Flexible system and method for electronic trading
System, method, and program products offer flexibility to the rather rigid way of trading in an electronic trading system. Orders for a tradeable object may typically get matched according to set terms and/or conditions at an electronic exchange. A trader may log onto the electronic exchange to trade the tradeable object, and may choose to display and trade the tradeable object according to a different set of terms and/or conditions. As such, the market data sent to the trader from the exchange is converted to a format according to the trader's selection, so that it may be presented to the trader in this format. Transaction messages sent to the exchange from the trader are converted to the format readable by the matching process, so that it can process the messages. Other features and advantages are described herein.
1. A non-transitory computer readable medium having stored therein instructions executable by a processor, including instructions executable to:
receive market data associated with a tradeable object, wherein the market data includes quantity information in a flow-based unit associated with a price of the tradeable object;
display a selection icon, wherein the selection icon is configured to receive a user input to specify display of quantity information in contact-based units or flow-based units;
receive a selection of the selection icon to specify display of quantity information in contract-based units;
convert, in response to the selection to specify display of quantity information in contract-based units, the quantity information in the flow-based unit to converted quantity information in a contract-based unit;
display a value axis, wherein the value axis includes a plurality of locations, wherein each location along the value axis is associated with a price for the tradeable object;
display, in response to the selection to specify display of quantity information in contract-based units, a quantity indicator representing the converted quantity information, wherein the quantity indicator is displayed along the value axis at a location corresponding to the price associated with the quantity information;
receive updated market data associated with the tradeable object, wherein the updated market data includes updated quantity information in the flow-based unit;
convert, in response to the selection to specify display of quantity information in contract-based units, the updated quantity information in the flow-based unit to converted updated quantity information in the contract-based unit; and
update, in response to the selection to specify display of quantity information in contract-based units, the quantity indicator to represent the converted updated quantity information.
2. The non-transitory computer readable medium of claim 1 , wherein converting the quantity information in the flow-based unit to the converted quantity information in the contract-based unit is based on a predefined relationship.
3. The non-transitory computer readable medium of claim 1 , wherein the flow-based unit is associated with a set of terms and conditions utilized by an exchange.
4. The non-transitory computer readable medium of claim 1 , wherein the contract-based unit is associated with a set of terms and conditions preferred by a trader.
5. The non-transitory computer readable medium of claim 1 , wherein the tradeable object includes any of the following products: oil, natural gas, or electric power.
6. The non-transitory computer readable medium of claim 1 , wherein the flow-based unit includes any of the following units: bbl/day, MMBtus/day, MMBtus, MWhrs/day, or MWhrs.
7. The non-transitory computer readable medium of claim 1 , wherein the quantity information is received in a first message.
8. The non-transitory computer readable medium of claim 7 , wherein the first message is received from an exchange.
9. The non-transitory computer readable medium of claim 1 , wherein a trading station includes the processor.
10. A system including:
a computing device,
wherein the computing device is configured to receive market data associated with a tradeable object, wherein the market data includes quantity information in a flow-based unit associated with a price of the tradeable object;
wherein the computing device is configured to display a selection icon, wherein the selection icon is configured to receive a user input to specify display of quantity information in contact-based units or flow-based units;
wherein the computing device is configured to receive a selection of the selection icon to specify display of quantity information in contract-based units;
wherein the computing device is configured to convert, in response to the selection to specify display of quantity information in contract-based units, the quantity information in the flow-based unit to converted quantity information in a contract-based unit;
wherein the computing device is configured to display a value axis, wherein the value axis includes a plurality of locations, wherein each location along the value axis is associated with a price for the tradeable object;
wherein the computing device is configured to display, in response to the selection to specify display of quantity information in contract-based units, a quantity indicator representing the converted quantity information, wherein the quantity indicator is displayed along the value axis at a location corresponding to the price associated with the quantity information;
wherein the computing device is configured to receive updated market data associated with the tradeable object, wherein the updated market data includes updated quantity information in the flow-based unit;
wherein the computing device is configured to convert, in response to the selection to specify display of quantity information in contract-based units, the updated quantity information in the flow-based unit to converted updated quantity information in the contract-based unit; and
wherein the computing device is configured to update, in response to the selection to specify display of quantity information in contract-based units, the quantity indicator to represent the converted updated quantity information.
11. The system of claim 10 , wherein converting the quantity information in the flow-based unit to the converted quantity information in the contract-based unit is based on a predefined relationship.
12. The system of claim 10 , wherein the flow-based unit is associated with a set of terms and conditions utilized by an exchange.
13. The system of claim 10 , wherein the contract-based unit is associated with a set of terms and conditions preferred by a trader.
14. The system of claim 10 , wherein the tradeable object includes any of the following products: oil, natural gas, or electric power.
15. The system of claim 10 , wherein the flow-based unit includes any of the following units: bbl/day, MMBtus/day, MMBtus, MWhrs/day, or MWhrs.
16. The system of claim 10 , wherein the quantity information is received in a first message.
17. The system of claim 16 , wherein the first message is received from an exchange.
18. The system of claim 10 , wherein the computing device includes a trading station.