1
`
`IBG LLC ET AL. - EXHIBIT 1002 Part 1
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`

`
`File History Report
`
`While copying your file we noticed that there are one or
`more ‘Other Publications’ missing from the contents of the
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`5
`
`

`
`IHWIIIMIIIIMIHIIIIIIIIIII
`US(X)6'o'563Ufll32
`
`(11) United States Patent
`Kemp, 1] 8|‘. III.
`
`(10) Patent No.:
`(45) Date of Patent:
`
`US 6,766,304 B2
`Jul. 220, 2004
`
`CLICK IIASEIII TRADING WITH [N'I'Ul'l‘lVE
`GRID DISPLAY OFMARKEI DEPTH
`Inveulorsc
`
`:
`
`Go.ryAilm Kmp. ll. Winnnlkl. IL
`(US); Jens-Uwe Scluluelter, Bvanmn.
`ii
`Harri Brumfieltl, Chicago,
`'I'r:dlng Ihchmhglm Inlemnflorlsl,
`Ina. Cliic-Igo. IL (US)
`Subjscl to any disr.'.lIi|I1er,1he term oflhis
`patent is errlendud or adjuahud under 35
`U.S.C. 15-l(|:I) by 544 days.
`
`Appl. No; 093394.631
`Filed:
`Jun. 27. 1001
`Prior Pllllllfllhll Data
`US 'Zm'ZJ[l159l29 Al May 16, 2am
`
`Related U5. Dun
`
`fin. of lppliclliun Na. oogsoopoz, filed on Jun. 9,
`ggahiom application No. GOJISE332. fihd 0: Mal. 2.
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`345.514
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`U.S. i’A'.l‘ENT DDCUlv[EN'l'S
`1,614,014 A
`$198? Kulmuueld.
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`1998.
`USFIU Prumllliun. NASDAQ, Nov. 3, 2001, enclosed pp.
`1-13.
`
`Primary ard Wuiaborger
`(74) Artur-my, Agent, or Firm-Foley It IAl'dneI
`(57)
`ABSTRACT
`Amcthud and nymm [nr mdlming 1.bc1ime:'I uku for I
`trader to plus I Irads whorl clecimuicnlly
`on an
`mchangc. thus inmuing Ila Illwlihnuul that thc Lndor will
`have urders filled u desirsble prim tad quaruiries. The
`"M:rcI|u'f' display and India; msthod ol :11: present inven-
`u'ou ensure fut and accurate execuinn oru-udus by display-
`ing mukei depth on a venical or horizontal plane. which
`flucmtas logicnliy up nrdorrn. Iran or right mm: the plane
`:3 lbs mrkm prions fiudualcs. This nllnwsthe trader in u-we
`quickly and eficionily.
`
`40 Clnllnl. I Drnlrlnfi Slteels
`
`6
`
`

`
`US 6,766,304 B2
`Paga2
`
`U.S. PATENT DOCUMENTS
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`5,191,002 A
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`U.S. Patent
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`Jul. 20, 2004
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`Jul. 20, 2004
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`Us 6,766,304 B2
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`FIG. 3
`
`10
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`

`
`U.S. Patent
`
`Jul. 20, mm
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`Sheet 4 of 6
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`Us 6,766,304 131
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`U.S. Patent
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`Jul. 20, 2004
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`

`
`1
`CLICK BASED TRAIJING WITH lNl'l.lITl'VE
`GRID lIllSl'l..AY OF MARKET DEFHI
`
`This application in a tliviaiottal application of Ser. No.
`091590.691 filed Jill). D9, EH30 which etaitne benefit of
`501155.323. filed Mil’. 3. III”.
`PRlCIt‘tt“t"r'
`
`The present application claims priority to a U.s. novi-
`aiooat Patent Application entitled “Marlon Depth Display
`Click Based Trading and Mercury Diaplay" filed Mar. 2.
`1000. the corttenttt of ntaioh are incorporated herein by
`
`FIELD OF INVENTION
`The present invention isdirected to the electronic trading
`of commodities. Specifically, the invention provides a trader
`with a versatile and etfielertt tent for executing trader. It
`facilitates the display of and the rapid placement of trade
`orders within the market rrarlirtg depth of a oornnaodity,
`where a commodity include: anything that an be traded
`with quantitie! andlor prices.
`BACKGROUND OF THE INVENTION
`
`At least 60 exchanges tttroagttout the world tttitiu elec-
`tronic trading in varying degrees to trade mocha, bond-5
`fnturett. options and other products.
`'I'l'teae electronic
`etrcttanaea are hattedort threocolfltthnents: mainframe cont-
`ptttera (heat), oorntnuniatatto-na servers, and the exchange
`parriciplnlf conaputera (client). The hoet Eorms the slow
`Ironic heart or the fully computerized eiearttnic trading
`system. The Intern’: operations cover order-matching,
`maintaining order books and positions. price information,
`and managing and updating the database for the entice
`trading day as well an nightly batch runs The heat is also
`equipped with external
`interfaces that maintain tttainter—
`nrpted online contact
`to qtaore vendora and other price
`information ayatetne.
`l.ht1nt.t§h three types of
`Traders can link to the heel
`eIrt.tt‘.lIllBo: trig: speed data lines, high speed commutin-
`lJ'Dl3Rl'VGr5-IIa(llll:lIl1.GI'ltOLl'l.lglt!plfll data litreseetahlialr
`direct oortnectiona hetween the client and tlte hcnt. Another
`connection can he established hy conligttring high speed
`networks or eotrnntunlcatlona servers at strategic access
`points worldwide in locations where tmters physically are
`located. Data is transmitted in both directions between
`tracker: and exdungea via dedicated high speed communi-
`cation lines. Most catclattnge participants install two lines
`between the exchange and the client aite or between the
`communication server and the client trite as it safely measure
`against potential failures. that exchange‘: internal computer
`system is Alec often installed with hacttttpa u a redundant
`naeaattre to aectare system availability. The third connection
`utilizes the Internet. ‘Here. the exchange and the traders
`communicate back and loralalhrongh high speed can lines.
`which are connected to thelntttrnet.Thi.a allowatradetetolte
`located anywhere they can eatahliah a connection to the
`Internet
`Irrespective of the way in which a connection ia
`eatahtiatrod.
`the exchange participants’ comptttera allow
`trader: to participate in th tatarhet ‘may use aofitrrare that
`creates specialized interactive trading acroenson the tratrf
`deaIttope.'I'ltetradingat:t'eenaeoahletraderetoenterand
`erneeute orders, obtain rmrketqraotea, and monitor poaitiorta.
`The range and quality of fieeleres available to tratiotaon their
`
`US 6,766,304 B2
`
`2
`aoreetas varies according to the apeclflc seflware application
`being run. The inatallattota ofopen interlacea in the devel-
`oplnettt ofaItextchange'nelec1'mtlic strategy oteanausere can
`chooae. depending on their trading style and internal
`reqtrirententa.
`the means by which they will aeoaae the
`exchange.
`The ttvorld'a stock, bond, fittures and options exchange:
`have volatile products with prices that move rapidly. To
`profit in three marinate. traders must be able to react qtticltly.
`A chilled trailer with Us qtrichtet software,
`the faetfil
`communications, and tin moot rrophlatzicatted atralytita can
`nignifitarrlly itnplfitrehiaowtlorhie firm’a|Iaaa|l=tom line.'l'lte
`a'
`atapeeda
`art
`can
`crate '
`atrtreturttsin
`algignatttttinn 1llIl‘h=l.ult?‘|Bdl|§:nm1I'kel5,l1IIdBf
`lacking a technologically advanced interface is at 4 severe
`competitive disadvantage.
`Irrespective otfwhat interfiace a trader uaeeto enter orders
`in the market. each market auppliea and requires the aame
`information to and from every trader. Tin hide and asks in
`the rrtarlrot make up the market data and
`e logged on
`to trade can receive thia iniorrnatiort if the exchange pro-
`vides it. Similarly. every enchanga reqttirea that certain
`information be included in each order. For example, tradere
`tnttat ntpply information litre the name of the commodity.
`quantity. restrictions, price and multiple other Variables.
`Without all at‘ this icilormation. the market will not accept
`the order. This input and ctttptttof intlorntatioo the aatrte tor
`every trader.
`with three Variables being eonatant. a competitive apeed
`advantage met more from other aspects oi‘ the trading
`cycle. When analyfing the time it talrea to place a trade order
`for a given corrtutudlty, various steps contribute in difietettl
`ameuttteto the total time reqtaired.Appr'oxr'mately 8% oftlte
`tmal time it tale: to enter an order elapse: between the
`nromentthehoat
`theprieerorthotxtotmodityaotl
`the moment the clierttreeeivu the prir:o.TlIe time it taken for
`the client application to display the price to the trader
`amount: to approtdratatrtly 4% The time it talm for a trade
`ordartobatrartantittedtotitehoatantotteratoapprottitnately
`8'lt.Tlterr.n'talnrlerofthe total time lttalteatoplaott anorder.
`approximately 50%. la attributable to lie time required for
`the trader to read the prices displayed and to enter a trade
`order. The preaent invention provides a significant. advan-
`tage
`1.lreslt.wttel.
`of the trading cycle-while
`the trait‘ mentally enter! his order. Traders teon],tIi:te that
`the value of little savings in this pttrfion may Irnottnl in
`million of dollars annually.
`In eaiatingayeteroa. multiple elements of an order must be
`entered prior to an order being sent to marltet. which is tint:
`eonattnaing liar the trader. Such etetttettta include the corn-
`trtodiry aytnbol. the desired pr'tce,the quantity and whether
`ahttyttra ae1lcrderisdoetireti.'t‘hentore time a hndertnima
`eraeringanordeethemorelitrelythepriceonwhichlte
`wanted to bid or olliertrrillcttaogeornotbe available ltrtlto
`otarlret. "tho marlret ia ttttid aa many trattera are sending
`orders to tho marlnet ainataltanoottalyr.
`It led, atuteufttl
`marlretaata-itveto hamtatrch altlghvohtnteof Lradingthatany
`trader who wiahea to enltr an or-rt.-r will tlntta match and
`have the mater filled quickly. if not immediately. to suit
`liquid markets, the prices of the commodities lluctttate
`rapidly. On a trading screen. ttriareauttn in rapid changes in
`the price and quantity tlelrla within the trtartret grid. ii a
`trader intends to enter an order at a particttlar price. but
`Ittiflfl theptittheuuae the Iraarkelprhearnoverlhrtforeho
`etJoldentcrtheorder.laetneyloee|tttnd1tec|s.thotIa3ttdl.eve11
`ntl|.|.iortt.a of dollars. The faster a trader can trade, the la
`likely itwilthelhathentillmiaehiaprioeandthe morelflnely
`be will make money.
`
`14
`
`

`
`3
`SUMMARY on ‘THE mvmnon
`
`US 6,766,304 B2
`
`The inventors have developed the present invention which
`overcomes the drawbacks of tin existing trading systems
`and dramatically reduces the time it takes for a trader to
`place a trade when electronically trading on an exchange.
`This. in turn, increases the likelihood that the trader will
`have orders filled at desirable prices and quantities.
`The “Mercury” display and trading method of the present
`invention ensure East and acctrtstc execution of trades by
`displaying marker depth on a vertical or horizontal plans,
`which flocnrates logically upor down. leftor right across the
`plane astbe market prices littctr1atea.'I!tia allows the trader
`to trade qttidtly and cficierttily.
`Specifically. the present invention is directed to a graphi-
`cal user interface for displaying the ntarlrot depth of a
`commodity traded in a market. including adynamic display
`for a plurality of bidsattd fora pluralityol‘ sales in the market
`Eor the commodity and a static display of prices correspond-
`ing to the plurality of birls and asks. In this embodiment the
`pluraiitics of bids and asks are dynamically displayed in
`alignment with the prices corresponding thereto. Also
`deacnhed herein is a method and system ior placing trade
`orders ting atteit tlilplaya.
`These embodiments. and nllieradeacfibed in g|'cala:rdnl.ail
`herein, provide the trader with
`eficiency and
`versatility in placing. and thus emailing, trade orders for
`commodities in an electronic exchange. other ieaturea and
`advantages oi’ the peanut invention will become apparent to
`those skilled in tlte art from the following detailed descrip-
`tion. it should he understood. however, that the detailed
`description and speciilc examplel. while indicating pre-
`ferred emhodiments oi the
`invention. are given by
`way of illustration and not limitation. Many changra and
`ntodiiicatio within the scope of the present invention may
`he made without departing from the spirit thereof. and the
`invention includes all such moclillrationa.
`
`BRIEF DESCRIPTION OF ‘II-IE DRAWINGS
`FIG. 1 illustrates the network connections between mul-
`tiple errchangca and client aiea;
`no.1 ilhratr-ates screen tisplay showing the inside mar-
`loci and the market depth of a given coratrarodity being traded:
`FIG. 3 illustrates the Mtrmrry display of the present
`invention;
`FIG.
`Ii illustrates ll: Mercury dhplay al a later time
`ahowingtlrernnventent ofvalueawlrert compared toFIG. 3:
`HO. 5 ilhrstratesa Mercury displsytvitlr parameters setio
`order to exemplify the Merutry trading method: and
`[-16.6 is a flowchart illustrating the process for Mercury
`display and trading.
`DETA]l..ED DESCRIPTION OF THE
`FR.E.'l'-‘ERRED EMBODIMENTS
`As deiwibed with reference to the accompanying figures,
`the present invention provides a display and trading method
`to ensure last and accurate execution of trades by displaying
`marloel depth on a vertical or Ircriaonul plane. which due-
`tuatea logically up crdown. left or right acrom the plane as
`the market prices iiucurates. This allows the trader to place
`trade orders quickly and eiliciently. A commodity’: market
`depth is the current hid and ask prices and truantitiesin the
`Irtatleet. The display and trading method of the invention
`increase the liloetibood Iltal tlrclradezwill be able to execute
`orders at desirable prices and quantifies.
`
`4
`invention is
`In the preiierred embodiment. the present
`implemented on a computer or electronic terminal. The
`computer-iaahletn oonununioateeirher directly orindirectly
`(using intermediate devices) with the exchange to receive
`and transmit marlnet. commodity. and trading order infor-
`matioo. ll *3 able to interact with the lrubr and to gemrate
`contenuandclraracteristimofa tradeardsrtobe acnl totlte
`elchangenisenvlainnedthattheayatem ottltepreaent
`invention can be implemented on any existing or Ilutrrre
`terminal or device with the prceusiog capability to perform
`thefuocdonsdeseribedtreroin.11reseepeorthepresent
`invention is not limited by the type nflcrrninal or device
`used. Fltrther. the apccillcation refers to a single click of a
`nrnuseaaameanaturuserinnutaodinteraotionwiththe
`terminal displayaaarr example oiasingle action cfthetroer.
`While this deacriircs a preferred mode of interaction. the
`aorpeofthepreaentinventinnianotlimited tothe ueeofa
`rnouseaatheinpotdeviceortntbeclldrofananlaebultotl
`as the user’: single action. Rather, any action by a user
`within a short period of time. whothcr comprising one or
`more clinics of a mouse button or other input device. is
`cnttaidetcdasingle actionoftbeusorforlheptrrposcanftlte
`present invention.
`Thesystsrn eanbecondguredtonilowiortradingina
`single or in multiple exchanges simultaneously. Connection
`of the system ol’ the present
`invention with multiple
`ettnltangeais illustrated in Fifi. I. This figure shows multiple
`host exchanges 1ll1—-103 connected tlrrottgh routers 104-106
`to gateways 107-109. Mttltiplo client terminal! 110-116 hot
`use as trading stations can then trade in the multiple
`eaehangea through their connection to the gateways
`1I'.'—1tr9. when the system is configured to receive data
`from multiple exchanges, then the preferred implementation
`in to translate the data from various esettanges into a simple
`forrmt. This. “translation” function iadescriberl below with
`reference to FIG. 1. An application: program interface (“IT
`AP!" as depicted in the figure) traulates the incoming data
`iormate lrom the difierettl exchanges to a simple preferred
`data formrrt.
`’l‘ltia translation ittoction may be disposed
`anywhere in the network. iiorexarnple. attlte gateway server.
`at the individual worlrslationsor at both. In atklitiott. the
`storage at gateway servers and at the client wtrrltdtatious.
`andlor other external storage cadre historical data such as
`order books which lit the client's active orders in the
`marlnct; that ta, those orders that have neither been oiled rtor
`cancelled.
`lniinrrnation from diiienecl enchanges can be
`displayed at one or in multiple window! at
`the client
`worlnsatinn. Accordingly. ‘while reference is made through
`the remainder of the specification to a right exchange to
`which a trading terminal is connected. the scope of the
`invetttioo ittcltatitathe ability Iotradc. in aotzrrdancc with the
`trading methods described herein. in multiple exchanges
`udog I Iinsle trading terminal.
`The preferred embodiments oi‘ the promo iuvarrtiion
`include the display oE“Marirnt Depth“ and allow trader to
`view the marital depthofa commodity and to ertocttle trades
`tvitltin the marital depth with a airgle click of a cooapttter
`mouse button. Marhet Depth represents the order book with
`the cttrrertt bid and ask prices and quantities in the market.
`In other words, Market Depth is each bid and ask that was
`entered into the market. subjeetto the limit: noted below. in
`addition to the inside marltot. Fora commodity being treated.
`the “irtaitlc rnsrlret" is the highest bid price and the lowest
`aslr price.
`The exchange sends the priest, order and fill irtiiormation
`to each trader on the exchange. The present
`invention
`processes this information and map: it
`tiarouflr simple
`
`15
`
`

`
`US 6,766,304 B2
`
`5
`algorithms and mapping ttthke to positinm in a theoretical
`gt-rd program or any other enmpanhle mapping lechniqne
`for nteppirtg data to a screen. The fltysiell mopping efseeh
`intormution to a screen grid can he done by any technique
`known to those skilled in the art. 'I'hepreaent. invention is not
`limited by the method used to map the dtta lo the screen
`display.
`I-law flr into the tnertrtet thpth the present invention can
`displly depends on how much of the multet depth the
`enchange provides. Same exchertges supply an infinite nterv
`Inst depth. While others provide no l'.|'tII‘h.t depth or only a
`few orders away Elem the imide market. The tteer of the
`present invention can the diam how Eur into the marital.
`depth In display on hia screen. FIG. 2 illustrates a screen
`display of In invention described in I emnumnly owned
`co-pending application entitled "Click Bued Trading with
`Market Depth Display” Ser.lln.t.'t9.|'$B9,'J'51, filed on Jun. 9.
`10(1), the uantents of which are inmrporeted herein by
`reference. This diepley shims the insith market end the
`mice! depth of I given eomrnedity being lrnded. Row 1
`represents the “inside market” for the commodity
`trad:-.d which is the heetfltigheel) bid prim and quantity ertd
`the beet(1eweet) eelr pt-iee anrl qttetttity. Rem 2-5 represent
`the “market depth” for the commodity being traded. In the
`pretier-red embodiment of the present invention. the display
`of market depth [rows 2-5) llete the etreitable nerttbeet bids.
`in tnlttrhn 203. and halts. in eolttlnn 104. The werlting bid
`and Isk quantity hit each priee level in lilo displayed in
`columns 201 and IDS tespnelively (rte nr.u'irtrHnvtv 1}.
`Prices and quantifies tier the inside tmrket and otarlret depth
`update dymntieelly on A real time ‘basis at end: infetrnetinn
`t'.s relayed from the ntarteL
`In the screen display shown in FIG. 2. the commodity
`(eentreet) being traded is represented in row 1 by the
`character string "t:D'l-IO”. The Depth enlurntt 108 will
`inform the trader of I status by displeying ditlierent enlnre.
`Yellow indicate that the prep-am application is waiting he
`data. Red indieeles that the Market Depth he: failed to
`
`6
`receive the data from the server and has “timed nut.“ Green
`itldieetee that the dell hie jtnl been updated. The other
`enlunttt heedipgp in this and all of the other figures. are
`defined an lollnwtt. Bidoty (Bid Qnmtity): the quantity for
`each world; hid, l!t'dPzt: (Bid Price): the price {for each
`working bldrflltlire (Mk Price): the ptriee for each working
`Mk. Askoty (Ask Quantity): the quantity for each working
`ask,[.aItPttt(IAetPritte)ctheprirItfnrthelad.hidutdaek
`that were matched in the market and Laetoty (Last
`Quantity): the quantity added It the lee! priee. Thu! repre-
`settle the total quantity tteded at the given commodity.
`The eenligttmiett otthe eereen dieplry itself informs the
`tteerin n more eorrverciettl and edieiettt thinner than errietittg
`systems. Traders gain a significant revenue: by seeing the
`met-teetdepthbeemnsethey eanseetreedein the orders in the
`market. The market depth display shows the trader the
`interest the marlret has in a given eummettity at difiereet
`price 1:1-teh. Ifniat-peaniottntnihidseraekelreinthe
`nlttdtet near the trader’: position, he may feel he should sell
`nrbaty hefmethe inside m.|.rkel reaches the mature oferden.
`A lack of order: than at below the inside Inlrket might
`pmetplatredertnenternrdetnnearlheimlrleaudtet.
`Witherrt seeing the marhu depth, on etch rtlrltegiee eeuld be
`HIVifl§T.hedyIII‘flIit¢In.l1It0tCi0f|lh.inl:1tlt‘iing thehid
`and usltquuttittee andprieee ofatruded eentniottiry aligned
`with and displayed below the current. inside mat-ltet of the
`ennnnndity convey: the infiorntatiett to the user in n more
`inntitive and easily understandable ntenner. Trends in the
`tuning of. the commodity and other relevant chtractetietics
`arennm eaeilyidentlfiahte hy the user through the use etttte
`present invention.
`Vhriaus abbreviations are wed in the serene displays, and
`spedficallyt in the eohtntn heading! of the screen dlspleys
`herein. Some nhhrevittinnr it“?! been discneeet!
`abnve.Mt'.et eteetneten Ibhreviltione and their meanings is
`jlmtlitlhd in Table 1.
`
`15
`
`35
`
`TABLE I
`
`DB¥'.‘Rl1’I'D'.‘lN
`Eepimiee Iieeteflhar
`ll|d.ltle&rED
`U:t!tt.iI|lrtyad:treIliteOrottplD
`Bit Quantity
`Thraelteld Bid lriee
`Ildhtv.-e
`Aeeuetulated Bld Quantity
`ltidfi-teemerep
`Aekhitte
`Awteenthtedtlrllllhleallljt
`Mlth-lee
`'|I'hlI|ht'.tld-Mklfllne
`Aei¢Dnetil|t'
`ohrtttusdttruzuttutirmptn
`A|i|dIl|hIrID
`Neih-nit.
`flmtnrtrtetroettten
`Lhthin
`
`I-H Ottlfly
`‘the! ‘Duke Q--any
`H'i3hFriee
`
`gt DIQECBIPHDN
`'lI‘lteotet5eIlfl‘dl’lIu
`'l‘lIeetetieIlAah.Priee
`l'.IIete.~e|nn{seatt.
`tnetuntuatqmd:
`TIer'Bid0IeleOtertfly
`‘rurntdaurta than
`numetnotmomttr;
`ttirhtnirtnuereh-tee
`Ctuetrhenettvuut
`dtaetivtteeeeeumrerqtterlug
`MuH.MkOuo|eOIII1i|-I
`ermeetotrtotwerriee
`Anltleelefllee
`Allfitetenalnlily
`Bieouantity
`tntptledfiittrttee
`Ienpttertutt
`lnrpfldhhhlee
`ceuagutaoen-grunt pl
`fllfihrrnderlyln
`Chlngeinprieegtven lpt
`danpeinttnderlyiep
`rmutwtuttrty
`rrrtat-.tn...tnnr-rt
`ehapehveia
`Frien-.hnnp_givenIl:
`dtlgirtinnereeltllie
`
`
`
`tittggggttiii“*2:
`
`16
`
`

`
`US 6,766,304 B2
`
`TABLE I-enntimled
`:&:tlIllnlln
`
`“$91
`Click ‘ml
`
`5 (sum)
`
`531131!‘
`
`DEWRPITMT
`Lair Pelee
`°D=I|II Pflfl
`Glade], Price
`
`l.nIPIiee-lJelC1eIe
`‘l'|Iome1iI'alPIlII
`
`As rlesoribed he:-eirl. thenieplry and India; method ailhe
`present invention
`cwide the user with I-'fll'lI.i.n nrlvlntlgen
`ever
`meinvtfiiehedflphyoimuhtdepthrnehow
`in Fl
`.1. ieuaed. The Memuy display and trading method
`oflhe resent invention ensure feel. and meumo exemtioa
`of
`as by diaphyim tmrleet depth on 1 vertical or
`horizontal plate. which flucoutee logically up or down, let’:
`or rightecmeelhe plane Ia|i'lemII‘hel|lI'iO¢IflIl¢:lJlIlBI.TlIiI
`mom Ibo trader lolrude quickly and effleienlly. An
`e
`ofllldr I Meruuy display is illmtrued in the mM y
`of H6. 3.
`1'lIed‘upl.Iyotfm|flI:elde thardlhe mrnrrerirlvrleieh
`lrltintatnrle vnminwmuieerdenhmbeefleewdio
`Iiilfierenl rnlnnetl. Wllitell new lender: will find Inlllerillly
`bettenflsler undmere u:I:IIn1.e.ln addiflnmnomomdm
`may find the Ilispleyoimorinldepth no hodilficull lo lbllnur.
`lnlheflhpleyshnwnin 1'-'lG.1.IJIe1nerhetdepll: ildispleyed
`venleellyeotlmhothiaid anrlAnk|lIieesI.‘Ieeeenrlthe grin.
`'l'lteBidprieeeIieeeenrlthem|r|neIgridIetlII]Ir'lme
`decru|w.!\|kprieeaI1|ade|eendlII.ernI.rke1yid|slheee
`prices actually increase. This cnrobinalion may he could-
`and ootrulerlnluiivo uni difitrult lo lhllowhy some traders.
`Tlu-. Mercury display overcome: this problem in an Inno-
`utive Ind logical mumer. Mercury I.i.ID provide: an order
`entry system, motile! grid. fill window and summery of
`market orders in one simple wincbw. Such I condensed "9
`dinplry nunerielly simplifies the trading system by entering
`and Inciting Indee in an extremely eflieient manner. Mer-
`cury displays omlter depth in e lnsiul. venieal lesbian or
`laorimntelly or It some other convenient angle or configu-
`ration. Avertleal field ioehownin the figure: and described
`Eor oonvenienoe, but the ll-old could be horizontal or It Ill
`angle. In lum.l-loreury filrlber increased tlteepeed nflnding
`rntl the liloelihoocl of entering nrdets :1 derived prices with
`desired quelttilics.
`lo liar: pm-med elnbudiroent or llue
`invention. Ilne Menxtry display is e Italic vettiul mlumo of
`prices with the bid end ulr quantities
`in vertical
`columns to rheelde oi the price column Ind Iligrud with the
`eormponglng bid and aelrpneenhnearumpleefthietlleplny
`ll ehnvwn lll FIG. 3.
`Bid quantities are in the-oolumn 1M3 hbelerl Bid!) and
`salt qtmttitioe are in column 1004 labeled me. The top-
`Iesentutivo tlelrs from prlraee for the given enrolnndity are
`shown in column llll5.'l1:e column. does not llu the whole
`prices (e.g. 95.89). but Miler, just III: In! two dill! (9.3.
`39). In the enmple shmnI.1|I= ineirlo nurltel. Belle 1020. is
`l8(beal hid qI:anIily)ItS9'[beIIhidprlne)Infl1fl(berl|sk
`quanlily) at 90 (ban all price). In the plefened embodiment
`oftlw. inventinrl. these three enlurnneue shown in dllherent
`I em.
`clnlors In that the lruder cm quicldy distinguish between
`The vlllles in Lil: prlmmlllmn are dalia; that is, they do
`not nernully change position: nnleeo I re-oenleling oom-
`nmtd is received (discussed indelnil leler). 'llIe values in the
`
`Bid ml Ask oolumoe however. are dynamic; lhll ie. they
`:navenpenIlduwn(inIlIeverlic.IIe!t|Iuple)IoreflectllIe
`nlnrlret dqslh hr the given mrnmorlily. The Em onlumn
`1005 show: the her. tnrlod quantity oflhe eoo:nIodity.'I1to
`relative pulllon of Ihe qelnllly vnlue with respect to the
`Prim veluearefieelelhe prioe ntwhiohllm qunntilywu
`treded. Uohlmn llll labeled EN? (I:
`die-
`pllys the ulrmnt slums ofthe lather‘: Oflllll. The mom of
`eaehorllerhdiqtl-eyed intlteptioetrwtnhereitwasemnred.
`For example. in cell: lllfl. lb: number next In 5 indicates
`Ibo mmber oftlte antler’: ordered lot: that have been sold
`:ttheprineinllIeaper:ifi:ermIn11IenuIubernexlto\V
`indicates the number nfllte trader’: ordemi. loin that we in
`the market, but hm not been filled-i.e.
`the Iyilem in
`'
`on llllins the order. Blank! in this eolurnn indicate
`Ihntnoordereueenteretlorworltlngetthntprloe. lo eelle
`1Il8,rlIn1runi:erneettoBlIIrlit:ute:tl:nnnmhernfIhe
`IruI1er‘at:I'demllI1lsIhelluvoboen
`etllleyrloeinlhe
`spet:i.fi: rmr.'l1Ienumber next l.oWi
`teeth: the numberof
`tlIoInner'n emoerodleletheterelo Iltenetlnel. but have not
`been filled—i.e. the system is working on filling the order.
`Vhdotuplmmeleuere re! and lofiur-ntllion in pmvidorl in
`column 100}. For enmple, '1I3t48:4tl“ in cell 1009 shows
`llte Ieltrellzirne ofd|y.'l‘he Lendkfieldsitlcell 10110
`lntlieele a quantity value. which may be added to lhe ozqer
`quantity entered. This pro-eras it explnlned below walls
`rupeeuo mdiug under Mercury. Below the Land F. fields.
`in cell 1011, I number Ippearewlaleh represents the current
`marlnetvulI1ne.'I'lI.iei.s the Illmher of late that hive been
`leaded for ‘lite chosen eeltlnet. Cell 1013. "X111". dilplays
`the Net Quantity, the cerrem posilinn of the tender or: the
`ehneeo eanlrnet. The number “10” Iepreserm the trader's
`buys minus sells. (Dell 1013 is the “Current Ottanlily‘; this
`field
`ntutltequuntityfurlho no-urnrdertlnt the under
`will send in m|rke1.1'hi| can be edjlasled with right Ind left
`cliek.e(up and down) orb}! elidtiealbelsulleoswhieh appear
`below the Orrreul Qllllllity in cell: 1014. ".I'he:e buttons
`learns: the current quuntity by the indicated mount; for
`enmp|e,"l.ll" will increase itby 10'. "Ill" will increase It
`lfi Hill; “lK" willinweue il by l.I‘.D‘J. 0111015 lathe Clear
`lemon; clieltlrlg Ihielnttten will eleer the Current Qlnnlity
`flel(l.lh1|ll|1Gi5tlIeQ'fllnlityDotiI:t'iI!lim;l|aini.I|pnlI
`down menu Allowing the trader tndeneellmm three Quantity
`Doeeri
`ions.ThepullIlown rneneisdiepleyerlwltenthe
`mow nooie tlaevtritdo-wlseliel:ed.ThevI-indowincludce
`Nelkl, am and u field allowing the Inder to enter
`numbem. Piecing I number in Iltil field will eel I default.
`buyornoll
`Lily. Chooein¢"Ofi'aet"in this field will
`enll-.-In the
`buttons ofeell 1010. Choosing "Ne1I’oe" in
`this lleldwilleer teeameolliet Quentity tuners net
`poeilinu) as the trader’: quality For his next I.
`Cell 1811'
`area-.Lhuuone;thernhnII;o1aewil1alterthesiuotIlre
`screen-either luger (+) or smaller (—). Cell 1018 ismed to
`invoke Net It elielring thielnrlleo Inll reset the Net Quantity
`
`17
`
`

`
`US 5,755,304 B2
`
`9
`(call lllll) to zero. Cell 1019 is ttaed to invoke Net Real;
`clicking this bttrttort will reset the Net Quantity (mil 10 11)
`In its actual position.
`The iraide market and market depth aaeenct and deaoond
`as prices in the other interests and decrease. Ebrettaettple.
`FIG. 4 shows a aoreen displaying the same market as that of
`FIG. 3 but at a later ilttertrll where the itnide mariner. eella
`lltll. has riaan three tietra. Here. the inside maritet for the
`qillllilljf at
`t
`‘
`.
`tt
`arin
`‘"~*t*"'°tttt*:*>.:t°*‘°°:' ?“""*“°’ -=*'
`FIGS. 3 and 4. it can be seen that the Im
`static. but the correspond
`bids and eat: me up the price
`colurttrt. Market Depth sinrt sly ascends. and descends the
`price column, leaving a vertical history of the Inatitet.
`Aathe martttet asoeodeor deaeendsthe priee column. the
`inside toerltel. might go above or below the price column
`displayed on I trader’: screen. Usually a tnrlvttrwillwanttn
`be able tnsee the inside market to assets More tradea.'I'ha
`system of the present invention addresses this problem with
`a one elicit centering feature. With a single click at any point
`within the gray area. 1021, below the ‘Net Real” button. the
`system will re-t:eutr.r the [mitt market no the trader's
`.s