Various abbreviations are used in the screen displays, and specifically,
`
`in the column headings of the screen displays reproduced herein.
`
`Some
`
`abbreviations have been discussed above. A list of common abbreviations and
`
`their meanings is provided in Table 1.
`
`
`
`-10-
`
`0001 101
`
`0001101
`
`

`
`Table I — Abbreviations
`
`Expiration Month/Year
`
`TheoBid
`
`Theoretical Bid Price
`
`_Bid Member ID
`Working Buys for entire Group
`ll:)
`
`TheoAsk
`
`Theoretical Ask Price
`
`QAct
`
`Quote Action (Sends
`individual quotes)
`
`WrkBuys(2)
`
`BidQty
`
`Bid Quantity
`
`ThrshBid(s)
`
`Threshold Bid Price
`
`BQQ
`
`BQP
`
`*1
`
`Test Bid Quote Quantity
`
`Test Bid Quote Price
`
`BidPrc
`
`Bid Price
`
`Bid Qty Accum Accumulated Bid Quantity
`
`BidPrc Avg
`
`Bid Price Average
`
`AskPrc Avg
`
`Ask Price Average
`
`LMkt BQQ
`
`Mkt BQP
`
`Quote
`
`Mkt AQQ
`
`Market Bid Quote Quantity
`
`Market Bid Quote Price
`Checkbox activates I deactivates
`contract for quoting
`
`Market Ask Quote Quantity
`
`AskQty Accum
`
`Accumulated Ask Quantity
`
`Mkt AQP
`
`Market Ask Quote Price
`
`AskPrc
`
`Ask Price
`
`l Threshold Ask Price
`
`AQP
`
`AQQ
`
`Ask Quantity
`Working Sells for entire Group
`lD
`
`pmp BidQty(s)
`Imp BidPrc(5)
`
`Ask Quote Price
`
`Ask Quote Quantity
`
`implied Bid Quantity
`
`Implied Bid Price
`
`ThrshAsk(s)
`
`AskQty
`
`Wrksellsiz)
`
`Ask Mbr(1)
`
`NetPos
`
`Imp AskQty(5)
`
`Implied Ask Quantity
`
`implied Ask Price
`Change in Delta given 1 pt
`
`kchange in underlying
`Change in price given 1 pt
`change in underlying
`
`Percent volatility
`Price change given 1%
`change in Vola
`
`rPrice change given 1%
`change in interest rate
`
`Price change for every day
`that elapses
`Activate I deactivate click
`trading by contract
`Auction, Closed, FastMkt. Not
`Tradable, Pre-trading, Tradable, S =
`post-trading
`
`Expiration Month/Year
`
`i i
`
`Imp AskPrc(5)
`
`7
`‘W
`
`Gammaia)
`
`De|ta(3)
`
`Vola(3)
`
`I’
`Vega(3)
`
`Rho(3)
`
`Thetaia)
`
`Click Trd
`
`LAsk Member ID
`
`Net Position
`
`FFNetPos
`
`Fast Fill Net Position
`
`LastPrc
`
`l.ast Price
`._l_
`
`LastQty
`
`l_ast Quantity
`
`Total
`
`High
`
`Total Traded Quantity
`T‘
`
`High Price
`
`l-ow Price
`
`Opening Price
`i
`Closing Price
`
`Last Price-Last Close
`
`Theoretical Price
`
`-11-
`
`0001102
`
`
`
`0001102
`
`

`
`As described herein,
`
`the display and trading method of the present
`
`invention provide the user with certain advantages over systems in which a
`
`display of market depth, as shown in Figure 2, is used. The Mercury display
`
`and trading method of the present invention ensure fast and accurate execution
`
`of trades by displaying; market depth on a vertical or horizontal plane, which
`
`fluctuates logically up or down,
`
`left or right across the plane as the market
`
`prices fluctuates. This allows the trader to trade quickly and efficiently. An
`
`example of such a Mercury display is illustrated in the screen display of Figure
`
`10
`
`3.
`
`
`
`The display of market depth and the manner in which traders trade
`
`within the market depth can be effected in different manners, which many
`
`traders will find materially better, faster and more accurate.
`
`In addition, some
`
`15
`
`traders may find the display of market depth to be difficult to follow.
`
`In the
`
`display shown in Figure 2, the market depth is displayed vertically so that both
`
`Bid and Ask prices descend the grid. The Bid prices descend the market grid as
`
`the prices decrease. Ask prices also descend the market grid as these prices
`
`actually increase.
`
`This combination may be considered counterintuitive and
`
`20
`
`difficult to follow by some traders.
`
`The Mercury display overcomes this problem in an innovative and
`
`25
`
`30
`
`logical manner. Mercury also provides an order entry system, market grid, fill
`
`window and summary of market orders in one simple window.
`
`Such a
`
`condensed display materially simplifies the trading system by entering and
`
`tracking trades in an extremely efficient manner. Mercury displays market
`
`depth 'm a logical, vertical fashion or horizontally or at some other convenient
`
`angle or configuration. A vertical field is shown in the figures and described
`
`for convenience, but the field could be horizontal or at an angle.
`
`In turn,
`
`Mercury further increases the speed of trading and the likelihood of entering
`
`orders at desired prices with desired quantities.
`
`In the preferred embodiment of
`
`the invention, the Mercury display is a static vertical column of prices with the
`
`-12-
`
`0001103
`
`0001103
`
`

`
`bid and ask quantities displayed in vertical columns to the side of the price
`
`column and aligned with the corresponding bid and ask prices. An example of
`
`this display is shown in Figure 3.
`
`Bid quantities are in the column 1003 labeled BidQ and ask quantities
`
`are in column 1004 labeled AskQ. The representative ticks from prices for the
`
`given commodity are shown in colunm 1005. The column does not list the
`
`whole prices (e. g. 95.89), but rather, just the last two digits (e. g. 89).
`
`In the
`
`example shown, the inside market, cells 1020, is 18 (best bid quantity) at 89
`
`10
`
`(best bid price) and 20 (best ask quantity) at 90 (best ask price).
`In the
`preferred embodiment of the invention,
`these three columns are shown in
`
`different colors so that the trader can quickly distinguish between them.
`
`The Values in the price column are static; that is, they do not normally
`
`15
`
`change positions unless a re—centering command is received (discussed in detail
`later). The values in the Bid and Ask columns however, are dynamic; that is,
`
`they move up and down (in the vertical example) to reflect the market depth for
`
`the given commodity. The LTQ column 1006 shows the last traded quantity of
`the commodity. The relative position of the quantity value with respect to the
`
`20
`
`Price values reflects the price at which that quantity was traded. Column 1001
`
`labeled E/W (entered/working) displays the current status of the trader’s orders.
`
`The status of each order is displayed in the price row where it was entered. For
`
`example,
`
`in cells 1007,
`
`the number next to S indicates the number of the
`
`trader’s ordered lots that have been sold at the price in the specific row. The
`
`25
`
`number next to W indicates the number of the trader’s ordered lots that are in
`
`the market, but have not been fil1ed—i.e. the system is working on filling the
`
`order. Blanks in this column indicate that orders are entered or working at that
`
`price.
`
`In cells 1008, the number next to B indicates the number of the trader’s
`
`ordered lots that have been bought at the price in the specific row. The number
`
`30
`
`next to W indicates the number of the trader’s ordered lots that are in the
`
`market, but have not been f11led—i.e. the system is working on filling the order.
`
`
`
`-13-
`
`0001104
`
`0001104
`
`

`
`
`
`Various parameters are set and information is provided in column 1002.
`
`For example, ‘‘10:48:44’’ in cell 1009 shows the actual time of day. The L and
`
`R fields in cell 1010 indicate a quantity value, which may be added to the order
`
`quantity entered. This process is explained below with respect to trading under
`
`Mercury. Below the L and R fields, in cell 1011, a number appears which
`
`represents the current market volume. This is the number of lots that have been
`
`traded for the chosen contract. Cell 1012, “X 10”, displays the Net Quantity,
`
`the current position of the trader on the chosen contract. The number “10”
`
`represents the trader’s buys minus sells. Cell 1013 is the “Current Quantity”;
`
`10
`
`this field represents the quantity for the next order that the trader will send to
`
`market. This can be adjusted with right and left clicks (up and down) or by
`
`clicking the buttons which appear below the Current Quantity in cells 1014.
`
`These buttons increase the current quantity by the indicated amount;
`
`for
`
`example, “10” will increase it by 10; “1H” will increase it by 100; “1K” will
`
`15
`
`increase it by 1000. Cell 1015 is the Clear button; clicking this button will
`
`clear the Current Quantity field. Cell 1016 is the Quantity Description; this is a
`
`pull down menu allowing the trader to chose from three Quantity Descriptions.
`
`The pull down menu is displayed when the arrow button in the window is
`
`clicked. The window includes NetPos, Offset and a field allowing the trader to
`
`20
`
`enter numbers. Placing a number in this field will set a default buy or sell
`
`quantity. Choosing “Offset” in this field will enable the L/R buttons of cell
`
`1010. Choosing “NetPos” in this field will set
`
`the current Net Quantity
`
`(trader’s net position) as the trader’s quantity for his next trade. Cell 1017 are
`
`+/— buttons; these buttons will alter the size of the screen—either larger (+) or
`
`25
`
`smaller (-). Cell 10118 is used to invoke Net 0; clicking this button will reset
`
`the Net Quantity (cell 1011) to zero. Cell 1019 is used to invoke Net Real;
`
`clicking this button will reset the Net Quantity (cell 1011) to its actual position.
`
`The inside market and market depth ascend and descend as prices in the
`
`30
`
`market
`
`increase and decrease.
`
`For example, Figure 4 shows a screen
`
`displaying the same market as that of Figure 3 but at a later interval where the
`
`inside market, cells 1101, has risen three ticks. Here, the inside market for the
`
`-14-
`
`0001105
`
`0001105
`
`

`
`commodity is 43 (best bid quantity) at 92 (best bid price) and 63 (best ask
`
`quantity) at 93 (best ask price).
`
`In comparing Figures 3 and 4, it can be seen
`
`that the price column remained static, but the corresponding bids and asks rose
`
`up the price column. Market Depth similarly ascends and descends the price
`
`column, leaving a vertical history of the market.
`
`As the market ascends or descends the price colurrm, the inside market
`
`might go above or below the price column displayed on a trader’s screen.
`
`Usually a trader will want to be able to see the inside market to assess future
`
`10
`
`trades. The system of the present invention addresses this problem with a one
`
`click centering feature. With a single click at any point within the gray area,
`
`1021, below the “Net Real” button, the system will re-center the inside market
`
`on the trader’s screen. Also, when using a three-button mouse, a click of the
`
`middle mouse button, irrespective of the location of the mouse pointer, will re-
`
`15
`
`center the inside market on the trader’s screen.
`
`The same information and features can be displayed and enabled in a
`
`horizontal fashion.
`
`Just as the market ascends and descends the vertical
`
`Mercury display shown in Figures 3 and 4, the market will move left and right
`
`20
`
`in the horizontal Mercury display. The same data and the same information
`
`gleaned from the dynamical display of the data is provided.
`
`It is envisioned that
`
`other orientations can be used to dynamically display the data and such
`
`orientations are intended to come within the scope of the present invention.
`
`25
`
`Next,
`
`trading commodities, and specifically,
`
`the placement of trade
`
`orders using the Mercury display is described. Using the Mercury display and
`
`trading method, a trader would first designate the desired commodity and, if
`
`applicable, the default quantities. Then he can trade with single clicks of the
`
`right or left mouse button. The following equations are used by the system to
`
`30
`
`generate trade orders and to determine the quantity and price to be associated
`
`with the trade order. The following abbreviations are used in these formulas: P
`
`= Price value of row clicked, R = Value in R field, L = Value in L field, Q
`
`-15-
`
`0001106
`
`
`
`0001106
`
`

`
`= Current Quantity, Q3 = Total of all quantities in AskQ column at an equal or
`
`better price than P, Qb = Total of all quantities in BidQ colurrm at an equal or
`
`better price than P, N = Current Net Position, B0 = Buy order sent to market
`
`and S0 = Sell order sent to market.
`
`Any order entered using right mouse button
`
`Bo = (Q, + R)P (Eq. 1) If BidQ field clicked.
`
`S0 = (Q, + R)P (Eq. 2) If AskQ field clicked.
`
`10
`
`Orders entered using the left mouse button
`
`If “Offset” mode chosen in Quantity Description field then:
`
`B0 = (Q, + L)P (Eq. 3) If BidQ field clicked.
`
`S0 = (Q + L)P (Eq. 4) If AskQ field clicked.
`
`If “number” mode chosen in Quantity Description field then:
`
`B0 = QP (Eq. 5)
`
`S0 = QP (Eq. 6)
`
`If “NetPos” mode chosen in Quantity Description field then:
`
`B0 = NP (Eq. 7)
`
`S0 = NP (Eq. 8)
`
`15
`
`20
`
`Orders can also be sent to market for quantities that Vary according to
`
`the quantities available in the market; quantities preset by the trader; and which
`
`mouse button the trader clicks. Using this feature, a trader can buy or sell all
`
`of the bids or asks in the market at or better than a chosen price with one click.
`
`25
`
`The trader could also add or subtract a preset quantity from the quantities
`
`outstanding in the market. If the trader clicks in a trading cell—i.e. in the BidQ
`
`or AskQ column, he will enter an order in the market. The parameters of the
`
`order depend on which mouse button he clicks and what preset Values he set.
`
`30
`
`Using the screen display and Values from Figure 5, the placement of
`
`trade orders using the Mercury display and trading method is now described
`
`using examples. A left click on the 18 in the BidQ column 1201 will send an
`
`_16_
`
`0001107
`
`0001107
`
`

`
`order to market to sell 17 lots (quantity # chosen on the Quantity Description
`
`pull down menu cell 1204) of the commodity at a price of 89 (the corresponding
`
`price in the Prc column 1203). Similarly, a left click on the 20 in the AskQ
`
`column 1202 will send an order to market to buy 17 lots at a price of 90.
`
`Using the right mouse button, an order would be sent to market at the
`
`price that corresponds to the row clicked for the total quantity of orders in the
`market that equal or better the price in that row plus the quantity in the R field
`
`1205. Thus, a right click in the AskQ colurrm 1202 in the 87 price row will
`
`10
`
`send a sell order to market at a price of 87 and a quantity of 150.
`
`150 is the
`
`sum of all the quantities 30, 97, 18 and 5.
`
`30, 97 and 18 are all of the
`
`quantities in the market that would meet or better the trader’s sell order price of
`87. These quantities are displayed in the BidQ column 1201 because this
`
`column represents the orders outstanding in the market
`
`to purchase the
`
`15
`
`commodity at each corresponding price. The quantity 5 is the quantity pre—set
`
`in the R field 1205.
`
`Similarly, a right click in the BidQ column 1201 at the same price level
`
`of 87 would send a buy limit order to market for a quantity of 5 at a price of
`
`20
`
`87. The quantity is determined in the same manner as above.
`
`In this example,
`
`though, there are no orders in the market that equal or better the chosen price —
`
`there are no quantities in the AskQ column 1202 that equal or better this price.
`
`Therefore, the sum of the equal or better quantities is zero (“0”). The total
`
`order entered by the trader will be the value in the R field, which is 5.
`
`25
`
`An order entered with the left mouse button and the “Offset” option
`
`chosen in the quantity description field 1204 will be calculated in the same way
`
`as above, but the quantity in the L field 1206 will be added instead of the
`
`quantity in the R field 1205. Thus, a left click in the BidQ column 1201 in the
`
`30
`
`92 price row will send a buy order to market at a price of 92 and a quantity of
`
`96. 96 is the sum of all the quantities 45, 28, 20 and 3. 45, 28 and 20 are all
`
`quantities in the market that would meet or better the trader’s buy order price of
`
`_17_
`
`0001108
`
`
`
`0001108
`
`

`
`92. These quantities are displayed in the AskQ column 1202 because this
`
`column represents the orders outstanding in the market to sell the commodity at
`
`each corresponding price. The quantity 3 is the quantity pre—set in the L field
`
`1206.
`
`The values in the L or R fields may be negative numbers. This would
`
`effectively decrease the total quantity sent to market.
`
`In other words,
`
`in the
`
`example of a right click in the AskQ column 1202 in the 87 price row, if the R
`
`field was -5, the total quantity sent to market would be 140 (30 + 97 + 18 +
`
`10
`
`(-5))-
`
`If a trader chose the “NetPos” option in the quantity description field
`
`1204, a right click would still work as explained above. A left click would
`
`enter an order with a price corresponding to the price row clicked and a
`
`15
`
`quantity equal to the current Net position of the trader. The Net position of the
`
`trader is the the trader’s current position on the chosen contract.
`
`In other
`
`words, if the trader has bought 10 more contracts than he has sold, this value
`
`would be 10. NetPos would not affect the quantity of an order sent with a right
`
`click.
`
`20
`
`If the trader chose a number value in the quantity description, a left click
`
`would send an order to market for the current quantity chosen by the trader.
`
`The default value of the current quantity will be the number entered in the
`
`quantity description field, but it could be changed by adjusting the figure in the
`
`25
`
`current quantity field 1204.
`
`This embodiment of the invention also allows a trader to delete all of his
`
`working trades with a single click of either the right or left mouse button
`
`anywhere in the last traded quantity (LTQ) column 1207. This allows a trader
`
`30
`
`to exit the market immediately. Traders will use this feature when they are
`
`losing money and want to stop the losses from pilling up. Traders may also use
`
`this feature to quickly exit the market upon making a desired profit. The
`
`-18-
`
`0001109
`
`
`
`0001109
`
`

`
`
`
`invention also allows a trader to delete all of his orders from the market at a
`
`particular price level. A click with either mouse button in the Entered/Working
`
`(E/W) column 1208 will delete all working orders in the cell that was clicked.
`
`Thus, if a trader believes that previously sent orders at a particular price that
`
`have not been filled would be poor trades, he can delete these orders with a
`
`single click.
`
`The process for placing trade orders using the Mercury display and
`
`trading method of the present invention as described above is shown in the
`
`10
`
`flowchart of Figure 6. First, in step 1301, the trader has the Mercury display
`
`on the trading terminal screen showing the market for a given commodity.
`
`In
`
`step 1302, the parameters are set in the appropriate fields, such as the L and R
`
`fields and the Current Quantity, NetPos or Offset fields from the pull down
`
`menu.
`
`In step 1303, the mouse pointer is positioned and clicked over a cell in
`
`15
`
`the Mercury display by the trader.
`
`In step 1304, the system determines whether
`
`the cell clicked is a tradeable cell (i.e. in the AskQ column or BidQ colunm). If
`
`not,
`
`then in step 1305, no trade order is created or sent and, rather, other
`
`quantities are adjusted or functions are performed based upon the cell selected.
`
`Otherwise, in step 1306, the system determines whether it was the left or the
`
`20
`
`right button of the mouse that was clicked.
`
`If it was the right, then in step
`
`1307, the system will use the quantity in the R field when it determines the total
`
`quantity of the order in step 1310.
`
`If the left button was clicked, then in step
`
`1308,
`
`the system determines which quantity description was chosen: Offset,
`
`NetPos or an actual number.
`
`25
`
`If Offset was chosen, then the system, in step 1309, will use the quantity
`
`in the L field when it determines the total quantity of the order in step 1310. If
`
`NetPos was chosen, then the system, in step 1312, will determine that the total
`
`quantity for the trade order will be current NetPos value, i.e. the net position of
`
`30
`
`the trader m the given commodity.
`
`If an actual number was used as the
`
`quantity description, then, in step 1311, the system will determine that the total
`
`quantity for the trade order will be the current quantity entered.
`
`In step 1310,
`
`-19-
`
`0001110
`
`0001110
`
`

`
`the system will determine that the total quantity for the trade order will be the
`
`value of the R field (if step 1307 was taken) or the value of the L field (if step
`
`1309 was taken) plus all quantities in the market for prices better than or equal
`
`to the price in the row clicked. This will add up the quantities for each order in
`
`the market that will fill the order being entered by the trader (plus the L or R
`
`value) .
`
`After either steps 1310, 1311 or 1312,
`
`the system,
`
`in step 1313,
`
`determines which column was clicked, BidQ or AskQ.
`
`If AskQ was clicked,
`
`10
`
`then, in step 1314, the system sends a sell limit order to the market at the price
`
`corresponding to the row for the total quantity as already determined.
`
`If BidQ
`
`was clicked,
`
`then,
`
`in step 1315, the system sends a buy limit order to the
`
`market at the price corresponding to the row for the total quantity as already
`
`determined.
`
`15
`
`It should be understood that the above description of the invention and
`
`specific examples, while indicating preferred embodiments of the present
`
`invention, are given by way of illustration and not limitation. Many changes
`
`and modifications within the scope of the present
`
`invention may be made
`
`20
`
`without departing from the spirit thereof, and the present invention includes all
`
`such changes and modifications.
`
`
`
`-20-
`
`0001 1 ll
`
`0001111
`
`

`
`We Claim:
`
`1.
`
`A method of displaying, on an electronic display device,
`
`the
`
`market depth of a commodity traded in a market, said method comprising:
`
`dynamically «displaying a plurality of bids
`
`in the market
`
`for said
`
`commodity;
`
`dynamically displaying of a plurality of asks in the market for said
`
`commodity; and
`
`statically displaying prices corresponding to said plurality of bids and
`
`asks;
`
`wherein said pluralities of bids and asks are dynamically displayed in
`
`alignment with the prices corresponding thereto.
`
`2.
`
`A method of displaying, on an electronic display device,
`
`the
`
`market depth of a commodity traded in a market according to claim 1, wherein
`
`said bids and asks are oriented vertically.
`
`3.
`
`A method of displaying, on an electronic display device,
`
`the
`
`market depth of a commodity traded in a market according to claim 1, wherein
`
`said bids and asks are oriented horizontally.
`
`4.
`
`A method of displaying, on an electronic display device,
`
`the
`
`market depth of a commodity traded in a market according to claim 1, wherein
`
`a plurality of said displayed bids and asks in the market include bid and ask
`
`quantities of the commodity.
`
`5.
`
`A method of displaying, on an electronic display device,
`
`the
`
`market depth of a commodity traded in a market according to claim 1, wherein
`
`said bids and asks are displayed in different colors.
`
`6.
`
`A method of displaying, on an electronic display device,
`
`the
`
`market depth of a commodity traded in a market according to claim 1, re-
`
`-21-
`
`0001112
`
`
`
`0001112
`
`

`
`centering said prices corresponding to the bids and asks about an inside market
`
`price upon receipt of a re-centering instruction.
`
`7.
`
`A method of displaying, on an electronic display device,
`
`the
`
`market depth of a commodity traded in a market according to claim 1, further
`
`comprising dynamically displaying entered and working orders in alignment
`
`with the prices corresponding thereto.
`
`8.
`
`A computer readable medium having program code recorded
`
`thereon for execution on a computer for displaying the market depth of a
`
`commodity traded in a market, comprising:
`
`a first program. code for dynamically displaying a plurality of bids in the
`
`market for said commodity;
`
`a second program code for dynamically displaying of a plurality of asks
`
`in the market for said commodity; and
`
`a third program code for statically displaying prices corresponding to
`
`said plurality of bids and asks;
`
`wherein said pluralities of bids and asks are dynamically displayed in
`
`aligmnent with the prices corresponding thereto.
`
`9.
`
`A computer readable medium having program code recorded
`
`thereon for execution on a computer for displaying the market depth of a
`
`commodity traded in a market according to claim 8,
`
`further comprising
`
`program code to ensure that said displayed bids, asks and prices are oriented
`
`Vertically .
`
`10.
`
`A computer readable medium having program code recorded
`
`thereon for execution on a computer for displaying the market depth of a
`
`commodity traded in a market according to claim 8,
`
`further comprising
`
`program code to ensure that said displayed bids, asks and prices are oriented ~
`
`horizontally.
`
`-22-
`
`0001113
`
`
`
`0001113
`
`

`
`11.
`
`A computer readable medium having program code recorded
`
`thereon for execution. on a computer for displaying the market depth of a
`
`commodity traded in a market according to claim 8,
`
`further comprising
`
`program code to ensure that a plurality of bids and asks in the market include
`
`bid and ask quantities of the commodity.
`
`12.
`
`A computer readable medium having program code recorded
`
`thereon for execution on a computer for displaying the market depth of a
`
`commodity traded in a market according to claim 8,
`
`further comprising
`
`program code to ensure that bids and asks are displayed in different colors.
`
`13.
`
`A computer readable medium having program code recorded
`
`thereon for execution on a computer for displaying the market depth of a
`
`commodity traded ir1 a market according to claim 8,
`
`further comprising
`
`program code to ensure that said displayed prices corresponding to the bids and
`
`asks are re—centered about an inside market price upon receipt of a re—centering
`
`instruction.
`
`14.
`
`A computer readable medium having program code recorded
`
`thereon for execution on a computer for displaying the market depth of a
`
`commodity traded in a market according to claim 8,
`
`further comprising
`
`program code for dynamically displaying entered and working orders in
`
`alignment with the prices corresponding thereto.
`
`15.
`
`A graphical user interface for displaying the market depth of a
`
`commodity traded in a market, comprising:
`
`a dynamic display of a plurality of bids in the market
`
`for said
`
`commodity;
`
`a dynamic display of a plurality of asks
`
`in the market
`
`for
`
`said
`
`commodity; and
`
`a static display of prices corresponding to said plurality of bids and asks;
`
`-23-
`
`0001114
`
`
`
`0001114
`
`

`
`
`
`
`wherein said pluralities of bids and asks are dynamically displayed in
`
`alignment with the prices corresponding thereto.
`
`16.
`
`A graphical user interface according to claim 15, wherein said
`
`displays are oriented vertically.
`
`17.
`
`A graphical user interface according to claim 15, wherein said
`
`displays are oriented horizontally.
`
`18.
`
`A graphical user interface according to claim 15, wherein said
`
`displays of the pluralities of bids and asks in the market include bid and ask
`
`quantities of the commodity.
`
`19.
`
`A graphical user interface according to claim 15, wherein said
`
`displays are displayed in different colors.
`
`20.
`
`A graphical user interface according to claim 15, wherein said
`
`display of prices corresponding to the bids and asks is re—centered about an
`
`inside market price upon re—centering instruction from a user.
`
`21.
`
`A graphical user
`
`interface according to claim 15,
`
`further
`
`comprising a display of entered and Working orders displayed in alignment with
`
`the prices corresponding thereto.
`
`22.
`
`A method of placing a trade order for a commodity on an
`
`electronic exchange, using a graphical user interface and a user input device and
`
`having preset parameters for trade orders, said method comprising:
`
`displaying the market depth of a commodity traded in a market, through
`
`a dynamic display of a plurality of bids and a plurality of asks in the market for
`
`the commodity, including the bid and ask quantities of the commodity, aligned
`
`with a static display of prices corresponding thereto; and
`
`-24-
`
`0001 l 15
`
`0001115
`
`

`
`initiating placement of a trade order of the commodity through a single
`
`action of the user input device initiating placement of a trade order of the
`
`commodity through a single action of the user input device with a pointer of the
`
`user input device positioned over an area in said dynamic displays of bids and
`
`asks;
`
`wherein the contents of the trade order are based in part upon the preset
`
`parameters and the position of the pointer at the time of said single action.
`
`23.
`
`A method of placing a trade order according to claim 22,
`
`wherein said trade order is a buy order if the position of the pointer at the time
`
`of said single action is within the display of bids and wherein said trade order is
`
`a sell order if the position of the pointer at the time of said single action is
`
`within the display of asks.
`
`24.
`
`A method of placing a trade order according to claim 23,
`
`wherein the trade order is for a pre-determined fixed quantity and for a price
`
`corresponding to the position of the pointer at the time of said single action.
`
`25.
`
`A method of placing a trade order according to claim 23,
`
`wherein the trade order is for a quantity equal to a current net position of the
`
`user in the commodity and for a price corresponding to the position of the
`
`pointer at the time of said single action.
`
`26.
`
`A method of placing a trade order according to claim 23,
`
`wherein the trade order is for a quantity equal to a pre-determined fixed offset
`
`plus the sum of all quantities in the market at prices better than or equal to a
`
`price corresponding to the position of the pointer at the time of said single
`
`action and for a price corresponding to said position.
`
`27.
`
`A method of placing a trade order according to claim 26,
`
`wherein said offset is equal to a first pre-determined value if a single action of a
`
`-25-
`
`0001116
`
`
`
`0001116
`
`

`
`first type is taken and said offset is equal to a second pre—deterrnined value if a
`
`single action of a second type is taken.
`
`28.
`
`A method of placing a trade order according to claim 22, further
`
`comprising canceling said trade order in response to a subsequent single action
`
`of the user input device.
`
`29.
`
`A computer readable medium having program code recorded
`
`thereon, for execution on a computer having a graphical user interface and a
`
`user input device and having preset parameters for trade orders, to place a trade
`
`order for a commodity on an electronic exchange, comprising:
`
`a first program code displaying the market depth of a commodity traded
`
`in a market, through a dynamic display of a plurality of bids and a plurality of
`
`asks in the market for the commodity,
`
`including the bid and ask quantities of
`
`the commodity, aligned with a static display of prices corresponding thereto;
`
`a second program code for initiating placement of a trade order of the
`
`commodity through a single action of the user input device with a pointer of the
`
`user input device positioned over an area in said dynamic displays of bids and
`
`asks; and
`
`a third program code for setting characteristics of the trade order based
`
`in part upon the preset parameters and the position of the pointer at the time of
`
`said single action.
`
`30.
`
`A computer readable medium having program code recorded
`
`thereon, for execution on a computer to place a trade order according to claim
`
`29, further comprising program code for establishing that said trade order is a
`
`buy order if the position of the pointer at the time of said single action is Within
`
`the display of bids and that said trade order is a sell order if the position of the
`
`pointer at the time of said single action is within the display of asks.
`
`31.
`
`A computer readable medium having program code recorded
`
`thereon, for execution on a computer to place a trade order according to claim
`
`_26_
`
`0001117
`
`
`
`0001117
`
`

`
`30, further comprising program code for establishing that the trade order is for
`
`a pre—deterrnined fixed quantity and for a price corresponding to the position of
`
`the pointer at the time of said single action.
`
`32.
`
`A computer readable medium having program code recorded
`
`thereon, for execution on a computer to place a trade order according to claim
`
`30, further comprising program code for establishing that the trade order is for
`
`a quantity equal to a current net position of the user in the commodity and for a
`
`price corresponding to the position of the pointer at the time of said single
`
`action.
`
`33.
`
`A computer readable medium having program code recorded
`
`thereon, for execution on a computer to place a trade order according to claim
`
`30, further comprising program code for establishing that the trade order is for
`
`a quantity equal to a pre-determined fixed offset plus the sum of all quantities in
`
`the market at prices better than or equal to a price corresponding to the position
`
`of the pointer at the time of said single action and for a price corresponding to
`
`said position.
`
`34.
`
`A computer readable medium having program code recorded
`
`thereon, for execution on a computer to place a trade order according to claim
`
`33, further comprising program code for establishing that said offset is equal to
`
`a first pre—determined value if a single action of a first type is taken and said
`
`offset is equal to a second pre-determined value if a single action of a second
`
`type is taken.
`
`35.
`
`A client system for pla