JP2002169960A - Enlargement of collateral kind and new secured trading system with strict maintenance of collateral value incorporated therein - Google Patents

Abstract

PROBLEM TO BE SOLVED: To provide a new secured trading system capable of contemplating strict maintenance of a collateral value, as well as enlarging the range of collateralized assets including stocks, distributing collateral to creditors fairly, and achieving sound development of a secured market. SOLUTION: The trading system comprises the steps of deposition of the collateral to a collateral depositing system 2 by a borrower 1, formation of a debit and credit agreement of funds through a broker 4 between the borrower 1 and a creditor 3, issuance of a bill to the creditor 3 by the borrower 1, extraction of the collateral by the collateral depositing system 2 and issuance of a collateral deposit receipt to the creditor 3, and transfer of the funds to the borrower 1 from the creditor 3. Data of the deposited collateral are sorted every kind irrespective of the face of the bill, and divided by minimum trading unit to be the data marked with an identification code. Each data marked with the identification code is marked to market every day and adjustment of the collateral value is performed by using the weight corresponding to each kind.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a secured transaction system, and more particularly, to a secured transaction system such as a secured call market, which is one of short-term money markets, for example, a market for conducting fund transactions within one year. The present invention relates to a new secured transaction system that incorporates the expansion of collateral types and the strict maintenance of the value of collateral with the aim of sound development.

[0002]

2. Description of the Related Art From the viewpoint of market participants, the money market is broadly divided into an interbank market in which only financial institutions participate, and an open market in which general business corporations and local governments also participate. There are a call market and a bill trading market in the interbank market. The call market is roughly classified into a secured call market and an unsecured call market from the viewpoint of the presence or absence of collateral at the time of transaction.

[0003] A secured call transaction is a secured money consumption loan transaction legally directed against a short-term investment company. Therefore, the money-solding company has a dealing method in which it raises funds from its own source on its own account, and then manages the funds for the source. In addition, list payment promissory notes are given and received as a market practice.

[0004] Incidentally, with the introduction of RTGS (international standard immediate settlement system) in January 2001, the secured market has become a brokering system in addition to the above-mentioned dealing system.
A transaction system with the intermediary of an intermediary that is not a party will be introduced.

[0005] In addition, it is expected that the lifting of the payoff ban from April 2002, together with the introduction of the brokering system, will increase the interest of secured market participants in security. Furthermore, in interbank transactions, the need for secured transactions is expected to increase.

[0006] However, the problems with the current security are as follows:
Participants vary in interest in the collateral but the content of the collateral in the market (for example, evaluation of the importance of each type of collateral), and collateral, especially in bills Some stocks are questionable in strength, and they are treated the same as other stocks.Therefore, collateral is not perfect, and collateral is not necessarily distributed to multiple lenders. It is pointed out that they have not.

[0007]

As described above, in the conventional secured market, there has been a problem in that the collateral strength is not perfect and that the fair distribution of collateral has not been achieved. There is no such problem, that is, the collateral value can be strictly maintained, the range of collateral assets such as stocks can be expanded, the distribution of collateral to lenders can be made fair, and the secured market is sound. It is an object of the present invention to provide a new secured transaction system that incorporates an increase in types of collateral that can be planned for further development and strict maintenance of collateral value.

[0008]

SUMMARY OF THE INVENTION The present invention relates to a method in which a borrower deposits a collateral in a collateral depository, establishes a loan agreement between a borrower and a lender through an intermediary, and issues a bill to the lender by the borrower. A transaction system comprising the steps of extracting collateral by the collateral depository and issuing a security deposit certificate to the lender, and transferring funds from the lender to the borrower, wherein the data of the collateral deposited is irrespective of the face The data is classified by type and divided into the minimum transaction units to form data with an identification code, and the data with the identification code is subjected to daily mark-to-market and the collateral value is calculated using a cross-link according to each type. A new secured transaction system that incorporates the expansion of collateral types and the strict maintenance of collateral value Issues were resolved.

[0009]

Embodiments of the present invention will be described with reference to the accompanying drawings. FIG. 1 is a diagram showing a flow of a new secured transaction system assumed in the present invention. The transaction is carried out by a borrower 1 by depositing a collateral with a collateral depository 2 via a broker 4 between the borrower 1 and the lender 3. Issuance of a loan agreement for all funds Issuance of a note by the borrower 1 to the lender 3 Issuance of a security deposit certificate to the lender 3 by the collateral depository mechanism 2 Transfer of funds from the lender 3 to the borrower 1. Hereinafter, this will be described in more detail.

The collateral depository 2 receives a deposit of collateral from the borrower 1 in advance. The collateral is expected to use a wide range of assets such as bonds, shares, bills and other transferable receivables. Among them, those that can be agreed by both lenders and borrowers are narrowed down. Storage of collateral is
It depends on the legally occupied form such as registration, storage transfer, safe storage, custody, etc.

[0011] The deposited collateral is put into a database as follows. In the example shown in FIG. 2, the assets are first classified into listed assets and unlisted assets, each is classified by type, and a security number is assigned.
In the example shown in FIG. 2, among the collateral properties, (1) is a listed government bond, (2) is a government bond, (3) is a municipal bond, (4) is a corporate bond, and (5) is a stock. ), Financial bonds (6)
In addition, (10) is attached to unlisted corporate bonds, (11) to bills, (12) to CP, (13) to stocks, and (14) to loan receivables. .

In order to distinguish a plurality of assets of the same type from each other, (1) -1,
It is a security number with a branch number as in (1) -2, (1) -3. In the illustrated example, four types of government bonds are included.

In the present invention, a minimum transaction unit is set in advance for each type on the database, and each collateral is divided into the minimum transaction units irrespective of the actual certificate. For example, assuming that the government bond (1) -1 is divided into two minimum transaction units, identification codes are given on the database as (1) -1-1 and (1) -1-2, and Data processing relating to extraction and assignment is performed in this identification code unit.

Since the value of an asset to be a collateral fluctuates every day, the collateral deposit mechanism 2 performs a mark-up of the collateral every day and determines the collateral value as of the day. Collateral mark-to-market is typically processed online using electronic data such as listed assets.

[0015] Further, a cross-link according to the type of each collateral is used (for example, the market value of long-term government bonds (10 years) is 9
6% and 97% for discounted government bonds (5 years), and adjust the collateral value for each collateral. this is,
This is a process for equalizing the substantial value of each transaction unit that is divided for each minimum transaction unit on the database and assigned an identification code.

The collateral depositor 2 receives a request from the borrower 1 and the lender 3 to submit collateral with the fulfillment of a loan agreement between the borrower 1 and the lender 3 through an intermediary company (generally, a money brokerage company) 4. However, they collate the request contents from both sides and issue the required amount of security deposit certificate to the lender 3.

The lender 3 transfers the funds to the borrower 1 after accepting the bill from the borrower 1 and the deposit certificate from the collateral depositor 2. The deposit certificate is collected every time during overnight transactions, and in the case of term items, the assets are renewed every day according to the required amount, so they are replaced with new deposit certificates.
Also, if the collateral of the package runs short, the borrower 1 responds by immediately inserting additional collateral into the package or by refund.

As a method of extracting the security in the security depositing mechanism 2, the following method can be considered. (1) Method of Allocation by Equity In this method, the collateral provided by the borrower is regarded as one common collateral, and the lender is allocated as equity by the amount of collateral required. That is, when the loan amount is (X), the lender's interest is (X) / total collateral value {(A) + (B)}. For example, for a loan amount of 10 billion yen, a total amount of 100 billion yen
If there is collateral of 100 million yen, 100/1000 = 10%
A considerable amount is taken as collateral of the lender, and a deposit certificate is issued for that.

(2) Method of Extracting Proportionally According to the Overall Constituent Ratio In this method, collateral corresponding to the total constituent ratio of each type of collateral, such as government bonds and government bonds, is divided into lenders. Assign. For example, assuming that the loan amount is (X), the lender receives the allocation of collateral from government bonds in accordance with the ratio of government bonds to the total collateral value. Specifically, the ratio of government bonds to total collateral is subtotal (1) / total collateral value {(A) + (B)}, which is equal to the amount multiplied by the loan amount (X) (or The portion that exceeds that amount due to the minimum transaction unit) is extracted from the collateral list and becomes the government bond allocated to the lender. For example, if the total collateral value {(A) + (B)} is 100 billion yen, the loan amount (X) is 10 billion yen, and the subtotal (1), the collateral value of government bonds, is 20 billion yen,
The lender will be allocated 100 x 200/1000, that is, 2 billion yen out of 100 billion yen for government bonds. Similarly, for government bond (2), loan amount (X) × subtotal (2) / total collateral value {(A) +
(B)}.

(3) Method of Extraction Based on Priority Requested by Lender For example, if a lender ranks government bonds, government bonds, and local bonds, data is retrieved according to the ranking and assigned in this order. It is extracted by this. It is a first-come, first-served rule, but the fairness is ensured because adjustments are made on the amount of collateral assets.

The calculation of the security of the assets and the extraction of the security are performed by the security depositing mechanism 2 by computer processing. In particular, in the collateral extraction work, collateral properties that have been individualized and assigned identification codes are automatically and quickly extracted in units of identification codes according to the calculation results, so that the person in charge is informed. Lenders can be fairly distributed to collateral.

In addition, regarding the calculation result of the collateral, the issuance of the security deposit certificate, etc., online connection is possible at the same time as the work progresses by connecting each line between the security depository and the borrower and lender. .

[0023]

As described above, the present invention divides the collateral deposited by the borrower into the minimum transaction units corresponding to the respective types, and adjusts them by using the crosses to identify them by individualizing them. A code is attached, and the extraction work can be automatically and quickly performed in units of the identification code, and the value is surely and fairly given to the lender without being distracted by the intention of the person in charge at the collateral depository. Security can be distributed, which has the effect of aiming for sound development of the secured market.

[Brief description of the drawings]

FIG. 1 is a schematic diagram of a new secured transaction system according to the present invention.

FIG. 2 is a diagram showing an example of creating a database in the new secured transaction system according to the present invention.

[Explanation of symbols]

 1 borrower 2 collateral depository 3 lender 4 broker

 ────────────────────────────────────────────────── ─── Continuation of the front page (72) Inventor Satoru Satoru 4-5-1 Nihonbashi Takaracho, Chuo-ku, Tokyo Yagi Tanshi Co., Ltd. F-term (reference) 5B055 CA05 CB15 CC00 CC13

Claims (4)

[Claims] Claims 1. Deposit of a collateral by a borrower into a collateral depository, establishment of a loan agreement between borrowers and lenders through an intermediary agency, issuance of bills by the borrower to the lender, extraction of collateral by the collateral depository And a step of issuing a security deposit certificate to the lender, and transferring funds from the lender to the borrower, wherein the data of the deposited collateral is classified by type regardless of the face of the collateral and the minimum transaction The data is divided into units and is provided with an identification code, and each of the data with the identification code is subjected to daily mark-to-market and the security value is adjusted using a crossover according to each type. A new secured transaction system that incorporates a wider variety of collateral and strict maintenance of collateral value. 2. The method according to claim 1, wherein the collateral is extracted by the collateral depository by a method in which the collateral provided by the borrower is taken as one common collateral, and the collateral is allocated as a share by the ratio of the required collateral amount to the lender to the total collateral value. A new secured transaction system that incorporates the types of collateral described and strict maintenance of collateral value. 3. The method according to claim 1, wherein the collateral is extracted by the collateral depository by a method in which each type of collateral is allocated according to the composition ratio of each type of collateral to the total collateral value of the collateral provided by the borrower. A new secured transaction system that incorporates the expansion of collateral types and strict maintenance of collateral value as described in Item 1. 4. The method according to claim 1, wherein the collateral is extracted by the collateral depositor by a method of assigning collateral in the order of collateral designated by the lender from collateral provided by the borrower.
A new secured transaction system that incorporates the expansion of collateral types and strict maintenance of collateral value as described in.