TRADING TECH EXHIBIT 2050
`IBG ET AL. v. TRADING TECH
`CBM2016-00009
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`rejection under Patent Law Section 29(1)(iii) through Patent Law Section 29(2), so there is a
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`reason for providing the infomiatiorr specified by Patent Law Enforcement Regulation
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`l3"'S(1)(ii).
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`Claims 2 through 7, which are dependent on claim 1 of the present application, claims 9 through
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`14, which are dependent on claim 8, and claims 16 through 21, which are dependent on claim 15,
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`all have reasons for rejection under Patent Law Section 29(2), so there is a reason for providing
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`the information specified by Patent Law Enforcement Regulation 13b‘5(1)(ii).
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`II.
`The inventions of claims 22, 29, and 35 of the present application all have reasons for
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`rejection under Patent Law Section 29(1)(iii) through Patent Law Section 29(2), so there is a
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`reason for providing the information specified by Patent Law Enforcement Regulation
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`13b'S(1)(ii). Claims 23 through 28, which are dependent on claim 22 of the present application,
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`claims 30 through 34, which are dependent on claim 29, and claims 36 through 40, which are
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`dependent on claim 35, all have reasons for rejection under Patent Law Section 29(2), so there is
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`211rE:_a(so)n for providing the information specified by Patent Law Enforcement Regulation
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`3 '
`1 (ii).
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`(2)
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`Object and Effect of Inventions Pertaining to Claims 1, 8, and 15 of the Present
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`Application and of Inventions Pertaining to Claims 22, 29, and 35
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`The object and effect of the inventions pertaining to claims 1, 8, and 15 of the present
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`application (“the present invention 1”), in light of the description at specification paragraphs
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`{0009}, { 0010} , and {0022} , are to enable intuitive and easy understanding of commodity
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`trading fluctuations and other characteristics when there are rapid changes in the commodity
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`price field and trading volume field on a commodity trading screen, thereby dramatically
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`reducing the time a trader needs to place a trade, thus increasing the likelihood that the trader
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`will have orders filled at desirable prices and desirable quantities.
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`The object and effect of the inventions pertaining to claims 22, 29, and 35 of the present
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`application (“the present invention 2”), in addition to the object and effect of the aforesaid
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`present invention 1, and in light of the description at specification paragraph {0O15}, etc., are to
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`enable placing a trade rapidly with a single operation after commodity trading fluctuations and
`other characteristics are understood.
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`(3)
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`Summary of the Present Invention 1
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`In order to achieve the aforesaid object and effect, the present invention 1 is summarized
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`as the following claims 1, 8, and 15.
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`Claim 1
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`A method of displaying market depth of a commodity traded in a market on an electronic
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`display device, the method comprising:
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`Dynamically displaying a plurality of bids in said market pertaining to said commodity,
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`Dynamically displaying a plurality of asks in said market pertaining to said commodity,
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`and
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`Statically displaying prices corresponding to said plurality of bids and prices
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`corresponding to said plurality of asks;
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`Said plurality of bids and said plurality of asks are dynamically displayed aligned with
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`the corresponding prices.
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`Claim 8
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`A computer readable medium having program code recorded thereon for execution on a
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`computer for displaying market depth of a commodity traded in a market, comprising:
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`A first program code for dynamically displaying a plurality of bids in said market
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`pertaining to said commodity,
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`A second program code for dynamically displaying a plurality of asks in said market
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`pertaining to said commodity, and
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`A third program code for statically displaying prices corresponding to said plurality of
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`bids and prices corresponding to said plurality of asks;
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`Said plurality of bids and said plurality of asks are dynamically displayed aligned with
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`the corresponding prices.
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`Claim 15
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`A graphic user interface for displaying market depth of a commodity traded in a market,
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`comprising:
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`Dynamic display of a plurality of bids in said market pertaining to said commodity,
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`Dynamic display of a plurality of asks in said market pertaining to said commodity, and
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`Static display of prices corresponding to said plurality of bids and prices corresponding to
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`said plurality of asks;
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`Said plurality of bids and said plurality of asks are dynamically displayed aligned with
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`the corresponding prices.
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`(4)
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`Comparison of Contents Described in Submitted Publications and the Present Invention 1
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`Page 3 of 14
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`“Next—Generation Futures Options Trading System ~ Participants Seminar Materials”
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`“Next—Generation Futures Options Trading System Participants Seminar Materials”
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`(“Publication 1”) discloses:
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`The trading terminal is a general—purpose PC using Windows, etc., as the operating
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`system and having a screen structure in which “Tokyo Stock Exchange Futures/Options Trading
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`System” is displayed in the upper left part of the screen (Publication 1, page 4, “(1) Terminal
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`Functions for Trading, a. The Basic Screen Configuration and Operations”), and its structure is
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`such that order prices are displayed arranged in the center of the screen, and sell and buy order
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`quantities are displayed in a column to the left and a column to the right of the order price
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`corresponding to the order and aligned therewith (diagram in Publication 1, page 5, “Display
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`content of board screen (Example: A two—partition board screen)” (Furthermore, it is clear that
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`the column to the left of the order prices in that diagram is the sell order quantity because in
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`Publication 1, page 5, in the diagram entitled “The Quotation Screen Display” the issue name
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`“Long—term Gov. Bond 912” displayed in the two—partition board screen has the quantity “22” in
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`the left column very close to order price “ 1 2695”, whereas in the quotation screen display
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`diagram, for the same price for the same issue, the quantity “22” is displayed as the “sell quote”
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`quantity. Similarly, it is clear that the column to the right of the order prices in the board screen
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`diagram is the buy order quantity because in Publication 1, page 7, in the “(a) New Order Entry”
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`diagram, when the right column’s order quantity display area is double clicked, the “3” shown in
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`“buy” in “Sell/Buy Category” in the new order input window that is displayed next is
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`automatically entered.)
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`The display is automatically updated every three seconds on both the board screen and
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`the quotation screen (Publication 1, page 4, “(l) Terminal Functions for Trading, b. Partitioned
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`Boards/Quotation Screens,” third line),
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`iii)
`The board screen has a structure wherein order prices are displayed in the center of the
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`screen (diagram in Publication 1, page 5, “Display content of board screen (Example: A two-
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`partition board screen)?’
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`Furthermore, consider the point that “the display is automatically updated every three
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`seconds” and that in the diagram in Publication 1, page 5, “Display content of board screen
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`(Example: A two—partition board screen)” there is a structure wherein “order prices” are always
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`disposed in the screen center and the buy quantity and the sell quantity are referenced in
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`alignment with the “order price.” This functions as a reference column for understanding the
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`quantity, and, unlike the “order quantity,” does not have the characteristic that its value should be
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`changed at a frequency of three-second intervals, so Publication 1 suggests a structure wherein
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`the “order quantity” display is “static” in relation to buying and selling, or at least it is obvious.
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`Also. “market depth” in the present application’s claims is clearly defined as “The market
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`depth of a commodity is the current bid price and ask price in the market, and the buying trading
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`amount and the selling trading amount” in paragraph {00l4} of the present application’s
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`specification; these are all described as something displayed on the same display screen in
`Publication 1 and in Publication 2 that will be described later.
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`Publication 1 is a publication that was distributed to participants at a meeting to explain
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`the Tokyo Stock Exchange’s “Next—Generation Futures Options Trading System” in September
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`1997, which was before the present application’s earliest priority date of March 2, 2000 (see
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`Publication 1, cover page).
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`II.
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`“Futures/Options Trading System — Guidelines for Operating the Trading Terminals”
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`“Futures/Options Trading System — Guidelines for Operating the Trading Terminals”
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`(“Publication 2”) discloses:
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`The trading terminal is a client terminal having a screen structure in which “Tokyo Stock
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`Exchange Futures/Options Trading System” is displayed in the upper left part of the screen
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`(Publication 2, page 2-1, page 5-1, “5-1 The Main Window”), and its structure is such that order
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`prices (1 1) are displayed arranged in the center of the screen, and sell and buy order quantities
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`(12) are displayed in a column to the left and a column to the right of the order price
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`corresponding to the order and aligned therewith (diagram in Publication 2, page 7-17, “7-3-I
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`Board Screen Display Items, 9 2-split Board Screen”; page 7-21, “This displays the order price
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`(market/closing/designated). Moreover, for the designated part, the 2-partition board screen will
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`display 20 prices, and the 4/6-partition board screens will display 7 prices.”
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`(Furthermore, it is clear that the column to the left of the order prices in that diagram is
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`the sell order quantity and that the column to the right is the buy order quantity because of the
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`description in Publication 2, page 7-22, “In the quotation display, the following codes are
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`displayed to the left of the prices for sales quotations, and displayed to the right of the prices for
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`purchase quotations”)
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`ii)
`The display is automatically updated every three seconds on both the board screen and
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`the quotation screen (Publication 2, page 7-1, “Chapter 7. Board/Quotation Information
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`Queries” Fourth line)’
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`iii)
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`The board screen has a structure wherein the display of board information is constantly
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`Page 5 of 14
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`updated to be displayed in the center part of the screen for the “board display center prices” and
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`“board display center prices" are determined in the priority sequence (1) “caution/special
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`quotation prices,” (2) “the applicable order prices if there has been a purchase order or sales
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`order with priority over the most recent contract price,” and (3) “most recent contract price,” etc.,
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`for example.
`In the case of a 2-partition board screen, for example, “three prices above and
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`below” is set for the “floating display area” of the “board display center prices,” and when board
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`display center prices set according to the priority sequence are in the “floating display area” they
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`are not displayed updated in the board center portion (Publication 2, page 7-25, “7-3-2 Board
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`Display Center Prices”; page 7-25, Table, “<Example of Automatically Compiled Display: The
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`Non—compressed Price Display 6 Partition Board Screen (With one price above and below in the
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`It also has a structure such that order prices are fixedly displayed in the screen center
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`unless there is scrolling (Publication 2, page 7-26, “7—3-3 Board Display Scrolling,” page 7-26,
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`diagram of <Example of Scroll Operations>).
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`Furthermore, as with the aforesaid I, there is a structure such that “order prices” are
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`always disposed in the screen center, and the buy quantity and the sell quantity are referenced in
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`alignment with the “order price.” This functions as a reference column for understanding the
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`quantity, and, unlike “order quantity,” does not have the characteristic that its value should be
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`changed at a frequency of three-second intervals, so Publication 2 at least suggests a structure
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`wherein the “order quantity” display is “static” in relation to buying and selling, or it is obvious.
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`Publication 2 is a publication that was distributed to users of the Tokyo Stock
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`Exchange’s “Next—Generation Futures/Options Trading System” in August 1998, which was
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`before the present application’s earliest priority date of March 2, 2000 (see Publication 2, page
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`Furthermore, the fact that the “next—generation futures/options trading system” that was
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`the subject of the “operational guidelines” were in a system that was operating in November
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`1998, which was before the present a plication’s earliest priority date of March 2, 2000, is clear
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`from the “Tokyo Stock Exchange 50‘ Anniversary Materials — System Volume” (“Publication
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`3”), which states that “The futures trading system, which was the forerunner of the
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`futures/options trading system, began operations in April of 1988, targeting the government bond
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`and securities futures trading, which had begun in October of 1985. After this, the long term
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`government bond futures transactions (July of 1988), the Tokyo Stock Exchange Price Index
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`(TOPIX) futures trading (September, 1988), and the like were added, and this system was
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`replaced in 1990 as the “futures/options trading system,” and began trading in government
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`securities futures and options.
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`TS EOOOOOOO987
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`es0623'72
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`Page 6 of 14
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`Page 6 of 14
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`On the other hand, the stock index options trading system targeted the Tokyo Stock Exchange
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`Price Index (TOPIX) options transactions, and operations started up with the associated
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`transactions at the time of the starting of the transactions in October 1989. As a measure to deal
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`with the aging of these two systems, these systems were replaced, and in November 1998 the
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`futures/options trading system began operation.” (Publication 3, page 265, line 9 to last line).
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`In addition, the fact that these "operational guidelines” were in a publication actually
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`distributed to users of the “next—generation futures/options trading system” trading terminals is
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`obvious because provision of the “operational guidelines” is described in the “Notice of System
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`Correction” (“Document I”) sent to users of trading terminals in the “next—generation
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`futures/options trading system.”
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`III.
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`Conclusion
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`Therefore, the inventions of claims 1, 8, and 15 of the present application are all
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`inventions essentially identical to inventions described in Publication 1, or are inventions that
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`could easily be conceived by a person skilled in the art based on the inventions described in
`Publication 1.
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`Also, the inventions of claims 1, 8, and 15 of the present application are all inventions
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`essentially identical to inventions described in Publication 2, or are inventions that could easily
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`be conceived by a person skilled in the art based on the inventions described in Publication 2.
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`Accordingly, the inventions of claims 1, 8, and 15 of the present application all have
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`reasons for rejection under Patent Law Section 29(l)(iii) through Patent Law Section 29(2), so
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`there is a reason for providing the information specified by Patent Law Enforcement Regulation
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`13b'S(1)(ii).
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`In addition, claims 2 through 7, which are dependent on claim 1 of the present
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`application, claims 9 through 14, which are dependent on claim 8, and claims 16 through 21,
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`which are dependent on claim 15, are merely the addition of constitutions that are simple design
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`variations to the constitutions of the independent claims, and all have reasons for rejection under
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`Patent Law Section 29(2), so there is a reason for providing the information specified by Patent
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`Law Enforcement Regulation l3b'5(l)(ii).
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`(5)
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`Summary of the Present Invention 2
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`Next, in order to achieve the object and effect described in (2) above, the present
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`invention 2 is summarized as the following claims 22, 29, and 35.
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`TSEOOOOOOO988
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`Page 7 of 14
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`Page 7 of 14
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`Claim 22
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`A method ofplacing a trade order for a commodity on an electronic exchange having
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`preset parameters for trading orders, using a graphical user interface and a user input device, said
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`method comprising:
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`Displaying market depth of the commodity traded on said market through a dynamic
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`display of a plurality of bids and a plurality of asks in the market for said commodity, including
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`said bid quantity and said ask quantity for said commodity, the dynamic display being aligned
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`with a static display of corresponding prices, and
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`Initiating the placement of a trade order for said commodity by a single action of said
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`user input device that initiates placement of a trade order for said commodity by a single action
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`of said user input device with a pointer of said user input device positioned over said dynamic
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`display region for bids and asks;
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`The trade order is placed with said trade order contents based on said preset parameters
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`and partially on the location of said pointer at the moment of said single action.
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`Claim 29
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`A computer readable medium having program code recorded thereon, for placing a trade
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`order for a commodity on an electronic exchange, for execution on a computer having a
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`graphical user interface and a user input device and preset parameters for trading orders,
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`comprising:
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`A first program code for dynamically displaying market depth of the commodity traded
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`on said market through a dynamic display of a plurality of bids and a plurality of asks in the
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`market for said commodity, including said bid quantity and said ask quantity for said
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`commodity, the dynamic display being aligned with a static display of corresponding prices,
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`A second program code for initiating the placement of a trade order for said commodity
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`by a single action of said user input device with a pointer of said user input device positioned
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`over said dynamic display region for bids and asks, and
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`A third program code for setting characteristics of said trade order based on said preset
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`'l‘SE0000OOO989
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`es062374
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`Page 8 of 14
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`Page 8 of 14
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`parameters and partially on the location of said pointer at the moment of said single action.
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`Claim 35
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`A client system for placing a trade order for a commodity on an electronic exchange, said
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`system comprising:
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`A display device for displaying market depth of the commodity traded on said market
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`through a dynamic display of a plurality of bids and a plurality of asks in the market for said
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`commodity, including said bid quantity and said ask quantity for said commodity, the dynamic
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`display being aligned with a static display of corresponding prices,
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`A user input device for initiating the placement of a trade order for said commodity by a
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`single action of said user input device with a pointer of said user input device positioned over
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`said dynamic display region for bids and asks, and
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`A trading order characteristics setting constituent element for setting the characteristics of
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`said trade order based on said preset parameters and partially on the location of said pointer at
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`the moment of said single action.
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`(6)
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`I.
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`Comparison of Contents Described in Submitted Publications and the Present Invention 2
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`“Next—Generation Futures Options Trading System —— Participants Seminar Materials”
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`“Next—Generation Futures Options Trading System ~w Participants Seminar Materials”
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`(“Publication 1”) discloses:
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`The trading terminal is a general—purpose PC using Windows, etc., as the operating
`i)
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`system and having a screen structure in which “Tokyo Stock Exchange F utures/Options Trading
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`System” is displayed in the upper left part of the screen and the trade order input window is
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`displayed using a mouse click or keyboard input (Publication 1, page 4, “(l) Terminal Functions
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`for Trading, a. The Basic Screen Configuration and Operations”),
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`and its structure is such that a board screen displays issue name, order quantity, etc. which are
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`the parameters needed for trade orders (diagram in Publication 1, page 5, “Display content of
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`board screen (Example: A two-partition board screen)”)
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`ii)
`Its structure is such that order prices are displayed arranged in the center of the screen,
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`and sell and buy order quantities are displayed in a column to the left and a column to the right of
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`the order price corresponding to the order and aligned therewith (diagram in Publication 1. page
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`5, “Display content of board screen (Example: A two—partition board screen)”) and the display is
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`automatically updated every three seconds on both the board screen and the quotation screen
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`(Publication 1, page 4, “(l) Terminal Functions for Trading, b. Partitioned Boards/Quotation
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`Screens,” third line),
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`TSE0000000990
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`Page 9 of 14
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`Page 9 of 14
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`and it has a structure such that order prices are displayed in the center of the screen (diagram in
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`Publication 1. page 5, “Display content of board screen (Example: A two—partition board
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`screen)”),
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`iii)
`By double clicking a mouse on a specific location on the board screen — for example, a
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`buy order quantity display area automatically displayed at three~second intervals — a new order
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`input window is displayed and ordering is initiated, and “long-term gov. bond 912” (the issue
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`name displayed on the board screen) and the price “IZ693” at the location where the mouse
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`cursor is positioned on the board screen and the “3” shown in “buy” in “Sell/Buy Category” are
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`automatically entered in the new order input window (Publication 1, page 7, “(a) New Order
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`Entry”).
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`Furthermore, Publication 1 describes a structure wherein the “new order entry window”
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`is displayed by double clicking a mouse. Paragraph {00l5} of the present application’s
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`specification states, “This specification describes a single click of a mouse as an example of a
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`single user action as a means for user input and user dialogue with a terminal display. This
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`describes the preferred mode of dialogue, but the scope of the present invention is not limited to
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`using a mouse as the input device or limited to clicking a mouse button as the user’s single
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`action. Conversely, any action by a user in a short time is regarded as a user’s single action in
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`the present invention, regardless of whether it includes a single click of a mouse button or
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`another input device, or if it includes more than one click.” In addition, if one examines the
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`point about the input interface on the operating terminal side detecting a double click operation
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`as a single signal distinct from a single click operation, this does not prevent Publication 1 from
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`describing a structure that “initiates placing a trading order for a commodity via a single action.”
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`Also, as described in (4) above, “the display is automatically updated every three
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`seconds" and in the diagram in Publication 1, page 5, “Display content of board screen
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`(Example: A two—partition board screen)” there is a structure wherein “order prices” are always
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`disposed in the screen center and the buy quantity and the sell quantity are referenced in
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`alignment with the “order price.” This functions as a reference column for understanding the
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`quantity, and, unlike
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`TS 130000000991
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`es062376
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`Page 10 of 14
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`Page 10 of 14
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`the “order quantity,” does not have the characteristic that its value should be changed at a
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`frequency of three—second intervals, so Publication 1 suggests a structure wherein the “order
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`quantity“ display is “static” in relation to buying and selling, or at least it is obvious.
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`Publication 1, as described in (4) above, is a publication that was distributed to
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`participants at a meeting to explain the Tokyo Stock Exchange’s “Next—Generation Futures
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`Options Trading System” in September 1997, which was before the present application’s earliest
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`priority date of March 2, 2000 (see Publication 1, cover page),
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`II.
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`“Futures/Options Trading System — Guidelines for Operating the Trading Terminals”
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`“Futures/Options Trading System — Guidelines for Operating the Trading Terminals”
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`(“Publication 2”) discloses:
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`The trading terminal is a client terminal having a screen structure in which “Tokyo Stock
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`Exchange Futures/Options Trading System” is displayed in the upper left part of the screen and
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`the trade order input window is displayed using a mouse click or keyboard input (Publication 2,
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`page 2-1, page 3-6, “Double clicking in specific areas on the boards/quotation screens”; page 5-
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`1, “S-1 The Main Window”), and its structure is such that order prices (11) are displayed
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`arranged in the center of the screen, and sell and buy order quantities (12) are displayed in a
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`column to the left and a column to the right of the order price corresponding to the order and
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`aligned therewith (diagram in Publication 2, page 7-17, “7—3-1 Board Screen Display Items, 9 2-
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`split Board Screen”; page 7-21, “This displays the order price (market/closing/designated).
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`Moreover, for the designated part, the 2—partition board screen will display 20 prices, and the
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`4/6—partition board screens will display 7 prices.”
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`(Furthermore, it is clear that the column to the left of the order prices in that diagram is
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`the