Patent Abstract:
A method for organizing a portfolio of financial instruments with a computer comprising providing a first user interface for said portfolio of financial instruments; providing a second user interface for selecting a least one of said financial instruments of said portfolio to form a subset, said subset of said portfolio of financial instruments being formed based on user selected financial criteria of said portfolio of financial instruments in conjunction with at least one of the subset forming rules of financial criteria exclusion, single financial criteria inclusion, and multiple financial criteria inclusion; and reflecting the inclusion of said at least one of said financial instruments of said portfolio within said subset on said first user interface.

Full Description:
BACKGROUND OF THE INVENTION  
       [0001]     This invention applies to portfolio or list trading. The subject invention specifically pertains to a securities execution management system designed for lists trading or single stock trading. There are known execution management systems that allow one to manipulate portfolio lists, a list being a group of equities. An execution management system allows an equity (i.e., stock) trader to send orders to different destinations for execution, such as the NYSE, Nasdaq or other regulated equity exchanges. FlexTrader manufactured by Flex Trade Systems, Inc., of Long Island, N.Y., is an example of an execution management system which uses the FIX engine, a popular financial software protocol. Via FlexTrader the user is able to also create rules or algorithms with which one can trade equity portfolios. FlexTrader specifically relates to algorithmics trading which allows traders to automate their execution. For example, when a stock reaches a certain price, an order is automatically sent by the FlexTrader. FlexTrader is extensively used by hedge funds and financial institutions.  
         [0002]     The prior art portfolio data organizational software programs allow one to select characteristics of a particular equity or equities. These characteristics could be a derivative of the underlying stock price, underlying stock movement, underlying volume, for example. However, in order to select any of the above characteristics, a cumbersome and unwieldy “macro” interface has to be employed, and repetitively so far each characteristic desired.  
       SUMMARY OF THE INVENTION  
       [0003]     The subject invention allows the user to graphically apply a set theory approach to selecting certain equities on the “blotter” screen or on the main screen of the computer application. After selecting certain equities, particular characteristics of these equities, for example, profit and loss, are shown. Next, unique to the subject invention, an action is applied to those equities selected. For example, without the subject invention a user would code separate text macros for each created criteria by which certain equities are selected, e.g., any stock that has a volume greater than 500,000 shares traded today and a price greater than $10. With the subject invention, in contrast, certain criteria or characteristics that apply to a specific equity (such as, for example, its current spread or its current relative performance to the market or to the sector) can be selectively added to a matrix type of user interface by “drag-and-drop” functionality. Within that matrix of selected criteria the user is able to select an equity that has the previously chosen criteria, either regardless of the portfolio location of a specific equity or limited to one or more specific portfolios. The subject invention preferably employs three types of selection criteria, “exclusion”, “inclusion” and “selective inclusion.” 
         [0004]     “Inclusion” is a Boolean operator that adds a specific item to a set, for example, all stocks that have a spread less than 5 cents regardless of all of the other criteria that equity also possesses. “Exclusionary” is a Boolean operator that removes a specific item from a set, for example, all stocks that have a spread greater than 0.15 cents, regardless of all of the other criteria that equity also possesses. “Selective Inclusion” requires more than one characteristic being in the matrix, and is a Boolean operator that adds a specific item to a set, provided that two or more criteria are met, for example, all stocks that have a spread greater than 0.02 cents with the ask size being less than 100 shares. The subject invention thus provides the user the ability to see, for example, profit and loss based on a selection criteria that can be applied during different steps of the trading process, i.e., the pre-trade process, the execution process and then the post-trade process. In the pre-trade process one can assess what characteristics most of the portfolio of stocks falls into. During the execution process based on realtime data one can apply or change an action based on the inclusion, exclusion and selective exclusion criteria. In the post-trade process one can again assess a varied analytical data based on certain characteristics: how, for example, does profit and loss rank.  
     
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0005]     These and other subjects, features and advantages of the present invention will become more apparent in light of the following detailed description of a best mode embodiment thereof, as illustrated in the accompanying Drawings.  
         [0006]      FIG. 1  is a schematic of the hardware and software modules of the subject invention;  
         [0007]      FIG. 2  is a first screen shot of a graphical user interface for an execution management system of the subject invention;  
         [0008]      FIG. 3  is a first screen shot of the graphical user interface for the data matrix of the subject invention;  
         [0009]      FIG. 4  is a logic flow diagram of the present invention;  
         [0010]      FIG. 5  is a screen shot of the control panel of the data matrix of the subject invention;  
         [0011]      FIG. 6  is a second screen shot of the graphical user interface for the data matrix of the subject invention;  
         [0012]      FIG. 7  is a third screen shot of the graphical user interface for the data matrix of the subject invention;  
         [0013]      FIG. 8  is a second screen shot of a graphical user interface for an execution management system of the subject invention;  
         [0014]      FIG. 9  is a fourth screen shot of the graphical user interface for the data matrix of the subject invention;  
         [0015]      FIG. 10  is a third screen shot of a graphical user interface for an execution management system of the subject invention;  
         [0016]      FIG. 11  is a fifth screen shot of the graphical user interface for the data matrix of the subject invention;  
         [0017]      FIG. 12  is a fourth screen shot of a graphical user interface for an execution management system of the subject invention;  
         [0018]      FIG. 13  is a sixth screen shot of the graphical user interface for the data matrix of the subject invention;  
         [0019]      FIG. 14  is a fifth screen shot of a graphical user interface for an execution management system of the subject invention;  
         [0020]      FIG. 15  is a seventh screen shot of the graphical user interface for the data matrix of the subject invention;  
         [0021]      FIG. 16  is a sixth screen shot of a graphical user interface for an execution management system of the subject invention;  
         [0022]      FIG. 17  is a eighth screen shot of the graphical user interface for the data matrix of the subject invention; and  
         [0023]      FIG. 18  is a seventh screen shot of a graphical user interface for an execution management system of the subject invention. 
     
    
     DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT  
       [0000]     1. Hardware Elements and Software Modules  
         [0024]     Referring first to  FIG. 1 , the hardware elements and software modules of the subject invention are described. Multiple execution management system work stations  101  are preferably IBM compatible PC computers each having an Intel Pentium-based central processing unit with 512 MB of RAM and a Linux or Microsoft Windows XP operating system. There are preferably multiple user groups  103  running the above workstations, preferably interconnected by a local area network (LAN), with each user group  103  comprised of individual users U 1 , U 2  . . . U n . If FlexTrader is the execution management system software program of choice on workstations  101 , each of user U 1 , U 2  . . . U n  can tailor the graphical user interface of the FlexTrader software program to suit their personal preferences. An API (application program interface) communicates with the users U 1 , U 2  . . . U n  of each user group  103  and sends and receives data pertaining to, for example, populating financial data columns or obtaining the results of calculations or the results of actions.  
         [0025]     Inbound order flow module  107 , operating under the FIX protocol engine, accepts incoming orders described further below. There is network interconnection between inbound order flow module  107  and a software router that is preferably a private network or proprietary network such as TNS (transaction network services) that is a secure high speed connection widely used in the financial industry. Via inbound order flow  107  FIX clients communicate via the TNS network and send FIX-based messages to execution management system workstations  101 . Also in electronic communication with inbound order flow module  107  is OMS (order management system) such as, for example, Network Cloud, McGregor, Bloomberg, Brass NYFix, Trade Route, which allows the OMS client to review their portfolios.  
         [0026]     Direct web based order flow  125  is in communication, or has connectivity with, execution management system  101 , that allows web based order flow  125  to interconnect with the execution management system workstations  101  via front end of the web client.  
         [0027]     Order match module  111  includes a FIX-based engine that is in electronic communication with execution management system workstations  101 . Order match module  111  is also in electronic communication with other FIX-based trade destinations  113 , such as NYSE, and other brokers or ECNs such as Arca, Island, Brut, Instinet, for example. Trade orders are sent from execution management workstations  101  to order match module  111 , then to one of the trade destinations  113  where the orders are filled or another trade based action happens, which is then relayed back to order match module  111  with the result being displayed on execution management workstations  101 , then continuing to the desired one of the user groups  103  and, finally, to the appropriate one of the users U 1 , U 2  . . . U n . API  135  is in communication with order match module  111  and monitors outbound order data.  
         [0028]     Next referring to real time pricing module  115 , which is a consolidator and data re-formatter of prices from different destinations, real time pricing module  115  communicates to execution management system workstations  101 , and specifically to a specific ones of user U 1 , U 2  . . . U n . Data vendors  116 , such as Reuters and Comstock, provide real time prices on equities and other types of securities to real time pricing protocol  115 .  
         [0029]     Flex services module  131  communicates with execution management system workstations  101  via transaction network services  133  (TNS), an example of a viable proprietary data network. Flex services module  131  provides: fundamental data, (Morgan Stanley Country Index) a classification of securities bases on industry and sector level; deep feed level  2  data, the specific information from a price feed similar to real time pricing module  115 ; and level  1  data, again similar to pricing module  115  data and the basic view of security prices.  
         [0030]     File based order input  106  is the input of external trade files (or list of trades to be executed) in, for example, text, Excel or ASCII format, to users U 1 , U 2  . . . U n . File based order input  106  is thus in communication with execution management system workstations  101  in order to facilitate trading.  
         [0000]     2. Execution Management System Graphical User Interface  
         [0031]     Next referring to  FIG. 2 , an example of a graphical user interface is described for an execution management system, in this example FlexTrader, within which the software of subject invention resides. First referring to  201  the main screen of the EMS program is shown. The main FlexTrader “blotter” screen  201  is part of the execution management system described in  FIG. 1 . The “blotter” is configurable to allow the user to perform specific actions. These actions can be unilateral actions or they can be actions on specific rows of the blotter. The actions performed include computation of a certain value, a screen snap shot, or an actual travel action such as “send an order down to the floor,” “correct an order,” “cancel an order” for example.  
         [0032]     Spreadsheet  207  of blotter  201  lists portfolio information in rows identified by, for example, portfolio name (SLR 2 )  209 , the number of shares (1,200)  211  and specific symbol (WDFC)  213 . Further regarding portfolio name  209 , one possible nomenclature denotes SL as “sell long”, SH for “sell short”, BL for “buy long” and BC for “buy cover”, with r2 in all instances being the specific portfolio identifier.  
         [0033]     Columns intersect the above described portfolio rows of spread sheet  207 , and each column represents a certain characteristics associated with that specific portfolio. In the first column  215 , VOL 20 , is a measurement of that particular portfolio&#39;s volatility per stock. Second column  217 , PCT ADV 20 , is the percentage of an equity&#39;s shares to trade relative to its average 20 day volume. For example, if over the last 20 days 100,000 shares are traded on the average a day, then 1,200 shares (element  211 ) is 1.2% of an average day. Third column  219 , MED SPREAD, denotes, on the average, the difference between the buying and selling price of the security. Fourth column  221  denotes SPREAD BP, which is calculated by taking that median spread value and dividing it by the stock price. This value is shown in basis points which is 1/1000 (or 0.1 percent) of the median spread. It is to be understood that the above four share characteristics  215 - 221  are just examples of share characteristics, they are not intended to be all inclusive. Other characteristics include, by not limiting example, the percent change in the stock price from yesterday&#39;s close, profit and loss information in either dollars, basis points or cents per share, difficulty to trade factors, and sector or industry grouping (i.e., technology, a biochemical, biotechnology industry group).  
         [0034]     Again referring to column  217 , PCT ADV 20 , there are highlighted ranking numbers  223  (i.e., numbers 1, 2 or 3) in the same cell to the left of the actual PCT ADV number. “Ranking” of ranking numbers  223  is broadly defined as a grouping of specific attributes. For example, all the values in second column  217 , PCT ADV 20 , that are above 1 and below 2 fall into rank 1, and all the values that are above 2 and below 4 fall into rank 2.  
         [0035]     Next referring to highlighted rows  225  of a plurality of portfolios, highlighted rows  225  are highlighted by left clicking the mouse, holding the left mouse down, and dragging across the desired number of rows. Alternatively, a computer keyboard button tied to a specific portfolio or to a predetermined characteristic of some portfolios can highlight specific portfolio rows. Next, the highlighted rows  225  can be acted upon by the execution management system software by implementation by the user of one or more of command lines  205  to invoke the computation action associated therewith. The result, in one possibility, being the population or re-population of ranking numbers  223 .  
         [0000]     3. Set Theory Based Graphical User Interface  
         [0036]     Next referring to  FIG. 3 , an exemplary graphical user interface for the functionality of the subject invention is shown, the output of the graphical user interface of  FIG. 3  having been in part previously discussed in reference to  FIG. 2  in reference to ranking numbers  223 .  
         [0037]     The graphical user interface of  FIG. 3  includes a matrix  300  populatable with one or more columns, four of such columns being shown in  FIG. 3 . Programmable function buttons  301  populate matrix  300  with the column of the execution management system software spread sheet  207  of  FIG. 2  associated with that particular programmable function button  301 . For example, programmable function button  303 , PCT ADV, creates another column in matrix  300  that correlates with, but is not identical to, second column  217 , PCT ADV 20 , (in  FIG. 2 ) of the execution management system software spread sheet  207 . The column created in matrix  300  by activating the PCT ADV 20  function button  303  is column  305  in  FIG. 3 . Windows  307 ,  309 ,  311  and  313 , respectively, in column  305  each represent a different “ranking” that corresponds to ranking number  223  of spread sheet  207  of  FIG. 2  with respect to second column  217  thereof. It is important to note that, as these rankings or numbers  223  are altered as further described below by operation within windows  307 ,  309 ,  311  and  313  of matrix  300 , the aforesaid ranking numbers  223  are likewise altered on spread sheet  207  of  FIG. 2 .  
         [0038]     More specifically, window  307  has a data summary of all of the securities that have a rank of 1 based on ranking number  223  of spread sheet  207  of  FIG. 2 . Thus, in window  309 , 39 shares have a 1 rank, the total number of shares is 199,500, and the percentage of all the stocks on spread sheet  207  that are in window  309  is 42%. The value (the last price times the number of shares), the executed value (value of the total numbers that have been executed), the real P&amp;L and unreal P&amp;L are all also provided. Finally, in window  309 , boundary conditions  329  are shown. Boundary conditions  329  do not denote the theoretically acceptable range of stocks that could possibly satisfy a 1 rank, but instead denotes the actual minimum and maximum value of actual stocks that populate rank 1 of window  309  (MED_SPREAD).  
         [0039]      FIG. 4  is a software logic flow diagram of the matrix filter  400  of the subject invention. Block  401  represents a unique column on the blotter ( 201  of  FIG. 2 ) such that each entry in the column may (or may not) have a rank from 1, 2, 3 or 4, for example. More than one column, blocks  401  through  407 , may be ranked on the blotter  201 . Block  409  invokes the matrix filter by, for example, an actuation button on the blotter  201 . The matrix filter  400  is a graphical user interface described in detail, for example, as  501  in  FIG. 5  that allows data specific and function specific information filtering. Matrix population functions  411  through  415  corresponds to actuation buttons further described in relation to the matrix filter  400  ( 501  of  FIG. 5 ), and provide the population of matrix filter  501  with the related blotter  201  columns satisfying the functionality of  401  through  407  upon activation of the appropriate actuation button of matrix filter  501 . Matrix population functions  411  through  415  populate the matrix filter  400  as shown at block  417 . At block  419  the matrix cell selector, which encompasses filter blocks  423 ,  425  and  427  is shown. At blocks  423 ,  425  and  427 , specific individual cells of the matrix are “called.” Specifically, block  423  calls cells  1 ,  1 , block  425  calls cell  1 ,  2  and block  427  calls cell n, n with the first number denoting the row and the second number denoting the column of the “called” cells of the matrix. It is to be noted that only three “called” cell groups are shown for purposes of example, and more or less cells can be “called.” The cell groups that are “called” at  423  through  427  correspond to the functionality customized for the subject matrix filter; in this example the functionality is based on the “ranking” 1-4 of the data of the individual cells, as divided by the different columns, of blotter  201  as further described below.  
         [0040]     In addition Summary Information Per Cell block  421  provides the number of cells of blotter  201  (i.e., data locations) that fit into that criteria. For cell  1 ,  1  (i.e., all the data of blotter  201  in column  1  that have rank 1) if there are 10, the summary statistic can provide, for example average value of that data of that matrix cell. Other summary statistics of block  201  can include realized and un-realized p&amp;l, the value of the stocks that fall into that specific matrix cell, and so forth. As described in further detail below each individual matrix cell has control buttons (“radio buttons”) that allow matrix filter  400  to “ignore”, among other functions, the information present in any matrix cell whereby matrix filter  400  does not include blotter  201  data of that matrix cell in its processing.  
         [0041]     As further shown in selection block  429 , the aforesaid radio buttons can indicate any of “ignore” (which is the default mode), “include”, “exclude”, or “conditional include” matrix filter  400  functionality. Preferably, a screen color is associated with each of the above functionality of matrix filter  400  on both blotter  201  and matrix filter ( 600  of  FIG. 6 , for example). For “ignore” there is no color highlighted. “Include” is a green color, “exclude” is a red color, and “conditionally include” is a yellow color, for example.  
         [0042]     Also, Summary Statistics Aggregate are complied in the same manner as Summary Information per cell  421 , and additionally, the number of items that are in each of the “include”, “exclude”, and “conditionally include” categories are provided. At block  431  the above described color-based highlighting based on the applied functionality (“ignore”, “include”, “exclude” and “conditionally include”) is implemented. At Apply Action block  433 , actions to the underlying equities present in the color-based highlighted cells of the matrix filter and blotter  201  are implemented. These actions include, by non-limiting example, order cancellation buying, selling or analytical non-trade, actions.  
         [0043]      FIG. 5  shows an exemplary matrix filter control panel  501  of the subject invention, the matrix filter, itself, being not populated with data. File panel  503  denotes the files that have been loaded into the subject matrix control panel  501 . File panel  503  can also denote a sequential file listing of an entire group of files.  
         [0044]     Configuration button  505  allows the configuration of the remainder of buttons (for example buttons  507  and  509 ) of matrix control panel  501 . For example, button  507  is named RET VS. INDEX is created by actuation of configuration button  505  in conjunction with the appropriate script commands programs which will facilitate the addition of a return versus index column into the matrix filter. Likewise, the CLIENT A button  509  can drop in the percent ADV 20  column, as well as the return versus sector column into the matrix filter based on actuation of configuration button  505  and associated script commands.  
         [0045]     Button  511  has the “unselect all” functionality to return the matrix filter data to the default starting condition. Apply strategy button  513  allows the user to apply a specific action on selected matrix filter data items. Select button  515  allows the user to reselect all the actions that have been made to the matrix filter data if, for example, there has been manual intervention where the user has un-highlighted some items and would like to reapply the selection mechanism.  
         [0046]     Next referring to  FIG. 6 , a populated matrix filter is shown having two columns that were dropped via the two buttons RET VS. SECTOR  601  which is the return versus sector that added the column of RETURN VERSUS SECTOR  603 , and VOLATILITY  605  that dropped in VOLATILITY column  607 . Now referring to individual matrix cell  608 , (cell row  1 , column  2  or  1 ,  2 ) this cell, like all cells have 4 radio buttons, only one of which can be selected at any given time. The “ignore” radio button  611  is the default radio button that active when the column is initially added. Radio button  613 , the “inclusion” radio button, may be, for example, denoted by a green color. Radio button  615  may be, for example yellow and represents “selective inclusion”. Radio button  617  may be, for example, red and represents “exclusion”. Range indicator  619  indicates the high and low of the items that fall into cell  1 ,  2  of the VOLATILITY column  607 , in this instance from 0.11 to 0.20. Equity number indicator  621  displays the number of equities that fall into cell  1 ,  2  in the VOLATILITY column  607  (there are 51), as well as the total number of shares (which is 1.21 million) and the percent of equities ranked that fall in cell  1 ,  2  (42 percent). Data window  623  displays other characteristics for the equities that fall into cell  1 ,  2 , specifically (but not-limiting) the value, the executed value, realized p&amp;l (profit and loss) and un-realized p&amp;l, in both numerical values as well as in percentages. These four items of data window  623  are also configurable by the users to add additional items to those four items, or instead of those four items, such that more or less than four items can be dispatched.  
         [0047]     Next referring to  FIG. 7  the addition of two more columns to the matrix of  FIG. 6  is now described. First cross-referencing  FIG. 6 ,  FIG. 7  also shows the RETURN VERSUS SECTOR column, denoting it as  701  instead of  603 . Additionally,  FIG. 7  also shows the VOLATILITY column denoting it as element  703  instead of element  607 .  
         [0048]     Two additional columns are PCTADV 20   705 , which was dropped in by actuating CLIENT A button  707 , and column MED_SPREAD  709  which was dropped in by actuating MED_SPREAD button  711 . It is to be noted that all of columns  701  through  709  have the first radio button, i.e. the “ignore” radio, button activated such that no functionality has been applied to any of these columns in  FIG. 7 .  
         [0049]     Next referring to  FIG. 8 , the blotter  801  (cross referenced as  201  of  FIG. 2 ) is shown in its initial condition or state prior to any functionality being implemented via the matrix filter panel  501 . This initial condition was previously noted in regard to  FIGS. 6 and 7  where it had been stated that these Figures denoted the matrix filter prior to initiation of functionality therein. The blotter rows  801  are not highlighted because  FIG. 8  refers to the effect of the matrix filter on blotter  801 , and there is no functionality at present.  
         [0050]     VOLATILITY column  801  is directly related to the VOLATILITY column  607  and the cell  608  of  FIG. 6  where equities of rank 1 are located. Likewise, blotter cells  809  and  811  both relate to matrix cell  608  on  FIG. 6 , blotter cell  813  relates to the matrix cell immediately below  608 , which is unlabeled. Also, PCT ADV 20   803  directly relates to PCT ADV 20  in  FIG. 7  RETURN vs. SECTOR  805  relates to  701  and MED_SPREAD  807  refers to MED_SPREAD  709 . Note that each of these columns (VOLATILITY  801 , PCT ADV 20   803 , RETURN vs. SECTOR  805  and MED_SPREAD  807 ) have blotter cells, (e.g.  809 ,  811 ,  813 ) each of which have a ranking from 1-4 that denotes the specific matrix cell, based on row number of the particular matrix column, that the blotter cell will populate.  
         [0051]     More specifically the numerical ranking of the blotter cells is implemented in one embodiment by a subroutine that takes stock or trading data or other reference data (calculated or historical) and partitions the equities amongst a predetermined number of levels based upon the location of the equities within a hierarchy as defined by the characteristics coded in the subroutine.  
         [0052]     Blotter cells  809  and  811  are ranked 1 (note the number 1 in the cells) and thus fit into matrix cell  608  of  FIG. 6  which has been specifically configured to accept all blotter cells in the VOLATILITY column  801  having a rank of 1. Blotter cell  813  displays a rank of 2 which would place this data into the matrix cell below matrix cell  608 . The ranking information for each individual blotter cell, as denoted in the lower left of the blotter cell, reflects the row number for the specific column in the matrix that defines the equity distinction of that column i.e., VOLATILITY. The blotter cell rankings thus control population of the data into the matrix cell of the cross-referenced (i.e., rank 1) row number of that column.  
         [0053]     Next referring to  FIGS. 9 and 10 ,  FIG. 9  displays of the matrix filter of the subject invention in which the “conditional inclusion” functionality has been executed. Cells  901 ,  905 ,  907 ,  909 ,  911  and  913  have been selectively added, as shown by the yellow highlighting of these cells. Any matrix cells that are selected have to satisfy the following criteria: the matrix cells in the return versus sector column (RETURN_VS_SECTIOR)  917  have to be ranked 2 (as is matrix cell  901 ), the matrix cells in the volatility column (VOLATILITY)  919  have to be of rank 1 (as is matrix cell  905 ) or rank 2 (as is matrix cell  907 ), the matrix cells in the percent ADV 20  column  921  have to have a rank of 2 (as is matrix cell  909 ) or the matrix cells MED_SPREAD column  923  have to have rank 1 or 2 (the rank of matrix cell  911  being 1 and the rank of matrix cell  913  being 2). All of these rankings have been selected based on the actuation of the “conditional inclusion” radio buttons within the previously mentioned boxes  901 ,  905 ,  907 ,  909 ,  911  and  913 . This radio button of “conditional inclusion” in the present embodiment, which is a non-limiting example, and as further described below, provides, for example, a yellow coloring on the users screen, as stated above.  
         [0054]     All the equities which satisfy the above criteria and are thus present in matrix cells  901 ,  905 ,  907 ,  909 ,  911  or  913  are shown in selected stock listing window  916  of summary information area  915  (e.g., 26 stocks shown). Selected stock listing window  915  also shows “value,” “realized profit and loss” and “unrealized profit and loss.” In addition to the implementation of selected criteria, as noted above, the present invention also encompasses the notation of unselected criteria within the parameters detailed above for selected criteria.  
         [0055]     Next referring to  FIG. 10  which shows the main blotter  201  as highlighted based upon the “conditional inclusion” matrix filter selection criteria of  FIG. 9 , highlighted blotter row  1001  includes blotter cell  1003  which is a cell of rank 1 that thus falls into matrix column  919 , matrix cell  905  of  FIG. 9 . Likewise, blotter cell  1005 , having a rank 2, satisfies the criteria of matrix cell  909 . Blotter cell  1007  which shows a ranking of 2 satisfies the criteria of matrix column  917 , matrix cell  901 . Blotter cell  1009 , with a rank of 2 satisfies the criteria of matrix cell  913 , thus again being included. It is important to thus note that blotter row  1001  is highlighted because all of the blotter cells in blotter row  1001  that were analyzed (i.e., blotter cells  1003 ,  1005 ,  1007 ,  1009 ) for the particular criteria specific to each of these blotter cells actually possessed those criteria. This is the rule set for “conditional inclusion”. Another blotter row highlighted is blotter row  1011  which shows specifically blotter cell  1013 , having a rank of 2, satisfies the criteria of matrix column  919  and matrix cell  907 . Note that blotter cell  1003  has the rank of 2 while blotter cell  1013  in blotter row  1001 , above has a rank of 1, but both blotter rows  1001  and  1011  are highlighted because the ranking can fall into either rank 1 or 2 to satisfy the matrix volatility column  919 , (matrix cells  905  and  907 ). Still referring to blotter row  1011 , blotter cell  1015  denotes a rank of 2 which satisfies the criteria of matrix cell  909 , blotter cell  1017  has a rank of 2 which satisfies the criteria of matrix cell  901 , and blotter cell  1019  satisfies the criteria of matrix cell  911 . Blotter cell  1023  is of rank 2 which satisfies the criteria of matrix cell  907 , which is selected. But blotter cell  1024 , which is of rank 1, corresponds to an unselected matrix cell  910 ; hence, blotter row  1021  is not highlighted. Also, blotter cell  1025 , of rank 3, corresponds to matrix cell  915  which is again unselected, and is another reason for blotter row  1021  not being highlighted. Note that while blotter row  1027  does correspond to selected matrix cell  913 , because one or more blotter cells, namely blotter cells  1024  and  1025 , do not have selected corresponding matrix cells, blotter row  1021  is not selected or highlighted.  
         [0056]      FIG. 11  denotes the “inclusion” function of the subject invention as referenced by depression of radio button  613  of  FIG. 6  in the desired cells of the matrix of  FIG. 11 , described in further detail below. More specifically, the “inclusion” radio buttons of matrix filter cells  1101 ,  1103 ,  1105 ,  1107  and  1109  have been depressed, resulting in these matrix cells to be highlighted for example, green.  
         [0057]      FIG. 12 , shows the effect on certain blotter rows and blotter cells thereof by the “inclusion” radio button actuation of  FIG. 11 , above. Blotter row  1201  is highlighted because blotter cell  1205  corresponds to the “inclusion” criteria of matrix cell  1107 , although blotter cell  1203  is not part of any inclusion criteria of any cell of the matrix of  FIG. 11  since blotter cell  1203  corresponds to matrix cell  1104 . Note that although blotter cell  1203 , which corresponds to matrix cell  1104  is not selected, because blotter cell  1205  was selected under the “inclusion” criteria, the entire blotter row  1201  is highlighted, in contrast to the “conditional inclusion” functionality of  FIGS. 9 and 10  where each of the blotter cells either had to be “ignored” or had to satisfy the related matrix cell selection criteria in order for the blotter row to be highlighted. The above differentiates the rule set for “conditional inclusion” and “inclusion.” 
         [0058]     Further, blotter cell  1207  falls into matrix cell  1106  which is also not selected, and blotter cell  1209  falls into matrix cell  1117  which, again, falls outside of the “inclusion” selection, of the matrix filter of  FIG. 11 . Yet, as a result of blotter cell  1205  corresponding to the “inclusion” criteria of matrix cell  1107 , no other blotter cell in blotter row  1201  need satisfy a selection criteria of a corresponding matrix cell for blotter row  1201  to be highlighted.  
         [0059]     Blotter row  1211 , in contrast, is not highlighted because none of its blotter cells corresponds to a matrix cell that is selected. For example, blotter cell  1213  falls into matrix cell  1111 , which is unselected; blotter cell  1215  falls into matrix cell  1113  which is again unselected; blotter cell  1217  falls into matrix cell  1115  which is also unselected; and blotter cell  1219  which maps to matrix cell  1117  is again unselected. In contrast, if any one of the above matrix cells had been selected, the entire blotter row would be highlighted based on the blotter cell that maps to the selected matrix cell.  
         [0060]     Next referring to  FIGS. 13 and 14 , the “exclusion” function is discussed. When referring to  FIG. 13  like elements in  FIG. 13  to those of  FIG. 11  are denoted with similar element numbers, i.e., element  1115  in  FIG. 11  being equivalent to element  1315  in  FIG. 13 . Also, it is to be noted that the data previously discussed in  FIG. 12  is the same data shown and to be discussed in  FIG. 14 . Furthermore, elements again discussed in  FIG. 14  that had been discussed in  FIG. 12  share similar element numbers, i.e., element  1201  in  FIG. 12  is equivalent to element  1401  in  FIG. 14 . First referring to  FIG. 13 , two alterations from  FIG. 11  are present, specifically matrix cell  1307  was changed from “inclusion” (or green color) to “exclusion” (red color) based on actuation of radio button  1308 . Likewise, matrix cell  1309 , as contrasted with matrix cell  1109 , was changed from “inclusion” (green) to “exclusion” (red,) based on actuation of radio button  1310 . As a result matrix cell  1301  is “included”, matrix cell  1303  is “included,” matrix cell  1305  is “included” and matrix cells  1307  and  1309  are “excluded.” 
         [0061]     The exclusion function thus has the following general rule set: Items that fall into the “exclusion” function are excluded regardless of any other criteria of “inclusion” or “conditional inclusion.” Hence, any equities that fall into matrix cell  1307 , which is equivalent to having PCTADV column  1316  and a rank of  4 , will be excluded from this selection criteria, and equities in MEDIUM_SPREAD column  1320  with a rank of 1, i.e., matrix cell  1309 , will be excluded from this selection criteria regardless of whether any other selection criteria prescribes their inclusion or conditional inclusion.  
         [0062]     Next referring to  FIG. 14 , which corresponds to the selection criteria implemented in  FIG. 13 , and as differentiated as a result of changing matrix cells  1307  and  1309  from “inclusion” to “exclusion,” the blotter row  1401  is now excluded because blotter cell  1405  falls into matrix cell  1307  which now is mapped as “excluded.” Thus, blotter cell  1405  causes the blotter row  1401  to be not highlighted as opposed to the highlighted blotter row  1201  in  FIG. 12 . Thus, although blotter cells  1403 ,  1407  and  1409  satisfy the criteria of being “included” based on: blotter cell  1403  corresponding to matrix cell  1304 , which is the “ignore” the selection criteria; blotter cell  1407  being “ignore” based on matrix cell  1306 ; and blotter cell  1409  being “ignore” as a result of matrix cell  1317 , because blotter cell  1405  is interrelated with “excluded” matrix cell  1307 , blotter cell  1405  causes blotter row  1401  to be excluded or un-highlighted. Also note that if any of the above matrix selection criteria had been “include” instead of “ignore” the related blotter cells still would have been “excluded” because of the exclusionary condition.  
         [0063]     Additionally, if any of the matrix cell was criteria “conditional inclusion” the related blotter cells would still have been “excluded” by the exclusionary conditions. In other words, “exclusion” always takes precedence over “inclusion” “ignore” and “conditional inclusion” functionality.  
         [0064]     Next referring to blotter row  1411 , which is highlighted, blotter cell  1413 , which corresponds to matrix cell  1304 , is “ignored”. Blotter cell  1415  corresponds to matrix cell  1318 , which is “ignored.” Blotter cell  1417 , which corresponds to matrix cell  1301 , is “included.” Blotter cell  1419  is “ignored” as it corresponds to matrix cell  1317 . As a result of three matrix and corresponding blotter cells being “ignored” and one being “included,” with none “excluded”, (i.e., no blotter cells falling into matrix cells  1307  or  1309 ) blotter row  1411  is highlighted.  
         [0065]     Next referring to  FIGS. 15 and 16 , the data in the matrix filter of  FIG. 15  and the blotter of  FIG. 16  is the same data present in  FIGS. 10 through 14 , however, there is no continuity in the selection of the desired radio button activation in  FIG. 15  as compared to the radio buttons selection in  FIGS. 11 and 13 . Hence the matrix filtering shown in  FIGS. 15 and 16  is entirely different from that of  FIGS. 11 through 14 . Still referring to  FIGS. 15 and 16 , all three of the functions “conditional inclusion,” “inclusion” and “exclusion” are shown. First referring to  FIG. 15 , “conditional inclusion” occurs in matrix cells  1507 ,  1503  and  1511 . “Inclusion” is present in matrix cell  1505  and “exclusion” is shown in matrix cell  1513 . It is to be noted that all of the above functionalities are accomplished by the depression of the appropriate before described radio button.  
         [0066]     Next referring to  FIG. 16  blotter row  1601  is a highlighted row because blotter cell  1603  refers to matrix cell  1503  which is “conditionally included”; blotter cell  1605  refers to matrix cell  1505  which is “included”; blotter cell  1607  refers to matrix cell  1507  which is “included” and blotter cell  1609  refers to matrix cell  1509  which is “ignored.” As a result, blotter row  1601  is highlighted because of blotter cell  1605  being “included.” 
         [0067]     Because blotter cell  1609  denotes rank 2, not rank 1, it is not “excluded.” Thus, blotter cell  1609  does not fall into a matrix cell category that causes it to be excluded because of “exclusion” functionality or included because of “conditional inclusion” functionality. Alternatively, if blotter cell  1609  was of rank 3 and not of rank 2, blotter cell  1609  would have been another cause for the highlighting (together with blotter cell  1605  being “inclusive”) of blotter row  1601  because blotter cell  1609  would fall in “conditional inclusion” of matrix cell  1511 . But, if blotter cell  1609  was of rank 1, which would fall into matrix cell  1513  which is “exclusion,” then blotter row  1601  would have been un-highlighted.  
         [0068]     Next referring to  FIGS. 17 and 18 , all of the “conditional inclusion”, “inclusion” and “exclusion” functions are shown on the same blotter  1801 . “Inclusion” is shown for all blotter cells of blotter  1801  that have a rank of 3 in RETRUN_VS_SECTOR. These blotter cells  1803  are highlighted in  FIG. 18  and are logically aligned with matrix cell  1703  of matrix  1701  of  FIG. 17 . The reason that any blotter cells are not highlighted, even if an “inclusion” or “conditional inclusion” functionality applies, is due to the “exclusion” functionality. Blotter cells selected by the inclusion functionality can only be unselected via the exclusion functionality.  
         [0069]     “Conditional inclusion” is shown for all items on the blotter  1801  that have a rank of 2 for the VOLATILITY column (logically aligned with matrix cell  1705  of  FIG. 17 ). Conditional inclusion means that all conditional inclusion criteria must be satisfied (i.e. population by an equity in both matrix cell  1705  and matrix cell  1707 ). If only one conditional inclusion criteria is satisfied (i.e blotter cell  1807  (symbol CHTT) satisfies the criteria where the VOLATILITY rank is 2 but MED_SPREAD is 3, the criteria of selective inclusion is not satisfied. Blotter cell  1807  could still be added provided it falls under inclusion (green) and is not excluded via exclusion (red). Further, selective inclusion of all equities in blotter  1801  that have a rank of 2 for the MED_SPREAD column, logically aligned with matrix cell  17  is shown at  1707 .  
         [0070]     “Exclusion” of all equities on the blotter  1801  that have a rank of 2 for the PCT_ADV 20  column, logically aligned with matrix cell  1709 , such as blotter cell  1807  (symbol BID), is next shown. Equities that have a rank of  2  for the PCT_ADV 20  column are always excluded regardless of whether they are either conditionally included or included, such as blotter cell  1807  (symbol BID), whose PCT_ADV 20  rank is 2 (excluded) and VOLATILITY rank is 2 (conditional inclusion) and MED_SPREAD rank is 2 (conditional inclusion). Hence, “exclusion” always overrides any type on “inclusion”, be it “conditional inclusion” or “inclusion” per se.  
         [0071]     Logically, the following filter is employed for the selection mechanism:  
         [0072]     (RETURN_S_SECTOR=Rank3) OR  
         [0073]     ((VOLATILITY=Rank2) AND (MED_SPREAD=Rank2)) AND  
         [0074]     (PCT_ADV 20  not equal to Rank2)  
         [0075]     Still referring to  FIGS. 17 and 18 , blotter row  1803  ( symbol ATN) is highlighted because it satisfies the logic of “inclusion” matrix cell  1703  where the RETURN_VS_SECTOR rank is equal to 3 and satisfies the logic of matrix cell  1711  (i.e. not in “exclusion” matrix cell  1709 ) where PCT_ADV 20  is not rank 2 (it is rank 1). Logic conditions for “conditional inclusion” matrix cells  1705  and  1707  are not satisfied, but they do not have to be because the logic conditions for “inclusion” matrix cell  1703  is satisfied.  
         [0076]     Blotter row  1809  (symbol CFBX) is not selected for the following reasons: It is not included under “inclusion” matrix cell  1703  and is not “conditionally included” under both matrix cells  1705  and  1703  (although  1707  by itself is satisfied, but  1705  is not). Note that blotter row  1809  is not explicitly excluded under the “exclusion” logic of matrix cell  1709 .  
         [0077]     Blotter row  1811  (symbol CPWM) is selected because it is not “excluded” under the logic of matrix cell  1709  (it falls under matrix cell  1711 ), and is “conditionally included” under both, not just one of, matrix cell  1705  and  1707 .  
         [0078]     Blotter row  1805  (symbol BEIQ) is not selected based on PCT_ADV 20  having a rank of 2 which satisfies the “exclusion” logic of matrix cell  1709 . While any type of “inclusion” would have been overridden by the above “exclusion” functionality, there is also no “inclusion” or “conditional inclusion” functionality because, first, RETURN_VS_SECTOR rank is not 3 (the “inclusion” logic of matrix cell  1703 ) and, second, MED_SPREAD is not of rank 2 (it is 4) even though VOLATILITY is of rank 2 (i.e., the “conditional inclusion” logic of matrix cells  1705  and  1707  is not met; the logic of matrix cell  1705  is met, but matrix cell  1707  is not since matrix cell  1713  is satisfied instead due to the rank of 4 instead of 2). Recall that both logic conditions of matrix cells  1703  and  1705  need to be satisfied for conditional inclusion to apply.  
         [0079]     It will be apparent to those skilled in the art that a number of changes, modifications, or alterations to the present invention as described herein may be made, none of which depart from the spirit of the present invention. All such changes, modifications, and alterations should therefore be seen as within the scope of the present invention.

Technology Classification (CPC): 6