JP2009217295A - Exchange transaction support device - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To select an order destination of an exchange transaction order advantageous to a customer out of a plurality of cover banks. <P>SOLUTION: This exchange transaction support device 100 is connected with exchange transaction systems 204 of the plurality of banks, and a plurality of customer terminals 200. The exchange transaction support device 100 receives the exchange transaction order from the customer terminal 200, selects the bank that is the order destination of the exchange transaction order, transmits the exchange transaction order to the exchange transaction system 204 of the bank that is the order destination, receives a contract notification of the exchange transaction order, and measures a time until receiving the contract notification after transmitting the exchange transaction order as a response time. When selecting the order destination, the bank having the response time about the exchange transaction order contracted in the past shorter than the other banks takes priority among the plurality of banks. <P>COPYRIGHT: (C)2009,JPO&INPIT

Description

  The present invention relates to a foreign exchange transaction, and more particularly, to a technique for mediating a foreign exchange transaction order received from a customer to a financial institution such as a foreign exchange bank.

  The exchange rate of each country's currency is formed by banks exchanging their own currencies. This place of currency exchange between banks is called the “interbank market”.

  With the revision of the so-called Foreign Exchange Law in 1998, exchange trading was released to many investors, including individual investors. An FX (Foreign Exchange) trader such as a securities company receives a foreign exchange transaction order from a customer and places the foreign exchange transaction order at a bank, whereby the customer indirectly accesses the interbank market. FX traders use brokerage fees for foreign exchange trading orders as a source of revenue.

The customer predicts the currency trend and places various currency trading orders with the FX dealer. For example, it is assumed that a customer A predicts future dollar appreciation and yen depreciation when the USD (US dollar) / JPY (Japanese yen) currency pair is 1 dollar / 110 yen. In this case, the customer A issues a buy order (dollar purchase / yen sale) for this currency pair (USD / JPY). When a buy order is placed, first borrow 110 yen, then sell the borrowed 110 yen to buy 1 dollar. One dollar is lent out as it is. When the dollar appreciation progresses to 1 dollar / 115 yen as expected, customer A places a selling order (dollar selling / yen buying). When a sell order is placed, the dollar that was lent is sold and 115 yen is received, and the borrowed 110 yen is returned. As a result, the difference of 5 yen (= 115 yen-110 yen) is profitable.
In FX trading, because of the “leverage” effect, many positions can be taken with a small principal amount, so a high return can be realized if the exchange rate trend can be well predicted. FX trading, which aims at large returns with few principals, is rapidly expanding the market.
JP 2005-242589 A

  The FX trader usually selects in advance a bank that will be the destination of the exchange transaction order. Such a bank is called a “cover bank”. Since the interbank market is based on bilateral transactions, the exchange rate is not uniform for each cover bank. As a result, customer interests are affected by which bank is selected as the cover bank. For example, if one bank A sells 1 dollar for 110.20 yen and another bank B sells 1 dollar for 110.30 yen, it is more advantageous for the customer to buy US dollars from bank A. Even if the difference is 10 sens, when the position is large, a profit disparity that cannot be ignored occurs. On the other hand, if it takes time for Bank A to process the order, the exchange rate is likely to fluctuate during the period from when the exchange order is placed until it is executed, so Bank A is not necessarily more advantageous to the customer than Bank B. No more.

  The present invention is an invention completed based on the above-mentioned problems, and its main object is to select an advantageous supplier to a customer from a plurality of cover banks when a foreign exchange transaction order is received from the customer. To provide technology.

An embodiment of the present invention relates to a currency exchange transaction system of a plurality of financial institutions and a currency exchange support device connected to a customer terminal via a communication line.
This device receives, from a customer terminal, a foreign exchange transaction order specifying a currency pair and a transaction volume, selects a financial institution from which a foreign exchange transaction order is to be placed from a plurality of financial institutions, and selects a financial institution as an order destination. The exchange transaction order is transmitted to the institution's exchange transaction system, the exchange notification of the exchange transaction order is received, and the time from when the exchange transaction order is transmitted until the execution notification is received is measured as a response time. When selecting a supplier, priority is given to a financial institution having a shorter response time with respect to a foreign exchange transaction order executed in the past than other financial institutions.

  It should be noted that any combination of the above-described components, and the present invention expressed by a method, system, recording medium, and computer program are also effective as an aspect of the present invention.

  ADVANTAGE OF THE INVENTION According to this invention, it becomes easy to select the ordering party advantageous for a customer among several cover banks.

FIG. 1 is a schematic diagram of a foreign exchange transaction.
Banks around the world exchange various currencies each day. For example, if a Japanese company obtains US dollars by export and wants to exchange it for Japanese yen in order to pay the salary of Japanese employees, the company passes the US dollar to a bank and asks for exchange to Japanese yen. Banks that receive US dollars sell US dollars to other banks and receive Japanese yen instead. As a result of such corporate activities, the exchange rate of various currency pairs changes every moment. In addition, exchange rates fluctuate due to various factors such as exchange interventions by central banks and inflows of speculative funds.

  The FX trader is a trader who mediates between the customer and the interbank market. FX traders are offered exchange rates for various currency pairs from cover banks. For example, assume that bank A presents a bid rate of 110.10 yen and an offer rate of 110.15 yen as the USD / JPY exchange rate. The bid rate shows the selling price in US dollars (USD), that is, the price when the customer sells 1 dollar (the price at which the bank buys 1 dollar from the customer), and the offer rate is the buying price in US dollar (USD), that is, 1 Shows the price (the price at which a bank sells a dollar to a customer) when buying a dollar. Usually, the offer rate (buy price) is high and the bid rate (sell price) is set low. The difference of 5 sens is the bank's profit as “exchange spread”. Depending on the bank, exchange rates vary, and exchange spreads vary in size. Of course, banks with smaller exchange spreads are preferred for customers.

The FX company presents the exchange rate presented by the cover bank to the customer. The customer refers to the exchange rate, predicts the exchange trend, and places various exchange trading orders with the FX dealer. The FX trader places an exchange transaction order received from the customer at the cover bank.
In this embodiment, the FX dealer sets a plurality of banks as cover banks. Then, according to a predetermined selection condition, an ordering party advantageous to the customer is dynamically selected from a plurality of cover banks.

FIG. 2 is a hardware configuration diagram showing the relationship between the exchange transaction support apparatus 100, the customer terminal 200, and the exchange transaction system 204.
The exchange transaction support apparatus 100 is an apparatus introduced by an FX dealer. The exchange transaction support apparatus 100 is connected to exchange transaction systems 204a, 204b,... 204c (hereinafter simply referred to as “exchange transaction system 204”) via a dedicated line or the like. The exchange transaction system 204 is a business system (Enterprise System) for exchange transactions introduced in each cover bank. The foreign exchange transaction system 204 may be an existing system for accepting an exchange transaction order and executing an exchange transaction with another bank's exchange transaction system 204 or broker.

  The exchange transaction support apparatus 100 is connected to customer terminals 200 a, 200 b,... 200 c (hereinafter simply referred to as “customer terminal 200”) via the Internet 202. The customer terminal 200 is a terminal used by customers such as individual investors. The customer terminal 200 may be a general computer terminal equipped with a web browser.

  The exchange transaction support apparatus 100 acquires exchange rates of various currency pairs from the exchange transaction systems 204 of a plurality of cover banks. The exchange transaction support apparatus 100 displays the exchange rate of each currency pair on the customer terminal 200 in a web page format. In the present embodiment, the exchange transaction support apparatus 100 presents only the representative exchange rate among the exchange rates presented by the plurality of cover banks to the customer terminal 200. For example, three cover banks A, B and C present cover bank A: 110.05 yen, cover bank B: 110.20 yen, and cover bank C: 109.40 yen as USD / JPY offer rates. Suppose you were. At this time, the exchange transaction support apparatus 100 presents “110.40 yen”, which is the exchange rate most unfavorable to the customer, to the customer as an offer rate. As a variant, all three offer rates may be presented, the average of these may be presented, the offer rate that is most advantageous to the customer, or the offer rate of a given cover bank is always presented. It is good.

The customer transmits the exchange transaction order from the customer terminal 200 to the exchange transaction support apparatus 100. The currency exchange order here indicates at least the currency pair, the transaction volume, and the purchase / buy. The transaction amount of each currency pair is specified by the number of minimum currency units (lots) determined for each currency pair. For example, if the lot of USD / JPY is 1000 currency units ($ 1000), the transaction amount is specified in units of 1000 dollars. For currency pairs specified in the format of “A / B” such as USD / JPY, A buy / B sell is indicated as a buy order, and A sell / B buy is indicated as a sell order. It is assumed that selling and buying is indicated with reference to currency A.
In the following description, it is assumed that a currency trading order issued by a customer is a market order.

Each exchange transaction system 204 periodically transmits “state information” indicating the execution state of the exchange transaction to the exchange transaction support apparatus 100. The status information will be described in detail with reference to FIG. When receiving the exchange transaction order, the exchange transaction support apparatus 100 selects an ordering party from a plurality of cover banks based on the status information of each cover bank. The foreign exchange transaction support apparatus 100 automatically selects an ordering party according to a predetermined selection condition so that an advantageous ordering party can be selected as a customer. In the present embodiment, an optimal ordering party is selected from four viewpoints: P1: excess amount, P2: contract rate, P3: exchange rate, and P4: response time. Details will be described later.
The exchange transaction support apparatus 100 may independently collect state information from information sources other than the exchange transaction system 204.

FIG. 3 is a diagram illustrating a data structure of the state information 210. As illustrated in FIG.
The exchange transaction system 204 periodically transmits status information to the exchange transaction support apparatus 100 at a short time interval of about 1.0 seconds, for example. The figure shows the state information transmitted from the cover bank (name: A, ID: 0012).

The USD / JPY area 212 is an area indicating the transaction execution state of the cover bank A for the currency pair: USD / JPY.
The exchange rate area 214 is an exchange rate in the cover bank A of the currency pair: USD / JPY. According to the figure, the offer rate (buy price of US dollar) is 110.15 yen, the bid rate (selling price of US dollar) is 110.10 yen, and therefore the exchange spread is 5 yen.

  The contract standby area 216 indicates the order volume currently on standby for each of the sell order and the buy order of the currency pair: USD / JPY. According to the figure, among the purchase orders of USD / JPY, 202,000 lots are currently waiting for execution. Hereinafter, the order quantity of such a pending buy order is referred to as “buy standby order quantity”. Of the USD / JPY selling orders, 511,000 lots are awaiting execution. Hereinafter, the order quantity of such a pending sales order is referred to as “standby order quantity”. In the case of the cover bank A, it is understood that the selling standby order quantity is larger than the buying standby order quantity, so that it is “selling superiority”. A value obtained by subtracting the buy standby order quantity from the sell standby order quantity is called "excess quantity". When the excess amount is + (plus), there is a selling advantage, and the larger the excess amount, the stronger the selling advantage.

  The contract rate area 218 indicates the order quantity in the past predetermined period, for example, the last one hour, and the order quantity successfully executed for each of the sell order and the buy order of the currency pair: USD / JPY. According to the figure, the purchase order of USD / JPY has been accepted in the last hour, 71.112,000 lots, of which 620,000 lots have been executed. The remaining 906,000 lots are awaiting or failing to execute. For example, cover bank A may treat it as a failed transaction if the market order cannot be executed within 3.0 seconds after placing the order. Hereinafter, of the purchase orders accepted in the past predetermined period, the amount of the completed purchase order is referred to as “buy execution order amount”. Similarly, the selling order of USD / JPY has been received in the last hour, and 660,000 lots have been accepted, of which 6542,000 lots have been executed. Of the sell orders accepted during a predetermined period in the past, the amount of sold orders that have been executed is referred to as “sell execution order quantity”. The ratio of the buy contract order received in the buy order received during the predetermined period and the ratio of the sell contract received in the sell order received during the predetermined period are referred to as “contract rate”. Call it.

The service period area 220 indicates whether or not the cover bank A is currently handling a currency pair: USD / JPY exchange transaction. In the case of the figure, it is understood that the USD / JPY exchange transaction is currently being handled, and the handling is finished after 20 minutes and the handling is resumed after 8 hours and 20 minutes.
The foreign exchange transaction support apparatus 100 periodically receives such state information and selects a destination for the exchange transaction order.

FIG. 4 is a functional block diagram of the exchange transaction support apparatus 100.
Each block shown here can be realized in hardware by an element such as a CPU of a computer or a mechanical device, and in software it is realized by a computer program or the like. Draw functional blocks. Therefore, those skilled in the art will understand that these functional blocks can be realized in various forms by a combination of hardware and software.

The exchange transaction support apparatus 100 includes a bank interface unit (hereinafter referred to as “bank IF unit 110”), a customer interface unit (hereinafter referred to as “customer IF unit 120”), a data processing unit 130, and a data holding unit 160. .
The bank IF unit 110 is in charge of communication processing with the exchange transaction system 204.
The customer IF unit 120 is in charge of processing related to the entire user interface for the customer terminal 200.
The data processing unit 130 executes various types of data processing based on data acquired from the bank IF unit 110, the customer IF unit 120, and the data holding unit 160. The data processing unit 130 also serves as an interface among the bank IF unit 110, the customer IF unit 120, and the data holding unit 160.
The data holding unit 160 stores various setting data prepared in advance and data received from the data processing unit 130.

Bank IF section 110:
The bank IF unit 110 includes a transaction status reception unit 112, a transaction order transmission unit 114, a contract notification reception unit 116, and a test ordering unit 118. The transaction status receiving unit 112 receives status information from the exchange transaction system 204 of each cover bank. The transaction order transmission unit 114 transmits the exchange transaction order received from the customer to the cover bank selected by the order selection unit 140 described later. The contract notification receiving unit 116 receives a “contract notification” from the exchange transaction system 204 when the exchange transaction order is executed. The test ordering unit 118 transmits a trial exchange transaction order to the instructed cover bank exchange transaction system 204 in response to an instruction from the unselected detection unit 152 described later. The experimental exchange trading order will be described in detail later.

Customer IF department 120:
The customer IF unit 120 includes a display unit 122 and an input unit 124. The input unit 124 receives an input operation from a customer. The input unit 124 includes a trade order receiving unit 126. The trading order receiving unit 126 receives a currency trading order from the customer terminal 200. The display unit 122 displays various information on the customer terminal 200. Strictly speaking, the display unit 122 displays various information on the monitor of the customer terminal 200 by causing the customer terminal 200 to transmit a predetermined web page.

Data holding unit 160:
The data holding unit 160 includes a standby state holding unit 162, a contract rate holding unit 164, a rate holding unit 166, and a response time holding unit 168. The standby state holding unit 162 holds a buy standby order quantity and a sell standby order quantity for each cover bank and currency pair. The contract rate holding unit 164 holds a buy contract rate and a sell contract rate for each cover bank and currency pair. The rate holding unit 166 holds a bid rate and an offer rate for each cover bank and currency pair. Each time the transaction state receiving unit 112 receives the state information, each data of the standby state holding unit 162, the contract rate holding unit 164, and the rate holding unit 166 is updated. The response time holding unit 168 holds a buy response time and a sell response time for each cover bank and currency pair. The response time will be described later.

Data processing unit 130:
Data processing unit 130 includes an order selection unit 140, an unselected detection unit 152, and a response time measurement unit 154. The response time measuring unit 154 measures the time from when the transaction order transmitting unit 114 transmits the exchange transaction order to the cover bank until the contract notification receiving unit 116 receives the contract notification as “response time”. Even after a customer submits a currency trading order, the exchange rate changes every moment. For this reason, the shorter the response time, the easier it is to execute at an exchange rate close to the presented exchange rate. The response time is recorded in the response time holding unit 168 after the measurement.

The supplier selection unit 140 selects a supplier for the exchange transaction order from a plurality of cover banks. The supplier selection unit 140 includes a standby selection unit 142, a contract rate selection unit 144, a rate selection unit 146,
A response time selection unit 148 and a transaction division unit 150 are included.
The supplier selection unit 140
P1. A cover bank with a large excess for buy orders (or a cover bank with a small excess for sell orders)
P2. Cover banks with high buy execution rates for buy orders (or cover banks with high sell execution rates for sell orders)
P3. Cover banks that offer favorable exchange rates to customers P4. Cover banks with short response time for buy orders (or cover banks with short response time for sell orders)
The optimum supplier is selected from these four viewpoints. You may select a cover bank from one or two or more viewpoints among said four viewpoints. In the present embodiment, a mode in which a cover bank is selected based on all the four viewpoints will be described.

P1: Selection based on excess amount The standby selection unit 142 preferentially selects an optimal cover bank from the viewpoint of P1. Here, “preferentially” is because it is not always necessary to select a cover bank only from the viewpoint of P1, and it may be comprehensively determined from a viewpoint other than P1. The same applies to the viewpoints of P2, P3, and P4. For example, suppose that a purchase order for USD / JPY (buy US dollar / Japanese yen sale) is ordered from a customer. At this time, the standby selection unit 142 acquires the excess amount of each bank based on the state information of each bank. Assuming that there are five cover banks A to E, if you acquire the excess amount of USD / JPY,
Cover bank A: excess amount = + 100,000 (selling advantage)
Cover Bank B: Excess amount = +50,000 (selling advantage)
Cover Bank C: Excess amount = +200,000 (most selling advantage)
Cover Bank D: Excess amount = -50,000 (Buying advantage)
Cover Bank E: Excess amount = -100,000 (most buying advantage)
Suppose that Therefore, the standby selection unit 142 identifies the cover bank C that is most likely to be sold among the five cover banks, that is, the cover bank C that the buy order is most likely to be executed as the optimum supplier. In this embodiment, the standby selection unit 142 has 20 points for the first cover bank C, 10 points for the second cover bank A, 5 points for the third cover bank B, and 4th place according to the excess amount. -5 points are awarded to cover bank D, and -10 points are given to fifth place cover bank E. The point here is an index value indicating the appropriate degree of each cover bank as an ordering party. In the case of a USD / JPY selling order (US dollar selling / Japanese yen buying), a higher-priced cover bank is given higher points.

P2: Selection Based on Contract Rate The contract rate selection unit 144 preferentially selects an optimal cover bank from the viewpoint of P2. The contract rate selection unit 144 calculates the contract rate of each bank from the state information of each bank. When calculating the contract rate for the selling order of USD / JPY,
Cover Bank A: (Buy) contract rate = 90%
Cover bank B: (buy) contract rate = 85%
Cover Bank C: (Buy) contract rate = 95%
Cover Bank D: (Buy) contract rate = 70% (minimum value)
Cover Bank E: (buy) execution rate = 100% (maximum)
Suppose that Therefore, the contract rate selection unit 144 selects the cover bank E that has the highest USD / JPY contract rate in the past among the five cover banks, that is, the cover bank E that is most likely to successfully execute the buy order. Specify as the supplier. In this embodiment, the contract rate selection unit 144 is 100 points for the first cover bank E, 95 points for the second cover bank C, 90 points for the third cover bank A, and 90 points for the fourth cover bank B. 85 points and 70 points are awarded to 5th place cover bank D. In the case of a USD / JPY selling order (US dollar selling / Japanese yen buying), a cover bank having a higher contract rate for selling will receive higher points.
Total in terms of points granted in terms of P1: 1st place: cover bank C / 115 points, 2nd place: cover bank A / 100 points, 3rd place: cover bank B and E / 90 points, 5th place: cover bank D・ 65 points.

P3: Selection Based on Exchange Rate The rate selection unit 146 preferentially selects an optimal cover bank from the viewpoint of P3. The rate selection unit 146 acquires the exchange rate of each bank from the state information of each bank. When you get the USD / JPY offer rate,
Cover Bank A: Offer rate = 110.50 yen Cover Bank B: Offer rate = 111.00 yen (maximum value)
Cover Bank C: Offer rate = 110.65 yen Cover Bank D: Offer rate = 110.20 yen (lowest price)
Cover bank E: It is assumed that the offer rate is 110.80 yen. Therefore, the rate selection unit 146 specifies the cover bank D presenting the lowest price among the five cover banks as the optimum ordering party. In this embodiment, the rate selection unit 146 provides 0 points for the lowest cover bank D, −30 points corresponding to the difference of 30 yuan for the next cheap cover bank A, and similarly −45 points for the cover bank C. Bank E is given -60 points and Cover Bank B is given -80 points. In the case of a USD / JPY selling order (US dollar selling / Japanese yen buying), a cover bank with a higher bid rate will receive higher points.
Total in terms of points granted in terms of P1 and P2, 1st place: Cover Bank A and C 70 points, 3rd place: Cover Bank D 65 points, 4th place Cover Bank E 30 points, 5th place Cover Bank B · 10 points.

P4: Selection Based on Response Time The response time selection unit 148 preferentially selects an optimal cover bank from the viewpoint of P4. The response time selection unit 148 acquires, for each bank, a response time measured in the past with respect to the purchase order of USD / JPY, for example, an average response time. When you get the average response time for a USD / JPY sell order,
Cover bank A: Response time = 0.9 seconds Cover bank B: Response time = 0.2 seconds (shortest time)
Cover bank C: Response time = 2.1 seconds (maximum time)
Cover bank D: Response time = 0.6 seconds Cover bank E: Response time = 0.3 seconds. Therefore, the response time selection unit 148 selects the cover bank B having the shortest response time from the five cover banks as the optimum ordering party. In this embodiment, the response time selection unit 148 corresponds to 0 point for the cover bank B with the shortest response time and 0.1 seconds (= 0.3−0.2) as the difference for the next short cover bank E− Similarly, -40 points are given to cover bank D, -70 points are given to cover bank A, and -190 points are given to cover bank C.
Total in terms of points granted in terms of P1, P2 and P3: 1st place: cover bank D / 25 points, 2nd place: cover bank E / 20 points, 3rd place: cover bank B / 10 points, 4th place: cover Bank A · 0 points, 5th place: Cover bank C · -120 points.

  In this way, the supplier selection unit 140 selects the optimum cover bank D as the supplier as a result of comprehensive determination from the viewpoints of P1 to P4. What is necessary is just to set arbitrarily about the way of weighting between P1-P4 and the provision of a point according to a design policy or the content of a contract with a customer. The transaction order transmitting unit 114 places a purchase order of USD / JPY received from the customer to the cover bank D thus selected.

  Note that the response time selection unit 148 has selected the optimal ordering party based on the response time for the purchase order of USD / JPY, but the ordering party is based on the response time measured for a currency pair other than USD / JPY. May be selected. For example, if the exchange order recently placed for cover bank A is a sell order of USD / CAD (Canadian dollar), the response time of this sell order is adopted as the response time of cover bank A for cover bank A. Also good.

The response time selection unit 148 may exclude a cover bank whose response time is a predetermined time or longer, for example, 2.0 seconds or longer, from the selection target. In this case, the cover bank C is excluded from the selection target because the response time is too long, even though it is appropriate from the viewpoint of the contract rate and the excess amount.
Usually, in an FX transaction, there are many customers who are not allowed to wait more than 2.0 seconds after placing a market order. In this case, by setting a threshold value of 2.0 seconds and excluding cover banks whose response times exceed 2.0 seconds from the beginning, the standby selection unit 142, contract rate selection unit 144, rate The processing load on the selection unit 146 can be reduced. As a result, the processing efficiency of the supplier selection unit 140 can be improved.

  The transaction division unit 150 divides the exchange transaction order received from the customer into a plurality of exchange transaction orders. For example, it is assumed that a large transaction amount of 11,000 lots is specified in a purchase order of USD / JPY. If 1 lot = 1000 dollars, it is $ 11 million dollar buying and Japanese yen selling. In the case of such a large-scale order, it is easier to make a smooth execution by placing orders for a plurality of cover banks than when placing an order for only one cover bank. In addition, it is not preferable to place a large order only with one cover bank because the influence on the exchange rate of the ordering party itself becomes large. From this point of view, the transaction dividing unit 150 according to the present embodiment places exchange transaction orders in a plurality of cover banks when the transaction amount is large. The transaction dividing unit 150 divides 11,000 lots based on the calculated points.

According to the above example,
Cover bank A = 0 points Cover bank B = 10 points Cover bank C = −120 points Cover bank D = 25 points Cover bank E = 20 points. Transaction splitting unit 150 selects a cover bank that satisfies a predetermined condition, for example, a cover bank larger than 0 points. In the above example, cover banks B, D, and E are selected. Then, the ordered 10,000 lots are divided so that the cover bank with higher points has a larger transaction volume. When proportionally allocating according to the above points, B: D: E = 10: 25: 20, so 2000 lots are assigned to cover bank B, 5000 lots to cover bank D, and 4000 lots to cover bank E.
The transaction order transmission unit 114 places an order for 2000 lots of cover bank B for 5000 lots, cover bank D for 5000 lots, and cover bank D for 4000 lots to cover bank E, respectively.

What is necessary is just to set arbitrarily about the judgment criterion of the possibility of division | segmentation of a foreign exchange transaction order, and the method of division according to a design policy and the content of a contract with a customer. For example, in the case of a currency with a large circulation volume such as USD (US dollar), it is not divided unless it is 10,000 lots or more, but in the case of a currency with a small circulation volume such as NOK (Norway Krona), it is 1000 lots or more. You may divide by.
Alternatively, it may be divided when there is no cover bank with a response time of a predetermined time or less, for example, 0.3 seconds or less, or divided when there is no cover bank with a contract rate greater than a predetermined probability, for example, 90% or more. You may do that. Depending on the cover bank, an upper limit may be set for the transaction amount that can be accepted at one time. For example, it is assumed that the cover bank A accepts a purchase order of USD / JPY only up to 10,000 lots per predetermined time, for example, 5 seconds. Here, in the situation where the purchase order of USD / JPY is divided into a plurality of cover banks, when the transaction volume allocated to cover bank A exceeds 10,000 lots, the exchange transaction order allocated to cover bank A is further divided. May be. In this way, by changing the judgment criteria for splitting according to currency pairs, response time, contract rate, or excess amount, even for forex trading orders that are difficult to execute, forex trading orders are distributed to many cover banks By doing so, it becomes easy to execute smoothly.

The supplier selection unit 140 selects an optimal supplier from the viewpoints of P1 to P4 and places an order for the customer's exchange transaction. When such a selection method is adopted, there is a possibility of being polarized into a cover bank that is easy to select and a cover bank that is difficult to select. Status information is provided by the cover bank, but response time cannot be measured without actually placing an exchange order. Therefore, the unselected detection unit 152 periodically checks whether there is a cover bank (hereinafter referred to as “unselected organization”) for which a currency exchange order has not been placed for a predetermined period, for example, 72 hours or more. When an unselected organization is detected, the unselected detection unit 152 instructs the test ordering unit 118 to place an order for a predetermined lot, for example, a trial exchange transaction for one lot, in the unselected organization in the account of the FX supplier. Let The response time measuring unit 154 measures the response time for this experimental exchange transaction order. With such a processing method, it is possible to always obtain a response time for transactions within at least 72 hours for each cover bank.
The unselected detection unit 152 sets a plurality of or all of the experimental exchange transaction orders when a predetermined condition is satisfied, for example, when an exchange transaction order of a predetermined amount or more is ordered from the customer terminal 200. The response time may be acquired by transmitting to the cover bank. Further, the unselected detection unit 152 may set a larger transaction amount in the experimental exchange transaction order as the cover bank has a shorter response time.

FIG. 5 is a flowchart showing a processing process from acceptance of an exchange transaction order to ordering.
Here, it is assumed that a purchase order for USD / JPY has been received. First, the supplier selection unit 140 excludes a cover bank outside the handling time of USD / JPY from selection targets when receiving this buy order (S10). A cover bank that is not notified as “in-service” in the service period area 220 of the status information shown in FIG. 3 is excluded from the determination target at this point. Next, the supplier selecting unit 140 excludes from the selection a cover bank whose response time is equal to or greater than a predetermined threshold, that is, a cover bank that takes too much time for order processing (S12).

  The rate selection unit 146 selects an optimal ordering party from the viewpoint of the exchange rate (P3) among the candidate cover banks (S14). The rate selection unit 146 gives points to each cover bank according to the advantage of the exchange rate. The process of S14 will be further described in detail with reference to FIG. The standby selection unit 142 selects an optimal order destination from the viewpoint of the excess amount (P1) (S16). The standby selection unit 142 gives points to each cover bank according to the advantage from the viewpoint of the excess amount. The contract rate selection unit 144 selects an optimum supplier from the viewpoint of the contract rate (P2) (S18). The contract rate selection unit 144 gives points to each cover bank according to the advantage seen from the contract rate. The response time selection unit 148 selects an optimal ordering party from the viewpoint of response time (P4) (S20). The response time selection unit 148 gives points to each cover bank according to the advantage seen from the response time.

  The transaction dividing unit 150 determines whether the designated transaction amount exceeds a predetermined threshold T (S22). When the threshold value T is exceeded (Y in S22), the transaction dividing unit 150 divides the transaction amount and divides the purchase order into a plurality (S24). When it is less than or equal to the threshold value T (N in S22), the process in S24 is skipped. Finally, the transaction order transmission unit 114 selects a cover bank as an order recipient based on the points of each cover bank, and transmits a purchase order of USD / JPY (S26). Thereafter, the response time measuring unit 154 measures the time until receiving the contract notification as the response time.

FIG. 6 is a flowchart showing a process of disassembling a currency pair of a currency trading order.
As an example, suppose that an offer rate of NOK (Norway Krona) / JPY of a certain cover bank A is 20.60 yen. In addition to NOK / JPY, the cover bank presents exchange rates for various currency pairs such as NOK / USD, USD / JPY,.

When placing a purchase order for NOK / JPY (Norwegian krona buying / Japanese yen selling), Cover Bank A can buy 1 Norwegian krona for 20.60 yen.
On the other hand, if you place a purchase order for NOK / USD (Norwegian krona purchase / US dollar sale) and a USD / JPY purchase order (US dollar purchase / Japanese yen sale), the result is equivalent to the purchase order for NOK / JPY. It becomes the order contents. Because if you borrow the US dollar and sell the US dollar, buy the Norwegian krona with this US dollar, then borrow the Japanese yen and sell the Japanese yen, then buy the US dollar sold in this Japanese yen, As a result, the Japanese yen was sold and Norwegian krona was bought.
Suppose cover bank B has an offer rate of NOK / USD of $ 0.187 and cover bank C has an offer rate of USD / JPY of 109 yen. In this case, 0.187 (Norwegian krona / US dollar) x 109 (US dollar / Japanese yen) = 20.38 (Norwegian krona / Japanese yen) without charge, and NOK / JPY of cover bank A You can buy Norwegian Krona cheaper than placing a buy order (Norwegian Krona Buy / Japanese Yen Sell). In such a case, the supplier selection unit 140 should place an NOK / USD buying order and a USD / JPY buying order from the cover bank B and the cover bank C, respectively. FIG. 6 shows a process for detecting such a situation.

  A description will be given of a purchase order of NOK / JPY. First, the rate selection unit 146 acquires the offer rate of NOK / JPY from each cover bank as a basic rate (S30). Next, the rate selection unit 146 acquires the offer rate of NOK / USD and the offer rate of USD / JPY from each cover bank as a decomposition rate (S32). Here, USD is set as the currency to be offset, but any currency other than USD may be the offset target. However, in consideration of liquidity, it is preferable to set a base currency such as USD as the offsetting currency.

The rate selection unit 146 compares the decomposition rate with the basic rate and determines which is advantageous (S34). If the basic rate is more advantageous (N in S34), an optimal cover bank is selected using the original NOK / JPY as a basic pair (S38). On the other hand, if the decomposition rate is more advantageous (Y of S34), NOK / USD and USD / JPY are taken as a decomposition pair, and an optimal cover bank is selected for each buy order (S36). In this case, in the processing after S16, an optimal cover bank is selected for each of the NOK / USD buying order and the USD / JPY buying order.
As a result of this, the exchange trading orders may be distributed to a very large number of cover banks, and as a result, the exchange trading orders may be aggregated into several or one cover bank.

The exchange transaction support apparatus 100 has been described based on the embodiments.
Conventionally, FX traders often set up only a few cover banks at most, avoiding the administrative effort when setting up many cover banks. However, the exchange transaction support apparatus 100 according to the present embodiment can automatically select an optimal supplier according to a preset selection condition even if the FX dealer sets a plurality of cover banks. Even if many cover banks are set up, the administrative effort of FX traders is reduced. As a result, it becomes easy for FX traders to set not only large banks but also small banks as cover banks. Even a small bank can receive many orders from FX dealers by providing a foreign exchange transaction service that is advantageous to customers from the viewpoints of P1 to P4. The exchange transaction support apparatus 100 can be expected to further improve the bank service in the exchange transaction.
For example, if a bank providing currency exchange service is selected as a cover bank even on Saturdays and Sundays, it is possible to realize FX trading 24/7. With the introduction of the exchange transaction support apparatus 100, it is possible to expect a smoother flow of money all over the world.

  The exchange transaction support apparatus 100 can rationally select a bank for which an exchange transaction order is easy to execute quickly from the current transaction state of each bank by selecting an ordering party from the viewpoint of the excess amount of P1. Further, by selecting an ordering party from the viewpoint of the contract rate of P2, it is possible to rationally select a bank having a high possibility of successful execution of an exchange transaction order from the past transaction performance of each bank. Furthermore, from the viewpoint of the exchange rate of P3 and the viewpoint of the response time of P4, it is possible to automatically select a bank that can be quickly executed at a desired exchange rate for the customer. From such various viewpoints, the customer can be rationally selected, so that customer service can be further improved. In particular, when the exchange rate changes suddenly, the contract rate and exchange spread for each cover bank tend to vary. The exchange transaction support apparatus 100 can easily select the optimal cover bank in real time even during such a sudden change, and therefore easily contributes to customer profits. Since the unselected detection unit 152 periodically checks, as a non-selected organization, a cover bank for which a currency exchange order has not been placed for a predetermined period or longer, the response time for each cover bank can be periodically acquired.

  Furthermore, the exchange transaction support device 100 divides the transaction volume of the exchange transaction order as necessary, thereby making it easier to achieve a reliable and quick execution of the exchange transaction order. Moreover, if the condition of dividing when the transaction amount is large is provided, it is easy to prevent the exchange rate of one cover bank from being excessively affected. In the case where a bank with a small transaction transaction volume is selected as an ordering party, a part of the transaction amount specified in the exchange transaction order may be ordered from another bank. Also, by excluding banks outside the exchange transaction service period and banks with long response times from selection targets, the processing efficiency of the ordering party selection unit 140 can be improved. In the present embodiment, it has been described that it is determined whether or not it is during the service period based on the status information. However, the exchange transaction support device 100 periodically inquires each exchange transaction system 204 whether or not it is during the service period. Also good. In addition, a bank with a low contract rate or a bank whose excess amount is out of a predetermined range may be excluded from selection targets.

  In addition, as described with reference to FIG. 6, it is possible to further contribute to customer profits by decomposing a currency trading order into a combination of two or more currency trading orders. In addition, such a processing method can provide an environment in which an individual investor can easily realize arbitrage.

  The present invention has been described based on the embodiments. The embodiments are exemplifications, and it will be understood by those skilled in the art that various modifications can be made to combinations of the respective constituent elements and processing processes, and such modifications are within the scope of the present invention. .

  It should be noted that which of the viewpoints P1 to P4 is to be emphasized or taken into consideration may be determined according to the contract with the customer. Some customers focus on short response times, while others focus on high execution success rates. In addition, some customers may want to adopt an investment strategy where 40% of orders are placed in cover banks with high contract rates and the remaining 60% are placed in cover banks with short response times. If the selection conditions in the supplier selection unit 140 are set for each customer, it is possible to meet various needs of customers.

  In addition to the selection conditions shown in this embodiment, various selection conditions can be considered. For example, select a cover bank with a small exchange spread, a cover bank with a lot of transactions with FX traders, a cover bank with a large amount of exchange transactions, and a cover bank with a highly available exchange transaction system 204 installed. May be. In the case of an exchange trading order related to NOK, a Norwegian or Scandinavian cover bank may be preferentially selected.

  Furthermore, it can be applied to applications other than currency trading. If the same stock is listed on multiple stock markets, for example, multiple private night exchanges or multi-country exchanges, select which exchange should place a purchase order for this stock Even in the situation, the basic idea of the exchange transaction support device 100 can be applied.

It is a schematic diagram of a foreign exchange transaction. It is a hardware block diagram which shows the relationship between an exchange transaction support apparatus, a customer terminal, and an exchange transaction system. It is a figure which shows the data structure of state information. It is a functional block diagram of an exchange transaction support device. It is a flowchart which shows the process from reception of a foreign exchange transaction order to ordering. It is a flowchart which shows the process of decomposing | disassembling the currency pair of a currency trading order.

Explanation of symbols

  100 exchange transaction support apparatus, 200 customer terminal, 204 exchange transaction system, 202 internet, 212 USD / JPY area, 214 exchange rate area, 216 contract waiting area, 218 contract rate area, 220 service period area, 110 bank IF section, 120 Customer IF unit, 130 data processing unit, 160 data holding unit, 112 transaction status receiving unit, 114 transaction order transmitting unit, 116 contract notification receiving unit, 118 test ordering unit, 140 supplier selection unit, 152 unselected detection unit, 122 Display unit, 124 input unit, 126 trading order receiving unit, 162 standby state holding unit, 164 contract rate holding unit, 166 rate holding unit, 168 response time holding unit, 154 response time measuring unit, 142 standby selection unit, 144 contract rate Selection part, 146 rate selection unit, 148 response time selection unit, 150 transaction division unit.

Claims (4)

It is connected to the exchange trading system of multiple financial institutions and customer terminals via communication lines,
A trading order receiving unit for receiving a currency trading order specifying a currency pair and a trading volume from a customer terminal;
An supplier selection unit for selecting a financial institution that is an orderee of the exchange transaction order from the plurality of financial institutions;
A transaction order transmission unit for transmitting the exchange transaction order to the exchange transaction system of the financial institution serving as the ordering party;
A contract notification receiving unit that receives a contract notification of the exchange trading order from the financial institution that is the ordering party;
A response time measuring unit that measures the time from when the exchange trading order is transmitted until the contract notification is received as a response time, and
The supplier selection unit preferentially selects a financial institution with a shorter response time with respect to an exchange transaction order executed in the past than other financial institutions from among the plurality of financial institutions. apparatus. An unselected detection unit that detects a financial institution that is not selected as a destination of a currency transaction order for a predetermined period or more as an unselected organization;
A test ordering unit that transmits a trial currency trading order to the unselected institution when the unselected institution is detected; and
The exchange transaction support apparatus according to claim 1, wherein the response time measurement unit measures a response time for the experimental exchange transaction order as a response time of the unselected financial institution. The supplier selection unit refers to the response time of each financial institution and divides the exchange transaction order into a plurality of exchange transaction orders so that the transaction amount becomes larger as the financial institution has a shorter response time. Select the financial institution to which each of multiple exchange trading orders is placed,
The exchange transaction support apparatus according to claim 1, wherein the transaction order transmission unit transmits each of the plurality of exchange transaction orders to an exchange transaction system of each financial institution determined as an ordering party. A function to receive a currency trading order specifying a currency pair and trading volume from an external customer terminal,
A function of selecting a financial institution to which the exchange order is placed from a plurality of financial institutions;
A function of transmitting the exchange transaction order to the exchange transaction system of the financial institution serving as the ordering party;
A function of receiving a notice of execution of the exchange trading order from the financial institution serving as the ordering party;
The function of measuring the time from when the exchange order is transmitted until the contract notification is received as a response time,
When selecting a financial institution to be a supplier, a financial institution that preferentially selects a financial institution with a shorter response time than the other financial institutions among the plurality of financial institutions in response to an exchange transaction order executed in the past is characterized in that Forex trading support program.

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