Patent Publication Number: US-2015081502-A1

Title: Methods and apparatus to implement two-step trade action execution

Description:
BACKGROUND 
     An electronic trading system generally includes a trading device in communication with an electronic exchange. The electronic exchange sends information about a market, such as prices and quantities, to the trading device. The trading device sends messages, such as messages related to orders, to the electronic exchange. The electronic exchange attempts to match quantity of an order with quantity of one or more contra-side orders. 
     Advances in mobile devices have resulted in improved touch screens that allow users to directly interact with what is displayed. For example, a user may play a game, write an email, file taxes, etc., by directly interacting with the user interface of the touch screen, rather than using an intermediary device such as a mouse, keyboard, touchscreen, etc. 
    
    
     
       BRIEF DESCRIPTION OF THE FIGURES 
       Certain embodiments are disclosed with reference to the following drawings. 
         FIG. 1  illustrates a block diagram representative of an example electronic trading system in which certain embodiments may be employed. 
         FIG. 2  illustrates a block diagram of another example electronic trading system in which certain embodiments may be employed. 
         FIG. 3  illustrates a block diagram of an example computing device which may be used to implement the disclosed embodiments. 
         FIG. 4  illustrates a flow diagram representative of example machine readable instructions that may be executed to implement disclosed embodiments. 
         FIGS. 5   a - 5   d  illustrate an example trading window in accordance with disclosed embodiments. 
         FIG. 6  illustrates a block diagram of an example system which may be employed with certain disclosed embodiments. 
     
    
    
     Certain embodiments will be better understood when read in conjunction with the provided figures, which illustrate examples. It should be understood, however, that the embodiments are not limited to the arrangements and instrumentality shown in the attached figures. 
     DETAILED DESCRIPTION 
     This disclosure relates generally to electronic trading environments and, more particularly, to methods and apparatus to implement two-step trade action execution. 
     In general, users desire to be able to react more quickly than other market participants. For example, market participants (or traders or other users) generally desire to be “first-to-market” (e.g., have orders entered prior to other market participants entering the same or similar orders). It is therefore advantageous to improve the way market data is displayed to the user and to allow the user to make fast and accurate order entry. The slightest speed advantage may give a user a significant competitive advantage. 
     Trading applications allow users to initiate trade actions. In some examples, a trading application may include trading windows for displaying market data or a portion of the market data. In addition, the trading windows may include trade action controls for initiating or executing trade actions. A trade action control is a button, cell, or area on a trading screen that corresponds to a particular trade action. In some examples, when the trade action control is enabled, the trading device may execute or perform the corresponding trade action, such as placing, cancelling or changing a trade order. 
     Touch screens allow users to directly or indirectly interact with the trading application. In some examples, a user operates (e.g., executes) the trading application by directly interacting with the components displayed via the touch screen. For example, a user may execute a trade action (e.g., communicate a sell order, a buy order, etc.) by directly selecting a trade action control (e.g., a button) corresponding to the trade action. Directly interacting with the trading application may be useful in that it eliminates (or nearly eliminates) the need for additional components to execute trade actions (e.g., using a computer mouse to select a trade action control). As a result, trade actions may be executed more efficiently by the user. Although touch screens allow for relatively quicker direct interaction, touch screens also increase the chances of accidentally selecting a trade action control. To this end, examples disclosed herein include preventing unintentional selections on critical user interface controls on a touch-screen. Some examples disclosed herein include detecting an enabling event for a “disabled” or “locked” user interface control before the corresponding trade action can be executed. 
     Embodiments disclosed herein recognize that directly interacting with a trading application may lead to instances where a trade action control is accidently selected. Unlike prior trading systems, embodiments disclosed herein implement two-step trade action execution by initially disabling the trade action component. According to embodiments disclosed herein, the trade action component is enabled when an activation criterion is satisfied. According to embodiments disclosed herein, the trade action corresponding to the enabled trade action component may then be executed. In some examples, the trade action executes automatically when the corresponding trade action control is enabled. 
     Although this description discloses embodiments including, among other components, software executed on hardware, it should be noted that the embodiments are merely illustrative and should not be considered as limiting. For example, it is contemplated that any or all of these hardware and software components may be embodied exclusively in hardware, exclusively in software, exclusively in firmware, or in any combination of hardware, software, and/or firmware. Accordingly, certain embodiments may be implemented in other ways. 
     I. Brief Description of Certain Embodiments 
     Certain embodiments provide a method including detecting, via a user interface generated by a computing device, an activation event associated with an interface control corresponding to a trade action, wherein the activation event is a gestural input received via the generated user interface. The example method also includes detecting, in response to the detected activation event, an enabling event associated with the interface control. The example method also includes determining whether the enabling event satisfies one or more activation criterion, and in response to the enabling event satisfying the one or more activation criterion, initiating the trade action associated with the activated interface control. 
     Certain embodiments provide an apparatus including an activation event detecting module to detect an activation event via a user interface, the user interface to include an interface control that is to correspond to a trade action, and wherein the user interface is to receive the activation event as a gestural input. The example apparatus also includes an enabling event detecting module to detect an enabling event associated with the interface control. The example apparatus also includes a criterion satisfying detection module to compare the enabling event to an activation criterion. The example apparatus also includes a trade action execution module to, based on the comparison, execute the trade action that is to correspond to the interface control. 
     Certain embodiments provide a tangible computer readable storage medium including computer program code to be executed by a processor, the computer program code, when executed, to implement a method. The example computer program code also includes the method detecting, via a user interface generated by a computing device, an activation event associated with an interface control corresponding to a trade action, wherein the activation event is a gestural input received via the generated user interface. The example computer program code also includes the method detecting, in response to the detected activation event, an enabling event associated with the interface control. The example computer program code also includes the method determining whether the enabling event satisfies one or more activation criterion, and in response to the enabling event satisfying the one or more activation criterion, initiating the trade action associated with the activated interface control. 
     II. Example Electronic Trading System 
       FIG. 1  illustrates a block diagram representative of an example electronic trading system  100  in which certain embodiments may be employed. The system  100  includes a trading device  110 , a gateway  120 , and an exchange  130 . The trading device  110  is in communication with the gateway  120 . The gateway  120  is in communication with the exchange  130 . As used herein, the phrase “in communication” encompasses direct communication and/or indirect communication through one or more intermediary components. The exemplary electronic trading system  100  depicted in  FIG. 1  may be in communication with additional components, subsystems, and elements to provide additional functionality and capabilities without departing from the teaching and disclosure provided herein. 
     In operation, the trading device  110  may receive market data from the exchange  130  through the gateway  120 . A user may utilize the trading device  110  to monitor this market data and/or base a decision to send an order message to buy or sell one or more tradeable objects to the exchange  130 . 
     Market data may include data about a market for a tradeable object. For example, market data may include the inside market, market depth, last traded price (“LTP”), a last traded quantity (“LTQ”), or a combination thereof. The inside market is the lowest available ask price (best offer) and the highest available bid price (best bid) in the market for a particular tradable object at a particular point in time (since the inside market may vary over time). Market depth refers to quantities available at the inside market and at other prices away from the inside market. Due to the quantity available, there may be “gaps” in market depth. 
     A tradeable object is anything which may be traded. For example, a certain quantity of the tradeable object may be bought or sold for a particular price. A tradeable object may include, for example, financial products, stocks, options, bonds, future contracts, currency, warrants, funds derivatives, securities, commodities, swaps, interest rate products, index-based products, traded events, goods, or a combination thereof. A tradeable object may include a product listed and/or administered by an exchange (for example, the exchange  130 ), a product defined by the user, a combination of real or synthetic products, or a combination thereof. There may be a synthetic tradeable object that corresponds and/or is similar to a real tradeable object. 
     An order message is a message that includes a trade order. A trade order may be, for example, a command to place an order to buy or sell a tradeable object, a command to initiate managing orders according to a defined trading strategy, a command to change or cancel a previously submitted order (for example, modify a working order), an instruction to an electronic exchange relating to an order, or a combination thereof. 
     The trading device  110  may include one or more electronic computing platforms. For example, the trading device  110  may include a desktop computer, hand-held device, laptop, server, a portable computing device, a trading terminal, an embedded trading system, a workstation, an algorithmic trading system such as a “black box” or “grey box” system, cluster of computers, or a combination thereof. As another example, the trading device  110  may include a single or multi-core processor in communication with a memory or other storage medium configured to accessibly store one or more computer programs, applications, libraries, computer readable instructions, and the like, for execution by the processor. 
     As used herein, the phrases “configured to” and “adapted to” encompass that an element, structure, or device has been modified, arranged, changed, or varied to perform a specific function or for a specific purpose. 
     By way of example, the trading device  110  may be implemented as a personal computer running a copy of X TRADER®, an electronic trading platform provided by Trading Technologies International, Inc. of Chicago, Ill. (“Trading Technologies”). As another example, the trading device  110  may be a server running a trading application providing automated trading tools such as ADL™, AUTOSPREADER®, and/or AUTOTRADER™, also provided by Trading Technologies. In yet another example, the trading device  110  may include a trading terminal in communication with a server, where collectively the trading terminal and the server are the trading device  110 . 
     The trading device  110  is generally owned, operated, controlled, programmed, configured, or otherwise used by a user. As used herein, the phrase “user” may include, but is not limited to, a human (for example, a trader), trading group (for example, group of traders), or an electronic trading device (for example, an algorithmic trading system). One or more users may be involved in the ownership, operation, control, programming, configuration, or other use, for example. 
     The trading device  110  may include one or more trading applications. As used herein, a trading application is an application that facilitates or improves electronic trading. A trading application provides one or more electronic trading tools. For example, a trading application may be executed to arrange and display market data in one or more trading windows. In another example, a trading application may include an automated spread trading application providing spread trading tools. In yet another example, a trading application may include an algorithmic trading application that automatically processes an algorithm and performs certain actions, such as placing an order, modifying an existing order, deleting an order, etc. In yet another example, a trading application may provide one or more trading screens. A trading screen may provide one or more trading tools that allow interaction with one or more markets. For example, a trading tool may allow a user to obtain and view market data, set order entry parameters, submit order messages to an exchange, deploy trading algorithms, and/or monitor positions while implementing various trading strategies. The electronic trading tools provided by the trading application may always be available or may be available only in certain configurations or operating modes of the trading application. 
     A trading application may include computer readable instructions that are stored in a computer readable medium and executable by a processor. A computer readable medium may include various types of volatile and non-volatile storage media, including, for example, random access memory, read-only memory, programmable read-only memory, electrically programmable read-only memory, electrically erasable read-only memory, flash memory, any combination thereof, or any other tangible data storage device. As used herein, the term non-transitory or tangible computer readable medium is expressly defined to include any type of computer readable storage media and to exclude propagating signals and to exclude transmission media. 
     One or more components or modules of a trading application may be loaded into the computer readable medium of the trading device  110  from another computer readable medium. For example, the trading application (or updates to the trading application) may be stored by a manufacturer, developer, or publisher on one or more CDs or DVDs, which are then loaded onto the trading device  110  or to a server from which the trading device  110  retrieves the trading application. As another example, the trading device  110  may receive the trading application (or updates to the trading application) from a server, for example, via the Internet or an internal network. The trading device  110  may receive the trading application or updates when requested by the trading device  110  (for example, “pull distribution”) and/or un-requested by the trading device  110  (for example, “push distribution”). 
     The trading device  110  may be adapted to send order messages. For example, the order messages may be sent to through the gateway  120  to the exchange  130 . As another example, the trading device  110  may be adapted to send order messages to a simulated exchange in a simulation environment which does not effectuate real-world trades. 
     The order messages may be sent at the request of a user. For example, a user may utilize the trading device  110  to send an order message or manually input one or more parameters for a trade order (for example, an order price and/or quantity). As another example, an automated trading tool provided by a trading application may calculate one or more parameters for a trade order and automatically send the order message. In some instances, an automated trading tool may prepare the order message to be sent but not actually send it without confirmation from a user. 
     An order message may be sent in one or more data packets or through a shared memory system. For example, an order message may be sent from the trading device  110  to the exchange  130  through the gateway  120 . The trading device  110  may communicate with the gateway  120  using a local area network, a wide area network, a wireless network, a virtual private network, a T1 line, a T3 line, an integrated services digital network (“ISDN”) line, a point-of-presence, the Internet, and/or a shared memory system, for example. 
     The gateway  120  may include one or more electronic computing platforms. For example, the gateway  120  may implemented as one or more desktop computer, hand-held device, laptop, server, a portable computing device, a trading terminal, an embedded trading system, workstation with a single or multi-core processor, an algorithmic trading system such as a “black box” or “grey box” system, cluster of computers, or any combination thereof. 
     The gateway  120  may facilitate communication. For example, the gateway  120  may perform protocol translation for data communicated between the trading device  110  and the exchange  130 . The gateway  120  may process an order message received from the trading device  110  into a data format understood by the exchange  130 , for example. Similarly, the gateway  120  may transform market data in an exchange-specific format received from the exchange  130  into a format understood by the trading device  110 , for example. 
     The gateway  120  may include a trading application, similar to the trading applications discussed above, that facilitates or improves electronic trading. For example, the gateway  120  may include a trading application that tracks orders from the trading device  110  and updates the status of the order based on fill confirmations received from the exchange  130 . As another example, the gateway  120  may include a trading application that coalesces market data from the exchange  130  and provides it to the trading device  110 . In yet another example, the gateway  120  may include a trading application that provides risk processing, calculates implieds, handles order processing, handles market data processing, or a combination thereof. 
     In certain embodiments, the gateway  120  communicates with the exchange  130  using a local area network, a wide area network, a virtual private network, a T1 line, a T3 line, an ISDN line, a point-of-presence, the Internet, and/or a shared memory system, for example. 
     The exchange  130  may be owned, operated, controlled, or used by an exchange entity. Example exchange entities include the CME Group, the London International Financial Futures and Options Exchange, the Intercontinental Exchange, and Eurex. The exchange  130  may include an electronic matching system, such as a computer, server, or other computing device, which is adapted to allow tradeable objects, for example, offered for trading by the exchange, to be bought and sold. The exchange  130  may include separate entities, some of which list and/or administer tradeable objects and others which receive and match orders, for example. The exchange  130  may include an electronic communication network (“ECN”), for example. 
     The exchange  130  may be an electronic exchange. The exchange  130  is adapted to receive order messages and match contra-side trade orders to buy and sell tradeable objects. Unmatched trade orders may be listed for trading by the exchange  130 . The trade orders may include trade orders received from the trading device  110  or other devices in communication with the exchange  130 , for example. For example, typically the exchange  130  will be in communication with a variety of other trading devices (which may be similar to trading device  110 ) which also provide trade orders to be matched. 
     The exchange  130  is adapted to provide market data. Market data may be provided in one or more messages or data packets or through a shared memory system. For example, the exchange  130  may publish a data feed to subscribing devices, such as the trading device  110  or gateway  120 . The data feed may include market data. 
     The system  100  may include additional, different, or fewer components. For example, the system  100  may include multiple trading devices, gateways, and/or exchanges. In another example, the system  100  may include other communication devices, such as middleware, firewalls, hubs, switches, routers, servers, exchange-specific communication equipment, modems, security managers, and/or encryption/decryption devices. 
     III. Expanded Example Electronic Trading System 
       FIG. 2  illustrates a block diagram of another example electronic trading system  200  in which certain embodiments may be employed. In this example, a trading device  210   a  is in communication with an exchange  230   a  through a gateway  220   a . The following discussion mainly focuses on the trading device  210   a , gateway  220   a , and the exchange  230   a . However, the trading device  210   a  may also be connected to and communicate with any number of gateways  220   n  connected to exchanges  230   n . The communication between the trading device  110   a  and other exchanges  230   n  may be the same, similar, or different than the communication between the trading device  210   a  and exchange  230   a . Generally, each exchange has its own preferred techniques and/or formats for communicating with a trading device, a gateway, the user, or another exchange. 
     The trading device  210   a , which may be similar to the trading device  110  in  FIG. 1 , may include a server  212   a  in communication with a trading terminal  214   a . The server  212   a  may be located geographically closer to the gateway  120  than the trading terminal  214   a . As a result, the server  212   a  latency benefits that are not afforded to the trading terminal  214   a . In operation, the trading terminal  214   a  may provide a trading screen to a user and communicate commands to the server  212   a  for further processing. For example, a trading algorithm may be deployed to the server  212   a  for execution based on market data. The server  212   a  may execute the trading algorithm without further input from the user. In another example, the server  212   a  may include a trading application providing automated trading tools and communicate back to the trading terminal  214   a . The trading device  210   a  may include, additional, different, or fewer components. 
     The trading device  210   a  may communicate with the gateway  220   a  using one or more communication networks. As used herein, a communication network is any network, including the Internet, which facilitates or enables communication between, for example, the trading device  210   a , the gateway  220   a  and the exchange  220   a . For example, as shown in  FIG. 2 , the trading device  210   a  may communicate with the gateway  220   a  across a multicast communication network  202   a . The data on the network  202   a  may be logically separated by subject (for example, prices, orders, or fills). As a result, the server  212   a  and trading terminal  214   a  can subscribe to and receive data (for example, data relating to prices, orders, or fills) depending on their individual needs. 
     The gateway  220   a , which may be similar to the gateway  120  of  FIG. 1 , may include a price server  222   a , order server  224   a , and fill server  226   a . The gateway  220   a  may include additional, different, or fewer components. The price server  222   a  may process price data. Price data includes data related to a market for one or more tradeable objects. The order server  224   a  may process order data. Order data is data related to a user&#39;s trade orders. For example, order data may include order messages, confirmation messages, or other types of messages. The fill server collects and provides fill data. Fill data includes data relating to one or more fills of trade orders. For example, the fill server  226   a  may provide a record of trade orders, which have been routed through the order server  224   a , that have and have not been filled. The servers  222   a ,  224   a ,  226   a  may run on the same machine or separate machines. 
     The gateway  220   a  may communicate with the exchange  230   a  using one or more communication networks. For example, as shown in  FIG. 2 , there may be two communication networks connecting the gateway  220   a  and the exchange  230   a . The network  204   a  may be used to communicate market data to the price server  222   a . In some instances, the exchange  230   a  may include this data in a data feed that is published to subscribing devices. The network  206   a  may be used to communicate order data. 
     The exchange  230   a , which may be similar to the exchange  130  of  FIG. 1 , may include an order book  232   a  and a matching engine  234   a . The exchange  230   a  may include additional, different, or fewer components. The order book  232   a  is a database that includes data relating to unmatched quantity of trade orders. For example, an order book may include data relating to a market for a tradeable object, such as the inside market, market depth at various price levels, the last traded price, and the last traded quantity. The matching engine  234   a  may match contra-side bids and offers. For example, the matching engine  234   a  may execute one or more matching algorithms that match contra-side bids and offers. A sell order is contra-side to a buy order with the same price. Similarly, a buy order is contra-side to a sell order with the same price. 
     In operation, the exchange  230   a  may provide price data from the order book  232   a  to the price server  222   a  and order data and/or fill data from the matching engine  234   a  to the order server  224   a . Servers  222   a ,  224   a ,  226   a  may translate and communicate this data back to the trading device  210   a . The trading device  210   a , for example, using a trading application, may process this data. For example, the data may be displayed to a user. In another example, the data may be utilized in a trading algorithm to determine whether a trade order should be submitted to the exchange  230   a . The trading device  210   a  may prepare and send an order message to the exchange  230   a.    
     In certain embodiments, the gateway  220   a  is part of the trading device  210   a . For example, the components of the gateway  220   a  may be part of the same computing platform as the trading device  210   a . As another example, the functionality of the gateway  220   a  may be performed by components of the trading device  210   a . In certain embodiments, the gateway  220   a  is not present. Such an arrangement may occur when the trading device  210   a  does not need to utilize the gateway  220   a  to communicate with the exchange  230   a , for example. For example, if the trading device  210   a  has been adapted to communicate directly with the exchange  230   a.    
     Additional trading devices  210   b - 210   e , which are similar to trading device  210   a , may be connected to one or more of the gateways  220   a - 220   n  and exchanges  230   a - 230   n . Furthermore, additional gateways, similar to the gateway  220   a , may be in communication with multiple exchanges, similar to the exchange  230   a . Each gateway may be in communication with one or more different exchanges, for example. Such an arrangement may, for example, allow one or more trading devices  210   a  to trade at more than one exchange (and/or provide redundant connections to multiple exchanges). 
     IV. Example Computing Device 
       FIG. 3  illustrates a block diagram of an example computing device  300  which may be used to implement the disclosed embodiments. The trading device  110  of  FIG. 1  may include one or more computing devices  300 , for example. The gateway  120  of  FIG. 1  may include one or more computing devices  300 , for example. The exchange  130  of  FIG. 1  may include one or more computing devices  300 , for example. 
     The computing device  300  includes a communication network  310 , a processor  312 , a memory  314 , an interface  316 , an input device  318 , and an output device  320 . The computing device  300  may include additional, different, or fewer components. For example, multiple communication networks, multiple processors, multiple memory, multiple interfaces, multiple input devices, multiple output devices, or any combination thereof, may be provided. As another example, the computing device  300  may not include an input device  318  and/or output device  320 . 
     As shown in  FIG. 3 , the computing device  300  may include a processor  312  coupled to a communication network  310 . The communication network  310  may include a communication bus, channel, electrical or optical network, circuit, switch, fabric, or other mechanism for communicating data between components in the computing device  300 . The communication network  310  may be communicatively coupled with and transfer data between any of the components of the computing device  300 . 
     The processor  312  may be any suitable processor, processing unit, or microprocessor. The processor  312  may include one or more general processors, digital signal processors, application specific integrated circuits, field programmable gate arrays, analog circuits, digital circuits, programmed processors, and/or combinations thereof, for example. The processor  312  may be a single device or a combination of devices, such as one or more devices associated with a network or distributed processing. Any processing strategy may be used, such as multi-processing, multi-tasking, parallel processing, and/or remote processing. Processing may be local or remote and may be moved from one processor to another processor. In certain embodiments, the computing device  300  is a multi-processor system and, thus, may include one or more additional processors which are communicatively coupled to the communication network  310 . 
     The processor  312  may be operable to execute logic and other computer readable instructions encoded in one or more tangible media, such as the memory  314 . As used herein, logic encoded in one or more tangible media includes instructions which may be executable by the processor  312  or a different processor. The logic may be stored as part of software, hardware, integrated circuits, firmware, and/or micro-code, for example. The logic may be received from an external communication device via a communication network such as the network  340 . The processor  312  may execute the logic to perform the functions, acts, or tasks illustrated in the figures or described herein. 
     The memory  314  may be one or more tangible media, such as computer readable storage media, for example. Computer readable storage media may include various types of volatile and non-volatile storage media, including, for example, random access memory, read-only memory, programmable read-only memory, electrically programmable read-only memory, electrically erasable read-only memory, flash memory, any combination thereof, or any other tangible data storage device. As used herein, the term non-transitory or tangible computer readable medium is expressly defined to include any type of computer readable medium and to exclude propagating signals and to exclude transmission media. The memory  314  may include any desired type of mass storage device including hard disk drives, optical media, magnetic tape or disk, etc. 
     The memory  314  may include one or more memory devices. For example, the memory  314  may include local memory, a mass storage device, volatile memory, non-volatile memory, or a combination thereof. The memory  314  may be adjacent to, part of, programmed with, networked with, and/or remote from processor  312 , so the data stored in the memory  314  may be retrieved and processed by the processor  312 , for example. The memory  314  may store instructions which are executable by the processor  312 . The instructions may be executed to perform one or more of the acts or functions described herein or shown in the figures. 
     The memory  314  may store a trading application  330 . In certain embodiments, the trading application  330  may be accessed from or stored in different locations. The processor  312  may access the trading application  330  stored in the memory  314  and execute computer-readable instructions included in the trading application  330 . 
     In certain embodiments, during an installation process, the trading application may be transferred from the input device  318  and/or the network  340  to the memory  314 . When the computing device  300  is running or preparing to run the trading application  330 , the processor  312  may retrieve the instructions from the memory  314  via the communication network  310 . 
     V. Example Systems and Methods for Two-Step Trade Action Execution 
       FIG. 4  is a flow diagram representative of example operations that can be executed to implement the teachings of this disclosure. The example operations of  FIG. 4  can be implemented by, for example, the example trading device  110  of  FIG. 1  and/or the example trading device  210   a  of  FIG. 2 . While the example trading device  110  of  FIG. 1  is described as executing the example operations of  FIG. 4  below, any suitable device can execute the examples operations of  FIG. 4 . The example operations of  FIG. 4  implement two-step trade action execution by including a first step enabling a trade action control associated with a trade action and a second step facilitating execution of the trade action. 
     In the example of  FIG. 4 , a trade action control (or an interface control) such as a BUY control, a SELL control, etc., is in a disabled state until an enabling event satisfying an activation criterion associated with the trade action control is identified. A trade action control in the disabled state (or a disabled trade action control) may appear different than a trade action control in an enabled state (or an enabled trade action control). For example, a disabled trade action control may be marked, shaded a different color than an enabled trade action control, appear depressed or lower in comparison to an enabled trade action control, etc. 
     The example process  400  of  FIG. 4  begins at block  402  by generating a user interface including a trade action control(s) displayed in a disabled state. The trade action control is associated with a corresponding trade action(s). For example, a trade application may generate a user interface including one or more windows displaying various components of market information or data. In some examples, window(s) may represent information for tradeable objects in which a trader (or other user) has submitted orders or received fills, or historical information gathered during a current or one or more previous trading sessions (e.g., a recent trading session, a trading session from a previous day, week, month, etc.). In some examples, the window(s) display synthetic and/or exchange-traded strategies created by the user. In some examples, the generated window(s) include trade action (or interface) controls that correspond to a trade action. For example, a “BUY” control corresponds to a buy order, a “SELL” control corresponds to a sell order, etc.  FIG. 5   a  illustrates an example portion of a trading window  500  including an example BUY control  502  and an example SELL control  504 . In the illustrated example of  FIG. 5   a , the trade action controls  502 ,  504  are displayed in a disabled state, which is represented by diagonal lines. The disabled state may be implemented to, for example, prevent accidental execution of the corresponding trade action (e.g., a BUY order, a SELL order, etc.) and/or prevent unwanted modification(s) of an existing trade order. 
     At block  404 , an activation event associated with a disabled trade action control is detected. For example, a trade action control such as the BUY control may be selected via the touch-screen and switched between a disabled state and an active state. Activation events include directly or indirectly “touching” (e.g., selecting) the trade action control by a gestural input via, for example, a finger, a stylus, a mouse, a pen, etc. In some examples, gestural inputs include selecting, holding, swiping, scrubbing, etc. the trade action control. For example, the user may select (e.g., engage) a trade action control displayed in a disabled state for a period of time (e.g., two seconds), may swipe along the touch-screen (e.g., from left to right, etc.), may repeatedly swipe across the trade action control similar to “scratching” a lottery ticket to reveal a hidden number, etc. The action and/or gesture used to engage the trade action control corresponds to an activation event and serves to transition the trade action control to an active state.  FIG. 5   b  illustrates the example trading window  500  including the example trade action controls  502 ,  504 . In the illustrated example of  FIG. 5   b , an activation event (e.g., selecting a control element) corresponding to a trader&#39;s gesture of rubbing or swiping a finger  506  over the BUY control  502  is detected. 
     At block  406 , a determination is made whether an enabling event associated with the trade action control is detected. In some examples, an enabling event is a second gestural input. For example, a user may select the BUY control, and then start scrubbing the BUY control. In some such instances, selecting the BUY control is the activation event and scrubbing the BUY control is the enabling event. In some examples, an enabling event is a continuation of the activation event. For example, an activation event may include selecting a SELL control and the associated enabling event may include continuing to select the SELL control (e.g., holding) for a period of time.  FIG. 5   c  illustrates the example trading window  500  including the example trade action controls  502 ,  504 . In the illustrated example of  FIG. 5   b , an enabling event  508  (e.g., scrubbing) via the example finger  506  is detected and the enabling event  508  covers a portion of the BUY control  502 . If no enabling event is detected, control returns to block  404  to detect an activation event. For example, if no enabling event is detected within five (5) seconds of a corresponding activation event, then control may return to block  404 . Otherwise, control proceeds to block  408 . 
     At block  408 , a determination is made whether the detected enabling event satisfies one or more activation criterion associated with the trade action control. In some examples, the activation criterion depends on the enabling event. For example, to satisfy an activation event corresponding to a scrubbing gesture, a threshold amount of the trade action control is “scribbled” on. In one embodiment, the threshold amount may be set low such that scrubbing twenty percent (20%) of a control element corresponds to the selection or activation of that control element. Similarly, the threshold amount may be set high such that scrubbing eighty percent (80%) of a control element corresponds to the selection or activation of that control element. The sensitivity of the threshold amount may be adjusted by varying the selection percentage that corresponds to the activation criterion. Activation criterion may (also) include minimum or maximum amounts of time. For example, an activation criterion may include selecting (or holding down) a trade action control for two seconds. In some examples, one or more activation criterion may correspond to one or more enabling events. For example, a user may scribble across the SELL control for two seconds or select and hold the SELL control for two seconds to satisfy the activation criterion for the SELL control. 
     In response to the enabling event satisfying the one or more activation criterion, at block  410 , the trade action control is enabled or otherwise displayed in an active state. For example, the BUY control may appear “elevated” or raised in comparison to the interface. In some examples, the user interface may update to reflect the current state (e.g., enabled or disabled) of the trade action control(s). In some examples, satisfying the one or more activation criterion may enable more than one trade action control (e.g., a BUY control and a SELL control, etc.).  FIG. 5   d  illustrates the example trading window  500  including the example disabled SELL control  504  and an example enabled BUY control  510 . When the trade action control is in the enabled state, selecting the trade action controls causes an associated trade action to execute. For example, selecting an enabled BUY control causes the trading application to send a BUY message to, for example, the example exchange  130  of  FIG. 1 . 
     In some examples, when an activation criterion satisfying enabling event is identified, the associated trade action control is enabled until the trade action control is executed or a non-execution event is detected. For example, a cancelling event such as selecting a second interface control, or a timer expiring, etc. may disable the enabled trade action control. In some such examples, the user interface may update to reflect the current state (e.g., enabled or disabled) of the trade action control(s). 
     At block  412 , a cancellation event is detected. A cancellation event may include, for example, detecting an activation event at a second interface control (e.g., a CANCEL control) or other selection or activity occurring away from the enabled trade action control. In some examples, a cancellation event may include not detecting an activation event of the enabled trade action control before a timer expires. For example, enabling a trade action control may initiate a timer (e.g., five seconds). In some such examples, if the timer expires before the trade action is executed, the enabled trade action control is disabled. 
     When a cancellation event is identified (block  412 ), at block  414 , the enabled trade action control is disabled. Control then proceeds back to block  404  to detect an activation event. 
     Otherwise, when a cancellation event is not identified (block  412 ), at block  416 , the process  400  determines whether an activation event of the enabled trade action control has been detected. When an activation event is not detected (block  416 ), control returns to block  412  to determine whether a cancellation event is identified. In contrast, when an activation event (e.g., a selection) of the enabled trade action control is detected (block  416 ), at block  418 , the associated trade action executes. In some examples, the associated trade action may execute without the activation event. That is, when the activation criterion for a trade action control is satisfied, the associated trade action automatically executes. For example, once a threshold amount of the BUY control has been scribbled on, the trading device  110  sends a BUY message to, for example, the exchange  130  of  FIG. 1 . Control then returns to block  404  to detect an activation event. 
       FIG. 6  is a block diagram of an example system  600  that may implement and/or execute the example operations of  FIG. 4 . In some examples, the system  600  may be implemented as part of software (or an application) associated with the trading device  110  of  FIG. 1 , the gateway  120  of  FIG. 1  and/or the electronic exchange  130  of  FIG. 1 . In some examples, the system  600  may be implemented as computer implemented code or instructions operable independent of software associated with the trading device  110  of  FIG. 1 , the gateway  120  of  FIG. 2  and/or the electronic exchange  130  of  FIG. 1 . In some examples, the features and functionality of the system  600  may be implemented in hardware operable in connection with the trading device  110  of  FIG. 1 , the gateway  120  of  FIG. 1  and/or the electronic exchange  130  of  FIG. 1 . 
     The example system  600  of  FIG. 6  includes an example external interface  602 , an example storage module  604 , an example user interface rendering module  606 , an example activation event detecting module  608 , an example enabling event detecting module  610 , an example criterion satisfying detection module  612 , an example control management module  614  and an example timing module  616 . In some examples, the external interface  602  receives user input via, for example, the trading device  110  of  FIG. 1 . In some examples, the external interface  602  receives market information from, for example, the gateway  120  of  FIG. 1 , the electronic exchange  130  of  FIG. 1  and/or an intermediary component. For example, market information updates may be communicated from the gateway  120  to the trading device  110 . In some such examples, the external interface  602  of the example system  600  receives the market information updates and stores the full market information updates in an example storage module  604 . The example storage module  604  may be implemented with any number and/or type(s) of tangible storage medium(s), memory(-ies), memory device(s) and/or memory disc(s). In some examples, the external interface  602  outputs information to display on a trading screen. For example, the external interface  602  may communicate to the trading screen what market information to display in a trading window. 
     The example user interface rendering module  606  of the example system  600  renders the displayed user interface. For example, the user interface rendering module  606  generates a user interface including one or more trade action controls for the trading window. In some examples, the user interface rendering module  606  updates a portion of the user interface. For example, the user interface rendering module  606  may change a trade action control from disabled to enabled or enabled to disabled. In addition, when market information is received via the external interface  602 , the user interface rendering module  606  may update the relevant portions of the user interface. 
     The example activation event detecting module  608  of the example system  600  detects activation events based on user interactions detected on a touch-screen of the trading device  110 . In some examples, activation events include directly or indirectly interacting with components (e.g., trade action controls) displayed in the trading window rendered by the user interface rendering module  606 . In some examples, the activation event detecting module  608  identifies the gestural input (e.g., selecting, holding, swiping, scrubbing, sweeping, etc.) corresponding to the activation event. In some examples, the activation event detecting module  608  identifies whether the activation event corresponds to a trade action control and, in addition, the corresponding trade action control. For example, the activation event detecting module  608  may identify that a detected activation event corresponds to a selection of a BUY control, or that the detected activation event corresponds to a sweeping motion of a QTY control. 
     The example enabling event detecting module  610  of the example system  600  detects enabling events based on user interactions detected on the touch-screen of the trading device  110 . In some examples, the enabling event detecting module  610  detects user interactions or gestural inputs similar to the example activation event detecting module  608 . In the illustrated example of  FIG. 6 , the enabling event detecting module  610  sends a message including enabling event information to the example criterion satisfying detection module  612  in response to detecting an enabling event. Enabling event information may include, for example, a type of gestural input detected (e.g., a selecting, a holding, a sweeping, etc.), a duration the gestural input was detected, a portion of the trade action control covered by the gestural input, etc. 
     The example criterion satisfying detection module  612  of the example system  600  determines whether one or more activation criterion associated with the trade action control identified by the activation event detecting module  608  is satisfied based on the enabling event information received from the example enabling event detecting module  610 . In some examples, the criterion satisfying detection module  612  may use a data structure such as a lookup table to identify the one or more activation criterion that apply to the information received from the activation event detecting module  608  and the enabling event detecting module  610 . The criterion satisfying detection module  612  compares the results returned from the data structure to determine whether one or more activation criterion are satisfied. Based on the comparison, the criterion satisfying detection module  612  the information included in a message sent to the example control management module  614 . For example, the information may include which trade action control was enabled or disabled. 
     The example control management module  614  manages the state of the one or more trade action controls included in the trading window. For example, the control management module  614  may store the state of the one or more trade action controls in a data structure. When a message is received from the example criterion satisfying detection module  612 , the control management module  614  updates the status of the control. In some examples, the control management module  614  receives a message from the activation event detecting module  608  when an activation event is detected. In some such examples, the control management module  614  may determine whether the activation event information included in the message is a cancellation event for one or more of the trade action controls. For example, detecting a selection of a disabled trade action control may be ignored by the control management module  614 . In some other examples, detecting a selection of an enabled trade action control may cause the control management module  614  to execute the trade action corresponding to the selected trade action control. In some other examples, detecting a non-enabled trade action control selection may cause the control management module  614  to change the status of the enabled trade action control to the disabled state. In some examples, the example control management module  614  may receive a timer expiration message from the example timing module  616 . In some such examples, the control management module  614  may change the status of the corresponding enabled trade action control to the disabled state. The example timing module  616  of the illustrated example includes a clock, which may be initiated when, for example, a disabled trade action control is changed to an enabled trade action control. When the timer expires, the timing module  616  sends a message to the example control management module  614  to process. 
     Some of the described figures depict example block diagrams, systems, and/or flow diagrams representative of methods that may be used to implement all or part of certain embodiments. One or more of the components, elements, blocks, and/or functionality of the example block diagrams, systems, and/or flow diagrams may be implemented alone or in combination in hardware, firmware, discrete logic, as a set of computer readable instructions stored on a tangible computer readable medium, and/or any combinations thereof, for example. 
     The example block diagrams, systems, and/or flow diagrams may be implemented using any combination of application specific integrated circuit(s) (ASIC(s)), programmable logic device(s) (PLD(s)), field programmable logic device(s) (FPLD(s)), discrete logic, hardware, and/or firmware, for example. Also, some or all of the example methods may be implemented manually or in combination with the foregoing techniques, for example. 
     The example block diagrams, systems, and/or flow diagrams may be performed using one or more processors, controllers, and/or other processing devices, for example. For example, the examples may be implemented using coded instructions, for example, computer readable instructions, stored on a tangible computer readable medium. A tangible computer readable medium may include various types of volatile and non-volatile storage media, including, for example, random access memory (RAM), read-only memory (ROM), programmable read-only memory (PROM), electrically programmable read-only memory (EPROM), electrically erasable read-only memory (EEPROM), flash memory, a hard disk drive, optical media, magnetic tape, a file server, any other tangible data storage device, or any combination thereof. The tangible computer readable medium is non-transitory. 
     Further, although the example block diagrams, systems, and/or flow diagrams are described above with reference to the figures, other implementations may be employed. For example, the order of execution of the components, elements, blocks, and/or functionality may be changed and/or some of the components, elements, blocks, and/or functionality described may be changed, eliminated, sub-divided, or combined. Additionally, any or all of the components, elements, blocks, and/or functionality may be performed sequentially and/or in parallel by, for example, separate processing threads, processors, devices, discrete logic, and/or circuits. 
     While embodiments have been disclosed, various changes may be made and equivalents may be substituted. In addition, many modifications may be made to adapt a particular situation or material. Therefore, it is intended that the disclosed technology not be limited to the particular embodiments disclosed, but will include all embodiments falling within the scope of the appended claims.