WO2001027843A1

WO2001027843A1 - Displaying information relating to securities

Info

Publication number: WO2001027843A1
Application number: PCT/US2000/028197
Authority: WO
Inventors: Thurston Gilman; David Gelfond; Scott Gilman; Aleke Msumba; Paul Bonarrigo
Original assignee: Trade Tek, Llc
Priority date: 1999-10-13
Filing date: 2000-10-12
Publication date: 2001-04-19
Also published as: AU1197901A; WO2001027843A8; WO2001027843A9

Abstract

A graphical user interface (GUI) displays information (62) that relates to a transaction in a security. The information includes an identifier (65) that corresponds to the security, the transaction performed with respect to the security, a number of shares (90) of the security involved in the transaction, and a price (81) of the security in the transaction. Different prices are displayed in different colors.

Description

DISPLAYING INFORMATION RELATING TO SECURITIES

Background of the Invention This invention relates to displaying information relating to securities.

Computerized trading of securities, such as stocks and bonds, has grown in popularity in recent years. To make informed decisions about buying or selling securities, traders need access to different types of information. For example, a trader may need the bid and ask prices of a security from various "market makers" (brokerage firms), the number of shares traded in that security over a time period, and the high and low prices during that time period.

It may also be valuable for a trader to know other information as well. In particular, a trend in a security's performance may affect a trader's decision to buy or sell that security. For example, if a stock has just gone below its previous closing price ("PCL"), a trader may be more or less likely to purchase that stock depending upon the traders ' s strategy.

Summary This invention is directed to obtaining information about securities and provides ways of displaying that information in one or more graphical user interfaces ("GUI") . For example, m one embodiment, the invention detects events occurring for a security, such as the security crossing its PCL, and displays that information n a GUI. In another embodiment, the invention displays price fluctuations of a security over a selected time period, such as an hour, a day, or a month.

In its various embodiments, the invention provides traders with useful information about securities that is organized logically and m a way that is easy to understand. Network connections provide the trader with a way to transact in the securities using this information.

In general, in one aspect, the invention is directed a GUI that includes index display areas for displaying different security indices. The GUI also includes change display areas, each of which are associated with a corresponding index display area. Each of the change display areas displays a change in a corresponding security index over a predetermined time period. This aspect of the invention may include one or more of the following features. The index display areas include areas for displaying the Dow Jones® Industrial Average, the NASDAQ® Composite, and the NASDAQ® 100 Composite. The predetermined time period is an mtraday time period. The GUI is generated by a computer program that is stored on a computer-readable medium.

In general, in another aspect, the invention is directed to a GUI that displays information about a security. The information includes an identifier that corresponds to the security, a value of a last trade in the security, and a difference between the value and a previous closing value of the security.

This aspect of the invention may include one or more of the following features. The value of the last trade is color-coded to indicate whether the value of the last trade is higher than, or lower than, the previous closing value of the security. The information cascades during display. The information is updated after a trade m the security. The GUI is generated by a computer program that is stored on a computer-readable medium. In general, in another aspect, the invention is directed to a GUI that displays information relating to trading activity in a security. The information includes an identifier that corresponds to the security, a time of a last trade in the security, an identity of the last trade, a price of the security in the last trade, and a volume of the security in the last trade.

This aspect of the invention may include one or more of the following features. The identity of the last trade is one of a sale or change m inside bid or ask prices of the security. At least some of the information displayed in the GUI is color-coded to indicate if the price of the last trade is greater than or equal to a price of the security in a trade that preceded the last trade. The information cascades during display. The GUI is generated by a computer program that is stored on a computer-readable medium.

In general, in another aspect, the invention is directed to a GUI that displays information that relates to a transaction in a security. The information includes an identifier that corresponds to the security, the transaction performed with respect to the security, a number of shares of the security involved in the transaction, and a price of the security in the transaction.

This aspect of the invention may include one or more of the following. The information includes an open position with respect to the security. The transaction includes one of buying the security, selling the security, or selling the security short. The GUI is generated by a computer program that is stored on a computer-readable medium.

In general, m another aspect, the invention is directed to a GUI that displays information relating to transactions in a securities portfolio. The information includes an identifier that corresponds to the security, the transaction performed with respect to the security, a number of shares of the security in the transaction, a price of the security in the transaction, a total value of the transaction, and a balance m a trading account that corresponds to the portfolio. This aspect may include one or more of the following features. The transaction is one of buying the security, selling the security, or selling the security short. The information is displayed for a predetermined time period. The predetermined time period may be an mtraday time period and/or an overnight or any other conceivable time period. The GUI is generated by a computer program that is stored on a computer-readable medium.

In another aspect, the invention is a GUI for displaying information about securities. The GUI includes selectable tabs that correspond to categories of securities, and an area which displays information relating to events that occur for securities corresponding to a selected tab.

This aspect of the invention may include one or more of the following features/functions. The categories of securities may be organized by a user. The events may include one or more of the security hitting a PCL, the security passing tne PCL, the security equaling or exceeding a high or low price, and the security bouncing off the high or low price. The information displayed on the GUI may be color coded. The information may be displayed in association with a price of the security, a trade volume of the security, and an identifier for the security.

The GUI may include a transaction button which controls display of a second GUI for transacting in a security displayed on the first GUI. The second GUI may include a field for entering blocks of shares of the security, and selectable buttons for initiating transactions for the blocks of shares entered m the field. The second GUI may display one or more of the following for a selected security: a PCL, a high price for a period of time, a low price for a period of time, inside bid and ask prices, and information pertaining to a last trade the security. A computer program, which is stored on a computer- readable medium, may be used to generate the GUI. The GUI may be generated on an apparatus which includes a processor and a memory that stores the computer program.

In another aspect, the invention receives data related to securities, and analyzes the data to detect events relating to the securities. Information relating to the events is then provided for display. In this aspect, analyzing may include determining if a security has passed a PCL, determining if the security is at a PCL, determining if the security is at a high or low price for a specified time period, and/or determining if the security bounced off a high or low price.

In still another aspect, the invention is a GUI for transacting in securities. The GUI includes selectable buttons that correspond to securities, a first area which displays selling information for a security that corresponds to a selected button, and a second area which displays buying information for the security.

This aspect of the invention may include one or more of the following features/functions. The selling information may include bid prices of market makers. The bid prices may be arranged from highest to lowest. The buying information may include ask prices of market makers. The ask prices may be arranged from highest to lowest. One or more of the following information may be displayed for the security: a number of shares of the security that have been traded, a PCL, a high price for a period of time, a low price for a period of time, and inside bid and ask prices.

The GUI may include a field for entering blocks of shares of the security, and selectable buttons for initiating transactions for the number of blocks entered the field. A computer program may be used to generate the GUI. The GUI may be generated on an apparatus which includes a memory and a processor. The GUI may include transaction buttons for initiating transactions relating to securities that correspond to the selectable buttons. The apparatus may include a network interface over which data is transmitted for a transaction.

In still another aspect, the invention is a GUI which displays information relating to securities. The GUI includes an entry field for entering a security, and buttons for selecting time periods. An area is provided on the GUI for displaying prices of the security in the entry field over a time period selected by a button.

The GUI may also include buttons for selecting a display format of the prices, and an area which displays a trading volume of the security in the entry field over the time period selected by a button. The buttons may comprise a button for displaying the prices in chart form and a button for displaying the prices in list form. The GUI may be generated by a computer program and on an apparatus which includes a processor and a memory.

In still another aspect, the invention is a securities trading program, stored on a computer-readable medium, which generates multiple windows for displaying securities information. The securities trading program includes instructions that cause a computer to generate a first window which displays a price of a selected security over a time period, to generate a second window which displays information relating to performance of selected securities, and to generate a third window for transacting m securities, the third window including buying and selling information for selected securities. This aspect of the invention may include on or more of the following features/functions. The first window may include an entry field for entering a security, buttons for selecting time periods, and an area for displaying prices of the security the entry field over a time period selected by a button. The second window may include selectable tabs that correspond to categories of securities, and an area which displays performance information for securities that correspond to a selected tab. The third window may include selectable buttons that correspond to securities, a first area which displays selling information for a security that corresponds to a selected button, and a second area which displays buying information for the security. This summary has been provided so that the nature of the invention can be understood quickly. A detailed description of illustrative embodiments of the invention is set forth below.

Description of the Drawings Fig. 1, comprised of Figs, la and lb, is a block diagram of a network m one embodiment of the invention.

Fig. 2 is a view of a GUI for logging into the network of Fig. 1.

Fig. 3 is a block diagram of software used to generate windows for displaying stock information.

Fig. 4 is a view of a quote profiler window. Fig. 5 is a view of a history window. Fig. 6 is a view of an alternative history window.

Fig. 7 is a view of a trendspotter window. Fig. 8 is a view of a list editor dialog box. Fig. 9 is a view of a trend analysis window. Fig. 10, comprised of Figs. 10a, 10b, 10c and lOd, is a flowchart showing a process for analyzing trends stock activity.

Fig. 11 is a view of an index indicator window. Fig. 12 is a view of a stock ticker window. Fig. 13 is a view of a time and sales window. Fig. 14 is a view of a position manager window. Fig. 15 is a view of a trader profit and loss window.

Description Fig. 1 shows a network system 10 according to one embodiment of the invention. Conceptually, network system 10 can be divided into trader network 12 (Fig. lb) and data feed network 11 (Fig. la); though these two networks may be part of a single, larger network. Briefly, data feed network 11 receives and stores information m various servers. Traders access this information via trader network 12, and execute trades based on this information. Data feed network 11 includes client proxies 14, servers 15, bridge 16, and satellite receiver 17.

Satellite receiver 17 maintains an RF (radio frequency) link to a communications satellite (not shown) . A data feed 19, such as the Standard & Poor Comstock data feed, is received over this RF link. Alternatively, data feed 19 may be received over telephone lines via a modem link (not shown) to data feed network 11. Data feed 19 includes information relating to securities, in this embodiment, stocks. Information in the data feed is time-indexed and updated periodically . Among the information transmitted in data feed 19 are stock prices, identities of market makers that offer the stock prices, and stock exchanges on which the stocks are listed.

Data feed 19 is provided to servers 15 via satellite receiver 17 and bridge 16. Servers 15 are computer programs that extract specific information from data feed 19 and provide that information to trader network 12. For example, quote servers 15a and 15b handle current stock prices, and information relating thereto. Level II servers 15c and 15d handle market maker information, such as bid prices (the highest price a market maker is willing to pay for a stock) and ask prices (the lowest price a market maker is willing to sell a stock) . History server 15e maintains a record of stock prices over a period of time, including previous stock highs and lows, stock volumes, PCLs, and the like. NYSE (New York Stock Exchange) quote server 15f handles information relating to stocks listed on the NYSE. Six servers are shown in Fig. 1; however, servers may be added to, or removed from, data feed network 11 as desired. Servers 15 may run on a single computer or multiple computers as needed. In the embodiment of Fig. 1, each server is executed on a separate computer having a processor 20 and a memory 21 which stores server modules 22 (see view 24). Server modules 22 are instructions (computer code) that are executable by processor 20 to perform the server functions described below.

Module 22a receives data feed 19, interprets its contents, and extracts portions of data feed 19 that are relevant to server 15a. Module 22b stores the extracted portions of data feed 19 in memory. Module 22c handles requests for information from trader network 12. For example, when module 22c receives a request for information, it determines what information is being requested and from where, retrieves the requested information from memory, and outputs the requested information accordingly.

Client proxies 14 are computer programs, executing on one or more computers, which mediate requests for information between trader network 12 and data feed network 11. For example, client proxies 14 direct requests to appropriate server (s) based on the content of those requests. Client proxies 14 also perform any protocol conversions or other processing required for communicating between data feed network 11 and trader network 12.

Trader network 12 includes frame relay connection 25, database server 26, execution servers 27, authentication server 29, Internet connection 30, and trader terminals 31.

Trader terminals 31 are personal computers ("PC") . Alternatively, they may be "dumb" terminals of a mainframe computer, or any other type of computing device that is capable of processing and displaying information. As shown in close-up view 32, a trader terminal 31a includes a processor 34 and a memory 35, which stores computer instructions, namely trading code 36.

Trading code 36 generates various GUIs that are used by a trader to request information relating to stocks, to view that information, and to transact in stocks. Specifically, trading code 36 generates and displays a window depicting the trading history of a stock, a window depicting stock trends, and a window for transacting m stocks, among others. A detailed description of trading code 36 is provided below.

Frame relay connection 25 connects networks 11 and 12 to related network 13 via a dedicated line or virtual private network ("VPN") . The components shown in Fig. 1 may be included at one site, such as a building or office. Frame relay connection 25 thus enables remote traders to access the services available at that site via network 13. Execution servers 27 are computer programs that receive transaction requests from trader terminals 31, and forward such requests to specified market networks 23. In Fig. 1, there is a one-to-one correspondence between servers and market networks or trading systems. For example, Archipelago® has its own server and Island® has its own server. However, this is not a requirement. For example, one server may support more than one market network or two servers may support the same market network. Likewise, a single computer (with processor and memory) may be used to execute a single execution server, a combination of execution servers, or all of execution servers 27.

Authentication server 29 is a computer, or other device, which executes computer programs for determining the identity of users when they log into trader network 12. For example, at login, a trader terminal 31a will display window 37 (Fig. 2) to the potential user. The user then must enter a password and user ID (identifier) m order to enter trader network 12. This information is passed to authentication server 29, which uses it to determine if the user is authorized to access trader network 12. If the user is so authorized, server 29 permits access to trader network 12; otherwise access is denied.

Database server 26 maintains a record of transactions executed on trader network 12. To this end, database server 26 includes a memory for storing transaction records and a processor for retrieving that information upon request (not shown) . Each time a transaction takes place, information is provided to database server 26 identifying the transaction (e.g., by stock, number of shares traded, price) and the trader. This information is stored in a transaction record on database server. Internet connection 30 includes standard hardware and software for maintaining a connection, such as a VPN, to remote traders on the Internet. For example, one or more Internet servers 40 may be provided, which pass data between trader network 12 and the Internet, thereby allowing traders on the Internet to access the services available on trader network 12. Mail server 41 controls the transmission of electronic mail between trader network 12 and the Internet. Firewall 42 is provided for security purposes, and performs packet filtering and the like to keep unauthorized users from accessing trader network 12. A Tl line 44 provides high-speed Internet access. Referring to Fig. 3, the architecture of trading code

36 is shown. Included in trading code 36 are GUI input module 45, GUI output module 46, function key processing module 47, quote view manager 49, trendspotter manager 50, history chart manager 51, login manager 52, execution manager 54, and query/receive parser 55.

Query/receive parser 55 receives information from data feed network 11, examines that information, and separates the information based on its content and/or source. For example, information from history server 15e is provided to history chart manager 51 (described below) , and information from quote servers 15a and 15b is provided to quote view manager 49. The information may be parsed and routed using source and destination network addresses.

Query/receive parser 55 also transmits requests for information from a trader to trader network 12. For example, if a request is input via a GUI (shown below) for stocks listed on the NYSE, query/receive parser 55 directs the request to NYSE server 15f via network 12.

Login manager 52 generates and displays GUI 37 shown Fig. 2. It also takes the inputs of user ID field 56 and password field 57, and transmits that information to authentication server 49 (which processes the information as described above) . Entered information is transmitted by login manager 52 in response to user selection of logon button 59. Window 37 is exited using exit button 60.

Execution manager 54 receives transaction requests from GUI input module 45, and forwards those requests to execution servers 27 via trader network 12. GUI input module 45 also provides inputs to other modules as shown. GUI output module 46 receives outputs from other modules, such as stock event information, and displays such outputs on appropriate GUIs. Function key processing module 47 assigns various operations to function keys (e.g., FI to F12) on a trader terminal's keyboard. For example, FI may initiate a buy, F2 may initiate a sell, F3 may initiate a short, Fll may cancel a recent buy order, and F12 may cancel all orders. Information received from function keys is provided to execution manager 54, which then transmits the information to execution servers 27, which perform the requested function.

Quote view manager 49 generates the quote profiler window 62 shown in Fig. 4. Through window 62, a trader can view information from data feed 19 and execute transactions for displayed stocks. Quote profiler window 62 may be displayed automatically at login or it may be selected from a menu/toolbar of GUIs (not shown) .

Quote profiler window 62 includes an entry field 65 for entering a stock identifier, such as MSFT (shown) -- the identifier for Microsoft®. After the stock is entered, trading code 36 displays a button 67 for the stock. Eight (or more) such buttons 69 may be displayed.

Buttons 69 are selectable. A selected button 67 ("MSFT") is highlighted, as shown in Fig. 4. When a button is selected, quote view manager 49 issues a request for information about the stock for that button. Query/receive parser 55 retrieves the requested information from a server on data feed network 11, and quote view manager 49 displays that information on quote profiler window 62. Among the information that may be displayed are the number of shares 70 traded in a stock, the PCL 71 of the stock, the current time 72, a high price 74 of the stock for a time period (e.g., one day), a low price 75 of the stock for the time period, inside bid and ask prices 76 for the stock, and information 77 relating to a last trade data in the stock, including the price at which it was last traded and the net change in price since the last trade. Tick indicator arrow 79 indicates a direction (m this case down) that the stock has moved. Depth indicator 73 displays a ratio comprised of a number of buyers of a stock at an inside bid price to a number of sellers of a stock at an inside ask price. For example, the "1 by 1" ratio 73 indicates that there is one buyer at the inside bid price and one seller at the inside ask price.

GUI 62 also includes two areas, one area 80 for displaying bid prices 81 of market makers 82 for the number of shares 83, and one area 84 for displaying ask prices 85 of market makers 86 for the number of shares 88. Numbers of shares 83 for purchase are shown in area 80 and number of shares 88 for sale are shown m area 84. The numbers displayed n 83 and 88 are actually 1/100 of the number of shares available. For example, a displayed number of 10 indicates that 1000 shares are available and a displayed number of 50 indicates that 5000 shares are available. Both bid prices area 80 and ask prices in area 84 are displayed from highest to lowest. Scroll bars (not shown) may be provided in each area if the number of market makers exceeds the display area. Different prices are shown in different colors.

Pull-down box 89 is used to select a stock price for a transaction. When INS ("INSide") is selected, quote view manager 49 obtains the inside price. When MKT ("Market") is selected, a transaction will be at the market price of a stock. For example, if stock is being sold, quote view manager 49 may obtain the highest price (from area 84) at which a market maker is willing to buy. For buying, quote view manager 49 may obtain the lowest price (from area 80) at which a market maker is willing to sell. Pull-down box 90 selects the quantity of stock for a current transaction. For example, if "1000" is shown in pull-down block 90, the transaction is for 1000 shares.

Market selection button 91 selects the market on which the shares are to be traded. Clicking on button 91 displays the available markets. A selected market, in this example ARCA (for Archipelago®), is then displayed.

Transaction buttons 92 initiate transactions for the stock selected by buttons 69 for the number of blocks entered pull-down box 90. Buy button 92a initiates a buy of the stock, sell button 92b initiates a sell of the stock, and short button 92c initiates a short of the stock. Pending button 92d provides a list of options related to a current transaction. In particular, it provides the trader with options to cancel a pending stock order, to cancel all pending orders, to ask execution servers 27 how many shares have been processed at that point, and to close the options. Returning to Fig. 3, history chart manager 51 generates the history windows shown in Figs. 5 and 6. Through these windows, a trader can view information about the activity of a stock, including its price and volume, over a selected period of time. A history window may be displayed automatically at login, selected from a menu/toolbar of GUIs (not shown) , or programmed to display in response to pressing "Ctrl-H".

History windows 100 and 101 include common features. These common features are described with respect to history window 100 (Fig. 5) . History window 100 includes entry field 102 for entering the identifier of a stock (DELL shown) . When the identifier is entered, history chart manager 51 requests information from history server 15e regarding the performance of that stock (e.g., price and volume) over a particular time period.

The time period may be set via mtraday button 104 or historical button 105. Historical button 105 offers selections of DAILY, WEEKLY, or MONTHLY (not shown) . These selections provide the trader with the option to view a stock's performance over one of these time periods. Intraday button 104 (selected/highlighted) provides the trader with the option to view stock performance over a selected time period m a single day. This time period is selected using buttons 106, where button 106a provides a display of the stock's activity over the previous five minutes, and button 106b provides a display of the stock's activity over the previous one minute. Button 106c allows the trader to enter a display time period (m minutes) m entry field 107 (here, "10" minutes is shown) . Custom check box 109 allows a trader to further customize the display.

The display format of the history information is set by buttons 110 and 111. Button 110 produces the chart format shown m Fig. 5. In Fig. 5, the price 112 of the stock is plotted against time 114. A volume chart 115 is also provided, which shows the number of shares traded 116 plotted against time 117 (= time 114). A representation 119 of volume chart 115 may be superimposed on price chart 120 to provide a comparative picture of the stock's activity. Button 110 produces the table format shown in Fig. 6.

In Fig. 6, trading volume 121, high price 122, low price 124, opening price 125, and closing price 126 for a stock in 102 are shown in tabular form at specified time periods 129. Returning to Fig. 3, trendspotter manager 50 generates the trendspotter windows shown in Figs. 7 to 9. Through these windows, a trader can view the performance of a specific stock and/or execute stock transactions.

Fig. 7 shows the main trendspotter window 130. Window 130 may be displayed automatically at login or it may be selected from a menu/toolbar of GUIs (not shown) . Window 130 includes selectable tabs 131 which correspond to categories of one or more stocks. These categories may be set by a trader via list editor dialog box 132 (Fig. 8) . This box is displayed via setup button 134 on window 130. List editor dialog box 132 includes entry fields 135 and 136 for entering stock identifiers and categories, respectively. The category names 137 may be assigned by the trader. In particular, to create a category tab 131 in window 130 (Fig. 7), the trader types the name of the category entry field 136 and clicks on right arrow 141. This causes both a category tab to be displayed in window 130 and the category name to be displayed in area 140. To remove a category, the trader selects the category and clicks on left arrows 139. This removes the category from area 140 and the corresponding tab from window 130.

Area 142 displays stock identifiers 143 for stocks included m the categories. These stocks are selected by inputting stock indicators in entry field 135 and clicking on right arrow 145. To remove a stock from area 142 (and thus also from all categories) , the trader selects the stock and clicks on left arrows 146. To add a stock from area 142 to a category m area 140, the stock and the category are both selected. Category button 147 causes trendspotter manager 50 to associate the stock with that category.

Stop delta ("Δ") feature 150 provides a way to commence trading of a stock automatically. To provide a stop delta for a stock listed m entry field 131, the trader enters the stop delta value entry field 151. The stop delta value is a number from one to thirty-two, which specifies the stop delta price in eighths. Set button 152 causes trendspotter manager 50 to associate the stop delta value with the stock. A stock trade can be (but need not necessarily be) executed once the price of the stock reaches the stop delta value. Close button 155 returns to window 130 of Fig. 7. As shown in Fig. 7, a category tab 131a displays information about stocks m that category m area 156. This information, which is provided by one or more of servers 15, includes the last price 157 of t e stock, the trade volume 159 of the stock for a day, and stock identifiers 160. Indicator information 161 is also displayed in association with the foregoing information. Indicator information 161 relates to events that occurred for the stocks listed area 156. These events include, but are not limited to, the stock hitting a PCL, the stock passing (or "breaking through") the PCL (m either an upward or downward direction) , the stock hitting a high or low price for the day, and the stock "bouncing off" the high or low price. Bouncing off means that the stock hit its high or low price for the day and retreated therefrom (either in an upward or downward direction) .

Indicator information 161 is determined by trendspotter manager 50 from the portion of data feed 19 that it receives from query/receive parser 55. Alternatively, indicator information 161 may be determined by one of servers 15, and then provided to trendspotter manager 50 in response to a request received therefrom.

Fig. 10 shows a process 128, which is executed by trendspotter manager 50, for obtaining the event-related information displayed the windows shown m Figs. 4 to 9. To begin, process 128 receives (1101) information about a stock from one of servers 15, such as quote server 15a. This information may include, for example, the price at which the stock is currently trading.

Process 128 compares (1102) the received price to a previous high price. This previous high price is obtained from a memory, such as database server 26. If the price is greater than the high price of that stock for tne day (1103), process 128 sets (1104) the price as the new high in the memory and outputs (1105) the new high price on a window. Process 128 will be described with respect to trendspotter windows, though the information determined therein may be displayed on other windows as well. Otherwise, process 128 proceed to 1106. If the price is equal to the high price of that stock for the day (1106), process 128 sets (1107) the price as the high in the memory and outputs (1108) an indication on a trendspotter window that the stock has reached its high price. Otherwise process 128 proceeds to 1109. If the price is less than the high price of that stock for the day (1109) and the previous trade in that stock was at the stock's high (1110), process 128 sets (1111) an indication in the memory that the stock has bounced off its high and outputs (1112) that indication on a trendspotter window.

If the price is less than the low price of that stock for the day (1113), process 128 sets (1114) the price as the new low in the memory and outputs (1115) the new low price on a trendspotter window. Otherwise, process 128 proceeds to 1116. If the price is equal to the low price of that stock for the day (1116), process 128 sets (1117) the price as the low the memory and outputs (1118) an indication on a trendspotter window that the stock has reached its low price. Otherwise, process 128 proceeds to 1119. If the price is greater than the low price of that stock for the day (1119) and the previous trade in that stock was at the stock's low (1120), process 128 sets (1121) an indication the memory that the stock has bounced off its low and outputs (1122) that indication on a trendspotter window. Otherwise, process 128 proceeds to 1123.

If the price is greater than the PCL (1123), and the previous trade in that stock was not at a price that is less than or equal to the PCL (1124), process 128 proceeds to 1125. In 1125, process 128 determines if the price of the previous trade equals the PCL. If so, then process 128 sets (1126) an indication the memory that the stock has bounced off the PCL and outputs (1127) that indication on a trendspotter window. If the price of the previous trade does not equal the PCL in 1125, process 128 sets (1128) an indication in the memory that the stock has crossed the PCL and outputs (1129) that indication on a trendspotter window. Returning to 1124, if the price of the current trade is not greater than the PCL and the price of the previous trade is greater than or equal to the PCL, process 128 proceeds to 1130.

In 1130, process 128 determines if the price of the current trade equals the PCL. If so, process 128 sets

(1131) an indication m the memory that the stock is at the PCL and outputs (1132) that indication on a trendspotter window. Otherwise, process 128 proceeds to 1133. In 1133, process 128 determines if the price of the current trade is less than the PCL. If so, process 128 proceeds to 1134, where it determines if the price of the previous trade in the stock is greater than or equal to the PCL. If not, process 128 ends. If so, process 128 proceeds to 1135 where it determines if the price of the previous trade in the stock equals the PCL. If tne price of the previous trade equals the PCL, process 128 proceeds to 1136. There, process 128 sets an indication n the memory that the stock bounced off the PCL and then outputs (1139) that indication on a trendspotter window. If the price of the previous trade does not equal the PCL in 1135, process 128 proceeds to 1138. There, process 128 sets an indication in the memory that the stock crossed the PCL and then outputs (1139) that indication on a trendspotter window.

Returning to Fig. 7, in area 156, the event-related information is displayed m color. This makes it easier for traders to differentiate among events. A message indicating that a stock reached its high or low is displayed m red; a message indicating that a stock passed its PCL is displayed in green; and a message indicating that the stock bounced off its high or low is displayed in yellow.

A stock listed area 156 may be selected to display information relating to that stock in area 166 of window 130. This information includes a stock identifier 170, a PCL 171, high and low prices 172 for the day, trading volume 173, inside bid and ask prices 174, and information 175 pertaining to the last trade that stock. Information 175 may include the purchase price 176 of the stock and the amount 177 by which the stock has changed since a last trade.

Transact button 180 displays trend analysis window 181 (Fig. 9) for a selected stock m area 166. Trend analysis window 181 includes entry field 182 for entering a number of blocks of stock, price field 184 for entering a price (by market maker) of the stock, buy button 185 for purchasing the blocks of stock for the price, sell button 186 for selling the blocks of stock for the price, and short button 187 for shorting the blocks of stock for the price. Trend analysis window 181 also displays inside information 189, last trade information 190, and day range information 191. Day range information 191 includes a high price 191a of stock 192, its low price 191b, and its PCL 191c. Last trade information 190 includes a price 190a at which stock 192 was last traded, the trade volume 190b of stock 192 (per day) , and the amount (net) 190c that the stock has changed price since the last trade. Inside information 189 includes inside bid and ask prices 189a and 189b, respectively. Close button 194 closes trend analysis window 181, and returns the trader to the mam trendspottmg window 140.

Referring to Fig. 11, an index indicator window 200 is shown. Index indicator window 200 is generated and displayed by quote view manager 49 (or other module (s)) within trading code 36 using data obtained from data feed network 12.

Index indicator window 200 includes three areas 201, 202 and 204 for displaying current market indices. In this embodiment, area 201 shows the Dow Jones® Industrial Average, area 202 shows the NASDAQ® Composite, and area 204 shows the NASDAQ® 100 Composite. Associated with each of areas 201, 202 and 204 are respective display areas 205, 206 and 207. Area 205 shows the change in the Dow Jones® Industrial Average over a predetermined mtraday time period. Area 206 shows the change in the NASDAQ® Composite over a predetermined mtraday time period. Area 207 shows the change in the NASDAQ® 100 Composite over a predetermined mtraday time period. In this context, an "mtraday" time period refers to any time period within a 24 hour time span. The mtraday time periods associated with areas 205,

206 and 207 may have the same, or different, durations. The indices shown m Fig. 11 are dynamic; accordingly, index indicator window 200 shows updates in the displayed indices on a "tick-by-tick" basis. The indices shown in index indicator window 200 are merely representative of indices that may be displayed by the invention. Different indices may be displayed. Also, more or fewer indices than those shown may be displayed.

Referring to Fig. 12, a stock ticker window 210 is shown. Stock ticker window 210 is generated and displayed by quote view manager 49 (or other module (s)) within trading code 36 using data obtained from data feed network 12.

Stock ticker window 210 displays stock symbols 211, which cascade (i.e., move/scroll) horizontally in this embodiment, but which may also cascade vertically. An option (not shown) is provided to set the cascade direction. Displayed adjacent to each stock symbol 211 is a value/price 212 at which the stock represented stock symbol 211 was last traded. The value/price 212 may be color coded to indicate whether the value at which the stock was last traded is higher or lower than a previous trade value. For example, red may indicate that the last trade value was lower than that of an immediately preceding trade value and green may indicate that the last trade value was higher than that of the immediately preceding trade value. Each trade that takes place m a stock is displayed m stock ticker window 210. The information displayed in stock ticker window 210 is updated after each trade takes place. Stock ticker window also displays a net change 214 m each stock's value since the previous close, where "net change" means the difference between the current trade value and a previous closing value of the stock.

Stock ticker window 210 is not limited to displaying information about stocks. Stock ticker window 210 may display information about any security that is traded. Other information may also be included on stock ticker window. For example, real-time trade information (not shown) for a stock, such as the shared volume of each trade, may be displayed by stock ticker window 210. Referring to Fig. 13, a time and sales window 215 is shown. Time and sales window 215 is generated and displayed by quote view manager 49 (or other module (s)) in trading code 36 using data obtained from data feed network 12. Time and sales window 215 displays the real-time, last trade activity of a security. Information in time and sales window 215 cascades from top 216 to bottom 217, with the most recent trade activity information m the security being displayed at the top 216 of window 215. The information displayed includes the symbol/identifier 219 of the security, the time 220 of the last trade in security, trade status data 221 identifying whether the last trade was a sale or a change in inside bid or ask prices, the price 222 of the last trade, and the volume 224 of the last trade. All or some of the information displayed in time and sales window 215 may be color-coded (e.g., red/green as above) to indicate whether the last trade m the security was greater than, or less than, an immediately preceding the last trade. The information displayed in time and sales window 215 is not limited to that described above. Other information relating to the last trade of a security may be displayed. Additionally, color-coding or other schemes may be used to further differentiate the information.

Referring to Fig. 14, a position manager window 225 is shown. Position manager window 225 is generated and displayed by quote view manager 49 (or other module (s)) in trading code 36 using data from data feed network 12. Position manager window 225 shows all open trader positions. This means that all stock transactions that are executed by traders 31 are shown in position manager window 225. The information displayed m position manager window 225 includes a stock identifier (ID) column 226, a shares column 229, a price column 230, a current column 231, and a net change column 227. The stock ID column 226 displays the security symbol of a stock being traded. The shares column 229 shows the number of shares of the security that were involved in a transaction. The price column 230 shows the price at which the transaction was executed. The current column 231 shows the current price of the stock. The net change column 227 shows the difference in price (in, e.g., US dollars) between the price 230 and current 227 columns for the number of shares traded 229. The numbers in stock ID column 226 may be displayed m different colors (e.g., red, green) to indicate if the stock was sold short or long. Other information may also be displayed in position manager window 225. For example, information such as a broker/firm, time of transaction, and a transaction identifier may be displayed in position manager window 225. Similarly, information may be removed from this window. Referring to Fig. 15, a trader P&L (Profit & Loss) window 232 is shown. Trader P&L window 232 is generated and displayed by quote view manager 49 (or other module (s)) m trading code 36 using data from data feed network 12. Trader P&L window 232 shows all executed trades in a predefined securities portfolio during a pre-specifled mtraday time frame. "Portfolio", in this case, refers to a set of securities having a common ownership.

Trader P&L window 232 includes a stock ID column 234, an action column 235, a shares column 236, a price column

237, a share total column 239, and a balance column 240. As above, the stock ID column 234 displays the security symbol of a stock being traded. The action column 235 indicates whether the corresponding security shown in stock ID column 234 was bought, sold, or sold short. The shares column 236 shows the number of shares of the security that were involved a transaction. The price column 237 shows tne price at which the transaction was executed. The share total column 239 shows the value (in, e.g. U.S. dollars) of the currently-executed transaction. The balance column 240 shows the value of the trading equity m the current trading account. All or part of this information need not be displayed. Likewise, additional information may be added to trader P&L window 232.

The system described herein is not limited to use with the hardware/software/GUI configurations of Figs. 1 to 15; it may find applicability in any computing or processing environment. The system may be implemented in hardware, software, or a combination of the two (e.g., using an ASIC (application-specific integrated circuit) or programmable logic) . The system may be implemented m one or more computer programs executing on programmable computers that each includes a processor, a storage medium readable by the processor (including volatile and non-volatile memory and/or storage elements), at least one input device, and one or more output devices. Program code may be applied to data entered to generate output information.

Each such program may be implemented in a high level procedural or ob ect-oriented programming language to communicate with a computer system. However, the programs can be implemented m assembly or machine language. The language may be a compiled or an interpreted language.

Each computer program may be stored on a storage medium or device (e.g., CD-ROM, hard disk, or magnetic diskette) that is readable by a general or special purpose programmable computer for configuring and operating the computer when the storage medium or device is read by the computer to perform implement the system. The system may also be implemented, at least m part, as a computer- readable storage medium, configured with a computer program, where, upon execution, instructions in the computer program cause a computer to operate appropriately.

The invention is not limited to the hardware, software, and/or GUI configurations set forth herein. For example, the invention is not limited to the numbers and types of servers on data feed network 11 or on trader network 12. The invention is also not limited to the software architecture shown in Fig. 3, or to the specific windows (GUIs) generated thereby. Similarly, the invention is not limited to operation with the specific services described herein, such as Island®, or to use with stocks. Other embodiments are also within the scope of the following claims.

What is claimed is:

Claims

1. A graphical user interface (GUI) comprising: index display areas, each of the index display areas for displaying a different security index; and change display areas, each of the change display areas being associated with a corresponding index display area, each of the change display areas displaying a change in a corresponding security index over a predetermined time period.

2. The GUI of claim 1, wherein the index display areas include areas for displaying the Dow Jones® Industrial Average, the NASDAQ® Composite, the NASDAQ® 100 Composite.

3. The GUI of claim 1, wherein the predetermined time period is an mtraday time period.

. A computer program, stored on a computer-readable medium, the computer program comprising executable instructions that cause a computer to generate the GUI of claim 1.

5. A graphical user interface (GUI) which displays information about a security, the information comprising: an identifier that corresponds to the security; a value of a last trade in the security; and a difference between the value and a previous closing value of the security.

6. The GUI of claim 5, wherein the value of the last trade is color-coded to indicate whether the value of the last trade is higher than, or lower than, the previous closing value of the security.

7. The GUI of claim 5, wherein the information cascades during display.

8. The GUI of claim 5, wherein the information is updated after a trade in the security.

9. A computer program, stored on a computer-readable medium, the computer program comprising executable instructions that cause a computer to generate the GUI of claim 5.

10. A graphical user interface (GUI) which displays information relating to trading activity in a security, the information comprising: an identifier that corresponds to the security; a time of a last trade in the security; an identity of the last trade; a price of the security m the last trade; and a volume of the security in the last trade.

11. The GUI of claim 10, wherein the identity of the last trade comprises one of a sale or change n inside bid or ask prices of the security.

12. The GUI of claim 10, wherein at least some of the information displayed m the GUI is color-coded to indicate if the price of the last trade is greater than or equal to a price of the security in a trade that preceded the last trade .

13. The GUI of claim 10, wherein the information cascades during display.

14. A computer program, stored on a computer-readable medium, the computer program comprising executable instructions that cause a computer to generate the GUI of claim 10.

15. A graphical user interface (GUI) which displays information that relates to a transaction in a security, the information comprising: an identifier that corresponds to the security; the transaction performed with respect to the security; a number of shares of the security involved in the transaction; and a price of the security in the transaction.

16. The GUI of claim 15, wherein the information further comprises an open position with respect to the security.

17. The GUI of claim 15, wherein the transaction comprises one of buying the security, selling the security, or selling the security short.

18. A computer program, stored on a computer-readable medium, the computer program comprising executable instructions that cause a computer to generate the GUI of claim 15.

19. A graphical user interface (GUI) which displays information relating to transactions in a securities portfolio, the information comprising: an identifier that corresponds to the security; the transaction performed with respect to the security; a number of shares of the security in the transaction; a price of the security m the transaction; a total value of the transaction; and a balance in a trading account that corresponds to the portfolio .

20. The GUI of claim 19, wherein the transaction comprises one of buying the security, selling the security, or selling the security short.

21. The GUI of claim 19, wherein the information is displayed for a predetermined time period.

22. The GUI of claim 21, wherein the predetermined time period is an intraday time period.

23. A computer program, stored on a computer-readable medium, the computer program comprising executable instructions that cause a computer to generate the GUI of claim 19.

24. A graphical user interface (GUI) for displaying information relating to securities, comprising: selectable tabs that correspond to categories of securities; and an area which displays information relating to events that occur for securities that correspond to a selected tab.

25. The GUI of claim 24, wherein the categories of securities are organized by a user.

26. The GUI of claim 24, wherein the events comprise one or more of the following: the security hits a previous closing price; the security passes the previous closing price; the security hits a high or low price for a specified time period; and the security bounces off the high or low price.

27. The GUI of claim 24, wherein the information is color coded.

28. The GUI of claim 24, wherein, for a security, the information is displayed in association with one or more of the following: a price of the security; a trade volume of the security; and an identifier for the security.

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29. The GUI of claim 24, further comprising a transaction button which controls display of a second GUI for transacting in a security displayed on the first GUI, the second GUI comprising: a field for entering a block of shares of the security; and selectable buttons for initiating transactions for the block of shares entered in the field.

30. The GUI of claim 29, wherein the second GUI displays one or more of the following for the security: a previous closing price; a high price for a period of time; a low price for a period of time; inside bid and ask prices; and information pertaining to a last trade in the security.

31. A computer program, stored on a computer-readable medium, which generates the GUI of claim 24.

32 . An apparatus comprising : a memory which stores a computer program; and a processor which executes the computer program to generate the GUI of claim 24.

33. A method comprising the steps of: receiving data related to securities; analyzing the data to detect events relating to the securities; and providing information relating to the events for display.

34. The method of claim 33, wherein analyzing comprises determining if a security has passed a previous closing price.

35. The method of claim 33, wherein analyzing comprises determining if a security is at a previous closing price .

36. The method of claim 33, wherein analyzing comprises determining if a security is at a high or low price for a specified time period.

37. The method of claim 33, wherein analyzing comprises determining if a security bounced off a high or low price.

38. A computer program stored on a computer-readable medium, the computer program comprising instructions that cause a computer to: receive data related to securities; analyze the data to detect events relating to the securities; and provide information relating to the events for display.

39. The computer program of claim 38, wherein analyzing comprises determining if a security has passed a previous closing price.

40. The computer program of claim 38, wherein analyzing comprises determining if a security is at a previous closing price.

41. The computer program of claim 38, wherein analyzing comprises determining if a security is at a high or low price for a specified time period.

42. The computer program of claim 38, wherein analyzing comprises determining if a security bounced off a high or low price.

43. An apparatus comprising: a memory which stores computer instructions; and a processor which executes the computer instructions

(i) to receive data related to securities, (ii) to analyze the data to detect events relating to the securities, and (iii) to provide information relating to the events for display.

44. The apparatus of claim 43, wherein analyzing comprises determining if a security has passed a previous closing price.

45. The apparatus of claim 43, wherein analyzing comprises determining if a security is at a previous closing price .

46. The apparatus of claim 43, wherein analyzing comprises determining if a security is at a high or low price for a specified time period.

47. The apparatus of claim 43, wherein analyzing comprises determining if a security bounced off a high or low price.

48. A graphical user interface (GUI) for transacting m securities, comprising: selectable buttons that correspond to securities; a first area which displays selling information for a security that corresponds to a selected button; and a second area which displays buying information for the security .

49. The GUI of claim 48, wherein the selling information comprises bid prices of market makers.

50. The GUI of claim 49, wherein the bid prices are arranged from highest to lowest.

51. The GUI of claim 48, wherein the selling information comprises market maker bid prices for a displayed number of shares of stock.

52. The GUI of claim 48, wherein the buying information comprises ask prices of market makers.

53. The GUI of claim 51, wherein the ask prices are arranged from highest to lowest.

54. The GUI of claim 48, wherein the buying information comprises market maker ask prices for a displayed number of shares of stock.

55. The GUI of claim 48, which also displays one or more of the following information for the security: a number of shares traded; a previous closing price; a high price for a period of time; a low price for a period of time; mside bid and ask prices; and a depth indicator which displays a ratio comprised of a number of buyers of a stock at an side bid price to a number of sellers of a stock at an mside ask price.

56. The GUI of claim 48, further comprising: a field for entering a block of shares of the security; and selectable buttons for initiating transactions for the block of shares entered in the field.

57. A computer program, stored on a computer-readable medium, which generates the GUI of claim 48.

58. An apparatus comprising: a memory which stores a computer program; and a processor which executes the computer program to generate the GUI of claim 48.

59. The apparatus of claim 58, wherein: the GUI includes transaction buttons for initiating transactions relating to securities that correspond to the selectable buttons; and the apparatus further comprises a network interface over which data is transmitted for a transaction initiated via a transaction button.

60. A graphical user interface (GUI) which displays information relating to securities, comprising: an entry field for entering a security; buttons for selecting time periods; and an area for displaying prices of the security in the entry field over a time period selected by a button.

61. The GUI of claim 60, further comprising buttons for selecting a display format of the prices.

62. The GUI of claim 61, wherein the buttons comprise a button for displaying the prices m chart form and a button for displaying the prices in list form.

63. The GUI of claim 60, further comprising an area which displays a trading volume of the security in the entry field over the time period selected by a button.

64. A computer program, stored on a computer-readable medium, which generates the GUI of claim 60.

65. An apparatus comprising: a memory which stores a computer program; and a processor which executes the computer program to generate the GUI of claim 60.

66. A securities trading program, stored on a computer-readable medium, which generates multiple windows containing securities information, the program comprising instructions that cause a computer to: generate a first window which displays a price of a selected security over a time period; generate a second window which displays information relating to performance of selected securities; and generate a third window for transacting in securities, the third window including buying and selling information for selected securities.

67. The securities trading program of claim 66, wherein the first window comprises: an entry field for entering a security; buttons for selecting time periods; and an area for displaying prices of the security in the entry field over a time period selected by a button.

68. The securities trading program of claim 66, wherein the second window comprises: selectable tabs that correspond to categories of securities; and an area which displays the information relating to performance of the securities that correspond to a selected tab.

69. The securities trading program of claim 66, wherein the third window comprises: selectable buttons that correspond to securities; a first area which displays selling information for a security that corresponds to a selected button; and a second area which displays buying information for the security.