| 摘要 |
A securities trading program for trading individual lots of a security which can be run at a security trader's computer station. The program generates a trading screen comprising a listing of multiple bids for the security, each bid having a price, as well as a listing of multiple priced offers for the security. The bid and offer listings are active, enabling the trader to hit any one of the displayed bids or take any one of the displayed offers, for example by selecting and clicking on a displayed bid or offer. In one embodiment, the bids and offers are arranged in side-by-side columns on the trader's screen, helping the trader to rapidly overview the market for a particular security, and compare different, possibly competitive, securities by paging through level-of-interest windows for each security. The invention's easily manipulated insights into market dynamics offers a sophisticated trader new opportunities to profitably exploit market niches, for example by browsing for attractive bids or offers on closely comparable securities. |
| 主权项 |
1. An electronic trading system comprising:
a computing device programmed to receive a plurality of bids and offers for a security; the computing device being programmed to present an interface to a user computer for trading of the security by a user:
the interface presenting to the user computer for trading a plurality of bids for the security, at least one of the bids having a best bid price, and other bids having prices off-best bid prices lower than the best bid price; andthe interface presenting to the user computer for trading a plurality of offers for the security, at least one of the offers having a best offer price, and other offers having off-best offer prices higher than the best offer price;the interface programmed to receive from the user computer responsive hits of at least some off-best bids and takes of at least some off-best offers; the computing device being programmed to receive from the user computer a selection of at least one off-best bid or off-best offer, and instructions to execute the selected off-best bid or off-best offer; and the computing device being programmed to execute the selected off-best bid or off-best offer at, respectively, a price worse than the best bid or best offer. |
