Patent Publication Number: US-2003233314-A1

Title: General montage layout

Description:
RELATED APPLICATIONS  
     [0001] This application claims the priority of: U.S. Provisional Patent Application No. 60/335,388, entitled “Super Montage”, and filed on Nov. 14, 2001; U.S. Provisional Patent Application No. 60/385,979, entitled “Supermontage Architecture”, and filed on Jun. 5, 2002; and U.S. Provisional Patent Application No. 60/385,988, entitled “Security Processor”, and filed on Jun. 5, 2002. 
    
    
     
       BACKGROUND  
       [0002] This invention relates to electronic securities trading, and the processing and displaying of information relating to electronic securities trading.  
       [0003] Electronic equity markets, such as The Nasdaq Stock Market™ collect, aggregate, and display pre-trade information to market participants. In the Nasdaq Stock Market, for example, this pre-trade information takes the form of a quote that represents a single or an aggregate of same-priced principal or agency orders. A market, such as The Nasdaq Stock Market™, also provides trading platforms through which market participants may trade securities in the marketplace.  
       SUMMARY  
       [0004] According to an aspect of this invention, a montage display process includes an ask-side display process for displaying, in a multi-column format, an ask-side entry for a specific security that is offered for sale by a market participant on a securities market. This ask-side entry includes a market participant identifier, a lot size, and an ask price. A bid-side display process displays, in a multi-column format, a bid-side entry for the specific security that is wanted for purchase by a market participant on a securities market. This bid-side entry includes a market participant identifier, a lot size, and a bid price. The bid-side display process is configured to display the bid-side entry such that it is essentially a mirror image of the ask-side entry.  
       [0005] One or more of the following features may also be included. The ask-side display process includes a tabular display process for simultaneously displaying multiple ask-side entries in an ask-side table. The ask-side display process includes a tabular sorting process for sorting the multiple ask-side entries in accordance with a user-defined sorting parameter, such as the market participant identifier, the lot size, or the ask price. An ask-side aggregate calculation process generates an ask-side aggregate value for a specific ask-side entry, such that the ask-side aggregate value is equal to the lot size of the specific ask-side entry summed with the lot sizes of all preceding ask-side entries included in the ask-side table. An ask-side selection process allows a market participant to select groups of the ask-side entries that have a common ask price.  
       [0006] The bid-side display process includes a tabular display process for simultaneously displaying multiple bid-side entries in a bid-side table. The bid-side display process includes a tabular sorting process for sorting the multiple bid-side entries in accordance with a user-defined sorting parameter, such as the market participant identifier, the lot size, and the bid price. A bid-side aggregate calculation process generates a bid-side aggregate value for a specific bid-side entry, such that the bid-side aggregate value is equal to the lot size of the specific bid-side entry summed with the lot sizes of all preceding bid-side entries included in the bid-side table. A bid-side selection process allows a market participant to select groups of bid-side entries that have a common bid price.  
       [0007] A security selection process allows a market participant of the montage display process to select the specific security, and a security data display process displays trade data concerning that specific security The trade data includes a trade volume amount, a low trade amount, and a high trade amount.  
       [0008] According to a further aspect of this invention, a montage display method includes displaying an ask-side entry, in a multi-column format, for a specific security that is offered for sale by a market participant on a securities market. This ask-side entry includes a market participant identifier, a lot size, and an ask price. A bid-side entry is also displayed, in a multicolumn format, for the specific security that is wanted for purchase by the market participant on a securities market. This bid-side entry, which includes a market participant identifier, a lot size, and a bid price, is displayed so that it is essentially a mirror image of the ask-side entry.  
       [0009] One or more of the following features may also be included. Displaying an ask-side entry includes simultaneously displaying multiple ask-side entries in an ask-side table. Displaying an ask-side entry includes sorting the multiple ask-side entries in accordance with a user-defined sorting parameter. An ask-side aggregate value is generated for a specific ask-side entry, such that the ask-side aggregate value is equal to the lot size of that specific ask-side entry summed with the lot sizes of all preceding ask-side entries included in the ask-side table. A market participant is allowed to select groups of ask-side entries that have a common ask price.  
       [0010] Displaying a bid-side entry includes simultaneously displaying multiple bid-side entries in a bid-side table. Displaying a bid-side entry includes sorting the multiple bid-side entries in accordance with a user-defined sorting parameter. A bid-side aggregate value is generated for a specific bid-side entry, such that the bid-side aggregate value is equal to the lot size of that specific bid-side entry summed with the lot sizes of all preceding bid-side entries included in the bid-side table.  
       [0011] A market participant is allowed to select groups of the bid-side entries that have a common bid price. Further, a market participant is allowed to select the specific security and trade data concerning that specific security is displayed.  
       [0012] According to a further aspect of this invention, a computer program product residing on a computer readable medium has a plurality of instructions stored on it. When executed by the processor, these instructions cause that processor to display an ask-side entry, in a multi-column format, for a specific security that is offered for sale by a market participant on a securities market. This ask-side entry includes a market participant identifier, a lot size, and an ask price. A bid-side entry is displayed in a multi-column format for the specific security that is wanted for purchase by a market participant on a securities market. This bid-side entry, which includes a market participant identifier, a lot size, and a bid price, is essentially a mirror image of the ask-side entry.  
       [0013] One or more of the following features may also be included. The instructions to display an ask-side entry further includes instructions to sort multiple ask-side entries in accordance with a user-defined sorting parameter. The computer program product further includes instructions to allow a market participant to select groups of ask-side entries that have a common ask price.  
       [0014] The instructions to display a bid-side entry further includes instructions to sort multiple bid-side entries in accordance with a user-defined sorting parameter. The computer program product further includes instructions to allow a market participant to select groups of bid-side entries that have a common ask price.  
       [0015] The computer program product further includes instructions to generate an aggregate value for a specific bid-side or ask side entry, such that this bid-side or ask side aggregate value is equal to the lot size of that specific bid-side or ask side entry summed with the lot sizes of all preceding bid-side or ask side entries included in a bid-side or ask side table.  
       [0016] One or more advantages can be provided from the above. The market participant can quickly and easily monitor all trading activity for a specific security. Further, selecting blocks of securities is simplified via a group selection process. Additionally, by configuring the ask-side and bid-side of the display so that they are mirror images of each other, usability is increased due to easier readability and understandability. By providing the market participant with trade data concerning the security being monitored, the market participant is better able to judge the condition of the market concerning that specific security. 
     
    
    
     DESCRIPTION OF DRAWINGS  
     [0017]FIG. 1 is a block diagram of a montage display process;  
     [0018]FIG. 2 is a diagrammatic view of a montage display; and  
     [0019]FIG. 3 is a block diagram of a montage display method. 
    
    
     DETAILED DESCRIPTION  
     [0020] Referring to FIGS. 1 and 2, there is shown a montage display process  10 . Montage display process  10  resides on server  12  that is connected to a distributed computing network  14  (e.g., the Internet, an intranet, a local area network, or some other form of network). Computerized trading system  16  (e.g., The Nasdaq Stock Market™), which trades securities electronically and also resides on server  12 , processes trades  18  entered by market participant  20 . Market participant  20  typically accesses and uses computerized trading system  16  via a desktop application  22  (e.g., Microsoft Internet Explorer™, Netscape Navigator™, the Nasdaq Workstation II™, a specialized desktop interface, etc.) residing on a computer  24 , thus allowing market participant  20  to trade securities with other market participants (not shown).  
     [0021] Montage display process  10  allows market participant  20  to monitor the trading activity for a specific security traded on computerized trading system  16 , by providing market participant  20  with a summarized display  100  (to be discussed below in greater detail) viewable on computer  24 . Typically, summarized display  100  is one screen in size, thus allowing market participant  20  to quickly get an overview of the activity of the specific security without having to scroll through or toggle between multiple screens.  
     [0022] Process  10  typically resides on a storage device  26  connected to server  12 . Storage device  26  can be a hard disk drive, a tape drive, an optical drive, a RAID array, a random access memory (RAM), or a read-only memory (ROM), for example. Additionally, computerized trading system  16  stores all information relating to securities trades on storage device  26 .  
     [0023] Process  10  includes a security selection process  28  that allows market participant  20  to select the specific security they wish to monitor. This selection may occur is several different ways and will vary depending on the manner in which process  10  is implemented and configured by administrator  30 . For example, market participant  20  may select the security they wish to monitor via a drop-down menu that allows the market participant to scroll through a list of securities and select the one they wish to monitor. This drop down menu may utilize ticker symbols or may list the full name of the issuer of the security. Alternatively, market participant  20  may wish to enter the security&#39;s ticker symbol directly, thus allowing for quicker selection.  
     [0024] Once a selection is made, a trade data interface process  32  retrieves, from storage device  26  of server  12 , the relevant trade data concerning the security selected by market participant  20 . Typically, summarized display  100  is a real-time display, in that the information shown within the display is regularly updated (at a frequency defined by administrator  30 ) so that it is always accurate and up to date. Accordingly, trade data interface process  32  typically establishes a connection (i.e., a socket) with computerized trading system  16  so that the information provided in display  100  is always relevant and up-to-date.  
     [0025] Once a connection is established by trade data interface process  32  and the relevant trade data is retrieved, summarized display  100  is generated. As stated above, summarized display  100  allows market participant  20  to quickly and easily discern the trading activity associated with the specific security that market participant  20  wishes to monitor.  
     [0026] An ask-side display process  34  displays, in a multi-column format, ask-side entries  102   1-n  for the security that was selected by market participant  20 , and is currently being traded on computerized trading system  16 . Each discrete ask-side entry  102   1-n  represents a discrete group of the specific security selected by market participant  20 , such that these groups of securities are being offered for sale by another market participant. For example, ask-side entry  104  concerns a group of ninety-two shares of the security XYZ corp. that is currently being offered for sale by Market participant D. Ask-side entry  104  includes multiple columns, each of which provides information concerning the discrete group of securities being offered for sale, such as a market participant indicator  106  (i.e., a unique symbol that identifies the market participant who is offering the security for sale), an ask price  112 , a lot size  108  (i.e., the quantity of shares of the selected security available at that ask price from that market participant), and an aggregate value  110  (i.e., the total sum of shares available at that price or lower).  
     [0027] Ask-side display process  34  includes a tabular display process  36  for simultaneously displaying multiple ask-side entries (e.g., ask-side entries  104 ,  114 ,  116 ,  118 ). These ask-side entries are arranged vertically so that the market indicator, ask price, lot size, and aggregate value of each entry are aligned, forming ask-side table  120 .  
     [0028] Therefore, for this particular summarized display  100 , if market participant  20  is willing to pay up to $17.10 for a share of XYZ corp., market participant  20  could buy up to ninety-two shares from Market participant D. This is shown in ask-side entry  104 . However, if market participant  20  desires a ninety-third share of XYZ corp., market participant  20  is going to have to pay $17.31 for that one additional share, since Market participant D only has ninety-two shares for sale at $17.10 and the additional share is going to have to be purchased from Market participant M for $17.31 (see ask-side entry  114 ). If, upon realizing that additional shares of XYZ corp. can be purchased for $17.31, market participant  20  wishes to purchase an additional one-hundred shares of XYZ corp., this is not a problem, as Market participant M has fifty shares of XYZ corp. for sale for $17.31, Market participant H has an additional one-hundred-eleven shares available for $17.31, and Market participant Y has nine-hundred-ninety-nine shares available for $17.31. Therefore, a total of eleven-hundred-sixty shares of XYZ corp. are available for $17.31.  
     [0029] Process  10  includes an ask-side aggregate calculation process  38  for calculating the ask-side aggregate value  110  for each ask-side entry. Ask-side aggregate calculation process  38  determines the ask-side aggregate value  110  for a particular ask-side entry by summing the value of the lot size for that particular ask-side entry with the lot sizes of all preceding ask-side entries included in ask-side table  120 . For example, the aggregate value for ask-side entry  104  is [92], the aggregate value for ask-side entry  114  is [142, i.e., 92+50], the aggregate value for ask-side entry  116  is [253, i.e., 92+50+111], and so forth.  
     [0030] A tabular sorting process  40  sorts ask-side entries (e.g.,  104 ,  114 ,  116 ,  118 ) in accordance with a user-defined sorting parameter, such as ascending or descending ask prices, alphanumeric market participant ID&#39;s, ascending or descending lot sizes, for example. This enables market participant  20  to group and order the ask-side entries within ask-side table  120  in accordance with their personal preferences. For example, it market participant  20  wanted to know which groups of securities a particular market participant was offering for sale, market participant  20  could sort the ask-side entries by market participant. However, the ask-side entries within ask-side table  120  are typically sorted by ask price (as shown in FIG. 2).  
     [0031] An ask-side selection process  42  allows a market participant  20  to select (typically for purchase) groups of ask-side entries that have a common ask price. In order to facilitate this market participant selection, summarized display  100  includes group selection buttons  122 ,  124 ,  126 ,  128 ,  130 ,  132  that are each are assigned to a particular ask price. These buttons are dynamically updated by ask-side selection process  42  so that they accurately reflect the securities (e.g., XYZ corp.) currently being offered for sale on computerized trading system  16 . For example, group selection button  122  represents shares of XYZ corp. available for $17.10. As discussed above, there are ninety-two of them, as represented by ask-side entry  104 . Group selection button  124  represents shares of XYZ corp. available for $17.31. There are eleven-hundred-sixty of them, as represented by ask-side entries  114 ,  116 ,  118 . By clicking on or otherwise selecting (with a mouse or other pointing device, not shown) any of these group selection buttons, market participant  20  can select groups of shares available at a particular ask price. As stated above, these buttons are dynamically updated, so that if ask-side entry  104  is sold (i.e., purchased by another market participant), there would be no more shares of XYZ corp. available for $17.10 and, therefore, group selection button  122  would be removed by ask-side selection process  42 . Further, assuming that no additional shares of XYZ corp. became available at a price lower than $17.31, an additional group selection button (not shown) would be created that would indicate one share of XYZ corp. being available from Market participant G for $18.12. Typically, group selection buttons  126 ,  128 ,  130 ,  132 ,  134 ,  136  are organized so that the ask price that each button is associated with increases as market participant  20  moves along any row of buttons from left to right.  
     [0032] In a manner similar to ask-side display process  34 , a bid-side display process  44  displays, in a multi-column format, bid-side entries  152   1-n  for the same security (i.e., XYZ corp.) that was selected by market participant  20 . Each discrete bid-side entry  152   1-n  represents a discrete group of the specific security (selected by market participant  20 ) that is wanted for purchase by another market participant of computerized trading system  16 . For example, bid-side entry  154  concerns a group of ten shares of the security XYZ corp. that a market participant (i.e., Market participant A) currently wants to purchase. Similar to an ask-side entry, a bid-side entry  154  includes multiple columns, each of which provides information concerning the discrete group of securities wanted for purchase, such as a market participant indicator  156  (i.e., a unique symbol that identifies the market participant who wants to purchase the security), a bid price  162 , a lot size  158  (i.e., the quantity of shares of the selected security wanted for purchase by that market participant at that bid price), and an aggregate value  160  (i.e., the total sum of shares wanted for purchase at that price or higher).  
     [0033] Bid-side display process  44  includes a tabular display process  46  for simultaneously displaying multiple bid-side entries (e.g., bid-side entries  154 ,  164 ,  166 ,  168 ). These bid-side entries are arranged vertically so that the market indicator, bid price, lot size, and aggregate value of each entry are aligned, forming an bid-side table  170 .  
     [0034] Therefore, for this particular summarized display  100 , if market participant  20  owns two-thousand shares of XYZ corp. that they are willing to sell but they do not want to sell them for less than $17.09 per share, market participant  20  can only sell ten shares to Market participant A, as bid-side entry  154  specifies that $17.09 is the highest dollar amount offered to buy a share of XYZ corp. and Market participant A is only willing to purchase ten shares at that price. However, if market participant  20  is willing to lower their sell price to $17.08 per share, market participant  20  can sell one-thousand-nineteen shares of XYZ corp. at that price. Specifically, Market participant A is willing to buy ten shares for $17.09 (see bid-side entry  154 ), Market participant C is willing to buy ten shares for $17.08 (see bid-side entry  164 ), and Market participant L is willing to buy nine-hundred-ninety-nine shares for $17.08 (see bid-side entry  166 ).  
     [0035] Process  10  includes an bid-side aggregate calculation process  48  for calculating the bid-side aggregate value  160  for each bid-side entry. As with ask-side aggregate calculation process  38 , bid-side aggregate calculation process  48  determines the bid-side aggregate value  160  for a particular bid-side entry by summing the value of the lot size for that particular bid-side entry with the lot sizes of all preceding bid-side entries included in bid-side table  170 . For example, the aggregate value for bid-side entry  154  is [10], the aggregate value for bid-side entry  164  is [20, i.e., 10+10], the aggregate value for bid-side entry  166  is [1019, i.e., 10+10+999], and so forth.  
     [0036] Similar to that of ask-side entries, a tabular sorting process  50  sorts bid-side entries (e.g.,  154 ,  164 ,  166 ,  168 ) in accordance with a user-defined sorting parameter, such as ascending or descending bid prices, alphanumeric market participant ID&#39;s, ascending or descending lot sizes, etc. This enables market participant  20  to group and order the bid-side entries within bid-side table  170  in accordance with their personal preferences. Again, like ask-side table  120 , bid-side entries within bid-side table  170  are typically sorted by bid price (as shown in FIG. 2).  
     [0037] Bid-side display process  44  displays bid-side entries so that bid-side table  170  is essentially a mirror image of ask-side table  120 . Specifically, the columns in bid-side table  170  are arranged in a fashion so that they are in the opposite order (i.e., when moved across the tables  120 ,  170  in a common direction) to that of ask-side table  120 . The columns of these tables are essentially mirrored around an imaginary centerline  171 . For example, column  112  and column  162  (i.e., ask prices and bid prices respectively) are the closest columns to centerline  171 . Column  110  and column  160  (i.e., ask-side and bid-side aggregate values respectively) are the second closest columns to centerline  171 . Further, column  108  and column  158  (i.e., ask-side and bid-side lot sizes respectively) are the third closest columns to centerline  171 . And finally, column  106  and column  156  (i.e., ask-side and bid-side market participant ID&#39;s respectively) are the furthest columns away from centerline  171 .  
     [0038] A bid-side selection process  52  allows a market participant  20  to select (typically for the purpose of selling the market participant&#39;s securities) groups of bid-side entries that have a common bid price. In order to facilitate this market participant selection, summarized display  100  includes group selection buttons  172 ,  174 ,  176 ,  178 ,  180 ,  182  that each are assigned to a particular bid price. The buttons are dynamically updated by bid-side selection process  52  so that they accurately reflect the securities currently wanted for purchase. For example, group selection button  172  represents shares wanted for purchase at $17.09. As discussed above, there are ten of them, as represented by bid-side entry  154 . Group selection button  174  represents shares available for $17.08. There are one-thousand-nine of them, as represented by bid-side entries  164 ,  166 . By clicking on or otherwise selecting (with a mouse or other pointing device, not shown) any of these group selection buttons, market participant  20  can select groups of shares that the other market participant (i.e., the market participant of the bid-side entry) wishes to purchase for a particular bid price.  
     [0039] These buttons are also dynamically updated, so that if bid-side entry  154  is filled (i.e., someone else sold Market participant A ten shares of XYZ corp. for $17.09 per share), there would be no more market participants willing to pay $17.09 for a share of XYZ corp. and, therefore, group selection button  172  would be removed by bid-side selection process  52 . Further, assuming that no other market participants were willing to pay more than $17.08 for a share of XYZ corp., an additional group selection button (not shown) would be created that would indicate that a market participant (i.e., Market participant Z) was willing to pay $16.44 for one share of XYZ corp. Typically, group selection buttons  172 ,  174 ,  176 ,  178 ,  180 ,  182  are organized so that the bid price that each button is associated with decrease as market participant  20  moves along any row of buttons from right to left, an arrangement that is a mirror image of the ask-side group selection buttons (i.e.,  122 ,  124 ,  126 ,  128 ,  130 ,  132 ).  
     [0040] A security display process  54  displays, in summarized display  100 , pertinent trade data relating to the specific security (e.g., XYZ corp.) being monitored by market participant  20 . Examples of this pertinent trade data, which is retrieved from computerized trading system  16 , include a daily trade volume amount indicator  184 , daily high trade amount indicator  186 , and daily low trade value amount indicator  188 .  
     [0041] While the group selection buttons are shown arranged in groups of six, this is an arbitrary amount, as this number can be adjusted depending on the requirement of market participant  20  and administrator  30 .  
     [0042] While the lot sizes  108 ,  158  described above are stated to be in units of shares, it is possible for these numbers to also represent groups of one-hundred shares (commonly referred to as “round lots”), or any other amount of shares. In this scenario, ask-side entry  104  may represent an offer to sell ninety-two-hundred shares of XYZ corp.  
     [0043] While imaginary centerline  171  is shown as being a vertical centerline, this imaginary centerline  171  may be a horizontal centerline, such that ask-side and bid-side entries are arranged in multi-row format and, therefore, mirroring would occur about a horizontal axis.  
     [0044] Referring to FIG. 3, there is shown a montage display method  200 . An ask-side entry is displayed  202 , in a multi-column format, for a specific security that is offered for sale by a market participant on a securities market. This ask-side entry includes a market participant identifier, a lot size, and an ask price. A bid-side entry is displayed  204 , in a multi-column format, for the specific security that is wanted for purchase by a market participant on a securities market. This bid-side entry, which includes a market participant identifier, a lot size, and a bid price, is essentially a mirror image of the ask-side entry.  
     [0045] Displaying  202  the ask-side entry includes simultaneously displaying  206  multiple ask-side entries in an ask-side table and sorting  208  these multiple ask-side entries in accordance with a user-defined sorting parameter. An ask-side aggregate value is generated  210  for a specific ask-side entry, such that the ask-side aggregate value is equal to the lot size of that specific ask-side entry summed with the lot sizes of all preceding ask-side entries included in the ask-side table. A market participant is allowed  212  to select groups of ask-side entries that have a common ask price.  
     [0046] Displaying  204  a bid-side entry includes simultaneously displaying  214  multiple bid-side entries in a bid-side table and sorting  216  these multiple bid-side entries in accordance with a user-defined sorting parameter. A bid-side aggregate value is generated  218  for a specific bid-side entry, such that the bid-side aggregate value is equal to the lot size of that specific bid-side entry summed with the lot sizes of all preceding bid-side entries included in the bid-side table. A market participant is allowed  220  to select groups of the bid-side entries that have a common bid price.  
     [0047] Additionally, a market participant of the montage display method is allowed  222  to select the specific security to be monitored. Further, trade data concerning the specific security being monitored is displayed  224 .  
     [0048] The system described herein is not limited to the hardware embodiment described above; it may find applicability in any computing or processing environment. The system may be implemented in hardware, software, or a combination of the two. For example, the system may be implemented using circuitry, such as one or more of programmable logic (e.g., an ASIC), logic gates, a processor, and a memory.  
     [0049] The system may be implemented in computer programs executing on programmable computers that each includes a processor and a storage medium readable by the processor (including volatile and non-volatile memory and/or storage elements). Each such program may be implemented in a high-level procedural or object-oriented programming language to communicate with a computer system. However, the programs can be implemented in assembly or machine language. The language may be a compiled or an interpreted language.  
     [0050] Each computer program may be stored on an article of manufacture, such as a storage medium (e.g., CD-ROM, hard disk, or magnetic diskette) or device (e.g., computer peripheral), that is readable by a general or special purpose programmable computer for configuring and operating the computer when the storage medium or device is read by the computer to perform the functions of the data framer interface. The system may also be implemented as a machine-readable storage medium, configured with a computer program, where, upon execution, instructions in the computer program cause a machine to operate to perform the functions of the system described above.  
     [0051] Embodiments of the system may be used in a variety of applications. Although the system is not limited in this respect, the system may be implemented with memory devices in microcontrollers, general purpose microprocessors, digital signal processors (DSPs), reduced instruction-set computing (RISC), and complex instruction-set computing (CISC), among other electronic components.  
     [0052] A number of embodiments of the invention have been described. Nevertheless, it will be understood that various modifications may be made without departing from the spirit and scope of the invention.