Abstract:
A method for providing an interface for Foreign Exchange trading centered on an FX rate tile. The tile interface offers harmonized order and RFQ submission workflows. Users can also configure order and quote parameters by using input features of the tile display. The tile also serves as a flexible unit of display and order/quote creation. The tile can be resize, rearranged, torn off and joined into new windows. The above described features contribute to provide a unique harmonized, flexible, “tiled” foreign exchange trading interface.

Description:
CROSS-REFERENCE TO RELATED APPLICATION  
       [0001]     This application claims the benefit of U.S. Provisional Application No. 60/502,586, filed Sep. 12, 2003, the entire disclosure of which is hereby incorporated herein by reference. 
     
    
     FIELD OF THE INVENTION  
       [0002]     This invention relates to the field of human-machine interfaces, and, more particularly, to an interface for trading of currency and other financial instruments.  
       BACKGROUND OF THE INVENTION  
       [0003]     Ever since the advent of computerized trading, many different human-machine interfaces have been tried and discarded for many reasons. Some have been too difficult to use, some too difficult to understand at a glance, etc. A problem exists in the art that computerized trading interfaces, especially foreign exchange trading interfaces, do not provide integrated, clear yet flexible human-machine interaction.  
       SUMMARY OF THE INVENTION  
       [0004]     This problem is alleviated and a technical advance is achieved in the art by a method for providing an interface for Foreign Exchange (“FX”) trading. The singular nature of this interface is the FX rate tile. The tile interface offers harmonized order and request for quote (“RFQ”) submission workflows. Users can also configure order and quote parameters by using input features of the tile display. The tile also serves as a flexible unit of display and order/quote creation. The tile can be resized, rearranged, torn off and joined into new windows patterns. The above described features contribute to provide a unique harmonized, flexible, “tiled” foreign exchange trading interface. 
     
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0005]     A more complete understanding of this invention may be obtained from a consideration of this specification taken in conjunction with the drawings, in which:  
         [0006]      FIG. 1  is an exemplary embodiment of a foreign exchange rate tile in accordance with an exemplary embodiment of this invention;  
         [0007]      FIG. 2  is a flowchart of processing for execution of a left-click in accordance with an aspect of this invention;  
         [0008]      FIG. 3  is a flowchart of processing for execution of a right-click in accordance with yet another aspect of this invention;  
         [0009]      FIG. 4  is an illustration of dragging a foreign exchange tile of  FIG. 1 ;  
         [0010]      FIG. 5  is an illustration of rearranged foreign exchange tiles after dragging of  FIG. 4 ;  
         [0011]      FIG. 6  is an illustration of tearing-off a foreign exchange tile according to another aspect of this invention;  
         [0012]      FIG. 7  is an illustration of dragging a foreign exchange tile tear-off to join an existing tear-off tile; and  
         [0013]      FIG. 8  is an illustration of foreign exchange tiles joined after tear-off and joining as illustrated in  FIG. 7 ; and  
         [0014]      FIG. 9  is a block diagram of a computer platform on which the exemplary embodiment of this invention operates. 
     
    
     DETAILED DESCRIPTION  
       [0015]     The attributes of a new foreign exchange (“FX”) trading interface that this specification focuses on are: 
        The FX rate tile display unit;     Harmonized FX order and request for quote (“RFQ”) submission workflows;     Rearranging tile display units; and     Configuration of order/quote parameters from “tile” unit.        
 
         [0020]     For the purposes of illustration and clarity, these qualities and workflows are described individually. However, such qualities and workflows should be considered as an integrated whole to realize the true value and singularity of our new FX trading interface.  
         [0021]     An exemplary embodiment of this invention is described in connection with the JP Morgan Chase JPeX client. The JPeX client is the web based, Java applet developed and offered by JPMorganChase to internal and external clients as part of the JP Morgan eXpress™ platform. JP Morgan eXpress™ is JP Morgan&#39;s premier electronic trading platform across multiple asset classes and across multiple time zones. The platform provides a single point of access to JP Morgan&#39;s liquidity in major markets. Key functionality of the entire web client includes: 
        Continuous streaming prices on all Instruments;     Configurable trading default settings and user preferences; and     Straight through processing to settlement eliminating any manual intervention.        
 
         [0025]     For securities trading major functionality includes: 
        Enhanced search function makes it easy to find the instruments you wish to monitor or trade;     Click and trade functionality with auto-acceptance to ensure execution times of less than two seconds;     Request for Quote functionality that allows the client to ask for different terms, for instance larger sizes than those quoted on screen or an irregular settlement date;     The option to leave subject orders at a particular level that are then subject to trader acceptance;     Automated hedge functionality when executing credit trades;     Multiple account trading—trades can be allocated to sub-accounts at trade inception;     Daily closing prices available; and     Advanced heat map research tools with integrated click and trade functionality.        
 
         [0034]     For foreign exchange trading, key functionality includes: 
        Streaming Rates provided for Spot and Swaps;     Ability for user to select currency pairs and request a quote directly from a trader; and     Ability to trade Spot, Matched and Mismatched Swaps with standard tenors, Forward outrights, Forward Forwards, Pre-spot outrights, Broken dated swaps, Pre-spot swap.        
 
         [0038]     The foundation of the new FX trading interface is the “tile” display, as shown generally at  100  in  FIG. 1 . The components of the tile display are: 
        Currency Pair  102 : This field display shows the currency pair shown in the tile. The currency, preferably displayed in yellow is the current dealt currency  104 .     Quantity Field  106 : This field allows the user to enter in the quantity for an order or quote.     Dealt Currency  108 : This field displays the active dealt currency.     Bid Quote Quantity  110 : This field shows the maximum quoted quantity allowable for immediate execution on the rate shown ( 114 ).     Bid Last Movement  112 : This field shows the visual indication of the last price movement. A down arrow (preferably red) means the last movement was downward. An up arrow (preferably green) means the last movement was upward.     Bid Rate  114 : The bid rate display  114  is split across two subfields. The larger display  116  shows the portion of the rate that is the focus for trading (i.e., the last two digits). The remainder of the rate is displayed to the side, at  118 .     Execution Buttons  120 : These buttons can be double clicked to initiate an order or quote to buy/sell the dealt currency.     Ask Rate  122 : The ask rate display is split across two fields. The larger display  124  shows the portion of the rate that is the focus for trading (i.e. the last two digits). The remainder of the rate is displayed to the side, at  126 .     Ask Last Movement  128 : This field shows the visual indication of the last price movement. A down arrow (preferably red) means the last movement was downward. An up arrow (preferably green) means the last movement was upward.     Ask Quote Quantity  130 : This field shows the maximum currently quoted quantity allowable for immediate execution on the rate shown ( 122 ).        
 
         [0049]     One of the important and unique new features of this JPeX FX trading interface is that the rate tile  100  always serves as an entry point for simple, harmonized order and RFQ submission. It is important to note that this feature is always available, regardless of the positioning or rearrangement of the FX rate tiles as discussed further, below. The phrase “harmonized order and RFQ submission” is used to convey the fact that by using the same set of workflows, users of the new JPeX FX trading interface can easily initiate FX orders and RFQ&#39;S.  
         [0050]     A further advantage of an FX trading tile  100  is that the tile can be dynamically resized by changing the size of the window that holds them. Additionally, before the workflows described in  FIG. 2  and  FIG. 3  are executed, the FX tile display  100  offers users the ability to customize trade parameters. Users can enter a quantity for automatic order or RFQ execution or for ticket population by entering a number into the quantity field  106  shown in  FIG. 1 . The quantity input field  106  can be controlled by user preferences to default to the quote quantity or a user-defined value (on a per-currency basis). Furthermore, users can change the dealt currency  108  for orders or RFQ&#39;s by clicking on the currency abbreviations shown on the “Currency Pair” display  102  of the FX tile of  FIG. 1 .  
         [0051]     While this invention is described in terms of a mouse and “single click” and “double click,” one skilled in the art will appreciate that any input device can serve this function.  
         [0052]     When a user double clicks on an execution button  120  in a FX rate tile  100 , an attempt is made to automatically submit an order or RFQ. This action follows the workflow shown in  FIG. 2 . Processing starts in oval  202 , where the user double-clicks on an execution button. Processing proceeds to decision diamond  204 , where a determination is made whether the rate is currently tradable. If the rate is not currently tradable, the workflow terminates in oval  206 . Optionally, an error message is displayed to the user.  
         [0053]     If the rate is tradable in decision diamond  204 , then a determination is made in decision diamond  208  whether the user has populated the quantity field. If the user has not populated the quantity field with a quantity, then an RFQ ticket is displayed in oval  210 , from which a user may place an RFQ.  
         [0054]     If the quantity field has been populated (as determined in decision diamond  208 ), an order or an RFQ is automatically placed on the active dealt currency. The choice of order verses RFQ depends on the status of the rate at the time of the double click. A determination is made in decision diamond  212  whether the rate is firm. If the rate is indicative, then a RFQ is automatically submitted in oval  214 . If the rate is firm and the quantity entered is below or equal to the quote size, then an order automatically submitted.  
         [0055]     A determination is then made in decision diamond  216  whether the quantity in the quantity field  106  is equal to or less than the quote size. If the quantity is above the quote size, then a RFQ is automatically submitted in oval  214 . If the quantity is below or equal to the quote size, then an order is automatically submitted at the quantity in quantity field  106 . It is important to re-emphasize that using this single workflow, the new FX trading interface tile  100  uniquely offers harmonized and integrated access to both FX orders and RFQ&#39;s.  
         [0056]     When a user right clicks on the execution buttons a menu pops up and the above workflow is initiated as shown in  FIG. 3 . Processing starts in oval  302  when the user right clicks on execution button  120 . The user is presented with a pop-up trading menu in action box  204 . A determination is made in decision diamond  306  whether the user selected a new order or a new RFQ. If the user selected a new order, then an FX order ticket is displayed in oval  308 . If the user selected a new RFQ, then an FX RFQ ticket is displayed in oval  310 . While the workflow is very simple—a user can choose to either show an order ticket or an RFQ ticket—it is important to re-emphasize that using this single workflow, the new FX trading interface uniquely offers harmonized and integrated access to both FX orders and RFQ&#39;s.  
         [0057]     Another unique feature of the FX trading interface is that users can rearrange, resize and “tear off” the individual FX rate tiles can be without loosing the access to order submission or configuration workflows. As illustrated in  FIG. 4 , FX rate tiles are always initially shown in a window of multiple tiles  402 . Window of multiple tiles  402  comprises, in this example, four tiles comprising AUD\USD  404 , EUR\USD  406 , GBP\USD  408  and EUR\GBP  410 . When there are multiple tiles in a window as in  FIG. 4 , the tiles can be rearranged via a “drag-and-drop” interface.  
         [0058]     By clicking on and dragging an individual tile, such as tile  406  dragged along arrow  502 , the tiles can be re-arranged in a new order. The other tiles can exchange positions or otherwise have their positions be re-adjusted, as illustrated in  FIG. 5 .  
         [0059]     As illustrated in  FIG. 6 , individual tiles displays can also be “torn-off” to form new, independent windows. A user simply need to drag a tile along lines  602 , such as tile  410  out of it container window  402 , and the tile  410  will be copied into a new window  604  when the tile  406  is released.  
         [0060]      FIGS. 7 and 8  illustrate that individual FX rate tiles can also be combined into new windows. By using the process described above, the user tears off an FX tile, such as  408 , from window  402  and releases FX tile  408  while the mouse is over another window  604 . If window  604  does not already contain the currency pair, when the mouse is released, the FX tile  408  joins the existing window  604  (instead of creating a new window as in  FIG. 5 ).  FIG. 8  illustrates the ending position of all FX tiles.  
         [0061]     Turning now to  FIG. 9 , a block diagram  900  is shown of one possible system on which an exemplary embodiment of this invention may be implemented. In this exemplary embodiment, an FX tile is displayed on a personal computer  902 . Personal computer  902  is connected via data network  904  to real-time data server  906  and trading server  908 . Personal computer  902  receives real-time data updates from data server  906  and updates FX tile accordingly. Personal computer  902  also sends trades and RFQ&#39;s to trading server  908 . While this invention is described in terms of personal computer  902 , other embodiments, such as a work station, a work station connected to a server, etc., will be apparent to one skilled in the art after studying this specification. Further, personal computer  902  may be directly connected to a server  906  via alternate connection  910 , which then transacts trades with server  908  via alternate connection  912 . Many different configurations of personal computer  902  (or its equivalent), data server  906  and trade server  908  will be apparent to one skilled in the art after studying this specification.  
         [0062]     It is to be understood that the above-described embodiment is merely illustrative of the present invention and that many variations of the above-described embodiment can be devised by one skilled in the art without departing from the scope of the invention. It is therefore intended that such variations be included within the scope of the following claims and their equivalents.