CN103400296A - Trading tools for electronic trading - Google Patents

Abstract

The invention provides a method used for re-locating information relating to multiple commodities on a graphical user interface. The method comprises steps of receiving market information including multiple interested items and relating to the multiple commodities, each interested item being associated with a price; displaying first views of multiple indicators, each indicator indicating the interested item associated with one of the multiple commodities and being displayed in association with a first part of one of multiple static price axles which correspond to the different commodities; linking the multiple static price axles, each linked static price axle corresponding to at least one of the multiple commodities; selecting a main commodity of one of the static price axles linked correspondingly; responding to a received user order to re-locating the main commodity and re-locating each linked static price axle; displaying second views of the multiple indicators indicating the interested items associated with the linked commodities; and displaying the multiple indicators at different positions.

Description

Instrument of exchange for electronic transaction

The application be that April 17, application number in 2003 are 03813646.5 the applying date, denomination of invention divides an application for the patented claim of " for the instrument of exchange of electronic transaction ".

Technical field

The present invention relates to electronic transaction.Especially, the present invention aims to provide a kind of instrument that carries out product trading, and this product can be concluded the business with quantity and/or price.

Background technology

The a lot of exchanges that spread all over the world utilize electronic transaction to some extent, carry out the transaction of stock, bond, futures, option and other products.These electronic transactions based on three ingredients: host computer (main frame), the communication server and transaction participator's computing machine (client computer).Main frame forms the electronics center of complete computerized electronic trading system.The operation of system comprises the order coupling, safeguards orders received book and storehouse dish (positions), pricing information and management and upgrade the online day of trade and the database of batch run at night.Main frame also is equipped with external interface, and this external interface is remained unbroken online connection in order to quote dealer and other price information systems.

The dealer can receive main frame by the structural chain of three types at least: high speed data lines, high-speed communication service device or the Internet.High speed data lines is set up and directly is connected between client computer and main frame.By the place that is physically located in the dealer, construct express network or the communication server of worldwide strategic access point, just can set up another kind of the connection.Data via the specialized high-speed order wire between dealer and exchange by two-way transmission.Great majority transaction participator installs two circuits between the communication server and client computer place, as the safety practice that prevents possible breakdown.The embedded computer system of exchange often is equipped with backup, as the redundant measure of guaranteeing system availability.The third connection utilizes the Internet.Here, exchange communicates by letter by the high speed data lines that is connected to the Internet back and forth with the dealer.This allows the dealer to be positioned at any place that they can be established to the connection of the Internet.

No matter adopt which kind of mode to connect, transaction participator's computing machine all allows the dealer to add market.They use software on dealer's desktop, to create special-purpose interactive trading screen.Trading screen makes the dealer can enter and execution of order, obtains market quotes, and monitors the storehouse dish.Scope and the quality of dealer's available feature on their screen change according to the software application of moving.In the electronics strategy of exchange, open interface is installed, means that the user can, according to their transaction style and domestic demand, select them will enter the means of exchange.

Stock in the world, bond, futures, option and other exchanges have variable product, and price movement is rapid.In order in these markets, to make a profit, the dealer must be able to react rapidly.The skilled dealer who has the rapidest software, high-speed traffic and complex analyses can significantly improve the bottom line of dealer oneself or dealer company.In the market of change fast, the most small speed advantage can both produce great repayment.In the securities market of today, the dealer who lacks the interface of advanced technology is in the very disadvantageous status of competitive power.

No matter which kind of interface the dealer uses in market, input order, each market provides and obtains identical information from each dealer for each dealer.Bid in market and inquiry form marketing data, and if exchange this information is provided, login to conclude the business everyone can both receive this information.Similarly, each exchange requires to comprise customizing messages in each order.For example, the dealer must provide information such as trade name, quantity, restriction, price and other a plurality of variablees.Do not comprise whole sequence informations, this order will not be accepted in market.

In existing system, must be sent to market at order-this is consuming time for the dealer-before, the input order a plurality of key elements.The order that these key elements comprise product symbol, required price, quantity and need to buy in or sell.It is more that the dealer inputs the time that order spends, and the dealer finds out the just more likely change or unavailable in market of price of valency or quotation.Because a lot of dealers send to market simultaneously by order, market is unfixed.In fact, successful market labours for and has a kind of like this high transaction volume, makes any dealer who wishes the input order all will find coupling, and if be not, is exactly to complete rapidly order immediately.In this mobile market, the price of commodity can promptly fluctuate.On trading screen, this causes the rapid variation in the interior price of market grid and number field.If the dealer plans to input the order of certain price, but because this price has been missed in market price change before can inputting order the dealer, that the dealer may lose is hundreds of, thousands of, millions of dollar even.The dealer can conclude the business more rapidly, and the possibility of price that the dealer misses this dealer is lower, and the possibility that the dealer makes money is higher.

Along with the appearance of electronic transaction, for more most of people, add at any given time market to become and be more prone to.The increase of this potential bargainer quantity causes other variations, and comprise more competitive market, have more mobility, fast-changing price, and other variations.Due to the complicacy that these variations bring, have and can carry out the most accurately and the system of the transaction of plan is more and more important meticulously in the most effective mode.Therefore, need a kind of electronic trading system that the instrument that can assist the dealer to adapt to electronic market and help the dealer to conclude the business on the price of needs is provided.

Summary of the invention

Preferred embodiment relates to a kind of system and method for reorientating market information on graphic user interface.

According to first aspect, provide a kind of method of automatically determining to relate to the information position of commodity on graphic user interface.The method comprises from electronic transaction and receives the market information that relates to commodity.Market information can comprise a plurality of projects of being concerned about that are associated with price.The method shows the information display area territory, and this information display area territory has a plurality of positions, and these a plurality of positions are so arranged and made each position corresponding with price level along at least part of static price axle.The method also shows a plurality of designators for the first time.Each designator is associated with the project of being concerned about, and each designator is displayed in a position in the information display area territory.The method also comprises the position that automatically changes static price axle when predetermined condition being detected, so that a plurality of positions in information display area territory are corresponding with the different piece of static price axle for the second time.In this way, designator is moved to the reposition in the information display area territory, and the price level that is associated with this designator on this reposition and static price axle is corresponding.

According to second aspect, a kind of method that automatically changes the market information position that relates to commodity on graphic user interface is provided, wherein the method is included in a plurality of institutes of demonstration care project on transaction interface, comprises the market information that relates to static scale (scale).At least one institute's care project in a plurality of institutes care project is identified as automatically determining a plurality of bases of being concerned about the position of project.Demonstration on transaction interface is updated to market information and changes, and causes that one or more a plurality of institutes care projects changes with respect to static scale.The method, according to the institute's care project that identifies, changes a plurality of positions of being concerned about project automatically.

The accompanying drawing explanation

Fig. 1 illustrates a plurality of exchanges and is connected with the network between the client computer place;

Fig. 2 illustrates screen display, and this screen display illustrates internal market and the market depth of the given commodity of being concluded the business;

Fig. 3 illustrates the available replacement of using according to preferred embodiment and shows, this replacement shows to have bid quantity and the inquiry quantity that shows explicitly with static price scale;

Fig. 4 illustrates the demonstration of time after a while, and this demonstration illustrates works as the relatively change of duration with Fig. 3;

Fig. 5 illustrates in order to illustrate this has method and the demonstration of parameters;

Fig. 6 is the process flow diagram that a process that shows and conclude the business to the demonstration of Fig. 5 with Fig. 3 is shown;

Fig. 7 illustrates the Last Traded Quantity(last trade quantity according to preferred embodiment) concentrator marker, and show the coloud coding of Last Traded Quantity;

Fig. 8 is the schematic diagram that is illustrated in the transmission of a plurality of data supplies between exchange and client computer;

Fig. 9 is the schematic diagram that the interruption of a data supply shown in Figure 8 is shown;

Figure 10 illustrates a demonstration, and this demonstration illustrates user in market and buys in the total working quantity with seller's order;

Figure 11 A and 11B are the demonstrations that dynamic indicator is shown;

Figure 12 A and 12B are the demonstrations that " arrow " unit is shown, and being somebody's turn to do " arrow " unit can be used to watching the institute's care project outside current demonstration;

Figure 13 A and 13B are the demonstrations that thermometer designator example is shown, in order to the quantity of buying in and selling of being concerned about in market is shown;

Figure 14 A and 14B illustrate the demonstration of automatically scalping device (scalper) designator;

Figure 15 A and 15B are respectively the demonstrations that an embodiment is shown, and wherein the user can select price level reasonableness test characteristic by dialog box, and are that the demonstration of measuring with respect to the rationality of Last Traded Quantity is shown;

Figure 16 A illustrates the demonstration that last trade price and internal market for the automatic mesh central characteristics of preferred embodiment show, and Figure 16 B is the demonstration that user's How to choose is shown and handles the automatic gridding characteristic;

Figure 17 is a demonstration, and this demonstration illustrates that user's work at present sells that quantity is bought in quantity and work and be used to the additional standard of " drag and drop (drag and drop) " characteristic of realizing preferred embodiment;

Figure 18 illustrates on average the work demonstration of the user job quantity buying price and average work selling price except the user;

Figure 19 A and 19B be preferred embodiment is shown highlight the mid point demonstration of characteristic functions placed in the middle again; Figure 19 C is example gui option dialog box, wherein according to one embodiment of present invention, highlight mid point again characteristic placed in the middle can be activated;

Figure 20 A illustrates how blank spot (blank spot) to be carried out to the demonstration of coloud coding according to an embodiment; Figure 20 B is the demonstration of example gui option dialog box, the coloud coding characteristic that wherein user can activation graph 20A;

Figure 21 is the demonstration that the average price of how to indicate according to an embodiment of the invention the open position of dealer (open position) is shown; With

Figure 22 is the demonstration of consolidating an embodiment of control chart target that illustrates according to preferred embodiment.

Embodiment

Shown in the reference accompanying drawing, provide the instrument of exchange according to different preferred embodiments, so that convenient quick and accurate order input in other things.Together be sure oing this instrument of exchange and transaction showing, work finely, this transaction shows work order and/or bid and inquiry quantity or other market informations that shows explicitly with static price scale or axle.Fig. 3 has illustrated the example that this transaction shows in Fig. 5.Should be appreciated that about this point, static state does not mean that and does not change, but means relatively fixing.For example, utilize static price scale, this scale self can be variable, and that represented price relative to each other keeps is fixing, experiences consolidation or expansion as described below.Can alternatively use and produce the transaction application programs that different transaction shows.

In a preferred embodiment, on computing machine or electric terminal, realize one or more instrument of exchange as herein described.Computing machine can be directly or indirectly (use intermediate equipment) with one or more exchanges, communicate by letter, in order to receive and send market, commodity and trading order form information.Computing machine or terminal can be mutual with the dealer, and produce will send to exchange will order content and characteristic.Transaction application programs allows the dealer to watch marketing data, input and deletion trading order form, and/or watches order.The terminal that scope of the present invention is not used or the type of equipment limit, and are not limited to the transaction application programs of any particular type.On the contrary, can on any existing or terminal in the future or equipment with handling property of carrying out function described herein, realize this instrument of exchange.

As used herein, word " commodity " only refers to such things, and it is the object of transaction.It comprises anything that can conclude the business with quantity and/or price.The example of this object is including but not limited to all types of financial products of being concluded the business, for example, and stock, option, bond, futures, currency and subscription warrant etc., and fund, growth and above-mentioned every activation or combination.Commodity can be " really ", the object for transaction of for example being listed by exchange, or " synthetic ", the combination of the real goods that is for example created by the user.

And instructions can be called clicking of mouse user input and show the example of mutual individual part with terminal.In order to allow within the shortest time, to take action, when pressing mouse, the response of the preferred embodiment of transaction application programs, rather than wait for.Although can describe mutual preference pattern, scope of the present invention is not limited to mouse is used as to input equipment, or knocks the individual part of mousebutton as the user.On the contrary, any action of user, no matter comprise that the one or many of mousebutton knocks or other input equipments, such as keyboard, operating rod or touch-screen etc., can be counted as user's individual part.

Electronic trading system can be so constructed, in order to allow, in one or more exchanges, concludes the business simultaneously.Fig. 1 shows the connection of the example of this system.This diagram shows a plurality of host transaction 101-103 of institute that are connected to gateway 107-109 by router one 04-106.A plurality of client terminal 110-116 as trading post can, by their connection to gateway 107-109, conclude the business in a plurality of exchanges.The instrument of exchange that it should be noted that preferred embodiment is not limited to any particular network structure, but can, together with utility routine on workstation or other client devices, be applied to any can be used in the network that carries out electronic transaction.

When electronic trading system is configured to from a plurality of transaction received data, preferably will become can use from the data-switching of each exchange the form of graphical user interface displays.For example shown in Figure 1, application programming interfaces (" TT API " shown in Fig. 1) will become universal data format from the input Data Format Transform of different exchanges.The translation function of preferred embodiment can be placed in any position in network, for example, in gateway server, in single workstation, or in both.In addition, the storage unit in gateway server, client workstation and/or other external memory storages can high-speed caches, buffer memory or store historical data, for example list the orders received book of user's movable order in market; That is to say, those are not completed and be there is no deleted order yet.Information from different exchanges can be displayed in the one or more windows in client workstation.Correspondingly, although the prompting by instructions with reference to the exchange that connects of single transaction terminal, scope of the present invention is included in a plurality of exchanges the ability of using single transaction terminal, concluding the business according to method of commerce as herein described.

The business available transaction application program that allows the user to conclude the business in system as shown in Figure 1 is Chicago city, Illinois Trading Technologies International, Inc.(International Transaction technology company)

A kind of electronic transaction interface also is provided, has been called as MD_TRADER ^TM, wherein with static price scale, show explicitly work order and/or bid and inquiry quantity.Yet preferred embodiment is not limited to carry out any specific products of conversion, storage and/or Presentation Function.

Several preferred embodiments comprise the demonstration of " market depth ", and/or the market depth that allows the user to watch commodity, and with single input, for example knocking of computer mouse button, input order.Just as used herein, market depth is represented by available orders received book, comprises present bidding and inquiry quantity and their price.In other words, through the restriction of the following stated, market depth is except " internal market ", with each pending available bid and the inquiry quantity of certain price input.For the commodity of being concluded the business, internal market is best bid price and minimum inquiry price.The embodiment that relates to the demonstration that comprises market depth, Fig. 2 and interface shown in Figure 3 are exemplary.Other transaction application programs that can display of market depth are suitable alternatives, except as otherwise noted.And preferred embodiment is not limited to the electronic transaction application program of display of market depth, but can be utilized by any electronic transaction application program.

Usually, exchange sends to gateway 107-109 by price, order and filling information.Transaction application programs, for example

Process this information, and it is mapped to theoretical grid program or any other similarly for by the position of data-mapping to the mapping techniques on screen.To screen grid, in order to be presented on client devices, for example client devices 110-116, can complete by any technology well known by persons skilled in the art by this information physical mappings.The present invention is not exposed for the method for data-mapping to screen display is limited.

The ability of the abundant display of market depth of system generally depends on exchange how many market depths is provided.Some exchanges, for example provide uncertain market depth, and other do not provide market depth, or a few order away from internal market only is provided.How far the user preferably can also select to come into the market the degree of depth, in order to be presented on dealer's screen.For example, the user can only want to show away from the market depth within the point (tick) of the predetermined quantity of internal market.

Fig. 2 is illustrated in the patented claim No.09/589 of the above-mentioned U.S. associating pending trial that comprises, the electronic transaction interface of describing in 751.This demonstration and system are only examples that can comprise the transaction system type of one or more aspects of the present invention.This demonstration shows internal market and the market depth of the given commodity of concluding the business." internal market " of the given commodity that row 1 expression is being concluded the business, its be best (the highest) bid price and quantity and best (minimum) inquiry price and quantity.Row 2-5 represents " market depth " of the given commodity of concluding the business.In a preferred embodiment, available good bid in 203 row and available good inquiry the in 204 row have been listed in the demonstration of market depth (row 2-5).(internal market-row 1) demonstration in row 202 and 205 respectively of the work bid of each price level and inquiry quantity.Price and the quantity of internal market and market depth are upgraded in real time, because this information is from sending market.

In screen display shown in Figure 2, by character string " CDH0 " in row 1, represented the commodity (contract (contract)) of concluding the business.Degree of depth row 201 will be informed the dealer by state by showing different colours.Yellow indication application program is waiting pending data.Red indication market depth receives data failure from server, and " overtime ".Green designation data just is updated.Other column headings in this chart and every other chart are as given a definition.The BidQty of row 202 (Bid Quantity): the quantity of each work bid; The BidPrc of row 203 (Bid Price): the price of each work bid; The AskPrc of row 204 (Ask Price): the price of each work inquiry; The AskQty of row 205 (Ask Quantity): the quantity of each work inquiry; The LastPrc of row 206 (Last Price): the last bid of mating in market and the price of inquiry; The LastQty of row 207 (Last Quantity: the quantity of in the end price transaction.The Total of row 208 represents total number of transaction of given commodity.

And the effective mode more convenient than a lot of existing systems of being configured to of this screen display self informed the user.The dealer carrys out the acquisition advantage by checking market depth, because they can see the trend of order in market.This market depth has demonstrated the interest that market has given commodity in different price levels to the dealer.

The U. S. application No.09/590 that submits on June 9th, 2000, in 692, described display system and the relationship trading method of the another kind of type of together using with preferred embodiment in detail.The method is by the scale with static price or the axle information such as display case such as market depth or work order explicitly, and that guarantees to conclude the business carries out fast and accurately.Use embodiment display of market depth on fore-and-aft plane of the type display system, market depth is logically fluctuation up and down on this plane along with the fluctuation that price is shown.The invention is not restricted to any specific demonstration-this information may be on transverse plane, n dimension ground or show in any other mode.This allows the dealer to conclude the business rapidly and effectively.The plane of Fig. 3 has illustrated the example of this demonstration in showing.

In the market of change rapidly, wherein different price level is concluded the business (that is, coupling comes into the market on different prices bid and quotation), and the dealer can input rapidly order and rapid window is favourable with analyzing market information.Display type shown in Figure 3 allow the dealer to knock by static price level and then and on the certain price level input order rapidly, and allow the dealer easily to see such as information such as work order rapidly.Static price can show by any way, comprise with row, at any angle or n dimension ground show, and do not deviate from the present invention.For static price value, also likely do not show, and instead use particular color or use additive method, only scale or the axle along the expression certain price shows market depth level, work order or other information that is relative to each other.

Shown in Figure 3 being presented in a simple window provides order entry system, market grid, fills window and market order summary.This merging shows by in effective mode, inputting and follow the tracks of transaction, has simplified transaction system.This system with logically, vertical mode or other angle or configurations easily carry out display of market depth laterally or with some.This there is shown and illustrated for simplicity vertical territory, but this territory may be horizontal at an angle or n dimension.This system has also increased the speed of transaction and the possibility of inputting order on required price with requirement.In an embodiment of the present invention, this demonstration is the static longitudinal row of price, and bid and inquiry quantity are presented in the longitudinal row on price column side, and is in line with corresponding bid and inquiry price.

Indicate in the row 300 of BidQ it is bid quantity, indicate that in the row 302 of AksQ be inquiry quantity.The representativeness of given commodity has been shown in row 304, and wherein price is static, and increment is " point (tick) ", and its mid point is the minimum change of price value, and it is arranged for each commodity by exchange.This price can or show in any other mode with the multiple of point, point.In the embodiment shown in fig. 3, this lists whole price (for example 95.89), but only lists final two digits (for example 89).Available other prices of alternatively using show conventional method, as long as essential pricing information is delivered to the user.In the example shown, internal market, unit 306, be 89(best bid price) the 18(best bid quantity located) and the best inquiry of 90(price) the best inquiry of the 20(quantity located).In a preferred embodiment of the invention, these three row 300,302 and 304 show with different colours, so that the dealer can distinguish rapidly them.

Value in price column is static, that is to say, they do not change position usually, unless receive (re-center) order (can discuss in detail) that recenters later.Yet the value in Bid and Ask row 300 and 302 is dynamic; That is to say, their (for example longitudinally) move up and down, in order to reflect the market depth of given commodity.LTQ row 308 show the last trade quantity of commodity.Quantitative value is about the price of this quantity of relative position reflection transaction of Price value.Indicate E/W(executed/ work) row 310 show the current state of dealer's orders.The state of each order is displayed in its price row of input.For example, in unit 312, the quantity of the share (lot) that the numeral on S side indication dealer orders, this quantity is sold with the price in this particular row.The quantity of the share (lot) that the numeral on W side indication dealer orders, this quantity are still in market and not yet complete order-be that system is working on to fill in this order.Blank indication in these row does not have order to be transfused to or carries out on this price.In unit 314, the quantity of the share (lot) that the numeral on B side indication dealer orders, this quantity is bought in the price in particular row.The quantity of the share (lot) that the numeral on W side indication dealer orders, this quantity are still in market and not yet complete order-be that system is working on to fill in this order.

Various parameters are set, and provide information in row 316.For example, " 10:48:44 " in unit 318 shows the real time of one day.L in unit 320 and R territory indicated number value, can be added on the quantity on order of input.Below will explain this process about the transaction of carrying out under this system.Under L and R territory, in unit 322, the numeral Vehicles Collected from Market capacity of appearance.This is the quantity of the share of concluding the business for selected commodity.Unit 324, " X10 ", show net quantity (Net Quantity), the dealer is for the current location of selected commodity.Numeral " 10 " expression dealer buys in to deduct and sells.Unit 326 is " current quantity ", and this domain representation dealer will send to the quantity of the next order in market.This territory can be clicked by left and right (up and down) or adjust by clicking the button in unit 328 under " current quantity ".These buttons increase indicated quantity by current quantity; For example, " 10 " will increase by 10; " 1H " will increase by 100; " 1K " will increase by 1000.Unit 330 is " removing " buttons; Click this button and will remove " current quantity " territory.Unit 332 is " quantity descriptions "; This is drop-down menu, allows the dealer from three " quantity descriptions ", selecting.In one embodiment, when the arrow button in window, show drop-down menu.This window comprises NetPos, Offset and the permission dealer inputs digital territory.Numeral is set in this territory will arrange buying in of acquiescence or sell quantity.Select " Offset " in this territory will activate the L/R button of unit 329.Select " NetPos " in this territory that current " net quantity " will be set and carry out for the dealer quantity that he concludes the business next time.Unit 334 is +/-buttons; These buttons will change the size of screen-or become large (+) or diminish (-).Unit 336 is be used to calling Net0; Clicking this button, will to reset " net quantity " (unit 332) be 0.Unit 338 is be used to calling Net Real; Click this button and will reset " net quantity " (unit 332) for its physical location.Should be appreciated that preferred embodiment is not limited to show the transaction application programs of these specific buttons.Preferably, shown button and any parameter that arranges by these buttons, quantity for example, can be by customization or selection.

Along with rising and the reduction of price in market, this internal market and market depth rise and descend.For example Fig. 4 shows a screen, this screen display market same as shown in Figure 3, just in time interval after a while, internal market wherein, unit 400 three points that raise.Here, the internal market of commodity is 92(best bid prices) the 43(best bid quantity located) and the best inquiry of 93(price) the best inquiry of the 63(quantity located).To Fig. 3 and Fig. 4 relatively in, can find out that price column still keeps static, raises price column and bid accordingly and inquire the price.

Along with market raises or reduces this price column, internal market, work order, last trade price and/or quantity or interested any other project all may be higher or lower than the price column that shows on dealer's screen.Usually, the dealer will wish to check internal market, so that following transaction of assessment.This system utilizes locating features to solve this problem.By in the 342-in the gray area-Fig. 3 under " Net Real " button, clicking any point, this system will be reorientated internal market on dealer's screen.As an alternative solution, this locating features can be programmed to click to trigger by any zone showing.And when using three button mouses, the click of middle mousebutton will be reorientated internal market on dealer's screen, and location-independent with mouse pointer.As mentioned above, can alternatively based on the interested sundry item except internal market, locate this demonstration.

Identical information and characteristic can show and activate with horizontal or other modes.As market in the preferred embodiment, raise or reduce vertical scale, as shown in Figures 3 and 4, market will move left and right in laterally showing.Identical data and the identical information according to the dynamic demonstration of data, collected are provided.Can predict other orientation and can be used in and dynamically show data, and this orientation falls within the scope of the invention.

The particular characteristics of demonstration embodiment shown in Fig. 3 and 4 is an embodiment example that can be used in screen display of the present invention.Yet the present invention never is limited to the screen display that utilizes each characteristic in these characteristics.

Send trading order form

Next, describe the transaction commodity, specifically, describe typical case's demonstration of using type shown in Figure 3 and send trading order form.Use and show and method of commerce, at first the dealer will specify required commodity, and if adaptable words are gone back specify default quantity.Then, the dealer can, by the target icon and indication action, for example, by the click of left and right mousebutton, conclude the business.Depend on the user's and/or system designer needs or preference, for any action, term " click " can refer to that " half-click " or button press event.

Following formula makes to produce trading order form by this example system, and determines the quantity and the price that with this order, are associated.Abbreviation: P=below using in these formula clicks the price value (unit is point) of row, the value in the R=R territory, the value in the L=L territory, the current quantity of Q=, Q _aIn=AskQ row, be equal to or better than the sum of all quantity at the price place of P, Q _bIn=BidQ row, be equal to or better than the sum of all quantity at the price place of P, the current clean position of N=, Bo=sends to the order of buying in market, and So=sends to the seller's order in market.

Use any order of right mouse button input

Bo=(Q _a+ R) P(formula 1) if click the BidQ territory.

So=(Q _b+ R) P(formula 2) if click the AskQ territory.

Use the order of left mouse button input

If in " quantity description " territory, selected " Offset " pattern,

Bo=(Q _a+ L) P(formula 3) if click the BidQ territory.

So=(Q _b+ L) P(formula 4) if click the AskQ territory.

If in " quantity description " territory, selected " numeral " pattern,

Bo=QP(formula 5)

So=QP(formula 6)

If in " quantity description " territory, selected " NetPos " pattern,

Bo=NP(formula 7)

So=NP(formula 8)

Order with following quantity can also be sent to market, this quantity according to quantity available in market, by the preset quantity of dealer and dealer, click which mousebutton and change.Use this characteristic, the dealer can or be better than this price place in selected price, by one click, buys in or sell whole bids or the inquiry in market.The dealer can also add or from the quantity that do not strike a bargain in market, deducting preset quantity.If the dealer clicks in BidQ or AskQ row in transaction unit-namely, this dealer just will input an order in market so.Which mousebutton the parameter-dependent of this order has clicked in the dealer, and what prevalue the dealer is provided with.

Use screen display and the value of Fig. 5, by example, describe with this demonstration and method of commerce and send trading order form.In left click BidQ row 500 18, will send order in market, the phase dutiable value in price 89(Prc row 504) locate to buy in 17 shares (describing the quantity # that selects in drop-down menu unit 502 in quantity).Similarly, 20 in left click AskQ row 506, will send in order list market, and 90 places sell 17 shares in price.

Use right mouse button, for example, will be in the corresponding price place of the row with clicking sends to market by order, quantity is that the total quantity that is equal to or better than the order of price in this row in market adds the quantity in R territory 508.So the right click of AskQ row 506 in 87 price row, will be in price 87 and quantity 150 places send to market by order, wherein quantity 150 be all quantity 30,97,18 and 5 and.Quantity 30,97 and 18 is in market, to meet or be better than the entire quantity of dealer's seller's order price 87.These quantity are displayed in BidQ row 500, because this list is shown in market, will buy with each corresponding price the order that does not strike a bargain of commodity.Quantity 5 is quantity preset in R territory 508.

Similarly, in the 500 right clicks of the BidQ of identical price level 87 row, will send and buy in the restriction order in market, quantity is 5, and price is 87.This quantity is to determine in identical as mentioned above mode.In this example, although in market, be not equal to or better than the order of selected price-the be not equal to or better than quantity of this price in AskQ row 506.Therefore, be equal to or better than the quantity of this price and be zero (" 0 ").The blanket order of dealer's input will be the value in R territory 508, and this value is 5.

For example, will calculate the order that utilizes the left mouse button input in identical as mentioned above mode, and describe in quantity " Offset " option of selecting in territory 502, but will add the quantity in L territory 510, rather than the quantity in R territory 508.So the left click of BidQ row 500 at 92 price row, will send and buy in order in market, price is 92, and quantity is 96.Quantity 96 be all quantity 45,28,20 and 3 and.45,28 and 20 is in market, meet or be better than the entire quantity that the dealer buys in order price 92.These quantity are displayed in AskQ row 506, because this list is shown in market, will sell with each corresponding price the order that does not strike a bargain of commodity.Quantity 3 is quantity preset in L territory 510.

Value in L or R territory 510,508 can be negative.This will reduce the total quantity that sends in market effectively.In other words, in the example of the AskQ of price row 87 row 506 right clicks, if R territory 508 is-5, the total quantity that sends to so in market will be 140 (30+97+18+ (5)).

If the dealer selects quantity to describe " NetPos " option in territory 502, for example, right click still will be carried out work as mentioned above.For example, left click will be inputted order, and price is corresponding with the price row of clicking, and quantity equals dealer's current Net position.Dealer's Net position is the current location of dealer for selected commodity.In other words, if the dealer has bought in than this dealer, sell many 10 commodity, this value will be 10.NetPos will not affect the quantity of the order that is sent by right click.

If the dealer has selected a numerical value in quantity is described, left click has the order of the current quantity of being selected by the dealer in market by transmission.The default value of current quantity is to describe in quantity the numeral of inputting in territory, but it can change by the numeral of adjusting in current what territory 502.

The embodiment of this system also allows the dealer to pass through the left side of a mouse click Anywhere or the right button in number of transaction (LTQ) row 512 in the end, and his all working order (this function also can provide or provide as an alternative solution in any general area of screen) is provided.This allows the dealer to withdraw from the market immediately.Embodiments of the invention also allow the dealer at certain price level place from his whole orders of deletion market.In executed/(E/W) row 514 of working, click any one mousebutton, will delete all working order in the unit of clicking.So if the dealer thinks that the order that sends in advance at the certain price place will become bad transaction, the dealer can be by clicking to delete these orders.

The flow process of Fig. 6 there is shown the process of using demonstration as above and method of commerce to send trading order form.Before sending trading order form, this system provides fundamental domain, be used to inputting data, and for example selection of user's overview, quantity on order and maximum number of transaction.In case inputted these fundamental domains and dealer, indicated and need to send trading order form, system will determine whether the dealer has carried out essential action and concluded the business.For example, the present invention will determine whether mouse pointer is positioned on the unit that can conclude the business when having carried out the attempt of click transaction.If determine to have asked enforceable transaction, system will, on the quantity and price based on basic setup and the market price, produce and send the restriction order to exchange.This system provides the chance that changes the quantity on order preset button to the dealer.The default amount of these authority buttons is 1,5,10,20,50 and 100.Yet in a preferred embodiment, the dealer can, by to each designated button, carrying out right click and manually input different digital quantity, change any or all of default amount.

In step 600, the dealer has the demonstration on the transaction terminal screen, and this screen illustrates the market about given commodity.In step 602, parameters in suitable territory, for example " current quantity ", NetPos or the Offset territory of L and R territory and drop-down menu.In step 604, positioning mouse pointer, and the pointer of being clicked the mouse on the unit in demonstration by the dealer.In step 606, system determines whether the unit of clicking is the unit (namely in AskQ row or BidQ row) that can conclude the business.If not,, in step 608, do not create or send trading order form, but, according to selected unit, adjust other quantity or carry out other functions.Otherwise in step 610, whether what system was determined to click is a left side or the right button of mouse.If right button, in step 612, system will be used the quantity in the R territory, and this moment, system was determined the total quantity of order in step 614.If clicked left button, in step 616, which quantity is system determine to have selected describe: Offset, NetPos or real figure.

If selected Offset, in step 618, system will be used the quantity in the L territory, and this moment, it determined the total quantity of order in step 614.If selected NetPos, in step 620, system will determine that the total quantity of trading order form is the clean position of current NetPos value-dealer in given commodity.If real figure is described as quantity, in step 622, system will determine that the total quantity of trading order form is the current quantity of input.In step 614, system will determine that the total quantity of trading order form is the entire quantity that value (if having taked step 612) in the R territory or the value (if having taked step 618) in the L territory add in market the price that is equal to or better than click row.This will be to the quantity summation (adding L or R value) of each order of the supply by order (fill) inputted for the dealer in market.

After step 614,622 or 620, in step 624, system determines to have clicked which row, BidQ or AskQ.If clicked AskQ, in step 626, system will send and sell the restriction order in market on the corresponding price of the row of the total quantity with having determined.If clicked BidQ, in step 628, system will send and buy in the restriction order in market on the corresponding price of the row of the total quantity with having determined.Process as above is only an embodiment, and the invention is not restricted to this particular procedure or any process.

The Trading Technologies International in Chicago, Illinois, Inc. is with trade mark

Sale comprises the business enabled production of Fig. 2 and type display screen shown in Figure 3.This paper is called MD_TRADER by the display screen of type shown in Figure 3 sometimes ^TMStyle shows.Yet, as mentioned above, in fact can by any electronic transaction application program, use the instrument of exchange of preferred embodiment, except as otherwise noted.

After providing the above-mentioned information about the graphic user interface for electronic transaction and application thereof, several instrument of exchange will be described.For example, one or more can the comprising into transaction application programs in these instrument of exchange, so that efficiency and the opportunity of auxiliary dealer and improvement transaction.

Last trade number tag device (Last Traded Quantity Marker)

According to preferred embodiment, " Last Traded Quantity Marker " provides the indication (LTQ, Last Traded Quantity) of last trade quantity.In the demonstration that comprises the dynamic markets information that is associated with static price scale, MD_TRADER for example ^TMStyle demonstration, LTQ marker can move up and down along with the variation of the LTQ price that is associated the LTQ row.A kind of form of LTQ marker 700 has been shown in Fig. 7, has wherein used numerical value and colour or shade.For the chain transaction of identical price, LTQ marker 700 can illustrate, for example, and the i) cumulative amount of all chain transactions of last trade price (Last Traded Price), or ii) only have the quantity of the last sale of last trade price.The accumulation of the total quantity of a plurality of LTQ events is generally to depend on gateway (being exchange).Yet most of gateways are by cumulative amount.For the gateway of not accumulating LTQ, if necessary, transaction application programs, for example Application Program Interface shown in Figure 1, can convert LTQ to integrating indicator.

Usually, as long as contract continues in identical certain price place transaction, LTQ will accumulate.When contract, when new price is concluded the business, near marker can show in this price and indicator frame quantity, move, and will only reflect the quantity of last trade.If a contract is concluded the business on the price of front contract transaction, indicator will turn back to this price level, and the indicator frame will show the quantity (it is not added to New Transaction quantity on the quantity that marker shows when resident on this price for the last time) of this last trade again.The indicator that is arranged in LTQ row 702 is not the numeral that shows simply last trade quantity.But the marker also price (in price column 704) by residing in the transaction of last contract afterwards, is indicated the incident price of this friendship to the user.LTQ marker 700 preferably, but not necessarily, is associated with corresponding last trade price 706.The numerical value of price or quantity is not to be associated with marker.

Therefore, according to preferred embodiment, LTQ marker 700 is visual detectors of best number of transaction.The marker of any type can use, as long as it can be identified as by the user indicator of quantity.Other indicators, for example color or graphical indicators, as slide scale, thermometer type scale or velograph type scale, can alternatively be used as marker.Graphical indicators can be, but not need to comprise relevant numerical value.Yet in other alternatives, the combination of indicator can be used to showing item of interest purpose characteristic, for example LTQ.For example, can take the mode of numeral or figure to represent quantity self, and color can be carried out to demonstration trend for Quantity Indicator, for example raise or the amount that reduces or the ratio of quantitative change, or the price that raises or reduce that is associated with LTQ.In addition, although the marker of these types is described as in several sections in front to the marker of LTQ, the marker of these types can be alternatively for the interested any project of user interface user.

In addition, when user interface is configured to show the static price scale of merging, for example as described below, under title " merges and controls icon ", LTQ unit 708 can be subdivided into price and merge increment, and the LTQ marker can be illustrated as the horizontal line within the corresponding subdivision of LTQ unit 708.The position of graphical indicators within LTQ unit 708-it is the price visual detector in horizontal line-the be provided at last trade quantity merging scope of changing hands in this example.

The coloud coding of marker

As mentioned above, in user interface, interested project can be use that colour or gray level shade carry out coloud coding or highlight.In a preferred embodiment, user interface is the type shown in Figure 3 with the marketing data that is associated with static price scale, for example MD_TRADER ^TMInterface, and colour is used for to the LTQ marker, for example, provide the price value that is associated with last trade quantity (LTQ) to distinguish with respect to the increase of the price value that is associated with previous LTQ or the vision between reduction.At MD_TRADER ^TMIn, LTQ can show as the unit that highlights in LTQ row 702, and as shown in Figure 7, this unit is displayed on the level corresponding with last trade price (LTP) 706.In a preferred embodiment, highlight unit and change color according to the price movement in market.For example, when the price change that is associated with LTQ is while with respect to the price that is associated with previous LTQ708, increasing, can utilize a kind of background of color to show LTQ unit 710, for example blue.And, when the price change with respect to previous LTQ708 reduces, can utilize the background of different colours to show LTQ unit 712, for example red.

In addition, color can provide about item of interest purpose additional information, for example LTQ.For example, when pending commodity in current this firm bargain also by when transaction, LTQ row 702 can be shown as particular color, grey for example, and can keep this color until a quantity by the supply of material.When a quantity is supplied, show that the unit of first LTQ in this firm bargain can highlight with particular color, for example green, but do not represent rising point or the drop point with respect to previous LTQ.The follow-up supply of material will cause the LTQ unit to be highlighted, for previous example, with blueness or redness, highlight, unless price level does not change between a transaction and another transaction, in this case, this unit will keep green until in the price of LTQ, occurred to change.

This reason that dealer is benefited is, the demonstration of LTQ and color are specified the visual reference that market price development, state or trend are provided, thereby allows the dealer to absorb rapidly additional information, for example the direction of the marketing activity.The result of seeing the price change of last trade quantity is that the dealer can more easily determine state of market and trend, thereby strengthened the dealer, inputs order and makes the possibility of these orders in the required price supply of material.

The coloud coding of LTQ shows as colour cell in LTQ row 702 (for example 700,708 and 710), and corresponding with the price row of this number of transaction.Default setting becomes in a preferred embodiment, when LTQ counts rise on price with respect to previous LTQ, colour cell will present blueness, when LTQ counts drop on price with respect to previous LTQ, colour cell will present for example red, and when price level remains unchanged from a transaction to another transaction, colour cell will present for example green.Although these preferred colours are the default settings in embodiment, transaction application programs preferably allows the dealer to change colored the appointment according to this dealer's self preference.In addition, although with reference to the colour that is applied to unit, specific embodiment is described, the invention is not restricted to colour is applied to the embodiment of unit.For example, colour can be applied to any particular indicators, for example in aforementioned part, be used as the horizontal line of LTQ marker, the characteristic of interested project is described.

Different prices are presented overlapping (Overlay) of (Price Feeds)

In one embodiment, transaction application programs provides " it is overlapping that different prices are presented ".Transaction application programs can be above-mentioned Any other business enabled production that perhaps is suitable for content described herein.Under many circumstances, particular commodity can only be concluded the business at particular transaction.Yet, in other cases, can carry out commodity transaction many exchanges.This be as the user to from different prices, presenting-namely from different exchanges about the presenting of particular commodity-time example of information when interested.Another example is that Eurex provides internal market stream and market depth stream.Usually, internal market stream flows faster than market depth.According to preferred embodiment, no matter use not homogeneous turbulence-be from single exchange or from a plurality of exchanges by transaction application programs, in trading window, provide and show the information about commodity.

A lot of exchanges provide a plurality of prices stream, but these exchanges often only provide that the dealer asks those present.For example, each dealer can ask the stream of the current available entire quantity of particular commodity in market, it is called as market depth, perhaps dealer's available requests receives only the contents marketplace price, in the price of internal market, internal market is the highest buying price and the minimum selling price with quantity available of these commodity.This is also referred to as best buying price and best selling price.A lot of dealers note these optimum prices, therefore do not need market depth stream.So some exchange is by providing different prices to present, also by the dealer for only wanting to receive internal market stream, saves bandwidth simultaneously it is benefited, thereby meet user preference.

When using " overlapping " characteristic, system preferably shows the full detail that it receives, and this shows updating block constantly.By accepting or having the ability to accept, a plurality ofly present or flow, to the dealer, providing larger security, because if one is presented while becoming slower or unavailable, other are presented continuations renewal market information.

Fig. 8 and Fig. 9 illustrate network 800, for respectively, via the also line feed that carries the first and second price groupings 806 and 808, by router 810 and gateway 812, data are sent to client terminal 804 from exchange 802.Client terminal 804 is moving via application program, for example

It will be by presenting the Data Representation that carries to the user.When on network one present middle appearance while interrupting, be called " hiccup(has the hiccups) " or obliterated data, as shown in 814 in Fig. 9, the grouping of presenting from top is prevented from being fed in dealer's demonstration.As term as used herein, interrupt being not limited to the permanent situation of losing of data, but be usually used for comprising the situation that data are destroyed, slack-off or be delayed.If in the situation that not auxiliary the presenting of obliterated data, demonstration will lack price, and may lose via chance.If in the situation that slack-off or delayed data auxiliary presenting not will be made transaction based on out-of-date information and determine.

Although the interruption 814 that occurs has been described between gateway 812 and client terminal 804, presenting can be in any position interruption of 804 from exchange 802 to client terminal.Because have and line feed, irrelevant with the reason of interrupting, the demonstration of current information can not be cut off.And, and line feed allows the user to utilize two velocity contrasts between presenting, and show that best available information is to the user.Although it should be noted that stream is illustrated as from an exchange 802 sends, stream can alternatively send in different exchanges.In addition, although two to present be generally enough, preferred embodiment is not limited to this, and can show simultaneously from surpassing two information of presenting.

In one embodiment of the invention, can be by in " the use internal market price " frame in dialog box, adding or removing and choose, activate or forbid " overlapping different prices are presented ".Can alternatively use the other technologies that activate this characteristic.In the situation that a plurality of presenting is monitored and is shown, transaction application programs can provide option to the user, for determining in the situation that from the not identical data that will show which is presented of the data of presenting.For example, from different exchanges, sending the example of presenting, the user can select to show the optimum price of presenting from difference.Another example is, in the situation that send and present from same exchange, can show the information from nearest grouping, and do not consider which presents the grouping of carrying last demonstration.After investigating foregoing, other alternatives will be very clear.

Add up to the demonstration of working quantity

Another preferred embodiment provides dealer in market to buy in the demonstration with the total quantity of working of seller's order to the user.Dealer's total working quantity represents the current input of dealer but the not supply of material total quantity of whole orders of not yet supplying in market.For example, for the particular commodity of concluding the business, for the particular transaction person of input quantity in market, transaction application programs can show that total working is bought in quantity and total working is sold quantity.As example, Figure 10 illustrates for the work with dispersion and sells quantity 14,13 and 1(1000) and the work that disperses buy in quantity 5,1,15,3 and 1(1002) dealer's demonstration.Although this example has been utilized MD_TRADER ^TMThe style transaction interface, can alternatively use the transaction interface of any type.This transaction application programs calculate dealer's work sell example and (14+13+1=28) and dealer's work buy in example and (5+1+15+3+1=25), and in this example, in unit 1004, show and add up to quantity.Can adopt to the favourable any mode of user or in any position display and add up to working quantity.In another variation of the present embodiment, the user can directly click to add up to and buy in or sell the quantity display unit, deletes the working quantity that is presented in those unit.

Dealer in unit 1004 adds up to the demonstration of working quantity that the dealer is benefited, and reason is that it provides a total announcement according to dealer's working quantity.Although this demonstration is dynamic, because along with input and other orders of new order are supplied, quantity on order is by continuous updating, and the demonstration of the quantity of the different market prices is limited by the size of display screen.So the dealer likely has the working quantity on sightless price in display window, it is that this dealer does not recognize.Add up to working quantity to show by showing that to the dealer dealer buys in and sell the cumulative total of working quantity, helps to alleviate this defect.If this demonstration only shows 0 to the dealer, this dealer will understand the current not working quantity of the supply of material that has in market of this dealer so.

In a preferred embodiment, as shown in the unit 1004 in Figure 10, the demonstration that adds up to working quantity be presented to the user together with the button that can be started by the user.As mentioned above, the user can use input equipment, and for example mouse, carry out button click 1006,1008, thereby deletes the work order that is associated with shown total working quantity.A button 1006 shows to add up to buys in working quantity.Another button 1008 shows to add up to sells working quantity.Appearing at the total sum on each button 1006,1008, is to calculate according to the non-total working quantity as shown in working quantity row 1010, as shown in figure 10.In working quantity class 1010 with in adding up to quantity button 1006,1008, buy in quantity and be highlighted, in a preferred embodiment with colour for example blueness highlight, and sell quantity and be highlighted, in a preferred embodiment with different colours for example redness highlight.Whether the user, preferably via the setup of attribute window, shows and have selection the option that adds up to the quantity button, for example at MD_TRADER ^TMIn.In default situation, for a new firm bargain, present the quantity button.Certainly, add up to working quantity to show by the alternative of any transaction application programs as display type shown in Figure 10.

Dynamic indicator

Another preferred embodiment provides the ability of pasting dynamic indicator to the user, in order to show with respect to for example static price scale.In one embodiment, the first dynamic indicator row are displayed on the adjacent position of same bid quantity column, and the second dynamic indicator row are displayed on the position adjacent with the quantity column of inquiring the price.Dynamic indicator can be applied to the dynamic indicator row from the Microsoft EXCEL-of electrical form-for example or other third party's charts or dynamic software, to the user, provides visual detector, for example certain price.For example, display screen can be by

The MD_TRADER that transaction application programs produces ^TMStyle shows, but can alternatively use other transaction application programs and transaction interface.

Dynamic indicator preferably is associated with market information.In a preferred embodiment, dynamic indicator is associated with price, but can alternatively with interested any other project of user, be associated.Coloud coding can be applied to dynamic indicator.

For example, when using MD_TRADER ^TMWhen style showed, dynamic indicator can be associated with by the user, being used the certain price of third party software setting, and shows with respect to static price scale.If the price outside the viewing area that dynamic indicator and dealer show is associated, when the price that is associated came into view, it was preferably on screen visible so.Although the preferred embodiments of the present invention comprise the copy and paste for electrical form, also can use the additive method of transmission of information.

When the dealer will be worth input or paste electrical form 1100, bring into use this specific embodiment.For example, this value can be that the dealer wishes the certain price that monitors, or it can be the dynamic price that comprises additional calculations.Indicator is not limited to for price, but replacedly for the dealer, shows upper any interested project.In the price example, in case in electrical form, inputted value, the dealer is just from electrical form, copying required price unit, and this unit pasted in dynamic indicator row 1102 of screen, as shown in Figure 11 A.When in dynamic indicator row, having pasted unit, the show tags device, also referred to as dynamic indicator 1104, highlight unit corresponding with the price that calculates in electrical form or other software in indicator row 1102.

Marker can be to be suitable for comprising graphical symbol for example and colored any as dealer's indicator.So although Figure 11 A shows whole unit 1104 that highlight, replacedly, marker can be based on colored, for example highlights or colored prospect, background, border or part unit.Dynamically labeled device needn't occupy whole unit.For example, at transaction interface, comprise in static price scale and the merged situation of price scale, may need dynamic indicator is positioned on position corresponding with certain price in unit.In addition, the scope that marker can the mark price.Preferably, the type of marker is selected by the user.

Preferably, from pasting unit, to the electrical form 1100 that copies this unit, establish the link.This link gives the ability that the dealer changes the value of copying in electrical form 1100, thereby brings the relevant change of paste values in dynamic indicator row 1102.In one embodiment, this can be the bi-directional chaining between transaction interface and third party software, or can be from the LTP of trading window-for example or any other items of interest-marketing data is linked to electrical form or other third party softwares.The data exchange agreement of any suitable type can be for being embedded into information or dynamic indicator is linked to third party software from third party software.For example, when using the Microsoft window application as third party software, Microsoft OLE2.0 can be used to carrying out these functions.In a preferred embodiment, Microsoft OLE is used to provide linking between the unit of dynamic indicator and Microsoft EXCEL electrical form.Usually, data exchange agreement, particularly link and embedded technology, be known for those skilled in the art.

The meaning of the dynamic indicator of pasting, and whether added dynamic calculation, preferably by single dealer, decided.For example, the dealer can wish that dynamic indicator represents " fair value analysis " (average price).This can calculate the average price of whole day transaction particular commodity.The dealer can copy unit and additional calculations or paste in dynamic display column.Because the quantity of average price along with each new supply of material changes, dynamic indicator will move up and down in combination with suitable price in the indicator row.When indicator will move on screen visible price, the dealer may see the visual detector of " fair value " price so, and if the dealer needs, this dealer may select to input quantity.Although with reference to " fair value " price, describe, should be appreciated that and can instead use any calculating.

As mentioned above, dynamic indicator can also appear in the part unit.Dynamic indicator can be for example with from the unit prompting or on every side the different colour in unit be highlighted, or can with the colour of conversion in time, show in order to set up flicker effect.Dynamic indicator can show as in unit and highlight or colored line.For example when utilizing price to merge, the part unit that dynamic indicator comes across wherein can be selected to transmit additional information, for example in static price scale, drops on the price between price.Figure 11 B illustrates dynamic indicator row 1102, and wherein dynamic indicator illustrates by only highlighting a part of unit 1110.

Dynamic indicator is benefited the dealer, and reason is that the dealer is provided for the ability of the price movement that for example monitors the own appointment of dealer, and whether those changes are items of interest of price, " fair value " or any other appointment of last trade.By checking the visible dynamic indicator that is associated with the items of interest of dealer's appointment, the dealer has better chance and input quantity on the price of needs.In addition, when in whole firm bargain, continuing other quantity of input, the dealer can paste dynamic indicator, and as long as this firm bargain is open, the dealer will proceed to upgrade.So in dealer's initial replication and paste indicator long after, the dealer can find, as shown in indicator, need price available in market.And dynamic indicator can, by to the user, providing visual cues, reduce the time of customer analysis marketing data.

The demonstration of the dynamic indicator that highlights, in the situation that can use colored colour, can by for example property window, be selected by the dealer, be presented on buying in and/or sell in the dynamic indicator row of display.Indicator can be moved to the various positions on display.Certainly, in any dynamic indicator row, a dynamic indicator can appear surpassing.Utilizing MD_TRADER ^TMIn the embodiment that style shows, the dynamic indicator Lieque appears at respectively the left side and the right of buying in and selling quantity column with economizing, as shown in Figure 11 A.Yet it is shown that whole column and row or other demonstration key elements needn't be exclusively used in dynamic indicator.Replacedly, during dynamic indicator can be applied to show Jie Yige unit, a unit, or can show information overlap with other.

Super range indicator

According to preferred embodiment, the graphic user interface of transaction application programs provides the indication outside the visible range that items of interest exceeds demonstration.Transaction application programs can be above-mentioned

The perhaps product that can use of any other business that are adapted to the described content in this part.Preferably, super range indicator is returned the user and is provided and make to show the ability of moving or moving down, so that the user can see the items of interest outside visibility region.Item of interest purpose example include, but are not limited to user's work order and market depth information, for example quantity and price.

In one embodiment, super range indicator is arrow or similarly points to icon, will indicate items of interest to the user and be positioned at outside visibility region, but also indicate visibility region, need to move in order to show item of interest purpose direction.Preferably, when the user clicks or additionally activate the sensing icon, visibility region will be rolled or be jumped to items of interest.Use each time super range indicator, demonstration can move to items of interest nearest outside visibility region.As jumping to next item of interest purpose alternative, this demonstration can be line by line, row connect a row ground, the movement of price ad valorem lattice ground, or can, according to selected items of interest, jump on new height.

For example, as shown in Figure 12 A, in selling price 109225,109250,109400 etc., locate to input quantity (and this quantity is visible on display).If the 109525, the next ceiling price of this quantity would be inputted, but this quantity exceeds outside visibility region, and the dealer can use super range indicator, is illustrated as in this example " to upward arrow " 1200 functions, to show upward displacement, thereby make this quantity visible.Use each time " to upward arrow " 1200 functions subsequently, will cause showing the highest selling price of the next one of inputting quantity in market.

Continue this example, when adopting " arrow downwards " 1202 function, apply identical General Principle.Specifically, as shown in Figure 12 A, in buying price 108975,108875,108825 etc., locate, quantity is visible on trading screen.If the 108650th, the minimum buying price of the next one of input quantity in market, the dealer may use " arrow downwards " 1202 functions to show this quantity.Use each time subsequently " arrow downwards " 1202 functions, will cause showing the minimum buying price of the next one of inputting quantity in market.

By using super range indicator (for example 1200,1202), in this example, city's number of the super scope of super range indicator indication, the whole market degree of depth that is provided by exchange can be provided the dealer.For example, the demonstration of the whole market degree of depth can be subject to the size of user display screen curtain, or the user limits about any once preference of the market information quantity of demonstration.Due to these constraints, the items of interest that just likely exists the user to see, such as market depth or work order etc.Super range indicator not only warns the user to have the items of interest of super scope, but also, for example by " to upward arrow " 1200 functions and " arrow downwards " 1202 functions, guarantees that all this information are visible.

In the time of outside items of interest drops on visible range, transaction application programs is preferably in suitably generation unit of the top of the row relevant to items of interest and/or bottom, and for example each unit is with the arrow that refers to up or down.Preferably, only has quantity when items of interest-for example input-while dropping on outside visibility region, adopt and activate the arrow unit in market.If do not have items of interest to drop on outside visibility region, in one embodiment of the invention, unit is inactive, and can adopt and not be with the pure color of arrow to be presented in demonstration.As the alternative of using with the button that points to icon, preferred embodiment allows the user to use mouse roller or other user input devices, and marketing data rolls on the direction of needs.

As mentioned above, super range indicator can be alternatively or additionally be used to warning the user to have the work order of super scope.In this example, use each time indicator, show the next work order that preferably is displaced in market the user who exceeds outside visibility region.For example, as shown in Figure 12 B, and confirmed by the working quantity that is presented in working quantity row, the dealer have sell or bid price 109200,109250 and 109300 on (and visible in demonstration) quantity of input.If the 109550, the dealer's of input quantity next ceiling price, but this quantity exceeds visibility region, and the dealer just can use indicator so, is " arrow of upwards offering " 1204 functions in this example, make to show displacement, thereby make quantity visible.Use each time subsequently " arrow of upwards offering " 1204 functions, will cause showing the next highest quotation price of inputting the dealer of quantity in market.As mentioned above, replacedly, demonstration can be line by line, row connect a row ground, price ad valorem lattice ground is shifted, or can jumps on new height based on selected items of interest.

About work, buy in order, by adopting " arrow of bidding " 1206 functions downwards, can apply identical General Principle.For example, in Figure 11 B, the dealer have buy in or bid price 109025,109000 and 108975,108875 and 108825 on input and on based on screen visible quantity.If the 108650th, the dealer's of input quantity next lowest price in market, the dealer just may use " arrow of bidding " 1206 functions to show this quantity downwards so.Use each time subsequently " arrow of bidding downwards " 1206 functions, will cause showing that dealer in market inputs the next lowest offer price of quantity.Which row using irrelevantly with, screen will be displaced on the dealer inputs in market quantity.

By using super range indicator (for example 1200,1202,1204 and 1206), the dealer preferably can check the information relevant to his or her work order.This indicator is by guaranteeing that all user job orders are visible via " arrow of upwards offering ", " arrow of upwards bidding ", " arrow of offering " and " arrow of bidding " function downwards downwards, thereby reduced the possibility of losing or forget about chance or announcement.Above-mentioned sensing icon or arrow button can be positioned at the work order that comprises the data that drop on outside visible range-for example comprise and drop on outside visible range-top and/or the bottom of any row interested, or the left side of any row interested or the right.After having investigated these detailed descriptions, other uses of range indicator are clearly for those skilled in the art.Although be illustrated with reference to pointing to icon and/or arrow button, replacedly use the indicator of any type, as long as it can indicate and exist the information that exceeds outside visible range just passable to the user.

" thermometer " indicator

According to preferred embodiment, transaction application programs provides demonstration to the user, and this demonstration shows in the dynamic mode of logic the amount of buying in and sell quantity with being proportional to one another.Transaction application programs can be above-mentioned

Perhaps be adapted to the business enabled production of any type of the described content in this part.In one embodiment, this embodiment is advantageously used in along Z-axis and shows in the transaction application programs of price, for example

Wherein " thermometer " indicator produces one or more narrow vertical display columns 1300,1302(" thermometer "), be positioned at the position near quantity column, as shown in Figure 13 A and 13B.Thermometer 1300,1302 can or cannot show and is associated with the numeral with the total quantity of seller's order bought in of particular commodity in market.When in market, having available quantity, preferably with market in buy in and sell the consistent mode of the number percent of quantity and make thermometer 1300,1302 become shade.For example, if in market, buy in and sell quantity, be identical, this means that 50% quantity is to buy in quantity, and 50% quantity is to sell quantity, thermometer 1300,1302 both has 50% shade so, as shown in FIG. 13A.In alternative embodiment, the thermometer indicator can represent the relation between any two interested projects of user.Although there is shown vertical bar, should be appreciated that and can alternatively use any visual detector, as long as this indicator can pass to the user by suitable information.

These thermometer row are preferably adjustable, and namely the user can move to various positions as indicated as the logical OR user preference in demonstration by the thermometer row.The amount of when the thermometer indicator, expression being bought in to quantity is when selling the amount of quantity, and an optimum position is the right of buying in the left side of quantity column and selling quantity column.In the present embodiment, the intermediate point of the demonstration of the thermometer price that can show on screen starts.For example, in Figure 13 A and 13B, intermediate point is between price 90 and 85.Buy in the quantity thermometer and from intermediate point, drop to the lowest price (45) that is presented on screen, and sell the quantity thermometer, extend to shown ceiling price (130).

As mentioned above, two thermometers show quantity available in market, and wherein each thermometer represents separately to buy in quantity and sells quantity.In the illustrated embodiment, two thermometers all extend from the current intermediate point price in user's demonstration.Buy in thermometer and preferably arrive shown lowest price, and sell thermometer, preferably extend to shown ceiling price.Along with the number percent of buying in quantity increases, the thermometer of buying in quantity descends from the summit of thermometer.Along with the number percent of selling quantity increases, the thermometer of selling quantity rises from the bottom of thermometer.If buy in quantity or sell quantity greater than another, thermometer will be based on inconsistent this difference that reflects of quantity so.For example, Figure 13 B has reflected such situation, and wherein in market, 95% quantity is to buy in quantity, and in market, 5% quantity is to sell quantity.Therefore, buy in thermometer 1304 and covered more much than selling thermometer more than 1306 by shade, thereby express this difference.Although reference temperature(TR) meter indicator describes, the available graphical indicators that alternatively uses any type, illustrate about item of interest purpose information to subscriber's meter.The display graphics indicator for example alternative of thermometer is display of market depth digitally, for example adds up to sell quantity and total is bought in quantity, or market depth is shown as to number percent or the ratio between buying in and selling.

The thermometer indicator, by showing in market the difference of buying in and sell quantity, is benefited the dealer, thereby is provided and helped the instrument that determines whether input vertex is bought in or sold to the dealer.For example, if the quantity of buying in of higher percent is arranged in market, so just exist relatively large dealer to want to buy in, and if in market, have the quantity of selling of higher percent, so just exist relatively large dealer to want to sell.Therefore, the dealer can know by inference due to the quantity of buying in that has higher percent in market, if the dealer will input the seller's order on required price, the dealer can have higher chance makes this dealer on required price the seller's order supply of material so.If it is higher in market to sell the number percent of quantity, the dealer can supply this dealer's the order of buying in having chance preferably on required price.

Automatically scalp device (scalper)

According to another preferred embodiment, transaction application programs provides the approach of automatic input offset (offsetting) order.Transaction application programs preferably

Use MD_TRADER ^TMStyle shows.Scalping (scalping) is the term of knowing in commodity transaction, and it refers in the dealer is during the short time transaction skill of concluding the business for less income.In the present embodiment, transaction application programs, by to the user, providing automatic order input mechanism to facilitate for scalping, below will be described embodiment.Preferably, based on the user, input to activate automatically and scalp, for example press simultaneously the bar that scroll wheel on operating key and user's mouse operates a pair of form of horizontal lines.Can alternatively use other activation mechanisms, for example, comprise the dialog box of using by producing based on application program, or be presented at the icon of scalping on user interface by activation.

For this embodiment, wherein mouse input is for determining the position of parallel water horizontal line, and bar has defined Price Range, wherein when manually inputting and having supplied and bought in and while selling quantity, just can automatically input similar this quantity.More particularly, manually during the buying in quantity and supplied of input, this characteristic will automatically be inputted and sell quantity as the dealer.Equally, manually during the selling quantity and supplied of input, this characteristic will automatically be inputted and buy in quantity as the dealer.This bar moves with respect to static scale or the axle of expression price.In a preferred embodiment, bar is crossed over and is bought in row, sells and fall out and price column, and they start at the intermediate point that is presented at the price on dealer's display screen together.In Figure 14 A, intermediate point 1400 is between price 90 and 85.When the dealer activate this embodiment and the dealer's mouse that rolls up on scroll wheel the time, thereby indicator moves further and disperses, and makes within relatively large price stays the scope of bar 1402.When the dealer rolls this scroll wheel down, thereby this bar moves more near (near intermediate point), thereby has reduced the price quantity in the indicator row, as shown in Figure 14B.

Automatically the order of being inputted preferably with the dealer finally buy in or sell the identical quantity of the supply of material.In addition, depend on dealer's preference and/or practice, in the scope of bar, the order of automatically being inputted is inputted on certain price or a plurality of price.In one embodiment, automatically the order of being inputted, in the situation that seller's order is that the lowest price place more than internal market inputs in the scope of bar, and in the situation that buy in order, be the lowest price place input in the scope of bar.Replacedly, the order of automatically being inputted can be on the price of utilizing any algorithm to calculate.For example, ordered quantity can be distributed in fifty-fifty higher than (in the situation that seller's order) or lower than (in the situation that buying in order) internal market and between the price within the scope of bar.Preferred embodiment is not limited to any particular technology of the price of the automatic order of definite input.In a preferred embodiment, the user can accurately arrange and how send the rule that copies order (whether preferably price or some other prices on).

For example, as shown in Figure 14 A, it is 110 that bar 1402 is configured to ceiling price, and lowest price is 65.As the internal market of black line indication, be buying price 100 and selling price 105.The dealer of device inputs quantity in buying in row and this quantity is supplied if use is scalped automatically, so in one embodiment, system will with higher than internal market and the lowest price within the bar scope selling fall out in automatically input copy quantity, this lowest price is selling price 105 in this example.

Dealer's position can be defined as buying in the commodity total quantity and sell the difference between commodity amount, when buying in quantity when selling quantity, the dealer is considered to have long position (long position), and when selling quantity when buying in quantity, the dealer is considered to have short position (short position).The dealer has more quantity, and this dealer's position will be longer.On the contrary, the dealer sells more quantity, and this dealer's position will be shorter.When the closing the transaction of every day, need to have position both neither long nor short, be called and close position (closed position).If the dealer inputs in market the quantity of buying in is supplied, so give this dealer long position, if the user has activated system, this system can automatically be inputted to copy and sell quantity, when this quantity is supplied, will close dealer's position.Equally, if the dealer inputs in market the quantity of selling is supplied, this system can automatically be inputted to copy and buy in quantity, when this quantity is supplied, will close dealer's position.Automatically scalp device automatically and preferably immediately input copy and buy in or sell quantity, when this quantity is supplied, will close dealer's position, thereby prevent that the dealer from carrying long or short position in the time durations that extends.

In alternative embodiment, automatically scalping device embodiment can be for for example with bar, a scope of buying in quantity being set, and the scope that another sells quantity is set simultaneously.For the present embodiment, automatically scalp device automatically carries out both sides in the scope that the user determines quotation (buy in and sell).In alternative embodiment, can in single trading window, activate, use different a plurality of scopes of automatically scalping to bar.For the present embodiment, by for example, by different colored for different right bars, can distinguish different range.

The price level reasonableness test

According to another preferred embodiment, transaction application programs provides this ability to the user, be called price level reasonableness test (" PLRC "), prevent with the specific price of counting of last trade price (LTP) distance on, perhaps, on the price of the particular percentile different from LTP, in market, input any order.Point can be anything, but in this describes in detail, usually as the minimum change (for example .01 .05 .10 or any other value) on the set price value of each commodity of being done by transaction.Transaction application programs can be above-mentioned

Perhaps any other business enabled productions that are adapted to the described content in this part.PLRC can be activated, and by such as user or administrator configurations such as dealers.For the keeper, activate the system of PLRC, PLRC can be applied to the All Clients terminal on network uniformly, or situation is adjusted one by one, for example, thus explanation dealer's experience level.

PLRC preferably one by one commodity be activated.For example, in Figure 15 A, the dealer has inputted and has been worth 5 and specifies the maximum number of points of being willing to be intended to the LTP of input order in market apart from the dealer.As shown in Figure 15 B, the market of the commodity of concluding the business has point value 5.Therefore, as indicated as LTP90, some increment 5 and PLRC value 5, the dealer should select to sell commodity, and the dealer can input order on price 90,85,80,75,70 and/or 65.As shown in Figure 15 B, the last trade price is 90,85,80,75,70 and/or 65 to be apart from LTP, to be less than or to equal the selling price of 5 points.If the dealer attempts in price 60 or more on low price, sells commodity, this dealer will be limited to carry out this transaction, because this price exceeds the scope that dealer's PLRC value will allow.Identical transaction can be bought in commodity on price 90,95,100,105,110 and/or 115.Each in these prices is apart from LTP5 point (PLRC value).If the dealer attempts in price 120 or more on high price, buys in quantity, the dealer will be limited to carry out this transaction, because this price exceeds the scope that dealer's PLRC value will allow.Replacedly, the PLRC function can allow dealer or keeper to input number percent to replace counting, specify apart from allowing the user in market, to input the maximum deviation of the LTP of order.

In alternative embodiment, transaction application programs can provide fluctuation (volatility) to adjust the PLRC function.In the present embodiment, PLRC dynamically increases or reduces count (or the number percent) that can input the LTP of order apart from the user.This increase/reduction can be arranged by user or system manager, preferably based on fluctuation.For example, if fluctuate greater than specific quantity, the dealer can arrange transaction application programs so, and coming dynamically increases specific quantity by PLRC.

Having limited the comprising of PLRC function the dealer makes working quantity in the lower possibility that needs the price supply of material.Internal market is those prices that have quantity available in market, and these prices are considered to available the best and buy in and selling price.Best buying price is the highest buying price that has quantity in market, and best selling price is the minimum price of buying out that has quantity in market.Usually, LTP will be in or close this internal market.LTP is as central price, and PLRC is from this price, and permission is inputted quantity on the price level higher or lower than the LTP level of limited quantity.

In a preferred embodiment, wherein transaction application programs is

PLRC preferably shows and is activated by " option ", its example has been shown in Figure 15 B, by selecting " price level reasonableness test " Option Box 1500, then input value in adjacent frame 1502, specify and allow in the end on the settlement price scale value counting that quantity is supplied.Although with reference to the border that acceptable price is set for working quantity, PLRC is described, but can retrain with identical technology a lot of other transactions, the quantity that for example is associated with any order, or limit the total quantity of being offered by any unique user.The embodiment of these variations and the embodiment of above-mentioned PLRC are similar, and those skilled in the art can implement these variations according to above-mentioned detailed description.

Grouping location and automatic gridding (Automatic Grid Positioning)

According to another preferred embodiment, transaction application programs can be reorientated any items of interest in the scope of transaction interface.In one embodiment, for example, transaction application programs, by automatically internal market or last trade price (" LTP ") being placed in to the upper center about static shaft or price scale of demonstration, is followed the tracks of the activity in market.Preferably, any other items of interest in transaction interface can be as the basis of locating information in indication range.

Transaction application programs preferably

Use MD_TRADER ^TMStyle shows.In a preferred embodiment, LTP is displayed in the LTP row, and indicates by the unit that highlights of the price unit direct neighbor with corresponding to the quantity of supplying recently.The LTP unit finally also comprises the indication of nearest supply of material quantity.Internal market is bought in and is sold the line of falling out and indicates by leap, and is arranged between the current minimum selling price (best selling price) that has quantity of the current the highest buying price (best buying price) that has quantity in market and market.

Preferably, the user can specify any unit interested, as the basis of positioning function, while with box lunch, locating, items of interest is moved to the precalculated position in user's demonstration.Automatically location can be by timer or by monitoring that items of interest triggers with respect to the movement that shows.A lot of interested two projects of dealer are internal market and LTP.So in one embodiment, the user can select one of these projects to carry out automatic reorientation.When highlighting LTP unit or internal market line outside the visibility region that the dealer shows, or distance shows that when a upper position surpasses preset distance, LTP unit or internal market line will be placed in the precalculated position in demonstration automatically.In a preferred embodiment, can from showing, " option " be selected by the user automatic positional parameter.For example, the user can select whether after the number of seconds of appointment, to reorientate this demonstration, when LTP is apart from dealer's display screen top or the unit that specifies number, bottom, or when internal market is apart from dealer's display screen top or the unit that specifies number, bottom.

In addition, transaction application programs can present a plurality of trading windows to the user simultaneously.According to preferred embodiment, orientation tool can be applied to the open transaction window of any number in worldwide automatically.Preferably, for the purpose of reorientating, can the user can or be linked any amount of trading window grouping with dialog box or menu item.According to an embodiment, at least one link trading window becomes main trading window, and no matter when main trading window is relocated, and other link trading windows will be relocated.For example, trading window can be by from menu or dialog box, selecting " reorientating whole windows " or any similar appointment, and be appointed as main trading window by the user.This can have following effect when main trading window is relocated, and reorientates all and openly has a window.The user can, by from menu or dialog box, selecting " ignorance " or any similar appointment, select to make one or more trading windows to ignore and reorientate order.This grouping reorientate characteristic can with automatically reorientate instrument or with manually reorientate (for example by mousebutton in the middle of clicking or use any input equipment) and combine use.After having investigated above-mentioned detailed description, be used to the other technologies of the trading window that divides into groups, be clearly to those skilled in the art.

In a preferred embodiment, orientation tool is for making items of interest (for example LTP or internal market) be in the center of demonstration.As shown in Figure 16 A, LTP is displayed in LTP row 1602, and by highlighting unit 1600 indications (its colour can be specified by the dealer).This unit 1600 appear at the price unit 1604 corresponding with the quantity of the nearest supply of material near.Internal market buys in 1608 and sell the solid lines indication of 1610 row by leap, and in market in the current the highest buying price that has quantity and market between the current minimum selling price that has quantity.Figure 16 B is the demonstration that dealer's How to choose is shown and handles automatic mesh characteristic placed in the middle.Although, in Figure 16 A and 16B, should be appreciated that preferred embodiment is not limited.But, can irrespectively apply automatic location with the dimension of moving direction or demonstration information.

Along with input and the supply of material of quantity in market, LTP and internal market change to indicate the price of last supply of material quantity and nearest the best to buy in and selling price.In the market of mutability, a large amount of quantity is supplied in can be during the short period, causes the continuous fluctuation of LTP and internal market.LTP and internal market are two indicators, and the dealer can understand other dealers with these two indicators and on what price, find the commodity that need most.The dealer can always have the vision reference of where concluding the business in market with automatic location, thus the possibility that has increased input quantity and made those quantity supply on the price of needs.In addition, location can jointly be used with manual positioning automatically.In other words, preferably start location automatically, and can not make the user not manually locate demonstration.

That reorientates for the last time highlights mid point

According to preferred embodiment, when dealer's event of can reorientating the last time occurs, emphasize the mid point of the price of inputting and/or quantity in market.Preferably, the event of reorientating makes to show placed in the middle around internal market, and wherein internal market is the highest buying price and the minimum selling price that has the commodity of concluding the business of quantity in market, or replacedly, if necessary, the event of reorientating can make to be presented on any price placed in the middle.And the event of reorientating, without placed in the middle on any certain price, still can guarantee that certain price or other items of interest are arranged in the scope of precalculated position or a plurality of positions of demonstration.

In a preferred embodiment, mid point is specified by the solid line of the row of crossing over display screen, or in another embodiment, mid point can be specified by colour, arrow, text etc.When preferably the exact position of dotted line depends on the event of reorientating the last time and occurs, the best buy in and optimum bidding price price row (quantity on this price can with) between the quantity of the price row that shows.Replacedly, the position of dotted line can depend on the quantity of partly or entirely buying in seller's order, or can depend on the combination of partly or entirely buying in price and the quantity of seller's order.In another embodiment, the solid line of expression certain price level can show explicitly with the interested project of any user, thereby the content of transaction interface is adjusted in the preferred scope of user.

Certainly, can alternatively use the marker except solid line.For example, as a lot of above-described embodiments, marker can be to be arranged in to show the highlighting of upper desired location place, colour or graphical indicators.According to the present embodiment, the best bid that the dealer can be current from the market and the visual performance of the difference between bid price are benefited.

According to preferred embodiment, when the price line number between best bid and optimum bidding price price row (wherein having inputted quantity) is even number (or zero), between the intermediate value of the highest buying in (bid) price in being presented at window and minimum selling (quotation) price, show dotted line.For example, in Figure 19 A, the best bid price is 75, and the optimum bidding price price is 100.In this example, with increment 5, be used as a little, show the product of concluding the business.As a result, the price that is presented between best bid and optimum bidding price is 80,85,90 and 95.Because the price aggregate between best bid and optimum bidding price is even number, dotted line 1800 is presented between best bid price 85 and lowest bid price 90.Can alternatively use additive method, determine the mid point of row, unit or the row of even number.

In addition, according to preferred embodiment, when the price line number between best bid and optimum bidding price price (wherein having inputted quantity) is odd number, at the top of this unit, show dotted line, this unit represents to be presented at the intermediate price scale value of the price between best bid and optimum bidding price price.For example, in Figure 19 B, the best bid price is 85, and the optimum bidding price price is 105.The increment 5 of usining shows the product of concluding the business as point.As a result, the price that is presented between best bid and optimum bidding price is 90,95 and 100.Because the price aggregate between best bid and optimum bidding price is odd number, dotted line 1902 shows on price row 95, because 95 expressions are presented at the intermediate price scale value of the price between best bid and optimum bidding price.Should be appreciated that dotted line 1902 may be displayed under price row 95 or centre, indicates this intermediate price scale value.Can alternatively use additive method, determine the mid point of row, unit or the row of odd number.

Although preferred embodiment has utilized the MD_TRADER with vertical static price axle or scale ^TMStyle shows, but this instrument of exchange can show for the static scale with respect to price or axle any demonstration of market informations such as bid, inquiry and/or work order.Scale or axle need not to be vertical or bidimensional.But can be flatly, with an angle, n dimension ground or show market information in any other mode.

Can show the demonstration start dotted line by " option ", its example shown in Figure 19 C, this example are clicked the frame 1906 on " the last placed in the middle mid point that highlights again " the option left side.Can alternatively use other technologies well known by persons skilled in the art, for example from menu, selecting this instrument.And, highlight mid point and can be applied to the various application programs that the dealer is ready to highlight the mid point corresponding with price and/or quantity or any other items of interest.

The drag and drop of working quantity

According to another preferred embodiment, transaction application programs allows the dealer by working quantity is dragged and dropped into to another price level from a price level about static price scale or axle, changes dealer's work order.Transaction application programs preferably

Use MD_TRADER ^TMStyle shows.In one embodiment, when using MD_TRADER ^TMWhen style showed to come the drag and drop work order, the dealer clicked the active unit within the working quantity row.This can activate the drag and drop characteristic, and by mobile this unit on dealer's trading screen, and allow the dealer to handle this unit.This manipulation is commonly called " dragging " and selects data.Before discharging mousebutton, the dealer, by in the new unit during cursor movement is listed as to working quantity, drags this work order.Then, the dealer is by in data release or " being put into " new unit.In a preferred embodiment, the ability of drag and drop work order as herein described is an option, can for each independent trading window, open or close this option by the user.

In the position of putting down data, can be from the previous quantity of deletion initial prices, and the price place that can be associated in the unit with putting down new working quantity inputs new quantity.When carrying out drag-and-drop function, be presented at the quantity of buying in or sell falling out in corresponding with dealer's working quantity and also move on the price level of new selection.Can change with any means user's work order.For example, independent cancellation well known by persons skilled in the art or replacement may be used to change user's work order, and can not cause deleting the work on hand order or inputting new work order.

The dealer can use the ability of drag and drop as the working quantity as shown in working quantity row, and this dealer feels dissatisfied to the present price of this quantity of input in market.The dealer is without deletion and re-enter quantity, just obtains be used to changing the ability of the residing price level of input bargainer quantity, thereby saves the valuable time by drag and drop quantity simply.

Preferably, the drag and drop characteristic make the dealer likely by the whole working quantity of individual unit from a cell moving working quantity row to another unit, at this moment in fact this quantity be comprised of a plurality of orders.For example, as shown in figure 17, if the working quantity that price is 102.54 o'clock dealers is 30(1700), this quantity can be in fact be comprised of the order of three independent 10 shares (lot), and a copy of it volume is comprised of a plurality of quantity of transaction simultaneously.If the dealer is dragged and dropped into 102.57 by this working quantity, all three shares of whole quantity 30() will move on new price level with being combined closely.Although these quantity are inputted individually, in case input, they just are counted as the integral body of combining closely.

The ability of the whole quantity of drag and drop makes the benefited part of dealer be that the dealer is without the quantity setting that constantly changes the dealer, and does not consider the quantity of the order that is associated with this quantity.The dealer also needn't repeat ole Server OLE for each order.For example, the dealer can conclude the business at quantity 10 places, and when therefore the dealer inputted quantity in market each time, this dealer had just inputted 10 share orders.If the dealer wants to input quantity 30, the dealer just can change the quantity setting or click suitable unit three times, so just in market, inputted three 10 share orders.If the dealer selects working quantity is dragged and dropped into to another price level from a price level, with the unit of carrying out drag and drop and all working quantity that price level is associated, will be moved to new price level.As a result, the dealer needn't carry out ole Server OLE three times, thereby can save the valuable time, and this helps to guarantee that this quantity is transfused to and is supplied on the price of their expections.

The demonstration of dealer's working quantity is presented in the working quantity row, the unit corresponding with the residing price of input quantity.The demonstration of dealer's working quantity remains on trading screen visible, until the quantity of input all supplied, this moment will be from working quantity row, removing the demonstration of this particular job quantity, or cancels or delete this order.In one embodiment of the invention, showing that the unit of working quantity comprises " W ", is thereafter the value of current quantity of working in indication market.This unit also comprises " B " or " S ", is thereafter that the value that quantity has been bought in or sold is bought in or sold in how many initializations of indication.Although be listed as to describe with reference to working quantity, embodiment is not limited to show the transaction interface of working quantity in row, and the principle in this part can be applied to the working quantity demonstration of any type.

In the preferred embodiment of drag and drop, the work order of processing about the user is without any change, until the desired location of user on transaction interface discharges mousebutton, keypad or other input equipments.This characteristic allows the user to keep his/her position in the transaction formation of the order of early inputting.In alternative embodiment, mouse icon one stops in the appropriate area of transaction interface, just inputs new order.

Another alternative embodiment allows the drag and drop of execution work quantity when activating price merges.Any suitable algorithm can be for distributing new order in the Price Range merging.For this embodiment, the user preferably can, by using dialog box, select required allocation algorithm.For example, all orders that " put down " can be inputted on a price, the price that for example shows on the scale that merges, perhaps working quantity can be distributed in the merging scope that is associated with the position of putting down order fifty-fifty, or each work order can they initial position and put down on the merging price scale between the position of order and move according to increment.

Another alternative embodiment provides startup automatically to be modified in the ability of the quantity on order of the Position input that puts down work order to the user.For example, as mentioned above, work order can work on, until input equipment (for example mousebutton) is released.In this case, work order may be supplied or the part supply of material during drag and drop.Preferably, for example by dialog box, what will occur in the order that the user can be chosen in this case for " putting down ".Perhaps, if working quantity is partly supplied, the user can propose to only have volume residual to be inputted on new price.In this way, can automatically revise according to user's preference the order of " putting down ".

The average price of working quantity

According to preferred embodiment, the average price of quantity is bought in and is sold in the work that demonstration shows the dealer who inputs in market.Dealer's working quantity represents the not supply of material quantity of all orders of still not supplied of the current input of dealer.Preferably, this demonstration illustrates for the particular commodity of concluding the business and for the particular transaction person's who inputs quantity total working and buys in the average price of quantity and the average price that total working is sold quantity.For the present embodiment, can for example use highlight, colour or graphical indicators show average work price, if shown static price scale or axle, this highlights, colour or graphical indicators be associated with this scale or axle.This demonstration can comprise or not comprise the actual numerical value of average price.

In alternative embodiment, be presented at the price distribution that quantity was bought in and/or sold in dealer's work of inputting in market.In this alternative embodiment, average price also may be displayed in shown price distribution or around it.Should be appreciated that average price and/or price distribution can show with text formatting, with color format (for example colour indicator), show, with graphical format, show (for example using text and colour) etc.

For example, Figure 18 shows a screen to the dealer, and quantity (1800) is bought in 2 work when quantity and price 94 are bought in 8 work when quantity, price 95 are bought in 2 work when this dealer has the market price 96.Preferably, by with the total price of quantity summation except working quantity, calculate the average price that quantity is bought in those work, and by this mean value that shows as described below.In a preferred embodiment, following evaluation work is bought in the average price (although can calculate average price with statistics and/or the numerical analysis of other known types) of quantity:

The total price of quantity/always the buy in average price that quantity is bought in quantity=work is bought in work:

((2×96)+(8×95)+(2×94))/(2+8+2)＝95

(192+760+188)/12＝95

1140/12＝95

Preferably, utilize identical calculating to determine that work sells the average price of quantity.Use the diagram of above-mentioned example, Figure 18 returns the dealer and shows a screen, and quantity (1802) is sold in 4 work when quantity and price 99 are sold in 2 work when quantity, price 100 are sold in 4 independent work when this dealer has the market price 101.The average price of coming demonstration work to sell quantity as described herein, and this price of following calculating:

The total price of quantity/always the sell average price that quantity is sold in quantity=work is sold in work:

((4×101)+(2×100)+(4×99))/(4+2+4)＝100

(404+200+396)/10＝100

3005/10＝100

Preferably, the calculating of the average price of working quantity is based on contract to contract (contract-to-contract), this means the working quantity of each independent commodity inputted to(for) the dealer, calculates independent average price.

Preferably, can use dealer's work to buy in and sell the average price of quantity and/or the demonstration of price distribution, that carrys out these commodity of inputting in comparison dealer's average price and market every other currently buys in and sells quantity.This function can be by helping to guarantee that the dealer concludes the business on the price that needs most, and the dealer is benefited.

In a preferred embodiment, the demonstration of the average price of dealer's working quantity is rendered as the average buying price 1804 that quantity is sold in the work that shows two interior independent unit-mono-demonstration dealer, and the average selling price 1806 of quantity is bought in another demonstration dealer's work.In a preferred embodiment, average buying price is displayed on the bottom of working quantity row, and average selling price 1806 is displayed on the top of these row, as shown in figure 18.And in a preferred embodiment, the price in average selling price unit is highlighted with redness, and the price in average buying price unit is highlighted with blueness.Should be appreciated that even so, average selling price and average buying price can be displayed on any position of screen, and can be with mode word, with any colour, with word and colored etc. average selling price and the average buying price of showing.

The coding of blank spot (blank spot)

According to preferred embodiment, the unit of buying in and selling in falling out of the demonstration corresponding with the price of not inputting quantity in market can visually be distinguished with those unit of having inputted this quantity.Do not exist buying in the selling price level of respective amount to be designated as " blank spot " 2000, and appear in a preferred embodiment in the different shades except filler cells, the visual performance preferably that provides market where to conclude the business as a kind of method, as shown in Figure 20 A.Blank spot 2000 can appear in the more shallow shade except filler cells or darker shade, different colored or different texture in, for example from having inputted those unit hatchings of quantity.Preferably, along with new quantity is imported in market, and existing quantity is supplied and by from market, removing, correspondingly change blank spot 2000.In addition, preferably the user can select to show the mode of blank spot.

According to an embodiment, the dealer can benefit from comprise quantity to buy in and sell unit different from the vision between those unit that do not comprise quantity, whether availablely make the dealer more easily promptly identify the quantity of certain price in market.So, to buy in the interested dealer of quantity have this quantity where available enhancing show, and can judge more easily to selling the interested dealer of quantity where other dealers sell commodity.

In a preferred embodiment, coloud coding can appear at buying in of demonstration and sell in the middle Vehicles Collected from Market of falling out and not exist on the price level of quantity.Buy in and the sell unit corresponding from these price levels occurs in visually different with those unit of having inputted this quantity modes." coloud coding blank spot " territory that can utilize " option " to show, by selecting the frame 2002 on the blank spot option left side, start coloud coding, as shown in Figure 20 B.

In a further advantageous embodiment, coloud coding and/or shade not only can be applied to not have the unit of quantity, and can be applied to the unit of quantity lower than threshold value.Preferably, threshold value can be arranged by user or keeper.In addition, the user can or cross over a plurality of trading windows in a trading window, and different threshold values is set.When utilizing different threshold values, preferably each threshold value is assigned to different colours, so that the user can promptly identify the implication of coloud coding.

The net price of open position (open position) shows

According to preferred embodiment, the dealer has work and buys in the net price of seller's order and show.Visual detector, for example text, colour, text and colored combination or graphical indicators, be used to the outstanding work of dealer to buy in the net price with seller's order.Graphical indicators can be taked any form, comprises line or colour element even.

In one embodiment, show that the open position of net price is useful, wherein position is the poor of the quantity on order of buying in (long position) and the quantity on order of selling (short position).When the quantity on order of buying in and selling was unequal, dealer's position was open.When if these orders are unequal, think that dealer's position is sealed.When at the transaction on exchange order, the dealer likely receives a plurality of supplies of material of a plurality of quantity, and these a plurality of supplies of material are on the different price levels for the quantity that forms dealer's order.This characteristic comprises the price level of these a plurality of supplies of material, determines the net price the when supply of material occurs.The dealer can judge that unsuitable transaction will cause the profit that realizes, lose or wipe (scratch) (the also non-loss neither make a profit) with this net price.

In order to determine the net price of the open position of dealer, the present embodiment removes the total price of the quantity of having supplied with the total number of orders amount (also referred to as dealer's current position) of buying in or selling.For example, the dealer who has bought the commodity (4@99,2@100,4@101) of 10 contracts will have long position 10, mean that this dealer sells 10 contracts by needs, in order to close this dealer's position.The supply net price of quantity of dealer will be 100, and following calculating:

The net price of the total price of supply of material quantity/current position=opening position

(4@99+2@100+4@101/10＝100

(396＝200＝404)/10＝100

(1000)/10＝100

Based on above-mentioned calculating, value 100 is shown as dealer's net price of the open position of dealer.One of can be in several ways show this net price, comprise the square frame 2100 around the price level unit of net price, as shown in figure 21, the independent row that net price shows, cross over the square frame of the price level of net price, or the difference colour of net price, but be not limited to this.If the particular transaction person has long position owing to buying in quantity, any additives amount of buying in will cause that the net price of the open position of dealer is recalculated.Preferably, if the dealer sells quantity, dealer's position will change, but shown net price will remain unchanged.Any additional quantity of buying in will change dealer's position and the net price of this position subsequently, and all selling quantity and will only adjust dealer's position subsequently, and will be only so until this position be closed.If the dealer is usingd, as selling the supplied short position of acquired results of quantity, start a firm bargain, when subsequently all of this dealer are sold quantity and supplied, thisly sell the net price that quantity will change position and the open position of dealer.Any buying in quantity and will can not changing net price of being supplied, but will instead only affect this position, and until this position be closed.Result, the net price that increases with the increase of this position when the net price that only allows the long position of dealer and only allow short position reduces while increasing with this position, and the dealer will judge more easily this dealer needs where (with what price) bought in or sold.

The dealer can benefit from and depend on the fluctuation in market and while repeatedly changing, the visual performance of the net price of the open price of dealer has reduced or eliminated the needs of this price of manual calculations when price.Continuous buy in the dealer that quantity supplied and will have long position, and will see the demonstration of the net price of this length position of expression.Any selling quantity and not calculated in this net price of being supplied.Equally, continuous sell the dealer that quantity supplied and will have short position, and will see the demonstration of the net price of this short position of expression.Any buying in quantity and not calculated in this net price of being supplied.The dealer is from being benefited this specific character, because this dealer will always have the demonstration of the net price of the initial position of dealer (all of dealer buy in quantity or dealer all sell quantity), therefore, this demonstration will provide the indication of price level preferably to the dealer, and this price level is that the dealer need to buy in or sell additives amount in order to make a profit and residing price level while closing this position.Replacedly, can calculate the open short position average price of dealer based on buying in of being supplied and seller's order.

The marker of indication net price can be anything that is suitable for as dealer's indicator, for example, comprises graphical symbol, numeral and/or colored.So although Figure 21 shows the unit 2100 that is surrounded by colored, shade or the square frame that highlights, marker can alternatively be presented at any position on user interface with figure or digital form.Marker needn't occupy whole unit.For example, at transaction interface, comprise in static price scale and the merged situation of this scale, marker is positioned on the Nei De position, unit corresponding with certain price.Preferably, the type of marker can be selected by the user.

Merge and control icon

According to preferred embodiment, the dealer can, by on the same interface be used to concluding the business, being shown to user's control icon, merge pricing information or other Useful Informations.At the above-mentioned U.S. Patent application No.09/971 that comprises, in 087, the merging of pricing information has been described.In embodiment as herein described, control icon and be preferably in be used on the same screen of concluding the business, being showed to the user, thereby allow the user to keep the his or her visual field about market information along with the adjustment of control chart target.

In a preferred embodiment, controlling icon is slip control 2200, as shown in figure 22, can be from left to right or drag from right to left this control, and in alternative embodiment, controlling that icon can comprise can be with clockwise or the index dial that counterclockwise rotates, or can activate by the graphic user interface of transaction application programs any other control icon.The preferred embodiment that can merge by slip control 2200 according to pricing information, when slip control 2200 being drawn to Far Left, this showed with a point or not compressed and performance numeral continuously.Mode and the user preference of pricing information are provided according to each exchange, can also use the another kind of mode (for example currency) except point to show pricing information.Along with slip control 2200 moves to right, this control merges price and any other correlation (such as bid/inquiry quantity, work order etc.), thereby demonstrate slip control 2200 and move to obtain the limit of more keeping right, this value little by little becomes and more merges, and causes showing price with a plurality of points.Preferably, each increment of control chart target can be selected by the user, for example by dialog box or any other means well known by persons skilled in the art.

Although with reference to the vertical price scale through merging, be described, preferred embodiment is not limited to merge the price scale, they also are not limited to merge vertical display unit.But any Serial No. can merge, and is irrelevant with its orientation or dimension.Preferred embodiment allows to carry out at user option merging by the icon that is presented on user interface.

The merging of the pricing information that is undertaken by the adjustment control chart mark is benefited the dealer, and reason is that it promptly allows to show price and/or the correlation of larger quantity, such as bid/inquiry quantity, work order etc. within any given time.So the dealer not only has larger chance and views most of quantity in the input of those prices-if not all, and the dealer can also have the larger Price Range of the quantity of inputting dealer oneself.

Conclusion

Should be appreciated that the above description for preferred embodiment, alternative embodiment and specific example provides by way of example, rather than for restriction.For example, feature as herein described can cover in various displays.In the situation that do not break away from essence of the present invention, can in embodiment of the present invention scope, much change and revise, and the present invention includes all this change and modifications.

Claims (18)

1. one kind for reorientating the method for the information that relates to a plurality of commodity on graphic user interface, and the method comprises:

Reception relates to the market information of a plurality of commodity, and this market information comprises a plurality of items of interest, and each items of interest is associated with price;

The first view that shows a plurality of indicators, each indicator represents the items of interest that is associated with one of a plurality of commodity, and the first of one of each indicator and a plurality of static price axles shows explicitly, and wherein each static price axle is corresponding from different commodity;

Link a plurality of static price axles, wherein the static price axle of each link is corresponding at least one in described a plurality of commodity;

Select the main commodity of one of corresponding a plurality of static price axle that links;

In response to receives user's, reorientate main commodity, reorientate the static price axle of each link, the second view that wherein represents the described a plurality of indicators of item of interest purpose that are associated with the commodity that link is shown, wherein at diverse location, shows described a plurality of indicators.

2. method according to claim 1 further comprises:

Receive the user and select to ignore at least one reorientate in a plurality of static price axles;

The response receives user's reorientate main commodity, reorientate the static price axle of link, rather than reorientate in a plurality of static price axles described at least one.

3. according to claim 1 method, wherein the static price axle of link comprises the subset of a plurality of static price axles.

4. according to claim 1 method, wherein second of a plurality of indicators view comprises basically each in a plurality of indicators that the mid point at static price axle shows.

5. method according to claim 1, wherein to each static price axle, the second view of a plurality of indicators comprises the items of interest that is displayed on mid point.

One kind on user interface the expression information method, wherein this information relates to commodity, the method comprises:

On user interface, show this information;

Determine whether the event of reorientating;

When the event of reorientating occurs, based on this information, determine mid point; And

At this mid point display indicator.

7. method as claimed in claim 6, wherein, described information is displayed in the grid that comprises row and column, and every delegation of this grid is associated with the price level on static price axle.

8. method as claimed in claim 6, wherein, half of the gap between described mid point and best bid price and lowest bid price is corresponding.

9. method as claimed in claim 6, wherein, described mid point depends on items of interest.

10. method as claimed in claim 6, wherein, the described event of reorientating comprises that the described information that makes on user interface is placed in the middle around internal market.

11. a method that shows the information that relates to commodity on graphic user interface, the method comprises:

At a client computer of a plurality of client computers, receive the stream information of commodity, the Vehicles Collected from Market that stream information is identified these commodity upgrades;

Stream information based on commodity shows axle by client computer, and this axle comprises the level of a plurality of alignment, and wherein each level comprises corresponding order input position;

By client computer show state indicator, this positioning indicator is associated with at least one order of processing in the first level at principal computer along the first level of axle,

Wherein the current state of described at least one order of this positioning indicator sign comprises:

In the amount of the commodity of principal computer in described at least one order of the first value coupling with the first Horizontal correlation connection, and

Work at present is in the amount of principal computer at the commodity of described at least one order of the first level, and its

Described in positioning indicator renewable based on the stream information of commodity;

Receive order along the price axle, positioning indicator is repositioned onto to the second level.

12. method as claimed in claim 11, wherein in response to receiving order, positioning indicator is moved to the second level.

13. method as claimed in claim 11, also comprise the amount of removing the commodity in described at least one order, this at least one order receives at the first horizontal respone at principal computer that command signal is current to be processed.

14. method as claimed in claim 11 also comprises:

Show the order zone of input, for the show state indicator, the order zone of input has the order position of a plurality of inputs, and wherein the order position correspondence of each input of a plurality of orders position is along the level of axis.

15. method according to claim 11, wherein, positioning indicator comprises numeral.

16. method according to claim 11, wherein each level of a plurality of levels of axially aligning comprises the level of merging.

17. method as claimed in claim 11 also comprises:

Show the order input area, it comprises a plurality of order input positions of corresponding a plurality of levels, and wherein each order input position is at user option, sends a message to the level place input order of principal computer with the order input position in corresponding selection.

18. the method for claim 11, wherein each level comprises price level.

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