JPH03505938A - Simulated live market trading system - Google Patents

Abstract

A method and apparatus for market trading is disclosed, the apparatus generally comprising a host processor and a plurality of user terminals in selective communication with the host. Each user terminal includes a selectively partitionable display (205-1,5,6, 206, 207) by which market information is conveyed to a participant. Among other features, the method involves the use of icons (205-2,3) for representing traders, each icon including information relevant to the commodity being traded. The method and apparatus are applicable to markets for trading commodities such as securities, securities options, futures contracts and futures options.

Description

[Detailed description of the invention] Simulated live market trading system A portion of the disclosure of this patent document contains material that is subject to copyright claims. Book The copyright owner shall not be responsible for copying or transmitting patent documents or patent disclosures by any person. Reproductions may also be objected to as long as they appear in the patent spelling or registration in the Patent and Trademark Office. However, copyright is not maintained in any other case. It is something that you have.

〔background〕

The present invention provides futures contracts for products including agricultural products, financial securities, stock market indicators, etc. Concerning computer-based techniques for reproducing physical and public verbal auction market conditions for trading.

A futures contract is a contract for a fixed amount of a commercial product under specified terms on an exchange specified by the U.S. federal government. This is an agreement regarding the advance delivery of goods. Generally, this type of contract is A time limit for consent and response between the buyer and seller to arrange or carry out delivery of goods. It is agreed upon and settled by an independent clearing house.

In the futures exchange market concentrated auction market (referred to as the designated contract market), the quality of the product and Standardized contracts based on quantity are bought and sold for forwards by public oral auction. It will be done. Be careful. @ii The important point is that the money exchanger itself (doesn't even handle product contracts) , it does not set the market price at which the contract will be traded. be.

They are simply market advisors or their brokers who meet to buy or sell commodity futures contracts. We simply provide a place where they can meet.

Strong members (speculators) are generally divided into the following two categories. That is, (1 ) speculators or “locals” who buy and sell for their own accounts; and (2) those who buy and sell their own products. Note for wholesalers, manufacturers, and industrialists seeking to consolidate market prices. It is a place to respond to a sentence.

“Local” refers to long-term market positions (i.e., weeks or months) and short-term market positions (i.e., weeks or months); You can take early profit-taking on stocks that are likely to liquidate within seconds or minutes of buying. Ru.

``1 local area'' involves transactions within one or more partitioned sales areas.

“Local” makes money from the speed with which it can take or liquidate, but this This in itself does not guarantee profit. One Tebari member said that the market price difference was abnormal. When you buy, the sheath (price range) t- Specialize. Strong trading members offer lower buying and selling costs available to all members of the exchange. It has the following advantages.

A Tebari member executes orders for others, but trades for himself. Do little or nothing. These include commercial manufacturers, exporters and In a position that specializes in responding to orders from customers such as banks and financial institution trading funds, etc. be. The commission is a small percentage of the commission paid to wholesalers by their customers. However, commission income depends on the volume of business. alone at a given time The orders held by a standing person are called his "deck." The place is also He is also allowed to trade for his own account if he chooses. , but may use the public's orders to benefit his own trade.

Transactions generally take place in cubicles or around a ring. by member companies All accepted orders will be transferred to the exchange for execution and will be processed at the same time The limit price and will be responded to according to the bid price and asking price. The volume is too small to make effective use of the large space. Unless the product is small, only one product can be stored in one compartment or around the ring. will be traded. By custom, auctions in which goods with the same forward month are traded are They gather in the same area or at the same height of the partitioned sales floor, and therefore have one order. Positions can be positioned in specific market conditions as quickly as possible.

Whenever the volume of a product is large and the price of the product moves quickly, the transaction amount range Various quotes are quoted for the same delivery month in several different parts of It is not uncommon for stocks to be sold at low bids. Such conditions should never be formally attached. This may result in a trade at a market price that cannot be used, or even if the market price on the order is Even if the order is sufficient within the scope of the transaction, the order may be marked as “unable”. may occur.

Purchases and sales on exchanges must be reported to members and the general public. this is , accomplished through various communication systems by various commodity exchanges. Buying and selling information are entered by the market report staff employed by the exchange in each partitioned sales floor and are and can be accessed through electronic bulletin boards at each trading venue.

At the end of each day, a clearing house that is affiliated with or independent of a commodity exchange shall Fully assume one side of a futures contract: A clearing house provides a contract to each seller of a futures contract. Buyer and seller to each buyer. A clearinghouse shall provide all public contracts to its members. The performance of both sides of the agreement shall be met.

Other aspects of commodity market conditions are addressed in the literature, including: Namely, Kaufman, “Futures Market”, John Willie Ken Anne de Non, New York (1984) (Kaufmn z@Han4boo k of Futures Market, Tohn WFley & Son, New York (1984)); Rothstein, 'Finance "Futures - Ndopunku", McGraw-Hill Book Co., New York (1984) ) (Rothstein @The Hand-book Of Finan cial Futures, 'l McGraw Hill'l Book (! Ompa117. New YOrk (1984)); Gould, 'Products ``The Dow@Zojons-Ilvuin's Guide to Trading'' Homewood (1981) (GOu14.”The DOw Jones -Irwin Guide to commoait-1es Trading ,” Dow Jonesa-Rwin, Homewood (1981)) ; Buss and Yamay, “The Economics of Futures Trading”, John Wiley and Non. New York (1976) (Goes & Yamey, 'The xco nomics Of Yutures Trad-1ng,” John Wi ley a-Son, New YOrk (1984)); V Yeon-seo N. and Hazen, “Product Management”, Liter-Brown, Boston (1989). ) (Johnson & Hazen.

'Commodities Regulation 4 ont' Litt'le, Br 0Wn and com-pany, Boston (1989)); R @Twels et al., 1 Commodity Futures Case 2, McGraw-Hill Deck, New York (1974) (R, Twelas et al,,’The Comn o-dity Futures Game,' McGraw l1iill Book Company.

New YOrk (1974): T., Hieronymus, 1 Futures Trading Economy ”, Commodity Research Bureau, New York (1971) (TJieronymus, “Eico-nomica of Futur es Trading,’ Commodity Re5each BurQ a u*Engineering nc,, New York (1971)); “Commodity Transaction Handbook ”, Shika is a trading bureau, Shika=? (1985)) (C! Om-modity TradingManua’1. -C! hicago BoarcL of T rade.

chlcago (1985)); J.7 Ubeger, °Futures market conditions Complete Guide”, John Wiley & None, New York (1984) ( J. Schwager, “A Oom-plate Guide to the Future Markets,’ John Wiley & Son, Ne1v York (1984)).

The open and verbal method of auction trading provides all prospective members with quick access to market conditions. It is widely believed to be the best way to buy and sell goods because it allows people to buy and sell goods. the current In this case, a public verbal auction in a partitioned sales floor generates a large amount of information, which is If it is not recorded quickly by @, it will not be completed. Market conditions are very complex and their characteristics are As it becomes more international, there is a need for people to be physically present in the same place. The need to remain free will severely limit the development of market conditions.

Today, the information available to strong members within the trading section section includes: (1) section section; Identification of other strong margins in the sales floor; (2) limit price, ask price, trade execution or failure; Market activity of other strong members including; (3) Appearance of other strong members in the partitioned sales floor; ( 4) Selected news from outside the stall. The second thing you should do is these Some of this information can be sorted out by subtle means of inferential communication such as body expression language. by far more objective means such as market indicators and electronic bulletin boards. It is said that it will be provided to Temari members.

Therefore, an object of the present invention is to electronically convert the operations that occur in an actual merchandise trading floor. This is to be reproduced in the child system, and by doing so, it is possible to reproduce the The goal is to maintain its development while removing constraints. Other automated trading systems et al., Fujisaki, U.S. Pat. No. 4.789.928, 5ibley, J. U.S. No. 4,677,552 of R.R., and U.S. No. 4 of Kalmus at am. , No. 674.044.

Using the system of the present invention, strong members and their customers can achieve a number of benefits, including: It will be a benefit.

In other words, time-certified efficiency of public oral auction market conditions in market discovery; convertibility on the sales floor; the many factors that drive market prices to their most economically appropriate level; Competition between buyers and many sellers; who is in the strong market and at what prices and quantities? Transparency of market conditions that allows you to know exactly what is going on; a much higher level of market monitoring ability to do.

As explained above, the trading system of the present invention includes market conditions for securities trading. Applicable to all market conditions. Securities market conditions are usually performed by experts. s-I), each of these experts has a Market conditions creator. For example, on the New York Stock Exchange, for a given trade The final market price for a specific stock is based on the actual status of sell offers and buy orders for that stock. A full list or "book" is often determined by the professional who maintains it. This specialty The Monke will immediately sell when one or more buy orders and sell orders can be balanced in terms of value. In some cases, the stock may be fully bought and sold immediately; in some cases, it may be necessary to maintain market conditions and In order to prevent wild fluctuations in the stocks and stocks, the same expert buys the stocks he specializes in again. may sell the same stock. Similar functionality is available, especially with regard to balancing between sell and buy orders. market conditions for wheat, corn, and other fungible products, including products such as stocks and bonds. must be carried out in all auction market conditions that create

The calculation system for determining the market price t-n in auction transactions for securities market conditions is Nymeyer (7) described in U.S. Patent No. 3.581.072. It is listed. This calculation system uses encoded data that displays buy and sell orders for a product. includes a main data storage device for recording data items, and such orders are This system includes orders for buy orders and other orders for market conditions. includes a device that firstly inputs the purchase offer in terms of value and secondly in terms of input time. As a result of arranging and recording descending j[, the oldest order of Line up at the top. For sell order ordering, a device is installed to first process all sell orders with respect to value. As a result, each The oldest orders at value level 2 are at the top. A closing price storage device is provided and the Record the last actual selling price for the item. The “market” market price is the last actual selling price mentioned above. These ordered data items are transferred from the data storage device to The closing price storage and the main data storage are connected by a suitable control device in order to are combined. These two ordering devices are coupled to a comparator, and the comparator is Sell order value recorded by comparing statements and buy orders when they are arranged in sequence Determine the above minimum buy order value and establish the new selling price tn for this product in this way. do.

More than just a system for balancing buy and sell orders, the present invention A system that creates market conditions for strong trading members, whether based on a system or an order-balancing system provide the system. The trading reaction time of this system is It is very close to the response time. The information necessary for Tekashi Kaiyu is displayed on the display device. Is displayed. The re-creation of competitive partitioned sales floors will serve as an incentive to local trade, thereby increasing , maintaining poor convertibility in the auction market. This system also provides transparency in market conditions. i.e., the reader knows who is in the market and who is executing trades with whom. All important components of competitive market conditions can be considered. Finally, Sanji allows people to view market conditions as if they were physically present at the market. The ability of the present invention to enable Strengthen our ability to detect transaction abuse.

With the system of the present invention, strong shop members can check who is in the partitioned section and who they are buying. whether it is in the market or on sale, at what price, limit price and ask price. Quickly track market prices and activity for other contract months, market novels, and a wide variety of market activity. It can grow rapidly.

The electronic market conditions according to the present invention are now available at real partition sales floors and exchanges. provides most of the information and also provides additional information and capabilities currently available. example For example, the limit price and sell price at market conditions are Not only the quote price is displayed. This system also provides a limit price for each contract month. Tabulates all bid prices and provides short-term page 7 frame information on who traded with whom and how much. provide notification. Furthermore, this system maintains a live tabulation of Tekashikai Yuu's own presence. hold The present invention further provides for each different contract month and transaction partition sales area. Facilitate auction market conditions by offering different screens for each However, there are still strong members who can freely move between the contract months and the partitioned sales floor. make it possible to

It will be appreciated that these advantages can be realized with the present invention. This applies to all types of market conditions.

The present invention also facilitates transaction planning by reducing the amount of documentation and resulting errors. Reduce internal labor costs for businesses.

As a result, the system of the present invention automatically clears all bidding transactions for settlement. By transmitting transactions throughout the organization and minimizing rejected or unsuccessful transactions. Reduce costs.

〔summary〕

According to the present invention, the auction market trading device includes an upper-level processing device, and this processing device selectively communicates with a plurality of user terminals, each user terminal having the option to communicate information to the user; Selective segmentation display device and user access to market conditions by inputting information including equipment for

The system preferably includes a high resolution color display, a keyboard, and a handheld mouse. and input information into each user terminal. Display device for each activity For example, by displaying the most powerful members in a contract with a separate symbol or icon. The blue square indicates the limit price to buy the contract, and the ask price to sell the contract. Active Tekashi members are identified by displaying them in red ovals. do. In one embodiment, the amount of the limit price or ask price of the six trading members is determined by each trading group. Like the abbreviations on a member's badge, they are listed within each icon, so each person knows who Tell me how much you are buying or selling. In alternative embodiments, each expert Securities, non-life insurance privileges and other products traded in listed within each icon that appears.

It may also be a box displayed on the screen, preferably this is a green It is best to use contrasting colors to determine whether you are the first to make the best limit or ask price. I will list the members who are currently creating this market situation. With that hand-strapped member If the market price for winning the bid is the winning bid, his turn will receive first priority. Trade using the mouse , move Caruso over the icon of a certain hand-strapped member, and press the button. In other words, “click” the mouse when the cursor is over this icon. It is done by.

In one embodiment of the present invention, the user may also select the title of some of the handmade members. Typing and pressing a single button results in buying and selling with several strong players at the same time. Therefore, we can accommodate even larger orders. Similarly, the system of the present invention can be used to place large orders with Tebarishikaiyu, or against stocks or other securities, such as on a stock exchange. You can automatically balance your orders.

This system selectively displays information regarding different product contracts. This allows for early Japanese food and Saya (price range) transactions.

[Brief explanation of the drawing]

The objects and advantages of the present invention will be better understood after reading the following detailed description in conjunction with the accompanying drawings. It will be understood. In these figures, FIG. 1a shows a block diagram of parts of the device according to the invention.

1b and 1c are block diagrams of embodiments of other parts of the device according to the invention. shows.

Figures 2a, 2b and 2c show a display section according to the invention.

FIG. 3 shows the representation of auxiliary information on the display.

FIG. 4 shows a segmented display for auction market conditions during auction market trading.

Figures 5a, 5b, and 5c show sequential displays of strong member identification information.

FIG. 6 shows a display segmented for "pod" transactions.

FIG. 7 shows a display segmented for privileged transactions.

FIG. 8 is a functional block diagram of user terminal instructions.

[Detailed explanation]

According to the present invention, an electronic method and apparatus are provided, which implement physical Facilitates the rapid exchange of large amounts of speculative and objective information without requiring public meetings do.

Referring now to these figures, like reference numerals have been identified throughout the figures. FIG. 1a is a block diagram of a device according to the invention. This device operates a host processing device 100, and this processing device has a communication link 30. 0t- via multiple user foam powders 200 (only one of which is shown) communicate with. As explained in further detail below, host processing device 100 includes a Tandem Computers, Inc. “Non5top” system manufactured by nc,,) Each user terminal 200 is one of the Texas Instruments Microex manufactured by xa11 engineering instruments engineering nc, ) This is a micro Explorer Tm processor. is by Apple Computer Inc. A model machine manufactured by Including Rush I (Model MaC1nt08h I) However, ~ It is recognized that other suitable devices are commercially available.

One embodiment of the user terminal 200 is depicted in FIG. 1b, which is a high resolution table. A display device 201, a keyboard 202, and a mouse 203 are shown.

The upper processing device 100 executes a plurality of instruction modules and The file is written in any computer language, such as CoBOL or TAL (7). . The plurality of upper receiver modules 110 are connected to the plurality of upper receiver modules 110 that are logged into this system. A communication from a selected one of user terminals 200 is received. Each upper receiver module The module 110 is therefore a port into the upper processing unit 100 and is a port into the user terminal. It is initially activated by causing a connection from. Equipped with upper processing equipment The more upper-level receiver modules 110 that can The number of complementary angles that can be numbered increases.

In operation, the upper receiver module 110 receives sales input into the system at a user terminal. Receive buying information and other information and electronically attach an indication of the time of receipt to this information. refer to or relate to. Such time stamps are used for auditing and maintenance of this system. Functions as well as other types of trading system order-balance specials! Ii (Or xl for implementation of der-matching features)! It is.

Received trades and time stamps are then received +! Waiting for higher level input in iSokuyuru are temporarily stored in a matrix, and the upper receiver module 110 sends them to the upper processing unit. A reception acknowledgment Metsafe is sent to the originating user terminal. In some situations, The high-level receiver Moaneal 110 sends a non-acknowledgement message to the higher-level processing device 100. The information may be sent to the subscriber terminal, resulting in the information being retransmitted. like this The situation may occur when the upper input queue is temporarily full or when a noisy communication link This normally occurs when an internal error occurs in the information format, such as that resulting from an error.

The upper input queue within upper receiver module 110 is preferably first-in, first-out. (Hereinafter referred to as F Engineering FO) Any suitable constant speed call buffer rather than a buffer storage device. This is realized by a storage device. Isospeed calls, as explained in further detail below By using a buffer storage device, a higher-level processing unit can store information in this buffer storage device. It is possible to shorten information residency and selectively prioritize the processing of that information.

Receiver module 110 receives information from user terminal 200 and predetermines the information. placed in the upper input queue in time order. of the receiver module 110. Therefore, preferably this receiver module receives the information of the second user terminal first. Regardless of the information from the first user terminal, the information from the first user terminal is processed before the information from the second user terminal is processed. It is possible to take an arrangement that processes the following. For example, user terminals in Japan Before a transaction from a user terminal whose transaction is in SHICAP is processed, It can also be processed by a higher-level processing device located there. In this way, The delay of the communication link can be compensated by this system, so that this System access time will be equal for all users. In addition, the receiver Module 110 stores information in value order and time as in other types of trading systems. Order-balance features of the present invention to organize in order! can be made concrete Ru.

The Q Monitor Anneal 120 examines the information and time stamps in the upper input queue. and this information by the receiver module 110 placed in the upper input queue. This information is moved into delayed superior input queue storage 130 at a time determined by make it move. For auditing and record-keeping purposes, the Q Monitor Monealer 120 provides one report. , and this module adds another time stamp to each packet of this packet. FII'O buffer storage for moving the trade and forwarding it to the trade processing device 140. It outputs this packet to the delayed upper input queue which is the device.

In the buying and selling processing device 140 of the upper processing device 100, the initial value of the upper processing device is set. The initial value is set when

In the prototype version, the default settings are in the relevant section 2, and the mass storage device, e.g. For example, hard disk storage, top database of approved users, screen This may include loading online storage from an online display device, etc. initial After setting the price, the buying and selling processing device 140 performs ? Information from the engineering FO queue storage device 130 receive. Processing device 140 preferably processes each information packet from storage device 130. and whether this information is valid, e.g. Therefore, it is checked whether the sales and sales carried out are indicated in the form. if it is valid , the transaction processing unit 140 typically resides on a disk storage device. Buying and selling is executed by updating the first and second databases t. 1st ' and the second database are redundant parts of the host processing device 100, and therefore , which contributes to the fault resistance of this system.

After updating the upper first and second databases, the trading processing device 140 Insert appropriate information into the upper output queue for subsequent transmission. For audit purposes As each information packet is inserted into the upper output queue, it is It is advantageous to separate stamps and write this time stamp in the tatami amount progress record. It is. In the prototype version, a predetermined time interval is used, and the upper database has a large capacity. storage device, preferably a bank-up mass storage device; A second system recovery record will be reset. 2 in the original publication, the first and A second system recovery progress record serves the purpose of the first and second databases.

The information in the upper output queue is unique for each user terminal logged into this system. communicated to the user terminal through a plurality of higher-level transmitters Moaneal 150, one for each It will be done. The upper transmitter module also preferably transmits information to the user terminal. This information is time-stamped and an acknowledgment received from the user terminal. Receive. In the event of a transmission error, the upper transmitter module redirects the information to the user terminal. Transmit. The point I would like to evaluate is that the upper transmitter module also has a higher output queue Even when the upper processing unit is empty due to periods of inactivity in market conditions, the The purpose of this is to transmit a message that indicates that the person is present.

As explained in further detail below, each user terminal 200 preferably Contains a large proportion of the instructions needed to run the system. these The command is preferably implemented in L engineering SP % PASCAL or C, but has Both L-engine SPs are preferred because of their flexibility. Here, the block in Figure 1a Referring to the user terminal 200 shown in the diagram, this diagram is similar to this system. The terminal receiver module 2 displays multiple user terminals that are logged in at a time. 10 is activated by a transmission initiated from the upper transmitter module 150 and receive transmitted information. After time stamping the received information, the leprosy receiver mozo Yule 210 stores its information in terminal input queues such as FO* buffers. 220 and transmits an acknowledgment message to the higher-level processing device 100.

If the terminal input queue 220 is full or if an error is detected in the information , module 220 transmits the non-acknowledgement message to the upper processing unit. terminal receiver The communication module 210 is usually connected to the upper processing unit when there is no market activity. We will deal with the medical safety of ``gokiiteru'' from 100.

The information in the terminal input queue 220 is received by the terminal trading processing device 230; The terminal trading processing device timestamps this information and stores it in the FO buffer storage device 2. 40t-updates the terminal database and display t-according to this information. Under These updates may be subject to market conditions as required by the user, as further explained. Reflect activities and other information.

The information in the FIFO buffer storage device 240 presented to the user terminal and the information provided by the user The notifications entered into this terminal are transmitted through the entire terminal user interface module 250. transmitted through. The module 250 is manufactured by Experinence, Inc. Action! released by rtelligence, engineering nc,,)!　Tm (ACT ON!Tm) Designed using software development tools. Ru. This action Tm! Software development tools allow micro-exploitation This is facilitated by window type writing t-ff1 that controls the display device of the Tm calculator. Moju The module 250 executes an appropriate login procedure for the upper-level processing device 100, and The higher-level processing unit initializes this user terminal using the higher-level data pace. Ru.

The user terminal 200 initializes via the terminal user interface module 250. After setting the value, the terminal transmitter module 260 communicates with the host processing device 100. Establish. Terminal transmitter module 260 is a terminal transmitter module 260, such as a terminal transmitter module 260. Retrieves data from output queue 270 and assigns it terminal address and time stamp. All information obtained by attaching a tape is communicated to the upper-level processing device.

When the terminal output queue 270 becomes empty within a predetermined period, the terminal transmitter module 26 0 transmits a message that the appropriate terminal is “alive” to the upper processing unit. .

The Hong Song transmitter Mozo Yur 260 also receives information from the upper processing unit to this terminal. Acknowledgment, non-acknowledgment, respond to error message=7.

In a preferred embodiment, a large proportion of the instructions that cause the trading system of the present invention to execute are It is written in the IQ language and resides in each user terminal 200.

In this way, the programming of this system can be easily completed and the communication The capacity of the link 300 is minimized. Referring to Figure 8, this diagram shows each user terminal 200 shows a block diagram of the organization of instructions contained within the user The instructions 400 residing in the ``objects'' 410-460 preferably Including, but these are actions! Tm Software Development Tool Kira) T-Using In L engineering SP programming or °application 2, as in the case of As previously referred to. Needless to say, “object” and °up ``relocation'' is generally equivalent to ``subroutine'' in other programming languages. do.

These have data and logical structures, including appropriate pointers and other indicators, and can be used It is possible to execute a request by a user and to execute a program between several Direct the flow of the line. Although the futures market conditions were explained, it goes without saying that , the organization of orders for conducting stock, bond and other securities market conditions is substantially similar. Probably similar.

Screen start (5TART 5cRzzN) application 410 is L This is the engineering SP Opzoect, which is automatically executed when the user turns on 200 bubbles. Go.

The start application 410 checks the proper initial value settings of the terminal 200. and ask users if they would like to pay a login fee for this system. Ru.

Login (LOG Engineering N) Ambrication 420 can be used with a mouse, keyboard or responds to appropriate user input via any other input device. is executed. Login application 420 is used when entered. This will inquire about the person's name and password, and these names and password will be subject to reconsideration. The information is communicated to the higher-level processing device 100 for this purpose. If the name and PIN access is If confirmed, the login application 420 will open the MENU )・By shifting execution to the application 430, respond to their approval signals. For example, if the authorized user first accesses the terminal During my vacation, I requested that I be taken out 10 times. Therefore, if consent is denied, execution starts with the start application 41 Returned to 0.

Once access is granted to the user terminal 200, the menu Application 430fi: Executed, this allows the user to create other ambrications, In other words, challenge the partition sales floor (V engineering EV, P engineering T) applica- tion 450 and partition. Entering the sale shop (ENTERPT) Which of the 460 ambrications T- Ask if you would like to do so. Application 4, as explained further below. The interrelationships between 30 and 460 allow logical execution of user terminal commands to be quickly and easily updated. It is designed so that it can be moved between applications.

Partition sales area selection (5ELCT P work T) Applicator Shore 440 is a transaction partition sale In which field, such as financial securities, agricultural products, etc., would you like to explore or participate? respond to user input to display the Similarly, the partition section selection Ambricujo 440 may also indicate which non-life or securities transactions are desired. Dew.

Based on the selected partition sales area (trading area) and the desired operation, the user terminal program The logical execution of the ram is the partition sales floor view ambrication 450 or the partition sales floor entry an The direction is transferred to bricussion 460. Furthermore, it goes without saying that user input In response to this, the latest related information is communicated from the higher-level processing device 100 to the terminal 200. .

The compartment view applica- tion 450 displays the selected trade format for pattern view. A station of the transaction system of the present invention related to identifying and displaying users in the sale area Realize one surface. Therefore, as explained in more detail elsewhere: , the application 450 generates a member icon with appropriate distinctiveness. A pump app that provides all the identification information of the selected child/orphan for the purpose of birth. to generate a top window, and exit the partition sales floor view ambrication 450, etc. To return to one of the ambrications, respectively, L Engineering SP Opzo Ex. Including.

The partition sales entry application 460 is an L This is Engineering SP Opzoect.

The section entry applicator 460 preferably includes: ( 1) Partition sales area (plt pane) that creates the transaction stage part of the display device bujek), (2+Table of market conditions in the partitioned sales area displayed in the trading stage Pit Market object), (3 1 Other partitioned sales areas and other processes that create display parts regarding user selection regarding market conditions Zero Pits object, (41 News-Service and information on personal transactions, recent transactions list, and list of members joining/exiting members. Supplements that create display sections for all user selections and handle user input of information. Supplementary information (Supplementary information) object .

The partition object itself contains: (i) the current market conditions; blue and red market displays and the market display objects that generate these rich information. , (11) A system that generates randomly placed hand-held member icons within the transaction stage. A number of longitudinal axis members are used to generate and control edge-first axis display. Destination box object. Furthermore, the market display object can also be used Generates a hand held member icon in the trader's own trading stage, one for limit and one for sell. Contains two hand-held members for the price and value.

The partition market condition object displays the partition sales related to other market conditions in the partition sales area of the trading stage. An object that generates the field entry application display part, which also Preferably, the user's own market information is also included in other market conditions displayed on the user terminal screen. To generate the icon, create a quote object and one for limit and one for sell. 1 Execute 2 open orders for the bid price. Similarly, other partition sales The object is an appropriate price display index for the display section related to other compartmentalized sales areas. Execute Ektowo. It should be noted that in Preferred Embodiment 2, the The store display does not include the hand-held member icon, so other partitioned store objects are This means that there is no need to perform the complementary angle option.

In addition, auxiliary information objects may be used for other aspects of this trading system, e.g. , After the user enters the information, it will be displayed whether the user has entered or left the partition section. , recent transactions made in this partitioned sales floor, the user's personal transaction level, and the upper processing device. 100 and the display of Metsusafe from the user copy 200, and user input, e.g. Perform all trading activities, screen formatting, etc.

Needless to say, the task of terminal commands’i LISP object in the manner described The subdivision into subdivisions reduces the complexity and effort required to realize the system of the invention significantly reduced.

A communication link 300 between each user bed 200 and the upper processing unit 100 is required. Bandwidth or other equivalent capacity measurements [are determined by the auction transaction system of the present invention] It is at stake for the child of the trade that should be carried out. Some machines in the Machine Tosh series Because of some of the efficiencies inherent in child computers, the Chicago Board of Trade (Chicag.

After several hours of sequence in Boaa of Trad@), 9.600 It has been found that Bo's regular telephone link capacity is sufficient. The efficiency of these is One electronic computer transmits the contents of its output display to one second electronic computer. Related to the amount of data required to run a computer - System specific.

In a second preferred embodiment of the present invention, between the user copy 200 and the host processing device 100, Communication is carried out through a combination of two-way interactive communication and one-way broadcast communication. Sanru. “Broadcast #Special Mission is realized by the upper processing unit, so the upper processing unit Depending on the nature of the activity of this trading system, all logged in users What information do you need to update the display at the end? Send. Such a burst is preferably , will occur at predetermined intervals, for example 1 second. The remainder of the communication link 300 capacity contributes to interactive communication. As explained above, it goes without saying that no - a suitable selection of hardware components is required for this system; communication link capacity t'; can be minimized. Communication technology that provides extremely high capacity links, For example, optical fiber links, Terpzoyon direct boiling line elimination interval links, etc. You can also use

10. It is important to note that the broadcast of a system that updates information occurs only at predetermined intervals. If so, which of the conflicting user actions will arrive at the higher-level processing device 100 first? By paying attention to the timing of collisions, the timing of collisions can be resolved appropriately. For example, if After the second user changes the limit price and the first user's display changes from the upper processing device. The first user clicks the mouse over the limit price icon of the second user before it is updated by the broadcast. If you clicked the button, this transaction 7 stem is preferably will display completed transactions for the modified meeting. Similarly, if the second flight The first user changes the amount of the second user before the amount changed by the user reaches the upper processing device. Click on the limit price icon and if this reaches the upper processing unit, the trading system The system preferably displays completed transactions in the second user's inventory prior to the change. Probably.

Needless to say, the phrase "reaching the highest level psychological device" was written by the selected user. The timing or delay of the child's communication may be included. explained above As discussed above, such orphan factors may be difficult to communicate to widely dispersed users. To equalize link propagation times or accommodate local users over remote users. used.

Referring to FIG. 2a, the transaction displayed on the display device 201 of the user terminal 200 A preferred organization for information is shown. The trading screen preferably consists of the following: It is divided into three parts: trading stage or trading section price range 205, others partition sales floor price range 206, and auxiliary information area 207゜other partition sales floor price range 206 (- t,, a plurality of partitioned sales floors other than the n partitioned sales floor displayed in the transaction partitioned sales floor area 205 Displays all market prices for user-selected market conditions. Three such other partition market prices The display is shown in Figure 2a, but it goes without saying that the market display device The number does not need to be this number as long as it does not conflict with the size restrictions of the display device. Also , it goes without saying that the organization of transaction information displayed on display device 201 may be The same applies to stocks, bonds, stock purchase options and other commodity trading requirements. .

The elements of the display that partition the trading screen are shown in more detail in Figure 2b. It looks like this: Current contract price display (CURRENT C!0NTRA) C! T PRICED 5PKAY): This market price display (205-1 is blue The rope is the current limit market price within the area, and the red rope is the current bid price within the area, and the valid Shows all t (for example, 925 limit prices and 750 ask prices). In the abbreviation USH, Indicates that the given quote is for a debt guarantee contract due in June.

Member icon (MEMBER 0ON): The small red oval (250-2) is It is called the Temarishi Member Bid Price Icon. This icon shows the association abbreviation and its includes the number of contracts, i.e., the amount, that members of the group are worth selling. For example, member DAS is 3 There are 50 monthly debt guarantee contracts on offer. small blue box (2f1.5-3) is called the Length Member Limit Price icon. This icon also It also includes the abbreviation ``IT'' of the temari member who placed the limit price.

For example, member GA has a limit of 100 contracts for debt guarantee contracts due in March. . In a preferred embodiment, the display device shows limit and ask prices for the market conditions; Or the icon will not appear on the trading screen.

The shape and color of the icon representing the complementary angles conveys a substantial amount of relevant information. selected as follows. In the preferred embodiment, the pending member is represented by a blue square. or other polygonal icons. Temari at asking price Members are represented by icons that are red ovals or other curved shapes. Underneath On the identification display screen, which is explained in detail in The long-hand trade μ that does not make any bids is represented by the green sixth shape, and this partition After leaving the sales floor, Tebarikai μ followed the action he had made while he was in the partitioned sales floor. The icon is represented by a colorless icon with a similar shape.

Another important piece of information conveyed by these icons is the handrail inside the compartment. Member identification and each member's limit price or bid price. This information is A three-letter tag inside the icon for member identification and an edible number stamp for the member in the notebook. is given by subtracting an alphanumeric string, such as a string. Sara As explained in detail in the following, orphan information for each planner member is displayed on the display. accessed through convening one or more screens that provide information such as nl It is also contemplated that certain members will not display 11 in their icon.

The point that will be appreciated is that the contents of the icon for the hand-strapped member may vary depending on market conditions. information, for example, specific securities or privileges covered by stock trading market conditions. This means that it is suitable for doing so.

Priority box (PR OR TY BOX): Within the upper left price range on the trading screen The green box 205-4 is a priority box. First move to create market conditions A member's bid or limit price is placed in the priority box and automatically The price or bid IK' will be:

As shown in Figure 2b, the limit price for member C2's 100 contracts is It's made at 09 dollars.

Trading stage (TRAD engineering arena): Thickness of the trading partition screen The lower price range 205-5 is the trading stage. All Temari members at limit price or ask price The icon will appear randomly within this trading arena. Only one contract at a time, Can be placed within the trading arena.

Current market price display (C! URRENT P purchase PR work CBD ISPLAY) The market display 205-6 at the bottom of the Niscreen (8 are shown in Figure 2a) is , for other contracts in the US Treasury section It is something. These displays are similar to other contracts in the Treasury securities section 2), including the current limit and ask prices, and the total effective amount. Current partition sales The market price display is an index, for example, Pl, P2, P3, etc., these are the market price display. relate the contract represented by n to the quote display key on the keyboard (Fig. 1c) reference).

Other partition market price display (0 THERP engineering T PR engineering (J D engineering 5PLAYS): The upper right corner of the trading screen contains the other section price range 260, and this area is Six price display keys for contracts outside the securities exchange. Employers are responsible for determining which jobs they You can choose whether you would like to view the sale floor and contracts. These indications are limit prices and offers. The total effective dose is shown.

Auxiliary information area 207 includes: Separate sales floor transaction summary box (P/T TRADE SUMMARYBOX): The box or window displays all recent transactions that have occurred within the compartment on the transaction screen. Show. For transactions with the store, the partition sales floor transaction summary box is preferably Indicates the name of the clearing company that committed suicide.

Personal transaction summary box (PER8ONAL TRADE SUMMARYBox ): The 41m person transaction summary box or window is used to calculate the user's own trading trends. Ru. For example, if KIN, a member of KIN, recently had 75 USZ'i prices at $11, If you sell to Tebari member JOH, the amount displayed on the notebook member transaction screen The entry in the human transaction summary box should be “-75@i iyosUsz’@f” cormorant.

News++ Service Box (NEWS 5xRvICxsBOX): Ni The news service Zamous or Window is operated by Reuters and Dow. Jones (DoWJOnθθ) by the public or private information services. Provide the items to be performed and the text of the report.

Telephone (place xpHoNE): 'I: Talk box or icon is this system This is an area set up for telephone special missions, and this allows users to You can start a private conversation with another user by clicking on the button. For example, click on the icon of another user and click on it.

Mensage (MxssAGxs): Message 7 box is unsuitable, e.g. In order to alert the user to the correct keystroke order, Provides the text of the message from the local user terminal processor.

Needless to say, local information is transferred to a user terminal that is compatible with the operation of the transaction system. Sometimes it is provided.

However, the substance and arrangement of the user terminal display device may differ from the live competition in the manner described. Not only does the present invention substantially reproduce the "seeing and feeling" of market conditions, but also It is clear that this system offers only a small percentage of the orphans and all the benefits that can only be obtained from a system that Ru.

As explained above, the trading compartment area 205 of the trading system includes the required compartments. as appropriate (as determined by the user to indicate one or all of the market conditions on the sales floor). It can also be configured. As shown in Figure 2c, this transaction partition area is , can be filled with the market display and held in the trading stage header 205-5 at all. Not yet. Needless to say, other configurations may be used depending on the type of market conditions to be displayed. Trading screens are also possible.

Referring to FIG. 3, information displayed in the auxiliary information 207 of the transaction screen The part shown is n.

As explained above, area 207 preferably contains the user's private personal contribution tally box. 207-1, telephone booth or icon 207-2.2i2 and news service. Service box 207-3 says. News specified in box 207-3 - By selecting one of the services, the system will display the selected news-service. A window 207-4 is formed within the auxiliary frame area for displaying information from the service. Also, The partition sales floor transaction summary box 207-5 shown in the third prisoner is displayed on this display device. Provides a list of recent transactions occurring within the stall. As shown here In this example, five transactions are refreshed in each list at a predetermined time interval, e.g., 3 seconds. Strike. Needless to say, the number of transactions handled is not limited to n, for example, seven transactions. Transactions can also be listed in the divider transaction summary box 207-5, and the display The period may also vary according to normal considerations and constraints, such as the space available on the display device. Probably.

Figure 4 shows how transactions can be displayed on the transaction screen by showing arrows between related users. It expresses how to give instructions on the screen. Needless to say, other means, such as an exploding star pointing like an arrow, or a flashing hand-held membership icon. , etc. may be adopted. These instructions can be seen and felt by Mr. Video-Dame. This is achieved by the trading system of the present invention, which contributes to the Helps reproduce the sense of place.

In Figure 4, please note that @ is a hand-held member who creates market conditions, that is, a designated member in Figure 4. The icon of member CZ, which is made with a total price of 9 dollars, is shown in the priority box. and trading shall be limited to this member until the quantity of the member is tendered. The preferred mission of this system is to be completed by this system with only The point is that. After that, the trade will appear randomly on the trading stage with an icon It will be carried out in between. The number of these transactions is determined entirely by the user. nru. Pending orders containing limit and light bids that do not exist in this market condition are also processed by this system. Such an order will be filled with all the indicators that exist in this market condition. Prices and offers will not appear in this trading area until bids are received. Sara As explained elsewhere, transactions can be performed by this system on other For trading systems, automatically accepting buy and sell orders, for example, are arranged in chronological order. It can also be implemented by

Referring to Figures 5a, 5b, and 5c, the compartment view applica- The screen of the user terminal is shown as the option 450 is executed. Fifth The first hawk screen shown in Figure a is preferably configured to i.e., browsing a particular section on their trading screen. However, it displays whether there are limit prices and bid prices for that market condition. 5th & Preferably, the Tebarian member icon shown on the diagram indicates the member's intention or status. The display is color and/or shape encoded. Needless to say, the shape mark Encoding is used to compensate for color blindness of the user or user terminal. Figure 5b is , access by clicking the mouse on the icon of the Temari member The entire pop-up amplifier window is shown in Figure 5c. Pop-up window accessed by clicking on the engineering icon again shows. Needless to say, the system of the present invention allows the user to After logging in, you can call up the identification screen at any time if you wish. Wear.

Figures 6 and 7 show the trading schedule for price margin trading and privileged trading. Showing possible organization of cleans. Needless to say, the pods presented on the transaction screen The amount of information that needs to be scanned is limited to the amount of information that can be stored in one user terminal display. limit the number of partitions used.

This restriction is desirable to maintain effective dimensions for the pod section. the four The divisions and divisions are shown in Figure 6. Contains staff icons. Needless to say, the user can identify the sheath classification on the display. Can be mixed with t-i sell segment.

Referring to FIG. 7, the trading stage classification of the user terminal display device for privileged trading is preferably may involve more than one type of privilege sale. A set of various privileges, handicrafts, and experiences It is usually paired with pancakes. This picture shows the pancakes in Na23 and So4. It is shown in n.

Referring again to Figure 2b, the operation of this system will now be described. Figure 2b shows the tentative Represents a possible transaction screen for Settsuritebari member Too. quoted below The n keys are shown in Figure 1c; it goes without saying that the keyboard is It may be a dedicated device for the system, or it may be installed on the keypad of a conventional electronic computer. Or by employing a suitable identification key placed on the keyboard of a conventional electronic computer. It's okay.

(it MAR89 (June 1989 debt guarantee contract or bond; abbreviation “U” To place a limit price or apply for a sell price on SH'') - Mouse: amount (if less than the icon indicates) Point the mouse at the icon in the appropriate category and click.

- Keyboard: enter the amount (if it is less than the icon indicates) of gold, Type in the abbreviation of the Tebari member and press the BUY (or 5EbL) action. Press the CREATE key.

For example, to buy 50 MER89s from TNT member TNT TNT + (BUY key press full valve For example, to buy 40 MA only 89 from TNT 40 + TNT + (Press BUY key) (iil JUN 89 (1 Place a limit price or apply for a sell price on a debt guarantee contract or bond due June 989] MUHA:>, To place a limit price or apply for a sell price on TUN89, please use the Temarikai Employee Too must enter the information in the JUN 89 market gold trading group. JUN 8 9Click on the market price display or press the P2 key and press ENTER. By pressing -, the notebook member TCO enters into the JUN 89k transaction stage. I can do that. MAR89 market conditions will be moved to P2 table display. Once JUN 89 Once market conditions enter the trading range, the TCO member will place a limit price or bid price. You can follow the same steps as in point (1) to apply. In summary D - Mouse: JUN 89 market price to input the JUN 89 market price into the trading stage Click on the display. amount (if it is less than what the icon shows) f : input, point with the mouse over the icon in the appropriate category, and click.

- Keyboard: To input JUN 89 market conditions into the trading stage, press the P2 key. and press the KNTFiR key. amount (if the icon shows less If so, enter 1ft, type the abbreviation for the notebook, and press BUY (or 5 RLL) Press the operation key.

For example, to buy 50 JUN 89 from Tebarikai J KIN (Press the P2 key) + (Press the ENTER key and press the full valve Q + N + (B (Press the UY key) (iii) To input the limit price or ask price to MAR89 - Press the 10″ key to input all the mouse values, and if the market price is different from the current market price, enter the limit price. If you want to top up, enter the market price), use the mouse to place a limit/sell price for MAR89. Point out and click on the value index.

-Keyboard: Press the @” key to enter the amount, and if the price is different from the current market price. If you want to put a limit price, enter the market price), from B (limit price) (or 0FFER (sell) value)) Operation key all valves.

For example, to place a limit price on 50 MAR89s at a market price of $0.99, [Current Market The market price is 09 Dorn 5 Q + (Press the key from B) For example, to place a limit price on 50 MAR89s at a market price of $10 (current Current market price is 09 dollars) 50 + (press @ key) + 10 + (press key from B).

To enter a limit or ask price in Oφ JUN 89 > MAR89 market conditions are trading Assume that it is inside the stage.

- Press the ``1@'' key to input the second mouse button, and if the market price is different from the current market price. If you want to bid, enter the market price), use the mouse to enter the limit price for JUy 89 / Point out and click on the sales box.

-Keyboard: Press the P2 key, press the °@” key to enter the child, and if the current If you are applying for a limit price or a bid price that is different from the market price, enter the market price) , press the operation key from B (or 0FFF; R).

For example, to get all limit prices for 50 JUN 89s at a market price of $09 (current The market price is $09) (Press the p2 key) +50+ (Press the key from B) For example, to place a limit price on 50 JUN 89s at a market price of $10 (current The market price is 09 dollars (Press P2 key) + 50 + (Press @ key) + i0 + ( (Press the key from B).

(Vl Group% *1 - To use - Mouse: Hold down the @shift key and use the mouse to move over the icon in the trading stage. Point and click.

- Type in the abbreviation for the second member on the keyboard, press the “10” key, and proceed to the next member. type the member's icon, press the "ten" key, etc. “EUY” key or Press the "5EKK" key to end the play.

For example, to make a group of handmade members KIN and handmade members BJG t. N + (Press the “+7” key) 10 BJG + (Press the “BUY” key or “ 5ELL” key).

(yj To cancel the limit price at MAR89, the MAR89 market condition is within the trading stage. Assume that

- Mouse: Use the mouse to point and click on your icon for MAR89. Check.

-Keyboard: Press the (cancel limit order) key from CANCEL-B.

(MAR89 market conditions are within the trading stage for limit order cancellation in viD JUN 89. Assume that

- Mouse: Use the mouse to point out and click on your icon for JUN 89. Click.

- Keyboard: Press the P2 key, then press the 0ANiL-B key.

For example, to cancel your limit order for 10 JUN 89s at a market price of $09, Press the CP2 key) + (Press the key from 0ANOICL-B).

~iu) To cancel all limit orders in all bond market conditions - Mouse: OFT ON (Hold down the % key and use the mouse to select the limit price/ask price icon within the market conditions of n. Also point out and click on the button.

-Keyboard: Press the OFT ON key and press 0ANCEL-BOTH (both (Cancel) key.

For example, cancel your limit orders for 10 JUN 89s at a market price of $0.89. and 10 sEp 89 at market price 26 (September 1989 debt guarantee contract or To cancel your limit price on a bond) (While pressing the 0PTI○N key) + (Press the cANcvL-BOTH key) ).

The above description is only about the embodiments, and a person skilled in the art would be able to understand the following claims. Therefore, various modifications may be made without departing from the spirit and scope of the invention, which should be limited in its entirety. Recognizing the deformation is obvious.

Fig, lc Fig, 2a (’J　　　　　~ Special table Hei 3-505938 (15) Fig, 6 Fig, 8 Procedural amendment (voluntary)

Claims (8)

[Claims] 1. (New) stocks, bonds, other securities, super-entitlements, futures privileges, and futures contracts, etc. In an automated system that reproduces live market conditions for transactions between members of various products, hand, Multiple uses allowing multiple hand-holding members to enter orders into the system user terminal and each user terminal to display a representation of the market conditions in which the product is being traded. At the display device associated with the An offer to buy a certain quantity of a product, represented by an icon of one type. The member receives the display device represented by a second type of icon; for allowing users to enter orders for selected quantities of products; An input device that connects to each user terminal, A host processing device that automatically executes buying and selling when a Tebari member inputs an order; Data indicating the entry and execution of an order is transmitted to each of the user terminals and the upper processing unit. a communication device that communicates with the The above-mentioned system includes a combination of. 2. The system according to claim 1, wherein the communication device is configured to transmit data and information. A periodic refresh bar of two-way communication between the user terminal and the upper-level processing device. and updating between the bursts. 3. In the system according to claim 1, the user terminal is provided to a handheld member. Select and select which of a plurality of market conditions is to be displayed on the user terminal display device. said system, including a terminal processing device that makes it possible to enter orders into selected market conditions; stem. 4. The system according to claim 1, wherein the higher-level processing device said system including a device for selecting access times between a management device and various user terminals; stem. 5. In the system according to claim 1, an eye for orders at market prices is provided. said user terminal display device, wherein said system. 6. The system according to claim 1, wherein the user terminal display device In addition, all hands in the partitioned sales area who do not make a limit or ask price at the market rate The system includes a device for displaying representations of members. 7. In the system described in claim 1, orders are placed based on acceptance time and value priority. said system executed in accordance with the above. 8. (New) In the system according to claim 1, the display device is selectively display at least one of multiple expressions of multiple market conditions being traded , said system.