Click based trading with intuitive grid display of market depth

Abstract

A method and system for reducing the time it takes for a trader to place a trade when electronically trading on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. The “Mercury” display and trading method of the present invention ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuates. This allows the trader to trade quickly and efficiently.

We claim:  
     
         1 . A method of displaying, on an electronic display device, the market depth of a commodity traded in a market, said method comprising: 
 dynamically displaying a plurality of bids in the market for said commodity;    dynamically displaying of a plurality of asks in the market for said commodity; and    statically displaying prices corresponding to said plurality of bids and asks;    wherein said pluralities of bids and asks are dynamically displayed in alignment with the prices corresponding thereto.    
     
     
         2 . A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to  claim 1 , wherein said bids and asks are oriented vertically.  
     
     
         3 . A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to  claim 1 , wherein said bids and asks are oriented horizontally.  
     
     
         4 . A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to  claim 1 , wherein a plurality of said displayed bids and asks in the market include bid and ask quantities of the commodity.  
     
     
         5 . A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to  claim 1 , wherein said bids and asks are displayed in different colors.  
     
     
         6 . A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to  claim 1 , re-centering said prices corresponding to the bids and asks about an inside market price upon receipt of a re-centering instruction.  
     
     
         7 . A method of displaying, on an electronic display device, the market depth of a commodity traded in a market according to  claim 1 , further comprising dynamically displaying entered and working orders in alignment with the prices corresponding thereto.  
     
     
         8 . A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market, comprising: 
 a first program code for dynamically displaying a plurality of bids in the market for said commodity;    a second program code for dynamically displaying of a plurality of asks in the market for said commodity; and    a third program code for statically displaying prices corresponding to said plurality of bids and asks;    wherein said pluralities of bids and asks are dynamically displayed in alignment with the prices corresponding thereto.    
     
     
         9 . A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market according to  claim 8 , further comprising program code to ensure that said displayed bids, asks and prices are oriented vertically.  
     
     
         10 . A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market according to  claim 8 , further comprising program code to ensure that said displayed bids, asks and prices are oriented horizontally.  
     
     
         11 . A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market according to  claim 8 , further comprising program code to ensure that a plurality of bids and asks in the market include bid and ask quantities of the commodity.  
     
     
         12 . A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market according to  claim 8 , further comprising program code to ensure that bids and asks are displayed in different colors.  
     
     
         13 . A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market according to  claim 8 , further comprising program code to ensure that said displayed prices corresponding to the bids and asks are re-centered about an inside market price upon receipt of a re-centering instruction.  
     
     
         14 . A computer readable medium having program code recorded thereon for execution on a computer for displaying the market depth of a commodity traded in a market according to  claim 8 , further comprising program code for dynamically displaying entered and working orders in alignment with the prices corresponding thereto.  
     
     
         15 . A graphical user interface for displaying the market depth of a commodity traded in a market, comprising: 
 a dynamic display of a plurality of bids in the market for said commodity;    a dynamic display of a plurality of asks in the market for said commodity; and    a static display of prices corresponding to said plurality of bids and asks;    wherein said pluralities of bids and asks are dynamically displayed in alignment with the prices corresponding thereto.    
     
     
         16 . A graphical user interface according to  claim 15 , wherein said displays are oriented vertically.  
     
     
         17 . A graphical user interface according to  claim 15 , wherein said displays are oriented horizontally.  
     
     
         18 . A graphical user interface according to  claim 15 , wherein said displays of the pluralities of bids and asks in the market include bid and ask quantities of the commodity.  
     
     
         19 . A graphical user interface according to  claim 15 , wherein said displays are displayed in different colors.  
     
     
         20 . A graphical user interface according to  claim 15 , wherein said display of prices corresponding to the bids and asks is re-centered about an inside market price upon re-centering instruction from a user.  
     
     
         21 . A graphical user interface according to  claim 15 , further comprising a display of entered and working orders displayed in alignment with the prices corresponding thereto.  
     
     
         22 . A method of placing a trade order for a commodity on an electronic exchange, using a graphical user interface and a user input device and having preset parameters for trade orders, said method comprising: 
 displaying the market depth of a commodity traded in a market, through a dynamic display of a plurality of bids and a plurality of asks in the market for the commodity, including the bid and ask quantities of the commodity, aligned with a static display of prices corresponding thereto; and    initiating placement of a trade order of the commodity through a single action of the user input device initiating placement of a trade order of the commodity through a single action of the user input device with a pointer of the user input device positioned over an area in said dynamic displays of bids and asks;    wherein the contents of the trade order are based in part upon the preset parameters and the position of the pointer at the time of said single action.    
     
     
         23 . A method of placing a trade order according to  claim 22 , wherein said trade order is a buy order if the position of the pointer at the time of said single action is within the display of bids and wherein said trade order is a sell order if the position of the pointer at the time of said single action is within the display of asks.  
     
     
         24 . A method of placing a trade order according to  claim 23 , wherein the trade order is for a pre-determined fixed quantity and for a price corresponding to the position of the pointer at the time of said single action.  
     
     
         25 . A method of placing a trade order according to  claim 23 , wherein the trade order is for a quantity equal to a current net position of the user in the commodity and for a price corresponding to the position of the pointer at the time of said single action.  
     
     
         26 . A method of placing a trade order according to  claim 23 , wherein the trade order is for a quantity equal to a pre-determined fixed offset plus the sum of all quantities in the market at prices better than or equal to a price corresponding to the position of the pointer at the time of said single action and for a price corresponding to said position.  
     
     
         27 . A method of placing a trade order according to  claim 26 , wherein said offset is equal to a first pre-determined value if a single action of a first type is taken and said offset is equal to a second pre-determined value if a single action of a second type is taken.  
     
     
         28 . A method of placing a trade order according to  claim 22 , further comprising canceling said trade order in response to a subsequent single action of the user input device.  
     
     
         29 . A computer readable medium having program code recorded thereon, for execution on a computer having a graphical user interface and a user input device and having preset parameters for trade orders, to place a trade order for a commodity on an electronic exchange, comprising: 
 a first program code displaying the market depth of a commodity traded in a market, through a dynamic display of a plurality of bids and a plurality of asks in the market for the commodity, including the bid and ask quantities of the commodity, aligned with a static display of prices corresponding thereto;    a second program code for initiating placement of a trade order of the commodity through a single action of the user input device with a pointer of the user input device positioned over an area in said dynamic displays of bids and asks; and    a third program code for setting characteristics of the trade order based in part upon the preset parameters and the position of the pointer at the time of said single action.    
     
     
         30 . A computer readable medium having program code recorded thereon, for execution on a computer to place a trade order according to  claim 29 , further comprising program code for establishing that said trade order is a buy order if the position of the pointer at the time of said single action is within the display of bids and that said trade order is a sell order if the position of the pointer at the time of said single action is within the display of asks.  
     
     
         31 . A computer readable medium having program code recorded thereon, for execution on a computer to place a trade order according to claim  30 , further comprising program code for establishing that the trade order is for a pre-determined fixed quantity and for a price corresponding to the position of the pointer at the time of said single action.  
     
     
         32 . A computer readable medium having program code recorded thereon, for execution on a computer to place a trade order according to  claim 30 , further comprising program code for establishing that the trade order is for a quantity equal to a current net position of the user in the commodity and for a price corresponding to the position of the pointer at the time of said single action.  
     
     
         33 . A computer readable medium having program code recorded thereon, for execution on a computer to place a trade order according to  claim 30 , further comprising program code for establishing that the trade order is for a quantity equal to a pre-determined fixed offset plus the sum of all quantities in the market at prices better than or equal to a price corresponding to the position of the pointer at the time of said single action and for a price corresponding to said position.  
     
     
         34 . A computer readable medium having program code recorded thereon, for execution on a computer to place a trade order according to  claim 33 , further comprising program code for establishing that said offset is equal to a first pre-determined value if a single action of a first type is taken and said offset is equal to a second pre-determined value if a single action of a second type is taken.  
     
     
         35 . A client system for placing a trade order for a commodity on an electronic exchange, the system comprising: 
 a display device for displaying the market depth of a commodity traded in a market, through a dynamic display of a plurality of bids and a plurality of asks in the market for the commodity, including the bid and ask quantities of the commodity, aligned with a static display of prices corresponding thereto;    a user input device for positioning a pointer thereof over an area in said dynamic displays of bids and asks and for initiating placement of a trade order of the commodity through a single action of the user input device; and    a trade order characteristics setting component for setting characteristics of the trade order based in part upon preset parameters and the position of the pointer at the time of said single action.    
     
     
         36 . A client system for placing a trade order for a commodity according to  claim 35 , wherein said trade order characteristics setting component establishes that said trade order is a buy order if the position of the pointer at the time of said single action is within the display of bids and that said trade order is a sell order if the position of the pointer at the time of said single action is within the display of asks.  
     
     
         37 . A client system for placing a trade order for a commodity according to  claim 36 , wherein said trade order characteristics setting component establishes that the trade order is for a pre-determined fixed quantity and for a price corresponding to the position of the pointer at the time of said single action.  
     
     
         38 . A client system for placing a trade order for a commodity according to  claim 36 , wherein said trade order characteristics setting component establishes that the trade order is for a quantity equal to a current net position of the user in the commodity and for a price corresponding to the position of the pointer at the time of said single action.  
     
     
         39 . A client system for placing a trade order for a commodity according to  claim 36 , wherein said trade order characteristics setting component establishes that the trade order is for a quantity equal to a pre-determined fixed offset plus the sum of all quantities in the market at prices better than or equal to a price corresponding to the position of the pointer at the time of said single action and for a price corresponding to said position.  
     
     
         40 . A client system for placing a trade order for a commodity according to  claim 39 , wherein said trade order characteristics setting component establishes that said offset is equal to a first pre-determined value if a single action of a first type is taken and said offset is equal to a second pre-determined value if a single action of a second type is taken.