0001
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`TDA 1002 Part 1
`CBM of U.S. Patent No. 7,685,055
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`UTILITY PATENT APPLICATION TRANSMITTAL
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`19. El Please charge my Deposit Account No. 13-2490 in the amount of$
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`21. The Commissioner is hereby authorized to credit overpayments or charge any additional fees of the following
`types to Deposit Account No. 13-2490:
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` 22. The Commissioner is hereby generally authorized under 37 CFR 1.136(a)(3) to treat any future reply in
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`23. CERTIFICATE OF MAILING
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`I hereby certify that, under 37 CFR § 1.10, I directed that the correspondence identified above be deposited
`with the United States Postal Service as "Express Mail Post Office to Addressee," addressed to
`Commissioner for Patents, P.O. Box 1450, Alexandria, Virginia 22313-1450, on the date indicated below.
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`24. USPTO CUSTOMER NUMBER
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`39310
`Trading Technologies International, Inc.
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` 25. SIGNATURE OF APPLICANT, ATTORNEY, OR AGENT REQUIRED
`Joseph A. Herndon
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`7‘ I
`E Mav3»2°°6
`* If the specification and drawings exceed 100 sheets of paper, the application size fee due is $250.00 ($125.00 for
`small entity) for each additional 50 sheets or fraction thereof. See 35 U.S.C. 41 (a)(1)(G) and 37 CFR 1.16(s).
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`Name
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`Reg. No.
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`50,469
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`1'
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`UTIL (Rev. 12/10/04)
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`[Page 2 of 2]
`0002
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`0002
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`

`
`APPLICATION FOR A UNITED STATES PATENT
`UNITED STATES PATENT AND TRADEMARK OFFICE
`
`(Attomey Docket No. 02-21 1-B)
`
`TITLE:
`
`System and Method for Automatic Repositioning of
`Market Information in a Graphical User Interface
`
`INVENTORS:
`
`Harris C. Brumfield
`Jens-Uwe Schluetter
`
`ATTORNEYS:
`
`Matthew J. Sampson
`Brian R. Harris
`McDonnell Boehnen
`
`Hulbert & Berghoff
`300 South Wacker Drive
`
`Chicago, Illinois 60606
`
`0003
`
`BEST AVAILABLE COPY
`
`0003
`
`

`
`SYSTEM AND METHOD FOR AUTOMATIC REPOSITIONING OF
`
`MARKET INFORMATION IN A GRAPHICAL USER INTER.FACE
`
`[com] This application is a continuation of U.S. Patent Application No.
`
`10/125,894, “Trading Tools for Electronic Trading,” filed April 19, 2002, which
`
`is a continuation-in-part of U.S. Patent Application No. 09/971,087, filed October
`5, 2001, which claims the benefit of U.S. Provisional Application No.
`
`60/238,001, filed October 6, 2000. U.S.’Patent Application No. 10/125,894 is
`
`also a continuation-in-part of U.S. Patent Application No. 09/590,692, filed June
`9, 2000 and U.S. Patent Application No. 09/589,751, filed June 9, 2000, both of
`
`which claim the benefit of U.S. Provisional Application No. 60/186,322, filed
`March 2, 2000.
`Patent Application No. 10/125,894 also claims the benefit
`
`of U.S. Patent Application No. 60/325,553, filed October 1, 2001. The entire
`
`content of each of the above-referenced applications is incorporated herein by
`
`reference.
`
`FIELD OF INVENTION
`
`[oooz] 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
`
`[0003] Many exchanges throughout the world utilize electronic trading in varying
`
`degrees to trade stocks, bonds, fiitures, options and other products. These
`
`elecuonic 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
`
`I books and positions, price information, and managing and updating the database
`
`for the online trading day as well as nightly ba_1t_c_l_i runs. The host is also equipped
`
`with external interfaces that maintain uninterrupted online contact to quote
`
`vendors and other price information systems.’
`
`000%
`
`0004
`
`

`
`[0004] 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
`connection 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 system 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.
`
`[ooos]
`
`Irrespective of the way in which a connection is established, the exchange
`
`participants’ computers allow traders to participate in the market. They use
`
`software that creates specialized 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.
`
`[ooos] The world’s stock, bond, fixtures, options and other exchanges have _
`
`volatile products with prices that move rapidly. 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 significantly
`
`improve the trader’s own or the trader’s firrn’s bottom line. The slightest speed
`
`advantage can generate significant returns in a fast moving market. In today’s
`
`00053
`
`0005
`
`

`
`
`
`securities markets, a trader lacking a technologically advanced interface is at a
`
`severe competitive disadvantage.
`
`[coon
`
`Irrespective of what 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 infonnation if the 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
`
`information, the market will not accept the order.
`
`[0003]
`
`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 commodity 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 markets, 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. Ifa 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
`
`tradercan 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.
`
`[ooo9] 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
`
`0006
`4
`
`0006
`
`

`
`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
`
`electronic 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.
`
`0007
`5
`
`0007
`
`

`
`' SUMMARY
`
`[0010] The preferred embodiments relate to a system and method for automatic
`
`repositioning of market information in a graphical user interface.
`
`_
`
`[0011]
`
`In accordance with a first aspect, a method for automatically 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 thatwthe 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.
`
`[0012]
`
`In accordance with a second aspect, a method for automatically re-
`
`positioning market information relating to a commodity 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 automatically 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 ofjnterest 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.
`
`000%
`
`0008
`
`

`
`BRIEF DESCRIPTION OF THE IDRAWINGS
`
`[0013]
`
`FIG. 1 illustrates the network connections between multiple exchanges
`
`and client sites;
`
`[0014]
`
`FIG. 2 illustrates screen display showing the inside market and the market
`
`depth of a given commodity being traded; V
`
`[0015]
`
`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;
`
`[0015]
`
`FIG. 4 illustrates the display at a later time showing the movement of
`
`values when compared to FIG. 3;
`
`[0017]
`
`FIG. 5 illustrates a display with parameters set in order to exemplify the
`
`trading method;
`
`[0018]
`
`FIG. 6 is a flowchart illustrating one process for display and trading using
`
`the displays of FIGS. 3 through 5;
`
`[0019]
`
`FIG. 7 illustrates a Last Traded Quantity marker in accordance with a
`
`preferred embodiment, and further illustrates color coding of the Last Traded
`
`Quantity;
`
`[0020]
`
`FIG. 8 is a diagram showing the transfer of multiple data feeds between an
`
`exchange and a client;
`
`[0021]
`
`FIG. 9 is a diagram showing a disruption in one of the data feeds shown in
`
`FIG. 8;
`
`[0022]
`
`FIG. 10 illustrates a display showing the aggregated working quantities in
`
`I a market for a user’s buy and sell orders;
`
`[0023]
`
`FIGS. 11A and 11B are displays showinga dynamic indicator;
`
`[0024]
`
`FIGS. 12A and 12B are displays showing “arrow” cells that may be used
`
`to view items of interest outside the current display;
`
`0009
`7
`
`0009
`
`

`
`[0025]
`FIGs. 13A and 13B are displays showing examples of thermometer
`indicators to illustrate the quantity ofbuy and sell interest in a market;
`
`[0026]
`
`FIGS. 14A and 14B are displays illustrating auto scalper indicators;
`
`[0027]
`
`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,
`
`respectively,
`
`[0023] . FIG. 16A is a display showing the display of the last traded price and
`
`inside market for use with the automatic grid centering feature of a preferred
`
`embodiment; and FIG. 16B is a display showing how a user may select and
`
`manipulate the automatic grid positioning feature;
`
`[0029]
`
`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
`
`a preferred embodiment;
`
`[0030]
`
`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;
`
`[0031]
`
`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 activated according to one embodiment of the present invention;
`
`[0032]
`
`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;
`
`' [0033]
`
`FIG. 21 is a display showing howthe average price of a trader’s open
`
`._._.—
`. position is indicated according to one embodiment of the invention; and
`
`[0034]
`
`FIG. 22 is a display showing one embodiment of a consolidation control
`
`icon in accordance with a preferred embodiment.
`
`0010
`
`0010
`
`

`
`
`
`DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS
`
`[0035] As described with reference to the accompanying figures, trading tools in
`
`accordance with various preferred embodiments are provided to, among other
`
`things, facilitate fast and accurate order entry. Certain of the trading tools work
`particularly well with a trading display that shows working orders and/or bid and
`
`ask quantities, or other market information, displayed in association with a static
`
`price-scale or axis. An example of such a trading display is illustrated in Figures
`
`3 through 5. It is to be understood that, in this context, static does not mean
`
`immovable, but rather means fixed in relation. For example, with a static price
`
`scale, the scale itself may be movable, but the prices represented remain fixed in
`
`relation to each other, subject to consolidation or expansion as described below.
`
`Trading applications that generate ‘different trading displays may altemativelybe
`
`used.
`
`[0036]
`In a preferred embodiment, one or more of the trading tools described
`herein is implemented on a computer or electronic terminal. The computer is
`able to communicate either directly orindirectly (using intermediate devices) with
`
`one or more exchanges to receive and transmit market, commodity, and trading
`
`order information. The computer or terminal is able to interact with the trader
`
`and to generate contents and characteristics of a trade order to be sent to the
`
`exchange. A trading application allows for a trader to view market data, enter
`
`and cancel trade orders and/or view orders. The scope of the present invention is
`not limited by the type of terminal or device used, and is not limited to any
`
`particular type of trading application. Rather, the trading tools may be
`
`implemented on any existing or future terminal or device with the processing
`capability to perform the functions described herein.
`
`[0037] As used herein, the word “commodity” refers simply to a thing that is an
`
`object of trade. It includes anything that can be traded with a quantity and/or
`
`price. Examples of such objects include, but.ar:e.not limited to, all types of traded
`
`financial products, such as, for example, stocks, options, bonds, futures, currency,
`
`and warrants, as well as funds, derivatives and collections or combinations of the
`foregoing. The commodity may be “real,” such as objects that are listed by an
`
`0019
`
`0011
`
`

`
`
`
`exchange for trading, or “synthetic,” such as a combination of real commodities
`
`that is created by the user.
`
`[0033]
`
`Further, the specification may refer to a single click of a mouse as an
`
`example of a single action of the user for input and interaction with the terminal
`
`display. In order to allow actions to be taken in the shortest amount of time, a
`
`preferred embodiment of the trading application responds upon depressing the
`
`mouse button, rather than waiting for the up click.. While this may describe a
`
`preferred mode of interaction, the scope of the present invention is not limited to
`
`the use of a mouse as the input device or to the click of a mouse button as the
`
`user’s single action. Rather, any action by a user, whether comprising one or
`
`more clicks of a mouse button or other input-device, such as a keyboard, joystick
`
`or touch screen, may be considered the single action of the user.
`
`[0039] An electronic trading system may be configured to allow for trading in a
`
`single or in multiple exchanges simultaneously. Connections for an example of
`
`such a system are illustrated in FIG. 1. This illustration shows multiple host
`
`exchanges 101-103" connected through routers 104-106 to gateways 107-109.
`
`Multiple client terminals 110-116 for use as trading stations can then trade in the
`multiple exchanges through their connection to the gateways 107-109. It should
`be noted that the trading tools of the preferred embodiment are not limited to any
`
`particular network architecture, but rather may be applied with utility on
`workstations or other client devices in any network that can be used for electronic
`
`trading.
`
`[0040] When an electronic trading system is configured to receive data from
`
`multiple exchanges, it is preferable to translate the data from each exchange into a
`
`format that may be displayed using a graphical user interface. For the example
`
`shown in FIG. 1, an application program interface (“TT API” as depicted in the
`
`' FIG. 1) translates the incoming data formats from the different exchanges to a
`
`common data format. This translation function of a preferred embodiment may
`
`be disposed anywhere in the network, for example, at the gateway server, at the
`
`individual workstations or at both. In addition, storage elements at the gateway
`
`servers, the client workstations, and/or other external storage may cache, buffer,
`
`0012
`10
`
`0012
`
`

`
`
`
`or store historical data, such as order books that list the user’s active orders in the
`
`market; that is, those orders that have neither been filled nor cancelled.
`Information from different exchanges can be displayed in one or in multiple
`windows at the client workstation. Accordingly, while reference is made through
`
`the remainder of the specification to a single exchange to which a trading
`
`terminal is connected, the scope of the invention includes the ability to trade, in
`
`accordance with the trading methods described herein, in multiple exchanges
`
`using a single trading tenninal.
`
`[0041] A commercially available trading application that allows a user to trade in
`
`a system like that shown in FIG. 1 is X_TRADER® from Trading Technologies
`International, Inc. of Chicago, lllinois. X__TRADEl{® also provides an electronic
`
`tlading interface, referred to as MD_TRADERTM, in which working orders and/or
`
`bid and ask quantities are displayed in association with a static price scale. The
`
`preferred embodiments, however, are not limited to any particular product that
`
`performs the translation, storage and/or display functions.
`
`[0042]
`Several preferred embodiments include the display of “market depth”
`and/or allow a user to view the market depth of a commodity and to enter orders
`
`with a single input, such as the click of a computer mouse button. As used
`
`herein, market depth is represented by the available order book, including the
`
`current bid and ask quantities and their associated prices. In other words, subject
`
`to the limits noted below, market depth is each available pending bid and ask
`
`quantity, entered at a particular price, in addition to the “inside market.” For a
`
`commodity being traded, the inside market is the highest bid price and the lowest
`
`ask price. For embodiments relating to a display that includes market depth,
`interfaces as shown in Figures 2 and 3 are exemplary. Other trading applications
`that are capable of displaying market depth are suitable alternatives, unless
`
`otherwise noted. Furthermore, the preferred embodiments are not limited to an
`electronic trading application that displays market depth, but can be utilized with
`
`any electronic trading application.
`
`-— -
`
`[oo43] Generally, the exchanges send price, order and fill information to the
`
`gateways 107-109. The trading application, for example X_TRADER®,
`
`001131
`
`0013
`
`

`
`processes this information and maps it to positions in a theoretical grid program
`
`or any other comparable mapping technique for mapping data to a screen. The
`
`physical mapping of such information to a screen grid, for display on a client
`
`device like the client devices 1 10-116, may be done by any technique known to
`
`those skilled in the art. The present invention is not limited by the method used
`
`to map the data to the screen display.
`
`[0044] The system’s ability to fiilly display the market depth typically depends on
`
`how much of the market depth the exchange provides. Some exchanges, for
`
`example, supply an infinite market depth, while others provide no market depth
`
`or only a few orders away from the inside market. The user can preferably also -
`
`choose how far into the market depth to display on the trader’s screen. For
`
`example, the user may only want to have displayed the market depth within a
`
`predetermined number of ticks away from the inside market.
`
`[0045]
`
`FIG. 2 illustrates an electronic trading interface described in a co-pending
`
`U.S. Patent Application No. 09/589,751, incorporated above. This display and
`system is just one example of a type of trading system that may incorporate one or
`
`more aspects of the present invention. The display shows the inside market and
`the market depth of a given commodity being traded. Row 1 represents the
`
`“inside market” for the commodity being traded which is the best (highest) bid
`
`price and quantity and the best (lowest) ask price and quantity. Rows 2-5
`
`represent the “market depth” for the commodity being traded.‘ In one-preferred
`
`embodiment, the display of market depth (rows 2-5) lists the available next-best
`
`bids, in column 203, and asks, in column 204. The working bid and ask quantity
`
`for each price level is also displayed in colurrms 202 and 205 respectively (inside
`
`market - row 1). Prices and quantities for the inside market and market depth
`
`update dynamically on a real time basis as such information is relayed from the
`
`market.
`
`[0046]
`
`In the screen display shown in FIG. 2, the commodity (contract) being
`
`traded is represented in row 1 by the character string “CDHO”. The Depth
`
`column 201 will inform the trader of a status by displayingidifferent colors.
`
`Yellow indicates that the program application is waiting for data. Red indicates
`
`0014
`12
`
`0014
`
`

`
`
`
`that the Market Depth has failed to receive the data from the server and has
`“timed out.” Green indicates that the data has just been updated. The other
`column headings in this and all of the other figures, are defined as follows.
`BidQty (Bid Quantity) at column 202: the quantity for each working bid; BidPrc
`
`(Bid Price) at column 203: the price for each working bid; AskPrc (Ask Price) at
`
`column 204: the price for each working ask; AskQty (Ask Quantity) at column
`
`205: the quantity for each working ask; LastPrc (Last Price) at column 206: the
`
`price for the last bid and ask that were matched in the market; and LastQty (Last
`
`Quantity) at column 207: the quantity traded at the last price. Total at column
`
`208 represents the total quantity traded of the given commodity.
`
`[com The configuration of the screen display itself informs the user in a more
`
`convenient and efficient manner than many existing systems. Traders gain an
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`advantage by seeing the market depth because they can see trends in the orders in
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`the market. The market depth display shows the trader the interest the market has
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`in a given cc_)mrrr_o(_l_i_ty at different price levels.
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`[0048] Another type of display system and related trading method which may be
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`used in conjunction with the preferred embodiments is described in detail in U.S.
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`Application No. 09/590,692, filed on June 9, 2000. This method ensuresfast and
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`accurate execution of trades by displaying information, such as market depth or‘
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`worlcing orders, in association with an axis or scale of static prices. One
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`embodiment using this type of display system displays thewmarket depth on a
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`vertical plane, which fluctuates logically up or down the plane as the market
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`prices fluctuates. The invention is not limited to any particular display —— the
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`information could be displayed on a horizontal plane, n—dimensionally or in any
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`other fashion. This allows the trader to trade quickly and efficiently. An
`example of such a display is illustrated in the screen display of FIG. 3.
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`[0049]
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`In a fast moving market, where varying price levels are trading (i.e. bids
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`and offers entering the market are being matched at different prices), it is
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`beneficial that the trader be able to quickly enter orders and quickly see and
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`analyze market information. Displays of the type illustrated in FIG. 3 allow the
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`trader to quickly enter orders at specific price levels by clicking next to a static
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`0015
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`price level, displayed as a static column in a preferred embodiment and to quickly
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`and easily see information such as working orders. The static prices can be
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`displayed in any matter, including in a row, on any angle, or n-dimensionally,
`without departing from the invention.’ It also is possible for the static price values
`to notpbe displayed, instead displaying just the market depth levels, working
`orders, or other information relative to one another along a scale or axis
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`representing particular prices using particular colors or using other methods.
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`[0050] The display shown in FIG. 3 provides an order entry system, market grid,
`fill window and summary of market orders in one simple window. Such a
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`condensed display simplifies the trading system by entering and tracking trades in
`an efficient manner. This system displays market depth in a logical, vertical
`fashion or horizontally or at some other convenient angle or configuration. A»
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`vertical field is shown in the figures and described for convenience, but the field
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`could be horizontal or at an angle or n-dimensionally. The system further
`increases the speedof trading and the likelihood of entering orders at desired
`prices with desired quantities. In the preferred embodiment of the invention, the
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`display is a static vertical column of prices with the bid and ask quantities
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`displayed in vertical columns to the side of the price column and aligned with the
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`corresponding bid and ask prices.
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`[0051] Bid quantities are in column 300 labeled BidQ and ask quantities are in
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`column 302 labeled AskQ. The representative prices for the given commodity are
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`shown in column 304, where the prices are static and increment in “ticks,” where
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`a tick is the minimum change in a price value that is set by the exchange for each’
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`commodity. The prices can be displayed as ticks, as multiples of ticks or in any
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`other fashion. In the embodiment shown in FIG. 3, the column does not list the
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`whole prices (e.g. 95.89), but rather, just the last two digits (e.g. 89). Other price
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`display conventions may alternatively be used, as long as the requisite price
`information is conveyed to the user. In the example shown, the inside market,
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`cells 306, is 18 (best bid quantity) at 89 (bestbid price) and 20 (best ask quantity)
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`at 90 (best ask price). In the preferred embodiment of the invention, these three
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`columns 300, 302, and 304 are shown in different colors so that the trader can
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`quickly distinguish among them.
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`14
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`[0052] The values in the price column are static; that is, they do-not normally
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`change positions unless a re-centering command is received (discussed in detail
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`later). The values in the Bid and Ask columns 300 and 302, however, are
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`dynamic; that is, they move up and down (in the vertical example) to reflect the
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`market depth for the given commodity. The LTQ column 308 shows the last
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`traded quantity of the commodity. The relative position of the quantity value
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`with respect to the Price values reflects the price at which that quantity was
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`‘ traded. Column 310 labeled E/W (Executed/Working) displays the current status
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`of the trader’s orders. The status of each order is displayed in the price row
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`- where it was entered. For example, in cells 312, the number next to S indicates
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`the number of the trader’s ordered lots that have been sold at the price in the
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`specific row. The number next to W indicates the number of the trader’s ordered
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`lots that are in the market, but have not been filled — i.e. the system is working on
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`filling the order. Blanks in this column indicate that no orders are entered or
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`working at that price. In cells 314, the number next to B indicates the number of
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`the trader’s ordered lots that have been bought at the price in the specific row.
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`The number next to W indicates the number of the trader’s ordered lots that are in
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`the market, but have not been filled — i.e. the system is working on filling the
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`order.
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`[0053] Various parameters are set and information is provided in column 316.
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`For example, “10:48:44” in cell 318 shows the actual time of day. The L and R
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`fields in cell 320 indicate a quantity value, which may be added to the order
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`quantity entered. This process is explained below with respect to trading under
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`this system. Below the L and R fields, in cell 322, a number appears which
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`represents the current market volume. This is the number of lots that have.been
`traded for the-chosen commodity. Cell 324, “X 10”, displays the Net Quantity,
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`the current position of the trader on the chosen commodity. The number “lO”
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`represents the trader’s buys minus sells. Cell 326 is the “Current Quantity”; this
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`field represents the quantity for the next order that the trader will send to market.
`This can be adjusted with right and lefi clicks(_t1p and down) or by clicking the
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`buttons which appear below the Current Quantity in cells 328. These buttons
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`increase the current quantity by the indicated amount; for example, “IO” will
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`0017
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`increase it by 10; “IH” will increase it by 100; “1K” will increase it by 1000.
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`Cell 330 is the Clear button; clicking this button will clear the Current Quantity
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`field. Cell 332 is the Qua