Click based trading with intuitive grid display of market depth and

Click based trading with intuitive grid display of market depth and
US008612333B2
(12) United States Patent
(10) Patent N0.:
(45) Date of Patent:
Kemp, 11 et a1.
(54)
(58)
CLICK BASED TRADING WITH INTUITIVE
GRID DISPLAY OF MARKET DEPTH AND
PRICE CONSOLIDATION
*Dec. 17, 2013
Field of Classi?cation Search
USPC
.................................................... .. 705/35*45
See application ?le for complete search history.
(56)
(75) Inventors: Gary Allan Kemp, II, Winnetka, IL
References Cited
(US); Harris Brum?eld, Chicago, IL
U.S. PATENT DOCUMENTS
(Us)
4,674,044 A
4,750,135 A
(73) Assignee: Trading Technologies International,
Inc., Chicago, IL (US)
Notice:
US 8,612,333 B2
6/ 1987 Kalmus et a1.
6/1988 Boilen
(Continued)
Subject to any disclaimer, the term of this
patent is extended or adjusted under 35
FOREIGN PATENT DOCUMENTS
U.S.C. 154(b) by 0 days.
EP
EP
This patent is subject to a terminal dis
claimer.
0294187 A2
1319211
7/1988
4/2005
(Continued)
OTHER PUBLICATIONS
(21) Appl. No.: 13/455,995
Memorandum Opinion and Order issued by Judge Virginia M.
(22) Filed:
Apr. 25, 2012
(65)
Kendall in Trading Technologies International, Inc. v. BCGPartners,
Inc., Case 1:10-cv-00715, dated Feb. 9, 2012.
Prior Publication Data
US 2012/0239545 A1
(Continued)
Sep. 20, 2012
Primary Examiner * Richard C Weisberger
(74) Attorney, Agent, or Firm * McDonnell Boehnen
Related US. Application Data
(63)
Hulbert & Berghoff LLP
Continuation of application No. 12/576,084, ?led on
Oct. 8, 2009, noW Pat. No. 8,190,501, Which is a
continuation of application No. 11/389,018, ?led on
Mar. 27, 2006, noW Pat. No. 7,702,566, Which is a
continuation of application No. 09/971,087, ?led on
Oct. 5, 2001, noW Pat. No. 7,127,424, and a
(57)
?lled at desirable prices and quantities. The price consolida
continuation-in-part of application No. 09/590,692,
tion feature of the present invention, as described herein,
?led on Jun. 9, 2000, noW Pat. No. 6,772,132.
(60)
ABSTRACT
A method and system for reducing the time it takes for a trader
to place a trade When electronically trading on an exchange,
thus increasing the likelihood that the trader Will have orders
enables a trader to consolidate a number of prices in order to
condense the display. Such action alloWs a trader to vieW a
Provisional application No. 60/238,001, ?led on Oct.
6, 2000, provisional application No. 60/186,322, ?led
greater range of prices and a greater number of orders in the
on Mar. 2, 2000.
market at any given time. By consolidating prices, and there
(51)
Int. Cl.
fore orders, a trader reduces the risk of a favorable order
scrolling from the screen prior to ?lling a bid or ask on that
order at a favorable price.
(52)
US. Cl.
G06Q 40/00
USPC
(2012.01)
22 Claims, 18 Drawing Sheets
............................................. .. 705/37; 705/35
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110
111
112
118
114
115
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116
US 8,612,333 B2
Page 2
(56)
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TSE Japanese Document, pp. 4-15.
TSE Japanese Document, pp. 6-15.
Deposition testimony of Michael Cartier dated May 9, 2007 with
Megumi Miyoshi, Japanese Patent Application No. 2001-564025,
Deposition testimony of Cristina Dobson dated May 18, 2007 with
4/ 1 8/ 200.
“AmaZon.com Catapults Electronic Commerce to Next Level with
DDX 625-635; DDX 637; PDX 533 and PDX 535.
592; 593A; 595-598; 605; 626; 629; 719-723; 728-732; 897-898;
896.
DDX 587-588; DDX 592-593A and PDX 498-500.
Deposition testimony of Nicholas Garrow dated Jun. 14, 2007 with
Powerful New Features,” AmaZon.com Press Release, Sep. 23, 1997,
DDX 116 and DDX 592.
DTX1034, DeZmelykOOO012-13.
Trial testimony of Nicholas Garrow (via expert witness) dated Oct. 2,
Apple Advertisement, Scienti?c American, Sep. 1984, Scienti?c
2007.
American Inc. NY, NY DeZmelykOOO014-33.
Memo Re: Downloading the Terminal Program, Aug. 18, 2005.
“Specialist vs. Saitori: Market-Making in New York and Tokyo”,
Richard Lindsay and Ulrike Schaede, DTX 1170, 7-8/00/ 1992,
Deposition testimony of Michael Glista dated Feb. 20, 2007 with
SilvermanOO0494-SilvermanOO0506.
“Building for Excellence”, MINEX Brochure, DTX 1153,
SilvermanOO0330-SilvermanOO0334.
Chicago Mercantile Exchange (CME) Brochure, DTX1163,
SilvermanOO0406-Si lvermanOO0407.
MEFF
Renta
Fija
Manual,
DTX
SilvermanOO0410-SilvermanOO0473.
1165,
10/00/1997,
DDX 382-386.
Trial testimony of Michael Glista dated Sep. 24, 2007 and Sep. 25,
2007 with DTX 382-386; DTX 524; DTX 570; DTX 579; DTX 592;
DTX 3020; DTX 3050; DTX 3057; DTX 3110; PTX 1993; PTX
2065; PTX 2092; PTX 2094.
Deposition testimony of Laurent Havard dated Apr. 24-26, 2007,
May 12, 2007, Jun. 21, 2007 and Sep. 5, 2007 with DDX 506; DDX
508; DDX 517; DDX 539; DDX 551-568; DDX 570-573; DDX 575;
DDX 603; PDX 462; PDX 464-483; PDX 767-769; PDX 771-774;
PDX 875-877; PDX 882-888 and PDX 893.
US 8,612,333 B2
Page 5
(56)
References Cited
OTHER PUBLICATIONS
Trial Testimony of Laurent Havard dated Sep. 21, 2007 with DTX
384; DTX 520; DTX 561-62; DTX 570; DTX 573; DTX 575; DTX
593; DTX 750-52; DTX 3011; DTX 3017-18; DTX 3050; PTX 575;
PTX 2064; PTX 2074; PTX 2077; PTX 2079.
Deposition testimony of Jean Cedric Joliant dated Apr. 26, 2007 and
Jun. 13,2007 with DDX 384; DDX 517; DDX 520; DDX 551-568;
DDX 575-577; PDX 465-483.
Trial testimony of Jean Cedric Jollant dated Sep. 20, 2007 with DTX
157; DTX 473; DTX 719; DTX551-64; DTX598; DTX722; DTX
1903; DTX3009-10; DTX3014; DTX3016-18; DTX 3020; DTX
3023; DTX 3025; PTX 166; PTX 520; PTX 526; PTX 539; PTX 573;
PTX 575; PTX 579; PTX 2065.
Deposition testimony of Marc Lorin dated Sep. 5, 2007 with DDX
385; DDX 721-722; DDX 730.
Deposition testimony of Christopher Malo dated May 23, 2007 with
DDX 524.
Deposition testimony of Fred Mastro dated May 21, 2007 with DDX
638; PDX 538; PDX 540-543.
Trial testimony of Fred Mastro dated Sep. 25, 2007 with DTX 592.
Deposition testimony of William McHorris dated Apr. 10, 2007 with
Presentation re WIT Capital Digital stock market Phase 1 usability
and customer response testing: Preliminary report of ?ndings, DX
429, CM 007446-CM 007466, May 1, 2006.
WIT Capital limit order book to L. Forrest from C. Mauro, DX 425,
CM 007382- CM 007411, DTX 425, Apr. 20, 1998.
User Interface Design for display options design, DX 426, CM
000249-CM 000287, DTX 426,Jul. 8, 1998.
Letter from EPO to TT Re: Five Recently Filed European Patent
Oppositions, Feb. 21, 2006.
Notice of Opposition to a European Patent EP 1319211 B 1, AN
ITRA Medienprojekte GmbH, Jan. 13, 2006.
Notice of Opposition to a European Patent by Deutsche Borse AG
Jan. 12, 2006.
Notice of Oppo sition to a European Patent by EccoWare Ltd., Jan. 13,
2006.
Notice of Opposition to a European Patent by Rosenthal Collins
Group LLC, Jan. 12, 2006.
Notice of Opposition to a European Patent by Tick-It GmBh, Jan. 13,
2006.
Declaration of Walter Buist, Exhibit 17, Apr. 26, 2007; with Faxed
Signature Page.
Letter from J. Walaski to the EPO Re: Change of Address, Dec. 19,
2006.
A. Klein, WallStreet.comiFat Cat Investing at the Click of a Mouse,
PDX 416-417.
Chapt. 14 “Finding Gold in Tribeca”, 1998; Exhibit 16.
Deposition testimony of Josephine Sheng dated Jun. 26, 2007 with
A. Klein, WaliStreet.comiFat Cat Investing at the Click of a Mouse,
DDX 520; DDX 522; DDX 536; DDX 575; PDX 493; PDX 683
683a; PDX 775.
WIT Digital Stock Market, User Interface Rev. 9, Exhibit 15 (circa
Chapt. 14-16, 18,23, 1998; Exhibit 16.
Deposition testimony of Bruno Spada dated Apr. 30, 2007 and May 2,
1999).
2007 with DDX 384-385; DDX 519-21; DDX 537-38; DDX 579
580; DDX 522; DDX 538; PDX 493-495; PDX 519-522.
Opposition Trading Technologies, Inc. Application No. 019201839
Trial testimony of Bruno Spada dated Sep. 24, 2007 with DTX 306;
DTX 384; DTX 518-522; DTX 524; DTX 575; DTX 579-580; DTX
593; DTX 626; DTX 628; DTX 646; DTX 1899 DTX 2086; DTX
3020-3021; DTX 3058-3059; DTX 3061; DTX 3085; PTX 737; PTX
840; PTX 2083; PTX 2087; PTX 2099; PTX 2101.
Deposition testimony of Marcel Tchitchiama dated May 10-1 1, 2007
with DDX 156-157; DDX 168; DDX 384-85; DDX 538; DDX 592
93A; DDX 595-98; DDX 602-06; DDX 608-11 DTX 494; PDX 503;
PDX 506; PDX 612.
Deposition testimony of Neil Treloar dated Jun. 19, 2007 with DDX
384; DDX 539-39A; DDX 724; DDX 726; PDX 492; PDX 750-752.
EP 1319211 B1, Exhibit 4 (Japanese and English Versions), 9/00/
1997.
System for Buying and Selling Futures and Options Transaction
Terminal Operational Guidelines, TSE Business Systems Dept.,
TSE647-995, eS062297-eS062380, D1(2) (Aug. 1998).
Letter from EPO to TT Re: Further European Patent Opposition, Feb.
23, 2006.
Letter from EPO to TT Enclosing European Patent Oppositions, Jan.
25, 2006.
Opposition TT, EP 1 319211 B1, Copy set 1, Annex One4Grounds
of Opposition, Jan. 19,2006.
Deposition Transcript of Atsushi Kawashima, Nov. 21, 2005, Oppo
Trial testimony ofNeil Treloar dated Sep. 21, 2007 and Sep. 24, 2007
sition EP1319 211 B1 Exhibit 3.
with DTX 2040-2042.
The Application Program Interface (API) Reference Manual for
Trial testimony of Gerard Varjacques dated Sep. 28, 2007 with PTX
LIFFE Connect, 9/00/1998, release 3.1, EP 1 319211 B1 Exhibit 7A,
509-510 and PTX 513.
e80060146-e80060237.
Deposition testimony of Amy Watson dated Jun. 12, 2007 with DDX
Deposition Transcript of Paul MacGregor, Nov. 1, 2005, Opposition
626A; DDX 700 and PDX 636.
EP1319 211 B1 Exhibit 9A.
Deposition testimony of Barbara WattieZ dated Jun. 16, 2007 with
APY Trading Procedures (ATOM Version) of LI FFE, Apr. 3, 2001,
DDX 719-723.
Opposition EP 1 319211 B1 Exhibit 9B.
Trial testimony of Barbara WattieZ dated Sep. 28, 2007 with DTX
592-593A; DTX 597-598; DTX 718-719; DTX 722.
Deposition testimony of Christopher Buist dated Jun. 22, 2006 with
319211 B1 Exhibit 90.
PDX 358-364 and DDX 283-284.
319211 B1 Exhibit 10.
Deposition testimony of Walter Buist dated Jun. 23, 2006 with DDX
315; PDX 310-315; PDx 365 and PDX 368-370.
Fig.2 Substitute Sheet (Rule 26), Opposition EP 1 319 211 B1 Exhibit
Digital trading facility weekly operations meeting outline, DX 444,
U.S. Appl. No. 60/186,322, Opposition EP 1 319211 B1 Exhibit 13B.
LIFFE’s New Electronic Trading Platform for Futures, LIFFE 202
261, Opposition EP 1319211 B1 Exhibit 80.
TIFFE Internet Article, “New On-Screen Trading Terminals”, E2
DTX 444, CM 006661-CM 006661,May 10, 1999.
Chart re DSM QA Test Plainiproject plan in progress, DX 432,
DTX 432, Nov. 4, 1998.
User interface design speci?cation for WIT capital digital stock mar
ket, DX 433, DTX 433 CM 008441-CM 008478, Jan. 18, 1999.
Updated negotiations design to E. Lang from C. Mauro for review
and approval prior to patent application, DX 434, CM 008410-CM
008414, DTX 434, Jan. 18, 1999.
APTplus Trading Procedures, Dec. 28, 1995, Opposition EP 1
IRIS Investment Support Systems Window Ad, Opposition EP 1
13A.
(circa 1998).
System for Buying and Selling Futures and Options Transaction
Terminal Operational Guidelines, TSE Business Systems Dept.,
TSE00647-81 0, eS0622977-eS062366, D1 (2).
ORC Instructions for Use, Version 2.2.8., 1999.
tal DSM product launch and related schedule to E. Lang, DX 436,
DTX 436, CM 006580-CM 006590, Feb. 22, 1999.
Futures/Options Trading System Guidelines for Operating the Trad
ing Terminals, TSE Business Systems Dept., TSE00628-643,
eS062278-eS062293, 01 (3).
Securities Industries News, “TT Upgrades Software Platform”, Aug.
28, 2000 (06).
Meeting outline, DX 428, CM 00750-CM 007501, DTX 428,Sep. 11,
Letter to EPO from Karl Barnfather Enclosing Notice of Opposition
1998.
(form 2300.1) and Grounds of Opposition (Annex 1),Jan. 12, 2006.
Notes re ?nal additions/revisions, DX 435, CM 007949-CM 007955,
DTX 435, Apr. 2, 1999.
Position paper: On-line training and customer acquisition; WIT Capi
US 8,612,333 B2
Page 6
(56)
References Cited
OTHER PUBLICATIONS
Dow Jones & Reuters Factiva, “Firms Rush to Make LI FFE Connect
Decision”, Dec. 4, 1998, E6.
Dow Jones & Reuters Factiva, “Date Broadcasting Partners with
Alltech Investment to Provide Customers with Online Trading”, Feb.
25, 1999, E8.
Trading Pad Document (E3).
Japanese Document, TSE00609-627, Dec. 1, 2006 (E5), with Trans
lation.
TT X-Trader Brochure, Dec. 1, 2006 (E7).
Letter to J. Walanski from EPO Re: Payment, Apr. 20, 2005.
Letter to J. Walanski from EPO Re: Decision to Grant TT Patent, Mar.
3, 2005.
German Document from Tick-IT GmbH Filing New European Oppo
sition, Jan. 14, 2006.
Faxed German Document from Tick-It GmbH Filing New European
Opposition, Jan. 13, 2006.
Annex a to TT’s Reply Brief.
Annex B to TT’s Reply Brief.
Memo Re: Futures/Options Trading System and Japanese Patent
Application No. 2001-564025 (Japanese), Aug. 18, 2005.
Patsystems News Rel. Nov. 6, 2001.
Court’s ruling on no prior sale.
Memorandum Opinion and Order Re: No prior use.
Memorandum Opinion and Order Re: Inequitable Conduct.
Memorandum Opinion and Order Re: Court Reaf?rming Priority.
Tokyo Stock Exchange, Publication 1, “Next-Generation Futures
Options Trading System” (participants seminar materials), Sep. 1997
Information Offer Form, Apr. 18, 2005.
Noti?cation of Information Offer Form, Jun. 3, 2005.
“APT: A trading system for the future,” The London International
Financial Futures Exchange (UFFE), 1990, 11 pages.
Trading Screen, INTEX of Bermuda, 1984, one page.
Weber, B.W., “Information Technology in the Maj or International
Financial Markets,” Stern School of Business, New York University,
Apr. 7, 1993, pp. 1-43.
Trading Screen, TIFFE Exchange, circa 1989-1990, one page.
Trading Screen, MEFF Exchange, 1990, one page.
Cavaletti, C., “Order Routingf’, Futures Magazine, Feb. 1997, pp.
68-70.
“Aurora: The most technologically advanced trading system avail
able today,” Chicago Board of Trade, 1989, 11 pages.
“One Click Trading Options,” Trading Technologies, Inc., 1998, one
page.
Trading Screen, SWX Exchange, 1990, two pages.
“Expanding futures and options trading around the world, around the
clock,” GLOBEX, 1989, 48 pages.
S. Hansell, “The computer that ate Chicago,” Institutional Investor,
Feb. 1989, 5 pages.
“Sydney Futures Exchange Announces Plans to Join GLOBEX,”
GLOBEX Report: An Update on the CME global electronic
exchange, vol. II, No. 2, Feb. 10, 1989, 4 pages.
NewYork Mercantile Exchange (NYMEX) Access Documents, Feb.
28, 1992, 413 pages.
The Computer Assisted Trading System (CATS) Traders’ Manual,
Toronto Stock Exchange, Sep. 30, 1977, 142 pages.
Market Watch trading screen, date not available, 1 page.
Grummer et al., “Preliminary Feasibility Study,” Bermudex Ltd.,
with English Translation.
REFCO English Translation of Tokyo Stock Exchange, Publication
Nov. 1980,100 pages.
1, “Next-Generation Futures Options Trading System” (participants
Peake et al., Appendix C of Preliminary Feasibility Study, “The
seminar materials), Sep. 1997.
ABCs of trading on a national market system,” Bermudex Ltd., Sep.
1997,16 pages.
Tokyo Stock Exchange, Publication 2, “Futures/Options Trading
System Guidelines for Operating the Trading Terminals”, Aug. 1998
with English Translation.
REFCO English Translation of Tokyo Stock Exchange, Publication
2, “Futures/Options Trading System Guidelines for Operating the
Trading Terminals” (participants seminar materials), Aug. 1998.
Tokyo Stock Exchange, Document 1, “Downloading the Terminal
Program and Sending the Replacement for the Guidelines for Oper
ating the Trading Terminals”, Jan. 2000 with English Translation.
Tokyo Stock Exchange, Publication 3, “Tokyo Stock Exchange 50th
Anniversary Book of Materials”, Jul. 31, 2000 with English Trans
Peake, J .W., Appendix E of Preliminary Feasibility Study, “The last
?fteen meters,” Bermudex Ltd., Jun. 15, 1997,18 pages.
Declaration of Brendan Bradley in Case No. 04 C 5312, Nov. 18,
2004, 27 pages.
Memorandum Opinion and Order of Judge James B. Moran in Case
No.04 C 5312, Feb. 9, 2005, 22 pages.
EPO Comments to Opposition to European Patent EP 1319211 dated
Dec. 1, 2010 (67 pages).
International Search Report in International Application No. PCT/
US01/31222 mailed Dec. 5, 2001.
lation.
Extended European Search Report in European Patent Application
REFCO English Translation Tokyo Stock Exchange, Publication 3,
“Tokyo Stock Exchange 50”‘ Anniversary Book of Materials”, Jul.
English Translation of Tokyo Stock Exchange Offer Form, Apr. 18,
No. 101839264 mailed Feb. 18,2011.
Great Britain Search Report in GB Application No. 02193068 dated
Nov. 28, 2002.
Australian Patent Of?ce Search Report in SG Application No. 2005
2005.
04224-7 mailed May 8, 2008.
31, 2000.
US. Patent
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