0301
`
`TDA 1002 Part 2
`CBM of U.S. Patent No. 7,685,055
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`We claim:
`
`CLAIMS
`
`1. A method for computerized trading comprising:
`
`— inputting a trading order into a logic engine;
`
`— using a first plug-in in said logic engine for implementing a trading strategy;
`
`— inputting data for said order into said logic engine;
`
`- processing the order with said logic engine, using said p1ug—in; and,
`
`- executing said order.
`
`Ex) A method as in claim 1, wherein the step of inputting a trading order into a logic
`
`engine further comprises inputting an order through an ordering system.
`
`3. A method as in claim 2, wherein the step of inputting an order through an ordering
`
`system further comprises inputting a Comp1exOrder through an ordering system.
`
`4. A method as in claim 3, wherein the step of processing the order with said logic
`
`engine, using said plug—in, further comprises deconstructing said ComplexOrder
`
`into at least one Event and Action.
`
`5. A method as in claim 1, wherein the step of executing said order further comprises
`
`outputting said order through an ordering system.
`
`17
`
`0302
`
`0302
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`6. A method for computerized trading comprising:
`
`- inputting a ComplexOrder into a logic engine through an ordering system;
`
`— using a first plug-in in said logic engine for implementing a trading strategy;
`
`- inputting data for said order into said logic engine;
`
`- processing the order with said logic engine, using said plug—in through
`
`deconstructing said ComplexOrder into Events and Actions; and,
`
`— executing said order through outputting said order through an ordering
`
`system.
`
`7. The Event and Action produced by the method of claim 4.
`
`8. An apparatus for computerized trading comprising:
`
`- a logic engine for processing trading orders;
`
`- an interface to said logic engine;
`
`— a first plug—in in said logic engine for implementing a trading strategy.
`
`whereby said logic engine processes orders received via said interface.
`
`18
`
`0303
`
`0303
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`9. An apparatus for computerized trading comprising:
`
`- a logic engine for processing trading orders;
`
`— a first interface to said logic engine for processing orders;
`
`— a second interface to said logic engine for processing orders;
`
`— a first plug-in in said logic engine for implementing a trading strategy.
`
`whereby said logic engine processes orders received via either of said first and
`
`second interfaces.
`
`10. An apparatus as in claim 9, wherein said first interface further comprises an Input
`
`driver.
`
`11. An apparatus as in claim 9, wherein said second interface further comprises an
`
`Exchange driver.
`
`12. An apparatus as in claim 9 wherein said first interface further comprises an
`
`interface to an ordering system.
`
`13. An apparatus as in claim 9 wherein said second interface further comprises an
`
`interface to an ordering system.
`
`14. An apparatus as in claim 9 wherein said logic engine further comprises a Core
`
`Processing Area.
`
`19
`
`0304
`
`0304
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`1/10
`
`Process 1
`
`Process 2
`
`F
`1
`T
`,'
`| 4
`3
`1
`2
`I
`1
`I
`I
`I
`I
`T
`l_ _ _ _ _ _ _ _ _ _ _ _ _..L_,_.__J
`
`FIG.
`
`1
`
`SUBSTITUTE s0g3gET (RULE 26)
`
`0305
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`2/10
`
`Process 1
`
`Process 2 10
`
`l_
`
`I
`g
`1
`I
`'
`L. _ _ _ _ _ _ _____L _ _ _ _ _ _ __~_,
`
`-
`
`Process 3
`
`FIG. 2
`
`SUBSTITUTE SHEET (RULE 26)
`0306
`
`0306
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`3/10
`
`Bur
`SW
`SW
`8111
`Buy
`BU)‘
`
`50)‘
`Sell
`Sail
`Sell
`sen
`Bw
`90!
`BUY
`3"!
`Buy
`
`DCIUCIDDCJCIDDDCJCJUUDD
`
`a
`
`SUBSTITUTE S|"J§7ET (RULE 26)
`
`0307
`
`

`
`wo 02/33637
`
`PCT/US01/42534
`
`4/10
`
`Administration Tool
`
`Look '11‘ Fool
`
`View
`
`Help
`
`Order Tracker
`
`Ngonlhm Configuration § S6rvorMcn)!or
`Ngonlhm Context
`
`FIG. 4
`
`SUBSTITUTE SHEET (RULE 26)
`0308
`
`0308
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`5/IO
`
`Repotfiw T1me!(I0 (W38)
`Papefivo Tbnunb (19/60)
`Repeu’§voTma (H (1259)
`Rupekvvo Tm-.1 (19 (20160)
`nepeulvo Tm (M21160)
`nepefiflvu Tlmu (I2 (I
`
`FIG. 5
`
`SUBSTITUTE SHEET (RULE 26)
`0309
`
`0309
`
`

`
`wo 02/33637
`
`PCT/US01/42534
`
`6/10
`
`A+B+C
`
`Combination
`
`Combination
` A+D+G
`
`Commnmmn
`
`FIG. 6
`
`SUBSTITUTE SHEET. (RULE 26)
`0310
`
`
`
`D+E+F
`
`Commnmmn
`
`G+HH
`
`0310
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`7/10
`
`D+E+F
`
`Combination
`
`
`
`
`A+B+Q
`Combination
`
` 20
`
`I
`T
`: 4 {
`1.
`'
`
`G+H+|
`Combination
`
`A+D+G
`
`Combination
`
`FIG. 7
`
`SUBSTITUTE SHEET (RULE 26)
`0311
`
`0311
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`8/10
`
`§m_x$_n_$2
`
`écem
`
`Em225:8
`
`...§_s<
`
`8°25
`
`gggz
`
`mGE
`
`.SUBSflTUTE§WEET(RULE26)
`
`0312
`
`
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`9/10
`
`0 D
`
`E
`
`_m§>m
`
`§_s<E§_._2sH
`
`SUBSTITUTE SHEET (RULE 26)
`
`0313
`
`
`
`
`

`
`WO 02/33637
`
`PCT/US01/42534
`
`IO/lO
`
`9GE
`
`E H
`
`HHmm
`
`RE28
`
`
`
`255:.émoo
`
`Diwfi
`
`SUBSTITUGHE SHEET (RULE 26)
`
`0314
`
`
`
`

`
`INTERNATIONAL SEARCH REPORT
`
`““°”““i°““‘ “"‘°"°““i°“ N°"
`
`PCT/USO1/42534
`
`A.
`
`CLASSIFICATION OF SUBJECT MATTER
`lPC(7)
`: G06F 17/60
`US CL
`:
`705/37
`According to lntemational Patent Classification (IPC) or to both ttational classilication and IPC
`B.
`FIELDS SEARCHED
`
`Minimum documentation searched (classification system followed by classification symbols)
`U.S.
`: 705/37, 35. 36; 340182526. 825.27; 707/104.1
`
`Documentation searched other than minimum documentation to the extent that such documents are included in the fields searched
`
`Electronic data base consulted during the international search (name of data base and, where practicable, Search terms used)
`USPAT, JPO, EPO, Derwents WPI, IBM TDB
`
`
`
`C.
`
`DOCUMENTS CONSIDERED TO BE RELEVANT
`
`Category *
`Y
`
`Citation of document, with indication, where appropriate, of the relevant passages
`
`US 6,119,104 A (BRUMBELOW et a1.) 12 September 2000 (12.09.2000), see abstract and
`column 4, line 61 — column 5, line 5.
`US 6,026,440 A (SHRADER et al.) 15 February 2000 (15.02.2000), see abstract and entire
`document.
`
`US 5,434,395 A (STORCK et al.) 18 July 1995 (18.07.1995), see abstract.
`
`Relevant to claim No.
`1-14
`
`1-14
`
`1-14
`
`Y
`
`A
`
`i:i Further documents are listed in the continuation of Box C. Ci
`*
`Special categories of cited documents:
`“T”
`
`“A”
`
`“E”
`
`“L”
`
`“O”
`
`“P”
`
`document defining the general state of the an which is not cotisidetcd to he
`of particular relevance
`
`earlier application or patent published on or after the international filing date
`
`document which tnay thmw doubts on priority claitn(s) or which is cited to
`establish the publication date of another citation or other special reason (as
`specllicd)
`
`“X”
`
`“Y”
`
`tlocuinent referring to an oral disclosure. use, exhibttltm or other means
`
`document published prior to the international filing date but later than the
`priority date claimed
`
`See patent family annex.
`later document published after the international tiling date or priority
`date and not in conflict with the application but cited to understand the
`principle or theory underlying the invention
`document of particular relevance: the claimed invention cannot be
`cottsidered novel or cannot be ctntsidered to involve an inventive step
`when the document is taken alone
`
`tlocuinent of particular relevance; the claimed invention cannot he
`cmtsiderctl to involve an inventive step when the document is
`Combined with one or tnon: other such tlocuntents, such combination
`being uhvinus to a person sktllctl tn the art
`
`docuttiettt member ofthe same patent faintly
`
`Date of the actual completion of the international Search
`23 .l:1nua_ry 2002 (23¢<01n42O02)
`Name and mailing address of the ISA/US
`Connmsstoner of Patents and Tradcntarks
`Box PCT
`VVashington, DC. 20231
`Facsimile No. (703)305-3230
`Form PCT/ISA/210 (second sheet) (July 1998)
`
`Date oftttai1itti0 tAeRati?fifi§ch report
`Authorized Officer
`_
`*
`h
`Vincent Millin
`
`4 0 g Q M ¢ ";j,é
`‘$47
`
`Telephofle N0~ 703 305-3900
`
`0315
`
`0315
`
`

`
`(12) INTERNATIONAL APPLICATION PUBLISHED UNDER THE PATENT COOPERATION TREATY (PCT)
`
`(19) World Intellectual Property Organization
`International Bureau
`
`
`
`|l||ll|l||||l|lllllllllllllllllllllllllllllllllllllllllll||l||||ll|l||||||l||||l
`
`(10) International Publication Number
`(43) International Publication Date
`19 April 2001 (19.04.2001)
`PCT
`WO 01/27843 A1
`
`(51)
`
`International Patent Classif|cation7:
`
`G06F 17/60
`
`(21)
`
`International Application Number:
`
`PCT/US00/28197
`
`(22)
`
`International Filing Date: 12 October 2000 (12.10.2000)
`
`(25)
`
`Filing Language:
`
`(26)
`
`Publication Language:
`
`English
`
`English
`
`(30)
`
`(63)
`
`Priority Data:
`09/417,514
`60/159,172
`Not furnished
`
`13 October 1999 (13.10.1999)
`13 October 1999 (13.10.1999)
`11 October 2000 (1 1.10.2000)
`
`US
`US
`US
`
`Related by continuation (CON) or continuation-in-part
`(CIP) to earlier applications:
`US
`Filed on
`US
`Filed on
`US
`Filed on
`
`09/417,514 (CIP)
`13 October 1999 (13.10.1999)
`60/159,172 (CIP)
`13 October 1999 (13.10.1999)
`Not furnished (CIP)
`11 October 2000 (11.10.2000)
`
`(71)
`
`Applicant (for all designated States except US): TRADE
`TEK, LLC [US/US]; 18 Crawford Street, Needham
`Heights, MA 02494 (US).
`
`(72) Inventors; and
`(75)
`GILMAN,
`for US onbd:
`Inventors/Applicants
`11 Morse Road, Newton, MA
`Thurston [US/US];
`02460 (US). GELFOND, David [US/US]; 190 Walnut
`Street, Newtonville, MA 02460 (US). GILMAN, Scott
`[US/US]; 18 Dudley SI:reet, Cambridge, MA 02140 (US).
`MSUMBA, Aleke [US/US]; 111 Main Street, Grafton,
`MA 01560 (US). BONARRIGO, Paul
`[US/US]; 41
`Richardson Street, Billerica, MA 01821 (US).
`
`(74)
`
`Agent: OCCHIUTI, Frank, R.; Fish & Richardson P.C.,
`225 Franklin Street, Boston, MA 02110-2804 (US).
`
`(31)
`
`(34)
`
`Designated States (national): AE, AG, AL, AM, AT, AU,
`AZ, BA, BB, BG, BR, BY, BZ, CA, CH, CN, CR, CU, CZ,
`DE, DK, DM, DZ, EE, ES, FI, GB, GD, GE, GH, GM, HR,
`HU, ID, IL, IN, IS, JP, KE, KG, KP, KR, KZ, LC, LK, LR,
`LS, LT, LU, LV, MA, MD, MG, MK, MN, MW, MX, MZ,
`NO, NZ, PL, PT, RO, RU, SD, SE, SG, SI, SK, SL, TJ, TM,
`TR, TT, TZ, UA, UG, US, UZ, VN, YU, ZA, ZW.
`
`Designated States (regional): ARIPO patent (GH, GM,
`KE, LS, MW, MZ, SD, SL, SZ, TZ, UG, ZW), Eurasian
`patent (AM, AZ, BY, KG, KZ, MD, RU, TJ, TM). European
`patent (AT, BE, CH, CY, DE, DK, ES, FI, FR, GB, GR, IE,
`IT, LU, MC, NL, PT, SE), OAPI patent (BF, BJ, CF, CG,
`CI, CM, GA, GN, GW, ML, MR, NE, SN, TD, TG).
`
`[Continued on next page]
`
`
`(54) Title: DISPLAYING INFORMATION RELATING TO SECURITIES
`
`éé
`
`40 _’L.
`
`(57) Abstract: A graphical user interface (GUI) displays information (62) that relates to a transaction in a security. The information
`includes an identifier (65) that corresponds to the security, the transaction performed with respect to the security, a number of shares
`(70) of the security involved in the transaction, and a price (74) of the security in the transaction. Different prices are displayed in
`different colors.
`
`0316
`
`
`
`WO01/27843A1|||||||||||||||||l||||||||||l||H|l||||||l||||||||||||||||||l||||||H||||l||||||
`
`0316
`
`

`
`WO 01/27843 A1
`
`llllllllllllllllIlllllllllllllllllllllllll||||l||ll|||||I|||!|l|l|l|||||llllllll
`
`Published:
`— With international search report.
`— Before the expiration of the time limit for amending the
`claims and to be republished in the event of receipt of
`amendments.
`
`For two-letter codes and other abbreviations. refer to the ”Guid—
`ance Notes on Codes and Abbreviations " appearing at the begin-
`ning ofeach regular issue of the PCT Gazette.
`
`0317
`
`0317
`
`

`
`W0 01/27843
`
`PCT/USOO/28197
`
`DISPLAYING INFORMATION RELATING TO SECURITIES
`
`Background of the Invention
`
`This invention relates to displaying information
`
`5
`
`relating to securities.
`
`Computerized trading of securities, such as stocks and
`
`bonds, has grown in popularity in recent years.
`
`To make
`
`informed decisions about buying or selling securities,
`
`traders need access to different types of information.
`
`For
`
`10
`
`example,
`
`a trader may need the bid and ask prices of a
`
`security from various "market makers"
`
`(brokerage firms),
`
`the
`
`number of shares traded in that security over a time period,
`
`and the high and low prices during that time period.
`
`It may also be valuable for a trader to know other
`
`15
`
`information as well.
`
`In particular,
`
`a trend in a security's
`
`performance may affect a trader's decision to buy or sell
`
`that security.
`
`For example,
`
`if a stock has just gone below
`
`its previous closing price ("PCL"),
`
`a trader may be more or
`
`less likely to purchase that stock depending upon the
`
`20
`
`traders's strategy.
`
`0318
`
`0318
`
`

`
`WO 01/27843
`
`PCT/US00/28197
`
`Summary
`
`This invention is directed to obtaining information
`
`about securities and provides ways of displaying that
`
`information in one or more graphical user interfaces
`
`5
`
`("GUI").
`
`For example,
`
`in one embodiment,
`
`the invention
`
`detects events occurring for a security, such as the
`
`security crossing its PCL, and displays that information in
`
`a GUI.
`
`In another embodiment,
`
`the invention displays price
`
`fluctuations of a security over a selected time period,
`
`such
`
`10
`
`as an hour,
`
`a day, or a month.
`
`In its various embodiments,
`
`the invention provides
`
`traders with useful
`
`information about securities that is
`
`organized logically and in a way that is easy to understand.
`
`Network connections provide the trader with a way to
`
`15
`
`transact in the securities using this information.
`
`In general,
`
`in one aspect,
`
`the invention is directed a
`
`GUI that includesindex display areas for displaying
`
`different security indices.
`
`The GUI also includes change
`
`display areas, each of which are associated with a
`
`20
`
`corresponding index display area.
`
`Each of the change
`
`display areas displays a change in a corresponding security
`
`index over a predetermined time period.
`
`0319
`
`0319
`
`

`
`W0 01/27843
`
`PCT/US00/28197
`
`This aspect of the invention may include one or more of
`
`the following features.
`
`The index display areas include
`
`areas for displaying the Dow Jones® Industrial Average,
`
`the
`
`NASDAQ® Composite, and the NASDAQ® lOO Composite.
`
`The
`
`5
`
`predetermined time period is an intraday time period.
`
`The
`
`GUI is generated by a computer program that is stored on a
`
`computer—readable medium.
`
`In general,
`
`in another aspect,
`
`the invention is
`
`directed to a GUT that displays information about a
`
`10
`
`security.
`
`The information includes an identifier that
`
`corresponds to the security,
`
`a value of a last trade in the
`
`security, and a difference between the value and a previous
`
`closing value of the security.
`
`This aspect of the invention may include one or more of
`
`15
`
`the following features.
`
`The value o:
`
`the last trade is
`
`color—coded to indicate whether the value of the last trade
`
`is higher than, or lower than,
`
`the previous closing value of
`
`the security.
`
`The information cascades during display.
`
`The
`
`information is updated after a trade in the security.
`
`The
`
`20
`
`GUI is generated by a computer program that is stored on a
`
`computer—readable medium.
`
`0320
`
`0320
`
`

`
`WO 01/27843
`
`PCT/US00/28197
`
`In general,
`
`in another aspect,
`
`the invention is
`
`directed to a GUI that displays information relating to
`
`trading activity in a security.
`
`The information includes an
`
`identifier that corresponds to the security,
`
`a time of a
`
`last trade in the security, an identity of the last trade,
`
`a
`
`price of the security in the last trade, and a volume of the
`
`security in the last trade.
`
`1O
`
`15
`
`This aspect of the invention may include one or more of
`
`the following features.
`
`The identity of the last trade is
`
`one of a sale or change in inside bid or ask prices of the
`
`security. At least some of the information displayed in the
`
`GU: is color—coded to indicate if the price of the last
`
`trade is greater than or equal
`
`to a price of the security in
`
`a trade that preceded the last trade.
`
`The information
`
`cascades during display.
`
`The GUI is generated by a computer
`
`program that is stored on a computer—readable medium.
`
`0321
`
`0321
`
`

`
`WO 01/27843
`
`PCT/US00/28197
`
`In general,
`
`in another aspect,
`
`the invention is
`
`directed to a GUI that displays information that relates to
`
`a transaction in a security.
`
`The information includes an
`
`identifier that corresponds to the security,
`
`the transaction
`
`5
`
`performed with respect to the security,
`
`a number of shares
`
`of the security involved in the transaction, and a price of
`
`the security in the transaction.
`
`This aspect of the invention may include one or more of
`
`the following.
`
`The information includes an open position
`
`10
`
`with respect to the security.
`
`The transaction includes one
`
`of buying the security, selling the security, or selling the
`
`security short.
`
`The GUI is generated by a computer program
`
`that is stored on a computer—readable medium.
`
`In general,
`
`in another aspect,
`
`the invention is
`
`15
`
`directed to a GUI that displays information relating to
`
`transactions in a securities portfolio.
`
`The information
`
`includes an identifier that corresponds to the security,
`
`the
`
`transaction performed with respect
`
`to the security,
`
`a
`
`number of shares of the security in the transaction,
`
`a price
`
`20
`
`of the security in the transaction, a total Value of the
`
`transaction, and a balance in a trading account that
`
`corresponds to the portfolio.
`
`0322
`
`0322
`
`

`
`WO 01/27843
`
`PCT/US00/28197
`
`This aspect may include one or more of the following
`
`features.
`
`The transaction is one of buying the security,
`
`selling the security, or selling the security short.
`
`The
`
`information is displayed for a predetermined time period.
`
`5
`
`The predetermined time period may be an intraday time period
`
`and/or an overnight or any other conceivable time period.
`
`The GUI is generated by a computer program that is stored on
`
`a computer—readable medium.
`
`In another aspect,
`
`the invention is a GUI for
`
`lO
`
`displaying information about securities.
`
`The GUI
`
`includes
`
`selectable tabs that correspond to categories of securities,
`
`and an area which displays information relating to events
`
`that occur for securities corresponding to a selected tab.
`
`This aspect of the invention may include one or more of
`
`15
`
`the following features/functions.
`
`The categories of
`
`securities may be organized by a user.
`
`The events may
`
`include one or more of the security hitting a PCL,
`
`the
`
`security passing the PCL,
`
`the security equaling or exceeding
`
`a high or low price, and the security bouncing off the high
`
`20
`
`or low price.
`
`The information displayed on the GUI may be
`
`color coded.
`
`The information may be displayed in
`
`association with a price of the security,
`
`a trade volume of
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`the security, and an identifier for the security.
`
`The GUI may include a transaction button which controls
`
`display of a second GUI for transacting in a security
`
`displayed on the first GUI.
`
`The second GUI may include a
`
`5
`
`field for entering blocks of shares of the security, and
`
`selectable buttons for initiating transactions for the
`
`blocks of shares entered in the field.
`
`The second GUI may
`
`display one or more o:
`
`the following for a selected
`
`security:
`
`a PCL,
`
`a high price for a period of time,
`
`a low
`
`10
`
`price for a period of time,
`
`inside bid and ask prices, and
`
`information pertaining to a last trade in the security.
`
`A computer program, which is stored on a computer-
`
`readable medium, may be used to generate the GUI.
`
`The GUI
`
`may be generated on an apparatus which includes a processor
`
`15
`
`and a memory that stores the computer program.
`
`In another aspect,
`
`the invention receives data related
`
`to securities, and analyzes the data to detect events
`
`relating to the securities.
`
`Information relating to the
`
`events is then provided for display.
`
`20
`
`In this aspect, analyzing may include determining if a
`
`security has passed a PCL, determining i: the security is at
`
`a PCL, determining if the security is at a high or low price
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`for a specified time period, and/or determining if the
`
`security bounced off a high or low price.
`
`In still another aspect,
`
`the invention is a GUI for
`
`transacting in securities.
`
`The GUI
`
`includes selectable
`
`buttons that correspond to securities,
`
`a first area which
`
`displays selling information for a security that corresponds
`
`to a selected button, and a second area which displays
`
`buying information for the security.
`
`This aspect of the invention may include one or more of
`
`the following features/functions.
`
`The selling information
`
`may include bid prices of market makers.
`
`The bid prices may
`
`be arranged from highest to lowest.
`
`The buying information
`
`may include ask prices of market makers.
`
`The ask prices may
`
`be arranged from highest to lowest.
`
`One or more of the
`
`following information may be displayed for the security:
`
`a
`
`number of shares of the security that have been traded,
`
`a
`
`PCL,
`
`a high price for a period of time,
`
`a low price for a
`
`period of time, and inside bid and ask prices.
`
`The GUI may include a field for entering blocks of
`
`shares of the security, and selectable buttons for
`
`initiating transactions for the number of blocks entered in
`
`the field.
`
`A computer program may be used to generate the
`
`10
`
`15
`
`20
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`GUI.
`
`The GUI may be generated on an apparatus which
`
`includes a memory and a processor.
`
`The GUI may include
`
`transaction buttons for initiating transactions relating to
`
`securities that correspond to the selectable buttons.
`
`The
`
`5
`
`apparatus may include a network interface over which data is
`
`transmitted for a transaction.
`
`In still another aspect,
`
`the invention is a GUI which
`
`displays information relating to securities.
`
`The GUI
`
`includes an entry field for entering a security, and buttons
`
`10
`
`for selecting time periods.
`
`An area is provided on the GUI
`
`for displaying prices of the security in the entry field
`
`over a time period selected by a button.
`
`The GUI may also include buttons for selecting a
`
`display format of the prices, and an area which displays a
`
`15
`
`trading volume o:
`
`the security in the entry field over the
`
`time period selected by a button.
`
`The buttons may comprise
`
`a button for displaying the prices in chart
`
`form and a
`
`button for displaying the prices in list form.
`
`The GUI may
`
`be generated by a computer program and on an apparatus which
`
`20
`
`includes a processor and a memory.
`
`In still another aspect,
`
`the invention is a securities
`
`trading program, stored on a computer—readable medium, which
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`generates multiple windows for displaying securities
`
`information.
`
`The securities trading program includes
`
`instructions that cause a computer to generate a first
`
`window which displays a price of a selected security over a
`
`5
`
`time period,
`
`to generate a second window which displays
`
`information relating to performance of selected securities,
`
`and to generate a third window for transacting in
`
`securities,
`
`the third window including buying and selling
`
`information for selected securities.
`
`10
`
`This aspect of the invention may include on or more of
`
`the fol'owing features/functions.
`
`The first window may
`
`include an entry field for entering a security, buttons for
`
`selecting time periods, and an area for displaying prices of
`
`the security in the entry field over a time period selected
`
`15
`
`by a button.
`
`The second window may include selectable tabs
`
`that correspond to categories of securities, and an area
`
`which displays performance information for securities that
`
`correspond to a selected tab.
`
`The third window may include
`
`selectable buttons that correspond to securities,
`
`a first
`
`20
`
`area which displays selling information for a security that
`
`corresponds to a selected button, and a second area which
`
`displays buying information for the security.
`
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`This summary has been provided so that the nature of
`
`the invention can be understood quickly.
`
`A detailed
`
`description of illustrative embodiments of the invention is
`
`set forth below.
`
`5
`
`Description of the Drawings
`
`Fig.
`
`1, comprised of Figs.
`
`la and lb,
`
`is a block
`
`diagram of a network in one embodiment of the invention.
`
`Fig.
`
`2
`
`is a view of a GUI for logging into the network
`
`10
`
`of Fig. 1.
`
`Fig.
`
`3
`
`is a block diagram o:
`
`software used to generate
`
`windows for
`
`displaying stock information.
`
`is a View of a quote profiler window.
`
`view
`
`of a history window.
`
`View
`
`of
`
`View
`
`of
`
`View
`
`of
`
`View
`
`of
`
`an alternative history window.
`
`a trendspotter window.
`
`a list editor dialog box.
`
`a trend analysis window.
`
`a a a a 6
`
`1
`
`is
`
`is
`
`is
`
`is
`
`is
`
`Fig.
`
`Fig.
`
`Fig.
`
`Fig.
`
`Fig.
`
`Fig.
`
`4
`
`5
`
`6
`
`7
`
`8
`
`9
`
`15
`
`Fig.
`
`10,
`
`comprised of
`
`Figs. 10a, 10b, 10c and 10d,
`
`is a
`
`20
`
`flowchart
`
`showing a process for analyzing trends in stock
`
`activity.
`
`Fig.
`
`11 is a View of an index indicator window.
`
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`Fig. 12 is a view of a stock ticker window.
`
`Fig.
`
`13 is a View of a time and sales window.
`
`Fig. 14 is a view of a position manager window.
`
`Fig. 15 is a View of a trader profit and loss window.
`
`5
`
`Description
`
`Fig.
`
`1 shows a network system 10 according to one
`
`embodiment of the invention. Conceptually, network system
`
`10 can be divided into trader network 12
`
`(Fig.
`
`lb) and data
`
`10
`
`feed network 11
`
`(Fig.
`
`la);
`
`though these two networks may be
`
`part of a single,
`
`larger network. Briefly, data feed
`
`network 11 receives and stores information in various
`
`servers. Traders access this information via trader network
`
`12, and execute trades based on this information.
`
`15
`
`Data feed network 11 includes client proxies 14,
`
`servers 15, bridge 16, and satellite receiver 17.
`
`Satellite receiver 17 maintains an RF (radio frequency)
`
`link to a communications satellite (not shown).
`
`A data feed
`
`19,
`
`such as the Standard & Poor Comstock data feed,
`
`is
`
`20
`
`received over this RF link. Alterna:ively, data feed 19 may
`
`be received over telephone lines via a modem link (not
`
`shown)
`
`to data feed network 11.
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`Data feed 19 includes information relating to
`
`securities,
`
`in this embodiment, stocks.
`
`Information in the
`
`data feed is time—indexed and updated periodically.
`
`Among
`
`the information transmitted in data feed 19 are stock
`
`5
`
`prices,
`
`identities of market makers that offer the stock
`
`prices, and stock exchanges on which the stocks are listed.
`
`Data feed 19 is provided to servers 15 via satellite
`
`receiver 17 and bridge 16.
`
`Servers 15 are computer programs
`
`that extract specific information from data feed 19 and
`
`10
`
`provide that information to trader network 12.
`
`For example,
`
`quote servers 15a and 15b handle current stock prices, and
`
`information relating thereto. Level II servers 15c and 15d
`
`handle market maker information,
`
`such as bid prices (the
`
`highest price a market maker is willing to pay for a stock)
`
`15
`
`and ask prices (the lowest price a market maker is willing
`
`to sell a stock). History server l5e maintains a record of
`
`stock prices over a period of time,
`
`including previous stock
`
`highs and lows, stock volumes, PCLs, and the like.
`
`NYSE
`
`(New York Stock Exchange) quote server 15f handles
`
`20
`
`information relating to stocks listed on the NYSE.
`
`Six
`
`servers are shown in Fig. 1; however, servers may be added
`
`to, or removed from, data feed network 11 as desired.
`
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`Servers 15 may run on a single computer or multiple
`
`computers as needed.
`
`In the embodiment of Fig. 1, each
`
`server is executed on a separate computer having a processor
`
`20 and a memory 2- which stores server modules 22
`
`(see view
`
`5
`
`24).
`
`Server modules 22 are instructions (computer code)
`
`that are executable by processor 20 to perform the server
`
`functions described below.
`
`Module 22a receives data feed 19,
`
`interprets its
`
`contents, and extracts portions of data feed 19 that are
`
`10
`
`relevant to server 15a. Module 22b stores the extracted
`
`portions of data feed 19 in memory. Module 22c handles
`
`requests for information from trader network 12.
`
`For
`
`example, when module 22c receives a request for information,
`
`it determines what
`
`information is being requested and from
`
`15
`
`where, retrieves the requested information from memory, and
`
`outputs the requested information accordingly.
`
`Client proxies 14 are computer programs, executing on
`
`one or more computers, which mediate requests for
`
`information between trader network 12 and data feed network
`
`20
`
`11.
`
`For example, client proxies 14 direct requests to
`
`appropriate server(s) based on the content of those
`
`requests. Client proxies 14 also perform any protocol
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`conversions or other processing required for communicating
`
`between data feed network 11 and trader network 12.
`
`Trader network 12 includes frame relay connection 25,
`
`database server 26, execution servers 27, authentication
`
`5
`
`server 29,
`
`Internet connection 30, and trader terminals 31.
`
`Trader terminals 31 are personal computers
`
`("PC").
`
`Alternatively,
`
`they may be "dumb" terminals of a mainframe
`
`computer, or any other type of computing device that is
`
`capable o: processing and displaying information.
`
`As shown
`
`10
`
`in close—up view 32,
`
`a trader terminal 31a includes a
`
`processor 34 and a memory 35, which stores computer
`
`instructions, namely trading code 36.
`
`Trading code 36 generates various GUIs that are used by
`
`a trader to request information relating to stocks,
`
`to view
`
`15
`
`that information, and to transact in stocks. Specifically,
`
`trading code 36 generates and displays a window depicting
`
`the trading history of a stock,
`
`a window depicting stock
`
`trends, and a window for transacting in stocks, among
`
`others.
`
`A detailed description of trading code 36 is
`
`20
`
`provided below.
`
`Frame relay connection 25 connects networks 11 and 12
`
`to related network 13 via a dedicated line or Virtual
`
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`private network ("VPN").
`
`The components shown in Fig.
`
`1 may
`
`be included at one site,
`
`such as a building or office.
`
`Frame relay connection 25 thus enables remote traders to
`
`access the services available at that site via network 13.
`
`5
`
`Execution servers 27 are computer programs that receive
`
`transaction requests from trader terminals 31, and forward
`
`such requests to specified market networks 23.
`
`In Fig.
`
`l,
`
`there is a one—to—one correspondence between servers and
`
`market networks or trading systems.
`
`For example,
`
`10
`
`Archipelago® has its own server and Island® has its own
`
`server. However,
`
`this is not a requirement.
`
`For example,
`
`one server may support more than one market network or two
`
`servers may support
`
`the same market network. Likewise,
`
`a
`
`single computer
`
`(with processor and memory) may be used to
`
`15
`
`execute a single execution server,
`
`a combination of
`
`execution servers, or all of execution servers 27.
`
`Authentication server 29 is a computer, or other
`
`device, which executes computer programs for determining the
`
`identity of users when they log into trader network l2.
`
`For
`
`20
`
`example, at login,
`
`a trader terminal 31a will display window
`
`37
`
`(Fig. 2)
`
`to the po:ential user.
`
`The user then must enter
`
`a password and user ID (identifier) in order to enter trader
`
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`network 12. This information is passed to authentication
`
`server 29, which uses it to determine if the user is
`
`authorized to access trader network 12.
`
`If the user is so
`
`authorized, server 29 permits access to trader network 12;
`
`5
`
`otherwise access is denied.
`
`Database server 26 maintains a record of transactions
`
`executed on trader network 12.
`
`To this end, database server
`
`26 includes a memory for storing transaction records and a
`
`processor for retrieving that information upon request
`
`(not
`
`10
`
`shown).
`
`Each time a transaction takes place,
`
`information is
`
`provided to database server 26 identifying the transaction
`
`(e.g., by stock, number of shares traded, price) and the
`
`trader. This information is stored in a transaction record
`
`on database server.
`
`15
`
`Internet connection 30 includes standard hardware and
`
`software for maintaining a connection, such as a VPN,
`
`to
`
`remote traders on the Internet.
`
`For example, one or more
`
`Internet servers 40 may be provided, which pass data between
`
`trader network 12 and the Internet,
`
`thereby allowing traders
`
`20
`
`on the Internet to access the services available on trader
`
`network 12. Mail server 41 controls the transmission of
`
`electronic mail between trader network 12 and the Internet.
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`Firewall 42 is provided for security purposes, and performs
`
`packet filtering and the like to keep unauthorized users
`
`from accessing trader network 12.
`
`A T1 line 44 provides
`
`high—speed Internet access.
`
`5
`
`Referring to Fig. 3,
`
`the architecture of trading code
`
`36 is shown.
`
`Included in trading code 36 are GUI
`
`input
`
`module 45, GUI output module 46,
`
`function key processing
`
`module 47, quote view manager 49,
`
`trendspotter manager 50,
`
`history chart manager 51,
`
`login manager 52, execution
`
`10
`
`manager 54, and query/receive parser 55.
`
`Query/receive parser 55 receives information from data
`
`feed network ll, examines that
`
`information, and