Trading Device Order State Management via User Action
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Solution Overview
Problem
In electronic trading systems, users often face challenges in managing multiple trade orders simultaneously, leading to potential distractions and unmanaged orders due to the need for continuous attention and physical presence at the trading device.
Innovation Solution
A system and method that utilize a graphical user interface (GUI) to allow users to submit, manage, and maintain trade orders through user actions, where the action manager on the trading device defines and updates the order state based on user interactions, ensuring continuous order management even without constant physical presence.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If users manually manage multiple trade orders at electronic exchanges, then order management capability is improved, but user attention and physical presence requirements increase
Solution Approach 1:
The system enables self-service automation where the trading device automatically monitors, manages, and executes trade orders without requiring continuous user attention. The device independently handles order placement, modification, and cancellation based on predefined criteria and market conditions, freeing the user from manual intervention while maintaining effective order management.
Solution Approach 2:
The patent replaces the mechanical system of manual user intervention with an automated electronic system. The trading device uses software algorithms and automated processes to manage trade orders, substituting human physical presence and attention with machine-based automated control that operates continuously without fatigue or distraction.
2Reliability
If users continuously monitor and manage trade orders, then order management reliability is improved, but user distraction and absence risks increase
Solution Approach 1:
The trading device performs self-monitoring and self-management of trade orders, automatically detecting market changes and executing appropriate actions without user intervention. This eliminates the harmful effect of user distraction while maintaining reliable order management through continuous automated surveillance and execution.
Solution Approach 2:
The system implements continuous feedback loops where the trading device monitors market conditions, evaluates order performance, and automatically adjusts or executes trades based on predefined criteria. This automated feedback mechanism ensures reliable order management without requiring user attention, as the system independently responds to market changes in real-time.
3Measurement precision
If manual trade order management is implemented, then order control precision is improved, but system complexity increases
Solution Approach 1:
The patent replaces complex manual control processes with automated electronic systems that precisely manage trade orders. The trading device uses software algorithms to handle multiple orders across different exchanges with high precision, eliminating the need for users to manually track and manage each order while maintaining or improving control accuracy through automated monitoring and execution.
Solution Approach 2:
The trading device is designed as a universal platform capable of managing multiple trade orders across different electronic exchanges simultaneously. This multi-functional system consolidates what would otherwise require multiple separate manual management processes into a single automated device, reducing overall system complexity while maintaining precise control over all orders through centralized automated management.
Data Source
AI summary
The state of a trade order may be defined and/or maintained in response to user action at a trading device. A trading device may receive a user action on a graphical user interface (GUI). The user action may cause the submission of the trade order to the electronic exchange. The trading device may receive a user action on the GUI to define an active order state. The trading device may maintain the order state until receiving an identified user action on the GUI to change the order state to inactive, which may cause the trade order to be canceled or held at the electronic exchange. The user action causing the change in the order state may be an active use action, such as a selection, or a passive user action, such as a failure to perform a selection. Such user action may encourage user attention when managing trade orders.