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(11) EP131921181

EUROPEAN PATENT SPECIFICATION

Europaisches Patentamt

European Patent Office

Office europeen des brevets

(19)

(12)

1(45) Date of publication and mention

of the grant of the patent:13.04.2005 Bulletin 2005/15

(21) Application number: 01920183.9

(51) Int CI.7: G06F 17/00, G06F 17/60

(86) International application number:PCT/US20011006792

(22) Date of filing: 02.03.2001(87) International publication number:

WO 20011065403 (07.09.2001 Gazette 2001/36)

(54) CLICK BASED TRADING WITH INTUITIVE GRID DISPLAY OF MARKET DEPTH

MAUS-GESTEURTER SORSENHANDEL MIT INTUITIVER RASTERANZEIGE DER MARKT-TIEFE

TRANSACTION DECLENCHEE PAR UN CUC AVEC AFFICHAGE INTUITIF DE GRILLE DEPROFONDEURDE MARCHE

(74) Representative: Walaski, Jan Filip et alVenner Shipley LLP20 Little BritainLondon EC1A 7DH (GB)

(84) Designated Contracting States:AT BE CH CY DE OK ES FI FR GR IE IT LI LU MCNL PT SETR

(30) Priority: 02.03.2000 US 186322 P09.06.2000 US 590692

(43) Date of publication of application:18.06.2003 BUlletin 2003/25

(60) Divisional application:04014457.804105905.604105906.4

(72) Inventors:• KEMP, Gary, Allan

Winnetka, IL 60093 (US)• SCHLUETTER, Jens-Uwe

Evanston, IL 60201 (US)• BRUMFIELD, Harris

Chicago, IL 60614 (US)

(56) References cited:WO·A-98149639 WO-A·99/53424

(73) Proprietor: Trading Technologies International,IncChicago, Illinois 60606 (US)

Remarks:The file contains technical information submittedafterthe application was filed and not included in thisspecification

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Note: Within nine months from the publication of the mention of the grant of the European patent, any person may givenotice to the European Patent Office of opposition to the European patent granted. Notice of opposition shall be filed ina written reasoned statement. It shall not be deemed to have been filed until the opposition fee has been paid. (Art.99(1) European Patent Convention).

EP 1 319211 81

Description

Field of Invention

5 [0001] The present invention is directed to the electronic trading of commodities. Specifically, the invention providesa trader with a versatile and efficient tool for executing trades. It facilitates the display of and the rapid placement oftrade orders within the market trading depth of a commodity, where a commodity includes anything that can be tradedwith quantities andlor prices.

to Background Of The Invention

[0002] At least 60 exchanges throughout the world utilize electronic trading in varying degrees to trade stocks, bonds,futures, options and other products. These electronic exchanges are based on three components: mainframe comput­ers (host), communications servers, and the exchange participants' computers (client). The host forms the electronic

15 heart of the fully computerized electronic trading system. The system's operations cover order-matching, maintainingorder books and positions, price information, and managing and updating the database for the online trading day aswell as nightly batch runs. The host is also equipped with external interfaces that maintain uninterrupted online contactto quote vendors and other price information systems.[0003] Traders can link to the host through three types of structures: high speed data lines, high speed communica-

20 tions servers and the Internet. High speed data lines establish direct connections between the client and the host.Another connection can be established by configuring high speed networks or communications servers at strategicaccess points worldwide in locations where traders physically are located. Data is transmitted in both directions betweentraders and exchanges via dedicated high speed communication lines. Most exchange participants install two linesbetween the exchange and the client site or between the communication server and the client site as a safety measure

25 against potential failures. An exchange's internal computer system is also often installed with backups as a redundantmeasure to secure system availability. The third connection utilizes the Internet. Here, the exchange and the traderscommunicate back and forth through high speed data lines, which are connected to the Internet. This allows tradersto be located anywhere they can establish a connection to the Internet.[0004] Irrespective of the way in which a connection is established, the exchange participants' computers allow

30 traders to participate in the market. They use software that creates specialized interactive trading screens on thetraders' desktops. The trading screens enable traders to enter and execute orders, obtain market quotes, and monitorpositions. The range and quality offeatures available to traders on their screens varies according to the specific softwareapplication being run. The installation of open interfaces in the development of an exchange's electronic strategy meansusers can choose, depending on their trading style and internal reqUirements, the means by which they will access

35 the exchange.[0005] The world's stOCk, bond, futures and options exchanges have volatile products with prices that move rapidly.To profit in these markets, traders must be able to react quickly. A skilled trader with the quickest software, the fastestcommunications, and the most sophisticated analytics can significantly improve his own or his firm's bottom line. Theslightest speed advantage can generate significant returns in a fast moving market. In today's securities markets, a

40 trader lacking a technologically advanced interface is at a severe competitive disadvantage.[0006] Irrespective of what interface a trader uses to enter orders in the market, each market supplies and requiresthe same information to and from every trader. The bids and asks in the market make up the market data and everyonelogged on to trade can receive this information if the exchange provides it. Similarly, every exchange requires thatcertain information be included in each order. For example, traders must supply information like the name of the com-

45 modity, quantity, restrictions, price and multiple other variables. Without all of this information, the market will not acceptthe order. This input and output of information is the same for every trader.[0007] With these variables being constant, a competitive speed advantage must come from other aspects of thetrading cycle. When analyzing the time it takes to place a trade order for a given commodity, various steps contributein different amounts to the total time required. Approximately 8% of the total time it takes to enter an order elapses

50 between the moment the host generates the price for the commodity and the moment the client receives the price.The time it takes for the client application to display the price to the trader amounts to approximately 4%. The time it ,takes for a trade order to be transmitted to the host amounts to approximately 8%. The remainder of the total time ittakes to place an order, approximately 80%, is attributable to the time required forthe trader to read the prices displayedand to enter a trade order. The present invention provides a significant advantage during the slowest portion of the

55 trading cycle -- while the trader manually enters his order. Traders recognize that the value of time saVings in thisportion may amount to millions of dollars annually.[0008] In eXisting systems, mUltiple elements of an ordat must be entered prior to an order being sent to market,which is time consuming for the trader. Such elements include the commodity symbol, the desired price, the quantity

5

10

EP 1 319211 81

and whether a buy or a sell order is desired. The more time a trader takes entering an order, the more likely the priceon which he wanted to bid or offer will change or not be available in the market. The market is fluid as many tradersare sending orders to the market simultaneously. It fact, successful markets strive to have such a high volume of tradingthat any trader who wishes to enter an order will find a match and have the order filled quickly, if not immediately. Insuch liquid markets, the prices of the commodities fluctuate rapidly. On a trading screen, this results in rapid changesin the price and quantity fields within the market grid. If a trader intends to enter an order at a particular price, butmisses the price because the market prices moved before he could enter the order, he may lose hundreds, thousands,even millions of dollars. The faster a trader can trade, the less likely it will be that he will miss his price and the morelikely he will make money.[0009] An internal based trading system that displays bid and ask information is disclosed in W099/19821.

Summary Of The Invention

[0010] The inventors have developed the present invention which overcomes the drawbacks of the existing trading15 systems and dramatically reduces the time it takes for a trader to place a trade when electronically trading on an

exchange. This, in turn, increases the likelihood that the trader will have orders filled at desirable prices and quantities.[0011] According to the present invention, there is provided a client device for receiving commands relating to acommodity being traded on an electronic exchange, according to claim 1.[0012] According to the present invention, there is also provided a method for operating a client device for receiving

20 commands relating to a commodity being traded on an electronic exchange, according to claim 29.[0013] The "Mercury" display and trading method of the present invention ensures fast and accurate execution oftrades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or rightacross the plane as the market prices fluctuates. This allows the trader to trade quickly and efficiently.[0014] Specifically, the present invention is directed to a graphical user interface for displaying the market depth of

25 a commodity traded in a market, including a dynamic display for a plurality of bids and for a plurality of asks in themarket for the commodity and a static display of prices corresponding to the plurality of bids and asks. In this embod­iment the pluralities of bids and asks are dynamically displayed in alignment with the prices corresponding thereto.Also described herein is a method and system for placing trade orders using such displays.[0015] These embodiments, and others described in greater detail herein, provide the trader with improved efficiency

30 and versatility in placing, and thus executing, trade orders for commodities in an electronic exchange. Other featuresand advantages of the present invention will become apparent to those skilled in the art from the following detaileddescription. It should be understood, however, that the detailed description and specific examples, while indicatingpreferred embodiments of the present invention, are given by way of illustration and not limitation.

35 Brief Description Of The Drawings

[0016]

Figure 1 illustrates the network connections between mUltiple exchanges and client sites;40 Figure 2 illustrates prior art type screen display showing the inside market and the market depth of a given com­

modity being traded;Figure 3 illustrates the Mercury display of the present invention;Figure 4 illustrates the Mercury display at a later time showing the movement of values when compared to Figure 3;Figure 5 illustrates a Mercury display with parameters set in order to exemplify the Mercury trading method; and

45 Figure 6 is a flowchart illustrating the process for Mercury display and trading.

Detailed Description Of The Preferred Embodiments

[0017] As described with reference to the accompanying figures, the present invention provides a display and trading50 method to ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane,

which fluctuates logically up or down, left or right across the plane as the market prices fluctuates. This allows thetrader to place trade orders quickly and efficiently. A commodity's market depth is the current bid and ask prices andquantities in the market. The display and trading method of the invention increase the likelihood that the trader will beable to execute orders at desirable prices and quantities.

55 [0018] In the preferred embodiment, the present invention is implemented on a computer or electronic terminal. Thecomputer is able to communicate either directly or indirectly (using intermediate devices) with the exchange to receiveand transmit market, commodity, and trading order information. It is able to interact with the trader and to generatecontents and characteristics of a trade order to be sent to the exchange. It is envisioned that the system of the present

EP 1 319211 81

invention can be implemented on any existing or future terminal or device with the processing capability to perform thefunctions described herein. The scope of the present invention is not limited by the type of terminal or device used.Further, the specification refers to a single click of a mouse as a means for user input and interaction with the terminaldisplay as an example of a single action of the user. While this describes a preferred mode of interaction, the scope

5 of the present invention is not limited to the use of a mouse as the input device or to the click of a mouse button as theuser's single action. Rather, any action by a user within a short period of time, whether comprising one or more clicksof a mouse button or other input device, is considered a single action of the user for the purposes of the presentinvention.[0019] The system can be configured to allow for trading in a single or in multiple exchanges simultaneously. Con-

10 nection of the system of the present invention with multiple exchanges is illustrated in Figure 1. This figure showsmultiple host exchanges 101-103 connected through routers 104-106 to gateways 107-109. Multiple client terminals110-116 for use as trading stations can then trade in the multiple exchanges through their connection to the gateways107-109. When the system is configured to receive data from multiple exchanges, then the preferred implementationis to translate the data from various exchanges into a simple format. This "translation" function is described below with

15 reference to Figure 1. An applications program interface ("TI API" as depicted in the figure) translates the incomingdata formats from the different exchanges to a simple preferred data format. This translation function may be disposedanywhere in the network, for example, at the gateway server, at the individual workstations or at both. In addition, thestorage at gateway servers and at the client workstations, and/or other extemal storage cache historical data such asorder books which list the client's active orders in the market; that is, those orders that have neither been filled nor

20 cancelled. Information from different exchanges can be displayed at one or in mUltiple windows atthe client workstation.Accordingly, while reference is made through the remainder of the specification to a single exchange to which a tradingterminal is connected, the scope of the invention includes the ability to trade, in accordance with the trading methodsdescribed herein, in mUltiple exchanges using a single trading terminal.[0020] The preferred embodiments of the present invention include the display of "Market Depth" and allow traders

25 to view the market depth of a commodity and to execute trades within the market depth with a single click of a computermouse button. Market Depth represents the order book with the current bid and ask prices and quantities in the market.In other words, Market Depth is each bid and ask that was entered into the market, SUbject to the limits noted below,in addition to the inside market. For a commodity being traded, the "inside market" is the highest bid price and thelowest ask price.

30 [0021] The exchange sends the price, order and fill information to each trader on the exchange. The present inventionprocesses this information and maps it through simple algorithms and mapping tables to positions in a theoretical gridprogram or any other comparable mapping technique for mapping data to a screen. The physical mapping of suchinformation to a screen grid can be done by any technique known to those skilled in the art. The present invention isnot limited by the method used to map the data to the screen display.

35 [0022] How far into the market depth the present invention can display depends on how much of the market depththe exchange provides. Some exchanges supply an infinite market depth, while others provide no market depth or onlya few orders away from the inside market. The user of the present invention can also chose how far into the marketdepth to display on his screen.[0023] Figure 2 illustrates a prior art type screen display. This display shows the inside market and the market depth

40 of a given commodity being traded. Row 1 represents the "inside market" forthe commodity being traded which is thebest (highest) bid price and quantity and the best (lowest) ask price and quantity. Rows 2-5 represent the "marketdepth" for the commodity being traded. The display of market depth (rows 2-5) lists the available next-best bids, incolumn 203, and asks, in column 204. The working bid and ask quantity for each price level is also displayed in columns202 and 205 respectively (inside market - row 1). Prices and quantities for the inside market and market depth update

45 dynamically on a real time basis as such information is relayed from the market.[0024] In the screen display shown in Figure 2, the commodity (contract) being traded is represented in row 1 by thecharacter string "CDHO". The Depth column 201 will inform the trader of a status by displaying different colors. Yellowindicates that the program application is waiting for data. Red indicates that the Market Depth has failed to receive thedata from the server and has "timed out." Green indicates that the data has just been updated. The other column

50 headings in this and all of the other figures, are defined as follows. BidQty (Bid Quantity): the quantity for each workingbid, BidPrc (Bid Price): the price for each working bid, AskPrc (Ask Price): the price for each working ask, AskQty (AskQuantity): the quantity for each working ask, LastPrc (Last Price): the price for the last bid and ask that were matchedin the market and LastQty (Last Quantity): the quantity traded at the last price. Total represents the total quantity tradedof the given commodity.

55 [0025] The configuration of the screen display itself informs the user in a more convenient and efficient manner thanexisting systems. Traders gain a significant advantage by seeing the market depth because they can see trends in theorders in the market. The market depth display shows the trader the interest the market has in a given commodity atdifferent price levels. If a large amount of bids or asks are in the market near the trader's position, he may feel he

,

EP 1 319211 81

should sell or bUy before the inside market reaches the morass of orders. A lack of orders above or below the insidemarket might prompt a trader to enter orders near the inside market. Without seeing the market depth, no such strategiescould be utilized. Having the dynamic market depth, including the bid and ask quantities and prices of a traded com­modity aligned with and displayed below the current inside market of the commodity conveys the information to the

5 user in a more intuitive and easily understandable manner. Trends in the trading of the commodity and other relevantcharacteristics are more easily identifiable by the user through the use of the display.[0026] Various abbreviations are used in the screen displays, and speCifically, in the column headings of the screendisplays reproduced herein. Some abbreviations have been discussed above. A list of common abbreviations and theirmeanings is provided in Table 1.

10

15

20

25

30

35

40

45

50

55

Table I - Abbreviations

EP131921181

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_i~~:~'_·'~'_'';1M~W'''.__P~. f;)E$~.·.: ..i _.. .,~P, I .1 ~t;~J1Bl"j,~:. _1

Month Explrallon MonthNear TheoBId Theoretical BId Price

Sid Mbr(11 Bid Member 10 TheoAsk Theorellcal Ask Price

Working Buys for entire Group Quota ActiOn (SendsWrkBuys121 10 QAet Individual quotes)

BldQty Bid Quantily BQQ Test Bid Quole Quantity

TbrshBid(1) Threshold Bid Plice BQP Test BId Quote Price

BIdPrc Bid Price MktBQQ MarketBid Quote QUantIty

Bid Qty Ace:urn Accumulated Bid Quanllty MktBQP Market BId Quets Price

C/lecIdlQx 8dlYlllesId8lldlll8lesBldPrcAvg Bid Price Average Quote CGnlrad for qUtltlng

AskPrcAyg Ask Price Average MktAQQ Market Ask Quote QuanDty

AskQty Accurn Accumulated Ask QuanlJly MktAQP Market Ask Quote PriCe

AskPrc Ask Price AQP Ask auote Pr1ce,

ThrshAskIG) Threshold Ask Price AQQ NJk Quote Quantity

AskQty Ask QuantIty Imp BldQty15) Implied Bid QuantityWorking Sells for enh Group

WrkSells121 10 Imp SldPrCl51 Implied Bid PrIce

Ask Mbl"(11 Ask Member 10 Imp AskQtylS\ Implied Ask Quantity

Netpos Net Posl1ion Imp AskPre(S> Implied Ask PrIceChange In Della given 1 pt

FfNetPos Fast All Net PosItion Gammat31 change In underlytngChange In price given 1 pt

LastPrc LastPrlce Delta(3) change .... underlying

LastQty Last Quantity Vola(3l Percent volatility

Price change given 1%Total Tolal Traded Quantity Vega~) change In Vola

Price change given 1%HIgh HlghPr1ce Rho(a) change In Interest rete

PrIce change for every dayLow LowPrtce Theta(3/ that elapsea

Activate Jdeactivate clickOpen Opening Price Click Trd 1radlng by contract

Audlon, Closed, F••11A1d, NatTIlIdBbIe, f'IeolI8dJng. TllldIIble, S =

Close Closing Pllce . S (Status) past-enlclng•

I

Chng Last Price-last Close Expiry- ExpIration MonthIYear

TheoPrc Theoretical PrIce

EP 1319211 81

[0027] As described herein, the display and trading method of the present invention provide the user with certainadvantages over systems in which a display of market depth, as shown in Figure 2, is used. The Mercury display andtrading method of the present invention ensure fast and accurate execution of trades by displaying market depth on avertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices

5 fluctuates. This allows the trader to trade quickly and efficiently. An example of such a Mercury display is illustrated inthe screen display of Figure 3.[0028] The display of market depth and the manner in which traders trade within the market depth can be effectedin different manners, which many traders will find materially better, faster and more accurate. In addition, some tradersmay find the display of market depth to be difficult to follow. In the display shown in Figure 2, the market depth is

10 displayed vertically so that both Bid and Ask prices descend the grid. The Bid prices descend the market grid as theprices decrease. Ask prices also descend the market grid as these prices actually increase. This combination may beconsidered counterintuitive and difficult to follow by some traders.[0029] The Mercury display overcomes this problem in an innovative and logical manner. Mercury also provides anorder entry system, market grid, fill window and summary of market orders in one simple window. Such a condensed

15 display materially simplifies the trading system by entering and tracking trades in an extremely efficient manner. Mercurydisplays market depth in a logical, vertical fashion or horizontally or at some other convenient angle or configuration.A vertical field is shown in the figures and described for convenience, but the field could be horizontal or at an angle.In tum, Mercury further increases the speed of trading and the likelihood of entering orders at desired prices withdesired quantities. In the preferred embodiment of the invention, the Mercury display is a static vertical column of prices

20 with the bid and ask quantities displayed in vertical columns to the side of the price column and aligned with thecorresponding bid and ask prices. An example of this display is shown in Figure 3.[0030] Bid quantities are in the column 1003 labeled BidQ and ask quantities are in column 1004 labeled AskQ. Therepresentative ticks from prices forthe given commodity are shown in column 1005. The column does not list the wholeprices (e.g. 95.89), but rather, just the last two digits (e.g. 89). In the example shown, the inside market, cells 1020, is

25 18 (best bid quantity) at 89 (best bid price) and 20 (best ask quantity) at 90 (best ask price). In the preferred embodimentof the invention, these three columns are shown in different colors so that the trader can quickly distinguish betweenthem.[0031] The values in the price column are static; that is, they do not normally change positions unless are-centeringcommand is received (discussed in detail later). The values in the Bid and Ask columns however, are dynamic; that

30 is, they move up and down (in the vertical example) to reflect the market depth for the given commodity. The LTQcolumn 1006 shows the last traded quantity of the commodity. The relative position of the quantity value with respectto the Price values reflects the price at which that quantity was traded. Column 1001 labeled EIW (entered/working)displays the current status of the trader's orders. The status of each order is displayed in the price row where it wasentered. For example, in cells 1007, the number next to S indicates the number of the trader's ordered lots that have

35 been sold at the price in the specific row. The number next to W indicates the number of the traders ordered lots thatare in the market, but have not been died-i.e. the system is working on filling the order. Blanks in this column indicatethat no orders are entered or working at that price. In cells 1008, the number next to B indicates the number of thetrader's ordered lots that have been bought at the price in the specific row. The number next to W indicates the numberof the trader's ordered lots that are in the market, but have not been filled-i.e. the system is working on filling the order.

40 [0032] Various parameters are set and information is provided in column 1002. For example, "10:48:44" in cell 1009shows the actual time of day. The Land R fields in cell 1010 indicate a quantity value, which may be added to the orderquantity entered. This process is explained below with respect to trading under Mercury. Below the Land R fields, incell 1011, a number appears which represents the current market volume. This is the number of lots that have beentraded for the chosen contract. Cell 1012, "X 10", displays the Net Quantity, the current position of the trader on the

45 chosen contract. The number "10" represents the trader's bUys minus sells. Cell 1013 is the "Current Quantity"; thisfield represents the quantity for the next order that the trader will send to market. This can be adjusted with right andleft clicks (up and down) or by clicking the buttons which appear below the Current Quantity in cells 1014. These buttonsincrease the current quantity by the indicated amount; for example, "10" will increase it by 10; "1 H" will increase it by100; "1 K" will increase it by 1000. Cell 1015 is the Clear button; clicking this button will clear the Current Quantity field.

50 Cell 1016 is the Quantity Description; this is a pull down menu allowing the trader to chose from three Quantity De­scriptions. The pull down menu is displayed when the arrow button in the window is clicked. The window includesNetPos, Offset and a field allowing the trader to enter numbers. Placing a number in this field will set a default buy orsell quantity. Choosing "Offset" in this field will enable the UR buttons of cell 1010. Choosing "NetPos" in this field willset the current Net Quantity (trader's net position) as the trader's quantity for his next trade. Cell 1017 are +/- buttons;

55 these buttons will alter the size of the screen--either larger (+) or smaller (-). Cell 1018 is used to invoke Net 0; clickingthis button will reset the Net Quantity (cell 1011) to zero. Cell 1019 is used to invoke Net Real; clicking this button willreset the Net Quantity (cell 1011) to its actual position.[0033] The inside market and market depth ascend and descend as prices in the market increase and decrease.

EP 1 319211 81

For example, Figure 4 shows a screen displaying the same market as that of Figure 3 but at a later interval where theinside market, cells 1101, has risen three ticks. Here, the inside market for the commodity is 43 (best bid quantity) at92 (best bid price) and 63 (best ask quantity) at 93 (best ask price). In comparing Figures 3 and 4, it can be seen thatthe price column remained static, but the corresponding bids and asks rose up the price column. Market Depth similarly

5 ascends and descends the price column, leaving a vertical history of the market.[0034] As the market ascends or descends the price column, the inside market might go above or below the pricecolumn displayed on a trader's screen. Usually a trader will want to be able to see the inside market to assess futuretrades. The syst~m of the present invention addresses this problem with a one click centering feature. With a singleclick at any point within the gray area, 1021, below the "Net Real" button, the system will re-center the inside market

10 on the trader's screen. Also, when using a three-button mouse, a click of the middle mouse button, irrespective of thelocation of the mouse pointer, will re-center the inside market on the trader's screen.[0035] The same information and features can be displayed and enabled in a horizontal fashion. Just as the marketascends and descends the vertical Mercury display shown in Figures 3 and 4, the market will move left and right inthe horizontal Mercury display. The same data and the same information gleaned from the dynamical display of the

15 data is provided. It is envisioned that other orientations can be used to dynamically display the data and such orien­tations are intended to come within the scope of the present invention.[0036] Next, trading commodities, and specifically, the placement of trade orders using the Mercury display is de­scribed. Using the Mercury display and trading method, a trader would first designate the desired commodity and, ifapplicable, the default quantities. Then he can trade with single clicks of the right or left mouse button. The following

20 equations are used by the system to generate trade orders and to determine the quantity and price to be associatedwith the trade order. The following abbreviations are used in these formulas: P = Price value of row clicked, R = Valuein R field, L = Value in L field, Q = Current Quantity, Qa = Total of all quantities in AskQ column at an equal or betterprice than P, Qb = Total of all quantities in BidQ column at an equal or better price than P, N = Current Net Position,Bo = Buy order sent to market and So = Sell order sent to market.

25

Any order entered using right mouse button

[0037]

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Bo = (Qa + R)P

If BidQ field clicked.

So = (Qb + R)P

If AskQ field clicked.

Orders entered using the left mouse button

[0038] If "Offset" mode chosen in Quantity Description field then:

Bo = (Qa + L)P

If BidQ field clicked.

So = (Qb + L)P

If AskQ field clicked.[0039] If "number" mode chosen in Quantity Description field then:

Bo= QP

(Eq. 1)

(Eq.2)

(Eq.3)

(Eq. 4)

(Eq. 5)

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EP 1 319211 81

So= QP

[0040] If "NetPos" mode chosen in Quantity Description field then:

Bo =NP

So=NP

(Eq.6)

(Eq.7)

(Eq. 8)

[0041] Orders can also be sent to market for quantities that vary according to the quantities available in the market;quantities preset by the trader; and which mouse button the trader clicks. Using this feature, a trader can buy or sellall of the bids or asks in the market at or better than a chosen price with one click. The trader could also add or subtract

15 a preset quantity from the quantities outstanding in the market. If the trader clicks in a trading cell--Le. in the BidQ orAskQ column, he will enter an order in the market. The parameters of the order depend on which mouse button heclicks and what preset values he set.[0042] Using the screen display and values from Figure 5, the placement of trade orders using the Mercury displayand trading method is now described using examples. A left click on the 18 in the BidQ column 1201 will send an order

20 to market to bUy 17 lots (quantity # chosen on the Quantity Description pull down menu cell 1204) of the commodityat a price of 89 (the corresponding price in the Prc column 1203). Similarly, a left click on the 20 in the AskQ column1202 will send an order to market to sell 17 lots at a price of 90.[0043] Using the right mouse button, an order would be sentto market at the price that corresponds to the row clickedfor the total quantity of orders in the market that equal or better the price in that row plus the quantity in the R field

25 1205. Thus, a right click in the AskQ column 1202 in the 87 price row will send a sell order to market at a price of 87and a quantity of 150. 150 is the sum of all the quantities 30, 97, 18 and 5. 30, 97 and 18 are all of the quantities inthe market that would meet or better the traders sell order price of 87. These quantities are displayed in the BidQcolumn 1201 because this column represents the orders outstanding in the market to purchase the commodity at eachcorresponding price. The quantity 5 is the quantity pre-set in the R field 1205.

30 [0044] Similarly, a right click in the BidQ column 1201 at the same price level of 87 would send a buy limit order tomarket for a quantity of 5 at a price of 87. The quantity is determined in the same manner as above. In this example,though, there are no orders in the market that equal or better the chosen price - there are no quantities in the AskQcolumn 1202 that equal or better this price. Therefore, the sum of the equal or better quantities is zero ("0"). The totalorder entered by the trader will be the value in the A field, which is 5.

35 [0045] An order entered with the left mouse button and the "Offset" option chosen in the quantity description field1204 will be calculated in the same way as above, but the quantity in the L field 1206 will be added instead of thequantity in the R field 1205. Thus, a left click in the BidQ column 1201 in the 92 price row will send a buy order tomarket at a price of 92 and a quantity of 96. 96 is the sum of all the quantities 45, 28, 20 and 3. 45, 28 and 20 are allquantities in the market that would meet or better the traders buy order price of 92. These quantities are displayed in

40 the AskQ column 1202 because this column represents the orders outstanding in the market to sell the commodity ateach corresponding price. The quantity 3 is the quantity pre-set in the L field 1206.[0046] The values in the L or R fields may be negative numbers. This would effectively decrease the total quantitysent to market. In other words, in the example of a right click in the AskQ column 1202 in the 87 price row, if the R fieldwas -5, the total quantity sent to market would be 140 (30 + 97 + 18 + (-5)).

45 (0047) If a trader chose the "NetPos" option in the quantity description field 1204, a right click would still work asexplained above. A left click would enter an order with a price corresponding to the price row clicked and a quantityequal to the current Net position of the trader. The Net position of the trader is the the traders current position on thechosen contract. In other words, if the trader has bought 10 more contracts than he has sold, this value would be 1O.NetPos would not affect the quantity of an order sent with a right click.

50 [0048] If the trader chose a number value in the quantity description, a left click would send an order to market forthe current quantity chosen by the trader. The default value of the current quantity will be the number entered in thequantity description field, but it could be changed by adjusting the figure in the current quantity field 1204.[0049] This embodiment of the invention also allows a trader to delete all of his working trades with a single click ofeither the right or left mouse button anywhere in the last traded quantity (LTQ) column 1207. This allows a trader to

55 exit the market immediately. Traders will use this feature when they are losing money and want to stop the losses frompilling up. Traders may also use this feature to qUickly exit the market upon making a desired profit. The invention alsoallows a trader to delete a/l of his orders from the market at a particular price level. A click with either mouse button inthe EnteredIWorking (EIW) column 1208 will delete a/l working orders in the cell that was clicked. Thus, if a trader

EP 1 319211 81

believes that previously sent orders at a particular price that have not been filled would be poor trades, he can deletethese orders with a single click.[0050] The process for placing trade orders using the Mercury display and trading method of the present inventionas described above is shown in the flowchart of Figure 6. First, in step 1301, the trader has the Mercury display on the

5 trading terminal screen showing the market for a given commodity. In step 1302, the parameters are set in the appro­priate fields, such as the Land R fields and the Current Quantity, NetPos or Offset fields from the pUll down menu. Instep 1303, the mouse pointer is positioned and clicked over a cell in the Mercury display by the trader. In step 1304,the system determines whetherthe cell clicked is a tradeable cell (i.e. in the AskQ column or BidQ column). If not, thenin step 1305, no trade order is created or sent and, rather, other quantities are adjusted or functions are performed

10 based upon the cell selected. Otherwise, in step 1306, the system determines whether it was the left orthe right buttonof the mouse that was clicked. If it was the right, then in step 1307, the system will use the quantity in the R field whenit determines the total quantity of the order in step 1310. If the left button was clicked, then in step 1308, the systemdetermines which quantity description was chosen: Offset, NetPos or an actual number.[0051] If Offset was chosen, then the system, in step 1309, will use the quantity in the L field when it determines the

15 total quantity of the order in step 1310. If NetPos was chosen, then the system, in step 1312, will determine that thetotal quantity for the trade order will be current NetPos value, i.e. the net position of the trader in the given commodity.If an actual number was used as the quantity description, then, in step 1311, the system will determine that the totalquantity for the trade order will be the current quantity entered. In step 1310, the system will determine that the totalquantity for the trade order will be the value of the R field (if step 1307 was taken) or the value of the L field (if step

20 1309 was taken) plus all quantities in the market for prices better than or equal to the price in the row clicked. This willadd up the quantities for each order in the market that will fill the order being entered by the trader (plus the L or R value).[0052] After either steps 1310, 1311 or 1312, the system, in step 1313, determines which column was clicked, BidQor AskQ. If AskQ was clicked, then, in step 1314, the system sends a sell limit order to the market at the price corre­sponding to the row for the total quantity as already determined. If BidQ was clicked, then, in step 1315, the system

25 sends a buy limit order to the market at the price corresponding to the row for the total quantity as already determined.

Claims

30 1. A client device (11 0 - 116) for receiving commands relating to a commodity being traded on an electronic exchange(101 - 103), comprising:

an interface for receiving data relating to said commodity from the electronic exchange, the data comprisingat least a current highest bid price and a current lowest ask price (1020, 1101) available for said commodity;

35 means for setting a trade order parameter;means for displaying a first indicator at a first area aligned with a first price level in a field of static prices (1005,1203), the first indicator being associated with the current highest bid price for said commodity;means for displaying a second indicator at a second area aligned with a second price level in the field of staticprices, the second indicator being associated with the current lowest ask price for the commodity;

40 means for updating the display of the first and second indicators, wherein in response to new data representinga different highest bid price and/or lowest ask price of the commodity received from the interface, at least oneof the first and second indicators is moved relative to the field of static prices to a different area aligned witha different price level within the field of static prices; andan order entry region (1003, 1004; 1201, 1202) comprising a plurality of areas, each area being aligned with

45 a price level in the field of static prices and each area being selectable by a user input means, the order entryregion being configured such that selection of one of the plurality of areas sends an order message to theelectronic exchange based on the trade order parameter and the price level that is aligned with the selectedarea.

50 2. A client device according to claim 1, configured to set a plurality of parameters for the order message in responseto selection of one of the plurality of areas of the order entry region.

3. A client device according to claim 2, wherein the plurality of parameters include the price that is aligned with theselected area and an order type, the order type comprising a buy order or a sell order.

55

4. A client device according to anyone of the preceding claims, further comprising means for re-centering the pricelevels within the field of static prices about an inside market in response to receipt of a re-centering command.

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5. A client device according to claim 4, wherein the command comprises a predetermined action of a user input device.

6. A client device according to claim 5, wherein the predetermined action comprises a single action of the user inputdevice at a predetermined area.

5

7. A client device according to claim 5, wherein the predetermined action comprises a click of a middle mouse buttonon a three-button mouse.

8. A client device according to anyone of the preceding claims, wherein the first indicator is displayed in one of a10 plurality of areas in a bid display region (1003, 1201) and wherein the second indicator is displayed in one of a

plurality of areas in an ask display region (1004, 1202).

9. A client device according to claim 8, wherein each area of the bid display region corresponds to a different pricelevel within the field of static prices and each area of the ask display region corresponds to a different price level

15 within the field of static prices.

10. A client device according to claim 8 or 9, wherein the bid display region is separate from the ask display region.

11. A client device according to anyone of claims 8 to 10, wherein the bid and ask display regions comprise columns20 with a plurality of cells that are displayed as a grid such that the cells of each column are aligned.

12. A client device according to anyone of claims 8 to 11, wherein the bid and ask display regions are oriented vertically.

13. A client device according to anyone of claims 8 to 11, wherein the bid and ask display regions are oriented hori-25 zontally.

14. A client device according to anyone of claims 8 to 13, wherein the bid display region overlaps the order entry region.

15. A client device according to anyone of claims 8 to 14, wherein the ask display region overlaps the order entry region.30

16. A client device according to claim 1, wherein the order entry region comprises a bid order entry region (1003, 1201)comprising a plurality of areas for receiving commands to send bUy orders and an ask order entry region (1004,1202) comprising a plurality of areas for receiving commands to send sell orders.

35 17. A client device according to claim 16, wherein the order message represents a buy order if the selected area iswithin the bid order entry region and represents a sell order if the selected area is within the ask order entry region.

18. A client device according to anyone of the preceding claims, further comprising means for displaying an enteredorder indicator in relation to a price level in the field of static prices.

40

19. A client device according to claim 18, wherein the entered order indicator is displayed in an entered order region(1001, 1208).

20. A client device according to claim 19, wherein the entered order region comprises a plurality of cells, each cell45 corresponding to a price level in the field of static prices.

21. A client device according to claims 19 or 20, wherein the entered order indicator is selectable by the user inputmeans so as to receive a command to delete an order represented by the entered order indicator.

50 22. A client device according to any of the preceding claims, further comprising means for displaying a last tradeindicator in association with the field of static prices.

23. A client device according to claim 22, wherein the last trade indicator is displayed in a last trade region (1006,1207).

55 24. A client device according to any of the preceding claims, further comprising means for generating the field of staticprices.

25. A client device according to anyone of the preceding claims, wherein the first and second indicators comprise

EP 1 319211 B1

numbers (1020,1101).

26. A client device according to claim 25, wherein the first indicator comprises the total number of bids in the marketat the highest bid price and wherein the second indicator comprises the total number of asks in the market at the

5 lowest ask price.

27. A client device according to any of the preceding claims, comprising:

means for displaying a first plurality of indicators in relation to a plurality of price levels in the field of static10 prices, each of the first plurality of indicators being associated with at least one orderto buy the commodity; and

means for displaying a second plurality of indicators in relation to a plurality of price levels in the field of staticprices, each of the second plurality of indicators being associated with at least one order to sell the commodity.

28. A client device according to any of the preceding claims wherein at least a portion of the field of static prices is15 displayed in a column with a plurality of cells, each cell corresponding to a different price level.

29. A method of operating a client device (110 - 116) for receiving commands relating to a commodity to be traded onan electronic exchange (101 - 103), comprising:

20

25

30

35

receiving data relating to said commodity from the electronic exchange, the data comprising a current highestbid price and a current lowest ask price available for said commodity;setting a trade order parameter;displaying a first indicator at a first area aligned with a first price level in a field of static prices (1005, 1203),the first indicator being associated with the current highest bid price for said commodity;displaying a second indicator at a second area aligned with a second price level in the field of static prices,the second indicator being associated with the current lowest ask price for the commodity;displaying an order entry region (1003, 1004; 1201, 1202) comprising a plurality of areas, each area beingaligned with a price level in the field of static prices and each area being selectable by a user input means soas to receive a command to send an order message based on the trade order parameter and the price levelthat is aligned with the selected area to the electronic exchange; andupdating the display of the first and second indicators such that at least one of the first and second indicatorsis moved relative to the field of static prices to a different area aligned with a different price level within thefield of static prices in response to the receipt of new data representing a different current highest bid priceand/or current lowest ask price of the commodity.

30. A method according to claim 29, further comprising the step of selecting one of the plurality of areas of the orderentry region by a single action of the user input means.

31. A method according to claim 29 or 30, further comprising setting a plurality of parameters for the order message40 in response to the selection of one of the plurality of areas of the order entry region.

32. A method according to claim 31, comprising setting the order message to be a buy order in the event that theselected area lies in a bid order entry region and setting the order message to be a sell order in the event that theselected area lies in an ask order entry region.

45

33. A method according to anyone of claims 29 to 32, further comprising the step of receiving a re-centering commandand in response to receipt of the command, re-centering the price levels within the field of static prices about aninside market price.

50 34. A method according to claim 33, wherein the command comprises a predetermined action of a user input device.

35. A method according to claim 34, wherein the predetermined action comprises a single action of the user inputdevice at a predetermined area.

55 36. A method according to claim 34, wherein the predetermined action comprises a click of a middle mouse button ona three-button mouse.

37. A method according to anyone of claims 29 to 36, further comprising the steps of:

•

EP 1 319211 81

displaying a first plurality of indicators in relation to a plurality of price levels in the field of static prices, eachof the first plurality of indicators being associated with at least one order to buy the commodity; anddisplaying a second plurality of indicators in relation to a plurality of price levels in the field of static prices,each of the second plurality of indicators being associated with at least one order to sell the commodity.

5

38. A method according to anyone of claims 29 to 37, further comprising setting a fixed quantity to be traded prior toselecting one of the plurality of areas of the order entry region.

39. A method according to anyone of claims 29 to 38 wherein the order message represents an order for a quantity10 equal to a pre-determined fixed offset plus the sum of all quantities in the market at prices better than or equal to

the price level that is aligned with the selected one of the areas at the time of the selection thereof.

40. A method according to claim 39 wherein the offset is equal to a first pre-determined value if the selection of oneof the plurality of areas of the order entry region is the result of a first type of action and the offset is equal to a

15 second pre-determined value if the selection of one of the plurality of areas of the order entry region is the resultof a second type of action.

41. A method according to claim 40 wherein the first type of action comprises a click on a left mouse button and thesecond type of action comprises a click on a right mouse button.

20

42. A method according to anyone of claims 29 to 41 , further comprising displaying an entered order indicator inrelation to a price level in the field of static prices,

43. A method according to claim 42 further comprising selecting the entered order indicator so as to delete the order25 represented by it at the associated price level.

44. A method according to anyone of claims 29 to 43, further comprising displaying a last trade indicator in relationto a price level in the field of static prices.

30 45. A method according to anyone of claims 29 to 44, further comprising displaying a region for receiving a commandto delete all working orders.

46. A method according to anyone of the claims 29 to 45 further comprising displaying the field of static prices in acolumn with a plurality of cells, each cell corresponding to a different price level.

35

47. A method according to anyone of the claims 29 to 46 wherein the first indicator is displayed in one of a pluralityof areas in a bid display region and wherein the second indicator is displayed in one of a plurality of areas in anask display region.

40 48. A method according to claim 47, wherein each area of the bid display region corresponds to a different price levelwithin the field of static prices and each area of the ask display region corresponds to a different price level withinthe field of static prices.

49. A method according to claim 47 or 48, wherein the bid display region is separate from the ask display region.45

50. A method according to anyone of claims 47 to 49, wherein the bid display region overlaps the order entry region.

51. A method according to anyone of claims 47 to 50, wherein the ask display region overlaps the order entry region.

50 52. A method according to anyone of claims 47 to 51, wherein the bid and ask display regions comprise columns witha plurality of cells that are displayed as a grid such that the cells of each column are aligned.

53. A computer program product having program code recorded thereon for execution on a computer for receivingcommands relating to a commodity to be traded on an electronic exchange, adapted for execution of all of the

55 steps of anyone of claims 29 to 52.

EP 1 319211 81

PatentansprOche

1. Client-Vorrichtung (110-116) zum Empfangen von Befehlen, welche ein an einer elektronischen Borse (101-103)zu handelndes Handelsobjekt betreffen, umfassend:

5

10

15

20

25

eine Schnittstelle zum Empfangen von das Handelsobjekt betreffenden Daten von der elektronischen Borse,wobei die Daten mindestens einen fOr das Handelsobjekt verfOgbaren aktuellen hochsten Gebotspreis undeinen aktuellen niedrigsten Angebotspreis (1020,1101) umfassen;Mittel zum Setzen eines Handels-Auftragsparameters;Mittel zum Anzeigen eines ersten Indikators in oder an einem ersten Feld, welches an einem ersten Preisni­veau in dem Bereich statischer Preise (1005, 1203) ausgerichtet ist, wobei der erste Indikator dem aktuellenhOchsten Gebotspreis fOr das Handelsobjekt zugeordnet ist;Mittel zum Anzeigen eines zweiten Indikators in oder an einem zweiten Feld, welches an einem zweiten Preis­niveau in einem Bereich statischer Preise ausgerichtet ist, wobei derzweite Indikator dem aktuellen niedrigstenAngebotspreis fOr das Handelsobjekt zugeordnet ist;Mittel zum Aktualisieren der Anzeige des ersten und zweiten Indikators, wobei als Antwort auf neue von derSchnittstelle empfangene Daten, welche einen abweichenden hOchsten Gebotspreis undloder niedrigstenAngebotspreis des Handelsobjekts reprasentieren, mindestens einer der ersten und zweiten Indikatoren relativzum Bereich statischer Preise zu einem anderem Feld bewegt wird, welches an einem anderen Preisniveauinnerhalb des Bereichs statischer Preise ausgerichtet ist; undein Auftragseingabegebiet (1003, 1004; 1201, 1202) welches eine Mehrzahl von Feldern umfasst, von denenjedes Feld an einem Preisniveau in dem Bereich der statischen Preise ausgerichtet ist und jedes Feld durchBenutzereingabemittel selektierbar ist, wobei das Auftragseingabegebiet so konfiguriert ist, dass die Selektioneines aus der Mehrzahl von Feldern eine auf dem Handels-Auftragsparameter und dem an dem se\ektiertenFeld ausgerichteten Preisniveau basierende Auftragsnachricht an die elektronische Borse sendet.

2. Client-Vorrichtung nach Anspruch 1, konfiguriert, um als Antwort auf die Selektion eines Feldes aus der Mehrzahlvon Feldern des Auftragseingabegebiets eine Mehrzahl von Parametem fOr die Auftragsnachricht einzustellen.

30 3. Client-Vorrichtung nach Anspruch 2, wobei die Mehrzahl von Parametern den an dem selektierten Feld ausge-richteten Preis und einen Auftragstyp beinhaltet, wobei der Auftragstyp einen Kauf- oder einen Verkaufsauftragumfasst.

Client-Vorrichtung nach Anspruch 5, wobei die vorbestimmte Aktion eine Betatigung einer mittleren Maustaste aufeiner Drei-Tasten-Maus umfasst.

Client-Vorrichtung nach einem der vorstehenden AnsprOche, welche femer Mittel zum Neu-Zentrieren der Preis­niveaus innerhalb des Bereiches statischer Preise eines Handelsmarkts als Antwort auf den Empfang eines Neu­Zentrierungs-Befehls umfasst.

Client-Vorrichtung nach Anspruch 5, wobei die vorbestimmte Aktion eine Einzelaktion der Benutzer-Eingabevor­richtung in oder an einem vorbestimmten Feld umfasst.

Client-Vorrichtung nach Anspruch 4, wobei der Befehl eine vorbestimmte Aktion einer Benutzer-Eingabevorrich­tung umfasst.

Client-Vorrichtung nach einem der vorstehenden AnsprOche, wobei der erste Indikator in einem einer Mehrzahlvon Feldern in einem Gebots-Anzeigegebiet (1003, 1201) dargestellt wird, und der zweite Indikator in einem einerMehrzahl von Feldern in einem Angebots-Anzeigegebiet (1004, 1202) dargestellt wird.

Client-Vorrichtung nach Anspruch 8, wobei jedes Feld des Gebots-Anzeigegebiets einem anderen Preisniveauinnerhalb des Felds der statischen Preise entspricht und jedes Feld des Angebots-Anzeigegebiets einem anderenPreisniveau innerhalb des Bereichs statischer Preise entspricht.

4.35

5.

40

6.

7.45

8.

50

9.

55 10. Client-Vorrichtung nach Anspruch 8 oder 9, wobei das Gebots-Anzeigegebiet vom Angebots-Anzeigegebiet ge-trennt ist.

11. Client-Vorrichtung nach einem der AnsprOche 8 bis 10, wobei die Gebots- und Angebots-Anzeigegebiete Spalten

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mit einer Mehrzahl von Zellen umfassen, welche als Raster dargestellt werden, so dass die Zellen jeder Spalteaneinander ausgerichtet sind.

12. Client-Vorrichtung nach einem der Ansprilche 8 bis 11, wobei die Gebots- und Angebots-Wiedergaberegionen5 vertikal orientiert sind.

13. Client-Vorrichtung nach einem der Ansprilche 8 bis 11, wobei die Gebots- und Angebots-Wiedergaberegionenhorizontal orientiert sind.

10 14. Client-Vorrichtung nach einem der Anspruche 8 bis 13, wobei das Gebots-Anzeigegebiet das Auftragseingabege-biet uberlappt.

15. Client-Vorrichtung nach einem der Anspruche 8 bis 14, wobei das Angebots-Anzeigegebiet das Auftragseingabe­gebiet uberlappt.

15

16. Client-Vorrichtung nach Anspruch 1, wobei das Auftragseingabegebiet ein Gebots-Auftragseingabegebiet (1003,1201) und ein Angebots-Auftragseingabegebiet (1004, 1202) umfasst, und das Gebots-Auftragseingabegebieteine Mehrzahl von Feldern zum Empfangen von Befehlen Kaufauftrage zu senden und das Angebots-Auftrags­eingabegebiet eine Mehrzahl von Feldern zum Empfangen von Befehlen Verkaufsauftrage zu senden umfasst.

20

17. Client-Vorrichtung nach Anspruch 16, wobei die Auftragsnachricht einen Kaufauftrag reprasentiert, wenn das se­lektierte Feld innerhalb des Gebots-Auftragseingabegebiets Iiegt und einen Verkaufsauftrag reprasentiert, wenndas selektierte Feld innerhalb des Angebots-Auftragseingabegebiets liegt.

25 18. Client-Vorrichtung nach einem der vorstehenden Ansprilche, welche femer Mittel zum Anzeigen eines Indikatorseingegebener Auftrage im Verhaltnis zu einem Preisniveau im Bereich statischer Preise umfasst.

19. Client-Vorrichtung nach Anspruch 18, wobei der Indikator eingegebener Auftrage in einem Gebiet eingegebenerAuftrage (1001, 1208) angezeigt wird.

30

20. Client-Vorrichtung nach Anspruch 19, wobei das Gebiet eingegebener Auftrage eine Mehrzahl von Zellen umfasst,wobei jede Zelle einem Preisniveau im Bereich statischer Preise entspricht.

21. Client-Vorrichtung nach Anspruch 19 oder 20, wobei der Indikator eingegebener Auftrage durch die Benutzer-35 Eingabemittel selektierbar ist, um einen Befehl zum L6schen eines Auftrags zu empfangen, welcher durch den

Indikator eingegebener Auftrage reprasentiert ist.

22. Client-Vorrichtung nach einem der vorstehenden Anspruche, femer umfassend Mittel zur Wiedergabe eines Indi­kators des letzten Handelsvorgangs in Ubereinstimmung mit dem Bereich statischer Preise.

40

23. Client-Vorrichtung nach Anspruch 22, wobei der Indikator des letzten Handelsvorgangs in einem Gebiet fUr letzteHandelsvorgange (1006, 1207) dargestellt wird.

24. Client-Vorrichtung nach einem der vorstehenden Ansprilche, welche femer Mittel zum Erzeugen des Bereichs45 statischer Preise umfasst.

25. Client-Vorrichtung nach einem der vorstehenden Anspruche, wobei die ersten und zweiten Indikatoren Zahlen(1020,1101) umfassen.

50 26. Client-Vorrichtung nach Anspruch 25, wobei der erste Indikator die Gesamtanzahl der Gebote im Markt zum h6ch-sten Gebotspreis und der zweite Indikator die Gesamtanzahl der Angebote im Markt zum niedrigsten Angebots­preis umfasst.

27. Client-Vorrichtung nach einem der vorstehenden Anspruche, umfassend:55

Mittel zum Anzeigen einer ersten Mehrzahl von Indikatoren im Verhaltnis zu einer Mehrzahl von Preisniveausim Bereich statischer Preise, wobei jeder der ersten Mehrzahl von Indikatoren mindestens einem Kaufauftragdes Handelsobjekts zugeordnet ist; und

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Mittel zum Anzeigen einer zweiten Mehrzahl von Indikatoren im Verhaltnis zu einer Mehrzahl von Preisniveausin dem Bereich statischer Preise, wobei jeder der zweiten Mehrzahl von Indikatoren mindestens einem Ver­kaufsauftrag des Handelsobjekts zugeordnet ist.

5 28. Client-Vorrichtung nach einem der vorstehenden AnsprOche, wobei mindestens ein Abschnitt des Bereichs stati­scher Preise in einer Spalte mit einer Mehrzahl von Zellen dargestellt wird, wobei jede Zelle einem anderen Preis­niveau entspricht.

29. Verfahren zum Betreiben einer Client-Vorrichtung (110-116) zum Empfangen von Befehlen, welche ein an einer10 elektronischen Borse (101-103) zu handelndes Handelsobjekt betreffen, umfassend:

Empfangen von das Handelsobjekt betreffenden Daten von der elektronischen Borse, wobei die Daten einenfOr das Handelsobjekt verfugbaren aktuellen hochsten Gebotspreis und einen aktuellen niedrigsten Angebots­preis umfassen;

15 Setzen eines Handels-Auftragsparameters;Anzeigen eines ersten Indikators in oder an einem ersten Feld, welches an einem ersten Preisniveau in einemBereich statischer Preise (1005, 1203) ausgerichtet ist, wobei der erste Indikator dem aktuellen hochstenGebotspreis fur das Handelsobjekt zugeordnet ist;Anzeigen eines zweiten Indikators in oder an einem zweiten Feld, welches an einem zweiten Preisniveau in

20 dem Bereich statischer Preise ausgerichtet ist, wobei der zweite Indikator dem aktuellen niedrigsten Ange­botspreis fUr das Handelsobjekt zugeordnet ist;Anzeigen eines Auftragseingabegebiets (1003, 1004; 1201, 1202) umfassend eine Mehrzahl von Feldern,wobei jedes Feld an einem Preis in dem Bereich statischer Preise ausgerichtet und jedes Feld durch einBenutzer-Eingabemittel selektierbar ist, um so einen Befehl zu erhalten, eine auf dem Handels-Auftragspa-

25 rameter und dem an dem selektierten Feld ausgerichteten Preisniveau basierende Auftragsnachricht an dieelektronische Borse zu senden;Aktualisieren der Anzeige der ersten und zweiten Indikatoren, so dass als Antwort auf den Empfang neuerDaten, welche einen anderen aktuellen hochsten Gebotspreis und/oder aktuellen niedrigsten Angebotspreisdes Handelsobjekts reprasentieren, mindestens einer der ersten und zweiten Indikatoren relativ zum Bereich

30 statischer Preise zu einem anderen Feld bewegt wird, welches an einem anderen Preisniveau innerhalb desBereichs statischer Preise ausgerichtet ist.

30. Verfahren nach Anspruch 29, welches femer den Schritt des Auswahlens eines aus einer Mehrzahl von Felderndes Auftragseingabegebiets durch eine Einzelaktion der Benutzer-Eingabemittel.

35

31. Verfahren nach Anspruch 29 oder 30, welches femer als Antwort auf die SeJektion eines aus der Mehrzahl derFelder des Auftragseingabegebiets das Setzen einer Mehrzahl von Parametern fUr die Auftragsnachricht umfasst.

32. Verfahren nach Anspruch 31, umfassend Setzen der Auftragsnachricht als Kaufauftrag, falls das selektierte Feld40 in einem Gebots-Auftragseingabegebiet liegt und Setzen der Auftragsnachricht als Verkaufsauftrag, falls das se­

lektierte Feld in einem Angebots-Auftragseingabegebiet liegt.

33. Verfahren nach einem der AnsprOche 29 bis 32, femer umfassend den Schritt des Empfangens eines Neu-Zen­trierungsbefehls und als Antwort auf den Empfang des Befehls ein Neu-Zentrieren der Preisniveaus innerhalb des

45 Bereichs statischer Preise eines Handelsmarktpreises.

34. Verfahren nach Anspruch 33, wobei der Befehl eine vorbestimmte Aktion einer Benutzer-Eingabevorrichtung um­fasst.

50 35. Verfahren nach Anspruch 34, wobei die vorbestimmte Aktion eine Einzelaktion der Benutzer-Eingabevorrichtungin oder an einem vorbestimmten Feld umfasst.

36. Verfahren nach Anspruch 34, wobei die vorbestimmte Aktion eine Betatigung einer mittleren Maustaste einer Orei­Tasten-Maus umfasst.

55

37. Verfahren nach einem der AnsprOche 29 bis 36, femer umfassend die Schritte:

Anzeigen einer ersten Mehrzahl von Indikatoren im Verhaltnis zu einer Mehrzahl von Preisniveaus im Bereich

5

EP 1 319211 81

statischer Preise, wobei jeder der ersten Mehrzahl von Indikatoren mindestens einem Auftrag zum Kauf desHandelsobjekts zugeordnet ist; undAnzeigen einer zweiten Mehrzahl von Indikatoren im Verhaltnis zu einer Mehrzahl von Preisniveaus in demBereich statischer Preise, wobei jeder der zweiten Mehrzahl von indikatoren mindestens einem Auftrag zumVerkauf des Handelsobjekts zugeordnet ist.

38. Verfahren nach einem der Anspruche 29 bis 37, weiches femer das Setzen einer festen Handelsmenge vor demSelektieren eines der Mehrzahl der Felder des Auftragseingabegebiets umfasst.

10 39. Verfahren nach einem der Anspruche 29 bis 38, wobei die Auftragsnachricht einen Auftrag fur eine Menge repra-sentiert, welche gleich einem vorbestimmten festen Offset plus der Summe al/er Mengen im Markt zu einem bes­seren oder gleichen Preis wie das Preisniveau ist, an welchem das Selektierte der Felder zum Zeitpunkt seinerSelektion ausgerichtet ist.

15 40. Verfahren nach Anspruch 39, wobei der Offset gleich einem ersten vorbestimmten Wert ist, wenn die Selektioneines aus der Mehrzahl von Feldern des Auftragseingabegebiets das Ergebnis eines ersten Aktionstyps ist, undder Offset gleich einem zweiten vorbestimmten Wert ist, wenn die Selektion eines aus der Mehrzahl von Felderndes Auftragseingabegebiets das Ergebnis eines zweiten Aktionstyps ist.

20 41. Verfahren nach Anspruch 40, wobei der erste Aktionstyp eine Betatigung einer linken Maustaste und der zweiteAktionstyp eine Betatigung einer rechten Maustaste umfasst.

42. Verfahren nach einem der Anspruche 29 bis 41 , welches femer das Anzeigen eines Indikators eingegebener Auf­trage im Verhaltnis zu einem Preisniveau in dem Bereich statischer Preise umfasst.

25

43. Verfahren nach Anspruch 42, welches femer das Selektieren des Indikators der eingegebenen Auftrage zum Lb­schen des durch ihn reprasentierten Auftrags fur das zugeordneten Preisniveau umfasst.

44. Verfahren nach einem der Anspruche 29 bis 43, welches femer das Anzeigen eines Indikators eines letzten Han-30 delsvorgangs im Verhaltnis zu einem Preisniveau in dem Bereich statischer Preise umfasst.

45. Verfahren nach einem der Anspruche 29 bis 44, welches femer das Anzeigen eines Gebietes zum Empfangeneines Befehls zum Lbschen aller anhangigen Auftrage umfasst.

35 46. Verfahren nach einem der Anspruche 29 bis 45, welches femer das Anzeigen des Bereichs statischer Preise ineiner Spalte mit einer Mehrzahl von Zel/en, wobei jede Zelle einem anderen Preisniveau entspricht, umfasst.

47. Verfahren nach einem der Anspruche 29 bis 46, wobei der erste Indikator in einem aus einer Mehrzahl von Feldernin einem Gebots-Anzeigegebiet und der zweite Indikator in einem aus einer Mehrzahl von Feldern in einem An-

40 gebots-Anzeigegebiet dargestellt wird.

48. Verfahren nach Anspruch 47, wobei jedes Feld des Gebots-Anzeigegebietes einem anderen Preisniveau im Be­reich statischer Preise und jedes Feld des Angebots-Anzeigegebietes einem anderen Preisniveau innerhalb desBereichs statischer Preise entspricht.

45

49. Verfahren nach Anspruch 47 oder 48, wobei das Gebots-Anzeigegebiet von dem Angebots-Anzeigegebiet getrenntist.

50. Verfahren nach einem der AnsprUche 47 bis 49, wobei das Gebots-Anzeigegebiet das Auftragseingabegebiet50 uberlappt.

51. Verfahren nach einem der Anspruche 47 bis 50, wobei das Angebots-Anzeigegebiet das Auftragseingabegebietuberlappt.

55 52. Verfahren nach einem der AnsprUche 47 bis 51, wobei die Gebots- und Angebots-Anzeigegebiete Spalten miteiner Mehrzahl von Zel/en umtassen, welche a's Raster dargesteJlt werden, so dass die ZeJlen jeder Spalte zu­einander ausgerichtet sind.

EP 1 319211 81

53. Computerprogrammprodukt mit einem auf ihm aufgezeichneten Programmcode zum AusfUhren auf einem Com­puter zum Empfangen von Befehlen, welche ein Handelsobjekt zum Handeln an einer elektronischen Borse be­treffen, wobei das Programm zum Ausfiihren alier Schritte eines der AnsprOche 29 bis 52 ausgestaltet ist.

5

Revendications

1. Dispositif (110 - 116) de client destine a recevoir des instructions concernant une marchandise qui est commer­cialisee sur un central (101 - 103) d'echange electronique, comprenant :

10

15

20

25

30

35

une interface pour recevoir des donnees relatives a ladite marchandise a partir du central d'echange electro­nique, les donnees comprenant au moins un prix d'offre courant Ie plus eleve et un prix (1020, 1101) de ventecourant Ie plus bas disponibles pour ladite marchandise ;un moyen pour etablir un parametre de commande commercial;un moyen pour afficher un premier indicateur a une premiere zone alignee avec un premier niveau de prixdans un champ de prix (1005, 1203) statiques, Ie premier indicateur etant associe avec Ie prix d'offre courantIe plus eleve de ladite marchandise ;un moyen pour afficher un deuxieme indicateur a une deuxieme zone alignee avec un deuxieme niveau deprix dans Ie champ de prix statiques, Ie deuxieme indicateur etant associe avec Ie prix de vente courant Ieplus bas pour la marchandise ;un moyen pour mettre a jour I'affichage des premier et deuxieme indicateurs dans lequel, en reponse a denouvelles donnees representant un prix d'offre Ie pius eleve eUou un prix de vente courant Ie plus bas differentde la marchandise retru a partir de I'interface, au moins I'un des premier et deuxieme indicateurs est deplacepar rapport au champ de prix statiques vers une zone differente alignee avec un niveau de prix different aI'interieur du champ de prix statiques ; etune region de saisie de commande (1003, 1004; 1201, 1202) comprenant une pluralite de zones, chaquezone etant alignee avec un niveau de prix dans Ie champ de prix statiques et chaque zone pouvant etreselectionnee par un moyen de saisie utilisateur, la region de saisie de commande etant configuree de sortequ'une selection de I'une parmi la pluralite de zones envoie un message de commande au central d'echangeelectronique en se basant sur Ie parametre de commande commercial et sur Ie niveau de prix qui est aligneavec la zone selectionnee.

2. Dispositif de client selon la revendication 1, configure pour etablir une pluralite de parametres pour Ie messagede commande en reponse a une selection de I'une parmi la pluralite de zones de la region de saisie de commande.

3. Dispositif de client selon la revendication 2, dans lequel la pluralite de parametres comporte Ie prix qui est aligneavec la zone selectionnee et un type de commande, Ie type de commande comprenant une commande d'achatou une commande de vente.

40 4. Dispositif de client selon I'une quelconque des revendications precedentes, comprenant de plus un moyen pourrecentrer les niveaux de priX a I'interieur du champ de prix statiques autour d'un marche interieur en reponse alareception d'une instruction de recentrage.

5. Dispositif de client selon la revendication 4, dans lequel I'instruction comporte une action predeterminee d'un45 dispositif de saisie utilisateur.

6. Dispositif de client selon la revendication 5, dans lequel I'action predeterminee comporte une action unique dudispositif de saisie utilisateur a une zone predeterminee.

50 7. Dispositif de client selon la revendication 5, dans lequeJ I'action predeterminee comporte un clic sur Ie bouton dumilieu d'une souris sur une souris a trois boutons.

8. Dispositif de client selon I'une quelconque des revendications precedentes, dans lequelle premier indicateur estaffiche dans I'une parmi une pluralite de zones dans une region (1003, 1201) d'affichage d'offre et

55 dans lequel Ie deuxieme indicateur est affiche dans I'une parmi une pluralite de zones dans une region (1004,1202) d'affichage de vente.

9. Dispositif de client seton la revendication 8, dans lequel chaque zone de la region d'affichage d'offre correspond

EP 1 319211 81

a un niveau de prix different a l'interieur du champ de prix statiques, et chaque zone de la region d'affichage devente correspond a un niveau de prix different a l'interieur du champ de prix statiques.

10. Dispositif de client selon la revendication 8 ou 9, dans lequella region d'affichage d'offre est separee de la region5 d'affichage de vente.

11. Dispositif de client selon l'une quelconque des revendications 8 a 10, dans lequel les regions d'affichage d'offreet de vente comportent des colonnes avec une pluralite de cellules qui sont affichees comme une grille de sorteque des cellules de chaque colonne soient alignees.

10

12. Dispositif de client selon I'une quelconque des revendications 8 a 11, dans lequel les regions d'affichage d'offreet de vente sont orientees verticalement.

13. Dispositif de client selon l'une quelconque des revendications 8 a 11, dans lequel les regions d'affichage d'offre15 et de vente sont orientees horizontalement.

14. Dispositif de client selon I'une quelconque des revendications 8 a13, dans lequella region d'affichage d'offre sechevauche avec la region de saisie de commande.

20 15. Dispositif de client selon I'une quelconque des revendications 8 a 14, dans lequella region d'affichage de ventese chevauche avec fa region de saisie de commande.

16. Dispositif de client selon la revendication 1, dans lequel la region de saisie de commande comporte une region(1003, 1201) de saisie de commande d'offre comprenant une pluralite de zones de reception d'instructions pour

25 envoyer des commandes d'achat et une region (1004, 1202) de saisie de commandes de vente comprenant unepluralite de zones de reception d'instructions pour envoyer des commandes de vente.

17. Dispositif de client selon la revendication 16, dans lequelle message de commande represente une commanded'achat si la zone selectionnee se trouve a I'interieur de la region de saisie de commande d'offre et represente

30 une commande de vente si la zone selectionnee se trouve al'interieur de la region de saisie de commande de vente.

18. Dispositif de client selon I'une quelconque des revendications precedentes, comprenant de plus un moyen pourafficher un indicateur de commande saisie en relation avec un niveau de prix dans Ie champ de prix statiques.

35 19. Dispositif de client selon la revendication 18, dans lequel I'indicateur de commande saisie est affiche dans uneregion (1001, 1208) de commande saisie.

20. Dispositif de client selon la revendication 19, dans lequella region de commande saisie comporte une pluralite decellules, chaque cellule correspondant a un niveau de prix dans Ie champ de prix statiques.

40

21. Dispositif de client selon les revendications 19 ou 20, dans lequell'indicateur de commande peut etre selectionnepar Ie moyen de saisie utilisateur afin de recevoir une instruction pour supprimer une commande representee parI'indicateur de commande saisie.

45 22. Dispositif de client selon l'une quelconque des revendications precedentes, comprenant de plus un moyen pourafficher un dernier indicateur commercial en association avec Ie champ de prix statiques.

23. Dispositif de client selon la revendication 22, dans lequel Ie dernier indicateur commercial est affiche dans unederniere region commerciale (1006, 1207).

50

24. Dispositif de client selon /'une quelconque des revendications precedentes, comprenant de plus un moyen pourproduire Ie champ de prix statiques.

25. Dispositif de client selon I'une quelconque des revendications precedentes, dans lequelles premier et deuxieme55 indicateurs comportent des numeros (1020,1101).

26. Dispositif de client selon la revendication 25, dans lequelle premier indicateur comporte Ie nombre total d'offressur Ie marche au prix d'offre courant Ie plus eleve et dans lequelle deuxieme indicateur comporte Ie nombre total

EP 1 319211 81

de ventes sur Ie marche au prix de vente Ie plus bas.

27. Dispositif de client selon I'une quelconque des revendications precedentes, comprenant :

5

10

15

un moyen pour afficher une premiere pluralite d'indicateurs en relation avec une pluralite de niveaux de prixdans Ie champ de prix statiques, chacun de la premiere pluralite d'indicateurs etant associe avec au moinsune commande pour acheter la marchandise ; etun moyen pour afficher une deuxieme pluralite d'indicateurs en relation avec une pluralite de niveaux de prixdans Ie champ de prix statiques, chacun de la deuxieme pluralite d'indicateurs etant associe avec au moinsune commande pour vendre la marchandise.

28. Dispositif de client selon I'une quelconque des revendications precedentes dans lequel au moins une partie duchamp de prix statiques est affichee dans unecolonne avec une pluralite de cellules, chaque cellule correspondanta un niveau de prix different.

29. Procede de mise en oeuvre d'un dispositif (110 - 116) de client pour recevoir des instructions concernant unemarchandise acommercialiser sur un central (101 - 103) d'echange electronique, comprenant :

une reception de donnees concernant ladite marchandise en provenance du central d'echange electronique,20 les donnees comprenant un prix d'offre courant Ie plus eleve et un prix devente courant Ie plus bas disponibles

pour ladite marchandise ;un etablissement d'un parametre de commande commercial;un affichage d'un premier indicateur a une premiere zone alignee avec un premier niveau de prix dans unchamp de prix (1005, 1203) statiques, Ie premier indicateur etant associe avec Ie prix d'offre courant Ie plus

25 eleve pour ladite marchandise ;un affichage d'un deuxieme indicateur a une deuxieme zone alignee avec un deuxieme niveau de prix dansIe champ de prix statiques, Ie deuxieme indicateur etant associe avec Ie prix de vente courant Ie plus bas pourla marchandise ;un affichage d'une region de saisie de commande (1003,1004; 1201, 1202) comprenant une pluralite de

30 zones, chaque zone etant alignee avec un niveau de prix dans Ie champ de prix statiques et chaque zonepouvant etre selectionnee par un moyen de saisie utilisateur afin de recevoir une instruction pour envoyer unmessage de commande, en se basant sur Ie parametre de commande commercial et sur Ie niveau de prix qUiest aligne avec la zone selectionnee, vers Ie central d'echange electronique ; etune mise a jour de I'affichage des premier et deuxieme indicateurs de sorte qu'au moins un des premier et

35 deuxieme indicateurs soit deplace par rapport au champ de prix statiques vers une zone differente aligneeavec un niveau de prix different a I'interieur du champ de prix statiques en reponse a la reception de nouvellesdonnees representant un prix d'offre courant Ie plus eleve etlou un prix de vente courant Ie plus bas de lamarchandise.

40 30. Procede selon la revendication 29, comprenant de plus I'etape de selectionner une parmi la pluralite de zones dela region de saisie de commande par une action unique du moyen de saisie utilisateur.

31. Procede selon la revendication 29 ou 30, comprenant de plus un etablissement d'une pluralite de parametres pourIe message de commande en reponse a la selection de I'une parmi la pluralite de zones de la region de saisie de

45 commande.

32. Procede selon la revendication 31, comprenant un etablissement du message de commande pour que celui-cidevienne une commande d'achat dans Ie cas OU la zone selectionnee se situerait dans une region de saisie decommande d'offre, et un etablissement du message de commande pour que celui-ci devienne une commande de

50 vente dans Ie cas OU la zone selectionnee se situerait dans une region de saisie de commande de vente.

33. Procede selon I'une quelconque des revendications 29 a32, comprenant de plus I'etape de recevoir une instructionde recentrage et, en reponse a la reception de I'instruction, recentrer les niveaux de prix a I'interieur du champ deprix statiques autour d'un prix de marche interieur.

55

34. Procede selon la revendication 33, dans lequell'instruction comporte une action predeterminee d'un dispositif desaisie utilisateur.

EP 1 319211 81

35. Procede selon la revendication 34, dans lequell'action predeterminee comporte une action unique du dispositifde saisie utilisateur a une zone predeterminee.

36. Procede selon la revendication 34, dans lequell'action predeterminee comporte un clic sur Ie bouton du milieu5 d'une souris sur une souris a trois boutons.

37. Procede selon I'une quelconque des revendications 29 a 36, comprenant de plus les etapes :

10

d'affichage d'une premiere pluralite d'indicateurs en relation avec une pluralite de niveaux de prix dans Iechamp de prix statiques, chacune de la premiere pluralite d'indicateurs etant associee avec au moins unecommande pour acheter la marchandise ; etd'affichage d'une deuxieme pluralite d'indicateurs en relation avec une pluralite de niveaux de prix dans Iechamp de prix statiques, chacune de la deuxieme pluralite d'indicateurs etant associee avec au moins unecommande pour vendre la marchandise.

15

38. Procede selon I'une quelconque des revendications 29 a37, comprenant de plus un etablissement d'une quantitefixe acommercialiser avant de selectionner I'une parmi la pluralite de zones de la region de saisie de commande.

39. Procede selon I'une quelconque des revendications 29 a 38 dans lequel Ie message de commande represente20 une commande pour une quantite egale a un decalage fixe predetermine plus la somme de toutes les quantites

dans Ie marche a des prix meilleurs ou egaux au niveau de prix qui est aligne avec celie selectionnee parmi leszones au moment de la selection depuis celle-ci.

40. Procede selon la revendication 39 dans lequel Ie decalage est egal a une premiere valeur predeterminee si la25 selection de I'une parmi la pluralite de zones de la region de saisie de commande est Ie resultat d'un premier type

d'action et Ie decalage est egal a une deuxieme valeur predeterminee si la selection de I'une parmi la pluralite dezones de la region de saisie de commande est Ie resultat d'un deuxieme type d'action.

41. Procede selon la revendication 40 dans lequelle premier type d'action comporte un clic sur Ie bouton de gauche30 d'une souris et Ie deuxieme type d'action comporte un clic sur Ie bouton de droite d'une souris.

42. Procede selon "une quelconque des revendications 29 a41, comprenant de plus un affichage d'un indicateur decommande saisie en relation avec un niveau de prix dans Ie champ de prix statiques.

35 43. Procede selon la revendication 42 comprenant de plus une selection de I'indicateur de commande saisie afin desupprimer la commande representee par celui-ci au niveau de prix associe.

Procede selon I'une quelconque des revendications 29 a44, comprenant de plus un affichage d'une region pourrecevoir une instruction pour supprimer toutes les commandes en cours.

Procede selon I'une quelconque des revendications 29 a 43, comprenant de plus un affichage d'un dernier indi­cateur commercial en relation avec un niveau de prix dans Ie champ de prix statiques.

Procede selon I'une quelconque des revendications 29 a 45 comprenant de plus un affichage du champ de prixstatiques dans une colonne avec une pluralite de cellules, chaque cellule correspondant a un niveau de prix dif­ferent.

Procede selon la revendication 47, dans lequel chaque zone de la region d'affichage d'offre correspond aun niveaude prix different a I'interieur du champ de prix statiques, et chaque zone de la region d'affichage de vente corresponda un niveau de prix different a I'interieur du champ de prix statiques.

Procede selon I'une quelconque des revendications 29 a 46, dans lequel Ie premier indicateur est affiche dansI'une parmi une pluralite de zones dans une region d'affichage d'offre et dans lequel Ie deuxieme indicateur estaffiche dans I'une parmi une pluralite de zones dans une region d'affichage de vente.

Procede selon la revendication 47 ou 48, dans lequella region d'affichage d'offre est separee de la region d'affi­chage de vente.

44.

40

45.

46.45

47.

50

•48.

55

49.

EP 1 319211 81

50. Procede selon I'une quelconque des revendications 47 a49, dans lequella region d'affichage d'offre se chevaucheavec la region de saisie de commande.

51. Procede selon I'une quelconque des revendications 47 a 50, dans lequel la region d'affichage de vente se che-5 vauche avec la region de saisie de commande.

52. Procede selon "une quelconque des revendications 47 a51 , dans lequelles regions d'affichage d'offre et de ventecomportent des colonnes avec une pluralite de cellules qui sont affichees comme une grille de sorte que les cellulesde chaque colonne soient alignees.

10

53. Programme informatique avant un code de programme qui est enregistre sur celui-ci pour une execution sur unordinateur pour recevoir des instructions concernant la marchandise a commercialiser sur un central d'echangeelectronique, con~u pour une execution de toutes les etapes de I'une quelconque des revendications 29 a 52.

15

20

25

30

35

40

45

50

55

EP 1 319211 81

FIG. 1

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EP 1 319211 81

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EP 1319211 81

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EP 1 319211 81

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t~~~8~WJll TOTHE PRICE INTHE~ROW CLICKED

1310.----+---',QUANTI OFORDER =VALUEIN LFIELD

13131311

QUANTITY OF NUMBER~__+----I0RDER::: -

CURRENTQUANTITY

BidQ

END' 1315

FIG. 6

END

SEND SELL ORDER TOMARKET FOR DEFINEDQUANTITY AT THE PRICEOF THE ROW CLICKED

SEND BUY ORDER TOMARKET FOR PREDEFINEDQUANTITY AT THE PRICEOF THE ROW CLICKED