TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`TRADESTATION’S
`MATRIX WINDOW
`TradeStation’s Matrix window
`(“Matrix”) facilitates trade order entry
`by connecting to and displaying market
`information from electronic exchanges,
`such that users may place trade orders
`for a commodity. See Figure 1.
`
`
`TradeStation’s Matrix window receives
`market data for a commodity. The
`market data comprises a current highest
`bid price (e.g., 25.26 as shown in
`Figure 1A) and a current lowest ask
`price (e.g., 25.28 as shown in Figure 1)
`available for the commodity.
`
`
`TT’S MD TRADER® WINDOW
`Trading Technologies, Inc.’s (“TT”)
`MD Trader® window (“MD Trader
`window”) facilitates trade order entry
`by connecting to and displaying market
`information from electronic exchanges,
`such that users may place trade orders
`for a commodity. See Figure 1; Ex. 1,
`X_TRADER® Version 7.12.X User
`Manual; Ex. 2,. X_TRADER® Version
`6.11.0 User Manual; Ex. 3,
`X_TRADER® Version 5.2.2 User
`Manual.
`The MD Trader window receives
`market data for a commodity from an
`electronic exchange, the market data
`comprises a current highest bid price
`(e.g., 129195) and a current lowest ask
`price (e.g., 129200) available for the
`commodity. See Figure 1; Ex. 1,
`X_TRADER® Version 7.12.X User
`Manual, p. 376 (“To make it easier to
`identify the mid-point of the inside
`market, MD Trader places a bold line
`across the width of its grid. The mid-
`point line appears midway between the
`best bid and the best offer in the
`market.”); see also Ex. 2, p. 305; Ex. 3,
`pp. 104-107.
`
`1
`
`CLAIM 1
` 1. A method for facilitating trade order
`entry, the method comprising:
`
`
`
`
`
`receiving, by a computing device,
`market data for a commodity, the
`market data comprising a current
`highest bid price and a current lowest
`ask price available for the commodity;
`
`
`
`
`
`
`
`
`Page 1 of 13
`
`TRADING TECH EXHIBIT 2233
`TRADESTATION ET AL. v. TRADING TECH
`CBM2016-00051
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`TradeStation’s Matrix window
`identifies a plurality of sequential price
`levels (e.g., price levels in “Price”
`column) for the commodity based on
`the market data. The plurality of
`sequential price levels includes the
`current highest bid price (e.g., 25.26 as
`shown in Figure 1) and the current
`lowest ask price (e.g., 25.28 as shown
`in Figure 1).
`
`TradeStation’s Matrix window displays
`a plurality of graphical locations (e.g.,
`cells in the blue “Bid Size” column and
`red “Ask Size” column in Figure 1)
`aligned along an axis. Each graphical
`location (cell) is configured to be
`selected by a single action (e.g., single
`click (Up Click or Down Click) or
`double click) of a user input device
`(e.g., mouse) to send a trade order to
`the electronic exchange. The price of
`the trade order is based on the selected
`graphical location (cell). See Ex. 4
`(“With just a single click on any row in
`the Bid or Ask column, you’re able to
`immediately place an order.”).
`
`TradeStation’s Matrix window maps
`
`2
`
`displaying, by the computing device, a
`plurality of graphical locations aligned
`along an axis, where each graphical
`location is configured to be selected by
`a single action of a user input device to
`send a trade order to the electronic
`exchange, where a price of the trade
`order is based on the selected graphical
`location;
`
`
`
`identifying, by the computing device, a
`plurality of sequential price levels for
`the commodity based on the market
`data, where the plurality of sequential
`price levels includes the current highest
`bid price and the current lowest ask
`price;
`
`
`
`The MD Trader window identifies a
`plurality of sequential price levels (e.g.,
`price levels in “Price” column) for the
`commodity based on the market data.
`The plurality of sequential price levels
`includes the current highest bid price
`(e.g., 129195 as shown in Figure 1) and
`the current lowest ask price (e.g.,
`129200 as shown in Figure 1). See
`Figure 1; Ex. 1, X_TRADER® Version
`7.12.X User Manual, p. 330; Ex. 2, p.
`296, 299; Ex. 3, pp. 106-107.
`The MD Trader window displays a
`plurality of graphical locations (e.g.,
`cells in the blue “Bids” column and red
`“Asks” column in Figure 1) aligned
`along an axis. Each graphical location
`(cell) is configured to be selected by a
`single action (e.g., single click (Up
`Click or Down Click) or double click)
`of a user input device (e.g., mouse) to
`send a trade order to the electronic
`exchange. The price of the trade order
`is based on the selected graphical
`location (cell). See Figure 1; Ex. 1,
`X_TRADER® Version 7.12.X User
`Manual, p. 338 (“Click the ladder next
`to the price at which you want to place
`an order.”); see also Ex. 2, p. 302; Ex.
`3, pp. 112-113.
`
`mapping, by the computing device, the The MD Trader window maps the
`
`
`
`
`
`
`
`Page 2 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`plurality of sequential price levels to the
`plurality of graphical locations, where
`each graphical location corresponds to
`one of the plurality of sequential price
`levels, where each price level
`corresponds to at least one of the
`plurality of graphical locations, and
`where mapping of the plurality of
`sequential price levels does not change
`at a time when at least one of the
`current highest bid price and the current
`lowest ask price changes;
`
`
`and setting a price and sending the trade
`order to the electronic exchange in
`response to receiving by the computing
`device commands based on user actions
`consisting of: (1) placing a cursor
`associated with the user input device
`
`plurality of sequential price levels (e.g.,
`price levels in the “Price” column) to
`the plurality of graphical locations (e.g.,
`cells in the blue “Bids” column and red
`“Asks” column in Figure 1). Each cell
`in the Bids column and Asks column
`corresponds to one of the price levels.
`Each price level corresponds to at least
`one of the cells in the Bids column and
`Asks column. See Figure 1; Ex. 1,
`X_TRADER® Version 7.12.X User
`Manual, p. 330; Ex. 2, p. 296, 299; Ex.
`3, pp. 106-107.
`
`In the MD Trader window, mapping
`between the price levels in the “Price”
`column and the locations in the
`Bids/Asks columns does not change
`when the current highest bid price or
`lowest ask price changes. For instance,
`in Figure 2, the lowest ask price
`changes from 129200 to 129205. See
`Figure 2, Time 1 / Time 2 comparison.
`But the mapping between the price
`levels and the locations in the
`Bids/Asks columns does not change.
`The MD Trader window sets a price
`and sends the trade order to the
`electronic exchange upon the receipt of
`commands based on user actions (e.g.,
`single click). For example, the MD
`Trader window sets the price of an
`
`the plurality of sequential price levels
`(e.g., price levels in the “Price”
`column) to the plurality of graphical
`locations (e.g., cells in the blue “Bid
`Size” column and red “Ask Size”
`column in Figure 1). Each cell in the
`Bid Size column and Ask Size column
`corresponds to one of the price levels.
`Each price level corresponds to at least
`one of the cells in the Bid Size column
`and Ask Size column. See Figure 1.
`
`In TradeStation’s Matrix window,
`mapping between the price levels in the
`“Price” column and the locations in the
`Bid Size/Ask Size columns does not
`change when the current highest bid
`price or lowest ask price changes. For
`example, in Figure 2 the highest bid
`price changes from 25.26 in Time 1 to
`25.25 in Time 2, but the mapping
`between the price levels and the
`locations in the Bid Size/Ask Size
`columns does not change.
`
`
`Matrix sets a price and sends the trade
`order to the electronic exchange upon
`the receipt of commands based on user
`actions (e.g., single click (Up Click or
`Down Click) or double click of a
`mouse). For example, the Matrix
`
`3
`
`
`
`
`
`
`
`Page 3 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`window sets the price of an order and
`sends the order to the electronic
`exchange when a user places a cursor
`over a desired graphical location in the
`Bid Size column or Ask Size column
`and selects the desired graphical
`location through a single click or
`double click of a mouse. See Figure 1;
`See Ex. 4 (“With just a single click on
`any row in the Bid or Ask column,
`you’re able to immediately place an
`order.”).
`
`
`
`order and sends the order to the
`electronic exchange when a user places
`a cursor over a desired graphical
`location in the Bids column or Asks
`column and selects the desired
`graphical location through a single click
`of a mouse. See Figure 1; Ex. 1,
`X_TRADER® Version 7.12.X User
`Manual, p. 338 (“Click the ladder next
`to the price at which you want to place
`an order.”); p. 377 (“MD Trader lets
`you buy or sell products using one click
`of a mouse.”); see also Ex. 2, p. 302,
`308; Ex. 3, pp. 111-113.
`
`
`over a desired graphical location of the
`plurality of graphical locations and (2)
`selecting the desired graphical location
`through a single action of the user input
`device.
`
`4
`
`
`
`
`
`
`
`Page 4 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`CLAIM 8
` 8. The method of claim 1, further
`comprising: changing the mapping
`of the plurality of sequential price
`levels to the plurality of graphical
`locations in response to receiving
`by the computing device a
`re-centering command.
`
`TT’S MD TRADER® WINDOW TRADESTATION’S MATRIX
`WINDOW
`MD Trader window changes the
`TradeStation’s Matrix window
`mapping of the plurality of
`changes the mapping of the
`sequential price levels (e.g., in the
`plurality of sequential price levels
`(e.g., in the “Price” column) to the
`“Price” column) to the plurality of
`graphical locations (e.g., the cells in
`plurality of graphical locations
`(e.g., the cells in the Bid Size and
`the Bids and Asks columns) in
`response to receiving a re-centering
`Ask Size columns) in response to
`command.
`receiving a re-centering command.
`
`For example, the user can click the
`For instance, MD Trader centers the
`middle mouse button in the Price
`inside market upon receipt of a re-
`column, right click on the Matrix
`centering command by the user,
`window, then left click “Center
`such as by pressing the spacebar on
`At,” followed by left clicking on
`a keyboard or double-clicking in
`“Last,” “Bid,” “Mid,” or “Ask,” or
`the Price column. See Figure 1; Ex.
`configure the re-centering settings
`1, X_TRADER® Version 7.12.X
`such that the mapping of the
`User Manual, p. 344 (“To center the
`plurality of sequential price levels
`market: Press the Spacebar.”); p.
`to the plurality of graphical
`362 (“Double-click the Price
`locations occurs in response to the
`column to recenter the MD Trader
`receipt of a re-centering command
`based on time (e.g., 1 second – 300
`grid.”); see also Ex. 2, p. 303; Ex.
`3, p. 111.
`seconds) or based on the number of
`rows the last price must move
`up/down (e.g., 1 row – 100 rows).
`See Figure 3B; Figure 5.
`
`5
`
`
`
`
`
`
`
`
`
`
`Page 5 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`CLAIM 9
`9. The method of claim 8, where
`the re-centering command
`consists of a manual re-centering
`command.
`
`
`
`TT’S MD TRADER® WINDOW TRADESTATION’S MATRIX
`WINDOW
`MD Trader window changes the
`TradeStation’s Matrix Window
`mapping of the plurality of
`changes the mapping of the
`sequential price levels (e.g., in the
`plurality of sequential price levels
`(e.g., in the “Price” column) to the
`“Price” column) to the plurality of
`graphical locations (e.g., the cells in
`plurality of graphical locations
`(e.g., the cells in the Bid Size and
`the Bids and Asks columns) in
`response to receiving a manual
`Ask Size columns) in response to
`re-centering command.
`receiving a manual re-centering
`
`command. For example, the user
`For instance, MD Trader centers the
`can click the middle mouse button
`inside market upon receipt of a re-
`in the Price column or right click
`centering command by the user,
`on the Matrix window, then left
`such as by pressing the spacebar on
`click “Center At,” followed by left
`a keyboard or double-clicking in
`clicking on “Last,” “Bid,” “Mid,”
`the Price column. See Figure 1; Ex.
`or “Ask.” See Figure 5.
`1, X_TRADER® Version 7.12.X
`User Manual, p. 344 (“To center the
`market: Press the Spacebar.”); p.
`362 (“Double-click the Price
`column to recenter the MD Trader
`grid.”); see also Ex. 2, p. 303; Ex.
`3, p. 111.
`
`6
`
`
`
`
`
`
`
`
`Page 6 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`
`
`CLAIM 13
`13. The method of claim 1, further
`comprising: displaying, by the
`computing device, a first indicator
`in one of the plurality of graphical
`locations, the first indicator
`representing quantity associated
`with at least one order to buy the
`commodity at the current highest
`bid price; and displaying, by the
`computing device, a second
`indicator in one of the plurality of
`graphical locations, the second
`indicator representing quantity
`associated with at least one order
`to sell the commodity at the
`current lowest ask price.
`
`TT’S MD TRADER® WINDOW TRADESTATION’S MATRIX
`WINDOW
`The MD Trader window
`TradeStation’s Matrix window
`displays a first indicator (e.g., the
`dynamically displays a first
`indicator (e.g., “2262”) in one of
`highest “Bid Size” indicator in
`the plurality of graphical locations
`Figure 1) in one of the plurality of
`representing quantity (e.g., 2262)
`graphical locations representing
`quantity (e.g., 100 in Figure 1)
`associated with at least one order
`to buy the commodity at the
`associated with at least one order
`current highest bid price (e.g.,
`to buy the commodity at the
`129195). See Figure 1; see also
`current highest bid price (e.g.,
`Ex. 2, p. 296; Ex. 3, pp. 106-107.
`25.26 in Figure 1) and displays a
`second indicator (e.g., the lowest
`
`The MD Trader window
`“Ask Size” indicator in Figure 1)
`dynamically displays a second
`in one of the plurality of graphical
`indicator (e.g., “1223”) in one of
`locations representing quantity
`(e.g., 14800 in Figure 1) associated
`the plurality of graphical locations
`representing quantity (e.g., 1223)
`with at least one order to sell the
`associated with at least one order
`commodity at the current lowest
`ask price (e.g., 25.28 in Figure 1).
`to sell the commodity at the
`current lowest ask price (e.g.,
`129200). See Figure 1; see also
`Ex. 2, p. 296; Ex. 3, pp. 106-107.
`
`
`CLAIM 21
`21. The method of claim 1, further
`comprising: sending a trade order
`to buy or sell the commodity to the
`electronic exchange; and
`displaying a working order
`
`TT’S MD TRADER® WINDOW TRADESTATION’S MATRIX
`WINDOW
`MD Trader window sends a trade
`TradeStation’s Matrix window
`order to buy or sell the commodity
`sends a trade order to buy or sell
`to the electronic exchange and
`the commodity to the electronic
`displays a working order indicator
`exchange and displays a working
`(see Entered Order Indicators in
`order indicator (e.g., at least the B:
`
`7
`
`
`
`
`
`
`
`
`
`Page 7 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`indicator, where the working order
`indicator represents the trade order
`to buy or sell the commodity
`pending at the electronic exchange.
`
`CLAIM 26
`26. The method of claim 1, further
`comprising: receiving a default
`quantity parameter, where the
`trade order is for a quantity based
`on the default quantity parameter.
`
`0/500 in the “Orders” column) that
`represents the trade order to buy or
`sell the commodity pending at the
`electronic exchange. See Figure 6.
`
`Figure 4, S: 0; W:1) that represents
`the trade order to buy or sell the
`commodity pending at the
`electronic exchange. See Figure 4;
`Ex. 1, X_TRADER® Version
`7.12.X User Manual, p. 347
`(“Abbreviations in the working
`column help you track your
`working orders.”); see also Ex. 2,
`p. 296-297; Ex. 3, p. 106.
`
`TT’S MD TRADER® WINDOW TRADESTATION’S MATRIX
`WINDOW
`The MD Trader window receives a
`TradeStation’s Matrix window
`default quantity parameter (e.g., 1)
`receives a default quantity
`parameter (e.g., 500), in which the
`in which the trade order is for a
`quantity based on the default
`trade order is for a quantity based
`quantity parameter. See Figure 1;
`on the default quantity parameter.
`see also Ex. 2, p. 308; Ex. 3, p.
`See Figure 1;
`109.
`http://help.tradestation.
`com/09_01/tradestationhelp/ob/oe_
`pref_
`fu_trading.htm (“Quantity:
`Controls the default settings for the
`quantity values used in the Order
`Bar and Trade Bar fields when the
`Order Bar or associated window
`are first created.”).
`
`8
`
`
`
`
`
`
`
`
`
`Page 8 of 13
`
`

`
`
`
`
`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`FIGURE 1
`MD TRADER
`
`
`MATRIX
`
`
`
`9
`
`
`
`
`
`Page 9 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`
`
`FIGURE 2
`
`MD TRADER
` Time 1 Time 2
`
`
`
`
`
`
`MATRIX
`
`
`
`
`10
`
`
`
`
`
`
`
`Page 10 of 13
`
`

`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`FIGURE 3A
`
`FIGURE 3B
`
`
`
`11
`
`
`
`
`
`
`
`
`
`Page 11 of 13
`
`

`
`
`
`
`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`FIGURE 4
`MD TRADER
`
`MATRIX
`
`
`
`
`
`12
`
`
`
`Page 12 of 13
`
`

`
`
`
`
`
`TRADING TECHNOLOGIES, INC.’S MD TRADER®
`U.S. PATENT NO. 7,904,374
`
`FIGURE 5
`
`
`
`FIGURE 6
`
`
`13
`
`
`
`
`
`
`
`Page 13 of 13