Keypad

Abstract

Data processing systems and methods for managing transactions in auction-based trading of specialized items such as fixed income instruments are presented. The data processing system provides a highly structured trading protocol implemented through a sequence of trading paradigms. The system employs a distributed computer processing network linking together a plurality of commonly configured program-controlled workstations. The protocol and its program-controlling logic improves trading efficiency, rewards market Makers, and fairly distributes market opportunity to system users.

We claim: 
     
         1 . A computer system for electronic order entry of items via electronic communication, said system comprising:
 an input device to enter order information and commands, said input device comprising a plurality of input keys or a plurality of input regions having indicia, a first subset of said keys or regions having indicia that change dynamically in response to trading conditions.   
     
     
         2 . The system of  claim 1  wherein said regions are arranged on a touch screen. 
     
     
         3 . The system of  claim 1  wherein said regions are arranged on a touch pad transducer. 
     
     
         4 . The system of  claim 1  wherein said regions are selectable via a mouse. 
     
     
         5 . The system of  claim 1  wherein said keys are arranged on a keypad or keyboard. 
     
     
         6 . The system of  claim 1  wherein said keys or regions comprise triggers, switches, or devices that when individually activated accomplishes a particular task. 
     
     
         7 . The system of  claim 1  wherein said indicia comprise liquid crystal displays (LCDs). 
     
     
         8 . The system of  claim 1  wherein said first subset of keys or regions have indicia of item quantities that change dynamically in response to trading conditions. 
     
     
         9 . The system of  claim 1  wherein said first subset of keys or regions have indicia of item prices that change dynamically in response to trading conditions. 
     
     
         10 . The system of  claim 1  wherein said indicia includes indication of the yield of at least one of said items. 
     
     
         11 . The system of  claim 1  wherein said indicia includes indication of the market of an issue of at least one of said items. 
     
     
         12 . The system of  claim 1  wherein said indicia includes indication of whether said input device is enabled or disabled. 
     
     
         13 . The system of  claim 1  wherein a second subset of said keys or regions is assigned to particular ones of said items. 
     
     
         14 . The system of  claim 13  wherein said second subset of keys or regions is arranged in one or more rows on said input device. 
     
     
         15 . The system of  claim 1  wherein a third subset of said keys or regions is assigned to particular markets or issues of said items. 
     
     
         16 . The system of  claim 15  wherein said third subset of keys or regions is arranged in one or more rows on said input device. 
     
     
         17 . The system of  claim 1  wherein a fourth subset of said keys or regions is assigned to order commands. 
     
     
         18 . The system of  claim 17  wherein said order commands include bid, offer, buy, and sell. 
     
     
         19 . The system of  claim 17  wherein said input device provides single keystroke entry of at least one of said order commands. 
     
     
         20 . The system of  claim 17  wherein said fourth subset has multiple keys or regions for at least one of said order commands. 
     
     
         21 . The system of  claim 20  wherein said multiple keys or regions for each order command is arranged in a column. 
     
     
         22 . The system of  claim 21  wherein one column of said multiple keys or regions is for entering buy orders and another column of said multiple keys or regions is for entering sell orders. 
     
     
         23 . The system of  claim 22  wherein one column of said multiple keys or regions is for entering bids and another column of said multiple keys or regions is for entering offers. 
     
     
         24 . The system of  claim 23  wherein said bid column of keys is disposed to the left of said buy column of keys. 
     
     
         25 . The system of  claim 23  wherein said offer column of keys is disposed to the right of said sell column of keys. 
     
     
         26 . The system of  claim 22  wherein a numeric keypad is disposed between said buy and sell columns of keys. 
     
     
         27 . The system of  claim 17  wherein said fourth subset comprises multiple buy keys or regions, each said buy key or region operative to enter a buy command for a different item. 
     
     
         28 . The system of  claim 17  wherein said fourth subset comprises multiple sell keys or regions, each said sell key operative to enter a sell command for a different item. 
     
     
         29 . The system of  claim 17  wherein said fourth subset comprises multiple buy keys or regions, each said buy key or region operative to enter a buy command at a different price. 
     
     
         30 . The system of  claim 17  wherein said fourth subset comprises multiple sell keys or regions, each said sell key or region operative to enter a sell command at a different price. 
     
     
         31 . The system of  claim 1  wherein said plurality of keys or regions has a column of keys or regions for canceling bids and another column of keys or regions for undoing functions. 
     
     
         32 . The system of  claim 31  wherein said plurality of keys or regions has a column of buy keys or regions, said column of keys or regions for canceling a bid disposed to the left of said buy column of keys or regions. 
     
     
         33 . The system of  claim 31  wherein said plurality of keys or regions has a column of sell keys or regions, said column of keys or regions for undoing a function disposed to the right of said sell column of keys or regions. 
     
     
         34 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to display a different issue of said items. 
     
     
         35 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to display a different market of said items. 
     
     
         36 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to display a different pricing event as it occurs. 
     
     
         37 . The system of  claim 1  wherein said input device comprises a key or region operative to disable/enable said input device. 
     
     
         38 . The system of  claim 1  wherein said input device comprises a key or region operative to enter a buy-all command. 
     
     
         39 . The system of  claim 1  wherein said input device comprises a key or region operative to enter a sell-all command. 
     
     
         40 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to cancel bids and offers for a specified page and issue. 
     
     
         41 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to display information pertaining to a different issue of said items. 
     
     
         42 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to mark a page as done. 
     
     
         43 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to input a different page number onto a command line. 
     
     
         44 . The system of  claim 1  wherein said input device comprises a subset of said keys or regions, each operative to cause information pertaining to a particular issuer of said items to be displayed. 
     
     
         45 . The system of  claim 1  wherein one of said items is a financial instrument. 
     
     
         46 . The system of  claim 1  wherein one of said items is selected from the group consisting of a futures contract, an options contract, an equity instrument, a fixed income instrument, and a U.S. Treasury debt instrument. 
     
     
         47 . The system of  claim 1  wherein one of said items is selected from the group consisting of a derivative financial product and a physical commodity. 
     
     
         48 . The system of  claim 1  wherein one of said items is selected from the group consisting of art, automobiles, electricity, pollution rights, carbon dioxide, and wine. 
     
     
         49 . The system of  claim 1  wherein one of said items is selected from the group consisting of an equity/debt hybrid instrument, a municipal debt instrument, a preferred stock, and a convertible bond. 
     
     
         50 . A method of trading items in an electronic interactive trading system, said method comprising:
 receiving bids, offers, and volume information entered via an input device having a plurality of keys or regions, said keys or regions having indicia indicating prices and volume;   dynamically updating said indicia in response to trading conditions; and   receiving buy and sell orders entered via said input device having a subset of said keys or regions dedicated to single keystroke entry of said buy and sell orders.   
     
     
         51 . The method of  claim 50  wherein said input device comprises a keyboard. 
     
     
         52 . The method of  claim 50  wherein said regions are selectable via a mouse. 
     
     
         53 . The method of  claim 50  wherein said indicia comprise liquid crystal displays (LCDs). 
     
     
         54 . The method of  claim 50  further comprising receiving a buy-all command entered via said input device having a key or region dedicated to entering said buy-all command. 
     
     
         55 . The method of  claim 50  further comprising entering a sell-all command entered via said input device having a key or region dedicated to entering said sell-all command.