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.

What is claimed is: 
     
         1 . An interactive grid-based graphical software object for presenting market trading data, wherein said software object comprising a set of GUI objects, user interaction modes, and program logic; wherein said interactive grid based graphical software object is implemented in software made available through a computer at a user's location; wherein said interactive grid-based graphical software object is implemented as a software component, and said software component is incorporated into software applications and is adapted for any specific computing platform; wherein said interactive grid based graphical software object is adapted to receive and display market trading data from a plurality of market trading data sources, wherein any particular market trading data source may be electively selected at any instant in time; wherein said set of GUI objects are graphical representations of market trading data received by said interactive grid-based graphical software object, and said set of GUI objects are associated with visual and graphical properties selected from the group consisting of: color, shape, size, text labels, and combinations thereof; wherein said user interaction modes represent a set of actions available to a user for interacting with said interactive grid based graphical software object; such that said user interaction modes affect the graphical representation displayed on said interactive grid-based graphical software object, wherein said user interaction modes are selected from the group consisting of: right click, double click, and left click using a pointing device, a drag and drop operation, a stylus screen tap, a stylus drag and drop operation, a touch screen tap, shortcut keys, and combinations thereof; wherein said program logic functions to receive, process, and graphically represent market trading data; wherein said program logic further functions to receive, process, and interpret user interaction with said software object; wherein graphical representation includes at least one grid comprised of a plurality of cells arranged in an array of at least one row or at least one column; wherein a row is an arrangement of horizontally adjacent cells with at least one common property, and a column is an arrangement of vertically adjacent cells with at least one common property, and wherein each cell within the said plurality of cells belongs to one row and one column; wherein said plurality of cells is arranged in a matrix chosen from the group consisting of: a plurality of rows and at least one column, and in a plurality of columns and at least one row, and wherein said plurality of rows or said plurality of columns are associated with an axis representing price; wherein said axis representing price is the price axis; wherein said visual and graphical properties of GUI objects are altered as a result of changes in the received market trading data and user interaction with said software object; wherein any cell may be associated with said market trading data, and contains a graphical representation of said market trading data; wherein said matrix is associated with said market trading data and contains a graphical representation of said market trading data; wherein each cell along said price axis indicates a price or price range for which said market data exists, and the other of said at least one column or said a least one row is indicative of a specific criterion chosen from a plurality of criteria; within which said market trading data may be categorized as to price or a range of prices; wherein said plurality of criteria is from the group consisting of: a specific security, a group of securities, an index, a market trading participant, a group of market trading participants, a segment of time, and combinations thereof; and wherein any trader can place or modify an order for a selected security or group of securities, over which said trader has discretion, by interacting with said interactive grid-based graphical software object; wherein said interaction is accomplished through user interaction modes. 
     
     
         2 . The software object of  claim 1 , 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. 
     
     
         3 . The software object of  claim 1 , wherein said at least one data source resides in the same computer where said software object is executing. 
     
     
         4 . The software object of  claim 1 , 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 essentially in real time. 
     
     
         5 . The software object of  claim 1 , wherein said at least one market participant possesses at least one trading system physically separated from the computer where said software object is executing; and wherein said trading system is accessible to said software object through communication channels. 
     
     
         6 . The software object of  claim 1 , wherein said software object is capable of connecting, receiving, and retrieving trading data from at least one data source; wherein said at least one data source is physically separated from the computer where said software object is executing; wherein said at least one data source is accessible to said software object through communication channels; wherein said at least one data source is a diverse system; and wherein said communication is facilitated by middleware. 
     
     
         7 . The software object of  claim 1 , wherein said software object is implemented as an integrated feature of an application program intended for securities trading. 
     
     
         8 . The software object of  claim 1 , 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 the 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. 
     
     
         9 . The software object of  claim 1 , wherein said trading data is encoded using eXtensible Markup Language (XML); and wherein said trading data is compressed, encrypted, or both. 
     
     
         10 . The software object of  claim 1 , wherein said price axis is directly related to the range of trading prices associated with a specific security; wherein said price axis 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 at most 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. 
     
     
         11 . The interactive grid-based graphical trading system of  claim 1 , wherein said axis associated with price is presented as a specific price range above and a specific price range below the last traded price of a selected security or groups of securities at any instant in time, and wherein said last traded price is present on said price axis. 
     
     
         12 . An interactive grid-based graphical quote presentation system for use by any user to receive and display market trading data from any market participant, in essentially real time, said system comprising a grid-based graphical interface for use by any trader, wherein said graphical interface is adapted to establish at least one connection to any market participant through at least one communication channel; wherein said interactive grid-based graphical quote presentation system is made available through a computer at any user's location; wherein said interactive grid-based graphical quote presentation system for use by any user is adapted to receive and display market trading data received from a plurality of market participants, essentially in real time, and wherein any user may select any particular securities for which data are electively required, at any instant in time; wherein said interactive grid-based graphical quote presentation system includes first process means that function to send requests through said communication channels to at least one market trading data source, and to receive messages from said at least one market participant through said at least one communication channel, and wherein said grid-based graphical quote presentation system includes second process means that function to receive, process, and display said market trading data, and said messages; wherein said market trading data includes information chosen form the group of market trading data consisting of: quote data as to bid and ask prices, volume, market participant identifiers, and other parameters, existing at that instant in time for any selected security or group of securities; wherein said market trading data is transmitted to each said interactive grid-based graphical quote presentation system from said market participants in computer-readable electronic format; wherein said interactive grid-based graphical quote presentation system includes third process means that function to transform said market trading data received from any market trading data sources, at any instant in time, into a graphical representation for display on any display device, wherein said graphical representation includes at least one grid having a plurality of cells in an array of at least one row or at least one column; wherein a row is an arrangement of horizontally adjacent cells with at least one common property, and a column is an arrangement of vertically adjacent cells with at least one common property, and wherein each cell within said plurality of cells belongs to one row and one column; wherein said plurality of cells is arranged in a matrix chosen from the group consisting of a plurality of rows and at least one column, and in a plurality of columns and at least one row; and combinations thereof, and wherein said plurality of rows or plurality of columns are associated with an axis associated with price; wherein any cell is associated with said market trading data, and contains a graphical representation of said market trading data, and is associated with a specific price or range of prices; wherein each cell along said price axis indicates a price or price range for which said market trading data exists, and the other of said at least one column or said at least one row is indicative of a selected criteria chosen from a plurality of criteria within which said market trading data is categorized as to price or range of prices; and wherein any user issues a request for trading information at any instant in time, by interacting with said interactive grid-based graphical quote presentation system, wherein said interaction can effect the issuance of said instructions associated with a request for quote information; wherein said interaction can be accomplished by at least one interaction modes. 
     
     
         13 . The interactive grid-based graphical quote presentation system of  claim 12 , wherein the displayed price range for any price axis is automatically determined according to a set of relevant market trading data. 
     
     
         14 . The interactive grid-based graphical quote presentation system of  claim 12 , wherein said communication channels are network-based, so that at any instant in time a connection between any trader and a backend system of any market participant is persistent or intermittent. 
     
     
         15 . The interactive grid-based graphical quote presentation system of  claim 12 , wherein any cell in said plurality of cells is assigned specific visual or graphical attributes or properties chosen from the group of graphical or visual attributes or properties consisting of: color, border, label indicator, graphic overlay, text overlay, and combinations thereof, and wherein the specific attribute or property assigned to any cell is a function of the specific market trading data associated therewith. 
     
     
         16 . The interactive grid-based graphical quote presentation system of  claim 12 , wherein said communication channels include middleware used by any market participant. 
     
     
         17 . The interactive grid-based graphical quote presentation system of  claim 12 , wherein said axis associated with price is presented as a specific price range above and a specific price range below the last traded price of a selected security or groups of securities at any instant in time, and wherein said last traded price is present on said price axis. 
     
     
         18 . The interactive grid-based graphical quote presentation system of  claim 12 , wherein a selected security for which said trading data is displayed at any instant in time may be changed to another selected security by any trader, at any instant in time. 
     
     
         19 . The interactive grid-based graphical quote presentation system of  claim 12 , wherein the trading data for any selected security being displayed at any instant in time by any trader is constantly updated having regard to new trading data being received by the grid-based graphical interface for that selected security. 
     
     
         20 . The interactive grid-based graphical quote presentation system of  claim 12 , further including icons representing each security.