Patent Publication Number: US-2005144113-A1

Title: Methods and apparatus for facilitating financial instrument trading orders

Description:
RELATED APPLICATION  
      This application is based on, and claims priority to, U.S. Provisional Application Ser. No. 60/532,391, filed Dec. 24, 2003, for “Methods and Apparatus for Facilitating Financial Instrument Trading Orders.” The contents of the above referenced provisional patent application are incorporated by reference herein in their entirety. 
    
    
     FIELD  
      The present invention relates to electronic trading of securities and other financial instruments. In some embodiments, the present invention relates to methods and apparatus for facilitating entry of trading orders.  
     BACKGROUND  
      Electronic trading is ubiquitous in today&#39;s financial community. Generally, electronic trading allows traders to place orders through a user device such as a desktop computer.  
      Architectures of electronic trading systems vary widely. In some systems, a trader interacts with an electronic trading platform presented by the user device. The electronic trading platform may be an internally-developed system or an off-the-shelf system, such as the REDIPlus™ system. The electronic trading platform may communicate with pools of liquidity directly or through a routing and order management network, such as REDINet™. Such pools of liquidity, which may also be thought of as trading market places, include listed exchanges, ECNs (Electronic Communication Networks), market makers, options exchanges, futures exchanges, and the like. An electronic trading platform and/or management network may also communicate with in-house back-end systems to provide trade reporting and tracking functions to the trader.  
      Many electronic trading platforms and management networks are currently available, each providing specific features. Many of these features are intended to clearly present market information to a trader, and others are intended to facilitate trading functions.  
      In recent years, the number of trading market places has greatly increased, and so have the types of orders and other service options provided by the trading market places. Moreover, the various trading market places increasingly offer types of orders and other service options that differ from market place to market place. Improvements in trading platforms are now needed to help in guiding traders through the veritable maze of possibilities that the current trading environment offers.  
     SUMMARY  
      To address the foregoing, embodiments of the present invention concern a method, an apparatus, and a medium storing processor-executable process steps to display financial instrument trading information on a screen. The financial instrument trading information includes a first menu for displaying a first set of alternatives with respect to a first order parameter. The present invention further includes receiving user input that indicates selection of an alternative from the first set of alternatives, and displaying a second menu as part of the financial instrument trading information. The second menu is for displaying a second set of alternatives with respect to a second order parameter. The second set of alternatives which constitute the second menu are selected based at least in part on the alternative selected by the user input from the first set of alternatives.  
      As used herein and in the appended claims, “financial instrument” includes an equity security such as a common stock, a debt security, an option, a futures contract or a currency trading contract. As used herein, an “option” refers to a contract that includes the right but not the obligation to buy or sell a stock or other security for a specified price on or before a specific date.  
      In another aspect, the invention includes displaying financial instrument trading information on a screen, where the financial instrument trading information includes a first menu for displaying a first set of alternatives with respect to a first order parameter. The invention according to this aspect further includes receiving user input that indicates selection of an alternative from the first set of alternatives, and displaying a second menu as part of the financial instrument trading information. The second menu is for displaying a second set of alternatives with respect to a second order parameter and is selected based at least in part on the alternative selected by the user input from the first set of alternatives.  
      In still another aspect, the invention includes displaying a first order type menu at times when a first order destination alternative is selected from an order destination menu, and displaying a second order type menu at times when a second order destination alternative is selected from the order destination menu, where the second order type menu is different from the first order type menu.  
      As used herein and in the appended claims, “order destination” refers to any one or more of a securities exchange, a market maker and an ECN or any trading market place.  
      In yet another aspect, the invention includes displaying a first order destination menu at times when a first financial instrument trading symbol is displayed in an order input area of a user interface, and displaying a second order destination menu at times when a second financial instrument trading symbol is displayed in the order input area, where the second order destination menu is different from the first order destination menu.  
      As used herein and in the appended claims, “financial instrument trading symbol” refers to a brief string of letters and/or numerals that is used to identify a financial instrument for purposes of trading and/or price quotation.  
      Thus, in some aspects, a user interface for inputting parameters required to place an order may be context sensitive, in that the information requested of the user by the interface may vary according to information that has already been entered by the user with respect to the order. As a result, the interface according to the invention may be easier to use than prior interfaces, and may relieve the user of much or all of the burden of tracking the data required for various order destinations, order types, etc.  
      With these and other advantages and features of the invention that will become hereinafter apparent, the invention may be more clearly understood by reference to the following detailed description of the invention, the appended claims, and the drawings attached hereto. 
    
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       FIG. 1  is a block diagram of a system consistent with the present invention.  
       FIG. 2  is a block diagram of one embodiment of an order processing server for use in conjunction with the system of  FIG. 1 .  
       FIG. 3  is a block diagram of one embodiment of a user device for use in conjunction with the system of  FIG. 1 .  
       FIGS. 4-9  are outward views of user interfaces according to some embodiments of the invention.  
       FIG. 10  is a flow diagram that illustrates an exemplary process for providing at least some of the interfaces shown in  FIGS. 4-9 .  
       FIG. 11  is a flow diagram that illustrates an exemplary process for providing at least some of the interfaces shown in  FIGS. 4-9 .  
       FIG. 12  is a flow diagram that illustrates an exemplary process for providing at least some of the interfaces shown in  FIGS. 4-9 . 
    
    
     DETAILED DESCRIPTION  
      In general, and for the purposes of introducing concepts of embodiments of the present invention, a user interface for financial instrument trading order entry may determine which menus to display, or what alternatives to include in one or more menus, based on a menu alternative selected by the user or based on data entered by the user. Thus the menus presented, or menu items presented, may be context sensitive, and may guide the user to properly complete an order entry process. The order entry interface may be highly flexible and may allow the user to successfully navigate a large number of order entry possibilities, including a considerable number of possible order destinations and/or order types.  
      Features of some embodiments of the present invention will now be described by first referring to  FIG. 1 , where a block diagram of one embodiment of a trading network  100  is shown. As shown, trading network  100  includes a number of different components which cooperatively operate to process and execute securities trading orders pursuant to some embodiments of the present invention.  
      As depicted, trading network  100  includes an order processing server  102  in communication with one or more user device(s)  104 , a plurality of order destinations  106 , and a source  108  of market data. Order processing server  102  may function as a host computer for the user devices  104  and may operate to receive and execute financial instrument trading orders on behalf of users of the user devices  104 . In some embodiments, order processing server  102  may function to timestamp orders when received and to assign an order identifier or sequence number to each order. In cases where input from the user via a user device indicates selection of a particular order destination, the order processing server may implement the user&#39;s selection by routing the order to the selected order destination. When an order as defined by the user does not prescribe an order destination, the order processing server  102  may operate to automatically route the order to one or more of the order destinations selected by the order processing server  102 .  
      The order processing server  102  also operates to receive from the data source  108  data concerning market conditions. Such data may include, for example, information concerning the current status of order books at the order destinations  106 . Thus the data supplied by the data source  108  may include current price quotations for financial instruments to be traded via the trading network  100 . The order processing server  102  may also maintain and update databases based on the data received from data source  108  and may provide market data to the users via the user devices  104 .  
      Although a single order processing server  102  is shown in  FIG. 1 , any number of order processing servers may be included in trading network  100 . Similarly, any number of data sources  108 , user devices  104 , order destinations  106 , or any other device described herein may be included in the trading network  100  according to embodiments of the present invention.  
      Each of the devices of trading network  100  may be formed of components or other devices capable of performing the various functions described herein. Exemplary embodiments of the order processing server  102  and of a user device  104  will be described below with reference to  FIGS. 2 and 3 , respectively.  
      An order destination  106  may include any computing device(s) operated by or on behalf of one or more order destinations. Each of the order destinations  106  may be in communication with other devices described herein, such as the order processing server  102  and the data source  108 , using techniques known in the art.  
      As used herein, devices (e.g., order processing server  102 , user devices  104 , order destinations  106 , and data source  108 ) may communicate, for example, via one or more communication networks. For example, some or all of the devices may be in communication via an Internet Protocol (IP) network such as the Internet. Some or all of the devices may be in communication via other types of networks such as an intranet, a Local Area Network (LAN), a Metropolitan Area Network (MAN), a Wide Area Network (WAN), a proprietary network, a Public Switched Telephone Network (PSTN), and/or a wireless network.  
      According to some embodiments of the present invention, communication between some or all of the devices of trading network  100  may be via temporary computer communication channel (e.g., a logic path through which information can be exchanged). In other words, the communication channel between various devices may be established and discontinued as appropriate. For example, order processing server  102  may exchange information with one of the order destinations  106  only when communication is necessary to transmit an order for execution by the order destination  106  or to receive confirmation from the order destination  106  that the order was executed.  
      According to some embodiments, some or all of the devices may communicate with other devices via a public computer communication network. That is, at least a portion of the communication network may be accessed by devices other than the devices depicted in  FIG. 1 . Note, however, that the information exchanged between order processing server  102  and other devices in  FIG. 1  may be encrypted or otherwise protected to prevent a third party from accessing, manipulating, understanding and/or misusing the information. In some embodiments, some or all of the devices may communicate over a private network.  
      In other embodiments, the devices of  FIG. 1  are connected differently than as shown. For example, some or all of the devices may be connected indirectly to one another (e.g., via the Internet). Of course, embodiments of the invention may include devices that are different from those shown. It should also be noted that although the devices are shown in communication with each other, the devices need not be constantly exchanging data. Rather, communication may be established when necessary and severed at other times or always available but rarely used to transmit data. Moreover, although the illustrated communication links appear dedicated, it should be noted that each of the links may be shared by other devices.  
      Reference is now made to  FIG. 2 , where an embodiment of order processing server  102  is shown. As depicted, order processing server  102  includes a computer processor  200  operatively coupled to a communication device  202  and a storage device  204 .  
      Processor  200  may be constituted by one or more conventional processors, and may, for example, comprise RISC-based and other types of processors. Processor  200  operates to execute processor-executable process steps so as to control the elements of order processing server  102  to provide desired functionality.  
      Communication device  202  may be used to facilitate communication with, for example, other devices (such as user devices  104 , order destinations  106  and data source  108 ). Communication device  202  is therefore preferably configured with hardware suitable to physically interface with desired external devices and/or network connections. For example, communication device  202  may comprise an Ethernet connection to a local area network through which order processing server  102  may receive and transmit information over the World Wide Web.  
      Storage device  204  may comprise any appropriate information storage device, including combinations of magnetic storage devices (e.g., magnetic tape and hard disk drives), optical storage devices such as CDs and/or DVDs, and/or semiconductor memory devices such as Random Access Memory (RAM) devices and Read Only Memory (ROM) devices.  
      Storage device  204  stores one or more programs  206  for controlling processor  200 . The programs  206  comprise processor-executable process steps of order processing server  102 , and may include process steps that constitute processes provided in accordance with principles of the present invention to implement a user interface described below. Processor  200  performs instructions of programs  206 , and thereby may operate in accordance with the present invention. In some embodiments, programs  206  may be configured, at least in part, as a neural network or other type of program using techniques known to those skilled in the art to achieve the functionality described herein. Among the functions implemented via the programs  206  may be host server functions and order processing and execution functions.  
      Any or all process steps of order processing server  102  may be read from a computer-readable medium, such as a floppy disk, a CD-ROM, a DVD-ROM, a Zip™ disk, a magnetic tape, or a signal encoding the process steps, and then stored in storage device  204  in a compressed, uncompiled and/or encrypted format. Processor-executable process steps being executed by processor  200  may typically be stored temporarily in RAM (not separately shown) and executed therefrom by processor  200 . In alternative embodiments, hard-wired circuitry may be used in place of, or in combination with, processor-executable process steps for implementation of processes according to embodiments of the present invention. Thus, embodiments of the present invention are not limited to any specific combination of hardware and software.  
      Storage device  204  may also store databases  208 , including, for example, a database containing current market condition data (e.g., including current quotations for financial instruments) and a database containing data that indicates choices available to users of the user devices  104  relative to order destinations and types of orders that may be submitted. Other databases may also be provided (e.g., order and execution data may also be stored in storage device  204 ).  
      There may also be stored in storage device  204  other unshown elements that may be necessary for operation of order processing server  102 , such as an operating system, a database management system, other applications, other data files, and “device drivers” for allowing processor  200  to interface with devices in communication with communication device  202 . These elements are known to those skilled in the art, and are therefore not described in detail herein.  
      Although not shown in the drawing, the order processing server  102  may also include one or more input and/or output devices to permit a system administrator or other user to provide input to the processor  200  or to receive output from the processor  200 .  
      Reference is now made to  FIG. 3 , where an embodiment of a user device  104  is shown. As depicted, user device  104  includes a processor  300  operatively coupled to a communication device  302 , a storage device  304 , a display  306 , one or more input devices  308 , ROM  310  and RAM  312 . Some or all of the hardware constituting the user device  104  may be conventional personal computer (PC) hardware. Thus the processor  300  may be a conventional Pentium® processor, for example, and the communication device  302  may be a conventional communication port which enables the user device  104  to exchange data with the order processing server  102  via, e.g., an Ethernet connection. The storage device  304  may include a conventional hard disk drive or other mass storage device. The display  306  may be a conventional CRT or flat panel computer monitor. The display  306  has a screen (not separately shown) by which a user interface in accordance with principles of the present invention, as described below and illustrated in  FIGS. 4-9 , may be presented to a user of the user device  104 .  
      The input devices  308  may include a conventional keyboard and/or a conventional pointing device such as a mouse or trackball. ROM  310  may store basic input/output instructions and instructions used during boot-up of user device  104 . RAM  312  provides fast data storage and retrieval and thus may function as working memory for processor  300 . In addition, RAM  312  may temporarily store instructions corresponding to processor-executable process steps being executed by processor  300 .  
      Storage device  304  stores one or more programs  314  for controlling processor  300 . The programs  314  comprise processor-executable process steps of user device  104 , and may include process steps that constitute processes provided in accordance with principles of the present invention, as described in more detail below. Processor  300  performs instructions of programs  314 , and thereby may operate in accordance with the present invention. The programs  314  may include, for example, a conventional operating system such as the Windows operating system, as well as device drivers and a client side application that enables the user device  104  to interact with order processing server  102 . A software program or programs which cause the user device  104  to display the user interface of the present invention may reside primarily in the order processing server  102  or in the storage device  304  of the user device  104  or may be distributed between the order processing server  102  and the user device  104 .  
      Storage device  304  may also store one or more databases  316 , which may, for example, store data downloaded from the order processing server  102 . This data may include, for example, data concerning current market conditions and/or data indicative of choices that the user of the user device  104  may be allowed to make in terms of order destinations and order types or other parameters of financial instrument trading orders.  
       FIG. 4  is an outward view of at least a portion of a user interface provided in accordance with principles of the present invention. As seen from  FIG. 4 , the user interface of the present invention may include an interface element  400  which is in the form of a bar. The bar  400  may have a plurality of data input elements  402  arranged along the bar  400 . For example, in some embodiments, the bar  400  may initially display three basic order entry data input elements  402 , namely a symbol input element  404 , an order destination data input element  406  and an order type data input element  408 . Some or all of order entry data input elements  402 , including the elements  404 ,  406 ,  408 , may include a pull down menu. That is, when the user actuates a pull down button  410  with a cursor (not shown), the data entry input element displays and/or makes available to the user a plurality of alternatives which each represent a data entry that the user may select for the order entry data input element. In addition, or alternatively, one or more of the order entry data input elements may allow the user to directly enter alphanumeric data in a data field  412  via the keyboard (not separately shown) of the user device  104 . The symbol data input element  404  may, in some embodiments, also have a look up button  414  which the user may actuate to access a look up function that is associated with the symbol data input element  404  to allow the user to look up symbols for entry into the data field  412  of the symbol data input element  404 .  
      As will be discussed below, the particular alternatives displayed by the pull down menu constituting the order destination data input element  406  may vary depending on the particular symbol currently displayed in the data field  412  of the symbol data input element  404 . Thus the alternatives available for selection by the user with respect to the order destination data input element  406  may correspond to only those order destinations which handle trading of the financial instrument indicated by the symbol currently displayed in the data field  412  of the symbol data input element  404 . In this way, the user may be guided to select only appropriate entries for the order destination, and the user may not be required to know or memorize the order destinations that are suitable for each symbol.  
      Similarly, the particular alternatives displayed by the pull down menu constituting the order type data input element  408  may vary depending on the particular order destination currently displayed in the data field  412  of the order destination data input element  406 . The alternatives available for selection by the user with respect to the order type data input element  408  may correspond to only those order types supported by the order destination currently displayed in the data field  412  of the order destination data input element  406  and/or may correspond only to those order types provided by the order destination currently displayed in the data field  412  of the order destination data input element  406  for the particular financial instrument indicated by the symbol currently displayed in the data field  412  of the symbol data input element  404 . In this way, the user may be guided to select only appropriate entries for the order type, and the user may not be required to know or memorize the order types that are suitable for each order destination or for each combination of symbol and order destination.  
      Once the user has indicated (e.g., by pressing an “enter” key on the keyboard) that the user has completed entering data in the data input elements  404 ,  406 ,  408 , the user device  104  and/or the order processing server  102  may cause the bar  400  to be populated with additional data input elements, as illustrated in  FIG. 5 . The additional data input elements selected to be displayed may, as discussed further below, be those needed to input data that is appropriate for the combination of symbol, order destination and order type currently displayed in the data fields  412  of the data input elements  404 ,  406 ,  408 . Some or all of the additional data input elements may include a pull down menu. In addition, or alternatively, one or more of the additional order entry data input elements may allow the user to directly enter alphanumeric data in a data field of the order entry data input element via the keyboard (not separately shown) of the user device  104 .  
       FIG. 5  shows a particular example of a set of additional data input elements that may be appropriate for the combination of symbol, order destination and order type shown in  FIG. 5 . In this particular example, the additional data input elements include a “side” (i.e., side of the transaction such as “buy” or “sell”) data input element  500 , a price data input element  502 , a quantity data input element  504 , an account data input element  506 , a time in force (TIF) data input element  508  and a peg value data input element  510 . In other embodiments and/or for other combinations of symbol, order destination and order type and/or for other configurations selected by the user or by the system administrator, the set of data input elements displayed on the bar  400  may be different from the set of data input elements shown in  FIG. 5 .  
      The data input elements allow the user to enter data corresponding to parameters that define an order to be submitted using the user device  102 . Such parameters may be referred to as “order parameters”. In the particular example shown in  FIG. 5 , the symbol input data element  404  allows the user to enter a symbol that indicates the financial instrument to be traded; the order destination data input element  406  allows the user to enter an order destination to which the order is to be sent for execution; the order type data input element  408  allows the user to enter the type of the order (e.g., limit, market, etc.); the side data input element  500  allows the user to enter the “side” (buy or sell) for the order; the price data input element  502  allows the user to enter a price at which the order is to be executed; the quantity data input element  504  allows the user to enter the size (e.g., number of shares or number of contracts) of the order; the account data input element  506  allows the user to enter an account identifier that identifies the customer or account for which the order is being submitted; the TIF data input element  508  allows the user to indicate for what period of time the order is to be effective; and the peg value data input element  510  allows the user to indicate a peg value by which the order execution price may be linked to a current quotation price for the financial instrument.  
      In some embodiments and/or in some cases, some of the data input elements may correspond to order parameters which are required to define the order, whereas other data input elements may correspond to order parameters which are optional. In some embodiments, color coding or different font styles or the like may be employed to indicate which data input elements correspond to required order parameters and which data input elements correspond to optional order parameters. In the particular example illustrated in  FIG. 5 , all of the data input elements except for the peg value data input element  510  may correspond to required order parameters and the peg value data input element  510  may correspond to an optional order parameter.  
      The bar  400 , as shown in  FIG. 5 , also includes a text field  512  which displays text to indicate the order as defined by the order parameter data currently entered in the input data elements. If the user finds that the order is correctly indicated in the text field  512 , he or she may use the cursor (not shown) to actuate a button  514 . In some embodiments, the button  514  is labeled “buy” or “sell” in accordance with the side entered at side data input element  500 . Assuming that all required order parameters have been entered, actuation of the button  514  causes the user device  104  and/or the order processing server  102  to execute the order in accordance with the parameter values indicated in the text field  512 . If the button  514  is actuated at a time when less than all of the required order parameters have been entered, an error message (not shown) may pop up as part of the user interface. The error message may indicate to the user which order parameter or parameters remain to be entered.  
      The bar  400  may also include a refresh button  516 . The user may actuate the refresh button to clear the values entered in the data input elements and to return the bar  400  to a condition in which only the three primary data input elements  404 ,  406 ,  408  are displayed.  
      In some embodiments, the interface element or bar  400  may be used to create an order ticket instead of entering an order for immediate execution. The ticket creation function of the bar  400  may be accessed by selecting a “ticket” alternative from the order destination data input element  406 .  FIG. 6  shows an example of how the bar  400  may appear when it is being used to create a ticket. It will be observed from  FIG. 6  that the same data input elements  404 ,  406 ,  408 ,  500 ,  502  and  504  as were discussed above in connection with  FIGS. 4 and 5  may be displayed when the bar  400  is being used to create a ticket. However, the data input elements  506 ,  508 ,  510  shown in  FIG. 5  may not be relevant to creating a ticket and may be omitted when the bar  400  is being used to create a ticket. Continuing to refer to  FIG. 6 , a “tag” data input element  600  may be displayed in addition to the data input elements  404 ,  406 ,  408 ,  500 ,  502 ,  504  when the bar  400  is being used to create a ticket. The tag data input element  600  allows the user to enter data that may be used to identify the ticket. The text field  512  displays text that indicates the parameter values currently selected for the proposed ticket. The button  514  is labeled “buy ticket” when the value “ticket” is selected from the order destination data input element  406  and the value “buy” is selected from the side data input element  500 . When the value “ticket” is selected from the order destination data input element  406 , actuation of the button  514  causes the user device  104  and/or the order processing server  102  to complete creation of a ticket in accordance with the parameter values displayed in the text field  512  (assuming that all data required for a ticket has been entered).  
       FIGS. 4-6  show the bar  400  in isolation and in a certain format. However, the format of the bar  400  may be changed and, in practice, the bar  400  may at least some of the time be combined with other user interface elements displayed on the screen of the display  306  ( FIG. 3 ) of the user device  104 .  FIGS. 7-9  show examples of user interface display views that may be provided in accordance with the invention and that include a bar that is similar in functionality to the bar  400  and is displayed in combination with other user interface elements.  
       FIG. 7 , in particular, shows a so-called “montage” view in which current quotation information is provided in an upper portion  700  of a screen display area  702 , and a bar  400   a  that is similar in functionality to the bar  400  described above is displayed in a lower portion  704  of the screen display area  702 . At the left side  706  of the upper portion  700  of the display area  702 , bid quotations for various order destinations may be listed in declining order of price. At the right side  708  of the upper portion  700  of the display area  702 , ask quotations for various order destinations may be listed in ascending order of price. The bar  400   a  is in a somewhat different format from the bar  400 , but, like the bar  400 , the bar  400   a  gathers together a number of different data input elements such as pull down menus that may be used to define the parameter values for an order to be entered via the user device  104 . The number of data input elements included in the bar  400   a , the types of data to be entered via the data input elements, and/or the particular alternatives offered for selection via the data input elements may vary from embodiment to embodiment and/or may vary with changes in the particular alternatives selected from certain ones of the data input elements.  
       FIG. 8  shows another montage view of a type suitable for displaying information useful in options trading. At an upper portion  800  of a screen display area  802 , current market information and recent historical market information is displayed with respect to an underlying equity security. At a middle portion  804  of the screen display area  802 , current quotation information is displayed in regard to an option that corresponds to the underlying security. In particular, at a left side  806  of the middle portion  804 , bid quotations for the option at various order destinations are listed in declining order of price. At a right side  808  of the middle portion  804 , ask quotations for the option at various order destinations are listed in ascending order of price. The bar  400   a  is displayed at a lower portion  810  of the screen display area  802 . The symbol entered into the symbol data input element  404  may indicate an option, as shown in  FIG. 8 . When the symbol entered into the symbol data input element  404  indicates an option, the data input elements which populate the bar  400   a  may be different from those displayed when the symbol indicates an equity security and may correspond to the types of, and alternatives for, order parameters that are required or optional for placing an options trading order.  
       FIG. 9  shows a so-called “blotter” type view of a user interface in accordance with the present invention. The screen display area  900  shown in  FIG. 9  includes an upper portion  902 , a middle portion  904  and a lower portion  906  with a bar  400   b  being displayed in the lower portion  906 . At a left side  908  of the upper portion  902 , current market information may be displayed for a number of different financial instruments. At a right side  910  of the upper portion  902 , information may be displayed with respect to current positions held in the financial instruments listed in the left side  908 . At a central region  912  of the upper portion  902 , information may be displayed in regard to order execution performance that has recently been experienced with respect to trading in the financial instruments listed in the left side  908 .  
      The middle portion  904  of the screen display area  900  may display data entries that represent individual pending orders that were initiated by the user device  104  on which the display of  FIG. 9  is being displayed.  
      The bar  400   b  shown in  FIG. 9  is somewhat different in format from the bars  400  and  400   a  as shown in  FIGS. 4-8  but may provide substantially the same functionality. As in the case of bars  400 ,  400   a , the bar  400   b  may gather together a number of data input elements such as pull down menus by which a user may enter order parameter values.  
       FIG. 10  is a flow diagram that illustrates an exemplary process for providing at least some of the interfaces shown in  FIGS. 4-9 . As indicated at  1000  in  FIG. 10 , a user device  104  may display a first menu, which may be a pull down menu that constitutes one of the order parameter data input elements referred to in connection with  FIGS. 4-9 . As indicated at  1002 , the user device  104  and/or the order processing server  102  may receive the user&#39;s selection of one of the alternatives from the first menu. The user&#39;s selection may be indicated by using the cursor (not shown) to manipulate the first menu to select one of the alternatives presented by the first menu. Then, as indicated at  1004 , and based at least in part on the alternative from the first menu selected by the user, the user device  104  and/or the order processing server  102  may select one or more alternatives to be displayed as part of a second menu. The second menu may be, for example, a pull down menu that constitutes another one of the order parameter data input elements referred to in connection with  FIGS. 4-9 . As indicated at  1006 , the user device  104  may display the second menu including the one or more alternatives selected at  1004 .  
       FIG. 11  is a flow diagram that illustrates an exemplary process for providing at least some of the interfaces shown in  FIGS. 4-9 . As indicated at  1100  in  FIG. 11 , a user device  104  may display a first menu, which may be a pull down menu that constitutes one of the order parameter data input elements referred to in connection with  FIGS. 4-9 . As indicated at  1102 , the user device  104  and/or the order processing server  102  may receive the user&#39;s selection of one of the alternatives from the first menu. The user&#39;s selection may be indicated by using the cursor to manipulate the first menu to select one of the alternatives presented by the first menu. Then, as indicated at  1104 , and based at least in part on the alternative from the first menu selected by the user, the user device  104  and/or the order processing server  102  may select one or more additional menus. The additional menu or menus may be, for example, pull down menus that constitute others of the order parameter data input elements referred to in connection with  FIGS. 4-9 . As indicated at  1106 , the user device  104  may display the additional menu or menus selected at  1104 . For example, a group of additional pull down menus to be displayed in the bar  400  may be selected based on one or more of the alternatives selected by the user from the pull down menus that constitute one or more of the data input elements  404 ,  406 ,  408 .  
       FIG. 12  is a flow diagram that illustrates an exemplary process for providing at least some of the interfaces shown in  FIGS. 4-9 . As indicated at  1200 , at least one of the user device  104  and the order processing server  102  may receive a symbol that is input by the user of the user device  104 . The receiving of the symbol input may, for example, result from the user&#39;s interaction with the symbol data input element  400  shown in  FIGS. 4 and 5 . For example, the user may utilize the keyboard (not separately shown) of the user device  104  to enter letters and/or numerals corresponding to the symbol in the data field  412  ( FIG. 4 ) of the symbol data input element  404 . Alternatively, the symbol may be entered in the data field  412  of the symbol data input element  404  in response to the user&#39;s operation of a symbol look-up function accessed by actuation of the look up button  414 . As another alternative, the symbol may be entered in the data field  412  of the symbol data input element  404  in response to the user&#39;s selection of an alternative from a pull down menu accessed via the pull down button  410  of the symbol data input element  404 .  
      As indicated at  1202 , the user device  104  displays in the data field  412  of the symbol data input element  404  the symbol which corresponds to the symbol input received at  1200 .  
      As indicated at  1204 , the user device may display a pull down menu that constitutes the order destination data input element  406 . The pull down menu displayed as the order destination data input element  406  may include alternatives that are selected to reflect order destinations that provide for trading of the financial instrument that is indicated by the symbol displayed at  1202  in the data field  412  of the symbol data input element  404 . Thus, if a first symbol is displayed at  1202 , a first order destination pull down menu may be displayed at  1204  corresponding to the order destinations that provide for trading of the financial instrument that is indicated by the first symbol; and if a second symbol is displayed at  1202 , and the financial instrument that is indicated by the second symbol is traded at a different group of order destinations from the order destinations that trade the financial instrument that is indicated by the first symbol, then a second order destination pull down menu may be displayed at  1204  that is different from the first order destination pull down menu and that reflects the different group of order destinations that trade the financial instrument indicated by the second symbol. Either or both of the order processing server  102  and the user device  104  may store data that allows the order processing server  102  or the user device  104  to determine what order destination alternatives are to be included in the order destination menu in view of the symbol displayed at  1202 .  
      As indicated at  1206 , at least one of the user device  104  and the order processing server  102  may receive from the user an indication of the user&#39;s selection of an order destination. The receiving of the indication of the user&#39;s selection of the order destination may result from the user interacting with the order destination menu displayed at  1204 . More specifically, the receiving of the indication of the user&#39;s selection of the order destination may result from the user&#39;s using the cursor to select an alternative that is displayed as part of the order destination menu.  
      As indicated at  1208 , the user device  104  displays in the data field  412  of the order destination data input element  406  data which indicates the order destination selected by the user.  
      As indicated at  1210 , the user device may display a pull down menu that constitutes the order type data input element  408 . The pull down menu displayed as the order type data input element  408  may include alternatives that are selected to reflect order types that are supported by the order destination represented by the data displayed in the data field  412  of the order destination data input element  406  for trading the financial instrument indicated by the symbol displayed in the data field  412  of the symbol data input element  404 . Thus, if a first order destination alternative is selected from the order destination pull down menu, a first order type pull down menu may be displayed at  1210  corresponding to the order types supported for trading of the indicated financial instrument by the order destination indicated by the first order destination alternative; and if a second order destination alternative is selected from the order destination pull down menu, and if the set of order types supported for trading the indicated financial instrument by the order destination indicated by the second order destination alternative is different from the set of order types supported for trading the indicated financial instrument by the order destination indicated by the first order destination alternative, then a second order type pull down menu may be displayed at  1210  that is different from the first order type pull down menu and that reflects the different set of order types supported for trading the indicated financial instrument by the order destination indicated by the second order destination alternative. Either or both of the order processing server  102  and the user device  104  may store data that allows the order processing server  102  or the user device  104  to determine what order type alternatives are to be included in the order type menu in view of the symbol displayed at  1202  and the order destination displayed at  1208 .  
      As will be appreciated by those who are skilled in the art, some order destinations may currently operate to support up to two dozen or more different order types. In addition to the familiar market and limit order types, other order types that may be supported by a particular order destination include various types of reserve order, discretionary order types, tracking orders, pegged orders, PNP (post no preference) orders, stop orders, stop limit orders, directed orders, and so forth. Various different order destinations may support different sets of order types. Different types of orders may have different sets of parameters that are required or available to define the order.  
      As indicated at  1212 , at least one of the user device  104  and the order processing server  102  may receive from the user an indication of the user&#39;s selection of an order type. The receiving of the indication of the user&#39;s selection of the order type may result from the user interacting with the order type menu displayed at  1210 . More specifically, the receiving of the indication of the user&#39;s selection of the order type may result from the user&#39;s using the cursor to select an alternative that is displayed as part of the order type menu.  
      As indicated at  1214 , the user device  104  displays in the data field  412  of the order type data input element  408  data which indicates the order type selected by the user.  
      Based on the combination of the symbol displayed at  1202 , the selected order destination displayed at  1208  and the selected order type displayed at  1214 , a certain set of order-type-specific parameters may be required or optional to complete the data input required to define the order to be submitted. The order destination server  102  and/or the user device  104  may operate to populate the bar  400  accordingly with additional data input elements to indicate to the user what additional parameters are needed or optional. As noted above, the data input elements and/or labels therefor may be color-coded or font-style-coded to indicate which data input elements correspond to required parameters and which data input elements correspond to optional parameters. Either or both of the order processing server  102  and the user device  104  may store data that allows the order processing server  102  or the user device  104  to determine what additional data input elements are to be displayed, and which are required or optional, in view of the selected combination of symbol, order destination and order type. The selection of particular menu alternatives to be included in individual ones of the additional data input elements may also be based on one or more of the selected symbol, the selected order destination, and the selected order type. Displaying of the appropriate additional data input elements is indicated at  1216  in  FIG. 12 . User input to select desired alternatives or otherwise to enter order parameter data may be received, as indicated at  1218 , as a result of user interaction with some or all of the additional data input elements. As indicated at  1220 , the user device  104  displays the user-selected parameter values corresponding to the additional data input elements as the user selections are received. Data which indicates all of the selected order parameter values may be displayed in the bar  400  at the text field  512  ( FIG. 5 ). Once all required parameter values have been selected, the user may actuate the button  514  to cause the order to be executed.  
      The functionality indicated in  FIGS. 10-12  may result from processor-executable process steps performed by either or both of the order processing server  102  and the user device  104 .  
      The flow diagrams shown in  FIGS. 10-12  should not be taken to imply a fixed order of steps. In various embodiments of the invention, process steps described herein may be performed in any order that is practicable.  
      The example screen displays shown in the accompanying drawings depict trading information relating to equity securities or options. However, the principles of the present invention are also applicable to other types of financial instrument trading, including trading in debt instruments, in currencies and in futures contracts such as commodities futures.  
      The user interface for order input in connection with financial instrument trading, as disclosed herein, may provide significant advantages to the user, by guiding him or her through the wide range of choices now available in terms of order destinations and order types. The information required to navigate the available choices may reside in the trading network, and may shape the alternatives presented to the user in such a way that the user is not required to know or memorize the data input requirements for the various combinations of symbol, order destination and order type. Thus the user interface according to the present invention may aid the user to operate successfully in today&#39;s complex financial instrument trading environment.  
      In some embodiments, the bar  400 ,  400   a  or  400   b  may be provided to allow a user to define parameters for any one of the following actions: entering an order, entering a ticket, canceling an order, updating an order, and reloading an order. In such embodiments the user may be allowed to select one action from among the set of the five actions enumerated in the previous sentence.  
      The present invention has been described in terms of several embodiments solely for the purpose of illustration. Persons skilled in the art will recognize from this description that the invention is not limited to the embodiments described, but may be practiced with modifications and alterations limited only by the spirit and scope of the appended claims.