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 trading recommendation system for use by any trader who engages in trading securities through established security trading markets, in essentially real time, said system comprising: at least one input data, wherein said input data is chosen from the group consisting of: trading account data, securities data, preference data, risk data, and combinations thereof; and process means to analyse said input data, and to output a recommendation as to the size or volume of an order; wherein said recommendation is a numeric value. 
     
     
         2 . The interactive trading recommendation system of  claim 1 , wherein said trading account data is chosen from the group consisting of: cash in a trading account, the market value of all securities in a trading account, the value of a portfolio, margin in a trading account, the value of stocks in a trading account, the value of bonds in a trading account, the value of mutual funds in a trading account, the buying power associated with a trading account, and combinations thereof. 
     
     
         3 . The interactive trading system of  claim 1 , wherein said securities data is chosen from the group consisting of: the value of an index: the bid, ask or last trade price of a security, a group of securities, or an index: holdings data on a security or a group of securities; and combinations thereof. 
     
     
         4 . The interactive trading recommendation system of  claim 1 , wherein said preference data is chosen from the group consisting of: the minimum funds available for investment, the maximum funds available for investment, the funds available for investment in an industry sector or group, the percentage of cash holdings to invest, the percentage of the portfolio to invest, the identity of a security, asset allocation data, the trader's investment objectives, and combinations thereof. 
     
     
         5 . The interactive trading recommendation system of  claim 1 , wherein said risk data is chosen from the group consisting of: the volatility of security or a group of securities, the volatility of an index or group of indexes, a technical indicator, the profit or loss on a security or group of securities, and combinations thereof. 
     
     
         6 . The interactive trading recommendation system of  claim 1 , wherein said recommendation is represented as a GUI object. 
     
     
         7 . The interactive trading recommendation system of  claim 6 , wherein said GUI object is dragged and dropped onto a suitable order entry interface of a trading system. 
     
     
         8 . The interactive trading recommendation system of  claim 1 , wherein said recommendation is made available to at least one external system chosen from the group consisting of: a software object, a software application, a spreadsheet, a trading system, a website, and combinations thereof. 
     
     
         9 . The interactive trading recommendation system of  claim 1 , wherein at least one of said input data is manually entered. 
     
     
         10 . The interactive trading recommendation system of  claim 7 , wherein at least one of said input data is retrieved automatically. 
     
     
         11 . The interactive trading recommendation system of  claim 7 , wherein said order entry interface is a grid-based graphical interface. 
     
     
         12 . 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. 
     
     
         13 . An interactive graphical front end trading system for use in trading securities through established security trading markets, in real time, where the system comprises a grid based graphical user interface for use by any trader; said system being adapted for communication between any trader and any of a plurality of market trading participants through communication channels between a computer at said trader's location middleware between said trader and any market trading participant, and backend systems used by any market trading participants; wherein said graphical user interface for each trader is adapted to receive market data through said communications channels and said middleware from a plurality of market trading participants, in real time; and wherein any trader may select any particular security or group of securities for which data are electively required, at any instant in time; wherein said graphical user interface comprises processor means that functions to send transaction instructions through a communication channel to a backend system of any market trading participant, and to receive messages back from any market trading participant through said middleware and said communication channels; and wherein said graphical user interface further comprises further processor means that functions to receive, process, and present said messages, and market data, to any trader; wherein said messages and market data comprise information chosen from the group of information data consisting of: order data as to buy, sell, or other trading orders existing at that instant in time for any selected security or group of securities, quote data as to bid and ask prices for any security or group of security, volume data as to trading activity of any security or group of securities, index data, market information as to news or charts concerning any security or group of securities, and combinations thereof, wherein said messages and market data are transmitted to said grid based graphical user interface from said backend systems of any market trading participant in computer-readable electronic format; wherein upon receipt of said market data, said graphical user interface for any trader applies processor means that function to transform said market data, at any instant in time, into a graphical representation for display on a display device, which display comprises at least one grid comprising a plurality of cells; wherein any selected cell displays specific market data, and the market data displayed in any one cell differs from the market data displayed in any other cell; wherein said plurality of cells on said grid is presented in a grid display chosen from the group consisting of a plurality of rows and at least one column, a plurality of columns and at least one row, and a plurality of rows and a plurality of columns; wherein a plurality of rows or a plurality of columns has an axis along which each selected cell indicates a price or price range for which market data exists, and wherein a second axis is established for at least one column or row is indicative of a specific criterion chosen from a plurality of selected criteria within which said market data may be categorized as to price or price range; wherein any selected cell of said plurality of cells represents specific market data chosen from the group of data consisting of buy, sell, or other trading order for any security or group of securities, quote data as to bid and ask prices for any security or group of securities; wherein any selected cell is electively linked to a selected parameter or group of parameters associated with said specific market data; wherein said graphical user interface grid display further comprises at least one further data entry activator chosen from the group consisting of graphical buttons, transaction icons, data entry fields, and combination thereof; and wherein any trader can execute or alter any trading order for a selected security or group of securities being displayed at that instant in time by an action chosen from the group of actions consisting of: clicking on a selected cell, moving a cursor or pointing a device over a selected cell and dragging that cell to said at least one data entry activator, dragging said at least one data entry activator over a selected cell, right clicking on a selected cell so as to reveal any selected parameters electively linked thereto and choosing a selected parameter, and combinations thereof. 
     
     
         14 . The interactive graphical front end trading system of  claim 13 , wherein the criterion for said at least one column is chosen from the group consisting of: the identity of a market trading participant, aggregate trading order data from a plurality of market trading participants, aggregate buy order data from a plurality of trading participants, and aggregate sell order data from a plurality of trading participants. 
     
     
         15 . The interactive graphical front end trading system of  claim 13 , wherein said display further includes a display page for an integrated chat session. 
     
     
         16 . The interactive graphical front end trading system of  claim 13 , wherein said graphical user interface for any trader has memory means associated therewith, wherein all securities data for any selected security, at a series of selected time intervals, is stored in said memory; whereby a replay function for said data, to recall said data during a selected time period, may be selectively invoked by said trader. 
     
     
         17 . The interactive graphical front end trading system of  claim 13 , further comprising software whose purpose is to review and weigh a trader's cash position and portfolio, so as to make a recommendation for a trading order for a selected security, at any instant in time, where the recommendation is a factor of at least the bid and ask prices for that security at that instant in time. 
     
     
         18 . The interactive graphical front end trading system of  claim 13 , wherein the graphical display at any trader's location includes Nasdaq Level II data for a selected security at any instant in time; and wherein said Nasdaq Level II data includes data which is chosen from the group consisting of: the identity of each market trading participant whose data is being displayed, the last price paid, the change between the last price paid and the previous price paid, the percentage change between the last price paid and the previous price paid, the current bid price, the current ask price, the highest price paid within a predetermined period of time, the number of shares traded in the last trade, the number of shares traded during a current trading session, the number of trades during the current trading session, the number of current bidders, the number of current sellers, and the lowest price paid within a predetermined period of time. 
     
     
         19 . The interactive graphical front end trading system of  claim 13 , wherein any of said rows and said at least one column has a graphical control button associated therewith, whereby the status thereof may be changed under the control of said data handling software. 
     
     
         20 . The interactive graphical front end trading system of  claim 13 , wherein a specific color is assigned for each different type of trading order data which is displayed in any selected cell.