Timing mechanism and direct messaging for electronic trading platform

Abstract

A system and interface for trading financial instruments. The system consists of an intermediary computer system that is operable to communicate with one or more trader terminals utilizing either a private line, a network or the Internet. The intermediary computer system is comprised of one or more processors and storage media. The intermediary computer system communicates with trader terminals and displays to the trader terminals a listing of financial instruments, and information related to such financial instruments, that are available for trading. The intermediary computer system periodically updates the option adjusted price of financial instruments as to provide the traders with a time period in which the price will remain stable and during which time the traders can confidently execute orders based on the then available price. A timer, which is constantly visible to traders using the electronic trading system, displays the amount of time remaining until the displayed adjusted prices will be updated. The intermediary computer system is also operable to communicate directly with selected traders or groups of traders in the form of directed messages to the trader terminals.

1 . An interface to a computer system for facilitating electronic trading of a financial instrument by a trader, comprising a display having a first display area for listing said financial instrument in association with information regarding said financial instrument, said information including a price for said financial instrument and an option adjusted price for said financial instrument that is periodically updated by said computer system based on said financial instrument's type, and a second display area having a status indicator indicating a status associated with said option adjusted price, wherein said status indicator includes a timer for indicating a time remaining before said option adjusted price may be adjusted. 
     
     
         2 . The interface of  claim 1 , wherein said option adjusted price is further periodically updated by said central computer based on an option adjusted spread for said financial instrument, a skew adjusted volatility for said financial instrument, and a designated yield curve for said financial instrument, said designated yield curve being dynamically recalculated based on periodic updates to a constant maturity debt index for said financial instrument. 
     
     
         3 . The interface of  claim 1 , wherein said option adjusted price is periodically updated at an interval sufficient to encourage orderly trading of said financial instrument. 
     
     
         4 . (canceled) 
     
     
         5 . (canceled) 
     
     
         6 . The interface of  claim 1 , wherein said timer is a graphical representation. 
     
     
         7 . The interface of  claim 6 , wherein said graphical representation is numerical. 
     
     
         8 . The interface of  claim 6 , wherein said graphical representation is colour coded with changes in colour indicating changes in said time remaining. 
     
     
         9 . The interface of  claim 1 , wherein said status indicator indicates if said option adjusted price cannot be updated or cannot be displayed. 
     
     
         10 . The interface of  claim 1 , the display further comprising a third display area for indicating a directed message to said trader. 
     
     
         11 . The interface of  claim 10 , wherein said directed message includes terms of a transaction involving said financial instrument. 
     
     
         12 . The interface of  claim 10 , wherein said directed message includes a confirmation of a trade involving said financial instrument. 
     
     
         13 . The interface of  claim 10 , wherein said directed message includes attributes used to calculate said option adjusted price. 
     
     
         14 . The interface of  claim 10 , wherein said directed message includes a notice to said trader of activity within said computer system not otherwise displayed to said trader at said time of said activity. 
     
     
         15 . The interface of  claim 14 , wherein said directed message includes detailed information associated with said activity.