JP2003331124A - Security transaction system, terminal for order information input for the security transaction system, and software for the security transaction system - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a means for making profit and an expected value that an investor obtains larger by reviewing an ordering method for stocks although a conventional stock selling and buying system which uses one limit and orders to the market discards the possibility that larger profit can possibly be obtained from the beginning. <P>SOLUTION: Stock price variation of an issue is anticipated and evaluated while an inputted desired selling/buying price, an effective continuance of an order, ZARABA (continuous buying and selling between an opening price and a closing price) information, etc., are monitored and according to the result, the concrete ordering of the issue is timed, thus determining the optimum timing and price of order implementation. <P>COPYRIGHT: (C)2004,JPO

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, particularly stocks.

[0002]

2. Description of the Related Art As a representative of the securities market, the structure of the stock market and the mechanism of stock trading will be briefly described. The stock market is composed of a plurality of investors, a securities company that mediates trading orders from the investors to the securities market, and a securities trading market such as the Tokyo Stock Exchange.

In the trading of stock certificates in the securities trading market, all of the business related to trading such as ordering trade orders, receiving orders, matching orders, and collating contracts are system-processed by a computer called a stock trading system. Stock exchanges generally provide information vendors and securities companies with real-time information within the trading hours, such as a stock trading system for the purpose of executing stock trading operations and price information and statistical information for each trading issue. It is equipped with a market information reporting system. This market price information can be viewed not only by terminals such as securities companies, but also by individual investors through computer terminals at homes due to the recent development of the Internet environment. That is, even an individual investor can obtain real-time information on the market or the latest information close to it.

In the market of exchanges, competition between bid prices and bid prices is performed in accordance with the principle of price priority and time priority, and the bid price with the highest priority and the bid price with the highest priority match in price. When this is done, a competitive trading method is adopted in which a sales contract is concluded with the price as the contract price.

There are roughly two types of trading orders for securities, market orders and limit orders. Market orders are used when a customer wants to realize a trading contract immediately because the price can be any amount. Limit orders are used when you want a sales contract to be realized within a certain price limit even though it may take some time. Therefore, there are a bid and a bid for which a price is specified and a bid and a sell for which the user wants to buy or sell at any price, but the bid is executed with priority over the bid and price. In addition, it is a time-priority principle that, for price quotes of the same price, the price quoted earlier takes precedence over the price quoted later, depending on the time at which the price was quoted.

Trading on the stock exchange is carried out by individual competitive trading. Individual competitive trading is a basic form of competitive trading, and there are Itayose method and Zaraba method. The Itayose method is a method of concluding a sales contract that is performed in the case of starting a transaction (donation) between the morning session and the afternoon session, and the Zalaba method is
It is a method of concluding a sales contract between the donation and closing (Zaraba).

The securities trading system of the present invention is most suitable for limit-price trading transactions, especially in Zaraba, which continues during trading hours after the opening price is determined. It should be noted that the present invention can also be applied to a trading order in which the order validity period extends over a plurality of donations and a plurality of zarabas.

Investors expect to make a profit,
Also, invest for the purpose of gaining profits. Therefore, securities firms and securities trading software that can provide greater profits to investors are more attractive to investors than securities firms and securities trading software that do not, and the securities firms can increase their trading volume. Can be expanded. Nowadays, trading of stocks via the Internet, so-called online trading, is developing, so it is possible to buy and sell stocks not only at terminals of securities companies but also from homes and company offices via computer terminals. it can. In addition, the buying and selling of stocks using a computer is welcomed because it can reduce the cost and risk of administrative management for stock markets, securities companies, and investors.

[0009]

In the conventional stock order by the limit price, only one limit price can be designated for one order. Therefore, for example, in the case of a limit sell order for a certain brand at A yen, if the stock price reaches the limit A yen within the order valid time and the time priority principle is also satisfied, the contract is made at A yen. However, the fact that the stock price has risen to reach A yen is highly conceivable that the stock price may further rise after that, and may reach, for example, (A + a) yen. If the limit was quoted at (A + a / 2) higher than A, the investor's profit would have been greater. If there was a situation where the stock price was higher than A yen before the stock price rose to A yen, the limit order for the A yen should have been filled at that time. The order itself is gone.

Conversely, limiting the limit to one may mean that there may be greater benefits.
You have abandoned it from the beginning. It is an object of the present invention to provide a means for reviewing the current one-limit system for ordering securities such as stocks, and for increasing the profits and expected values obtained by investors.

[0011]

To achieve the above object, the present invention provides a plurality of order information input terminals and order information from the plurality of order information input terminals to a market such as an exchange. A securities trading system consisting of a data management system of a brokerage brokerage company and a market trading system (or stock trading system) of a stock exchange that receives trade orders from a plurality of securities companies and executes contracts according to prescribed rules , For at least one buy / sell order based on the limit system, at least the first desired trade price and the second
Provide a securities trading system characterized by inputting a desired trading price of.

The order information input terminal may be a personal computer terminal in a home or company owned by an individual investor, or may be a terminal installed at a window of a securities company. These terminals in the present invention not only simply receive orders and fulfill orders, but also have the intelligence function to provide the investors with a slight profit advantage. That is, the order information input terminal can receive predetermined information including at least a transaction price of the order target issue, among transaction information in the market that the market trading system updates every moment and distributes to the user, Inputting the first desired selling price and the second desired selling price, and at least the first desired selling price, the second desired selling price,
Performs processing such as comparison, calculation, evaluation, etc. using the effective expiration date of the order and the transaction price information of the order issue obtained from the market trading system, and determines the timing and price of order execution of the order issue according to the results. It is characterized by doing.
If the first desired trading price corresponds to the limit price specified when the stock is conventionally traded, and the second desired trading price is established at that price, the investor can trade at the first desired trading price. It is a price that is more advantageous than when it was established.

If the order information input terminal is provided with the intelligence function as described above, it is necessary for each terminal to be continuously operated during the time when transactions are being made in the market. When the order entry work is completed, it is not necessary to continue monitoring the terminal, but if the terminal is powered off, the above intelligence function will not work.

Even if the intelligence function is arranged in a data management system of a securities company or the like, the same effect can be expected, and the object of the present invention can be achieved. That is,
Input order information including the first desired trading price and the second desired trading price to the order information input terminal, store the order information in the data management system of the securities company, and manage the data of the securities company. In the system, at least the first
Price, the second desired price, the effective duration of the order, and the transaction price information of the order issue obtained from the market trading system, and then performs processing such as comparison, calculation, and evaluation, and according to the result. Determine the timing and price of order execution for the relevant issue. Orders from many investors are gathered in the data management system of a securities company or the like, but by increasing the server for the data management system, the above intelligence function can be executed for each of a larger number of trading orders.

The second desired trade price is automatically used as the second desired trade price as the second desired trade price without performing a specific input operation from the order information input terminal. Or set a value just midway between the first desired trading price and the price limit value to the second value.
A securities trading system or an order information input terminal for the securities trading system that is automatically calculated and used according to a predetermined rule, such as being automatically set as the desired trading price of Is also good. Further, as described above, the second desired selling price may be automatically set according to a predetermined rule using information obtained from the market, etc. This means that it is not necessary to specifically recognize it. Therefore, in the present invention, by utilizing the intelligence function, there is a possibility that a trading transaction can be established under a price condition more advantageous than the first desired trading price. For example, it also includes the case where there is no fixed second price for sale. This corresponds to a case where the second desired buying and selling price changes as the market situation changes.

Further, according to the present invention, a plurality of order information input terminals, and a data management system of a securities company or the like which mediates the order information from the plurality of order information input terminals to a market such as an exchange, Separate from the securities trading system itself, which consists of a market trading system such as a stock exchange that receives trading orders from a plurality of securities companies and executes contracts according to prescribed rules, at least a first desired trading price and a second trading The desired price, the valid expiration date of the order, and the transaction price information of the order issue obtained from the market trading system are used as input data, and processing such as comparison, calculation, and evaluation is performed using the input data, and according to the result. It is also an object of the present invention to provide software for a securities trading system, which is characterized by determining the timing and price of order execution of the order issue.

In addition, as an evaluation method for stock price fluctuations by the intelligence function, the present invention separately provides
Although an example is shown, the number of specific configuration methods for evaluating stock price fluctuations is not limited to one, and various configuration methods are conceivable.
The present invention is not intended to propose a specific configuration method for evaluating stock price fluctuations or the content of the configuration itself, but the above intelligence function useful for realizing the possibility that the investor can obtain a larger profit. Is introduced into a securities trading system, and an order information input terminal for a securities trading system having the intelligence function is provided, and software used in the system.

As a matter of course, there are many uncertain factors in the fluctuation of stock prices, and it is impossible to make a complete and reliable prediction.
However, by using information such as the stock price fluctuation status of the stock at the present time or immediately before or the empirical rule such as the conventional stock price fluctuation pattern, if the computing power of the computer is utilized together,
Compared to the case where these information and capabilities are not used effectively,
It can be easily inferred that greater profits can be expected.

According to the present invention, while monitoring the data of the order issue which changes every moment by the computer, it is judged whether or not the order registered in advance is executed at each time point, and the order execution timing is set. The optimal order execution price is evaluated and determined, but the effect of the evaluation result depends on the specific configuration method of the intelligence function, what kind of method is used for evaluation, and the like. The magnitude of this effect is directly linked to the attractiveness of investors.

[0020]

BEST MODE FOR CARRYING OUT THE INVENTION Embodiments of the present invention will be described below with reference to the drawings. FIG. 1 is a block diagram showing a configuration example of the entire securities trading system according to the present invention. Figure 1
Is roughly divided into three blocks, namely an investor side 1, a securities company 2 and a securities exchange market 3.

When an investor inputs trading order information such as stocks into a terminal, the order information is transmitted from each terminal of the investor to the data management system 21 of the securities company 2. Further, the data management system 21 of the securities company 2 uses the market trading system of the securities trading market 3 based on the trading order information transmitted from the investor's terminal (the stock trading system when mainly in charge of trading of stocks. (Hereinafter referred to as “stock”).

In FIG. 1 showing an embodiment of the present invention, a plurality of terminals capable of inputting at least stock trading order information are installed in the investor side 1. In FIG. 1, four terminals 11 to 14 are illustrated. It is desirable that these terminals are capable of not only inputting order information for buying and selling but also receiving and displaying market information (zaraba information). It is more preferable that not only the current transaction price information of the issue but also information such as a trade price, a bid price and a quantity, a bid price and a quantity can be received and displayed. The market information sent momentarily from the market 3 is mainly handled by the information reporting system 32 arranged together with the stock trading system 31, but with the development of the Internet now, even general investors can obtain these market information. Can be easily obtained.

As the order information input terminal of the present invention, an Internet-compatible mobile phone or the like can be used as long as it can communicate by digital signals like the terminal 13. Further, in the case of a computer terminal, a terminal such as the terminals 11 and 14 in which the securities trading system program 17 according to the present invention is installed, and the terminal 1
As in the case of 2, the terminal not having the securities trading system program 17 according to the present invention may be mixed.

A major feature of the present invention is that a securities trading system is configured to include a terminal in which the program 17 is installed. That is, the program 17 is capable of inputting a plurality of limit orders, and has an intelligence function of performing comparison, calculation, evaluation, etc. using the limit price and market information obtained from the market. Is a big feature of.

Incidentally, as one of the plurality of limit prices,
For example, it may be configured to use the price range limit value of the trading issue provided from the market, or may not be required to input all order limit prices from the keyboard.

These terminals are connected to the data management system 21 of the securities company 2 via a network 16 such as the Internet. Data management system 21
Is a business server 22 mainly responsible for exchanging data and information with the investor terminal, a stock order contract system 23 mainly responsible for exchanging data and information such as orders and contracts with the stock exchange market 3, and a database 24. It is shown separately. Further, a terminal 15 in which the securities trading system program 17 according to the present invention is installed is arranged at a customer counter or the like in a securities company and is connected to an in-house data management system 21.

A stock trading system 31 and an information reporting system 32 for the purpose of providing market information are arranged in the market 3. The securities company 2 is provided through a network such as a leased line.
In particular, it is connected to the stock order execution system 23.
Data relating to trading orders for stocks and contracts are exchanged between these, and the market price of each issue in the securities trading market and market information such as quotes and quantities of sell and buy orders are transmitted. Required portions of these market information are also transmitted to each terminal of the investor 1 via the securities company 2.
Note that the investor 1 can obtain such market information via another information provider without necessarily passing through the securities company 2.

In the system block diagram of FIG. 1, the securities company 4 and the securities company 5 have the same market 3 as the securities company 2.
It is shown that it is connected to and exchanges various information.

The contents and characteristics of the securities trading system program 17, which constitutes one of the main characteristics of the present invention, and the operation and function thereof, will be separately described in detail.

FIG. 2 is a block diagram showing another configuration example of the whole securities trading system according to the second embodiment of the present invention. In the figure, the same reference numerals are attached to the parts showing the same contents as in FIG. The securities trading system program 17 installed in each terminal in FIG. 1 is installed in the data management system 21 of the securities company 2 in FIG. In particular, it is closely mounted with the business server 22 that is in charge of transmitting and receiving data to and from the investor 1.

In FIG. 1, the intelligence function was used for each terminal, but in FIG. 2, the data management system 21 of the securities company 2 which received the trading order information from each investor, by the securities trading system program 17, Perform intelligence processing in parallel for each trading order to achieve the intended purpose. At this time, the terminal of the investor 1 needs to be able to input a plurality of limit prices for at least one order. In FIG. 2, since the securities trading system program 17 according to the present invention is not installed in the systems of the securities company 4 and the securities company 5, it is not possible to obtain the intelligence function according to the present invention and the effect thereof.

The embodiment of FIG. 1 and the embodiment of FIG. 2 have advantages and disadvantages. That is, in the embodiment of FIG. 1, the data management system 21 and the business server 22 of the securities company 2 are not so heavy in load, but if the terminals 11 and 14 of the investor 1 do not always keep the power supply and communication on. The effect of the invention cannot be sufficiently obtained. But,
The screen display of the terminal does not have to be always kept on, but only the communication function and the computer function need be kept always on. Now that the Internet environment that can be always connected is being prepared, keeping communication functions and computer functions always on is not a big problem compared to keeping the refrigerator power on at all times. .

In the embodiment of FIG. 2, the investor's terminal needs to operate at least only when the order information is input, and is not much different from the terminal in the conventional securities trading system. Data management system 21 and business server 2 of securities company 2
Although there is a problem that the load of No. 2 becomes heavy, by mounting the securities trading system program 17 according to the present invention on the securities company side, the plural limit orders according to the present invention can be performed from the mobile phone terminal 13 or the like. become. Further, the securities trading system program 1 according to the present invention
If the improvement of the investment efficiency of the investor is proved by using 7, the popularity and reputation of the trading method of the securities company 2 that implements the securities trading system program 17 according to the present invention will increase, and other securities will be sold. Differentiation from the securities trading systems of companies 4 and 5 can be achieved, and the number of customer investors and transaction fees can be increased. Note that this also applies to the embodiment of FIG.

Although not shown again, the embodiment of FIG. 1 and FIG.
It is also possible to mix the above embodiments. That is, the securities trading system program 17 according to the present invention can be installed in the data management system 21 of the securities company 2, and the securities trading system program 17 according to the present invention can be installed in a terminal of a desired investor. . In this case, considering the load of the data management system 21 of the securities company 2, a difference may be set in the transaction fee according to the actual condition of each customer investor.

A case in which the intelligence function of the securities trading system program 17 according to the present invention is effectively exhibited will be described with reference to a specific example of FIG. 3a and 3
In each of b, the horizontal axis is the time axis and the vertical axis is the stock price axis, and each shows the stock price change of the same issue. Further, FIG. 3a shows a case where the conventional securities trading system is applied, and FIG. 3b shows a case where the securities trading system according to the present invention is applied. Point O on the time axis of the horizontal axis indicates the start (close) time of the trading market, and point E indicates the end (closing) time of the continuous trading market. Further, the vertical axis shows the limit price A in the case of a sell order, and in FIG. 3b, the limit price B of the second sell order higher than A is also shown.

In FIGS. 3a and 3b, the stock price is lower than A when the O point is attached, and the stock price rises with the passage of time. If the stock price reaches A at time T1, in FIG. 3a to which the conventional trading system is applied, a sales contract is concluded (contract) at that time, and the limit A order is completed and disappears at time T1. Therefore, even if the stock price further rises thereafter, it has nothing to do with the order of the limit price A. However, in FIG. 3b to which the intelligence function of the present invention is applied, the contract is not set to be executed immediately at time T1, and the stock price further rises, and a series of trade closing times E approaches T2, which is lower than B. Is higher than A (A
+ Α) functions so that a sales contract is concluded (contract). Note that time T2 is before time E when the series of markets ends. That is, according to the intelligence function of the present invention, even if the stock price reaches A at time T1, if the remaining time up to time E is sufficient, the stock price will not be immediately brought into a contracted state and the stock price fluctuation will be seen for a while. However, at least in connection with the closing time E of the market on the basis of the absolute condition that the stock price is A or more, it is possible to place a sell order on the market and execute a contract in a price condition that is as advantageous as possible to the investor using the present invention. . Therefore, an investor using the present invention can obtain a larger profit than an investor who placed a sell order with one limit A by the conventional securities trading system.

However, since it is impossible to completely predict stock price fluctuations, even if the present invention is applied, it is not always possible to expect a larger profit than the conventional method. An example thereof will be described with reference to FIGS. 4a and 4b.

In FIG. 4, components having the same contents as those in FIG. 3 are designated by the same reference numerals. In FIG. 4, the stock price starts to rise from time O, but after reaching A at time T1, the stock price starts to drop for a while, and at time E, the stock price is lower than A. In FIG. 4a according to the conventional securities trading system, even in the case of such a stock price fluctuation, the stock price A is contracted at the time T1 as in the case of FIG. 3a, but in the FIG. 4b to which the present invention is applied, until the time E. Since there is still enough remaining time at the time, the operation does not work so as to bring in the contract immediately at time T1, and the state of stock price fluctuation is monitored for a while. However, since the stock price dropped sharply before the conditions for placing an order and making a contract with Market 3 were fulfilled, the situation in which the contract could be brought in never came again until time E. . Therefore, the application of the present invention misses the opportunity of contracting at the price A. This is because it is impossible to predict stock price fluctuations perfectly, and it is shown that even if the present invention is applied, good results may not always be obtained as compared with the conventional system. There is.

This depends on the idea of how to ensure the chance, and it changes depending on which of the rate of price increase and the contract rate is to be emphasized. That is, depending on how the above-mentioned emphasis is placed, the specific configuration method of the securities trading system program 17 of the present invention, the operation sequence in the program, etc. may change, and even if the specific configuration method is the same. There may be a difference in operation and effect when the present invention is used, depending on the way and degree of reference of data for evaluation and judgment.

Generally, investment activities such as stocks rarely win all the battles, and the most important point is how much profit can be expected overall even if there is a partial loss. That is, not only from the viewpoint of how much profit can be expected or how much loss can be suppressed for each investment opportunity, but also how much profit as an average value of many investment actions. The most important point is what can be expected. Therefore, by applying the present invention, it is unavoidable that the opportunity for execution is missed, and a larger profit is obtained as the average expected value of investment activities. The program 17 may be configured. If the computer's computing power is also used by utilizing information such as the stock price fluctuation situation of the stock at the present time or immediately before or the conventional stock price fluctuation pattern, etc., if such information or capacity is not utilized effectively It can be easily inferred that greater profits can be expected compared to.

The example of stock price fluctuation shown in FIG. 5 shows a case where the stock price does not exceed A from time O to time E. In this case, neither the conventional system nor the system to which the present invention is applied cannot be contracted.

FIG. 6 shows another example of stock price fluctuation. That is, this is the case where the stock price started to rise from the endowment, reached A at time T1, and then remained unchanged at A until the closing time E. In FIG. 6a of the conventional system, the contract is executed at time T1 when the stock price reaches A, but FIG. 6b to which the present invention is applied.
Then, at time T1 when there is a sufficient remaining time until time E, the contract was not reached at time T2, and when the closing time E was approached, the actual ordering operation was performed at time T2 and the contract was executed. At time T1, the stock price could be expected to rise further after that, so we did not place an order immediately at T1 and did not execute the contract, but at time T2 when the effective remaining time of the order has decreased. , Price A rather than waiting for the stock price to rise further
This is because it is judged by the securities trading system program 17 of the present invention that it is preferable that the contract can be executed by In FIG. 6b, whether the execution time is earlier or later than T2 depends on the specific configuration of the intelligence function of the present invention, the specific content of the comparative evaluation data, and the usage thereof. Dependent. In other words, it depends on whether a greater return is emphasized or an execution that can be executed more reliably.

Next, an example of the overall configuration of the securities trading system program 17 according to the present invention, which is used by being mounted on the investor's terminal 11 in FIG. 1, is shown in FIG. 7 and briefly described below. In FIG. 7, reference numeral 71 denotes a stock order and customer management program that is currently used by securities companies for online trading and the like via the Internet, for example.

Reference numeral 72 is a stock price valuation program part which is a main part of the securities trading system program 17 used for implementing the present invention in addition to the conventional program 71 described above. No. 73 is shown again. That is, 72 and 73 have the same content. A more detailed flow example of the stock price evaluation program 73 is separately shown in FIGS. 8, 9 and 10 and will be described.

In executing the stock price evaluation program 73, which is the main part of the present invention, the information fetched from the outside is the limit condition A indicated by 74, the limit condition B indicated by 75,
The desired quantity 76 to buy and sell, the saler and buy price including at least the latest transaction price, and the saler information 77 such as quantity, and the valid time condition 78 of the order. These input information are compared in the stock price evaluation program 73 while referring to the data 79 such as the conventional stock price fluctuation pattern which is built in the program or refreshed via the terminal 77 or the like as necessary. , Calculation, evaluation, etc. When it is determined from the evaluation result that the appropriate order price condition has been reached, a specific order operation is performed on the market 3, whereby the market 3 can be executed under a more favorable price condition. .

If it is judged from the above evaluation result that the order price condition is not appropriate, the specific ordering operation is not carried out, and the Zaraba information 77 and the order valid time condition 78 are set.
Enter the repetitive loop of review with reference to. If the ordering conditions do not reach the appropriate ordering conditions during the review operation and the order expiry date has arrived, even if the ordering operation is specifically performed, advantageous results cannot be obtained. It is better to finish the order without performing the ordering operation.

Even if the above-mentioned order is reached, it may be considered that the contract cannot be reached immediately due to the fluctuation of the market at the same time. If you do not receive the contract notification within the specified time after the concrete ordering operation to the market, enter the repeat loop of comparison, calculation and evaluation again, correct the order price if necessary and place the order. We may resend or cancel the order.

There are two types of trading of securities, a sell order and a buy order. In the case of a sell order, FIG. 8 shows the first stage part of the stock price evaluation program 73 of the present invention.
explain in detail. In the figure, first, the input limit price A is compared with the size of the highest bid price a at the present time in the market. If a is smaller than A, the contract cannot be reached at this time, so the process returns to the comparison loop without making a specific order to the market 3.

When a becomes equal to or larger than A, the bid price (hereinafter simply referred to as the bid price) a, which has the highest priority, and the second limit price B are compared. In the case of a sell order, the second limit price B is a price equal to or higher than A, and a value equal to or lower than the upper limit value of the price limit is input. Further, when configuring the stock price evaluation program 73 of the present invention, the upper limit value of the price limit is taken out from the information reported from the market 3 and the upper limit value is automatically set as the second limit price. May be configured as
Further, for example, the average value of the upper limit value of the price limit and A may be used as the second limit price B.

When a reaches the stock price of B, or when it is judged that there is a high possibility that the stock price of B reaches the stock price of B, the ordering operation at the price B is started at that time, and the contract is normally reached at the price B. If it is determined that the stock price may rise significantly above B, it may be possible to place an order at the price B for a while before placing an order at the expected stock price. To be This is usually less likely to be executed, but it is equivalent to the idea of always grasping the stock price ceiling.
This is almost equal to using the upper limit of the price limit as the limit price B.

On the other hand, after the ordering operation at the price B, if the market situation suddenly changes at the same time and the contract is not reached, the process returns to the top loop of FIG. If a is lower than B, it refers to the remaining time for which the order is valid. The above is the first stage part of the stock price evaluation program 73.

Next, as a second step portion of the stock price evaluation program 73, a case where it is determined that the effective time is sufficient as a result of referring to the effective time of the order is shown in FIG. 9 and will be described in detail.

Since the remaining effective time is sufficient, there is room for the stock price to rise further, and there is no need to hurry to place an order at the price a at the moment immediately after the price exceeds A and execute the contract. The fact that the order is not placed immediately even if the value exceeds A means that the stock price evaluation program 73 according to the present invention
Inside the terminal 11 etc. in which is installed, or in the data management system 21 of the securities company 2, the necessary monitoring of the zaraba information is continued, and the remaining effective time and the limit prices A and B and the stock price a in the market 3 etc. In this relationship, it is determined that there is a possibility that the contract can be executed under a more favorable condition, and if the more favorable condition is actually reached, then the market 3 is to be ordered at the optimum price. If this information is provided from the market 3, it does not necessarily have to be obtained via the securities company 2, but may be obtained directly from another information provider or directly from the market 3. .

The optimum ordering timing and price depend on the specific configuration method of the stock price evaluation program 73, the evaluation method, the evaluation data, the pattern, etc.
The specific method of devising depends on the creator of each stock price evaluation program 73 or the skill of the securities company 2. Continuing the description of the present invention with reference to FIG. 9, first, the work of estimating future stock price trends will be started. For example, the stock price fluctuation of the order issue up to the present time is mathematically interpolated and smoothed. In addition to this result, the stock price fluctuation slope is evaluated while referring to the stock price fluctuation pattern of the issue held as data, and the reaching stock price within the effective remaining time is predicted.

As a result of the above prediction, if it is determined that the stock price fluctuation has risen to the right (the stock price is rising), an order waiting state is entered in order to wait for a further increase in the stock price. That is, in FIG. 9, the terminal 80b is reached, and then the terminal 80a in FIG.

If, as a result of the above prediction, it is determined that the stock price fluctuation is declining to the right (the stock price is falling), the remaining effective time, the strength of the desired contract for today, and the values of A, B and a are used as information. At this point, it is decided whether to enter into a concrete ordering operation and bring it to the contract, or if there is still enough valid time, wait for a while in the standby mode. The specific judgment level varies depending on how to give reference data at the time of creating a program and the coefficient at the time of calculation, but how effective a program can be is a specific issue at the program creating stage.

As a result of the above judgment, when it is judged that it is necessary to wait for a while in the standby mode, the terminal 8 shown in FIG.
It reaches 0b and returns to FIG. As a result of the above determination, if it is determined that, for example, a is sufficiently close to B, and it is determined that an order should be placed at the present time, a specific ordering operation is started. Here, by referring to information such as the purchase order quantity of Zaraba, and ordering at the most advantageous contractable price at the present time,
With (A + β), the probability of reaching a deal can be made sufficiently high. If the contract has not been reached due to a sudden change in the situation of the market 3, the terminal 80b is reached and the process returns to FIG. The above is the second stage part of the stock price evaluation program 73.

Next, as a result of the evaluation of the remaining valid time of the order in the first step, if it is determined that the valid remaining time is short, the third step of the stock price evaluation program 73 is shown in FIG. , And will be described in detail.

In FIG. 10, since it is determined that a is higher than A and the remaining valid time of the order is short, it is necessary to reach the order and contract as soon as possible. Therefore, we obtain the latest information such as each bid and sell price in the market and evaluate the selling conditions at the most advantageous price that can be fully contracted and decide. Based on the determination, the sell order is executed for the market 3 at the price (A + γ). As a result, it is possible to execute a contract with (A + γ) with a considerably large probability.
However, there is a possibility that the situation of Market 3 may change suddenly, such as a large amount of other sell orders at the price (A + γ) immediately before the self sell order, and it is possible that the contract is not reached. At this time, confirm the valid remaining time of the order, and if there is still time, return to the top of FIG. 10, enter the order condition review loop, and place a correction order under new conditions as necessary. It will be. If the valid remaining time is exhausted, the order will end with no final fill. The case of FIG. 4b is one of the cases that ended in FIG.

As described above, by executing the stock price evaluation program 73 of the present invention shown as an example in FIG. 8, FIG. 9 and FIG. 10, as compared with the conventional trading of securities with one limit price. Thus, the object of the present invention to trade securities under a more favorable price condition for investors can be achieved. The investor only needs to operate the terminal only when the trading conditions are input, and then the stock price evaluation program 73 of the present invention is automatically operated to execute the operation aiming at the execution of the trade under the optimum conditions. It should be noted that the order can be corrected or canceled based on the investor's will within the valid remaining time of the order, except during the concrete ordering operation to the market 3 or after the execution of the contract.

Since it is impossible to reliably predict fluctuations in stock prices without making a mistake, as in the case of FIG. 4 described above, when the securities are traded by the conventional one limit system, the price A is traded. However, due to the use of the present invention, there is a possibility that a contract could not be reached despite the same fluctuation of stock prices. How much additional profit to pursue for the limit price A, and how much emphasis is placed on execution of contracts, are specific methods of configuring the stock price evaluation program 73 according to the present invention, and data used for evaluation and judgment. And depends on how to select the coefficient at the time of calculation.
In addition, when the present invention is applied, no order is placed in the market 3 below the limit price A, and no damage is incurred compared to the initially planned limit price A.

In the above, the stock price fluctuation example and the operation flow of the stock price evaluation program 73 have been specifically described in the case of the sell limit order. In the case of the opposite buy limit order, which can be easily understood based on the description of the sell limit order, the operation flow thereof is shown in FIGS. 12, 13 and 14.

It should be noted that, in the present invention, it has been previously shown that it may not be necessary to specifically recognize the second desired trading price. That is, if the intelligence function of the present invention is used, if there is a possibility that a sales transaction will be completed under a price condition that is more advantageous than the first desired selling price, then that value is fixed as the second desired selling price. It does not have to be, and this is
It is also possible that the suggested selling price of is changing.

In this case, in the operation flow of the stock price evaluation program 73 of the present invention shown in FIG. 8, FIG. 9 and FIG. 10, the steps of inputting the limit B circle of FIG. Just delete it. Moreover, FIG. 3 to FIG.
Also in the explanatory diagram of (1), only the part relating to the price B needs to be deleted, and therefore it is not necessary to illustrate and explain again.

While the limit order has been described in Zaraba where stocks are traded by the competitive trading method, it is desirable to give special consideration to the bid (the beginning of the market). In other words, the opening price is determined by the method of itayose in the case of collusion. For a specific method of Itayose, for example, refer to a method executed by the Tokyo Stock Exchange or the like, and a detailed description thereof will be omitted here.

The characteristic of the present invention is that when the stock price exceeds A, it is determined that the stock price is likely to increase further in consideration of the effective remaining time of the order, the market 3 will be concretely specified. This means that orders are not placed immediately and may go into standby mode until the right time and more favorable price conditions are met. In addition, even if it is a standby,
Not only do they wait without doing anything, they also continue to make comparative evaluations of whether or not the appropriate conditions have been reached while monitoring the Zaraba information at predetermined time intervals. On the other hand, no specific ordering operation has been performed.

The fact that no order has been placed with respect to the market 3 means that there is no possibility of contracting at the stage of itayose. If the investor who intends to use the present invention passes the contract with the contribution and aims only for the contract with Zaraba, the explanation according to the above-mentioned embodiment is sufficient to obtain the effect, but In addition to the explanation of the above-mentioned embodiment, further special consideration is required if it is desired to expect the contract including the contract.

That is, in the contribution, all orders are treated equally in terms of time, and there is no time-priority principle. In addition, there is a possibility of execution only for orders placed before the drawing. Therefore, if you expect a contract with a contribution, as in the conventional system, the price A for the market 3
It is necessary to execute the limit order in advance. Whether or not a contract can be executed with a bid is a competition under exactly the same conditions as the conventional system regardless of whether or not the present invention is applied. To place a limit order at a price B or the like higher than the price A with a bid is nothing but to reduce the contractability of the bid, and this is also the same as when the limit B or the like is used in the conventional system. Therefore, the basic limit price when considering the effect of the present invention is unified by A.

If the contract is executed with a bid, the validity of the order will be lost at that time, and therefore, the application of the present invention will not have a specific effect thereafter. If you don't fill the contract due to a bid, and if you switch to the ordering method of pursuing the possibility of contracting at a price exceeding A as described in the above example for the following Zaraba, switch automatically It may be configured, or may be configured to be manually switched.

The case where the order concerned is filled by the contribution and a new order is put out during the sale is as described in the embodiments from FIG. 1 to FIG.

If the contract is not executed and the contract is not satisfied, and the user wants to make the order valid and use the present invention, a special command or operation is required. An example of the operation flow is shown in FIG. 11 and will be described in detail with reference to the drawing. That is, the ordering conditions are input to the terminal using the present invention before the bid, and the market 3 is ordered with the limit price A. If the order is closed and not filled, promptly cancel the order. Alternatively, the limit order may be changed to the second limit B, which is the highest trading condition. After canceling the limit order at the price A before making a bid or making a correction order at the limit B, the stock price rises at Zaraba. At this time, if the effective remaining time of the order is sufficient, even if the stock price rises to just A, there is no time to place an order for A in Market 3 and bring it into the contract.
Wait for the stock price to rise further. After that, if the conditions of the ordering timing and the price are satisfied, the market 3 is placed under the optimum condition at that time. These operation routines are shown in FIG. 8, FIG. 9, and FIG.
0 is as already described.

Instead of canceling the order, the limit A may be corrected to the limit B, and the embodiment of the present invention may be configured to monitor the Zaraba information in this state. When the situation of Zaraba reaches the predetermined condition expected in the present invention, the limit price is changed again to (A + α) and a correction order is placed in the market 3,
It may be configured so as to promptly bring in the contract. It should be noted that although it is most desirable that (A + α) match B, the minimum object of the present invention is to introduce the possibility that the sell order will be filled at a price above the first limit A. As long as this purpose is achieved, the order may be canceled once when the order is changed, or the order may be changed to a limit price of A or more.

The above description is sufficient when the order is valid only for a place consisting of a set of a series of endowments and a salaba. However, within the validity period of an order, for example, an order that spans the morning and afternoon, such as an order that expires today, or an order that happens this week,
If it includes multiple closes for which the opening price is determined by Itayose, place a limit order at A on the market for each advance of Itayose, and immediately cancel the order and wait if there is no contract at the close. Then, the monitoring state of the Zaraba information is entered, or a correction order for the limit price B or the like is performed, and then the Zaraba information monitoring routine is entered. That is, it is necessary to configure the stock price evaluation program 73 of the present invention so as to repeat the correction order for the limit price A and the cancellation of the limit order or the correction order for the limit price B, etc., every time the bid and the zaraba are repeated.

As described above, in the case of an order that extends over both the parcel and the Zaraba, it is desirable in the present invention that the order can be canceled or the order can be automatically corrected. In the current so-called online trade using the Internet or the like, it is often required to input a password for identity verification every time a new order, a correction order, or an order cancellation. However, when the present invention is applied, the trading brand, the trading quantity, the first desired trading price A,
The expiration date of the initial order conditions comes under the condition that the initial order registration conditions such as the second desired trading price B have not been changed by the orderer's intention during the effective period of the order. Up to this point, it is desirable that correction orders and cancellation orders necessary to continuously implement the present invention and obtain the effects thereof are automatically executed. For example, for a correction order during a series of valid orders, the password may be continuously valid.

It should be noted that the higher the limit price B is, the lower the possibility of contracting is, and in order to increase the possibility of contracting, it is necessary to select an appropriate price as the limit price B. Also, as mentioned above, it is impossible to predict stock price fluctuations perfectly. Whether using the present invention or not using the present invention, if the stock price peak can be executed,
If you were able to make the most profit, then you had the greatest fortune.

[0076]

As described above, by using the securities trading system of the present invention, there is a high possibility that the profit and the expected value of the investor can be further increased. Increasing profit record of investors using software configured according to the concept of this system, or profit record of client investors of securities companies that build securities trading systems using this system Is likely to be improved. Therefore, the evaluation of the software and the securities company is enhanced, which can contribute to the improvement of the number of customers and the transaction volume of the securities company. The securities trading system of the present invention can be implemented without changing the system configuration of the market 3 such as the Tokyo Stock Exchange. That is, it is possible to adopt it for each investor or each securities company, or to adopt it partially in one securities company.

Further, the stock price evaluation program 73 of the present invention can be constructed as a subprogram of the existing ordering and ordering customer management basic program 71 of the existing securities company, and a terminal to which the securities trading system of the present invention is applied and the present invention. There is no problem even if terminals with conventional systems that are not applied are mixed, and both systems can be used together.

[Brief description of drawings]

FIG. 1 is a block diagram showing a configuration example of an entire securities trading system of the present invention.

FIG. 2 is a block diagram showing another configuration example of the entire securities trading system of the present invention.

FIG. 3 is a chart showing a first example of stock price fluctuations on a time axis and a stock price axis.

FIG. 4 is a chart showing a second example of stock price fluctuations on a time axis and a stock price axis.

FIG. 5 is a chart showing a third example of stock price fluctuations on a time axis and a stock price axis.

FIG. 6 is a chart showing a fourth example of stock price fluctuations on a time axis and a stock price axis.

FIG. 7 is a block diagram schematically showing a program configuration for configuring the securities trading system according to the present invention.

FIG. 8 is a configuration example of a flow chart for the first stage part of the stock price evaluation program according to the present invention (sale order).

FIG. 9 is a configuration example of a flow chart for a second stage part of the stock price evaluation program according to the present invention (sale order).

FIG. 10 is a configuration example of a flow chart for a third stage part of the stock price evaluation program according to the present invention (sale order).

FIG. 11 is a diagram showing an example of an operation flow when the present invention is applied to an order for a place including a donation.

FIG. 12 is a configuration example of a flow chart for a first stage part of the stock price evaluation program according to the present invention (buying order).

FIG. 13 is a configuration example of a flow chart for a second stage part of the stock price evaluation program according to the present invention (buying order).

FIG. 14 is a configuration example of a flowchart for a third stage part of the stock price evaluation program according to the present invention (buying order).

[Explanation of symbols]

1 Investor 11 Order Information Input Terminal 17 Securities Trading System Application Program 2 Securities Company 21 Data Management System 3 Market 31 Market Trading System 71 Conventional Stock Order and Customer Management Programs 72, 73 Stock Price Evaluation Program According to the Present Invention 74 First limit input information 75 Second limit input information 76 Order quantity information 77 Zaraba information 78 Order effective time information 79 Comparison data

Claims (8)

[Claims] 1. A plurality of order information input terminals, a data management system such as a securities company that mediates the order information from the plurality of order information input terminals to a market such as an exchange, and a plurality of securities companies. In a securities trading system including a market trading system such as a stock exchange that receives a trading order from a company and executes a contract according to a predetermined rule, regarding one transaction entered from a predetermined terminal of the order information input terminals A securities trading system characterized by inputting at least a first desired trading price and a second desired trading price. 2. A plurality of order information input terminals, a data management system such as a securities company that mediates the order information from the plurality of order information input terminals to a market such as an exchange, and a plurality of securities companies. In a securities trading system comprising a market trading system such as a stock exchange that receives a trading order from a market trading system such as a stock exchange, a predetermined terminal of the order information input terminals is the market trading system. Of the transaction information in the market to be updated and delivered to the user, at least the predetermined information including the transaction price of the stock to be ordered can be received, and at least the first desired selling price and the second desired selling price can be input. , At least the first
Price, the second desired price, the effective duration of the order, and the transaction price information of the order issue obtained from the market trading system, and then performs processing such as comparison, calculation, and evaluation, and according to the result. A securities trading system characterized by determining the timing and price of order execution of the order issue. 3. A plurality of order information input terminals, a data management system such as a securities company that mediates the order information from the plurality of order information input terminals to a market such as an exchange, and a plurality of securities companies. In the order information input terminal used in a securities trading system comprising a market trading system such as a stock exchange that receives a trading order from the market and executes a trade according to a predetermined rule, the order information input terminal is the market trading system. The system can receive predetermined information including at least the transaction price of the order target stock among the transaction information in the market that is updated every moment and distributed to the user, and at least the first desired trade price and the second desired trade price. Enter at least the first desired selling price, the second desired selling price, the effective expiration date of the order, and the transaction of the order issue obtained from the market trading system. Compare and calculate using price information,
A securities trading system characterized by comprising software for performing processing such as evaluation and determining timing and price of order execution of the order issue according to the result and hardware for executing the software. A terminal for entering order information. 4. A plurality of order information input terminals, a data management system such as a securities company that mediates the order information from the plurality of order information input terminals to a market such as an exchange, and a plurality of securities companies. In a securities trading system consisting of a market trading system such as a stock exchange that receives a trading order from a market trading system such as a stock exchange, the order information input terminal is updated by the market trading system every moment to the user. Predetermined information including at least the transaction price of the order target issue can be received among the transaction information in the market to be distributed, and at least the first desired sale price and the second desired sale price can be input. The order information including the first desired selling price and the second desired selling price is stored in the data management system of the securities company, and the data management system of the securities company The order information is compared and calculated by using at least the first desired selling price, the second desired selling price, the effective duration of the order, and the transaction price information of the order issue obtained from the market trading system. A securities trading system characterized by performing processing such as evaluation and determining the timing and price of order execution of the order issue according to the result. 5. The input data including at least a first desired selling price, a second desired selling price, a valid expiration date of the order, and transaction price information of the order issue obtained from a market trading system, and the input data. Software for securities trading system, characterized in that processing such as comparison, calculation, evaluation, etc. is performed using, and the timing and price of order execution of the order issue are determined according to the results. 6. The second desired trading price is the price limit value or the first desired trading price and the price limit value of the stock to be ordered, without performing a specific input operation from an order information input terminal or the like. 6. The securities trading system according to claim 1 or 5, for inputting order information for the securities trading system, characterized in that a numerical value between and is automatically calculated and used according to a predetermined rule. Software for terminals or securities trading systems. 7. An order that can receive at least predetermined information including the transaction price of the order target stock among the transaction information in the market distributed from the market trading system, and that includes at least the desired selling price and the effective duration of the order. Information can be entered, and processing such as comparison, calculation, evaluation, etc. is performed using at least the desired selling price, the valid duration of the order, and the transaction price information of the order issue obtained from the market trading system. As a result, it is judged that there is a small possibility that the contract can be executed under conditions more advantageous than the desired selling price at that time,
Alternatively, if it is determined that there is a high possibility that a contract can be executed at a more favorable price before the expiration date of the order, it will either wait without performing a specific ordering operation in the market, or the above-mentioned trading request A limit order is placed on the market under price conditions such as the price limit value of the issue, which is more advantageous than the price, and it is judged that there is a high possibility that the contract can be executed at the price above the desired price and the expiration date of the order comes. By the way, if it is judged that it is unlikely that the contract can be executed at a more favorable price, the limit order is placed on the market at the most advantageous price that is judged to be highly probable at that time. Securities trading system or terminal for inputting order information for securities trading system or software for securities trading system. 8. In the case of a limit order in which the effective duration of the order spans both the market endowment and the Zarava,
Before placing a bid, place a limit order at the basic desired selling price of the order to the market, and if the order is still valid in Zaraba after the end of the donation, promptly cancel the limit order to the market. Alternatively, the limit order may be placed on the market by changing the price conditions such as the price limit value of the stock to be more advantageous than the desired basic trading price.
9. The securities trading system according to claim 8, a terminal for inputting order information for the securities trading system, or software for the securities trading system.