GB2390451A

GB2390451A - Click based trading with dynamic display of bid and ask prices

Info

Publication number: GB2390451A
Application number: GB0314601A
Authority: GB
Inventors: Gary Allan Kemp; Jens-Uwe Schluetter; Harris Brumfield
Original assignee: Trading Technologies International Inc
Current assignee: Trading Technologies International Inc
Priority date: 2000-03-02
Filing date: 2001-03-02
Publication date: 2004-01-07
Anticipated expiration: 2021-03-02
Also published as: GB0314601D0; GB2390451B

Abstract

A graphical user interface for electronic trading has dynamic display of bid prices 1003 and ask prices 1004 which move up and down a vertical price axis 1005. Trading is effected by clicking on the bid or ask price.

Description

239045 1

CLICK BASED TRADING WITH INTUITIVE

GRID DISPLAY OF MARKET DEPTH

Priority The present application claims priority to a U.S. Provisional Patent 5 Application entitled "Market Depth Display Click Based Trading and Mercury l:)isplay" filed March 2, 2000, the contents of which are incorporated herein by reference. Field of Invention

The present invention is directed to the electronic trading of commodities. Specifically, the invention provides a trader with a versatile and efficient tool for executing trades. It facilitates the display of and the rapid placement of trade orders Within the market trading depth of a commodity, 15 where a commodity includes anything that can be traded with quantities and/or paces. Background Of The Invention

20 At least 60 exchanges throughout the world utilize electronic trading in varying degrees to trade stocks, bonds, futures, options and other products.

These electro.uc exchanges are based on three components: mainframe computers (host), communications servers, and the exchange participants' computers (client). Isle host forms the electronic heart of the fully 25 computerized electronic Lading system. The system's operations cover order matching, maintaining order books and positions, price information, and -1

managing and updating the database for the online trading day as well as rughdy batch runs. The host is also equipped with external interfaces that maintain uninterrupted online contact to quote vendors and other price information systems. Traders can link to the host through three types of sucn: high speed data lines, high speed communications servers and the Internet. High speed data lines establish direct connections between the client and the host.

Another connection can be established by configuring high speed networks or 10 communications servers at strategic access points worldwide in locations where traders physically are located. Data is transmitted in both directions between traders and exchanges via dedicated high speed communication lines. Most exchange participants install two lines between the exchange and the client site or between the communication server and the client site as a safety measure 15 against potential failures. An ecchange's internal computer system is also often installed with backups as a redundant measure to secure system availability.

The third connection utilizes the Internet. Here, the exchange and the traders communicate back and forth through high speed data lines, which are connected to the Internet. This allows traders to be located anywhere they can establish a 20 connection to the Internet.

Irrespective of the way in which connection is established, the exchange participants' computers allow traders to participate in the market.

They use software that creates specialized interactive trading screens on the 25 traders' desktops. The trading screens enable traders to enter and execute orders, obtain market quotes, and monitor positions. The range and quality of features available to traders on Heir screens varies according to the specific software application being run. The installation of open interfaces in the development of an exchange's electronic strategy means users can choose, 30 depending on their trading style and internal requirements, the means by which they will access the exchange.

-2-

The world's stock, bond, futures and options exchanges have volatile products with prices that move rapidly. To profit in these markets, traders must be able to react quickly. A skilled trader with the quickest software, the fastest communications, and the most sophisticated analytics can significantly 5 improve ' his ownor his firm's bottom line. The slightest speed advantage can generate significant returns ire a fast moving market. In today's securities markets, a trader lacking a technologically advanced interface is at a severe competitive disadvantage.

10 Irrespective of what interface a trader uses to enter orders in the market, each market supplies and requires the same information to and from every trader. The bids and asks in the market make up the market data and everyone logged on to trade can receive this information if the exchange provides it.

Similarly, every exchange requires that certain information be included in each 15 order. For example, traders must supply information like the name of the commodity, quantity, restrictions, price and multiple other variables. Without all of this information, the market will not accept the order. This input and output of information is the same for every trader.

20 With these variables being constant, a competitive speed advantage must come from other aspects of the trading cycle. When analyzing the time it takes to place a trade order for a given commodity, various steps contribute in different amounts to the total time required. Approximately 8% of the total time it takes to enter an order elapses between the moment the host generates 25 the price for the commodity and the moment the client receives the price. The time it takes for the client application to display Me price to the trader amounts to approximately 4%. The time it takes for a trade order to be transmitted to the host amounts to approximately 8 %. The remainder of the total time it takes to place an order, approximately 809G, is attributable to the time required for 30 the trader to read the prices displayed and to enter a trade order. The present invention provides a significant advantage during the slowest portion of the trading cycle-while the trader manually enters his order. Traders recognize -3

that We value of time savings in this portion may amount to millions of dollars annually. In existing systems, multiple elements of an order must be entered prior 5 to an order being sent to market, which is time consuming for the trader. Such elements include the commodity symbol, the desired price, the quantity and whether a buy or a sell order is desired. The more time a trader takes entering an order, the more likely the price on which he wanted to bid or offer will change or not be available in the market. The market is fluid as many traders 10 are sending orders to the market sunultaneously. It fact, successful markets strive to have such a high volume of trading that any trader who wishes to enter an order will find a match and have the order filled quickly, if not irmnediateiy.

In such liquid markets, the prices of the commodities fluctuate rapidly. On a trading screen, this results in rapid changes in the pace and quantity fields

15 within the market grid. If a trader intends to enter an order at a particular price, but misses the price because the market prices moved before he could enter the order, he may lose hundreds, thousands, even millions of dollars. The faster a trader can trade, the less likely it will be that he will miss his price and the more likely he will make money Summary Of The Invention

The inventors have developed the present invention which overcomes the drawbacks of the existing trading systems and dramatically reduces the time 25 it takes for a trader to place a trade when electronically trading on an exchange.

This, in turn, increases the likelihood that the trader will have orders filled at desirable prices and quantities.

The "Mercury" display and trading method of the present invention 30 ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right

across the plane as the market prices fluctuates. This allows the trader to trade quicldy and efficiently.

Specifically, the present invention is directed to a graphical user 5 interface for displaying the market depth of a commodity traded in a market, including a dynamic display for a plurality of bids and for a plurality of asks in the market for the commodity and a static display of prices corresponding to the plurality of bids and asks. In this embodunent the pluralities of bids and asks are dynamically displayed in alignment with the prices corresponding thereto.

10 Also described herein is a method and system-for placing trade orders using such displays.

These embodiments, and others described in greater detail herein, provide the trader with improved efficiency and versatility in placing, and thus 15 executing, trade orders for commodities in an electrorf;ic exchange. Other features and advantages of the present invention will become apparent to those skilled in the art from the following detailed description. It should be

understood, however, that the detailed description and specific examples, while

indicating preferred embodiments of the present invention, are given by way of 20 illustration and not limitation. Many changes and modifications within the scope of the present invention may be made without departing from the spirit thereof, and the invention includes all such modifications.

Brief Description Of The Drawings

25 - Pigure 1 illustrates the network connections between multiple exchanges and client sites; Figure 2 illustrates screen display showing the inside market and the market depth of a given commodity being traded; 30 Figure 3 illustrates the Mercury display of the present invention; Figure 4 illustrates the Mercury display at a later time showing the movement of values when compared to Figure 3; -5-

Figure 5 illustrates a Mercury display with parameters set in order to exemplify the Mercury trading method; and Figure 6 is a flowchart illustrating the process for Mercury display and trading. s Detailed Description Of The Preferred Embodiments

As described with reference to the accompanying figures, the present invention provides a display and trading method to ensure fast and accurate 10 execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuates. This allows the trader to place trade orders quickly and efficiently. A commodity's market depth is the current bid and ask prices and quantities in the market. The display and trading method of the invention 15 increase the likelihood that the trader will be able to execute orders at desirable prices and quantities.

In the preferred embodiment, the present invention is implemented on a computer or electronic terminal. The computer is able to communicate either 20 directly or indirectly (using intermediate devices) with the exchange to receive and transmit market, corunodity, and trading order information. It is able to interact with the trader and to generate contents and characteristics of a trade order to be sent to the exchange. It is envisioned that the system of the present invention can be implemented on any existing or future terminal or device with 25 the processing capability to perform the functions described herein. The scope of the present invention is not limited by the type of terminal or device used.

Further, the specification refers to a single click of a mouse as a means for user

input and interaction with the terminal display as an example of a single action of Me user. While this describes a preferred mode of interaction, the scope of 30 the present invention is not limited to the use of a mouse as the input device or to the click of a mouse button as the user's single action. Rather, any action by a user within a short period of tune, whether comprising one or more clicks of a

mouse button or other input device, is considered a single action of the user for the purposes of the present invention.

The system can be configured to allow for trading in a single or in 5 multiple exchanges simultaneously. Connection of the system of the present invention with multiple exchanges is illustrated in Figure 1. This figure shows multiple host exchanges 101-103 connected through routers 104-106 to gateways 107-109. Multiple client terminals 110-116 for use as trading stations ran then trade in the multiple exchanges through their connection to the 10 gateways 107-109. When the system is configured to receive data from multiple exchanges, then the preferred implementation is to translate the data from various exchanges into a simple format. This "translation" function is described below with reference to Figure 1. An applications program interface ("TT API" as depicted in the figure) translates the incornmg data formats from 15 the different exchanges to a simple preferred data format. This translation function may be disposed anywhere in the network, for example, at the gateway server, at the individual workstations or at both. In addition, the storage at gateway servers and at the client workstations, and/or other external storage cache historical data such as order books which list the client's active orders in 20 the market; that is, those orders that have neither been filled nor cancelled.

Information from different exchanges can be displayed at one or in multiple windows at the client workstation. Accordingly, while reference is made .. through the remainder of the specification to a single exchange to which a

trading terming is connected, the scope of the invention includes the ability to 25 trade, in accordance with the trading methods descried herein, multiple exchanges using a single trading terminal.

The preferred embodiments of the present invention include the display of "Market Depth" and allow traders to view the market depth of a commodity 30 and to execute trades within the market depth with a single click of a computer mouse button. Market Depth represents the order book with the current bid and ask prices and quantities in the market. In other words, Market Depth is each -7

bid and ask that was entered into the market; subject to the limits noted below, in addition to the inside market For a commodity being traded, the "inside market" is He highest bid price and the lowest ask price.

5 The exchange sends the price, order and fill information to each trader on the exchange. The present invention processes this information and maps it through simple algorithms and mapping tables to positions in a theoretical grid program or any other comparable mapping technique for mapping data to a screen. The physical mapping of such information to a screen grid can be done 10 by any technique known to those skilled in the art. The present invention is not limited by the method used to map the data to the screen display.

How far into the market depth the present invention can display depends on how much of the market depth the exchange provides. Some exchanges 15 supply an infinite market depth, while others provide no market depth or only a few orders away from the inside market. The user of the present invention can also chose how far into the market depth to display on his screen.

Figure 2 illustrates a screen display of an invention described in a 20 commonly owned Spending application entitled "Click Based Trading with Market Depth Display" serial no., filed on, the contents of which are incorporated herein by reference. This display shows the inside market and the market depth of a given commodity being traded. Row 1 represents the Uinside market. for the cornmo,dity being traded which is the best (highest) bid 25 price and quantity and the best (lowest) ask price and quantity. Rows 2-5 represent the "market depth" for the commodity being traded. In the preferred embodiment of the present invention, the display of market depth (rows 2-5) lists the available next-best bids, in column 203, and asks, in column 204. The worldug bid and ask quantity for each price level is also displayed in colurons 30 202 and 205 respectively (inside market - row 1). Prices and quantities for the inside market and market depth update dynamically on a real time basis as such information is relayed from the market.

-8-

In the screen display shown in Figure 2, the commodity (contract? being traded is represented in row 1 by the character string "CDHO"." The Depth column 208 will inform the trader of a status by displaying different colors.

5 Yellow indicates that the program application is waiting for data. Red indicates that the Market Depth has failed to receive the data from the server and has "timed out." Green indicates that the data has just been updated. The other column headings in this and all of the other figures, are defined as follows.

Biddy (Bid Quamity): the quantity for each working bid, BidPrc (Bid Price) : 10 the pace for each working bid, AskPrc (Ask Price): the price for each working ask, AskQty (Ask Quantity): the quantity for each working ask, LastPrc Cast Price): the price for the last bid and ask that were matched in the market and L'zstQty Last Quantity): the quantity traded at the last pace. Total represents the total quantity traded of the given commodity.

The configuration of the screen display itself informs the user in a more convenient and efficient manner than existing systems. Traders gain a significant advantage by seeing the market depth because they can see trends in the orders in the market. The market depth display shows the trader the interest 20 the market has in a given commodity at different price levels. If a large amount of bids or asks are in the market near the trader's position, he may fed he should sell or buy before the inside market reaches the morass of orders. A lack of orders above or below the inside market might prompt a trader to enter orders near the inside market. Without seeing the market depth, no such 25 strategies could be utilized. Having the dynamic market depth, including the bid and ask qn:'ntitieS and prices of a traded commodity aligned with and displayed below the current inside market of the commodity conveys the information to the user in a more intuitive and easily understandable manner I, Trends in the trading of the commodity and over relevant characteristics are 30 more easily identifiable by the user through the use of the present invention.

Various abbreviations are used in the screen displays, and specifically, in the column headings of He screen displays reproduced herein. Some abbreviations have been discussed above. A list of common abbreviations and their meanings is provided in Table 1.

-10

Table I - Abbreviations Month Expiration Month/Year TheoBid Theoretical Bid Price ___ -.,,.

Bld Mbr'1) Bid Member ID TheoAsk Theoretical Ask Price Working Buys for entire Groul _ Quote Action (Sends WrkBuyso ID QAct individual quotes) _ BldOty Bk Quantity BqQ Test Bld Quote Quantity ThrshBido Threshold Pkt Price BOP Test Bid Quote Price BldPrc Bid Price Mkt BQQ Market Bld Quote Quantity Bid Cay Accum Accumulated Bld Quantib, Mkt BLIP Market Bld Quells Price Chic BldPrc Avg Bld Price Average Quote conned torqo8As ' _ AskPrc Avg Ask Price Average Mkt AQQ Market Ask Quote Quantity AskQly Accum Accumulated Ask Quantity Mkt AMP Market Ask Quote Price Aski'rc Ask Prke AMP Ask Quote Price TheshAsk Threshold Ask Price AQQ Ask Quote Quantity AskQty Ask Quantity Imp BldQtyls) Implied Bk Quantity Worldng Sells for entire GrouF WrkSells ID Imp BldPrcs) Irnpfied Bid Price Ask Libra) Ask Member ID Imp AskQty(s' Implied Ask Quantity _ NeUw Net Posffion Imp AskPrcis) Imptied Ask Arks Change h Delta given 1 pt FFNeUos Fast FIN Net Posffion Gammap) change In underwing Change in prim given 1 pt LastPrc Last Price Deltap) change h underlying LastQty Last Quanffty Vohp) Percent vobfflHy Price change given 156 Total Fatal Traded Quantity Vegap) change h Vola Pros change given 1 X High high Price Slap) change h tnbrest rats Price change for every day Low Low Price Retake) that elapses Acavab / deactivate click Open Opening Price 1 lick Trd trading by contract heron, Clef Not Todebb, PI Table, 8 lose Casing Puce (Status) pot - Chng Last Price-Last Close [xpiry Expiration MonthlYear oPrc Theoreffcal Price -11

As described herein, the display and trading method of the present invention provide the user with certain advantages over systems in which a display of market depth, as shown in Figure 2, is used. The Mercury display 5 and trading method of the present invention ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuates. This allows the trader to trade quickly and efficiently. An example of such a Mercury display is illustrated in the screen display of Figure 10 3. The display of market depth and the manner in which traders trade within the market depth can be effected different manners, which many traders will find materially better, faster and more accurate. In addition, some 15 traders may find the display of market depth to be difficult to follow. In the display shown in Figure 2, the market depth is displayed vertically so that both Bid and Ask prices descend the grid. The Bid prices descend the market grid as the prices decrease. Ask prices also descend the market grid as these prices actually increase. This combination may be considered counterintuitive and 20 difficult to follow by some traders.

The Mercury display overcomes this problem in an irmovative and logical manner. Mercury also provides an order entry system, market grid, fill window and summary of market orders in one simple window. Such a

25 condensed display materially simplifies the trading system by entering and tracldng trades in an extremely efficient manner. Mercury displays market depth in a logical, vertical fashion or horizontally or at some other convenient angle or configuration. A vertical field is shown in the figures and desenbed

for convenience, but the field could be horizontal or at an angle. In turn,

30 Mercury further increases the speed of trading and the likelihood of entering orders at desired prices with desired quantities. In the preferred embodiment of the invention, the Mercury display is a static vertical column of prices with the -12

bid and ask quantities displayed in vertical columns to the side of the price column and aligned with the corresponding bid and ask prices. An example of this display is shown in Figure 3. ''' 5 Bid quantities are in the column 1003 labeled BidQ and ask' quantities are in column 1004 labeled AskQ. The representative ticks from prices for the given commodity are shown in column 1005. The column does not list the whole prices (e.g. 95.89), but rather, just the last two digits (e.g. 89). In the example shown, the inside market, cells 1020, is 18 (best bid quantity) at 89 10 (best bid price) and 20 (best ask quantity) at 90 (best ask price). In the preferred embodiment of the invention, these three columns are shown in different colors so that the trader can quickly distinguish between em.

The values in the price column are static; that is, they do not normally 15 change positions unless a re-centering command is received (discussed in detail later). The values in the Bid and Ask columns however, are dynamic; that is, they move up and down (in the vertical example) to reflect the market depth for the given commodity. The LTQ column 1006 shows the last traded quantity of the commodity. The relative position of the quantity value with respect' to the 20 Price values reflects the price at which that quantity was traded. Column 1001 labeled EIW (entered/working) displays the current status of the trader's orders.

The status of each order is displayed in the price row where it was entered. For example, no cells 1007, the number next to S indicates the number of the trader's ordered lots that have been sold at the pace in the specific row. The 25 Dumber next to W indicates the number of the trader's ordered lots that are in the market, but have not been filled-i. e. the system is working on filling the To order. Blanks in this colored indicate that|orders are entered or working at that price. In cells 1008, the number next to B indicates the number of the trader's ordered lots that have been bought at the price in the specific row. The number 30 next to W indicates the number of the trader's ordered lots that ar'e in the market, but have not been filled-i.e. the system is working on filling the order.

-13

Various parameters are set and information is provided in column 1002.

For example, "10:48:44" in cell 1009 shows the actual time of day. The L and R fields in cell 1010 indicate a quantity value, which may be added to the order

quantity entered. This process is exE rained below with respect to trading under 5 Mercury. Below the L and R fields, in cell 1011, a number appears which

represents the current market volume. This is the number of lots that have been traded for the chosen contract. Cell 1012, "X 10", displays the Net Quantity, the current position of the trader on the chosen contract. The number "10" represents the trader's buys minus sells. Cell 1013 is the "Current Quantity"; 10 this field represents the quantity for the next order that the trader will send to

market. This can be adjusted with right and left clicks (up and down) or by clicking the buttons which appear below the Current Quantity in cells 1014 These buttons increase the current quantity by the indicated amount; for example, "10" will increase it by 10; "lH" will increase it by 100; "1K" will 15 increase it by 1000. Cell 1015 is the Clear button, clicking this button will clear the Current Quantity field. Cell 1016 is the Quantity Description; this is a

pull down menu allowing the trader to chose from three Quantity Descriptions.

The pull down menu is displayed when the arrow button in the window is clicked. The window includes NetPos, Offset and a field allowing the trader to

20 enter numbers. Placing a number in this field will set a default buy or sell

quantity. Choosing "Offset" in this field will enable the L/R buttons of cell

1010. Choosing "NetPos" in this field will set the current Net Quantity

(trader's net position) as the trader's quantity for his next trade. Cell 1017 are +/- buttons; these buttons will alter the size of the screen either larger (+) or 25 smaller (-). Cell 1018 is used to mvoke Net 0; clicking this button will reset the Net Quantity (cell 1011) to zero. Cell 1019 is used to invoke Net Real; cliclg this button will reset the Net Quantity (cell 1011) to its actual position.

The inside market and market depth ascend and descend as prices in the 30 market increase and decrease. For example, Figure 4 shows a screen displaying the same market as that of Figure 3 but at a later interval where the inside market, cells 1101, has risen three ticks. Here, the inside market for the -1

commodity is 43 (best bid quantity) at 92 (best bid price) and 63 (best ask quantity) at 93 (best ask price). In comparing Figures 3 and 4, it can be seen that the price column remained static, but the corresponding bids and asks rose up the price column. Market Depth similarly ascends and descends the price 5 colorful, leaving a vertical history of the market.

As the market ascends or descends the price column, the inside market might go above or below the price column displayed on a trader's screen.

Usually a trader will want to be able to see the inside market to assess future 10 trades. The system of the present invention addresses this problem with a one click centering feature. With a single click at any point within the gray area, 1021, below the "Net Real-" button, the system will re-center the inside market on the trader's screen. Also, when using a three-button mouse, a click of the middle mouse button, irrespective of the location of the mouse pointer, will re 15 center the inside market on the trader's screen.

The same information and features can be displayed and enaUed in a horizontal fashion. Just as the market ascends and descends the vertical Mercury display shown in Figures 3 and 4, the market will move left and right 20 in the horizontal Mercury display. The same data and the same information gleaned from the dynamical display of the data is provided. It is envisioned that other orientations can be used to dynamicallydisplay the data and such orientations are intended to come within the scope of the present invention.

25 Next, trading commodities, and specifically, the placement of trade orders using the Mercury display is described. Using the Mercury display and trading method, a Fader would first designate the desired commodity and, if applicable, the default quantities. Then he can trade with single clicks of the right or left mouse button. The following equations are used by the system to 30 generate trade orders and to determine the quantity and price to be associated with the trade order. The following abbreviations are used in these formulas: P = Price value of row clicked, R = Value in R field, -Value in L field, Q

-15

-Current Quantity, Q = Total of all quantities in AskQ column at an equal or better price than P. Qb = Total of all quantities in BidQ column at an equal or better pace than P. N = Current Net Position, Bo = Buy order sent to market and So = Sell order sent to market.; Anv order entered using right mouse button Bo- (Q + R)P (Eq. 1) If BidQ field clicked.

So = (Qb + R)P (Eq. 2) If AskQ field clicked.

10 Orders entered using the left mouse button If "Offset" mode chosen in Quantity Description field then:

Bo-(Q + L)P (Eq. 3) If BidQ field clicked.

So = (Qb + L)P (Eq. 4) If AskQ field clicked.

If "number" mode chosen in Quantity Description field then:

15 Bo = QP (Eq. 5) So = QP (Eq. 6) If "NetPos" mode chosen in Quantity Description field then:

Bo = NP (Eq. 7) So = NP (Eq. 8) Orders can also be sent to market for quantities that vary according to the quantities available in the market; quantities preset by the trader; and which . mouse button the trader clicks. Using this feature, a trader can buy or sell all of the bids or asks in the market at or better than a chosen price win one click.

25 The trader could also add or subtract a preset quantity from the quantities outstanding in the market. If the trader clicks in a wading cell-i.e. in the BidQ or AskQ column, he will enter an order in me market. The parameters of the order depend on which mouse button he clicks and what preset values he set.

30 Using the screen display and values from Figure S. the placement of trade orders using the Mercury display and trading method is now described using examples. A left click on the 18 in the BidQ column 1201 will send an -1

order to market to buy 17 lots (quantity # chosen on the Quantity 'Description

pull down menu cell 1204) of the cormnodity at a price of 89 (the corresponding price in the Prc column 1203). Similarly, a left click on the 20 in the AskQ column 1202 will send an order to market to sell 17 lots at a price of 90.

5 ' ' ''

Using the right mouse button, an order would be sent to market at the price that corresponds to the row clicked for the total quantity of orders in the market that equal or better the price in that row plus the quantity in the R field

1205. Thus, a right click in the AskO columns 1202 in the 87 price row will 10 send a sell order to market at a price of 87 and a quantity of 150. 150 is the sum of all the quantities 30, 97, 18 and 5. 30, 97 and 18 are all of the quantities in the market that would meet or better the trader's seD order price of 87. Chinese quantities are displayed in the BidQ column 1201 because this colony represents the orders outstanding in the market to purchase the .. 15 commodity at each corresponding price. The quantity 5 is the quantity pre-set in the It field 1205.

Similarly, a right click in the I3idQ column 1201 at the same price level of 87 would send a buy limit order to market for a quantity of 5 at a price of 20 87. The quantity is determined in the same manner as above. In this example, though, there are no orders the market that equal or better the chosen price there are no quantities in the AskQ column 1202 that equal or better this price.

Therefore, the sum of the equal or better quantities is zero ("O-). The total order entered by the trader will be the value in the R field! which is 5.

An order entered with the left mouse button and the "Offset" option chosen in the quantity description field 1204 will be calculated in the same way

as above, but the quantity in the L field 1206 will be added instead of the

quantity in the R field 1205. Thus, a left click in the BidQ column 1201 in the

30 92 price row will send a buy order to market at a price of 92 and a quantity of 96. 96 is the sum of all the quantities 45, 28, 20 and 3. 45, 28 and 20 are all quantities in the market that would meet or better the trader's buy order price of -17

92. These quantities are displayed in the AskQ column 1202 because this column represents the orders outstanding in the market to sell the commodity at each corresponding price. The quantity 3 is the quantity preset in the L field

1206. $.' ',.

The values in the L or R fields may be negative numbers. This would

effectively decrease the total quantity sent to market. In other words, in the example of a right click in the AskQ column 1202 in the 87 price row, if the R field was -5, the total quantity sent to market would be 140 (30 + 97 + 18 +

10 (-5)).

If a trader chose the "NetPos" option in the quantity description field

1204, a right click would still work as explained above. A left click would enter an order with a price corresponding-to the price row clicked and a 15 quantity equal to the current Net position of the trader. The Net position of the trader is the the trader's current position on the chosen contract. In other words, ff the trader has bought 10 more contracts than he has sold, this value would be 10. NetPos would not affect the quantity of an order sent with a right click. If the trader chose a nmnber value in the quantity description, a left click

would send an order to market for the current quantity chosen by the trader.

. The default value of the current quantity will be the number entered in the quantity description field, but it could be changed by adjusting the figure in the

25 current quantity field 1204.

This embodiment of the invention also allows a Nader to delete all of his working trades with a single click of either the right or left mouse button anywhere in the last traded quantum (LTQ) column 1207. This allows a trader 30 to exit Me market immediately. Traders will use this feature when they are losing money and want to stop the losses from pilling up. Traders may also use this feature to quickly exit the rnkd upon maldog a desired profit. The -18

invention also allows a trader to delete all of his orders from the market at a particular price level. A click with either mouse button in the Entered/Working (E/W) column 1208 will delete all working orders in the cell that divas clicked.

Thus, if a trader believes that previously sent orders at a particular price that 5 have not been fined would be poor trades, he can delete these orders with a single click.

The process for placing trade orders using the Mercury display arid trading method of the present invention as described above is shown in the 10 flowchart of Figure 6. First, in step 1301, the trader has the Mercury display on the trading terminal screen showing the market for a given commodity. In step 1302, the parameters are set in the appropriate fields, such as the L and R

fields and the Current Quantity, NetPos or Offset fields from the pull down

menu. In step 1303, the mouse pointer is positioned and clicked over a cell in 15 the Mercury display by the trader. In step 1304, the system determines whether the cell clicked is a traceable cell (i.e. in the AskQ column or BidQ column). If not, then in step 1305, no trade order is created or sent and, rather, other quantities are adjusted or functions are performed based upon the cell selected.

Otherwise, in step 1306, the system determines whether it was the left or the 20 right button of the mouse that was clicked. If it was the right, then in step 1307, the system will use the quantity in the R field when it determines the total

quantity of the order in step 1310. If the left button was clicked, then in step 1308, the system determines which quantity description was chosen: Offset,

NetPos or an actual number.

If Offset was chosen, then the system, in step 1309, will use the quantity in the L field when it determines the total quantity of the order in stop 1310. If

NetPos was chosen, then the system, in step 1312, will determine that the total quantity for the trade order will be current NetPos value, i.e. the net position of 30 the trader in the given commodity. If an actual number was used as the quantity description, then, in step 1311, the system will determine that the total

quantity for the trade order will be the current quantity entered. In step 1310, -19

the system will determine that the total quantity for the trade order will be the value of the R field (if step 1307 was taken) or the value of the L field (if step

1309 was taken) plus all quantities in the market for prices better than or equal to the price in the row clicked. This will add up the quantities for each order in 5 the market that will fill the order being entered by the trader (plus the L or R value). After either steps 1310, 1311 or 1312, the system, in step 1313, determines which columns was clicked, BidQ or AskQ. If AskQ was clicked, 10 then, in step 1314, the system sends a sell limit order to the market at the price corresponding to the row for the total quantity as already determined.- If BidQ was clicked, then, in step 1315, the system sends a buy limit order to the market at the pace corresponding to the row for the total quantity as airway determined. It should be understood that the above description of the invention and

specific examples, while indicating preferred embodiments of the present invention, are given by way of illustration and not limitation. Many changes and modifications within the scope of the present invention may be made 20 without departing from the spirit thereof, and the present invention includes all such changes and modifications.

1\ -20

Claims

1. A method of displaying market information relating to a commodity being traded in a market on an electronic exchange having an inside market with a highest bid price and a lowest ask price using a graphical user interface, the method comprising: dynamically displaying a first indicator in relation to a first price level on a common price axis, the first indicator being associated with the highest bid price available in the market; dynamically displaying a second indicator in relation to a second price level on the common price axis, the second indicator being associated with the lowest ask price available in the market; and displaying an order entry region comprising a plurality of locations, each location being associated with a different price level on the common price axis and each location being arranged to receive a command to send an order to the electronic exchange at the associated price level; wherein at least one of the first and second indicators moves relative to the common price axis when the inside market changes.

2. The method of claim I wherein the price levels along the common price axis do not move in response to a change in the inside market.

3. The method of claim 1 or 2, further comprising the step of sending a trade order relating to the commodity to the electronic exchange in response to a single action of a user input device.

4. The method of claim 3, wherein the single action of the user input device comprises selecting a particular location of the order entry region.

5. The method of claim 3 or 4, wherein the single action of the user input device results in setting a plurality of parameters for the trade order.

6. The method of any one of the preceding claims, further comprising displaying price levels of at least a portion of the common price axis.

7. The method of any one of the preceding claims, wherein the first indicator is displayed in one of a plurality of locations in a bid display region and wherein the second indicator is displayed in one of a plurality of locations in an ask display region.

8. The method of claim 7, wherein the bid display region is separate from the ask display region.

9. The method of claim 7 or 8, wherein the bid and ask display regions comprise columns with a plurality of cells that are displayed as a grid such that the cells of each column are aligned.

10. The method of any one of claims 7 to 9, wherein the bid and ask display regions are oriented vertically.

11. The method of any one of claims 7 to 9 wherein the bid and ask display regions are oriented horizontally.

12. The method of any one of claims 7 to 1 1, wherein one of the plurality of locations of the bid display region comprises a blank region in which there is no first indicator displayed.

13. The method of any one of claims 7 to 12, wherein one of the plurality of locations of the ask display region comprises a blank region in which there is no second indicator displayed.

14. The method of any one of claims 7 to 13, wherein the bid display region overlaps the order entry region.

15. The method of any one of claims 7 to 14, wherein the ask display region overlaps the order entry region.

16. The method of any one of claims 7 to 15, wherein the first indicator is displayed at a first location in the bid display region and further comprising repositioning the an

common price axis such that the first indicator is displayed at a second location in the bid display region in relation to the first price level on the common price axis.

17. The method of any one of claims 7 to 16, wherein the second indicator is displayed at a first location in the ask display region and further comprising repositioning the common price axis such that the second indicator is displayed at a second location in the bid display region in relation to the second price level on the common price axis.

18. The method of any one of the preceding claims, wherein the order entry region comprises a column with a plurality of cells.

19. The method of any one of the preceding claims, wherein the order entry region comprises a bid order entry region comprising a plurality of locations for receiving commands to send buy orders and an ask order entry region comprising a plurality of locations for receiving commands to send sell orders.

20. The method of any one of the preceding claims, further comprising dynamically displaying an entered order indicator in relation to a third price level on the common price axis.

21. The method of claim 20, wherein the entered order indicator is displayed in an entered order region.

22. The method of any one of the preceding claims, further comprising dynamically displaying a last trade indicator in association with the common price axis.

23. The method of claim 22, wherein the last trade indicator is displayed in a last trade region.

24. The method of claim I, wherein the first indicator is displayed at a first location on the graphical user interface and further comprising updating the display of the first indicator such that the first indicator is displayed at a different location on the graphical user interface that is associated with a third price level different from the first price level on the common price axis, when the highest bid price available in the market changes.

25. The method of claim 1, wherein the second indicator is displayed at a first location on the graphical user interface and further comprising updating the display of the second indicator such that the second indicator is displayed at a different location on the graphical user interface that is associated with a fourth price level different than the second price level on the common price axis, when the lowest ask price available in the market changes.

26. The method of claim I further comprising the steps of: dynamically displaying a third indicator in relation to a third price level different than the first price level on the common price axis, the third indicator associated with at least one order in the market to buy the commodity; and

dynamically displaying a fourth indicator in relation to a fourth price level different than the second price level on the common price axis, the fourth indicator associated with at least one order in the market to sell the commodity.

27. The method of claim 1 wherein the first and second indicators are displayed in a window and further comprising centering the display of the first and second indicators in the window upon receipt of a centering instruction.

28. A computer program having program code therein for execution on a computer, adapted for execution of all of the steps of any one of claims I to 27.

29. A computer program product having program code recorded thereon, for execution on a computer to display market information in accordance with the method of any one of claims 1 to 27.

30. A graphical user interface for displaying market information relating to a commodity being traded in a market on an electronic exchange having an inside market with a highest bid price and a lowest ask price, comprising: a bid display region for dynamically displaying a first indicator associated with the highest bid price available in the market, the dynamic bid display region comprising a plurality of locations; at

an ask display region for dynamically displaying a second indicator associated with the lowest ask price available in the market, the dynamic ask display region comprising a plurality of locations; and an order entry region for receiving commands to send orders to the exchange, the order entry region comprising a plurality of locations; wherein the bid display region, the ask display region and the order entry region are displayed in relation to a common price axis such that the first and second indicators can move relative to the common price axis when the inside market changes.

31. The graphical user interface of claim 30, wherein each of the locations of the order entry region is configured to be selected by an action of a user input device such that the action results in sending a trade order relating to the commodity to the electronic exchange.

32. The graphical user interface of claim 31, wherein the selection of a location of the order entry region further results in setting a plurality of parameters for the trade order.

33. The graphical user interface of any one of claims 30 to 32, further comprising a price display region for displaying price levels of at least a portion of the common price axis, the price display region comprising a plurality of locations.

34. The graphical user interface of any one of claims 30 to 33, wherein the bid display region, the ask display region and the order entry region are oriented vertically.

an

35. The graphical user interface of any one of claims 30 to 33, wherein the bid display region, the ask display region and the order entry region are oriented horizontally.

36. The graphical user interface of any one of claims 30 to 35, wherein the bid display region, the ask display region and the order entry region each comprises a column with a plurality of cells such that the bid display region, the ask display region and the order entry region are displayed together as a grid where the cells of each column are aligned.

37. The graphical user interface of any one of claims 30 to 36, wherein the first and second indicators comprise numbers.

38. The graphical user interface of any one of claims 30 to 37, wherein the order entry region comprises a bid order entry region and an ask order entry region.

39. The graphical user interface of claim 38, wherein in the bid order entry region overlaps with the bid display region and wherein the ask order entry region overlaps with the ask display region.

40. The graphical user interface of any one of claims 30 to 39, wherein the bid display region further displays a third indicator associated with at least one order in the market to buy the commodity at a price different than the highest bid price available in the market.

41. The graphical user interface of any one of claims 30 to 40, wherein the ask display region further displays a fourth indicator associated with at least one order in the market to sell the commodity at a price different than the lowest ask price available in the market.

42. The graphical user interface of any one of claims 30 to 41, wherein the bid display region is separate from the ask display region.

43. The graphical user interface of any one of claims 30 to 42, wherein a location nearest the center of the bid display region and a location nearest the center of the ask display region are set to correspond to a price on the common price axis that is less than or equal to the lowest ask price and greater than or equal to the highest bid price available in the market, upon receiving a centering instruction.

44. The graphical user interface of any one of claims 30 to 44, further comprising an entered order display region for displaying indicators associated with orders entered in the order entry region, the entered order region comprising a plurality of locations associated with the price levels along the common price axis.

SO

45. A method for displaying on a graphical user interface market information relating to a commodity being traded on an electronic exchange, that utilizes an electronic matching engine, in a market having an inside market with a highest bid price and a lowest ask price, the method comprising:

creating a common price axis comprising a plurality of price levels; displaying a bid display region comprising a plurality of locations, each location corresponding to a different price level along the common price axis, the bid display region for dynamically displaying a first bid quantity indicator representing the total quantity associated with the highest bid price currently available in the market for the commodity; displaying an ask display region comprising a plurality of locations, each location corresponding to a different price level along the common price axis, the ask display region for dynamically displaying a first ask quantity indicator representing the total quantity associated with the lowest ask price currently available in the market for the commodity; displaying a bid order entry region comprising a plurality of locations for receiving commands to send buy orders, each location corresponding to a different price level along the common price axis; displaying an ask order entry region comprising a plurality of locations for receiving commands to send sell orders, each location corresponding to a different price level along the common price axis; and configuring the bid and ask display regions and the bid and ask order regions such that locations corresponding to the same price level on the common price axis are aligned; wherein the price levels of the common price axis are fixed in relation to the bid and ask display regions and the bid and ask order regions such that the first bid indicator ID

and the second bid indicator can move in the bid and ask display regions relative to the common price axis when the inside market changes.

46. The method of claim 45 further comprising the step of presetting at least one parameter associated with a future order.

47. The method of claim 45 or 46, further comprising the steps of: receiving a command from a user input device with a pointer positioned over a selected location in the bid order entry region; and sending an order to buy the commodity at a price level corresponding to the selected location in the bid order entry region based on the at least one parameter.

48. The method of claim 45 or 46, further comprising the steps of: receiving a command from a user input device with a pointer positioned over a selected location in the ask order entry region; and sending an order to sell the commodity at a price level corresponding to the selected location in the ask order entry region based on the at least one parameter.

49. The method of claim 47 or 48, wherein the command comprises a single action of the user input device.

50. The method of any one of claims 45 to 49, further comprising displaying price levels of at least a portion of the common price axis.

51. The method of any one of claims 45 to 50, wherein the bid display region is for displaying a second bid quantity indicator, the second bid quantity indicator representing the total quantity associated with the a price level different than the highest bid price currently available in the market for the commodity.

S2. The method of any one of claims 45 to S 1, wherein the ask display region is for displaying a second ask quantity indicator, the second ask quantity indicator representing the total quantity associated with the a price level different than the lowest ask price currently available in the market for the commodity.

53. The method of any one of claims 45 to 52, wherein the bid and ask display regions display the market depth of the commodity.

54. The method of any one of claims 45 to 53, wherein the bid order entry region overlaps with the bid display region and wherein the ask order entry region overlaps with the ask display region.

55. The method of any one of claims 45 to 54, wherein the price levels along the common price axis do not move in response to a change of the inside market.

56. A computer program having program code therein for execution on a computer, adapted for execution of all of the steps of any one of claims 4S to 55.

AL

57. A computer program product having program code recorded thereon, for execution on a computer to place a trade order in accordance with the method of any one of claims 45 to 55.

58. A method for displaying market information relating to and facilitating trading of a commodity being traded in an electronic exchange having an inside market with a highest bid price and a lowest ask price on a graphical user interface, the method compusmg: dynamically displaying a first indicator in one of a plurality of locations in a bid display region, each location in the bid display region corresponding to a price level along a common price axis, the first indicator representing quantity associated with at least one order to buy the commodity at the highest bid price currently available in the market; dynamically displaying a second indicator in one of a plurality of locations in an ask display region, each location in the ask display region corresponding to a price level along the common price axis, the second indicator representing quantity associated with at least one order to sell the commodity at the lowest ask price currently available in the market; displaying the bid and ask display regions in relation to price levels positioned along the common price axis such that when the inside market changes at least one of the first and second indicators moves in the bid or ask display regions relative to the common price axis;

displaying an order entry region comprising a plurality of locations for receiving commands to send trade orders, each location corresponding to a price level along the common price axis; and in response to a selection of a particular location of the order entry region by a single action of a user input device, setting a plurality of parameters for a trade order relating to the commodity and sending the trade order to the electronic exchange.

59. The method of claim 58, wherein the plurality of parameters comprises a price and type of order.

60. The method of claim 58 or 59, wherein the trade order is a buy order if the location of the order entry region selected by the single action of the user input device is within a bid order entry region and wherein the trade order is a sell order if the location of the order entry region selected by the single action of the user input device is within an ask order entry region.

61. The method of any one of claims 58 to 60, wherein the trade order is at price corresponding to the location of the order entry region selected by the single action of the user input device.

62. The method of any one of claims 58 to 61, further comprising the step of setting a predetermined quantity for the trade order.

3k

63. The method of claim 62, wherein the trade order is for the predetermined quantity and at a price corresponding to the location of the order entry region selected by the single action of the user input device.

64. The method of claim 58, wherein the trade order is for a quantity equal to a current net position in the commodity and for a price corresponding to the location of the order entry region selected by the single action of the user input device.

65. The method of claim 58, wherein the trade order is for a quantity equal to an offset plus the sum of all quantities in the market at prices better than or equal to a price corresponding to the location of the order entry region selected by the single action of the user input device.

66. The method of claim 65, wherein the offset is equal to a first predetermined value if a single action of a first type is taken and the offset is equal to a second predetermined value if a single action of a second type is taken.

67. The method of claim 66, wherein the single action of a first type comprises a left click of a mouse and the single action of the second type comprises a right click of the mouse. 68. The method of claim 58, wherein one of the parameters of the trade order is different based upon the type of single action taken.

3S

69. The method of claim 68, wherein a first type of single action comprises a left click of a mouse and a second type of single action comprises a right click of a mouse.

70. The method of any one of claims 58 to 69, further comprising canceling the trade order in response to a subsequent single action of the user input device.

71. The method of any one of claims 58 to 70, further comprising the step of displaying price levels of at least a portion of the common price axis in a price display region. 72. The method of any one of claims 58 to 71, further comprising the steps of: dynamically displaying a third indicator at one of the plurality of locations in the bid display region, the third indicator representing quantity associated with at least one order to buy the commodity at a price different than the highest bid price currently available in the market; and dynamically displaying a fourth indicator at one of the plurality of locations in the ask display region, the fourth indicator representing quantity associated with at least one order to sell the commodity at a price different than the lowest ask price currently available in the market.

3('

73. The method of claim 72, wherein a location of the plurality of locations of the bid display region comprises a blank region in which there is no first or third indicator displayed. 74. The method of claim 72 or 73, wherein a location of the plurality of locations of the ask display region comprises a blank region in which there is no second or fourth indicator displayed.

75. The method of any one of claims 72 to 74 wherein the first and third indicators are displayed in locations of the bid display region that are arranged along an axis that is parallel to the common price axis.

76. The method of any one of claims 72 to 75, wherein the second and fourth indicators are displayed in locations of the ask display region that are arranged along an axis that is parallel to the common price axis.

77. The method of any one of claims 72 to 76, further comprising the steps of: displaying the first indicator at a first location associated with a first price level on the common price axis at a first time; and displaying the first indicator at a second location associated with a different price level on the common price axis at a second time subsequent to the first time.

78. The method of claim 77, wherein the third and fourth indicators remain in the same locations in the bid and ask display regions, respectively, before and after the first indicator is displayed at the second location.

79. The method of claim 78, wherein each location of the bid display region corresponds to a different price level along the common price axis and each location of the ask display region corresponds to a different price level along the common price axis.

80. The method of any one of claims 72 to 79, further comprising the steps of: displaying the second indicator at a first location associated with a first price level on the common price axis at a first time; and displaying the second indicator at a second location associated with a different price level on the common price axis at a second time subsequent to the first time.

81. The method of claim 80, wherein the third and fourth indicators remain in the same locations in the bid and ask display regions, respectively, before and after the second indicator is displayed at the second location.

82. The method of claim 81, wherein each location of the bid display region corresponds to a different price level along the common price axis and each location of the ask display region corresponds to a different price level along the common price axis.

83. The method of any one of claimsS8 to 82, wherein the order entry region comprises: a bid order entry region comprising a plurality of locations for receiving commands to send buy orders, each location corresponding to a price level along the common price axis; and an ask order entry region comprising a plurality of locations for receiving commands to send sell orders, each location corresponding to a price level along the common price axis.

84. The method of claim 83, wherein the bid order entry region overlaps with the bid display region and the ask order entry region overlaps with the ask display region.

85. The method of any one of claims 58 to 84, further comprising dynamically displaying an entered order indicator in association with the price levels arranged along the common price axis.

86. The method of any one of claims 58 to 85, further comprising dynamically displaying a last trade indicator in association with the price levels arranged along the common price axis.

87. The method of any one of claims 58 to 86, further comprising the steps of: displaying the first indicator at a first location associated with a first price level on the common price axis at a first time; and

displaying the first indicator at a second location associated with a different price level on the common price axis at a second time subsequent to the first time.

88. The method of any one of claims 58 to 87, further comprising the steps of: displaying the second indicator at a first location associated with a first price level on the common price axis at a first time; and displaying the second indicator at a second location associated with a different price level on the common price axis at a second time subsequent to the first time.

89. The method of claim 58, further comprising the steps of: displaying the first indicator at a first location associated with a particular price level on the common price axis; and repositioning the common price axis such that the first indicator is displayed at a second location associated with the particular price level on the common price axis.

90. The method of claim 58, further comprising the steps of: displaying the second indicator at a first location associated with a particular price level on the common price axis; and repositioning the common price axis such that the second indicator is displayed at a second location associated with the particular price level on the common price axis.

4)

91. The method of any one of claims 58 to 90, wherein the bid and ask display regions are displayed in a window, further comprising centering the display of the first and second indicators in the window upon receipt of a centering instruction.

92. The method of any one of claimsS8 to 91, wherein the bid and ask display regions are displayed separately.

93. The method of any one of claims 58 to 92, wherein the first and second indicators are based on an exchange order book and wherein the price levels along the common price axis do not move in response to the addition of a price to the exchange order book, the additional price comprising a price for which there is a corresponding displayed location in at least one of the bid and ask display regions.

94. The method of claim 93 wherein the price levels along the common price axis do not move in response to the removal of a price from the exchange order book, the removed price comprising a price for which there is a corresponding displayed location in at least one of the bid and ask display regions.

95. The method of any one of claims 58 to 92, wherein the first and second indicators are based on an exchange order book and the price levels along the common price axis never move in response to a price change in the exchange order book relating to a price which corresponds to a displayed location in at least one of the bid and ask display regions. At

Amendments to He clauns have been filed as follows 1. A method of displaying market information relating to a commodity being traded in a market on an electronic exchange having an inside market with a highest bid price and a lowest ask price (p.8 lines 9-3; p.l4, line 39 to p.15, line 2; cells 1090 and 1101 in Figs. 3 and 4) using a graphical user interface (Figures 3 and 4), the method comprising: dynamically displaying a first indicator (highest figure in BidQ column 1003) in relation to a first price level (bottom row of cells 1020, figure in Prc column 005 in Figure 3) on a common price axis (Prc column 1005), the first indicator being associated with the highest bid price available in the market; dynamically displaying a second indicator (lowest figure in AskQ column ] 004) in relation to a second price level (top row of cells 1020, Prccolumn in Fig. 3) on the common price axis, the second indicator being associated with the lowest ask price available in the market; and displaying an order entry region comprising a plurality of locations each location being associated with a different price level on the common price axis and each location being: arranged to receive a command to send an order to the electronic exchange at the associated price level (p. 16, lines 26-27 and p. 16, line 30 to p. 17, line 4 with reference to Fig. S); wherein at least one of the first and second indicators moves relative to the common price axis when the inside market changes (compare vertical movement between Figures 3 and 4: price axis Prc fixed, first and second indicators have moved up to indicate a new level).

A. The r.e'hvd of c'a.... 1 or 2, further composing tale step of sending a wade order relating to the commodity to the electronic exchange in response to a single action of a user input device.

4. idle mernoci of claim A, wherein the sill "cilvij of the -user..lp". de,cc comprises selecting a particular location of the order entry region.

6. The method of any one of the preceding claims, further comprising displaying price levels of at least a portion of the corrunon price axis.

7. The method of arty one of the preceding claims, wherein the first indicator is displayed in one of a plurality of locations in a bid display region and wherein the second indicator is displayed in one of a plurality of locations in an ask display region.

o The method of any one of claims 7 to 9; wherein the bid and ask display regions are oriented vertically.

I 1. The method of any one of claims 7 to 9 wherein the bid and ask display regions ale vlle,l..v.;^v..4all;.

12. The method of any one of claims 7 to 1 1, wherein one of the plurality of locations of the bid display region comprises a blank region in which there is no first indicator displayed. 13. The method of any one of claims 7 to 12, wherein one of the plurality of locations of the ask display region comprises a blank region in which there is no second indicator displayed. 14. The method of any one of claims 7 to 13, wherein the bid display region overlaps the order entry region.

1 S. The method of any one of claims 7 to 14, wherein the ask display region overlaps the order entry region.

16. The method of any one of claims 7 to 15, wherein the first indicator is displayed at a first location in the bid display region and further comprising repositioning the

17. The method of any one of claims 7 to 16, wherein the second indicator is ''a),- at Lost loctior in th" ask HtCnl9y region and fi"he.r Nine repositioning the common price axis such that the second indicator is displayed at a second location in the bid display region in relation to the second price level on the common price axis.

AS

26. The method of claim 1 further comprising the steps of: dynamically displaying a third indicator in relation to a third price level different than the first price level on the common price axis, the third indicator associated with at least one order in the market to buy the commodity; and 4b

29. A computer program product having program code recorded thereon, for execution on a computer to display market information in accordance with the method of any one of claims I to 27.

30. A graphical user interface for displaying market information relating to a commodity being traded in a market on an electronic exchange having an inside market with a highest bid price and a lowest ask price, comprising: a bid display region for dynamically displaying a first indicator associated with the highest bid price available in the market, the dynamic bid display region comprising a plurality of locations; 4]

31. The graphical user interface of claim 30, wherein each of the locations of the order entry region is configured to be selected by an action of a user input device such that the action results in sending a trade order relating to the commodity to the electronic exchange. 32. The graphical user interface of claim 31, wherein the selection of a location of the order entry region further results in seeing a plurality of parameters for the trade order.

35. The graphical user interface of any one of claims 30 to 33, wherein the bid display region, the ask display region and the older entry region are oriented h.zontlly.

36. The graphical user interface of any one of claims 30 to 35, wherein the bid display region, the ask display region and the order entry region each comprises a column wim a plurality of cells such that the bid display region, the ask display region and me order entry region are displayed together as a grid where the cells of each column are aligned.

39. The graphical user interface of claim 38, wherein in the bid order entry region overlaps with the bid display region and wherein the ask order entry region overlaps wim the ask display region.

41. The graphical user interface of any one of claims 30 to 40, wherein the ask display region further displays a fourth indicator associated with at least one order in the market to sell the commodity at a pace different than the lowest ask price available in the market. 42. The graphical user interface of any one of claims 3() to 41, wherein the bid display region is separate from the ask display region.