Abstract:
Systems and methods may provide tools for uniformly visualizing a series of one or more orders, wherein orders of vastly different prices, order types, and order assets may be comingled on the same display screen. Such a collection of tools may be sorted for display. The displays may be buy/sell independent, handle any size bid/ask spread, and allow easy determination of the relative marketability of each order. Such systems and methods may help a user to focus on orders requiring the most attention.

Description:
COPYRIGHT AND LEGAL NOTICES 
       [0001]    A portion of the disclosure of this patent document contains material which is subject to copyright protection. The copyright owner has no objection to the facsimile reproduction by anyone of the patent document or the patent disclosure, as it appears in the Patent and Trademark Office patent files or records, but otherwise reserves all copyrights whatsoever. 
         [0002]    This application contains material relating to the trading of financial interests. The trading of some financial interests is regulated, as for example by the United States Government, various State governments, and other governmental agencies within the United States and elsewhere. The disclosure herein is made solely in terms of logical and financial possibility and advantage, without regard to possible statutory, regulatory or other legal considerations. Nothing herein is intended as a statement or representation of any kind that any system, method, or process proposed or discussed herein does or does not comply with any legal requirement whatsoever, in any jurisdiction; nor should it be taken or construed as doing so. 
       BACKGROUND 
       [0003]    Trading strategies grow ever more complex. Any particular order may include trades in multiple instruments, and each instrument typically has its own pricing, which may include, for example, the price of the last trade and the current bid and offer. The multiplicity of instruments in an order thus implies a multiplicity of values that might be relevant to a trading decision, complicating decision-making in an environment that tends to reward speed, not deliberation. And even simpler strategies may benefit from better presentation of market information. 
       SUMMARY OF THE INVENTION 
       [0004]    Embodiments of the invention relate to displays and user interfaces that include information about tradable interests. Such interests may include, for example, stocks, debt instruments, commodities, pollution credits, and insurance. Such interests may include both underlying and derivative interests, as well as spot, futures, and forward contracts. More generally, embodiments of the invention may be applicable to any instrument or asset that trades or may be traded in a way that is similar to any one or more of the foregoing. 
         [0005]    Trading, as for example in connection with an embodiment of the invention, may be considered to take place at a venue. Venues can include any financial market in which such assets are traded or exchanged, whether a primary market, a secondary market, a physical market, an electronic market, a proprietary market, or some other type of market. This can include stock markets, bond markets, capital markets, derivatives markets, commodity markets, money markets, futures markets, insurance markets, foreign exchange markets, and currency markets. 
         [0006]    “Order” is used in a broad sense herein, and can include any offer to buy or sell assets. Depending on the context, an order may also mean an instruction or set of instructions related to one or more such offers or to a representation of such stored, for example, in written or electronic form. 
         [0007]    Each bid or offer in an order may be considered a “leg.” Orders may have one leg or multiple legs, and a leg may include any type of order, including market orders, limit orders, stop orders, and stop limit orders, among a great many others. 
         [0008]    Systems and methods according to embodiments of the invention can display simultaneously information about many disparate orders, including, for example, orders of different prices, order types, and assets. Such uniform presentation may help a user identify those orders that require the most attention. 
         [0009]    According to embodiments of the invention, a method exists for providing information relating to marketability of one or more orders, where each order comprises one or more legs, and each leg reflects an interest in buying or selling a respective asset in one or more venues. The method is performed by a computer system that comprises one or more processors, one or more interfaces operatively coupled to at least one of the processors, and at least one electronic display device operatively coupled to at least one of the processors. 
         [0010]    According to embodiments of the invention, the method comprises receiving through at least one of the interfaces first order information that, for a first order, includes at least information from which a price for the first order may be determined and, for each of the legs of the order, identifies the respective asset and whether the respective asset is to be bought or sold. The method also comprises receiving through at least one of the interfaces first order pricing information that comprises information from which a passive price for the first order at a first time and an aggressive price for the first order at the first time may be computed. 
         [0011]    The method also comprises presenting on the electronic display device a marketability graph for the first order. The marketability graph comprises, for the first order, an axis having a length, a passive price marker at a first location on the axis, and an aggressive price marker at a second location on the axis. The marketability graph also comprises an order price marker at a first location on the axis, where that location represents the price of the order relative to the passive price of the order at the first time and the aggressive price of the order at the first time. 
         [0012]    According to an embodiment of the invention, the method comprises, subsequent to presenting the marketability graph for the first order, receiving through at least one of the interfaces second order pricing information that comprises information from which a passive price for the first order at a second time and an aggressive price for the first order at the second time may be computed. The method also comprises, in response to receiving the second order pricing information, modifying the marketability graph for the first order by moving the order price marker along the axis to a second location that reflects the price of the order relative to the passive price of the order at the second time and the aggressive price of the order at the second time. According to the embodiment of the invention, this modification of the marketability graph excludes modification of the size or position of the axis, the location of the passive price marker relative to the axis, and the location of the aggressive price marker relative to the axis. 
         [0013]    Embodiments of the invention further include computer systems that are programmed to carry out the above methods and computer-readable storage media that are non-transitorily encoded with instructions that, when executed by one or more processors within a computer system, cause that computer system to carry out the above methods. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0014]    Embodiments of the invention are illustrated in the figures of the accompanying drawings, which are meant to be exemplary and not limiting, and in which like references are intended to refer to like or corresponding parts. 
           [0015]      FIG. 1  depicts a marketability graph according to an embodiment of the invention. 
           [0016]      FIG. 2  depicts a signal strength indicator according to an embodiment of the invention. 
           [0017]      FIG. 3  depicts a display of multiple orders according to an embodiment of the invention, such as may appear on an electronic display device. 
           [0018]      FIG. 4  depicts a trading screen that includes marketability graphs and signal strength indicators according to an embodiment of the invention. 
           [0019]      FIG. 5  is a block diagram that depicts elements of a computer system with which embodiments of the invention may at least be partially implemented. 
           [0020]      FIG. 6  is a block diagram that depicts elements of a trading network with which embodiments of the invention may at least be partially implemented. 
       
    
    
     DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS 
       [0021]    Embodiments of the invention relate to simplified graphics that show information about the marketability of orders or series of orders. “Marketability” refers herein to the likely ability to effect the trade or trades that would make up an order in view of current market conditions. As described below, the marketability of an order may depend upon the absolute or relative prices of its components (taken singly or collectively) and the current bids and offers for those assets in one or more venues. 
         [0022]      FIG. 1  depicts an exemplary marketability graph  100  according to an embodiment of the invention. The marketability graph  100  may show a user at a glance the relative marketability of an order based on the order price for a given asset and the current bid-ask spread for that asset. 
         [0023]    The depicted marketability graph  100  includes an axis  101 , an order price marker  102 , a passive price marker  103 , and an aggressive price marker  104 . As these terms are used herein, an aggressive price, relatively speaking, is a price at which an order is more likely to be filled, and conversely, a passive price is a better price (from the user&#39;s perspective), but one at which an order is less likely to be filled based on the markets at a given time. 
         [0024]    The depicted axis  101  represents the price of the order as a whole. As depicted, movement along the axis  101  to the right indicates increasingly aggressive prices, while movement on the left indicates increasingly passive prices. For these reasons, the left end  108  of the axis  101  may be referred to as the passive end, and the right end  109  may be referred to as the aggressive end. 
         [0025]    In an embodiment of the invention such as  FIG. 1  depicts, a passive price marker  103  and an aggressive price marker  104  delimit a range of prices along the price axis  101  within which total or partial execution of the order may be possible. The passive price marker  103  marks the best price (from the user&#39;s perspective) within this range, which is also the price within the range at which execution is least likely. Conversely, the aggressive price marker  104  marks the worst price, which may nonetheless be the best price at which the user can be assured of trading at least a part of the order. (For convenience, the price that corresponds to the position of the passive price marker  103  may be referred to as the passive price, and the price that corresponds to the position of the aggressive price marker  104  may be referred to as the aggressive price.) 
         [0026]    In the simplest case, the order is an order to buy or sell a single asset. If such an order is a buy order, the aggressive price is typically the best (i.e., lowest) ask price at the time. The ask price represents a tradable offer to sell some quantity of the asset in some venue at the displayed price, and a buyer may be confident of trading if the user&#39;s corresponding buy order reaches the venue before the offer is withdrawn or traded against another buy order. 
         [0027]    The passive price for a buy order is typically the best (i.e., highest) bid price at the time. At this price, an order may be unlikely to trade right away, but might trade if a seller were to transmit a new sell order to the venue. A buy order at a price lower than the passive price might be even less likely to trade, having to wait for all buy orders priced above it to trade first. 
         [0028]    Conversely, for an order to sell a single asset, the aggressive price is typically the best bid price, and the passive price is typically the best ask price. 
         [0029]    In connection with an embodiment of the invention, the best bid price and best ask price (either of which may sometimes be referred to as the best offer price by those in the art) may be obtained from any appropriate source. For example, for publicly-traded stocks, they may be derived from the limit orders, for example, on a specialist&#39;s book, at the time. 
         [0030]    In addition to the passive price marker  103  and the aggressive price marker  104 , a marketability graph  100  according to an embodiment of the invention may include an order price marker  102 . As discussed below, the order price marker may appear along the axis  101  at a location that corresponds to the user&#39;s price for the order. 
         [0031]    For example, in connection with an embodiment of the invention, a user may have an order to buy a security at some price P. At some time when the marketability graph  100  is displayed, the passive price (here, the highest bid already in the marketplace) may be $50, and the aggressive price (the lowest offer in that marketplace) may be $52. If P is below $50, the order price marker  102  will appear along the axis  101  to the left of the passive price marker  103 , and if P is above $52, the order price marker  102  will appear to the right of the aggressive price marker  104 . If P is $51, the order price marker will appear somewhere on the axis  101  between the other two markers. If P is exactly $50 or $52, the order price marker  102  may be superimposed on the passive price marker  103  or the aggressive price marker  104 , whichever is appropriate. 
         [0032]    The marketability graph  100  according to embodiments of the invention has so far been discussed in connection only with orders that have exactly one leg. The invention is not limited to such orders, however, and a single marketability graph  100  according to embodiments of the invention may show the marketability of an order that has an arbitrary number of legs. 
         [0033]    The price of a multi-leg order may be considered to be the weighted net price of all of the legs combined. For example, an order may have two legs, where the first leg involves buying two hundred shares of stock A, and the second leg involves selling one hundred shares of stock B. The order involves buying two shares of stock A for every share of stock B that is sold, so the price of stock A is weighted twice as heavily. Thus, if the order were executed so that stock A were bought at $51 per share, and stock B were sold at $100 per share, the net price of the order would be two dollars. (2×$51−$100=$2.) The net price of a multi-leg order may be referred to herein as the order price for that order. 
         [0034]    The passive price for a multi-leg order may be the weighted net of the passive prices for all of the legs, and, similarly, the aggressive price may be the weighted net of the aggressive prices for all of the legs. To continue with the previous example, at some time, the highest bid for stock A may be $50 per share, and the lowest offer for stock A may be $51 per share. At that same time, the highest bid for stock B may be $99, and the lowest offer may be $101. 
         [0035]    The passive price for the order would be the weighted net of the passive prices of each of the legs. Because the first leg is a buy order, the passive price of that leg is the current highest bid for stock A, which is $50. The second leg is a sell order, so that passive price of that leg is the current lowest offer for stock B, which is $101. The passive price of the order would then be 2×$50−$101=−$1 per share. (The negative price signifies that the result of the transaction would be a net cash inflow if the order were to be traded at these prices.) The aggressive price of the order, meanwhile, would be 2×$51−$99=$3 per share. 
         [0036]    As discussed below, embodiments of the invention may display marketability graphs  100  for multiple orders at a time, and the orders displayed at a single may differ widely in, e.g., their respective numbers of legs, asset types, order types, etc. To help a user see at a glance the relative marketability of many disparate orders, certain properties of marketability graphs  100  may in an embodiment of the invention be standardized or held constant for all orders or all orders in one or more classes. 
         [0037]    According to embodiments of the invention, one end of the axis  101  may consistently be the passive end  108  and the other the aggressive end  109 , regardless of whether any individual order is a buy or a sell. In other words, the aggressive price marker  104  and the passive price marker  103  do not change their left-to-right ordering on the axis  101  based on whether an order is a buy or a sell. In such embodiments, a user may be able to tell at a glance whether prices for an order are better or worse without having to remember, for example, whether “better” for a particular order means higher or lower, or left or right. 
         [0038]    Additionally, according to embodiments of the invention, the length of the axis  101  and the locations along that axis  101  of the passive price marker  103  and the aggressive price marker  104  may be invariant, regardless of the composition of the respective graphed order and the prices associated with any and all of the legs. As a corollary, according to embodiments of the invention, the passive and aggressive price markers do not move along axis  101  despite changes in the best bid prices and the best ask prices. 
         [0039]    To put this another way, the physical spacing between the markers on the axis  101  (which may in connection with an embodiment of the invention be expressed, for example, in terms of a number of pixels or other unit of length)—referred to herein as the spread length  107 —may be static even as the bid-ask spread is changing. For example, the positions of the aggressive price marker  104  and the passive price marker  103  on axis  101  may be the same for a bid-ask spread that is $0.01 wide as it is for a bid-ask spread that is $100.00 wide. 
         [0040]    The length of axis  101  and other lengths and distances related to a marketability graph  100  may be discussed herein in terms of the spread length  107 . So, for example, if the length of axis  101  equals three times the spread length  107 , the axis  101  may be said to be three spread lengths long. 
         [0041]    In an embodiment of the invention such as  FIG. 1  depicts, axis  101  has more than two spread lengths on the passive side of the passive price marker  103  and more than one spread length on the aggressive side of the aggressive price marker  104 . In any particular embodiment of the invention, however, these proportions may be different. Alternate embodiments of the invention may allow a user to customize the length of the axis  101  on each side of the passive price marker  103  and aggressive price marker  104 , e.g., by specifying preferences in ways such as are well known in the art. 
         [0042]    Against the axis  101  and the fixed reference points of the passive price marker  103  and aggressive price marker  104 , the order price marker  102  indicates the relative marketability of the order by varying its location  111  on the axis  101 . This variable location  111  may be a function of, for example, the order price, the passive price, the aggressive price, and the spread length  107 . 
         [0043]    In an embodiment of the invention, the function that determines the location of the order price marker  102  may be linear. Thus, for example, if the order price is exactly equal to the passive price, the order price marker  102  may be superimposed on the passive price marker  103 ; if it is exactly equal to the aggressive price, the order price marker  102  may be superimposed on the aggressive price marker  104 ; and if it is exactly equal to the arithmetic mean of the passive price and the aggressive price, the order price marker  102  may appear exactly halfway between the passive price marker  103  and the aggressive price marker  104 . For other prices, the placement of the order price marker  102  may depend proportionally to the differences between the order price and the passive and aggressive prices. 
         [0044]    The axis  101  has finite length, however, and the price of an order may correspond to a location that is beyond an end of the axis  101 . In that case, in an embodiment of the invention, the order price marker  102  may be pinned at the end of the axis  101  representing the price nearest to the actual order price. In this way, the linearity of the relationship between the location of the order price marker  102  and the other price markers may abruptly break down. 
         [0045]    It will be appreciated that in embodiments of the invention, the position of the order price marker  102  may depend nonlinearly on the absolute and/or relative price or prices in other ways over some or all of the axis  101 . To give one example among many other possibilities, in an embodiment of the invention, the positioning may be linear for prices between the passive price and the aggressive price, but nonlinear according to any function judged to give a useful result in the for prices not in this range. 
         [0046]    As noted earlier, in the exemplary embodiment of the invention, axis  101  has a greater number of spread lengths  107  on the passive side  106  of the passive price marker  103  than it has on the aggressive side  105  of the aggressive price marker  104 . This difference in spread lengths  107  between the passive side  106  and the aggressive side  105  may in an embodiment of the invention reflect, e.g., the relative likelihoods of fills on the respective sides. On the aggressive side  105  of the aggressive price marker  104 , the offer price is more aggressive than the associated bid or offer. All else being equal, an offer price that is more aggressive than the market may be more likely to be executed than other orders because the more aggressive order is priced better for prospective counterparties. 
         [0047]    The axis  101  is depicted as a horizontal axis, but it could alternately, according to embodiments of the invention, be oriented vertically or diagonally. The axis  101  can be any color, shape, or combination of colors and shapes. Additionally, axis  101  may change color, shape, or both depending on one or more conditions. Similarly, the markers used to depict the order price  102 , passive price  103 , and aggressive price  104  may be any color or shape, they may be the same color or different colors, the same shape or different shapes, and may change colors, shapes, or both depending on one or more conditions. These markers may be located on or near the axis  101  and may change their orientation with respect to the axis  101  depending on one or more conditions. 
         [0048]    It will be appreciated that the order price may be fixed over time, whether the order has one leg or many. Conversely, the bids and offers used to determine the passive and aggressive prices (and the respective spreads between them) may vary frequently, in some cases varying over time spans less than one second. But according to embodiments of the invention such as  FIG. 1  depicts, the static order price is represented by the moving order price marker  102 , while the varying passive and aggressive prices are depicted by the stationary passive price marker  103  and aggressive price marker  104 . Such a presentation may allow a user, for example, to tell at a glance the relative marketability of an order, considered either in isolation or relative to other orders. 
         [0049]      FIG. 2  depicts an indicator  200  that may in an embodiment of the invention provide another indication of the relative marketability of an order. Because the depicted indicator  200  resembles well-known indicators of wireless signal strength (not pictured), the indicator  200  may be referred to herein and in connection with embodiments of the invention as a “signal strength indicator”. The relative marketability is shown by the number of bars that are illuminated. The greater number of bars illuminated, the greater the relative marketability of the order. As with other exemplary embodiments described herein, signal strength indicator  200  may be displayed, for example, on display  516  of trader workstation  544 , as depicted in  FIG. 6 . 
         [0050]    The depicted embodiment of the invention includes a chart with five bars ( 201 - 205 ), although more or fewer bars may be used. The appearance of the bars may change to give the appearance of one or more bars being illuminated (or not) and/or otherwise change in size, shape, color, or any or all of these, to convey information to the user. As  FIG. 2  depicts, the five bars are placed side-by-side in a stair-step configuration. Although the bars are arranged in this manner in the depicted embodiment of the, the color, size, or shapes of the bars, or any combination thereof, may be changed in any manner that will convey information to a user. 
         [0051]    In an embodiment of the invention such as  FIG. 2  depicts, the illumination of the bars conveys information about the status of the order and its marketability. For example, in an embodiment of the invention, the first bar  201  may be illuminated whenever the represented order has not yet been completely filled. Conversely, all bars may be darkened once the represented order has been completely filled. 
         [0052]    If the first bar  201  is illuminated, one or more additional bars also may be illuminated to indicate the relative marketability of the order. For example, the second bar  202  may be illuminated when the order price is no more than three spread units more passive than the passive price. The third bar  203  may be illuminated when the order price is no more than two spread units more passive than the passive price. The fourth bar  204  may be illuminated the order price is no more than one spread unit more passive than the passive price. And the fifth bar  205  may be illuminated when the spread is marketable, i.e., when the order price is either equal to the passive price or more aggressive than the passive price. 
         [0053]    Further, in an embodiment of the invention, all five of the bars  201 - 205  may be illuminated and presented in a different color when the order price is at least as aggressive as the aggressive price. For example, in an embodiment of the invention, all “illuminated” bars  201 - 205  may appear as yellow rectangles so long as the order price is no more aggressive than the aggressive price, but all five bars may appear as white rectangles once the order price reaches the aggressive price. 
         [0054]    As a concrete example, an order, not yet completely filled, may consist of a single leg, which may be to sell stock B. If the current best bid for stock B is $100 and the current best offer is $102, a signal strength indicator according to an embodiment of the invention may reflect different order prices as in Table 1. 
         [0000]    
       
         
               
               
               
             
           
               
                   
                 TABLE 1 
               
               
                   
                   
               
               
                   
                 Order Price (for selling 
                   
               
               
                   
                 stock B) 
                 Appearance 
               
               
                   
                   
               
             
             
               
                   
                 greater than $108 
                 1 yellow bar 
               
               
                   
                 less than or equal to $108 but 
                 2 yellow bars 
               
               
                   
                 greater than $102 
               
               
                   
                 less than or equal to $106 but 
                 3 yellow bars 
               
               
                   
                 greater than $104 
               
               
                   
                 less than or equal to $104 but 
                 4 yellow bars 
               
               
                   
                 greater than $102 
               
               
                   
                 less than or equal to $102 but 
                 5 yellow bars 
               
               
                   
                 greater than $100 
               
               
                   
                 less than or equal to $100 
                 5 white bars 
               
               
                   
                   
               
             
          
         
       
     
         [0055]      FIG. 3  depicts a series of orders according to an embodiment of the invention. As depicted, the order series  300  appears as a collection of marketability graphs  100  and signal strength indicators  200 . Some or all of the orders may be somehow related (apart from being displayed on the same screen at one time), but it is also possible for all displayed orders to be entirely independent. An order series  300  according to an embodiment of the invention may be displayed, for example, on display  516  of trader workstation  544 , as depicted in  FIG. 6 . 
         [0056]    The depicted order series  300  includes a plurality of marketability graphs  100 . In the embodiment of the invention depicted in  FIG. 3 , the order series  300  also includes a signal strength indicator  200  for each marketability graph  100 . Alternative embodiments of the order series  300 , not pictured, need not use both the marketability graphs  100  and the signal strength indicators  200 , but can use one or the other. In an embodiment of the invention, also not pictured, some orders in the order series  300  may have both a marketability graph  100  and a signal strength indicator  200 , while other orders may have only one of them, and still other orders may have neither. 
         [0057]    Additionally, the number of orders depicted (e.g.,  301  through  313  in  FIG. 3 ) may reflect a number of outstanding orders that have not yet been completely filled, and thus, in an embodiment of the invention, the number of displayed orders may vary from time to time. When an order is partially filled, that fact may be indicated, e.g., by changing colors, sizes, shading, or symbols, or any combination thereof, but it need not be indicated at all. When an order has been completely filled, it may be removed from the order series  300 , or the fill may be indicated, e.g., by changing colors, sizes, shading, or symbols, or any combination thereof. Alternatively, the filling of the order may not need to be indicated at all. 
         [0058]    Similarly, an order that is not to be traded until fulfillment of a condition precedent (e.g., conditions based on timing, the execution of other legs, market information, external triggers, etc.) may not be displayed, or that order may be displayed using different colors, size, shading, or symbols, or any combination thereof, to reflect that a condition precedent is lacking. 
         [0059]    As  FIG. 3  depicts, the order series  300  is sorted with the most marketable order (viz., order  301 ) at one end of the chart and the least marketable order (viz., order  313 ) at the other end of the chart, with the orders in between (viz., orders  302  through  312 ) sorted according to their relative marketability. Orders that lack a condition precedent or orders that have been completely filled may be depicted at an end of the chart or may be removed from the chart. The order series  300  may also be sorted in a reverse order from that depicted in  FIG. 3 . 
         [0060]    The order series  300  may be sorted according to one or more other criteria in addition to marketability or instead of it. These criteria may including, for example, asset type, order ID number, total transaction amount, order quantity, age (e.g., the length of time that the order has been active or since the time in which the order was entered), condition precedent, etc. For example, the primary sort variable may be the asset and a secondary sort variable may be the marketability. In an embodiment of the invention, third, fourth, fifth, etc. sort variables may also be selected, as well. Sorting may be user-configurable according to an embodiment of the invention, so that the user may select or change the sort variable or variables to use for the order series  300 . 
         [0061]    As  FIG. 3  depicts, setup buttons  314  and  315  may also be provided to bring up configuration pop-ups or screens (not depicted) that allow the user to configure, for example, any of the user configurable functions described herein. Other configurable functions will be apparent to those of skill in the art, and may be included as well. 
         [0062]      FIG. 4 . depicts an order series  300  that is incorporated in an exemplary trading screen  400  according to an embodiment of the invention, which may be displayed, for example, on a display  516  connected to a trader workstation  544 , as depicted in  FIG. 6 . In this example, the order reference number  401  column includes order reference numbers  401  (e.g., 1-15) for each order on trading screen  400 . This order reference number  401  lists each order in the sequence that the order was entered. 
         [0063]    As may be seen in this example, the orders on trading screen  400  are sorted by the order reference number. Alternately, as described for order series  300 , trading screen  400  may be sorted by other variables, including, for example, by marketability, asset, order ID number, total transaction amount, order quantity, the order&#39;s age (e.g., the length of time that the order has been active or since the time in which the order was entered), condition precedent, etc. More than one variable may be selected for sorting the trading screen  400 . For example, the primary sort variable may be the asset and a secondary sort variable may be the marketability. Third, fourth, fifth, etc. sort variables may also be selected, as well. The sort variable may be user-configurable, so that the user may select or change the sort variable or variables used for trading screen  400 . 
         [0064]    The strategy name  402  column includes a name that was entered for each order. 
         [0065]    The status  403  column may serve multiple functions in an embodiment of the invention. The status  403  shows the status of an order by displaying, for example, “Done” if an order has a complete fill, “CxlPFill” if an order has a partial fill, or “Cxl” if an order is active but does not have a fill. The status  403  also serves as a button on display  516  that allows a user to use one or more input devices  514  connected to trader workstation  544  to press “Cxl” or “CxlPFill” markers on display  516  to cancel an order that has not been filled or the remainder of an order that has a partial fill. 
         [0066]    The SID  405  column depicts a serial ID number for each order. This is a unique ID number for the order which may be an automatically sequencing number and may optionally include one or more digits that designate the location at which the order was originally entered. For example, orders may have originated from one or more locations including, for example, trading workstation  544 , trader server  580 , application server  562 , venue  588 , etc. Each location may have a unique number that is incorporated as a component of some or all of the digits of the serial ID number. For example, “8857” and “8856” may designate that the SID  405  depicted for the order reference numbers  401  on lines 8 and 9 originated from different locations. 
         [0067]    The price cony  406  column may serve multiple functions. The price cony  406  column shows the pricing convention used for the prices that are displayed, for example, a spread price, an equity price, a conversion ratio price, a merger price, etc. The price cony  406  also serves as a button on display  516  that allows a user to use one or more input devices  514  connected to trader workstation  544  to press the price cony  506  displayed for a particular order to select between, for example, the spread price, the equity price, the conversion ratio price, the merger price, etc. 
         [0068]    In the exemplary of the invention, the next two columns of trading screen  400  display order series  300 . In this exemplary embodiment of the invention, order series  300  includes a plurality of orders. Trading screen  400  is not intended to be limited by the trading strategies deployed by the user. 
         [0069]    A signal strength indicator  200  is displayed for most of the orders shown on the exemplary trading screen  400 . As shown in blank location  416 , a signal strength indicator may not be shown for every order. The exemplary trading screen  400  shows a marketability graph  100  next to each signal strength indicator  200 . It is important to note that trading screen  400  need not show both the marketability graph  100  and the signal strength indicator  200 . Further, the signal strength indicator  200  and the marketability graph  100  need not be in adjacent columns. In the preferred embodiment of the invention, both are displayed side-by-side, as depicted in the order series  300  on trading screen  400 . Note that the marketability graph  100  need not be depicted for every order, as shown in blank location  415 , for example. Additionally, trading screen  400  shows an example of an order lacking a condition precedent in exemplary precondition location  414 . 
         [0070]    Other columns depicted in the exemplary trading screen  400  include a limit  407 , a price  408 , an AvgPx  409 , an order quantity  410 , and a fill quantity  411  for each order. Additionally, the exemplary embodiment of the invention shows, for example, fill markers  417  and  418  for each order. 
         [0071]    Fill markers  417  and  418  graphically depict the fractional fill of each order. 
         [0072]    In the fill quantity  411  column, a fill marker of a different shade or color fills some or all of the space behind the fill quantity  411  number to depict the fraction of the order that has been filled. If fill quantity  411  is zero then the order is completely unfilled and there will be no fill marker shown. If there is a partial fill, a partial fill marker  418  will be shown with a length that is proportional to the calculated fractional fill. For example, fill marker  418  fills 22% of the space allocated for the fill marker (i.e., 1,100 fill quantity divided by 5,000 order quantity=0.22 order fill=22% percent fill). If there is a complete fill, then the fill marker may, e.g., span the full allocated space, as depicted, for example, by fill marker  417 . A bar graph is shown for fill markers  417  and  418 , but a fill marker may be any color, shade, symbol, line, etc., suitable to convey the fractional fill of the order. 
         [0073]    Referring to  FIG. 6 , the order information, including the strategy name, limit, price, quantity, etc. may have been entered by the user of trading workstation  544  using input device  516 , it may have been transferred from another program running on trading workstation  544 , it may have been communicated from another computer on network  584 , such as, for example, trader server  580 . Or, the order information may have come from any other source known to one of skill in the art. 
         [0074]    The trading screen  400  may be configurable. A user may display any one of the columns in a different order or may display more or fewer columns than depicted. For example, blank column  404  may be inserted in any location. Alternately, blank column  404  may be inserted and then configured to display a column with any of the information available to trading screen  400 , whether expressly described herein or otherwise known to one of skill in the art. Additionally, as demonstrated by the optional the slide bars  412  and  413 , a plurality or orders and a plurality of columns may be displayed on trading screen  400 . 
         [0075]    Additionally, as shown on trading screen  400 , and similar to the example depicted in  FIG. 3 , setup buttons may also be provided for some or all of the columns. In the example of trading screen  400 , the column headings for signal strength indicator  200 , visualization chart  100 , the limit  407 , the price  408 , the AvgPx  409 , the order quantity  410 , and the fill quantity  411  may serve as buttons on display  516  on the screen so that, for example, a user may use one or more input devices  514  connected to trader workstation  544  to press the setup on a column header to bring up one or more configuration pop-ups or screens (not depicted) that allow the user to configure, for example, any of the user configurable functions described herein. Other configurable functions will be apparent to those of skill in the art, and may be included as well. 
         [0076]      FIG. 5  depicts logical elements of a computer such as may be used as a trader workstation  544 , which includes at least one processor  510  coupled to a communications channel or bus  512 . The trader workstation  544  further includes at least one input device  514  such as, e.g., a keyboard, mouse, touch pad or screen, or other selection or pointing device, at least one output device  516  such as, e.g., an electronic display device, at least one communications interface  518 , at least one data storage device  520  such as a magnetic disk or an optical disk, and memory  522  such as ROM and RAM, each coupled to the communications channel  512 . The communications interface  518  may be coupled to a network (not depicted) such as the Internet. Data storage may also be accomplished with a computer-readable storage medium (CRSM) reader  536 , such as, e.g., a magnetic disk drive, magneto-optical drive, optical disk drive, or flash drive, may be coupled to the communications channel  512  for reading from a CRSM  538 . 
         [0077]    The data storage device  520  or memory  522  may store instructions executable by one or more processors or kinds of processors  510 , data, or both. Some groups of instructions, possibly grouped with data, may make up one or more programs, which may include an operating system  532  such as Microsoft Windows, Linux®, Mac OS®, or Unix®. Other programs  534  may be stored instead of or in addition to the operating system  532 . It will be appreciated that a computer system may also be implemented on platforms and operating systems other than those mentioned, including, for example, cloud computing. Any operating system  532  or other program  534 , or any part of either, may be written using one or more programming languages such as, e.g., Java®, C, C++, C#, Visual Basic®, VB.NET®, Perl, Ruby, Python, or other programming languages, possibly using object oriented design or other coding techniques. 
         [0078]    Trader workstation  544  may comprise any suitable computer or computer system, including, for example, desktops, laptops, portable computing devices, cellular telephones, personal digital assistants (PDAs), servers, mainframes, terminals, or other computers or data processors, at least one display device  516  such as a computer monitor or other any other output device that can display information in a graphical or text-based format, and at least one input device  514  such as, for example, a keyboard, a mouse, a touch pad or screen, or other selection or pointing device. 
         [0079]      FIG. 6  depicts an example of a computer network  600  configured as an electronic trading platform for computerized trading of assets, e.g., financial interests as mentioned above. However, in other embodiments of the invention disclosed herein or evident to those of skill in the relevant arts from the disclosure herein, network  600  may be configured to trade other assets. Network  600  may further be configured to perform other applications. 
         [0080]    Network  600  according to an embodiment of the invention includes trader workstations  544  and at least one computer system  500  that communicates over a communications or computer network  584 . For convenience, description of network  600  will proceed with respect to one computer system  500  with the understanding that the network may comprise more than one computer system  500 . A computer system  500  comprises one or more computers  582  communicating over a LAN  583 , and related processors, servers, memory, and one or more databases. The trader workstation  544  and the one or more computers  582  communicate over the network  584 , which may comprise a private network, including leased lines and a router network or networks, or a public network such as the Internet, using, for example, the TCP/IP suite of protocols. The network  600  may comprise a closed network (including, e.g., a router network) or the Internet. Gateway directors, gateways, firewalls, etc. (represented by block  586 ) provide communication to and from the one or more computer  582  over the network  584 . Gateway, web server and firewall computers and the functions they perform can be conventional and are not shown in the drawings or discussed in detail. 
         [0081]    For convenience, a computer  582  is referred to herein as a “remote” computer. In one sense, a computer  582  is remote from trader workstations  544  in that they are separated by a communications network. However, a computer  582  may be considered remote from trader workstations  544  in the same LAN. 
         [0082]    Embodiments of the invention may provide for processing and control of information and interfaces to be displayed by the one or more display devices  516  by the trader workstations  544  or the remote computer  582 , or by a remote computer or computers implemented as a distributed processing system comprising a node or nodes located local to the one or more workstations and a plurality of nodes located remote from the workstations, which may include a central location and distributed locations. 
         [0083]    Computer  582  may implement in software an interface server which interprets data and command inputs from trader workstations  544  and controls display of screens on trader workstation display device  516 . The computer  582  perform various tasks including: (a) interpreting data and command inputs from trader workstations  544 ; (b) controlling the display of information and interfaces by the workstations, including providing and controlling the display of market information; (c) trading functions, e.g., routing orders to venues  588  such as exchanges and ECNs for matching or execution; (d) matching orders for trade execution; (e) receiving market information from sources  590  thereof or venues  588 ; (f) managing database  592 , etc. The computers  582  may be collected in a LAN  583  to operate with databases or other computers. The computer may perform the functions described above and herein as a host, server or database manager. 
         [0084]    Orders may be obtained, for example, from the user via one or more input devices  514  connected to trader workstation  544 , another program running on the trader workstation  544 , from another trader workstation  544 , from trader server  580 , and from any other sources accessible from network  584 , such as venues  588 , data sources  590 , computer systems via gateways  586 , application servers  562 , or web servers  560 . 
         [0085]    One or more databases  592  store market data information for each tradable asset that may be displayed on display device  516 . The processor  510  updates the database  592  based on new data received from venues  588  and sources  590 . Market and other data are loaded into volatile memory  522  by a processor  510 , so that current market data may be provided to display device  516 . Trader work stations  544  may locally store market data, as updated by remote computer  582 , or the market data may be processed for direct display on display device  516 . 
         [0086]    Pricing information such as may be used in connection with embodiments of the invention may be made available to the trading workstation  544 , directly or indirectly, through the any of a variety of data sources  590 , a trader server  580 , or any other source of such data known in the art, via network  584  or internet  558 , including, for example, the National Best Bid and Offer (NBBO), through market makers, through proprietary trading systems, or through any aggregator of bid and ask information for a given asset. 
         [0087]    As mentioned, the network architecture of the network  600  depicted in  FIG. 6  is exemplary, and other architectures may be employed as known in the art. For example, distributed computer system architectures may be employed. A cloud computing architecture may be used, for example. Trader workstations  544  may communicate with one or more local or regional computers or servers, which communicate with one or more host or central computers, or to still other local or regional computers which communicate with one or more venues  588 , market data sources  590 , or central computers. Also, a trader workstation  544  may communicate with local or regional computers and to a venue  588 , market data source  590  or central computer, or computers. Local or regional computers with which trader workstations  544  may communicate perform some of the functions otherwise performed by a host computer or server  582 . For example, a local or regional computer linked to a number of trader work stations  544  may perform functions specific to those trader workstations while a centralized computer performs functions applicable to many trader workstations. 
         [0088]    While embodiments of the invention have been described and illustrated in connection with preferred embodiments, many variations and modifications as will be evident to those skilled in the art may be made without departing from the spirit and scope of the invention, and the invention is thus not to be limited to the precise details of methodology or construction set forth above as such variations and modifications are intended to be included within the scope of the invention. Except to the extent necessary or inherent in the processes themselves, no particular order to steps or stages of methods or processes described in this disclosure, including the Figures, is implied. In many cases the order of process steps may be varied without changing the purpose, effect or import of the methods described.