UNITED STATES PATENT AND TRADEMARK OFFICE
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`
`BEFORE THE PATENT TRIAL AND APPEAL BOARD
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`IBG LLC,
`INTERACTIVE BROKERS LLC,
`CQG, INC.,
`CQGT, LLC,
`Petitioners
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`v.
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`TRADING TECHNOLOGIES INTERNATIONAL, INC.
`Patent Owner
`____________________
`
`Patent No. 7,685,055
`____________________
`
`
`DECLARATION OF DAVID RHO
`IN SUPPORT OF PETITION FOR
`COVERED BUSINESS METHOD REVIEW OF U.S. PATENT 7,685,055
`
`
`IBG 1004
`CBM of U.S. Pat. No. 7,685,055
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`
`
`
`
`
`
`
`BEFORE THE PATENT TRIAL AND APPEAL BOARD
`
`
`
`
`
`
`IBG LLC,
`INTERACTIVE BROKERS LLC,
`CQG, INC.,
`CQGT, LLC,
`Petitioners
`
`v.
`
`TRADING TECHNOLOGIES INTERNATIONAL, INC.
`Patent Owner
`____________________
`
`Patent No. 7,685,055
`____________________
`
`
`DECLARATION OF DAVID RHO
`IN SUPPORT OF PETITION FOR
`COVERED BUSINESS METHOD REVIEW OF U.S. PATENT 7,685,055
`
`
`IBG 1004
`CBM of U.S. Pat. No. 7,685,055
`
`
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`I, David Rho, declare as follows:
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`1.
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`I have been engaged by Sterne, Kessler, Goldstein & Fox P.L.L.C. on
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`behalf of IBG LLC, Interactive Brokers LLC, CQG, Inc., and CQGT LLC,
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`(“Petitioners”) for the above-captioned covered business method review
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`proceeding. I understand that this proceeding involves United States Patent
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`7,685,055, entitled “System and Method for Automatic Repositioning of Market
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`Information in a Graphical User Interface,” by Harris Brumfield, et al., filed May
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`3, 2006, and issued March 23, 2010 (the “’055 Patent”). I understand that the ’055
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`Patent is currently assigned to Trading Technologies International, Inc. (“TT”).
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`2.
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`I understand the ’055 Patent is a continuation of U.S. Patent
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`Application No. 10/403,881, filed Mar. 31, 2003, which is a continuation of U.S.
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`Patent Application No. 10/125,894, filed on April 19, 2002, now U.S. Pat No.
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`7,389,268, which is a continuation-in-part of U.S. Patent Application No.
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`09/971,087, filed Oct. 5, 2001, now U.S. Pat No. 7,127,424, which claims the
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`benefit of U.S. Provisional Application No. 60/238,001, filed Oct. 6, 2000. The
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`U.S. Patent Application No. 10/125,894 is also a continuation-in-part of U.S.
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`Patent Application No. 09/590,692, filed Jun. 9, 2000, now U.S. Pat No. 6,772,132
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`and U.S. Patent Application No. 09/589,751, filed Jun. 9, 2000, now U.S. Pat No.
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`6,938,011, both of which claim the benefit of U.S. Provisional Application No.
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`60/186,322, filed Mar. 2, 2000. U.S. patent application Ser. No. 10/125,894 also
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`claims the benefit of U.S. Patent Application No. 60/325,553, filed Oct. 1, 2001.
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`3.
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`For purposes of the Covered Business Method Review, I assume the
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`earliest possible priority date of the ’055 Patent is the March 2, 2000 filing date of
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`Provisional Application No. 60/186,322.
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`4.
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`I have reviewed and am familiar with the specification of the ’055
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`Patent. I understand that the ’055 Patent has been provided as Exhibit 1001. I will
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`cite to the specification using the following format (’055 Patent, 1:1-10). This
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`example citation points to the ’055 Patent specification at column 1, lines 1-10.
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`5.
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`I have reviewed and am familiar with the file history of the ’055
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`Patent. I understand that the file history has been provided as Exhibit 1002.
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`6.
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`I have also reviewed and am familiar with the following prior art used
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`in the Petition for Covered Business Method Review of the ’055 Patent:
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`• U.S. Patent No. 5,077,665 to Silverman et al. (“Silverman”). I
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`understand that Silverman has been provided as Exhibit 1005.
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`• U.S. Patent No. 5,297,031 to Gutterman et al. (“Gutterman ”). I
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`understand that Gutterman has been provided as Exhibit 1006.
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`• A certified translation of “Futures/Option Purchasing System Trading
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`Terminal Operation Guide” (“TSE”). I understand that the original
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`Japanese language document was provided as Exhibit 1007, the
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`certified translation provided as Exhibit 1008, and the certification of
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`translation provided as Exhibit 1009.
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`A complete listing of additional materials considered and relied upon in
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`preparation of my declaration is provided as Exhibit 1015. I have relied on these
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`materials to varying degrees. Citations to these materials that appear below are
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`meant to be exemplary but not exhaustive.
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`7.
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`The ’055 Patent describes automatic repositioning of market
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`information in a graphical user interface. (’055 Patent, Title.) I am familiar with
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`the technology described in the ’055 Patent as of the earliest possible priority date
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`of the ’055 Patent (March 2, 2000).
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`8.
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`I have been asked to provide my technical review, analysis, insights
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`and opinions regarding the ’055 Patent and the above-noted references that form
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`the basis for the grounds of unpatentability set forth in the petition for Covered
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`Business Method Review of the ’055 Patent.
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`I.
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`QUALIFICATIONS
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`9.
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`See my Curriculum Vitae provided as Exhibit 1014 for a listing of my
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`qualifications.
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`10.
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` My expertise qualifies me to do the type of analysis required in this
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`case.
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`11.
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`I graduated from the Massachusetts Institute of Technology (MIT) in
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`1992 with a Bachelor’s Degree in Computer Science with Electrical Engineering.
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`12.
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`In the 1990s, I worked as a Manager of an Educational Computing
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`Facility at MIT, where I created a website having a graphical user interface
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`(“GUI”) front end and a database backend, for receiving, storing, and displaying
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`data.
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`13. From November 11, 1999 to March, 2001, I worked at marchFIRST
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`in New York, New York as a Consultant and Manager. At marchFIRST, I worked
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`on trading applications, such as implementing a distributed messaging system for
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`fixed income products for a major market data provider. I have also designed a
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`trading system for a pan-European stock exchange.
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`14. From March 2001, I have been working as a partner at MMG Partners
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`in New York, New York. At MMG Partners, I have engaged in numerous trading
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`related projects. I designed the front and back office system for four independent
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`broker dealers, determined product offering gaps for a trading system and market
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`data firm for a client as opposed the client's competitions, and advised numerous
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`sell-side and buy-side companies of ways to reduce their market data spending.
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`15. While at MMG Partners, I have advised a broker/dealer on which
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`order management system would meet their business requirements.
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`16. Also while at MMG Partners, I have performed due diligence on the
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`NYMEX futures exchange with a large private equity firm and a venture capital
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`firm. I analyzed the trading system from a functional and technical perspective.
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`17. Also while at MMG Partners, I worked on an IT benchmarking study
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`for Deutsche Bourse. This study involved analyzing benchmarks from Deutsche
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`Bourse, Deutsche Bourse Clearing, CBOT, CBOE, CME, Philadelphia Stock
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`Exchange, Swiss Stock Exchange, OMX, Milan Stock Exchange, CME Clearing
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`and OCC. As part of this study, I normalized benchmark results across disparate
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`trading system platforms and architectures.
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`18. While at MMG Partners, I have also advised Dr. Moses Ma, who was
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`engaged as an expert witness in a lawsuit involving U.S. Patent No. 6,618,707. The
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`nature of my advisement was research and analysis regarding refuting invalidity
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`claims and proving infringement.
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`19. My Curriculum Vitae contains further details on my education,
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`experience, publications, and other qualifications to render an expert opinion. My
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`work on this case is being billed at a rate of $500.00 per hour, with reimbursement
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`for actual expenses. My compensation is not contingent upon the outcome of this
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`covered business method review or the litigation involving the ’055 Patent.
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`II. MY UNDERSTANDING OF CLAIM CONSTRUCTION
`I understand that, during a Covered Business Method Review, claims
`20.
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`are to be given their broadest reasonable construction in light of the specification
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`as would be read by a person of ordinary skill in the relevant art.
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`I. MY UNDERSTANDING OF OBVIOUSNESS
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`21.
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`I am not a lawyer and will not provide any legal opinions. Although I
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`am not a lawyer, I have been advised certain legal standards are to be applied by
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`technical experts in forming opinions regarding meaning and validity of patent
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`claims.
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`22.
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`I understand that a patent claim is invalid if the claimed invention
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`would have been obvious to a person of ordinary skill in the field at the time of the
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`purported invention, which is often considered the time the application was filed.
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`This means that even if all of the requirements of the claim cannot be found in a
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`single prior art reference that would anticipate the claim, the claim can still be
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`invalid.
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`23. As part of this inquiry, I have been asked to consider the level of
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`ordinary skill in the field that someone would have had at the time the claimed
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`invention was made. In deciding the level of ordinary skill, I considered the
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`following:
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`• the levels of education and experience of persons working in the field;
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`• the types of problems encountered in the field; and
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`• the sophistication of the technology.
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`24. To obtain a patent, a claimed invention must have, as of the priority
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`date, been nonobvious in view of the prior art in the field. I understand that an
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`invention is obvious when the differences between the subject matter sought to be
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`patented and the prior art are such that the subject matter as a whole would have
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`been obvious at the time the invention was made to a person having ordinary skill
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`in the art.
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`25.
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`I understand that to prove that prior art or a combination of prior art
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`renders a patent obvious, it is necessary to (1) identify the particular references
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`that, singly or in combination, make the patent obvious; (2) specifically identify
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`which elements of the patent claim appear in each of the asserted references; and
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`(3) explain how the prior art references could have been combined in order to
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`create the inventions claimed in the asserted claim.
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`26.
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`I understand that certain objective indicia can be important evidence
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`regarding whether a patent is obvious or nonobvious. Such indicia include:
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`commercial success of products covered by the patent claims; a long-felt need for
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`the invention; failed attempts by others to make the invention; copying of the
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`invention by others in the field; unexpected results achieved by the invention as
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`compared to the closest prior art; praise of the invention by the infringer or others
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`in the field; the taking of licenses under the patent by others; expressions of
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`surprise by experts and those skilled in the art at the making of the invention; and
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`the patentee proceeded contrary to the accepted wisdom of the prior art.
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`III. LEVEL OF ORDINARY SKILL IN THE ART
`27. One of ordinary skill in the art at the time of the alleged invention,
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`would have had the equivalent of a Bachelor’s degree or higher in computer
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`science or computer engineering and at least 2 years working experience designing
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`and/or programming graphical user interfaces, and direct or indirect experience
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`with trading or related systems. Experience could take the place of some formal
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`training, as domain knowledge and user interface design skills may be learned on
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`the job. This description is approximate, and a higher level of education or skill
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`might make up for less education and vice versa.
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`IV. TSE
`A. Overview
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`28. TSE is a “Futures/Options Purchase System” that “handles the trades”
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`in the bond futures, bond future option, index futures, index option, and stock
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`option markets. (TSE, p. 0035.) As explained by TSE, “[e]ach aforementioned
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`market may have a different price display, and input unit, etc.” (Id.)
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`29. The system of TSE includes a client computer. (Id. at 0006-09.) The
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`client computer “has a number of functions such as various order inputs, resale and
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`buy back/rights, exercises, various inquiries, various work operation instructions,
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`and board information inquiries responding to the information display and the
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`printer control function.” (Id. at 0013.) “The basic operation of the client is
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`almost equal to that of the Windows personal computer.” (Id. at 0026.) The client
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`“can be operated by the ‘keyboard’ or ‘mouse’.” (Id. at 0013.) When using the
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`“mouse,” a “selection can be made by ‘[c]licking,’ etc.” (Id. at 0027.)
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`30. TSE displays information graphically on a screen and thus has a
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`graphical user interface (“GUI”) for displaying market information. One example
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`of the GUI of TSE is the Board/Quotation Screen. TSE supports many display
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`options and modes for presenting market information on the Board/Quotation
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`Screen. That is, the system of TSE allows a trader to customize the
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`Board/Quotation Screen based on how they prefer to view the market information
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`while they actively trade. For example, a user can select from 6 types of display
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`forms that divide the screen to display information for multiple (2, 4 or 6) issue
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`names simultaneously. (Id. at 0103-04.) As highlighted below, the
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`Board/Quotation Screen includes Board Screen portion and a Quotation Portion:
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`(Id. at 0103.) The Board x 2, Board x 4, and Board x 6 display forms are depicted
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`below:
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`Board x 2
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`Board x 4
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`Board x 6
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`(Id.)
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`31. The Board Screen displays 20 prices in the uncompressed “Board x 2”
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`display form. (Id. at 0111.) The Board Screen displays seven prices in the
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`uncompressed “Board x 4” display form and the uncompressed “Board x 6”
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`display form. (Id.) The figures from 0107 and 0108 of TSE depict uncompressed
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`“Board x 2,” “Board x 4,” and “Board x 6” board displays:
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`Board x 2
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`Board x 4
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`Board x 6
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`32. A trader can further select from two price display methods, non-
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`compressed or compressed method, for each Board Screen. (Id. at 0068.) In the
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`non-compressed method, “[r]egardless of the existence of the orders, etc. at the
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`corresponding price, it is a method to display all prices on the board.” (Id.) In the
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`compressed method, “only the price that satisfies” a set of requirements is
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`displayed. (Id.) The trader sets the price display method by selecting a radio button
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`associated with the Board Screen. (Id. at 0069.) The following figure on 0068 of
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`TSE depicts the “non-compressed” and “compressed” methods:
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`33. A larger version of the Board Screen when the divided in 2 form is
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`selected by the trader is reproduced below. (Id. at 0107.) The Board Screen
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`includes the ability to turn on scrolling through the scroll buttons labeled ⑤. (Id.
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`at 0110.) A Board Screen “that does not scroll is called a ‘Basic Board Screen.’”
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`(Id. at 0115.) TSE refers to a Board Screen having scrolling enabled as a
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`“Scrolling Screen.” (Id.) For purposes of this proceeding, I refer to the Board
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`Screen as having a Basic Board Screen mode and a Scrolling Screen mode.
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`(Id. at 0107.)
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`34. When in Scrolling Screen mode, “the price display positions do not
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`change automatically.” (Id. at 0115) A user can transition the Basic Board Screen
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`to Scrolling Screen mode by using “the mouse to click the ‘▲’ or ‘▼’ scroll
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`button on the Board Screen.” (Id. at 0116.) When in Scrolling Screen mode the
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`“H” is displayed in “Red.” (Id.) A user can transition the Board Screen from
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`Scrolling Screen mode to Basic Board Screen mode by using “the mouse to click
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`the ‘H’ (Home) button on the Board Screen.” (Id.) The figure on 0116 of TSE
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`(reproduced below) illustrates transitioning from the “Basic Board Screen” to the
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`“Scroll Screen” using the “▲” button, and then back to the “Basic Board Screen”
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`using the “H” button:
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`(Id. at 0116.)
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`35. TSE’s Board/Quotation Screen functions differently depending on its
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`display mode. When the Board Screen is in Basic Board Screen mode, the display
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`automatically updates to maintain a center price “at the center part of the board.”
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`(Id. at 0115.) By contrast, in Scrolling Screen mode, “the price display positions do
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`not change automatically.” (Id.) The automatic update of TSE can be either
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`continuous or as a result of the occurrence of an event.
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`36. For example, when the display is in Basic Board Screen mode with an
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`uncompressed price display, the center price is repositioned to the center of the
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`board upon occurrence of an event. If the uncompressed Basic Board Screen is in
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`“Board x 2” divided form, the event is when the center price exceeds the range of
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`the “Three Prices Up and Down” from the center of the price axis. (Id. at 0115.) If
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`the uncompressed Basic Board Screen is in “Board x 4” or “Board x 6” divided
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`form, the event is when the center price falls exceeds the range of the “One Price
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`Up and Down” from the center of the price axis. (Id.) When the display is in Basic
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`Board Screen mode with a compressed price display,” the center price is
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`continuously repositioned to the center of the Board.
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`Claim 1.
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`B.
`37. Claim 1 is reproduced below. I have labeled the elements of claim 1
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`for ease of discussion.
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`[P] A method for repositioning a static price axis on a graphical user
`1.
`interface for displaying market information of a commodity being traded at
`an electronic exchange, the method comprising:
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`[A] receiving market information relating to a commodity from an
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`electronic exchange via a computing device, the market information
`comprising an inside market with a current highest bid price and a current
`lowest ask price for the commodity;
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`[B] displaying a first plurality of price levels along a static price axis
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`on a graphical user interface of a display device associated with the
`computing device, where the first plurality of price levels range from a
`lowest value to a highest value along the static price axis;
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`[C] in response to an input command received via an input device
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`associated with the computing device, adjusting the first plurality price
`levels among a range of price levels to an adjusted plurality of price levels
`including the first plurality of price levels;
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`[D] displaying a bid and ask display region on the graphical user
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`interface, the bid and ask display region comprising a plurality of locations
`corresponding to the first plurality of price levels displayed along the static
`price axis, wherein each location corresponds to one of the first plurality of
`price levels, and wherein a number of the plurality of locations changes
`according to adjusting the first plurality of price levels;
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`[E] displaying a first indicator representing a quantity associated with
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`the current highest bid price at a first location in the plurality of locations of
`the bid and ask display region, wherein the first indicator ascends or
`descends the static price axis as changes in the current highest bid price
`occur as a result of each of the plurality of price levels along the static price
`axis not changing positions on the graphical user interface unless a
`reposition command is received;
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`[F] displaying a second indicator representing a quantity associated
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`with the current lowest ask price at a second location in the plurality of
`locations of the bid and ask display region, wherein the second indicator
`ascends or descends the static price axis as changes in the current lowest ask
`price occur as a result of each of the plurality of price levels along the static
`price axis not changing positions on the graphical user interface unless the
`reposition command is received;
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`[G] receiving the reposition command to reposition the static price
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`axis when a designated price is within a designated number of price levels
`from the lowest value or the highest value along the static price axis; and
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`[H] responsive to receiving the reposition command, automatically
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`repositioning the static price axis on the graphical user interface such that a
`current inside market price is displayed at a new desired location.
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`1. A method for repositioning … ([P])
`38. As discussed above, TSE discloses a computerized trading method
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`and system that facilitates trading commodities by displaying market information
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`to traders via a GUI having a Board Screen. (TSE, pp. 0035, 0107.) The Board
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`Screen displays information for a commodity including the Issue Name, the
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`Current Day’s Reference Price, the Price of Underlying Security, the Current
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`Day’s Trading Volume, Total Number of Orders Not Executed, the Order Price
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`(market order, on close, or limit price), and Order Quantity. (Id. at 0107-14.) As
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`described in further detail below, TSE also discloses “repositioning a static price
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`axis on [the] graphical user interface.”
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`2.
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`receiving market information relating to a commodity from an
`electronic exchange … ([A])
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`39. The system of TSE “handles the trades in the” bond futures, bond
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`future option, index futures, index option, and stock option markets. (TSE, p.
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`0035.) TSE discloses that “[b]oard and quotation information is automatically
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`updated at three-second intervals” with market information, including new bids
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`and offers. (Id. at 0091, 0107.) The exchange of TSE has “an inside market with a
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`current highest bid price and a current lowest ask price.” TSE’s Board Screen
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`displays the inside market (current highest bid price and the current lowest ask
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`price). (See id. at 0107.)
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`3. displaying a first plurality of price levels along a static price
`axis on a graphical user interface of a display device…([B])
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`In TSE’s Board Screen, the column labeled ⑪ is a price axis having a
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`40.
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`“plurality of price levels.” (TSE, pp. 0107, 0111-12.) The price column of TSE has
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`a range of price levels “from a lowest value to a highest value.” (See id. at 0107.)
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`The price column of TSE is “static” when the display is in specific modes. For
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`example, when the display is in Basic Board Screen mode with an uncompressed
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`price display, the center price is repositioned to the center of the board upon
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`occurrence of an event. That is, the price axis in this display mode is “static” (does
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`not move) unless a repositioning event occurs.
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`4.
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`in response to an input command received via an input device
`associated with the computing device, adjusting the first
`plurality price levels … ([C])
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`41. As discussed above, a trader can select from two price display
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`methods, non-compressed or compressed, for each displayed Board Screen. (TSE,
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`p. 0068.) Specifically, a trader can toggle between the non-compressed and
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`compressed display modes of the Board Screen using a radio button. (Id. at 0069.)
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`In the non-compressed method, “[r]egardless of the existence of the orders, etc. at
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`the corresponding price, it is a method to display all prices on the board.” (Id. at
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`0068.) The compressed method, on the other hand, “display[s] only the price that
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`satisfies the following requirements out of the prices on the board,” including:
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`“[t]he current price with an order,” the “[l]atest agreement price (including the
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`standard price of the day),” the “[q]uotation display price,” and the “[m]atching
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`price.” (Id.; see also id. at 0111 (“mode that displays only designated prices, such
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`as a price for which there is an order”).)
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`42. The figure on 0068 of TSE is reproduced below. In this example, the
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`compressed display has three price levels: “002,” “004,” and “007” (e.g., “a first
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`plurality of price levels”). (Id. at 0068.) The non-compressed display has seven
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`price levels: “001,” “002,” “003,” “004,” “005,” “006,” “007” (e.g., “an adjusted
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`plurality of price levels”), which include the three levels that are displayed on the
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`compressed display. (Id.) Thus, when a trader using TSE transitions from the
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`compressed display to the non-compressed display by selecting the radio button
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`(“in response to an input command), TSE’s display “adjust[s] the first plurality of
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`price levels among a range of price levels to an adjusted plurality of price levels
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`including the first plurality of price levels.”
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`(Id. at 0068.)
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`5. displaying a bid and ask display region on the graphical user
`interface … ([D])
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`43.
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`Columns) display “the order quantity … for each order price.” (Id. at 0112-13.)
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`In TSE’s Board Screen, the column labeled ⑪ (Order Price
`Column) is a price column. (TSE, p. 0107, 0111.) The price column is a price axis
`having a plurality of price levels. (Id.) The columns labeled ⑫ (Order Quantity
`The columns labeled ⑬ (Order Count Column) display “the order count.” (Id.)
`Orders to the left of the price column ⑪ are outstanding asks and orders to the
`right of price column ⑪ automatically populates the new order entry window with
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`right are outstanding bids. (See id. at 0137 (depicting that selecting an area to the
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`“buy order” code (3).) Each of the bid and ask display regions of TSE comprises
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`- 20 -
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`“a plurality of locations corresponding to the first plurality of price levels
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`displayed along the static price axis [price column ⑪].” (See id. at 0107, 0137.)
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`44. When transitioning TSE’s Board Screen from a compressed display to
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`a non-compressed display (i.e., the claimed “adjusting”), the “number of the
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`plurality of locations changes according to adjusting the first plurality of price
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`levels.” For example, as shown in the figure on 0068 of TSE (reproduced above),
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`the number of levels changes from three to seven when the “first plurality of price
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`levels” is adjusted to the “adjusted plurality of price levels.” (Id. at 0068.)
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`6.
`
` “displaying a first [second] indicator” ([1E], [1F])]
`
`45. The columns labeled ⑫ in TSE’s Board Screen display “the order
`quantity … for each order price” and the columns labeled ⑬ display “the order
`
`count.” (TSE, p. 0112-13.) The Board Screen of TSE displays the highest bid price
`
`and quantity (price: 13019; quantity: 17) and the lowest ask price and quantity
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`(price: 13023; quantity: 5). (See e.g., id. at 0107.) In the example Board Screen
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`depicted on 0107 of TSE, As discussed above, the order quantity of 17 corresponds
`
`to the “first indicator” and the order quantity of 5 corresponds to the “second
`
`indicator.” (Id.) Thus, the “first indicator” is at a “first location in the plurality of
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`locations of the bid and ask display region” and the “second indicator” is at a
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`“second location in a plurality of locations of the bid and ask display region.”
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`- 21 -
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`46. TSE discloses “wherein the first indicator ascends or descends the
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`static price axis as changes in the current highest bid price occur” and “wherein
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`the second indicator ascends or descends the static price axis as changes in the
`
`current lowest ask price occur.” TSE discloses that “[b]oard and quotation
`
`information is automatically updated at three-second intervals” with market
`
`information, including new bids and offers. (Id. at 0091, 0107.) TSE further
`
`discloses that the “board information on each Board Screen is automatically
`
`updated even if it has been scrolled vertically.” (Id. at 0091; see also id. at 0116.)
`
`So when TSE’s Board Screen displays the price axis statically (e.g., in the Basic
`
`Board Screen mode with an uncompressed price display or in a Scrolling Screen
`
`mode) a market event—such as a change in the inside market—causes the first and
`
`second indicators to be displayed at different locations along the static price axis.
`
`As a result, the first and second indicators ascend or descend the static price axis in
`
`response to the changes in the current highest bid and current lowest ask. Again, as
`
`examples, TSE’s price axis is static in the Basic Board Screen mode with an
`
`uncompressed price display until a repositioning event occurs, and is also static in
`
`the Scrolling Screen until a user manually transitions the Board Screen to the Basic
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`Board Screen using the “H” button. Thus, “the first[second] indicator ascends or
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`descends the static price axis as changes in the current highest bid price occur as a
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`result of each of the plurality of price levels along the static price axis not
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`- 22 -
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`changing positions on the graphical user interface unless a reposition command is
`
`received.”
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`7. “receiving the reposition command to reposition the static
`price axis” … ([G])
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`47. When the display is in Basic Board Screen mode with an
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`uncompressed price display, the center price is repositioned to the center of the
`
`board upon occurrence of an event. If the uncompressed Basic Board is in “Board
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`x 2” divided form, the event is when the center price exceeds the range of “Three
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`Prices Up and Down” from the center of the price axis. (TSE, p. 0115.)
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`48. Here, the “center price” functions as the recited “designated price.” A
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`person having ordinary skill the art (“PHOSITA”) would have understood that TSE
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`teaches the claimed repositioning because the repositioning threshold can be
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`determined whether one counts from the ends or the center of the price axis.
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`Specifically, each end of TSE’s 20-price level axis is ten prices from the center.
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`TSE’s three price levels from the center therefore defines a “designated number”
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`of seven price levels from each end of the axis, as required by the claims. Thus,
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`when TSE’s center price is “within a designated number of price levels from the
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`lowest value or the highest value along the static price axis” (e.g., within seven
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`price levels from each end of the axis for an uncompressed, “Board x 2” display), a
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`repositioning event occurs. TSE does not explicitly describe that a “reposition
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`- 23 -
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`command” is issued by the software to initiate the repositioning function.
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`However, it would have been obvious to a PHOSITA to implement a reposition
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`command to cause the software to initiate repositioning disclosed by TSE.
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`8. “responsive to receiving the reposition command,
`automatically repositioning the static price axis” … ([H])
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`49. When the display is in Basic Board Screen mode with an
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`uncompressed price display and a repositioning event occurs (e.g., designated price
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`exceeds “Three Prices Up and Down” or “One Price Up and Down”), the static
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`price axis is automatically repositioned such that a current inside market price is
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`displayed at a new location. (TSE, p. 0115 (when a repositioning event occurs
`
`when in Basic Board Screen mode with uncompressed price display, “the price at
`
`the center part of a board is automatically revised and displayed”).)
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`Claims 3 and 6
`
`C.
`50. As described above, TSE displays the inside market price for a
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`commodity. It would have been obvious to a PHOSITA to “establish[] that the
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`[second] designated price is based on an inside market price for the commodity.”
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`Basing the “designated price” (and/or “second designated price”) on the inside
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`market is nothing more than an obvious design choice. A PHOSITA would have
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`been motivated to have the inside market centered in the GUI to give the trader
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`more market data to work with and make trading decisions. With the display
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`centered on the inside market, the trader can quickly see any market imbalance,
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`- 24 -
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`which they might miss if the inside market is too far to one extreme or the other of
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`the display. Also, seeing the market depth, the trader will gain insight to the market
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`momentum, market volatility and price support that might affect their trading
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`decisions.
`
`Claim 4
`D.
`51. TSE identifies at least three “designated prices”: 1) a
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`“Cautionary/special quotation price,” 2) the relevant order price, if there is a sell
`
`order or buy order that takes priority over the latest contract price, and 3) the latest
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`contract price. (TSE, p. 0115.) Any one of the three prices could be “establish[ed
`
`as]a second designated price.” In TSE, the board information is updated so that
`
`the center price (designated price) is always displayed in the center of the board.
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`(Id.) The center of the board is a “predetermined location in relation to the static
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`price axis.” In TSE, the display is automatically repositioned when the display is in
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`Basic Board Screen mode. As discussed above, this automatic repositioning could
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`be continuous (e.g., when in a compressed price display) or in response to an event
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`(e.g., when in an uncompressed price display). Thus, TSE discloses “automatically
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`repositioning the static price axis on the graphical user interface to position the
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`second designated price at a predetermined location in relation to the static price
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`axis.” The automatic repositioning of the static price axis in turn causes the current
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`inside market price to be displayed at a new desired location on the Board Screen.
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`- 25 -
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`52. Moreover, TSE discloses different center pric
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