WO2006133501A1 - Formulation automatisee de contrats d'option destines a des actions - Google Patents

Formulation automatisee de contrats d'option destines a des actions Download PDF

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Publication number
WO2006133501A1
WO2006133501A1 PCT/AU2006/000833 AU2006000833W WO2006133501A1 WO 2006133501 A1 WO2006133501 A1 WO 2006133501A1 AU 2006000833 W AU2006000833 W AU 2006000833W WO 2006133501 A1 WO2006133501 A1 WO 2006133501A1
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WO
WIPO (PCT)
Prior art keywords
client
computer system
share value
contract
promoter
Prior art date
Application number
PCT/AU2006/000833
Other languages
English (en)
Inventor
Nathan Wise
Peter Harry Wise
Original Assignee
Sharecover Services Pty Limited
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Priority claimed from AU2005903155A external-priority patent/AU2005903155A0/en
Application filed by Sharecover Services Pty Limited filed Critical Sharecover Services Pty Limited
Publication of WO2006133501A1 publication Critical patent/WO2006133501A1/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Definitions

  • This invention relates to the automatic formulation of option contracts in respect of the value of publicly traded shares.
  • the terms 'shares' or 'share' mean an instrument of ownership in a listed entity, and are synonymous with the terms 'stocks', 'equities', 'units', 'indices' and 'securities' (including debt securities).
  • the term 'company' is synonymous with the terms 'unit trust' and 'entity'.
  • the term 'formulation' includes each of pricing of a potential contract, the pricing and making of a contract, and the exercise of a made contract.
  • option contracts One known risk management strategy is to utilise option contracts.
  • An option contract between two parties gives the buyer the right, but not the obligation, either to buy or to sell a parcel of shares at a set price, on or before a predetermined date.
  • a "put" option gives the buyer the right to sell the underlying share parcel, whereas a "call” option relates to the right to buy.
  • Options are commonly 'cash settled', meaning that the underlying share parcel is not transferred between the parties to the options contract, rather a cash payment is made upon the option being exercised.
  • Some options contracts are tradable on an exchange during the period between formulation and expiry. Others, such as wholesale over-the-counter (OTC) option contracts, are not.
  • OTC wholesale over-the-counter
  • OTC instruments typically are provided by financial institutions, sometimes through the agency of brokers or licensed securities dealers.
  • a limitation of OTC option contracts is that they are largely unattainable for other than very high value transactions. Also, they require human intervention in terms of pricing before a contract is made with the purchaser.
  • the invention provides a method, computer system and computer program product for the automated formulation of option contracts between a client, acting through a computer system, and a promoter, acting through a computer system.
  • the steps, performed by a processor of the promoter computer system include receiving input data from said client computer system including a listed entity identifier and a parcel size of said entity's shares, and generating one or more quote amounts based on the current share value of said listed entity, said one or more quote amounts relating to a future change in said share value.
  • said quote amounts are generated from (i) third party data relating to said change in share value, (ii) an added margin, and (iii) the share parcel size.
  • client system input data can be received to make a payment of a selected said quote amount.
  • input data of contemporaneous share value can be received, and it is determined whether said contemporaneous share value is within an acceptable range of said share value when said one or more quotes were generated, and, only if so, then output data is contemporaneously generated to a financial institution computer system specifying an option contract order for:
  • Fig. 1 is a block diagram of one form of a data processing system embodying the invention.
  • Fig. 2 is a block flow diagram of steps in formulating an contract embodying the invention.
  • Fig. 3 is a block flow diagram of steps in claiming under an contract.
  • Fig. 4 is a block diagram of the logical architecture implemented on the Promoter system.
  • Figs. 5 and 6 are screen displays of the quote process.
  • Fig. 7 is a flow diagram of the quote process flow.
  • Figs. 8 and 9 are screen displays of the purchase process.
  • Fig. 10 is a flow diagram of the purchase process flow.
  • Fig. 11 is a screen display of the confirmation of the payment process.
  • Fig. 12 is a flow diagram of the claim process.
  • Figs. 13 and 14 are screen displays relating to the claim process.
  • a server computer system 10 associated with a promoter actor has connection by a communications link 12 to a computer system 14 associated with a financial institution actor. Data relating to the formulation of option contracts for shares passes between the financial institution system 14 and the promoter system 10.
  • the promoter system 10 also has connection directly or indirectly, via a network link 16, to a computer system 18 associated with an exchange actor.
  • financial institution system 14 also may take in data from the exchange system 18 over a data link 19.
  • Payments data passes between the promoter computer system 10 and a payment gateway 15 over a link 17.
  • the promoter system 10 has a further data link connection 20 to a communications network 22.
  • the network 22 can be of any desired public or private type.
  • a number of computers 24-28 associated with client actors also are connected by respective data links 30-34 to the network 22.
  • These client computers 24-28 can be in geographically disparate locations to each other and the promoter system 10, including various different countries. Although only three client computers are shown, it will be appreciated that any number can be supported.
  • a client acting through the client computer system 24, makes a contract with the Promoter system 10.
  • An option contract is made in respect of a parcel of publicly traded shares in an entity or a market index.
  • a hedging contract will protect a percentage of the market price of the entity's share in question, and this amount is known as the protected price.
  • the protected price of the contract is the amount the market value of the share has to fall below, in order for the contract to be of value to the client.
  • the promoter system 10 enters into a contractual relationship in the nature of a cash- settled put option contract with the financial institution system 14.
  • the financial institution 14 specifies an amount payable (expressed as a 'percentage of spot price') to purchase a specified put option.
  • the amount payable varies depending on the level of protection (such as 80% or 90% of the spot price) and the time remaining till the expiration of the option.
  • Such option contracts have an equivalent risk profile to the client-promoter hedging contract, and the two are formed in a back-to-back manner.
  • the client system 24 selects a chosen company and parcel size (step 40).
  • the promoter system 10 calculates quote amounts for various combinations of protected values and periods of cover, (step 42), which are then sent to the client system 24.
  • Each quote amount thus represents a future change in the share value based on current share value. This completes the 'quote' process.
  • the client actor may choose to accept none or one of the quotes. If the client actor wishes to proceed, then via the client system 24 one of the quotes is selected (step 44) and passed to the promoter system 10.
  • the promoter system 10 then makes a number of checks of the exchange system 18 (step 46), and if these are satisfied, the promoter system 10 asks for the relevant payment from the client system 24 of the cost of the hedging contract (step 50).
  • the client system 24 then makes the payment (step 52) to the promoter system 10.
  • the promoter system 10 places the corresponding put option contract order with the financial institution system 14 (step 54).
  • the financial institution system 14 confirms the contract placement (step 56) and the promoter system 10, in turn, confirms the making of the hedge contract with the client 24 (steps 58, 60). This concludes the 'making' process.
  • Fig. 3 describes the situation where the client 24 wishes to claim on (i.e. exercise) a hedging contract made in the manner described above. If a claim is made against the hedging contract, the client receives payment of the difference between the protected price and the spot price when the claim is made.
  • the client system 24 sends a request to claim against the hedging contract to the promoter system 10 (step 64).
  • the promoter system 10 then issues a request to the financial institution system 14 to exercise the corresponding option contract (step 66).
  • the financial institution system 14 then makes a payment of the claim amount (which is dependent upon the spot price of the relevant shares) (step 68), that is sent electronically to the promoter system 10.
  • the promoter system 10 passes-on details of the payment to the client system 24 (step 70).
  • the claiming process concludes with the client actor owning the hedge contract related to the client computer system 24 receiving payment (step 72).
  • a logical architecture 74 existing on the promoter system 10 representing three hierarchical logical layers, being the presentation layer, business layer and data layer.
  • a website 76 exists within the presentation layer, and contains all web pages, controls and navigation elements relating to quoting, formulation and claiming of the hedging contracts.
  • the business services component 78 implements business logic and communications with other components.
  • the web services component 80 provides access to information from the financial institution system 14 and the exchange system 18.
  • the exchange component 82 provides data access services
  • the FIX component 84 provides data access services for financial institution transactions.
  • a content database 86 stores all persistent data associated with the website 76.
  • the FIX component 88 sends purchase information to the financial institution system 14.
  • the payment gateway 90 provides for the payment service in conjunction with a payment clearing house 91.
  • An exchange database 92 provides the necessary market data, obtained from the exchange system 18.
  • An abstract class "Query” exists within the exchange component 82 and is defined as:
  • the Exchange Query method is as follows:
  • the database 86 stores a number of dynamic tables, and two principal tables are a Transaction Table and Inventory Table.
  • the Transaction Table is as follows:
  • Period of Cover Integer Period of Cover is of Contract; period selected by client determining the duration of the_contract Expiry Date Date Expiry Date is of Contract; the date at which the contract expires Margin ($) Money Margin is of Contract; amount resulting from the calculation of formulae determined by margin combination stored in the Inventory Table
  • Margin Combination Integer Margin Combination is of Contract; a number stored in the Inventory Table which determines the formulae for the calculation of the Margin ($)
  • Contract Price Money Contract Price is of Contract; this is the amount payable to buy this contract Claim Date Date Claim date is of Contract; date of when the claim was made Claim Time Time Claim Time is of Contract; the time the claim was made Claim Amount Money Claim Amount is of Contract; the amount paid as a result of a claim Authorisation Number Varchar Authorisation Number is of Contract; Payment
  • Gateway transaction reference Exception Number is of Contract; reference number for payment ⁇ reversal Manually Reversed Date Time Manually Reversed is of Contract; the date and time when a payment for contract was reversed affiliate Code Integer affiliate Code is of Contract; identifies referring party
  • the Inventory Table is as follows:
  • An entry in the Transaction Table is created for every quote that is generated.
  • the quote attaches to the Inventory item that was used to generate the quote.
  • the Inventory Table is periodically updated by file upload by the financial institution system 14.
  • the client selects (step 100) a chosen share from a drop down menu 94 generated on a respective client computer system 24, enters the number of shares (share parcel) in another window 96, then clicks on the Get Quote now button 98 (step 102). Note that whether or not the client owns the chosen shares is irrelevant.
  • the Promoter computer 10 obtains the current (spot) price for the chosen stock from the exchange system 18 (step 104). A series of process steps now take place to determine whether a response is returned by the exchange in time (steps 106, 108) and whether or not the particular stock is suspended from trade (steps 110, 112).
  • the market value of the parcel of shares is calculated by a simple multiplication (step 114).
  • a two-stage test is then performed to see if the parcel market value is within a minimum threshold amount (step 116) and a maximum threshold amount (step 118). These limits can be set on the promoter system 10 and are stored in the Inventory Table as the MinMarketValue and MaxMarketValue fields. If the parcel's market value is outside the limits, then a message is displayed to the client computer 24 to the effect that a quote can not be given (step 120).
  • the promoter system 10 next calculates the cost of a matching put option contract with the financial institution system 14.
  • the current market value of the share is known as the 'spot price'.
  • To calculate the cost of the put option contract the inventory table is queried for quotes which are expressed as a percentage of the spot price for that stock. The percentage of spot quotes are stored in the Inventory Table. The parcel value is multiplied by the percentage of spot quote to arrive at the put option cost (step 122).
  • a promoter margin is obtained (step 124).
  • the cost of the put option and the margin are added thereto (step 126).
  • the contract premiums are then displayed to the client on a premium table 140.
  • the premium table 140 can contain multiple premiums, with various combinations of protected value and period of cover, (step 130), as shown in Fig. 6.
  • the client acting through the client system 24, must choose a quote (or not proceed) (step 132), by way of selecting a respective check box on the premium table 140, after which time the transaction is recorded as having the status 'quote' in the Transaction Table.
  • Each quoted contract has an associated expiry date (i.e. ExpiryDate field), which is predefined on the promoter system 10.
  • the expiry date is determined by the period of cover selected by the client.
  • a client may wish to proceed to purchase a quoted hedging contract immediately after it has been quoted, or may wait a period of time before doing so.
  • the client commences the payment process by accepting the quote by clicking on the 'Purchase Cover Now' screen button 142 shown in Fig. 6 (step 170).
  • the client next enters certain personal details in a screen panel 150 (step 172).
  • the client enters payment details in a screen panel 160 (step 174).
  • the promoter system 10 repeats one or more steps from the preceding quote process. Firstly, the promoter system 10 determines whether the stock in question remains on offer, by way of currently being included in the Inventory Table (step 176). If not, then an error message is displayed (step 178) and the process returns to the initial screen as shown in Fig. 5 (step 180). If the stock is offered, then a subsidiary check is made of whether the stock is blocked (i.e. the Blocked field in the Inventory Table) (step 182).
  • the promoter system 10 retrieves an updated spot price for the stock from the Exchange system 18 (step 188). If a response is not received within a specified time limit (step 190) then an error message is generated (step 192) and the client is returned to the initial screen (step 180). Next a check is made of whether the stock indicator retrieved with the spot price indicates 'suspended price' (step 194). If so, then an error message ('stock suspended') is indicated (step 196), and the client is returned to the initial screen (step 180).
  • the tolerance typically a percentage of the spot price stored in the Inventory Table at the time of quoting. If outside the tolerance range, then the contract can not be made, and an error message ('market declined') is indicated (step 200), then the client is returned to the initial screen (step 180).
  • step 202 A further check is now made of whether the stock in question is trading (step 202). This principally covers events such as the market being open (eg. 'within trading hours' and 'not halted'). If not open, then a queuing process is instituted. It is firstly tested whether the intended contract has been queued before (step 204), and if so, then an email is generated to the client (step 206) with the message 'stock timed out', and the contract is not formulated. On the other hand, a new intended contract to be queued is then held in the queue (step 208) with the status 'application held'.
  • a loop logic follows, where it is periodically tested whether the held intended contract has been queued for more than 2 days (step 210), awaiting the stock in question to resume trading (step 212), at which time it returns to be reprocessed as a quote (step 176). If two trading days pass without the stock trading, then the intended contract is removed from the queue (step 214), and the client is sent a 'stock timed out message' (step 206).
  • step 202 If the stock is trading (step 202), then the process flow continues such that the client's details are processed through a payment gateway system (step 218). Next, a check is made if whether the payment details are valid (step 220). If not, an error message is displayed (step 222) and the client is returned to the screen display 160 requesting the relevant details (step 223).
  • step 224 If the details are valid, then an authorisation number is obtained (step 224), and a contract number is assigned (step 225) to be stored in the Contracts Table.
  • the transaction details are sent to the financial institution system 14 (step 226).
  • a timer activates to see if a confirmation is received from the financial institution system within a time limit (step 228). If not, then an exception report is produced (step 230), an error message system is displayed to the client (step 230), and the client is returned to the initial screen shown in Fig. 5 (stepl ⁇ O). If, however, the confirmation is received within the time limit, then the process flow continues such that the details are recorded in a transaction report (step 232).
  • a transaction confirmation display 250 is generated, as shown in Fig. 11.
  • An electronic form of the contract details is generated and saved as .pdf file, and in the final step a confirmation email together with the .pdf document is sent to the client by email (step 234).
  • Figs. 12 - 14 the claiming (exercising) process will now be described. It is open to a contract owner (actor) to make a claim (i.e. exercise the hedging contract) anytime, after a 'minimum period' (eg. three days) passes but before expiry of the contract.
  • a contract owner actor wishes to make such a claim, it firstly enters the contract number and into a screen displayed on a client computer system 24 served from the promoter system 10 (step 260).
  • the promoter system 10 firstly determines whether the contract has an active status (step 262) and if not, then - to avoid double claiming - redirects the client to the claiming screen display together with an error message (step 264). If active, however, then a further check is made to whether it has been less than, in this embodiment, three trading days since the contract was created (step 270). This represents the minimum period set by the promoter system 10 as a buffer to ensure that the back-to- back put option contract has been formed and all payments have been made and processed.
  • step 264 If it is less than three days, then the error message is displayed (step 264). If more than three trading days, then the claim process can proceed and the client is presented with the contract and personal details (step 272), as shown in the screen display 300 of Fig. 13. The client then further verifies that they wish to proceed (step 274). At this point, a confirmation screen page 310 is generated, as shown in Fig. 14 (step 276).
  • the next step in the process flow is to determine whether the claim is being made on a trading day (step 278). If not, then it is determined that the claim be processed on the following trading day (step 280). If it is a trading day, then it is determined whether the claim is being made before 12 midday (step 282), and if not, the process flow passes to step 280 regarding following trading day processing. If before 12 midday, then the process flow reaches a decision that the claim is to be processed today (step 284). A 'claims report' is generated (step 286) at midday each trading day. An email is generated to the promoter system 10 administrators and the financial institution system 14 administrators advising them that a claims report is available for download (step 287).
  • the financial institution system 14 downloads a claims report from the promoter system 10 (step 288). This has the effect of exercising the corresponding cash settled put option 52.
  • the financial institution system 14 completes a claims exercise report from the promoter system 10 (step 290).
  • step 292 a test is made of whether the amount payable is greater than $0 (step 292).
  • the amount payable is calculated as the protected price (per share) minus spot price (per share) when claiming x no. shares. If the amount payable is not greater than $0, then the process flow continues such that an email is sent to the client to the effect that there is no payment to be made (step 294). If, however, the amount payable is greater than $0, then an email is sent to the client indicating the amount that will be paid (step 294). Payment is effected to the client (step 298) after the corresponding cash settlement in favour of the promoter occurs from the financial institution in question. It is the role of the financial institution 14 to take into account events such as consolidation or splits in shares for a particular company that may occur in the period between formulation of a hedging contract and claiming, so far as that affects the amount payable.

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Abstract

L'invention concerne un procédé pour formulation automatisée de contrats d'option entre un client et un promoteur, tous deux agissant par le biais d'un système informatique. Le système informatique du promoteur (10) reçoit des données d'entrée du système informatique client (24) via un réseau (22) comprenant un identificateur d'identité listé et une dimension de parcelle des actions de l'entité. Le système informatique promoteur (10) basé sur une valeur d'action courante de l'entité listée, génère des montants de cotation en rapport à un changement futur dans la valeur de l'action. Le système client entre des données afin de réaliser un paiement d'un montant de cotation sélectionné. Une valeur d'action contemporaine est obtenue à partir d'un système d'informatique d'échange (18) afin de déterminer si la valeur de l'action se situe dans une fourchette acceptable. Les données émises sont ensuite générées de façon contemporaine vers un système informatique d'institution financière (14) spécifiant un ordre de contrat d'option pour la valeur de l'action, un prix d'exercice, une date d'expiration et la dimension de la parcelle.
PCT/AU2006/000833 2005-06-16 2006-06-15 Formulation automatisee de contrats d'option destines a des actions WO2006133501A1 (fr)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
AU2005903155 2005-06-16
AU2005903155A AU2005903155A0 (en) 2005-06-16 Automated formulation of hedging contracts for shares

Publications (1)

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WO2006133501A1 true WO2006133501A1 (fr) 2006-12-21

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Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2009113901A1 (fr) * 2008-03-14 2009-09-17 Гилд Стандард Сервицес Лтд. Système boursier destiné aux enchères portant sur des actions dans des fonds d'investissement mutuels

Citations (6)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2001088820A2 (fr) * 2000-05-16 2001-11-22 Blackbird Holdings, Inc. Systemes et procede permettant de conduire electroniquement des echanges derives
WO2002033627A2 (fr) * 2000-10-17 2002-04-25 Pareto Partners, Ltd. Procedes et systeme pour la formulation de premieres offres publiques ou privees et la negociation de marche secondaire pour des contrats de gestion de risques
WO2002037390A2 (fr) * 2000-10-30 2002-05-10 Liquidity Direct Technology Reseau et procede pour negocier les produits derives
US20020133453A1 (en) * 2001-03-15 2002-09-19 Mark Rose Online trading system having ally-initiated trading
US20040148242A1 (en) * 2003-01-24 2004-07-29 Liu Michael C. Method and system for intelligent automated security trading via the Internet
US20040210504A1 (en) * 2002-07-05 2004-10-21 Will Rutman Options automated trading system (OATS) and method of options trading

Patent Citations (6)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2001088820A2 (fr) * 2000-05-16 2001-11-22 Blackbird Holdings, Inc. Systemes et procede permettant de conduire electroniquement des echanges derives
WO2002033627A2 (fr) * 2000-10-17 2002-04-25 Pareto Partners, Ltd. Procedes et systeme pour la formulation de premieres offres publiques ou privees et la negociation de marche secondaire pour des contrats de gestion de risques
WO2002037390A2 (fr) * 2000-10-30 2002-05-10 Liquidity Direct Technology Reseau et procede pour negocier les produits derives
US20020133453A1 (en) * 2001-03-15 2002-09-19 Mark Rose Online trading system having ally-initiated trading
US20040210504A1 (en) * 2002-07-05 2004-10-21 Will Rutman Options automated trading system (OATS) and method of options trading
US20040148242A1 (en) * 2003-01-24 2004-07-29 Liu Michael C. Method and system for intelligent automated security trading via the Internet

Cited By (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2009113901A1 (fr) * 2008-03-14 2009-09-17 Гилд Стандард Сервицес Лтд. Système boursier destiné aux enchères portant sur des actions dans des fonds d'investissement mutuels
EA014732B1 (ru) * 2008-03-14 2011-02-28 Открытое Акционерное Общество "Инвестиционная Финансовая Группа "Гленик-М" Биржевая система проведения торгов паев паевых инвестиционных фондов

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