KR100407110B1 - Electronic auction method and apparatus for bond with partial opening of bidding quotation - Google Patents

Abstract

According to the present invention, a tender disclosure of a bond issuer or a seller of a bond (hereinafter referred to as a "issuer of a bond") and a demand for a bond buyer (hereinafter referred to as "a bond investor") on a network are provided through a partial disclosure method. The present invention relates to an electronic bond competitive bidding method and apparatus, wherein the order of the highest priority price during the bidding period is disclosed to all bidders on the Internet at the same time, so that bidding orders between bidders can have a competitive interaction during the bidding period. To enable more efficient price discovery and to view more orders from other bidders in the bidder's first and foremost preferred information exposure to encourage all bidders to disclose their information to others in the bidding process. Characterized in that it can be.

According to the present invention, transparency and fairness are improved in the process of competitive bidding, the temporal and spatial limitations are overcome, making it easier for participants to access, the issuer's interest rate and issuance cost are reduced, This raises the price and minimizes the search process of the other party. As a result, the needs of all participants in the bond issuance market will be satisfied, and the transparency and liquidity of the bond issuance market will be secured.

Description

Electronic auction method and apparatus for bond with partial opening of bidding quotation}

The present invention relates to a method for processing bond bidding in an issuing market and an information processing apparatus for the same, and more particularly, a method of bidding a bond by an information processing system connected to a bond issuer and a bond investor through a network, and an information processing system thereof. It is about.

The place where transactions occur when bonds are issued and sold is called the bond market, and is divided into the bond issuing market where new bonds are issued and recruited and the bond distribution market where the already issued bonds are sold and sold. The bond issuance market consists of issuers who raise funds by issuing bonds, investors who manage funds through bond investments, and issuers that smoothly issue bonds between issuers and investors.

An issuer is a professional agency that takes charge of all the tasks required to issue bonds, takes the risks of issuing bonds, and performs sales functions on behalf of the issuer. The executive board is the organization that oversees the issuing business, and when the size of bond issuance is large, the secretariat forms a secretariat and performs joint business tasks. A private company is called a co-secretary company. Acquisition institutions are the core institutions for acquiring securities issued in consultation with secretarial companies. They also sell the acquired securities directly to general investors or perform a wholesale function of distributing a part to subscription agencies, which are specialized in selling. A subscription agency is a selling agency that sells the securities issued directly to general investors who are the final consumers.

In the offline bond issuance market, unreasonable factors such as network relations may be involved in the process of selecting an issuer, and bond issuers and bond investors who participate in bond issuance contact smoothly due to time and regional limitations. Difficult to do, there is a problem that the cost and time loss required for issuance of bonds is large.

On the other hand, with the rapid development of computer and communication technology, Electronic Communication networks (hereinafter referred to as ECN) are introduced as an alternative trading system (ATS) that replaces the existing stock trading market. The so-called "Cyber Capitalism" is being built. ECN can be defined as a private securities trading system that uses a computer network to connect investors with buy and sell orders. Therefore, ECN exists only in virtual space because it makes and sells transactions using computer network. Unlike the existing stock exchange, ECN is a private stock trading system established by securities companies and media companies.

Among the companies that offer ECN, Instinet and Island only serve stocks traded on NASDAQ in the United States, and MarketXT provides private investors with after-hours trading on the New York Stock Exchange. As such, conventional ECNs still target the distribution markets of stocks and bonds, but do not provide services for the bond issuing market.

The present invention was created to solve the above problems, and solves the temporal and spatial gaps between bond issuers and bond investors in the issuance and sale of bonds, and real-time bidding and partial disclosure of quotes among multiple members. Through fairness and transparency through the bidding process, bidders with the highest priority bid price who ordered a predetermined portion or more of the total issuance volume at the lowest return rate in the bidding process can provide more information to the bidders to participate in the bidding process. In addition, all bidders will be able to present their orders for the bidding orders of other bidders by disclosing the order contents (returns and order quantities) of the highest priority price that has given the lowest rate of return at a certain time of the bidding time. Price discovement in bidding process of bond issue market through electronic network An object of the present invention is to provide a method and apparatus for electronic bond competition bidding through partial disclosure of a quotation that makes ry) easy and transparent.

1 is a diagram illustrating an environment in which a bond bid processing apparatus according to the present invention is connected through a network with terminals provided by members.

2 is a block diagram showing the configuration of an information processing apparatus implemented with a bond bid processing apparatus according to the present invention.

3 is an overall flowchart showing a process of processing a loan tender on a network according to the present invention.

4 is a detailed flowchart illustrating a process of receiving and publishing bond bidding information from a bond issuer.

5 exemplarily illustrates a bid disclosure screen for receiving bond bidding information from a bond issuer.

FIG. 6 exemplarily shows a screen for releasing today's bid list to members.

7 is a detailed flowchart illustrating a process of performing a bid by receiving a bid order from a bidder.

8 exemplarily illustrates a bidding main culture surface for receiving a bid order from a bidder.

9 exemplarily illustrates a bidding main culture surface of a bidder who ordered the highest priority bid price.

10 is a detailed flowchart illustrating the process after the bid is finished.

FIG. 11 exemplarily shows a final bid notice screen for receiving a confirmation of a successful bid from a bond issuer.

12 exemplarily shows a bid order status screen showing a successful bid result.

In order to achieve the above object, a method of competitively bidding a bond by an information processing system connected to a bond issuer and a bond investor through a network according to the present invention includes: (a) a bond investor receiving bid information of a bond from a bond issuer; Disclosure to the public; (b) receiving bid orders from a plurality of bond investors during the bidding period of the bond; (c) The bidder who presented the highest priority price ordered at the lowest rate of return after the prescribed time before the end of the bidding period shall be prohibited from correcting or canceling the order and ordering a predetermined portion or more of the total issue quantity at the lowest rate of return. Providing a bidder who presents the highest priority bid price with a predetermined portion of order status of other bidders; And (d) providing the bidding status to the bond issuer after the bidding is ended, and receiving the bidding confirmation from the bond issuer, and notifying the bidders of the bidding result determined by the bidding method presented in the bidding information. .

In the electronic bond competition bidding method, the step (c) comprises the steps of: (c1) transmitting a message indicating that the bidder who presented the highest priority price before a predetermined time before the end of bidding is the highest priority price; And (c2) providing the highest priority contents to all the bidders after a predetermined time before the end of the bid until the end of the bid.

In order to achieve the above another object, an information processing system connected to a bond issuer and a bond investor through a network according to the present invention for competitive bidding of a bond includes a storage device; And a processor connected to the storage device, wherein the storage device stores a bond bid processing program and a bond bidding database for controlling the processor, and the bond bid processing program receives (a) bid information of a bond from a bond issuer. A module that discloses to bond investors; (b) a module for receiving bid orders from a plurality of bond investors during the bidding period of the bond; (c) The bidder who presented the highest priority price ordered at the lowest rate of return after the prescribed time before the end of the bidding period shall be prohibited from correcting or canceling the order and ordering a predetermined portion or more of the total issue quantity at the lowest rate of return. A module for providing a predetermined portion of an order status of other bidders to the bidder who presented the highest priority bid price; And (d) providing a bidding status to the bond issuer after the bidding ends, receiving bid confirmation from the bond issuer, and notifying bidders of the bidding result determined by the bidding method presented in the bidding information. .

In the electronic bond competition bidding apparatus, the module (c) includes (c1) a module for transmitting a message indicating that the bidder who presented the highest priority price before a predetermined time before the end of bidding is the highest priority price; And (c2) characterized in that it further comprises a module for providing the content of the highest priority to all the bidder after a predetermined time before the end of the bid until the end of the bid.

In the present invention, a network for sharing bond issuance information between bond issuers and bond investors having a temporal and spatial gap, and brokering transactions to be established by fair and transparently evaluated bond prices through competition among a plurality of bond investors. And a business method through an information processing system.

Hereinafter, exemplary embodiments of the present invention will be described in detail with reference to the accompanying drawings.

Referring to Figure 1, the bond bidding processing apparatus 1 according to the present invention is connected to the terminals (3a, 3b and 3c) provided by the members through the network (2).

Here, the bond bid processing apparatus 1 is an information processing system which is connected to a bond issuer and a bond investor registered as a member through the network 2 and bids bonds issued or sold by the bond issuer. Accordingly, the bond bidding processing apparatus 1 and each terminal 3a, 3b or 3c provided by the members are constructed as a server / client. The configuration and operation of the bond bidding processing apparatus 1 will be described in more detail below.

The network 2 includes a wired / wireless communication network connected to the terminals 3a, 3b and 3c in conjunction with the Internet or the Internet as a computer communication network connecting the world using the Transmission Control Protocol / Internet Protocol (TCP / IP) protocol. It is preferred that the wider Internet be used. Therefore, in the following description, it is assumed that the bond bid processing apparatus 1 is implemented as a server providing a service on the World Wide Web. However, a person having an average knowledge of the present invention can easily implement the present invention not only in the broad Internet environment described above, but also in any type of network environment in which data can be transmitted and received between a server and a client. It can be understood.

In addition, the terminals 3a, 3b and 3c are means for members to send and receive information to and from the bond tender processing apparatus 1 via the network 2, and have a network connection function. Therefore, assuming that the bond bidding processing apparatus 1 is a server providing a service on the World Wide Web, the terminals 3a, 3b, and 3c can read HTML (Hypertext Markup Language) documents, which are standard web documents, respectively. A personal computer or workstation with a web browser, software that can communicate with a web server using HTTP (HyperText Transfer Protocol), or can read WML (Wireless Markup Language) documents and support WAP (Wireless Application Protocol). It is preferable to be a wireless terminal including a personal digital assistant (PDA), a mobile phone, an IMT-2000, etc. having a web browser.

Referring to FIG. 2, the information processing apparatus implementing the bond bid processing apparatus 1 according to the present invention includes a computer 20 having at least one processor 18 and a storage device 12, and an input device 26. And an output device 28. These components are interconnected by at least one bus structure 30.

The illustrated processor 18 controls the operation of an arithmetic / logical operation unit (ALU) 20 that performs arithmetic and logical operations, a register set 22 that temporarily stores data and instructions, and a computer system 4. The control device 24 is provided. Since the processor 18 used in the present invention is not limited to a specific structure manufactured by a specific manufacturer, any type of processor having the basic configuration as described above is possible.

The storage device 12 has a high speed main memory 14 and an auxiliary memory 16 used for long term storage of data. The main memory 14 is composed of a random access memory (RAM) and a read only memory (ROM) semiconductor chip, and the auxiliary memory 16 is a floppy disk, a hard disk, a CD-ROM, a flash memory, and an electric, magnetic, optical Or an apparatus for storing data using another recording medium. In addition, the main memory 14 may include a video display memory for displaying an image through a display device. Those skilled in the art will appreciate that the storage device 12 can include a variety of replaceable components with various storage capacities.

The input device 26 may include a keyboard, a mouse, and the like, and the output device 28 may include a display, a printer, and the like. Also, devices such as network interfaces for connecting to the Internet can be used as input / output devices.

Computer system 4 is equipped with an operating system and at least one application program. An operating system is a set of software that controls the operation of a computer system and the allocation of resources. An application program is a set of software that performs tasks required by a user using computer resources available through the operating system. All of these are stored in the storage device 12 shown. The bond bid processing apparatus 1 according to the present invention includes a bond bid processing program and a bond bidding database as application programs in the computer system 4 as described above.

Hereinafter, the operation details of the embodiment of the bond bid processing apparatus 1 according to the present invention performed by the bond bid processing program will be described in detail.

Referring to Figure 3, the overall operation of the embodiment of the bond bidding processing apparatus 1 according to the present invention is as follows.

First, the bond bidding processing apparatus 1 registers a bond issuer or a bond seller (hereinafter referred to as "bond issuer") and a bond consumer (hereinafter referred to as "bond investor") as a member. Registered members may include corporations or natural persons. Only registered members of the registered members who manage the bond bidding processing device 1 and corporate members who have been contracted as bond issuers in advance perform the functions as bond issuers for new issuance. In the case of bonds that have already been issued, natural members (hereinafter referred to as "traders") designated as corporate members may function as bond issuers, and among the registered members, 1) It is desirable to restrict the corporation or trader contracted as a bidder in advance with the managing company to perform the function as a bidder.

In such an environment, the bond bid processing apparatus 1 receives bid information of a bond to be bid from the bond issuer through the network 2 and discloses it to bond investors who are members (S300 and S310).

Subsequently, when the bid start time of the bond included in the bidding information arrives (S320), the bond bid processing apparatus 1 receives a bid order from a plurality of eligible bond investors (S330). During bidding time, correction and cancellation of bid orders already entered is generally permitted. In particular, from a predetermined time (for example, 15 minutes) before the end of the bid to the end of the bid, all the bidders can enter the corrected and the minimum order by receiving the order contents of the highest priority price through the screen. However, corrections and cancellations of the highest priority order placed at the lowest rate of return are prohibited. In addition, from the predetermined time before the end of the bid until the end of the bid, the order accumulation quantity of the highest priority price and the highest priority price is disclosed to all the bidders on the screen, and in particular, the highest priority price is presented first and the total amount of the issued volume is determined. Bidder who has ordered more than a portion (for example, 1/3) is provided with a screen for viewing a portion of the order status of other bidders. Therefore, the bidder who presented the highest priority bid price while maintaining this status can place additional bid orders in a more favorable position in recognition of the order status of other bidders in response to the bulk order, the impossibility of correcting or canceling the order. By applying the same method, the bid orders inputted until the end of bidding are processed (S340 and S350). At this time, the validity of the order time is determined based on the time when the order data reaches the bond bidding database.

After the end of the bid, the bond bidding processing apparatus 1 provides the bidding status to the bond issuer, receives the confirmation of the successful bid from the bond issuer, and notifies the issuer and the successful bidder of the successful bidder determined by the bidding method presented in the bidding information ( S360, S370).

The bond bidding database is a collection of data stored in the storage device 10 and configured to be processed by the bond bidding processing program. The bond bidding database includes a bid waiting list database for storing bidding information of a bond entered from a bond issuer, a bid status list database for storing bid information received from a bond issuer among bidding information stored in a bid waiting list, and a bidding of a bond. It includes a bid order history database for storing the bid orders received from the bond investors during the period, and a bidding history database for storing the bidding results determined by the bidding method received from the bond issuer.

4 is a flowchart illustrating processes of S300 and S310 of FIG. 3 in more detail. Referring to FIG. 4, the bond bidding processing apparatus 1 provides a bond issuer with a bid disclosure screen for receiving bidding information of a bidding bond as illustrated in FIG. 5, and the contents of each item from the bond issuer. To receive the input (S400).

According to Figure 5, the types of bonds bidding can be classified into general bonds, Floating Rate Note (FRN), Convertible Bond (CB), Certificate of Deposit (CD), etc. Each of these is classified as a newly issued bond or a previously issued bond by the issuance category. The item name is for distinguishing the issued bond from other bonds, and may be entered as, for example, "104 per second". Issuance method is divided into bidding method and sales method, and bidding method is divided into single price bidding method and multiple price bidding method. Here, the single price bidding method is to determine the lowest one rate of return that can secure the quantity to be issued by the bond issuer by arranging the rates of return listed in the multiple bidding orders in ascending order, and the multiple price bidding method is a multiple price bidding method. The yields listed in the bid orders are determined by the bidder's successful bid yield until the yield is secured by the issuer.

If the issue method is a bidding method, the quotation method may be divided into a yield quotation or a spread quotation. When the spread quotation is selected, the reference quotation should be entered. In addition, when the issuance method is a sales method, the surface interest rate and the issuance rate should be entered. Specific details or references to the tender receivables may be attached by attachments or comments may be entered.

When the bond issuer inputs new bid information on the bid disclosure screen, the bond bid processing apparatus 1 checks whether all required input items according to the issuance method and the quotation method are entered and inputs the confirmed new bid information. It is added to the bid waiting list database and stored (S410, S420). Thereafter, the registered member can check the bid information registered in the bid waiting list through the screen provided by the bond bid processing apparatus 1 (S430).

Meanwhile, the bond issuer may withdraw the bid information stored in the bid waiting list database from the bid disclosure screen and correct its contents, or cancel the disclosure by deleting the contents (S440).

When the bid issuer receives confirmation of bidding for a particular item from the bond issuer, the bond bid processing apparatus 1 deletes the bidding information of the item that has been checked for bidding from the bid waiting list database, and adds and stores the bid information in the bid status list database. (S450). Subsequently, the registered member can check the bid information registered in the bidding status list through the screen provided by the bond bid processing apparatus 1 (for example, today's bid list screen illustrated in FIG. 6) ( S460). In the today's bid list screen of Figure 6, the bidding status of the corresponding item, such as "progress", "scheduled", "waiting for a successful bid", "timeout" is presented. Each item listed in the bidding list is automatically made at the bidding date (S470).

FIG. 7 is a flowchart illustrating in detail the bidding processes of S330 to S350 of FIG. 3. When the bidder selects "bid" displayed for a particular item on the today's bid list screen of FIG. 6, the bond bid processing apparatus 1 provides the bidder with a bidding main page for the item as illustrated in FIG. . In this case, when the issuing method is a bidding method, up to five bid orders composed of a yield quote and an order quantity can be input for a general bond, and up to three bid orders can be entered for each convertible bond (CB). There is (S700). On the other hand, when the issuance method is a sales method, it is possible to repeat the purchase order consisting of only one order quantity limited to one. At this time, if the order quantity exceeds the remaining quantity except the sum of the order quantity to be issued to the present so far, a message informing the purchaser that the sale is impossible is concluded.

When the bid order by the bidders is a new bid order (S710), the bond bid processing unit 1 updates the aggregate status of the total order quantity, etc., and the rate of return included in the new bid order is lower than the existing highest priority value In this case, the highest priority price is changed to the new bid order price (S730). In addition, the bond bid processing apparatus 1 adds and stores a new bid order in the bid order history database, and transmits a confirmation message to the bidder (S735, S740).

From 15 minutes before the end of the bid to the end of the bid, all bidders will be provided with the bid price (ie the highest priority price) and the cumulative quantity of the bid price with the lowest rate of return among other bidders' orders. The bidder who presented the highest priority bid price that ordered 1/3 or more is provided with more orders of other bidders (S715 to S725). That is, for the bidder who presented the highest priority bid price, the quantity related to the lane and the lane offer price is provided on the bidding main culture of the bidder as illustrated in FIG. 9. Therefore, the bidder who presented the highest priority bid price is in an advantageous position compared to other bidders in presenting the subsequent bid order. However, if the existing bidder loses its position by the new bidding order, the window for providing the bidding status of other bidders disappears in terms of the bidder's culture. At the same time, the priority bidder and the other bidders of the same bidder will have their right to cancel and correct their order until the end of the bidding time.

Meanwhile, the bond bid processing apparatus 1 transmits a message informing the bidder who presented the highest priority price 15 minutes before the end of the bidding, indicating that the order is the highest priority price, and when the bidding ends from 15 minutes before the end of the bidding. As shown in FIG. 9, all the bidders are provided with the highest priority rate of return and the order quantity so that the bidders can refer to a new bid order or to correct a bid order that has already been presented.

During the bidding time, correction and cancellation of bid orders is generally permitted. Accordingly, when the bidders correct / cancel the bid orders that have already been presented (S710), according to the corrected / cancelled contents, the aggregate status of the total order quantity, etc. may be updated, and the contents of the highest priority price may also be changed (S760). Accordingly, the bond bid processing apparatus 1 corrects or deletes the corresponding bid order stored in the bid order history database, and transmits a confirmation message to the bidder (S765, S770). However, from 15 minutes before the end of the bid until the end of the bid, the bidder who presented the highest priority price is prohibited from correcting and canceling the bid order as long as the bid price is maintained as the highest priority price (S745, S750). In this case, the bond bid processing apparatus 1 transmits a message informing the corresponding bidder of the cancellation / correction (S755).

The order processing process as described above is repeated during the bidding time (S705), and after the bidding is finished, the bidding process is completed (S775). In addition, if the order quantity suggested by the bidder during the bidding process exceeds the orderable quantity (e.g., the quantity that the issuer is willing to issue), or an abnormality is found in the quotation (e.g., In case of returning more or more than 5% of the return rate, a message indicating the abnormal order quantity / quotation price can be sent to the bidder to correct the bid order. In this case, when the correction is not made, the message may be transmitted to the monitor of the manager who manages the bond bidding processing apparatus 1 so that the manager may notify the bidder of the abnormal indication.

On the other hand, the bond issuer may be provided with a bid order status screen that can confirm all the bid orders bid during the bidding time.

FIG. 10 is a flowchart illustrating processes of S360 and S370 of FIG. 3 in more detail. When the bidding is finished, the bond bid processing apparatus 1 transmits a message informing the bid end to the bidding order screen of each bidder and the bidding order status screen of the bond issuer (S1000).

Thereafter, the bond bid processing apparatus 1 transmits a message notifying the fact to the monitor of the manager who manages the bond bid processing apparatus 1 when a bid confirmation is not input from the bond issuer 15 minutes after the end of the bid. Then, the manager checks the message and requests the bond issuer to confirm the successful bidding through online or offline means (S1010 to S1040).

When the bond issuer determines the successful bidding or bidding through the final bid notice screen illustrated in FIG. 11 and determines the issuance quantity, issuing interest rate and the acquirer, if the successful bidder confirms the bidding, the bond bidding processing apparatus (1 ) Determines the successful bidding history including the successful bidder, the successful bidding quantity and the successful bid rate as shown in FIG. 12 according to the bidding order and the bidding method stored in the bidding order database, and stores the determined successful bidding history in the successful bidding history database. (S1050, S1060). At this time, the bidder's order ranking that the bond issuer can determine the bidding is given the lowest return price, and in the case of the same return price, the bidding order received in the bond bidding database takes precedence.

Thereafter, the bond bid processing apparatus 1 notifies the successful bidder corresponding to the successful bidder according to the determined successful bid history (S1070).

Through the above process, the bond issuer issues or sells the bonds based on the desired distribution method (quantity and quotation), but does not specify a specific bidder. Can be enforced in good faith.

So far I looked at the center of the preferred embodiment for the present invention. Those skilled in the art will appreciate that the present invention can be implemented in a modified form without departing from the essential features of the present invention. Therefore, the disclosed embodiments should be considered in descriptive sense only and not for purposes of limitation. The scope of the present invention is shown in the claims rather than the foregoing description, and all differences within the scope will be construed as being included in the present invention.

According to the present invention, first, by converting a bond valuation method based on existing securities firms with a small number of valuation groups into a manner in which valuations of members of various classes consisting of real users are reflected, a result of significantly increased reliability of price discovery can be derived. have.

Second, by automatically gathering contentions by multiple members by the information processing system, it is possible to minimize the costs associated with issuing bonds and to maximize fairness and transparency.

Third, the problem of delaying the timeliness of financing due to individual exploration can be eliminated, and the uneconomic effects of seismicity and time lag can be eliminated by elastic and real-time approach to the bond market flow.

Fourth, unlike all the bidders presenting their bidding order to the issuer only during the bidding process in the existing bond bidding process, this bidding method provides all bidders with the highest priority price during the bidding time, thereby allowing the bidders to interact with each other. And thus the process of discovering bond prices transparently, quickly and efficiently, minimizing the cost of bond price discovery.

Fifth, it is possible to induce bidders to actively participate in the bidding by providing some of the information generated in the bidding process to bidders who have ordered a predetermined portion or more of the total issuance amount at the lowest return rate in the bidding process.

In conclusion, it is possible to induce the efficient and reliable bond market by activating the bond market, satisfying the needs of market participants, and eliminating unnecessary transaction costs through the effects described above.

Claims (11)

In a method of competitively bidding a bond by an information processing system connected to a bond issuer and a bond investor through a network, (a) receiving bid information of the bond from the bond issuer and publishing it to bond investors; (b) receiving bid orders from a plurality of bond investors during the bidding period of the bonds and keeping them private; (c) The bidder who presented the highest priority price ordered at the lowest rate of return after the prescribed time before the end of the bidding period shall be prohibited from correcting or canceling the order and ordering a predetermined portion or more of the total issue quantity at the lowest rate of return. Providing a bidder who presents the highest priority bid price with a predetermined portion of order status of other bidders; And (d) providing the bidding status to the bond issuer after the bidding is ended, receiving bid confirmation from the bond issuer, and informing bidders of the bidding result determined by the bidding method presented in the bidding information. Electronic Bond Competitive Bidding through Partial Disclosure. The method of claim 1, wherein step (a) (a1) receiving bid information of a bond from a bond issuer; (a2) adding the input bid information to the bid waiting list, and publishing the bid waiting list to bond investors; And (a3) receiving a bid confirmation from the bond issuer, deleting bidding information of the item confirmed to be bidding from the bid waiting list, and adding it to the bid status list to disclose to the investors Electronic Bond Competitive Bidding through Partial Disclosure. The method of claim 1, wherein step (c) (c1) transmitting a message informing the bidder who has presented the highest priority price before a predetermined time before the end of the bidding, the bidder being the highest priority price; And (c2) A method for bidding electronic bonds through partial disclosure of quotations, further comprising: providing the bidders with the highest priority contents from a predetermined time before the end of bidding until the end of bidding. The method of claim 1, wherein the bidding method of step (d) A method of competitive bidding for electronic bonds through partial disclosure of quotes, which includes multiple pricing and single pricing. In an information processing system that competitively bids bonds by being connected to bond issuers and bond investors through a network, Storage devices; A processor coupled to the storage device, The storage device stores a bond bid processing program and a bond bidding database for controlling the processor, The bond bid processing program (a) a module that receives bid information of a bond from a bond issuer and discloses it to bond investors; (b) a module for receiving bid orders from a plurality of bond investors during the bidding period of the bonds and keeping them private; (c) The bidder who presented the highest priority price ordered at the lowest rate of return after the prescribed time before the end of the bidding period shall be prohibited from correcting or canceling the order and ordering a predetermined portion or more of the total issue quantity at the lowest rate of return. A module for providing a predetermined portion of an order status of other bidders to the bidder who presented the highest priority bid price; And (d) providing a bidding status to the bond issuer after the bidding is ended, and receiving bid confirmation from the bond issuer, informing bidders of the bidding result determined by the bidding method presented in the bidding information. Electronic bond competition bidding device through partial disclosure. The method of claim 5, wherein the (a) module (a1) a module for receiving bid information of a bond from a bond issuer; (a2) a module for adding the input bid information to the bid waiting list and publishing the bid waiting list to bond investors; And (a3) A bidding function comprising a module for receiving bid confirmation from the bond issuer, deleting bidding information of the item which has been confirmed for bidding, from the bid waiting list, and adding it to the bidding status list to disclose to investors. Electronic bond competition bidding device through partial disclosure. The method of claim 6, wherein the (a) module And a module for correcting / cancelling bidding information of a bid waiting list by a request from the bond issuer. The method of claim 5, wherein the (c) module is (c1) a module for transmitting a message informing a bidder who presented the highest priority price before a predetermined time before the end of the bidding, the highest priority price; And (c2) An electronic bond competition bidding apparatus through partial disclosure of quotations, further comprising a module for providing all the bidders with the highest priority price after a predetermined time before the end of bidding. The method of claim 5, wherein the (c) module is (c3) a module for correcting / cancelling an order presented by the bidder at the request of the bidder before a predetermined time before the end of bidding; And (c4) The bidding part further comprising a module for correcting / cancelling an order except for the order which is the highest priority among the orders presented by the bidder at the bidder's request after a predetermined time before the bidding end. Electronic bond competition bidding device through disclosure. The method of claim 5, wherein the bidding method of the module (d) Electronic bond competition bidding apparatus through partial disclosure of quotes, which includes a multiple price system and a single price system. 6. The bond bidding database of claim 5, wherein A bid waiting list database for storing bid information of a bond input from a bond issuer; A bid status list database for storing bid information received from a bond issuer among bid information stored in the bid waiting list; A bid order history database for storing bid orders received from bond investors during a bidding period of the bond; And Electronic bidding competition bidding apparatus through the partial quotes, characterized in that it comprises a successful bid history database that receives the confirmation of the successful bid issued by the bond issuer and stores the successful bid result determined by the bidding method.