Patent Document

[0001]    This application is a continuation of U.S. patent application Ser. No. 12/764,726, filed Apr. 21, 2010, which is a continuation of U.S. patent application Ser. No. 10/837,818, filed May 3, 2004, now U.S. Pat. No. 7,734,529 which claims priority from U.S. Provisional Application Ser. No. 60/474,035, filed May 29, 2003, the entire disclosures of all of the above applications are hereby incorporated by reference. 
     
    
     FIELD OF THE INVENTION 
       [0002]    The present invention relates to the electronic trading of financial instruments. More particularly, the invention relates to user interfaces that display information to a user on a display of a PDA, computer or other device. 
       DESCRIPTION OF THE RELATED ART 
       [0003]    It is common for exchanges to allow traders to conduct transactions with handheld devices and larger computer devices. Attempts have been made to present rapidly changing information to traders in a form that allows the traders to quickly absorb and act on the information. 
         [0004]      FIG. 1  shows a prior art user interface disclosed in U.S. Patent Application Publication 2002/0059129. A long static column of price information is included in column  1005 . Bid quantities are included in column  1003  and ask quantities are included in column  1004 . Bid and ask quantities dynamically change to show current market depth and are located next to an appropriate price. Price column  1005  includes 19 different elements which must be included on a display. One skilled in the art will appreciate that it would be difficult for a trader to read, use and interact with such a user interface when the user interface is displayed on a small screen, such as the screen of a PDA or other portable electronic device. Among other disadvantages, the resulting small characters would be difficult to read. 
         [0005]    When using desktop computers or other computer devices having larger displays, user interfaces such as the one shown in  FIG. 1  can also be undesirable. Traders often display several windows and wish to limit the amount of space required by any one user interface. 
         [0006]    Prior systems have attempted to reduce the area required by a user interface by limiting the amount of information that is displayed at any given time. For example, a fixed number of the most relevant price levels may be displayed. As the market changes, the price levels displayed changes while the number of price levels remains constant. One drawback of these systems is that traders risk placing orders that are different form the orders that they intend to place. For example, a trader may attempt to enter a bid at a certain price level and the user interface may be updated in the process of entering the bid. A region of the user interface corresponding to a first price level may change during the entry of an order and correspond to a second price level before the order is entered. 
         [0007]    There is a need in the art for systems and methods that incorporate user interfaces that minimize the area needed for display while maximizing the readability and usability of the user interfaces. There is also a need in the art for systems and methods that incorporate user interfaces that minimize the risk of entering incorrect orders. 
       SUMMARY OF THE INVENTION 
       [0008]    The present invention overcomes at least some of the problems and limitations of the prior art by providing methods and systems that utilize the disclosed user interfaces and display methods. In a first embodiment, a user interface has two display modes, locked and unlocked. In the locked mode, some or all of the data fields such as prices, bids, offers, etc. are locked. In the unlocked mode, all the data fields, including the price column, are dynamically updated. In a second embodiment, a price column is divided such that prices above the market are in a first column and prices below the market are in a second column to reduce the number of columns required to show bids, offers and prices. Optionally, the trader&#39;s bids and offers not exposed to the market can be shown in columns adjacent to the market bids and offers. In a third embodiment of the invention orders are cancelled if the market changes within a short period of time before the order is placed and the change does not benefit the user. 
         [0009]    In other embodiments, the present invention can be partially or wholly implemented on a computer-readable medium, for example, by storing computer-executable instructions or modules, or by utilizing computer-readable data structures. 
         [0010]    Of course, the methods and systems disclosed herein may also include other additional elements, steps, computer-executable instructions, or computer-readable data structures. The details of these and other embodiments of the present invention are set forth in the accompanying drawings and the description below. Other features and advantages of the invention will be apparent from the description and drawings, and from the claims. 
     
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         [0011]    The present invention may take physical form in certain parts and steps, embodiments of which will be described in detail in the following description and illustrated in the accompanying drawings that form a part hereof, wherein: 
           [0012]      FIG. 1  shows a prior art trader station user interface; 
           [0013]      FIG. 2  shows a computer network system that may be used to implement aspects of the present invention; 
           [0014]      FIG. 3  shows a trader station user interface, in accordance with an embodiment of the invention; 
           [0015]      FIG. 4  shows an exemplary price and quantity grid  400 , in accordance with an embodiment of the invention; 
           [0016]      FIG. 5  illustrates a custom order entry region, in accordance with an embodiment of the invention; 
           [0017]      FIG. 6  illustrates an embodiment that includes an order entry for a buy and sell limit day orders, in accordance with an embodiment of the invention; 
           [0018]      FIG. 7  illustrates an embodiment of the invention that may be used for order entry for hit and take orders, in accordance with an embodiment of the invention; 
           [0019]      FIG. 8  illustrates user interfaces that may be used to cancel working orders, in accordance with an embodiment of the invention; 
           [0020]      FIG. 9  illustrates alternative user interfaces that include 3 columns, in accordance with an embodiment of the invention; 
           [0021]      FIG. 10  illustrates a mobile computer device that includes a graphical user interface that does not include a lock icon, in accordance with another embodiment of the invention; 
           [0022]      FIG. 11  illustrates an algorithm that may be performed by a mobile computer device to protect a user against unexpected changes in prices, in accordance with another embodiment of the invention; and 
           [0023]      FIG. 12  shows a mobile computer device having an exemplary graphical user interface that allows a user to specify a predetermined time period as well as a tick tolerance used to determine whether to cancel orders, in accordance with an embodiment of the invention. 
       
    
    
     DETAILED DESCRIPTION OF THE INVENTION 
     Exemplary Operating Environment 
       [0024]    Aspects of the present invention are preferably implemented with computer devices and computer networks that allow users to exchange trading information. An exemplary trading network environment for implementing trading systems and methods is shown in  FIG. 2 . 
         [0025]    An exchange computer system  100  receives orders and transmits market data related to orders and trades to users. Exchange computer system  100  may be implemented with one or more mainframe, desktop or other computers. A user database  102  includes information identifying traders and other users of exchange computer system  100 . Data may include user names and passwords. An account data module  104  may process account information that may be used during trades. A match engine module  106  is included to match bid and offer prices. Match engine module  106  may be implemented with software that executes one or more algorithms for matching bids and offers. A trade database  108  may be included to store information identifying trades and descriptions of trades. In particular, a trade database may store information identifying the time that a trade took place and the contract price. An order book module  110  may be included to compute or otherwise determine current bid and offer prices. A market data module  112  may be included to collect market data and prepare the data for transmission to users. A risk management module  134  may be included to compute and determine a user&#39;s risk utilization in relation to the user&#39;s defined risk thresholds. An order processing module  136  may be included to decompose delta based and bulk order types for processing by order book module  110  and match engine module  106 .) 
         [0026]    The trading network environment shown in  FIG. 2  includes computer devices  114 ,  116 ,  118 ,  120  and  122 . Each computer device includes a central processor that controls the overall operation of the computer and a system bus that connects the central processor to one or more conventional components, such as a network card or modem. Each computer device may also include a variety of interface units and drives for reading and writing data or files. Depending on the type of computer device, a user can interact with the computer with a keyboard, pointing device, microphone, pen device or other input device. 
         [0027]    Computer device  114  is shown directly connected to exchange computer system  100 . Exchange computer system  100  and computer device  114  may be connected via a T 1  line, a common local area network (LAN) or other mechanism for connecting computer devices. Computer device  114  is shown connected to a radio  132 . The user of radio  132  may be a trader or exchange employee. The radio user may transmit orders or other information to a user of computer device  114 . The user of computer device  114  may then transmit the trade or other information to exchange computer system  100 . 
         [0028]    Computer devices  116  and  118  are coupled to a LAN  124 . LAN  124  may have one or more of the well-known LAN topologies and may use a variety of different protocols, such as Ethernet. Computers  116  and  118  may communicate with each other and other computers and devices connected to LAN  124 . Computers and other devices may be connected to LAN  124  via twisted pair wires, coaxial cable, fiber optics or other media. Alternatively, a wireless personal digital assistant device (PDA)  122  may communicate with LAN  124  or the Internet  126  via radio waves. PDA  122  may also communicate with exchange computer system  100  via a conventional wireless hub  128 . As used herein, a PDA includes mobile telephones and other wireless devices that communicate with a network via radio waves. 
         [0029]      FIG. 2  also shows LAN  124  connected to the Internet  126 . LAN  124  may include a router to connect LAN  124  to the Internet  126 . Computer device  120  is shown connected directly to the Internet  126 . The connection may be via a modem, DSL line, satellite dish or any other device for connecting a computer device to the Internet. 
         [0030]    One or more market makers  130  may maintain a market by providing constant bid and offer prices for a derivative or security to exchange computer system  100 . Exchange computer system  100  may also exchange information with other trade engines, such as trade engine  138 . One skilled in the art will appreciate that numerous additional computers and systems may be coupled to exchange computer system  100 . Such computers and systems may include clearing, regulatory and fee systems. 
         [0031]    The operations of computer devices and systems shown in  FIG. 2  may be controlled by computer-executable instructions stored on computer-readable medium. For example, computer device  116  may include computer-executable instructions for receiving order information from a user and transmitting that order information to exchange computer system  100 . In another example, computer device  118  may include computer-executable instructions for receiving market data from exchange computer system  100  and displaying that information to a user. 
         [0032]    Of course, numerous additional servers, computers, handheld devices, personal digital assistants, telephones and other devices may also be connected to exchange computer system  100 . Moreover, one skilled in the art will appreciate that the topology shown in  FIG. 2  is merely an example and that the components shown in  FIG. 2  may be connected by numerous alternative topologies. 
       User Interfaces 
       [0033]      FIG. 3  shows a trader station user interface  300  in accordance with an embodiment of the invention. A new client window is divided into two portions. An order entry region  302  may be included as the top portion of user interface  300  and an informational region  304  may be included as the bottom portion of user interface  300 . 
         [0034]    Order entry region  302  includes a price and quantity grid  306 .  FIG. 4  shows an exemplary price and quantity grid  400 . As shown in the embodiment of  FIG. 4 , price and quantity grid  400  may contain five columns and ten rows. A buy column  402  displays a user&#39;s working buy order quantities. As used herein, a user may be a trader. A hit column  404  displays the market bid quantities. Prices for individual rows are displayed in a price column  406 . A take column  408  displays market ask quantities. And, a sell column  410  displays a user&#39;s working sell order quantities. Individual entries may be color coded to assist users in quickly interpreting the displayed information. For example, entries in buy column  402  and hit column  404  may be in blue and entries in take column  408  and sell column  410  may be in red. 
         [0035]    Price and quantity grid  400  includes more rows than are displayed in price and quantity grid  306  (shown in  FIG. 3 ). Section  412  includes the rows from price and quantity grid  400  that are included in price and quantity grid  306 . The information included in rows outside of section  412 , such as the information included in row  414 , may be stored in memory and retrieved when needed. A scroll bar  416  allows a user to select which group of rows to display in price and quantity grid  306 . 
         [0036]    Order entry region  302  may also include a custom order entry region  308 .  FIG. 5  illustrates a custom order entry region in accordance with an embodiment of the invention. A contract field  502  identifies a particular contract the user wishes to buy or sell. A quantity field  504  identifies the number of contracts the user wishes to buy or sell. A user can adjust the quantity by selecting the increase or decrease scroll icons. Alternatively, the user can edit the displayed text. Scroll icons are particularly convenient for small handheld devices that may not include a keyboard or that include a keyboard with small keys. The user&#39;s net position for the contract display in contract field  502  is displayed in net position field  506 . 
         [0037]    A lock icon  508  may be included to lock the state of price and quantity grid  306 . The operation of lock icon  508  is described in detail below. The price of the transaction is displayed in a price field  510 . In one embodiment of the invention, selecting contract field  502  causes price field  510  to display the most recent market price for that contract. The user can adjust the price by selecting the increase or decrease scroll icons. Alternatively, the user can edit the displayed text. Finally, the user may select either a buy icon  512  or a sell icon  514  to enter a buy or sell order. 
         [0038]    Returning again to  FIG. 3 , a view icon  310  may be used to select the type of information to display in informational region  304 . In one embodiment of the invention, informational region  304  may contain several overlaid informational panels. Selecting view icon  310  may cause a menu of informational panels to be displayed. Alternatively, selecting view icon  310  may cause informational region  304  to toggle through the informational panels. 
         [0039]    Informational panels may include a variety of different trading related information. Informational panel  312  displays market activities of several contracts simultaneously. Informational panel  314  may display some or all of a user&#39;s working orders. In one embodiment of the invention, a user may cancel a working order by selecting the order in informational panel  314 . An informational panel may also serve as a message log. Informational panel  316 , for example, includes trade related messages received from a trading match engine. Clearing information may also be displayed in an informational panel. Informational panel  318  displays a user&#39;s current clearing information settings and allows the user to make modifications. One skilled in the art will appreciated that two or more of the disclosed informational panels may be combined and additional informational panels may be used without departing from the scope of the invention. 
         [0040]    Aspects of the present invention support a variety of different orders, such as buy/sell limit day order and buy/sell fill and kill limit day order. Orders may be for financial instruments such as options contracts, futures contracts, options on futures contracts, securities, etc. 
         [0041]    The information included in price and quantity grid  306  may change while the market moves. An element within the grid may represent one transaction at a first time and a second transaction a split second later. With prior user interfaces, the user risked sending an unwanted order or cancel request to a trade engine. With the present invention, lock icon  508  may be used to freeze the state of the user interface to prevent elements of price and quantity grid from changing while the user enters a trade. Once clicked, price and quantity grid  306  will only be updated in the memory of the device, and there is no display update. As a result and as described in detail below, selecting an element within price and quantity grid  306  will send out an order or cancel request that the user intended. In one embodiment, soon after the request is sent, the lock will be released automatically. The lock can also be released by clicking lock icon  508  again without sending out any order request. In one alternative embodiment, lock icon  508  may be replaced with a button or other physical device that forms part of a computer device. 
         [0042]    Of course there are numerous alternatives for releasing the lock, such as releasing after the order is entered, after a time defined by the user, etc. In another embodiment, only a portion of price and quantity grid  306  is locked, such as the portion that the user is using to enter an order or the price column. The user may be presented with options for selecting the criteria for locking and unlocking. For example, a lock icon may be placed next to each column and/or row to allow the user to select columns and rows to lock. 
         [0043]      FIG. 6  illustrates an embodiment that includes an order entry section for buy and sell limit day orders. User interface  602  illustrates a state before the entry of an order. User interface  602  may be presented on the display of a computer device, such as a PDA. In the example shown in  FIG. 6 , the user wishes to buy  100  ESH3 contracts at  83550 . In order to ensure that user interface  602  does not change while the user is in the process of entering an order, the user may first select lock icon  604 . After lock icon  604  is selected, updated market information is stored locally, but not presented on the display. Next, the user sets a quantity field  606  to  100  (the number of contracts the user wishes to buy). Element  608  is then selected to enter the order. Element  608  may be selected with a stylus, key pad, mouse or any other conventional mechanism for selecting elements of a graphical user interface. Selecting any element in the left most column will send in a limit GTD buy order with the price specified in the center column and the quantity specified in quantity field  606 . Similarly, selecting any element in the right most column will send in a limit GTD sell order with the price specified in the center column and the quantity specified in quantity filed 606. 
         [0044]    After element  608  is selected, a buy order for 100 ESH3 contracts at 83550 may be transmitted to a match engine. After the order is entered, the lock may be released automatically so that updated market information is displayed. User interface  610  illustrates a state that exists while an order is pending. The background color of element  612  may be changed to indicate that the order is pending. Of course other visual aspects of element  612  and/or visual aspects of the surrounding elements may be changed to indicate that the order is pending. A message banner  614  may also include a message indicating that an order is pending. The background color of message banner  614  may be changed to indicate that an order is pending. In one embodiment of the invention, the background color of element  612  and message banner  614  is changed to green to indicate that an order is pending. 
         [0045]    Next, it is determined whether or not the order was accepted. User interface  616  illustrates a state that exists when an order has been rejected. A dialog box  618  may be presented to indicate that the order was rejected and may also provide a reason for the rejection. A message banner  620  may also indicate that the order was rejected. In one embodiment, the background color of message banner  620  is changed to a color that is different from the background color of message banner  614 , such as yellow. Region  622  may be selected to close message banner  620 . 
         [0046]    User interface  624  illustrates a state that exists when an order has been accepted. Element  626  has been updated to show that the user has entered an order for 100 additional contracts. Similarly, element  628  has been updated to reflect the order. The background color of element  626  may also be switched to the default color. A message banner  630  may indicate that the order was accepted. In one embodiment, the background color of message banner  630  is changed to a color that is different from the background colors of message banners  614 , and  620 , such as blue. Region  632  may be selected to close message banner  630 . Informational panels  634 ,  636  and  638  are exemplary informational panels that may be displayed after an order is accepted. 
         [0047]      FIG. 7  illustrates an embodiment of the invention that may be used for order entry for hit and take orders. User interface  702  illustrates a state before the entry of an order. Column  704  is a hit column that includes market bid quantities and column  706  is a take column that includes market ask quantities. Selecting any element in hit column  704  will send in a limit fill and kill buy (HIT) order with the price specified in price column  708  and the quantity equal to all available market quantity. Similarly, selecting any element in take column  706  will send in a limit fill and kill sell (TAKE) order with the price specified in price column the center column and the quantity equal to all available market quantity. 
         [0048]    In the example shown, a user may send a fill and kill limit order for 270 ESH3 contracts at 83525 by selecting element  710 . After element  710  is selected, the order may be sent to a match engine. User interface  712  illustrates a state while the order is pending. The background color of element  714  may be changed to indicate that the order is pending. Of course other visual aspects of element  714  and/or visual aspects of the surrounding elements may be changed to indicate that the order is pending. A message banner  716  may also include a message indicating that an order is pending. The background color of message banner  716  may be changed to indicate that an order is pending. In one embodiment of the invention, the background color of element  714  and message banner  716  is changed to green to indicate that an order is pending. 
         [0049]    Next, it is determined whether or not a match engine has eliminated the order. User interface  718  illustrates a state that exists when an order has been eliminated. The background color of element  720  returns to the same color as the background of element  710 . A message banner  722  may indicate that the order has been eliminated. The background color of message banner  722  may be changed to indicate that the order has been eliminated. In one embodiment the color is changed to yellow. A dialog box may also be displayed to indicate that the order has been eliminated and may also provide a reason for the elimination. 
         [0050]    User interface  724  illustrates a state when the order has been accepted. The values in elements  726 ,  728  and  730  are reset to reflect the change in net positions and to indicate that the order has been accepted. A message banner  732  may be included to indicate that the order has been accepted. The color of message banner  732  may also be changed to a different color, such as blue. Informational panel  734  is an exemplary informational panel that may be displayed after an order has been accepted. 
         [0051]      FIG. 8  illustrates user interfaces that may be used to cancel working orders, in accordance with an embodiment of the invention. Selecting a price element in price column  802  of user interface  804  will send a cancel request to a match engine to cancel all working orders at that price. User interface  806  illustrates a state that exists when the user selects element  808 . The background color or other visual characteristic of element  808  may be changed to indicate that a cancel order is pending. A message banner  810  may also include a message indicating that an order is pending. The background color of message banner  810  may be changed to indicate that an order is pending. In one embodiment of the invention, the background color of element  808  and message banner  810  is changed to green to indicate that an order is pending. 
         [0052]    It is next determined whether the order is accepted. User interface  812  illustrates a state that exists when an order has not been accepted. User interface  814  illustrates a state that exists when an order has been accepted. User interfaces  812  and  814  are similar to user interfaces  616  and  624  (shown in  FIG. 6 ) respectively, and a description is not repeated here. Informational panels  816  and  818  are exemplary informational panels that may be displayed after an order is accepted. 
         [0053]    In one embodiment of the invention, a single command may be used to cancel all of a user&#39;s orders for a specific contract or all orders for all contracts. For example, selecting the column heading for column  802  may cancel all orders for the contracts identified in element  820 . 
         [0054]    A confirmation box option may be used to protect against unwanted trades. Activating and deactivating the confirmation box may be accomplished by making an appropriate menu selection. Once the confirmation box is turned on, every trade will be echoed in the confirmation box to ask for further approval. If the user approves the order, the order request may be sent to a match engine. If cancelled, nothing will be sent to the match engine. 
         [0055]    A user can limit his or her one-time trading quantity to a fixed maximum number. This will protect user from hitting or taking an unwanted large market quantity or an erroneous quantity specification. If the quantity in any order request exceeds this number, a message box will be popped up to warn user, and the request will not be sent to the host. The determination of whether a trading quantity exceeds a fixed maximum number may be made locally and/or at a match engine. 
         [0056]      FIG. 9  illustrate alternative user interfaces  902  and  904  in accordance with an embodiment of the invention. User interfaces  902  and  904  preferably include only 3 columns. Of course, the information included in the three columns may also be arranged in 3 rows. Among other advantages, the use of only three rows or columns eliminates unused space and improves readability on a small display or section of a display. 
         [0057]    User interface  902  includes a first column  906  that may include ask prices and market bid quantities. A second column  908  may include the user&#39;s working bid and ask quantities. A third column  910  may include bid prices and market ask quantities. 
         [0058]    In operation, selecting element  912  or  914  will transmit a sell order having the price indicated and the quantity listed in element  916 . Selecting element  918  or  920  will transmit a sell order for the indicated quantity that will be matched at entry with existing buy limit orders and the best available buy price. Selecting element  922 ,  924  or  926  will transmit a buy order having the price indicated and the quantity listed in element  916 . Selecting element  928  or  930  will transmit a buy order for the indicated quantity that will be matched at entry with existing sell limit orders and the best available price. User interface  902  may incorporate the color schemes and functionality of user interfaces described above. 
         [0059]    One skilled in the art will appreciate that numerous modifications to user interface  902  may be made while still utilizing 3 columns. User interface  904 , for example, replaces sell column  906  and buy column  910  of user interface  902  with a hit column  930  and a take column  932 . In one exemplary embodiment, a user may take the market for the indicated quantity by selecting element  934  or  936 . The user may hit the market for the indicated quantity by selecting element  938  or  940 . Additional modifications may include allowing a user to transmit an order by selecting any element within a row. For example, with reference to user interface  904 , a user may transmit a take order for 100 contracts by selecting any element within row  942 . 
         [0060]      FIG. 10  illustrates a mobile computer device  1000  that includes a graphical user interface that does not include a lock icon in accordance with another embodiment of the invention. Mobile computer device  1000  may be configured to monitor changes in market depth and cancel orders in which the market price has changed within a short period of time before the user enters the order. In one embodiment of the invention, this price protection feature may be applied to only a portion of a price and quantity grid. For example, the price protection feature may be applied to only rows  1002  and  1004 . 
         [0061]      FIG. 11  illustrates an algorithm that may be performed by mobile computer device  1000  to protect a user against unexpected changes in prices. First, in step  1102  mobile computer device  1000  receives dynamically updated market depth information for a financial instrument. Next, mobile computer device  1000  receives an order for the financial instrument from a user in step  1104 . Step  1104  may result from, for example, the user providing a selection command to the graphical user interface. In step  1106  it is determined whether the market price for the financial instrument has changed within a predetermined period of time before receiving the order from the user. For example, it may be determined whether the price has changed within a two second period of time that begins two seconds before receiving the order and ends at the point that the order was received. In an alternative embodiment, a default tick tolerance or user specified tick tolerance is used and step  1106  includes determining whether the market price has changed a predetermined amount. 
         [0062]    If the price has not changed within the predetermined time period, the order may be transmitted to a match engine in step  1108 . In alternative embodiments of the invention step  1108  may be replaced with one or more other steps that result in an order being conveyed from the mobile terminal to a destination that will ultimately result in the order being placed with an exchange. 
         [0063]    When the price has changed within the predetermined time period, in step  1110  it is determined whether the price change benefits the user. When the price change benefits the user, the order is transmitted to a match engine in step  1108 . When the price change does not benefit the user, the order is canceled in step  1112 . As used herein, an order is canceled when it is deleted or otherwise does leave mobile computer device  1000  so that the order may be executed at an exchange. 
         [0064]    In various embodiments of the invention, users are allowed to select the predetermined time period and/or tick tolerance.  FIG. 12  shows a mobile computer device having an exemplary graphical user interface that allows a user to specify the predetermined time period as well as the tick tolerance. In alternative embodiments of the invention a plurality of predetermined time periods and/or tick tolerance may be used. For example, a first time period may be assigned for orders exceeding a monetary or quantity threshold and a second time period may be assigned for orders that do not exceed the threshold. The predetermined time periods and/or tick tolerances may also be specific to individual or groups of financial instruments. 
         [0065]    Various aspects if the invention may include additional mechanisms to prevent unwanted trades. For example, a confirmation box may be activated to present a dialog box to users and request final approval before transmitting a trade. A user can also limit his or her one-time trading quantity to a fixed maximum number. This will protect the user from hitting or taking an unwanted large market quantity or an erroneous quantity specification. If the quantity in any order request exceeds this number, a message box will be popped up to warn the user and the request will not be sent to the host. The determination of whether a trading quantity exceeds a fixed maximum number may be made locally and/or at a match engine. 
         [0066]    The present invention has been described herein with reference to specific exemplary embodiments thereof. It will be apparent to those skilled in the art that a person understanding this invention may conceive of changes or other embodiments or variations, which utilize the principles of this invention without departing from the broader spirit and scope of the invention as set forth in the appended claims. All are considered within the sphere, spirit, and scope of the invention.

Technology Category: 3