WO2017064234A1 - System for displaying data updated in real time relating to financial instruments being traded on a stock exchange on a data processing terminal provided with an operating interface for online trading - Google Patents

System for displaying data updated in real time relating to financial instruments being traded on a stock exchange on a data processing terminal provided with an operating interface for online trading Download PDF

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Publication number
WO2017064234A1
WO2017064234A1 PCT/EP2016/074666 EP2016074666W WO2017064234A1 WO 2017064234 A1 WO2017064234 A1 WO 2017064234A1 EP 2016074666 W EP2016074666 W EP 2016074666W WO 2017064234 A1 WO2017064234 A1 WO 2017064234A1
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WIPO (PCT)
Prior art keywords
price level
units
order
price
buy
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PCT/EP2016/074666
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French (fr)
Inventor
Mario Fabbri
Giovanni COTTO
Federico MANURI
Andrea Sanna
Fabrizio LAMBERTI
Gianluca PARAVATI
Andrea STIFANELLI
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Directa Sim S.P.A.
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Publication of WO2017064234A1 publication Critical patent/WO2017064234A1/en

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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q10/00—Administration; Management
    • G06Q10/10—Office automation; Time management
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/02—Marketing; Price estimation or determination; Fundraising
    • G06Q30/0281—Customer communication at a business location, e.g. providing product or service information, consulting
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis

Definitions

  • the present invention relates to a system for displaying data updated in real time relating to financial instruments being traded on a stock exchange on a data processing terminal provided with an operating interface for online trading, the data processing terminal receiving said data from a processing unit connected to the telematic market.
  • the remote terminal can be a computer connected to the internet by way of a fixed network, or a pocketable device such as a cellular telephone, handheld device, or other, similar device, again connected to the portal, e.g., by way of the GSM, GPRS network etc., by way of a specific communications protocol, such as WAP.
  • a specific communications protocol such as WAP.
  • touch-sensitive screen of relatively reduced size, e.g., 3.5 inches, by way of which the information is displayed and the orders are sent.
  • Some brokerage companies provide users with an interface that is optimized for such screens so as to be as intuitive as possible and so as to speed up the execution of buy/sell operations.
  • a typical operating interface or "book” optimized for handheld devices can comprise a vertical table, e.g., divided into three columns.
  • the three columns contain respectively: - the price levels at which it is possible to buy/sell a determined financial instrument, in decreasing order in preset steps downward from above;
  • the table is divided into an upper portion displaying the sell offers, a lower portion displaying the buy offers, and an intermediate portion displaying the spread, i.e., the difference between the best sell price and the best buy price.
  • the three portions are usually marked by different colors for easy identification.
  • buy/sell order or offer
  • a buy/sell command typically one enters the number of units that will be used for the buy/sell order, or orders, in a dedicated window, after which one points to the cell corresponding to the desired price level.
  • the number of lines displayed is necessarily limited by the vertical dimension of the screen which, as mentioned previously, especially for portable terminals such as smartphones, tablet computers and so on, is relatively small.
  • the aim of the present invention is to provide a system for displaying data relating to financial instruments being traded on a stock exchange that overcomes the drawbacks of traditional systems, in particular, which offers a more complete and more intuitive view of the progression of the stock even on small screens, which makes it possible to perceive and interpret more rapidly the principal data relating to the various price levels, by showing in a clearly readable manner all the information relating to the price level of interest, and which makes it possible also to more easily follow the movements of financial instruments that are subject to continual and considerable fluctuations in volume and/or price.
  • Figure 1 is a block diagram that schematically illustrates a data processing network in which a system according to the invention can be integrated;
  • Figure 2 schematically illustrates a remote terminal that has a vertical book for online trading according to the known art installed on it;
  • Figures 3-5 schematically illustrate a remote terminal that is part of the system according to the invention, which has an interface for online trading based on the system according to the invention installed on it, in three successive steps of operation;
  • FIG. 6 is a flowchart showing the logic of operation of the system according to the invention.
  • FIGS 7-10 schematically illustrate an accessory function of the system according to the invention.
  • a network for online trading operations comprises a central unit CU connected to the telematic market M in order to receive from it data updated in real time relating to various types of financial instruments, such as equity securities, bond certificates, derivatives contracts and the like, and also for transmitting/canceling buy and sell orders and receiving the corresponding notifications.
  • financial instruments such as equity securities, bond certificates, derivatives contracts and the like
  • the central unit CU is programmed to transmit information to, and receive orders from, a plurality of internet-connected remote terminals Pi,
  • Figure 2 schematically shows a generic remote terminal, e.g., a handheld device P provided with a touch-sensitive screen R, on which is displayed the information coming from the central unit CU through a vertical operating interface or book according to the known art.
  • the book is in the form of a table C showing three adjacent columns Q, D and H.
  • the three columns Q, D and H are each made up of a row of m cells Qi, Q 2 , Q 3 , Q m , Di, D 2 , D 3 , D m , Hi, H 2 , H 3 , H m .
  • Each row of the table is associated with a numeric value corresponding to the price level of a determined stock.
  • the first column Q displays the price levels at which it is possible to buy/sell a determined financial instrument, in decreasing order in steps downward from above. Some steps may be hidden, as in the example shown between 15.04 and 15.01, in order to permit viewing of the most representative price levels.
  • the second column D displays the quantities being traded on the market for each price level and the number of offers.
  • the third column H displays other information such as, for example, the pertinent buy/sell orders, which can be managed by the user of the device.
  • the table is divided into an upper portion V which displays the sell offers, a lower portion A which displays the buy offers, and an intermediate portion S which displays the spread.
  • the three portions are distinguished by different colors of the cells for easy visual identification.
  • An area Y above the table shows other information of interest, such as the reference and the full name of the stock being traded, the number of units on which it is desired to operate, which can be entered in a dedicated cell K, and the like.
  • the bars advantageously extend from an edge E of the grid that is perpendicular to the straight lines ( Figure 3), such edge defining zero.
  • the grid is divided into a first portion V, which represents the sell offers and extends from the highest price level displayed to a first intermediate price level LI, a second portion A', which represents the buy offers and extends from the lowest price level displayed to a second intermediate price level L2, and an intermediate portion S', which represents the spread.
  • the three portions are advantageously distinguished by different colors of the cells and/or of the bars for easy identification.
  • control window W is not fixed, and instead consists of a movable window with transparent background and edges, which opens at the position of the pointing means F and slides vertically, following the vertical movements of the latter. In this manner, the user can read the salient data corresponding to the level selected without removing his/her gaze from the area of interest.
  • the system upon the release of the pointing means F, the system generates an operating command to buy/sell on the last level selected.
  • the operating interface advantageously has a disengagement area G that surrounds the grid. If the user changes his/her mind, he/she can slide the pointing means F to the disengagement area G and cancel the operation.
  • a graduated scale of the prices at relatively wide intervals which acts as an orientation for the user.
  • the pointing means F comprises the finger of the user, or optionally an auxiliary pen with which some models are provided; the area where the finger is pointed is shown by way of a cursor Z.
  • the pointing means can consist of a cursor driven by an external device, e.g., a mouse (not shown).
  • the grid is an area Y' in which other information of interest is shown, such as the reference and the full name of the stock being traded, the number of units that will be used for the buy/sell order, or orders, which can be entered in a dedicated cell K', and the like.
  • block 10 represents a stand-by state of the system, meaning a state of waiting, possibly after previous steps of selection or setting, e.g., selection of the stock to buy/sell, setting of the quantity of units to be handled in the cell K' ( Figures 3-5), etc.
  • the user has an immediate perception of the overall progression of the stock even before knowing the exact values of the price levels and of the quantities being traded. This enables the user to more rapidly identify the "areas" of greatest interest and from the start select a price level in the neighborhood of the level on which he/she effectively wants to operate on or find out more about.
  • the representation as bars according to the invention makes it possible to display a much larger number of price levels without it being necessary to hide lines of the table.
  • the offers are always shown on a linear price scale with constant steps, i.e. without jumps, so as to offer an intuitive perception of the actual situation of the stock.
  • the system checks if the user has selected a price level and, in the affirmative, in the control window W it reproduces the corresponding data (price level and corresponding quantity being traded), such step being defined in block 16.
  • the system checks if there has been a change of selection, owing to the fact that the user is examining the data for the price levels neighboring the level that was first selected. In such case, the procedure restarts from the previous block 16, with the new data which will be shown in the control window W. Otherwise, in block 20 the system checks if the user has removed his/her finger from the screen. If not, the procedure restarts from the previous block 16; otherwise, in block 22 the system checks if the release occurred in an active area of the screen, in which case in block 24 the order for the selected cell is generated and the system returns to stand-by in block 10. If the response is negative, the selection is canceled and the system goes straight back to stand-by.
  • FIGS 7-10 schematically illustrate an accessory function of the present invention.
  • Such function enables the user to immediately evaluate the impact of a large order on the market and it is therefore particularly advantageous especially when one is trading on markets with low liquidity.
  • system according to the invention is particularly convenient for portable remote terminals provided with a small touch-sensitive screen, obviously it can equally be applied to fixed terminals such as personal computers.
  • disengagement area can take different forms from that described, as long as it has at least one side adjacent to the table so as to be reachable by sliding the means of selection on the screen.
  • the lines L that represent the steps between the subsequent price levels can assume different configurations; for example, the lines of the grid could have alternating colors, and the lines would therefore be defined by the border between one row and the next.
  • window used in the present description must be understood in the broad sense, defining only a numeric indicator adapted to display values corresponding to the price level selected, independently of whether or not it is contained in a frame and whether or not it has an opaque background.

Abstract

A data processing terminal (Ρ') provided with an operating interface for online trading is programmed to display the data item relating to the quantities of a financial instrument being traded on the market for each price level in the form of bars (D1-D10) extending on a grid formed by multiple parallel and equally spaced straight lines (L) that define the steps between successive price levels; the bars (D1-D10) are extended parallel to the straight lines (L) at the respective step; in response to pointing at a price level by way of a pointing means (F), the numeric values are displayed in a control window (W) of the selected price level and of the corresponding quantity being traded. Such numeric values are continuously updated in relation to the sliding of the pointing means (F) along adjacent price levels.

Description

SYSTEM FOR DISPLAYING DATA UPDATED IN REAL TIME RELATING TO FINANCIAL INSTRUMENTS BEING TRADED ON A STOCK EXCHANGE ON A DATA PROCESSING TERMINAL PROVIDED WITH AN OPERATING INTERFACE FOR ONLINE TRADING
The present invention relates to a system for displaying data updated in real time relating to financial instruments being traded on a stock exchange on a data processing terminal provided with an operating interface for online trading, the data processing terminal receiving said data from a processing unit connected to the telematic market.
As is known, for several years it has been possible to trade on the financial market telematically ("online trading") by way of brokerage companies that make available to investors dedicated internet-accessible portals. Said portals make it possible to monitor the trend on the stock exchange of the various financial instruments (shares, stocks etc.) and to make corresponding buy or sell orders from a remote terminal.
The remote terminal can be a computer connected to the internet by way of a fixed network, or a pocketable device such as a cellular telephone, handheld device, or other, similar device, again connected to the portal, e.g., by way of the GSM, GPRS network etc., by way of a specific communications protocol, such as WAP.
In particular, in recent years the use has become widespread of handheld devices provided with a touch- sensitive screen ("touchscreen") of relatively reduced size, e.g., 3.5 inches, by way of which the information is displayed and the orders are sent. Some brokerage companies provide users with an interface that is optimized for such screens so as to be as intuitive as possible and so as to speed up the execution of buy/sell operations.
A typical operating interface or "book" optimized for handheld devices can comprise a vertical table, e.g., divided into three columns.
The three columns contain respectively: - the price levels at which it is possible to buy/sell a determined financial instrument, in decreasing order in preset steps downward from above;
- the quantities being traded on the market, for each price level, of said financial instrument and the number of offers for each price level;
- data regarding orders/quantities entered by the user.
The table is divided into an upper portion displaying the sell offers, a lower portion displaying the buy offers, and an intermediate portion displaying the spread, i.e., the difference between the best sell price and the best buy price. The three portions are usually marked by different colors for easy identification.
In order to enter a buy/sell (order or offer) command at a determined price, typically one enters the number of units that will be used for the buy/sell order, or orders, in a dedicated window, after which one points to the cell corresponding to the desired price level.
Although such system facilitates the perception of the overall progression of the stock and makes it possible to value the spread, it is not yet fully satisfactory at least for the following reasons.
The number of lines displayed, each one of which corresponds to a price level and shows in the various cells the numerical data corresponding thereto, is necessarily limited by the vertical dimension of the screen which, as mentioned previously, especially for portable terminals such as smartphones, tablet computers and so on, is relatively small.
Moreover, in order to show a high number of lines and offer the user a wide range of prices to evaluate, the cells must be relatively thin, with consequent difficulty in reading the numbers contained therein.
With the intention of limiting the above mentioned drawbacks, often the strategy is used of hiding some of the lines of the table in which there are no offers.
Such expedient, however, distorts the perception of the actual situation of the stock, since the offers are no longer shown on a linear price scale with regular steps, and instead are shown on a scale that has "jumps" that can mislead the user.
Furthermore, interpreting the data shown in numeric terms requires a certain amount of time while, as is known, nowadays the swiftness with which one is capable of processing the key data of a stock and executing the financial operations plays an essential role in online trading.
Also, since the progression of the market is in continuous and rapid change, with sudden variations in volumes and prices, the cells of the table are continually moving, with market movements that, often, are too fast to follow. Such circumstance is aggravated by the presence of robot traders.
The above mentioned limitations of conventional books, and others related to them, compromise the efficacy of the book as an accessory tool for executing financial operations and, as a consequence, reduce the earning possibilities.
The aim of the present invention is to provide a system for displaying data relating to financial instruments being traded on a stock exchange that overcomes the drawbacks of traditional systems, in particular, which offers a more complete and more intuitive view of the progression of the stock even on small screens, which makes it possible to perceive and interpret more rapidly the principal data relating to the various price levels, by showing in a clearly readable manner all the information relating to the price level of interest, and which makes it possible also to more easily follow the movements of financial instruments that are subject to continual and considerable fluctuations in volume and/or price.
This aim and other objects, which will become clearer from the description that follows, are achieved by the system having the characteristics recited in the appended claim 1, while the appended dependent claims define other characteristics of the invention which are advantageous, although secondary. Now the invention will be described in more detail, with reference to a preferred but not exclusive embodiment thereof, which is illustrated for the purposes of non-limiting example in the accompanying drawings, wherein:
Figure 1 is a block diagram that schematically illustrates a data processing network in which a system according to the invention can be integrated;
Figure 2 schematically illustrates a remote terminal that has a vertical book for online trading according to the known art installed on it;
Figures 3-5 schematically illustrate a remote terminal that is part of the system according to the invention, which has an interface for online trading based on the system according to the invention installed on it, in three successive steps of operation;
Figure 6 is a flowchart showing the logic of operation of the system according to the invention;
Figures 7-10 schematically illustrate an accessory function of the system according to the invention.
With reference to Figure 1, a network for online trading operations comprises a central unit CU connected to the telematic market M in order to receive from it data updated in real time relating to various types of financial instruments, such as equity securities, bond certificates, derivatives contracts and the like, and also for transmitting/canceling buy and sell orders and receiving the corresponding notifications.
The central unit CU is programmed to transmit information to, and receive orders from, a plurality of internet-connected remote terminals Pi,
Figure imgf000006_0001
Figure 2 schematically shows a generic remote terminal, e.g., a handheld device P provided with a touch-sensitive screen R, on which is displayed the information coming from the central unit CU through a vertical operating interface or book according to the known art. The book is in the form of a table C showing three adjacent columns Q, D and H. The three columns Q, D and H are each made up of a row of m cells Qi, Q2, Q3, Qm, Di, D2, D3, Dm, Hi, H2, H3, Hm.
Each row of the table is associated with a numeric value corresponding to the price level of a determined stock.
In more detail, the first column Q displays the price levels at which it is possible to buy/sell a determined financial instrument, in decreasing order in steps downward from above. Some steps may be hidden, as in the example shown between 15.04 and 15.01, in order to permit viewing of the most representative price levels.
The second column D displays the quantities being traded on the market for each price level and the number of offers.
The third column H displays other information such as, for example, the pertinent buy/sell orders, which can be managed by the user of the device.
The table is divided into an upper portion V which displays the sell offers, a lower portion A which displays the buy offers, and an intermediate portion S which displays the spread. The three portions are distinguished by different colors of the cells for easy visual identification.
An area Y above the table shows other information of interest, such as the reference and the full name of the stock being traded, the number of units on which it is desired to operate, which can be entered in a dedicated cell K, and the like.
The system according to the known art shown in Figure 2 is affected by the limitations discussed in the introduction of the present description, particularly with regard to the limited number of lines displayed and the difficulty of reading the numbers contained in the cells, especially for terminals provided with small screens, and also the difficulties of immediately perceiving and interpreting the numeric data and of following market fluctuations. With particular reference to Figures 3-5, in order to overcome the above mentioned drawbacks of conventional systems, the system according to the invention is programmed to:
- display the data item relating to the quantities being traded at each price level in the form of bars D Dio extending on a grid formed by multiple parallel and equally spaced straight lines L that represent the steps between successive price levels, the bars being extended parallel between the straight lines L at the respective step;
- in response to pointing at a price level by way of a pointing means F, display the numeric values of the selected price level and of the corresponding quantity being traded in a control window W (Figure 4) in clearly legible characters, and
- continuously update such numeric values in relation to any sliding on the screen of the pointing means F along adjacent steps (price levels) (Figure 5).
In the embodiment described herein, the bars advantageously extend from an edge E of the grid that is perpendicular to the straight lines (Figure 3), such edge defining zero.
The grid is divided into a first portion V, which represents the sell offers and extends from the highest price level displayed to a first intermediate price level LI, a second portion A', which represents the buy offers and extends from the lowest price level displayed to a second intermediate price level L2, and an intermediate portion S', which represents the spread. The three portions are advantageously distinguished by different colors of the cells and/or of the bars for easy identification.
Furthermore, preferably, the control window W is not fixed, and instead consists of a movable window with transparent background and edges, which opens at the position of the pointing means F and slides vertically, following the vertical movements of the latter. In this manner, the user can read the salient data corresponding to the level selected without removing his/her gaze from the area of interest.
Preferably, upon the release of the pointing means F, the system generates an operating command to buy/sell on the last level selected.
Furthermore, as illustrated in Figure 3, the operating interface advantageously has a disengagement area G that surrounds the grid. If the user changes his/her mind, he/she can slide the pointing means F to the disengagement area G and cancel the operation.
Preferably, on the edge E of the grid from which the bars Di-Di0 extend there is a graduated scale of the prices at relatively wide intervals, which acts as an orientation for the user.
In the example described herein, in which the remote terminal always consists of a handheld device P' provided with a touch- sensitive screen R', the pointing means F comprises the finger of the user, or optionally an auxiliary pen with which some models are provided; the area where the finger is pointed is shown by way of a cursor Z.
Obviously, for fixed remote terminals, such as a personal computer, or terminals that are in any case lacking a touch- sensitive screen, the pointing means can consist of a cursor driven by an external device, e.g., a mouse (not shown).
In a manner similar to conventional systems, defined above the grid is an area Y' in which other information of interest is shown, such as the reference and the full name of the stock being traded, the number of units that will be used for the buy/sell order, or orders, which can be entered in a dedicated cell K', and the like.
The flowchart in Figure 6 illustrates the steps of a financial operation executed by way of the system according to the invention.
In particular, block 10 represents a stand-by state of the system, meaning a state of waiting, possibly after previous steps of selection or setting, e.g., selection of the stock to buy/sell, setting of the quantity of units to be handled in the cell K' (Figures 3-5), etc. As the person skilled in the art will be able to appreciate, by virtue of the representation as bars in a grid as defined above, the user has an immediate perception of the overall progression of the stock even before knowing the exact values of the price levels and of the quantities being traded. This enables the user to more rapidly identify the "areas" of greatest interest and from the start select a price level in the neighborhood of the level on which he/she effectively wants to operate on or find out more about.
Furthermore, the representation as bars according to the invention makes it possible to display a much larger number of price levels without it being necessary to hide lines of the table. In this manner, the offers are always shown on a linear price scale with constant steps, i.e. without jumps, so as to offer an intuitive perception of the actual situation of the stock.
Last but not least, the system of representation as bars according to the invention considerably increases the range of price levels on which it is possible to enter buy/sell orders.
In block 12 the system checks if the user has selected a price level and, in the affirmative, in the control window W it reproduces the corresponding data (price level and corresponding quantity being traded), such step being defined in block 16.
At this point, in block 18 the system checks if there has been a change of selection, owing to the fact that the user is examining the data for the price levels neighboring the level that was first selected. In such case, the procedure restarts from the previous block 16, with the new data which will be shown in the control window W. Otherwise, in block 20 the system checks if the user has removed his/her finger from the screen. If not, the procedure restarts from the previous block 16; otherwise, in block 22 the system checks if the release occurred in an active area of the screen, in which case in block 24 the order for the selected cell is generated and the system returns to stand-by in block 10. If the response is negative, the selection is canceled and the system goes straight back to stand-by.
Figures 7-10 schematically illustrate an accessory function of the present invention.
In particular, with reference to buy operations (Figures 7, 8), after the user has set the number of units to be used for the order in the cell K' , when a price level is pointed to by the finger in the portion V the system is programmed to:
- if the total number of units offered for sale at that price level and at any lower levels is greater than or equal to the number of units in the order set by the user, highlight the bars starting from the lowest sale price level until a total length is covered that corresponds to the number of units of the order, indicated by point B in Figure 7;
- if the total number of units offered for sale at that price level and at any lower levels is smaller than the number of units in the order set by the user, highlight the bars comprised between the lowest sale price level and the price level of the order, and display the excess between the number of units of the order and the total number of units for sale at that price level and at any lower levels as a tab J that extends from the bar that corresponds to the price level of the order.
Similarly, with reference to sell operations (Figures 9 and 10), after the user has set the number of units to be used for the order in the cell K' , when a price level is pointed to by the finger in the portion A' the system is programmed to:
- if the total number of units for which there is an offer to buy at that price level and at any higher levels is greater than or equal to the number of units in the order, highlight the bars starting from the highest buy price level until a total length is covered that corresponds to the number of units of the order, indicated by point D in Figure 9;
- if the total number of units for which there is an offer to buy at that price level and at any higher levels is smaller than the number of units in the order, highlight the bars comprised between the highest buy price level and the price level of the order, and display the excess between the number of units in the order and the total number of units for which there is an offer to buy at that price level and at any higher levels as a tab X that extends from the bar that corresponds to the price level of the order.
Such function enables the user to immediately evaluate the impact of a large order on the market and it is therefore particularly advantageous especially when one is trading on markets with low liquidity.
A preferred embodiment of the invention has been described, but obviously the person skilled in the art may make various modifications and variations within the scope of protection of the claims.
In particular, although the system according to the invention is particularly convenient for portable remote terminals provided with a small touch- sensitive screen, obviously it can equally be applied to fixed terminals such as personal computers.
Furthermore, the disengagement area can take different forms from that described, as long as it has at least one side adjacent to the table so as to be reachable by sliding the means of selection on the screen.
Moreover, the lines L that represent the steps between the subsequent price levels can assume different configurations; for example, the lines of the grid could have alternating colors, and the lines would therefore be defined by the border between one row and the next.
Moreover, it is evident that the term "window" used in the present description must be understood in the broad sense, defining only a numeric indicator adapted to display values corresponding to the price level selected, independently of whether or not it is contained in a frame and whether or not it has an opaque background.
The disclosures in Italian Patent Application No. 102015000062322 (UB2015A004725) from which this application claims priority are incorporated herein by reference. Where technical features mentioned in any claim are followed by reference signs, those reference signs have been included for the sole purpose of increasing the intelligibility of the claims and accordingly, such reference signs do not have any limiting effect on the interpretation of each element identified by way of example by such reference signs.

Claims

1. A system for displaying data updated in real time relating to financial instruments being traded on a stock exchange on one or more data processing terminals provided with an operating interface for online trading, characterized in that it comprises a central unit (CU) programmed to transmit information to, and receive orders from, said one or more data processing terminals (Pi, P2, P„) which are connected to the internet, each one of said data processing terminals being provided with a touch- sensitive screen, each one of said data processing terminals being programmed to:
- display the data item relating to the quantities being traded on the market for each price level in the form of bars (Di-Di0) extending on a grid formed by multiple parallel and equally spaced straight lines (L) that define the steps between successive price levels, said bars (Di-Dio) being extended parallel to said straight lines (L) at the respective step,
- in response to pointing at a price level by way of a pointing means
(F), display in a control window (W) the numeric values of the selected price level and of the corresponding quantity being traded, and
- continuously update said numeric values in relation to the sliding of the pointing means (F) along adjacent price levels.
2. The system according to claim 1, characterized in that said grid is divided into a first portion (V), which represents the sell offers and extends from the highest price level displayed to a first intermediate price level (LI), a second portion (Α'), which represents the buy offers and extends from the lowest price level displayed to a second intermediate price level (L2), and an intermediate portion (S'), which represents the spread.
3. The system according to claim 2, characterized in that said first portion (V), said second portion (Α'), and said intermediate portion (S') are distinguished by different colors of the bars and/or of the grid.
4. The system according to one or more of the preceding claims, characterized in that said bars (Di-Dio) are extended from an edge (E) of the grid that is perpendicular to the straight lines (L) and defines zero.
5. The system according to one or more of the preceding claims, characterized in that said control window (W) is movable and is programmed to follow the movements of said pointing means (F) between neighboring price levels.
6. The system according to one or more of the preceding claims, characterized in that said data processing terminal (Ρ') is programmed to generate, upon the release of said pointing means (F), an operating command to buy/sell which corresponds to the last selected level.
7. The system according to claim 6, characterized in that said operating interface has a disengagement area (G) adjacent to the grid, said operating command being cancelled by releasing the pointing means (F) on said area.
8. The system according to one or more of claims 2-7, characterized in that after setting the number of units to be used for a buy order by the user, when a price level is pointed to in said first portion (V) the system is programmed to:
- if the total number of units offered for sale at that price level and at any lower levels is greater than or equal to the number of units required by the order, highlight the bars starting from the lowest sale price level until a total length is covered that corresponds to the number of units of the order;
- if the total number of units offered for sale at that price level and at any lower levels is smaller than the number of units required by the order, highlight the bars comprised between the lowest sale price level and the price level of the order, and display the excess between the number of units of the order and the total number of units for sale at that price level and at any lower levels as a tab (J) that extends from the bar that corresponds to the price level of the order.
9. The system according to one or more of claims 2-8, characterized in that after setting the number of units to be used for a sell order by the user, when a price level is pointed to in said second portion (Α') the system is programmed to:
- if the total number of units for which there is an offer to buy at that price level and at any higher levels is greater than or equal to the number of units required by the order, highlight the bars starting from the highest buy price level until a total length is covered that corresponds to the number of units of the order;
- if the total number of units for which there is an offer to buy at that price level and at any higher levels is smaller than the number of units required by the order, highlight the bars comprised between the highest buy price level and the price level of the order, and display the excess between the number of units required by the order and the total number of units for which there is an offer to buy at that price level and at any higher levels as a tab (X) that extends from the bar that corresponds to the price level of the order.
PCT/EP2016/074666 2015-10-16 2016-10-14 System for displaying data updated in real time relating to financial instruments being traded on a stock exchange on a data processing terminal provided with an operating interface for online trading WO2017064234A1 (en)

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IT102015000062322 2015-10-16
ITUB2015A004725A ITUB20154725A1 (en) 2015-10-16 2015-10-16 DATA DISPLAY SYSTEM UPDATED IN REAL TIME RELATED TO FINANCIAL INSTRUMENTS LISTED ONTO A COMPUTER TERMINAL EQUIPPED WITH AN OPERATIONAL INTERFACE FOR ONLINE TRADING

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Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20090076978A1 (en) * 2007-09-13 2009-03-19 Rony Dayan Electronic trade information graphical user interface
WO2009102938A1 (en) * 2008-02-13 2009-08-20 Itg Software Solutions, Inc. Systems and methods for viewing and trading futures
US7774249B1 (en) * 2003-10-07 2010-08-10 Trading Technologies International, Inc. System and method for risk grid display in an electronic trading environment

Patent Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7774249B1 (en) * 2003-10-07 2010-08-10 Trading Technologies International, Inc. System and method for risk grid display in an electronic trading environment
US20090076978A1 (en) * 2007-09-13 2009-03-19 Rony Dayan Electronic trade information graphical user interface
WO2009102938A1 (en) * 2008-02-13 2009-08-20 Itg Software Solutions, Inc. Systems and methods for viewing and trading futures

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