KR20060086399A - Global clearing link - Google Patents

Abstract

The present invention relates to a clearing link connecting a plurality of clearing houses for clearing and settling transactions stemming form a trading platform. The clearing link processes transaction data stemming from the trading platform to be forwarded to individual clearing houses. The clearing house(s) are selected based on a transaction data analysis and predefined forward conditions. A trade member is thus able to select a clearing house not directly linked to the market of the trade member.

Description

Global clearing link {GLOBAL CLEARING LINK}

The present invention relates to the processing of transaction data generated from an exchange by a payment control station. In particular, the present invention relates to a clearing link, a method of interconnecting a plurality of clearing houses or a single exchange to a plurality of clearing institutions.

Transactions in financial products or products have become commonplace with computer-assisted operating systems. Exchanges in the form of electronic trading platforms allow all trading participants to have the same access to the trading platform, regardless of their geographical location. Electronic trading platforms, particularly electronic exchanges, provide functions related to border entry, maintenance, matching and pricing. By submitting an order into the electronic trading system and automatically matching it, the electronic trading system automatically creates a trading agreement to engage other participants with different interest rates together. By automatically matching possible orders, the sale is determined based on a predetermined contract specification. Two main types of contracts traded on derivative financial exchanges are futures and options.

For each order concluded, the clearing agency assumes one side of the central counter party of all open contracts. The clearing agency becomes a buyer for each seller in the contract and a seller for each buyer. Therefore, the clearing institution guarantees its members the convenience of all inclusive contracts, that is, trading. This process is known as innovation.

In addition, clearing bodies maintain the sale of derivative financial instruments throughout the contract and ensure final performance of their obligations on specified cash instruments.

To ensure the stability and sound operation of the financial markets, clearing agencies carry out a number of internal processes, including risk management, position management, collateral management, delivery management and cash flow management.

Trading on exchanges, either store-based or electronically, generally affects national / local exchanges. Exchanges generally have a single clearing institution, either in the form of a subsidiary of the exchange or in the form of an entity associated with it. However, financial markets are globally marketed, that is, commodities are gradually traded in cross-border trade. Cross-border trade in goods is facilitated by an electronic trading platform, but settlement and cash flow of the traded goods must be carried out in accordance with domestic regulations specified by the country of origin of the traded goods.

Settlement of trade based on cross-border trade goods requires increased procedural effort. Each sale must be handled by two clearing bodies, first by the clearing institution associated with the trading platform and then by the clearing institution of the home country of the target trading product. Therefore, cross-border trading products lead to inefficient settlement procedures.

In view of these problems described above with the prior art, the present invention aims to reduce the processing effort required to settle a sale.

This is solved by the subject matter of the independent claims.

Preferred embodiments of the invention are subject of the dependent claims.

A particular approach in the present invention is to ensure that one clearing institution does not process all trading data from an exchange, regardless of the processing effort involved in processing each individual trading data. To this end, each trading data is subjected to data analysis to determine which clearing institution can process the trading data with minimal processing effort. The selection of the clearing institution that is most suitable for processing the trading data is selected based on a pre-stored set of relationships that transfer the particular clearing institution to the characteristic data item values of the trading data. Depending on the specific data item value of the sales data received, the sales data is transferred and sent to the relevant clearing institution. In this way, complex processing tasks can be transferred to other clearing organizations and reduce the computational power that must be provided by each clearing organization.

According to a first aspect, there is provided a clearing connection device connected to a plurality of clearing organizations to select a clearing institution that processes a transaction originating from an exchange. The data capture unit receives trading data about the trading resulting from the exchange generating the trading. The memory associates each of the plurality of clearing institutions with a particular value of a data item of the trade data. The payment director transfers the received sales data to a specific one of the plurality of clearing organizations, according to the specific data item value of the received sales data. The trading router sends the trading data for processing to the transferred clearing institution for processing.

According to another aspect, a clearing association interface is provided that connects to a plurality of clearing agencies and transfers one clearing institution to process the bargain data generated from the trading platform generating the bargain. The first means receives trading data of the trading originating from the trading platform generating the trading. The storage means stores the clearing institution associated with the specific data item value of the trading data. The second means transfers the received sales data to the connected clearing agency for processing based on the stored relationship with the particular data item value of the received sales data.

According to another aspect of the present invention, there is provided a method of connecting a plurality of clearing organizations to process trading data originating from one exchange. The clearing institution is stored in a memory associated with a particular data item value of the trade data. Upon receiving the trading data generated from the exchange that generates the trading, the trading data is transferred for processing in at least one of the plurality of clearing institutions according to the trading data based on the relationship stored in the memory.

In accordance with the present invention, inter-border trade products in particular are processed in connection with the most suitable clearing institution, ie a clearing institution that can operate under its established country base. As such, duplication of hardware and processing capacity for payment procedures in individual countries is avoided.

In addition, the present invention makes it possible to process trading data concluded on one exchange by another clearing institution, and consequently, it is possible for participants of other exchanges to always use their preferred clearing institution and to reduce the necessary processing effort. It is possible.

This can be accomplished by sending specific trading data directly from one exchange to individual clearing institutions, or by transferring and sending the trading data through an intermediary medium of a clearing institution connected to the exchange that generates the trading data. A clearing agency that deals with the sale may provide clearing and settlement services as a facilitator to a clearing institution that is directly connected to the exchange.

Preferably, the trading data represents a specific product targeted for trading. Based on this, the home country of the traded goods can be identified so that the trading data can be transferred and sent.

According to another embodiment, each clearing institution processes the trading data according to a processing procedure designated by the home country of the target product. The trading data includes a plurality of other data items including a data item identifying a target product. On the basis of the data item value, i.e., the list of relations previously stored between the commodity identification data and the clearing institution stored in the memory, the home clearing institution can be selected and thus the trading data can be sent. The country's clearing house of the target product will require the minimum amount of effort to process the trading data by applying the necessary payment rules. The sale is finally settled in an efficient manner by the country's clearing house.

Preferably, the trading data sent to the home country clearing organization of the commodity includes detailed trading information.

According to a preferred embodiment, each exchange has a clearing institution as a clearing and settlement platform in connection with it. The trading data is at least transferred and sent to a clearing institution that serves as a clearing and settlement platform for the exchange that generates the trading data. For this purpose, each relationship between the data item values of the trading data and the clearing institutions is stored in a memory.

Preferably, the settlement information included in the transaction data represents a clearing member of a clearing member. Accordingly, the trading data can be transferred and sent to the clearing institution of the clearing member.

Preferably, the trading data is transferred to the clearing institution of the clearing member. Therefore, the clearing member's clearing agency is able to clear and settle all sales arising from a particular clearing member.

Preferably, the trading data is transferred to a clearing institution that serves as the clearing and settlement platform of the exchange that generates the trading data. Therefore, the clearing institution of the exchange can monitor and crack down on the trading arising from the relevant exchange.

According to a preferred embodiment, the trading data comprises a plurality of clearing institutions, i.e., a clearing institution that is a clearing and settlement platform of an exchange that generates the trading data, a clearing member of a clearing member, and a clearing institution that operates under the home settlement regulations of the target product. Is transferred to and shipped to.

Therefore, the sale can be settled in the most efficient manner as each clearing institution performs these steps of the most appropriate clearing and settlement procedure.

According to a particular approach, other clearing bodies, i.e. clearing members' clearing bodies and major clearing bodies associated with the exchange, reflect and / or reflect only a minimum amount of clearing data, e.g. Or process.

Preferably, a separate data container is created for shipment to each clearing organization. Each data container can be individually configured to meet the requirements of each clearing organization.

According to a preferred embodiment, additional trading data of cash movements is captured. Therefore, the present invention is not limited to commodity trading but may increase the efficiency in handling the cash movement.

Preferably, the trading data includes product identification data, conclusion data, and trading member data for each trading. Based on these data, additionally required information can be obtained and used to send each sale information to another clearing institution.

According to a preferred embodiment, the clearing device is provided with a translator component which receives the trading data obtained from the plurality of connected exchanges and converts the received data into a predetermined data format. Regardless of any particular data format or amount of data sent by individual exchanges, the received data is transformed into a common data format that includes a predetermined set of required information. It is not necessary for any connected exchange to apply its current data format, data acquisition procedures, and data dispatch procedures. Therefore, the foreign exchange can be easily connected to the clearing connection device of the present invention.

Preferably, the translator component has a database of related identification data. The translator component enhances the individual pieces of marketing data. For this purpose, the translator component has a database containing relevant identification data. By extracting additional identification data from the database, the translator component completes identification information of the received sales data. As such, the present invention prepares the trading data for smooth processing by the connected clearing institution. Therefore, the data can be prepared according to the individual needs of each clearing organization.

Preferably, the presentation of each sale data is completed with respect to the relevant clearing identification data and / or the trading member identification data.

According to a preferred embodiment, the clearing device comprises a commodity translator component. The product translator component enhances the sales data received by the product specific data. Therefore, the present invention assists the following processing by the clearing agency, for example, that the product specific data indicates the country of origin of the product so that the accurate transfer and shipment of each trading data is possible.

According to a preferred embodiment, the present invention translates all trading date data from a plurality of different exchanges into a common date format. By connecting exchanges and clearing institutions that are spread around the world, each connected institution has its own time standard in relation to the applicable world time zone. Time display For example, the date data is transformed into a comparable date format so that the conclusion dates of the target product can be compared.

Preferably, the common date format is further modified to the date format of the connected clearing institution prior to sending the data to the clearing institution. Therefore, each clearing institution and exchange connected to the clearing linkage device of the present invention can operate and process the trading data in its conventional manner.

Preferably, the received date data is reviewed on the basis of previously stored holiday data for each of the connected exchanges and clearing institutions to produce comparable closing date data applicable for all connected clearing institutions.

Based on the above features, exchanges and clearing institutions that are spread around the world can be integrated into one common trading data settlement system even if each connected institution belongs to a different time frame and falls on a separate national holiday.

Preferably, the present invention includes a trading data composer component that receives trading data and additional data that individually enhances portions of the trading data. Therefore, the received sales data can be individually enhanced for each data portion thereof to complete the sales data for a particular subsequent processing.

The received trading data is analyzed in relation to the target product, trading member and clearing member. Based on the results of the analysis, at least one data container containing the selection of the completed sale is created and sent to the clearing institution. Thus, a data container configured for an individual clearing institution takes into account the needs of the individual clearing institutions to enable the smooth processing of the trade data sent out.

Preferably, the present invention includes another data container to be sent to another clearing organization. Another data container has another auxiliary set of the completed trading data. Therefore, each clearing institution connected in connection with settlement of the transaction will receive these data of the completed transaction data necessary for its clearing and settlement.

Preferably, the home clearing institution of the commodity receives detailed trading data on the settlement procedure of the sale in accordance with the required national regulations, while the clearing member's clearing agency and the exchange's clearing institution (i.e., the main clearing institution) Receive only those data needed for accounting and risk management.

According to a preferred embodiment, the clearing association device of the present invention further comprises a trouble shooter component for receiving the trading data which cannot be delivered from the trading router. An alert is initiated when sales data that cannot be delivered is received.

Preferably, the present invention further comprises a quality reviewer for reviewing the processed trading data. When a mismatched trading detail is detected, an alert is initiated. Therefore, the present invention ensures reliability and safe operation against clearing and settlement procedures, in particular with respect to distribution of trading data to each clearing institution.

According to a preferred embodiment, the clearing association device of the present invention receives the next-day trading data. The next day's trading data represents these trading data for clearing institutions that are in an inoperable state. The collection of next-day trading data on the clearing-linked device enables monitoring of clearing and settlement orders that accumulate while the clearing institution is inoperable. Therefore, the settlement procedure can be initiated regardless of the worldwide position of the exchange that generates the trade and the clearing institution that clears and settles the trade.

Preferably, the next day trading data is monitored by a list manager that calculates the risk arising from the next day trading data accumulated for an inoperable clearing organization. By monitoring the risks that occur during periods of inoperability, it ensures a smooth and reliable worldwide settlement and settlement of trade.

Advantageously, said risk manager initiates an alert when said calculated risk exceeds a predetermined risk level.

Preferably, prior to entering an inoperable state, all positions accumulating in the clearing institution for a certain period of time, for example, every trading day, are captured by the clearing linkage device and their confidence in trading data originating from other clearing institutions. And accuracy are checked.

In the accompanying drawings, preferred embodiments of the present invention will be described in more detail. The drawings are not to be construed as limiting the invention, but merely illustrative and described examples of how the invention can be made and used. Other features and advantages will be apparent from the more detailed description of the invention described below and in the accompanying drawings.

1 is a block diagram showing a clearing institution connected to an exchange in a conventional manner;

Fig. 2 is a block diagram showing the clearing device of the present invention connected to other exchanges and clearing institutions.

3 is another block diagram illustrating a clearing-linked device of the present invention connected to a plurality of exchanges and clearing organizations.

4 is a block diagram showing the internal configuration of the clearing and linkage device of FIG.

5 is a block diagram showing further details of the clearing device of FIG.

6 is a block diagram showing further details of the clearing device of FIG.

7 is a flowchart showing a linking method of the present invention.

FIG. 8 is a block diagram showing in more detail the linkage method of the present invention as shown in FIG.

Fig. 9 is a diagram showing an example of a possible configuration of a period in which a clearing organization that is spread all over the world can be operated and not operated.

10 is a flowchart illustrating a particular embodiment of the present invention with additional components for detecting and preventing risk arising from trading data intended for a clearing agency that is not operating.

11 is a block diagram illustrating a possible hardware configuration for practicing the present invention.

12 is a block diagram illustrating a possible hardware configuration for practicing the present invention having an individual clearing association interface arranged on each of a plurality of exchanges.

FIG. 13 is a block diagram illustrating the accounting structure of two example clearing agencies in different countries, determining a payment director internal logic to construct a data container and transfer the data container to another clearing institution.

14 is a block diagram illustrating a peer-to-peer relationship between clearing agencies to settle a transaction in the most efficient manner.

15 is a block diagram of a specific example for implementing the basic structure of a clearing association device.

FIG. 16 is a diagram showing an example of a configuration for further processing in a clearing institution of a specific data item included in trading data generated from an exchange. FIG.

Other aspects of the present invention will be described below with reference to the accompanying drawings, and like reference numerals refer to like elements and structures.

In Fig. 1, a conventional configuration for connecting an exchange 100 and a related clearing institution 110 is shown. Exchange 100 may be any of a number of different forms of trading platform, eg, a store trading platform or an electronic exchange. The clearing institution 110 represents the counterparty to all transactions concluded at the exchange. The concluded transaction represents the agreement between the participants exchanging goods. The commodity includes at least one of cash assets, bond commodities, derivative financial instruments, and redemption conditional bonds.

When an order is concluded, the clearing authority as the central clearing party guarantees the convenience of transactions for each associated party. The institution may be a participant in the market, i.e., the exchange 100 and the clearing institution 110, but the participants of the exchange and the clearing institution hereafter become a trading member in the market and a trading member (the clearing member) in the clearing institution. To be distinguished. Although other clearing bodies are used as individual expressions, the term clearing member is used throughout the description below. For example, the Eurex Clearing AG (ECAG) further distinguishes between a "general clearing member" and a "direct clearing member". The Clearing Corporation (TCC) Clearing members are referred to as "clearing member firms." The US CTFC Regulations also use the term "futures commission merchant" (FCM) for the same.

As shown in Fig. 1, the clearing members CM1 and CM2 are participants of the main clearing institution 110, i.e., the clearing institution A of the first country. The clearing institution B (the clearing institution 120) of another country with its own clearing members CM3, CM4 is also a participant of the main clearing institution 110 of the exchange 100. Since the clearing members CM3 and CM4 are not directly, but through the clearing agency 120, the clearing members 110 are members of the main clearing institution 110. Therefore, the clearing members 110 may represent the clearing members CM3 and CM4. As a responsible participant of 110, it provides a single “omnibus account” to the clearing institution 120. The clearing organization 120 fulfills the obligations of the clearing members CM3 and CM4.

2 and 3 show a general configuration of the clearing and linking device of the present invention. The clearing connection device 200 is connected to a plurality of exchanges, for example, the exchange 212 of the country 1 and the exchange 222 of the country 2 on the one hand. On the other hand, the clearing connection device 200 is connected to each clearing institution, that is, the clearing institution 214 (country 1) and the clearing institution 224 (country 2). The concluded transaction of the exchange connected between the trading participants 216, 217, 226, 227 yields corresponding trading data. Relevant transaction data from the concluded transaction is sent to one of the clearing institutions 214, 224 for clearing and settlement of the transaction.

Clearing institutions 214 and 224, which are involved in clearing and settlement of transactions, operate under its established (country) basis. Clearing agencies will monitor, calculate and address risks and view open positions. In addition, the clearing agency handles the exercise of rights, assignments, announcements, distributions, corporate actions, and transaction management functions, and outputs payment instructions to the relevant settlement bodies. Such payment institutions may be central security depositions (CSDs), professional banks, central and currency banks.

The individual structure of the clearing connection device which connects an exchange and a clearing institution is shown in FIG. A plurality of exchanges 310, 320, 330, which may be located in different countries around the world, is connected to the clearing device 200. The clearing linkage device captures all the transactions concluded at the exchanges 310, 320, 330. After processing the captured data, clearing linkage device 200 sends relevant transaction data to one or more connected clearing organizations 340, 350, 360. The clearing organizations 340, 350, 360 are also connected to one clearing linkage device 200, regardless of their worldwide location. The trading data sent to each clearing institution 340, 350, 360 activates the clearing institution so that the clearing institution operates under its established clearing and settlement structure.

4, 5, and 6 show the internal configuration of the clearing and linking device 200. As shown in FIG. 4, the clearing association device includes a transaction capture component 400, a product translator component 430, a transaction member translator 410, a clearing member translator 420, a calendar configurator 440, and a transaction data completeer ( 450, payment director 460, memory 465, and trading router 470.

The transaction capture component 400 receives any trading originating from one of the connected trading platforms, ie, the exchanges 310, 320, 330. Trading may involve traded goods or cash flows. Transaction capture component 400 also captures trades from the associated clearing agencies in connection with give-ups and position transfers. Transaction capture is performed regardless of the origin of the captured data, data layout, and data content.

The transaction capture component 400 distributes the captured sales data into a temporary data container for further processing by the translator components 410, 420, 430 and the calendar configurator component 440. These temporary containers carry all basic trading data such as product identification data, closing date data, trading member information and the like.

The TM translator component 410 has a database for all trading members of all trading platforms 310, 320, 330 connected to the clearing linkage device 200. To facilitate all subsequent processing, the trading member (TM) translator component 410 establishes relationships between the same trading members on different trading platforms 310, 320, 330. The trading member translator component 410 receives trading data from a temporary data container for the trading capture component 400, that is, the trading member translator component 410.

The trading member translator component 410 is unique and enhances the trading data received by other market specific identification data. The enhanced trading data is sent to the clearing member (CM) translator 420.

To enhance the received data, the trading member translator component 410 is automatically supplied with the target data from participating clearing agencies and trading platforms.

The clearing member translator component 420 receives these sales data enhanced by the trading member translator component 410. The clearing member translator component 420 adds the relevant clearing member identification data to the received transaction data. To this end, the clearing member translator component has a database that stores all associated clearing member identification data for the trading member.

The enhanced trading data is sent to the trading data completeer component 450.

To add the required clearing member identification data, the database of clearing member translator component 420 is automatically provided with the target data from participating clearing agencies and trading platforms.

Another temporary data container is sent by the transaction capture component 400 to the product translator component 430. The database provided to the commodity translator component 430 includes identification data of all commodities traded on all trading platforms 310, 320, 330 connected to the clearing linkage device 200. In order to facilitate subsequent processing of the trading data, the target product of each trading is detected from the received trading data, and a relationship is created between the same products.

The product translator component 430 enhances the portion corresponding to the product in the received data. Trading data is enhanced in a unique way as well as with other market specific identification data. The enhanced data is sent to the trading data finisher 450.

The database of the commodity translator component 430 will automatically have all the target data relating to participating clearing organizations 340, 350, 360 and trading platforms 310, 320, 330.

Another temporary data container is sent from the transaction capture component 400 to the calendar configurator component 440. Calendar configurator component 440 has a database that includes all dates related to the closing time and closing date for all trading platforms 310, 320, 330 connected to clearing device 200. While the received date and time are kept within the received sales data, the calendar configurator component 440 ensures that the time and date data are accurately settled and settled for each sale, regardless of the location of the trading platform and clearing agency. To a new common format. The received time and date data is enhanced by the converted time and date data and sent to the trading data finisher 450.

The database of calendar organizer components will automatically have respective time and date data from all participating clearing organizations 340, 350, 360 and trading platforms 310, 320, 330.

Individual portions of the captured sales data are independently enhanced by the product translator component 430, the transaction member translator component 410, the clearing member translator component 420, and the calendar organizer component 440. The enhanced data is sent individually to the sales data finisher 450. The trading data completeer 450 receives the individually improved trading data component and is generated as one whole enhanced trading data based on the received trading data component referring to the same trading.

The settlement director 460 receives the completed sales data from the sales data completeer 450. In particular, the payment director analyzes the received transaction data on the target product identification data, the transaction member identification data, and the clearing member identification data.

The memory 465 stores a plurality of predetermined relationships between the possible values of the trade data and the data items from the clearing institution. For each possible value of the trading data item, at least one clearing institution to be used for processing the selling data including the data value is stored. An example of the structure of the trading data provided by the exchange is shown in FIG.

As can be seen from FIG. 16, the trading data 1600 includes a plurality of data items 1610-1670, each of which includes individual trading details. The illustrated data items are commodity identification data (commodity code) 1620, currency 1630, exchange member identification data 1640, closing data 1650, and clearing member identification data 1660 indicating a commodity for sale. , And transaction location 1670. The fastening data 1650 has fastening details such as a fastening date, a fastening time, a fastening price, and the like. The exchange member identification data may include identification data of the city where the member is located.

In addition to the data items shown in FIG. 16, each sale data further includes a plurality of other data items generally indicated by reference numeral 1610. Since the number and shape of the indications can vary considerably, a small number of data items are mentioned with reference to FIG. 16 as an example. However, the present invention is not limited to the explicitly mentioned data items. All other data items suitable for the purposes of the present invention may be employed in this regard.

Based on the sales data analysis result, the payment director 460 forms three data containers from the completed sales data. Each data container represents a separate auxiliary set of received sales data.

The first container is prepared in accordance with the detected commodity for sale and its home clearing agency. The second data container is formed in accordance with the detected clearing authority of the fastening platform generating the sale. The third data container is created according to the designated clearing member identification data of the trading member. Thereafter, the first, second, and third data containers are referred to as "goods container", "clearing institution container", and "CM container".

The destination of the individual data container is determined based on at least one of the data items 1610-1670 of the sales data 1600. The data item on which the analysis is based is determined in advance, and each relationship for transferring the data item value to at least one of the clearing organizations 340-360 is stored in the memory 465 in advance. In order to determine the destination clearing institution, a given trading data item value is used to identify the clearing institution for sending the selling data with reference to each value in the memory 465.

As a destination, one or more clearing agencies can be determined. To this end, one or more clearing agencies may be associated with specific data values of a given trading data item. On the other hand, other clearing institutions are considered and determined based on a plurality of trading data items.

In addition, the choice of clearing organization and treatment system may be applied in a phased manner. In the first step, a predetermined data item value is obtained, and a selection corresponding to the clearing institution or an auxiliary set of clearing institutions is executed. In the second stage (and subsequent stages), other data items are considered and subsequent selection is performed based on the clearing authority or processing scheme selected in the first stage.

The commodity container includes all data related to the commodity to be sold. The first data container also includes identification data of the home country clearing organization and the clearing member of the target product, together with the clearing member identification data of the home country clearing organization.

The clearing authority container contains data related to the designated clearing authority of the exchange and the designated supplemental reference identification data of the clearing institution.

The CM container is formed based on the data representing the clearing bodies involved and the clearing members belonging to it as well as the designated clearing members of the trading members.

All data containers formed by the payment director 460 are returned to the trading data finisher 450. Therefore, the payment director created individual data packets to be sent to each destination independently, comparable to the switchboard.

Each data container is sent back to the trading data finalizer 450 for transmission to a separate clearing organization, but on the other hand, the payment director 460 may send the data container directly to the trading router 470 itself.

The trading router 470 receives a data container, that is, a merchandise container, a clearing agency container, and a CM container, from the sales data completeer 450 or from the payment director 460. The receiving data container is sent to the relevant clearing organizations 340, 350, 360. The commodity container is sent to the clearing institution of the home country of the commodity, while the clearing institution container is sent to the clearing institution associated with the exchange that generates the sale, and the CM container is sent to the clearing institution designated by the clearing member.

The country's clearing house for the goods for sale receives the most detailed data to settle the sale in accordance with its settlement rules. Other clearing bodies receive the data received by the clearing bodies and the CM container as they are, and the accounting and risk management procedures required for these data are carried out on these other clearing bodies.

If one of the other designated clearing institutions matches the home clearing institution of the goods, these data containers are omitted. For example, if the clearing institution is the clearing institution associated with the trading platform and the clearing institution designated by the clearing member, only one commodity container is sent to the clearing institution. On the other hand, if the clearing institutions of the clearing institution container and the CM container match, only the CM container is sent to the common clearing institution while the clearing institution container is omitted.

In summary, if there is more than one data container to be sent to the same clearing organization, only one data container is dispatched while the rest are omitted according to the predetermined priority of the data container. The commodity container has priority over all remaining data containers and is not omitted. In contrast, clearing agency containers have the lowest priority and are always omitted in the event of a conflict.

The trading router 470 sends the completed trading data to the individual clearing institution so that the trading can be settled and settled according to their individual basis. Therefore, clearing agencies can process transactions at clearing agencies with only such accounts and / or subaccounts within their conventional account structure. Transactions with individual clearing agencies are concluded in accordance with their individual standard procedures.

All clearing institutions operate according to their standard routines, while all transactions processed by clearing institutions are operated in accordance with the processing instructions generated by the clearing linkage device. In particular, with respect to the cash flow and settlement of clearing members, the standard processing procedures within the clearing institution operate in accordance with the principle of home country, namely, the direct relationship with the clearing institutions involved in the processing of the relevant goods and related settlements. As a result, clearing institutions depend on each other for cash flow and settlement. A clearing linkage device, in particular the payment director, is responsible for the cash flow of the target product and the stable initiation of the settlement, while the clearing linkage device affects the settlement process at a clearing institution.

A more detailed configuration of the preferred embodiment is shown in FIG. The illustrated configuration is different from the quality checker 510, the trouble shooter 520, and the alarm indicator 530 described above. These components enable correct operation of the disclosed components and trigger an alert upon detection of any processing failure.

The quality checker 510 is connected to the product translator 530, the transaction member translator 510, the clearing member translator 520, the calendar configurator 440, and the trading router 470.

Quality checker 510 receives data from all connected components to perform double checks and cross checks on the accuracy of the relevant elements of the sale. If any of the checked data cannot be validated, the quality checker returns the product details that do not match with the product translator 430, the transaction member translator 410, the clearing member translator 420, the calendar organizer 440, and And / or from trading router 470 to alert indicator 530. In response, alert indicator 530 preferably initiates alert 540 by notifying the switchboard of the payment process for manual block.

The trouble shooter 520 is connected to the trading router 470 and receives any undeliverable trading from the trading router 470. Accordingly, the trouble shooter 520 initiates an alarm through the alarm indicator 530 and the quality checker 510. After the alert is notified to the alarm indicator 530, and completion is sent to the trading router 470, the manual blocking processing of the trading is executed by the trouble shooter 520.

The additional components shown in FIG. 6 allow to ensure a smooth and accurate processing operation of the clearing device 200. In order to enable trade and settlement of transactions concluded on a global basis, clearing-linked devices serve as a relay by accumulating trading data for clearing institutions arising from trading platforms that can operate at different time periods for non-operating periods of individual clearing institutions. Should. To this end, clearing linkage device 200 includes a position capture unit 630, a risk manager 670, and an arbitration processor 680.

The position capture unit 630 is connected to the trading router 470 and the individual clearing agencies 340, 350, and 360. Position capture unit 630 receives end date positions, collateral securities, and cash flows from connected clearing organizations 340, 350, 360. In addition, the position capture unit 630 receives an unsuccessful next day sale for the connected clearing agency from the sale router 470. The received end date position / next day trading for the connected clearing institution is analyzed and broken down into an overall position for each clearing institution by grouping clearing members and / or grouping technical clearing members. The accumulated position for the clearing member is sent to the risk manager 670 for calculation of any potential risk. The data is also sent to mediation processor 680.

The risk manager 670 receives the accumulated position from the position capture unit 630 and calculates the risk of the clearing member foundation and / or clearing agency foundation. The calculated list information may be used by the related clearing organizations 340, 350, and 360. Risk managers operate 24 hours to ensure continuous risk measurement performance for clearing organizations that do not permanently receive and operate captured position data.

The arbitration processor 680 receives accumulated data of the connected clearing institution from the position capture unit 630. Data received in connection with an individual clearing institution is compared with data of other clearing institutions. All excess is broken down into its basic units and made available for analysis and correction within the clearing organ process.

Operation of the invention is described in connection with FIGS. 7 to 10.

In order to support clearing and settlement of trades concluded between two or more clearing bodies, the clearing linkage device electronically captures all kinds of trades concluded on two or more derivative financial instrument exchanges or over-the-counter exchanges (step S1). The captured trading data is transferred (step S2) and sent to the selected clearing institution taking into account the related clearing agency obligations of the market that initiated (step S3). The transfer phase ensures that each associated clearing organization operates under its established base. In addition, trading participants at different exchanges can use clearing agencies as their choice.

In addition, the concluded trading data is captured by the clearing institution connected to the exchange that generates the trade. The primary clearing house sends the trading data to the clearing institution that is most suitable for settlement.

A more detailed flowchart illustrating the operation performed by the clearing device of the present invention is shown in FIG. 8. Sales data (step S1) received from at least one of the plurality of connected trading platforms, i.e., exchanges, is sent to individually enhance portions of each received trading data.

All trading data that can be generated from different trading platforms, each with its own data format, is converted to a common data format. The sales data enhanced by the specific data of the product includes additional product identification data (step S10). In addition, the received trading data is enhanced by the unique data of the trading participant (step S11). In addition, the closing date data of each trade is converted into a common time format and improved. Individually enhanced portions of each transaction are combined to form enhanced trading data (step S13). In addition, the individual enhancement steps S10 to S13 are executed in a continuous manner.

The enhanced trading data of each trade is analyzed for the unique data of the goods and / or trading participants (step S14). Based on the analysis result, individual data containers are formed (steps S15 to S17). The first data container is formed on the basis of the product to be traded (step S15). The first data container is intended to be shipped to the clearing institution of the country of origin of the goods. A second data container to be sent to the clearing authority of the fastening platform is formed in step S15. The third data container is formed in step S17. The third data container is scheduled to be sent to the clearing organization of the clearing member.

Each of the first to third data containers generated from the completed sales data is continuously sent to an individual clearing institution. The first data container is sent to the clearing institution of the country of origin (step S18), the second data container to the clearing institution of the fastening platform (step S19), and the third data container is sent to the clearing institution of the clearing member (step S20).

When forming a separate data container, the data can be converted to match the separate data format of the connected clearing institution. Each clearing organization can operate on its established basis for monitoring, calculating and managing risks, observing open positions and handling exercise of rights, assignments, announcements, allocations, company behavior and transaction measurement functions. The payment instruction can be output to the clearing institution.

Under the present invention, it is possible for trading participants of different exchanges around the world to use their clearing institution. The present invention guarantees 24-hour operability of clearing and settlement processing with respect to a plurality of clearing institutions connected to a plurality of trading platforms by the clearing device.

Problems arising from trading platforms and clearing organizations located at different times are shown in FIG. 9. The exchanges and clearing bodies represent different states of operation and non-operation with respect to each other based on the common time base 800. Individual operating and non-operating periods are projected onto a common time base 800 having a common time, represented as time 810 from their respective national time.

The example of FIG. 9 includes three countries operating in different time zones of the world. The operating state is indicated by reference numeral 820 and the period of non-operation is indicated by reference numeral 830. As can be seen from them, trading data originating from the trading platform of country B cannot be settled at the same time by the clearing institution located in country C. The clearing agency in country C is in a non-operating state 830, while the country B's trading platform is in an operating state 820 at the same time.

In order to ensure 24-hour operational performance of the settlement process, trading data to be sent to a particular clearing institution is captured (step S10). The clearing linkage device then determines whether the clearing organization can operate (step S11). If the specific clearing institution of the trading data under consideration is in an operational state, the selling data is sent to the clearing institution as described in connection with Figs. 7 and 8 (step S12). However, if the trading data under consideration are not operated by the clearing institution to which the data to be sent are to be sent, the risk assessment is performed (step S13). If the risk measured for a particular clearing member and / or clearing organization exceeds a predetermined level, an alarm is initiated to allow each process to be manually or automatically operated to cope with the risk that has occurred (step S14).

The above-described settlement mechanism is based on the integration of goods in the clearing institution of the country of origin of the target product and guarantees one clearing institution per exchange, regardless of the choice of clearing institution by the trading member. A clearing institution located outside the country of origin of the subject good may be a secondary party to the goods of another country settled by another clearing institution. Deal Membership transactions, eg US products, are currently available in addition to US clearing agencies, for example in European clearing houses. Similarly, trading members who trade European goods may use US clearing agencies. Transaction participants will not be recognized as other clearing agencies in connection with the clearing and settlement process of a closed deal.

Liquidation linkages can be used to settle all types of commodities, for example cash equity and bond instruments, derivative financial instruments, repurchase agreements (products such as repo, energy, electricity, etc.). Is conceptualized for

The internal configuration of the other processing components of the clearing association device 200 described so far may be realized in one of the forms of hardware or software processing elements. As shown in FIG. 11, according to a preferred embodiment of the present invention, the processing element is realized in the form of a software component on the clearing association server 920. The data required for other processing steps may be provided by a database 921 arranged internally or externally to the clearing association server 920. The clearing association server is connected to one of the plurality of trading platforms 901, 902 and the other of the plurality of clearing organizations 911, 912. The trading platform 901, 902 and the clearing organizations 911, 912 are realized in electronic form as symbolized by the EX server 901, 902 and the CH server 911, 912 in FIG. 11. In addition, although not shown in FIG. 11, individual servers may separate I / O units that provide external connectivity with other devices. The connection may be realized based on electronic form or packet based transmission by wired / wireless communication service.

According to another embodiment, the liquidation linkage device of the present invention is realized in the form of a liquidation linkage interface 940 that is separately installed at each exchange. In contrast to the implementation of FIG. 11, each interface only captures the transactions that were concluded at the connected exchanges 901, 902, respectively. In order to ensure reliable processing of the payment operation, the interfaces can be connected to exchange relevant information. Each interface 940 has individual components as described above.

In another implementation, each interface is not directly connected to an individual exchange, but through the associated major clearing house.

In summary, the present invention relates to a clearing connection device for connecting a plurality of trading platforms and a plurality of clearing institutions. The clearing linking device processes the data for sale from the connected trading platform to be sent to the individual clearing institution. The clearing institution (s) are selected based on the analysis of the sales data and the predetermined shipping conditions. Therefore, the trading member may select a clearing institution that is not directly linked to the trading member's market. The cash and settlement flows in the country of the clearing institution in the territory where the goods are located are made using borrowings. In addition, the clearing device ensures a single global outstanding agreement for the goods in the home country to which the goods belong, without affecting the ownership of the open interests in the clearing institutions associated with the relevant stores. This ensures that the exercise and transfer of rights, notices and distributions are concluded by the most useful pool of pools within the overall outstanding arrangement.

In addition, the clearing linkage device ensures that cash flows and settlements are handled in the most efficient manner, while employing homeland principles. The clearing member has the free choice of clearing agency, allowing the clearing member to use the jurisdiction and service provider at his or her choice. By employing the clearing linkage device of the present invention, the number of intermediate services is reduced and the overall cost for the participants is reduced.

Next, a specific specific embodiment will be described with reference to an example of the implementation of a clearing connection device connected to exchanges and clearing organizations in two countries.

The exchanges and clearing institutions in the first country are assumed to be the Eurex Clearing Company (Eurex Clearing AG), which is formed as the Eurex Exchange and the clearing institution for all Eurex trading. Therefore, for every transaction concluded on the Eurex exchange, you automatically become the central settlement counterpart. In addition, Eurex liquidation companies are directly connected to various international Central Security Depository (CSD). This means that clearing agencies not only guess counterparty risk for all trading participants, but also simplify the payment process for clearing members while ensuring anonymity from transaction to settlement.

The exchange in the second country is assumed to be a US based Futures Exchange (hereafter referred to as Eurex US). Because the exchange is located in the United States, it is included under the rules of the US Futures Trading Commission (CTFC). Commodities traded in Eurex US are interest rate futures (T-Bonds, T-Bills, etc.), US index products and all options for their futures, and Euro-designated products. For all transactions on all products entered into by Eurex US, The Clearing Corporation (TCC) will be the central settlement party.

In accordance with the present invention, a clearing agency linkage may be established between the European Clearing Institution (ECAG) and the US Clearing Institution (TCC) for intercontinental settlement. Clearing links allow non-clearing members or trading members to trade on a given exchange and clear the activity at their chosen clearing institution. To this end, each clearing institution becomes a "special processing member" of the other clearing bodies and a general account is set up by the other clearing bodies to maintain the transaction in connection with the association. In the case of providing a subsidiary account in a general account, it may be fixed at the level of clearing members of other clearing institutions and additional services may be provided.

Intercontinental trading has numerous advantages. Each clearing member is free to choose an individual clearing institution to close the concluded transaction. In addition, the non-cleaning member is in a position to freely select the clearing member. When establishing clearing links, cost savings can be achieved for set up and maintenance of additional payment infrastructure in new countries. The efficiency of the clearing process can be increased by the appropriate choice of regulatory environment. In addition, trading of individual commodities is not limited to the operating hours of a particular exchange or clearing institution, and may be concluded and cleared at different times.

In order to achieve these advantages, the clearing institution linkage device may, firstly, present US goods to be settled at a major clearing agency (TCC) or linked clearing agency (ECAG), and secondly, a gift concluded at Eurex US or Eurex. Approved European goods from the Trading Commission (CFTC) can be settled by ECAG or TCC.

To facilitate the following description, the following specific clearing bodies and clearing member representations are defined.

A "major clearing institution" is a clearing institution associated with an exchange as its signing platform. Therefore, TCC is the main clearinghouse for all transactions concluded on Eurex US and all products listed on Eurex US, while ECAG is the main clearinghouse for all transactions concluded on Eurex and listed on Eurex.

"Associated clearing bodies" handle transactions with which the linked clearing bodies are concluded on exchanges other than the main clearing bodies. ECAG is the associated clearing agency for transactions concluded on Eurex US among any Eurex US listed in the contract, and TCC is the clearing agency associated with transactions concluded on Eurex with the contract listed.

A "home country clearing institution" is a clearing institution located within the country of the goods that specify for sale. Therefore, the TCC is the home clearing agency for transactions in US-designated goods, whether or not the transaction is concluded on Eurex US or Eurex. ECAG, on the other hand, is the country's clearing house for their transactions in European-designated goods, whether or not these transactions are carried out on Eurex US or Eurex.

A "destination clearing agency" is a clearing institution for which clearing members are approved. ECAG is the destination clearing institution for all ECAG clearing members, while TCC is the destination clearing institution for all TCC clearing members.

The associated clearing organization is set up as a "special clearing member" at the main clearing institution. To this end, a general account at a major clearing institution maintains all cross-border transactions in relation to its associated clearing institution. The general account of a special clearing member is used to trade their goods if this special clearing member is a home clearing institution. In addition, a general account may have a substructure for "technical clearing members."

As a substructure for a special clearing member, a "technical clearing member" will be set up in the main clearing agency representing the clearing member of the special clearing member. Accounts maintained for these "technical clearing members" are used only to faithfully reflect transactions and goods if the special clearing member is not the home clearing institution in the contract, that is, if the main clearing institution is also the home clearing institution.

By establishing clearing links when sending sales to both clearing institutions, in particular, delivery and cash management are handled with high efficiency. Cash and delivery management takes full advantage of each clearing institution's knowledge, base expertise in the delivery of each target product. With regard to the settlement and settlement of European goods, ECAG supports or services TTC obligations to clearing members of TTC, and TTC supports the same process for various goods for ECAG members.

In addition, each clearing agency facilitates distribution of payments to other clearing agencies in their respective currencies. As a result, the entire cash management process and the delivery management process are treated as European goods by the ECAG system. TCCs, on the other hand, support their own members in cash and delivery processes for US products and on behalf of ECAG for their members.

Therefore, instead of creating their own base in an unfamiliar foreign environment, both clearing agencies will individually use the existing and proven bases of other clearing institutions.

In particular, the increase in efficiency can be achieved by applying the "home principle" to the widest possible extent. As such, product characteristics and related processes are based on their specifications in their domestic market. In accordance with the country of origin specified for each commodity traded, the individual provisions define the following areas: commodity characteristics and series creation, master settlement price, clearing deadline (accounting cuts), exercise of rights in the transfer, notification and distribution procedures, It is set in the Indian administration, financial institutions (cash loans and loans), and the calendar calendar area.

In addition, regardless of where and by whom the transaction is concluded, post-transaction process functionality is performed at the clearing member's destination clearing agency. According to the above examples of two associated clearing agencies, the Eurex NCM liquidation through the TCC liquidator must submit its mediation to the TCC. Based on the position of the clearing member, the following processing rules are set up, namely, position and position management, abandonment and take-up processing, risk management and reporting. Preferably the activity after any transaction is copied to the home commodity clearing institution.

In the event of a loss of functionality, instead of duplicating such a foundation in the destination clearing house, on the basis of global clearing linkages and homeland principles, any post-transactional functions, such as abandonment / acceptance, position transfer, and position management, It is also possible to hold on behalf of a home-based clearing house.

Liquidation of transactions concluded on the exchange is immediately divided into two transactions originating from the exchange trading system: two transactions, one between the seller and the clearing institution (buyer) and between the clearing institution (seller) and the buyer. This process is known as innovation. Both transactions are then typically cleared and settled.

According to the invention, the innovation in the major clearing institutions takes place at the point when the transaction is matched on the exchange. The major clearing institution is the counterparty to all transactions concluded on the exchange directly related to this. For example, the TCC is the counterpart for all trades concluded in Eurex US, while the ECAG is the counterpart for all trades concluded in Eurex US.

The second innovation takes place in parallel and concurrently with the associated clearing house for all transactions designated to be cleared over the clearing link.

Simultaneous renovation process may cause the clearing institution to be the main clearing institution or linked clearing institution, to be the counterparty to the transaction, while the home clearing institution may also be the counterparty to the sale. Such innovation occurs when none of the clearing bodies to which the main clearing bodies are linked is also a clearing institution in their own country. For example, the sale of Eurex US in Eurex US, where both clearing members are traded on the Eurex agreement settled by the TCC, will be reflected in the ECAG as a home clearing institution. Therefore, counter-posting on both sides of the TCC of the transaction on the one hand is recorded in the account of the clearing member, while counter-posting is made to the general account of the ECAG in the special clearing member. In this way, the ECAG becomes the counterpart of the TCC for both parts of the sale without any pure obligation.

The configuration and dispatch of individual data containers for each clearing organization is performed by the payment director 460 described in connection with FIG. To this end, the connected clearing agency provides an account structure that is included in the payment director 460 in the form of object control logic. The common account structure allows for consideration of trades and positions sent via clearing links, while allowing connected clearing agencies to apply individual regulatory requirements. In particular, both clearing agencies ECAG as well as the TCC have independent records that maintain access in accordance with regulatory requirements and market practices.

Each clearing institution has an account structure that allows it to maintain accounts for the other payment instrument and its members. Such account structure will reflect those transactions required to be transmitted via the clearing association of the present invention. To this end, both clearing organizations will approve the other payment instrument as a "special clearing member." If the clearing institution reflects the sale of the foreign clearing body (that is, the special clearing member) to a foreign product, that is, those products that have a special clearing member as the home clearing institution, the sale has a general account maintained for the other clearing institution. Done. If a clearing institution submits a sale of its counterpart clearing institution (special clearing member) to its home goods, that is, those products whose home clearing institution is a clearing institution of its own, these sales shall be the clearing of the other settlement instrument as a technical clearing member in its own system. By reflecting members. Both General Accounts and all Technical Clearing Member Accounts constitute the sale of the other clearing institution.

With specific examples of US and European clearing bodies, the TCC will establish ECAG as a special clearing member and maintain a general account of payment activities in European goods. The Eurex General Clearing Member (GCM), which pays US goods, is maintained as a technical GCM in the TCC system. In a similar manner, ECAG will establish a TCC as a special clearing member and maintain a general account of payment activity on US products. Clearing members of TCC who pay for European goods will maintain technical GCM within the ECAG system.

In addition, Elex US NCM's trading activities on European products using Eurex clearing members will be reflected in the General Account at the TCC. However, only detailed position maintenance will be performed in the ECAG. For trading activities on Eurex US NCM's US products using ECAG clearing members, reservations of sales are carried out on the level of ECAG clearing members, and ECAG also provides counters to general accounts within the Eurex system to keep the system balanced. Schedule a sale. TCC, on the other hand, keeps both sides of the trade at a detailed level.

A secondary account structure to support position management and regulatory reporting is maintained for each GCM. In the ECAG system, each technical US-GCM has an agent, a private and a market opening account. To reflect the TCC account structure, only two accounts are actually used, namely the A1 account for reflecting the source O1 and the P2 account for reflecting the source O2 as shown in the common account structure of FIG. 13.

Subdivisions of US-GCM are arranged in NCM in ECAG. However, brokers or divisions related to US-GCM cannot be fully reflected in ECAG by separate accounts. On the other hand, all trades of floor brokers are kept in A1 account and all trades of house brokers are kept in P2 account.

In the TCC system, each technical ECAG GCM / DCM is represented as a “firm” with an NCM represented as a “division”. The provision of technical ECAG clearing members is only a requirement for US products. The ECAG system distinguishes between "real" clearing members and technical clearing members. This requires that a function and process not applicable to the technical clearing member be prevented, for example, from triggering an automated cash reservation for a fee.

According to the common account structure shown in FIG. 13, only clearing members who participate in cross-border trade projects or transactions of home goods of other clearing institutions are reflected in the other clearing institution.

The account mapping structure is the basis for the logic of payment director 460 to transfer and organize data containers to be sent to individual clearing organizations.

In order for the correct transaction to be processed throughout the clearing function, both account structures of TCC and ECAG are mapped to the clearing linkage device of the present invention. Different mapping mechanisms depending on the direction of traffic flow apply. Basically, the mapping mechanism follows the following rules. The destination clearing agency of the clearing member determines the "target account structure". The target account structure is the account structure to which the destination clearing institution will be mapped. The "accounting method" is also determined by the destination clearing agency in contact with the clearing member. Accounting methods include such indicators as source code versus account indicator, and gross versus net method.

The disclosure of the transaction to the relevant clearing house and each member account is facilitated by the NCM and a unique account designator that identifies it with each GCM.

Transactions concluded on the exchange are captured and sent directly to each clearing institution. If the receiving clearing agency is unable to process the trading data, the selling data will remain at the "gateway" in the clearing linkage until the clearing agency can receive the trading data. Therefore, certain data collection and dissemination procedures are provided to enable key functions with regard to data integrity.

Transaction management functions are widely carried out by the interaction of members with major clearing bodies using existing mechanisms and procedures. The exceptions to this processing approach relate mainly to the areas of cash and delivery management and to the home goods of the other clearing institution.

As a general rule on the transaction management functionality of clearing agency linkages, the transaction management should be carried out by the clearing member's clearing institution. For example, Eurex NCM, which pays through an ECAG clearing member, uses ECAG's transaction management functionality, while Eurex NCM, which pays through a TCC clearing member, is not eligible to use ECAG's transaction management functionality. On the other hand, the Eurex US NCM (Eurex US only), which is liquidated via ECAG clearing members, does not have the proper Eurex base. Therefore, these NCMs are incorporated into the clearing member's account so that ECAG clearing members can use the transaction management functionality.

Whatever the reason for this activity, the global clearing link also recognizes in advance the possibility that the destination clearing agency will use the homeland clearing house's foundation. This is possible because any post-transactional adjustments need to overlap with the home clearing institution at the level of the technical account, and the home clearing institution can also operate as a base provider for the destination clearing institution.

The present invention provides for all forms of trading, in particular exchange trading and post-trade trading, such as abandonment, position transfer, exercise and transfer of rights, notification and distribution, trade splitting, open-close Applicable to adjustment.

Regarding margining and risk management, each clearing agency calculates the margin requirement for each clearing member. For example, ECAG calculates margin margins for clearing members of ECAG, and TCC calculates margin margins for their clearing members. Each clearing agency uses an already established treatment approach. TCC uses a method named SPAN as the calculation method. As a result, European goods will be credited according to the SPAN method when liquidated at TCC in the US. ECAG, on the other hand, uses a risk-based margin method, which yields margins for US-based products settled in Europe.

Intra-day risk management processes are considered in two different situations. First, if each clearing organization is run as a whole, each clearing agency monitors intraday risks in accordance with its existing and financial standards. Next, if each clearing institution is not operating in its entirety, the clearing institution may not apply the financial standards due to the availability of the system or the lack of step attendance. During this period, another solution for monitoring the counterparty's risk to that clearing member is incorporated into the clearing linkage device of the present invention.

According to the general description with respect to FIGS. 9 and 10, the clearing linkage device supports other clearing organizations that are monitoring their exposure outside normal business hours. In addition, the interface associated with each clearing institution that provides clearing linked operations with respect to individual exchanges / financial institutions provides this functionality. Therefore, while list management delivers externally to other organizations during periods of inactivity, each clearing agency is responsible for monitoring the risk of its clearing members.

In addition, joint risk management is provided by clearing linkages that support each clearing organization that monitors for risks that occur during those tasks. According to another embodiment of the present invention, global clearing linkage is realized by interconnecting a plurality of clearing organizations. As a variation of the above description, the clearing institution itself may send the trading data to another clearing institution. A clearing institution connected to an exchange that generates trading data sends the trading data for clearing and settlement to another clearing institution. As such, the efficiency of performing the clearing and settlement procedure can be significantly increased as described above in connection with the previous embodiment.

The specific example which connects two clearing engines is shown in FIG. The first clearing organization 1401 is connected to a plurality of clearing members, which represent a plurality of non- clearing members 1403. In a similar manner, another clearing agency 1404 is connected to a plurality of clearing members 1405, which represent a plurality of non- clearing members 1406. Both clearing agencies 1401 and 1404 settle and settle trading for clearing members 1402 and 1405.

In order to facilitate clearing and settlement of a particular sale, for example cross-border goods, both clearing agencies 1401 and 1404 are connected by clearing links symbolized by line 1407 in FIG. 14.

The clearing association 1407 sends all sales that may be better handled by other clearing agencies, for example, the clearing data of clearing agency 1 1401 is sent to clearing institution 2 1404. Clearing Institution 2 (1404) performs all clearing processes except risk, collateral management and potential regulatory reporting. The second clearing agency 1404 functions as a convenience provider for clearing and settlement of the sale of a particular product to the first clearing agency 1401. The connected clearing agency 1404 sends fee calculations, exercise of transfer rights, deliveries (notifications, allocations and deliveries), transfer positions and performs abandonment procedures, while the first clearing agency 1401 is responsible for managing margins and reporting. Perform. As such, each clearing agency will handle their work more appropriately.

As shown in FIG. 14, a "peer-to-peer" relationship between two linked clearing agencies does not affect the relationship between an individual clearing agency and its clearing members, in particular risk management.

14 shows the linkage of two clearing agencies 1401, 1404, each of these clearing bodies may be connected to a plurality of other clearing bodies. The specific roles in the clearing and settlement of individual clearing institutions are outlined below.

A "major clearing institution" is a clearing institution that is directly connected to an exchange that generates a sale to be settled.

A "home country clearing institution" is a clearing institution in which the goods that specify the sale or sale are processed as is. For example, Euro goods are settled intact by a clearing agency in the euro area, for example, the Eurex clearing institution, while US goods are settled intact by the US clearing agency.

A "destination clearing agency" is a clearing institution that establishes access to a clearing member. This clearing organization is referred to as the "clearing member clearing agency" in connection with the above-described embodiment. The destination clearing agency is particularly responsible for the risk management process. This applies to collateral pools, including the calculation of initial margin and initial credit margin.

For example, a sale based on US commodities created on a US exchange would have a US clearing agency as a "main clearing agency" and a "home country clearing agency". However, the clearing member may be located in Europe, and the European-based clearing agency (eg, Eurex clearing organization) becomes the "destination clearing institution".

One of the main functional principles applied by clearing links is the "home country principle". Homeland Principles state that the sale is settled by the clearing institution of the country or region in which the goods are settled, regardless of where or by whom the transaction was concluded. This principle mainly aims at joint outstanding agreements in certain commodities in order to not only use existing payment bases but also to ensure a fair option transfer and futures distribution process.

The principles of home country include the following areas: master settlement price, settlement deadline (accounting cuts), transaction management, position management, exercise of rights over options and transfers and notifications and distribution procedures for futures, and variable margins. Set rules for each commodity in calculations, cash management and banking convenience, delivery management and public holiday calendars.

In addition to homeland principles for traded goods, certain functions and processes are associated with the destination clearing agency. The destination clearing agency is responsible for the risk management process (except for the variable margin process) regardless of where and by whom the transaction is concluded. This applies to joint collateral secured, including the calculation of the initial margin and the initial credit margin. The calculation of the variable margin and the cash settlement of the variable margin are not performed by the destination clearing agency, but by the home clearing organ. The clearing institution in the country conducts cash settlements of variable margins and variable margins in order to make use of the existing cash base.

Compared with the first embodiment of the present invention, the scope for applying the homeland principle has been expanded while the coverage using the clearing member positions has been reduced. According to the first embodiment, the liquidation linkage ensures that the transaction and position management process is done at the destination clearing institution, while the home country clearing agency is responsible for the application of product-related functions such as the exercise of rights, the transfer, the delivery and the margin process. . This allows clearing members to reuse existing infrastructure and provide transparent, integrated access to clearing. However, this requires that the connected clearing institutions be matched to a wider extent. Appropriate accounting also requires that different processes result in significant mediation efforts and reflect the timing requirements for data exchange. According to the variant described above with respect to Figs. 14 and 15, the "suitable" homeland principle is set to conduct transactions and position management in the homeland clearing agency.

15 is a block diagram illustrating an example of a structure for implementing the embodiment of FIG. 14. The US exchange, designated "Eurex US system" 1501, generates trading data for European goods (EU goods) or US goods. In a similar manner, the Eurex exchange 1506 of the Eurex system 1502 generates trading data for European goods. Although not shown, the Eurex system 1506 may also generate sales based on US goods.

Both systems 1501 and 1502 are connected to trading member 1503 and clearing member 1504 by a network, generally indicated by reference numeral 1505.

The created transaction is sent to each major clearing institution 1508 and 1507. Each of these major clearing agencies 1508 and 1507 is responsible for paying "home goods", for example, the US clearing agency 1508 is responsible for clearing and paying US goods, while the Eurex clearing agency 1507 Responsible for clearing and settlement of Euro-based products.

When US exchange 1501 creates euro-based products, these products are cleared and settled by Eurex clearing agency 1507 in accordance with homeland principles. To this end, trading data is sent directly from the US exchange 1501 to the Eurex clearing agency 1507. Although not shown in FIG. 15, the trading data of the euro commodity generated from the US exchange 1501 is sent to the Eurex clearing institution 1507 by the US clearing institution 1508.

As indicated by the blocks at 1509 and 1510, risk management is covered by the destination clearing agency. For clearing members of the Eurex clearing organization, the Eurex Settlement Risk Management Facility (1509) is used for margin (except variable margin) and collateral management. For all clearing members of US clearing agency 1508, risk management is handled by the US clearing agency as indicated by block 1510.

From the point of view of a trading member who uses a clearing member of the Eurex clearing organization, the following applies:

Trading of US goods is done by US trading flat 1501.

Transactions and position management are performed by the clearing member of the Eurex clearing agency 1507 on the US clearing agency platform as a technical branch account with the US clearing agency 1508 acting as a convenience provider.

Cash and delivery management is done on the US clearing agency platform with the US clearing agency 1508 acting as a convenience provider.

The calculation of the variable margin is done on the US clearing agency platform with the US clearing agency 1508 acting as a convenience provider.

The Eurex clearing agency 1507 receives position and transaction information by an interface with the US clearing agency 1508, for example, by a file-based position snapshot.

Risk management for calculating local margins in collateral management is done on the Eurex platform.

Intraday risk management is only useful during the uptime of the Eurex platform and will be based on intraday snapshots of US products provided by the US clearing agency 1508.

Positions held against US products are held by US clearing agencies for both clearing members of the Eurex clearing agency and the US clearing agency.

Transaction management for US commodity positions is performed on the US clearing agency platform regardless of whether the clearing member is a clearing member of the Eurex clearing agency 1507 or the US clearing agency 1508.

In the transaction, the Eurex clearing agency 1507 and the US clearing agency 1508 easily participate in the transaction as the central counterpart based on the simultaneous "novation". US clearing agency 1508 participates in accordance with the principal clearing agency principles, while Eurex clearing organization 1507 participates in accordance with the destination clearing agency principles.

Transaction management functions will be performed by US clearing agency 1508 in accordance with homeland principles, eg, US clearing agency standards. Regardless of whether the sale includes two US Clearing Clearing members, US Clearing Clearing Members and Eurex Clearing Clearing Members (border), or two Eurex Clearing Clearing Members, US relinquishment and position transfers for US products Initiated and completed on the platform. US clearing agency 1508 currently provides these services, particularly abandonment, acceptance and position transfer, in accordance with US payment standards and regulations.

Position management for US commodity positions is performed on the US clearing agency platform, whether the clearing member is a clearing member of Eurex clearing or a US clearing institution member.

US clearing agency 1508 does not calculate intraday positions (except snapshots for risk management and payment / demand purposes). As a result, no change is made if the position sale is registered by the member for the open position. There is no limit on the likelihood that a sale will be registered in a special trading phase or in a time limit.

As a basic rule on cash management, the principle of clearing institutions in the home country applies. This means that US clearing agency 1508 will initiate all cash transactions in US dollars. US clearing agency 1508 will calculate the relevant cash transactions based on the position and trading information on the US clearing agency platform. Cash management includes the determination, processing, reporting and settlement of other cash transactions. Cash trading forms are within variable margins, premiums, cash settlements, fees and penalties.

Regarding delivery management, each clearing member is responsible for delivering all notices and distributions affecting customers and trading members as well as themselves. This means that clearing members are responsible for timely information or notification and distribution of customers and trading members,

Regarding the mediation process, this process ensures data integrity through the associated platform. The following areas are most relevant to arbitration between US clearing agencies 1508 and Eurex clearing agencies 1507, namely trading and position, cash flows, delivery obligations and performance, risk collateral between the clearing agencies and master data. There is a relationship.

With regard to risk management of clearing agencies, risk management involves the calculation of variable margins to compensate for daily returns / losses, the (initial / initial) margin calculations to cover counterpart risks, and the intraday risk management to control intraday risks, credit. Collateral management to ensure the margin of the transaction, and defense of the clearing agency to include arrears of the clearing members.

The above example relates to Euro-based products on US exchange 1501, but may also apply to US products traded on Eurex exchange 1506, for example, when the subject clearing and settlement approach is reversed.

Although the present invention has been described with respect to specific exchanges and commodities, the present invention is not limited to all forms of trading locations, e.g. electronic exchanges, open outcry exchanges and over-the-counter trading platforms. Applicable and applicable to all types of commodities, for example cash and bond products, derivative financial instruments, and repurchase bonds (products such as repo, energy, electricity, etc.).

The practice of the present invention is not limited to clearing-linked devices in the form of devices separate from connected exchanges and clearing institutions. On the contrary, the invention may be realized in the form of an interface integrated within an exchange and / or a clearing institution. Such an interface may be realized by integrating the parts where all parts are connected to each other at each exchange and clearing institution.

In summary, the present invention relates to a clearing association that connects a plurality of clearing organizations to settle a sale arising from a trading platform. Clearing links process transaction data originating from a trading platform, which is sent to individual clearing institutions. The clearing institution (s) are selected based on the analysis of the sales data and the predetermined shipping conditions. Thus, a trading member may select a clearing institution that is not directly linked to the trading member's market.

While the invention has been described in terms of physical embodiments constructed therefrom, various modifications, changes and improvements of the invention will be made without departing from the spirit and scope of the invention and without departing from the intended scope of the invention. It will be apparent to those skilled in the art. In addition, the fields deemed to be familiar to those skilled in the art have not been described in this specification so as not to unnecessarily obscure the present invention. Accordingly, it is to be understood that the invention is not limited by the specifically described embodiments, but only by the scope of the appended claims.

Claims (124)

In the clearing connection device connected to the plurality of clearing institutions (340 to 360) to select one clearing institution (340 to 360) to process the sales data 1600 generated from the exchange (310 ~ 330), A data capture unit 400 which receives the trading data 1600 related to the trading occurring from the exchanges 310 to 330, A memory 456 for associating each of the plurality of clearing organizations 340 to 360 with a specific value among data items of the trading data 1600, A payment director 460 for transferring the received sales data 1600 to a specific one of the plurality of clearing organizations 340-360 according to the specific data item value of the received sales data 1600, and A clearing-linking device, characterized in that it comprises a trading router (470) for sending to the clearing institutions (340-360) transferred to process the trading data (600). The method of claim 1, A liquidation linkage device, characterized in that the plurality of clearing organizations (340 to 360) are interconnected. The method of claim 1, Clearing connection device, characterized in that for connecting the exchange (310 ~ 330) for generating the sale to a plurality of clearing institutions (340 ~ 360). The method of claim 1, The clearing agencies (340 to 360) selected to process the sales data 1600 may include an exercise; assignment; Delivery processing, including notification, distribution and delivery; And performing the step of position transmission. The method of claim 1, The trading data 1600 includes a plurality of data items, one of the data items 1620 includes a commodity code, and the memory 465 assigns clearing organizations 340 to 360 to respective commodity code values. A clearing-linked device, characterized in that for relating. The method of claim 5, wherein The memory 465 is a liquidation linkage device, characterized in that the clearing organ (340-360) relates to a product code value for processing the target product as it is. The method of claim 6, The liquidated linkage device, characterized in that the transaction is processed as it is in the clearing institution (340 ~ 360) of the country of origin or region of the transaction. The method of claim 6, The traded commodity is either a US based commodity or a EURO based commodity, and the US based commodity is processed intact by the US clearing agencies 340-360, while the euro based commodity is a Euro clearing institution 340- Liquidation linkage device, characterized in that the processing as is. The method of claim 6, The memory (465) is a liquidation linkage device, characterized in that further associated with the product code value associated with the exchange (310 ~ 330) for generating the trading data (600) for clearing institutions (340 ~ 360). The method of claim 9, A clearing institution (340-360) associated with exchanges (310-330) generating the trading data (600) performs risk management based on the selling data (600). The method of claim 1, A clearing association device, characterized in that at least one of the clearing organizations (340-360) can process the trading data (1600) according to another predetermined processing scheme. The method of claim 11, Further comprising exchange member identification data in the plurality of data items 1640 of the trading data 1600, The memory 465 further associates a given processing scheme with each exchange member identification data, The payment director 460 further transfers a specific processing system to the sales data 1600 according to the exchange member identification data of the sales data 1600, The trading router (470) is a liquidation linked device, characterized in that for sending the transaction data (600) to the selected clearing institution (340 ~ 360) for processing in accordance with the transferred processing scheme. The method of claim 1, An individual data item of the trading data 1600 represents at least one of a trading member, a clearing member, a transaction quality, a product specification, a closing price, a closing date, a closing time, and a trading position. The method of claim 13, The product specification may include a product title and a product type. The method of claim 14, The liquidation linked device, characterized in that the product type indicates whether the product is an option or a gift. The method of claim 1, The sales data 1600 includes at least commodity information and / or clearing information, The payment director 460 transmits the transaction data 1600 received according to the product information and / or the liquidation information to at least one of the connected clearing organizations 340 to 360 based on the relationship stored in the memory 465. Transfer, The trading router 470 may be one of the plurality of clearing institutions 340-360 to clear and settle the trading data 1600 according to the clearing institutions 340-360 assigned by the payment director 460. Liquidation linkage device, characterized in that for sending to at least one. The method of claim 16, The liquidation information device is a liquidation linked device, characterized in that the clearing organizations (340-360) of the liquidation member (CM) of the sale. The method of claim 1, In accordance with one of the predetermined processing schemes, each clearing institution 340 to 360 may process the received sales data 1600 in accordance with the clearing and settlement procedures designated by the home country clearing institution of the merchandise for sale. Liquidation linkage device characterized in. The method of claim 1, The memory 465 relates the clearing agencies 340 to 360 to specific values of the data items, and processes the trading data 1600 under the liquidation and settlement regulations of the country of origin of the goods to be traded. Clearing linkage device. The method of claim 1, The trading data 1600 may be at least one of a trading member, a clearing member, a trading quality, a product specification, a closing price, a closing date, a closing time, and a trading position. The method of claim 20, The clearing linked device characterized in that the product specification includes a product title and product type. The method of claim 21, And the product type indicates whether the product is an option or a future. The method of claim 20, The payment director (470) is a liquidation linkage device further characterized in that the transfer of the sales data (1600) to the clearing institution (340 ~ 360) of the clearing member (CM). The method of claim 20, The settlement director 470 further transfers the trading data 1600 to the clearing institutions 340 to 360 serving as the clearing institutions of the exchanges 310 to 330 generating the selling data 1600. Device. The method of claim 1, The payment director 470 is a clearing institution (340-360) that is a clearing institution of the exchange (310 ~ 330) for generating the sales data 1600, and a clearing organization (340-360) of the clearing member Clearing-linked device characterized in that for transferring the selling data (600) to the clearing institutions (340-360) processing the selling data (1600) under the liquidation and settlement rules of the country of origin of the goods to be sold. The method of claim 25, The payment director (470) generates a separate data container from the trading data (1600), the data container is cleared linked device characterized in that sent to the transferred clearing institutions (340 ~ 360). The method of claim 1, The transaction capturing component 400 further captures cash movements. The method of claim 1, The transaction capturing component 400 obtains product identification data, closing date data, and trading member data for each trade. The method of claim 1, A translator component 410, 420 that receives the trading data 1600 obtained by the transaction capture component 400 from the plurality of connected exchanges 310-330, and converts the data into a predetermined data format. Liquidation linkage device further comprising. The method of claim 29, The translator component 410, 420 includes a database of associated identification data, and the translator component 410, 420 enhances individual portions of the trading data 1600 from the database to complete the presentation of the transformed data. Liquidation linked device, characterized in that. The method of claim 30, And the representation includes an indication of associated clearing member identification data and / or transaction member identification data. The method of claim 1, And a product translator component (430) comprising a database of product specific data to enhance the trading data (600) received from the transaction capture component (400). The method of claim 1, A clearing-linking device, further comprising a calendar configurator component 440 for converting all trading date data originating from other exchanges 310-330 into a common date format. The method of claim 33, wherein The calendar configurator component 440 further includes a database for providing holiday data of the plurality of exchanges 310-330, and for calculating the correct closing date data of the received sales data 1600 based on the holiday data. Liquidation linkage device, characterized in that. The method of claim 1, A trading data completeer component 450 for receiving trading data 1600 acquired by the transaction capture component 400 and additional data that independently enhances individual portions of the trading data 1600. Liquidation linkage device. The method of claim 1, The payment director 460 analyzes the sales data 1600 for the product, the sales member, and the clearing member, and includes at least one data container including the selection of the sales data 1600. Linkage device. The method of claim 1, The payment director 460 includes other data containers that are sent to other clearing organizations 340-360, wherein the data containers include different subset data of the trading data. . The method of claim 37, The trading router 470 is a liquidation linked device, characterized in that for sending the individual data container to each clearing organization (340 ~ 360). The method of claim 1, Further comprising a trouble shooter component 520 for receiving undeliverable trade data from the trade router 470 and for initiating an alert upon receiving undeliverable trade data. Liquidation linkage device. The method of claim 1, And a quality checker component (510) for inspecting the accuracy of the processed trading data and for initiating an alert upon detecting a mismatched trading detail. The method of claim 1, And a position capturing unit (630) for receiving next-day trading data (640) indicative of a transaction generated during an inactive period of the clearing institution (340-360). 42. The method of claim 41 wherein And a risk manager 670 for receiving the next-day trading data 640 and calculating a risk for the non-operating clearing organizations 340-360 due to the next-day trading data. Linkage device. The method of claim 42, The risk manager 670, the liquidation linkage device, characterized in that to initiate an alarm when the calculated risk exceeds a predetermined level. 42. The method of claim 41 wherein Further comprising an arbitration processor 680, The position capture unit 630 receives all trading data of a predetermined period before entering the non-operating state by the clearing organizations 340 to 360, The arbitration processor (680) is a liquidation linkage device characterized in that for checking the reliability of the trading data generated from other clearing institutions (340 ~ 360). The method of claim 1, The transaction capturing unit 400, the payment director 460, and the trading router 470 send the trading data 1600 generated from the connected exchanges 310 to 330 to the clearing institution 340 to 360. Liquidation linked device, characterized in that provided for each connected exchange (310 ~ 330). The method of claim 1, The transaction capturing unit 400, the payment director 460, and the trading router 470 send the trading data 1600 generated from each of the exchanges 310 to 330 to the clearing institution 340 to 360. Liquidation linked device, characterized in that provided for each clearing institution (340 ~ 360) associated with one of the plurality of exchange (310 ~ 330). One clearing agency from the plurality of clearing institutions 340-360 to process the selling data 1600 generated from the trading platforms 310-330 that are connected to a plurality of clearing institutions to generate the trading data 1600. In the clearing connection interface for transferring the (340-360), First means 400 for receiving the trading data 1600 of the trading generated from the trading platforms 310 to 330 for generating the trading, Storage means (465) for storing clearing organizations (340-360) in association with characteristic data item values of trade data (600), and A second means (460) for transferring to the connected clearing organizations 340 to 360 for processing the selling data 1600 based on the stored relationship with the specific data item value of the received selling data 1600 The clearing association interface comprising: 470. The method of claim 47, A clearing association interface, which is part of one of the clearing organizations (340-360) and connects the clearing institutions (340-360) to at least one additional clearing organization (340-360). The method of claim 47, The liquidation linkage is a part of or is connected to the trading platform 310 to 330 for generating the trading data 1600, and the trading platform 310 to 330 is connected to a plurality of clearing organizations 340 to 360. interface. The method of claim 47, The clearing agencies (340-360) selected for processing the trading data (600) may exercise rights; assignment; Delivery processing, including notification, distribution and delivery; And performing the step of position transmission. The method of claim 51, wherein The trading data 1600 includes a plurality of data items, one of the data items 1620 identifies a commodity targeted for trading, and the storage means 465 identifies clearing organizations 340 to 360, respectively. And the product identification data of the clearing association interface. The method of claim 51, wherein The storage means 465, the clearing association interface, characterized in that the clearing organizations (340-360) related to the product identification data processing the target product as it is. The method of claim 52, wherein The traded product is a liquidation linked interface, characterized in that the processing is processed intact in the country of origin or region of the traded product (340 ~ 360). The method of claim 52, wherein The traded goods are US-based goods or Euro-based goods, while US-based goods are processed intact in US clearing agencies 340-360, while euro-based goods are intact in Euro clearing agencies 340-360. Liquidation linkage interface, characterized in that the processing. The method of claim 52, wherein The storage means 465 stores additional clearing organizations 340-360 in association with the product identification data, and the additional clearing institutions 340-360 clear the related to the exchanges 310-330 which generate the trading data 1600. Liquidation linkage interface, characterized in that the institution. The method of claim 55, The clearing association interface (340-360) associated with the exchanges (310-330) generating the trading data (1600) performs risk management based on the trading data (1600). The method of claim 47, A clearing association interface, characterized in that at least one of the clearing organizations (340-360) can process the trading data (1600) according to another predetermined processing scheme. The method of claim 57, Another data item 1640 of the trading data 1600 represents exchange member identification data, The storage means 465 further stores a predetermined processing scheme in association with each exchange member identification data, And the second means (470) further transfers a specific processing scheme to the trading data (600) according to the exchange member ID of the trading data (600). The method of claim 47, The trading data 1600 represents at least a trading member, a clearing member, a trading amount, a product specification, a closing price, a closing date, a closing time, and a trading position. The method of claim 59, The product specification may include a product title and a product type. The method of claim 60, The liquidation linked interface, characterized in that the product type indicates whether the product is an option or a gift. The method of claim 47, The clearing information is a clearing linked interface, characterized in that the clearing institutions (340-360) of the clearing member (CM) of the sale. 63. The method of claim 62, Each clearing institution (340-360) is a liquidation link interface, characterized in that for processing the sales data 1600 in accordance with the clearing and settlement procedures specified by the home country clearing institutions. The method of claim 47, The trading platform (310-330) has a clearing platform (340-360) associated with it as a clearing platform, The clearing connection interface is connected to the trading platform (310 ~ 330), characterized in that through the associated clearing organization (340 ~ 360). The method of claim 51, wherein The storage means 465 is a product identification data for processing the trading data 1600 under the regulation of the country of origin of the identified goods to the related clearing organizations (340-360) of the plurality of clearing organizations (340-360) Liquidation linking interface, characterized in that the transfer to. The method of claim 47, The second means 460 transfers the transaction data 1600 to the related clearing organizations 340 to 360 among the plurality of clearing organizations 340 to 360 represented in the clearing information of the sales data 1600. Clearing linkage interface characterized by. The method of claim 47, The second means (460) clearing link interface, characterized in that for transferring the trading data (1600) to clearing organizations (340 ~ 360) of the clearing member (CM). The method of claim 47, The second means 460 clears up the trading data 1600 to the clearing institutions 3340 to 360 serving as the clearing institutions of the trading platforms 310 to 330 for generating the selling data 1600. Linkage interface. The method of claim 47, The second means (470) creates a separate data container from the trading data (1600), and the data container is sent to the transferred clearing institutions (340-360). The method of claim 47, The first means 400 further captures cash movements. The method of claim 47, And the first means (400) obtains product identification data, execution date data, and transaction member data for each transaction. The method of claim 47, Translator means 410, 420 for receiving the trading data 1600 obtained by the first means 400 from the connected trading platforms 310-330, and converting the data into a predetermined data format. The clearing association interface further comprising. The method of claim 72, The translator means 410, 420 comprises a database of related identification data, And the translator means (410, 420) enhance individual portions of the trade data (600) from the database to complete the display of the converted data. The method of claim 73, wherein And the indication comprises an indication of relevant clearing member identification data and / or transaction member identification data. The method of claim 47, The clearing association interface, characterized in that it further comprises a commodity translator means (430) comprising a database of commodity specific data to enhance the sales data (600) received from the first means (400). The method of claim 47, And a calendar organizer means (440) for translating all trading date data generated from the trading platform (310 to 330) into a predetermined common date format. 77. The method of claim 76, The calendar configurator means 440 further includes a database having holiday data for a plurality of trading platforms 310-330 for generating trading data 1600, The liquidation linkage interface of claim 1, wherein the settlement date data of the transaction data 1600 is calculated based on the holiday data. The method of claim 47, A trading data completeer means 450 for receiving trading data 1600 obtained by the first means 400 and additional data that independently enhances individual portions of the trading data 1600. Clearing linked interface, characterized in that. The method of claim 47, The second means 460 comprises at least one data container that analyzes the trading data 1600 for the product, the trading member, and the clearing member and includes the selection of the trading data 1600. Clearing linkage interface. The method of claim 47, The second means 460 has another data container that is sent to other clearing organizations 340-360, The data container of claim 1, wherein the data container includes another auxiliary set of the trading data (1600). 81. The method of claim 80, The second means (470) clearing connection interface, characterized in that for sending the individual data container to each clearing organization (340-360). The method of claim 47, Further comprising trouble shooter means 520 for receiving undeliverable trade data from the second means 470 and for initiating an alert upon receiving undeliverable trade data. Clearing linkage interface. The method of claim 47, And a checker means (510) for checking for correctness of the processed trading data and for initiating an alert when an inconsistent trading detail is detected. The method of claim 47, And a position capturing means (630) for receiving next-day trading data (640) representing a trade generated during an inactive period of the clearing institution (340-360). 87. The method of claim 84, And a risk analysis means 670 for receiving the next-day trading data 640 and calculating a risk for the liquidation institutions 340 to 360 which are not operated due to the next-day trading data. Clearing linkage interface. 86. The method of claim 85, And the risk analysis means (670) initiates an alert when the calculated risk exceeds a predetermined level. 87. The method of claim 84, Further comprising arbitration calculation means 680, The position capturing means 630 receives all trading data of a predetermined period by the clearing institution 340 to 360 before entering the non-operating state, The arbitration calculation means (680) is a liquidation link interface, characterized in that for checking the reliability of the trading data generated from other clearing institutions (340 ~ 360). In the method of connecting a plurality of clearing institutions (340-360) for processing the trading data 1600 generated from the exchange (310-330), Storing, in the memory 465, clearing organizations 340 to 360 related to specific data item values of the trading data 1600; Receiving the trading data 1600 generated from the exchanges 310 to 330 which generate the trading (S1), and Transfer to at least one of the plurality of clearing organizations 340-360 to process the sales data 1600 in accordance with the particular data item value of the sales data 1600 received based on the relationship stored in the memory 465. The method of connecting a plurality of clearing organizations comprising the step (S2). 89. The method of claim 88 wherein A plurality of clearing organizations 340 to 360 interconnecting the plurality of clearing organizations 1600 for transferring the trading data 1600 from the exchanges 310 to 330 connected to one of the plurality of clearing institutions 340 to 360. Method of clearing institution 92. The method of claim 89, And a plurality of clearing organizations (340 to 360) for connecting the exchanges (310 to 330) for generating the trade. 92. The method of claim 90, The step of transferring the received sales data 1600 is performed according to the respective commodity information and / or the clearing information included in a specific data item of the sales data 1600, A plurality of clearing organizations further comprising the step of sending to the at least one of the plurality of clearing institutions (340 to 360) for the sales data 1600 for processing in accordance with the transferred clearing institutions (340 to 360) Connection method. 89. The method of claim 88 wherein And a specific data item of the selling data 1600 indicates a specific product targeted for selling. 92. The method of claim 92, Wherein each product has a country of origin. 92. The method of claim 91 wherein And the clearing information indicates a clearing institution (340 to 360) of the clearing member (CM) of the sale. 89. The method of claim 88 wherein Each clearing institution (340-360) is a method of accessing a plurality of clearing institutions, characterized in that for processing the transaction data (600) in accordance with the processing procedures prescribed by the home country for clearing institutions. 89. The method of claim 88 wherein Each exchange (310-330) has a clearing institution (340-360) associated with it as a signing platform, the method of connecting a plurality of clearing institutions. 89. The method of claim 88 wherein The trading data 1600 is transferred to a related clearing institution 340-360 among the plurality of clearing institutions 340-360 that process the selling data 1600 according to the regulations of the country of origin of the target product. Connection method of plural liquidation institutions. 97. The method of claim 97, And the transaction data (1600) transferred to the clearing organizations (340 to 360) is processed according to the processing regulations of the country of origin of the target product including detailed trading information. 89. The method of claim 88 wherein The trading data 1600 represents at least a trading member, a clearing member, a trading amount, a product specification, a closing price, a closing data, a closing time, and a trading position. The method of claim 99, wherein And the product specification includes a product title and a product type. 101. The method of claim 100, And wherein the product type indicates whether the product is an option or a gift. 92. The method of claim 92, The step of storing the clearing organizations 340-360 related to the specific data item value of the trading data 1600 in the memory 465 may include additional clearing agencies 340-360 relating to the specific data item value of the trading data 1600. ), The additional liquidation engine (340-360) is a liquidation engine (340-360) of the liquidation member (CM), the connection method of a plurality of liquidation engines. 92. The method of claim 92, The step of storing the clearing institutions 340-360 related to the specific data item value of the trading data 1600 in the memory 465 may include additional clearing institutions 340-360 relating to the specific data item value of the trading data 1600. Save more, The additional clearing organization (340 to 360) is a clearing institution of the exchange (310 ~ 330) for generating the trading data 1600, characterized in that the connection method of the plurality of clearing institutions. 89. The method of claim 88 wherein The trading data 1600 is processed by the clearing organizations 340 to 360 which are clearing institutions of the exchanges 310 to 330 that generate the selling data 1600, and the clearing institutions 340 to 360 of the clearing member CM and the A method for accessing a plurality of clearing organizations, characterized in that they are sent to the clearing institutions (340 to 360) operating in the clearing and settlement provisions section of the country of origin of the goods for sale. 89. The method of claim 88 wherein And said step (S1) of receiving the trading data (1600) comprises capturing cash movements. 89. The method of claim 88 wherein The step (S1) of receiving transaction data (1600) comprises obtaining product identification data, execution date data, and transaction member data for each transaction. 89. The method of claim 88 wherein And converting the received sales data (1600) into a predetermined data format (S11). 89. The method of claim 88 wherein And said converting step (S11) enhances the individual parts of said trading data (1600) from a database to complete the display of the converted data. 109. The method of claim 108, And the display comprises an indication of relevant clearing member identification data and / or transaction member identification data. 89. The method of claim 88 wherein Improving the received sales data (600) based on the product specific data. 89. The method of claim 88 wherein A method of accessing a plurality of clearing organizations, further comprising the step (S12) of translating all sale date data generated from other exchanges (310 to 330) into a common data format. 89. The method of claim 88 wherein Correcting the conclusion date data of the trading data 1600 received on the basis of the holiday data from a database including the holiday data of the plurality of exchanges 310 to 330 and / or the clearing organizations 340 to 360 (S12). A method of connecting a plurality of clearing organizations, further comprising. 89. The method of claim 88 wherein Combining (S13) the received sales data (600) with additional data that independently enhances individual portions of the sales data (S600). 89. The method of claim 88 wherein Analyzing each sale data 1600 of the product, the sale member, and the clearing member (S14), And (S15, S16, S17) having at least one data container comprising a selection of trading data (600). 89. The method of claim 88 wherein The sending step (S3, S18 ~ S20) is provided with another data container to be sent to other clearing organizations (340-360), And said data container comprises other auxiliary set data of said trading data (1600). 116. The method of claim 115, And (S18-S20) sending the individual auxiliary set of the trading data (600) to other clearing organizations (340-360). 89. The method of claim 88 wherein And initiating an alert when the trade data (600) is found to be undeliverable. 89. The method of claim 88 wherein Checking for accuracy of the processed trading data and initiating an alert when an inconsistent trading detail is detected. 89. The method of claim 88 wherein And receiving next-day sales data (640) representing the sales generated during the period of non-operation of the clearing organizations (340-360). 119. The method of claim 119 wherein And calculating a risk for the non-operating clearing organizations (340 to 360) due to the next day's trading data. 121. The method of claim 120, wherein And initiating an alert when the calculated risk exceeds a predetermined level. 119. The method of claim 119 wherein Receiving all the sales data 1600 of a predetermined period before entering the non-operating state by the clearing organizations 340 to 360, and the reliability of the selling data 1600 generated from other clearing organizations 340 to 360 The method of connecting a plurality of clearing organizations further comprising the step of checking. 89. A computer program comprising code means adapted to perform all the steps of claim 88. A computer program product comprising a computer readable medium having computer readable program code thereon, the program code executing all the steps of claim 88.

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