System and Method for Trading and Displaying Market Information in an Electronic Trading Environment

Abstract

A system and method for trading and displaying market information along a static axis are described to ensure fast and accurate execution of trades. The static axis, whether is a straight axis or a curved one, can be oriented in any direction. Regardless of how the axis is oriented, a first region may display price levels that are arranged along the static axis. A second region, which overlaps the first region, may display one or more indicators for highlighting one of the price levels associated with the lowest offer and one of the price levels associated with the highest bid. Moreover, a third region, which overlaps the first region, may be included for initiating placement of an order to buy or an order to sell the tradeable object through an action of a user input device. Other overlapping regions may also be displayed so that additional market information may be viewed by a trader.

We claim: 
     
         1 . A method comprising:
 displaying, via a trading device, a curvilinear price axis having a plurality of locations, each location of the plurality of locations corresponding to a price level;   displaying, via the trading device, an indicator along the curvilinear price axis according to a price of at least one order for a tradeable object, where the indicator represents a quantity of the at least one order level, where in response to receiving a new market information for a new order price, the indicator is displayed relative to a new location of the plurality of locations corresponding to the new order price;   receiving a user-command via a user input device for the trading device, where the user command selects an order entry location corresponding to a desired price level of the plurality of price levels, where the user-command sets a plurality of parameters and a default quantity for an order; and   in response to receiving the user-command, initiating via the trading device submission of the order to an electronic exchange for the default quantity of the tradeable object at the desired price level.   
     
     
         2 . The method  claim 1  where each parameter of the plurality of parameters comprises at least one of one or more user-defined features for order submission, the desired price level, and whether the order is an order to buy the tradeable object or sell the tradeable object. 
     
     
         3 . The method of  claim 1  where the indicator represents a buy quantity associated with at least one buy order at a highest bid price. 
     
     
         4 . The method of  claim 3  further comprising displaying a bid display region including a plurality of bid price levels for orders to buy the tradeable object. 
     
     
         5 . The method of  claim 4  where the indicator is displayed in the bid display region and at least one additional bid price level is displayed in response to a new highest bid price being higher than the highest bid price, the at least one additional bid price level comprising the new highest bid price. 
     
     
         6 . The method of  claim 1  where the indicator represents a sell quantity associated with at least one sell order at a lowest ask price. 
     
     
         7 . The method of  claim 6  further comprising displaying an ask display region including a plurality of ask price levels for orders to sell the tradeable object. 
     
     
         8 . The method of  claim 7  where the indicator is displayed in the ask display region and at least one additional ask price level is displayed in response to a new lowest ask price being lower than the lowest ask price, the at least one addition ask price level comprising the new lowest ask price. 
     
     
         9 . The method of  claim 1  comprising displaying a plurality of order entry locations configured to receive commands to send orders, each order entry location of the plurality of order entry locations corresponding to an associated price level along the price axis. 
     
     
         10 . The method of  claim 9  where the plurality of order entry locations comprises:
 a plurality of bid order entry locations configured to receive commands to send orders to buy, each bid order entry location corresponding to a price level along the price axis; and 
 a plurality of ask order entry locations configured to receive commands to send orders to sell, each ask order entry location corresponding to a price level along the price axis. 
 
     
     
         11 . The method of  claim 10  where the order is a buy order for the tradeable object in response to the user-command being received via any of the plurality of bid order entry locations and where the order is a sell order for the tradeable object in response to the user command being received via any of the plurality of ask order entry locations. 
     
     
         12 . The method of  claim 1  where the default quantity is designated for a single order. 
     
     
         13 . The method of  claim 1  where the default quantity is designated for a plurality of orders. 
     
     
         14 . The method of  claim 1  where the user command comprises a single action of the user input device. 
     
     
         15 . The method of  claim 14  where the single action consists of any of a single click of the user input device and a double click of a user input device. 
     
     
         16 . The method of  claim 1 , further comprising dynamically displaying an entered order indicator relative to the curvilinear price axis. 
     
     
         17 . The method of  claim 16  where an order is canceled in response to a single action of the user input device relative to the entered order indicator. 
     
     
         18 . The method of  claim 1  further comprising setting the default quantity in response to user input designating the default quantity for the plurality of orders, where each order of consecutive orders is for the default quantity in the absence of another user input designating another default quantity between the consecutive commands. 
     
     
         19 . The method of  claim 18  where the consecutive orders comprise a combination of buy orders or sell orders. 
     
     
         20 . The method of  claim 1  where an inside market associated with a highest bid price and a lowest ask price is positioned along the curvilinear price axis. 
     
     
         21 . The method of  claim 20  where the inside market is repositioned in response to receiving a manual re-positioning command. 
     
     
         22 . The method of  claim 21  where the inside market is substantially centered in response to receiving the manual re-positioning command. 
     
     
         23 . The method of  claim 1  where comprising displaying a new plurality of price levels in response to receiving a manual re-positioning command. 
     
     
         24 . The method of  claim 1  where an inside market associated with a highest bid price and a lowest ask price is automatically re-positioned along the curvilinear price axis. 
     
     
         25 . The method of  claim 24  where the inside market is automatically re-centered. 
     
     
         26 . The method of  claim 1  where the curvilinear price axis comprises at least one of a substantially circular shape, a substantially elliptical shape, at least a portion of a circle. 
     
     
         27 . The method of  claim 1 , wherein the indicator is displayed along a substantially horizontal portion of the curvilinear price axis.