GB2348351A - Financial market data analysis systems - Google Patents

Abstract

Financial market data analysis systems are described which comprise a database of market information stored on a computer and programmes adapted to display selected data on a screen display. In accordance with the invention, the screen display is divided into a number of panes (2,3,4,5,6) which show various types of data and one of which (3) shows graphically the variation of a given financial parameter over time. Using a mouse and cursor system of known type, a selected time range may be identified on the "graph pane" (3), and once selected the system will then display in others of the panes data coordinated to the time range selected. The system is very flexible and can easily be personalised, while enabling a very efficient and rich display of information to be presented to the user in an easily assimilable form.

Description

FINANCIAL MARKET DATA ANALYSIS SYSTEMS This invention relates to financial market data analysis systems and, in particular, to arrangements for presenting such data in a more convenient and useful form than previously achieved.

Over recent decades, there has been an explosion in the growth of financial market transactions. New so-called financial instruments have been developed and financial markets have expanded well beyond the classic national boundaries. The so-called global marketplace is, in respect of many financial instruments, a reality and trading takes place essentially continuously on a 24 hour basis around the world. This trading is made possible by the electronics communications revolution which also has provided operators within the market with unprecedented quantities of information. The problem, however, remains of accurately comprehending and analysing the information if successful trading is to be accomplished.

Market information encompasses a wide variety of types of information. Primary information such as the historic prices of shares, stocks, bonds and other financial instruments is clearly of major importance, but very substantial quantities of secondary information affect financial trading. For example, policy changes by Governments, announcements of plans by major corporations, trade statistics and political news all affect the behaviour of the financial markets. There is a multiplicity of information types of varying content from an enormous variety of sources and of variable quality, all of this constituting raw data which, when appropriately evaluated by a human trader, can be used to make trading decisions, the motivation behind making one decision rather than another being, in general, to make money, or in adverse market conditions such as occur from time to time to lose less money less fast than one's competitors.

Attempts have been made in recent years to devise computer-based models for trading programmes, and these have been put into practice in the financial markets with varying degrees of success. Although, at some stage in the future, it may be possible to out-perform human analysts, in a fashion analogous to the eventual construction of computer-based systems which play chess at Grand Master level and can win against a human opponent, those days are probably still distant. There is accordingly a need to improve and enhance human performance in this area.

Nowadays, most financial market traders derive information predominantly from computer databases which are provided by a number of information providers and which are delivered the trader via the medium of a screen display. In some cases, traders may need to look at several different screens in order to garner sufficient information to make a decision. Working with several screens is, however, inconvenient, mistakes can be made and the quality of decision-making is often sub-optimal.

In accordance with the present invention, there is provided a financial market information data system comprising a database of relevant financial market information, a computer system adapted to store the database and retrieve information in accordance with preselected criteria and display such information on a screen, and where more than one type of information may be displayed simultaneously on separate areas on the screen, the system being characterised by means for displaying in graphical fashion the variation over time of a given financial parameter, means for selecting within that display a time range of interest, and means for displaying adjacent the time-based graphical display one or more selections of other data types coordinated in time to the selected time range.

Preferably in such a system, means are provided to generate on a single computer screen an image area divided up into a number of panes, one of which displays the time-based variation and others of which display related material. Some or each of these other panes may be arranged to display a different type of related material, for instance news stories, market information reports, market analysis reports, state or government policy announcements, investment forecasts or the like.

In order to present these in easily accessible format, each pane may display up to several items in single line title, abstract, keyword or source format, with the full text of any item of interest being retrievable if desired, for example as explained below.

Preferably the system includes means enabling a particular user of the system to personalise selections of given data from a large database. Thus, for example, a trader may wish to have news stories identified for display only if they originate from certain countries or regions.

The size of the individual panes into which a screen display is divided using a system in accordance with the present invention may, if desired, be varied, appropriate programming techniques being known to enable data to be manipulated in this way. This allows further personalisation of the display in accordance with the wishes of a particular trader.

In a preferred way of putting the invention into effect, at least one of the panes takes the form of a display of a menu of individual items, each represented by a single line of text. The pane is generally sized only to display a few of such lines, but adjacent the pane may be an appropriate screen control button or the like which enables the listing of individual lines to be scrolled up and down behind the pane, so enabling the user to view the entire list of items, although not all at once.

Means are also preferably provided to enable, using standard computer mouse technology, a particular line to be selected and, by clicking on the mouse, the entire item to be displayed in full text in a display window overlaid on top of the graphical display consisting of the several panes. Thus, by clicking on a particular news item, for example, that item could be read and once read and digested by the trader, the superimposed display window can be removed to leave the screen display showing the previous standard set of panes.

The system in accordance with the present invention may be put into practice using standard database and electronics communications technology. An information provider will collect, collate and classify individual items of information and store them in electronic form on an appropriate large capacity computer system.

Individual traders may connect using a dedicated programme to that computer system and, by use of conventional mouse/pointer/click means, navigate their way around the database.

In particular, one of the panes may act as a master menu selecting between different types of financial instruments. An array of text identified"buttons"may be the simplest and most user-friendly approach, though symbolic indications may also be used if desired. In terms of the graphical display of time bearing information, selection of a particular period of time of interest is conveniently accomplished using the standard mouse operation technique of placing the screen cursor, usually an arrow, at the point on the graphical display corresponding to one end of the time period it is desired to select, moving the mouse while holding one of the mouse buttons down to move the pointer to the other boundary of the time range it is desired to select, and then triggering an appropriate selection"button"on screen. Desirably, the time range may be indicated on the graphical display by blocking or highlighting the selected time range. Thus, for example, if the area of interest is currency exchange rates, this may be selected as a preliminary followed by a selection e. g. using a bar of menu buttons, or a quick pull-down menu the appropriate two currencies in respect of which the exchange rate should be graphically displayed at over time. Once the display has appeared on screen, for example defaulting to a period extending backwards from the current date or six months, the particular area of interest to the trader, for example the month surrounding a major devaluation in one or other currency can be selected by pointing to the part of the graph two weeks before the devaluation, holding the mouse button down while moving the pointer to two weeks afterwards, and then releasing. On release or if necessary following some appropriate selection command being input again via the mouse and mouse button the relevant time selected materials can be displayed in adjacent panes and information in those adjacent panes then examined by the user.

An important consideration for the user of the system is the speed of operation, and the programming of the system, as well as the hardware, should be respectively effected and selected to provide for rapid and easy selection of the desired topics of interest by the user, and, following their selection, their rapid display. In terms of current technology, the database provider should make use of state of the art server systems, the users of high performance Pcs, and the connection between the two made using ISDN lines, though with good programming adequate response times can be obtained using standard twisted pair PSTN connections.

Numerous variations can be made within the overall scheme of the system described above. By way of illustration, one particular system is illustrated in the attached drawings in connection with which: Figure 1 shows a screen print of a full screen display generated by a data system in accordance with the present invention; Figures 2,3 and 4 show on an enlarged scale individual panes of the display shown in Figure 1; and Figure 5 shows the appearance of the screen when a news item is selected from the headline pane.

Referring to these drawings, Figure 1 shows a full screen divided up into a number of panes. The general presentation is as in a standard windows environment, with a tool bar 1 of standard type across the top and with various"buttons"which can be actuated using a mouse to position a screen cursor over them followed by depressing one of the mouse switches. As shown in Figure 1, a button pane 2 on the left allows selection from a variety of databases which may form part of a large financial systems database, and in which some items may belong to more than one of the individual databases indicated by the vertical row of elongate Nbuttonsn in pane 2.

At the top of the screen is a graph pane 3 which shows the variation of a financial parameter with time.

Various tool icons are displayed at the right hand edge of this pane, which enable the scale of the display to be changed, or the time range over which it is applicable.

Figure 2 shows graph pane 3 in more detail and is annotated to show the functions associated with various icons on it.

To the right of graph pane 3 is a media pane 4 with stories of interest. These may be caused to scroll up continuously if desired, at a speed enabling the brief stories there displayed to be read comfortably.

Below graph pane 3 and media pane 4 is a headline pane 5, below which is a story pane 6. Below story pane 6 is a standard right to left scrolling"tickertape"display showing current prices in industry standard format.

Figure 3 shows a somewhat expanded headline pane 5, which is six lines deep, rather than the two shown in Figure 1.

Figure 4 shows a display of a story which may be selected for display in full by moving a cursor over the desired headline in pane 5 and actuating a mouse switch. This display is sized to occupy a reasonable area of the whole screen, and is arranged to overlay the basic screen display shown in Figure 1. The effect is shown in full in Figure 5. When the user has read the item, it may be removed from display in standard fashion by moving the cursor on to the top right hand corner"X"button, referenced 8 in Figure 4, and actuating a mouse switch.

If it is desired to look in detail at items corresponding to a particular time range, the start or finish time is selected by positioning the cursor at the appropriate point on the graph pane 3 and then moving the cursor to right or left while holding one of the mouse switches down. The area between the ends of the time range may be shaded or highlit to assist the user to see that the range is as desired. On releasing the mouse switch, the selected time range may be displayed across the full graph pane if desired, and the selection of headlines presented in pane 5 may then be automatically coordinated to the time range selected.

The programming behind the display may be provided with the facility to personalise the display to match it ideally to the user's desires. As shown in Figure 1 at the bottom of button pane 2, this feature may be accessed by using the"personalise"button.

Where two or more variable parameters are shown in the graph pane, they may be visually distinguished from one another by suitable use of colour.

The system screen displays shown in the Figures are just one example of how the data may appear; numerous variations may be made in terms of the arrangement, size and number of panes to suit the financial database forming part of the system or the needs of particular financial markets, e. g. operating in different jurisdictions.

Claims (3)

1. CLAIMS 1. A financial market information data system comprising a database of relevant financial market information, a computer system adapted to store the database and retrieve information in accordance with pre-selected criteria and display such information on a screen, and where more than one type of information may be displayed simultaneously on separate areas on the screen, the system being characterised by means for displaying in graphical fashion the variation over time of a given financial parameter, means for selecting within that display a time range of interest, and means for displaying adjacent the time-based graphical display one or more selections of other data types coordinated in time to the selected time range.
2. 2. A system according to claim 1 and including means to generate on a single computer screen an image area divided up into a number of panes, one of which displays the time-based variation and others of which display related material.
3. 3. A system according to claim 1 and substantially as hereinbefore described with reference to the accompanying drawings.