System and computer implemented method for facilitating order entry
View Patent ↗A system for facilitating order entry includes a first computer system having one or more computers. The first computer system generates a display of at least one side of a market comprising two sides. The displayed side of the market includes one or more offers from one or more market participants. Each offer includes an offered price and an offered quantity. The display indicates offered quantities available at various offered prices. The first computer system accesses a quantity specified by a user, calculates an average price at which the specified quantity is available based on the one or more offers, and indicates the calculated average price within the display. The first computer system receives an instruction from the user to generate one or more orders for the specified quantity at the calculated average price for communication to a second computer system having one or more computers supporting the market for matching with one or more corresponding offers. In response to receiving the instruction from the user, the first computer system generates one or more orders for the specified quantity at the calculated average price and communicates the generated orders to the second computer system for matching with one or more corresponding offers.
1. A system for facilitating order entry, the system comprising a first computer system having one or more computers and operable to:
generate a display of at least one side of a market comprising two sides, the displayed side of the market comprising offers from all market participants of the displayed side, each offer comprising an offered price and an offered quantity, the display indicating offered quantities available at various offered prices from all market participants of the displayed side;
access a quantity specified by a user, the user-specified quantity being less than the cumulative offered quantity from the displayed offers;
calculate an average price at which the user-specified quantity is available based on the offered quantity and the offered price from all market participants of the displayed side;
indicate the calculated average price, within the display;
receive an instruction from the user to generate one or more orders for the user-specified quantity at the calculated average price, for communication to a second computer system having one or more computers supporting the market for matching with one or more corresponding offers;
in response to receiving the instruction from the user, generate one or more orders for the user-specified quantity at the calculated average price; and
communicate the one or more generated orders to the second computer system having one or more computers supporting the market for matching with one or more corresponding offers.
2. The system of claim 1 , wherein:
the displayed offers comprise asks;
the market participants of the displayed side comprise sellers;
offered prices comprise ask prices;
offered quantities comprise ask quantities; and
the calculated average price comprises an average buy price at which the user specified quantity is available based on the one or more offers from all market participants of the displayed side.
3. The system of claim 1 , wherein the first computer system is further operable to:
access an approved market participant list;
incorporate the approved market participant list into the display such that the indicated offered quantities and offered prices reflect the approved market participant list;
calculate the average price at which the user-specified quantity is available based on the approved market participant list in addition to the one or more offers from all market participants of the displayed side; and
generate the one or more orders for the user-specified quantity at the calculated average price, taking into account the approved market participant list.
4. The system of claim 1 , wherein the first computer system is further operable to:
access an average price specified by the user;
calculate a quantity available at the user-specified average price based on the displayed offers;
indicate the calculated quantity, available at the user-specified average price based on the displayed offers within the display;
receive an instruction from the user to generate one or more orders for the calculated quantity at the user-specified average price for communication to the second computer system having one or more computers supporting the market for matching with one or more corresponding offers;
in response to receiving the instruction from the user, generate one or more orders for the calculated quantity at the user-specified average price; and
communicate the generated orders to the second computer system having one or more computers supporting the market for matching with one or more corresponding offers.
5. The system of claim 1 , wherein the generated display comprises a price axis, a quantity axis, and one or more offer bars, each offer bar representing one or more offers comprising substantially equal offered prices, placement of an offer bar along the price axis representing the substantially equal offered prices for one or more offers represented by the offer bar, height of an offer bar relative to the quantity axis representing an aggregate offered quantity for the one or more offers represented by the offer bar.
6. The system of claim 5 , wherein:
the offers comprise asks;
the participants on the offer side comprise sellers;
offered prices comprise ask prices;
offered quantities comprise ask quantities;
the offer bars comprise ask bars;
the user-specified average price comprises an average buy price; and
the calculated offered quantity comprises a quantity available at the average buy price.
7. The system of claim 1 , wherein the generated display comprises a price axis, a quantity axis, a first price curve comprising a plot of average offered price from all market participants of the displayed side as a function of quantity alone, and a second price curve comprising a plot of average offered price as a function of quantity and an approved market participant list for a user, there being an area separating at least certain portions of the first price curve from certain portions of the second price curve, there generally being higher average offered prices associated with the first price curve and lower average offered prices associated with the second price curve.
8. A computer implemented method for facilitating order entry using one or more processors, the method comprising:
using the one or more processors, generating a display of at least one side of a market comprising two sides, the displayed side of the market comprising offers from all market participants of the displayed side, each offer comprising an offered price and an offered quantity, the display indicating offered quantities available at various offered prices from all market participants of the displayed side;
using the one or more processors, accessing a quantity specified by a user, the user-specified quantity being less than the cumulative offered quantity from the displayed offers;
using the one or more processors, calculating an average price at which the user specified quantity is available based on the offered quantity and the offered price from all market participants of the displayed side;
using the one or more processors, indicating the calculated average price, within the display;
using the one or more processors, receiving an instruction from the user to generate one or more orders for the user-specified quantity at the calculated average price, for communication to a computer system having one or more computers supporting the market for matching with one or more corresponding offers;
using the one or more processors, in response to receiving the instruction from the user, generating one or more orders for the user-specified quantity at the calculated average price; and
using the one or more processors, communicating the one or more generated orders to the computer system having one or more computers supporting the market for matching with one or more corresponding offers.
9. The method of claim 8 , wherein:
the displayed offers comprise asks;
the market participants of the displayed side comprise sellers;
offered prices comprise ask prices;
offered quantities comprise ask quantities; and
the calculated average price comprises an average buy price at which the user-specified quantity is available based on the one or more offers from all market participants of the displayed side.
10. The method of claim 8 , further comprising:
accessing an approved market participant list;
incorporating the approved market participant list into the display such that the indicated offered quantities and offered prices reflect the approved market participant list;
calculating the average price at which the user-specified quantity is available based on the approved market participant list in addition to the one or more offers from all market participants of the displayed side; and
generating the one or more orders for the user-specified quantity at the calculated average price, taking into account the approved market participant list.
11. The method of claim 8 , further comprising:
accessing an average price specified by the user;
calculating a quantity available at the user-specified average price based on the displayed offers;
indicating the calculated quantity, available at the user-specified average price based on the displayed offers, within the display;
receiving an instruction from the user to generate one or more orders for the calculated quantity at the user-specified average price for communication to the computer system having one or more computers collectively supporting the market for matching with one or more corresponding offers;
in response to receiving the instruction from the user, generating one or more orders for the calculated quantity at the user-specified average price; and
communicating the generated orders to the computer system having one or more computers supporting the market for matching with one or more corresponding offers.
12. The method of claim 8 , wherein the generated display comprises a price axis, a quantity axis, and one or more offer bars, each offer bar representing one or more offers comprising substantially equal offered prices, placement of an offer bar along the price axis representing the substantially equal offered prices for one or more offers represented by the offer bar, height of an offer bar relative to the quantity axis representing an aggregate offered quantity for the one or more offers represented by the offer bar.
13. The method of claim 12 , wherein:
the offers comprise asks;
the market participants of the displayed side comprise sellers;
offered prices comprise ask prices;
offered quantities comprise ask quantities;
the offer bars comprise ask bars;
the user-specified average price comprises an average buy price; and
the calculated offered quantity comprises a quantity available a the average buy price.
14. The method of claim 8 , wherein the generated display comprises a price axis, a quantity axis, a first price curve comprising a plot of average offered price from all market participants of the displayed side as a function of quantity alone, and a second price curve comprising a plot of average offered price as a function of quantity and an approved market participant list for a user, there being an area separating at least certain portions of the first price curve from certain portions of the second price curve, there generally being higher average offered prices associated with the first price curve and lower average offered prices associated with the second price curve.
15. A computer-readable medium embodied with software for facilitating order entry, the software when executed using a one or more computers is configured to:
generate a display of at least one side of a market comprising two sides the displayed side of the market comprising offers from all market participants of the displayed side, each offer comprising an offered price and an offered quantity, the display indicating offered quantities available at various offered prices from all market participants of the displayed side;
access a quantity specified by a user, the user-specified quantity being less than the cumulative offered quantity from the displayed offers;
calculate an average price at which the user-specified quantity is available based on the offered quantity and the offered price from all market participants of the displayed side;
indicate the calculated average price, within the display;
receive an instruction from the user to generate one or more orders for the user-specified quantity at the calculated average price, at which the user-specified quantity is available based on the one or more offers in the optimum subset, for communication to a computer system having one or more computers supporting the market for matching with one or more corresponding offers;
in response to receiving the instruction from the user, generate one or more orders for the user-specified quantity at the calculated average price; and
communicate the one or more generated orders to the computer system having one or more computers supporting the market for matching with one or more corresponding offers.
16. The computer-readable medium of claim 15 , wherein:
the displayed offers comprise asks;
the market participants of the displayed side comprise sellers;
offered prices comprise ask prices;
offered quantities comprise ask quantities; and
the calculated average price comprises an average buy price at which the user specified quantity is available based on the one or more offers from all market participants of the displayed side.
17. The computer-readable medium of claim 15 , wherein the software is further configured to:
access an approved market participant list;
incorporate the approved market participant list into the display such that the indicated offered quantities and offered prices reflect the approved market participant list;
calculate the average price at which the user-specified quantity is available based on the approved market participant list in addition to the one or more offers from all market participants of the displayed side; and
generate the one or more orders for the user-specified quantity at the calculated average price, taking into account the approved market participant list.
18. The computer-readable medium of claim 15 , wherein the software is further configured to:
access an average price specified by the user;
calculate a quantity available at the user-specified average price based on the displayed offers;
indicate the calculated quantity, available at the user-specified average based on the displayed offers, within the display;
receive an instruction from the user to generate one or more orders for the calculated quantity at the user-specified average price for communication to the computer system having one or more computers supporting the market for matching with one or more corresponding offers;
in response to receiving the instruction from the user, generate one or more orders for the calculated quantity at the user-specified average price; and
communicate the generated orders to the computer system having one or more computers supporting the market for matching with one or more corresponding offers.
19. The computer-readable medium of claim 15 , wherein the generated display comprises a price axis, a quantity axis, and one or more offer bars, each offer bar representing one or more offers comprising substantially equal offered prices, placement of an offer bar along the price axis representing the substantially equal offered prices for one or more offers represented by the offer bar, height of an offer bar relative to the quantity axis representing an aggregate offered quantity for the one or more offers represented by the offer bar.
20. The computer-readable medium of claim 19 , wherein:
the offers comprise asks;
the market participants of the displayed side comprise sellers;
offered prices comprise ask prices;
offered quantities comprise ask quantities; the offer bars comprise ask bars;
the user-specified average price comprises an average buy price; and
the calculated offered quantity comprises a quantity available at the average buy price.
21. The computer-readable medium of claim 15 , wherein the generated display comprises a price axis, a quantity axis, a first price curve comprising a plot of average offered price from all market participants of the displayed side as a function of quantity alone, and a second price curve comprising a plot of average offered price as a function of quantity and an approved market participant list for a user, there being an area separating at least certain portions of the first price curve from certain portions of the second price curve, there generally being higher average offered prices associated with the first price curve and lower average offered prices associated with the second price curve.
22. A system for facilitating order entry, comprising:
means for generating a display of at least one side of a market comprising two sides, the displayed side of the market comprising offers from all market participants of the displayed side, each offer comprising an offered price and an offered quantity, the display indicating offered quantities available at various offered prices from all market participants of the displayed side;
means for accessing a quantity specified by a user, the user-specified quantity being less than the cumulative offered quantity from the displayed offers;
means for calculating an average price at which the user-specified quantity is available based on the offered quantity and the offered price from all market participants of the displayed side;
means for indicating the calculated average price, within the display;
means for receiving an instruction from the user to generate one or more orders for the user-specified quantity at the calculated average price, for communication to a computer system having one or more computers supporting the market for matching with one or more corresponding offers;
means for generating, in response to receiving the instruction from the user, one or more orders for the user-specified quantity at the calculated average price; and
means for communicating the one or more generated orders to the computer system having one or more computers supporting the market for matching with one or more corresponding offers.
23. A system for facilitating order entry, the system comprising a first computer system having one or more computers and operable to:
generate a display of at least one side of a market comprising two sides, the displayed side of the market comprising asks from all sellers, each ask comprising an ask price and an ask quantity, the display indicating ask quantities available at various ask prices from all sellers;
in response to a user specifying a quantity:
access the user-specified quantity, the user-specified quantity being less than the cumulative ask quantity from the displayed asks;
calculate an average buy price at which the user-specified quantity is available based on the one or more asks from all sellers;
indicate the calculated average buy price, within the display;
receive an instruction from the user to generate one or more bids for the user specified quantity at the calculated average buy price, for communication to a second computer system having one or more computers supporting the market for matching with one or more corresponding asks;
in response to receiving the instruction from the user, generate one or more bids for the user-specified quantity at the calculated average buy price;
communicate the one or more generated bids to the second computer system having one or more computers supporting the market for matching with one or more corresponding asks; and
in response to the user specifying an average buy price:
access the user-specified average buy price;
calculate a quantity available at the user-specified average buy price based on the displayed asks;
indicate the calculated quantity, available at the user-specified average buy price based on the displayed asks, within the display;
receive an instruction from the user to generate one or more bids for the calculated quantity at the user-specified average buy price for communication to the second computer system having one or more computers supporting the market for matching with one or more corresponding asks;
in response to receiving the instruction from the user, generate one or more bids for the calculated quantity at the user-specified average buy price; and
communicate the generated orders to the second computer system having one or more computers supporting the market for matching with one or more corresponding asks.