Interactive grid-based graphical trading system for real time security trading

Abstract

An interactive grid-based graphical trading system for use in securities trading provides a dynamic, visual display of trading data consisting of orders, quotes and indices, for any security and for any number of market participants. The trading data are plotted on a grid consisting of cells arranged in rows and columns, which are associated with specific parameters. Distinct visual presentation styles are used, and differences in the price parameter are represented spatially. The values of the price and other parameters associated with the same orders and quotes are mapped against the values associated with the rows and columns of the grid. A trader may place or modify trading orders by interacting with the trading data displayed on the grid, and with specific GUI objects displayed on the same grid. Trading instructions are generated and transmitted to a market participant, in a manner transparent to the trader.

1 . A software object providing a graphical representation of trading data originating from at least one data source, wherein said graphical representation of trading data is electively interactive, and wherein said software object is executable by a computer, and comprising: (a) first process means for establishing at least one connection with at least one data source, wherein said at least one data source is selected from the group consisting of: securities exchanges, stock markets, currency markets, commodities exchanges, electronic communication networks (ECNs), brokerage firms, auction houses, data feed providers, market simulation software, trading data published on computer-readable media, and combinations thereof; wherein said at least one data source is an external to the computer where said software object is executing; wherein said at least one data source can reside in the same computer where said software object is executing; (b) second process means for retrieving and receiving trading data from said at least one data source, wherein said trading data is electively retrieved continuously or from time to time; (c) third process means for transforming said trading data into a form that is suitable for display by said software object; (d) fourth process means for displaying said trading data by means of at least one visual presentation style; and (e) fifth process means for receiving and interpreting input from a user of said software object, through selected user interaction modes; wherein said input causes said software object to automatically generate trading instructions, based on said user's specific input and the context of the currently displayed trading data; wherein said trading instructions are selected from the group consisting of: buy order instructions, sell order instructions, order cancellation instructions, and order amendment instructions; wherein said trading instructions are transmitted to at least one backend trading system capable of processing said trading instructions; wherein said at least one backend trading system is associated with at least one market participant; wherein said at least one market participant is selected from the group consisting of: stock exchanges, electronic communication networks (ECNs), order-entry firms, brokerage firms, commodities exchanges, and currency markets; wherein said at least one backend trading system can be market simulation software; wherein said at least one backend trading system is external to the computer where said software object is executing; and wherein said at least one backend trading system can reside in the same computer where said software object is executing; wherein said trading data comprises data elements selected from the group consisting of: order data, quote data, and index data; wherein said order data and said quote data are associated with specific securities; wherein said order data and said quote data directly reflect real orders and quotes posted to at least one market, exchange, and qualified market participant; wherein said data elements possess a price dimension directly related to the price of the security associated with said data elements; wherein the values associated with said price dimension are numeric price values; and wherein said data elements possess at least one additional dimension or parameter; wherein said software object is adapted to retrieve said trading data from said at least one data source, and said trading data may be electively retrieved continuously, or from time to time; wherein said software object automatically binds to said trading data; wherein said software object comprises a drawing area for displaying a visual representation of said data elements; wherein said data elements comprising order data and quote data are represented on said software object's drawing area by icons, shapes, and other graphical user interface (GUI) objects; wherein said icons, shapes, and other GUI objects are rendered by means of at least one visual presentation style, wherein said at least one visual presentation style functions to graphically distinguish between different types of orders and quotes; wherein said software object comprises an axis associated with numeric values, wherein said numeric values associated with said axis directly correspond to the numeric price values of said price dimension, and wherein said numeric values associated with said axis are based on at least one criterion; wherein said software object comprises at least one additional axis associated with said at least one additional dimension or parameter; wherein said axis and said at least one additional axis are represented on said drawing area using at least one visual presentation style; wherein said first price axis and said at least one additional axis define a specific coordinate system when combined in a specific manner, which functions to describe the positions of said shapes or icons representing said data elements in said drawing area; and wherein said description of positions of said shapes or icons facilitates the plotting of said shapes or icons onto said drawing area; wherein said plotting comprises at least one method for determining the positions of said shapes or icons, on said drawing area, wherein said at least one method is based on at least one criterion, and wherein said at least one criterion is the numeric price value of said price dimension associated with said data elements; wherein said positions are defined in terms of said coordinate system, wherein said positions are determined for the purpose of plotting and rendering said shapes or icons, representing said data elements, onto said drawing area, and wherein said plotting and rendering is electively dynamic and continuous, and is linked to said continuous retrieval of data; wherein said first price axis functions to provide a reference frame for plotting and rendering the dynamic variation in values of said price dimension associated with said data elements; wherein said dynamic variation in values of said price dimension associated with said data elements is graphically represented by varying the positions of said shapes or icons on said drawing area, with respect to said first price axis; wherein said at least one additional axis functions to categorize said data elements, as represented by said shapes or icons on said drawing area, according to at least one criterion, wherein said at least one criterion is based on the values of said additional dimensions or parameters associated with said data elements; wherein said first price axis and said at least one additional axis function to facilitate the manipulation by a user of said software object, of the values of specific parameters associated with said data elements, as represented by said shapes or icons plotted and rendered on said software object's drawing area, by providing references against which variations in values can be measured; wherein said manipulation is subject to at least one rule, and wherein said manipulation is accomplished by means of at least one user interaction mode; and wherein said manipulation by a user of said software object, causes said software object to automatically generate trading instructions, based on said user's specific input and the context of the currently displayed trading data; wherein said trading instructions are selected from the group consisting of: buy order instruction, sell order instruction, order cancellation instruction, and order amendment instruction; and wherein said trading instructions are sent to at least one backend trading system capable of processing said instructions. 
     
     
         2 . A software object providing a graphical representation of trading data originating from at least one data source, wherein said software object is executable by a computer, and comprises: first process means for establishing at least one connection with at least one data source; second process means for receiving trading data from said at least one data source; third process means for transforming said trading data into a form that is suitable for display by said software object; and fourth process means for displaying said trading data by using at least one visual presentation style; wherein said at least one data source is selected from the group consisting of: securities exchanges, stock markets, currency markets, commodities exchanges, electronic communication networks (ECNs), brokerage firms, auction houses, data feed providers, market simulation software, trading data published on computer-readable media, and combinations thereof; wherein said trading data comprises data elements selected from the group consisting of: quote data, order data, and index data; wherein said data elements are associated with a specific security or a group of securities; wherein said data elements possess a price dimension representing the price of the security or the value of the index associated with said data elements; wherein the values associated with said price dimension are numeric price values or numeric index values; and wherein said data elements possess at least one additional dimension; wherein said software object further includes a visual manifestation displayed on said computer's associated display means; wherein said visual manifestation includes a drawing area for rendering a graphical representation of said trading data; wherein said visual manifestation includes an axis associated with numeric price values which are associated with said price dimension, wherein said axis is rendered on said drawing area using at least one visual presentation style, and wherein said axis is a price axis; wherein said visual manifestation further includes graphical user interface (GUI) objects; wherein said GUI objects are selected from the group consisting of: icons, images, geometric shapes, and combinations thereof; wherein said GUI objects function to graphically represent order data and quote data received from said at least one data source; wherein said GUI objects are rendered on said drawing area by at least one visual presentation style; wherein said at least one visual presentation style functions to graphically distinguish between different types of orders and quotes associated with said data elements; wherein said price axis defines one dimension of a coordinate system; wherein said coordinate system functions as a reference for plotting said GUI objects onto said drawing area; wherein said plotting comprises at least one process for determining the positions where said GUI objects are rendered on said drawing area; wherein said at least one process correlates the numeric price values of said price dimension with the numeric price values associated with said price axis; wherein said positions are defined with respect to said one dimension of a coordinate system, and are determined for the purpose of plotting and rendering said GUI objects onto said drawing area; wherein said trading data is received essentially continuously; wherein said essentially continuous reception of trading data effects dynamic variations in the values of said price dimension and said at least one additional dimension associated with said data elements; and wherein said dynamic variations in the values of said price dimension, and said at least one additional dimension, is graphically represented by dynamically varying the positions and graphical properties of said GUI objects rendered on said drawing area. 
     
     
         3 . The software object of  claim 2 , further comprising: fifth process means for receiving and interpreting input from a user of said software object, by means of at least one user interaction mode; wherein said visual manifestation's graphical properties and settings are electively adjusted by a user of said software object, wherein said adjustment is accomplished by said user through at least one user interaction mode; and wherein said adjustment is facilitated by said fifth process means. 
     
     
         4 . The software object of  claim 3 , further comprising: sixth process means for generating and transmitting trading instructions, and receiving feedback data pertaining to the status of said trading instructions; wherein said fifth process means, and said sixth process means, together facilitate the graphical placement of trading orders, and the graphical amendment of trading orders; wherein said graphical placement and said graphical amendment of trading orders is performed by a user of said software object by interacting with said visual manifestation, wherein said interaction is subject to at least one rule; wherein said interaction is accomplished by means of at least one user interaction mode; wherein said GUI objects function to graphically represent trading orders initiated by a user of said software object; wherein said graphical placement and graphical amendment of trading orders causes said software object to generate trading instructions, wherein said trading instructions are selected from the group consisting of: buy order instructions, sell order instructions, order cancellation instructions, and order amendment instructions; wherein said trading instructions are transmitted to at least one backend trading system capable of processing said trading instructions; wherein said at least one backend trading system is associated with at least one market participant; wherein said at least one market participant is selected from the group consisting of: securities exchanges, stock markets, currency markets, commodities exchanges, electronic communication networks (ECNs), brokerage firms, and auction houses; and wherein feedback data pertaining to the status of said trading orders is received and interpreted by said software object through said sixth process means. 
     
     
         5 . The software object of  claim 2 , wherein said at least one data source is external to the computer where said software object is executing; and wherein said external data source is accessible to said software object through communication channels. 
     
     
         6 . The software object of  claim 2 , wherein said at least one data source resides in the same computer where said software object is executing. 
     
     
         7 . The software object of  claim 2 , wherein said software object is adapted to receive streaming trading data from said at least one data source; and wherein said trading data is received in essentially real-time. 
     
     
         8 . The software object of  claim 2 , wherein said software object is adapted to request said trading data from said at least one data source; wherein said trading data is received in response to said request; wherein said trading data is requested and received essentially continuously; and wherein said trading data is received in essentially real-time. 
     
     
         9 . The software object of  claim 2 , wherein said visual manifestation further includes at least one additional axis; wherein said at least one additional axis is associated with at least one additional dimension associated with said data elements; wherein said at least one additional axis is associated with at least one criterion; wherein said at least one criterion is selected from the group consisting of: a market participant, a group of market participants, a security, a group of securities, an index, an interval of time, and combinations thereof; wherein said at least one additional axis is rendered on said drawing area using at least one visual presentation style; wherein said price axis and said at least one additional axis combine to define a multi-dimensional coordinate system; wherein the number of dimensions of said multi-dimensional coordinate system is determined by the number of axes; and wherein said multi-dimensional coordinate system functions as a reference for plotting said GUI objects onto said drawing area; wherein said plotting includes at least one process for determining the positions where said GUI objects are rendered on said drawing area; wherein said at least one process correlates the numeric price values of said price dimension, with the numeric price values associated with said price axis; wherein said at least one process categorizes said data elements according to said at least one criterion associated with said at least one additional axis; and wherein said positions are determined with respect to said multi-dimensional coordinate system, and are determined for the purpose of plotting and rendering said GUI objects onto said drawing area. 
     
     
         10 . The software object of  claim 2 , wherein said at least one backend trading system is external to the computer where said software object is executing; and wherein said at least one backend trading system is accessible to said software object through communication channels. 
     
     
         11 . The software object of  claim 4 , wherein said feedback data is transformed into a form that is suitable for display on said drawing area, through said third process means; and wherein said feedback data is displayed on said drawing area, through said fourth process means. 
     
     
         12 . The software object of  claim 2 , wherein said software object is adapted to connect, and retrieve trading data from a plurality of data sources; wherein said plurality of data sources are external to the computer where said software object is executing; wherein said plurality of data sources are accessible to said software object through communication channels; wherein said plurality of data sources employ dissimilar communication protocols; and wherein communication between said software object and said plurality of data sources is facilitated by middleware. 
     
     
         13 . The software object of  claim 4 , wherein said software object is adapted to transmit trading instructions to, and receive feedback data from, a plurality of backend trading systems; wherein said plurality of backend trading systems are external to the computer where said software object is executing; wherein said plurality of data sources are accessible to said software object through communication channels; wherein said plurality of backend trading systems employ dissimilar communication protocols; and wherein communication between said software object and said plurality of backend trading systems is facilitated by middleware. 
     
     
         14 . The software object of  claim 2 , wherein said software object is implemented as an integrated feature of an application program intended for securities trading. 
     
     
         15 . The software object of  claim 2 , wherein said software object is implemented as a self-contained, reusable software component; wherein said software component is selected from the group consisting of: an ActiveX control, a Java applet, a Java Swing component, and combinations thereof; wherein said implementation of said software object independently functions as a quote presentation system, or as a quote presentation system with order placement and order amendment capabilities; and wherein said software object is incorporated within an application program intended for securities trading. 
     
     
         16 . The software object of  claim 2 , wherein said trading data is encoded using eXtensible Markup Language (XML); and wherein said trading data is compressed, encrypted, or both. 
     
     
         17 . The software object of  claim 4 , wherein said trading instructions are encoded using eXtensible Markup Language (XML); and wherein said trading instructions are compressed, encrypted, or both. 
     
     
         18 . The software object of  claim 4 , wherein said price axis is directly related to the range of trading prices associated with a specific security and is partitioned into a plurality of segments; wherein each of said plurality of segments represents a numeric price, or a range of numeric prices representative of the trading prices of said specific security; wherein every trading price associated with said specific security is represented in said price axis by not more than one segment along said price axis; wherein each of said plurality of segments is labeled with a nominal numeric value representative of the price or range of prices associated with said segment; and wherein the difference between the nominal numeric prices associated with any two adjacent segments corresponds to said specific security's minimum price variance (MPV), or a multiple thereof. 
     
     
         19 . The software object of  claim 2 , wherein said price axis is indirectly related to the range of trading prices associated with a specific security or group of securities; wherein said price axis is partitioned into a plurality of segments; wherein each of said plurality of segments is associated with a numeric value; wherein a specific segment of said price axis is associated with a reference value; wherein said reference value is selected from the group consisting of: the previous closing price of the security, the bid price, the ask price, the last trade price, an index value, the average price, the high price, and the low price of said security's price or said index value over a selected period of time; wherein the numeric values associated with said plurality of segments distinct from said specific segment are determined based on the difference between a nominal numeric value associated with said reference value and a multiple of a specific increment value; wherein each of said plurality of segments is labeled with a nominal numeric value representative of said difference; wherein the positions for plotting said GUI objects onto said drawing area are determined using a mathematical formula; wherein said mathematical formula is based on the difference between a price parameter of said specific security or group of securities, and said reference value; and wherein said price parameter is selected from the group consisting of: the last trade price, the limit order price, the stop order price, and combinations thereof. 
     
     
         20 . The software object of  claim 3 , wherein said at least one user interaction mode is selected from the group consisting of: clicking, double-clicking, dragging and dropping, pressing a keyboard shortcut, pressing a command button, and typing, and combinations thereof; wherein said at least one user interaction mode utilizes at least one input device; and wherein said at least one input device is selected from the group consisting of: a mouse, a trackball, a stylus, a joystick, a light pen, a keyboard, a pointing device, and combinations thereof.