DETAILED ACTION
The present application is being examined under the pre-AIA first to invent provisions.
A request for continued examination under 37 CFR 1.114, including the fee set forth in 37 CFR 1.17(e), was filed in this application after final rejection. Since this application is eligible for continued examination under 37 CFR 1.114, and the fee set forth in 37 CFR 1.17(e) has been timely paid, the finality of the previous Office action has been withdrawn pursuant to 37 CFR 1.114. Applicant's submission filed on 2 January 2026 has been entered.
A decision by the Patent Trial and Appeal Board was issued on 3 September 2019. Examiner’s prior rejections under 35 USC 101 and 35 USC 103 (a) were affirmed.
A decision by the Patent Trial and Appeal Board was issued on 5 February 2024. Examiner’s prior rejections under 35 USC 112 (1st ¶) and (2nd ¶), and 35 USC 101 were affirmed.
The following is non-final office action in response to the request for continued examination filed 2 January 2026.
Applicant’s amendments to Claims 1, 11, 12, 13, 14, 42, 52, 53, 54, and 55 have been received and are acknowledged. Claims 6, 8, 9, 16-41, 49, 50, 57-60, 62 and 64 were previously cancelled. Applicant references Fig. 4-5 and para [20-23], [34-36-44] for support of amendments.
Claims 1-5, 7, 10-15, 42-46, 48, 51-56, 61, and 63 are currently pending and have been examined.
Response to Arguments
Applicant's remarks filed 2 January 2026 have been fully considered but they are not persuasive.
With regard to the rejections under 35 USC 101, Applicant argues: (1) Reiterates that “the human mind is not equipped for…automatically updating… receiving… displaying… they are a defined set of steps of a technical process and not a certain method of organizing human activity…” (Applicant’s response, pg. 15-17). (2) Applicant again further argues that the claim language recites “ … a defined set of steps of technical process and not a certain method of organizing human activity…When read as a whole… the amended claims are directed to an improved user interface for computing devices, particular a trade console, that is configured to display a limited set of information to the user in a specific manner. This type of technology unequivocally exists in the realm of computer technology, or at the very least constitutes a practical application of whatever alleged abstract concepts may be used to gather the information.…..to display, sort, and monitor on the single user interface… Taken together, Applicant's system provides significant new functionality that certainly produces substantial improvements over prior art systems - resulting in an improved user interface for an electronic device as well as a reduction in latency to execute the tradeable pair of unrelated securities…. ” Applicant also references the 2025 Kim memorandum. (Applicant’s response, pg. 17-21) (3) Referencing the Specification, Applicant analogizes the claims to the patent eligible claims of Core Wireless, and Trading Techs. (Applicant’s response, pg. 21-25) (4) The recited claims are “significantly more than any abstract idea” and “…the claims… do not merely claim the idea of a solution or an outcome. Rather, the claims include specific requirements for a system and an interactive display that, when considered individually and as a whole, amount to a particular way to achieve a desired outcome. For example, the interactive GUI is configured to display on a single user interface, product quotes and synthetic product quotes (formatted and displayed like product quotes), thereby allowing the user to sort, analyze, monitor, and select all types of quotes at once….” Additionally, Applicant asserts that “the collection of claimed elements provide actual improvements in the art…” and any rebuttal from the office would require factual evidence under Step 2B and the Berkheimer standard. (Applicant’s response, pg. 25-27)
Examiner respectfully disagrees. As noted the in the previous rejections which include citations to the Specification , the rejections below and in the PTAB decisions issued 3 Sept 2019 and 5 Feb 2024, the claims are not patent eligible under the 35 USC 101. Examiner further notes that the updating, receiving and displaying have been identified “…as well‐understood, routine, and conventional functions when they are claimed in a merely generic manner (e.g., at a high level of generality) or as insignificant extra-solution activity…” ( MPEP 2106.05 (d) II. (i) and (iii) ) Further as previously stated, the invention uses technology to (i.e. applies /apply-it) an abstract idea (MPEP 2106.05 (f) At most the invention improves an abstract idea and as noted in the rejection below the claims are not patent eligible under 35 USC 101. Applicant’s arguments are not persuasive (Applicant’s arguments 1-4)
With regard to the rejections under 35 USC 103, Applicant recites the newly amended claim language and asserts that the cited prior art does not teach the newly amended claim language specifically bolded limitations including the ‘ determining… that a first aspect…; creating… a synthetic product quote…, … replacing.. the first product quote.... Applicant then references the Specification for support.
Examiner respectfully disagrees as cited in the rejections previously and below. It is further noted that though the Specification provides context for the claims, it cannot be read into the claim limitations. The claims are interpreted using broadest reasonable interpretation. As such the cited rejection does disclose the newly amended claim language as cited below. Applicant’s arguments are not commensurate with the scope of the claims. Applicant seems to arguing the claims more narrowly than recited.
As previously stated, Examiner further notes that the decision by the Patent Trial and Appeal Board which was issued on 3 September 2019 affirmed the Examiner’s prior rejections under 35 USC 103 (a) pgs. 15-18 discusses the application of the prior art in ‘creating’ step . Applicant’s arguments are not persuasive.
As previously stated, with regard to the Claim Interpretation, Applicant previously asserted that Examiner’s interpretation of the amended claim language of an “interactive graphical user interface” is incorrect and requests “documentary evidence.” Examiner notes that this interpretation was first provided in the Non-final Office Action of 11 Dec 2019 in response to the Request for Continued Examination filed 11/04/2019 after the PTAB decision affirming Examiner’s previous rejections. The interpretation as noted in the past three (3) office actions is based on Applicant’s own reference to paragraphs [0018], [0041] and [042] and Figs. 1-7. As stated below and in the previous three (3) office actions:
A review of Applicant’s disclosure (drawings and specification) indicate that no specific mention of an “interactive graphical user interface” is recited in the disclosure. However, the disclosure includes general references to “ a user interface” and that a “user … may access” “provides the user with the ability to view and sort various quotes… “ “…user input…” (Specification, [0018], [0041-0042]- as noted by Applicant for support of said amendments).
As noted, the above, below and previously, there is no mention in the specification of ‘interactive graphical user interface’ though there are general references to a “user interface’ and its potential use.
With regards to Applicant’s previous request for “documentary evidence”, Examiner notes that the current and previous rejections all cite Applicant’s own specification. In the interest of compact prosecution Examiner has clarified the interpretation as a “user interface executed by generic computing elements” based on Applicant’s disclosure. (Specification, [0069] one or more computing devices, hand-held communication devices, mobile computers, and/or any other electronic communication means…program modules.. ).
Claim Interpretation
As previously stated, Examiner notes that Applicant’s previously amended claim language includes recitation of “interactive graphical user interface (GUI)”. A review of Applicant’s disclosure (drawings and specification) indicate that no specific mention of an “interactive graphical user interface” is recited in the disclosure. However, the disclosure includes general references to “ a user interface” and that a “user … may access” “provides the user with the ability to view and sort various quotes… “ “…user input…” (Specification, [0018], [0041-0042]- as noted by Applicant for support of said amendments). As such, Examiner will interpret the amended claim language in view of the specification as a user interface executed by generic computing elements. (Specification, [0069] one or more computing devices, hand-held communication devices, mobile computers, and/or any other electronic communication means…program modules.. ).
As a general matter, the grammar and intended meaning of terms used in a claim will dictate whether the language limits the claim scope. Language that suggests or makes optional but does not require steps to be performed or does not limit a claim to a particular structure does not limit the scope of a claim or claim limitation. The following are examples of language that may raise a question as to the limiting effect of the language in a claim:
(A) statements of intended use or field of use,
(B) “adapted to” or “adapted for” clauses,
(C) “wherein” clauses, or
(D) “whereby” clauses.
This list of examples is not intended to be exhaustive. See also MPEP § 2111.04.
Claim Rejections - 35 USC § 112
The following is a quotation of the first paragraph of 35 U.S.C. 112(a):
(a) IN GENERAL.—The specification shall contain a written description of the invention, and of the manner and process of making and using it, in such full, clear, concise, and exact terms as to enable any person skilled in the art to which it pertains, or with which it is most nearly connected, to make and use the same, and shall set forth the best mode contemplated by the inventor or joint inventor of carrying out the invention.
The following is a quotation of the first paragraph of pre-AIA 35 U.S.C. 112:
The specification shall contain a written description of the invention, and of the manner and process of making and using it, in such full, clear, concise, and exact terms as to enable any person skilled in the art to which it pertains, or with which it is most nearly connected, to make and use the same, and shall set forth the best mode contemplated by the inventor of carrying out his invention.
Claims 1-5, 7, 10-15, 42-46, 48, 51-56, 61, and 63 are rejected under 35 U.S.C. 112(a) or 35 U.S.C. 112 (pre-AIA ), first paragraph, as failing to comply with the written description requirement. The claim(s) contains subject matter which was not described in the specification in such a way as to reasonably convey to one skilled in the relevant art that the inventor or a joint inventor, or for pre-AIA the inventor(s), at the time the application was filed, had possession of the claimed invention. In particular, the independent claims recite:
Claims 1 and 42 recite:
determining, by the processor, that a first aspect of the first product quote and a second aspect of the second product quote are closer in value than the first aspect of the first product quote and a second aspect of the first product quote;
Applicant is requested to provide reference from the original disclosure to support the amendments noted above including the elements of: “…determining, by the processor, that a first aspect of the first product quote and a second aspect of the second product quote are closer in value than the first aspect of the first product quote and a second aspect of the first product quote;…”
Claim Rejections - 35 USC § 101
35 U.S.C. 101 reads as follows:
Whoever invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent therefor, subject to the conditions and requirements of this title.
Claims 1-5, 7, 10-15, 42-46, 48, 51-56, 61, and 63 are rejected under 35 U.S.C. 101 because the claimed invention is directed to non-statutory subject matter.
When considering subject matter eligibility under 35 U.S.C. 101, (1) it must be determined whether the claim is directed to one of the four statutory categories of invention, i.e., process, machine, manufacture, or composition of matter. If the claim does fall within one of the statutory categories, (2a) it must then be determined whether the claim is directed to a judicial exception (i.e., law of nature, natural phenomenon, and abstract idea), and if so (2b), it must additionally be determined whether the claim is a patent-eligible application of the exception. If an abstract idea is present in the claim, any element or combination of elements in the claim must be sufficient to ensure that the claim amounts to significantly more than the abstract idea itself. Examples of abstract ideas include fundamental economic practices; certain methods of organizing human activities; an idea itself; and mathematical relationships/formulas. Alice Corporation Pty. Ltd. v. CLS Bank International, et al., 573 U.S. ____ (2014).
The claimed invention is directed to non-statutory subject matter because the claim(s) as a whole, considering all claim elements both individually and in combination, do not amount to significantly more than an abstract idea.
(1) In the instant case, the claims are directed toward methods and the system of updating and displaying data; the data being related to financial products, synthetic financial product quotes and straddle quotes. In the instant case, Claims 1-5, 7, 10-15, and 61 are directed to a processes. Claims 42-46, 48 and 51-56, and 63, are directed to a system.
(2a) Prong 1: Managing data by updating, merging/grouping, creating, sorting and displaying data such as object values (such as financial product quotes and straddle quotes) is akin to methods of organizing human activity ((fundamental economic practices –commercial or legal interactions (including agreements in the form of contracts; legal obligations; advertising, marketing or sales activities or
behaviors; business relations);) and mental processes (including an observation, evaluation, judgment, opinion)[collecting and comparing known information (Classen) and collecting information, analyzing it and displaying certain results in the collection and analysis (Electric Power Group))]. As such, the claims include an abstract idea.
The specific limitations of the invention are (a) identified to encompass the abstract idea include:
(Currently Amended) A method for dynamically organizing, updating and displaying data …, the method comprising:
…:
…, …, a plurality of product quotes for a particular product from two or more different sources, the two or more different sources including plurality of product quotes comprising a first product quote from a first data source and a second product quote from a second data source;
determining, …, that a first aspect of the first product quote and a second aspect of the second product quote are closer in value than the first aspect of the first product quote and a second aspect of the first product quote;
automatically creating, …, at least one a synthetic product quote by merging one or more the first aspect aspects of the first product quote of the plurality of product quotes received from the first data source with one or more corresponding aspects the second aspect of the second product quote received from the second data source of the plurality of product quotes received from the second data source, the one or more corresponding aspects of the second product quote overriding one or more corresponding aspects of the first product quote;
replacing,…, the first product quote and the second product quote with the synthetic product quote for display on …;
…, …, a first user input from …, the first user input comprising a selection of a first sort attribute and a second sort attribute;
determining, …, that a first portion of the plurality of product quotes and the at least one synthetic product quote are fully-matching quotes in that they have a first parameter that matches the first sort attribute and a second parameter that matches the second sort attribute;
creating, …, one or more first groups comprising the fully-matching quotes a first portion of the plurality of product quotes and the synthetic product quote that have a first parameter that matches the first sort attribute and a second parameter that matches the second sort attribute;
determining, …, that a second portion of the plurality of product quotes and the at least one synthetic product quote are partially-matching quotes in that they have only the first parameter that matches the first sort attribute;
creating, …, one or more second groups comprising the partially-matching quotes a second portion of the plurality of product quotes and the synthetic product quote that have only the first parameter that matches the first sort attribute;
…, … a product unit display comprising the one or more first groups and the one or more second groups together in a continuous list configured to be sorted by the first sort attribute, wherein each of the one or more first groups includes one or more individually selectable rows of the respective fully-matching quotes ordered by the second sort attribute and wherein each of the one or more second groups includes one or more empty rows;
…, …, updated parameters for one or more of the fully-matching quotes and the partially-matching quotes first portion and the second portion of the plurality of product quotes and the synthetic product quote;
automatically …, …, the product unit display to reflect the updated parameters and any changes to the one or more first groups and the one or more second groups;
automatically …, … the product unit display to display a visual indication of an occurrence of a trade for a product quote of one or more of the fully-matching quotes and the partially-matching quotes first portion and the second portion of the plurality of product quotes and the synthetic product quote;
…, …, a second user input comprising movement of a selection device such that the selection device hovers over the product quote; and
…, …, a trade message within the product unit display, the trade message comprising additional details of the trade.
42. (Currently Amended) A system for dynamically organizing, updating and displaying data…. thereby causing the server to:
generate an interactive … on at least one computing device;
…, … a plurality of product quotes for a particular product from two or more different sources, the two or more different sources including plurality of product quotes comprising a first product quote from a first data source and a second product quote from a second data source;
determine, …, that a first aspect of the first product quote and a second aspect of the second product quote are closer in value than the first aspect of the first product quote and a second aspect of the first product quote;
automatically create, …, at least one a synthetic product quote by merging one or more the first aspect aspects of the first product quote of the plurality of product quotes received from the first data source with one or more corresponding aspects the second aspect of the second product quote received from the second data source of the plurality of product quotes received from the second data source, the one or more corresponding aspects of the second product quote overriding one or more corresponding aspects of the first product quote;
replace, …, the first product quote and the second product quote with the synthetic product quote for display on the interactive GUI;
…, …, a first user input from a user device, the first user input comprising a selection of a first sort attribute and a second sort attribute;
determine, …, that a first portion of the plurality of product quotes and the at least one synthetic product quote are fully-matching quotes in that they have a first parameter that matches the first sort attribute and a second parameter that matches the second sort attribute;
create,…r, one or more first groups comprising the fully-matching quotes a first portion of the plurality of product quotes and the synthetic product quote that have a first parameter that matches the first sort attribute and a second parameter that matches the second sort attribute;
determine, …, that a second portion of the plurality of product quotes and the at least one synthetic product quote are partially-matching quotes in that they have only the first parameter that matches the first sort attribute;
create, …, one or more second groups comprising the partially- matching quotes a second portion of the plurality of product quotes and the synthetic product quote that have only the first parameter that matches the first sort attribute;
…, …, a product unit display comprising the one or more first groups and the one or more second groups together in a continuous list configured to be sorted by the first sort attribute, wherein each of the one or more first groups includes one or more individually selectable rows of the respective fully-matching quotes ordered by the second sort attribute and wherein each of the one or more second groups includes one or more empty rows;
…, …, updated parameters for one or more of the fully- matching quotes and the partially-matching quotes first portion and the second portion of the plurality of product quotes and the synthetic product quote;
automatically …,…, the product unit display to reflect the updated parameters and any changes to the one or more first groups and the one or more second groups;
automatically …, …, the product unit display to display a visual indication of an occurrence of a trade for a product quote of one or more of the fully- matching quotes and the partially-matching quotes first portion and the second portion of the plurality of product quotes and the synthetic product quote;
…, …, a second user input comprising movement of a selection device such that the selection device hovers over the product quote; and display,…, a trade message within the product unit display, the trade message comprising additional details of the trade.
As stated above, this abstract idea falls into the (b) subject matter grouping of: methods of organizing human activity and mental processes.
Prong 2: When considered individually and in combination, the instant claims are do not integrate the exception into a practical application because the steps of determining…;.creating…; replacing… ;determining… ;creating… groups…determining… creating … synthetic groups; do not apply, rely on, or use the judicial exception in a manner that that imposes a meaningful limitation on the judicial exception (i.e. the abstract idea).
The instant recited claims including additional elements (i.e. receiving… input(data), receiving… input(data); generate…, receiving.. (data), displaying.. , receiving…input(data),..displaying…, receiving… updated (data)…, …updating…display (data)…updating (data)…receiving… displaying..; ) do not improve the functioning of the computer or improve another technology or technical field nor do they recite meaningful limitations beyond generally linking the use of an abstract idea to a particular technological environment. The limitations merely recite: “apply it” (or an equivalent) or merely include instructions to implement an abstract idea on a computer or merely uses a computer a as tool to perform an abstract idea. (See MPEP 2106.05 (d) and (f))
(2b) As stated above, Claims 1-5, 7, 10-15, and 61 are directed to a processes. Claims 42-46, 48 and 51-56, and 63, are directed to a system.
Additionally, the claims (independent and dependent) do not include additional elements that individually or in combination are sufficient to amount to significantly more than the judicial exception of abstract idea (i.e. provide an inventive concept). As discussed above with respect to integration of the abstract idea into a practical application, the additional element(s) of: (networked system, electronically…digital… user device, computing device, data interface, computer-readable instructions, a processor, an interactive graphical user interface (GUI) ) amount to “apply it” (or an equivalent) or merely include instructions to implement an abstract idea on a computer or merely uses a computer a as tool to perform an abstract idea. (See MPEP 2106.05 (d) and (f)) (Specification, [0069] one or more computing devices, hand-held communication devices, mobile computers, and/or any other electronic communication means…program modules.. ).
The dependent claims have also been examined and do not correct the deficiencies of the independent claims.
It is noted that claims 2-5, 7, 10-15, 43-46, 48, 51-56, 61 and 63 introduce the additional elements which further define various data (i.e. aspect/attribute/quote/grouping, the product unit display, .. fields that display.. ) or conditions of grouping/sorting, steps of creating and , receiving…, sending…, displaying.., updating.. ). These elements are not a practical application of the judicial exception because amount to “apply it” (or an equivalent) or merely include instructions to implement an abstract idea on a computer or merely uses a computer a as tool to perform an abstract idea. (See MPEP 2106.05 (d) and (f)) Further these limitations taken alone or in combination with the abstract do not amount to significantly more than the abstract idea alone because the elements of (networked system, electronically…digital… user device, computing device, data interface, computer-readable instructions, a processor, an interactive graphical user interface (GUI) ) amount to “apply it” (or an equivalent) or merely include instructions to implement an abstract idea on a computer or merely uses a computer a as tool to perform an abstract idea or generally linking the use of an abstract idea to a particular technological environment (See MPEP 2106.05 (d) and (f)) (Specification, [0069] one or more computing devices, hand-held communication devices, mobile computers, and/or any other electronic communication means…program modules.. ).
Therefore, Claims 1-7, 10-15, 42-46, 48, 51-56, 61, and 63 are rejected under 35 U.S.C. 101 as being directed to non-statutory subject matter.
Claim Rejections - 35 USC § 103
In the event the determination of the status of the application as subject to AIA 35 U.S.C. 102 and 103 (or as subject to pre-AIA 35 U.S.C. 102 and 103) is incorrect, any correction of the statutory basis (i.e., changing from AIA to pre-AIA ) for the rejection will not be considered a new ground of rejection if the prior art relied upon, and the rationale supporting the rejection, would be the same under either status.
The following is a quotation of pre-AIA 35 U.S.C. 103(a) which forms the basis for all obviousness rejections set forth in this Office action:
(a) A patent may not be obtained though the invention is not identically disclosed or described as set forth in section 102, if the differences between the subject matter sought to be patented and the prior art are such that the subject matter as a whole would have been obvious at the time the invention was made to a person having ordinary skill in the art to which said subject matter pertains. Patentability shall not be negated by the manner in which the invention was made.
Claims 1-5, 7, 10-15, 42-46, 48, 51-56, 61, and 63 are rejected under pre-AIA 35 U.S.C. 103(a) are rejected under pre-AIA 35 U.S.C. 103(a) as being unpatentable over US 2008/0215477 A1, Annunziata hereinafter Annunziata in view of US 20100076907 A1, Rosenthal et al. hereinafter referred to as Rosenthal.
Claims 1 and 42
Annunziata discloses a method and system for dynamically organizing, updating and displaying data in an interactive graphical user interface (GUI), (Annunziata, Fig. 1, [0052] computer and communications link; [77] GUI): the method comprising:
in a networked system comprising at least one computing device comprising a memory storing computer-readable instructions, a processor executing said instructions, a data interface, and an interactive (GUI) embodied in said at least one computing device(Annunziata, Fig. 1, [0052] computer and communications link [77] GUI):
receiving, via the data interface, a plurality of product quotes for a particular product from two or more different sources, the plurality of product quotes comprising a first product quote from a first data source and a second product quote from a second data source…; (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications, sorting options, bid, offers; [0062-0063] commodity type number of units, cash price, term of open bid or offer, deliver month, contact information... etc... firm or non-firm bids and offers[0094] 'trading period templates, strike price, [114] quotes from different exchanges [0168] straddle )
Annunziata also discloses both content options (grouping options) and sorting options ( filtering/ordering) [0055-0059] [0168].
Annunziata further discloses various interfaces which teach the data display functionalities including various interfaces which display grouped data (content options) and provide options for designated numbers/sorting by which data is displayed (‘all’, ‘top 10,’ ‘top 5) [ See for example, Fig. 69, Fig. 75-76, Fig. 107: View (group), Best (sort/order), All( Pre-determined number/sort/order),price agg: ( another group)Fig. 147] and particular product windows (See for example, Fig. 150 order type: Firm offer; Commodity (a financial product): Brent Bullet Swap)
Annunziata further discloses… and wherein each of the one or more second groups includes one or more empty rows (Annunziata [27] market grid screen of current invention…[115-116] market grid screens… [121-125] spread matrix screen… mousing over a quantity cell… synthetic orders… Fig. 71 ; Fig. 90 … see entries.. Nov06, Dec06, Jan07, Feb07, Mar07 …)
Annunziata does not directly disclose the following; however Rosenthal teaches:
determining, by the processor, that a first aspect of the first product quote and a second aspect of the second product quote are closer in value than the first aspect of the first product quote and a second aspect of the first product quote; (See at least Rosenthal, [0077] synthetic instrument [0180] order types , including synthetic order types [0195-0238] see generally for discussion of 'automatically trading spreads' [0206] "ratio spread" [0213] synthetic spread [0218] allow s dynamically and directly setting up a synthetic spread within the application e.g. Picking two real trading entities and a ratio between them and providing a GUI for the synthetic spread [0228-0230] synthetic spread strategy for trading two real trading entities (e.g. two real commodities contracts...) ) and a ratio between them [0235-0237] Quotes window wherein a trading strategy including 'spread ' and 'synthetic spreads' necessarily requires a comparison to maintain 'a ratio between them' (i.e. the traded products/entities/commodities/securities) )
creating, by the processor, a synthetic product quote by merging the first aspect of the first product quote received from the first data source with the second aspect of the second product quote received from the second data source, (See at least Rosenthal, [0077] synthetic instrument [0228-0230] synthetic spread strategy for trading two real trading entities (e.g. two real commodities contracts...) and a ratio between them……[0235-0237] Quotes window… wherein a ratio is a comparison; see also [0206-00207] ratio spread … puts and calls...back spread... front spread... wherein a spread strategy is inherently involves/requires at least one aspect of the first financial product quote and at least one aspect of the second financial product quotes)
receiving, by the interactive GUI, a first user input from a user device, the first user input comprising a selection of a first sort attribute and a second sort attribute
(See at least Rosenthal, [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [0228-0230] Fig. 18 [0235-0237] Quotes window, Fig. 18)
replacing, by the processor, the first product quote and the second product quote with the synthetic product quote for display on the interactive GUI; (See at least Rosenthal, [0075-77] synthetic instrument [171] synthetic order types can be entered… [218] setting up synthetic spread…[0228-0230] synthetic spread strategy for trading two real trading entities (e.g. two real commodities contracts...) and a ratio between them……[0235-0239] Quotes window… wherein a ratio is a comparison.. automatic spread… includes real or synthetic trading entities… ; ……see also [0206-00207] ratio spread … puts and calls...back spread... front spread... wherein a spread strategy is inherently involves/requires at least one aspect of the first financial product quote and at least one aspect of the second financial product quotes)
creating, by the processor, one or more first groups comprising a first portion of the plurality of product quotes and the synthetic product quote that have a first parameter that matches the first sort attribute and a second parameter that matches the second sort attribute; (See at least Rosenthal, [0077] synthetic instrument [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [184-193] Specialized Order Functionality…user can construct an OCO pair combining orders of any order type that is supported by the exchange that is supported by the exchange (or supported synthetic order types… trailing stop order…tracks a price … and adjusts the stop trigger price in accordance with a predefined rule… [0228-0230] synthetic spread strategy for trading two real trading entities (e.g. two real commodities contracts...) and a ratio between them…Fig. 18 [0235-0237] Quotes window, ..wherein the sort feature is a user design choice…Fig. 18)
creating, by the processor, one or more second groups comprising a second portion of the plurality of product quotes and the synthetic product quote that have only the first parameter that matches the first sort attribute; (See at least Rosenthal, [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [184-193] Specialized Order Functionality…user can construct an OCO pair combining orders of any order type that is supported by the exchange that is supported by the exchange (or supported synthetic order types… trailing stop order…tracks a price … and adjusts the stop trigger price in accordance with a predefined rule…wherein triggering based on a rule reads on no parameters or the one or more parameters that match the second sort attribute.. … [0228-0230] synthetic spread strategy for trading two real trading entities (e.g. two real commodities contracts...) and a ratio between them…Fig. 18 [0235-0237] Quotes window, ..wherein the sort feature is a user design choice…Fig. 18)
displaying, by interactive GUI,a product unit comprising the one or more first groups and the one or more second groups together in a continuous list configured to be sorted by the first sort attribute, wherein each of the one or more first groups includes one or more individually selectable rows ordered by the second sort attribute ….; (See at least Rosenthal, [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [0081] receive real time order updates… [0136]Aggregated Book View/Ask Bid Volume (ABV) Window, real-time updates [0218] [0228-0230] Fig. 18 [0235-0238] Quotes window, Fig. 18; results of trades for pre-determined trading strategy are written back into the data file/ database... for display;)
receiving, by the data interface, updated parameters for a product quote of one or more of the first portion and the second portion of the plurality of product quotes and the synthetic product quote;; and (See at least Rosenthal, [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [0081] receive real time order updates… [0136]Aggregated Book View/Ask Bid Volume (ABV) Window, real-time updates [0218] [0228-0230] Fig. 18 [0235-0238] Quotes window, Fig. 18; results of trades for pre-determined trading strategy are written back into the data file/ database... for display... wherein writing back is updating)
automatically updating, by the interactive GUI, the product unit display to reflect the updated parameters and any changes to the one or more first groups and the one or more second groups (See at least Rosenthal, [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [0081] receive real time order updates… [0136]Aggregated Book View/Ask Bid Volume (ABV) Window, real-time updates [0218] [0228-0230] Fig. 18 [0235-0238] Quotes window, Fig. 18; results of trades for pre-determined trading strategy are written back into the data file/ database... for display... wherein writing back is updating)
automatically updating, by the interactive GUI, the product unit display to display a visual indication of an occurrence of a trade for a product quote of one or more of the first portion and the second portion of the plurality of product quotes and the synthetic product quote;; (See at least Rosenthal, [0077] synthetic instrument [0228-0230] synthetic spread strategy for trading two real trading entities (e.g. two real commodities contracts...) and a ratio between them……[81] real time order status updates… [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [0081] receive real time order updates… [0136-137] Aggregated Book View/Ask Bid Volume (ABV) Window, real-time updates …[140] quantities are updated as the instrument order book changes…7 [0218] [0228-0230] Fig. 18 [0235-0238] Quotes window, Fig. 18; results of trades for pre-determined trading strategy are written back into the data file/ database... for display... wherein writing back is updating)
receiving, by the interactive GUI, user input comprising movement of a selection device such that the selection device hovers over the product quote; and (See at least Rosenthal,[159-164] ABV window…hovered over with a mouse…to enter an order a mouse cursor is hovered over with a mouse..reads on using a ‘selection device’ to ‘hover’ over data)
displaying, by the interactive GUI, a trade message within the product unit display,the trade message comprising additional details of the trade. (See at least Rosenthal, [0092-0094] standard window grid… user can change an order ... user can sort the data, user can create multiple sort criteria... multiple filters... filter on multiple criteria... which is akin to grouping and ordering; [0081] receive real time order updates… [0136]Aggregated Book View/Ask Bid Volume (ABV) Window, real-time updates [0218] [0228-0230] Fig. 18 [0235-0238] Quotes window, Fig. 18; results of trades for pre-determined trading strategy are written back into the data file/ database... for display... wherein writing back is updating)
As such it would be obvious to one of ordinary skill in the art at the time of the invention to combine the synthetic financial quote and display features of Rosenthal with the invention disclosed in Annunziata. One would be motivated to combine the various features of the two trading systems in order to solve some of the problems of implementing trading strategies. (Rosenthal, [0023]).
Furthermore, the Supreme Court has supported in KSR International Co. Teleflex Inc. (KSR), 550US___, 82 USPQ2d 1385 (2007), that merely applying a known technique to a known method, yield predictable results, render the claimed invention obvious over such combination. In the instant case, Annunziata discloses a method and system of trading which includes grouping and ordering quotes. Rosenthal is merely another method and system of trading which includes synthetic financial products and various display features. One of ordinary skill in the art would clearly recognize that this combination would lead to a predictable result (i.e. method and system of trading which includes synthetic financial products and various display features including grouping and ordering.). As such the claimed invention is obvious over Annunziata / Rosenthal.
Claims 2 and 43
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1 and 42.
Annunziata further discloses:
wherein the first sort attribute comprises a term, said term comprising one or more of a single expiry of a product, of an option on the product, or of a grouping of options on the product. (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications, sorting options, bid, offers; [0062-0063] commodity type number of units, cash price, term of open bid or offer, deliver month, [0094] 'trading period templates, strike price, sorting priorities)
Claims 3 and 44
Annunziata and Rosenthal disclose the invention as claimed above in Claims 2 and 43.
Annunziata further discloses:
wherein the first sort attribute takes into account a number of expiries in the term and an expiration of a furthest dated expiry in the term. (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications… retrieve indications for specific bids or offers having certain parameters... sorting options,…by date posted… bid, offers, etc… [159] filters… time to expiry)
Claims 4 and 45
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
wherein the second sort attribute comprises one or more of (i) a spread value between a bid and an ask for a product, wherein an ordering is smallest to largest or largest to smallest; (ii) a time of receipt of the(See at least Annunziata, Fig. 1-160: Fig. 69, Fig. 75-76, Fig. 107: View (group), Best (sort/order), All( Pre-determined number/sort/order),price agg: ( another group); Fig. 147 [0052-0053] computer and communications link, user .. utilize the system [0055-0058] transaction parameters, indications, sorting options [0062-0063] commodity type number of units, cash price, term of open bid or offer, deliver month, contact information... etc... firm or non-firm bids and offers[0094] 'trading period templates, strike price, [0168] straddle )
Claims 5 and 46
Annunziata and Rosenthal disclose the invention as claimed above in Claims 4 and 45.
Annunziata further discloses:
wherein the second sort attribute comprises more than one attribute(See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications… retrieve indications for specific bids or offers having certain parameters... sorting options, bid, offers)
Claims 7 and 48
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
wherein one or more of the receiving the(See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications, sorting options, bid, offers; [0094] trading period templates, strike price, sorting priorities [0168] headlines...instant message...)
Claims 10 and 51
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
further comprising:displaying, via the interactive GUI, one or more of the first user input and second user input in the product unit display. (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications, sorting options, bid, offers; [77] GUI [0094] 'trading period templates, strike price, sorting priorities [0168] straddle )
Claims 11 and 52
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
wherein one or more among the plurality of product quotes comprise a straddle quote and one or more among the synthetic product quote…. (See at least Annunziata, Fig. 1-160 [0055-0058] indications, sorting options, bid, offers; [0094] 'trading period templates, strike price, sorting priorities [125] implied and synthetic order …(*) icon [0168] straddle )
Annunziata does not directly disclose the following; however Rosenthal teaches:
…comprises a synthetic straddle quote…(See at least Rosenthal, [0077] synthetic instrument …can be made up of one or several contracts… For example, a synthetic contract may include automatically selling a call and buying a put…. Wherein the example is a synthetic straddle… [0228-0230] synthetic spread strategy for trading two real trading entities (e.g. two real commodities contracts...) and a ratio between them…[0235-0237] Quotes window… wherein a ratio is a comparison)
Claims 12 and 53
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
wherein the product unit display further comprises a reply selection field configured to allow a user to respond to the, plurality of product quotes and the synthetic product quote the reply being sent via one or more of an instant message, an email message, a voice message, and an order message through an electronic system. (See at least Annunziata, Fig. 1-160, for examples: see Figs. 58-66, Fig. 94, Fig. 116 okay/cancel buttons [0052] computer and communications link, [0055-0058] indications, sorting options, bid, offers; [65] interactive…contact information… email…. [0094] trading period templates, strike price, sorting priorities [125] implied and synthetic order …(*) icon [0168] straddle )
Claims 13 and 54
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
wherein a group of the one or more groups, includes a subview comprising an ordered listing of a remainder of the first portion of the plurality of product quotes and the synthetic product quote outside of a predefined number of product quotes. (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, sorting priority [0055-0058] indications, sorting options, bid, offers; [0094] 'trading period templates, strike price, sorting priorities; [0103] dropdown [0168] straddle )
Claims 14 and 55
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
wherein the product unit display further comprises one or more menus, selection fields, and dropdown bars configured to allow a user to specify the first sort attribute, the second sort attribute, and a predefined number product quotes to display in the one or more first groups and the one or more second groups. (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, sorting priority [0055-0058] indications, sorting options, bid, offers; [0094] 'trading period templates, strike price, sorting priorities; [0103] dropdown [125] synthetic orders… (*) icon [0168] straddle )
Claims 15 and 56
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
displaying, by the interactive GUI, multiple product unit displays, wherein each product unit display corresponds to a particular product. (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications, sorting options, bid, offers; [0094] 'trading period templates, strike price, sorting priorities [0168] straddle )
Claims 61 and 63
Annunziata and Rosenthal disclose the invention as claimed above in Claims 1, and 42.
Annunziata further discloses:
wherein the one or more of the first parameter and the second parameter comprise one or more of a firm bid to buy, a firm offer to sell, an indication to buy, an indication to sell, a trade at a certain price, and an invitation to join a trade at a certain price. (See at least Annunziata, Fig. 1-160 [0052] computer and communications link, [0055-0058] indications, sorting options, bid, offers; [0062-0063] commodity type number of units, cash price, term of open bid or offer, deliver month, contact information... etc... firm or non-firm bids and offers[0094] 'trading period templates, strike price, [0168] straddle )
Conclusion
Any inquiry concerning this communication or earlier communications from the examiner should be directed to ASHA PUTTAIA H whose telephone number is (571)270-1352. The examiner can normally be reached on M-F 9 am to 5:30 pm.
If attempts to reach the examiner by telephone are unsuccessful, the examiner’s supervisor, Abhishek Vyas can be reached 571-270-1836. The fax phone number for the organization where this application or proceeding is assigned is 571-273-8300.
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/ASHA PUTTAIA H/Primary Examiner, Art Unit 3691
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