JP2004355608A - Storage medium with lease transaction program for financial commodity or the like recorded thereon; lease transaction system for financial commodity or the like; and lease transaction method for financial commodity or the like - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a computer-readable storage medium, a lease transaction system for financial commodities or the like, and a lease transaction method for financial commodities or the like allowing a customer to save charge paid to a mediator or the like and capable of substantially improving liquidity of the individual commodities by establishing a lease transaction market for the financial commodities and/or quasi-financial commodities through one or more computer networks, by matching lease demands of customers such as a fund operator, a fund raiser and a fund transactor with rental demands, and by introducing a new kind of transaction capable of substantially executing creation and elimination of a position. <P>SOLUTION: This application is related to this computer-readable storage medium with a lease transaction program for financial commodities recorded, this lease transaction system for financial commodities or the like, and a lease transaction method for financial commodities or the like. That is to say, the lease transaction market for the financial or the quasi-financial commodities is established through the one or more computer networks, so that users thereof can establish lease transactions with one another. <P>COPYRIGHT: (C)2005,JPO&NCIPI

Description

  The present invention creates a leasing market for financial products and / or quasi-financial products via one or more computer networks and records a financial product etc. leasing transaction program to match customer leasing demand with leasing demand. Computer-readable storage medium, financial product etc. lease transaction system and financial product etc. lease transaction method.

In general, a leasing transaction is a transaction in which a lender, such as a leasing company, purchases a product desired by the lessee on behalf of the lessee and lends it to the lessee, and the lessee pays a commission to the lessor to use the product to earn revenue. Lease transactions start from the concept of "separation of ownership and use", and have been widely recognized globally for their function as "financing" after 150 years of history. Nevertheless, the products subject to leasing transactions are still mainly machines and equipment, and in terms of diversification of services and diversification of business, lenders have been given more advanced leasing business and more specialized leasing business. Conversion is required.
On the other hand, transactions related to “finance” generally mean “purchase” when referring to “acquisition” of financial products, while “borrowing” of financial products is performed while lending and lending transactions are performed in consumer lending and depositing. Generally speaking, it means "sales," and the concept of "separation of ownership and use" is not infiltrated in "melting". Despite wanting to enjoy the various transaction benefits brought by financial products, there is a shortage of funds on hand and market participants who cannot acquire the products, and those who make the best use of their current financial products to make at least a little There is a great demand for financial instruments lending transactions with market participants who want to gain. And, the development of computer networks, including communication technology, can realize an immediate and economical match between the demands of both market participants who want to borrow and those who want to lend.

By the way, land, buildings and composite real estate, which is a combination of both, are originally investment products with different characteristics from financial products, but due to the spread of real estate securitization using special purpose companies and investment trusts, It has established itself as a jointly operated product that can be reduced in size. Along with this, in asset management, there is an opportunity for arbitrage between the real estate management product and financial management products such as loans, bonds, stocks, etc., through securitized products such as real estate-backed securities and real estate investment trusts. It is no longer meaningful to discuss real estate and financial products on different grounds. Indices that show fluctuations in the overall market, such as stock indices, have also been developed in the real estate market. Derivative product transactions based on these real estate investment indices are also expected to grow. On the other hand, commodity futures, commodity options, commodity futures options, and commodity price swaps based on physical commodities such as precious metals and non-ferrous metals, energy-related products, and primary commodities The status as a quasi-financial product has already been established, and product funds investing in these physical derivatives and financial derivatives are positioned as fund-type financial products similar to securities investment trusts.
In other words, these real estate products and derivatives in kind are required to be treated as equivalent to financial products in their “acquisition” and “disposal” as quasi-financial products. There is a large demand for loan transactions between market participants who have low liquidity and cannot create new positions, and those who want to maximize their trading profits by using their current positions. Can be found.

The present invention has been made in order to solve the above problems, and has established a leasing transaction market for financial products and / or quasi-financial products via one or more computer networks, and has provided asset managers and fund raisers. To provide a computer-readable storage medium, a financial product lease transaction system, and a financial product lease transaction method that record a financial product lease transaction program that matches rental demand and rental demand of customers such as fund traders. Make it an issue.
The present invention introduces a new type of transaction that can substantially create and eliminate positions in asset management, fund procurement, and fund transactions, thereby reducing commissions paid by customers to intermediaries and the like, It is an object of the present invention to provide a computer-readable storage medium storing a financial product lease transaction program capable of substantially improving liquidity, a financial product lease transaction system, and a financial product lease transaction method.
Furthermore, the present invention provides a new type of transaction that transcends borders and transaction time, sets up appraisers, and integrates settlement / management functions to ensure asset management, fund procurement, and the reliability and transparency of fund transactions. It is an object of the present invention to provide a computer-readable storage medium storing a leasing transaction program for financial products, etc., which can improve operability, immediacy, economy, and efficiency, a leasing transaction system for financial products, and a leasing transaction method for financial products. .

The invention according to claim 1 is a computer-readable storage medium that records a leasing transaction program for financial products and the like, and establishes a leasing market for financial products and / or quasi-financial products via one or more computer networks. It is characterized in that it can be established and users can conclude a lease transaction.
The lease transaction referred to in the present invention includes not only lease contracts in a narrow sense, but also sub-lease contracts, consumer loan contracts, and consumer deposit contracts, etc. in terms of laws and regulations. This refers to a loan transaction in a broad sense that can be processed or financially processed, and also includes cases in which conduits such as special purpose companies, trusts, unions, etc. are involved between users in actual transactions. That is, the present invention is not limited to the leasing transaction in today's industry. The lease transaction according to the present invention includes a lease transaction between asset managers, a lease transaction between a fund raiser and an asset manager, a lease transaction between fund transaction parties, and the like. Each user or customer is referred to as a lessor, lessee, sublessor, sublessee, and the like.
By the way, the asset manager in the present invention refers to loans, deposits, stocks and bonds, commercial paper, beneficiary rights, buying and selling of real estate products, foreign exchange products, financial derivatives, real estate derivatives, transactions in kind, etc. Domestic and foreign individuals and corporations that manage assets. Funders are domestic and foreign individuals and corporations that raise funds through borrowings, deposits, the issuance of stocks and bonds, the issuance of commercial paper, and the trading of foreign exchange products and derivatives. In the present invention, domestic and foreign individuals and corporations having both the function as the asset manager and the function as the fund raiser are referred to as fund traders.
Furthermore, in the present invention, a basic product such as a financial management product or a real estate management product to be managed by an asset is referred to as an asset management product, and a basic product such as a financial procurement product to be funded is referred to as a financing product. . Therefore, bonds, stocks, commercial paper, and the like used as fundraising products by fundraising companies become asset management products from the viewpoint of an asset manager who purchases them. If the funding means is a loan, the basic product for the procurement side, ie, the fund procurement product, is a debt, the basic product for the management side, ie, the asset management product, is a loan receivable, and the fund procurement means is a deposit. On the other hand, a basic product, ie, a fund procurement product, for the procurement side becomes a deposit obligation, and a basic product, ie, an asset management product, for the management side becomes a deposit receivable. On the other hand, in the present invention, various products that are used differently from asset management products and financing products, such as foreign exchange products, financial derivative products, real estate derivative products, and physical derivative products, are used as fund transaction products.
In the present invention, the lessor receives a lease fee from the lessee instead of renting out the cash flow and the actual goods of the asset management product, the financing product, and the fund transaction product to the lessee, and the sublesser once borrows from the lessor. Instead of renting out the cash flow or the actual product to the sublessee, you receive a sublease lease from the sublessee. That is, the sublessor in the sublease lease transaction is also the lessee in the original lease transaction. In the present invention, lending and borrowing cash flows is called a cash flow lease, and lending and borrowing the cash is called a direct lease.
Note that the cash flow in the present invention refers to a capital inflow and a capital outflow. Specifically, it refers to the inflow and outflow of the principal portion of asset management products, financing products and fund transaction products, and the inflow and outflow of the fruit portion such as interest, dividends, rent including rent and rent generated from the principal. .

  The invention according to claim 2 is the computer-readable storage medium according to claim 1, which records a leasing transaction program such as a financial product, wherein one or more computers and a plurality of user terminals are connected to the computer network. Transmitting means for transmitting a rental order or a rent order to the computer by a terminal of a person who desires a leasing transaction of the financial or quasi-financial product; and transmitting the computer by the transmitting means from the terminal of the lease applicant. Receiving means for receiving the lease order or lease order received, the storage means for storing the lease order or lease order of the lease applicant accepted by the computer, and the computer comprising: Disclosure method for disclosing the rental order or the lease order to the terminal of a specific or unspecified candidate who can be a partner Transmitting means for transmitting, to the computer, a lease order or a rental order for the lease transaction based on the rental order or the rental order disclosed by the disclosure means from the computer; Receiving means for receiving the lease order or rental order transmitted by the transmission means from the terminal of the lease candidate by the computer; and the lease order or rental order of the lease candidate received by the computer by the reception means. Storage means for storing the lease order or lease order of the lease applicant stored by the storage means and the lease order or lease order of the lease candidate to determine matching of conditions. Means and the computer determine that the condition is met by the matching means. Updating means for establishing a lease transaction between the rental order and the rent order and updating the two orders stored by the storage means; and the computer transmits the transaction result derived by the matching means to the lease applicant. A lease transaction can be realized by providing a terminal and a notification unit for notifying the terminal of the lease candidate.

  The invention according to claim 3 is the computer-readable storage medium according to claim 1, which records a leasing transaction program such as a financial product, wherein one or more computers and a plurality of user terminals connected to the computer network. Transmitting means for transmitting a rental order and a rent order of the financial / quasi-financial instrument to the computer by the plurality of user terminals; and the transmitting means transmitting the computer from the plurality of user terminals by the transmitting means. Receiving means for receiving a rental order and a rent order; a storage means for storing the rental order and the rent order received by the computer by the receiving means; and a storage means for storing the rental order and the rent order stored by the storage means. A matching means for determining whether the condition is met by matching, the computer comprising: Therefore, if it is determined that the conditions are met, a lease transaction is established between the rental order and the rental order, and the updating means for updating both orders stored by the storage means, and the computer is operated by the matching means. And notifying means for notifying the plurality of user terminals of the transaction result obtained, whereby a lease transaction can be realized.

  The invention according to claim 4 is the computer-readable storage medium according to claim 1, which records a leasing transaction program such as a financial product, wherein at least one computer connected to the computer network and a plurality of user terminals are provided. Transmitting means for transmitting a relative lease transaction request to a terminal of a candidate who can be a trading partner; and a terminal of the relative transaction candidate, Receiving means for receiving the relative lease transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant; and accepting or rejecting the relative lease transaction request received by the terminal of the relative transaction candidate received by the receiving means. Or, a reply means for returning a decision on negotiations to the terminal of the counterparty candidate, and the terminal of the counterparty candidate is located in front of 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 lease transaction. And means for realizing a leasing transaction.

  According to a fifth aspect of the present invention, there is provided the storage medium according to the fourth aspect, wherein a leasing transaction program for a financial product or the like is recorded, wherein the storage medium further comprises a further means, and is connected to the computer network. Transmitting means for transmitting the relative lease transaction request of the financial / quasi-financial instrument to the computer, wherein the computer has a plurality of computers and a plurality of user terminals; Receiving means for receiving the relative lease transaction request transmitted by the transmitting means from the terminal of the person, and the computer, the identifying means for identifying a relative transaction candidate that matches the relative lease transaction request received by the receiving means, The computer stores the contact information of the counterparty candidate specified by the specifying means as a terminal of the counterparty applicant Characterized in that it is possible to realize a relative leases by further comprising a notification unit for notifying to.

  The invention according to claim 6 is the computer-readable storage medium according to claim 1, which records a leasing transaction program such as a financial product, wherein the target product of the leasing transaction is a loan receivable, a bond, a commercial paper, It is characterized in that it is a financial management product of at least one of deposit receivables, stocks, investment securities, depositary certificates and beneficiary securities.

  According to a seventh aspect of the present invention, there is provided the storage medium according to any one of the first to fifth aspects, wherein a leasing transaction program for a financial product or the like is recorded. It is characterized in that it is one or more real estate management products among buildings, real estate-backed securities and real estate investment trusts.

  The invention according to claim 8 is the computer-readable storage medium according to any one of claims 1 to 5 that records a leasing transaction program such as a financial product, wherein the target product of the leasing transaction is a debt, a bond, a commercial paper, It is characterized in that it is a fund procurement product of at least one of deposit liabilities, stocks and investment securities.

  According to a ninth aspect of the present invention, there is provided the storage medium according to any one of the first to fifth aspects, wherein a leasing transaction program for a financial product or the like is recorded, wherein the target product of the leasing transaction is a foreign exchange product, an interest rate derivative product, a stock. It is characterized by at least one of a derivative transaction, a real estate derivative, a physical derivative, a composite derivative, a forward commodity, a future commodity, an option commodity, and a swap commodity.

  The invention according to claim 10 is a computer system for supporting a leasing transaction of a financial product and / or a quasi-financial product between customers such as an asset manager, a fund raiser, and a fund trader. One or more computers having a function as a server and a function as a database server; (b) a plurality of user terminals of the customer; and (c) one connecting the computer and the user terminals. The computer network described above, and (d) a lease product database storing data related to the lease transaction, and (1) data relating to at least one of a lease 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, Either one of the evaluator information database that stores the self-introduction material of the appraiser and / or the reference / suggestion material related to the lease transaction, and (4) the client information database that stores data on the user of the system. By providing one or more databases, a bidding mode for directly matching lease orders on the principle of supply and demand and / or a relative mode for allowing the customers to establish the lease transaction by direct negotiations by providing a communication channel. It can be realized.

  An eleventh aspect of the present invention is the financial transaction leasing system according to the tenth aspect, wherein a terminal of a person who desires a leasing transaction for the financial / quasi-financial product transmits a rental order or a rental order to the computer. Transmitting means, a receiving means for receiving the rental order or the rent order transmitted by the transmitting means from the terminal of the lease applicant by the computer, and a rent of the lease applicant received by the computer by the receiving means. A storage unit for storing an order or a rent order; a computer, wherein the computer discloses the lease order or the rent order to a terminal of a specific or unspecified candidate who can be a business partner of the lease applicant; The terminal of the candidate executes the lease transaction based on the rental order or the rental order disclosed by the disclosure means from the computer. Transmitting means for transmitting the rented or rented order to the computer; receiving means for receiving the rented or rented order transmitted by the transmitting means from the terminal of the lease candidate; and A storage unit for storing a lease order or a rental order of the lease candidate received by the reception unit; and the computer storing the lease or lease order of the lease applicant stored by the storage unit; Matching means for determining whether the conditions are met by matching the rental order or the rental order, and when the computer determines that the conditions are met by the matching means, establishes a lease transaction between the rental order and the rental order. Updating means for updating both orders stored by the storage means; and The transaction result led by the matching means, characterized by comprising a notification unit that notifies the terminal of the lease applicant terminal and the lease candidates.

  According to a twelfth aspect of the present invention, there is provided the leasing transaction system for a financial product or the like according to the tenth aspect, wherein the plurality of user terminals transmit a rental order and a rental order of the financial / quasi-financial product to the computer. Means, receiving means for receiving the rental order and rent order transmitted from the plurality of user terminals by the transmitting means, and storing the rent order and rent order received by the receiving means by the computer. Storage means, a matching means for comparing the rental order and the rent order stored by the storage means with each other to determine whether or not the condition is met; and a computer which determines whether the condition is met by the matching means. A lease transaction is established between the order and the rented order, and both orders stored by the storage means are stored. And updating means for updating, the computer, characterized by comprising a notification unit that notifies the transaction result led by the matching means into a plurality of the user terminals.

  According to a thirteenth aspect of the present invention, in the financial transaction leasing system according to the tenth aspect, a terminal of a person who desires a relative lease transaction of the financial or quasi-financial product is transmitted to a terminal of a candidate who can be a business partner Transmitting means for transmitting a relative lease transaction request; receiving means for receiving the relative lease transaction request transmitted from the terminal of the relative transaction candidate by the transmitting means; and The terminal of the party, in response to the relative lease transaction request received by the receiving means, return means for accepting, rejecting or negotiating decision to the terminal of the relative transaction applicant, the terminal of the relative transaction applicant, A receiving means for receiving a decision returned by the reply means from the terminal of the counterparty candidate, and a terminal of the counterparty candidate and / or a terminal of the counterparty candidate, Characterized in that a of the validity or invalidity of the result and a notification unit configured to notify the computer.

  The invention according to claim 14 is the financial product etc. lease transaction system according to claim 13, further comprising a further unit, wherein the terminal of the counterparty applicant is a terminal for the financial / quasi-financial product. Transmitting means for transmitting a relative lease transaction request to the computer, receiving means for receiving the relative lease transaction request transmitted from the terminal of the relative transaction applicant by the transmitting means, and the computer comprising: Means for specifying a relative transaction candidate matching the relative leasing transaction request received by the computer, and the computer notifying the contact of the relative transaction candidate to the terminal of the relative transaction candidate specified by the specifying means. Means is further provided.

  According to a fifteenth aspect of the present invention, in the leasing system for financial instruments or the like according to the tenth to fourteenth aspects, the lease transaction is a cash flow lease of an asset management product.

  The invention according to claim 16 is the lease transaction system for financial instruments, etc. according to claims 10 to 15, wherein the lease transaction is a cash flow lease of an asset management product according to a discount rate and / or a premium. Features.

  According to a seventeenth aspect of the present invention, in the lease transaction system for financial instruments or the like according to any one of the tenth to fourteenth aspects, the lease transaction is a direct lease of an asset management product.

  The invention according to claim 18 is the lease transaction system for financial instruments or the like according to claims 10 to 14 or 17, wherein the lease transaction is a direct lease of a return-type and / or non-return-type asset management product. It is characterized by.

  According to a nineteenth aspect of the present invention, in the leasing transaction system for financial instruments or the like according to the tenth to fourteenth aspects, the lease transaction is a cash flow lease of a fund procurement product.

  The invention according to claim 20 is the lease transaction system for financial instruments or the like according to claims 10 to 14 or 19, wherein the lease transaction is any one of an extended redemption type, a shortened redemption type, and a purchase cancellation type. It is characterized by a cash flow lease of one or more funding products.

  According to a twenty-first aspect of the present invention, in the leasing transaction system for financial instruments or the like according to the tenth to fourteenth aspects, the lease transaction is a cash flow lease of a fund transaction product.

  The invention according to claim 22 is the lease transaction system for financial instruments or the like according to claims 10 to 14 or 21, wherein the lease transaction is performed by a cash flow lease of a fund transaction product based on a valuation gain and / or a valuation loss. It is characterized by doing.

  The invention according to claim 23 is the financial product lease transaction system according to claims 10 to 18, wherein the target product of the lease transaction is a loan receivable, a bond, a commercial paper, a deposit receivable, a stock, an investment securities, a deposit It is characterized by one or more financial management products among certificates and unit certificates.

  The invention according to claim 24 is the financial transaction lease transaction system according to claims 10 to 18, wherein the target product of the lease transaction is a land, a building, a complex real estate, a co-owned building, a real estate-backed security, and a real estate investment trust. And any one or more of the real estate management products.

  The invention according to claim 25 is the leasing transaction system for financial instruments, etc. according to claims 10 to 14, 19 or 20, wherein the target product of the leasing transaction is a debt, a bond, a commercial paper, a deposit debt, a stock and It is characterized in that any one or more of the investment securities is a fund procurement product.

  The invention according to claim 26 is the lease transaction system for financial instruments or the like according to claims 10 to 14, 21 or 22, wherein the target product of the lease transaction is a foreign exchange product, an interest rate derivative product, a stock derivative product, or a real estate derivative. It is characterized in that it is one or more fund transaction products among commodities, physical derivative products, composite derivative products, forward products, future products, option products, and swap products.

  The invention according to claim 27 is the financial transaction lease system according to claims 10 to 26, wherein a plurality of lessors and / or a plurality of lessors can simultaneously execute the lease transaction. I do.

  The invention according to claim 28 is the financial product etc. lease transaction system according to claim 10 to claim 26, wherein the lease transaction is at least one of an asset management product, a financing product, and a fund transaction product. Or, it is characterized as a tying lease of different kinds of products.

  The invention according to claim 29 is the financial product etc. lease transaction system according to claims 10 to 26, wherein the lease transaction is a sublease lease.

  The invention according to claim 30 is the financial product lease transaction system according to claims 10 to 26, wherein the cash flow lease of the asset management product, the direct lease of the asset management product, the cash flow lease of the fund procurement product, It is characterized by comprehensive management of assets and liabilities by various combinations of cash flow leasing of cash transaction products.

  The invention according to claim 31 is the leasing system for financial instruments, etc. according to claims 10 to 30, wherein the leasing transaction is completed 24 hours a day in Japan and abroad, crossing borders and / or transaction time barriers. It is characterized by being able to.

  The invention according to claim 32 is the lease transaction system for financial products, etc. according to claims 10 to 30, characterized in that it has a function of investigating defects of lease transaction products and / or a function of appraisal of lease transaction value. And

  The invention according to claim 33 is the lease transaction system for financial instruments and the like according to claims 10 to 30, in which transaction matching, signing and transfer of a contract, payment of a lease fee, transfer of cash flow, transfer of cash, and regulation It is characterized by the integration of settlement and management functions after the conclusion of a lease, such as compliance checks.

  The invention according to claim 34 is a method for leasing transaction of financial products, etc., in which a leasing transaction market of financial products and / or quasi-financial products is created through one or more computer networks, and users make lease transactions. Can be established.

  The invention according to claim 35 is the method for leasing a financial instrument or the like according to claim 34, wherein the lease transaction is a cash flow lease of an asset management product.

  The invention according to claim 36 is the lease transaction method for financial instruments or the like according to claim 34, wherein the lease transaction is a direct lease of a return-type and / or non-return-type asset management product.

  The invention according to claim 37 is the method for leasing a financial instrument or the like according to claim 34, wherein the lease transaction is one of at least one of a redemption extension type, a redemption shortening type, and a purchase cancellation type. It is characterized by a cash flow lease of the product.

  The invention according to claim 38 is the lease transaction method for financial instruments or the like according to claim 34, wherein the lease transaction is a cash flow lease of a fund transaction product.

In the present invention, the types of leasing transactions of financial products and quasi-financial products are classified as follows based on attributes and transaction forms of target products.
(A) Cash flow leases for asset management products [1] General cash flow leases for asset management products [2] Cash flow leases for asset management products at discount rates [3] Cash for asset management products against amplification Flow lease (b) Direct lease of asset management products [1] Non-returnable direct lease of asset management products [2] Returnable direct lease of asset management products (c) Cash flow lease of financing products [1] Cash Extended cash flow lease for redemption of procured products [2] Shortened cash flow lease for redemption of fund procurement products [3] Cash flow lease for purchase and cancellation of fund procurement products (d) Cash flow lease for fund transaction products [1] Cash flow lease of cash transaction products due to valuation gains [2] Cash flow of cash transaction products against valuation losses Shuffle lease (e) Sublease lease Various sublease leases that are applications of the lease transactions (a) to (d) above.

In the following, the merits that the user of the present system can enjoy in the lease transaction will be described in a bulleted list. In order to deepen the understanding of these merits, the mechanism of the lease transaction in the present invention will be described together.
However, the present invention is a transaction in which the entire or a part of the asset management product, the fund procurement product, and the fund transaction product is substantially or actually borrowed between the parties, and the borrower directly or indirectly pays the lender a fee equivalent. Storage medium, computer system, and method for recording a computer program for the present invention, and the mechanism for that purpose is not limited to the mechanism described below.
1. According to the present invention, a new type of transaction involving asset management, financing, and funding can be performed through various types of leasing transactions of financial products and quasi-financial products.
(1) First, the present invention enables a new type of asset management through cash flow lease of asset management products.
As one example, when asset manager A wants to achieve a slightly higher investment yield when disposing of asset management product a held in the near future, asset manager B says that the value will increase in the future. It is assumed that the current liquidity on hand is not sufficient, even though the acquisition of the asset management product a is desired from the market view. In this case, in the present invention, since the asset manager A leases the cash flow of the asset management product a to the asset manager B, the desired economic effect of both can be realized.

  Through the lease transaction, the asset manager B (hereinafter, the lessee B) receives the right to freely dispose of the asset management product a in the market during the term and the right to receive the cash flow generated from the product during the term. On the other hand, the asset manager A (hereinafter, the lessor A) transfers the right to freely dispose of the asset management product a to the lessee B while retaining the asset management product a as collateral for the lease transaction, and Obligate to pay lessee B during the term for the resulting cash flow. That is, the lessee B pays the lessee A a lease fee on a monthly basis during the period as a consideration for the usage income of the asset management product a. At the stage when the lease transaction is established, it is considered that the lessor A has transferred the asset management product a to the lessee B at the evaluation value at that time.

For example, the lease fee is calculated based on the value of the asset management product a transferred by the lessor A to the lessee B, the commission imposed by the lessor A on the lessee B, and the lessor A The total amount of these expenses is divided by the number of months in the lease transaction period. In addition, the commission or the expense can include the cost of financing performed by the lessor A in the market to acquire the asset management product a.
In the above example, when the valuation value of the asset management product a is 1,000, a lease transaction for a period of three years is completed, the lessor A charges the lessee B 70, and the lessor A pays during the term. Assuming that various expenses are 5, the total lease fee can be roughly estimated to be 1075 [1000 + 70 + 5], and the monthly lease fee can be roughly estimated to be 30 [1075 ÷ (12 months × 3 years)].
That is, the lessee B substantially acquires the asset management product a with a valuation of 1000 for 30 monthly payments without an initial investment, aims for future capital gains, and furthermore, the annual portion of the fruit generated from the product. If the cash flow is assumed to be 50 (that is, 5% per year), the right to receive the cash flow of 150 [50 × 3 years] is obtained. On the other hand, the lessor A is able to earn a commission of 70 without any additional investment while substantially disposing of the asset management product a with a valuation of 1000 when the lease transaction is completed.

For example, it is assumed that after two years from the start of the lease transaction, the valuation value of the asset management product a has risen to 1200 in accordance with the view of the market of the lessee B. At this point, if lessee B exercises the right of free disposal, since the person executing the disposition in the market is lessor A, who is the nominal owner, lessor A once receives 1200 of the disposal price. That is, the lessor A pays this to the lessee B who is the substantial owner of the product. Then, the lessee B advances the lease fee of 355 [1075- (30 × 24 months)] and pays it to the lessor A in a lump, thereby ending the lease transaction.
Lessor A has transferred asset management product a, which had a valuation of 1000 at the beginning of the period, to lessee B at 1000, and has not gained capital gain on the leasing transaction. The commission received (70) became income. On the other hand, the lessee B obtains a capital gain of 200 [1200-1000] by exercising the free disposal right during the term while paying a total of 1075 lease fees for the asset management product a transferred at the beginning of the term at 1,000. In addition, since 100 [50 × 2 years] of fruits produced during the period from the product were received as the income gain, the profit on net basis was 225 [1000-1075 + 200 + 100]. Furthermore, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

For example, suppose that the valuation value of the asset management product a has dropped to 900 after two years have passed from the start of the lease transaction, contrary to the market view of the lessee B. At this point, if lessee B exercises the right of free disposal for loss of property, 900 of the disposal price will be rented because lessor A, the nominal owner, executes the disposal in the market. Once received by person A, lessor A pays it to lessee B, the substantial owner of the product. Then, the lessee B advances the lease fee of 355 [1075- (30 × 24 months)] and pays it to the lessor A in a lump, thereby ending the lease transaction.
Since lessor A transferred asset management product a, which had a valuation of 1,000 at the beginning of the period, to lessee B at 1000, no capital loss was incurred on the lease transaction, and lessor B The commission received (70) became income. On the other hand, the lessee B pays a total of 1075 lease payments for the asset management product a acquired at the beginning of the period at 1000, and records 100 capital losses [900-1000] by exercising the right of free disposal during the period. We received a net gain of 75 [1000-1075-100 + 100] on a net basis as we received 100 [50 x 2 years] of fruit from the product during the period as income. However, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

For example, if the redemption value of the asset management product a after three years is 1100, and the lessee B does not exercise the right of free disposal and reaches the maturity date of the product, that is, the last day of the lease transaction, or If the transaction is a contract that has not been granted free disposal right from the beginning, the redemption of 1100 will be received once by the nominal owner, lessor A. Pay to lessee B, the effective owner. At this point, lessee B has already paid the lease fee.
Lessor A has transferred asset management product a, which had a valuation of 1,000 at the beginning of the period, to lessee B at 1,000, and has not earned any redemption gain on the lease transaction, but received from lessee B The commission (70) became income. On the other hand, the lessee B pays a total of 1075 lease payments for the asset management product a acquired at the beginning of the period at 1000, but also obtains a 100% redemption profit [1100-1000] when the product expires at 1100. In addition, since 150 [50 x 3 years] of fruits produced during the period from the product were received as an income gain, a profit of 175 [1000-1075 + 100 + 150] was obtained on a net basis. Furthermore, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

For example, if the redemption value of the asset management product a after three years is 1,000, and the lessee B does not exercise the right of free disposal and reaches the maturity date of the product, that is, the last day of the lease transaction, or If the transaction is a contract that has not been granted free disposal right from the beginning, the redemption of 1000 will be received once by the nominal owner, lessor A, who will give this Pay to lessee B, the effective owner. At this point, lessee B has already paid the lease fee.
Since lessor A has transferred asset management product a, which had a valuation of 1000 at the beginning of the period, to lessee B at 1000, there is no redemption gain or loss on the lease transaction, and lessee A The commission received (70) became income. On the other hand, the lessee B pays a total of 1075 lease payments to the asset management product a acquired at the beginning of the period at 1,000, and the redemption gain or loss is not recorded due to the maturity of the product at 1,000. A profit of 75 [1000-1075 + 150] on a net basis was received, as 150 [50 × 3 years] of the more mature fruits were received as income gain. Furthermore, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

The cash flow lease of the asset management product in the present invention has, for example, the following transaction forms.
(A) Assuming that asset management products that have a general maturity, such as loans and bonds, commercial paper, some deposit receivables, some fund-type investment products, and some intermediaries, will expire as they are. A form in which payment of lease payments is made for the inflow of funds over the remaining period of the product, that is, the cash flow of principal and fruits.
(B) A form in which a specific period shorter than the remaining period is generally set for the commodity having a maturity, and a lease fee is paid or received for a cash inflow during that period, that is, a cash flow of only fruits.
(C) Assuming that the right to dispose of the commodity with a general maturity is generally exercised, the inflow of funds until the disposal of the commodity, that is, the payment of lease payments for principal and fruit cash flows Form to perform.
(D) Exercise the right to freely dispose of asset management products that generally do not have a maturity, such as land and buildings, mixed real estate, stocks, some deposit receivables, some fund-type investment products, and some intermediaries. A form in which payment of lease payments is made for the inflow of funds up to the disposal of the product, that is, the cash flow of principal and fruits.
(E) A form in which a specific period is generally set for the product having no maturity, and a lease payment is received and paid for a cash inflow during that period, that is, a cash flow of only fruits.
Note that, in the present invention, regardless of whether the target product has an expiration date or the length of the remaining period, the receipt and payment of the lease fee continues even after the transfer of the cash flow is completed, or conversely, the payment of the lease fee is completed. There may be cases where the transfer of cash flows continues. Accordingly, the end date of the cash transaction transfer or the end date of payment of the lease payment, whichever is later, can be set as the end date of the lease transaction. Note that the start date of the lease transaction is called the beginning of the term, and the end date of the lease transaction is called the end of the term.
By the way, fund-type investment products in the present invention are assets generally set and managed for an unspecified number of asset managers, such as securities investment trusts, real estate investment trusts, commodity funds, loan trusts, and money trusts in a narrow sense. Generally, a specific asset manager, such as a specified money trust, a designated money trust, an investment securities trust, an investment subsidiary's stock, or a fund-type private placement bond, refers to investment products. , An asset management product that is set and used for the purpose of outsourcing management.

(2) Next, the present invention enables a new type of asset management through cash flow lease of a specific part of the asset management product. That is, the cash flow lease of the asset management product in the present invention includes a lease transaction based on a part of the valuation in addition to a lease transaction based on the total valuation of the product.
As one example, it is assumed that the value of the asset management product c held by the asset manager C is 3000. The asset manager C hopes to achieve a slightly higher investment yield when disposing of the product in the near future. On the other hand, while the asset manager D wishes to acquire the asset management product c from the view that the value of the asset management product c will continue to rise, the current liquidity on hand is 2,000 and the asset manager D has to acquire the entire product. Not enough. In this case, in the present invention, the asset manager C leases only a part of the asset management product c, that is, 1000, to the asset manager D, so that both can achieve the desired economic effect.
In the present invention, a portion that is not subject to a lease transaction, ie, 2000 in the above example, is referred to as a discounted valuation amount, and a portion that is subject to a lease transaction, ie, the above-described example, of the total valuation value of the product. 1000 is called the discount width.

According to the lease transaction, asset manager D (hereinafter, lessee D) first pays asset manager C (hereinafter, lessor C) an amount equivalent to the discounted value of asset management product c, and discounts the value of the product. Subsequent ownership of the portion and the fruit portion and the right to freely dispose of the goods in the interim market. On the other hand, while maintaining the asset management product c as collateral for the leasing transaction, the lessor C obtains the discounted valuation portion and the fruit portion of the product in return for the amount equivalent to the discounted valuation. Transfer ownership and right of free disposal of the product to lessee D.
Next, lessee D pays lessor C to lessor C on a monthly basis during the term to substantially own the discounted portion. In other words, the lessee D pays the lease fee as a consideration for the usage income of the asset management product c.

For example, the lease fee is calculated based on the value (1000) of the discounted portion leased by the lessor C to the lessee D, the commission imposed by the lessor C on the lessee D, and the lessee C in order to keep the asset management product c nominally. This is a value obtained by adding expenses and the like borne by the person C during the term, and dividing the total amount by the number of months in the lease transaction period. In addition, the fee or the cost can partially include the cost of financing performed in the market by the lessor C to acquire the asset management product c.
Assuming that the term of the lease transaction in the above example is three years, the lessor C charges the lessee D 70, and the lessor C pays 10 expenses during the term, the total lease fee is 1080 [1000 + 70 + 10]. ], And monthly lease payments can be estimated as 30 [1080１０ (12 months × 3 years)].
That is, the lessee D substantially acquires the discounted portion of the valuation 1000 with payment of 30 every month, aims at future capital gains, and has already obtained substantial ownership of the asset management product c. Therefore, if the annual cash flow of the fruit portion generated from the commodity is set to 150 (that is, the annual rate of 5% of the total), 450 [150 × 3 years] cash flow can be received during the period. On the other hand, while the lessor C substantially disposes of the asset management product c when receiving the discounted valuation amount, it becomes possible for the lessor C to earn 70 commissions without additional investment thereafter.

For example, two years after the start of the lease transaction, the valuation of the entire asset management product c has increased to 3200, that is, the discount width has increased to 1200 in accordance with the market view of the lessee D. . If the lessee D exercises the right of free disposal at this time, the person executing the disposition in the market is the lessor C, who is the nominal owner, and the lessor C pays 3200% of the total disposal price. And pays the entire amount to the lessee D who is the substantial owner of the asset management product c. Then, the lessee D advances the lease fee of 360 [1080- (30 × 24 months)] and pays it to the lessor C in a lump, thereby ending the lease transaction.
The lessor C has transferred the discounted amount of 1,000 at the beginning of the period to the lessee D at 1,000, and although there is no capital gain on the lease transaction, the fee received from the lessee D (70) became income. On the other hand, the lessee D obtains a capital gain of 200 [1200-1000] by exercising the right of free disposal during the term, while paying a total of 1080 lease payments for the discount amount transferred at 1,000. A profit of 420 [1000-1080 + 200 + 300] on a net basis was received, as 300 [150 × 2 years] of the more mature fruits were received as the income gain. Furthermore, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

For example, suppose that after two years from the start of the lease transaction, the valuation of the entire asset management product c has dropped to 2900, that is, the discount width has decreased to 900, contrary to the market view of the lessee D. At this point, if the lessee D exercises the right of free disposal for loss of property, the person executing the disposition in the market is the lessor C who is the nominal owner. Once received and paid to the lessee D who is the substantial owner of the asset management product c. Then, the lessee D advances the lease fee of 360 [1080- (30 × 24 months)] and pays it to the lessor C in a lump, thereby ending the lease transaction.
Since lessor C has transferred the discounted value of 1,000 at the beginning of the period to lessee D at 1,000, capital loss was not incurred on the lease transaction and the fee received from lessee D (70) became income. On the other hand, the lessee D pays a total of 1080 lease payments for the discount amount received at the beginning of the period at 1000, and records 100 capital losses [900-1000] by exercising the right of disposal during the period. A profit of 120 [1000-1080-100 + 300] on a net basis was obtained, as 300 [150 x 2 years] of the fruits produced during the period were received as the income gain. Furthermore, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

(3) Further, the present invention enables a new type of asset management through cash flow lease for a premium added to the valuation value of the asset management product.
As one example, it is assumed that the evaluation value of the asset management product e held by the asset manager E is 2000. The asset manager E is considering the additional funding of 1000 in the near future when disposing of the product, because the disposal price alone will affect future cash flow. On the other hand, it is assumed that the asset manager F wishes to acquire the asset management product e from the market view that the value of the asset management product e will increase, and at the same time, wants to increase the investment yield as much as possible. In this case, according to the present invention, the asset manager F pays 3,000 funds to the asset manager E, receives the asset management product e, and substantially replenishes the asset manager E with a cash flow of 1,000. The desired economic effect can be achieved.
In the present invention, the amount to be replenished with cash flows in the leasing transaction, that is, 1000 in the above example is referred to as “amplification,” and the sum of the valuation of the product itself, ie, 3000 in the above example, is referred to as the “amplification”. It is called the premium valuation of the product.

  According to the lease transaction, first, the asset manager F (hereinafter, the lessor F) pays the premium evaluation value of the asset management product e to the asset manager E (hereinafter, the lessee E) to obtain the original value of the product. By subscribing to the substantive ownership of this part and the fruit part, and the right to freely dispose of the product in the market during the term, replenish the lessee E with an equivalent amount of cash flow. On the other hand, the lessee E, in return for the amount equivalent to the premium valuation received from the lessor F, changes the substantial ownership of the principal portion and the fruit portion of the asset management product e and the right of free disposal of the product to the lessor E. Transfer to F to obtain cash flow equivalent to split amplification. Then, lessee E pays lessor F to lessor F on a monthly basis during the term in return for the cash flow equivalent to the extra amplification. In other words, the lessee E pays the lease fee as a consideration for the profit from use of the supply cash flow.

For example, the lease fee is calculated by adding a fee (1000) equivalent to the replenishment of the lessor F to the lessee E, a fee charged by the lessor F to the lessee E, and calculating the total amount of these fees in the number of months of the lease transaction period. Divided by. In addition, the fee may include a part of the cost of the fund procurement performed by the lessor F in the market in order to cover the extra evaluation value.
If the term of the lease transaction in the above example is three years and the lessor F charges the lessee E 70, the total lease payment is 1070 [1000 + 70], and the monthly lease payment is 30 [1070 $ ( 12 months x 3 years)].
That is, the lessee E can substantially dispose of the asset management product e at the premium valuation of 3000 by paying 30 every month, and can avoid affecting the cash flow. On the other hand, at the time of replenishing the cash flow, the lessor F substantially acquires the asset management product e with the premium valuation and underwrites the premium of 1000, and then receives a lease payment of a total of 1070, thereby obtaining 70%. It is possible to earn commission. Then, assuming that the annual cash flow of the fruit portion generated from the asset management product e is 100 (that is, the annual rate of 5% of the total), the lessor F receives a cash flow of 300 [100 × 3 years] during the period, and furthermore, You can aim for capital gain.

For example, it is assumed that after two years from the start of the lease transaction, the valuation value of the asset management product e has increased to 2400 in conformity with the market view of the lessor F. If the lessor F exercises the right of free disposal at this point, the lessee E is the lessee who executes the disposal in the market. Pay to the lessor F who is the substantial owner of the product e. The lessee E then advances the leasing fee of 350 [1070- (30 × 24 months)] to the lessor F in advance, or pays it to the lessor F on a monthly basis over the remaining period of the lease transaction. The transaction ends.
The lessor F substantially gained a capital gain of 400 as the valuation value of the asset management product e rose to 2400. In addition, the fee (70) from the lessee E becomes income through the receipt of the lease fee, and 200 [100 x 2 years] of fruits generated during the period from the product are received as the income gain. 670 profits [400 + 70 + 200]. On the other hand, the lessee E was able to make up for the initial shortage while paying a total of 1070 lease payments for the 1,000 cash flows supplied by the lessor F. Also, depending on the tax accounting method of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

For example, it is assumed that after two years have passed from the start of the lease transaction, the valuation value of the asset management product e has dropped to 1900 against the market view of the lessor F. If the lessor F exercises the right of free disposal at this time, the lessee E is the lessee who executes the disposition in the market. Pay to the lessor F who is the substantial owner of the product e. The lessee E then advances the leasing fee of 350 [1070- (30 × 24 months)] to the lessor F in advance, or pays it to the lessor F on a monthly basis over the remaining period of the lease transaction. The transaction ends.
Lessor F recorded a capital loss of substantially 100 as the value of asset management product e dropped to 1900. However, the commission (70) from the lessee E becomes income through the receipt of lease payments, and 200 [100 x 2 years] of fruits generated during the term from the product are received as income gain, so the net basis is The profit of 170 was [-100 + 70 + 200]. On the other hand, the lessee E was able to make up for the initial shortage while paying a total of 1070 lease payments for the 1,000 cash flows supplied by the lessor F. Also, depending on the tax accounting method of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

  By the way, in the cash flow lease of an asset management product with a discount range according to the present invention, the discounted value of the product is the book value or acquisition price for the lessor, and the discount range of the product is the valuation profit for the lessor. In this case, the lessor is substantially equal to leasing the lessee to the lessee, and the cash flow lease of the asset management product for the over-amplification referred to in the present invention means that the premium value of the product is less than the book value for the lessee. If the price or acquisition price, or the over amplification of the product is a write-down for the lessee, it is equivalent to the lessor effectively leasing the lessee the supply cash flow for the write-down.

(4) Further, the present invention enables a new kind of asset management through direct leasing of asset management products. That is, the same economic effect as the cash flow lease based on the valuation value of the entire asset management product can be realized by direct leasing of the asset management product.
As one example, asset manager G wishes to achieve a slightly higher investment yield when disposing of asset management product g in his possession in the near future, while asset manager H says that the value will increase in the future. It is assumed that the current liquidity on hand is not sufficient, even though it is desired to acquire the asset management product g based on market prices. In this case, in the present invention, the asset manager G directly leases the asset management product g to the asset manager H, so that both can achieve the desired economic effect.

  As a result of the lease transaction, the asset manager H (hereinafter, the lessee H) receives the actual asset management product g from the asset manager G (hereinafter, the lessor G), and has the right to freely dispose of the product in the market during the term. Acquire the right to receive cash flows from the product during the term. Then, the lessee H pays the lessee G a lease fee on a monthly basis during the term as consideration for the usage income of the asset management product g. When the lease transaction is completed, the lessor G actually transfers the asset management product g to the lessee H at the evaluation value at that time. In the present invention, the lease transaction is referred to as a non-returnable direct lease of the asset management product.

For example, the lease fee is calculated by adding a fee, etc., imposed by the lessor G to the lessee H to the value of the asset management product g to be transferred to the lessee H by the lessor G, and calculating the total amount of these in months of the lease transaction period. It is the numerical value divided. In addition, the fee can include the cost of fund procurement performed by the lessor G in the market to acquire the asset management product g.
In the above example, assuming that a lease transaction for three years is completed at the time when the value of the asset management product g is 1,000, and the fee imposed by the lessor G to the lessee H is 70, Is estimated to be 1070 [1000 + 70], and the monthly lease fee is estimated to be 30 [1070 $ (12 months x 3 years)].
That is, the lessee H actually acquires the asset management product g with a valuation of 1000 for 30 monthly payments without an initial investment, aims for future capital gains, and furthermore, the annual cash of the fruit portion generated from the product. Assuming that the flow is 50 (that is, 5% per year), the right to receive the cash flow of 150 [50 × 3 years] is obtained. On the other hand, the lessor G can earn 70 commissions without any additional investment while actually disposing of the asset management product g with a valuation of 1000 when the lease transaction is completed.

For example, it is assumed that after two years have passed from the start of the lease transaction, the valuation value of the asset management product g has risen to 1200 in accordance with the market view of the lessee H. If lessee H exercises the right of free disposal at this point, lessee 1200 will be received by lessee H, the actual owner of the product. Then, the lessee H advances the leasing fee of 350 [1070- (30 × 24 months)] in advance and pays it to the lessor G in a lump, thereby ending the lease transaction.
The lessor G has transferred the asset management product g, whose valuation was 1,000 at the beginning of the period, to the lessee H at 1000, and has not obtained capital gains on the lease transaction. The commission received (70) became income. On the other hand, lessee H obtains a capital gain of 200 [1200-1000] by exercising the right of free disposal during the term while paying a total of 1070 lease payments for the asset management product g transferred at 1000 at the beginning of the term, In addition, since 100 [50 × 2 years] of fruits produced during the period from the product were received as the income gain, the profit on a net basis was 230 [1000-1070 + 200 + 100]. Furthermore, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

For example, suppose that the valuation value of the asset management product g has dropped to 900 after two years have passed since the start of the lease transaction, against the market view of the lessee H. At this point, if the lessee H exercises the right of free disposal for loss of property, the lessee 900 will be received by the lessee H who is the actual owner of the product. Then, the lessee H advances the leasing fee of 350 [1070- (30 × 24 months)] in advance and pays it to the lessor G in a lump, thereby ending the lease transaction.
Since lessor G has transferred asset management product g, which had a valuation of 1,000 at the beginning of the period, to lessee H at 1000, no capital loss was incurred on the lease transaction, and lessor H The commission received (70) became income. On the other hand, the lessee H pays a total of 1070 lease payments for the asset management product g acquired at the beginning of the period at 1000, and records 100 capital losses [900-1000] by exercising the right of free disposal during the period. A net loss of 70 [1000-1070-100 + 100] on a net basis was received as 100 [50 x 2 years] of fruit arising from the product during the period was received as the income gain. However, depending on the tax accounting treatment of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

(5) The present invention enables a new type of asset management on the assumption that the borrowed asset management product is returned. That is, the direct leasing of the asset management product in the present invention includes a rent contract transaction.
As an example, suppose that asset manager I wants to make effective use of the acquired asset management product i during the holding period, even though the asset management product i has a long-term management policy or management policy, while asset manager J In view of the market view that the value of the asset management product i will decline in the future, it is assumed that the company is aiming for capital gains through prior disposal of the product and subsequent reacquisition. In this case, according to the present invention, the asset manager I directly leases the asset management product i to the asset manager J, so that the desired economic effects can be realized.

Through this lease transaction, Asset Manager J (hereinafter “Lessee J”) has the right to transfer the asset management product “i” from Asset Manager I (hereinafter “Lessee I”) and sell the product freely in the market during the term. Obligation to return the product by the end of the term regardless of actual disposal. However, the right to receive fruit from the product during the lease transaction is not substantially transferred, and the fruit once received by lessee J is returned to lessor I. In the present invention, the lease transaction is referred to as a return-type direct lease of the asset management product.
If the lessee J disposes of the asset management product i during the period, the lessee J will re-acquire the product from the market in response to a falling market, and recognizes the difference between the high disposal price and the low re-acquisition price as capital gain. Finally, the goods are returned to the lessor I. That is, the lessee J pays the lessee I a lease fee on a monthly basis during the term as a consideration for the usage income of the asset management product i. Then, the lessor I leases the asset management product i to the lessee J repeatedly in the form of re-lease and re-lease, or leases the same to other lessees in the form of a secondary lease and a tertiary lease. This makes it possible to further improve the investment yield.
It should be noted that the lessee J returns the lessor I to the lessor I, usually the asset management product i itself, but for example, other products such as other products from the same funder or equivalent products from other funders. It is possible to include another asset management product according to the asset management product i. Further, at the stage when the lease transaction is concluded, the lessor I can transfer the asset management product i to the lessee J at the valuation at that time, and can receive the transfer price equivalent to the valuation from the lessee J as collateral. . In this case, the lessor I pays the interest generated by operating the security during the term to the lessee J, and returns the security to the lessee J at the end of the term.

For example, the lease fee comprises a fee imposed by the lessor I to the lessee J. When cash is used as collateral as described above, the lease fee is substantially reduced by the collateral interest rate. In addition, the commission can include the cost of financing in the market for the lessor I to acquire the asset management product i.
In the above example, when the valuation value of the asset management product i is 1,000, a lease transaction for a period of three years is completed, the fee imposed by the lessor I on the lessee J is 210 (that is, 70 per year), and the collateral interest rate is Is 30 per year (that is, 3% per year), the total lease payment is estimated to be 120 [210-(30 x 3 years)], and the monthly lease payment is estimated to be 3 [120 $ (12 months x 3 years)] it can.
That is, the lessee J can substantially acquire the asset management product i with a valuation of 1000 with payment of 3 every month, and can aim for a capital gain in a future decline phase of the market. On the other hand, the lessor I earns a lease payment of 120 without additional investment, and assuming that the annual cash flow of the fruit portion generated from the commodity is 50 (that is, 5% per annum), 150 [50 × 3 years] during the period Cash flow can be received as before.
From another point of view, when it is recognized that the receipt and payment of cash collateral in the leasing transaction is the transfer of funds, "Lesser I pledges asset management product i as collateral, raises funds from lessee J, and then borrows interest rates. , While the lessee J accepts the asset management product i as collateral, lends the funds to the lessor I, and then receives a loan interest rate. "

For example, on the commencement date of the lease transaction, if the lessee J immediately exercises the right of free disposal and preemptively disposes the asset management product i in the market, the disposal price 1000 will be less than the lessee J, the nominal owner. receive. Two years later, if the valuation of the product drops to 800 in line with the lessee J's view of the market and the lessee J reacquires the product from the market for profit-taking, 800 pays lessor J to market seller. Then, when the lessee J returns the re-acquired asset management product i to the lessor I, which is the actual owner, the lease transaction ends.
Lessor I has transferred asset management product i, which had a valuation of 1,000 at the beginning of the period, to lessee J at 1000, and has not obtained capital gains on the lease transaction, but received lessee J 80 minus the collateral interest rate paid to the lessee J of 60 [30 x 2 years] from the commission 140 [70 x 2 years] earned is 80, and 100 [50 x 2 years] of fruits generated during the term from the product. ] As an income gain, resulting in a net profit of 180 [80 + 100]. On the other hand, the lessee J receives the collateral interest rate of 60 from the lessor while paying a fee of 140 to the lessor I for the asset management product i transferred at 1000 at the beginning of the term, and furthermore, the early disposition at the beginning of the term and the following 2 Years later, we gained 200 capital gains [1000-800] through reacquisition, resulting in a net profit of 120 [-140 + 60 + 200].

For example, two years after the lessee J precedes the asset management product i on the commencement date of the lease transaction, the valuation of the product increases to 1100 against the lessee J's view of the market, If the lessee J reacquires the product from the market due to a loss, the lessee J pays 1100 of the acquisition price to the seller in the market. Then, when the lessee J returns the re-acquired asset management product i to the lessor I, which is the actual owner, the lease transaction ends.
Lessor I transferred asset management product i, which had a valuation of 1,000 at the beginning of the period, to lessee J at 1,000. There was no capital loss on the leasing transaction, and lessor I received it. 80, which is calculated by subtracting the collateral interest rate paid to the lessee J of 60 [30 × 2 years] from the commission 140 [70 × 2], becomes 80, and 100 [50 × 2 years] of fruits generated during the period from the product. Earnings of 180 [80 + 100] on a net basis as received as usual as an income gain. On the other hand, the lessee J pays a fee of 140 to the lessor I for the asset management product i transferred at the beginning of the year at 1000, and receives a collateral interest rate of 60 from the lessor, but at the beginning of the beginning of the term and subsequent reacquisition. Reported a capital loss of [1000-1100], resulting in a net loss of 180 [-140 + 60-100] on a net basis.

(6) The present invention enables a new kind of financing and asset management through cash flow lease of financing products.
As an example, suppose that the fund raiser K has a position in the fund raising product k. As the product is about to be redeemed soon, the fund raiser K wants to extend the remaining period by deferring the redemption of the principal, so that there is room for future cash flow. On the other hand, it is assumed that the asset manager L wants to generate some profit by participating in the debt management of the fund raiser K. In this case, in the present invention, the asset manager L leases a cash flow equivalent to the redemption value of the fund procurement product k, so that both parties can achieve the desired economic effect.

  Through the lease transaction, the asset manager L (hereinafter, the lessor L) assumes the position of the fund procurement product k held by the funder K (hereinafter, the lessee K), and the asset held as an investment target of the product. Obliged to pay the repayment money to the operator. On the other hand, the lessee K is released from the obligation to deliver the position of the financing product k to the lessor L and pay the redemption amount. Then, when the lessee K pays a lease fee to the lessor L on a monthly basis thereafter as consideration for the use income of the replenishment cash flow, the principal is substantially redeemed. In the present invention, the lease transaction is referred to as a redemption-type extended cash flow lease of the fund procurement product.

For example, the lease fee is calculated by adding the fee charged by the lessor L to the lessee K to the redemption value of the financing product k that the lessee K transfers to the lessor L, and calculating the total amount of these in months of the lease transaction period. It becomes the numerical value which divided. In addition, the fee can include the cost of financing that the lessor L performs in the market in order to make up the supply cash flow.
In the above example, if a lease transaction with a period of three years is completed, the redemption value of the product is 1000, and the fee imposed by the lessor L to the lessee K is 150, the total lease fee is 1150 [1000 + 150]. Can be estimated as 32 [1150 $ (12 months x 3 years)].
That is, the lessee K can extend the remaining period of the financing product k for substantially three years by paying 32 every month, and can have a margin in cash flow. Also, depending on the tax accounting method of the lease transaction, there is a possibility that the tax saving effect can be enjoyed. On the other hand, the lessor L can earn a commission of 150 by receiving a total of 1150 lease payments over the next three years while paying a reimbursement amount of 1,000 when the lease transaction is completed. Note that the redemption money is paid to the holder of the financing product k via the lessee K who is the nominal financing party.

  (7) As one example, suppose that the fund raiser M has a position in the fund raising product m. Although it has been several years until the product is redeemed, it is hoped that the fund raiser M will complete the redemption at the moment when the liquidity at hand is high and will be free from the obligation to pay the cash flow for the fruit. On the other hand, it is assumed that the asset manager N wants to generate some profit by participating in the debt management of the fund raiser M. In this case, in the present invention, the asset manager N leases the cash flow for the position of the financing product m, so that both can achieve the desired economic effect.

  Through the leasing transaction, the asset manager N (hereinafter, the lessor N) assumes the position of the financing product m held by the financing party M (hereinafter, the lessee M), and renews it during the remaining period of the product. It is obliged to pay principal and fruit cash flows to the asset managers that it holds as investment targets. On the other hand, the lessee M is released from the obligation to deliver the position of the financing product m to the lessor N and pay the principal and the cash flow of the fruit. Then, when the lessee M pays the leasing fee to the lessor N in a lump as a consideration for the use income of the replenishment cash flow, the principal is redeemed substantially. At the stage when the lease transaction is completed, it is considered that the lessee M has delivered the financing product m to the lessor N at the evaluation value at that time. In the present invention, the lease transaction is referred to as a short-term cash flow lease for redemption of a fund procurement product.

For example, the lease fee is obtained by adding a fee or the like imposed by the lessor N to the lessee M to the evaluation value of the fund procurement product m that the lessor M transfers to the lessor N, and calculates the total amount of these in the number of months of the lease transaction period. It is the numerical value divided.
In the above example, the remaining period of the financing product m is 3 years, the lease transaction period is set accordingly, the valuation value of the product is 1000, and the fee imposed by the lessor N to the lessee M is 150. Then, the lease fee can be roughly estimated to be 1150 [1000 + 150].
That is, the lessee M can substantially redeem the financing product m by paying the leasing fee of 1150 at the beginning of the period, and is released from the obligation to pay the cash flow for the fruit in the future. Also, depending on the tax accounting method of the lease transaction, there is a possibility that the tax saving effect can be enjoyed. On the other hand, the lessor N receives the leasing fee of 1150 when the lease transaction is completed and is obliged to pay the principal and the cash flow to the asset manager holding the financing product m with the valuation of 1000. To earn 150 commissions on a present value basis. The cash flow is paid to the holder of the financing product m via the lessee M who is the nominal financing party.

  (8) As an example, suppose that the fund raiser O has a position in the fund raising product o. Funder O wants to buy and cancel the product soon in order to improve various financial indicators, but currently there is no room for liquidity on hand. On the other hand, it is assumed that the asset manager P wants to generate some profit by being involved in the financial management of the fund raiser O. In this case, according to the present invention, the asset manager P leases a cash flow equivalent to the purchase price of the financing product o, so that both parties can realize the desired economic effect.

  Through the leasing transaction, the asset manager P (hereinafter, the lessor P) assumes the position of the financing product o held by the funder O (hereinafter, the lessee O), and the lessee O buys and cancels from the market. In doing so, it is obliged to pay the purchase price to the asset manager who has held the product as an investment target. On the other hand, the lessee O is released from the obligation to deliver the position of the financing product o to the lessor P and pay the purchase price. Then, the lessee O pays a lease fee to the lessor P thereafter on a monthly basis as consideration for the use income of the supply cash flow, whereby the purchase cancellation of the product is substantially completed. In the present invention, the lease transaction is referred to as a cash-out type cash flow lease of a fund procurement product.

For example, the lease fee is obtained by adding a fee, etc., imposed by the lessor P to the lessee O to the purchase price in the market of the financing product o to be transferred to the lessor P by the lessee O, and adding the total amount of these to the lease transaction period. The value is divided by the number of months. In addition, the fee can include the cost of financing that the lessor P performs in the market to make up the supply cash flow.
In the above example, if a lease transaction with a period of three years is completed, the purchase price of the product is 1,000, and the lessor P charges the lessee O 150, the total lease fee is 1150 [1000 + 150], and the monthly The next lease payment can be estimated at 32 [1150 $ (12 months x 3 years)].
That is, the lessee O can substantially purchase and cancel the fund procurement product o with payment of 32 every month, and can improve various financial ratios. Also, depending on the tax accounting method of the lease transaction, there is a possibility that the tax saving effect can be enjoyed. On the other hand, the lessor P can earn 150 commissions by paying the purchase price of 1,000 when the lease transaction is completed, but receiving a total of 1150 lease fees over the next three years. Note that the purchase price is paid to the holder of the financing product o via the lessee O who is the nominal financing party.

The cash flow lease of the fund procurement product in the present invention has, for example, the following transaction forms.
(A) Assuming that a fund-raising product that generally has a maturity, such as a debt or bond, commercial paper, or a part of a deposit obligation, has a maturity as it is, the outflow of funds over the remaining life of the product, that is, principal and A form in which lease payments are received and paid for the cash flow of fruits.
(B) A form in which a specific period shorter than the remaining period is generally set for the commodity having a maturity, and a lease payment is paid and received for a cash outflow during that period, that is, a cash flow of only fruits.
(C) Generally, given the maturity of the above-mentioned products during the term redemption or purchase retirement, the outflow of funds until the products expire, that is, the payment of lease payments for the principal and fruit cash flows. Form of payment.
(D) Assuming that a funding product that does not generally have a maturity, such as stocks or partial deposit obligations, is purchased or canceled, cash outflow during the period until the product disappears, that is, the loss of principal and fruits A form in which lease payments are received and paid for cash flows.
(E) A form in which a specific period is generally set for the commodity having no maturity, and a lease fee is paid or received for a cash outflow during that time, that is, a cash flow of only fruits.
In the present invention, redemption during the term refers to repayment, cancellation or redemption of a fund-raising product that has a maturity at a predetermined price during the period, and purchase cancellation means whether or not the maturity exists, It refers to purchasing and financing of a fund procurement product at a distribution price or the like.

(9) Next, the present invention enables a new kind of fund transaction through cash flow leasing of fund transaction products. In other words, fund trading products such as foreign exchange products, forward products, futures products, option products, and swap products are exchanged by the fund trader directly with the trading partner, or via a stock exchange or derivative stock exchange. Indirectly, they are creating opposing positions. In the present invention, a fund trader can lease cash flows generated from these positions to other fund traders.
Fund transaction products do not require an initial investment or are extremely small compared to the basic products, and can be settled for differences, secure profits, and determine losses by counter transactions. Even in the case of delivering basic products, since a trading market with high liquidity already exists, purchasing or selling basic products in that market will bring fund traders into a state that is not substantially different from net settlement. Can be placed. That is, the asset value of the fund transaction product is a valuation gain, and the liability value is a valuation loss, and the cash flow lease of the fund transaction product in the present invention is a lease transaction based on the valuation of the valuation gain or loss.

  As one example, suppose that the fund trader Q has a valuation profit of the fund trading product q, and the valuation amount is 1000. In the near future, Funder Q wants to achieve as much revenue as the valuation gains on the product are realized by exercising the rights or fulfilling the obligations associated with the product. On the other hand, from the view that the value of the fund trading product q will continue to rise, the fund trader R wishes to create a new position for the product, but has a similar market level and market liquidity. It is almost impossible to create a position. In this case, according to the present invention, the fund trader Q can realize the economic effect desired by both the fund trader R by leasing the position of the fund transaction product q in which the valuation profit is generated. .

  Through the leasing transaction, the fund trader R (hereinafter “lessee R”) acquires the rights attached to the funded transaction product q, or assumes the obligations attached to the product, and substantially owns the valuation gain of the product. Transfer rights. On the other hand, while the fund trader Q (hereinafter, the lessor Q) keeps the position of the fund transaction product q as collateral for the leasing transaction, it transfers the rights attached to the product, or Deposit the substantive ownership of the valuation gains to lessee R, passing on the attendant obligations. In other words, the lessee R pays the lessee Q to the lessor Q on a monthly basis during the term as consideration for the use income of the evaluation profit. At the stage when the lease transaction is established, it is considered that the lessor Q has transferred the valuation gain of the fund transaction product q to the lessee R at the valuation at that time.

For example, in order to keep the nominal value of the valuation gain (1000) transferred by the lessor Q to the lessee R, the fee charged by the lessor Q to the lessee R, and the holding amount of the fund transaction product q This is a value obtained by adding various expenses and the like borne by the lessor Q during the term, and dividing the total amount by the number of months in the lease transaction period.
Assuming that the term of the lease transaction in the above example is 3 years, the lessor Q charges the lessee R 70, and the lessor Q pays 5 expenses during the term, the total lease fee is 1075 [1000 + 70 + 5]. ], And the monthly lease fee can be estimated as 30 [1075 ÷ (12 months × 3 years)].
That is, lessee R takes over 1000 valuation gains for 30 payments per month and aims for future growth, while lessor Q transfers 70 valuation gains when the lease transaction is completed, but earns 70 commissions. It becomes possible.

For example, it is assumed that after two years have passed from the start of the lease transaction, the valuation gain of the fund transaction product q has increased to 1200 in conformity with the market view of the lessee R. At this point, if lessee R exercises the rights conferred by lessor Q or fulfills the obligations assumed by lessor Q with respect to the product, the party in the market for the cancellation of the position will have a nominal position Since the lessor Q has the realization gain, the lessor Q once records the realized gain 1200, but the lessor Q transfers this to the lessee R who is a substantial recipient of the realized profit. And pay. Then, the lessee R advances the unearned lease fee of 355 [1075- (30 × 24 months)] and collectively pays it to the lessor Q, whereby the lease transaction is completed.
The lessor Q transfers the valuation gain of 1,000 at the beginning of the period to the lessee R at 1000, and there is no realization gain on the lease transaction, but the fee (70) received from the lessee R Earned income. On the other hand, the lessee R pays a total of 1075 lease payments for the valuation gain received at the beginning of the period at 1000, but also exercises the rights associated with the product or fulfills the obligations to obtain 200 additional realized gains [1200-1000]. ], Resulting in a profit of 125 [1000-1075 + 200] on a net basis. Further, the lessee R may be able to enjoy a tax saving effect depending on the tax accounting method of the lease transaction.

For example, it is assumed that two years after the start of the lease transaction, the valuation gain of the fund transaction product q has decreased to 900, contrary to the market view of the lessee R. At this point, if lessee R exercises the rights conferred by lessor Q or fulfills the obligations undertaken by lessor Q with respect to the product, the party in the market for the act of canceling the position will nominate the nominal position. Since it is the lessor Q that he has, 900 of the realized profit is once recorded by the lessor Q, but the lessor Q transfers this to the lessee R, who is the substantial recipient of the realized profit. pay. Then, the lessee R advances the unearned lease fee of 355 [1075- (30 × 24 months)] and collectively pays it to the lessor Q, whereby the lease transaction is completed.
The lessor Q transfers the valuation gain of 1,000 at the beginning of the period to the lessee R at 1000, and the realized profit is not reduced on the lease transaction, and the fee received from the lessee R (70 ) Became income. On the other hand, the lessee R pays a total of 1075 lease payments for the valuation gain received at the beginning of the period at 1000, and reduces the realized gain by 100 by exercising the rights or fulfillment of the obligations associated with the product [900-1000]. ], Resulting in a loss of 175 [1000-1075-100] on a net basis. However, lessee R may be able to enjoy the tax saving effect depending on the tax accounting method of the lease transaction.

(10) The present invention also enables a new kind of fund transaction through cash flow leasing for the valuation loss of a fund transaction product.
As one example, it is assumed that the fund trader S has a valuation loss on the fund trading product s, and the valuation is 1000. In the near future, when exercising the rights attached to the product for the purpose of losing money or fulfilling the associated obligations, the fund trader S will realize that the outflow of funds due to the realization of write-downs will have a significant effect on cash flow. I want to avoid. On the other hand, from the view that the value of the fund trading product s will begin to rise, the fund trader T wishes to create a new position for the product, but does not consider the current market level and market liquidity. It is almost impossible to create a similar position. In this case, in the present invention, the fund trader T undertakes the valuation loss of the fund trader S and takes over the position of the fund trade product s, thereby realizing the economic effect desired by both parties.

  By the leasing transaction, first, the fund trader T (hereinafter, lessor T) obtains the right attached to the fund transaction product s or assumes the obligation pertaining to the product, and obtains the fund transaction S (hereinafter, renter T). We will take over the cash outflow that occurs when the valuation loss of S) is realized. On the other hand, the lessee S transfers the right attached to the product or hands over the obligation attached to the product, and is released from the outflow of funds caused when the valuation loss of the lessee S is realized. That is, the lessee S pays the leasing fee to the lessor T on a monthly basis during the term as a consideration for the use income of the supply cash flow for the realized loss. At the stage when the lease transaction is established, it is considered that the lessee S has delivered the evaluation loss of the fund transaction product q to the lessor T at the evaluation value at that time.

For example, the lease fee is obtained by adding a fee, etc., imposed by the lessor T to the lessee S to the evaluation loss (1000) that the lessor S transfers to the lessor T, and dividing the total amount by the number of months of the lease transaction period. Numeric value. In addition, the fee can include the cost of financing that the lessor T performs in the market to make up the supply cash flow.
Assuming that the term of the lease transaction in the above example is three years and the lessor T charges the lessee S 70, the total lease fee is 1070 [1000 + 70], and the monthly lease fee is 30 [1070 @ ( 12 months x 3 years)].
That is, the lessee S can substantially reduce the realization of the 1000 valuation loss by paying 30 every month, thereby reducing the influence on the cash flow. On the other hand, the lessor T can earn a commission of 70 by receiving a total of 1070 lease payments from the lessee S while substantially reserving the write-down of 1000 and replenishing the cash flow at the time of realization. In addition, it will be possible to reduce future write-downs and eventually convert to write-downs.

For example, suppose that two years have passed since the start of the lease transaction, and the valuation loss of the fund transaction product s has decreased to 800 in accordance with the market view of the lessor T. At this point, if the lessor T exercises the rights conferred by the lessee S or fulfills the obligations undertaken by the lessee S with respect to the product, the party in the market for the cancellation of the position will have a nominal position Is the lessee, and the lessee 800 will once have to bear the outflow of 800 of the realized loss, but this is the lessor who is the substantial bearer of the realized loss. Replenished from T. Then, the lessee S advances the leasing fee of 350 [1070- (30 × 24 months)] in advance or collectively or pays it to the lessor T on a monthly basis over the remaining period of the lease transaction as in the past, and The transaction ends.
The lessor T gained a profit of 200 as the replenishment cash flow for the write-down underwritten by the lessee S at 1000 was finally 800. In addition, the receipt of the lease fee earned a fee (70) from the lessee S, which resulted in a net profit of 270 [200 + 70]. On the other hand, while the lessee S pays a total of 1070 lease payments for the 1000 write-downs delivered to the lessor T, the realization of the write-downs is substantially delayed, and the influence on the cash flow can be reduced. Was. Also, depending on the tax accounting method of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

For example, it is assumed that two years after the start of the lease transaction, the evaluation loss of the fund transaction product s has increased to 1100, contrary to the market view of the lessor T. At this time, if the lessor T exercises the rights obtained from the lessee S in respect of the product for loss or fulfills the obligations undertaken by the lessee S, the lessor T Since the party is the lessee S who has a nominal position, the lessee S once bears the outflow of 1100 of the realization loss, but this is the actual amount of the realization of the realization loss. It is supplied by the lessor T who is a burdensome person. Then, the lessee S advances the leasing fee of 350 [1070- (30 × 24 months)] in advance or collectively or pays it to the lessor T on a monthly basis over the remaining period of the lease transaction as in the past, and The transaction ends.
Lessor T posted a 100 loss due to the replenishment cash flow for the valuation loss underwritten by the lessee S at 1,000 ultimately increasing to 1100. However, due to the receipt of the lease payments, the fee (70) from the lessee S became income, resulting in a net loss of 30 [-100 + 70]. On the other hand, while the lessee S pays a total of 1070 lease payments for the 1000 write-downs delivered to the lessor T, the realization of the write-downs is substantially delayed, and the influence on the cash flow can be reduced. Was. Also, depending on the tax accounting method of the lease transaction, there is a possibility that the tax saving effect can be enjoyed.

2. Next, according to the present invention, trading fees, contract / cancellation fees, redemption fees, underwriting / selling fees, underwriting / sales fees, commissions / Brokerage fees and other expenses can be saved. Here, the intermediary refers to a traditional financial institution or a traditional real estate company in transactions of individuals or business corporations, and a broker in transactions between financial institutions or real estate companies. In addition, the fees and various expenses include a fee equivalent and a cost equivalent substantially collected by an intermediary by self-transaction with an asset manager, a fund raiser, and a fund trader.
Until now, asset managers had to pay purchase commissions, contract fees, commissions and brokerage fees, and other expenses to brokers when acquiring asset management products. Since the lessee in the present invention can substantially acquire the asset management product through cash flow lease or non-returnable direct lease, the fee inherent in the lease payment to the lessor is lower than the fee and various expenses. By controlling this, higher investment yields can be achieved.

  Until now, asset managers had to pay sales commissions, cancellation fees, redemption fees, commissions and brokerage commissions, and other expenses to intermediaries when disposing of their asset management products. . The lessor according to the present invention can substantially dispose of the asset management product through cash flow leases and non-returnable direct leases without incurring the fees and expenses described above. And get the underlying commission to achieve higher investment returns.

  When the asset manager securitizes the loan receivables, real estate, etc. that it holds, these assets are transferred directly or as trust beneficiary rights to a special purpose company, and the special purpose company issues asset-backed securities to investors Is generally issued to the public. This system incurs trust fees, underwriting and sales fees, commissions and brokerage fees, costs and fees for credit enhancement and liquidity enhancement, management and collection fees for transferred assets, and other expenses, which are the value of the transferred assets. Is causing the loss of Through the cash flow lease and the non-returnable direct lease of the asset management product, the lessor in the present invention can substantially dispose of the assets held without incurring the fees and expenses, and You can achieve higher investment returns by collecting and collecting the underlying fees.

  In the event that a financing entity repays, redeems, cancels, or cancels a funding product it has, it has paid redemption fees, termination fees, purchase fees, and other expenses to an intermediary, etc. I had to. The lessee according to the present invention can substantially redeem the product through a shortened redemption cash flow lease of the fund procurement product, so that the fee inherent in the leasing fee to be paid to the lessor in a lump is lower than the fee and various expenses. By doing so, lower procurement costs can be achieved.

  Until now, funders had to pay commissions, underwriting and sales fees and other expenses to intermediaries when raising funds. The lessor according to the present invention can collect the lease fee from the lessee in a lump through the cash flow lease of the redemption of the fund procurement product, and can substantially raise the fund, and also does not bear the fees and expenses. Conversely, by receiving the commission inherent in the lease fee, lower procurement costs can be achieved.

  Until now, when a fund trader created a position in a fund-trading product, he had to pay contract fees, brokerage and brokerage fees, and other expenses to the broker. The lessee according to the present invention can substantially create the position through cash flow leasing of the fund transaction product, so that the fee inherent in the lease payment to be paid to the lessor is kept lower than the fee and various costs, so that Achieve more trading profits and more favorable contract terms.

  Until now, cash brokers had to pay surrender fees, commissions and brokerage commissions, and other expenses to brokers if they wanted to close their holdings in their fund trading products. The lessor according to the present invention can substantially eliminate the position without incurring the fees and expenses through the cash flow lease of the fund transaction product. By receiving commissions, you can achieve more trading profits and more favorable contract terms.

3. The present invention also provides a new secondary market for illiquid products. That is, it is possible to substantially improve the liquidity of the position of the asset management product, the fund procurement product, and the fund transaction product.
Among asset management products, bonds issued by business corporations, shares of small and medium-sized companies and private companies, loans receivable, land and buildings, etc. are generally low in liquidity. Was low, and excessive disposition tended to cause a decrease in investment yield. In addition, when an intermediary recruits or sells asset management products, the intermediary may hold inventory if the price of the target product is tight or if the market collapses after receiving the purchase transaction by the intermediary. There were many. In the cash flow lease and non-returnable direct lease referred to in the present invention, an asset manager who could not previously become an acquirer of the product because of the low liquidity at hand can newly participate in the market, and a method of disposing of the asset management product As a lessor, the disposer can substantially dispose of the product without lowering the investment yield.

  Funding products generally lacked liquidity, except for those with early repayment and redemption clauses, and forced cancellation of positions tended to raise funding costs. In the short-term redemption cash flow lease of the present invention, since the funding product has substantially liquidity, the fund raiser, as a lessee, can substantially increase the holding amount of the product without increasing procurement costs. It can be eliminated.

  Funds trading products are basically illiquid except for some foreign exchange, futures and option options products. For funds trading products related to non-core currencies, various forward products, various over-the-counter option products, various swap products, various synthetic products, etc., there is a strong tendency that forcible elimination of holdings will result in a decrease in transaction profits or disadvantageous termination conditions. Was. In the cash flow lease with a valuation gain referred to in the present invention, since the fund transaction product is substantially liquid, the fund trader can act as a lessor without reducing the transaction profit or suffering disadvantageous termination conditions. It is possible to substantially cancel the holding amount of the product.

In addition, holders who are asset managers have lost intermediaries such as specified money trusts, non-designated money trusts, investment securities trusts, investment subsidiary stocks, and fund-type private placement bonds due to changes in investment and management policies. If so, it has hitherto been common practice to cash the entire portfolio or cash at the entity and to transfer it to others has not been considered since the inception of the vehicle. According to the present invention, the holder can make a cash flow lease or a non-returnable direct leasing of an intermediary with another asset manager to give the intermediary a substantial liquidity.
These leasing transactions can save various fees and other expenses that must be paid to intermediaries when disposing of the components of the portfolio, as compared to when cashing was planned, and conversely Will be able to receive commissions, which will ultimately enable lessor holders to achieve higher return on investment. On the other hand, lessees can build their portfolios economically by keeping fees paid to their holders lower than the costs required to build a portfolio from cash holdings, and it would otherwise be necessary to build a portfolio. Leases can save time that would otherwise have been spent, thus reducing market risk. After the conclusion of the lease transaction, the management of the intermediary portfolio can be taken over from the lessor or an investment trustee appointed by the lessor to the lessee or an investment trustee appointed by the lessee.

  4. And the present invention enables new access to the holdings of financial institutions such as banks and securities companies. In other words, asset management products such as loan receivables and deposit receivables that are mostly held by financial institutions, asset management products such as call loans that are held only in the inter-institutional market, foreign exchange products, forward products, and swap products For financial transaction products in which the transaction volume in the market between financial institutions occupies a large part of the market, opportunities for business corporations and individual investors to participate have been limited due to regulations or business practices. However, in the present invention, if a financial institution is a lessor and a business corporation or individual investor is a lessee, and a cash flow lease of an asset management product or a cash transaction lease of a fund transaction product based on a valuation gain is made, a business corporation or an individual Investors will be able to substantially create positions in products with limited access, and will be able to pursue higher investment returns, more trading profits, and more favorable contract terms.

5. By the way, in the lease transaction of the asset management product, the fund procurement product, and the fund transaction product in the present invention, certainty, transparency, immediacy, economy, and efficiency of the transaction are improved by the following features.
(1) There are already products that can be traded 24 hours a day in Japan and abroad in bonds and funds trading products that are traded on a mutual basis. Through the alliances and mergers between exchanges, transactions that transcend borders and trading hours are gradually being realized. The present invention keeps pace with this global trend, enables the realization of leasing transactions for asset management products, financing products, and fund transaction products 24 hours a day in Japan and overseas, various relative products and various listed products. Immediate arbitrage transactions with

  (2) The present invention establishes a lessor and an appraiser who has no conflict of interest with the lessee in the process of signing a lease transaction contract, and conducts a defect inspection of the leased product and an appraisal of the leased value. From the above, the valuation of the lessor or the position that the lessee exhibited and bid was fair, and the leased product had legal, ethical, economic, physical and environmental problems. Can be confirmed, and the transparency of the transaction itself increases.

  (3) Various settlement services and management services that occur after the establishment of traditional financial transactions and traditional quasi-financial transactions are difficult to integrate because of the different systems that can be used depending on the product or transaction market due to their historical background. It is not convenient for customers who want to trade various products. Therefore, the present invention facilitates arbitrage transactions with products handled in traditional financial and quasi-financial transactions, such as transaction matching, contract creation / transfer, cash flow transfer, delivery and return of cash, and lease fees. Payment and management functions after the lease is consolidated, such as payments and receipts, provision of tools for risk management and cash flow management, inspection of compliance with regulations, credit enhancement, preservation and collection of receivables, etc.

  (4) In the present invention, not only a case where one lessor and one lessee are matched, but also a case where a plurality of lessors are matched for one lessor, When a plurality of lessors are matched, a plurality of lessors and a plurality of lessees may be matched, so that the certainty, immediacy and efficiency of the lease are increased.

  (5) In the present invention, there are cases where a plurality of tied asset management products are subject to leasing, a case where a plurality of tied fund procurement products are subject to leasing, and a case where a plurality of tied plural fund transaction products are subject to leasing. Therefore, the efficiency, economy, and immediacy of the leasing transaction increase.

6. Next, in the present invention, the efficiency of comprehensive management of assets and liabilities increases. In other words, various combinations of cash flow leases and direct leases for asset management products, cash flow leases for financing products, and cash flow leases for cash transaction products make it possible to substantially change the composition of assets, liabilities and equity in the balance sheet. It will be possible to reorganize it. Lease transactions for comprehensive management of assets and liabilities in the present invention include, for example, the following combinations.
(A) Cash flow leases by combining "Overall of asset management products" and "Evaluation gains and losses of fund transaction products".
(B) Cash flow leasing by combining "discount width / amplification of asset management products" and "valuation gains and losses of fund transaction products".
(C) Leased leasing of "in-kind of asset management products" and "valuation gains and losses of fund transaction products".
(D) Cash flow leases by combining “financing products” and “valuation gains and losses on fund trading products”.
(E) Cash flow leasing by tying "financing products" and "total asset management products".
(F) Cash flow lease by combining "financing product" and "discount range / amplification of asset management product".
(G) Tie-in leasing of “financing products” and “in-kind of asset management products”.
(H) Cash flow leases by combining “Overall asset management products, valuation gains and losses on fund-trading products, and financing products”.
(I) Cash flow leasing by combining “discounts / amplification of asset management products, valuation gains / losses on cash transaction products, and financing products”.
(J) Tie-in leasing of “in-kind of asset management products, valuation gains and losses of fund transaction products, and financing products”.

7. Further, in the present invention, it is possible to determine the profit through various sublease lease transactions. That is, according to the present invention, the lessee in the existing lease transaction subleases the leased lease transaction product to another person and imposes on the sublessee a lease fee that is greater than the lease fee paid to the lessor by itself. If successful, the difference between the original lease fee of the original lease transaction and the sublease lease fee of the sublease lease transaction, that is, the sublease profit can be determined.
(1) First, the present invention enables a sublease lease transaction for a cash flow lease of an asset management product.
As an example, a period of three years between asset manager U (hereinafter, lessor U) and asset manager V (hereinafter, lessee V) for asset management product u held by lessor U And that lessee V has paid leaser U 30 monthly lease payments. One year after the commencement of the lease transaction, the monthly lease payments for the two-year period for the asset management product u showed a level of 45 due to changes in the supply and demand balance and other factors. The lessee V concludes a sublease lease transaction with the asset manager W at the same date as the lease transaction. The lessee V (hereinafter, the sub-lessor V) gives the asset manager W (hereinafter, the sub-lessee) the right to freely dispose of the asset management product u transferred from the lessor U and the right to receive cash flows generated from the product during the term. Transferred to W), Sublease W pays Sublease V a monthly sublease lease fee of 45 in consideration of the proceeds from these products.

  Thus, while sublesser V loses the right associated with asset management product u, it continues to pay lessee U to lessor U during the remaining period of the original lease transaction, that is, during the sublease lease transaction period. As a result of receiving a high sublease lease fee (45) from the sublessee W, it was possible to determine a total of 360 subleasing profits [(45−30) × 24 months] by the end of the term.

  For example, if the sublessee W exercises the right to freely dispose of the asset management product u during the term, the sublease V is a nominal holder of the product in the sublease lease transaction contract, but the subordinate lessee V does not Since the lessor U is the nominal holder, it is finally the lessor U that actually executes the disposition in the market on behalf of the sublessee W. Therefore, the lessee U once receives the disposal price, and the lessor U pays this via the sublessor V to the sublessee W who is the substantial owner of the asset management product u. Then, the sublessee W advances the unearned lease fee, collectively pays it to the sublessor V, and pays the same to the lessor U as it is, thereby completing both the original lease transaction and the sublease lease transaction. . Note that the sublessee W can obtain the same subleasing margin by performing the same subleasing lease transaction with another asset manager.

(2) Next, the present invention enables a sublease lease transaction for a cash flow lease of an asset management product with a discount width.
As one example, the discount width of the asset management product x held by the lessor X between the asset manager X (hereinafter, the lessor X) and the asset manager Y (hereinafter, the lessee Y) is targeted. Assume that a three-year cash flow lease has already been concluded, and renter Y pays 30 monthly lease payments to renter X after paying the discounted valuation amount at the beginning of the period. One year after the commencement of the lease transaction, in a two-year cash flow lease covering the discount range of the asset management product x, the monthly lease payments show a level of 45 due to changes in the supply and demand balance, etc. Therefore, lessee Y concludes a sublease lease transaction with asset manager Z in such a way that the original lease transaction and the end date are matched. The lessee Y (hereinafter referred to as the sub-lessor Y) gives the asset manager Z (hereinafter referred to as the sub-lessee) Z), the sublessee Z pays the sublease Y an amount equivalent to the discounted valuation and a monthly sublease lease fee of 45 in consideration of the usage income of the product.

  Thus, while sublesser Y loses the rights associated with asset management product x, it continues to pay lessee X (30) to lessor X during the remaining period of the original lease transaction, ie, during the sublease lease transaction period. By receiving a high sublease lease fee (45) from Sublessee Z, it became possible to determine a total of 360 sublease profits [(45-30) x 24 months] by the end of the term. In some cases, the sub-lessor Y can also determine the profit with respect to the discount evaluation amount.

  For example, if the sublessee Z exercises the right of free disposal of the asset management product x during the term, the sublease Y is a nominal holder of the product in the sublease lease contract, but the subordinate lessee Y does not Since the lessor X is the nominal holder, it is finally the lessor X that actually executes the disposal in place of the sublessee Z in the market. Accordingly, the lessee X once receives the disposal price, and the lessor X pays this to the sublessee Z who is the substantial owner of the asset management product x via the sublessor Y. Then, the sublessee Z advances the unearned lease fee and collectively pays it to the sublessor Y, and the sublessor Y pays the same to the lessor X as it is, thereby completing both the original lease transaction and the sublease lease transaction. . Incidentally, the sublessee Z can obtain the same subleasing margin by performing the same subleasing lease transaction with another asset manager.

(3) Further, the present invention enables a sublease lease transaction with respect to cash flow lease of an asset management product with respect to amplification.
As one example, an asset held by a lessee [A] between an asset manager [A] (hereinafter, a lessee [A]) and an asset manager [B] (hereinafter, a lessor [B]). A three-year cash flow lease has already been signed for the over-amplification of the managed product [a], and the lessor [B] pays the lessee [A] at the beginning of the period to pay the premium equivalent. It is assumed that after replenishing the cash flow for the partial amplification, the lessee [A] pays a monthly lease fee of 30 to the lessor [B]. One year after the commencement of the lease transaction, a two-year cash flow lease covering the over amplification of the asset management product [c] held by the asset manager [C] has a monthly lease payment of Since the price was at 45, the lessee [A] concluded a sublease lease transaction with the asset manager [C] at the same date as the original lease transaction. The lessee [A] (hereinafter, the sub-lessor [A]) pays the amount equivalent to the premium valuation of the asset management product [c] to the asset manager [C] (hereinafter, the sub-lessee [C]) to increase the premium. Provided the right of free disposal of the product and the right to receive fruits from the product during the term from Sublease [C]. In other words, the sublessor [A] subleases the cash flow supplied by the lessor [B] to the sublessee [C], and the sublessee [C] uses the sublease of 45 per month as a consideration for the usage income of the replenishment cash flow. The lease fee will be paid to the sublessor [A].

  With this, the sublessor [A] loses the original lease payments (30) during the remaining period of the original lease transaction, that is, the sublease lease transaction period, while losing the liquidity on hand of the premium valuation value of the asset management product [c]. While continuing to pay lessor [B], they will receive a higher sublease lease fee (45) from sublessee [C], confirming a total of 360 sublease profits [(45-30) x 24 months] by the end of the term It became possible to do. In some cases, the sublender [A] can also determine the profit with respect to the premium valuation amount.

  For example, if the sublender [A] exercises the right to freely dispose of the asset management product [c] during the term, the sublease [C] is the sublessee [C] who executes the disposition in the market under the sublease lease contract. The person [C] once receives the disposal price, and pays the entire amount to the sublender [A] who is the substantial owner of the asset management product [c]. The sublease lease transaction is completed when the sublessee [C] advances and collects the unearned lease charge to the sublessor [A] in a lump sum or over the remaining period of the sublease lease transaction as usual.

  On the other hand, if the lessor [B] exercises the right to freely dispose of the asset management product [a] during the term, the person who executes the disposition in the market under the original lease transaction is the sublender [A]. The person [A] once receives the disposal price, and pays the entire amount to the lessor [B] who is the substantial owner of the asset management product [a]. Then, the sublessor [A] finishes the original lease transaction by advancing the unearned lease charge and paying it to the lessor [B] in a monthly manner over the remaining period of the original lease transaction. Note that the sublessee [C] can obtain the same subleasing margin by performing the same subleasing lease transaction with another asset manager.

(4) Further, the present invention enables a sublease lease transaction for a direct lease of an asset management product.
As an example, an asset held by a lessor [D] between an asset manager [D] (hereinafter, a lessor [D]) and an asset manager [E] (hereinafter, a lessee [E]). A return-type direct lease for the managed product [d] for three years has already been established, and the lessee [E] has paid the monthly lease payment of 3 to the lessor [D] after receiving the actual goods. I do. One year after the commencement of the lease transaction, due to changes in the supply and demand balance, etc., the monthly lease payments for the two-year cash flow lease for the asset management product [d] showed a level of 5. The lessee [E] concludes a sublease lease transaction with the asset manager [F] at the same time as the end date of the original lease transaction. The lessee [E] (hereinafter referred to as the sub-lessor [E]) transfers the asset management product [d] transferred from the lessor [D] to the asset manager [F] (hereinafter referred to as the sub-lessee [F]). The transferor, the sublessee [F], will pay a monthly sublease lease fee of 5 to the sublessee [E] for the use revenue.

  Thus, the sublessor [E] transfers the original lease payment (3) to the lessor [D] during the remaining period of the original lease transaction, that is, the sublease lease transaction period, while losing the spot of the asset management product [d] at hand. While continuing to pay, you will receive a higher sublease lease fee (5) from the sublessee [F], and you will be able to earn a monthly sublease margin [5-3] until the product is returned. . Since the right to receive the fruits generated from the asset management product [d] during the period is not transferred even in the sublease lease transaction, the fruits once received by the sublessee [F] are transferred to the real estate of the product through the sublesser [E]. Paid to owner, Lessor [D].

  For example, when the sublessee [F] returns the asset management product [d] to the sublessor [E] during the term, the sublease lease transaction ends, and the sublessee [E] adjusts the sublessee at this timing. When the product returned from [F] is returned to the lessor [D], the original lease transaction also ends. However, after the asset management product [d] is returned from the sub-lessee [F], the sub-lessor [E] may reuse the asset by aiming for capital gain through the advance disposal of the product and subsequent reacquisition. If this is the case, the product will be held in the same manner as before the sublease lease transaction was concluded. Note that the sublessee [F] obtains the same subleasing margin by performing the same sublease lease transaction with another asset manager before returning the asset management product [d] to the sublessor [E]. It becomes possible. Further, after the asset management product [d] is returned, the sublessor [E] repeats the same sublease lease transaction with the sublessee [F] or another asset manager, so that the same sublease is performed each time. You can enjoy the benefits.

(5) The present invention enables a sublease lease transaction for a cash flow lease of a financing product.
As one example, the financing of the lessee [G] between the funder [G] (hereinafter, the lessee [G]) and the asset manager [H] (hereinafter, the lessor [H]) A three-year redeemable cash flow lease for product [g] has already been established, and lessee [G] paid lump sum leasing fee of 1,000 to lessor [H] at the beginning of the period, Assume that [H] pays fruit and principal cash flows to the asset manager who holds the product as an investment object on behalf of the lessee [G]. One year after the commencement of the leasing transaction, the leasing fee for the cash flow lease for the financing product [i] held by the financier [I] for the period of 2 years showed a level of 1300. The lessee [G] concludes a sublease lease transaction with the financier [I], matching the end date with the original lease transaction. The lessee [G] (hereinafter, the sub-lessor [G]) receives the leasing fee (1300) from the fund-raisinger [I] (hereinafter, the sub-lessee [I]) and provides the financing product [i]. Underwritten the obligation to pay fruit and principal to asset managers held as investment targets during the term. That is, the sublessee [G] has paid the sublease leasing fee to the sublessee [G] as a consideration for the use income of the supply cash flow.

  The sublender [G] now pays the lump-sum original leasing fee (1000) to the lessor [H] while assuming the obligations associated with the financing product [i], while at the same time having a higher lump-sum leasing fee (l). 1300) from the sublessee [I], the sublease profit of 300 [1300-1000] could be determined. The sublessor [G] determines the difference between the remaining period of the original lease transaction, that is, the supply cash flow received from the lessor [H] during the sublease lease transaction period and the supply cash flow paid to the sublessee [I] during the same period. May also be able to determine profits. Note that the sublessee [I] can obtain the same subleasing margin by performing the same subleasing lease transaction with another funder.

(6) By the way, the present invention enables a sublease lease transaction with respect to a cash flow lease of a fund transaction product based on a valuation gain.
As one example, the funds held by the lessor [J] between the money seller [J] (hereinafter, the lessor [J]) and the money seller [K] (hereinafter, the lessee [K]). Assume that a three-year cash flow lease for the valuation gain on trading product [j] has already been made and the lessee [K] has paid 30 monthly lease payments to the lessor [J]. . One year after the commencement of the lease transaction, due to changes in the supply-demand balance, etc., the monthly lease payments for cash flow leases for the two-year period covering the valuation gain of the funded transaction product [j] are at the level of 45 The lessee [K] concluded a sublease lease transaction with the fund trader [L] in such a way that the original lease transaction and the end date were matched. The lessee [K] (hereinafter, the sub-lender [K]) transfers or assumes the right that has been transferred with respect to the fund transaction product [j] to the fund translator [L] (hereinafter, the sub-lessee [L]). Transfer the obligation to the sub-lessee [L] and transfer the valuation gain of the fund transaction product [j] to the sub-lessee [L], and the sub-lessee [L] will pay 45 The lease payment has to be paid to the sublessor [K].

  Thus, the sublessor [K] pays the original lease payment (30) to the lessor [J] during the remaining period of the original lease transaction, that is, the sublease lease transaction period, while losing the valuation gain of the fund transaction product [j]. While continuing to receive higher sublease lease payments (45) from sublessee [L], it was possible to determine a total of 360 sublease profits [(45-30) x 24 months] by the end of the term .

  For example, if the sublessee [L] exercises or fulfills his / her right with respect to the fund transaction product [j] during the term, the sublease [K] may have a nominal holding of the product under the sublease lease contract. However, since the lessor [J] has the nominal amount in the higher order underlying lease contract, the lessee [J] may actually exercise the right or fulfill the obligation on the market on behalf of the sublessee [L]. Is finally a lessor [J]. Thus, the realized profit is once recorded by the lessor [J], and the lessor [J] pays this via the sublessor [K] to the sublessee [L] who is a substantial recipient of the realized profit. . Then, the sublessee [L] advances the unearned lease fee and collectively pays it to the sublessor [K], and the sublessee [K] pays the same to the lessor [J] as it is, so that the original lease transaction, Both sublease lease transactions end. Note that the sublessee [L] can obtain the same subleasing margin by performing the same subleasing lease transaction with another fund transaction person.

(7) Next, the present invention enables a subleasing lease transaction with respect to a cash flow lease of a fund transaction product for a write-down.
As one example, a fund transaction held by a lessee [M] between a fund transaction person [M] (hereinafter, a lessee [M]) and a fund transaction person [N] (hereinafter, a lessor [N]). Assume that a three-year cash flow lease covering the valuation loss of product [m] has already been established, and lessee [M] has paid 30 monthly lease payments to lessor [N]. One year after the commencement of the lease transaction, a two-year cash flow lease covering the valuation loss of the fund transaction product [o] held by the fund trader [O] has a monthly lease payment of 45 , The lessee [M] concluded a sublease lease transaction with the fund trader [O] at the same time as the original lease transaction and the end date. The lessee [M] (hereinafter, the sub-lender [M]) assigns the rights associated with the fund transaction product [o], or assumes the obligations associated with the product, and transfers it to the fund trader [O] (hereinafter, sub-lease). It has to take over the outflow of funds that occurs when the valuation loss of the person [O]) is realized. That is, the sublessor [M] subleases the cash flow supplied by the lessor [N] to the sublessee [O], and the sublessee [O] uses the sublease of 45 per month as a consideration for the use income of the replenishment cash flow. The lease fee will be paid to the sublessor [M].

  The sublessor [M] now keeps paying the original lease payments (30) to the lessor [N] during the remaining period of the original lease transaction, ie, the sublease lease transaction period, while raising the higher sublease lease payments (45). By receiving from [O], it became possible to determine a total of 360 subleasing profits [(45-30) x 24 months] by the end of the term.

  For example, if a sublender [M] exercises or fulfills an obligation with respect to a funded transaction product [o] during the period, the sublease lease agreement would imply that parties in the market for the cancellation of that position would have nominally Since the sub-lessee [O] has been holding it, the sub-lessee [O] once bears the outflow of funds equivalent to the realized loss, but this is the entire sub-lessor who is the substantial bearer of the realized loss. Replenished from [M]. Then, the sublessee [O] advances the unexpired lease charge to the sublessor [M] in a lump sum or over the remaining period of the sublease lease transaction, and terminates the sublease lease transaction.

  On the other hand, if the lessor [N] exercises or fulfills its obligations with respect to the fund trading product [m] during the period, the parties in the market for the cancellation of the position under the underlying lease agreement will nominally increase the position. Since the sub-lender [M] has been involved, the sub-lender [M] once bears the outflow of funds equivalent to the realized loss, but this is the lessor who is the substantial bearer of the realized loss. Replenished from [N]. Then, the sublessor [M] finishes the original lease transaction by advancing the unearned lease charge at once or paying it to the lessor [N] on a monthly basis over the remaining period of the original lease transaction. Note that the sublender [M] may be able to determine the margin also regarding the amount of cash flow replenishment. In addition, the sublessee [O] can obtain the same sublease profit by performing the same sublease lease transaction with another fund transaction person.

The sublease lease transaction according to the present invention can be classified as follows by focusing on one or more commodities.
(A) Sublease lease transaction for asset management products alone (b) Sublease lease transaction for fund procurement products alone (c) Sublease lease transaction for fund products alone (d) Sublease lease transaction combining asset management products (e) Funds Sublease lease transaction that ties together procured products (f) Sublease lease transaction that ties together fund transaction products (g) Sublease lease transaction by tying asset management products and fund transaction products (h) Fund procurement products and fund transaction products (I) Sublease lease transaction by tying financing products and asset management products (j) Sublease lease transaction by tying asset management products, financing products and fund transaction products

  So far, the benefits that users of this system can enjoy in various lease transactions have been described in a bulleted list together with the transaction mechanism, but the calculations used in the text for the purpose of calculating lease payments and calculating profit and loss have been described. The formula is basically on a simple interest basis, and it is possible to use a compound interest basis in actual transactions.

  The present invention relates to a computer-readable storage medium storing a leasing transaction program for financial products, a leasing transaction system for financial products, and a leasing transaction method for financial products. That is, a leasing transaction market for financial products and / or quasi-financial products can be created via one or more computer networks, and users can complete a leasing transaction.

  Hereinafter, as an embodiment of the present invention, an example of a bidding method in which rental demand and rental demand are matched through a process from exhibition to bidding and successful bid to establish a lease transaction will be described. However, the present invention relates to a transaction in which the entire or a part of an asset management product, a financing product, or a fund transaction product is substantially or actually borrowed between the parties, and the borrower pays a direct or indirect fee equivalent to the lender. Storage medium, computer system, and method for recording a computer program for the present invention, and the mechanism for that and the target product are not limited to the mechanism described in the present embodiment and the product described in the present embodiment. . It should be noted that, depending on the type and attributes of the product desired to be leased, the relative method makes it easier to match the rental demand with the rental demand, and an example thereof will be described later.

  First, the operator of the system specifies an asset manager, a fund raiser, and a fund trader who want to use the service. These users can participate in exhibitions, bidding, successful bids, transaction matching, creation and signing of basic agreements, communication with appraisers for inspection of defects in leased products and appraisal of lease transaction value, and preparation of lease transaction contracts -Signing, giving and receiving cash flows during the lease transaction period, receiving and paying lease fees, receiving and paying various service fees, etc. can be performed on this system.

Next, the operator provides the following sections for each transaction type on the screen displayed on the client terminal.
(A) Cash flow leasing section for asset management products This section covers financial management products such as loans and receivables, stocks, bonds, monetary trusts, deposit receivables, land and buildings, complex real estate, real estate-backed securities, real estate investment trusts For example, bidding is performed for the listing of asset management products such as real estate management products, and the seller and the successful bidder exchange cash flows of the products and receive and pay lease fees.
(B) Section of cash flow lease of asset management product by discount range In this section, bidding is conducted for the listing of the asset management product, and the cash flow of the product is exchanged between the exhibitor and the successful bidder. In addition, payment of lease fees is performed.
(C) Cash Flow Lease Section of Asset Management Products for Amplification In this section, bidding is conducted for the listing of the asset management products, and the cash flows of the products are exchanged between the exhibitor and the successful bidder. In addition, payment of lease fees is performed.
(D) Section of direct leasing of asset management products In this section, bidding is conducted for the listing of the asset management products, and the seller and the successful bidder receive and receive the actual goods and the payment of lease fees. Done.
(E) Cash flow leasing section for funding products In this section, bids are made for listings of financing products such as debt, equity, bonds, commercial paper, and deposit liabilities, and the seller and the winning bidder are listed. The exchange of cash flow of the product and the payment of the lease fee are performed between and.
(F) Cash flow leasing section for fund trading products with valuation gains In this section, bidding is conducted for listings of fund trading products such as foreign exchange products, financial derivatives, real estate derivatives, and physical derivatives. The cash flow of the product and the payment of the lease fee are exchanged between the exhibitor and the successful bidder.
(G) Cash flow leasing section for cash transaction products for write-downs In this section, bidding is conducted for the listing of the cash transaction product, and the cash flow of the product is exchanged between the exhibitor and the successful bidder. In addition, payment of lease fees is performed.
(H) Comprehensive asset and liability management section In this section, bidding is conducted for various combinations of asset management products, financing products, and fund transaction products, and the product is exchanged between the exhibitor and the successful bidder. Cash flow or in-kind transfer and lease payments.

There are two types of lease applicants in the trading market: exhibitors and bidders, and there are cases where they are rental applicants and who are lease applicants. The exhibitor puts up a desired product for lease on the present system, and the bidder recognizes information on the product and participates in the bidding, and is called a successful bidder when the lease transaction is completed. There are the following types of combinations of sellers and bidders according to transaction types.
(A) Already holding positions in cash flow leases for asset management products, cash flow leases for asset management products at a discount rate, direct leases for asset management products, or cash flow leases for cash transaction products with valuation gains The rental applicant who is the seller is the seller, that is, the rental demand is the object to be exhibited, and the rental applicant who desires the use profit of the position is the bidder.
(B) In cash flow leases for asset management products, cash flow leases for asset management products at a discount, direct leases for asset management products, or cash flow The case where the rent applicant who desires the usage income is the exhibitor, that is, the rental demand is the object of the exhibition, and the rent applicant who already has the position is the bidder.
(C) Applicants who have already held positions are listed in cash flow leases for financing products, cash flow leases for asset management products for over-amplification, or cash flow leases for fund transaction products for valuation losses. The lender, ie, the leasing demand, is the subject of the listing, and the lender who wishes to replenish the cash flow for the position is the bidder.
(D) You want to replenish cash flows for specific positions in cash flow leases for fundraising products, cash flow leases for asset management products for premium amplification, or cash flow leases for cash transaction products for write-downs. The case where the applicant for rental is the exhibitor, that is, the rental demand is the object to be exhibited, and the applicant for rental which already has the position is the bidder.
In various kinds of lease transactions, a person who wants to rent or a person who wants to rent may use the amount of money already held as a product to be leased, or may use a position to be newly created for the purpose of a lease transaction as a product to be leased.

Depending on the supply and demand balance between listing and bidding, the lease fee is determined as follows for each transaction type. In the present invention, the lease fee is expressed as an annual rate, ie, a lease fee rate, with respect to the valuation value of the lease transaction product, and most of the lease fee is paid and received on a monthly basis. It may be set unevenly, for example, after the deferment period.
(A) One listing of cash flow of an asset management product, one listing of a discount range of an asset management product, one listing of a physical asset management product, or one listing of a valuation gain of a fund transaction product by a rental applicant On the other hand, if multiple bidders who want to rent appear, the principle of competition will increase the lease rate, and the lease transaction will be completed at the highest lease rate.
(B) One exhibition of cash flow of an asset management product, one exhibition of a discount range of an asset management product, one exhibition of a physical asset management product, or one valuation gain of a fund transaction product by a tenant. On the other hand, if there are multiple bidders who want to rent, the principle of competition lowers the lease rate, and the lease transaction is completed at the lowest lease rate.
(C) Multiple bidders who want to rent appear for one exhibit of financing products, one exhibit of split amplification of asset management products, or one exhibit of valuation loss of fund transaction products by the applicant for rent. In such a case, the lease principle will decrease due to the principle of competition, and the lease transaction will be completed at the lowest lease rate.
(D) A plurality of bidders who wish to rent appear for one exhibit of a fund procurement product, one exhibit of a split amplification of an asset management product, or one exhibit of a loss on valuation of a fund transaction product. In that case, the lease principle will rise due to the principle of competition, and the lease transaction will be completed at the highest lease rate.

The basic agreement in the embodiment of the present invention is a contract in which the operator of the system and the exhibitor tentatively exchange at the stage when the transaction matching of the successful bid has been completed, and the operator and the successful bidder are provisional. The lease agreement is a contract between the operator and the seller that is ultimately exchanged after the product defect inspection and transaction value appraisal have been completed, and the contract with the operator. Refers to a contract that is ultimately exchanged with a person. The reason why the operator exchanges the basic agreement and the lease transaction contract separately with the exhibitor and the successful bidder is to maintain the anonymity of the lease transaction between the exhibitor and the successful bidder.
If both parties reach an agreement, the exhibitor and the successful bidder can directly exchange a basic agreement and a lease transaction agreement, and can omit the process of exchanging the basic agreement and omit the defect inspection and appraisal. After the transaction matching, it is also possible to immediately exchange a lease transaction contract.

The operator will list the names, brands, types and attributes of various products for which lease transactions have recently been concluded, terms and conditions, lease rates, lease settlement values, in the case of priced products, the number of leases concluded, the lease transaction period, etc. Is displayed in real time in the section for each transaction type. Based on this information, asset managers, financiers, and financiers grasp the market level of lease rates and the supply-demand balance of lease transactions, and determine when to participate in bidding. Details of the completed lease transaction will be disclosed for the purpose of showing users of this system the market level of the lease rate and the supply and demand balance of the lease transaction. Confidential information, such as special provisions in trade agreements, is basically not disclosed.
In addition, the operator shall provide the reference price, quote price, theoretical price, etc. of various financial and quasi-financial products as reference data for users to make arbitrage transactions between this system and traditional financial / quasi-financial markets. At the same time, it can be displayed in real time.

The system user who has confirmed the leasing rate on the screen and has decided to exhibit is the name / brand / type / attribute of the product desired to rent, various conditions, the name / brand / type / attribute of the product desired to rent, various conditions , Acceptable creditworthiness of the counterparty, the desired lease rate, the desired lease price, in the case of priced products, the desired lease quantity, the desired lease period, the desired listing period, whether it can be automatically extended or terminated early, various requests to bidders, etc. To the operator.
Leases that already have positions in cash flow leases for asset management products, cash flow leases for asset management products at a discount, direct leases for asset management products, or cash flow leases for cash transaction products with valuation gains If the applicant is the exhibitor, and the cash flow lease of the funding product, the cash flow lease of the asset management product for premium amplification, or the cash flow In the present invention, in the case where the renting applicant who is holding is an exhibitor, in the present invention, the information disclosure at this stage of the lease desired product is called primary information disclosure by the exhibitor.
The operator confirms that there is no problem in the creditworthiness of the seller, that there is no false notice in the leased product, and that the desired lease price is a fair valuation based on the optimal valuation method. Consent. The merchandise information is displayed in a section for each transaction type with the individual name and corporate name of the seller hidden. There is confidential information that sellers want to avoid disclosing to the last minute in the information related to the lease hope product, but basically, the more the primary information disclosure, the more reassuring the bidder, Many bidders can be invited.
The seller transfers the transaction margin to the operator, and the operator stores it in an account established for each seller. The amount of the transaction margin is determined by the operator taking into account the leased product, the desired lease price, the desired lease rate, the desired lease period, the creditworthiness of the exhibitor, the past transaction performance with the exhibitor, etc. in this lease transaction. Is determined.

Next, the system user who has confirmed the listing on the screen and has decided to bid, informs the operator of the desired timing of bid participation, various requests to the seller, and the like. Leases that already have positions in cash flow leases for asset management products, cash flow leases for asset management products at a discount, direct leases for asset management products, or cash flow leases for cash transaction products with valuation gains If the applicant is a bidder, and the cash flow lease of the funding product, the cash flow lease of the asset management product for premium amplification, or the cash flow lease of the In the present invention, when the renting applicant who is holding is a bidder, the information disclosure at this stage of the lease desired product is referred to as primary information disclosure by the bidder.
The operator confirms that there is no problem in the creditworthiness of the bidder, that there is no false notice in the leased product, and that the desired lease price is a fair value based on the optimal valuation method before bidding. Consent. The bidder's personal or corporate name is hidden, and the merchandise information is fed back to the seller. Some of the information related to the products you want to lease includes confidential information that bidders want to avoid disclosing to the last minute.However, as the primary information disclosure is enhanced, the seller will feel more secure and lease The likelihood of a successful deal increases.
The bidder transfers the transaction margin to the operator, and the operator stores it in an account established for each bidder. The amount of margin for the transaction is determined by the operator taking into consideration the leased product, the desired lease price, the desired lease rate, the desired lease period, the creditworthiness of the bidder, the past transaction performance with the bidder, etc. in this lease transaction. Is determined.
In addition, if multiple bidders match one seller according to the size, type, attributes, etc. of the value of the lease transaction product, one bidder matches multiple sellers And a case where a plurality of bidders are matched against a plurality of sellers. That is, in these cases, a lease transaction is simultaneously established between three or more users.

  If the product you want to lease is more than one asset management product, more than one funding product, more than one funding product, or a combination of In the case of tying with a fund transaction product, tying an asset management product with a financing product, or tying an asset management product, a financing product, and a financing product, There are a method of disassembling and bidding, and a method of bidding using a net-based cash flow obtained by combining cash flows of a plurality of products.

  In the bidding method, the seller is required to calculate the desired lease rate and the desired lease value, the desired lease period, the composition and disassembly of the desired lease product, the additional conditions for the establishment of the lease, the exhibition period and the time to participate in the tender. If negotiations between bidders are required, negotiations between the seller and the operator and negotiations between the bidder and the operator take the place of this, and basically the anonymity of the transaction is maintained.

  If the leasing transaction is not established, the seller can relist the same lease desired product at a different time. In that case, the amount of information disclosed in the primary information, the acceptable creditworthiness of the counterparty, the desired lease rate, the desired lease price, in the case of priced products, the desired lease quantity, the desired lease period, and the The method and various requests to the bidder will be reviewed in advance.

When a lease transaction is established, the operator performs transaction matching on both the exhibitor and the successful bidder. At the stage where the collation is completed, the operator creates a basic agreement between the operator and the exhibitor and a basic agreement between the operator and the successful bidder. Each signs. The operator has a master agreement for each transaction type, and amends the master agreement according to the concluded lease transaction, and uses it as an actual basic agreement.
The basic agreement includes the names, brands, types and attributes of leased products, various conditions, special provisions of lease contracts, lease rates, lease settlement values, in the case of priced products, the number of leases completed, lease transaction period, lease transactions The lease transaction contract is changed or invalid depending on the schedule until the conclusion of the contract, the method of inspection of the defect of the product and the method of appraisal of the transaction value, the information on the appraiser who is in charge of the defect inspection and the appraisal, and the result of the defect inspection and the appraisal. And the expiration date of the basic agreement.

After the signing of the basic agreement, the defect inspection of the leased product and the appraisal of the leased value are performed. This is handled by an appraiser who has no conflict of interest with the exhibitor or successful bidder, and is a cash flow lease for asset management products, a cash flow lease for asset management products at a discount, a direct lease for asset management products, or a valuation. In the cash flow leasing of cash-transferred products, the appraisal of the position that the applicant for leasing exhibited or bid was fair, the cash flow lease of the fund-raising products, and the asset management product In the cash flow lease of the above or the cash flow lease of the fund transaction product for the write-down, the valuation of the position that the tenant exhibited or bid was fair, It is confirmed that there are no ethical, economic, physical and environmental problems.
In order to improve the accuracy of defect investigation and appraisal, the lease holder must submit to the appraiser the necessary information related to his / her holdings, such as the basis for calculating the desired lease value and the existing contract. . In the present invention, information disclosure at this stage of a leased product is referred to as secondary information disclosure by an exhibitor or a successful bidder. If the leased product is a general product and the fairness of the leased value is easily recognizable, the operator can also serve as an appraiser and evaluate the defect based on the consent of both the exhibitor and the successful bidder. Or the appraisal process itself may be omitted.
As a result of the defect investigation and appraisal based on the secondary information disclosure, when it is confirmed that there is no defect in the leased product and that the lease establishment value was a fair valuation, the operator-exhibitor And a contract between the operator and the successful bidder is concluded. The lease agreement is used after amending the signed basic agreement.
If, as a result of the defect investigation and appraisal, a defect is found in the leased product, or it is found that the lease establishment value was an unfair valuation, the appraiser holds the product's holding The defect contents and the results of the appraisal are fed back to the leasing applicant, its trading partner, and the operator of the system, and the leasing applicant and the operator who have the position, the trading partner and the operator are Review the lease settlement value, lease rate, lease transaction period, and special provisions of the lease contract. As a result, if the leasing applicant holding the position and the business partner reach an agreement with the operator as an intermediary, the contents of the basic agreement are amended, the lease agreement is concluded, and the two parties agree. If it does not reach, the lease itself will be returned to blank.

In addition, after the signing of the lease agreement, the operator will carry out administrative work on the following matters.
(A) During the lease transaction period, the payment of the lease fee between the lease holders is performed by account transfer on this system.
(B) During the lease transaction period, the transfer of cash flows between the lease holders is performed by account transfer on this system.
In addition, the service provision fee and the line usage fee that the operator himself receives from the lease holder will be deducted in the process when the lease fee and cash flow are transferred between the lease holders through this system, There is a separate method. In addition, when the payment of the lease fee and the transfer of the cash flow coincide with each other in terms of the timing between the lenders, the operator cancels the payment and transfers the account.
(C) During the lease transaction, intervening in the delivery and return of the actual product of the lease.
(D) In the exercise of various rights, such as the right of free disposal, and the fulfillment of various obligations based on lease transactions, administrative procedures that occur between lease holders are performed.
(E) Involvement in the lease transaction agreement, it will be examined whether both parties have made legal compliance, reported transactions to authorities, disclosed information to the public, etc. as appropriate. The operator also reports to the authorities and discloses it to the public as necessary.
(F) Provide tools such as software that can be used for risk management and cash flow management to lenders involved in leasing transactions.
(G) During the lease transaction period, since the lenders will directly or indirectly share credit risk, the operator intervening between the parties will be required to provide credit rating, various financial indicators, business scale and future The creditworthiness of the lessor and the lessee based on their gender, market recognition, etc., and if the creditworthiness is insufficient, to supplement this, the form of the leasing transaction and the amount of the collected transaction margin Depending on the security requirements, we may request securities collateral such as cash collateral or bonds, stocks, shares, certificates of deposit, commercial paper, etc., and demand guarantees from banks, insurance companies and other guarantors.
If exposure to credit risk to counterparties fluctuates during the period due to changes in the value of leased products, progress in the transfer of principal and fruits, and progress in payment of lease payments, the operator Demand for additional guarantees, return of surplus collateral, cancellation of surplus guarantees, etc., will adjust the degree of security and guarantee each time to maintain appropriate creditworthiness. In some cases, the lack of creditworthiness may be reflected in the amount of cash flow to be given or received or the amount of lease payment to be paid or received.
Nevertheless, if the lease holder defaults, the operator will play a leading role in the security and collection of receivables and legal proceedings for the counterparty.
(H) Carry out administrative procedures that occur when the lease holder cancels the lease transaction contract or transfers the contract to a third party.
(I) If the user of this system posts banner advertisements and pop-up advertisements related to lease transactions on this system to other users, the user shall pay and receive advertising and appraisal fees etc. This is done by direct debit.

By the way, in order to facilitate the conclusion of a lease transaction, the desired lease value that the exhibitor or the bidder tells the operator must be a fair valuation. In the case of liquid price products, the fair valuation refers to the market value, such as the contracted price and price announced on stock exchanges and derivative exchanges, over-the-counter markets, markets between financial institutions, and markets between real estate companies. The quote price.
On the other hand, in the case of illiquid priced products and non-priced products, the fair valuation is the theoretical value that is rationally calculated without arbitrariness. Reasonable methods of calculating the theoretical value include calculating the market value of similar products by taking into account fluctuation factors such as interest rates, maturities, and credit risks, and the characteristics of individual products. There are a method of calculating the present value by rebates by a rate, etc., and a method of using a theoretical value model recognized in the market. In the case of a composite product or the like in which each component has a market value, a method of calculating by combining those market values is effective.
If there is more than one fair value for one product, regardless of whether it is a price product or a non-price product, use a combination of these multiple valuation methods to calculate a weighted average value, etc. Determine the desired lease value by using only the value that is deemed to be the fairest of the above.

Therefore, in order to make it easier to compare a plurality of offered lease prices presented, the operator of the present system instructs sellers and bidders to use the same evaluation method. In addition, the desired lease rate, which is expressed as an annual rate relative to the desired lease value, is calculated based on the lease transaction fee paid to the operator at the time of the lease transaction, the expenses required to maintain the position, exercise the rights, fulfill the obligations, Whether the expenses required at the end of the transaction should be included in the lease fee in advance, or the cost of financing that the leasing applicant has or will do in the market for the purpose of building the amount of the leasing object and replenishing the leasing cash flow The operator plays a leading role in unifying the calculation base, such as how much to include in the lease payments.
In addition, the operator can provide tools such as software that can be used for calculating the evaluation value and the lease fee to a person who wants to lease through the present system.

In the leasing transaction in the present system, it is required to recognize or calculate a desired lease value of each financial instrument or quasi-financial instrument by, for example, the following method.
When a loan is bought and sold in the secondary market like a bond, its market value is used as the desired lease price. For illiquid loans, the acquisition price can be used as the desired lease price. Estimated credit loss is calculated based on the estimated lease cost, and the amount obtained by subtracting the estimated credit loss from the acquisition price is used as the desired lease price.

  Various deposits, such as ordinary deposits, time deposits, and negotiable certificates of deposit, can be set to the desired lease value by deposit amount. However, if the amount of the deposit exceeds the upper limit of the principal and interest guarantee and there is a problem with the business situation or financial condition of the financial institution to which the deposit is made, the deposit is determined based on the credit risk ranking and future cash flow forecast. The estimated amount of the bankruptcy receivable is calculated, and the amount obtained by subtracting the estimated bankruptcy receivable from the deposit value is set as the desired lease price.

If the fund-type investment product is a price product found in securities investment trusts, real estate investment trusts, commodity funds, etc., the market price is used as the desired lease price. Of the lending trusts, money trusts in the narrow sense, and bond investment trusts, in the case of products that can be called quasi-deposit products due to principal guarantee, investment policy, etc., the acquisition price of the beneficial interest can be used as the desired lease price.
In addition, the mediator basically discloses the product composition of the portfolio and the valuation value of each product, and then uses the sum of the valuation values of the assets under management as the desired lease price.

In the case of non-liquid stocks, the contract price or quote price announced by a trading system that can be bought and sold at any time is used as the desired lease price for stocks that have liquidity, and the net asset value method or earnings are used for non-liquid stocks. The desired lease price is the theoretical value that can be calculated using the force method, market price comparison method, etc.
Net asset value method includes book value net asset method using booked net asset value, replacement cost net asset method that deducts liability from total current replacement cost of assets, and liability based on total current available sale price of assets. Liquidation value net asset method. In addition, the profitability method includes a profit return method that divides the expected future profit by the capital return rate, a dividend return method that divides the expected future dividend by the capital return rate, etc. There is a discounted cash flow method that deducts debt from the sum total revalued to value. The market share price comparison method is based on the similar industry comparison method that calculates the target company's stock price from the average stock price of multiple listed companies belonging to similar industries by comparing dividends, profits, and net asset values, sales and profits, There is a similar company comparison method that calculates the target company's stock price from the average stock price of multiple similar companies by comparing the net asset value.

For land, buildings, combined real estate and co-owned buildings, which are a combination of both, the desired lease value is calculated by valuation methods such as the cost method, the transaction case comparison method, and the profit return method. The cost method is a method in which the repurchase cost of real estate is evaluated, and the transaction case comparison method is a method in which the value seen in a transaction example of another property is used as a basis for the evaluation value. In addition, the profit return method here is a method in which a future cash flow such as a rent or a sale price is revalued to its present value and the sum is used as a valuation value.
On the other hand, for loan receivables and real estate-backed securities, real estate investment trust beneficiary interests, and investment securities and investment corporation bonds issued by real estate investment corporations, the desired lease value can be calculated according to financial management products. it can.

  The financing product can calculate the present value by rebates future cash flows at an interest rate that takes credit risk into account, and can use it as the desired lease value.

  For foreign exchange products, financial derivatives, real estate derivatives, and physical derivatives, in the case of listed products, valuation gains and losses are calculated using quoted prices and quotes published on derivative stock exchanges and stock exchanges. Desired lease price. In the case of unlisted products, the method of using contract prices and quotes published in the market between financial institutions and real estate companies, and the future cash flows of products are rebated using interest rates that take credit risk into account. The valuation gain or loss is calculated using a method of calculating the present value or a method using a theoretical value model that is recognized in the market, and is used as the desired lease value.

Hereinafter, embodiments of the present invention will be described with reference to the drawings.
First, FIG. 1 shows one embodiment of a cash flow lease of an asset management product, and shows a case where a financial management product is to be leased.
Here, the asset manager 1 holds the loan 80 and receives the cash flow, but as a result of the cash flow lease with the asset manager 2, the asset manager 1 (lessor 14) Instead of leasing the cash flow to Asset Manager 2 (lessee 19), lessee 19 paid leasing fee to lessor 14.
Similarly, the lessor 15 and the lessee 20 relate to the stock 81, the lessor 16 and the lessee 21 relate to the bond 82, the lessor 17 and the lessee 22 relate to the securities investment trust 83, and the lessor 18 With respect to the deposit receivable 84, the lessee 23 gives and receives a cash flow relating to a leasing transaction and receives and pays a lease fee.

FIG. 2 shows another embodiment of a cash flow lease of an asset management product, and shows a case where a real estate management product is subject to leasing.
Here, the asset manager 1 holds the land 85 and receives the cash flow, but as a result of the cash flow lease with the asset manager 2, the asset manager 1 (lessor 14) Instead of leasing the cash flow to Asset Manager 2 (lessee 19), lessee 19 paid leasing fee to lessor 14.
Similarly, the lessor 15 and the lessee 20 relate to the building 86, the lessor 16 and the lessor 21 relate to the complex property 87, the lessor 17 and the lessee 22 relate to the real estate-backed security 88, and the lessor 18 The tenant 23 and the lessee 23 exchange cash flows and lease payments relating to the leasing transaction with respect to the real estate investment trust 89, respectively.
The lessor or lessee here does not refer to the landlord or landlord who pays the rent of the real estate property, or the lessor or lessee, but rather the lessor or lessee who leases the cash flow generated by the real estate management product. I do.

FIG. 3 shows another example of a cash flow lease of an asset management product, showing a case where a fund-type management product or an intermediary is to be leased.
Here, the asset manager 1 holds the specified money trust 90 and receives the cash flow, but as a result of the cash flow lease with the asset manager 2, the asset manager 1 (lessor 14) Instead of leasing the cash flow to Asset Manager 2 (lessee 19), lessee 19 paid leasing fee to lessor 14.
Similarly, the lessor 15 and the lessee 20 relate to the non-designated trust 91, the lessor 16 and the lessee 21 relate to the investment trust 92, the lessor 17 and the lessee 22 relate to the commodity fund 93, and The lessor 18 and the lessee 23 respectively provide and receive cash flows and lease payments related to lease transactions with respect to the fund type private placement bond 94.

FIG. 4 shows an embodiment of a flow of funds and a mechanism of charging in a cash flow lease of an asset management product.
In the figure, [1] indicates a lessor 14 who is an asset manager, a lessor 19 which is an asset manager, a rent applicant 75, a rent applicant 76, a lease applicant 77, and an appraisal evaluator 78. Pay service provision fee and line usage fee to 74.
In [2], the lessee 19 pays an appraisal evaluation fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being concluded, the lessor 14 and the lessee 19 exchange cash flows from the asset management product 32.
In [5], as a result of the cash flow lease being established, the lessor 14 and the lessee 19 receive and pay the lease fee.
[6] is an existing cash flow that the lessor 14 has received from the asset management product 32.

Next, FIG. 5 shows another embodiment of the cash flow lease of the asset management product, and shows a case where the transaction is a lease transaction with a discount width.
Here, the asset manager 1 holds the stock 81 and receives the cash flow. However, as a result of the cash flow lease with the asset manager 2 based on the discount range, the asset manager 1 (the lessor 14 ) Leases the cash flow to the asset manager 2 (lessee 19), and the lessee 19 pays the lessor 14 a lease fee.
Similarly, the lessor 15 and the lessee 20 relate to the building 86, the lessor 16 and the lessee 21 relate to the non-designated trust 91, the lessor 17 and the lessee 22 relate to the securities investment trust 83, and The person 18 and the renter 23 give and receive cash flows and lease payments related to the leasing transaction with a discount width, respectively, for the fund type private placement bond 94.

FIG. 6 shows another embodiment of the flow of funds and the charging mechanism in the cash flow lease of the asset management product, and shows a case of a lease transaction with a discount width.
In the figure, [1] indicates a lessor 14 who is an asset manager, a lessor 19 which is an asset manager, a rent applicant 75, a rent applicant 76, a lease applicant 77, and an appraisal evaluator 78. Pay service provision fee and line usage fee to 74.
In [2], the lessee 19 pays an appraisal evaluation fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], the lessor 14 and the lessee 19 exchange cash flows from the asset management product 32 as a result of the cash flow lease based on the discount width being established.
In [5], as a result of the cash flow lease being established, the lessor 14 and the lessee 19 receive and pay the lease fee.
[6] is an existing cash flow that the lessor 14 has received from the asset management product 32.

FIG. 7 shows another embodiment of a cash flow lease of an asset management product, and shows a case in which the transaction is a lease transaction for a premium.
Here, the asset manager 1 holds the bond 82 and receives the cash flow. However, as a result of the cash flow lease for the split amplification with the asset manager 2, the asset manager 1 (lessee 19 In place of the asset manager 2 (lessor 14) leasing the replenishment cash flow in response to the above-mentioned increase in (), the lessee 19 paid the lessor 14 a lease fee.
Similarly, the lessee 20 and the lessor 15 relate to the complex property 87, the lessee 21 and the lessor 16 relate to the investment security trust 92, the lessee 22 and the lessor 17 relate to the real estate-backed security 88, The lessee 23 and the lessor 18 respectively provide and receive a supply cash flow and a payment of a leasing fee for the deposit 84 with respect to the deposit receivable.

FIG. 8 shows another embodiment of the mechanism of the flow of money and the charging in the cash flow lease of the asset management product, and shows a case where the transaction is a lease transaction for split amplification.
In the figure, [1] indicates a lessee 19 as an asset manager, a lessor 14 as an asset manager, a rent applicant 76, a rent applicant 75, a lease applicant 77, and an appraisal evaluator 78. Pay service provision fee and line usage fee to 74.
In [2], the lessor 14 pays an appraisal fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being established, the lessee 19 and the lessor 14 exchange supply cash flows for the split amplification of the asset management product 32.
In [5], as a result of the cash flow lease being established, the lessee 19 and the lessor 14 receive and pay the lease fee.
[6] is an existing cash flow that the lessee 19 has received from the asset management product 32.

FIG. 9 is an example of a direct lease of an asset management product.
Here, the asset manager 1 holds the loan 80, but as a result of the direct lease agreement with the asset manager 2, the asset manager 1 (lessor 14) Instead of leasing to lessor 2 (lessee 19), lessee 19 paid lessor 14 to lease.
Similarly, the lessor 15 and the lessee 20 relate to the land 85, the lessor 16 and the lessee 21 relate to the specific money trust 90, the lessor 17 and the lessor 22 relate to the commodity fund 93, and the lessor 18 The tenant 23 and the lessee 23 respectively exchange and receive the real estate related to the real estate investment trust 89 and the lease fee.

FIG. 10 shows an embodiment of a flow of funds and a charging mechanism in a direct lease of an asset management product.
In the figure, [1] indicates a lessor 14 who is an asset manager, a lessor 19 which is an asset manager, a rent applicant 75, a rent applicant 76, a lease applicant 77, and an appraisal evaluator 78. Pay service provision fee and line usage fee to 74.
In [2], the lessee 19 pays an appraisal evaluation fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the direct lease being established, the lessor 14 and the lessee 19 receive and pay the lease fee.

FIG. 11 shows one embodiment of various leases of asset management products by tying.
In (a) of the figure, the asset manager 1 holds “the securities investment trust 83 and the real estate investment trust 89” and receives the respective cash flows. As a result, instead of the asset manager 1 (lessor 14) leasing these cash flows to the asset manager 2 (lessee 19), the lessee 19 paid the lessor 14 a lease fee.
In (b), the asset manager 3 owns “stock 81, land 85 and building 86” and receives cash flow, respectively. As a result, instead of the asset manager 3 (lessor 15) leasing these cash flows to the asset manager 4 (lessee 20), the lessee 20 paid the lessor 15 a lease fee.
In (c), the asset manager 5 holds the “loans 80 and bonds 82” and receives cash flows, respectively. Is satisfied, the asset manager 6 (lessor 16) leases the replenishment cash flow in response to the additional amplification of the asset manager 5 (lessor 21), but the lessee 21 Paid lease payments.
In (d), the asset manager 7 holds the “specified money trust 90, the designated money trust 91, the commodity fund 93, and the fund-type private placement bond 94”. As a result, instead of the asset manager 7 (lessor 17) tying the goods in kind to the asset manager 8 (lessee 22), the lessee 22 paid the lessor 17 a lease fee. .

FIG. 12 shows an embodiment of various sublease leases of asset management products.
In (a) of the figure, a cash flow lease has already been established between the asset manager 1 and the asset manager 2, and the asset manager 1 (lessor 14) Instead of leasing the cash flow from to the asset manager 2 (lessee 19), the lessee 19 pays the leasing fee to the lessor 14, and thereafter, the lessee 19 and the asset manager 3 As a result of the sublease lease being established, the lessee 19 (the sublessor 24) pays the sublease lease fee to the sublessor 24 instead of subleaching the cash flow to the asset manager 3 (the sublessee 28). Was.
In (b), a cash flow lease with a discount range has already been established between the asset manager 4 and the asset manager 5, and the asset manager 4 (lessor 15) Instead of leasing the cash flow from 33 to the asset manager 5 (lessee 20), the lessee 20 pays the leasing fee to the lessor 15, but thereafter, between the lessee 20 and the asset manager 6. As a result, the lessee 20 (sublease 25) subleases the cash flow to the asset manager 6 (sublease 29) instead of the lessee 20 (sublease 25). Paid lease payments.
In (c), a cash flow lease for split amplification has already been established between the asset manager 8 and the asset manager 9 and the asset management product 35 held by the asset manager 8 (lessee 21). The lessee 21 pays a leasing fee to the lessor 16 instead of the asset manager 9 (lessor 16) leasing the replenishment cash flow. As a result, the lessee 21 (subleaser 26) receives the additional increase of the asset management product 34 held by the asset manager 7 (sublessee 30) with respect to the premium Instead of subletting the replenishment cash flow, the sublessee 30 paid the sublet 26 a sublease lease fee.
In (d), a direct lease has already been established between the asset manager 10 and the asset manager 11, and the asset manager 10 (lessor 17) uses the actual asset management product 36 held by the asset manager 10 as an asset. Instead of leasing to the manager 11 (lessee 22), the lessee 22 pays the leasing fee to the lessor 17, and thereafter, a result of a sublease lease between the lessee 22 and the asset manager 12 is established. Instead of the lessee 22 (subleaser 27) subleasing and leasing the physical product of the product to the asset manager 12 (sublessee 31), the sublessee 31 paid the sublessor 27 a sublease lease fee.

Next, FIG. 13 shows an example of a cash flow lease of a fund procurement product.
Here, the fund raiser 37 pays the cash flow with the debt 95 from the asset manager 1, but as a result of the cash flow lease with the asset manager 2, the asset manager 2 ( Instead of the lessor 14) leasing the supply cash flow for the product to the fundraiser 37 (lessee 39), the lessee 39 paid the lessor 14 a lease fee.
Similarly, lessee 40 and lessor 15 relate to stock 96, lessee 41 and lessor 16 relate to bond 97, lessee 42 and lessor 17 relate to commercial paper 98, and lessee 43 With respect to the deposit debt 99, the lessor 18 gives and receives cash flows and lease payments related to the lease transaction.
In the drawings of the present invention, the asset manager acting as the counterparty in the existing transaction of the lessee funder may be one or more depending on the actual product.

FIG. 14 shows an embodiment of a flow of funds and a charging mechanism in cash flow lease of a fund procurement product.
In the figure, [1] indicates a lessee 39 as a fund raiser, a lessor 14 as an asset manager, a renter 76, a renter 75, a leasing applicant 77, and an appraiser 78 as the operator of the system. Pay service provision fee and line usage fee to 74.
In [2], the lessor 14 pays an appraisal fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being established, the lessee 39 and the lessor 14 exchange the supply cash flow for the financing product 46.
In [5], as a result of the cash flow lease being established, the lessee 39 and the lessor 14 receive and pay the lease fee.
[6] is an existing cash flow paid by the lessee 39 to the asset manager 1 for the financing product 46.

FIG. 15 shows an example of a cash flow lease of a fund transaction product, in which a foreign exchange product, a financial derivative product, a real estate derivative product, and a physical derivative product are to be leased.
Here, the fund trader 48 holds a valuation gain in a foreign exchange spot transaction 100 with the fund trader 50, but as a result of a cash flow lease with the fund trader 49 based on the valuation gain, Instead of the trader 48 (lessor 57) leasing the appraisal profit to the fund trader 49 (lessee 62), the lessee 62 paid the lessor 57 the lease fee.
Similarly, the renter 63 and the lessor 58 relate to the “valuation loss held by the lessee 63 in the forward interest rate transaction 101 with the fund trader 51”, and the lessor 59 and the lessor 64 Regarding the valuation gain held by the lessor 59 in the real estate investment index futures transaction 102 with the lender 65, the lessee 65 and the lessor 60 hold the lessee 65 in the stock index option transaction 103 with the fund trader 53. And the lessor 61 and the lessee 66 are involved in the cash related to the lease transaction, respectively, regarding the "valuation gain held by the lessor 61 in the commodity futures option transaction 104 with the fund trader 54". We give and receive flows and lease payments.
In the drawings of the present invention, the other lenders who are acting as counterparties in the existing transactions of the lessor or the lender who becomes the lessee may be one or more depending on the actual product. . In the case of funds trading products listed on derivative stock exchanges and stock exchanges, each exchange acts as a counterparty to the fund trader. Since the position is confronted with one or more other fund traders via the office, the other party is indicated as another fund trader.
By the way, the potential net cash flow of a fund transaction product is the theoretical inflow or outflow of funds that would occur if it was assumed that when the lease transaction was concluded, the position of the existing fund transaction was canceled by net settlement. Pointing to. Therefore, when the holdings indicate a valuation gain, it is a potential cash inflow, and when the holdings indicate a valuation loss, it is a potential cash outflow.

FIG. 16 shows another embodiment of a cash flow lease of a fund transaction product, and shows a case where a swap product is to be leased.
Here, the fund trader 48 holds a valuation profit in the interest rate swap transaction 105 with the fund trader 50, but as a result of the cash flow lease with the valuation profit being made with the fund trader 49, Instead of the renter 48 (lessor 57) leasing the appraisal profit to the fund trader 49 (lessor 62), the lessee 62 paid the lessor 57 the lease fee.
Similarly, the renter 63 and the lessor 58 relate to the “valuation loss held by the lessor 63 in the currency swap transaction 106 with the fund trader 51” and the lessor 59 and the lessor 64 With respect to the valuation gain held by the lessor 59 in the interest rate and currency swap transaction 107 with the lessee 65, In addition, the lessor 61 and the lessee 66 exchange cash flows related to the lease transaction with respect to the “valuation gain held by the lessor 61 in the commodity price swap transaction 109 with the fund trader 54”. And payment of lease fees.

FIG. 17 shows an embodiment of a flow of funds and a charging mechanism in a cash flow lease of a fund transaction product, and shows a case where the transaction is a lease transaction with a valuation gain.
In the figure, [1] indicates a lessor 57 as a fund trader, a lessor 62 as a fund trader, a renter 75, a renter 76, a leasing applicant 77, and an appraiser 78 as an operator of the system. Pay service provision fee and line usage fee to 74.
In [2], the lessee 62 pays the appraisal evaluator 78 an appraisal fee.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being established, the lessor 57 and the lessee 62 exchange the valuation gain of the fund transaction product 71.
In [5], as a result of the cash flow lease being established, the lessor 57 and the lessee 62 receive and pay the lease fee.
[6] is the potential net cash flow of the existing position in which the lessor 57 is facing another fund trader 48 with respect to the fund transaction product 71.

FIG. 18 shows another embodiment of the cash flow and the charging mechanism in the cash flow lease of the fund transaction product, and shows a case where the transaction is a lease transaction for an evaluation loss.
In the figure, [1] indicates a lessor 62 as a fund trader, a lessor 57 as a fund trader, a renter 76, a renter 75, a leasing applicant 77, and an appraiser 78 as the operator of the system. Pay service provision fee and line usage fee to 74.
In [2], the lessor 57 pays an appraisal evaluation fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being established, the lessee 62 and the lessor 57 exchange cash flows for the evaluation loss of the fund transaction product 71.
In [5], as a result of the cash flow lease being established, the lessee 62 and the lessor 57 receive and pay the lease fee.
[6] is the potential net cash flow of the existing position where the lessee 62 is confronting another fund translator 48 for the fund transaction product 71.

FIG. 19 shows an embodiment of a cash flow lease of a financing product and a fund transaction product by tying.
In the left figure, the fund raiser 37 holds “preferred debt 110 from the asset manager 1, subordinated debt 111 held by the asset manager 2, and call money 112 from the asset manager 3”, and pays cash flows respectively. However, as a result of the conclusion of the cash flow lease with the asset manager 4, the asset manager 4 (lessor 14) ties the supply cash flow for these products together with the fund raiser 37 (lessor 39). Instead of leasing, lessee 39 paid lessor 14 for lease.
In the right figure, the fund trader 48 evaluates a valuation gain in a foreign exchange futures transaction 113 with the fund trader 50, a valuation gain in an interest rate currency swap transaction 107 with the fund trader 51, and a bond futures option transaction 114 with the fund trader 52. Has a valuation loss and shows the total valuation gain. However, as a result of the cash flow lease with the valuation gain from the fund trader 49, the fund trader 48 (lessor 57) Is paid to the lessor 57 in lieu of leasing to the fund trader 49 (lessee 62).

FIG. 20 shows an embodiment of various sublease leases of a fund procurement product and a fund transaction product.
In (a) of the figure, a cash flow lease has already been established between the fund raiser 38 and the asset manager 3, and the fund raiser 38 (lessee 39) holds the “owner of the asset manager 2”. The asset manager 3 (lessor 14) leases the replenishment cash flow for the financing product 47 to the lessee 39, and the lessee 39 pays the lease fee to the lessor 14, but thereafter, As a result of the sublease lease being established between the financier 37 holding the financing product 46 held by the asset manager 1 and the lessee 39, the lessee 39 (the sublessor 44) transfers the replenishment cash flow to the funder 37. Instead of subleasing and leasing to (sublessee 45), sublessee 45 paid sublease lease fee to sublessor 44.
In (b), a cash flow lease based on a valuation gain has already been established between the fund trader 49 and the fund trader 50, and the “evaluation of the fund transaction product 71 created against the fund trader 48” Instead of the fund trader 49 (lessor 57) leasing the profit to the fund trader 50 (lessor 62), the lessee 62 pays the lease fee to the lessor 57. As a result of the sublease lease being concluded with the fund transactor 51, the sublessee 69 (sublease 67) subleases the valuation gain to the fund transactor 51 (sublease 69) instead of the sublessee 69. I paid a sublease lease fee to 67.
In (c), the cash flow lease for the valuation loss has already been established between the fund trader 54 and the fund trader 56, and the “evaluation of the fund transaction product 73 created against the fund trader 55 The lessee 63 pays the leasing fee to the lessor 58 instead of the cashier 56 (lessor 58) leasing the cash flow for the "loss" to the cashier 54 (lessor 63). As a result, the sublease lease is established between the lessee 63 and the fund trader 53, and as a result, the fund trader 53 (the sublessee 70) having the “valuation loss of the fund transaction product 72 created against the fund trader 52”. ), The lessee 63 (the sub-lessor 68) sub-leases the supply cash flow, instead of the lessee 70.

FIG. 21 shows an embodiment of a cash flow lease by tying an asset management product and a fund transaction product.
In the figure on the left, the asset manager 1 holds the loan 80 and receives the cash flow, and holds the valuation gain in the currency swap transaction 106 with the fund trader 48. As a result of the establishment of the flow lease, the asset manager 1 (lessor 14) leases the cash flow from the loan 80 and the valuation gain of the currency swap transaction 106 to the asset manager 2 (lessor 19). Instead, lessee 19 paid lessor 14 for the lease.
In the figure on the right, the asset manager 3 owns the composite property 87 and receives a cash flow, and has a write-down in the real estate investment index futures transaction 102 with the fund trader 49. As a result of the cash flow lease, asset manager 4 (lessor 15) supplies asset manager 3 (lessor 20) with respect to the combined amplification of compound real estate 87 and the valuation loss of real estate investment index futures 102 Instead of leasing cash flows, lessee 20 paid lessor 15 to lease.

FIG. 22 shows an embodiment of a flow of funds and a charging mechanism in a cash flow lease by tying an asset management product and a fund transaction product.
In the figure, [1] indicates a lessor 14 who is an asset manager, a lessor 19 which is an asset manager, a rent applicant 75, a rent applicant 76, a lease applicant 77, and an appraisal evaluator 78. Pay service provision fee and line usage fee to 74.
In [2], the lessee 19 pays an appraisal evaluation fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being concluded, the lessor 14 and the lessee 19 exchange the cash flow from the asset management product 32 and the valuation gain of the fund transaction product 71 in a combined manner.
In [5], as a result of the cash flow lease being established, the lessor 14 and the lessee 19 receive and pay the lease fee.
[6] is an existing cash flow that the lessor 14 has received from the asset management product 32.
[7] is the potential net cash flow of the existing position in which the lessor 14 faces the fund trader 48 with respect to the fund transaction product 71.

Next, FIG. 23 shows an embodiment of a cash flow lease by tying a fund procurement product and a fund transaction product.
In the left figure, the fund raiser 37 pays the cash flow with the debt 95 from the asset manager 1 and holds a valuation profit in the color transaction 115 with the fund manager 48. As a result of the conclusion of the cash flow lease between the two, the asset manager 2 (lessor 14) supplies the cash raiser 37 (lessee 39) with the debtor 95 and the valuation gain of the In lieu of leasing, lessee 39 paid lessor 14 to lease.
In the figure on the right, the fund raiser 38 pays cash flow with the commercial paper 98 held by the asset manager 3, and has a write-down in the interest rate swap transaction 105 with the fund manager 49. Asset Manager 4 (Lesser 15) raises Funder 38 (Lesser 40) in connection with commercial paper 98 and the write-down of interest rate swap Instead of leasing cash flow from the lessee, the lessee 40 paid the lessor 15 a leasing fee.

FIG. 24 shows an embodiment of a flow of funds and a charging mechanism in a cash flow lease by tying a fund procurement product and a fund transaction product.
In the figure, [1] indicates a lessee 39 as a fund raiser, a lessor 14 as an asset manager, a renter 76, a renter 75, a leasing applicant 77, and an appraiser 78 as the operator of the system. Pay service provision fee and line usage fee to 74.
In [2], the lessor 14 pays an appraisal fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being established, the lessee 39 and the lessor 14 give and receive a supplementary cash flow for the combination of the financing product 46 and the valuation loss of the fund transaction product 71.
In [5], as a result of the cash flow lease being established, the lessee 39 and the lessor 14 receive and pay the lease fee.
[6] is an existing cash flow paid by the lessee 39 to the asset manager 1 for the financing product 46.
[7] is the potential net cash flow of the existing position in which the lessee 39 faces the fund trader 48 with respect to the fund transaction product 71.

FIG. 25 shows an embodiment of a cash flow lease by tying a fund procurement product and an asset management product.
In the figure on the left, the fund trader 48 pays cash flow while holding the bond 97 held by the asset manager 1, and holds the real estate investment trust 89 to receive cash flow. As a result of the conclusion of the cash flow lease, the fund trader 49 (lessor 57) leases a supply cash flow to the fund trader 48 (lessor 62) in connection with the bond 97 and the additional amplification of the real estate investment trust 89. Instead, lessee 62 paid lessor 57 to lease.
In the figure on the right, the cashier 50 has paid the cash flow with the deposit liability 99 from the asset manager 2 and has received the cash flow with the call loan receivable 116. As a result of the conclusion of the cash flow lease, the fund trader 51 (the lessor 58) leases the supply cash flow to the fund trader 50 (the lessee 63) regarding the tying of the deposit obligation 99 and the call loan receivable 116. Instead, lessee 63 paid lessor 58 for the lease.

FIG. 26 shows an embodiment of a flow of funds and a charging mechanism in a cash flow lease by tying a fund procurement product and an asset management product.
In the figure, [1] indicates a lessor 62 as a fund trader, a lessor 57 as a fund trader, a renter 76, a renter 75, a leasing applicant 77, and an appraiser 78 as the operator of the system. Pay service provision fee and line usage fee to 74.
In [2], the lessor 57 pays an appraisal evaluation fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being concluded, the lessee 62 and the lessor 57 give and receive a supply cash flow for tying the financing product 46 and the asset management product 32 together.
In [5], as a result of the cash flow lease being established, the lessee 62 and the lessor 57 receive and pay the lease fee.
[6] is an existing cash flow paid by the lessee 62 to the asset manager 1 with respect to the financing product 46.
[7] is an existing cash flow that the lessee 62 has received from the asset management product 32.

FIG. 27 is an example of a cash flow lease by tying an asset management product, a fund procurement product, and a fund transaction product.
Here, the fund trader 48 pays cash flow holding the bond 97 held by the asset manager 1, has a valuation loss in the interest rate and currency swap transaction 107 with the fund manager 50, holds the stock 81, and has a cash flow. However, as a result of the cash flow lease with the fund trader 49, the fund trader 49 (lessor 57) Instead of leasing replenishment cash flows to fund trader 48 (lessee 62), lessee 62 paid lease to 57 lessor.

FIG. 28 shows an embodiment of a flow of funds and a charging mechanism in a cash flow lease by tying an asset management product, a fund procurement product, and a fund transaction product.
In the figure, [1] indicates a lessor 62 as a fund trader, a lessor 57 as a fund trader, a renter 76, a renter 75, a leasing applicant 77, and an appraiser 78 as the operator of the system. Pay service provision fee and line usage fee to 74.
In [2], the lessor 57 pays an appraisal evaluation fee to the appraiser 78.
In [3], the advertiser 79 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 74 of the system.
In [4], as a result of the cash flow lease being concluded, the lessee 62 and the lessor 57 exchange supply cash flow for the valuation loss of the fund procurement product 46, the fund transaction product 71, and the tying of the asset management product 32. .
In [5], as a result of the cash flow lease being established, the lessee 62 and the lessor 57 receive and pay the lease fee.
[6] is an existing cash flow paid by the lessee 62 to the asset manager 1 with respect to the financing product 46.
[7] is an existing cash flow that the lessee 62 has received from the asset management product 32.
[8] is the potential net cash flow of the existing position in which the lessee 62 is facing the fund trader 48 for the fund trading product 71.

FIG. 29 shows various leases by a plurality of lessors and / or a plurality of lessees.
In FIG. 7A, in a cash flow lease or a direct lease of an asset management product, a plurality of lessors (asset managers) are matched with one lessee (asset manager).
In (b), in a cash flow lease or a direct lease of an asset management product, one lessor (asset manager) is matched with a plurality of lessors (asset managers).
In (c), a plurality of lessors (asset managers) are matched with a plurality of lessees (asset managers) in a cash flow lease or a direct lease of an asset management product.
In (d), in the cash flow lease of the financing product, a plurality of lessees (financing parties) are matched with one lessor (asset manager).
In (e), in a cash flow lease of a financing product, one lessee (financing person) is matched with a plurality of lessors (asset managers).
In (f), in a cash flow lease of a fund procurement product, a plurality of lessees (financing parties) are matched with a plurality of lessors (asset managers).
In (g), in a cash flow lease of a fund transaction product, a plurality of lessors (funds traders) are matched with one lessee (funds traders).
In (h), in a cash flow lease of a fund transaction product, one lessor (fund trader) is matched with a plurality of lessees (fund traders).
In (i), in a cash flow lease of a fund transaction product, a plurality of lessors (funds traders) are matched with a plurality of lessees (funds traders).

By the way, the information technology aspect of the embodiment described so far will be described in more detail with reference to a block diagram of FIG.
First, the present system is arranged on the Internet 117 and provides a leasing transaction site 118 (hereinafter, site 118) for financial instruments and the like which provides various leasing transaction markets for financial products and quasi-financial products. , And a plurality of client terminals 119 for performing various lease transactions for fund transactions.
The client terminal 119 is used by an asset manager, a fund raiser, a fund trader, and the like. These system users access the site 118 from their client terminal 119 to execute various lease transactions. It can be established on a matching basis and perform various tasks associated with those leasing transactions.
The site 118 is for sequentially processing orders for various lease-desired products from the client terminal 119, sequentially performing settlement and management operations relating to the lease transaction, and appropriately distributing various data necessary for the lease transaction to the client terminal 119. And one or more financial product etc. lease transaction server 120 (hereinafter, server 120), support terminal 126, client information database 121, lease product database 122, contract management database 123, settlement management database 124, evaluator information database 125 and a bus connecting them.
In this system, the processes from execution of various lease transactions to transaction matching and settlement are processed seamlessly and electronically 24 hours a day, 24 hours a day, both in Japan and overseas. ISO6166 and ISO9362 are used for the institution identification code, for example, FIX is used for the communication protocol, and Extensible Markup Language (XML) is used for describing the message.

The server 120 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 119 via the Internet 117, performs authentication processing, provides various web pages forming an interface screen for the user to the client terminal 119, and further communicates with the client terminal 119. Web control function for exchanging information. The latter has a database control function of accessing the client information database 121, the lease product database 122, the contract management database 123, the settlement management database 124, and the evaluator information database 125 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 126 is a terminal for an administrator of the present system to manage the server 120 and each database. The operator uses the support terminal 126 to monitor the leasing transactions of all the client terminals 119 and the execution status of the associated business, and exchanges messages with the client terminals 119 using the e-mail function of the support terminal 126. be able to.
The client terminal 119 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 127, a display unit 128, an input unit 129, a communication unit 130, and the like. . The control unit 127 stores an operation program including a browser for lease transactions, which includes a processing device and a storage device. The display unit 128 and the input unit 129 display and input various data and various requests, respectively, and the communication unit 130 communicates with other devices on the Internet 117. The user can exchange messages with the operator and other client terminals 119 using the e-mail function of the client terminal 119.

The lease product database 122 registers the names, brands, types, attributes, conditions, and the like of asset management products, fund procurement products, and fund transaction products that are the subject of leasing transactions, and provides details of rental orders / rent orders for each product. As a result of the matching, event information relating to the leasing transaction, such as the exercise of various rights and the fulfillment of various obligations, is registered with the history.
The contract management database 123 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 124 registers a fund account number or 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 or a securities account transfer process along with a history.
The evaluator information database 125 stores self-introduction materials regarding their profiles and evaluation fee systems collected from appraisal evaluators, and reference / proposal materials created by the appraiser and related to individual leased products. The profile contains information on the shareholder composition, affiliates, and human resources of the appraiser.
Then, the client information database 121 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, stock prices, various financial statements and financial indicators of leasing companies.
(C) If the leasing trader is an asset manager, the management policy / management target; if the lender is a fund raiser, the procurement policy / goal target;
(D) The type and attributes of the appraisal evaluator that the leasing trader wants to use.
(E) Type / attribute of reference / proposal materials that the leasing company wants to receive.
Note that the identifier is a code number / name assigned to each user, and the password is authentication information required when accessing the server 120. The server 120 identifies an accessor by an identifier, and authenticates the accessor by a combination of the identifier and a password.

By the way, there are a bidding method and a relative method as a method of matching the rental demand and the rental demand in the present system.
In the bidding method, if the asset manager, financing party or fund transaction partner that is the partner of the leasing transaction is not specified from the beginning, and the order is basically matched on the basis of supply and demand balance, the name of the exhibiting side and the listing act Is disclosed from the beginning, but the bidding side is not specified from the beginning, and is used when orders are basically matched based on the principle of supply and demand based on provisional conditions. The bidding method is effective when a product with a high degree of recognition is subject to leasing. In the present invention, the former bidding method is referred to as a "matching method in which both ends are unspecified", and the latter bidding method is referred to as a "matching method in which one end is specified".
On the other hand, the relative method specifies or limits the counterparty of the lease transaction from the beginning, and is used when orders are matched in an environment where the principle of supply and demand is not directly applied. This method is effective when multiple products are tied together, and financing products and cash transaction products with complicated cash flows are subject to lease. In the present invention, this relative method is referred to as a "matching method specific to both ends".

In the case of the above-mentioned “one-end specific match method”, a lease applicant (hereinafter referred to as “exhibitor”) who wants to rent or rent first activates an operation program in the control unit 127 of his / her client terminal 119 and executes this site Establish a connection with 118. Next, the server 120 transmits the top page for log-in to the seller's client terminal 119. The exhibitor inputs the identifier and the password here and transmits them to the server 120.
Then, upon receiving this, the server 120 accesses the client information database 121 and determines whether or not the combination of the identifier and the password is registered. If registered, "Participate in Lease Transactions", "Negotiate Lease Transactions", "Check Contracts", "Check Fund Accounts", "Check Securities Accounts", "View Evaluator Data", "View Market Information" or Send a menu page where you can select "Event Notification" to the seller. Here, the seller selects “participation in lease transaction”, and the server 120 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, conditions, etc. of the asset management product, financing product or fund transaction product (hereinafter referred to as "listed product") that he / she wants to rent or rent. Enter and specify the desired listing period, whether the desired exhibition period and whether it can be automatically extended or terminated early, the acceptable creditworthiness of the counterparty, various requirements for the counterparty, etc., and specify the desired lease period, desired lease value, price product If so, specify the desired lease quantity and the desired lease rate (temporary conditions). After confirming the contents of this order, the order is transmitted to the server 120. 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 120 receives the order from the exhibitor, registers the order in the exhibition table on the lease commodity database 122, and transmits an order page notifying the registered contents to the exhibitor. The seller confirms his or her order details on this order page.

Here, the server 120 accesses the client information database 121, and stores therein the policies and targets regarding asset management, fund procurement or fund transaction of the system user, or the type of business, credit rating, stock price, financial Search user attribute information such as data. A person who wants to lease along the exhibited product is specified. The operator of this system creates a provisional prospectus based on the contents of the exhibition, converts the prospectus into an electronic document format file, etc., and distributes it to the specified lease applicant via the support terminal 126 simultaneously. . In addition, in the case of an exhibition commodity for which it is not necessary to narrow down distribution destinations, the provisional prospectus is distributed to all lease applicants.
Next, the lease applicant (hereinafter referred to as a “bidder”) who receives the provisional prospectus and is interested in the exhibited product and decides to participate in the bidding, designates the exhibited product on his order page, and specifies the limit order. In the case of a limit order, enter / designate a specific desired lease rate, referring to the above provisional conditions, referring to the provisional conditions, in the case of a priced product, your own desired lease quantity, and various requests to the seller. After confirming the contents of this order, the order is transmitted to the server 120. It should be noted that the desired lease rate specified by the bidder may be at a level that ignores the provisional conditions, but generally, the higher the level that conforms to the provisional conditions, the higher the possibility of a successful bid.
Then, the server 120 receives the order from the bidder, registers the order in the bidding table on the leased goods database 122, and transmits an order page notifying the registered contents to the bidder. The bidder confirms his / her order details on this order page.

The server 120 matches the seller and the bidder 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 lease quantity. As for bidders' limit orders, orders whose desired lease rate is within the range of provisional conditions of the exhibited product and orders whose desired lease rate is outside the range of provisional conditions because the desired lease rate is closer to the seller are extracted. Then, they are awarded in the order in which the desired lease rate is closer to the exhibitor.
Next, the server 120 registers the contents of the successful bid in the lease commodity database 122, 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 120 determines the desired lease rate which is the closest to the bidder among the successful bid orders as a determination condition, and To conclude the lease transaction.
When the total quantity of the exhibited products has been awarded, the operator of the system creates a successful bid notification containing details of the awarded product including the determined lease rate by correcting the provisional prospectus. The information is transmitted to the exhibitor and the successful bidder via the support terminal 126, and when both parties finally confirm this, the transaction matching ends.
Thereafter, if the appraiser is not used, the notice of successful bid serves as a final prospectus, and if the appraiser is used, the evaluator conducts a defect inspection of the leased product or the leased value. After the appraisal, the notice of successful bid is appropriately corrected to the final prospectus.
The above description describes a lease transaction in which the lease rate is ultimately a single value. In practice, however, the lease rate is different each time a match is made, and more detailed bids are placed on orders closer to the seller. It is also possible to do this.

In the case of the above-mentioned “matching method with unspecified ends”, the lease applicant, on the order page, the name / brand, type / attribute, and conditions of the asset management product, financing product or fund transaction product that he / she wants to rent or rent Leasing and leasing, limit order and market order, validity period of the order and the possibility of automatic extension or early termination, requirements for counterparties, desired lease period, desired lease price, price product Enter and specify the lease quantity, etc. In the case of a limit order, a desired lease fee rate is designated, and the order contents are confirmed and transmitted to the server 120.
The server 120 receives the order from the lease applicant, registers the rental order in the rental order table on the leased goods database 122 for a rental order, and registers the rental order in the lease order table on the same database for a rental order. Then, an order page for notifying these registered contents is transmitted to the lease applicant, and the lease applicant confirms his / her order contents on this order page.

The server 120 matches the rental demand with the rental demand by the following processing.
First, if a market order is registered, if it is a rental order, one or more rent orders matching the desired rent quantity are matched, and if the market order is a rent order, only one rent quantity matching the desired rent quantity is matched. Match one or more rental orders. On the other hand, if a limit order is registered, it is determined whether the lease transaction with the desired rent rate closest to the rent applicant and the rental order with the desired rent rate closest to the rent applicant are extracted and the lease transaction is established. Is determined. If it is possible, a lease transaction is made between the two orders. If there is a difference between the desired rent rate and the desired rent rate and it is not possible to directly conclude the lease transaction, it is possible to set an intermediate value between the two as the contracted lease rate.
Next, the server 120 registers the contents of the completed transaction in the lease commodity database 122, and updates the remaining quantity of the rental order and the remaining quantity of the rent order based on this data. That is, if the lease transaction for all the quantity is completed, the rental order and the rental order are deleted from the rental order table and the rental order table, respectively. The remaining quantity or the remaining quantity of the eligible rented order will continue to be listed on the rented order or rented order.
Further, when the lease transaction is completed, the server 120 transmits a contract notice describing details of the leased product including the contract lease rate to the lessor and the lessee. When both parties finally confirm this, the transaction matching ends.

By the way, in the case of the relative method, that is, the above-mentioned "both ends specific match method", an asset manager, a fund raiser or a fund trader (hereinafter, requester) who desires a leasing transaction with a specific system user is referred to a menu page. After selecting “lease transaction negotiation”, the server 120 transmits a relative negotiation page for inputting details of the relative negotiation to the requester.
Next, the requester specifies, on the received relative negotiation page, information that identifies the asset manager, fund raiser or fund trader (hereinafter referred to as the requestee) to be negotiated to one party, or the type of business, credit rating, stock price, etc. Information that narrows down the request to specific persons based on ratings, financial data, etc. Further, as specific conditions desired by the request, the name / brand, type / attribute, various conditions, lease and lease of the product you want to lease In addition, the user inputs / designates various requests to the request destination, the desired lease period, the desired lease value, the desired lease quantity in the case of priced goods, and the desired lease rate, and transmits them to the server 120.

If the requester has individually specified the requestees, the server 120 transmits the relative negotiation page received from the requester to the electronic mail address of the requestee with the identifier of the requester attached. On the other hand, when the requester has specified the conditions regarding the selection of the request destination, the server 120 stores the information such as the type of system user, credit rating, stock price, and financial data stored in the client information database 121. Based on the above, the relative negotiation page is distributed by assigning the requester identifier to the e-mail addresses of all the system users satisfying the above conditions. Further, when the requester wants to individually select the request destination from the candidates satisfying the above conditions, the server 120 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 request recipient receives the relative negotiation page and confirms the request content of the request source. One of “established”, “unestablished”, or “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 lease transaction is not naturally established. On the other hand, when the requestee selects “confirmed”, the server 120 is notified that the lease transaction has been concluded in addition to the requester. If "negotiation" is selected, the requester should reversely propose the name / brand, type / attribute, terms and conditions, lease term, lease price, lease price for a priced product, lease quantity for a priced product, and lease rate Can be. At this time, the request destination (hereinafter referred to as the new request source) converts the received relative negotiation page for reply, and corrects the desired lease 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 a relative lease transaction.
In the above-described embodiment, the server 120 is involved in the process until both contacts are established. However, the requester starts direct negotiations with the requestee using the e-mail function, Both or one of them may notify the server 120 of only the result.

The contract management database 123 includes general cash flow leases for asset management products, cash flow leases with discounted amounts, cash flow leases for premiums, refundable direct leases and non-returnable direct leases, Extended redemption cash flow leases, shortened redemption cash flow leases and purchase cancellation cash flow leases for procured products, cash flow leases from valuation gains on cash transaction products and cash for write-downs Stores flow leases, various sublease leases and various tying leases that are application forms of these lease transactions, and electronic master contracts for each product corresponding to transfer of lease transaction contracts to third parties and termination during the term. .
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 agreement in this system, various items (hereinafter, additional items) and various conditions (hereinafter, additional items) that differ depending on individual lease transaction contracts, while general items and general conditions are entered in the specified entry frame in the electronic form. An area for inputting an additional condition) and an area where a contractor, a lessor, a lessee, and an operator of the present system enter an address and a name and give an electronic signature are blank.

In the basic agreement according to the present invention, at the stage when the transaction matching is completed, the server 120 accesses the lease product database 122, and the name and brand of the corresponding product registered there, the special clause of the lease contract, the lease rate, The value of the lease, the amount of the lease for priced products, the amount of the lease completed, the lease transaction period, the schedule until the conclusion of the lease transaction contract, the method of assessing the defect of the product and the appraisal of the transaction value, the appraiser who is in charge of the defect inspection and appraisal Information and additional items such as the expiration date of the basic agreement are read out and written in a blank area of the electronic master contract.
Thereafter, in the lease transaction established by the bidding method, the address and name are entered in blank areas in the basic agreement between the operator and the exhibitor and in the basic agreement between the operator and the successful bidder, and an electronic signature is signed. By granting, two agreements will be effective. In practice, the server 120 transmits the basic agreement written by the operator with the additional items and additional conditions written therein to the exhibitor and the successful bidder via the support terminal 126, respectively. Next, the seller and the successful bidder who have completed the electronic signature return the basic agreement to the server 120, and the server 120 stores the agreement in the contract management database 123.
On the other hand, in a lease transaction concluded by the relative method, the basic agreement is effective when both sides enter their addresses and names in the blank area in the basic agreement between the renter and the renter and attach an electronic signature . In practice, the server 120 transmits a basic agreement in which additional items and additional conditions are written to the rent applicant via the support terminal 126, and the rent applicant who receives the basic agreement adds an electronic signature to the Reply to Next, the server 120 transmits this to the renting applicant, and the renting applicant who has received it adds an electronic signature and returns it to the server 120. Then, the server 120 stores the signed agreement in the contract management database 123.

The final lease agreement between the parties will be used in amendment of this basic agreement. In other words, based on the results of the defect inspection and appraisal, the operator of this system makes corrections to the additional items and conditions entered in the blank area of the electronic master contract, and the parties to the corrected contract By entering the address and name and adding an electronic signature, the contract is effective. Then, the server 120 stores the signed contract in the contract management database 123.
By the way, the procedure when the parties transfer their contract to a third party during the lease transaction period and the procedure when canceling their contract are performed in the same way using the electronic master contract for transfer and cancellation. . In addition, it is difficult to involve special purpose companies, trusts, and unions for small-lots in direct leases of non-securable securities such as deposits and loans other than negotiable certificates of deposit, land, buildings, and complex real estate. In some cases, it will be necessary to transfer the lessor's existing contract for these non-securities to the lessee. The transfer procedure in such a case is also performed using the electronic master contract.

In the contract management database 123, in addition to the basic agreement and the lease transaction contract itself, an identifier and an electronic signature assigned to each contract, history data of procedures performed by the contracting party and the server 120, and the like, are stored. Various data generated from the start of the creation to the end of the signing of the lease transaction contract are sequentially stored as the contract process proceeds. Therefore, the originality of the document can be confirmed by comparing the document before the digital signature is given and the document after the digital signature is given.
In addition, an electronic signature given to the basic agreement and the lease transaction contract is created using a secret key existing in the IC card held by the contractor or inside the client terminal 119, for example. Therefore, the signer can be authenticated by decrypting and verifying the assigned electronic signature.
Incidentally, the lessor and the lessee can check their own basic agreement and the lease transaction contract stored in the contract management database 123 at any time by selecting “Contract Inquiry” on the menu page.

For lease transactions that require delivery of a prospectus, the contract management database 123 also stores an electronic master prospectus in which general items and general conditions corresponding to each transaction form and type / attribute of the transaction product are described. ing. At the stage of issuing the provisional prospectus, the server 120 accesses the lease product database 122, and registers the name / brand / type / attribute, various conditions, conditions of lease / rent of the product desired for lease registered therein, Additional items and additions such as the listing period and whether it can be automatically extended or terminated early, acceptable creditworthiness of the counterparty, the desired lease period, the desired lease price, if the product is priced, the desired lease quantity, and the desired lease rate (temporary conditions) The condition is read out, written in a blank area of the electronic master prospectus, and transmitted to the exhibitor.
Next, the seller who has received the reply inputs his / her address and name in a blank area in the prospectus, attaches an electronic signature, and returns it to the server 120. Then, the server 120 assigns the identifier of the exhibitor to the e-mail address of the specified or unspecified system user, and distributes the electronic provisional prospectus to the address. Thereafter, this is stored in the contract management database 123. On the other hand, for lease transactions in 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 relevant system users. I do.
When the conditions of the lease transaction are determined, the server 120 corrects a part of the additional conditions in the electronic provisional prospectus and prepares a notice of successful bid or an electronic final prospectus. After the exhibitor has been given an electronic signature, or the operator has been given an electronic signature, it is distributed to the corresponding system user.
By the way, the user of the present system can check the electronic prospectus stored in the contract management database 123 at any time by selecting “contract inquiry” on the menu page. Therefore, as a method for issuing the prospectus, in addition to the above-mentioned distribution, the system operator notifies the corresponding system user only of the fact that the prospectus has been delivered via the support terminal 126, and There is a method in which the system user who is notified of the fact actively accesses the contract management database 123 to draw out the completed electronic provisional prospectus or electronic final prospectus.

For leasing transactions that need to be reported to the authorities or disclosed to the public, the contract management database 123 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 in which general conditions are described are also stored. At the stage when the lease transaction contract is signed, the server 120 accesses the lease product database 122, and registers the name and brand of the corresponding product registered there, special terms of the lease contract, the lease rate, the lease settlement value, In the case of priced goods, read out additional items and additional conditions such as the number of leases completed, lease transaction period, information on defect inspection and appraisal, write them in the blank area of the electronic master report / disclosure document, and then write Send to people.
The lessor or lessee who received the information inputs the address and name in a blank area in the report / disclosure, attaches an electronic signature, and replies to the server 120. Next, the server 120 assigns the lessor or the lessee's identifier to the e-mail address of the lessor or the authority or the mass media specified by the lessor, and transmits this report / disclosure to the address. Thereafter, this is stored in the contract management database 123. On the other hand, for lease transactions for which the operator of this system is obliged to report and disclose, the operator himself / herself inputs the address and name and gives an electronic signature, and then sends the report / disclosure to the authorities and the mass media.
Incidentally, the lessor and the lessee can check their own report documents and disclosure documents stored in the contract management database 123 at any time by selecting “contract inquiry” on the menu page.
By the way, even if a new reporting obligation or a disclosure obligation arises due to the occurrence of a lessor-lessee event such as the transfer of cash flow, the receipt and payment of a lease fee, the exercise of various rights, and the fulfillment of various obligations, the server 120 is also used. The same processing is performed. In addition, the operator shall check the occurrence of the event to check whether the lessor or lessee complies with the relevant laws and regulations of the lease transaction agreement, the prospectus, the report / disclosure, and other relevant laws and regulations. At times, a questionnaire or the like is transmitted to the lessor or lessee via the support terminal 126 for communication.

The settlement management database 124 includes a user of the system, that is, a lessor, a lessee, a lease applicant who wants to participate in a transaction depending on a market level, an advertiser who publishes an advertisement related to a lease transaction on the system, and appraisal evaluation. Information such as a fund account number, a deposit / withdrawal history, and a fund account balance of a person.
If the user selects “fund account inquiry” on the above-described menu page, the server 120 accesses the settlement management database 124 and obtains a fund in which the current fund account balance and the past deposit / withdrawal history of the user are described. An account confirmation page is transmitted to the client terminal 119. 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.

From the establishment of the lease transaction to the termination thereof, the payment of the leasing fee and the cash flow of the lessor-lessee are performed by fund transfer on the present system. The server 120 accesses the lease product database 122 at regular intervals, and recognizes the payment date of the lease fee and the cash flow delivery date of the registered leased product. Then, for example, on the day before the relevant day, a fund settlement notice stating that fund transfer is to be executed is transmitted to the lessor and the lessee client terminal 119 via the support terminal 126.
In the lease transaction of the present invention, in many cases, the lessee pays the lease fee to the lessor instead of the lessor paying the cash flow to the lessee. Since there is also a form in which the lessee pays cash flow at the beginning of the term as in the case of a direct return lease of goods, the person who pays the cash flow or lease fee is hereinafter referred to as the payer, and the person receiving the cash flow is referred to as the payee. However, in order to maintain anonymity in lease transactions concluded by the bidding method, if the party is the payer, the operator of the system becomes the recipient, and if the party is the recipient, the operator becomes the recipient. Be a payer. On the other hand, in a lease transaction established by the relative method, one of the parties is a payer and the other is a payee, and the operator does not directly intervene.
The fund settlement notice includes the personal name and / or corporation name of the payer or payee, the fund account number, the identifier of the lease transaction contract, the amount of payment or receipt, the date of execution of the fund settlement, and the like. Then, the payer or the payee notifies the server 120 that the fund settlement information has been confirmed.
Next, in accordance with the fund settlement information, the server 120 performs a fund account transfer for transferring a predetermined amount of money from the payer's fund account to the payee's fund account. Then, the information registered in the settlement management database 124, such as the payer and payee's fund account balance and the deposit / withdrawal history, is updated to the information after the money transfer.

In this system, the fund transfer using the fund settlement notice is performed also in the following money transfer. However, if the payer-payee receives and agrees on the timing of the cash flow, lease charge, and various service charges related to the lease transaction product, the operator shall offset the amount in the fund settlement notice and write the net amount. Fund transfer may be made on a base basis.
(A) During the period, depending on the increase or decrease in the exposure of the lessor-lessee's credit risk, the operator may request the lessor or the lessee for additional collateral or refund the surplus collateral. The operator transfers money between the lessor and the operator or between the lessee and the operator or between the lessor and the lessee by the above fund transfer.
(B) Service provision fees and line usage fees that operators receive from lessors and lessees.
(C) Line usage fees received by the operator from applicants for lease and appraisers.
(D) Advertising fees received by the operator from advertisers.
(E) Appraisal fees received by the appraiser from the lessor or lessee.
(F) Occurrence of the above-mentioned event during the period, that is, lump-sum settlement of leasing fees and transfer of cash flows generated when the lessor or lessee exercises various rights related to the lease transaction or fulfills various obligations. In addition, the lessor or the lessee uses the “event notification” on the menu page to notify the operator of the exercise of the right or the fulfillment of the obligation.

In returnable and non-returnable direct leases of asset management products, ordinary securities such as bonds, stocks, beneficiary certificates, negotiable certificates of deposit, and commercial paper are easily leased as they are, and non-securities are conduits. Is more likely to be leased after it is involved and smaller and securitized. Therefore, in any of the categories, it becomes necessary to settle securities for transfer in kind after the completion of the lease transaction.
Therefore, the settlement management database 124 according to the present invention also registers information such as securities account numbers, securities transfer histories, securities account balances, etc. of lessors, lessees and leasing applicants for the purpose of the securities settlement.
When these system users select “inquiry of securities account” on the above-mentioned menu page, the server 120 accesses the settlement management database 124 to record the current securities account balance and the past securities transfer history of the user. The transmitted security account confirmation page is transmitted to the client terminal 119. It should be noted that the operator of this system also has a securities account and a securities account number, and is used to exchange securities with the user's securities account.

From the conclusion to the end of the lease transaction, the transfer of securities between the lessor and the lessee is performed by securities account transfer on the present system. However, in the leasing transaction established by the bidding method, the securities of which the parties are transferees are assigned by the operator of the system, and conversely, the securities of which the parties are assignees are assigned by the operator. On the other hand, in a lease transaction concluded by the bilateral 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.
At the stage when the lease transaction contract has been signed, the server 120 transmits a securities settlement notice describing that the securities account transfer is to be executed to the lessor and the lessee client terminal 119 via the support terminal 126. The securities settlement notice shows the individual name and / or corporation name of the lessor or lessee, the securities account number, the identifier of the lease transaction contract, the number of securities to be transferred, the security settlement execution date, and the like. Then, the lessor or the lessee notifies the server 120 that the security settlement information has been confirmed.
Next, the server 120 performs a securities account transfer for transferring a predetermined amount of securities from the lessor's securities account to the lessee's securities account according to the securities settlement information. Then, information such as the lessor, the lessee's securities account balance, and the security transfer history registered in the settlement management database 124 is updated to the information after the transfer.

In the return-type direct lease according to the present invention, when the lessee returns the transferred securities, the lessee notifies the server 120 of this effect using “event notification” on the menu page. Then, the server 120 returns the relevant securities from the lessee to the lessor by performing a securities account transfer reverse to the above.
During the period, the operator requests additional collateral from the lessor or the lessee or returns surplus collateral in accordance with the increase or decrease in the exposure of the lessor-lessee's credit risk. When used, the server 120 transfers the target securities between the lessor and the operator, between the lessee and the operator, or between the lessor and the lessee by the above-mentioned securities account transfer.

By the way, the delivery and delivery of materials used when a lease applicant selects an appraisal evaluator is performed as follows.
First, using a form such as text or electronic document format, the appraiser sends to the server 120 self-introduction materials describing his / her profile and evaluation fee system, and reference / suggestions relating to individual leased products. . Then, upon receiving these, the server 120 sequentially stores the date and time in the evaluator information database 125 together with the received date and time.
Next, the server 120 searches the client information database 121, and compares the desired reception content of the lease applicant stored in the database with the type / attribute of the actually received evaluator-related information, Identify the lease applicants to whom self-introduction materials and reference / suggestion materials will be distributed this time. Based on the search result, these materials are simultaneously distributed to the client terminal 119 of the relevant lease applicant using a form such as a text or an electronic document format. Then, the lease applicant who received the materials uses them as judgment materials for selecting an appraisal evaluator.
In addition, the lease applicant can browse various materials stored in the evaluator information database 125 at any time by selecting “view evaluator materials” on the menu page.
Since the evaluator information database 125 also stores information on the shareholder composition, affiliated companies, and human resources of the appraiser, the operator of this system determines which appraiser the lease applicant wants to use. The conflicting interests that exist with the lease applicant or the conflicting interests that exist between the appraiser and the appraiser that the other party wishes to use and the affected party The result can be fed back.
The exchange between the lease applicant and the appraiser and the exchange of various data can be performed by using the e-mail function of the client terminal 119 or between the appraiser and a website separately established by the appraiser. This is done, for example, via a hypertext link.

The server 120 accesses the lease product database 122 at regular intervals, sequentially collects or statistically processes various registered data, and the user of the system can browse the data from the client terminal 119. .
If the user selects “market information overview” on the above-described menu page, the server 120 determines the market conditions of various leasing transaction products that have been subjected to aggregation processing and statistical processing, that is, the names of the products for which the leasing transaction has been established. -Brand, type / attribute, terms and conditions, lease rate, lease value, lease price for priced products, lease transaction period, details and provisional conditions of the lease transaction currently being bid, and applicants for the lease From the auction status and the outline of the leasing transactions that are scheduled for bidding in the future into lists and graphs to create market information for the market page. The market condition page is transmitted to the user.
With this information, leasing applicants can grasp the market level of lease rates and the supply-demand balance of lease transactions, and appraisers can appropriately distribute self-introduction materials and reference / proposal materials created in connection with lease transactions. become.

The server 120 and the client terminal 119 are connected via a computer network using a dedicated communication line in addition to the configuration connected to the Internet 117, 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 120 and the client terminal 119 can use the system by transmitting and receiving information between the server 120 and the user's broadcast receiving terminal via a broadcast network such as a wireless broadcast or a cable broadcast. It may be. For example, the data created by the server 120 is converted into broadcast data by a predetermined broadcast server, transmitted to a broadcast receiving terminal having a predetermined tuner via a radio wave or a communication line, and transmitted by the tuner to the 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 120 via the broadcast server or directly to the main server 120 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 120 and the like can also be configured by installing the program on a computer.

30. The financial product etc. lease transaction server 120, the client terminal 119, and the support terminal 126 in FIG. 30 can be implemented by a method well known to those skilled in the art. FIG. 31 shows an example.
The configuration in FIG. 31 includes a processing device 131 that executes an arithmetic operation. The processing device 131 is connected to a plurality of storage components. These storage components include a hard disk 132, a read-only storage device (ROM) 133, and an electrically erasable / programmable read-only storage device (EEPROM) 134. , A read / write storage device (RAM) 135, and a tape device 136. 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 131, and may be disposed separately from the processing device 131.
The processing device 131 is connected to means for the user to input commands, data, and the like, for example, a keyboard device 137 and a mouse 138. 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.
The reading device 139 is also connected to the processing device 131. The reading device 139 is configured to read data from a data carrier such as a flexible disk cartridge 140 or a read-only compact disk 141 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 131 is also connected to a printing device 142 and a display device 143 for outputting data to paper, and the display device 143 may be, for example, a monitor, a liquid crystal display screen, or another type known to those skilled in the art. Display device.
By the way, the processing device 131 may be connected to a communication network 144 via an input / output means (I / O) 145. The communication network 144 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 131 can be configured to communicate with another communication facility via the communication network 144.
The processing device 131 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 131 via communication network 144.

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

  According to the present invention, a computer-readable storage medium storing a financial product lease transaction program, a financial product lease transaction system, and a financial product lease transaction method include a financial product and / or quasi-financial transaction via one or more computer networks. A leasing market for commodities can be created to match the leasing and renting needs of customers, including asset managers, financiers and financiers.

  The computer-readable storage medium storing the financial product leasing transaction program according to the present invention, the financial product leasing transaction system, and the financial product leasing transaction method are used for asset management, fund procurement, creation of position in fund transactions, etc. By introducing a new type of transaction that can be substantially canceled, the commission paid by the customer to an intermediary or the like can be saved, and the liquidity of each product can be substantially improved.

  Furthermore, a computer-readable storage medium recording a financial product etc. lease transaction program according to the present invention, a financial product etc. lease transaction system and a financial product etc. By setting up appraisers and consolidating settlement and management functions, we can improve the certainty and transparency, immediacy, economy, and efficiency of asset management, fund procurement, and fund transactions.

FIG. 3 is a diagram illustrating a cash flow lease of an asset management product according to an embodiment of the present invention. FIG. 14 is a diagram illustrating a cash flow lease of an asset management product according to another embodiment of the present invention. FIG. 14 is a diagram illustrating a cash flow lease of an asset management product according to another embodiment of the present invention. FIG. 2 is a diagram showing an embodiment of a flow of funds and a charging mechanism in a cash flow lease of an asset management product. FIG. 14 is a diagram illustrating a cash flow lease of an asset management product according to a discount range according to another embodiment of the present invention. FIG. 4 is a diagram showing an embodiment of a flow of funds and a charging mechanism in a cash flow lease of an asset management product based on a discount width. It is the figure which showed the cash flow lease of the asset management product with respect to the split amplification in other Example of this invention. It is the figure which showed one Example of the flow of money in the cash flow lease of the asset management product with respect to a split amplification, and the structure of charging. FIG. 13 is a diagram illustrating a direct lease of an asset management product according to another embodiment of the present invention. FIG. 2 is a diagram illustrating an example of a flow of funds and a charging mechanism in a direct lease of an asset management product. FIG. 14 is a diagram illustrating various leases of an asset management product by tying together according to another embodiment of the present invention. FIG. 13 is a diagram illustrating various sublease leases of an asset management product according to another embodiment of the present invention. FIG. 14 is a diagram showing a cash flow lease of a fund procurement product according to another embodiment of the present invention. FIG. 2 is a diagram showing an embodiment of a flow of funds and a charging mechanism in a cash flow lease of a fund procurement product. FIG. 13 is a diagram illustrating a cash flow lease of a fund transaction product according to another embodiment of the present invention. FIG. 14 is a diagram showing a cash flow lease of a fund transaction product according to another embodiment of the present invention. It is a figure showing an example of a flow of money in cash flow lease of a fund transaction product by a valuation profit, and a charging mechanism. FIG. 2 is a diagram showing an embodiment of a flow of funds and a charging mechanism in a cash flow lease of a fund transaction product for a valuation loss. FIG. 14 is a diagram showing a cash flow lease of a financing product and a fund transaction product by tying together according to another embodiment of the present invention. FIG. 14 is a diagram illustrating various sublease leases of a fund procurement product and a fund transaction product according to another embodiment of the present invention. FIG. 13 is a diagram illustrating a cash flow lease by tying an asset management product and a fund transaction product according to another embodiment of the present invention. It is a figure showing an example of a mechanism of a flow of money and a billing in cash flow lease by tying an asset management product and a fund transaction product. FIG. 14 is a diagram illustrating a cash flow lease by tying a fund procurement product and a fund transaction product according to another embodiment of the present invention. FIG. 3 is a diagram showing an embodiment of a flow of funds and a charging mechanism in a cash flow lease by tying a fund procurement product and a fund transaction product. FIG. 14 is a diagram illustrating a cash flow lease by tying a fund procurement product and an asset management product according to another embodiment of the present invention. FIG. 3 is a diagram showing an embodiment of a flow of funds and a charging mechanism in a cash flow lease by tying a financing product and an asset management product. FIG. 13 is a diagram illustrating a cash flow lease by tying an asset management product, a fund procurement product, and a fund transaction product according to another embodiment of the present invention. FIG. 2 is a diagram showing an embodiment of a flow of funds and a mechanism of charging in a cash flow lease by tying an asset management product, a fund procurement product, and a fund transaction product. FIG. 11 is a diagram illustrating various leases by a plurality of lessors and / or a plurality of lessees according to another embodiment of the present invention. 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

1-13 Asset Manager 14-18 Lessor (Asset Manager)
19-23 Tenant (asset manager)
24-27 Sublender (asset manager)
28-31 Sublessee (asset manager)
32-36 Asset management products 37-38 Funders 39-43 Tenants (financiers)
44 Sublender (Financer)
45 Sublessee (fund raiser)
46-47 Fundraising product 48-56 Fund trader 57-61 Lessor (fund trader)
62-66 Tenant (Fund trader)
67-68 Sublender (fund trader)
69-70 Sublessee (fund trader)
71-73 Fund transaction products 74 Operator of the system 75 Applicants for rent 76 Applicants for rent 77 Applicants for lease 78 Appraisers 79 Advertisers 80 Loans receivable 81 Stocks (asset management products)
82 Bonds (Asset Management Products)
83 Securities investment trusts 84 Deposits receivable 85 Land 86 Buildings 87 Mixed real estate 88 Real estate-backed securities 89 Real estate investment trusts 90 Specified money trusts 91 Non-designated trusts 92 Investment securities 93 Commodity funds 94 Fund-type private placement bonds 95 Debts 96 Stocks ( Financing products)
97 Bonds (financing products)
98 Commercial Paper 99 Deposits Deposit 100 Foreign Exchange Spot 101 Interest Rate Forward 102 Real Estate Investment Index Futures 103 Stock Index Options 104 Commodity Futures Options 105 Interest Rate Swaps 106 Currency Swaps 107 Interest Rate Currency Swaps 108 Stock Price Swaps 109 Commodity Price Swaps 110 Debt Debt 111 Subordinated Bonds 112 Call Money 113 Foreign Exchange Futures 114 Bond Futures Options 115 Color 116 Call Loan 117 Internet 118 Financial Product Leasing Transaction Site 119 Client Terminal 120 Financial Product Leasing Transaction Server 121 Client Information Database 122 Lease Product Database 123 Contract Management Database 124 Payment management database 125 Evaluator information database 126 Support terminal 127 Control unit 128 Display unit 1 29 input unit 130 communication unit 131 processing unit 132 hard disk 133 read-only storage device 134 electrically erasable / programmable read-only storage device 135 read / write storage device 136 tape device 137 keyboard device 138 mouse 139 reading device 140 flexible disk cartridge 141 Read-only compact disk 142 Printing device 143 Display device 144 Communication network 145 Input / output means

Claims (38)

  Create a leasing transaction market for financial products and / or quasi-financial products via one or more computer networks, and record a leasing transaction program for financial products, etc., characterized in that users can complete leasing transactions. Computer readable storage medium. The method according to claim 1, wherein the at least one computer and the plurality of user terminals connected to the computer network include:
(A) transmitting means for transmitting a rental order or a rental order to the computer by a terminal of a person who desires a leasing transaction of the financial / quasi-financial product;
(B) receiving means for receiving the rental order or the rent order transmitted from the terminal of the lease applicant by the transmitting means,
(C) storage means for storing, by the computer, a rental order or a rent order of the lease applicant received by the reception means;
(D) the computer, wherein the computer discloses the lease order or the lease order to a terminal of a specific or unspecified candidate who can be a business partner of the lease applicant;
(E) transmitting means for transmitting, by the terminal of the lease candidate, a lease order or a rental order for the lease transaction to the computer based on the rental order or the lease order disclosed by the disclosure means from the computer; When,
(F) the computer accepting a rental order or a rental order transmitted by the transmission means from the terminal of the lease candidate;
(G) storage means for storing, by the computer, a lease order or a rental order of the lease candidate received by the reception means;
(H) a matching means for comparing the lease order or lease order of the lease applicant stored by the storage means with the lease order or lease order of the lease candidate, and determining whether the condition is satisfied;
(I) updating means for establishing a lease transaction between the rental order and the rent order when the computer determines that the condition is satisfied by the matching means, and updating the two orders stored by the storage means; ,
(J) notification means for notifying the terminal of the lease applicant and the terminal of the lease candidate of the transaction result obtained by the computer by the computer;
A computer-readable storage medium storing a leasing transaction program for financial products, etc., characterized in that a leasing transaction can be realized by being provided. The method according to claim 1, wherein the at least one computer and the plurality of user terminals connected to the computer network include:
(A) transmitting means for transmitting, by the plurality of user terminals, a rental order and a rental order of the financial / quasi-financial instrument to the computer;
(B) receiving means for receiving the rental order and the rent order transmitted by the transmitting means from the plurality of user terminals, and
(C) storage means for storing the rental order and the rental order received by the computer,
(D) matching means for comparing the rental order and the rented order stored by the storage means to determine whether the condition is satisfied, and
(E) updating means for establishing a lease transaction between the rental order and the rent order when the computer determines that the condition is satisfied by the matching means, and updating both orders stored by the storage means; ,
(F) a notifying means for notifying the plurality of user terminals of a transaction result derived by the matching means,
A computer-readable storage medium storing a leasing transaction program for financial products, etc., characterized in that a leasing transaction can be realized by being provided. The method according to claim 1, wherein the at least one computer and the plurality of user terminals connected to the computer network include:
(A) transmitting means for transmitting a relative lease transaction request to a terminal of a candidate who can be a business partner, wherein a terminal of a person who desires a relative lease transaction of the financial / quasi-financial product;
(B) receiving means for receiving the relative lease transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate 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 lease 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 relative lease transaction,
A computer-readable storage medium storing a leasing transaction program for financial products, etc., characterized in that a leasing transaction can be realized by being provided. The storage medium according to claim 4, further comprising a leasing transaction program such as a financial instrument, characterized by further comprising: a plurality of user terminals and one or more computers connected to the computer network;
(A) transmitting means for transmitting, to the computer, a request for a relative lease transaction of the financial or quasi-financial instrument, wherein the terminal of the relative transaction applicant;
(B) receiving means for receiving the relative lease transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant;
(C) specifying means for specifying a relative transaction candidate that matches the relative lease 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 relative lease transaction by further providing.   Claims 1 to 5, wherein the target product of the leasing transaction is one or more financial management products among loans, bonds, commercial paper, deposit receivables, stocks, investment securities, depositary certificates, and beneficiary certificates. A computer-readable storage medium storing a leasing transaction program such as a financial product.   6. The method according to claim 1, wherein the target product of the lease transaction is one or more real estate management products of land, a building, a complex real estate, a co-owned building, a real estate-backed securities, and a real estate investment trust. A computer-readable storage medium that records a leasing transaction program for financial products and the like.   6. The financial system according to claim 1, wherein the target product of the leasing transaction is a financing product of at least one of a debt, a bond, a commercial paper, a deposit liability, a stock and an investment securities. A computer-readable storage medium that records a leasing transaction program such as a product.   6. The product according to claim 1, wherein the target product of the leasing transaction is a foreign exchange product, an interest rate derivative product, a stock derivative product, a real estate derivative product, a physical derivative product, a compound derivative product, a forward commodity, a future commodity, an option commodity, a swap commodity. A computer-readable storage medium recording a leasing transaction program such as a financial product, wherein the leasing transaction program is any one or more fund transaction products. A computer system for supporting leasing transactions of financial products and / or quasi-financial products by clients such as asset managers, financiers, and 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 customer;
(C) one or more computer networks connecting the computer and the user terminal;
(D) a lease product database storing data on the lease transaction;
(1) a contract management database that stores data on at least one of a lease 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) an evaluator information database that stores self-introduction materials of the appraisers and / or reference / suggestions regarding the lease transaction, and
(4) By providing any one or more databases among client information databases that store data on users of the system,
A bidding mode to match lease orders directly on a supply and demand principle and / or
A lease transaction system for financial products and the like, wherein a relative mode is established in which the customer is provided with a communication path to negotiate the lease transaction by direct negotiation. In claim 10,
(A) transmitting means for transmitting a rental order or a rental order to the computer by a terminal of a person who desires a leasing transaction of the financial / quasi-financial product;
(B) receiving means for receiving the rental order or the rent order transmitted from the terminal of the lease applicant by the transmitting means,
(C) storage means for storing, by the computer, a rental order or a rent order of the lease applicant received by the reception means;
(D) the computer, wherein the computer discloses the lease order or the lease order to a terminal of a specific or unspecified candidate who can be a business partner of the lease applicant;
(E) transmitting means for transmitting, by the terminal of the lease candidate, a lease order or a rental order for the lease transaction to the computer based on the rental order or the lease order disclosed by the disclosure means from the computer; When,
(F) the computer accepting a rental order or a rental order transmitted by the transmission means from the terminal of the lease candidate;
(G) storage means for storing, by the computer, a lease order or a rental order of the lease candidate received by the reception means;
(H) a matching means for comparing the lease order or lease order of the lease applicant stored by the storage means with the lease order or lease order of the lease candidate, and determining whether the condition is satisfied;
(I) updating means for establishing a lease transaction between the rental order and the rent order when the computer determines that the condition is satisfied by the matching means, and updating the two orders stored by the storage means; ,
(J) notification means for notifying the terminal of the lease applicant and the terminal of the lease candidate of the transaction result obtained by the computer by the computer;
A financial product lease transaction system comprising: In claim 10,
(A) transmitting means for transmitting, by the plurality of user terminals, a rental order and a rental order of the financial / quasi-financial instrument to the computer;
(B) receiving means for receiving the rental order and the rent order transmitted by the transmitting means from the plurality of user terminals, and
(C) storage means for storing the rental order and the rental order received by the computer,
(D) matching means for comparing the rental order and the rented order stored by the storage means to determine whether the condition is satisfied, and
(E) updating means for establishing a lease transaction between the rental order and the rent order when the computer determines that the condition is satisfied by the matching means, and updating both orders stored by the storage means; ,
(F) a notifying means for notifying the plurality of user terminals of a transaction result derived by the matching means,
A financial product lease transaction system comprising: In claim 10,
(A) transmitting means for transmitting a relative lease transaction request to a terminal of a candidate who can be a business partner, wherein a terminal of a person who desires a relative lease transaction of the financial / quasi-financial product;
(B) receiving means for receiving the relative lease transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate 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 lease 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 relative lease transaction,
A financial product lease transaction system comprising: The financial instrument lease transaction system according to claim 13, further comprising:
(A) transmitting means for transmitting, to the computer, a request for a relative lease transaction of the financial or quasi-financial instrument, wherein the terminal of the relative transaction applicant;
(B) receiving means for receiving the relative lease transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant;
(C) specifying means for specifying a relative transaction candidate that matches the relative lease 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,
Further provided is a leasing transaction system for financial products, etc.   15. The system according to claim 10, wherein the lease transaction is a cash flow lease of an asset management product.   16. The financial product lease transaction system according to claim 10, wherein the lease transaction is a cash flow lease of an asset management product according to a discount range and / or a premium.   The financial transaction lease system according to claim 10, wherein the lease transaction is a direct lease of an asset management product.   18. The financial instrument lease transaction system according to claim 10, wherein the lease transaction is a direct lease of a return-type and / or non-return-type asset management product.   15. The system according to claim 10, wherein the lease transaction is a cash flow lease of a fund procurement product.   20. The method according to claim 10, wherein the lease transaction is a cash flow lease of one or more fund procurement products among an extended redemption type, a reduced redemption type, and a purchase cancellation type. Leasing transaction system for financial products.   15. The lease transaction system for financial instruments according to claim 10, wherein the lease transaction is a cash flow lease of a fund transaction product.   22. The financial product lease transaction system according to claim 10, wherein the lease transaction is a cash flow lease of a fund transaction product based on a valuation gain and / or a valuation loss.   Claims 10 to 18, wherein the target product of the leasing transaction is any one or more financial management products among loans, bonds, commercial paper, deposit receivables, shares, investment securities, depositary certificates, and beneficiary certificates. A leasing transaction system for financial products, etc.   Claims 10 to 18, characterized in that the target product of the leasing transaction is any one or more real estate management products among land, buildings, compound real estate, co-owned buildings, real estate-backed securities and real estate investment trusts. Leasing transaction system for financial products.   Claims 10 to 14, 19 or 20, wherein the target product of the leasing transaction is a financing product of at least one of debt, bond, commercial paper, deposit debt, stock and equity securities. Characteristic leasing transaction system for financial products.   Claims 10 to 14, 21 or 22, wherein the target product of the leasing transaction is a foreign exchange product, an interest rate derivative product, a stock derivative product, a real estate derivative product, a physical derivative product, a compound derivative product, a forward derivative product, a futures product, an option. A leasing transaction system for financial products and the like, characterized in that any one or more of the products is a fund transaction product out of a product and a swap product.   27. The system of claim 10, wherein a plurality of lessors and / or a plurality of lessees can simultaneously establish the lease transaction.   27. The lease of a financial product or the like according to claim 10, wherein the lease transaction is a tie-in lease of one or more of the same or different products among asset management products, financing products, and fund transaction products. Trading system.   27. The system of claim 10, wherein the lease transaction is a sublease lease.   Claims 10 to 26, wherein various combinations of the cash flow lease of the asset management product, the direct lease of the asset management product, the cash flow lease of the financing product, and the cash flow lease of the fund transaction product, A leasing transaction system for financial products characterized by comprehensive management.   31. The financial product etc. lease transaction system according to claim 10, wherein the lease transaction can be concluded 24 hours a day in Japan and abroad, beyond the borders and / or transaction time barrier.   31. A financial product lease transaction system according to claim 10, further comprising a defect inspection function of a lease transaction product and / or an appraisal function of a lease transaction value.   Claims 10 through 30, wherein the settlement and management functions after the lease is consolidated, such as transaction matching, signing and transfer of contracts, payment of lease fees, transfer of cash flows, transfer of actual goods, inspection of legal compliance, etc. Characteristic leasing transaction system for financial products.   A leasing transaction method for financial instruments and the like, wherein a leasing transaction market for financial instruments and / or quasi-financial instruments is created through one or more computer networks, and users can establish a leasing transaction.   35. The method according to claim 34, wherein the lease transaction is a cash flow lease of an asset management product.   35. The method according to claim 34, wherein the lease transaction is a direct lease of a returnable and / or non-returnable asset management product.   35. The financial product lease transaction according to claim 34, wherein the lease transaction is a cash flow lease of one or more funding products among a redemption extension type, a redemption shortening type, and a purchase cancellation type. Method. 35. The method according to claim 34, wherein said lease transaction is a cash flow lease of a fund transaction product.

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