CA3023585A1 - Securities trading management system - Google Patents
Securities trading management system Download PDFInfo
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- CA3023585A1 CA3023585A1 CA3023585A CA3023585A CA3023585A1 CA 3023585 A1 CA3023585 A1 CA 3023585A1 CA 3023585 A CA3023585 A CA 3023585A CA 3023585 A CA3023585 A CA 3023585A CA 3023585 A1 CA3023585 A1 CA 3023585A1
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- sell
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- 238000012545 processing Methods 0.000 description 26
- 238000007726 management method Methods 0.000 description 23
- 230000010365 information processing Effects 0.000 description 7
- 239000000284 extract Substances 0.000 description 5
- 238000012546 transfer Methods 0.000 description 4
- 238000004891 communication Methods 0.000 description 3
- 230000000694 effects Effects 0.000 description 2
- 238000005516 engineering process Methods 0.000 description 2
- 230000004931 aggregating effect Effects 0.000 description 1
- 238000004364 calculation method Methods 0.000 description 1
- 238000006243 chemical reaction Methods 0.000 description 1
- 238000007796 conventional method Methods 0.000 description 1
- 238000013500 data storage Methods 0.000 description 1
- 230000002349 favourable effect Effects 0.000 description 1
- 230000007246 mechanism Effects 0.000 description 1
- 238000000034 method Methods 0.000 description 1
- 238000012986 modification Methods 0.000 description 1
- 230000004048 modification Effects 0.000 description 1
- 230000008569 process Effects 0.000 description 1
- 230000004044 response Effects 0.000 description 1
- 238000012795 verification Methods 0.000 description 1
Classifications
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
Abstract
Provided is a securities trading management system which makes it possible to share information that is useful when concluding a transaction between a sell side and a buy side. A representative embodiment has one or more buy-side systems including a buy-side order management system, one or more sell-side systems including a sell-side order management system, and a data center that has a shared database for storing data referred to from each sell-side system and constituting at least some of the data generated by the buy-side system, and/or data referred to from the buy-side system and constituting at least some of the data generated by the sell-side system.
Description
Securities Trading Management System Technical Field [0001]
The present invention relates to a technology for securities trading, and more particularly to a technology that is effective when applied to a securities trading management system that supports operations relating to trade ordering and contract processing.
Background Art
The present invention relates to a technology for securities trading, and more particularly to a technology that is effective when applied to a securities trading management system that supports operations relating to trade ordering and contract processing.
Background Art
[0002]
In securities companies (sell side), one of the operations undertaken is to receive orders for large-volume security trades from asset management companies such as institutional investors (buy side) and subsequently conduct the trades via the markets, etc. Such operations are generally managed and supported using an information processing system.
In securities companies (sell side), one of the operations undertaken is to receive orders for large-volume security trades from asset management companies such as institutional investors (buy side) and subsequently conduct the trades via the markets, etc. Such operations are generally managed and supported using an information processing system.
[0003]
For example, Japanese Unexamined Patent Application Publication No. 2002-358414 (Patent Document 1) discloses a system that shortens the period between contract and settlement by, in response to a securities order request from an institutional investor system, performing contract processing to establish a contract for the order, sending the contract result to the institutional investor system, sending the contract result to a settlement matching system and making a trade report, prompting verification of the contract, instructing the settlement matching system to settle contracts for which contract matching results have been received from the settlement matching system, prompting matching for the settlement instruction, and performing a transfer instruction for a settlement corresponding to a matching result for the settlement instruction received from the settlement matching system.
For example, Japanese Unexamined Patent Application Publication No. 2002-358414 (Patent Document 1) discloses a system that shortens the period between contract and settlement by, in response to a securities order request from an institutional investor system, performing contract processing to establish a contract for the order, sending the contract result to the institutional investor system, sending the contract result to a settlement matching system and making a trade report, prompting verification of the contract, instructing the settlement matching system to settle contracts for which contract matching results have been received from the settlement matching system, prompting matching for the settlement instruction, and performing a transfer instruction for a settlement corresponding to a matching result for the settlement instruction received from the settlement matching system.
[0004]
In addition, Japanese Patent Application Laid-Open No. 2003-233718 (Patent Document 2) discloses a system in which contract matching and settlement matching can be efficiently and rapidly performed and a state of progress of the processing can be easily confirmed, by performing bi-directional conversion of data via a data communication system with different contacts relating to securities contracts between a plurality of trading partners and management apparatus.
In addition, Japanese Patent Application Laid-Open No. 2003-233718 (Patent Document 2) discloses a system in which contract matching and settlement matching can be efficiently and rapidly performed and a state of progress of the processing can be easily confirmed, by performing bi-directional conversion of data via a data communication system with different contacts relating to securities contracts between a plurality of trading partners and management apparatus.
[0005]
Another example is a mechanism for institutional investors (buy side) provided in Laid Open Japanese Patent Application No. 2005-228029 (Patent Document 3), which discloses an order management system for managing orders of stocks to a securities company by an institutional investor. The order management system collates order data with contract execution result data from the securities company, extracts orders for which the contract has not been established within a predetermined time from the order time and sends order cancellation data for these = orders.
Prior Art Documents Patent Literature
Another example is a mechanism for institutional investors (buy side) provided in Laid Open Japanese Patent Application No. 2005-228029 (Patent Document 3), which discloses an order management system for managing orders of stocks to a securities company by an institutional investor. The order management system collates order data with contract execution result data from the securities company, extracts orders for which the contract has not been established within a predetermined time from the order time and sends order cancellation data for these = orders.
Prior Art Documents Patent Literature
[0006]
Patent Document 1: Japanese Patent Application Laid-Open No. 2002-358414 Patent Document 2: Japanese Patent Application Laid-Open No. 2003-233718 Patent Document 3: Japanese Patent Application Laid-Open No. 2005-220829 Summary of the Invention Problem to be Solved by Invention
Patent Document 1: Japanese Patent Application Laid-Open No. 2002-358414 Patent Document 2: Japanese Patent Application Laid-Open No. 2003-233718 Patent Document 3: Japanese Patent Application Laid-Open No. 2005-220829 Summary of the Invention Problem to be Solved by Invention
[0007]
Conventionally, the sell side and the buy side, can conduct trading operations through use of respective information processing systems. However, under current arrangements, each company owns and manages its own system and so, although the sell side and buy side systems exchange the information required to conduct trading, there is little in the way of sharing or coordination of other useful information that could be disclosed. Hence, processing can be inefficient and trades with non-optimal conditions are sometimes made.
Conventionally, the sell side and the buy side, can conduct trading operations through use of respective information processing systems. However, under current arrangements, each company owns and manages its own system and so, although the sell side and buy side systems exchange the information required to conduct trading, there is little in the way of sharing or coordination of other useful information that could be disclosed. Hence, processing can be inefficient and trades with non-optimal conditions are sometimes made.
[0008]
It is therefore an object of the present invention to provide a securities trading management system enabling sharing of useful information when a transaction between the sell side and buy side is being established.
It is therefore an object of the present invention to provide a securities trading management system enabling sharing of useful information when a transaction between the sell side and buy side is being established.
[0009]
The above and other objects and novel features of the present invention will become apparent from the description of this specification and the accompanying drawings.
Means to Solve the Problem
The above and other objects and novel features of the present invention will become apparent from the description of this specification and the accompanying drawings.
Means to Solve the Problem
[0010]
The following is a brief description of the concepts of representative elements of the invention disclosed in the present application.
The following is a brief description of the concepts of representative elements of the invention disclosed in the present application.
[0011]
The securities trading management system according to the present embodiment includes: one or more buy side systems including a buy side order management system for managing orders for the sell side on the buy side; one or more sell side systems including a sell side order management system for managing orders for the buy side on the sell side; and a data center including a shared database for storing data that is consulted by the sell side system, at least a portion of the said data being created by the buy side system and/or data that is consulted by the sell side system, at least a portion of the said data being created by the buy side system.
Effect of the Invention
The securities trading management system according to the present embodiment includes: one or more buy side systems including a buy side order management system for managing orders for the sell side on the buy side; one or more sell side systems including a sell side order management system for managing orders for the buy side on the sell side; and a data center including a shared database for storing data that is consulted by the sell side system, at least a portion of the said data being created by the buy side system and/or data that is consulted by the sell side system, at least a portion of the said data being created by the buy side system.
Effect of the Invention
[0012]
The following is a brief description of the effects obtained using a representative embodiment of the invention disclosed in the present application.
The following is a brief description of the effects obtained using a representative embodiment of the invention disclosed in the present application.
[0013]
Specifically, the invention makes it possible to provide the securities trading management system that enable sharing of useful information when a transaction between the sell side and buy side is being established.
Brief Description of the Drawings
Specifically, the invention makes it possible to provide the securities trading management system that enable sharing of useful information when a transaction between the sell side and buy side is being established.
Brief Description of the Drawings
[0014]
FIG. I is schematic view of an example of the securities trading system according to an embodiment of the present invention.
FIG. 2 is a schematic view of an example of coordination of information with the sell side when the buy side is making an order, according to the embodiment of the present invention.
FIG. 3 is a schematic view of an example of the flow of order processing on the buy side when JOT information is used according to the embodiment of the present invention.
FIG. 4 is a schematic view of a specific example of the provision of data in the embodiment of the present invention.
FIG. 5 is a schematic view of another specific example of the provision of data in the embodiment of the present invention.
FIG. 6 is a schematic view of an example of coordination information with the sell side when the buy side is making an order, according to the prior art.
FIG. 7 is a schematic view of an example of the flow of order processing on the buy side when using 101 information according to the prior art.
Embodiments of the Invention
FIG. I is schematic view of an example of the securities trading system according to an embodiment of the present invention.
FIG. 2 is a schematic view of an example of coordination of information with the sell side when the buy side is making an order, according to the embodiment of the present invention.
FIG. 3 is a schematic view of an example of the flow of order processing on the buy side when JOT information is used according to the embodiment of the present invention.
FIG. 4 is a schematic view of a specific example of the provision of data in the embodiment of the present invention.
FIG. 5 is a schematic view of another specific example of the provision of data in the embodiment of the present invention.
FIG. 6 is a schematic view of an example of coordination information with the sell side when the buy side is making an order, according to the prior art.
FIG. 7 is a schematic view of an example of the flow of order processing on the buy side when using 101 information according to the prior art.
Embodiments of the Invention
[0015]
Hereinafter, embodiments of the present invention will be described in detail with reference to the drawings. In all of the drawings describing the embodiments, as a general rule, the same reference numerals are assigned to the same parts, and repeated descriptions thereof are omitted.
Also, in the explanation of a given drawing, the parts described with particular reference numerals in other drawings may be referred to using the same reference numerals, but not shown again. In the following, in order to make the features of the present invention easy to understand, explanations will be made through comparison with the conventional technique.
Hereinafter, embodiments of the present invention will be described in detail with reference to the drawings. In all of the drawings describing the embodiments, as a general rule, the same reference numerals are assigned to the same parts, and repeated descriptions thereof are omitted.
Also, in the explanation of a given drawing, the parts described with particular reference numerals in other drawings may be referred to using the same reference numerals, but not shown again. In the following, in order to make the features of the present invention easy to understand, explanations will be made through comparison with the conventional technique.
[0016] <Summary>
FIG. 6 is a schematic view of an example of coordination of information with the sell side when the buy side is making an order, according to the prior art. Currently, the investment company (buy side 30) and the securities company (sell side 20) conduct operations pertaining to securities trades using separate information systems, such as individual order management systems (in FIG. 6, the buy side 30 has a buy side system 300 and the sell side 20, a sell side system 200).
FIG. 6 is a schematic view of an example of coordination of information with the sell side when the buy side is making an order, according to the prior art. Currently, the investment company (buy side 30) and the securities company (sell side 20) conduct operations pertaining to securities trades using separate information systems, such as individual order management systems (in FIG. 6, the buy side 30 has a buy side system 300 and the sell side 20, a sell side system 200).
[0017]
In recent years, the use of IOI (Indication of Interest) generated by the sell side 20 has been considered as useful information when the buy side 30 places an order. In this case, the person in charge of each sell side 20 operation preliminarily sends useful information such as his or her company's 101 information 22 on that day to the buy side 30 using e-mail or FIX (Financial Information exchange) protocol, or through communication by FAX or phone. The person in charge of the buy side 30 who receives the 10I information 22 from each of the sell sides 20 consults the information to determine the order content of the day and registers the order information 32 in the buy side system 300. Thus, data usage efficiency is poor because coordination data and information is mainly carried out by the above-described transfer and not shared in a unified manner, and the protocols at the time of the transfer are not consistent.
In recent years, the use of IOI (Indication of Interest) generated by the sell side 20 has been considered as useful information when the buy side 30 places an order. In this case, the person in charge of each sell side 20 operation preliminarily sends useful information such as his or her company's 101 information 22 on that day to the buy side 30 using e-mail or FIX (Financial Information exchange) protocol, or through communication by FAX or phone. The person in charge of the buy side 30 who receives the 10I information 22 from each of the sell sides 20 consults the information to determine the order content of the day and registers the order information 32 in the buy side system 300. Thus, data usage efficiency is poor because coordination data and information is mainly carried out by the above-described transfer and not shared in a unified manner, and the protocols at the time of the transfer are not consistent.
[0018]
FIG. 7 is a schematic view of an example of the flow of order processing on the buy side 30 when using 101 information 22 according to the prior art. First of all, early in the morning before the opening of the market, the buy side 30 fund manager, who could an institutional investor etc., will decide which orders are to be transacted on that day based on an operation plan, etc. For example, let us assume that he or she decide on a "buy order" of "100,000 shares" of "XX
Stock". The fund manager forwards this information to the trader on the buy side 30 to execute the determined order.
FIG. 7 is a schematic view of an example of the flow of order processing on the buy side 30 when using 101 information 22 according to the prior art. First of all, early in the morning before the opening of the market, the buy side 30 fund manager, who could an institutional investor etc., will decide which orders are to be transacted on that day based on an operation plan, etc. For example, let us assume that he or she decide on a "buy order" of "100,000 shares" of "XX
Stock". The fund manager forwards this information to the trader on the buy side 30 to execute the determined order.
[0019]
To execute the order, the trader of the buy side 30 receives and refers to the 101 information 22 sent from each of the sell sides 20. In the example in the figure, "C
Securities", which is one of the sell sides 20, provides an Indication of Interest on "Stock XX"
designated by a fund manager offer at an advantageous fee of "3 BP (= 0.03%)". However, the trader needs to perform a large number of order processes within a short period of time before the market opens and is often unable to check all of the 101 information 22 received by means of e-mail, FAX etc. from each of the sell sides 20. Thus, it is often the case that advantageous 101 information 22 is overlooked or ineffectively used.
To execute the order, the trader of the buy side 30 receives and refers to the 101 information 22 sent from each of the sell sides 20. In the example in the figure, "C
Securities", which is one of the sell sides 20, provides an Indication of Interest on "Stock XX"
designated by a fund manager offer at an advantageous fee of "3 BP (= 0.03%)". However, the trader needs to perform a large number of order processes within a short period of time before the market opens and is often unable to check all of the 101 information 22 received by means of e-mail, FAX etc. from each of the sell sides 20. Thus, it is often the case that advantageous 101 information 22 is overlooked or ineffectively used.
[0020]
As a result, another sell side 20 (for example, "A securities" in the example in the figure) may be selected as the broker and an unwanted order may be conducted. In the example of FIG. 7, the information of the contract result received from "A Securities" as a result of the execution of the order and recorded in the buy side system 300 indicates that the fee was an unfavorable "15 BP".
As a result, another sell side 20 (for example, "A securities" in the example in the figure) may be selected as the broker and an unwanted order may be conducted. In the example of FIG. 7, the information of the contract result received from "A Securities" as a result of the execution of the order and recorded in the buy side system 300 indicates that the fee was an unfavorable "15 BP".
[0021]
To solve this problem, in the securities trading management system of the embodiment of the present invention, a shared database at a database center usable by both the buy side 30 and the sell side 20 is provided. Of the various data which can be usefully coordinated and shared by both sides, the database stores the data which can be disclosed to the other side. This data is coordinated and shared between the buy side 30 and sell side 20 (or between a plurality of buy sides 30 and a plurality of cell sides 20). By improving the efficiency of the processing at the buy side 30 and the sell side 20 in this way, the workload of the users is lightened, transactions can be carried out under more favorable conditions, and the performance of funds etc., run by the buy side 30 can be improved.
To solve this problem, in the securities trading management system of the embodiment of the present invention, a shared database at a database center usable by both the buy side 30 and the sell side 20 is provided. Of the various data which can be usefully coordinated and shared by both sides, the database stores the data which can be disclosed to the other side. This data is coordinated and shared between the buy side 30 and sell side 20 (or between a plurality of buy sides 30 and a plurality of cell sides 20). By improving the efficiency of the processing at the buy side 30 and the sell side 20 in this way, the workload of the users is lightened, transactions can be carried out under more favorable conditions, and the performance of funds etc., run by the buy side 30 can be improved.
[0022] <System Configuration>
FIG. 1 is schematic view of an example of the securities trading system according to an embodiment of the present invention. The securities trading management system 1 has a configuration in which a plurality of buy side systems 300, a plurality of sell side systems 200, and information processing systems of a data center 100 are connected to a network 10 such as the Internet. The buy side system 300 is an information processing system including an order management system and the like possessed by each buy side 30 (fund management company, etc.), and the sell side system 200 is an information processing system including an order management system and the like possessed by each sell side 20 (securities company, etc.).
FIG. 1 is schematic view of an example of the securities trading system according to an embodiment of the present invention. The securities trading management system 1 has a configuration in which a plurality of buy side systems 300, a plurality of sell side systems 200, and information processing systems of a data center 100 are connected to a network 10 such as the Internet. The buy side system 300 is an information processing system including an order management system and the like possessed by each buy side 30 (fund management company, etc.), and the sell side system 200 is an information processing system including an order management system and the like possessed by each sell side 20 (securities company, etc.).
[0023]
Of the data used and held by the buy side system 300 and the data used and held by the sell side system 200, the data center 100 provides a database that holds and manages at least data for which sharing between the buy side 30 and the sell side 20 is desirable. The center is not limited to providing only a storage service but may be configured to hold and operate the buy side system 300 and the cell side system 200 themselves. Furthermore, the data center may be configured so that a portion or all of the functions of these systems are provided to each of the buy sides 30 and the cell sides 20 as an ASP (Application Service Provider) service.
Of the data used and held by the buy side system 300 and the data used and held by the sell side system 200, the data center 100 provides a database that holds and manages at least data for which sharing between the buy side 30 and the sell side 20 is desirable. The center is not limited to providing only a storage service but may be configured to hold and operate the buy side system 300 and the cell side system 200 themselves. Furthermore, the data center may be configured so that a portion or all of the functions of these systems are provided to each of the buy sides 30 and the cell sides 20 as an ASP (Application Service Provider) service.
[0024]
The person in charge, etc. of each sell side 20 accesses their own sell side system 200 by using a web browser (not shown) or the like on a sell side terminal 21 which is his/her own information processing terminal, and performs sell side 20 operations.
Similarly, the person in charge, etc. of each buy side 30 accesses their own buy side system 300 by using a web browser (not shown) or the like on a buy side terminal 31 which is his/her own information processing terminal, and performs buy side 30 operations.
The person in charge, etc. of each sell side 20 accesses their own sell side system 200 by using a web browser (not shown) or the like on a sell side terminal 21 which is his/her own information processing terminal, and performs sell side 20 operations.
Similarly, the person in charge, etc. of each buy side 30 accesses their own buy side system 300 by using a web browser (not shown) or the like on a buy side terminal 31 which is his/her own information processing terminal, and performs buy side 30 operations.
[0025]
Each of the above systems is implemented using, for example, one or more server devices, a virtual server constructed on a cloud computing service, or the like. From the viewpoint of being able to share information between the buy side 30 and the sell side 20, it is preferable that the systems are run and monitored by the same IT operators, but the invention is not limited thereto.
Each of the above systems is implemented using, for example, one or more server devices, a virtual server constructed on a cloud computing service, or the like. From the viewpoint of being able to share information between the buy side 30 and the sell side 20, it is preferable that the systems are run and monitored by the same IT operators, but the invention is not limited thereto.
[0026]
For example, the sell side system 200 may include a sell side OMS 210, which is an Order Management System of the sell side 20, and a back system 220, which is a back office system.
The sell side OMS 210 also has a function for online execution of purchase orders to an exchange system 40, such as the Tokyo Stock Exchange, via the network 10 or the like. Further the buy side system 300 may include a include a buy side OMS 310, which is a buy side 30 order management system, and a back system 320, which is a back office system. =
For example, the sell side system 200 may include a sell side OMS 210, which is an Order Management System of the sell side 20, and a back system 220, which is a back office system.
The sell side OMS 210 also has a function for online execution of purchase orders to an exchange system 40, such as the Tokyo Stock Exchange, via the network 10 or the like. Further the buy side system 300 may include a include a buy side OMS 310, which is a buy side 30 order management system, and a back system 320, which is a back office system. =
[0027]
The data center 100 includes data stores such as a shared database (DB) 121, a buy side master DB 122, a sell side master DB 123, and a settings DB 124, which are implemented, for example, using databases or a file tables. A data coordination processing unit 110 implemented in software includes a function of managing and controlling the coordination and sharing of data between the buy side 30 and the cell side 20.
The data center 100 includes data stores such as a shared database (DB) 121, a buy side master DB 122, a sell side master DB 123, and a settings DB 124, which are implemented, for example, using databases or a file tables. A data coordination processing unit 110 implemented in software includes a function of managing and controlling the coordination and sharing of data between the buy side 30 and the cell side 20.
[0028]
The shared DB 121 is a table that holds data that can be shared between the cell side system 200 and the buy side system 300, such as data for which consent on disclosure has been granted.
Other configurations may be used, such as a configuration in which data provided from the buy side 30 is shared with a plurality of sell sides 20, a configuration in which data provided from the sell side 20 is shared by a plurality of buy sides 30, or a combination of these configurations.
The shared DB 121 is a table that holds data that can be shared between the cell side system 200 and the buy side system 300, such as data for which consent on disclosure has been granted.
Other configurations may be used, such as a configuration in which data provided from the buy side 30 is shared with a plurality of sell sides 20, a configuration in which data provided from the sell side 20 is shared by a plurality of buy sides 30, or a combination of these configurations.
[0029]
Efficient coordination between the processing between the sell side system 200 and the buy side system 300 can be achieved by consulting the shared DB 121. For the shared DB 121, it is assumed that the later-described data coordination processing unit 110 or the like appropriately controls the access for the users on the buy side 30 and the sell side 20, and the ranges of the data disclosed range. It is to be noted that, a portion of the data may be exchanged between the buy side system 300 and the cell side system 200 by, for example, directly sending and receiving data, without using the shared DB 121.
Efficient coordination between the processing between the sell side system 200 and the buy side system 300 can be achieved by consulting the shared DB 121. For the shared DB 121, it is assumed that the later-described data coordination processing unit 110 or the like appropriately controls the access for the users on the buy side 30 and the sell side 20, and the ranges of the data disclosed range. It is to be noted that, a portion of the data may be exchanged between the buy side system 300 and the cell side system 200 by, for example, directly sending and receiving data, without using the shared DB 121.
[0030]
The buy side master DB 122 and the cell side master DB 123 are tables holding master information about the buy side 30 and the sell side 20 which access the data center 100 and be provided with services such as data storage on the shared DB 121. It may contain account information for the users. The setting DB 124 is a table that stores various kinds of setting information on operations, processing, and the like in the data center 10.
The buy side master DB 122 and the cell side master DB 123 are tables holding master information about the buy side 30 and the sell side 20 which access the data center 100 and be provided with services such as data storage on the shared DB 121. It may contain account information for the users. The setting DB 124 is a table that stores various kinds of setting information on operations, processing, and the like in the data center 10.
[0031]
The data coordination processing unit 110 includes a function of performing processing related to coordination between the buy side 30 and the sell side 20. For example, based on data sharable between the buy side 30 and the cell side 20 stored in the shared DB
121, it is possible to automatically retrieve and extract data matching a predetermined condition set in advance for each user, and to simplify communication using email or the like between the buy side 30 and the sell side 20. The data coordination processing unit may also have a function of controlling access to data stored in the shared DB 121. By using the data held in the shared DB 121, it is possible to use more suitable data on the buy side 30 and the sell side 20 and thereby improve the processing efficiency.
The data coordination processing unit 110 includes a function of performing processing related to coordination between the buy side 30 and the sell side 20. For example, based on data sharable between the buy side 30 and the cell side 20 stored in the shared DB
121, it is possible to automatically retrieve and extract data matching a predetermined condition set in advance for each user, and to simplify communication using email or the like between the buy side 30 and the sell side 20. The data coordination processing unit may also have a function of controlling access to data stored in the shared DB 121. By using the data held in the shared DB 121, it is possible to use more suitable data on the buy side 30 and the sell side 20 and thereby improve the processing efficiency.
[0032]
As sharable data between the buy side 30 and the cell side 20, for example, in addition to the KM information 22 of each of the above-described sell sides 20, priority is given to real time characteristics such as balance information of each buy side 30. As well as information useful for conducting transactions under preferable conditions, unpredictable supplementary and preliminary information, such as information on the closing of the exchange due to a disaster such as a typhoon, and vacation information of responsible personnel such as traders etc. may be included. Also, information that is conventionally sent from the sell side 20 to the buy side 30 by file transfer or the like may be included, such as foreign stock trading fees and tax calculation rules, currency information and information on every market holiday. In the same way, information that is conventionally sent from the buy side 20 to the sell side 30 may be included, including, for example, additional information from order contract data to allow post trade operations after the contract to be conducted efficiently, such as position information on futures trading and information on fund opening.
As sharable data between the buy side 30 and the cell side 20, for example, in addition to the KM information 22 of each of the above-described sell sides 20, priority is given to real time characteristics such as balance information of each buy side 30. As well as information useful for conducting transactions under preferable conditions, unpredictable supplementary and preliminary information, such as information on the closing of the exchange due to a disaster such as a typhoon, and vacation information of responsible personnel such as traders etc. may be included. Also, information that is conventionally sent from the sell side 20 to the buy side 30 by file transfer or the like may be included, such as foreign stock trading fees and tax calculation rules, currency information and information on every market holiday. In the same way, information that is conventionally sent from the buy side 20 to the sell side 30 may be included, including, for example, additional information from order contract data to allow post trade operations after the contract to be conducted efficiently, such as position information on futures trading and information on fund opening.
[0033] <Sharing of Data>
FIG. 2 is a schematic view of an example of coordination of information with the sell side when the buy side is making an order, according to the embodiment. Unlike the conventional example shown in FIG. 6, each of the sell sides 20 sends the 101 information 23 not directly to the respective buy side 30 but rather to the data center 100, where it is registered in the shared DB 121. The person in charge of the buy side 30 can access the data center 100 to search the shared DB 121 and efficiently select the sell side 20 offering conditions suitable for the transaction he or she is scheduling. The person can may also extract the required data from the shared DB 121 and load it into his or her own sell side system 300. Order information 32 from the buy side 30 may also be coordinated with the sell side 20 by being registered in the shared DB 121 of the data center 100.
FIG. 2 is a schematic view of an example of coordination of information with the sell side when the buy side is making an order, according to the embodiment. Unlike the conventional example shown in FIG. 6, each of the sell sides 20 sends the 101 information 23 not directly to the respective buy side 30 but rather to the data center 100, where it is registered in the shared DB 121. The person in charge of the buy side 30 can access the data center 100 to search the shared DB 121 and efficiently select the sell side 20 offering conditions suitable for the transaction he or she is scheduling. The person can may also extract the required data from the shared DB 121 and load it into his or her own sell side system 300. Order information 32 from the buy side 30 may also be coordinated with the sell side 20 by being registered in the shared DB 121 of the data center 100.
[0034]
The exchange of data between the buy side 30 and the sell side 20 may be standardized by using, for example, a standard protocol extension such as FIX protocol or proprietary protocol.
The exchange of data between the buy side 30 and the sell side 20 may be standardized by using, for example, a standard protocol extension such as FIX protocol or proprietary protocol.
[0035]
FIG. 3 is a schematic view of an example of the flow of order processing on the buy side 30 when 101 information 23 is used according to the embodiment. Unlike in the conventional example shown in FIG. 7, the trader does not need to look over all the 101 information sent by e-mail or the like from each of the sell sides 20 in order to select the broker with whom to place the order, but instead, can smoothly perform the order processing for the selected buy side with a preferable broker.
FIG. 3 is a schematic view of an example of the flow of order processing on the buy side 30 when 101 information 23 is used according to the embodiment. Unlike in the conventional example shown in FIG. 7, the trader does not need to look over all the 101 information sent by e-mail or the like from each of the sell sides 20 in order to select the broker with whom to place the order, but instead, can smoothly perform the order processing for the selected buy side with a preferable broker.
[0036]
Specifically, the trader searches, based on predetermined conditions such as stock name etc., for the 101 information 23 that is registered in the shared DB 121 of the data center 100 by each sell side 20 or that has been loaded onto its own buy side system 300, and selects the broker with whom to place the order. An arrangement is also possible whereby the data coordination processing unit 110 of the data center 100 automatically performs broker selection processing based on conditions registered in the setting DB 124 in advance and either notifies the buy side system 300 or automatically makes the orders. If the data has been uploaded to the buy side system 300, automatic selection processing may also be performed by the buy side OMS 310.
Specifically, the trader searches, based on predetermined conditions such as stock name etc., for the 101 information 23 that is registered in the shared DB 121 of the data center 100 by each sell side 20 or that has been loaded onto its own buy side system 300, and selects the broker with whom to place the order. An arrangement is also possible whereby the data coordination processing unit 110 of the data center 100 automatically performs broker selection processing based on conditions registered in the setting DB 124 in advance and either notifies the buy side system 300 or automatically makes the orders. If the data has been uploaded to the buy side system 300, automatic selection processing may also be performed by the buy side OMS 310.
[0037]
In the example FIG. 3, "C Securities", which is one of the sell sides 20, provides an Indication of Interest on "Stock XX" designated by the fund manager at an advantageous fee of "3 BP". By aggregating the 101 information 23 from each of the sell sides 20 into the shared DB 121 or the like, it is possible to appropriately extract the IOI information 23 indicating such advantageous conditions. This enables simplification of trader operations and ensures that trades with advantageous fees can be reliably realized, thereby improving the performance of the fund, etc.
In the example FIG. 3, "C Securities", which is one of the sell sides 20, provides an Indication of Interest on "Stock XX" designated by the fund manager at an advantageous fee of "3 BP". By aggregating the 101 information 23 from each of the sell sides 20 into the shared DB 121 or the like, it is possible to appropriately extract the IOI information 23 indicating such advantageous conditions. This enables simplification of trader operations and ensures that trades with advantageous fees can be reliably realized, thereby improving the performance of the fund, etc.
[0038]
FIG. 4 is a schematic view of a specific example of the provision of data in the embodiment.
For example, for the sharing and coordination of the same 101 information 23 as shown in the example of FIG. 3, the respective sell sides 20, such as "A Securities", "B
Securities" and "C
Securities", etc., send the IOI information 23 to the data center 100 directly from the sell side terminal 21 or from the sell side OMS 210 of the sell side system 200.
FIG. 4 is a schematic view of a specific example of the provision of data in the embodiment.
For example, for the sharing and coordination of the same 101 information 23 as shown in the example of FIG. 3, the respective sell sides 20, such as "A Securities", "B
Securities" and "C
Securities", etc., send the IOI information 23 to the data center 100 directly from the sell side terminal 21 or from the sell side OMS 210 of the sell side system 200.
[0039]
In the data center 100, the JOT information 23 received from each sell side 20 is, for example, registered in an 101 table 121a that holds the 101 information in the shared DB 121. In the example of FIG. 4, the stock "XX" is registered in the 101 table 121a at a fee of "8 BP" for "A
Securities", "10 BP" for "B Securities" and "9 BP" for "C Securities". Here, for the stock "XX", it turns out that the most advantageous fee for the buy side 30 is the "8 BP"
offered by "A
Securities".
In the data center 100, the JOT information 23 received from each sell side 20 is, for example, registered in an 101 table 121a that holds the 101 information in the shared DB 121. In the example of FIG. 4, the stock "XX" is registered in the 101 table 121a at a fee of "8 BP" for "A
Securities", "10 BP" for "B Securities" and "9 BP" for "C Securities". Here, for the stock "XX", it turns out that the most advantageous fee for the buy side 30 is the "8 BP"
offered by "A
Securities".
[0040]
At this point, by searching the shared DB 121 the buy side system 300 extracts the 101 information 23 from "A Securities" as the offer with the most preferable conditions, and based on the content thereof, prepares order information with "A Securities"
selected as the broker for the order. As shown in the figure, the order information is recorded in, for example, the trade management DB (311) or the like included in the OMS 310 of the buy side system 300. This data base may be managed in the data center 100 as a table of the shared DB 121, and order information may be shared/coordinated with the sell side system 200 as needed.
At this point, by searching the shared DB 121 the buy side system 300 extracts the 101 information 23 from "A Securities" as the offer with the most preferable conditions, and based on the content thereof, prepares order information with "A Securities"
selected as the broker for the order. As shown in the figure, the order information is recorded in, for example, the trade management DB (311) or the like included in the OMS 310 of the buy side system 300. This data base may be managed in the data center 100 as a table of the shared DB 121, and order information may be shared/coordinated with the sell side system 200 as needed.
[0041]
FIG. 5 is a schematic view of another specific example of the provision of data in the present embodiment. Here, unlike the example of FIG. 4, market holiday information is shared. For example, one of the sell sides 20 ("B Securities" in the figure) sends calendar information 24 for each market and currency to the data center 100. In the data center 100, the received calendar information is, for example, registered in a calendar table 121b that holds the calendar information for the markets. In the example of FIG. 5, the calendar table 121b indicates that the delivery in the currency "USD" on "FEB 19" is handled as "WEEKDAY" by market "YY" while delivery in the currency "EURO "is handled as "HOLIDAY".
FIG. 5 is a schematic view of another specific example of the provision of data in the present embodiment. Here, unlike the example of FIG. 4, market holiday information is shared. For example, one of the sell sides 20 ("B Securities" in the figure) sends calendar information 24 for each market and currency to the data center 100. In the data center 100, the received calendar information is, for example, registered in a calendar table 121b that holds the calendar information for the markets. In the example of FIG. 5, the calendar table 121b indicates that the delivery in the currency "USD" on "FEB 19" is handled as "WEEKDAY" by market "YY" while delivery in the currency "EURO "is handled as "HOLIDAY".
[0042]
Therefore, when the buy side system 300 refers to this information to create the order information, the transaction in the currency "EURO" on the market "YY", will still have the regular "EXECUTION DATE" of "FEB 17", but the "DELIVERY DATE", normally set to be 2 working days after execution, can be automatically shifted from "FEB 19", which is the holiday, to the next working day of "FEB 20". As a result, it is possible to reduce unnecessary and administrative errors in trader operations.
Therefore, when the buy side system 300 refers to this information to create the order information, the transaction in the currency "EURO" on the market "YY", will still have the regular "EXECUTION DATE" of "FEB 17", but the "DELIVERY DATE", normally set to be 2 working days after execution, can be automatically shifted from "FEB 19", which is the holiday, to the next working day of "FEB 20". As a result, it is possible to reduce unnecessary and administrative errors in trader operations.
[0043]
In the above example, a case in which the 101 information and the market calendar information are shared and coordinated between the buy side 30 and the cell side 20 has been described, but the shared data is not limited to this. As described above, other information which can be usefully shared, such as balance information of each buy side 30, information on closing of the exchange due to a disaster such as typhoon, vacation and absence information of persons in charge such as traders, fees and tax accountancy rules on the sell side 20, and, from the buy side 30, position information at the time of order placement and information for opening fund accounts By collecting and sharing these types of information to improve retrievability, and by using the information for various kinds of automatic processing in the data coordination processing unit 110 of the data center 100, the buy side OMS 310, and the sell side OMS 210, it is possible to increase the processing efficiency, expand the functionality of the system, and the like.
In the above example, a case in which the 101 information and the market calendar information are shared and coordinated between the buy side 30 and the cell side 20 has been described, but the shared data is not limited to this. As described above, other information which can be usefully shared, such as balance information of each buy side 30, information on closing of the exchange due to a disaster such as typhoon, vacation and absence information of persons in charge such as traders, fees and tax accountancy rules on the sell side 20, and, from the buy side 30, position information at the time of order placement and information for opening fund accounts By collecting and sharing these types of information to improve retrievability, and by using the information for various kinds of automatic processing in the data coordination processing unit 110 of the data center 100, the buy side OMS 310, and the sell side OMS 210, it is possible to increase the processing efficiency, expand the functionality of the system, and the like.
[0044]
Although the invention created by the present inventor has been specifically described based on the embodiments above, the present invention is not limited to the above-described embodiments, and various modifications can naturally be made without departing from the gist thereof. The above embodiments have been described in detail in order to explain the present invention in an easy-to-understand manner, but the invention does not necessarily have to include all of these configurations. A portion of the configuration of the above-described embodiment can be added to, omitted, or replaced with other configurations.
Industrial applicability
Although the invention created by the present inventor has been specifically described based on the embodiments above, the present invention is not limited to the above-described embodiments, and various modifications can naturally be made without departing from the gist thereof. The above embodiments have been described in detail in order to explain the present invention in an easy-to-understand manner, but the invention does not necessarily have to include all of these configurations. A portion of the configuration of the above-described embodiment can be added to, omitted, or replaced with other configurations.
Industrial applicability
[0045]
The present invention enables use of a securities trading management system that supports operations relating to receiving trading orders and contract processing Description of the reference numerals
The present invention enables use of a securities trading management system that supports operations relating to receiving trading orders and contract processing Description of the reference numerals
[0046]
1...Securities trading management system 10 ... Network, 20 ... Sell side, 21 ... Sell side terminal, 22, 23 ... IOI information, 24 ... Calendar information, 30 ... Buy side, 31 ... Buy side terminal, 32 ...Order information, 40 ... Exchange system, 100 ... Data center, 110 ... Data coordination processing unit, 121 ... Shared DB, 12Ia ... 101 table, 121b Calendar table, 122 ...
Buy side master DB, 123 ... Sell side master DB, 124 ... Settings DB, 200 ...
Sell side system, 210 ... Sell side OMS, 220 ... Back system, 300 ... Buy side system, 310 ...
Buy side OMS, 311 ...
Trading management DB, 320 ... Back system
1...Securities trading management system 10 ... Network, 20 ... Sell side, 21 ... Sell side terminal, 22, 23 ... IOI information, 24 ... Calendar information, 30 ... Buy side, 31 ... Buy side terminal, 32 ...Order information, 40 ... Exchange system, 100 ... Data center, 110 ... Data coordination processing unit, 121 ... Shared DB, 12Ia ... 101 table, 121b Calendar table, 122 ...
Buy side master DB, 123 ... Sell side master DB, 124 ... Settings DB, 200 ...
Sell side system, 210 ... Sell side OMS, 220 ... Back system, 300 ... Buy side system, 310 ...
Buy side OMS, 311 ...
Trading management DB, 320 ... Back system
Claims (4)
- [Claim 1]
A securities trading management system that manages securities trades performed by a sell side upon receiving an order from a buy side, the system comprising:
one or more buy side systems including a buy side order management system for managing orders for the sell side on the buy side;
one or more sell side systems including a sell side order management system for managing orders for the buy side on the sell side; and a data center including a shared database for storing data that is consulted by the sell side system, at least a portion of the said data being created by the buy side system and/or data that is consulted by the sell side system, at least a portion of the said data being created by the buy side system. - [Claim 2]
The securities trading management system according to Claim 1, wherein the data stored in the shared database includes additional information other than the data pertaining to the contract for the order. - [Claim 3]
The securities trading management system according to Claim 1, wherein the data stored in the shared database includes additional information other than the data pertaining to the contract for the order. - [Claim 4]
The securities trading management system according to Claim 3, wherein the buy side system or the data center selects the sell side with which to place the order made by the buy side based on the IOI information held in the shared database.
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA3091173A CA3091173A1 (en) | 2015-05-26 | 2015-05-26 | Securities trading management system |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| PCT/JP2015/065149 WO2016189673A1 (en) | 2015-05-26 | 2015-05-26 | Securities trading management system |
Related Child Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA3091173A Division CA3091173A1 (en) | 2015-05-26 | 2015-05-26 | Securities trading management system |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| CA3023585A1 true CA3023585A1 (en) | 2016-12-01 |
Family
ID=57393072
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| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA3091173A Pending CA3091173A1 (en) | 2015-05-26 | 2015-05-26 | Securities trading management system |
| CA3023585A Pending CA3023585A1 (en) | 2015-05-26 | 2015-05-26 | Securities trading management system |
Family Applications Before (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA3091173A Pending CA3091173A1 (en) | 2015-05-26 | 2015-05-26 | Securities trading management system |
Country Status (2)
| Country | Link |
|---|---|
| CA (2) | CA3091173A1 (en) |
| WO (1) | WO2016189673A1 (en) |
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| CN109753491B (en) * | 2018-12-29 | 2021-03-26 | 北京世纪互联宽带数据中心有限公司 | Data operation and maintenance system and method, electronic equipment and storage medium |
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| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US7475046B1 (en) * | 1999-10-05 | 2009-01-06 | Bloomberg L.P. | Electronic trading system supporting anonymous negotiation and indications of interest |
| US7979347B1 (en) * | 2000-03-16 | 2011-07-12 | Goldman Sachs & Co. | Automated online sales risk management |
| JP2001357210A (en) * | 2000-04-03 | 2001-12-26 | Masato Doujo | Stock exchange system |
| WO2007134299A2 (en) * | 2006-05-13 | 2007-11-22 | Kevin Foley | Products and processes for utilizing order data and related data |
| US8285629B2 (en) * | 2007-11-15 | 2012-10-09 | Cfph, Llc | Trading system products and processes |
| JP5355880B2 (en) * | 2007-12-03 | 2013-11-27 | 株式会社大和証券グループ本社 | Securities brokerage system and program |
-
2015
- 2015-05-26 CA CA3091173A patent/CA3091173A1/en active Pending
- 2015-05-26 WO PCT/JP2015/065149 patent/WO2016189673A1/en active Application Filing
- 2015-05-26 CA CA3023585A patent/CA3023585A1/en active Pending
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| CA3091173A1 (en) | 2016-12-01 |
| WO2016189673A1 (en) | 2016-12-01 |
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