JP2004192624A - Storage medium with unmediated financial transaction program recorded, unmediated financial transaction system, and unmediated financial transaction method - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a computer-readable storage medium with an unmediated financial transaction program recorded, an unmediated financial transaction system, and an unmediated financial transaction method that can solve a conflict of interests between a mediator and end customers, and streamline and optimize a financial transaction, by creating a trading market for financial products via one or more computer networks, matching the end customers' demands to each other, and assigning the mediator's traditional functions in a financial transaction to a system manager, an agent, an evaluator and a material provider. <P>SOLUTION: The computer-readable storage medium with an unmediated financial transaction program recorded, the unmediated financial transaction system, and the unmediated financial transaction method can create a trading market for financial products via one or more computer networks and eliminate a traditional mediator in a financial transaction to develop a direct transaction between matched end customers. <P>COPYRIGHT: (C)2004,JPO&NCIPI

Description

  The present invention relates to a computer-readable storage medium storing a mediation elimination financial transaction program for creating a market for financial instruments via one or more computer networks and matching demands of end customers. The present invention relates to a system and an intermediary elimination financial transaction method.

In traditional financial transactions, there has been a traditional intermediary, such as a bank or securities company, between an end customer, a buyer, and an end customer, a seller. Therefore, the final customer who transacts through these intermediaries may experience lower investment yields or higher procurement costs due to the commission or brokerage commission paid directly or indirectly to the intermediaries. I have.
Banks and securities firms are engaged in proprietary transactions in addition to commissioning and brokering. In order to generate a large profit on transactions with own funds, it is assumed that the end customer will read the reference / suggestion materials of the transaction provided by the end customer, either by dealing with the end customer against the other party under unfavorable conditions. Background of the Invention Conflicts of interest with end customers have been pointed out, such as providing funds / financial transactions in advance or providing reference / proposal materials with the aim of increasing the frequency of financial product transactions by end customers.
However, the knowledge and information of financial transactions accumulated in these traditional intermediaries is not something that end customers can absorb overnight. Therefore, there is a need for a mechanism that provides knowledge and information possessed by the mediator to the final customer while resolving conflicts of interest between the mediator and the final customer.

  On the other hand, stock exchanges and financial derivatives exchanges tend to buy and sell on popular stocks and popular products, and buying and selling bonds with low liquidity and trading complex financial derivatives require banks and securities companies. Mainly deals with the other party. In addition, the number of transactions that do not go through exchanges, even when trading highly liquid stocks, has increased, and as the weight of non-surface trading has increased, the market transparency, which is important for end customers, has fluctuated. Existing stock exchanges and derivatives exchanges are basically structured so that end customers cannot participate in trading unless they pass through member banks or securities companies, and here too, end customers are disadvantaged. I'm wearing it.

  Due to its historical background, the various systems that can be used for settlement and management, such as transaction matching, fund settlement, and securities settlement, differ depending on the financial instruments or the markets in which they are traded. Is difficult. In addition, the settlement and management tasks still rely heavily on manual work, which is not convenient for end customers who want to trade a wide variety of financial products. This is the result of banks and securities companies, exchanges, clearing houses, software vendors, information vendors, etc. developing and providing each system arbitrarily based on their respective ideas.

The present invention has been made in order to solve the above-mentioned problems, and has established an intermediary elimination financial transaction program that creates a trading market for financial products via one or more computer networks and matches demands of end customers. It is an object to provide a computer-readable storage medium, a mediation elimination financial transaction system, and a mediation elimination financial transaction method.
The present invention distributes the functions of banks and securities companies, which are traditional intermediaries in financial transactions, to system operators, various agents, various evaluators, and various data providers, so that intermediaries and end customers And a computer-readable storage medium storing a mediation elimination financial transaction program capable of eliminating and optimizing various financial transactions, a mediation elimination financial transaction system, and a mediation elimination financial transaction method. The task is to provide.
In addition, the present invention enhances the liquidity of various financial products by synthesizing and disassembling operations between standard products and synthetic products, and enables simultaneous joint financial transactions, thereby making various transactions more advantageous to parties. It is an object to provide a computer-readable storage medium storing a transaction program, a financial transaction system, and a financial transaction method.

  The invention according to claim 1 is a computer-readable storage medium recording a mediation elimination financial transaction program, which establishes a transaction market for financial products through one or more computer networks, and uses a traditional bank or a traditional It is characterized in that the brokerage of transactions by a typical securities company or the like is eliminated, and the final customers such as the final fund manager, the final fund raiser, and the final fund trader can directly establish a financial transaction by matching.

  According to a second aspect of the present invention, there is provided the computer-readable storage medium according to the first aspect of the present invention, which records a mediation elimination financial transaction program, wherein the financial transaction is funded, and is connected to the computer network. Transmitting means for transmitting a financing order to the computer to one or more computers and a plurality of user terminals, and transmitting the financing order to the computer by the transmitting means; Receiving means for receiving the transmitted financing order; storage means for storing the financing order received by the receiving means by the computer; and the computer transmitting the funds to a terminal of a specified or unspecified fund management applicant. The disclosure means for disclosing the procurement order and the terminal of the fund management applicant are transmitted from the computer by the disclosure means. Transmitting means for transmitting, to the computer, a fund management order for the fund procurement based on the indicated fund procurement order, and the computer operating the fund management transmitted from the terminal of the fund management applicant by the transmitting means. Receiving means for receiving the order; storage means for storing the fund management order received by the computer by the receiving means; and the computer matching the fund procurement order and the fund management order stored by the storage means to match the condition. A matching means for determining a match; and the computer, when the matching means determines that the condition is matched, establishes financing between the financing order and the fund management order, and stores the financing between the financing order and the storage means. Updating means for updating an order, and a transaction led by the computer by the matching means Characterized in that it is possible to realize the intermediary exclusion funding by providing a notification means for notifying the result to the terminal funding seekers terminal and money management seekers.

  According to a third aspect of the present invention, there is provided the storage medium according to the first aspect, wherein the intermediary elimination financial transaction program is recorded, wherein the financial transaction is funded, and the financial medium is connected to the computer network. Transmitting means for transmitting to one or more computers and a plurality of user terminals, the user terminal transmitting a purchase order and a sales order for a fund management product to the computer; and Receiving means for receiving the purchase order and the sell order transmitted by the transmitting means; storage means for storing the purchase order and the sell order received by the computer by the receiving means; and Matching means for comparing the purchase order and the sales order stored by the means to determine whether the condition is met; Updating means for establishing a trade between a purchase order and a sell order when it is determined that the condition is satisfied by the matching means and updating both orders stored by the storage means; and A notifying unit for notifying the user terminal of the transaction result derived by the matching unit is provided, whereby the operation of the intermediary elimination fund can be realized.

  According to a fourth aspect of the present invention, there is provided the computer-readable storage medium according to the first aspect of the present invention, wherein the intermediary exclusion financial transaction program is recorded, wherein the financial transaction is sold and connected to the computer network. A transmitting means for transmitting the selling order of the fund-managed product to the computer to the one or more computers and the plurality of user terminals, and a transmitting means for transmitting the selling order of the fund management product to the computer; Receiving means for receiving the transmitted sales order, storage means for storing the sales order received by the computer, and the computer transmitting the sales order to a terminal of a specific or unspecified purchase applicant; The disclosing means to be disclosed and the terminal of the purchase applicant are based on the selling order disclosed by the disclosing means from the computer. Transmitting means for transmitting a purchase order for the sale to the computer; receiving means for receiving the purchase order transmitted from the terminal of the purchase applicant by the transmitting means; and A storage unit for storing the purchase order received by the reception unit, a matching unit for comparing the sale order and the purchase order stored by the storage unit with each other to determine whether the conditions match, However, when the matching means determines that the condition is met, the selling is established between the selling order and the buying order, and the updating means for updating both the stored orders by the storage means, and the computer, Notifying means for notifying the terminal of the seller and the terminal of the buyer of the transaction result derived by the matching means. Characterized in that it is possible to realize mediated elimination offering by Rukoto.

  According to a fifth aspect of the present invention, there is provided the storage medium according to the first aspect, wherein the intermediary exclusion financial transaction program is recorded, wherein the financial transaction is a fund transaction and is connected to the computer network. Transmitting means for transmitting a buy order and a sell order of a fund transaction product to the computer to one or more computers and a plurality of user terminals; and Receiving means for receiving the buy order and sell order transmitted by the transmitting means; a storage means for storing the buy order and sell order received by the computer by the receiving means; and Matching means for comparing the buy order and the sell order stored by the means to determine whether the condition is met; Updating means for establishing a fund transaction between the buy order and the sell order when it is determined that the condition is satisfied by the matching means, and updating the two orders stored by the storage means; and A notifying unit for notifying the user terminal of the transaction result derived by the matching unit is provided, whereby intermediary exclusion fund transactions can be realized.

  According to a sixth aspect of the present invention, there is provided the storage medium according to the first aspect, wherein the intermediary exclusion financial transaction program is recorded, wherein the financial transaction is a bilateral transaction, and the computer is connected to the computer network. Transmitting means for transmitting, to one or more computers and a plurality of user terminals, a terminal of a person who desires a bilateral transaction of a financial product to a terminal of a candidate who can be a trading partner; Receiving means for receiving the relative transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant, and receiving the relative transaction request received by the terminal of the relative transaction candidate by the receiving means. Reply means for returning a decision on acceptance, rejection or negotiation to the terminal of the counterparty candidate, and whether the terminal of the counterparty candidate is the terminal of the counterparty candidate A receiving means for receiving the decision returned by the reply means, and a notification that the terminal of the relative transaction applicant and / or the terminal of the relative transaction candidate notifies the computer of the result of establishment or failure of the relative transaction. And means for realizing an intermediary exclusion relative transaction.

  According to a seventh aspect of the present invention, there is provided the computer-readable storage medium according to the sixth aspect, wherein the intermediary elimination financial transaction program is recorded, further comprising a further unit, wherein one unit is connected to the computer network. The computer and the plurality of user terminals, wherein the terminal of the relative transaction applicant transmits a request for a relative transaction of a financial instrument to the computer, and the computer transmits the request from the terminal of the relative transaction applicant to the computer. Receiving means for receiving the relative transaction request transmitted by the means; identifying means for identifying the relative transaction candidate that matches the relative transaction request received by the receiving means; and identifying the computer by the identifying means. Notification means for notifying the contact information of the counterparty candidate to the terminal of the counterparty candidate. Characterized in that it is possible to realize the intermediary exclusion negotiated transactions by.

The invention according to claim 8 is a computer system for supporting an intermediary exclusion financial transaction between end customers such as a final fund manager, a final fund raiser, and a final fund trader,
(A) one or more computers having a function as a web server and a function as a database server;
(B) a plurality of user terminals of the end customer;
(C) one or more computer networks connecting the computer and the user terminal;
(D) a financial product database that stores data related to financial transactions such as fund procurement, fund management, sales, and fund transactions;
(1) a contract management database that stores data on at least one of a financial transaction contract, a prospectus, a report, and a disclosure;
(2) a settlement management database that stores data related to fund settlement and / or securities settlement;
(3) A distribution material database that stores at least one of operation reference materials, procurement proposal materials, and transaction proposal materials, and
(4) By providing any one or more databases among client information databases that store data on users of the system,
A bidding mode for directly matching financial transaction orders such as financing orders, fund management orders, offer orders, and fund transaction orders on the basis of supply and demand balance and / or
By providing a communication path, the end customer can realize a relative mode in which the financial transaction is established by direct negotiation.

  According to a ninth aspect of the present invention, there is provided the intermediary elimination financial transaction system according to the eighth aspect, characterized in that the financial transaction is financing, and the terminal of the financing applicant sends a financing order to the computer. Transmitting means for transmitting, receiving means for receiving the financing order transmitted by the transmitting means from the terminal of the applicant for financing, and storage for storing the financing order received by the computer. Means, the computer, the disclosing means for disclosing the funding order to a terminal of a specified or unspecified fund management applicant, and the funding, disclosed by the disclosing means, from the computer, the terminal of the fund management applicant Transmitting means for transmitting, to the computer, a fund management order for financing based on the order, the computer comprising: Receiving means for receiving the fund management order transmitted by the transmitting means from the terminal of the applicant, storage means for storing the fund management order received by the computer, and the computer comprising: Matching means for comparing the stored financing order and fund management order to determine whether the conditions match; and the computer determines whether the financing order and the fund management order match if the matching means determines that the conditions match. Updating means for establishing financing and updating the two orders stored by the storage means, and the computer transfers the transaction result derived by the matching means to a terminal of a fund raising applicant and a terminal of a fund management applicant And notifying means for notifying.

  The invention according to claim 10 is the intermediary elimination financial transaction system according to claim 8, characterized in that the financial transaction is fund management, and the user terminal is configured to purchase and sell a fund management product. Transmitting means for transmitting a purchase order to the computer; receiving means for receiving the purchase order and selling order transmitted by the transmitting means from the user terminal; and receiving the receiving order by the computer. Storage means for storing the purchase order and the sales order, and a matching means for comparing the purchase order and the sales order stored by the storage means with each other to determine whether the condition is met. When it is determined that the condition is satisfied by the matching means, a trade is established between the purchase order and the sell order, and stored by the storage means. And updating means for updating both orders that, the computer is, the transaction result led by the matching means, characterized by comprising a notification unit for notifying to said user terminal.

  The invention according to claim 11 is the intermediary elimination financial transaction system according to claim 8, wherein the financial transaction is sold, and the terminal of the sales applicant requests the computer to place a sales order of a fund management product on the computer. Transmitting means for transmitting to the computer; receiving means for receiving the selling order transmitted by the transmitting means from the terminal of the selling applicant; and storing means for storing the selling order received by the computer by the receiving means. A computer for disclosing the sales order to a specific or unspecified terminal of the purchase applicant; and a terminal of the purchase applicant based on the sales order disclosed by the disclosure unit from the computer. Transmitting means for transmitting a purchase order for the sale to the computer; and transmitting the purchase order from the terminal of the purchase applicant to the transmitting means. Receiving means for receiving the purchase order transmitted by the storage means, the computer storing the purchase order received by the receiving means, and the selling order and the purchase order stored by the storage means. And a matching means for determining whether the condition is satisfied by matching the condition, and when the computer determines that the condition is satisfied by the matching means, establishes a sale between the selling order and the purchase order, and stores by the storage means. Updating means for updating both orders, and a notifying means for notifying the computer of the transaction result derived by the matching means to a terminal of a seller and a terminal of a buyer. .

  According to a twelfth aspect of the present invention, there is provided the intermediary elimination financial transaction system according to the eighth aspect, wherein the financial transaction is a fund transaction, and the user terminal is configured to purchase and sell a fund transaction product. Transmitting means for transmitting a built order to the computer, receiving means for receiving the buy order and sell order transmitted from the user terminal by the transmitting means, and the computer receiving the received order by the receiving means Storage means for storing the buy order and the sell order, and a matching means for comparing the buy order and the sell order stored by the storage means with each other to determine whether the condition is satisfied, and If it is determined by the matching unit that the condition is satisfied, a fund transaction is established between the buy order and the sell order, and stored by the storage unit. And updating means for updating the two orders are, the computer, the transaction result led by the matching means, characterized by comprising a notification unit for notifying to said user terminal.

  The invention according to claim 13 is the intermediary elimination financial transaction system according to claim 8, wherein the financial transaction is a bilateral transaction, and a terminal of a person who desires a bilateral transaction of a financial product is a counterparty. Transmitting means for transmitting a relative transaction request to a candidate terminal which can be a receiving terminal for receiving the relative transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate; Replies means for returning, to the terminal of the relative transaction applicant, a decision on acceptance, rejection or negotiation with respect to the relative transaction request received by the receiving means, Receiving means for receiving a decision returned from the terminal of the counterparty candidate by the reply means, and a terminal of the counterparty candidate and / or a terminal of the counterparty candidate for the counterparty Wherein the results of the standing or not satisfied; and a notification unit configured to notify the computer.

  The invention according to claim 14 is the intermediary exclusion financial transaction system according to claim 13, further comprising a further means, wherein the terminal of the counterparty applicant requests the counterparty request for a financial product. Transmitting means for transmitting to the computer, receiving means for receiving the relative transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant, and receiving the relative transaction request received by the receiving means. Specifying means for specifying a matched counterparty candidate, and the computer further comprising notifying means for notifying the terminal of the counterparty applicant of the contact information of the counterparty candidate specified by the specifying unit. Features.

  According to a fifteenth aspect of the present invention, there is provided the intermediary elimination financial transaction system according to the eighth to ninth, thirteenth, or fourteenth aspect, wherein any one of a borrowed product, a bond, a stock, and commercial paper is used as a target product of the financial transaction. It is characterized by at least one fund procurement product.

  The invention according to claim 16 is the intermediation elimination financial transaction system according to claims 8, 10 to 11, 13 or 14, wherein the target product of the financial transaction is a loan, a bond, a stock, or a commercial paper. It is characterized in that any one or more fund management products are used.

  The invention according to claim 17 is the intermediary elimination financial transaction system according to claims 8, 12 to 14, wherein the target product of the financial transaction is a foreign exchange product, an interest rate derivative product, a stock derivative product, a compound derivative product, It is characterized in that any one or more of fund transfer products among transfer products, futures products, option products, and swap products.

  The invention according to claim 18 is the intermediary elimination financial transaction system according to claims 8 to 17, wherein at least one of an operation agent, a procurement agent, a sales agent, and a transaction agent is the financial agent. It is characterized by being able to participate in transactions.

  The invention according to claim 19 is the intermediary elimination financial transaction system according to claims 8 to 17, wherein at least one of an operation evaluator, a procurement evaluator, and a transaction evaluator can participate in the financial transaction. It is characterized by.

  The invention according to claim 20 is the intermediary elimination financial transaction system according to claims 8 to 17, wherein at least one of the operation reference material provider, the procurement proposal material provider, and the transaction proposal material provider is provided. It is characterized in that it can participate in the financial transaction.

  The invention according to claim 21 is the intermediary exclusion financial transaction system according to claims 8 to 17, wherein the financial product can be transacted 24 hours a day inside and outside of the country beyond the borders and / or transaction time barriers. And

  The invention according to claim 22 is the intermediary elimination financial transaction system according to claims 8 to 17, wherein after the transaction is established, such as transaction matching, contract signing / transfer, fund settlement, securities settlement, and inspection of legal compliance. The payment and management functions are integrated.

  The invention according to claim 23 is a method for intermediary elimination financial transactions, wherein a transaction market for financial products is created via one or more computer networks, and the transactions are brokered by traditional banks and traditional securities companies. And final clients such as final fund managers, final funders and final fund traders can directly establish financial transactions by matching.

  The invention according to claim 24 is the intermediary exclusion financial transaction method according to claim 23, wherein the financial transaction is funding.

  The invention according to claim 25 is the intermediary exclusion financial transaction method according to claim 23 or 24, wherein a side that desires fund management presents a condition of fund procurement to a candidate who can execute fund procurement. A system comprising one or more computers connected to the computer network and a plurality of user terminals, wherein the fund procurement candidate can raise funds for the fund management of the fund management applicant. Transmitting the fund-raising conditions to the terminal of the fund-raising candidate, and transmitting the fund-raising candidate's terminal from the terminal of the fund-raising candidate. A receiving step of receiving the transmitted financing conditions; and a terminal of the financing candidate accepting, rejecting, or exchanging the financing conditions received in the receiving step. A reply step of returning the decision of the fund management applicant to the terminal of the fund management applicant, and a reception step of receiving the decision returned by the reply step from the terminal of the fund procurement candidate from the terminal of the fund management candidate. And a notifying step in which the terminal of the fund management applicant and / or the terminal of the fund procurement candidate notifies the computer of the result of establishment or non-establishment of fund procurement.

  The invention according to claim 26 is the intermediary exclusion financial transaction method according to claim 23, wherein the financial transaction is fund management.

  The invention according to claim 27 is the intermediary exclusion financial transaction method according to claim 23, wherein the financial transaction is a sale.

  The invention according to claim 28 is the intermediary exclusion financial transaction method according to claim 23, wherein the financial transaction is a fund transaction.

  An invention according to claim 29 is the intermediary exclusion financial transaction method according to claim 23, wherein the financial transaction is a bilateral transaction.

  The invention according to claim 30 is a computer-readable storage medium storing a financial transaction program, and relates to a financial product, an operation of combining one or more synthetic products by combining a plurality of standard products, and one or more synthetic products. Disassembling a product to create multiple standard products, combining multiple synthetic products to create one or more other synthetic products, and disassembling one or more synthetic products to create multiple other synthetic products It is characterized in that any one or more of the operations to be created can be appropriately performed.

  The invention according to claim 31 is a computer-readable storage medium recording a financial transaction program, wherein at least one of simultaneous joint operation, simultaneous joint procurement, simultaneous joint sale, and simultaneous joint transaction is performed. It is characterized by enabling financial transactions.

  The invention according to claim 32 is a financial transaction system, which relates to a financial product, and works to create one or more synthetic products by combining a plurality of standard products, and disassemble one or more synthetic products to produce a plurality of standard products. One of the following operations: combining one or more composite products to create one or more other composite products; and disassembling one or more composite products to create a plurality of other composite products. It is characterized in that the above can be appropriately performed.

  The invention according to claim 33 is a financial transaction system, wherein any one or more of simultaneous joint operation, simultaneous joint procurement, simultaneous joint sale and simultaneous joint transaction can be performed. And

  An invention according to claim 34 is a financial transaction method, which relates to a financial product, in which a plurality of standard products are combined to create one or more synthetic products, and one or more synthetic products are disassembled into a plurality of standard products. One of the following operations: combining one or more composite products to create one or more other composite products; and disassembling one or more composite products to create a plurality of other composite products. It is characterized in that the above can be appropriately performed.

  The invention according to claim 35 is a financial transaction method, wherein one or more of simultaneous joint operation, simultaneous joint procurement, simultaneous joint sale, and simultaneous joint transaction are enabled. And

Now, the advantages provided by the present invention will be described in terms of themes and items.
1 (1) According to the present invention, since the intermediation of financial transactions by banks is eliminated, it is possible to increase the investment yield and lower the procurement cost. In other words, the final fund manager supplies funds to the bank through deposits and savings or purchases of financial bonds, and the bank lends it to the final funder or purchases securities issued by the final funder to obtain the final fund. With the traditional structure of providing funders to funders, there are banks that take profit margins in the flow of funds, so the final fund managers have lower investment yields and the final funders have higher funding costs. . In the present invention, since the fund is supplied from the final fund manager to the final funder, the margin of the intervening bank disappears, so that the final fund manager can enjoy a higher investment yield, and the final funder can Lower procurement costs can be achieved.

By the way, the final fund manager as referred to in the present invention is an individual or corporation in Japan and abroad that manages funds through deposits and savings, trading of stocks and bonds, transactions of foreign exchange products and financial derivatives, etc. Refers to those who exclude In addition, final funders are domestic and foreign individuals and corporations that raise funds through borrowings, bonds and stocks, issuance of commercial paper, transactions of foreign exchange products and derivative products, and include banks and securities companies. Refers to the person who excluded it. In the present invention, domestic and foreign individuals and corporations having both the function as the final fund manager and the function as the final fund raiser are defined as final fund traders, and the final fund manager, final fund raiser and final fund Traders are collectively referred to as end customers.
Further, in the present invention, a basic product to be fund-managed, including selling, is called a fund-managed product, and a basic product to be fund-raised is called a fund-raising product. Therefore, bonds, stocks, commercial paper, etc. used by final funders and procurement agents as financing products become fund management products from the perspective of the final fund manager or agent who purchases them. If the means of procurement is a loan, the basic product, ie, the fund procurement product, for the procurement side is a debt, and the basic product, ie, the fund management product, for the management side is a loan receivable. On the other hand, in the present invention, a foreign exchange product or a financial derivative product that is used differently from a fund management product or a fund procurement product is defined as a fund transaction product.
In general, selling refers to selling securities and the like already issued and held by the fund manager to a number of other fund managers simultaneously under uniform conditions. In the present invention, the selling is treated as a form of transaction between the final fund managers, and the final fund manager or agent acting on the side that releases securities or the like held by the final fund manager or manager on the buyer side is handled. They are referred to as sellers or sellers, respectively, to distinguish them from agents. It should be noted that the evaluator and the material provider do not use different names for the sale and other general transactions between final fund managers.
By the way, the bank referred to in the present invention refers to savings and borrowing, issuance of stocks and bonds, liquidation and securitization of assets, savings insurance and mutual aid, etc. Refers to a traditional financial institution that earns profit margins through its own trading of various financial products. In addition, underwriting securities, such as stocks, bonds, and commercial paper, issued by the financiers, either at the main unit or through subsidiaries, etc., and selling them to fund managers. Refers to a traditional financial institution that earns various commissions by brokering foreign exchange transactions and financial derivative transactions between traders.
In addition, the securities company referred to in the present invention is a securities company that underwrites securities, such as stocks, bonds, and commercial paper, issued by financiers and sells them to fund managers. It is a traditional financial institution that earns various commissions through brokers' foreign exchange transactions and financial derivative transactions, and earns trading profits through its own trading of various financial products. A traditional financial institution that collects funds from fund managers through borrowing, issuance of stocks and bonds, liquidation of assets and securitization, etc., either through the financial institutions or through subsidiaries, etc., and earning profits through lending to financiers. Point to.

  (2) According to the present invention, even when the interest rate changes, the investment yield increases, and the procurement cost can be reduced. That is, in a situation where interest rates rise, the interest rate of deposits and savings and financial bonds does not rise as much as the interest rate on loans to final funders due to the existence of banks who want to increase margins, and the final money manager suffers disadvantages. On the other hand, when interest rates are falling, the interest rate of deposits and savings and financing bonds is not as low as interest rates on deposits and financial bonds due to the existence of banks who want to increase margins, and ultimate funders are disadvantaged. In the present invention, since the fund is supplied from the final fund manager to the final funder, the final fund manager can enjoy a higher investment yield in a rising interest rate phase, and the final funding party can enjoy a higher investment yield in a falling interest rate phase. Lower procurement costs can be achieved.

  (3) According to the present invention, the mechanism for determining the interest rate can be corrected. In other words, the interest rate on deposits and savings must be differentiated according to the degree of credit risk of the bank that deposits the funds. They had to accept low interest rates that were not worth it. On the other hand, the interest rate of a loan issued by a bank to a final funder is determined by adding a certain percentage to the bank's own funding interest rate, but it is standardized based on prime rates and other factors. Until now, due to the interest rate setting method and the strong side-by-side attitude among banks, there has been little difference, and the final funders have to bear high interest rates that are not commensurate with their creditworthiness. In the present invention, since the fund is supplied from the final fund manager to the final funder, the interest rate according to the creditworthiness of the final funder is determined in the supply-demand balance of the market, and the final fund manager and the final funder are determined. Both funders can enjoy an acceptable level of interest.

  (4) According to the present invention, the final fund manager is released from the double credit risk. That is, the final fund manager supplies funds to the bank through deposits and savings or purchases of financial bonds, and the bank lends it to the final funder, or purchases bonds, commercial paper, etc. issued by the final funder. In the conventional structure of providing funding to the final funder, the final fund manager has a double credit risk. One is the credit risk of the bank to which the funds are directly supplied, and the other is the credit risk of the ultimate funder who is the indirectly provided funds via the bank. In the present invention, since the fund is supplied from the final fund manager to the final fund raiser, the final fund manager is released from the credit risk of the intervening bank.

2 (1) According to the present invention, conflicts of interest can be resolved. In other words, securities companies and banks concurrently perform consignment trading for final fund managers (for trading commissions) and self-trading with their own funds (for trading profits). Therefore, in order to generate large trading profits with own funds, it is necessary for the final fund manager to buy or sell the final fund manager against the other party under adverse conditions or to read and sell the investment reference materials provided by the company. As a premise, a structure of a conflict of interest has been pointed out in the past, in which transactions with own funds are completed in advance. In the present invention, since the final fund manager buys and sells financial products against other final fund managers without going through securities companies or banks, the final fund manager is released from this conflict of interest, and higher investment You can enjoy the yield.
The operation reference data referred to in the present invention refers to the following data.
(A) Economic / financial news, corporate news, political news, etc., which affect fund management.
(B) Materials related to fund allocation proposals and evaluations. Including the use of financial derivatives.
(C) Other fund managers' plans, rumors, reputations, etc. regarding the fund management.
(D) The financing plan, rumors, reputation, etc. of the financier.
(E) Materials related to economy and finance in general: Analysis and forecast of macro economy, analysis and forecast of economic indicators and financial indicators, etc.
(F) Stock market materials: Numerical values and encoding of expected stock price increase rates, such as stock pricing, and news related to them. Analysis and forecast of the stock market in general, analysis and forecast of individual industries, analysis and forecast of individual companies, analysis and forecast of stock indices and individual stock prices, holding information, etc. Includes derivatives markets.
(G) Interest rate and foreign exchange market data: Numerical and encoded repayment capabilities of funders, such as credit ratings, and news related to them. Analysis and forecast of interest rates and foreign exchange markets in general, analysis and forecast of index interest rates and bond indices, analysis and forecast of credit risks of individual industries and companies, analysis and forecast of individual currencies, etc. Includes derivatives markets.
(H) Technical analysis on stock markets, interest rate and foreign exchange markets, and financial derivative markets.
(I) Various browsing documents in the authority's inspection room and the like.
(J) Contract levels, quotes, and theoretical values of various financial products, as well as market levels such as financing conditions and provisional conditions for provisional and sale projects, and provisional conditions, and their transaction volumes.
In addition, the investment reference material providers are individuals and corporations in Japan and overseas that provide the final fund managers and investment managers, both directly and indirectly, with information on how to make fund management decisions. Say.
[1] Creator of survey materials such as advisors and research institutions.
[2] Credit agencies such as rating agencies and Koshinsho.
[3] Information vendors such as information vendors, optional information vendors, database companies, and mass media.
[4] Funders.
[5] Authorities.
[6] System operator in the present invention.

(2) In the transaction of foreign exchange products and financial derivatives, banks and securities companies are entrusted and brokered to final fund traders (for brokerage and brokerage fees) and self-traded business with their own funds (for the purpose of trading profit). And concurrently. Therefore, in order to generate a large trading profit with own funds, it is necessary for the final fund trader to make transactions with the final fund trader against the other party under adverse conditions or to read the transaction proposal materials provided by the company and conduct the transaction. As a premise, a conflict structure has been pointed out, in which transactions with own funds are completed in advance. In the present invention, the final fund trader is free from this conflict of interest because the final fund trader trades foreign exchange products and financial derivatives with other final fund traders without going through banks and securities companies. More profits and more favorable contract terms.
In addition, the transaction proposal data referred to in the present invention refers to the following data.
(A) Economic / financial news, corporate news, political news, etc. that affect fund transactions.
(B) Opinions on the selection of funds trading products, timing of buying and selling, trading methods, etc.
(C) Materials related to proposals and evaluations of assets, liabilities and capital structure. Including the use of financial derivatives.
(D) Schedules, rumors, reputations, etc. regarding the status of others' financial transactions.
(E) Reference materials on economy and finance in general: Macroeconomic analysis and forecasting, economic and financial indicator analysis and forecasting, etc.
(F) References on the stock market: Stock price quantification and coding of the expected price increase of stocks, and news related to them. Analysis and forecast of the stock market in general, analysis and forecast of individual industries, analysis and forecast of individual companies, analysis and forecast of stock indices and individual stock prices, holding information, etc. Includes derivatives markets.
(G) Reference materials related to interest rates and foreign exchange markets: Credit rating, which quantifies and encodes the repayment ability of funders, and news related to them. Analysis and forecast of interest rates and foreign exchange markets in general, analysis and forecast of index interest rates and bond indices, analysis and forecast of credit risks of individual industries and companies, analysis and forecast of individual currencies, etc. Includes derivatives markets.
(H) Technical analysis on stock markets, interest rate and foreign exchange markets, and financial derivative markets.
(I) Various browsing documents in the authority's inspection room and the like.
(J) Contract prices, quotes, and theoretical values of various fund trading products and various basic products, market levels such as fixed conditions and provisional conditions of financing and selling projects, and the transaction volumes thereof.
In addition, the transaction proposal material providers are individuals and corporations in Japan and abroad who provide the final fund trader and the transaction agent, both directly and indirectly, with materials for making decisions on fund transactions. Say.
[1] Advisors such as advisors, advisory organizations, and research institutions.
[2] Credit agencies such as rating agencies and Koshinsho.
[3] Information vendors such as information vendors, optional information vendors, database companies, and mass media.
[4] Another fund trader.
[5] Authorities.
[6] System operator in the present invention.

  (3) Conventionally, since securities companies and banks deal with both the final fund manager and the final fund raiser, there is a case where one of them is given an advantage and the other is disadvantaged due to internal business policies. For example, in the case of a sales policy focusing on the final funder, the final funder may be encouraged to provide funding for the procurement to the final fund manager with little operational know-how so that the final funder can achieve lower procurement costs. Or, in the case of a final fund manager-oriented business policy, encourage the final fund managers with little funding know-how to raise funds for the investment so that the final fund manager can achieve higher investment yield. There is. In the present invention, since the level of fund procurement is determined by the supply and demand balance between the final fund manager and the final fund procurer, either one does not have an advantage or disadvantage.

3 (1) According to the present invention, it is possible to eliminate the commission to the intermediary. In other words, in the conventional structure in which the final financing entity issues stocks, bonds, commercial paper, etc. via securities companies and banks, the final funding and sales commissions are collected by the intervening securities companies and banks. Procurers will increase procurement costs. In the present invention, since the fund is supplied from the final fund manager to the final funder, the underwriting and sales fees paid to the intermediary securities firms and banks disappear, and the final funder lowers the funding cost. Can be achieved.
In the conventional structure in which the final fund manager buys and sells stocks, bonds, commercial paper, etc. through securities firms and banks, the brokerage firms and banks collect trading commissions, or securities firms and banks The final fund manager lowers the investment yield because the company sells itself to the final fund manager and substantially collects the trading commission. In the present invention, since the final fund manager buys and sells financial products with respect to other final money managers, the amount of the final fund that is paid directly or indirectly to intervening securities companies and banks disappears, Operators can enjoy higher investment returns.

  (2) The above elimination of fees contributes to the trading profit and contract terms of the final fund trader. In other words, in the conventional structure in which the final fund trader trades foreign exchange products and financial derivatives through banks and securities companies, intervening banks and securities companies collect commissions and brokerage fees, or As brokers and securities firms make transactions with the final fund trader on their own and substantially collect the amount of commission and brokerage fees, the final fund trader may lose profits on trading and may be forced to make onerous contracts. is there. In particular, financial derivatives that are traded bilaterally as complex products are difficult for final fund traders to grasp the market level, and banks and securities firms that have signed contracts that give themselves advantages over final fund traders are It has been pointed out that the inter-financial markets have been devastating since then. In the present invention, since the final fund trader trades foreign exchange products and financial derivatives with other final fund traders, brokerage and brokerage fees paid directly or indirectly to intervening banks and securities companies As a result, the final fund trader can achieve more trading profits and more favorable contract terms.

  4 (1) According to the present invention, a new access to an individual product becomes possible. That is, the individual final fund manager can fully participate in the interest rate product. Speaking of interest rate products for individual ultimate fund managers, deposits and savings have so far been the most, and individual ultimate fund managers believe that the credit risk inherent in all interest rate Lack of knowledge about the bonds that affected them. Although domestic financing sources for bond issuance include issuing banks and business corporations, these financing targets are those for corporations with sufficient knowledge of bonds and those for individual final fund managers. Investors often discriminate against interest-bearing bonds in yields and suffer disadvantages for individuals who have little knowledge or information about the interest rate markets. In addition, individual final money managers are more likely to hold these bonds as a substitute for time deposits until maturity, and during the period they will not sell even if the market rises, resulting in lost profits. There were many. Moreover, in the financial structure, individuals only participate in loans and commercial paper investments indirectly through intervening banks, and until now it was virtually impossible to target them. According to the present invention, by setting up investment managers and investment evaluators who have a wealth of knowledge and information on interest rate products, individual final fund managers can make full-scale investments in bonds, and loans and commercial loans that can be called a kind of bond Paper and even the loan itself can be included in the management.

  (2) Individual final fund traders can fully participate in foreign exchange transactions and financial derivative transactions. Until now, financial products for individual final fund managers have been mostly borrowed from deposits and savings and stocks, and financial products for individual final funders, and knowledge and information about foreign exchange products and financial derivatives. Inadequate funding resulted in loss of profits for these individuals' final funders. In the present invention, by setting up a transaction agent or a transaction evaluator who has a wealth of knowledge and information on foreign exchange products and financial derivative products, the range of options of financial products that individuals can trade with is widened, higher investment yield, Lower procurement costs can be achieved. In addition to simple trading, foreign exchange products and financial derivatives are effective in hedging and arbitrage transactions. Various benefits can be enjoyed by combining.

  (3) Opportunities can be given to the secondary loan loan market. In other words, when a general fund manager makes a loan to the final funder, the repayment of the loan does not end until normal repayment, but the fund manager does not There is also a need to sell loans. End-financers with relatively low creditworthiness are more likely to borrow funds through loans rather than bond issues that require a credit rating, so loans during the period have secondary-market bond-like prices and yields. If it does, it will be reborn as a financial product that is attractive to the final money manager. The present invention provides a final fund manager with a secondary market for loan receivables that can enjoy a higher investment yield in view of credit risk.

  (4) The issuance of private shares can be activated. In other words, companies that are not publicly traded have insufficient disclosure of information compared to publicly traded companies, so the method of financing is biased toward bank financing, etc. And so on. In the present invention, the reference / proposal material provider and the operator of the system display the theoretical price of the private stock, and abundant procurement agents, procurement evaluators, investment agents, and investment evaluators for the private stock are provided. The use of knowledge and information can tap into the needs of ultimate funders and fund managers, revitalizing the sluggish markets.

  5 (1) The present invention enables a financial transaction system that provides market transparency. In other words, transparency can be provided for the bilateral trade in the secondary market. With respect to equities, exchanges around the world have eased their obligation to concentrate transactions and are creating an environment in which fund managers can trade bilaterally outside and outside of trading hours. On the other hand, loans and receivables, commercial paper, etc., have been mainly traded and traded on exchanges less frequently. However, if trade in the secondary market continues to increase as it is, the transparency of the market decreases, and even at the same time, the market A and the market B have different prices and contract yields. There will also be final fund managers. In addition, the multi-item price at the same time causes inconvenience even when the market value of the money management product held is evaluated. Since the present invention enables domestic and foreign transactions to be concentrated in the system and covers the transactions 24 hours a day, the present market level and transaction volume of various fund management products are displayed as they are. It is easy to provide transparency to the secondary market.

  (2) It is possible to provide transparency in bilateral transactions of fund transaction products. That is, as for the foreign exchange products and the financial derivative products, the more complicated the structure, the stronger the demand for the bilateral transaction that makes it easy to make an order product, and the ratio of the bilateral transaction is higher than before. However, if the bilateral transactions continue to increase, the market transparency will decrease, and the market price and contract rate, contract yield, contract surplus yield, contract exchange rate will differ between Market A and Market B at the same time. There are some final fund traders who will incur value and suffer disadvantages. In addition, the multi-item price at the same time causes inconvenience even when the market value of the funded transaction product is evaluated. Since the present invention enables domestic and foreign transactions to be concentrated in the system and covers the transactions 24 hours a day, it is easy to display the current market level and transaction volume of the fund transaction products as they are. , Can provide transparency to the market.

  6 (1) According to the present invention, liquidity can be provided to the market. In other words, securities trading with low liquidity can be activated. Generally, bonds and commercial paper issued by various corporations and shares issued by SMEs and private companies are low in liquidity, making it difficult for the ultimate fund manager to actively buy and sell in the secondary market. is there. This is due to the fact that securities firms and banks that broker and sell these securities do not have a good taste in terms of profitability, and the fund managers who want to buy and sell are not fully identified. For the reason. According to the present invention, the provider of reference / proposal materials and the operator of the system display the theoretical price and theoretical yield of illiquid securities, and have a wealth of knowledge and information of investment managers and investment evaluators on illiquid securities. Utilizing can help squeeze demand for final fund managers who want to buy and sell them, and provide liquidity to markets where trading has been sluggish.

(2) Foreign exchange transactions and financial derivative transactions with low liquidity can be activated. That is, there are many liquidity products that are traded on a bilateral basis, and it is difficult for the final fund trader to actively buy and sell in the secondary market. This is because the detailed order of the final fund trader, such as the amount, contract period, and various rights that can be exercised, is reflected in the product design, and it is difficult to find the final fund trader who can be the counterparty of the product. I do. In the present invention, the operator of the system or the like appropriately performs the operation of combining the standard products and synthesizing the ordered product and the operation of disassembling the ordered product and returning the product to the standard product, so that the final fund trader, The demands of the buyer and the buyer can be more easily matched, and liquidity can be provided to the fund trading products that have been underperforming.
It should be noted that the sale and purchase of a fund transaction product as referred to in the present invention means an act of creating a position in a foreign exchange transaction or a financial derivative product transaction. Accordingly, this includes not only the creation of the sales position and the creation of the purchase amount in the exchange spot transaction, the forward transaction, the futures transaction, the option transaction and the like, but also the creation of the opposed position in the swap transaction and the like.

7 (1) The present invention can impart neutrality to funding-related information. In other words, securities firms and banks use the information related to financing for the final financing and final fund management in order to serve as lead manager in underwriting and sales operations and to obtain a higher market share in underwriting and sales teams. It has been pointed out that the securities companies and banks are running their own track record, so that the optimal funding for final funders and the optimal funding for final Operation becomes difficult. In the present invention, the procurement proposal material provider and the operational reference material provider provide the financing-related information on behalf of the final financing provider and the final financing manager, respectively. Can optimize procurement and operation, respectively.
In addition, the procurement proposal data referred to in the present invention refers to the following data.
(A) Economic / financial news, corporate news, political news, etc. that affect financing.
(B) Opinions on the timing of fund procurement, procurement costs, method of determining conditions, schedule, etc.
(C) Estimated sales demand by fund manager and fund manager type.
(D) Materials related to proposals and evaluations of debt and capital structures. Including the use of financial derivatives.
(E) Schedules, rumors, reputations, etc. regarding the financing of other financiers.
(F) The schedule, rumors, reputation, etc. regarding the fund management of the fund manager.
(G) Reference materials on economics and finance in general: Macroeconomic analysis and forecasting, and economic and financial indicators analysis and forecasting.
(H) References on the stock market: Stock price pricing that quantifies and encodes the expected rate of stock price increase, and news related to them. Analysis and forecast of the stock market in general, analysis and forecast of individual industries, analysis and forecast of individual companies, analysis and forecast of stock indices and individual stock prices, holding information, etc. Includes derivatives markets.
(I) Reference materials on interest rate and foreign exchange markets: Credit rating, which quantifies and encodes the repayment ability of funders, and news related to them. Analysis and forecast of interest rates and foreign exchange markets in general, analysis and forecast of index interest rates and bond indices, analysis and forecast of credit risks of individual industries and companies, analysis and forecast of individual currencies, etc. Includes derivatives markets.
(J) Various browsing documents in the authority's inspection room.
(K) The financing conditions and provisional conditions of other funding proposals, the financing conditions and provisional conditions of sales proposals, the market levels of various financial instruments such as contract prices, quotes, theoretical values, and the transaction volumes thereof.
Procurement proposal materials providers are individuals and corporations in Japan and overseas who provide direct or indirect financing decisions to final funders and procurement agents. Say.
[1] Advisors such as advisors and advisory bodies.
[2] Credit agencies such as rating agencies and Koshinsho.
[3] Information vendors such as information vendors, optional information vendors, database companies, and mass media.
[4] Fund manager.
[5] Authorities.
[6] System operator in the present invention.

  (2) Fund management-related information can be impartial. In other words, it has been pointed out that securities firms and banks have been providing investment reference materials to final fund managers to increase the trading frequency of financial products of final fund managers in order to increase trading commissions, which are a source of income. However, this makes it difficult for the ultimate fund manager to manage funds optimally. In order to provide information on the side of the final fund manager, the operational reference material provider in the present invention encourages the final fund manager to buy and sell in a market environment where it is difficult to make a profit by buying and selling fund management products. There is no.

  (3) It is possible to impart neutrality to fund transaction-related information. In other words, banks and securities companies will provide transaction proposal materials to final fund traders to increase the frequency of transactions of foreign exchange products and financial derivatives by final fund traders in order to increase commissions and brokerage commissions that are sources of income. However, this does not always allow the final fund trader to optimize the transaction. In the present invention, the provider of the transaction proposal material provides information on the side of the final fund trader, and therefore, it is not possible to urge the final fund trader to buy or sell or conclude a contract in a market environment where it is difficult to generate profits in fund transactions. Absent.

  8 (1) Securities companies and banks provide financing advice to final funders with the aim of acting as lead manager in underwriting and sales operations and gaining a higher market share in underwriting and sales teams. Although attitudes have been pointed out in the past, this will make it difficult for securities firms and banks to build their own track record and earn underwriting and sales commissions, making it difficult to raise funds in a healthy market. In addition, the final financiers do not have enough knowledge and information about the financial markets, and the final financing may be disadvantaged as a result of the final financing being conducted with the advice of securities companies and banks. . Since the procurement agent in the present invention executes financing purely on the side of the final funder, it is necessary to optimize the method and timing of procurement, and as a result, reduce the procurement cost of the final funder. it can.

  (2) There has been a system in which the final fund manager deposits funds in trust institutions such as trust accounts of trust banks, investment advisory companies, and investment trust trust companies, and manages the funds. It is often a subsidiary, affiliate or affiliated company of a bank, and market practices have been pointed out more than before, forcing securities to be directly or indirectly forcibly purchased by securities companies and banks in underwriting and sales operations and consignment trading operations. It has been. Since the investment agent in the present invention directly purchases securities without going through a securities company or bank, it is free from conflicts of interest that occur between the final fund manager and the securities company or bank, and purely manages the final funds. Operation from the operator's side becomes possible.

  (3) The knowledge and information of the final fund trader regarding the foreign exchange market and financial derivative markets is not sufficient, and the final fund trader conducts transactions with the advice of banks and securities companies, and as a result In many cases it was profitable. The transaction agent in the present invention executes the fund transaction purely on the side of the final fund trader, optimizes the selection of products, the transaction method, the transaction timing, etc., and gives the final fund trader more trading profit and profit. Brings more favorable contract terms.

  9 (1) To date, no institution has been able to comprehensively evaluate funding by final funders. In the present invention, the procurement evaluator recommends a procurement agent in accordance with the procurement policy of the final funder, the contents advised by the procurement agent, the results of financing performed by the Compares the results of financing conducted independently by the financing unit with the results of other final financing units or other financing agents, changes in market indices, etc. Report to others. By entrusting procurement to the recommended procurement agent and utilizing the evaluation results provided for future procurement, final funders can achieve lower procurement costs.

  (2) There has been a structure in which an annuity consultant or the like provides advice to investors, but the advice is provided mainly to institutional investors, and the advice lacks real-time properties. The operation evaluator in the present invention recommends an investment agent in accordance with the operation policy of the final fund manager, regardless of whether it is an individual or a corporation, or the contents advised by the investment agent, The results of the fund management performed or the results of the fund management performed by the final fund manager alone are compared with the results of other final fund managers and other investment managers, changes in market indices, etc. The result of the evaluation is reported to the final fund manager in real time. By outsourcing the management to the recommended management agent or utilizing the provided evaluation results for future management, the final fund manager can realize a higher investment yield.

  (3) To date, there has been no institution that comprehensively evaluates the transactions of foreign exchange products and financial derivatives by final fund traders. The transaction evaluator in the present invention recommends a transaction agent in accordance with the transaction policy of the final fund transactor, the contents advised by the transaction agent, the performance of the transaction performed by the transaction agent on a discretionary basis, or the final fund. Compare the results of transactions performed independently by the trader with the results of other final fund traders and other agents, trends in market indices, etc., and evaluate the results in real time to the final fund trader Report. By outsourcing the transaction to a recommended transactor or using the provided valuation results in future transactions, the final fund transactor will have more trading profits, more favorable contract terms, and more effective Hedge transactions can be achieved.

  10 (1) The present invention enables simultaneous joint financial transactions. In other words, in the past issuance of stocks, bonds, commercial paper, etc., there is a limit to the execution ability of securities companies and banks that underwrite and sell, so many final funders will raise funds at once. That was difficult. As a result, final funders who have advanced their funding timing will suffer disadvantages due to the subsequent decline in the market, and final fund managers who have missed participation in financing will eventually lose their investment timing due to a subsequent rise in the market. I often did it. According to the present invention, since the final funder receives the fund from the final fund manager without going through a securities company or a bank, it is also possible that the final , More final financiers and more final financiers will participate in the market all at once, as it will be possible for joint financing of final financiers with similar current and future stock prices It becomes possible.

(2) Simultaneous joint financing by multiple fund managers has been conducted in Japan and overseas in the form of an underwriting team consisting of banks and securities companies. It was just a style where invited financial institutions could participate in one project. In the joint purchase of newly issued bonds, stocks and commercial paper, the fund manager simultaneously purchases one issue at the stage when the underwriting and sales team consisting of banks and securities companies has finished selling. It just took shape. On the other hand, in the conventional fund management (including selling) in the secondary market, there is almost no communication between the fund managers, and there is no communication between multiple managers within the same fund manager or multiple sellers within the same brand. Excluding this, there was no simultaneous joint management (including simultaneous joint selling) by multiple fund managers.
According to the present invention, the final fund manager or the investment management agent simultaneously and jointly manages the partner, that is, the investment policy and the operation goal are matched with other final fund managers and other investment agents, and the investment amount is increased. As a result, the investment yield can be improved. On the other hand, if the final fund manager's working capital is increased by simultaneous joint management, the final fund raiser will be able to procure larger funds in a smaller number of times. It is possible to avoid procurement costs.

  (3) In conventional transactions of foreign exchange products and derivative financial products, there is almost no communication between fund traders, and simultaneous joint transactions by multiple fund traders, except for those handled by multiple persons within the same fund trader. There was no. According to the present invention, the final fund trader or agent acts in tandem with a partner who performs simultaneous joint trading, that is, another final fund operator or other agent whose trading policy or transaction target matches, and increases the transaction amount. By doing so, more trading profits and more favorable contract terms can be achieved.

  The present invention relates to a computer-readable storage medium storing a mediation elimination financial transaction program, a mediation elimination financial transaction system, and a mediation elimination financial transaction method. That is, creating a trading market for financial products through one or more computer networks, eliminating the intermediation of financial transactions by traditional banks and traditional securities firms, etc., final fund managers, final funders, End customers such as final fund traders can directly establish a transaction by matching.

Hereinafter, embodiments of the present invention will be described in detail with reference to the drawings. However, the present invention resides in a storage medium, a computer system and a method in which a computer program for matching a financial transaction demand of an end customer, directly or through an agent, is recorded. However, the present invention is not limited to the method described in this embodiment and the products described in this embodiment.
In the present invention, financial transactions in which intermediation by a traditional bank, a traditional securities company, or the like is excluded are classified according to the form as follows.
(A) General financing led by financiers (b) Fund financing led by fund managers (c) General financing or trading in secondary markets (d) Selling which is a form of financing in secondary markets (E) Funds transactions including foreign exchange transactions and financial derivative transactions

FIG. 1 and FIG. 2 are diagrams showing transactions between a final fund manager and a final fund raiser. First, a description will be given of a form in which a final fund raiser or a transfer agent presents an outline of fund raising on a screen, and then the final fund manager or a transfer agent participates in the fund raising.
First, the operator 1 of the present system wants to use the service, the final fund manager 2, the operation agent 3, the operation evaluator 4, the operation reference material provider 5, the final fund procurer 6, the procurement agent 7, The evaluator 8 and the procurement proposal material provider 9 are specified, and sections on the screen are provided for each financing product such as a loan 10, a bond 11, a stock 12, a commercial paper 13, and the like. The user of this service can perform the exchange of materials, communication / consultation, market transactions, transaction matching, signing of contracts, settlement, etc. on this system.

Next, the management reference material provider 5 starts sending the management reference material to the final fund manager 2 and the management agent 3 in real time using a format such as text or an electronic document format. On the other hand, the procurement proposal material provider 9 also starts sending the procurement proposal material to the final fundraising person 6 and the procurement agent 7 in real time using a format such as text or an electronic document format. At the same time, the operator 1 starts to display the current market level, transaction volume, and their transition of various financing products in a product-specific section in real time. Based on these various materials and the actual market values, the final fund manager 2, investment manager 3, final funder 6, and funding agent 7 grasp interest rates and stock market levels and participate in market transactions. Look at the timing.
The market level referred to in this embodiment refers to the fixed and provisional conditions of other financing projects, the fixed and provisional conditions of sales projects, and the contracted, quoted, and theoretical values of various financial products. And market levels provided by financial transaction systems, banks and securities companies other than the present invention.

The final fund manager 2 or the final fund raiser 6 selects the operation evaluator 4 or the procurement evaluator 8 based on the profile or the data of the evaluation fee system written in the database provided by the operator 1 or the like.
Next, the investment evaluator 4 selected from the final fund manager 2 includes “past operation results”, “comparison data with other investment agents”, and “comparison data between changes in market indices and investment results”. The agent 3 that matches the management policy and the management objective of the final fund manager 2 is introduced to the final fund manager 2 based on the “system of management fee”. The operation evaluator 4 can make the above data into a database and provide it through the present system so that the final fund manager 2 can search by himself.
Similarly, the procurement evaluator 8 selected from the final fund procurement unit 6 includes “past procurement results”, “comparison data with other procurement agents”, and “comparison data between changes in market indices and procurement results”. The procurement agent 7 that matches the procurement policy and the procurement target of the final fund procurement person 6 is introduced to the final fund procurement person 6 based on “Procurement Agency Fee System”. The procurement evaluator 8 can make the above-mentioned data into a database and provide it via the present system so that the final fund procurer 6 can search by himself.
In order for the evaluator to easily create various data provided to the final fund manager 2 or the final fund raiser 6, the final fund manager 2 or the final fund raiser 6 manages the Or let the evaluator report the procurement results in real time. The final fund manager 2 or the final fund raiser 6 can request the operation evaluator 4 or the procurement evaluator 8 to evaluate the operation or procurement even when participating alone in the transaction. Further, the evaluator can provide a tool for evaluating the operation or procurement of the software or the like to the final fund manager 2 or the final fund raiser 6 via the present system.

Next, the final fund manager 2 and the final fund raiser 6 who have been referred to the agent by the evaluator either leave the transaction to the introduced agent, or receive only advice from the agent. Decide whether to participate in the deal alone. At this point, the parties participating in the market transaction, namely, the final fund manager 2, the investment agent 3 representing the final fund manager 2, the final fund raiser 6, and the procurement agent 7 representing the final fund raiser 6 Will be available.
The agency contract concluded by the final fund manager 2 with the investment agent 3 may be for a specific operation, or may be an investment consignment amount and entrust all operations within the agent contract period. Further, the final fund manager 2 can appoint a plurality of managers 3 and the manager 3 can receive a transfer of a transaction from the plurality of managers 2. The management agent 3 can collect and pool the management demands of the final fund managers 2 whose management policies and management goals match, and can manage funds for each pool. Further, the investment agent 3 can use the trust accounts in Japan and overseas and various funds to separate the investment funds received from the final fund manager 2 from its own credit risk.
Similarly, the agency contract concluded by the final funder 6 with the agent 7 may be for specific procurement, or the amount of entrusted procurement may be determined, and all the procurement within the agent contract period may be entrusted. Good. In addition, the final fund raiser 6 can designate a plurality of procurement agents 7, and the procurement agent 7 can receive a proxy for a transaction from the plurality of final fund raisers 6. The procurement agent 7 bundles and pools the procurement demands of the final funders 6 whose procurement policies and procurement targets match, or the procurement demands of the final funders 6 whose creditworthiness and performance prospects are close. We can raise funds for each pool.
In view of the conflict of interest between the final fund manager 2 and the final funder 6, in principle, it is not possible for a particular agent to accept market transactions from both the final fund manager 2 and the final funder 6. Absent.
Incidentally, the final fund manager 2 can directly participate in the transaction without using the investment evaluator 4 or the investment agent 3, and similarly, the final fund raiser 6 can It is possible to directly participate in the transaction without using. In addition, the operator 1 of the system prepares a database or the like storing the profile of the agent and the agent fee system so that the final fund manager 2 and the final funder 6 can select the agent without going through the evaluator. It may be provided to the final fund manager 2 or the final fund raiser 6.

  Next, the final fund manager 2 or the agent 3 transfers the operating fund or margin to the operator 1, and the operator 1 stores it in an account for the final fund manager 2 or another account. . The final fundraising party 6 or the procurement agent 7 also sets up an account on the system in order to receive the paid-in funds and to pay fruits and principal to the final fund manager 2 or the surrogate agent 3 after the funding is established. Established in

  Next, the final financing party 6 who has decided to procure, or the procurement agent 7 that is the consignee, evaluates the amount of the procurement, the number of shares issued, the term, the presence or absence of collateral and guarantor, Inform the operator 1 of the outline of the financing to be implemented. Then, the operator 1 discloses this to all the final fund managers 2 and the agent 3 who are the target, and the price, discount rate, surcharge rate, interest rate, Yields, additional yields, and the upper and lower limits of foreign exchange rates are posted on the screen as provisional conditions.

Next, when the final fund manager 2 or the agent 3 who is the trustee thereof is interested in the outline of the procurement and the provisional conditions, the limit order (trading volume, specific price / A discount rate / surcharge rate, an interest rate / yield / additional yield, a foreign exchange rate, etc. are specified) or a market order (specifying a transaction quantity, conditions are not specified) is transmitted to the operator 1. The operator 1 uses the matching function of this system to give priority to a market order, a limit order for provisional conditions closer to the final financing unit 6 and an order that is submitted earlier, and the final fund manager 2 or an operation agency. The amount and the number of shares are automatically allocated to the third party. As a result of this real-time matching work, if the amount raised or the number of shares issued does not reach the originally planned figures, if the final fundraising agent 6 or the agent 7 This ends the procurement. If no compromise is made, the provisional conditions are slightly shifted toward the final fund manager 2, and limit orders and market orders are again sought from the final fund manager 2 or the investment agent 3.
In addition, the final fund raiser 6 or the procurement agent 7 can issue the prospectus prepared at the time of fund procurement to the final fund manager 2 or the agent 3 in the form of an electronic document format or the like.

  The operator 1 can recruit the final fund manager 2 or the investment agent 3 having the same management policy and management target, and can manage the simultaneous joint operation by the plurality of final fund managers 2 and the agent 3. These simultaneous joint operations may be performed by the operator 1 in response to a request from a specific plurality of final fund managers 2 or the agent 3. Simultaneous joint management may be directed to operation for a specific financing product, or may be directed to operation for all financing products within a specified period.

The operator 1 can recruit the final financing company 6 or the procurement agent 7 whose procurement policy and the procurement target match, and can manage simultaneous joint procurement by the plurality of final financing companies 6 and the procurement agent 7. These simultaneous joint procurement may be performed by the operator 1 in response to a request from a specific plurality of final fund procurers 6 or procurement agents 7. Simultaneous joint procurement may be for specific funding or for all funding within a specified period. The main financing products that can be jointly procured are as follows.
(A) Simultaneous joint borrowing, simultaneous joint issuance of bonds, simultaneous joint issuance of commercial paper, etc. by multiple final funders 6 who are close to the current and future credit risks.
(B) Simultaneous joint issuance of shares of multiple final financing units 6 whose current stock price levels and future stock price forecasts are close.
(C) Simultaneous joint issuance of convertible bonds and simultaneous issuance of warrant bonds of a plurality of final funders 6 whose current credit risk and future credit risk prospects are close, and whose current stock price level and future stock price prospects are close.

  Next, when a transaction between the final fund manager 2 or the agent 3 and the final fund raiser 6 or the agent 7 is completed, the operator 1 checks the transaction for both the operation side and the procurement side. Thereafter, the account transfer processing on this system transfers the contracted amount from the account of the final fund manager 2 or the agent 3 to the account of the final fund raiser 6 or the agent 7. Regarding financing, the operator 1 prepares a money consumption loan contract and the like, and both the operation side and the procurement side sign this. With respect to genuine certificates such as stock certificates, bonds, and commercial paper, the operator 1 can store these at their own risk and transfer them by account transfer processing. In this case, this ticket is not exchanged between the operation side and the procurement side.

After the financing is executed, the operator 1 performs management work on the following matters.
(A) In connection with the financing, the final fund manager 2, the investment manager 3, the final funder 6, and the procurement agent 7 each comply with laws and regulations, internal rules, report transactions to authorities, and provide general information. Inspect whether disclosure is being made as appropriate. The operator 1 also reports to the authorities and discloses it to the public as necessary.
(B) In connection with the financing, tools such as software that can be used for risk management and profit / loss management on this system are provided to the final fund manager 2, the investment agent 3, the final funder 6, and the procurement agent 7. provide.
(C) Payment of fruits and principal from the final fundraising party 6 or the procurement agent 7 to the final fund manager 2 or the operation proxy 3 is performed by the account transfer processing in the present system. In addition, the operator 1 can pay a line usage fee, a service providing fee, an advertising fee, an information providing fee, various evaluation fees, various agency fees, and the like by an account transfer process between the parties on the present system.
(D) Repayment of loans during the term, redemption of bonds and commercial paper during the term, change of interest rates of loans and bonds during the term, stock splits, exercise of shareholder rights such as voting rights, exercise of convertible bonds into shares, warrant bonds The final fund manager 2 or the agent 3 and the final funder 6 or the agent 7 carry out various procedures for exercising various rights, such as the exercise of the right to purchase shares.
In the present invention, the date of establishment of various financial transactions is referred to as the beginning of a financial transaction, and the end date thereof is referred to as the end of a financial term.
(E) If the creditworthiness of the final financing unit 6 or the agent 7 during the period of loans, bonds, commercial paper, etc. is significantly reduced, or if the final financing unit 6 or the agent 7 is In the event of default due to failure to pay interest or principal, it will play a leading role in the preservation and collection of receivables and legal proceedings for the current creditor (financial manager 2 or agent 3) .

By the way, another form of transaction between the final fund manager and the final fund raiser is to announce the conditions required by the final fund manager or the investment manager on the final fund raiser on the screen before the final fund raiser. This is the case when a provider or a procurement agent responds to financing.
First, the operator 1 of the present system wants to use the service, the final fund manager 2, the operation agent 3, the operation evaluator 4, the operation reference material provider 5, the final fund procurer 6, the procurement agent 7, The evaluator 8 and the procurement proposal material provider 9 are specified, and sections on the screen are provided for each financing product such as a loan 10, a bond 11, a stock 12, a commercial paper 13, and the like. The user of this service can perform the exchange of materials, communication / consultation, market transactions, transaction matching, signing of contracts, settlement, etc. on this system.

Next, the management reference material provider 5 starts sending the management reference material to the final fund manager 2 and the management agent 3 in real time using a format such as text or an electronic document format. On the other hand, the procurement proposal material provider 9 also starts sending the procurement proposal material to the final fundraising person 6 and the procurement agent 7 in real time using a format such as text or an electronic document format. At the same time, the operator 1 starts to display the current market level, transaction volume, and their transition of various financing products in a product-specific section in real time. Based on these various materials and the actual market values, the final fund manager 2, investment manager 3, final funder 6, and funding agent 7 grasp interest rates and stock market levels and participate in market transactions. Look at the timing.
The market level referred to in this embodiment refers to the fixed and provisional conditions of other financing projects, the fixed and provisional conditions of sales projects, and the contracted, quoted, and theoretical values of various financial products. And market levels provided by financial transaction systems, banks and securities companies other than the present invention.

The final fund manager 2 or the final fund raiser 6 selects the operation evaluator 4 or the procurement evaluator 8 based on the profile or the data of the evaluation fee system written in the database provided by the operator 1 or the like.
Next, the investment evaluator 4 selected from the final fund manager 2 includes “past operation results”, “comparison data with other investment agents”, and “comparison data between changes in market indices and investment results”. The agent 3 that matches the management policy and the management objective of the final fund manager 2 is introduced to the final fund manager 2 based on the “system of management fee”. The operation evaluator 4 can make the above data into a database and provide it through the present system so that the final fund manager 2 can search by himself.
Similarly, the procurement evaluator 8 selected from the final fund procurement unit 6 includes “past procurement results”, “comparison data with other procurement agents”, and “comparison data between changes in market indices and procurement results”. The procurement agent 7 that matches the procurement policy and the procurement target of the final fund procurement person 6 is introduced to the final fund procurement person 6 based on “Procurement Agency Fee System”. The procurement evaluator 8 can make the above-mentioned data into a database and provide it via the present system so that the final fund procurer 6 can search by himself.
In order for the evaluator to easily create various data provided to the final fund manager 2 or the final fund raiser 6, the final fund manager 2 or the final fund raiser 6 manages the Or let the evaluator report the procurement results in real time. The final fund manager 2 or the final fund raiser 6 can request the operation evaluator 4 or the procurement evaluator 8 to evaluate the operation or procurement even when participating alone in the transaction. Further, the evaluator can provide a tool for evaluating the operation or procurement of the software or the like to the final fund manager 2 or the final fund raiser 6 via the present system.

Next, the final fund manager 2 and the final fund raiser 6 who have been referred to the agent by the evaluator either leave the transaction to the introduced agent, or receive only advice from the agent. Decide whether to participate in the deal alone. At this point, the parties participating in the market transaction, namely, the final fund manager 2, the investment agent 3 representing the final fund manager 2, the final fund raiser 6, and the procurement agent 7 representing the final fund raiser 6 Will be available.
The agency contract concluded by the final fund manager 2 with the investment agent 3 may be for a specific operation, or may be an investment consignment amount and entrust all operations within the agent contract period. Further, the final fund manager 2 can appoint a plurality of managers 3 and the manager 3 can receive a transfer of a transaction from the plurality of managers 2. The management agent 3 can collect and pool the management demands of the final fund managers 2 whose management policies and management goals match, and can manage funds for each pool. Further, the investment agent 3 can use the trust accounts in Japan and overseas and various funds to separate the investment funds received from the final fund manager 2 from its own credit risk.
Similarly, the agency contract concluded by the final funder 6 with the agent 7 may be for specific procurement, or the amount of entrusted procurement may be determined, and all the procurement within the agent contract period may be entrusted. Good. In addition, the final fund raiser 6 can designate a plurality of procurement agents 7, and the procurement agent 7 can receive a proxy for a transaction from the plurality of final fund raisers 6. The procurement agent 7 bundles and pools the procurement demands of the final funders 6 whose procurement policies and procurement targets match, or the procurement demands of the final funders 6 whose creditworthiness and performance prospects are close. We can raise funds for each pool.
In view of the conflict of interest between the final fund manager 2 and the final funder 6, in principle, it is not possible for a particular agent to accept market transactions from both the final fund manager 2 and the final funder 6. Absent.
Incidentally, the final fund manager 2 can directly participate in the transaction without using the investment evaluator 4 or the investment agent 3, and similarly, the final fund raiser 6 can It is possible to directly participate in the transaction without using. In addition, the operator 1 of the system prepares a database or the like storing the profile of the agent and the agent fee system so that the final fund manager 2 and the final funder 6 can select the agent without going through the evaluator. It may be provided to the final fund manager 2 or the final fund raiser 6.

  Next, the final fund manager 2 or the agent 3 transfers the operating fund or margin to the operator 1, and the operator 1 stores it in an account for the final fund manager 2 or another account. . The final fundraising party 6 or the procurement agent 7 also sets up an account on the system in order to receive the paid-in funds and to pay fruits and principal to the final fund manager 2 or the surrogate agent 3 after the funding is established. Established in

  Next, the final fund manager 2 or its agent, the investment agent 3, takes into account the timing of market fluctuations, and considers the transaction volume, the operating period, the name and the type of business of the final funder 6 desired as the investment destination, The credit rating, stock price, and specific conditions such as the desired price, discount rate, surcharge rate, interest rate, yield, additional yield, and the upper and lower limits of the foreign exchange rate are transmitted to the operator 1. Then, when the final funder 6 is designated, the operator 1 gives the final funder 6 or the procurement agent 7 to which the final funder 6 is appointed, if the type of business, credit rating and stock price are specified, The above conditions are disclosed to all the final fund procurers 6 belonging to the category or the procurement agent 7 which is a consignee thereof. In some cases, the final fund manager 2 or the investment agent 3 appoints a plurality of final fund raisers 6 as investment destinations.

  Next, the final fund raiser 6 receiving the above disclosure from the operator 1, or the procurement agent 7 that is the trustee thereof can accept the fund raising conditions presented by the final fund manager 2 or the investment agent 3. In such cases, funding is determined according to the conditions. On the other hand, if the user is interested in this condition but cannot tolerate it, he or she will negotiate with the final fund manager 2 or the investment agent 3 via the operator 1 or directly and seek a compromise.

  The operator 1 can recruit the final fund manager 2 or the investment agent 3 having the same management policy and management target, and can manage the simultaneous joint operation by the plurality of final fund managers 2 and the agent 3. These simultaneous joint operations may be performed by the operator 1 in response to a request from a specific plurality of final fund managers 2 or the agent 3. Simultaneous joint management may be directed to operation for a specific financing product, or may be directed to operation for all financing products within a specified period.

  Next, when a transaction between the final fund manager 2 or the agent 3 and the final fund raiser 6 or the agent 7 is completed, the operator 1 checks the transaction for both the operation side and the procurement side. Thereafter, the account transfer processing on this system transfers the contracted amount from the account of the final fund manager 2 or the agent 3 to the account of the final fund raiser 6 or the agent 7. Regarding financing, the operator 1 prepares a money consumption loan contract and the like, and both the operation side and the procurement side sign this. With respect to genuine certificates such as stock certificates, bonds, and commercial paper, the operator 1 can store these at their own risk and transfer them by account transfer processing. In this case, this ticket is not exchanged between the operation side and the procurement side.

After the financing is executed, the operator 1 performs management work on the following matters.
(A) In connection with the financing, the final fund manager 2, the investment manager 3, the final funder 6, and the procurement agent 7 each comply with laws and regulations, internal rules, report transactions to authorities, and provide general information. Inspect whether disclosure is being made as appropriate. The operator 1 also reports to the authorities and discloses it to the public as necessary.
(B) In connection with the financing, tools such as software that can be used for risk management and profit / loss management on this system are provided to the final fund manager 2, the investment agent 3, the final funder 6, and the procurement agent 7. provide.
(C) Payment of fruits and principal from the final fundraising party 6 or the procurement agent 7 to the final fund manager 2 or the operation proxy 3 is performed by the account transfer processing in the present system. In addition, the operator 1 can pay a line usage fee, a service providing fee, an advertising fee, an information providing fee, various evaluation fees, various agency fees, and the like by an account transfer process between the parties on the present system.
(D) Repayment of loans during the term, redemption of bonds and commercial paper during the term, change of interest rates of loans and bonds during the term, stock splits, exercise of shareholder rights such as voting rights, exercise of convertible bonds into shares, warrant bonds The final fund manager 2 or the agent 3 and the final funder 6 or the agent 7 carry out various procedures for exercising various rights, such as the exercise of the right to purchase shares.
(E) If the creditworthiness of the final financing unit 6 or the agent 7 during the period of loans, bonds, commercial paper, etc. is significantly reduced, or if the final financing unit 6 or the agent 7 is In the event of default due to failure to pay interest or principal, it will play a leading role in the preservation and collection of receivables and legal proceedings for the current creditor (financial manager 2 or agent 3) .

Next, an embodiment of the flow of funds and the mechanism of charging will be described with reference to FIG.
In the figure, in [1], the final fund manager 2 or the investment agent 3 pays a payment to the final fund raiser 6 or the procurement agent 7. Includes the margin collected by the operator 1 of the system for the transaction.
In [2], each user pays a line usage fee, a service providing fee, an advertisement fee (banner advertisement or pop-up advertisement to be displayed on a screen) to the operator 1 of the system.
In [3], an information provision fee is paid from the final fund manager 2 and the agent 3 to the operation reference material provider 5.
In [4], an information provision fee is paid from the final fundraising company 6 and the procurement agent 7 to the procurement proposal material provider 9.
[5] pays an operation evaluation fee from the final fund manager 2 to the operation evaluator 4.
In [6], the final fund manager 2 pays the management agent fee to the management agent 3.
[7] pays a procurement evaluation fee from the final fund raiser 6 to the procurement evaluator 8.
[8] pays a procurement agency fee from the final fundraising entity 6 to the procurement agency 7.

Next, FIGS. 3 and 4 are diagrams showing transactions between final fund managers of the present invention.
First, a general form of trading in a secondary market will be described. That is, the operator 1 of the system specifies the final fund manager 2, the investment agent 3, the operation evaluator 4, and the operation reference material provider 5 who want to use the service, and displays the loan receivable 14, the bond 11 on the screen. , Stocks 12, commercial paper 13, etc., for each fund management product. The user of the service performs the exchange of materials, communication / consultation, market transactions, transaction matching, signing of contracts, settlement, etc. on this system.

Next, the management reference material provider 5 starts sending the management reference material to the final fund manager 2 and the management agent 3 in real time using a format such as a text or an electronic document format. On the other hand, the operator 1 starts displaying the current market level, transaction volume, and their transition of various fund management products in a product-specific section in real time. Based on these various materials and the actual market figures, the final fund manager 2 and the investment manager 3 grasp the interest rates and stock market levels and see when to participate in market transactions.
Note that the market level referred to in the present embodiment refers to the contracted value, indicative price, theoretical value of various financial products, fixed conditions, provisional conditions, etc. of the sale and financing cases, and the financial transaction system other than the present invention. And market prices provided by banks and securities firms.

The final fund manager 2 selects the operation evaluator 4 based on the profile and the data of the evaluation fee system written in the database provided by the operator 1 and the like.
Next, the investment evaluator 4 selected from the final fund manager 2 includes “past operation results”, “comparison data with other investment agents”, and “comparison data between changes in market indices and investment results”. The agent 3 that matches the management policy and the management objective of the final fund manager 2 is introduced to the final fund manager 2 based on the “system of management fee”. The operation evaluator 4 can make the above data into a database and provide it through the present system so that the final fund manager 2 can search by himself. In order for the evaluator 4 to easily create various data to be provided to the final fund manager 2, the final fund manager 2 provides the investment agent 3 who has entrusted his / her transaction with the operation evaluator 4 in real time. Report to.
The final fund manager 2 can request the operation evaluator 4 to evaluate the operation even when participating alone in the transaction. In addition, the operation evaluator 4 can provide a tool for evaluating the operation such as software to the final fund operator 2 via the present system.

Next, the final fund manager 2 receiving the introduction of the investment agent 3 from the investment evaluator 4 either leaves the transaction to the introduced investment agent 3 or provides only advice from the investment agent 3 Being alone decides whether to participate in the deal. The agency contract concluded by the final fund manager 2 with the investment agent 3 may be for a specific operation, or may be an investment consignment amount and entrust all operations within the agent contract period. In addition, the final fund manager 2 can designate a plurality of managers 3, while the manager 3 can receive a transfer of a transaction from the plurality of final managers 2. The management agent 3 can collect and pool the management demands of the final fund managers 2 whose management policies and management goals match, and can manage funds for each pool.
The management agent 3 can use the trust accounts and various funds at home and abroad to separate the management fund entrusted from the final fund manager 2 from its own credit risk.
Note that the final fund manager 2 can directly participate in the transaction without using the investment evaluator 4 or the investment agent 3. In addition, the operator 1 of the present system prepares a database or the like storing the profile of the agent 3 and the agent fee system so that the final fund manager 2 can select the agent 3 without going through the operation evaluator 4. It may be provided to the final fund manager 2.

  Next, the final fund manager 2 or the agent 3 transfers the operating fund or margin to the operator 1, and the operator 1 stores it in an account for the final fund manager 2 or another account. . Also, during the term, an account for the final fund raiser 6 or the procurement agent 7 to pay fruits and principals to the final fund manager 2 or the money transfer agent 3 is also opened on this system.

  Next, the final fund manager 2 or the agent 3 decides whether to buy or sell a specific fund management product, and then decides on a limit order (specifying the trading quantity, a specific price or yield) or a market order. (Specify the trading quantity, but do not specify the price or yield) to the operator 1. The operator 1 uses the matching function of the system to prioritize a market order, a limit order for a purchase closer to a seller, a limit order for a sell closer to a buyer, and an order with a earlier submission time. Automatically allocate amount and number of shares to sellers.

  The operator 1 can recruit the final fund manager 2 or the investment agent 3 having the same management policy and management target, and can manage the simultaneous joint operation by the plurality of final fund managers 2 and the agent 3. These simultaneous joint operations may be performed by the operator 1 in response to a request from a specific plurality of final fund managers 2 or the agent 3. Simultaneous joint management may be targeted at a specific transaction of a fund management product, or may be targeted at all transactions within a specified period.

When the transaction between the buyer and the seller is completed, the operator 1 checks the transaction with both sides, and thereafter, the account transfer processing on the present system transfers the contracted amount from the buyer's account to the seller's account. . Note that the contracted amount of the loan or bond is the amount obtained by subtracting the accrued interest paid by the buyer to the seller. Regarding the sale and purchase of loan receivables, the operator 1 creates a contract for the seller to transfer the receivables to the buyer, and the buyer and the seller sign the contract. The operator 1 can store these certificates, such as stock certificates, bonds, and commercial papers, at their own risk, and transfer the vouchers from the seller to the buyer through a fund transfer process. In this case, the transfer of this ticket between the final fund managers 2 is not performed.
Note that the final fund manager 2 and the agent 3 can use this system to lend the securities held to other final fund managers 2 and the agent 3.

After the sales contract, the operator 1 performs management work on the following matters.
(A) Investigate whether the final fund manager 2 or the investment management agent 3 appropriately complies with laws and regulations, internal rules, reports transactions to authorities, discloses information to the public, etc. as appropriate in connection with trading. The operator 1 also reports to the authorities and discloses it to the public as necessary.
(B) Provide tools such as software that can be used for risk management and profit / loss management on the present system to the final fund manager 2 and the agent 3 in connection with trading.
(C) Payment of fruits and principal from the final fundraising party 6 or the procurement agent 7 to the final fund manager 2 or the operation proxy 3 is performed by the account transfer processing in the present system. In addition, the operator 1 can pay a line usage fee, a service providing fee, an advertising fee, an information providing fee, an operation evaluation fee, various agency fees, and the like by an account transfer process between the parties on the present system.
(D) repayment of loan receivables during the term, redemption of bonds and commercial paper during the term, change of interest rate of loan receivables and bonds during the term, stock split, exercise of shareholder rights such as voting rights, exercise of convertible bonds into shares, The final fund manager 2 or the agent 3 and the final funder 6 or the agent 7 carry out various procedures for exercising various rights, such as exercising the right to purchase warrant bonds.
(E) When the creditworthiness of the final financing party 6 or the procurement agent 7 is significantly reduced during the term of the loan receivables, bonds, commercial paper, etc., or during the term or at maturity, the final financing party 6 or the procurement agent 7 Is unable to pay interest or principal and defaults, and takes a leading role in the preservation and collection of receivables and legal proceedings for the current creditor (final fund manager 2 or agent 3). Fulfill.

FIG. 5 is a diagram showing a form of sale in a transaction between final fund managers of the present invention.
First, the operator 1 of the system specifies the final fund manager 2, the investment agent 3, the operation evaluator 4, and the operation reference material provider 5 who want to use the service, and displays the loan receivable 14, the bond 11 on the screen. , Stocks 12, commercial paper 13, etc., for each fund management product. The user of the service performs the exchange of materials, communication / consultation, market transactions, transaction matching, signing of contracts, settlement, etc. on this system.

Next, the management reference material provider 5 starts sending the management reference material to the final fund manager 2 and the management agent 3 in real time using a format such as a text or an electronic document format. On the other hand, the operator 1 starts displaying the current market level, transaction volume, and their transition of various fund management products in a product-specific section in real time. Based on these various materials and the actual market figures, the final fund manager 2 and the investment manager 3 grasp the interest rates and stock market levels and see when to participate in market transactions.
The market level referred to in the present embodiment refers to the fixed conditions and provisional conditions of other sales projects, the contracted value, quotes, and theoretical values of various financial products, as well as the fixed and provisional conditions of financing projects. And market levels provided by financial transaction systems, banks and securities companies other than the present invention.

The final fund manager 2 selects the operation evaluator 4 based on the profile and the data of the evaluation fee system written in the database provided by the operator 1 and the like.
Next, the investment evaluator 4 selected from the final fund manager 2 includes “past operation results”, “comparison data with other investment agents”, and “comparison data between changes in market indices and investment results”. The agent 3 that matches the management policy and the management objective of the final fund manager 2 is introduced to the final fund manager 2 based on the “system of management fee”. The operation evaluator 4 can make the above data into a database and provide it through the present system so that the final fund manager 2 can search by himself. In order for the evaluator 4 to easily create various data to be provided to the final fund manager 2, the final fund manager 2 provides the investment agent 3 who has entrusted his / her transaction with the operation evaluator 4 in real time. Report to.
The final fund manager 2 can request the operation evaluator 4 to evaluate the operation even when participating alone in the transaction. In addition, the operation evaluator 4 can provide a tool for evaluating the operation such as software to the final fund operator 2 via the present system.

Next, the final fund manager 2 receiving the introduction of the investment agent 3 from the investment evaluator 4 either leaves the transaction to the introduced investment agent 3 or provides only advice from the investment agent 3 Being alone decides whether to participate in the deal. The agency contract concluded by the final fund manager 2 with the investment agent 3 may be for a specific operation, or may be an investment consignment amount and entrust all operations within the agent contract period. In addition, the final fund manager 2 can designate a plurality of managers 3, while the manager 3 can receive a transfer of a transaction from the plurality of final managers 2. The management agent 3 can collect and pool the management demands of the final fund managers 2 whose management policies and management goals match, and can manage funds for each pool.
The management agent 3 can use the trust accounts and various funds at home and abroad to separate the management fund entrusted from the final fund manager 2 from its own credit risk.
Note that the final fund manager 2 can directly participate in the transaction without using the investment evaluator 4 or the investment agent 3, and the seller 15 similarly uses the investment evaluator 4 or the agent 16 It is possible to participate directly in the transaction without having to do it. In addition, the operator 1 of the system prepares a database or the like that stores the profile of the agent and the agent fee system so that the final fund manager 2 and the seller 15 can select the agent without going through the operation evaluator 4. It may be provided to the final fund manager 2 or the seller 15.

  Next, the final fund manager 2 or the agent 3 transfers the operating fund or margin to the operator 1, and the operator 1 stores it in an account for the final fund manager 2 or another account. . Also, during the term, an account for the final fund raiser 6 or the procurement agent 7 to pay fruits and principals to the final fund manager 2 or the money transfer agent 3 is also opened on this system.

  Next, the final fund manager who has decided to sell (hereinafter referred to as the seller 15 separately from other final fund managers), or the investment agent that is the consignee thereof (hereinafter referred to as the selling agent separately from other asset managers) 16) informs the operator 1 of the outline of the selling to be carried out, such as the brand, the selling amount, the number of shares to be sold, the remaining period, the presence or absence of the security and the guarantor, in view of the timing of the market fluctuation. Then, the operator 1 discloses this to all the final fund managers 2 and the agent 3 who are the targets, and the price / discount rate, yield, and additional yield desired by the seller 15 or the agent 16. Are posted on the screen as provisional conditions.

Next, when the final fund manager 2 or the investment agent 3 is interested in the outline of the sale and the provisional conditions, the limit order (purchase quantity, specific price / discount rate, yield / An additional yield is specified) or a market order (the purchase quantity is specified, the conditions are not specified) is transmitted to the operator 1. The operator 1 uses the matching function of the present system to give priority to the market order, the limit order for provisional conditions closer to the seller, and the order with earlier submission time to the final fund manager 2 or the agent 3 Automatically allocates amount and number of shares. As a result of this real-time matching work, if the selling amount or the number of shares to be sold does not reach the originally planned numerical value, if the seller 15 or the agent 16 compromises on the contracted amount or the number of shares, the selling is performed. To end. If no compromise is made, the provisional conditions are slightly shifted toward the final fund manager 2, and limit orders and market orders are again sought from the final fund manager 2 or the investment agent 3.
In addition, the final fundraising company 6 or the procurement agent 7 using the fund management product as a product to be sold as a fund procurement means, prepares the prospectus prepared at the time of selling the final fund management in an electronic document format or the like. Can be issued to the agent 2 or the operation agent 3.

  The operator 1 can recruit a final fund manager 2 or an investment agent 3 having the same management policy or management target, and can manage simultaneous joint purchase by the plurality of final fund managers 2 or the agent 3. These simultaneous joint purchases may be carried out by the operator 1 in response to a request from a specific plurality of final fund managers 2 or investment managers 3.

The operator 1 can recruit a seller 15 or a sales agent 16 having the same sales policy and sales target, and can manage the simultaneous sale of a single brand or a plurality of brands by the plurality of sellers 15 and the sales agency 16. These simultaneous joint sales may be carried out by the operator 1 in response to a request from a plurality of specific sellers 15 or sales agents 16. In addition, the simultaneous joint sale may target a specific sale of the fund management product, or may target all the sales within the specified period. The main fund management products that can be jointly sold in the case of multiple stocks are as follows.
(A) Simultaneous joint sale of multiple loans, simultaneous sale of multiple bonds, simultaneous joint sale of multiple commercial papers, etc.
(B) Simultaneous joint sale of multiple shares with similar current or future stock prices.
(C) Simultaneous joint sale of multiple convertible bonds and simultaneous joint sale of multiple warrant bonds with similar current and future credit risk projections and current and future stock price levels.

When the transaction between the final fund manager 2 or the agent 3 and the seller 15 or the agent 16 is completed, the operator 1 checks the transaction with both the buyer and the seller, and thereafter, By the account transfer processing on the present system, the contracted amount is transferred from the account of the final fund manager 2 or the agent 3 to the account of the seller 15 or the agent 16. Note that the contracted amount of the loan or bond is the amount obtained by subtracting the accrued interest paid by the buyer to the seller. Regarding the loan receivable, the operator 1 prepares a contract in which the selling side transfers the receivable to the buying side, and both the buying side and the selling side sign the contract. The operator 1 can store these bonds, such as bonds, stock certificates, and commercial papers, at their own risk, and transfer them from the selling side to the buying side by performing an account transfer process. In this case, the transfer of this ticket is not performed between the purchasing side and the selling side.
Note that the final fund manager 2 and the agent 3 can use this system to lend the securities held to other final fund managers 2 and the agent 3.

After the sale is completed, the operator 1 performs management work on the following matters.
(A) In connection with the sale, the final fund manager 2, the investment agent 3, the seller 15, and the agent 16 each comply with laws and regulations, internal rules, report transactions to authorities, disclose information to the public, etc. Inspect if you have done this as appropriate. The operator 1 also reports to the authorities and discloses it to the public as necessary.
(B) In connection with the selling, tools such as software that can be used for risk management and profit / loss management on the present system are provided to the final fund manager 2 and the agent 3.
(C) Payment of fruits and principal from the final fundraising party 6 or the procurement agent 7 to the final fund manager 2 or the operation proxy 3 is performed by the account transfer processing in the present system. In addition, the operator 1 can pay a line usage fee, a service providing fee, an advertising fee, an information providing fee, an operation evaluation fee, various agency fees, and the like by an account transfer process between the parties on the present system.
(D) repayment of loan receivables during the term, redemption of bonds and commercial paper during the term, change of interest rate of loan receivables and bonds during the term, stock split, exercise of shareholder rights such as voting rights, exercise of convertible bonds into shares, The final fund manager 2 or the agent 3 and the final funder 6 or the agent 7 carry out various procedures for exercising various rights, such as exercising the right to purchase warrant bonds.
(E) When the creditworthiness of the final financing party 6 or the procurement agent 7 is significantly reduced during the term of the loan receivables, bonds, commercial paper, etc., or during the term or at maturity, the final financing party 6 or the procurement agent 7 Is unable to pay interest or principal and defaults, and takes a leading role in the preservation and collection of receivables and legal proceedings for the current creditor (final fund manager 2 or agent 3). Fulfill.

  Incidentally, the transaction between the final fund manager 2 and the final fund manager 2 can be performed simultaneously with the transaction between the final fund manager 2 and the final fund manager 6. For example, the final fund raiser 6 who issues bonds in the latter transaction can purchase a loan receivable as the final fund manager 2 in the former transaction, and can earn a profit margin by the difference between the procurement cost and the investment yield.

Next, the flow of funds and the mechanism of charging in this embodiment will be described.
FIG. 4 shows an embodiment of the case of general trading in a secondary market.
In the figure, [1] indicates that the final fund manager 2 (buyer) or the agent 3 (buyer) pays the purchase price to the final fund manager 2 (seller) or the agent 3 (seller). Includes the margin collected by the operator 1 of the system for the transaction.
In [2], each user pays a line usage fee, a service providing fee, an advertisement fee (banner advertisement or pop-up advertisement to be displayed on a screen) to the operator 1 of the system.
In [3], an information provision fee is paid from the final fund manager 2 and the agent 3 to the operation reference material provider 5.
[4] pays an operation evaluation fee from the final fund manager 2 to the operation evaluator 4.
In [5], the final fund manager 2 pays the management agent fee to the management agent 3.
[6] pays fruit and principal from the final fundraising party 6 or the procurement agent 7 to the holder at that time (the final fund manager 2 or the funding agent 3).

FIG. 6 shows an embodiment in the case of selling.
In [1] in the figure, the final fund manager 2 (buyer) or the agent 3 (buyer) pays the seller 15 or the agent 16 for the purchase. Includes the margin collected by the operator 1 of the system for the transaction.
In [2], each user pays a line usage fee, a service providing fee, an advertisement fee (banner advertisement or pop-up advertisement to be displayed on a screen) to the operator 1 of the system.
In [3], an information provision fee is paid from the final fund manager 2, the investment agent 3, the seller 15, and the agent 16 to the operation reference material provider 5.
In [4], the final fund manager 2 and the seller 15 pay an operation evaluation fee to the operation evaluator 4.
In [5], the final fund manager 2 pays the management agent fee to the management agent 3.
In [6], the selling agent 15 pays the selling agent fee to the selling agent 16.
[7] pays fruit and principal from the final fundraising party 6 or the procurement agent 7 to the holder at that time (the final fund manager 2 or the funding agent 3).

Next, FIG. 7 and FIG. 8 are diagrams showing transactions between the final fund traders in the present invention.
First, the operator 1 of the present system specifies a final fund trader 17, a transaction agent 18, a transaction evaluator 19, and a transaction proposal document provider 20 who want to use the service, and displays on the screen a fund transaction product (various types). Sections such as foreign exchange products 21, various interest derivative products 22, various stock derivative products 23, and other composite derivative products 24) are provided. The user of the service performs the exchange of materials, communication / consultation, market transactions, transaction matching, signing of contracts, settlement, etc. on this system.

Next, the transaction proposal material provider 20 starts sending the transaction proposal material to the final fund trader 17 and the transaction agent 18 in real time using a format such as text or an electronic document format. On the other hand, the operator 1 starts to display the current market level, transaction volume, and their transition of various fund transaction products in a product-specific section in real time. Based on these various materials and the actual market values, the final fund trader 17 and the transaction agent 18 grasp the market level of the fund trading product and see the timing of participating in market trading.
In addition, the market level referred to in the present example is the contracted value, indicative price, theoretical value of various foreign exchange products, various financial derivative products, various basic products, fixed conditions, provisional conditions, etc. And includes market levels provided by financial transaction systems other than the present invention, banks and securities companies.

The final fund transactor 17 selects the transaction evaluator 19 based on the profile and the data of the evaluation fee system recorded in the database provided by the operator 1 or the like.
Next, the transaction evaluator 19 selected from the final fund transactor 17 includes "Past transaction results", "Comparison data with other transaction agents", and "Comparison data of changes in market indices and transaction results". Based on the “transaction agency fee system” and the like, the transaction agency 18 that matches the transaction policy and the transaction goal of the final fund trader 17 is introduced to the final fund trader 17. The transaction evaluator 19 can make the above data into a database and provide it via the present system so that the final fund transaction person 17 can search by himself. In order to make it easy for the transaction evaluator 19 to create various data to be provided to the final fund trader 17, the final fund trader 17 provides the transaction agent 18 entrusted with his / her own transaction with the transaction evaluator 19 in real time. Report to.
The final fund trader 17 can request the transaction evaluator 19 to evaluate the transaction even when participating alone in the transaction. Further, the transaction evaluator 19 can provide a tool for evaluating the transaction, such as software, to the final fund transactor 17 via the present system.

Next, the final fund trader 17 who has been referred to the transaction agent 18 by the transaction evaluator 19 either leaves the transaction to the introduced transaction agent 18 or provides only advice from the transaction agent 18. Decide whether to participate in the deal alone. The proxy contract concluded by the final fund trader 17 with the transaction agent 18 may be for a specific transaction, or a transaction commission amount may be set, and all transactions within the agency contract period may be entrusted. In addition, the final fund trader 17 can designate a plurality of transaction agents 18, while the transaction agent 18 can accept a transaction from a plurality of final fund transactions 17. The transaction agent 18 can collect and pool the transaction demands of the final fund transactors 17 having close creditworthiness and matching transaction policies and transaction targets, and can act as a fund transaction for each pool.
The transaction agent 18 can use the trust accounts and various funds in Japan and abroad to separate the transaction funds received from the final fund transactor 17 from its own credit risk.
The final fund trader 17 can directly participate in the transaction without using the transaction evaluator 19 or the transaction agent 18. In addition, the operator 1 of the present system prepares a database or the like that stores the profile of the transaction agent 18 and the agency fee system so that the final fund transaction person 17 can select the transaction agent 18 without going through the transaction evaluator 19. It may be provided to the final fund trader 17.

  Next, the final fund trader 17 or the transaction agent 18 transfers the transaction fund or margin to the operator 1, and the operator 1 stores it in an account for each of the final fund transaction 17 or the transaction agent 18. . When the creditworthiness of the final fund trader 17 or the transaction agent 18 is low, the operator 1 sets the security or guarantor to the final fund transaction 17 or the transaction agent 18 to minimize the credit risk.

  Next, the final fund trader 17 or the transaction agent 18 decides to buy or sell a specific fund trading product and conclude a contract at the stage where the limit order (trading volume, specific price, specific price, interest rate, yield, An additional yield / exchange rate is specified) or a market order (specify the transaction quantity, etc., and the price, interest rate, yield, additional yield, exchange rate, etc. are not specified) are transmitted to the operator 1. The operator 1 uses the matching function of the present system to give priority to a market order, a limit order closer to the other party, and an order that is submitted earlier, and gives the money amount and the number of sheets to the final fund trader 17 or the transaction agent 18. Allocate automatically.

Since the liquidity of foreign exchange products and financial derivatives tends to decrease as the structure becomes more complicated, the operator 1 supplements the liquidity of the products in the following manner.
(A) The foreign currency spot products and various futures products having high liquidity are standardized standard products, and the final fund trader 17 buys and sells them.
(B) Operator 1 adjusts the gap between the standard products and the cash flow (price-based vs. interest-based, simple interest-based vs. compound interest-based, semi-annual yield-based vs. 1-year yield-based, prepaid-based vs. postpaid-based, etc.) In the meantime, various optional products, various forward products, and the like are created by the combining operation, and the final fund trader 17 makes a transaction.
(C) Next, by further synthesizing those synthetic products, more complicated products such as various swap products, various cap products, various future option products, etc. are made, and the final fund trader 17 trades them.
(D) Among the above synthetic products, products with high liquidity will appear depending on the market environment and popularity at that time, but such products will be upgraded to standard products.
(E) The synthetic product whose liquidity has been reduced is decomposed again, returned to a form closer to the standard product, and has the final fund trader 17 trade it.
(F) When responding to a purchase order for a complex product, the operator 1 bundles and combines sales orders for a plurality of standardized products and matches it with the purchase order (one purchase versus one for many sales). ). On the other hand, when responding to a sell order of a complicated product, the order is once broken down and a buy order for each of the separated commodities is solicited (buy many vs. sell 1).
In the foreign exchange transaction and the financial derivative transaction in the present invention, as a result of the synthesizing and disassembling operations, the demand of the final fund trader or the agent is not always matched for one product, and a single product vs. a plurality of products are required. Or, a case may occur in which demand is matched for multiple products versus multiple products. As an example in FIG. 7, in the section of various foreign exchange products 21, the demand for three products is matched with the demand for two products, and similarly, in the section of various interest rate derivatives 22, one product to three products and various stock derivatives 23. Section, a three-commodity-to-one-commodity transaction is established, and in the other composite derivative-commodity section 24, a two-commodity-to-two-commodity transaction is established.

  The operator 1 recruits a final fund trader 17 or a transaction agent 18 having a close creditworthiness and a matching transaction policy or transaction target, and can operate a simultaneous joint transaction by the plurality of final fund transaction persons 17 or the transaction agent 18. . These simultaneous joint transactions may be executed by the operator 1 in response to a request from a specific plurality of final fund traders 17 or transaction agents 18. Further, the simultaneous joint transaction may target a specific transaction of a fund transaction product, or may target all transactions within a specified period.

  When the transaction between the parties is completed, the operator 1 checks the transaction with both parties, and thereafter, the account transfer processing on the present system allows the contracted amount considering the accrued interest and the like to be transferred from the account of one party to the other. Will be transferred to the account of the other party. In addition, the operator 1 creates contracts for various transactions, and both parties sign the contracts.

After the contract is executed, the operator 1 performs management work on the following matters.
(A) In connection with the transaction, it is examined whether or not the final fund trader 17 or the transaction agent 18 appropriately complies with laws and regulations, internal rules, reports a transaction to an authority, discloses information to the public, and the like as appropriate. The operator 1 also reports to the authorities and discloses it to the public as necessary.
(B) Provide tools such as software that can be used for risk management and profit / loss management on the present system to the final fund trader 17 and the transaction agent 18 in connection with the transaction.
(C) Transfer of fruit and principal between the final fund trader 17 or the transaction agent 18 and the other party, settlement of the difference after the final fund trader 17 or the transaction agent 18 has traded back, etc., in this system. This is done by account transfer processing. In addition, the operator 1 can pay a line usage fee, a service providing fee, an advertising fee, an information providing fee, a transaction evaluation fee, a transaction agency fee, and the like by an account transfer process between the parties on the present system.
(D) When the buying side of the fund transaction product exercises the right, the administrative procedures that occur between the buying side and the selling side are performed.
(E) Perform the administrative procedures that occur when the final fund trader 17 or the transaction agent 18 cancels the contract or transfers the contract to a third party.
(F) During the period from the conclusion of the transaction until the settlement of the transaction through counter-trading or the exercise of the rights of the buying side, or during the contract period of the transaction concluded, the final fund trader 17 or the transaction agent 18 When the creditworthiness is reduced, the operator 1 minimizes credit risk by collecting margin from the final fund trader 17 or the transaction agent 18 or setting additional security or additional guarantor. . Nevertheless, if the final fund trader 17 or the transaction agent 18 defaults, he / she plays a leading role in the security and collection of receivables and legal proceedings for the counterparty.

Incidentally, the transaction between the final fund traders 17 can be performed simultaneously with the transaction between the final fund manager 2 and the final fund raiser 6. For example, the final fund raiser 6 that raises a fixed interest rate fund in the latter transaction can participate in the former swap transaction as the final fund trader 17 and substantially change the procurement interest rate to a floating interest rate.
Further, the transaction between the final fund managers 17 can be performed simultaneously with the transaction between the final fund managers 2. For example, the final fund manager 2 who purchases foreign currency-denominated securities in the latter transaction can participate in the former foreign exchange transaction as the final fund transactor 17 and hedge the currency risk of the securities.

Next, the flow of funds and the mechanism of charging according to the present embodiment will be described with reference to FIG.
In the figure, [1] shows the flow of transaction price, fruit, and principal between the final fund trader 17 or the transaction agent 18 and another final fund transaction 17 or another transaction agent 18. Includes the margin collected by the operator 1 of the system for the transaction.
In [2], each user pays a line usage fee, a service providing fee, an advertisement fee (banner advertisement or pop-up advertisement to be displayed on a screen) to the operator 1 of the system.
[3] pays an information provision fee from the final fund transaction person 17 and the transaction agent 18 to the transaction proposal material provider 20.
[4] pays a transaction evaluation fee from the final fund trader 17 to the transaction evaluator 19.
In [5], a transaction agent fee is paid from the final fund transaction person 17 to the transaction agent 18.

Next, various financial products shown in FIG. 7 are defined.
Foreign exchange products mainly refer to the following products. Note that (b) to (f) are also classified as financial derivative products.
(A) Exchange spot transaction: A transaction of a currency at a current exchange rate.
(B) Foreign exchange futures trading: Derivatives that buy and sell currencies at future exchange rates.
(C) Currency futures trading: Derivatives that buy or sell future exchange rates.
(D) Currency option trading: A financial derivative product that buys or sells the right to buy or sell currency.
(E) Currency futures option transaction: a financial derivative product that buys or sells the right to buy or sell currency futures.
(F) Currency swap transaction: A derivative financial instrument that exchanges principal and interest payments and receipts in different currencies.

Interest rate derivative products mainly refer to the following products.
(A) Interest rate futures transaction: a derivative financial instrument that buys and sells future interest rates.
(B) Interest rate futures option transaction: A financial derivative product that buys or sells the right to buy or sell interest rate futures.
(C) Bond futures transactions: Derivatives that buy or sell future bond prices.
(D) In-kind bond option transaction: A financial derivative product that buys and sells the right to buy and sell bonds.
(E) Bond futures option transaction: a financial derivative product that buys and sells the right to buy and sell bond futures.
(F) Interest rate swap transaction: A financial derivative product that exchanges payments and receipts of different interest rates, such as fixed and floating interest rates.
(G) Swaption transactions: Derivative products that buy or sell the right to perform swap transactions.
(H) Forward interest rate transactions: Derivative financial instruments that determine future interest rates.
(I) Cap transaction: A financial derivative product that guarantees a maximum interest rate.
(J) Floor transactions: Derivative financial instruments that guarantee a minimum interest rate.
(K) Color trading: financial derivatives that guarantee the upper and lower limits of interest rates.

Stock derivative products mainly refer to the following products.
(A) Stock index futures trading: Derivatives that buy or sell future stock indices.
(B) Stock index option trading: a financial derivative product that buys and sells the right to buy and sell the stock index.
(C) Stock index futures option trading: A financial derivative product that buys or sells the right to buy or sell a stock index futures.
(D) Individual stock option trading: a derivative financial instrument that buys or sells the right to buy or sell an individual stock.

Other composite derivative products refer to the following products.
(A) Stock swap transaction: A financial derivative product that exchanges stock indices with interest rates or exchanges between different stock indices.
(B) Credit swap transactions: Derivative financial instruments that exchange credit risk.

By the way, the information technology aspect of the embodiment described so far will be described in more detail with reference to FIG. 9 which is a block diagram.
First, the present system is provided on the Internet 25 and provides an intermediary elimination financial transaction site 26 (hereinafter, site 26) that provides various financial markets excluding traditional intermediaries, and manages and raises funds in these markets. It comprises a plurality of client terminals 27 for conducting financial transactions such as selling and fund transactions.
The client terminal 27 is used by the final customer, that is, the final fund manager, the final fund raiser, the seller and the final fund trader, and the investment agent, the procurement agent, the seller, and the transaction representing each of them. They are agents (hereinafter referred to as “financial traders”), and these financial traders make financial transactions on a matching basis by accessing the site 26 from their own client terminals 27, and carry out these financial transactions. Various incidental tasks can be performed.
The site 26 sequentially processes financial product orders from the client terminal 27, sequentially performs settlement and management operations related to financial transactions, and appropriately distributes various data necessary for financial transactions to the client terminals 27. Yes, one or more intermediary elimination financial transaction servers 28 (hereinafter, server 28), support terminals 29, client information database 30, financial product database 31, contract management database 32, settlement management database 33, distribution material database 34, and these Are provided.
In this system, the process from execution of various financial transactions to transaction matching and settlement is processed seamlessly electronically 24 hours a day, both in Japan and abroad. For example, FIX is used as a communication protocol, and an extensible markup language (XML) is used as a description language of a message.

The server 28 is realized by executing one or more programs stored in a memory or one or more central processing units in one or more workstations, and functions as a web server and a database server. It has functions. The former accepts access from each client terminal 27 via the Internet 25, performs authentication processing, provides various web pages forming an interface screen for the user to the client terminal 27, and further communicates with the client terminal 27. Web control function for exchanging information. The latter has a database control function of accessing the client information database 30, the financial product database 31, the contract management database 32, the settlement management database 33, and the distribution material database 34 to search, read, and further write data. These databases are stored in a memory in the workstation, one or more hard disk devices, or the like.
The support terminal 29 is a terminal for the operator of the present system to manage the present server 28 and each database. The operator uses the support terminal 29 to monitor the status of financial transactions and related operations of all the client terminals 27, and exchanges messages with each client terminal 27 using the e-mail function of the support terminal 29. be able to.
The client terminal 27 is a device such as a mobile phone, a personal digital assistant, a pager, or the like having a personal computer or a liquid crystal display device, and includes a control unit 35, a display unit 36, an input unit 37, a communication unit 38, and the like. . The control unit 35 stores an operation program including a financial transaction browser including a processing device and a storage device. The display unit 36 and the input unit 37 display and input various data and various requests, respectively, and the communication unit 38 communicates with other devices on the Internet 25. The user can exchange messages with the operator and other client terminals 27 by using the e-mail function of the client terminal 27.

The financial product database 31 registers the names and brands, types, attributes, and conditions of the fund management products, fund procurement products, and fund transaction products to be traded. In addition, event information during financial transactions, such as the exercise of various rights and the fulfillment of various obligations, is registered along with the history.
The contract management database 32 stores various contracts with electronic signatures and electronic master contracts as their prototypes, various prospectuses with electronic signatures and electronic master prospectuses as prototypes, and It stores various reports, various disclosures to the general public, and electronic master reports and disclosures serving as prototypes thereof, and stores various data generated along with the progress of the document creation process together with a history.
The settlement management database 33 registers a fund account number and a securities account number of a user of the present system, and registers various data generated according to a fund account transfer process between users and a securities account transfer process along with a history.
The distribution material database 34 includes various reference and proposal materials collected from the operation reference material provider, the procurement proposal material provider, and the transaction proposal material provider, their profiles collected from the operation evaluator, the procurement evaluator, and the transaction evaluator. Stores self-introduction materials on the evaluation fee system, as well as self-introduction materials on their profiles and agency fee systems collected from investment agents, procurement agents, sales agents, and transaction agents. Furthermore, for the purpose of confirming the status of conflicts of interest, information on the shareholder composition and human resources of reference / proposal material providers, evaluators, and agents is also stored.
Then, the client information database 30 stores the following information.
(A) The personal name and / or corporate name of the user of the system, in the case of a corporate, the department name of the individual, the contact information including the e-mail address, the identifier, and the password.
(B) Credit ratings and stock prices of financial traders, various financial statements and financial indicators.
(C) If the financial trader is the final fund manager or agent, then the investment policy / management target; if the financial operator is the final fund raiser or agent, the financing policy / funding target, the seller or agent. If so, the selling policy and target, and if you are the final fund trader or agent, the trading policy and target.
(D) Operation reference materials, procurement proposal materials, and types and attributes of transaction proposal materials that the financial trader wants to receive.
(E) The type and attributes of the operation evaluator, procurement evaluator, and transaction evaluator that the financial trader wants to use.
(F) Types and attributes of an operation agent, a procurement agent, a sales agent, and a transaction agent that the end customer desires to use.
Note that the identifier is a code number / name assigned to each user, and the password is authentication information required when accessing the server 28. The server 28 identifies the accessor by the identifier, and authenticates the accessor by the combination of the identifier and the password.

By the way, the matching method in the present system includes a bidding method and a relative method.
The tender method is the final fund management that is the counterparty to the transaction, even if the final financing or procurement agent, or the seller or the selling agent is specified from the beginning in general financing or selling in the secondary market, etc. This is used when an order or an agent is not specified from the beginning, and orders are basically matched based on the principle of supply and demand based on provisional conditions. In these matchings, the procurement side or the selling side acts as a seller and the manager acts as a bidder.
In the tender system, in the general fund management in the secondary market or in some fund transactions, the final fund manager or agent acting as the counterparty of the transaction, or the final fund transaction or agent is specified from the beginning. It is also used when orders are basically matched based on the principle of supply and demand. In these matchings, the buying side and the selling side face each other, or the buying side and the selling side face each other.
On the other hand, the relative method specifies or restricts the counterparties of the transaction from the beginning in some fund transactions or fund procurement that is implemented in response to requests from the investment side, and the principle of supply and demand balance acts directly. It is used when the order is matched in an environment where it does not. In these matchings, the buying side and the selling side face each other, or the operation side and the procurement side face each other.

In the case of the bidding method used for general fund procurement, the final fund procurer or procurement agent (hereinafter referred to as “exhibitor”) who wishes to obtain funding first operates the operation program stored in the control unit 35 of the client terminal 27 of the client. Is started to establish a connection with the site 26. Next, the server 28 transmits a top page for log-in to the client terminal 27 of the exhibitor. The seller inputs the identifier and the password here and transmits them to the server 28.
Then, the server 28 receiving this accesses the client information database 30 and determines whether or not the combination of the identifier and the password is registered. If registered, "participation in financial transactions", "negotiations on financial transactions", "simultaneous joint participation", "inquiry of contract", "inquiry of fund account", "inquiry of securities account", "view of delivery materials", " A menu page for selecting “market information overview” or “event notification” is transmitted to the exhibitor. Here, the seller selects "participation in financial transaction", and the server 28 transmits an order page for inputting details of the order to the seller.
Next, the exhibitor, on the received order page, names, brands, types, attributes, conditions, etc. of the financing product he / she wants to use, the desired exhibition period, whether it can be automatically extended or terminated early, and final fund management Enter the various requirements for the operator and the agent, and specify the desired procurement figures (temporary conditions) such as price, discount rate, surcharge rate, interest rate, yield, additional yield, exchange rate, etc., desired procurement term, desired procurement quantity, etc. . After confirming the contents of this order, it is transmitted to the server 28. The provisional condition may be a display using a specific single value or a range display indicating the upper and lower limits, and is arbitrary for the exhibitor.
The server 28 receives the order from the seller, registers the order in the exhibition table on the financial product database 31, and transmits an order receiving page for notifying the registered contents to the seller. The seller confirms his or her exhibition contents on this order page.

Here, the server 28 accesses the client information database 30 and searches for a policy and a goal regarding fund management of the system user stored therein. Identify final fund managers and investment managers who set policies and targets in line with the exhibited products. The operator of this system creates a provisional prospectus based on the contents of the exhibition, converts this into an electronic document format file, etc., and then, via the support terminal 29, the identified final fund manager and investment agent To all at once. In the case of an exhibition product for which it is not necessary to narrow down distribution destinations, the provisional prospectus is distributed to all final fund managers and investment agents.
Next, receiving the provisional prospectus and interested in the fund-raising products exhibited, the final fund manager and agent (hereinafter referred to as “bidder”) who decided to participate in the bidding, , Specify the product to be exhibited, specify the limit order and market order, and in the case of the limit order, specify the specific desired numerical value and the desired operation quantity etc. referring to the provisional conditions. After confirming the contents of this order, the order is transmitted to the server 28. Note that the desired numerical value designated by the bidder may be a level ignoring the provisional condition, but in general, the higher the level according to the provisional condition, the higher the possibility of a successful bid.
The server 28 receives the order from the bidder, registers the order in the bid table on the financial product database 31, and transmits an order receiving page notifying the registered contents to the bidder. The bidder confirms his / her bid content on this order page.

The server 28 matches the procurement demand with the operation demand by the following processing.
First, regarding the market order of the bidder, the entire bid quantity is awarded within the range of the seller's desired procurement quantity. In addition, with respect to the limit order of the bidder, the order in which the desired numerical value is within the range of the provisional condition of the exhibited product and the order in which the desired numerical value is close to the exhibitor and thus out of the range of the provisional condition are extracted, They are awarded in the order in which the desired numerical values are closer to the exhibitor.
Next, the server 28 registers the contents of the successful bid in the financial product database 31, and updates the remaining quantities of the exhibition table and the bidding table based on this data. Then, at the stage where the successful bid quantity is further accumulated and the remaining quantity in the exhibition table can be consumed, the server 28 sets the numerical value whose desired numerical value is closest to the bidder in the bidding order as a determination condition. To establish the funding.
When the total quantity of the exhibited products has been awarded, the operator of the system creates a notice of the successful bid in which the details of the successful bid product including the confirmed procurement value are described by correcting the provisional prospectus. The information is transmitted to the exhibitor and the successful bidder via the support terminal 29, and when both parties finally confirm this, the transaction matching ends. At this stage, the notice of the successful bid serves as a final prospectus.
Although the above description describes funding with the procurement value finally set to one value, in practice, the procurement value will be different each time a match is made, and bids will be placed on orders closer to the seller. It is also possible to make a bid for each person in detail.

In the case of the bidding method used for selling in the secondary market, a seller or a selling agent (hereinafter referred to as “exhibitor”) who wants to sell on the order page, the name, brand and type of the fund management product that he / she wants to sell・ Enter the attributes, conditions, desired exhibition period and whether or not it can be automatically extended or terminated early, and various requirements for the final fund manager and investment manager, and enter the desired sales figures such as price, discount rate, yield, and additional yield ( Provisional conditions), and also specify the desired sales quantity. After confirming the contents of this order, it is transmitted to the server 28. The provisional condition may be a display using a specific single value or a range display indicating the upper and lower limits, and is arbitrary for the exhibitor.
The server 28 receives the order from the seller, registers the order in the exhibition table on the financial product database 31, and transmits an order receiving page for notifying the registered contents to the seller. The seller confirms his or her exhibition contents on this order page.

Here, the server 28 accesses the client information database 30 and searches for a policy and a goal regarding fund management of the system user stored therein. Identify final fund managers and investment managers who set policies and targets in line with the exhibited products. The operator of this system creates a provisional prospectus based on the contents of the exhibition, converts this into an electronic document format file, etc., and then, via the support terminal 29, the identified final fund manager and investment agent To all at once. In the case of an exhibition product for which it is not necessary to narrow down distribution destinations, the provisional prospectus is distributed to all final fund managers and investment agents.
Next, receiving the provisional prospectus, the final fund manager and agent (hereinafter referred to as “bidder”) who are interested in the sold product and have decided to participate in the bidding, Specify the product to be exhibited, specify whether it is a limit order or a market order, and in the case of a limit order, specify specific desired numerical values and your desired purchase quantity, etc. referring to provisional conditions. After confirming the contents of this order, the order is transmitted to the server 28. Note that the desired numerical value designated by the bidder may be a level ignoring the provisional condition, but in general, the higher the level according to the provisional condition, the higher the possibility of a successful bid.
The server 28 receives the order from the bidder, registers the order in the bid table on the financial product database 31, and transmits an order receiving page notifying the registered contents to the bidder. The bidder confirms his / her bid content on this order page.

The server 28 matches the sales demand with the purchase demand by the following processing.
First, regarding the market order of the bidder, the entire bid quantity is awarded within the range of the seller's desired sale quantity. In addition, with respect to the limit order of the bidder, the order in which the desired numerical value is within the range of the provisional condition of the exhibited product and the order in which the desired numerical value is close to the exhibitor and thus out of the range of the provisional condition are extracted, They are awarded in the order in which the desired numerical values are closer to the exhibitor.
Next, the server 28 registers the contents of the successful bid in the financial product database 31, and updates the remaining quantities of the exhibition table and the bidding table based on this data. Then, at the stage where the successful bid quantity is further accumulated and the remaining quantity in the exhibition table can be consumed, the server 28 sets the numerical value in which the desired numerical value is closest to the bidder in the bidding order as a determination condition. Thus, the sale is established.
When the total quantity of the exhibited products has been awarded, the operator of the system creates a successful bid notification describing the details of the winning product including the confirmed sale numerical value by correcting the provisional prospectus. The information is transmitted to the exhibitor and the successful bidder via the support terminal 29, and when both parties finally confirm this, the transaction matching ends. At this stage, the notice of the successful bid serves as a final prospectus.
Note that the above description describes the sale in which the value at the time of releasing the held money management product is finally a single value, but in actuality, the release value will be different for each match. It is also possible to finely bid for each bidder from an order closer to the seller.

In the case of general fund management in the secondary market or a bidding method used for some fund transactions, the final fund manager or agent who wishes to manage funds, or the final fund trader or transaction who wishes to fund transactions On the ordering page, the agent (hereinafter, all who wishes to trade) names, brands, types, attributes, terms and conditions, and purchases (including the purchase) ) And selling (hereinafter referred to as selling), limit orders and market orders, the validity period of the order and whether it can be automatically extended or terminated early, various requirements for counterparties, and the desired trading volume. Input and designation. Further, in the case of a limit order, a desired transaction numerical value such as a price, an interest rate, a yield, an additional yield, and an exchange rate is designated, and after confirming the contents of the order, it is transmitted to the server 28.
The server 28 receives an order from a transaction applicant, registers the order in the buy order table on the financial product database 31 in the case of a buy order, and registers the sell order in the database in the case of a sell order. Register in the table. Then, an order page for notifying the registered contents is transmitted to the transaction applicant, and the transaction applicant confirms his / her order contents on this order page.

The server 28 matches the purchased demand and the sold demand by the following processing.
First, if a market order is registered, if it is a buy order, one or more sell orders matching the desired buy quantity are matched, and if it is a sell order, the desired sell quantity Match one or more buy orders just enough to match. On the other hand, if a limit order is registered, it is determined whether a transaction is established by extracting a buy order closest to the buyer who has the desired numerical value and a buy order closest to the buyer who has the desired numerical value. Or not. If it is possible, a transaction is made between the two orders. Further, when there is a difference between the desired buy numerical value and the desired sell numerical value and it is not possible to directly conclude the transaction, it is possible to set the intermediate value of both to a constant value.
Next, the server 28 registers the contents of the completed transaction in the financial product database 31, and updates the remaining purchased and sold quantities based on this data. In other words, if the transaction of all quantities is completed, the buy order and the sell order are deleted from the buy order table and the sell order table, respectively, and if the transaction is partially completed, it becomes the target. The remaining quantity of the buy order or the remaining quantity of the target sell order will continue to be posted on the buy order table or the sell order table.
Further, when the transaction is completed, the server 28 transmits a contract notice containing details of the commodity including the contract value to the purchaser and the seller by way of the support terminal 29. When both parties finally confirm this, the transaction matching ends.

Funds trading products are based on multiple adjustments, such as price and interest rates, simple and compound interest rates, semi-annual and one-year yields, and prepayment and postpayment. It is possible to combine products to create one product or to decompose one product to create multiple products. Therefore, the operator of the present system increases the variety of products or complements the liquidity by using the following method at its own discretion or by forming a partnership with a transaction evaluator.
First, exchange spot products and various futures products, which are standard products, are registered in the financial product database 31 to have the system user make a transaction. Next, these standard products are partially combined to create various optional products, various forward products, and the like, and the created products are registered in the same database 31 to have users trade. Then, these new products are partially combined to produce various swap products, various cap products, various futures option products, and the like, and the created products are registered in the same database 31 so as to have users trade.
Depending on the market environment and the popularity at that time, products with reduced liquidity may appear in the fund transaction products. In such a case, registration of these illiquid products is temporarily deleted from the same database 31. Then, the same product is disassembled to produce a plurality of standard products having high liquidity, and these standard products are re-registered in the database 31 to have the user trade.

Furthermore, when the fund transaction product once registered in the order table on the same database 31 makes it difficult to match due to its low liquidity, if the product is registered in the buy order table, , Bundling multiple products registered in the selling order table, or, if the product is registered in the selling order table, bundling multiple products registered in the buying order table, Increase the likelihood of a successful match.
By the way, the nature of the above-mentioned fund transaction products that can be synthesized and decomposed is not only the synthesis of fund transaction products and the disassembly of the synthesized products into fund transaction products, but also the synthesis of fund management products and fund transaction products. It is also effective in disassembling the synthetic product into fund management products and fund transaction products, combining the fund procurement products with fund transaction products, and decomposing the composite product into fund procurement products and fund transaction products.
Therefore, the operator of this system recruits bidders for the components of the product if the composite product of the fund procurement product and the fund transaction product is registered in the exhibition table in the bidding method used for fund procurement, When a composite product of the fund management product and the fund transaction product is registered in the exhibition table in the bidding method used for selling, bidders are invited for each component of the product. In addition, when a synthetic product of a fund management product and a fund transaction product is registered in a buy order table or a sell order table in general fund management in the secondary market, the product is once decomposed into constituent elements and Match sell or buy orders.

By the way, in the case of the relative method used for part of the fund transaction or the fund procurement that is carried out in response to the request from the management side, we would like to conduct a fund transaction with a specific final fund transaction or a specific transaction agent The final fund trader or agent (hereinafter referred to as “the requester”), or the final fund manager or agent who wishes to implement financing by a specific final funder or a specific funding agent (same as above), on the menu page The server 28 transmits a relative negotiation page for inputting details of the relative negotiation to the requester.
Next, the requester, on the received relative negotiation page, identifies the final fund trader or agent acting as a negotiation partner or the final funder or agent (hereinafter, all referred to as a requestee) as one person, Alternatively, information that narrows down the request recipients to specific parties based on the type of industry, credit rating, stock price, etc.When requesting fund transactions from the request recipient, the name, brand, type, attribute, Various conditions, whether to buy or sell, desired transaction period, price and interest rate, yield, surplus yield, desired transaction value such as exchange rate, desired transaction volume, etc., and when requesting funding from the client Are specific conditions such as the type and attributes of the fund procurement product desired by the client, various conditions, procurement period, procurement figures such as price, discount rate, surcharge rate, interest rate, yield, additional yield, exchange rate, etc., and Such as type, specify the reach quantity, and sends it to the server 28.

If the requester has individually specified the requester, the server 28 transmits the relative negotiation page received from the requester to the e-mail address of the requester with the identifier of the requester added. On the other hand, when the requester has specified the conditions regarding the selection of the request destination, the server 28 uses the information such as the business type, credit rating, and stock price of the financial trader stored in the client information database 30. The relative negotiation page is distributed with the identifier of the requester added to the e-mail addresses of all the financial traders who satisfy the above conditions. Further, when the requester wants to individually select the request destination from the candidates satisfying the above conditions, the server 28 feeds back the names of all the candidates to the requester and allows the requester to select the request destination. Then, the relative negotiation page is transmitted to the request destination.
Next, the requestee receives the relative negotiation page and confirms the request contents of the requestor. One of “established”, “unestablished”, and “negotiation” is selected as a stance against it, and this is returned to the requester.
If the requestee selects “not established” from these options, the fund transaction or the fund procurement is not naturally established. On the other hand, when the requestee selects “established”, the fact that the fund transaction or the funding has been established is notified to the server 28 in addition to the requester. When "negotiation" is selected, the request destination can reversely propose the type / attribute, various conditions, term, numerical value, and quantity of the fund transaction product or the fund procurement product. At this time, the requestee (hereinafter referred to as the new requestor) converts the received relative negotiation page for reply, and corrects the desired transaction content or desired procurement content on this page. Reply to the request source (hereinafter, new request destination) as a new request. In this way, the new client and the new client seek a point of contact for bilateral transactions.
In the above-described embodiment, the server 28 is involved in the process up to establishment of the contact between both parties. However, the requester starts direct negotiations with the requestee using the e-mail function, Both or one of them may notify the server 28 of only the result.

Simultaneous joint operation, simultaneous joint procurement, simultaneous joint sale, and simultaneous joint transaction (hereinafter referred to as simultaneous joint financial transaction) by a financial trader may be performed by an operator of the system or by a party.
When the operation is performed under the initiative of the operator, first, the operator determines the operation policy / operation target, procurement policy / procurement target, sales policy / sales target or transaction policy / transaction of each financial trader stored in the client information database 30. Group financial traders based on goals or industry, credit rating, stock pricing or various financial indicators. In addition, the simultaneous financial transaction with another financial transaction in the same group is possible for the target financial transaction through the support terminal 29, and the attributes common to the financial transactions constituting the group, The type of simultaneous joint financial transaction that is possible based on the current market situation and the transaction amount of the entire group when the simultaneous joint financial transaction is realized are reported.
Next, among the financial traders who have received this message, those who have decided to participate in the simultaneous joint financial transaction inform the operator of this fact. Then, the operator decides who will represent each group from the financial traders who have decided to participate, referring to the transaction results in this system. This representative will carry out financial transactions on the present system on behalf of other financial traders while maintaining contact with other financial traders in the group via the client terminal 27.

On the other hand, when the simultaneous joint financial transaction is performed by the parties, the financial trader who wishes to form an alliance with a specific financial trader (hereinafter referred to as “requester”) selects “simultaneous joint participation” on the menu page, and selects the server 28. Sends an alliance negotiation page to the requester to enter details of the alliance negotiation.
Next, on the received alliance negotiation page, the requester specifies the financial trader (hereinafter referred to as the requestee) to be the negotiation partner to one party, or information for narrowing down to multiple parties based on certain conditions, The type of the joint financial transaction, the desired transaction period, the desired transaction quantity, etc. are entered and designated, and transmitted to the server 28.
Then, the server 28 sends the received alliance negotiation page to the individual request destination specified by the request source or the e-mail addresses of all the request destinations satisfying the conditions specified by the request source with the request source identifier attached thereto. To deliver. Next, the request destination receives this and confirms the request contents of the request source. One of “established”, “unestablished”, and “negotiation” is selected as a stance against it, and this is returned to the requester.
If the requestee selects "not established" from these options, the tie-up is naturally not established. On the other hand, when the requestee selects “established”, the fact that the alliance has been established is notified to the server 28 in addition to the requester. Then, when "negotiation" is selected, the requesting party can make a reverse proposal of the type, the transaction period, and the transaction quantity of the simultaneous joint financial transaction. At this time, the requestee (hereinafter referred to as the new requester) converts the received alliance negotiation page for reply, and corrects the desired alliance content on this page. Reply to the request source (hereinafter, new request destination) as a new request. In this way, the new client and the new client seek a point of contact for cooperation.
The financial trader whose tie-up is decided selects a representative from the members. This representative will execute financial transactions on the present system on behalf of the other members while maintaining contact with other members via the client terminal 27.

The contract management database 32 includes funds management, financing, selling and financing transactions, various types of tied financing transactions that are application forms of these financing transactions, and products corresponding to the transfer of a financing transaction contract to a third party and cancellation during the term. Another electronic master agreement is stored.
The term "electronic master contract" as used herein refers to input data that describes general items (hereinafter, general items) and conditions (hereinafter, general conditions) that are common in each transaction form and type and attribute of a transaction product. , An electronic document created in combination with an electronic form. An electronic form is an electronic form of a normal paper-based contract form, and is provided with an area for inputting specific contract details, a contractor's address and name, and a contractor's electronic signature. It consists of an area for
In the electronic master contract in this system, various items (hereinafter referred to as "additional items") and various conditions (hereinafter referred to as "additional items") depending on individual financial transaction contracts, while general items and general conditions are entered in a predetermined description frame in the electronic form. An area for inputting an additional condition) and an area where a financial transaction person who is a contracting party and an operator of the present system input an address and name and give an electronic signature are blank.

In the financial transaction contract of the present invention, the server 28 accesses the financial product database 31 at the stage when the transaction matching is completed, and the name / brand and various conditions of the corresponding product registered there, the transaction period, and the contract Read out additional items and additional conditions such as numerical values and contracted quantity, and write them in the blank area of the electronic master contract.
Thereafter, in the fund procurement and sale established by the bidding method, each person enters an address and name in a blank area in the contract between the operator and the exhibitor and in the contract between the operator and the successful bidder, and signs the electronic signature. By granting, two contracts become effective. In the fund management and fund transactions established by the bidding method, the address and name are entered in blank areas in the contract between the operator and the contractor and the contract between the operator and the contractor, respectively, and an electronic address is entered. By giving the signatures, the two contracts become effective. In practice, the server 28 sends a contract signed by the operator with the additional items and conditions written therein to the transaction party via the support terminal 29. Next, the trading parties that have completed the electronic signature return the respective contracts to the server 28, and the server 28 stores the contracts in the contract management database 32.
By the way, the reason why the operator exchanges a contract separately with the exhibitor and the successful bidder, or separately with the buyer and the seller, is between the seller and the successful bidder or between the buyer and the seller. This is to maintain the anonymity of financial transactions between them. However, if both parties have reached an agreement, the seller and the successful bidder can directly exchange a contract, or the buyer and the seller can directly exchange a contract.
On the other hand, in the case of a fund transaction or fund procurement established by the relative method, both sides enter an address and name in a blank area in the contract between the buying side and the selling side or in the contract between the procurement side and the management side and attach an electronic signature By doing so, the agreement will take effect. In practice, the server 28 transmits a contract in which additional items and additional conditions are written to the building side or the procurement side via the support terminal 29, and the building side or the procurement side that has received the contract assigns an electronic signature. To server 28. Next, the server 28 transmits this to the buying side or the operation side, and the buying side or the operation side that has received it adds an electronic signature and returns it to the server 28. Then, the server 28 stores the signed contract in the contract management database 32.
By the way, during the term, the procedure for the parties to transfer their contracts to a third party and the procedure for canceling their contracts are similarly performed using the electronic master contract for transfer and cancellation.

In the contract management database 32, in addition to the financial transaction contract itself, creation of a contract such as an identifier and an electronic signature assigned to each contract, and history data of procedures performed by the contracting party and the server 28 are started. Various data generated during the period from to the end of signing are sequentially stored as the contract processing proceeds. Therefore, the originality of the document can be confirmed by comparing the document before the electronic signature is applied and the document after the electronic signature is applied.
The electronic signature given to the financial transaction contract is created using a secret key existing in an IC card held by the contracting party or inside the client terminal 27, for example. Therefore, the signer can be authenticated by decrypting and verifying the assigned electronic signature.
Incidentally, the contracting party can check his / her financial transaction contract stored in the contract management database 32 at any time by selecting “contract inquiry” on the menu page.

For financing and sales that require the delivery of a prospectus, the contract management database 32 also includes an electronic master prospectus that describes general items and general conditions corresponding to each transaction form and type / attribute of the transaction product. Is stored. At the stage of issuing the provisional prospectus, the server 28 accesses the financial product database 31 and registers the names and brands and conditions of the exhibited products registered therein, the desired exhibition period, and whether automatic extension or early termination thereof is possible. Read out the additional items and conditions such as the desired procurement value (temporary condition) or desired sale value (temporary condition), the desired procurement period or the specified redemption date of the sold product, the desired procurement quantity or the desired sale quantity, and read it out as an electronic master. After filling in the blank area of the document, the final funder who wishes to raise funds this time or its agent, or the final funder who is using the fund management product that is being sold this time as a funding method Send to the fund raiser or its procurement agent.
Next, the procurement side that has received it inputs the address and name in a blank area in the prospectus, adds an electronic signature, and returns it to the server 28. Then, the server 28 assigns a procurement-side identifier to the e-mail address of the specified or unspecified final fund manager and agent, and distributes the electronic provisional prospectus to the address. Thereafter, this is stored in the contract management database 32. On the other hand, for fund procurement or sales for which the operator of this system is obliged to issue a prospectus, the operator himself / herself inputs the address and name, gives an electronic signature, and distributes the electronic provisional prospectus to the operation side. .
When the conditions for fund procurement or sale are determined, the server 28 corrects some of the additional conditions in the electronic provisional prospectus and creates a notice of successful bid or an electronic final prospectus. An electronic signature is given to the procurement side, or an electronic signature of the operator is given, and then distributed to the operation side. In the case of selling, when the server 28 distributes the electronic provisional prospectus and the electronic final prospectus to the operation side, the seller or the agent acting as the selling party may be added to the distribution destination list.
By the way, the trading party can check the electronic prospectus stored in the contract management database 32 at any time by selecting "Contract Inquiry" on the menu page. Therefore, as a method for issuing a prospectus, in addition to the above-mentioned distribution, the system operator notifies the operation side and the selling side only via the support terminal 29 that the prospectus has been issued, There is a method in which the operation side and the selling side notified of the fact actively access the contract management database 32 and draw out the completed electronic provisional prospectus or electronic final prospectus.

For financial transactions that need to be reported to authorities or disclosed to the public, the contract management database 32 stores general items corresponding to each transaction type, transaction product type / attribute, report destination and disclosure destination. An electronic master report and an electronic master disclosure document describing general conditions are also stored. At the stage when the financial transaction contract is signed, the server 28 accesses the financial product database 31 and registers the name / brand and various conditions of the corresponding product registered there, the transaction period, and the contracted numerical value and the contracted quantity. The additional items and additional conditions are read out, written in a blank area of the electronic master report / disclosure, and then transmitted to the trading party.
Upon receipt of this, the transaction party inputs the address and name into a blank area in the report / disclosure, attaches an electronic signature, and returns it to the server 28. Next, the server 28 assigns the identifier of the trading party to this, and sends it to the e-mail address of the authority or mass media specified by the trading party. Thereafter, this is stored in the contract management database 32. On the other hand, for financial transactions for which the operator of this system is obliged to report / disclose, the operator himself / herself inputs the address and name, gives an electronic signature, and sends the report / disclosure to the authorities and the mass media.
Incidentally, the transaction party can check his / her own report document or disclosure document stored in the contract management database 32 at any time by selecting “contract inquiry” on the menu page.

  By the way, repayment of loan receivables during the term, redemption of bonds and commercial paper during the term, change of interest rate of loan receivables and bonds during the term, stock split, exercise of shareholder rights such as voting rights, exercise of convertible bonds into shares, warrant The server 28 performs the same processing when a new reporting obligation or disclosure obligation arises due to an event between trading parties during the period, such as the exercise of the right to purchase shares of bonds and the exercise of rights by the buying side of financial derivatives. I do. In addition, the operator, in order to inspect whether the transaction party complies with other related laws and regulations in addition to the applicable laws of the financial transaction contract, the prospectus, the report / disclosure, the Via the support terminal 29, a letter of inquiry or the like is transmitted to the transaction parties to achieve communication.

The settlement management database 33 includes users of the present system, that is, final clients such as final fund managers, final fund raisers, sellers, and final fund traders, as well as various agents, various evaluators, and various reference / proposal material providers. And information such as a fund account number, a deposit / withdrawal history, and a fund account balance of an advertiser who posts advertisements related to financial transactions on this system.
If the user selects “fund account inquiry” on the above-mentioned menu page, the server 28 accesses the settlement management database 33 and obtains the fund in which the current fund account balance of the user and the past deposit / withdrawal history are described. An account confirmation page is transmitted to the client terminal 27. It should be noted that the operator of this system also has a fund account and a fund account number, and uses it to transfer money to and from the user's fund account.

The transfer of cash flows between the trading parties from the conclusion of a financial transaction to the termination thereof, that is, the receipt and payment of capital outflows and payments of the principal portion and the cash outflows and payments of fruits such as interest and dividends generated by the principal, The above is done by fund transfer. The server 28 accesses the financial product database 31 at regular intervals, and recognizes the date of transfer of the cash flow of the registered transaction completed product. Then, for example, on the day before the relevant day, a fund settlement notice stating that the fund account transfer is to be executed is transmitted to the client terminal 27 of the transaction party via the support terminal 29.
The fund settlement notice includes the personal name and / or corporate name of the payer or payee, the fund account number, the identifier of the financial transaction contract, the amount of payment or receipt, the date of execution of fund settlement, and the like. Then, the payer or the payee notifies the server 28 that the fund settlement information has been confirmed.
Next, the server 28 performs a fund account transfer for transferring a predetermined amount of money from the payer's fund account to the payee's fund account in accordance with the fund settlement information. Then, the information registered in the settlement management database 33, such as the account balance of the payer and the payee, and the deposit / withdrawal history are updated to the information after the money transfer.
In order to maintain anonymity in financial transactions established by the bidding method, the operator of the system is the recipient if the party is the payer, and the operator is the recipient if the party is the recipient. Be a payer. On the other hand, in a financial transaction made by the relative method, one of the parties is a payer and the other is a payee, and the operator does not directly intervene.

In this system, the fund transfer using the fund settlement notice is performed also in the following money transfer. However, if the payer-recipient receives and agrees on the timing of the cash flow and various service charges related to the completed transaction, the operator shall write off the balance in the Funds Settlement Notice and write the net amount on a net basis. We may transfer funds.
(A) During the period, in response to an increase or decrease in the exposure of credit risk between the trading parties, the operator may request additional margin from the trading parties or refund the surplus margin. The money is transferred between the trading party and the operator or between the trading parties by the fund transfer.
(B) Service provision fees and line usage fees received by the operator from the transaction parties.
(C) Line usage fees received by operators from various evaluators and various material providers.
(D) Advertising fees received by the operator from advertisers.
(E) Agency fees that various agents receive from the final customer.
(F) Evaluation fees that various evaluators receive from the final customer.
(G) Information provision fees that various data providers receive from end customers and various agents.
(H) The occurrence of an event during the period as described above, that is, the transfer of cash flows generated when the trading party exercises various rights related to financial transactions or fulfills various obligations. Note that the trading party uses the “event notification” on the menu page to notify the operator of the exercise of the right or the fulfillment of the obligation.

By the way, when the target product of the financial transaction according to the present invention is a security such as a bond, stock, or commercial paper, it becomes necessary to settle the securities for the transfer of the spot after the transaction is completed. Therefore, the settlement management database 33 according to the present invention also registers information such as securities account numbers, securities transfer histories, securities account balances of the final customer and various agents for the purpose of securities settlement.
If these trading parties select "Securities Account Inquiry" on the above-mentioned menu page, the server 28 accesses the settlement management database 33, and displays the current securities account balance of the parties and the securities in which the past securities transfer history is recorded. An account confirmation page is transmitted to the client terminal 27. The operator of this system also has a securities account and a securities account number, and is used to exchange securities with the trading party's securities account.

From the establishment to the end of a financial transaction, the transfer of securities between the trading parties is performed by securities account transfer on this system. However, in the financial transaction established by the bidding method, the operator of the present system is the transferor when the party is the transferor, and conversely, the operator is the transferor when the party is the transferor. On the other hand, in a financial transaction established by the relative method, one of the parties is a transferor and the other is a transferee, and the operator does not directly intervene. The securities subject to the securities account transfer may be immobilized securities or unsecured securities.
When the signing of the financial transaction contract is completed, the server 28 transmits a securities settlement notice describing that the securities account transfer is to be executed to the client terminal 27 of the transaction party via the support terminal 29. The securities settlement notice shows the names of individuals and / or corporations of the trading parties, securities account numbers, identifiers of financial transaction contracts, the number of securities to be transferred, the dates of execution of securities settlement, and the like. Then, the trading party notifies the server 28 that the securities settlement information has been confirmed.
Next, in accordance with the securities settlement information, the server 28 performs a securities account transfer for transferring a predetermined amount of securities from the securities account of one trading party to the securities account of the other trading party. Then, information such as the balance of both securities accounts and the history of securities transfer registered in the settlement management database 33 is updated to the information after the transfer.

  By the way, during the term, the operator requests additional margin from the trading parties or refunds the surplus margin, but when securities are used instead of this margin, the server 28 performs the above-mentioned securities account transfer. Transfers the subject security between the trading parties and the operator or between the trading parties.

By the way, in this system, reception and distribution of various materials are performed as follows.
First, the operation reference material provider, the procurement proposal material provider, and the transaction proposal material provider use the format such as text or electronic document format to provide the reference / proposal materials created by themselves, as well as the operation evaluator and the procurement evaluator. The transaction evaluator provides a self-introduction document that describes his profile and evaluation fee system, and the investment agent, procurement agent, sales agent, and transaction agent introduces his / her profile and agent fee system. The material is transmitted to the server 28. Next, upon receiving these, the server 28 sequentially stores the received date and time in the distribution material database 34 together with the received date and time.
Then, the server 28 searches the client information database 30, compares the desired reception content of each transaction applicant stored in the database with the type / attribute of the received actual material, and distributes the material this time. Identify target transaction applicants. Based on the search result, these materials are simultaneously distributed to the client terminal 27 of the corresponding transaction applicant using a form such as a text or an electronic document format. The transaction applicant who received the materials, when receiving the operational reference materials, procurement proposal materials, and transaction proposal materials, used them as judgment materials for various financial transactions, and introduced themselves to the operation evaluator, procurement evaluator, and transaction evaluator. When the materials are received, they are used as judgment materials for evaluator selection, and the final customer who receives the self-introduction materials of the operation agent, the procurement agent, the sales agent, and the transaction agent uses them to judge the agent selection. Materials.
Further, the transaction applicant can browse various materials stored in the distribution material database 34 at any time by selecting “view distribution materials” on the menu page.
Since the delivery material database 34 also stores information on the shareholder composition and human resources of the reference / suggestion material providers, evaluators, and agents, the end customer is able to communicate with interested parties who wish to use it. It is possible to confirm at any time the existing interests, that is, the status of conflicts of interest existing between the reference / proposal material provider and the agent, between the evaluator and the agent.
It should be noted that exchanges and various data between the final customer and the agent or between the final customer and the evaluator, between the final customer and the reference / proposal material provider, between the agent and the evaluator, and between the agent and the reference / proposal material provider Is transmitted or received using an e-mail function of the client terminal 27, or via a hypertext link to a web site separately established by the user.

The server 28 accesses the financial product database 31 and the distribution material database 34 at regular intervals, sequentially tabulates or statistically processes various registered data, and the user of the system transmits this data from the client terminal 27 to the client terminal 27. Can be viewed.
If the user selects “market information overview” on the above-mentioned menu page, the server 28 determines the market conditions of various financial products that have been subjected to aggregation processing and statistical processing, that is, contract prices, quotes, theoretical values, and financing. Lists and graphs that show the conditions for finalizing an offer or offer, the details and provisional conditions of the product that is currently bidding, the status of bids from prospective traders, and an overview of products that are scheduled to be exhibited in the future. Processed to create market information for the market conditions page. The market condition page is transmitted to the user.
With this information, transaction applicants can grasp the market level and supply / demand balance of various financial transactions, reference / suggestion material providers can prepare various materials related to financial transactions, and various evaluators and various Introduction materials can be distributed as appropriate.
The quotes of various financial products are numerical values that are registered in the order table on the financial product database 31 but have not been matched, or are collected from reference / proposal material providers and stored in the distribution material database 34. Refers to the numerical value that has been set. In addition, the theoretical value of various financial products is a numerical value that is rationally calculated by the operator of the system without arbitrariness and stored in the distribution material database 34 as one of the reference / proposal material providers, or It refers to a numerical value collected from another reference / proposal material provider and stored in the distribution material database 34.

The server 28 and the client terminal 27 are connected via a computer network using a dedicated communication line in addition to the configuration connected to the Internet 25, and are connected via a computer network using other communication lines. And a configuration connected via a computer network capable of wireless communication.
In addition, the server 28 and the client terminal 27 can use the present system by transmitting and receiving information between the server 28 and a user's broadcast receiving terminal via a wireless or cable broadcast network. It may be. For example, the data created by the server 28 is converted into broadcast data by a predetermined broadcast server, and transmitted to a broadcast receiving terminal having a predetermined tuner via radio waves or a communication line. By decrypting the data, the user can use the data. In addition, the user can transmit data to be transmitted from the broadcast receiving terminal to the main server 28 via the broadcast server or directly to the main server 28 via a radio wave or a communication line.
In the present invention, a storage medium storing a program for executing the operations described above, such as a magneto-optical disk, a read-only digital versatile disk, a read-only compact disk, a flexible disk cartridge, and the like, is distributed. The server 28 and the like can also be configured by installing the program on a computer.

The mediation elimination financial transaction server 28, the client terminal 27, and the support terminal 29 in FIG. 9 can be implemented by a method well known to those skilled in the art. FIG. 10 shows an example.
The configuration in FIG. 10 includes a processing device 39 that executes an arithmetic operation. The processing device 39 is connected to a plurality of storage components, and these storage components include a hard disk 40, a read-only storage device (ROM) 41, and an electrically erasable / programmable read-only storage device (EEPROM) 42. , A read / write storage device (RAM) 43, and a tape device 44. Note that not all of these types of storage devices are necessarily required. Further, these storage components need not be disposed physically close to the processing device 39, and may be disposed separately from the processing device 39.
The processing device 39 is connected to means for the user to input commands, data, and the like, for example, a keyboard device 45 and a mouse 46. Further, other input means known to those skilled in the art, for example, a touch screen, a position input device, and a voice converter may be provided.
A reading device 47 is also connected to the processing device 39. The reading device 47 is configured to read data from a data carrier such as a flexible disk cartridge 48 or a read-only compact disk 49 and, if possible, write data to the data carrier. Other data carriers known to those skilled in the art include tapes, digital versatile discs, and the like.
Further, the processing device 39 is also connected to a printing device 50 and a display device 51 for outputting data to paper, the display device 51 being, for example, a monitor, a liquid crystal display screen or other types known to those skilled in the art. Display device.
By the way, the processing device 39 may be connected to a communication network 52 via an input / output means (I / O) 53. The communication network 52 may be a public switched telephone network (PSTN), a private network (LAN), A wide area network (WAN), the Internet, and the like can be given. Further, the processing device 39 can be configured to communicate with another communication facility via the communication network 52.
The processing device 39 can be implemented as a stand-alone system. It can also be implemented as an aggregate of a plurality of processing units operating in parallel (each processing unit is configured to execute a child task of a larger-scale computer program). It can also be implemented as a combination with some sub-processing units. Some portions of the functionality of the present invention may also be implemented by a remote processing facility communicating with processing unit 39 via communication network 52.

  The present invention is implemented in the form described above, and has the following effects.

  The computer readable storage medium, the mediation exclusion financial transaction system, and the mediation exclusion financial transaction method according to the present invention for recording a mediation exclusion financial transaction program create a transaction market for financial instruments via one or more computer networks. We can match customer demand.

  In addition, a computer-readable storage medium recording a mediation elimination financial transaction program according to the present invention, a mediation elimination financial transaction system and a mediation elimination financial transaction method provide a function of a bank or securities company as a traditional mediator in financial transactions. By allocating to system operators, various agents, various evaluators, and various data providers, conflicts of interest between the intermediary and the end customer can be resolved, and various financial transactions can be streamlined and optimized. it can.

  Furthermore, the computer-readable storage medium, the financial transaction system, and the financial transaction method that record the financial transaction program according to the present invention improve the liquidity of various financial products by combining and disassembling operations between standard products and synthetic products, By enabling simultaneous joint financial transactions, various transactions can be made more advantageous to the parties.

FIG. 4 is a diagram showing a transaction between a final fund manager and a final fund raiser according to one embodiment of the present invention. FIG. 2 is a diagram showing one embodiment of a flow of funds and a charging mechanism in FIG. 1. FIG. 4 is a diagram showing a transaction between final fund managers according to an embodiment of the present invention. FIG. 4 is a diagram showing one embodiment of a flow of funds and a mechanism of charging in FIG. 3. It is the figure which showed the transaction between the final money managers which is another Example of this invention. FIG. 6 is a diagram showing one embodiment of a flow of funds and a mechanism of charging in FIG. 5. FIG. 4 is a diagram illustrating a transaction between final fund transactors according to an embodiment of the present invention. FIG. 8 is a diagram showing an embodiment of a flow of funds and a charging mechanism in FIG. 7. FIG. 9 is a block diagram showing another embodiment of the present invention. FIG. 14 is a diagram showing a hardware configuration according to another embodiment of the present invention.

Explanation of reference numerals

1 Operator of this system 2 Final fund manager 3 Investment agent 4 Operation evaluator 5 Operation reference material provider 6 Final funder 7 Procurement agent 8 Procurement evaluator 9 Procurement proposal material provider 10 Loan 11 Bond 12 Stock
13 Commercial Paper 14 Loan Receivables 15 Selling Agent 16 Selling Agent 17 Final Fund Trader 18 Transaction Agent 19 Transaction Evaluator 20 Transaction Proposal Material Provider 21 Various Foreign Exchange Products 22 Various Interest Rate Derivative Products 23 Various Stock Derivative Products 24 Others Compound derivative product 25 Internet 26 Intermediation exclusion financial transaction site 27 Client terminal 28 Intermediation exclusion financial transaction server 29 Support terminal 30 Client information database 31 Financial product database 32 Contract management database 33 Payment management database 34 Delivery document database 35 Control unit 36 Display unit 37 Input unit 38 Communication unit 39 Processing device 40 Hard disk 41 Read-only storage device 42 Electrically erasable / programmable read-only storage device 43 Read-write storage device 44 Tape device 45 Keyboard device 46 Mouse 47 reader 48 flexible disk cartridge 49 read-only compact disk 50 printer 51 display 52 communication network 53 input / output means

Claims (35)

  Create a trading market for financial instruments through one or more computer networks, eliminate the intermediation of transactions by traditional banks and traditional securities firms, final fund managers, final funders, final fund transactions A computer-readable storage medium on which a mediation elimination financial transaction program is recorded, wherein a final transaction such as an end customer can directly establish a financial transaction by matching. 2. The storage medium according to claim 1, wherein said intermediary elimination financial transaction program is recorded as financing, wherein at least one computer and a plurality of user terminals are connected to said computer network. To
(A) transmitting means for transmitting a fundraising order to the computer by a terminal of a fundraising applicant;
(B) accepting means for accepting the financing order transmitted by the transmitting means from the terminal of the financing applicant;
(C) storage means for storing the financing order received by the receiving means,
(D) a means for the computer to disclose the funding order to a terminal of a specified or unspecified fund management applicant;
(E) transmitting means for transmitting, from the computer based on the fund procurement order disclosed by the disclosure means, a fund management order for fund procurement to the computer,
(F) receiving means for receiving the fund management order transmitted from the terminal of the fund management applicant by the transmitting means;
(G) storage means for storing the money management order received by the computer,
(H) a matching means for the computer to match a funding order and a fund management order stored by the storage means to determine a match of a condition;
(I) When the computer determines that the condition is satisfied by the matching unit, the computer establishes financing between the financing order and the fund management order, and updates the two orders stored by the storage unit. Means,
(J) notification means for notifying the terminal of the applicant for fund procurement and the terminal of the applicant for fund management of the transaction result derived by the matching means,
A computer-readable storage medium storing a program for realizing intermediary financing by providing the same. 2. The storage medium according to claim 1, wherein the intermediary elimination financial transaction program is recorded, wherein one or more computers and a plurality of user terminals are connected to the computer network. To
(A) transmitting means for transmitting, by the user terminal, a purchase order and a sales order of a fund management product to the computer;
(B) receiving means for receiving the purchase order and the selling order transmitted from the user terminal by the transmitting means,
(C) storage means for storing the purchase order and the sales order received by the computer,
(D) matching means for comparing the purchase order and the sales order stored by the storage means with each other to determine whether the condition is met;
(E) updating means for establishing a trade between a purchase order and a sell order when the computer determines that the condition is satisfied by the matching means, and updating both orders stored in the storage means; When,
(F) a notifying means for notifying the user terminal of the transaction result derived by the matching means,
A computer-readable storage medium on which a program for realizing the operation of the intermediary elimination fund by being provided is recorded. 2. The storage medium according to claim 1, wherein said intermediary elimination financial transaction program is characterized by selling said financial transaction, wherein said one or more computers and a plurality of user terminals connected to said computer network are provided. ,
(A) transmitting means for transmitting a selling order of a fund management product to the computer by a terminal of a selling applicant;
(B) receiving means for receiving the selling order transmitted by the transmitting means from the terminal of the selling applicant;
(C) storage means for storing the selling order received by the computer,
(D) a means for the computer to disclose the selling order to a terminal of a specific or unspecified purchase applicant;
(E) transmitting means for transmitting, to the computer, a purchase order intended for the sale to the computer, based on the sales order disclosed by the disclosure means from the computer,
(F) receiving means for receiving the purchase order transmitted from the terminal of the purchase applicant by the transmitting means;
(G) storage means for storing the purchase order received by the computer,
(H) matching means for comparing the selling order and the purchase order stored by the storage means with each other to determine whether the condition is satisfied;
(I) updating means for, when the computer determines by the matching means that the condition is met, establishing a sale between a selling order and a purchase order, and updating both orders stored by the storage means; ,
(J) notification means for notifying the terminal of the seller and the terminal of the buyer of the transaction result derived by the matching means,
A computer-readable storage medium on which a program for realizing mediation elimination selling is provided. 2. The storage medium according to claim 1, wherein the intermediary elimination financial transaction program is recorded, wherein the financial transaction is a fund transaction. To
(A) transmitting means for transmitting, to the computer, a buy order and a sell order for a fund transaction product,
(B) receiving means for receiving the buy order and the sell order transmitted from the user terminal by the transmitting means, and
(C) storage means for storing the buy order and the sell order received by the computer,
(D) matching means for comparing the buy order and the sell order stored by the storage means with each other to determine whether the condition is satisfied, and
(E) When the computer determines that the condition is satisfied by the matching unit, the computer establishes a fund transaction between the buy order and the sell order, and updates both orders stored by the storage unit. Means,
(F) a notifying means for notifying the user terminal of the transaction result derived by the matching means,
A computer-readable storage medium on which a program for realizing an intermediary elimination fund transaction is provided. The storage medium according to claim 1, wherein the financial transaction is a bilateral transaction, wherein one or more computers and a plurality of user terminals are connected to the computer network. To
(A) transmission means for transmitting a bilateral transaction request to a terminal of a candidate who can be a trading partner by a terminal of a person who desires bilateral trading of financial products;
(B) receiving means for receiving the relative transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate;
(C) return means for returning, to the terminal of the relative transaction applicant, a terminal of the relative transaction candidate in response to the relative transaction request received by the receiving means, the decision of acceptance, rejection or negotiation;
(D) receiving means for receiving the decision made by the terminal of the counterparty candidate from the terminal of the counterparty candidate by the reply unit;
(E) the terminal of the counterparty applicant and / or the terminal of the counterparty candidate notifies the computer of the result of establishment or failure of the counterparty,
A computer-readable storage medium on which a program for realizing an intermediary exclusion relative transaction is provided. The storage medium according to claim 6, further comprising a mediation elimination financial transaction program characterized by further comprising: a plurality of user terminals connected to one or more computers connected to the computer network;
(A) transmitting means for transmitting a bilateral transaction request for a financial instrument to the computer, wherein the terminal of the bilateral transaction applicant;
(B) receiving means for receiving the relative transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant;
(C) specifying means for specifying a relative transaction candidate matching the relative transaction request received by the receiving means;
(D) a notifying means for notifying the terminal of the relative transaction applicant of the contact information of the relative transaction candidate specified by the specifying means,
A computer-readable storage medium storing a program for realizing a mediation elimination relative transaction by further providing the program. A computer system for supporting intermediary elimination financial transactions between end customers, such as final fund managers, final raisers, and final fund traders,
(A) one or more computers having a function as a web server and a function as a database server;
(B) a plurality of user terminals of the end customer;
(C) one or more computer networks connecting the computer and the user terminal;
(D) a financial product database that stores data related to financial transactions such as fund procurement, fund management, sales, and fund transactions;
(1) a contract management database that stores data on at least one of a financial transaction contract, a prospectus, a report, and a disclosure;
(2) a settlement management database that stores data related to fund settlement and / or securities settlement;
(3) A distribution material database that stores at least one of operation reference materials, procurement proposal materials, and transaction proposal materials, and
(4) By providing any one or more databases among client information databases that store data on users of the system,
A bidding mode for directly matching financial transaction orders such as financing orders, fund management orders, offer orders, and fund transaction orders on the basis of supply and demand balance and / or
A mediation elimination financial transaction system, characterized in that by providing a communication path, a relative mode in which the final customers can establish the financial transaction by direct negotiation can be realized. 9. The intermediary elimination financial transaction system according to claim 8, wherein the financial transaction is funding.
(A) transmitting means for transmitting a fundraising order to the computer by a terminal of a fundraising applicant;
(B) accepting means for accepting the financing order transmitted by the transmitting means from the terminal of the financing applicant;
(C) storage means for storing the financing order received by the receiving means,
(D) a means for the computer to disclose the funding order to a terminal of a specified or unspecified fund management applicant;
(E) transmitting means for transmitting, from the computer based on the fund procurement order disclosed by the disclosure means, a fund management order for fund procurement to the computer,
(F) receiving means for receiving the fund management order transmitted from the terminal of the fund management applicant by the transmitting means;
(G) storage means for storing the money management order received by the computer,
(H) a matching means for the computer to match a funding order and a fund management order stored by the storage means to determine a match of a condition;
(I) When the computer determines that the condition is satisfied by the matching unit, the computer establishes financing between the financing order and the fund management order, and updates the two orders stored by the storage unit. Means,
(J) notification means for notifying the terminal of the applicant for fund procurement and the terminal of the applicant for fund management of the transaction result derived by the matching means,
An intermediary elimination financial transaction system, comprising: 9. The intermediary elimination financial transaction system according to claim 8, wherein the financial transaction is fund management.
(A) transmitting means for transmitting, to the computer, a purchase order and a sales order of a fund management product,
(B) receiving means for receiving the purchase order and the selling order transmitted from the user terminal by the transmitting means,
(C) storage means for storing the purchase order and the sales order received by the computer,
(D) matching means for comparing the purchase order and the sales order stored by the storage means with each other to determine whether the condition is met;
(E) updating means for establishing a trade between a purchase order and a sell order when the computer determines that the condition is satisfied by the matching means, and updating both orders stored in the storage means; When,
(F) a notifying means for notifying the user terminal of the transaction result derived by the matching means,
An intermediary elimination financial transaction system, comprising: 9. The intermediary elimination financial transaction system according to claim 8, wherein the financial transaction is sold.
(A) transmitting means for transmitting a sales order of a fund-managed product to the computer by a terminal of a sales applicant;
(B) receiving means for receiving the selling order transmitted by the transmitting means from the terminal of the selling applicant;
(C) storage means for storing the selling order received by the computer,
(D) a means for the computer to disclose the selling order to a terminal of a specific or unspecified purchase applicant;
(E) transmitting means for transmitting, to the computer, a purchase order intended for the sale to the computer, based on the sales order disclosed by the disclosure means from the computer,
(F) receiving means for receiving the purchase order transmitted from the terminal of the purchase applicant by the transmitting means;
(G) storage means for storing the purchase order received by the computer,
(H) matching means for comparing the selling order and the purchase order stored by the storage means with each other to determine whether the condition is satisfied;
(I) updating means for, when the computer determines by the matching means that the condition is met, establishing a sale between a selling order and a purchase order, and updating both orders stored by the storage means; ,
(J) notification means for notifying the terminal of the seller and the terminal of the buyer of the transaction result derived by the matching means,
An intermediary elimination financial transaction system, comprising: 9. The intermediary elimination financial transaction system according to claim 8, wherein the financial transaction is a fund transaction.
(A) transmitting means for transmitting, to the computer, a buy order and a sell order for a fund transaction product,
(B) receiving means for receiving the buy order and the sell order transmitted from the user terminal by the transmitting means, and
(C) storage means for storing the buy order and the sell order received by the computer,
(D) matching means for comparing the buy order and the sell order stored by the storage means with each other to determine whether the condition is satisfied, and
(E) When the computer determines that the condition is satisfied by the matching unit, the computer establishes a fund transaction between the buy order and the sell order, and updates both orders stored by the storage unit. Means,
(F) a notifying means for notifying the user terminal of the transaction result derived by the matching means,
An intermediary elimination financial transaction system, comprising: The financial transaction system according to claim 8, wherein the financial transaction is a bilateral transaction.
(A) transmission means for transmitting a bilateral transaction request to a terminal of a candidate who can be a trading partner by a terminal of a person who desires bilateral trading of financial products;
(B) receiving means for receiving the relative transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate;
(C) return means for returning, to the terminal of the relative transaction applicant, a terminal of the relative transaction candidate in response to the relative transaction request received by the receiving means, the decision of acceptance, rejection or negotiation;
(D) receiving means for receiving the decision made by the terminal of the counterparty candidate from the terminal of the counterparty candidate by the reply unit;
(E) the terminal of the counterparty applicant and / or the terminal of the counterparty candidate notifies the computer of the result of establishment or failure of the counterparty,
An intermediary elimination financial transaction system, comprising: 14. The intermediary elimination financial transaction system according to claim 13, further comprising:
(A) transmitting means for transmitting a bilateral transaction request for a financial instrument to the computer by the terminal of the bilateral trade applicant;
(B) receiving means for receiving the relative transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant;
(C) specifying means for specifying a relative transaction candidate matching the relative transaction request received by the receiving means;
(D) a notifying means for notifying the terminal of the relative transaction applicant of the contact information of the relative transaction candidate specified by the specifying means,
An intermediary elimination financial transaction system, further comprising:   15. The intermediary elimination financial transaction according to claim 8, wherein the financial transaction target product is one or more financing products of borrowings, bonds, stocks, and commercial paper. system.   15. The intermediary according to claim 8, wherein the target product of the financial transaction is any one or more fund management products among loans, bonds, stocks, and commercial paper. Elimination financial trading system.   15. The method according to claim 8, wherein the financial transaction target product is any one of a foreign exchange product, an interest rate derivative product, a stock derivative product, a compound derivative product, a forward product, a futures product, an option product, and a swap product. An intermediary elimination financial transaction system characterized by at least one fund transaction product.   18. The intermediary elimination financial transaction system according to claim 8, wherein at least one of an operation agent, a procurement agent, a sales agent, and a transaction agent can participate in the financial transaction.   18. The intermediary elimination financial transaction system according to claim 8, wherein at least one of an operation evaluator, a procurement evaluator, and a transaction evaluator can participate in the financial transaction.   18. The intermediary elimination financial transaction system according to claim 8, wherein at least one of an operation reference material provider, a procurement proposal material provider, and a transaction proposal material provider can participate in the financial transaction.   18. The intermediary elimination financial transaction system according to claim 8, wherein the financial product can be transacted 24 hours a day inside and outside of the country, beyond the borders and / or the transaction time.   18. The intermediary elimination financial transaction system according to claim 8, wherein settlement and management functions after transaction establishment, such as transaction matching, contract signing and transfer, fund settlement, securities settlement, and inspection of compliance with laws and regulations, are integrated. .   Create a trading market for financial instruments through one or more computer networks, eliminate the intermediation of transactions by traditional banks and traditional securities firms, final fund managers, final funders, final fund transactions A financial transaction method that eliminates intermediation, characterized in that financial transactions can be directly concluded by matching end customers such as persons.   24. The method of claim 23, wherein the financial transaction is funding. Claim 23 or Claim 24, in which the fund-raising candidate presents the conditions for fund-raising to candidates who can execute the fund-raising, and A mediation elimination financial transaction method characterized in that it is possible to raise funds in a system comprising one or more computers and a plurality of user terminals connected to the computer network,
(A) a step in which the terminal of the fund management applicant transmits funding conditions to the terminal of the fundraising candidate;
(B) a receiving step in which the terminal of the fund procurement candidate receives the fund procurement conditions transmitted from the terminal of the fund management applicant in the transmitting step;
(C) a reply step in which the terminal of the fund procurement candidate returns a decision on acceptance, rejection or negotiation to the terminal of the fund management applicant with respect to the fund procurement conditions received in the receiving step;
(D) a step of receiving the decision made by the terminal of the candidate for fund management from the terminal of the candidate for fund procurement in the return step;
(E) a step in which the terminal of the applicant for fund management and / or the terminal of the candidate for fund procurement notifies the computer of the result of establishment or failure of fund procurement;
An intermediary elimination financial transaction method comprising:   24. The method of claim 23, wherein the financial transaction is fund management.   24. The method of claim 23, wherein the financial transaction is a sale.   24. The method of claim 23, wherein the financial transaction is a fund transaction.   The method of claim 23, wherein the financial transaction is a bilateral transaction.   Regarding financial products, work to create one or more synthetic products by combining multiple standard products, work to disassemble one or more synthetic products to create multiple standard products, combine one or more synthetic products to create one or more synthetic products A financial transaction program characterized in that one or more of a task of creating another synthetic product and a task of decomposing one or more synthetic products to produce a plurality of other synthetic products can be appropriately performed. Computer readable storage medium.   A computer-readable storage medium storing a financial transaction program, wherein one or more of a simultaneous joint operation, a simultaneous joint procurement, a simultaneous joint sale, and a simultaneous joint transaction are enabled.   Regarding financial products, work to create one or more synthetic products by combining multiple standard products, work to disassemble one or more synthetic products to create multiple standard products, combine one or more synthetic products to create one or more synthetic products A financial transaction system capable of appropriately performing at least one of a task of creating another synthetic product and a task of decomposing one or more synthetic products to create a plurality of other synthetic products.   A financial transaction system capable of performing at least one of simultaneous joint operation, simultaneous joint procurement, simultaneous joint sale, and simultaneous joint transaction.   Regarding financial products, work to create one or more synthetic products by combining multiple standard products, work to disassemble one or more synthetic products to create multiple standard products, combine one or more synthetic products to create one or more synthetic products A financial transaction method, wherein at least one of a task of creating another synthetic product and a task of decomposing one or more synthetic products to create a plurality of other synthetic products can be appropriately performed. A financial transaction method capable of performing at least one of simultaneous simultaneous operation, simultaneous joint procurement, simultaneous joint sale, and simultaneous joint transaction.

Images