WO2017064234A1 - Système permettant d'afficher des données mises à jour en temps réel se rapportant à des instruments financiers qui sont négociés sur un marché financier sur un terminal de traitement de données comportant une interface fonctionnelle d'une bourse en ligne - Google Patents

Système permettant d'afficher des données mises à jour en temps réel se rapportant à des instruments financiers qui sont négociés sur un marché financier sur un terminal de traitement de données comportant une interface fonctionnelle d'une bourse en ligne Download PDF

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Publication number
WO2017064234A1
WO2017064234A1 PCT/EP2016/074666 EP2016074666W WO2017064234A1 WO 2017064234 A1 WO2017064234 A1 WO 2017064234A1 EP 2016074666 W EP2016074666 W EP 2016074666W WO 2017064234 A1 WO2017064234 A1 WO 2017064234A1
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WO
WIPO (PCT)
Prior art keywords
price level
units
order
price
buy
Prior art date
Application number
PCT/EP2016/074666
Other languages
English (en)
Inventor
Mario Fabbri
Giovanni COTTO
Federico MANURI
Andrea Sanna
Fabrizio LAMBERTI
Gianluca PARAVATI
Andrea STIFANELLI
Original Assignee
Directa Sim S.P.A.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Directa Sim S.P.A. filed Critical Directa Sim S.P.A.
Publication of WO2017064234A1 publication Critical patent/WO2017064234A1/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q10/00—Administration; Management
    • G06Q10/10—Office automation; Time management
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/02—Marketing; Price estimation or determination; Fundraising
    • G06Q30/0281—Customer communication at a business location, e.g. providing product or service information, consulting
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis

Definitions

  • the present invention relates to a system for displaying data updated in real time relating to financial instruments being traded on a stock exchange on a data processing terminal provided with an operating interface for online trading, the data processing terminal receiving said data from a processing unit connected to the telematic market.
  • the remote terminal can be a computer connected to the internet by way of a fixed network, or a pocketable device such as a cellular telephone, handheld device, or other, similar device, again connected to the portal, e.g., by way of the GSM, GPRS network etc., by way of a specific communications protocol, such as WAP.
  • a specific communications protocol such as WAP.
  • touch-sensitive screen of relatively reduced size, e.g., 3.5 inches, by way of which the information is displayed and the orders are sent.
  • Some brokerage companies provide users with an interface that is optimized for such screens so as to be as intuitive as possible and so as to speed up the execution of buy/sell operations.
  • a typical operating interface or "book” optimized for handheld devices can comprise a vertical table, e.g., divided into three columns.
  • the three columns contain respectively: - the price levels at which it is possible to buy/sell a determined financial instrument, in decreasing order in preset steps downward from above;
  • the table is divided into an upper portion displaying the sell offers, a lower portion displaying the buy offers, and an intermediate portion displaying the spread, i.e., the difference between the best sell price and the best buy price.
  • the three portions are usually marked by different colors for easy identification.
  • buy/sell order or offer
  • a buy/sell command typically one enters the number of units that will be used for the buy/sell order, or orders, in a dedicated window, after which one points to the cell corresponding to the desired price level.
  • the number of lines displayed is necessarily limited by the vertical dimension of the screen which, as mentioned previously, especially for portable terminals such as smartphones, tablet computers and so on, is relatively small.
  • the aim of the present invention is to provide a system for displaying data relating to financial instruments being traded on a stock exchange that overcomes the drawbacks of traditional systems, in particular, which offers a more complete and more intuitive view of the progression of the stock even on small screens, which makes it possible to perceive and interpret more rapidly the principal data relating to the various price levels, by showing in a clearly readable manner all the information relating to the price level of interest, and which makes it possible also to more easily follow the movements of financial instruments that are subject to continual and considerable fluctuations in volume and/or price.
  • Figure 1 is a block diagram that schematically illustrates a data processing network in which a system according to the invention can be integrated;
  • Figure 2 schematically illustrates a remote terminal that has a vertical book for online trading according to the known art installed on it;
  • Figures 3-5 schematically illustrate a remote terminal that is part of the system according to the invention, which has an interface for online trading based on the system according to the invention installed on it, in three successive steps of operation;
  • FIG. 6 is a flowchart showing the logic of operation of the system according to the invention.
  • FIGS 7-10 schematically illustrate an accessory function of the system according to the invention.
  • a network for online trading operations comprises a central unit CU connected to the telematic market M in order to receive from it data updated in real time relating to various types of financial instruments, such as equity securities, bond certificates, derivatives contracts and the like, and also for transmitting/canceling buy and sell orders and receiving the corresponding notifications.
  • financial instruments such as equity securities, bond certificates, derivatives contracts and the like
  • the central unit CU is programmed to transmit information to, and receive orders from, a plurality of internet-connected remote terminals Pi,
  • Figure 2 schematically shows a generic remote terminal, e.g., a handheld device P provided with a touch-sensitive screen R, on which is displayed the information coming from the central unit CU through a vertical operating interface or book according to the known art.
  • the book is in the form of a table C showing three adjacent columns Q, D and H.
  • the three columns Q, D and H are each made up of a row of m cells Qi, Q 2 , Q 3 , Q m , Di, D 2 , D 3 , D m , Hi, H 2 , H 3 , H m .
  • Each row of the table is associated with a numeric value corresponding to the price level of a determined stock.
  • the first column Q displays the price levels at which it is possible to buy/sell a determined financial instrument, in decreasing order in steps downward from above. Some steps may be hidden, as in the example shown between 15.04 and 15.01, in order to permit viewing of the most representative price levels.
  • the second column D displays the quantities being traded on the market for each price level and the number of offers.
  • the third column H displays other information such as, for example, the pertinent buy/sell orders, which can be managed by the user of the device.
  • the table is divided into an upper portion V which displays the sell offers, a lower portion A which displays the buy offers, and an intermediate portion S which displays the spread.
  • the three portions are distinguished by different colors of the cells for easy visual identification.
  • An area Y above the table shows other information of interest, such as the reference and the full name of the stock being traded, the number of units on which it is desired to operate, which can be entered in a dedicated cell K, and the like.
  • the bars advantageously extend from an edge E of the grid that is perpendicular to the straight lines ( Figure 3), such edge defining zero.
  • the grid is divided into a first portion V, which represents the sell offers and extends from the highest price level displayed to a first intermediate price level LI, a second portion A', which represents the buy offers and extends from the lowest price level displayed to a second intermediate price level L2, and an intermediate portion S', which represents the spread.
  • the three portions are advantageously distinguished by different colors of the cells and/or of the bars for easy identification.
  • control window W is not fixed, and instead consists of a movable window with transparent background and edges, which opens at the position of the pointing means F and slides vertically, following the vertical movements of the latter. In this manner, the user can read the salient data corresponding to the level selected without removing his/her gaze from the area of interest.
  • the system upon the release of the pointing means F, the system generates an operating command to buy/sell on the last level selected.
  • the operating interface advantageously has a disengagement area G that surrounds the grid. If the user changes his/her mind, he/she can slide the pointing means F to the disengagement area G and cancel the operation.
  • a graduated scale of the prices at relatively wide intervals which acts as an orientation for the user.
  • the pointing means F comprises the finger of the user, or optionally an auxiliary pen with which some models are provided; the area where the finger is pointed is shown by way of a cursor Z.
  • the pointing means can consist of a cursor driven by an external device, e.g., a mouse (not shown).
  • the grid is an area Y' in which other information of interest is shown, such as the reference and the full name of the stock being traded, the number of units that will be used for the buy/sell order, or orders, which can be entered in a dedicated cell K', and the like.
  • block 10 represents a stand-by state of the system, meaning a state of waiting, possibly after previous steps of selection or setting, e.g., selection of the stock to buy/sell, setting of the quantity of units to be handled in the cell K' ( Figures 3-5), etc.
  • the user has an immediate perception of the overall progression of the stock even before knowing the exact values of the price levels and of the quantities being traded. This enables the user to more rapidly identify the "areas" of greatest interest and from the start select a price level in the neighborhood of the level on which he/she effectively wants to operate on or find out more about.
  • the representation as bars according to the invention makes it possible to display a much larger number of price levels without it being necessary to hide lines of the table.
  • the offers are always shown on a linear price scale with constant steps, i.e. without jumps, so as to offer an intuitive perception of the actual situation of the stock.
  • the system checks if the user has selected a price level and, in the affirmative, in the control window W it reproduces the corresponding data (price level and corresponding quantity being traded), such step being defined in block 16.
  • the system checks if there has been a change of selection, owing to the fact that the user is examining the data for the price levels neighboring the level that was first selected. In such case, the procedure restarts from the previous block 16, with the new data which will be shown in the control window W. Otherwise, in block 20 the system checks if the user has removed his/her finger from the screen. If not, the procedure restarts from the previous block 16; otherwise, in block 22 the system checks if the release occurred in an active area of the screen, in which case in block 24 the order for the selected cell is generated and the system returns to stand-by in block 10. If the response is negative, the selection is canceled and the system goes straight back to stand-by.
  • FIGS 7-10 schematically illustrate an accessory function of the present invention.
  • Such function enables the user to immediately evaluate the impact of a large order on the market and it is therefore particularly advantageous especially when one is trading on markets with low liquidity.
  • system according to the invention is particularly convenient for portable remote terminals provided with a small touch-sensitive screen, obviously it can equally be applied to fixed terminals such as personal computers.
  • disengagement area can take different forms from that described, as long as it has at least one side adjacent to the table so as to be reachable by sliding the means of selection on the screen.
  • the lines L that represent the steps between the subsequent price levels can assume different configurations; for example, the lines of the grid could have alternating colors, and the lines would therefore be defined by the border between one row and the next.
  • window used in the present description must be understood in the broad sense, defining only a numeric indicator adapted to display values corresponding to the price level selected, independently of whether or not it is contained in a frame and whether or not it has an opaque background.

Abstract

L'invention concerne un terminal de traitement de données (Ρ') comportant une interface fonctionnelle d'une bourse en ligne, ledit terminal étant programmé de sorte à afficher l'élément de données se rapportant aux quantités d'un instrument financier qui est négocié sur le marché pour chaque niveau de prix sous la forme de barres (D1 à D10) s'étendant sur une grille formée par de multiples lignes droites parallèles et espacées de manière égale (L) qui définissent les étapes entre des niveaux de prix successifs ; les barres (D1 à D10) s'étendent de façon parallèle aux lignes droites (L) à l'étape respective ; à la suite d'un pointage à un niveau de prix par le biais d'un moyen de pointage (F), les valeurs numériques sont affichées dans une fenêtre de commande (W) du niveau de prix sélectionné et de la quantité correspondante qui est négociée. De telles valeurs numériques sont mises à jour de manière continue par rapport au glissement du moyen de pointage (F) le long des niveaux de prix adjacents.
PCT/EP2016/074666 2015-10-16 2016-10-14 Système permettant d'afficher des données mises à jour en temps réel se rapportant à des instruments financiers qui sont négociés sur un marché financier sur un terminal de traitement de données comportant une interface fonctionnelle d'une bourse en ligne WO2017064234A1 (fr)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
IT102015000062322 2015-10-16
ITUB2015A004725A ITUB20154725A1 (it) 2015-10-16 2015-10-16 Sistema di visualizzazione di dati aggiornati in tempo reale inerenti strumenti finanziari quotati in borsa su un terminale informatico munito di un'interfaccia operativa per trading on-line

Publications (1)

Publication Number Publication Date
WO2017064234A1 true WO2017064234A1 (fr) 2017-04-20

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PCT/EP2016/074666 WO2017064234A1 (fr) 2015-10-16 2016-10-14 Système permettant d'afficher des données mises à jour en temps réel se rapportant à des instruments financiers qui sont négociés sur un marché financier sur un terminal de traitement de données comportant une interface fonctionnelle d'une bourse en ligne

Country Status (2)

Country Link
IT (1) ITUB20154725A1 (fr)
WO (1) WO2017064234A1 (fr)

Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20090076978A1 (en) * 2007-09-13 2009-03-19 Rony Dayan Electronic trade information graphical user interface
WO2009102938A1 (fr) * 2008-02-13 2009-08-20 Itg Software Solutions, Inc. Systèmes et procédés pour visualiser et commercialiser des marchandises à terme
US7774249B1 (en) * 2003-10-07 2010-08-10 Trading Technologies International, Inc. System and method for risk grid display in an electronic trading environment

Patent Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7774249B1 (en) * 2003-10-07 2010-08-10 Trading Technologies International, Inc. System and method for risk grid display in an electronic trading environment
US20090076978A1 (en) * 2007-09-13 2009-03-19 Rony Dayan Electronic trade information graphical user interface
WO2009102938A1 (fr) * 2008-02-13 2009-08-20 Itg Software Solutions, Inc. Systèmes et procédés pour visualiser et commercialiser des marchandises à terme

Also Published As

Publication number Publication date
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