Securities trading workstation5297032Abstract A work station for use by a trader of securities on an established market. The work station is integrated into a network of competing market makers for a plurality of securities for trading. A centralized database provides a feed of data on current market events for the securities, including price and transaction data. The work station is specifically programmed to receive the feed of data from the database and convert this datastream into a form conducive to enhanced trading. Seven separate applications permit the trader to track the market, select securities, bid and ask pricing, market direction and market depth. Traders equipped with the workstation are capable of entering transactions with more complete and copious knowledge about the extant market. Claims What is claimed is: Description The present invention generally relates to a data processor used to support the trading of select securities and more particularly, an integrated work station that supports a plurality of applications for enhanced implementation of OTC securities trading operations.
TABLE 1
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INTC 39 1/2 40 1/2 SNDV
INTC 39 3/4 40 1/2 BEHR
INTC 39 3/4 40 1/2 RSSF
INTC 40 40 3/4 MONT
INTC 40 40 3/4 FBCO
INTC 39 3/4 40 1/2 UBSS
ADBE 29 30 TSCO
INTC 39 1/2 40 1/2 LABE
1000 BGEN 27 3/4 SLD
10000 SGAT 11 3/8
1000 ADBE 29 3/4
500 INTC 40
1200 MCIC 19 1/2
1000 INTC 40 1000 ADBE 29 3/4
2000 BSTN 2 3/16
b AAPL.sub.-- LA- 44 5/8 +
5/8 03.02
APPLE COMPUTER INC
STK BID ASK # BIDS
# ASKS
HI-
44 3/4
LO- 43 1/2
PCL- 44 VL- 2090900
ADBE 29 1/2
29 3/4
2 .uparw.
3 .dwnarw.
INS-
44 1/2
44 3/4 10- 10 MOTC-
44 44 3/4 ZYSMM 10 3/8
10 1/2
10 18
MSFT 75 1/4
75 3/4
6 .uparw.
13
SELZ 44 1/2
SALB 44 1/2
FBCO 44 1/2
AGREA 32 3/4
32 7/8
6 1
HMQT 44 1/4
PUNK 44 1/4
MABN 44 1/4
BETZ 42 3/4
43 1/4
3 3
BEST 44 1/4
CANT 44 1/4
WERT 44 1/4
BSTN 2 3/16
2 1/4
1 3
DEAN 44 1/4
RSSF 44 1/4
DAIN 44 1/4
CCXLA 18 3/4
19 1/4
10 1
DLJP 44 1/4
OLDE 44 1/4
#BEHRN 44 1/4
CRAY 4 5/8
4 3/4
9 1 .dwnarw.
SNCM 44 1/4
NAWE 44 1/4
NEED 44 1/4
EVRX 4 3/8
4 5/8
9 .uparw.
6 .dwnarw.
WARB 44 1/4
HRZG 44 1/4
UBSS 44 1/4
DGSD 1 5/8
1 3/4
2 1
ABSB 44 1/4
KPCO 44 1/4
SHWD 44 1/4
FULL 30 1/2
31 1 4
WSTIJ 44 1/4
WSLS 44 1/4
DRCO 44 GSCC 5 3/8
5 5/8
6 3
CPLS 18 3/8
18 5/8
4 4
b SUNW.sub.-- LA- 22 3/8 -
1/8 02.59
SUN MICROSYSTEMS INC
HENG 15 1/2
15 3/4
5 2
HENP 1 15/16
2 1/16
1 1
HI-
22 5/8
LO- 21 3/4
PCL- 22 1/2
VL- 870300
HTCH 9 3/4
10 1/4
6 2
INS-
22 1/8
22 3/8 10- 10 MOTC-
22 22 1/2 IMNR 3 1/8
3 3/8
3 1
INGR 14 1/4
14 1/2
4 .uparw.
10 .dwnarw.
FBCO 22 1/8
UBSS 22 1/8
PUNK 22 1/8
INTC 40 40 1/4
3 .uparw.
23 .dwnarw.
HRZG 22 1/8
PRUB 22 1/8
MSCO 22 1/8
KCSG 11 1/2
12 1/2
2 1
WEDBN 22 1/8
WSTIJ 22 ABSB 22 KSWS 15 3/4
16 1/2
8 .dwnarw.
7 .uparw.
MOTC 22 WARB 22 TSCO 22 LICIA 10 1/2
11 1 5
SELZ 22 MONT 22 DEAN 22 MCAWA 17 1/2
17 3/4
7 5
OLDE 22 RSSF 22 SHWDL 22 BGEN 27 3/4
28 6 .uparw.
9 .dwnarw.
NAWE 22 SNCM 22 COWN 22 MCIC 19 3/8
19 1/2
3 .uparw.
8 .dwnarw.
MASH 22 WSLS 21 7/8
BEST 21 7/8
MIPS 7 3/4
8 12 .uparw.
2
SBHU 21 7/8
GSCO 21 7/8
RPSC 21 7/8
MTWO 5 5/8
6 1 3
000 IN
S 2500 NDCO 6 1/16
ANY WERT*
4377 13:51-03
2500
001 S 0 PTLX 3 5/8
ANY B 4598 14:05-03
1000 E
023 15:03 Lastsale upper SIZE limit of 10000 broken by: 15000 USWNA 36
5/8 03:00
024 15:03 Lastsale upper SIZE limit of 10000 broken by: 25000 USWNA 36
1/2 03:00
025 15:04 Lastsale upper SIZE limit of 10000 broken by: 10000 SGAT 11
3/8 03:01
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The second TICKER window provides confirmation of recent trades. For example, the second line of the TICKER window reflects an exchange of 1200 shares of MCIC stock at a price of 191/2. Both of these TICKER windows are scrolled across the screen either continuously or intermittently from right to left. Again, referring to Table 1, the LEVEL 2/3 applications comprise two separate windows. Implementation of these windows are governed by the same controlling algorithms; two windows are provided so that the trader can structure each window in a unique manner, and, therefore, track on LEVEL 2/3 two separate securities. As reflected in Table 1, LEVEL 2/3-A (the top window) is tracking shares in Apple Computer on the bid side, as indicated by the small "b" in the upper left hand corner; the information presented in this window includes high and low bids for the day, share volume, the boundaries defining the inside market, e.g., 441/2-443/4, the limits for automatic trading, via SOES, e.g. 10--10 reflecting 1000 shares for both buy and sell orders, the current bid price by the trader's organization (MOTC=Merrill Lynch). Finally, the lower portion of this window provides a listing of market makers in this security on the bid side starting with the Best Current Bid price. Continuing in Table 1, it can be seen that the second LEVEL 2/3 window is similarly organized, but, in this example, directed to shares in Sun Microsystems, Inc. The large window, on the right side of the screen, in Table 1 is the interface to the COMPOSITE application which represents a computer generated trader's book of key securities, i.e., securities of interest to that particular trader. As presented herein, the structure of this data is a columnar listing of the selected securities with associated inside bid and ask prices. The two right hand most columns in this window indicate the number of market makers on the inside market for respectively bid and ask quotes. This number provides an indication of the depth of the market for that security. Next to each of these bid and ask market maker values is the "arrow" column, indicating the market direction. An arrow in this column means the market is moving, i.e., an up arrow indicates that more market makers are on the inside bid price. This reflects an increase in the number of potential purchasers for that stock. In a similar vein, the up arrow on the ask column reflects an increase of market makers on the inside ask price of the market. This would reflect more sellers for that security. In Table 1, the COMPOSITE interface presents a highlighted security, "BGEN". This security is highlighted automatically by the system to reflect that the inside market has recently changed. The COMPOSITE application will also provide warnings to indicate when the trader is the sole remaining market maker on the inside market. This warning notifies the trader that his current bid pricing may be overly optimistic. The final two windows depicted in Table 1 are the SelectNet window, second from the bottom, and the UNSOLICITED MESSAGES windows (bottom most on the screen). The SelectNet window is directed to tracking transactions using SelectNet services provided by NASDAQ. The UNSOLICITED MESSAGES window provides a listing of recent transactions that are characterized by some special distinctive quality, e.g., volume size (beyond stated limits). Implementation of the various applications provided above is accomplished in a software language compatible to the particular hardware environment chosen. As identified above, the present invention envisions an open architecture operating system, such as UNIX, and, therefore, controlling algorithms must be programmed in a UNIX compatible language, such as "C". In addition, the use of windows to provide the interface between the trader and the application requires certain additional software packages, such as the X11 Window system. Application of these software environments has become, per se, well known to those skilled in this art. The following description of the logic flow path for the workstation applications are presented in flow chart form. The counter T is used to reference past, current and future events as sequentially tracked by the system. For example, NASD(T) is the data feed from the Host for the "T" time period. Turning now to FIG. 4, the logic flow path associated with the LEVEL 2/3 application is provided. More particularly, at start block 400, logic proceeds to the receipt of the on-line datastream from the DIS data server, block 410, which is specifically parsed, block 420, for utilization by the LEVEL 2/3 application. At test 430, the system is queried as to whether display parameters should be changed. User input is received here from block 435 reflecting certain user entered data, e.g., adjusting display parameters, entering trades, etc. Assuming a positive response to test 430, logic branches to test 440 wherein the system may be shifted from either the bid or ask side of the market for the security being displayed. This change is implemented, via block 450, and logic continues to test 460. At this test, the user may expand the display so that both sides of the market may be concurrently displayed, e.g., both inside bid and ask pricing for a given security. This change is implemented at block 470. Logic continues to test 480, wherein the user may change the highlighting associated with specific market makers which is then implemented at block 490. Assuming a negative response to test 430, logic branches to test 500 which determines whether the input is an entry of an order. A positive response to test 500, branches logic to block 510 which is a display of an order entry menu. This menu is presented within the LEVEL 2/3 window as a subsidiary window and provides a selection of order parameters to the trader. The trader thereafter inputs his trade order, block 520. Test 530 confirms this order and logic continues in real time. Assuming a negative response to test 500, logic continues to test 540 which accesses a paging facility permitting the display of multiple pages of displayable data to the trader, block 550. Turning now to FIG. 5, the features of the COMPOSITE application are presented in the instant logic flow chart. Beginning at start block 600, the system receives NASDAQ feed input 610 and parses this input in real time, 620. The data, as parsed from NASDAQ, will include numerous records such as the existence of new inside prices for each of the track securities PX(T) and the current total number of market makers MM(T) at an inside price at both bid and ask side. At test 630, the system determines whether the incoming records represent new inside pricing for each security tracked. As discussed above, the COMPOSITE application includes a graphical arrow reflecting the direction of the market. Upon receipt of new inside pricing, logic branches to block 640 wherein that arrow is cleared from the screen. Thereafter, logic returns to the input, block 610, for measurement of the market direction and depth. A negative response to test 630 causes logic to branch to test 650 wherein the system queries the incoming datastream for new inside market makers for that time period (T). A positive response to test 650 branches further to the quantification of the market direction, test 660. A positive response to test 660 will generate a display command for the up arrow, block 670. A negative response to test 660 shifts logic to test 680 comparing the current inside market maker total with the previous market maker total MM(T-1). If equal, no adjustment of the display arrow will be made; if not equal ("NO" to test 680), the display is configured with a down arrow for that security, block 690. In conjunction with the direction of the market, the total number of inside market makers on each side of the market (bid and ask) provides a sense of depth to the market. In FIG. 6, the logic flow for the TICKER application is presented. The arrangement of the data in the TICKER window is dictated by both the incoming datastream from NASDAQ, NASD(T) and the matrix of information stored in the configuration file. Logic conceptually begins at start, block 700, and the datastream is received, block 710, and parsed for TICKER related records, block 720. The system thereafter determines whether the format needs to be changed pursuant to the data found in the configuration file, block 730. If so, a positive response to test 740 branches logic to the various restructuring options for the TICKER interface window. This includes the setting of the price highlight, block 750, indicating sales that trigger the price limit. At block 760, the sales limit highlight is established. At blocks 770 and 780 filters for price and transaction size may be established. These filters operate to exclude those sales that are insufficient to justify display to the trader. As transactions are received, via the datastream, they are tested at test 790 to determine whether they exceed the limit previously set. If so, this information is further passed on to the UNSOLICITED MESSAGES application (UM), via block 800. This process continues, block 810, for the succeeding periods of time. In addition to the above proprietary applications, the workstation permits a separate window to monitor SelectNet transactions, wherein SelectNet is a pre-existing utility provided by NASDAQ. Implementation on SelectNet through the interface window is depicted in FIG. 7. Logic begins at start, block 820, and proceeds to test 830, wherein the input data is tested as to source. Data from the trader will branch to test 840 which tests to determine whether the inputted data from the trader is to be displayed or transmitted to NASDAQ; if displayed, logic branches to display command, block 850. Otherwise, logic proceeds to test 860 regarding the transaction itself. Test 860 tests for an order by the trader within the SelectNet format. In a similar manner, test 870 permits the trader to execute an outstanding order, and test 880 permits the trader to counter an outstanding offer with a different offer. Finally, the previous offer may be canceled at test 890. The above transactions are outputted to NASDAQ, block 900, for completion. Returning to test 830, NASDAQ feed, as an input, will branch to parse command, block 835, wherein the records associated with the SelectNet screen are parsed and sent to the display, block 850. This process is continued through to the next reporting cycle (T+1), block 910. Certain unique messages generated in the course of OTC trading are directed to the UNSOLICITED MESSAGES application forming the lower most window in the display screen. In FIG. 8, the logic flow path of this application begins at start, block 920. Incoming datastream from NASDAQ for time period T is loaded at bock 930 and parsed for salient records at block 940. Alternatively and contingent on limit set points in the TICKER and SelectNet applications, certain data may be transferred from these applications, as reflected in blocks 950 and 960, respectively. At test 970, the format for displaying UNSOLICITED MESSAGES may be modified; if YES to test 970, the format parameters will be entered at block 980 exemplified by such settings as information highlights. At test 990, newly received messages are entered at the top of the list, block 1000, which is then scrolled insuring a chronological presentation of the incoming messages, block 1010. This process is repeated for the next sequence of incoming data, block 1020. Now referring to FIG. 9, a separate utility called the interactive window is described in logic flow chart form. The interactive window permits access to the various other services provided by NASDAQ without departure from the workstation environment. Logic begins at start block 1100. The INTERACT application is loaded, block 1110, which thereafter provides a menu of options to the user, block 1120 at test 1130. The user enters his selection; for illustrative purposes, FIG. 9 provides two potential services. The left branch of test 1130 is for the NASDAQ function menu, which includes entry into such functions as the Harris terminal function, statistics and index calls, block 1140. These functions may be executed, via block 1150. The right side branch of test 1130 reflects entry into the SOES function menu, block 1160, wherein SOES (small order execution service) orders may be entered, block 1170. The SOES system is directed to the smaller size trades that may be effected directly by computer. The INTERACT utility is departed by a negative response to test 1180. Turning now to FIG. 10, a block diagram is presented that reflects the communications pathway between NASDAQ and the select applications discussed above. In this diagram, the Host, block 1200, is in communication with the workstation common memory, via the communications applications NCD, block 1210. Information between the Host and the various applications are channeled through the common memory, block 1220, and stacked in message queue. In this regard, it can be seen that UNSOLICITED MESSAGES application 1250 receives information from both common memory, e.g., NASDAQ feed, the TICKER 1240, and SelectNet 1260. The trader 1290 may communicate, via keyboard input through each of the LEVEL 2/3 applications 1280, INTERACT 1270 and SelectNet 1260. The above-described arrangement is merely illustrative of the principles of the present invention. Numerous modifications and adaptations thereof will be readily apparent to those skilled in the art without departing from the spirit and scope of the present invention.
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