JP2002007707A - Transaction system - Google Patents

Abstract

PROBLEM TO BE SOLVED: To enable a customer to make a quick investment decision by forming a fair sales price and also performing picture display of board information, such as an order memo. SOLUTION: A user who participates in transactions accesses a server 30, that performs transaction processing via the Internet 20 by using a client terminal. The user performs authentication with a transaction system to make sure, who the user is and subsequently can access the server 30. The server 30 checks a selling order with a buying order and establishes a sales transaction. Fair sales price formation is made, by realizing sales contract processing that does not go through a market maker and allowing a customer to freely refer to a price formation process.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a trading system for trading securities and the like, and more particularly to a trading system capable of fairly determining a price for a transaction.

[0002]

[Technical Background] As a form of buying or selling securities such as stocks, in addition to personal processing between parties, stock trading is typically performed on an exchange. There is also a market called OTC, which is conducted at securities company stores without passing through the office. Either way, we try to match the business needs of buyers and sellers. In addition, there may be a system in which a market maker is provided for each brand to publish a selling price and a buying price and respond to a customer's sales order at that price. In any case, in order to establish a market, it is necessary to configure a mechanism for establishing a transaction for a sell order and a buy order.

[0003] As a conventional transaction system for trading securities, for example, Japanese Patent No. 2587615 is disclosed.
No. "Data processing system for securities". The patent describes a sales system for forming an automated trading market for securities such as stocks. The system corrects and accumulates the best current bids and offers, authorizes (qualifies) customers to execute buy and sell orders,
Execute the order and report the details of the transaction to the customer or the like. In this "securities data processing system", the market maker enters into a contract for trading, and the customer receives the market value, quote price, and board information (stock information on the stock exchange) of the brand to be bought and sold. I can't see the order member's order copy). Therefore, the formation of the trading price remains uncertain and the customer cannot make a quick investment decision.

[0004]

SUMMARY OF THE INVENTION It is an object of the present invention to form a fair trading price and to enable a customer to make a quick investment decision by enabling a screen display of board information such as an order copy. Is to do so.

[0005]

In order to achieve the above object, the present invention is connected to a customer terminal via a communication line,
A transaction system having a server for processing a customer's transaction order, the server having at least an order database for storing order information from a terminal and a contract result database for storing transaction results, and at regular time intervals. Reading the order information from the order database, registering the information in a storage unit provided for each trading brand, executing a transaction using the storage unit, writing the executed transaction result in the execution result database, Is notified to the customer. In this way, by creating an “individual brand plate”, which is a storage unit that stores and organizes customer order information for each brand, inside the computer, and automatically executes the transaction closing process based on this. The fairness of price formation can be achieved.

When registering order information in the storage unit, register order information having an order price whose difference from the price of the corresponding trading brand (for example, the mark-to-market price of the previous day) is larger than a predetermined price limit. By not doing so, it is possible to realize a price limit. The conclusion of the trade, the conclusion of the trade between the market orders is performed by time priority, using the latest market price for the execution price, in the case of the market order and the limit order, the market order,
A trade is concluded with the highest priority order of the limit orders, the price of the limit order is used for the contract price, and in the case of the limit orders, "sell order price ≤ buy order price" Transactions are executed according to price priority between orders that meet the conditions, and if the price is the same, it is performed with time priority,
By using the price of the order placed earlier in time as the contract price, the closing process can be performed fairly. The information in the storage unit provided for each brand is necessary for the customer, and by making the terminal accessible, the customer can freely refer to the individual brand plate at any time through the communication line,
Further fairness in price formation can be achieved. The present invention also includes a recording medium that stores a program that allows a computer system to construct the functions of the server in the above-described system.

[0007]

Embodiments of the present invention will be described in detail with reference to the drawings. FIG. 1 shows the configuration of the transaction system of the present invention. In FIG. 1, the users participating in the transaction are:
Using a client terminal, a server 30 that performs transaction processing is accessed via the Internet 20. The user can access the transaction system after authenticating and verifying his / her identity. Server 3
When 0 can be accessed, a menu screen (not shown) for each screen described below is displayed. Now, in this trading system, first, an order screen 20 as shown in FIG.
In step 0, the client terminal 30 transmits the customer's sales order entered through the Internet to the server. On the order screen 200 of FIG. 2, a trade brand name 210, a type 220 of whether the transaction is selling or buying, a quantity 230 of the transaction, a price specification 240 including a market designation, an expiration date 250 of the order, and the like can be designated. After inputting these, by pressing the order button 270, this order is stored in the order database of the server 30. When the server 30 receives the order, it attaches an order number to the order database and assigns the “user ID”, “order date”, “order time”, “brand name”, “exercise price”, “trading category”, “ "Limitation market division", "order unit price", "order quantity", "effective date" and the like are written.

The user can refer to his / her own order information written in the order database from the terminal, and can cancel an order whose order has not been executed yet. This is shown in FIG.
This will be described with reference to an order reference screen. When the user accesses the server from the terminal and opens the order reference screen, a screen 300 as shown in FIG. 3 can be viewed from the terminal. On this screen 300,
You can see the status of what you ordered. Brand designation column 310
When you specify the brand and click the inquiry button 340,
Although only the specified brand is displayed in the display column 320, if an inquiry is made without specifying anything in the brand specification column 310, all the order information issued by the user is displayed in the display column 320. As shown in FIG. 3, for example, as shown in FIG. 3, the display column 320 shows “order number”, “brand name”, “ordered price”, “order quantity”,
"Volume", "Sell / Buy", "Order Date", "Expiration Date"
Items are displayed. As the "volume", the contracted quantity is displayed. For example, in the brand X displayed in FIG. 3, since the "order quantity" is 10 and the "volume" is 10, all contracts have been completed. Since the “order quantity” is 10 and the “volume” is 2 for the brand Y, the quantity 8 has not been executed yet. If you cancel this buy order for Brand Y,
Display the mark of cancellation in the column of "Cancel" and click the Cancel button 3
Click 50. Thus, the information of the cancellation request is transmitted to the server 30. When the cancellation processing is completed in the server 30,
A screen indicating that the cancellation has been completed is displayed on the terminal 10. As a result, of the buy orders of the brand Y, the order of the quantity 8 which has not been executed has been canceled. The customer order information for each issue in the order database is registered in an “individual issue board” created in the server 30 for storing and organizing the order information. It is done automatically. Then, the individual brand plate can be freely referred to by the customer at any time through the Internet.

The server 30 extracts order information within a short fixed time interval (for example, one minute) from the order database, registers the order information on an individual brand plate, and executes a sales contract according to a priority order between the registered sales orders. The fastening is performed. The trading process in this server will be described with reference to the flowchart of FIG.
The processing flow for trading conclusion shown in FIG. 4 is started at short fixed time intervals, and first, all the unexecuted order information is read from the order database and registered in the individual brand plate for each brand (S402). Trade orders are not eligible for trading unless they are registered on the individual brand. In a market to which price limits are applied, for futures transactions, orders that exceed the upper limit and the lower limit of the limit price obtained by adding or subtracting a certain price range to the previous day's mark-to-market price for each brand are not accepted. By not registering these orders on the individual brand plate, price limits can be realized. In addition,
In a spot transaction, the price range is limited using the previous date / time price or the latest market price. For the trading order registered in the individual brand plate for each brand, a process for concluding a transaction is performed using the individual brand plate (S40).
4). This processing will be described later in detail. In order to reflect the trading result on the individual brand plate to each database of the trading system, the database of the market price database and the quote price is updated (S406), and written to the contract result database (S406).
408) is performed. The transaction result is also reflected in the order database (S410), and the customer who placed the order is notified that the contract has been executed (S412).

[0010] This notice is given by, for example, notifying the customer of the "order number" or "contract number" by e-mail from the system, and then the customer accesses the contract result screen 500 shown in FIG. Can be performed. As illustrated in FIG. 5, as items notified to the customer, “trade number” 510, “brand name” 520, “price” 530 contracted as a result of the transaction, and “quantity” 540 at which the transaction was completed , "Sell or buy" 550 for selling or buying;
If the trade is a future or an option, there is a "final trading day" 580, which is the date and time when the transaction is finally performed. In this way, the transaction is concluded for each brand using the individual brand plate, and the processing is performed for all brands (S420). In the above,
Although the notification performed when an individual contract is determined has been described, a list of previously determined contracts for the own order may be displayed.

Now, the individual brand processing (S404) will be described. Transactions in individual brand plate processing are decided to buy or sell according to the following priorities. 〇 The sales contract between market orders is made on a time-priority principle, and the latest market price is used for the contract price. ○ In the case of execution between a market order and a limit order, a sales contract is made between the market order and the highest priority order of the limit order, and the price of the limit order is used as the execution price. Can be 〇 In the case of limit orders, a sales contract is made between orders satisfying the condition of “sell order price ≦ buy order price” according to the principle of price priority. In the case of the same price, the principle of time priority is used. The price of the order placed earlier in time is used as the contract price. Recognize partial work and try to make as many deals as possible.

This will be described in detail below using an example of an individual brand plate shown in FIG. <Details of trading conclusion rules using individual brand plates> As a rule of the trading contract conclusion of this trading system, it is based on competitive trading, and in principle, the selling order that can be sold at the lowest price and the selling order that is the highest Trade is established preferentially between buy orders that are good. The ordered sales order is registered in an order copy (individual brand plate) for each brand. A buy / sell order takes effect only after it is registered on the individual brand plate (for example, an order exceeding the price limit is not registered on the plate),
Trading is concluded using individual brands. <Priorities of sales orders> There are two types of sales orders: market orders and limit orders, and sales transactions are established in descending order of priority in the following order. (1) Market order The market order has priority over the limit order. Between market orders, an earlier order takes precedence over a later order (time-first principle). (2) Between the market order and the limit order A sales contract is made between the market order and the limit order with the highest priority among the limit orders described below, and the contract price is the price of the limit order. Is used. (3) Limit orders Low price sell orders take precedence over high price sell orders,
Higher price buy orders take precedence over lower price buy orders (priority principle). As the contract price, the price of the order placed earlier in time is used. (4) Selling order at the same price of the limit order Depending on the time before and after the order was placed, the order placed first has priority over the order placed later (time-priority principle). According to the above-mentioned priorities, the limit orders can be bought and sold only when “sell order price ≦ buy order price”. .

The above-described transaction rules (1) to (4) for the individual brand plate will be specifically described with reference to the individual brand plate of a certain brand shown in FIG. 6 as an example. As shown in FIG. 6, the individual brand plate has a sell order 610 and a buy order 630 at a price 6.
The configuration is arranged in the order of 20. Sell Order 610
Is composed of an orderer 612, an order order (time order) 614, an order quantity 616, and a price 620. Similarly, the buyer order, the orderer 636, the ordering order (time order) 63
4, the order quantity 632 and the price 620.
Now, in this brand, as a sell order, orderer A's outcome, orderer B's limit price 800 yen, orderer's C limit price 1,
000 yen, the limit price of the orderer D is 1,300 yen, and the limit price of the orderer E is 1,500 yen. As a buy order, the order of the orderer F, the limit price of the orderer G 1,200 yen, the limit price of the orderer H 1,100 yen, and the limit price of the orderer I 1,1
There are 00 yen and orderer J's limit price is 800 yen. The latest market price at this point is 800 yen.

In this case, the sales with the highest priority are trades between market orders (the above rule (1)). In this case, the orderer A and the orderer F are present. The price of this sale is the latest price (800 yen in this case), but since the quantities do not match, the quantity 5 of the order placed by the orderer A remains. The ordering party F has bought the security of this brand with the price of 800 yen and the quantity of 5. At this time, the orderer A has
Although we sold a quantity of 5 at a price of 800 yen, there are still 5 remaining sales orders. A trade with a price of 1,200 yen is established between the remaining sell market order of the orderer A and the order of the orderer G, which is the highest priced order in the limit buy order (rule (2) above). With this, the transaction of the orderer A is completed, and the orderer A sells the quantity 5 at the latest price of 800 yen and the price of 1,20.
This means that 5 units were sold for 0 yen. The ordering party G has bought the securities with the price of 1,200 yen and the quantity of 5, and there is still a buy order with the limit price of 5,200 yen. Here, since there is no future order, applying the above rule (3), the lowest price 80
A trade is made by the orderer B of 0 yen and the remaining buy orders of the orderer G. The price is 1,200 yen, which is the price of the orderer G who placed the order first. Since the order after the order is known in the order of order, the order of the orderer B is 7 and the order of the orderer G is 6, the orderer G places an order earlier. As a result, the orderer G has bought 10 securities at the price of 1,200 yen. In addition, the orderer B has sold the securities of quantity 5 at a price of 1,200 yen higher than the limit price of 800 yen. When the above rule (3) is applied, the sell order of the orderer C (price: 1,000 yen) and the buy order of the orderer H and the orderer I (price: 1,100 yen) satisfy the trade completion condition. . In this case, the above-mentioned (4) is applied between the orderer H and the orderer I having the same price, and the orderer H having the earlier order is placed.
Has priority over the orderer I. The selling price is 1,000 yen, which is the price of the orderer C whose order is earlier in comparison with the orderer C and the orderer H. This means that the orderer C has sold 10 securities at the price of 1,000 yen, and the orderer H has bought 10 securities at the price of 1,000 yen. Since there is no longer a buy / sell order that satisfies the sell / buy condition of the limit price, ie, “sell order price ≦ buy order price”, the securities transaction for this brand at this point ends. Therefore, the orders of the orderers D, E, I and J have not been fulfilled. The most recent market value at this point is the price at which the last transaction was completed,
2,000 yen, and the ask price is 1,300 yen, which is the price of the cheapest sell order among orders that have not been traded. The buy price is the price of an order that has not been traded. The highest buy order price of 1,100
It is a circle.

<Indication of Individual Brand Plate> The customer can refer to the client terminal as necessary for the trading conclusion status using the individual brand plate. This will be described with reference to FIG. FIG. 7 shows an example of a screen 700 for an individual brand plate that can be viewed by a customer from a terminal. This screen 70
At 0, a brand name is entered in a brand name column 710 and a send button 740 is clicked, and the latest market value 720 of the specified brand, as well as the sell order and buy order on the individual brand plate are displayed in the order of price in the plate display column. 730 is displayed. Compared with the individual brand plate formed inside the system shown in FIG. 6, except for the fact that the information for specifying the ordered customer and the temporal information are not displayed, the sell order and the buy order for a certain brand are not shown. It can be seen that sufficient information for grasping the state of is displayed.

As described above, the system of the present invention realizes the trade conclusion processing using an individual brand plate that does not pass through the market maker and the customer can freely refer to the price formation process using the price brand plate. Is fairly priced. In a normal online stock market system, a trading order is transferred to an existing stock exchange, and an intermediary process for completing a trade there is performed. In a network transaction market employing the present invention, a sales transaction is established by matching sales orders in the network transaction market. Therefore, the above-described system of the present invention is an ECN that is scheduled to be established in Japan in the future.
(Electronic Securities Exchange Network) can play a central role in the exchange system.

Although the above description has been made with reference to the example of securities, the present invention is not limited to this, and the present invention can be applied to all products whose prices are formed in the market. The system according to the present invention can be realized by reading and executing the program from a storage medium storing the program according to the present invention by the system. This recording medium includes a floppy disk, a CD-ROM, a magnetic tape,
There are ROM cassettes and the like.

[0018]

As described above, the present invention aims at making securities transactions open from the standpoint of a customer, and aims at fair price formation. Therefore, adoption of the present invention is expected to increase the number of securities trading participants, and can activate the financial market. We can also expect the fairness, efficiency and price stability of the securities exchange market.

[Brief description of the drawings]

FIG. 1 is a diagram showing a configuration of a system of the present invention.

FIG. 2 is a diagram showing an example of a new order screen.

FIG. 3 is a diagram showing an example of an order inquiry screen.

FIG. 4 is a flowchart illustrating an example of an order process in a server.

FIG. 5 is a diagram showing an example of a contract result screen.

FIG. 6 is a diagram showing a specific example of order processing on an individual brand plate.

FIG. 7 is a diagram showing an example of a screen for displaying an individual brand plate.

Continued on the front page (72) Inventor Toyoaki Okano 4-31-3-305, Nishishinjuku, Shinjuku-ku, Tokyo (72) Inventor Masao Ogawa 692 Kamiwada, Yamato-shi, Kanagawa (72) Inventor Takashi Yonenobu, Furukawa-shi, Ibaraki 1104-4 Konosu (72) Inventor Masaaki Matoba 2-19-11 Surugadai, Funabashi-shi, Chiba F-term (reference) 5B049 BB46 CC05 CC31 DD05 EE05 FF03 FF09 GG04 GG07 5B055 CA00 CC00 EE02 EE21

Claims (5)

[Claims] Claims: 1. A customer terminal is connected by a communication line,
A transaction system having a server that processes a customer's transaction order, wherein the server has at least an order database that stores order information from a terminal and a contract result database that stores transaction results, and at regular time intervals. Reading the order information from the order database, registering the information in a storage unit provided for each trading brand, executing the transaction using the storage unit, writing the executed transaction result in the execution result database, Transaction system, which notifies the customer of the transaction. 2. The trading system according to claim 1, wherein, when registering the order information in the storage unit, an order having a difference between the price of the corresponding trading brand and a price larger than a predetermined price limit. A transaction system characterized by not registering information. 3. The transaction system according to claim 1, wherein the transaction is concluded between market orders in a time-prioritized manner, the latest market price is used for a contract price, and a market order and a limit order are executed. In this case, a trade is concluded between the market order and the highest priority order of the limit orders, and the contract price is based on the price of the limit order. Transactions are executed according to price priority between orders that satisfy the condition of “order price ≦ buy order price”.
A trading system characterized by using a price of an order placed earlier in time as a contract price. 4. The transaction system according to claim 1, wherein information necessary for a customer in a storage unit provided for each brand is accessible from said terminal. system. 5. A recording medium storing a program for causing a computer system to build the functions of the server according to claim 1. Description: