establish a connection to the Internet.
`
`2
`
`Irrespective of the way in which a connection is estab-
`lished, the exchange participants’ computers allow traders to
`participate in the market. They use software that creates spe-
`cialized interactive trading screens on the traders’ desktops.
`The trading screens enable traders to enter and execute orders,
`obtain market quotes, and monitor positions. The range and
`quality of features available to traders on their screens varies
`according to the specific software application being run. The
`installation of open interfaces in the development of an
`exchange’s electronic strategy means users can choose,
`depending on their trading style and internal requirements,
`the means by which they will access the exchange.
`The world’s stock, bond,
`futures, options and other
`exchanges have volatile products with prices that move rap-
`idly. To profit in these markets, traders must be able to react
`quickly. A skilled trader with the quickest software, the fastest
`communications, and the most sophisticated analysis can sig-
`nificantly improve the trader’s own or the trader’s firm’s
`bottom line. The slightest speed advantage can generate sig-
`nificant returns in a fast moving market. In today’s securities
`markets, a trader lacking a technologically advanced inter-
`face is at a severe competitive disadvantage.
`Irrespective ofwhat interface a trader uses to enter orders in
`the market, each market supplies to and requires from every
`trader the same information. The bids and asks in the market
`
`make up the market data and everyone logged on to trade can
`receive this information ifthe exchange provides it. Similarly,
`every exchange requires that certain information be included
`in each order. For example, traders must supply information
`like the name of the commodity, quantity, restrictions, price
`and multiple other variables. Without all of the order infor-
`mation, the market will not accept the order.
`In existing systems, multiple elements of an order must be
`entered prior to an order being sent to market, which is time
`consuming for the trader. Such elements include the com-
`modity symbol, the desired price, the quantity and whether a
`buy or a sell order is desired. The more time a trader takes
`entering an order, the more likely the price on which the trader
`wanted to bid or offer will change or not be available in the
`market. The market is fluid as many traders are sending orders
`to the market simultaneously. In fact, successful markets
`strive to have such a high volume of trading that any trader
`who wishes to enter an order will find a match and have the
`
`order filled quickly, if not immediately. In such liquid mar-
`kets, the prices of the commodities fluctuate rapidly. On a
`trading screen, this results in rapid changes in the price and
`quantity fields within the market grid. If a trader intends to
`enter an order at a particular price, but misses the price
`because the market prices moved before the trader could enter
`the order, the trader may lose hundreds, thousands, even
`millions of dollars. The faster a trader can trade, the less likely
`it will be that the trader will miss the trader’s price and the
`more likely the trader will make money.
`With the advent of electronic trading, it has become easier
`for a larger number of people to have access to participate in
`the market at any given time. Such an increase in the number
`of potential traders has lead to other changes, including a
`more competitive market, greater liquidity, rapidly changing
`prices, and other changes. Due to the complexities that these
`changes bring, it is increasingly important to have a system of
`making the most accurate and calculated trades possible in
`the most efficient manner. It is therefore desirable for elec-
`
`tronic trading systems to offer tools that can assist a trader in
`adapting to an electronic marketplace, and help the trader to
`make trades at desirable prices.
`0031
`
`10
`
`15
`
`20
`
`25
`
`30
`
`35
`
`40
`
`45
`
`50
`
`55
`
`60
`
`65
`
`0031
`
`

`

`3
`SUMMARY
`
`US 7,685,055 B2
`
`4
`
`The preferred embodiments relate to a system and method
`for automatic repositioning of market
`information in a
`graphical user interface.
`In accordance with a first aspect, a method for automati-
`cally positioning information related to a commodity on a
`graphical user interface is provided. The method includes
`receiving market information relating to the commodity from
`an electronic exchange. The market information may include
`a number of items of interest that are associated with a price.
`The method displays an information display region, which
`has a number of locations arranged such that each location
`corresponds to a price level along at least a portion of a static
`price axis. The method also displays a number of indicators,
`at a first time. Each indicator is associated with an item of
`
`interest and each indicator is displayed in one of the locations
`in the information display region. The method further
`includes automatically repositioning the static price axis
`upon detecting a predetermined condition so that the number
`of locations of the information display region corresponds to
`a different portion of the static price axis at a second time. In
`this manner, the indicators are moved to a new location in the
`information display region that corresponds to the price level
`on the static price axis that is associated with that indicator.
`In accordance with a second aspect, a method for automati-
`cally re-positioning market information relating to a com-
`modity on a graphical user interface is provided, where the
`method includes displaying a plurality of items of interest
`comprising market information in relation to a static scale in
`a trading interface. At least one item of interest from the
`plurality of items of interest is identified as a basis for auto-
`matically positioning the plurality of items of interest. The
`display on the trading interface is updated as the market
`information changes, causing one or more of the plurality of
`items of interest to move in relation to the static scale. The
`
`method then automatically re-positions the plurality of items
`of interest in response to the identified item of interest.
`
`BRIEF DESCRIPTION OF THE DRAWINGS
`
`10
`
`15
`
`20
`
`25
`
`30
`
`35
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`40
`
`FIGS. 12A and 12B are displays showing “arrow” cells that
`may be used to view items of interest outside the current
`display;
`FIGS. 13A and 13B are displays showing examples of
`thermometer indicators to illustrate the quantity of buy and
`sell interest in a market;
`FIGS. 14A and 14B are displays illustrating auto scalper
`indicators;
`FIGS. 15A and 15B are a display showing an embodiment
`in which a user may select the price level reasonability check
`feature through a dialog box, and a display showing a measure
`of reasonability in relation to the Last Traded Price, respec-
`tively;
`FIG. 16A is a display showing the display ofthe last traded
`price and inside market for use with the automatic grid cen-
`tering feature of a preferred embodiment; and FIG. 16B is a
`display showing how a user may select and manipulate the
`automatic grid positioning feature;
`FIG. 17 is a display showing a user’s current working sell
`quantities and working buy quantities and additional criteria
`used for implementing the “drag and drop” feature of a pre-
`ferred embodiment;
`FIG. 18 is a display showing the working quantities of a
`user in addition to the user’s average working buy price and
`average working sell price;
`FIGS. 19A and 19B are displays showing the function of
`the highlight midpoint re-centering feature of a preferred
`embodiment; FIG. 19C is a sample GUI options dialog box in
`which the highlight midpoint re-centering feature can be acti-
`vated according to one embodiment of the present invention;
`FIG. 20A is a display showing how blank spots are color-
`coded according to one embodiment; FIG. 20B is a display of
`a sample GUI options dialog box in which a user can activate
`the color coding feature of FIG. 20A;
`FIG. 21 is a display showing how the average price of a
`trader’s open position is indicated according to one embodi-
`ment of the invention; and
`FIG. 22 is a display showing one embodiment of a consoli-
`dation control icon in accordance with a preferred embodi-
`ment.
`
`DETAILED DESCRIPTION OF THE PREFERRED
`EMBODIMENTS
`
`FIG. 1 illustrates the network connections between mul-
`
`tiple exchanges and client sites;
`FIG. 2 illustrates screen display showing the inside market
`and the market depth of a given commodity being traded;
`FIG. 3 illustrates an alternative display, having bid and ask
`quantities displayed in association with a static price scale,
`that may be used in accordance with preferred embodiments;
`