JP2005056095A - System which processes execution of right of stock option, and method - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To make exercise of right of stock option easy by lending capital for exercising the right to the right holder from a securities company. <P>SOLUTION: The system for processing exercise of right of stock option is provided with; a customer information storage section 18 which stores available amount of the right holder computed based on credit limit 22 of the right holder of stock option; a loan available amount calculation section (loan application reception processing section 32) which computes smaller amount either of an available amount from an issuing company computed based on dealing information on the target stock of stock option which received call for exercising of right from the right holder, or an available amount of the right holder concerned, as a loan available amount for exercising stock option right to the right holder concerned; and a transfer directions output section (target stock sales processing section 34) which outputs transfer directions to transfer the exercise of right amount to a designated account of the issuing company which issues a stock option, when the right exercise amount required for exercise of right is below the computed loan available amount. <P>COPYRIGHT: (C)2005,JPO&NCIPI

Description

  The present invention relates to a stock option exercising processing system and method that enables financing necessary for exercising stock options.

  In recent years, the stock option system has begun to be introduced to many companies.

  Here, the stock option system grants directors and employees the right to acquire their own shares at a fixed price, and is a kind of incentive plan linked to the rise in stock prices. According to this stock option system, since the profit of the right grantee is obtained by the rise in the stock price, the right holder becomes more aware of the stock price of the company than before. As the company's business performance improves as each right holder's motivation to work increases, the stock price rises, and the rights holder is made aware that this will increase their compensation. It can be done. In addition, for the company, the cost can be kept constant regardless of the increase in the stock price, so it is possible to construct a low-cost success fee system using the stock price. For this reason, this stock option system is attracting attention by many companies.

  Furthermore, as a result of the revision of the Commercial Code in April 2002, the target of stock options has been expanded to include employees and non-executives (group company employees, external consultants, business partners, etc.), and the utility value has further increased. Yes.

  As a system for processing such stock options, there are the following patent documents.

JP 2003-85368 A

  By the way, it may be difficult for right holders (employees, etc.) of stock options to exercise their rights at a desired timing during the right holding period (about 2 to 8 years). In other words, even if you want to exercise your rights at a set price, you may not be able to prepare your exercise funds or miss the timing of your exercise.

  For example, since it is difficult for a bank to set collateral on the stock acquired by the right holder by exercising stock options, it is difficult for the right holder to obtain a loan from the bank. If a bank provides a loan with stock options as collateral, the risk of collateral breakage due to fluctuations in stock prices (market risk), and it is difficult to occupy stock certificates acquired by the right holder or set a mortgage, defaulting on repayment Risk (credit risk) increases. As a result, the loan conditions of banks such as interest rates and guarantors have to be strict, and it is expected that there will be many rights holders who cannot receive loans from banks.

  On the other hand, the right holder can borrow funds for purchase from a bank using real estate and other assets as collateral. However, even in this case, it takes 2-3 weeks to prepare the necessary documents, apply for a loan from the bank, and execute the loan after a predetermined examination. Therefore, even if the right holder wants to sell immediately after exercising their rights when the stock price is high and want to obtain unrealized gains, the stock price will drop before the exercise funds are actually transferred to their account. Sometimes. Even in such a case, in order to repay the funds borrowed from the bank, it is necessary to sell the acquired shares at a reduced price, even if the unforeseen unrealized gain is small (even if there is an unrealized loss). From the unrealized gain, you must pay brokerage transaction fees and bank interest.

  In this way, the conventional stock option system may not be easy to exercise even if rights are granted, or may not be able to obtain sufficient profits, so it can fully demonstrate the effect of incentives for employees, etc. There is no actual situation.

  The present invention has been made in view of the above circumstances, and a securities company provides funds for exercising stock option rights to right holders to facilitate exercising the rights, thereby providing a sufficient incentive effect. It is an object of the present invention to provide a stock option processing system and method.

  Another object of the present invention is to provide a stock option processing system and method capable of minimizing the risk of a securities company that finances exercise funds.

  The present invention has been made in view of the circumstances as described above. According to a first main aspect of the present invention, a system for processing the exercise of stock option rights, the credit limit of the right holder of the stock option is provided. Use amount storage means for storing the right holder's available amount calculated based on the amount, and use of the issuing company calculated based on the transaction information of the stock of the stock option that received the request for exercise of the right from the right holder The loanable amount calculation means for calculating the available amount of the right holder and the amount available to the right holder as the available loan amount for exercising the stock option right for the right holder, If the required exercise amount is less than or equal to the calculated loanable amount, the exercise amount is transferred to the designated account of the issuing company that issued the stock option. System characterized in that a transfer order output means for outputting a transfer instruction for writing is provided.

  According to such a configuration, when a loan for funds necessary for exercising the rights is provided to the right holder of the stock option, the available loan amount is calculated based on the available amount of the right holder and the available amount of the issuing company. I did it. As a result, the right holder can objectively grasp whether or not the right exercise amount can be financed even before the right is exercised. In addition, any of these smaller amounts was made available for lending, and more than the amount of right exercised, no lending was made. As a result, the securities company can effectively prevent credit risk such as credit risk and market risk.

  Furthermore, the loan can be automatically executed when the exercise amount is less than the loanable amount. As described above, since the screening for the loan application is simplified, the period from the loan application to the execution (payment) can be shortened. Thereby, the right holder can exercise the right at a desired timing.

  According to one embodiment of the present invention, the loanable amount calculating means is configured to loan the rightholder's available amount to the rightholder from a credit limit calculated based on the rightholder's credit information. It is calculated by subtracting the outstanding loan balance.

  According to another embodiment, the loanable amount calculating means calculates the useable amount of the issuing company by calculating the available amount of the issuing company based on an average value of the volume of the target stock in a predetermined period. From the calculation, the loan balance that is loaned to all right holders of the issuing company is subtracted from the target stock.

  According to another embodiment, the transfer instruction output means outputs to the financial institution a transfer instruction including right holder identification information and right exercise amount information for each request for exercise.

  According to another embodiment, a loan application receiving means for generating a loan application receiving interface displaying the loanable amount and receiving a loan application from a right holder is further provided.

  According to another embodiment, the availability of the loan is further determined based on whether the stock price of the target stock of the stock option is equal to or higher than a loan acceptance reference price set higher than the strike price of the stock option. A means for determining whether or not to lend is provided.

  According to another embodiment, a sale processing means for outputting a sale processing instruction for the target stock to be exercised in accordance with a predetermined sale condition, and a settlement by subtracting the loan balance from the sale price of the target stock to the right holder And sales price settlement processing means. Here, the system further acquires stop loss price storage means for storing a stop loss price set higher than the exercise price of the stock option, and information on the stock price of the stock subject to the exercise in a predetermined cycle. Stock price monitoring means for monitoring whether the stock price falls below the stop loss price, and the sale processing means outputs a sale processing instruction for the target stock when the stock price falls below the stop loss price. Is preferred. The stop loss price storage means also stores a warning reference price set higher than the stop loss price, and the stock price monitoring means has a right when the stock price of the target stock falls below the warning reference price. It is further preferable to provide notification means for notifying a person. Further, the sale processing means may output a sale processing instruction for the target stock when the borrower has not received the loan within a predetermined period from the right holder who has received the notification or when an instruction to sell is received. preferable.

  According to another embodiment, the system further comprises sale request registration means for accepting and registering a request for immediate sale of the target stock from the right holder together with the request for exercise of the right, and the sale processing means comprises: When the stock acquisition notice for the right holder's securities account is obtained for the target stock to be exercised, the sales processing instructions for the target stock are immediately output based on the fact that the stock received is registered as the sale request target Is.

  According to another embodiment, the system further includes a loan balance update unit that manages a repayment status from a right holder and updates a loan balance during a predetermined loan period, and the sale processing unit includes the loan processing unit. If the loan remains when the loan period expires, the target stock sale processing instruction is immediately output.

  According to another embodiment, the system further outputs a sale restriction instruction that outputs a sale restriction instruction that restricts the sale of the target stock to a securities company that mediates the trading of the target stock to be exercised. Provided with means. Here, a borrowing balance updating means for monitoring the repayment status from the right holder during a predetermined loan period and updating the borrowing balance, and when the borrowing is completed, restrictions on the sale of the target stock to the securities company It is preferable to provide a means for outputting a sale restriction cancellation instruction for canceling. Further, the sale restriction instruction output means outputs a sale restriction instruction including instruction information preferentially applied to the repayment of the borrowed loan to the right holder when the target stock is sold to the securities company. It is preferable.

  According to a second main aspect of the present invention, there is provided a method for processing the exercise of a stock option right, wherein the right holder available amount calculated based on the credit limit of the right holder of the stock option is registered. The possible amount registration step, the issuer company available amount calculated based on the transaction information of the target stock of the stock option that has received a request for exercise of the right from the right holder, and the right holder's available amount of the right holder A loan available amount calculation step for calculating a lesser amount as a possible loan amount for exercising stock option rights to the right holder, and an exercise right amount required for exercising the right to claim is less than the calculated available loan amount. A transfer instruction output process for outputting a transfer instruction for transferring the exercise amount to the designated account of the issuing company that issued the stock option. Wherein the had example is provided.

  According to such a configuration, it is possible to obtain a stock option right exercise processing method suitably obtained by using the stock option right exercise processing system in the first aspect described above.

  According to the present invention, it is possible to exert a sufficient incentive effect by facilitating the exercise of the rights by the securities company financing the right holders to exercise the rights of the stock options. Further, it is possible to obtain a stock option processing system and method capable of minimizing the risk of a securities company that finances exercise funds.

  Further other features of the present invention will be understood more clearly by considering the following embodiments of the present invention together with the attached drawings.

  Embodiments of the present invention will be described below with reference to the drawings.

  1 is a stock option processing system (hereinafter simply referred to as “system”) according to the present embodiment, 2 is a securities company that manages stocks, 3 is a stock option rights holder, and 4 is a stock option. Is the designated bank designated by the issuing company 4. The system 1 is placed in a securities company 2 and connected to a securities management system 6 (business system) of the securities company 2.

  The right holder 3 and the issuing company 4 are also provided with access terminals 7 and 8 that can be connected to the system 1 online. The right holder 3 and the issuing company 4 use these terminals 7 and 8 to access the system 1 and execute a procedure for exercising the right. Here, stock options include the treasury stock transfer method and the new stock issuance method, and this system can be applied to either method. The former is a method of transferring treasury stock held by the issuing company 4 to the right holder upon request, and the latter is a method of issuing new shares in response to the exercise of the right. Which method is adopted can be selected by the issuing company 4 when a request for exercising the right is received from the right holder 3. In the following, we explain the processing procedure for exercising rights, focusing on the treasury stock transfer method.

  Next, with reference to FIG. 1, processing for exercising stock option rights according to the present embodiment will be briefly described. This figure shows a case where the right holder 3 has applied for a loan (loan) of funds necessary for exercising the right together with a request for exercising the right.

  First, the right holder 3 who has been issued a stock option from the issuing company 4 requests the system 1 to exercise the right of the stock option and applies for a loan (step A1). The system 1 registers the received information on the request for exercise of the rights in association with the identification information (executive employee code) of the right holder 3 and notifies the issuing company 4 (step A2). The issuing company 4 that has received the notification determines approval / non-approval of the exercise of the rights related to the request based on the contract contents and the like (step A3). When the issuing company 4 approves the exercise of the right, it logs in to the system 1 from the access terminal 8 and inputs the instruction information on the exercise of the right (step A4). In addition, the issuing company 4 notifies the designated bank 5 of the approved exercise information (name of the right holder 3 and the exercise amount for each exercise) (step A5).

  On the other hand, when accepting an application for a loan, the present system 1 determines whether or not the loan is possible based on the market price of the stock related to the exercise of the right and the exercise price (step A6). When the loan is approved, the system 1 outputs a transfer instruction for transferring the amount of exercise to the designated account 9 of the designated bank 5 of the issuing company 4 (execution of the loan) and executes the exercise of the right relating to the loan. Information is notified (step A7). The designated bank 5 matches the right holder 3 by matching the right exercise information acquired from the issuing company 4 with the information acquired from the system 1 (step A8). This confirms the establishment of the exercise of rights.

  Next, the present system 1 creates an account transfer instruction for the stock subject to right exercise approved by the issuing company 4 and transmits it to the securities management system 6 (step A9). Upon receipt of the transfer instruction, the securities management system 6 receives the information on the establishment of the rights from the designated bank 5 (step A10), and exercises the rights from the securities trading account of the issuing company 4 to the securities trading account of the right holder 3. The stock certificate transfer (warehousing) process is performed (step A11). The matching result of the bank 5 is also notified to the issuing company 4 (step A12).

  When the warehousing process is completed, the warehousing information is transmitted from the securities management system 6 to the system 1 (step A13). As a result, the system 1 updates the stock option exercise information (step A14). Also, using this as a trigger, the system 1 performs processing such as stock sales and loan management, which will be described later.

  The system 1 is configured as shown in FIG. 2 in order to execute such a series of right exercise processes.

  That is, the system 1 includes a data storage unit 15 and a program storage unit 16 on a bus 14 to which a CPU 10, a RAM 11, a communication device 12 such as a modem, and an input / output device 13 such as a keyboard and a CRT display are connected. Has been.

  The data storage unit 15 includes a customer information storage unit 18, a stock option information database (DB) 19 (hereinafter simply referred to as “DB 19”), and a loan management information storage unit 20.

  The customer information storage unit 18 stores, as information 21 of the right holder 3, information of the name, officer / employee code, securities trading account, and credit limit 22 of the right holder 3, and company code as the information 23 of the issuing company 4. And information on the usage limit 24 are stored.

  Here, the credit limit 22 is obtained by obtaining the necessary credit information from the right holder 3 when the application for pre-registration of the loan is made from the right holder 3 to which the stock option is granted. ) Is the upper limit of financing determined. In this case, a conventionally known method can be adopted for the examination. The amount obtained by subtracting the loan amount (borrowed money) from the credit limit amount 22 is the amount available to the right holder 3. The credit limit 22 is updated according to the credit status and stock option holding status.

  Further, the usage limit 24 of the issuing company 4 is set in order to prevent the exercise of stock option rights from concentrating and greatly affecting the stock market. In this embodiment, the stock option target brand is calculated by multiplying the number of shares of a certain ratio of the average volume (trading volume) in the most recent fixed period by the lowest exercise price among the stock options issued by the issuing company 4. For example, if the average turnover for a certain period is 100,000 shares, the fixed ratio is 20%, and the minimum exercise price is 1,000 yen, use 100,000 shares x 1,000 yen x 20% = 20 million yen. Set as limit 24. This usage limit 24 is the upper limit (excluding repayment) of the total amount of exercise of stock options exercised by all right holders of issuer 4 after receiving the loan. When the amount exceeds 20 million yen, you will no longer be able to apply for the exercise of rights. The amount obtained by subtracting the loan balance loaned to all right holders of the issuing company for the target stock from the usage limit amount 24 becomes the usable amount available for the issuing company. The usage limit 24 may be updated every day based on the latest information, or may be updated at a predetermined cycle such as weekly or monthly.

  The DB 19 stores information (executive employee code of the right holder 3 and the number of shares related to the request) relating to the request for the exercise of rights (see step A1 in FIG. 1), and the rights per 3 right holders can exercise (rights) This stores the number of shares that have not been exercised, the strike price set when the stock option was issued, and the stock price of the target stock (the previous day's closing price). An example of a screen displaying the information stored in the DB 19 on the access terminals 7 and 8 of the right holder 3 and the securities company 2 is shown in FIG. On this display screen, information stored in the customer information storage unit 18 and the loan management information storage unit 20 is also displayed. Here, the number of shares that can be exercised is updated by subtracting the number of shares pertaining to this request from the total number of shares issued when the information relating to the request for exercise is approved by the issuing company 4 (step A3 in FIG. 1). Is done.

  Further, in addition to the above information, the DB 19 of the present embodiment stores a loan acceptance reference price 25, a sale target flag 26, a stop loss price 27, and a warning reference price 28.

  The loan acceptance reference price 25 absorbs the market risk for several days from the acceptance of a loan application for funds necessary for exercising rights from the right holder 3 until the stock can be sold. It is set so that it can be collected. That is, after the system 1 accepts the loan application from the right holder 3 and executes the loan, the object of the right is exercised within a few days until the warehousing process by the securities management system 6 is completed and the sale is possible. The stock price is expected to fall below the stock option exercise price. In this case, even if the securities company 2 immediately sells the stock stored in the account of the right holder 3, it cannot recover the entire loan amount (loan) calculated based on the strike price.

  Therefore, a loan acceptance reference price 25 higher than the exercise price is set, and the loan is executed (approved) only when the market price of the target stock at the time of the loan acceptance is higher than this. For example, if the subject of the exercise is the stock listed on the exchange, 120% of the exercise price is set as the loan acceptance reference price 25. In addition, since the market risk of emerging market issues is greater than that of listed issues, the exercise price is set to 130%. The ratio to be added is set in consideration of the stock transaction fee of the securities company 2 and the interest of the loan. A price obtained by adding a predetermined amount to the strike price may be set. In the case of the new share issuance method, a procedure for issuing new shares is required, and the period until the warehousing process becomes longer, so the market risk increases accordingly. For this reason, it is preferable to add the above-mentioned addition ratio by about 10%.

  The sale target flag 26 is attached to the right exercise information when a “request for immediate sale” is received from the right holder 3 at the time of requesting the right exercise. When the warehousing information is acquired for the request for exercising the right with the flag 26, the stock sale process is immediately executed as will be described later.

  The stop loss price 27 is set in order to absorb the market risk during the loan period and allow the securities company 2 to collect the loan. That is, it is expected that the stock price of the stock subject to the exercise will fall below the exercise price during the loan period (for example, 30 days). In this case, even if the target stock is sold, the entire loan loaned to the right holder 3 cannot be collected.

  Therefore, a stop loss price 27 higher than the strike price was set. When the stock price of the target stock falls below the stop loss price 27, the loan is surely collected by forcibly selling the target stock. The stop loss price 27 is set to a price used as a basis for calculating the loan amount to the right holder 3, that is, a price obtained by adding a predetermined ratio to the exercise price of the stock option or a price obtained by adding a predetermined amount. For example, in the case of a stock listed on the exchange, the price is set to 10% added to the strike price of the stock option. Note that, as with the above-mentioned loan acceptance reference price 25, for the emerging market brands, the addition ratio is set to be large.

  The warning reference price 28 is used to prompt the right holder 3 to immediately sell or repay the borrowed money by notifying the right holder 3 that the share price of the stock subject to the exercise (loan) is approaching the stop loss price 27. Is set. In other words, when the stock price reaches the stop loss price 27, the target stock is forcibly sold as described above. It is something that can be done. Therefore, the warning reference price 28 is set to 110% of the stop loss price 27, for example.

  When the loan management information storage unit 20 receives a loan application from the right holder 3 (step A1 in FIG. 1), the loan management information storage unit 20 stores the right employee 3 executive employee code and the right exercise information related to the application, When executed (step A7 in FIG. 1), the loan amount, the loan period, and the loan balance are stored. The loan balance is updated when repayment is made from the right holder 3 and when a predetermined interest is calculated.

  Next, in addition to the main program 30, the program storage unit 16 broadly categorizes and accepts a request for exercising the stock option from the right holder 3 and processes the request for exercising the right, At the same time, a loan application reception processing unit 32 that receives and processes a loan application for funds necessary for exercising the rights, and acquires the stock price (stock price) of the stock option target stock at a predetermined cycle such as every business day and stores it in the DB 19. A stock price acquisition unit 33 and a target stock sale processing unit 34 that sells target stocks related to the exercise of rights according to predetermined conditions. Hereinafter, these detailed structures will be described with reference to FIGS.

  First, as shown in FIG. 3, the right exercise request reception processing unit 31 is a right exercise request reception unit 40, a right exercise approval reception unit 41, a warehousing information reception / update unit 43, and a stock certificate account transfer instruction output. A section 42 and a right exercise information update section 44 are provided.

  The right exercise request accepting unit 40 accepts the access of the right holder 3, connects to the DB 19, presents stock option right exercising information to the access terminal 7 of the right holder 3, and accepts the right holder 3 exercise request. It has a function. This right exercise request receiving unit 40 generates a right exercise application screen shown in FIG. 9 and presents it to the access terminal 7 of the right holder 3. In the present embodiment, this right exercise application screen and the right to exercise amount loan application acceptance screen are combined and presented. As a result, the right holder 3 can apply for a request for exercising the rights after confirming the financing conditions, and can request the exercising of the rights in a manner that allows financing while adjusting the number of shares for exercising the rights. The right exercise request accepting unit 40 also has a function of instructing the loanable amount calculating unit 46, which will be described later, to calculate the loanable amount when a request for exercise of right is received.

  The right exercise approval receiving unit 41 receives access from the issuing company 4, presents the right holder 3's right exercise request to the access terminal 8 of the issuing company 4, and receives approval / non-approval input for the right exercise request It plays. This right exercise approval acceptance unit 41 is configured to sort all the unexecuted rights requests from one or more right holders 3 in time series and display them on the access terminal 8.

  The stock certificate account transfer instruction output unit 42 is located in the securities trading account of the issuing company 4 with respect to the securities management system 6 based on the right holder 3's request for exercising the rights and the approval / non-approval of the issuing company 4 corresponding thereto. A stock certificate account transfer instruction for transferring the stock to the securities transaction account of the right holder 3 is output. In addition to accepting this transfer instruction, the securities management system 6 executes the above stock certificate transfer (warehousing) process when a matching result is obtained from the designated bank 5 (steps A10 and A11 in FIG. 1). .

  The warehousing information reception / update unit 43 has a function of accepting that the securities management system 6 has completed the warehousing process and updating the exercise information in the DB 19. Specifically, the balance of non-exercised rights is updated by subtracting the number of shares approved for exercise.

  The above-mentioned request for the exercise of rights from the right holder 3 is a request for the transfer of the treasury stock of the issuing company 4, and the exercise instruction is a stock account indicating that the target shares are transferred from the account of the issuing company 4 to the account of the right holder This is an instruction to output a transfer instruction.

  Next, as shown in FIG. 4, the loan application reception processing unit 32 includes a loan application reception unit 45, a loanable amount calculation unit 46, a loan availability determination unit 47, a transfer instruction output unit 48, and a loan balance. And an update unit 49.

  When the loan application accepting unit 45 receives an application for a loan from the right holder 3 on the application screen shown in FIG. This is registered in the loan management information storage unit 20. If the right holder 3 has not performed a predetermined loan pre-registration procedure (contract conclusion, account opening, etc.), a message prompting the pre-registration procedure is output.

  The loanable amount calculating unit 46 calculates the lesser of the available amount of the issuing company 4 and the available amount of the right holder 3 calculated based on the issuing company usage limit 24 stored in the customer information storage unit 18. The amount is calculated as the loanable amount. Here, the available amount of the right holder 3 is an amount calculated by subtracting the loan balance from the credit limit 22 of the right holder 3 stored in the customer information storage unit 18. The amount available to the right holder increases when the right holder 3 repays the loan, and decreases when a new loan is received.

  Further, the available amount of the issuing company 4 is obtained by subtracting the total loan balance of all right holders of the issuing company 4 stored in the loan management information 20 from the usage limit 24 stored in the customer information storage unit 18. This is a calculated amount. The amount available to the issuing company increases when the right holder 3 of the issuing company 4 repays the borrowing, and decreases when a new loan is received.

  For example, if the available amount of the issuing company is 20 million yen, and the available amount of the right holder 3 related to the first request for exercise is 5 million yen, the lesser available amount (5 million Yen) is calculated as possible loan amount. And the issuer company available amount is subtracted 5 million yen and updated to 15 million yen. If the available amount of the right holder 3 related to the second claim is 10 million yen, the smaller available amount (10 million yen) is set as the loanable amount. And the issuer company available amount is subtracted 10 million yen and updated to 5 million yen. If the available amount of right holder 3 related to the third claim is 8 million yen, the issuer company available amount (5 million yen) is less this time. Calculated.

  The loan permission / non-permission determining unit 47 determines whether or not a loan related to the application is permitted based on whether all of the following conditions are satisfied.

(1) The amount of exercise right is less than or equal to the loanable amount. If the amount necessary for exercise (number of shares x exercise price) exceeds the loanable amount calculated as above, the right holder As for No. 3, the exercise of rights (acquisition of shares) cannot be performed only with the loan amount.

(2) Issuing company has approved the exercise of rights If the exercise of rights is not approved, there is no need to finance the funds necessary for the exercise of the rights.

(3) The stock price is equal to or higher than the loan acceptance reference price The condition is that the stock price of the right-executed stock acquired by the stock price acquisition unit 33 is equal to or higher than the loan acceptance reference price 25 stored in the DB 19. In this way, by setting a standard based on the information (stock price) of the target stock in addition to the personal information of the right holder 3 (credit limit 22 and available amount), the risk of credit loss is minimized. is there.

  If any of the above conditions is not satisfied, the present system 1 does not finance the right holder 3. If the above condition (1) is not satisfied, right holder 3 reduces the number of shares exercised to reduce the amount of exercise, or repays the loan and increases the available loan amount. Application for exercise and financing becomes possible.

  The transfer instruction output unit 48 generates and outputs a transfer instruction for transferring the exercise amount to the designated account 9 of the issuing company 4 when the loan is approved by the loan permission determination unit 47. By limiting the loan amount to the amount of right exercise, it is possible to effectively prevent the risk of credit loss.

  The borrowing balance update unit 49 has a function of updating the borrowing balance of the loan management information by adding the amount related to the transfer when the transfer instruction is output. As a result, the available amount for the right holder and the available amount for the issuing company are also updated.

  Further, as shown in FIG. 5, the target stock sale processing unit 34 includes a sale request acceptance registration unit 50, a sale necessity determination unit 51, a sale restriction flag output unit 52, a sale instruction output unit 53, and a sale. A payment settlement processing unit 54 and a warning information output unit 55 are provided.

  When the “right sale” is selected from the right holder 3 on the claim application screen for exercise of rights, the sale request acceptance registration unit 50 obtains information on the target stock and the number of shares to be exercised from the exercise request acceptance processor 31. It is acquired and registered with the sale target flag 26 added to the DB 19.

  The sale necessity determination unit 51 has a function of determining whether or not a stock related to the exercise of rights can be sold based on whether a predetermined sale condition is satisfied. Here, the following cases are set as the predetermined sale conditions.

1) In the case where immediate sale is requested by the right holder 3 In this case, when the sale necessity determination unit 51 obtains the warehousing information from the securities management system 6, it searches the DB 19 for the warehousing stock and immediately sells it. The necessity of sale is determined based on whether the flag is registered.

2) When the last day of the loan period arrives The sale necessity determination unit 51 searches all the loan information registered in the loan management information storage unit 20 at a predetermined time every business day, and the loan balance is 0. Not all the loan information (the loan amount has not been fully paid) is extracted. For the extracted loan information, the necessity of sale is determined based on whether the day corresponds to the last day of the loan period.

3) When the stock price of the target stock falls below the stop loss price In this case, the sale necessity determination unit 51 searches all the loan information registered in the loan management information storage unit 20 at a predetermined time every business day. Then, all the loan information whose loan balance is not 0 (the loan amount is not fully paid) is extracted. With respect to the extracted loan information, the necessity of sale is determined based on whether the stock price (the previous day's closing price) acquired by the stock price acquisition unit 33 is equal to or less than the stop loss price 27 stored in the DB 19.

  The sale restriction flag output unit 52 is based on the fact that when the warehousing information receiving / updating unit 43 receives warehousing information for the stock subject to the exercise of the right, the stock is registered as a loan target case in the DB 19. The instruction information (flag) for restricting the sale of the stock is output to the securities management system 6. Examples of restrictions on sale include prohibiting the sale itself, or concluding a contract that preferentially allocates the sale price to the loan amount. This sale restriction flag is obtained when the sale restriction flag output unit 52 periodically accesses the loan management information storage unit 20 to search the borrower balance of the right holder 3 and confirms that the loan amount has been paid off. A restriction cancellation instruction is output to the securities company 2.

  The sale instruction output unit 53 receives a sale instruction for the securities management system 6 when a request for sale of the stock to be exercised is received from the right holder 3 or when the sale necessity judgment unit 51 determines that the sale is necessary. Generate and send. The request for sale from the right holder 3 may be received at the same time as the request for exercise of the right (immediate sale) or received during the loan period (30 days). In any of the above cases, the target stock is sold in principle by so-called VWAP (Volume Weighted Average Price) trade. This may be because the loan period is relatively short and cannot be sold by limit or market order. Forcibly selling when the stock price reaches the stop loss price 27 or when the loan period expires, immediately. This is because it is necessary to sell the stock and aim to collect all the loan amount. However, it is possible to place a limit order for a limited time (sold when it reaches a circle within 2 days, sell it with VWAP after the 3rd day), etc.

  The sale price settlement processing unit 54 preferentially deducts the loan amount, the securities transaction fee of the securities company 2, the interest according to the loan period, and the predetermined tax from the sale price of the stock deposited in the account of the right holder 3 It is to be settled.

  The warning information output unit 55 periodically extracts the stock price of the target stock registered in the DB 19 (every business day, every half day, etc.), and when this stock price falls below the warning reference price 28, the right holder 3 A warning message is output for. This message may be sent by e-mail to the address of the right holder 3 or may be displayed on the screen when the right holder 3 logs into the user page of the system 1. Rightholder 3 who sees this warning message immediately sells the target stock to secure profits, or pays back the entire loan amount and avoids forcibly selling the stock due to the expiration of the loan period. You can take measures such as waiting for recovery.

  Each component described above is actually a computer software program installed in a computer system or a subroutine in one program. Each function of the present invention is exhibited by being called and executed on the RAM 11 by the CPU 10 of the computer system.

  Hereinafter, detailed functions of the system 1 will be described together with actual operations with reference to the flowcharts of FIGS. S1 to S32 in these figures are codes indicating the processing order, and correspond to steps S1 to S32 in the following description. In addition, about the process same as FIG. 1, the code | symbol same as FIG. 1 is written together, and detailed description is abbreviate | omitted.

  First, the right exercise request process in FIG. 6 is performed by the right holder 3 using the access terminal 7 to access and log in to the system 1 and display the “request for right exercise” displayed in the transaction menu (not shown). Start by selecting.

  When the right exercise request accepting unit 40 accepts the right exercise request (step S1, A1 in FIG. 1), the loan available amount calculating unit 46 of the loan application receiving processing unit 32 calculates the available loan amount (a). Instruct. The loanable amount calculation unit 46 that has received the instruction calculates the loanable amount (a) based on the received information such as the number of requested shares for exercise of the right and presents it on the right exercise acceptance screen as shown in FIG. 9 ( Step S2).

  When the loanable amount (a) is calculated, the loan permission determination unit 47 determines whether or not the amount of right exercise (number of shares to be claimed x right of exercise price) is equal to or less than the amount of loanable (a) (step) S3). Further, the loan availability determination unit 47 obtains the stock price (the closing price of the previous day) of the target stock and the loan acceptance reference price 25 from the DB 19, and determines whether the stock price is higher (step S4). If at least one of these steps S3 and S4 is No, it is determined that the loan is not approved, and this is displayed on the right exercise request acceptance screen (step S5, A6 in FIG. 1). Similarly, “Loan unapproved” is also displayed on the screen for approving the exercise of rights of the issuing company 4.

  Next, when a loan application for the right exercise amount is accepted from the right holder 3 (Yes in step S6), the loan application reception processing unit 32 is activated and performs a process for executing the loan. Specifically, the loan application accepting unit 45 first registers loan application information in the loan management information storage unit 20 (step S7), and registers as “sale restricted stock” in the DB 19 (step S8). At this time, if a request for immediate sale of the target stock is also received from the right holder 3 (Yes in step S9), the information on the target stock in the DB 19 is added with the immediate sale target flag 26 and stored (step S10). ). When these processes are completed, when the application for financing is not accepted in step S6 (when the right holder 3 deposits his / her funds into the designated account) and when the request for immediate sale is not accepted in step S9 The right exercise request receiving unit 40 registers information on the right exercise request in the DB 19 (step S11).

  Next, the right exercise request receiving unit 40 notifies the registered right exercise information to the issuing company 4 (step S12, A2 in FIG. 1). The issuing company 4 that has received this notification examines the approval / non-approval of the exercise of rights based on the contract information and the like. This examination result (approval of rights exercise) is accepted by the right exercise approval acceptance unit 41 through an approval screen (not shown) (step S13, A4 in FIG. 1). In addition, since it may take several days to accept this approval, it is preferable that the loan availability determination unit 47 periodically repeats the process of step S4 until the approval is accepted.

  Upon receipt of the approval, the transfer instruction output unit 48 is activated, and the exercise amount is transferred to the designated account of the issuing company 4 based on the fact that the exercise of the right is registered as a loan target item (Yes in step S14). A transfer instruction is generated and transmitted to the designated bank 5 (step S15, A7 in FIG. 1). At the same time, information on the exercise of rights (right holder 3 and the amount of rights exercised) is notified to the designated bank 5 (step S16, A7 in FIG. 1). Further, the stock certificate account transfer instruction output unit 42 generates an account transfer instruction related to the stock subject to the exercise of rights and transmits it to the securities management system 6 (step S17, A9 in FIG. 1).

  Thereafter, matching of the exercise information is performed at the designated bank 5 (A8 in FIG. 1), and the stock management process of the target stock is performed by the securities management system 6 (A11 in FIG. 1). When the warehousing information reception / update unit 43 receives a warehousing notification from the securities management system 6 (step S18, A13 in FIG. 1), the exercising information is updated in the DB 19 (step S19, FIG. 1). A14).

  Next, when the right exercise information is updated, the sale restriction flag output unit 52 is activated to determine whether or not the right exercise is registered as a loan target case (Yes in step S20). When it is determined that the item is a loan target item (Yes in step S20), the securities management system 6 is instructed to attach a sale restriction flag to the stock (step S21). As a result, the processing process for exercising rights is completed.

  Next, the processing flow for selling the target stock in FIG. 7 will be described.

  This processing program is activated every business day, and is activated at any time when a sale request from the right holder 3 is received or when a predetermined sale condition is satisfied.

  First, when the warehousing information receiving / updating unit 43 registers (updates) the warehousing information of the target stock, the sale necessity determining unit 51 is activated, and the DB 19 is searched for the stock registered as an immediate sale target. It is determined whether or not there is (step S22). If the stock is an immediate sale target stock (Yes in step S22), the process immediately proceeds to the sale process in step S31.

  On the other hand, if the stock is not an immediate sale target stock (No in step S22), the sale necessity determination unit 51 also obtains stock price information and the stop loss price 27 from the DB 19, and the stock price falls below the stop loss price 27. It is discriminate | determined (step S23, S24). If the stop loss price 27 is higher (No in step S24) but lower than the warning reference price 28 (Yes in step S25), the warning information output unit 55 sends a predetermined warning message to the right holder 3. The output is prompted to respond (step S26).

  In addition, the sale necessity determination unit 51 searches the loan management information storage unit 20 for all loan cases whose loan amount is not 0, and executes this process based on the clock mechanism built in the CPU 10 of the computer system. Those whose (today) is the last day of the loan period are extracted (step S27). Even if it is not the last day of the loan period but a predetermined day before the full day of the period (n days before) (Yes in step S28), the warning information output unit 55 outputs a predetermined warning message to the right holder 3 (step S29). ).

  When the stock price is lower than the stop loss price at Step S24 (Yes at Step S24) and when it falls on the last day of the loan period at Step S27 (Yes at Step S27), the sale necessity judgment unit 51 The management information storage unit 20 is accessed to search for loan information related to the exercise of the right to determine whether or not the loan has been paid off (step S30). If the borrowing balance is 0 (Yes in step S30), this process is terminated.

  On the other hand, if the borrowing is not completed (No in step S30), the sale instruction output unit 53 is activated to generate and transmit a sale instruction for the stock management system 6 for the target stock (step S31). The securities management system 6 sells the target stock by VWAP on the next business day according to the sale instruction. Then, when the sale price is deposited into the account of the right holder 3, the sale price settlement processing unit 54 subtracts the loan balance, the fee and the tax and settles it (step S32). As a result, the stock sale process ends.

  In addition, this invention is not limited to the said one Embodiment, A various deformation | transformation is possible in the range which does not change the summary of invention.

  For example, in the above embodiment, the loan acceptance reference price 25 and the stop loss price 27 are set based on the stock market, but the present invention is not limited to this. For example, it is set in consideration of the stocks subject to the exercise of rights, the timing for receiving the exercise (setting of campaign period, before and after the general meeting of shareholders, before the capital increase, before the issuance of new stock options, etc.) You can also In this case, it is preferable to display a loanable price calculated based on a preset condition on the right exercise request screen.

  In the above embodiment, the system 1 is installed in the securities company 2, but it can also be installed in an external processing center.

The figure which shows the schematic image of the stock option process sequence which concerns on embodiment of this invention. The schematic block diagram which shows the structure of a stock option processing system. The figure which shows the detailed structure of a right exercise request reception process part. The figure which shows the detailed structure of a loan application reception process part. The figure which shows the detailed structure of a target stock sale processing part. The flowchart which shows the processing procedure of the exercise of stock option right and loan application. The flowchart which shows the processing procedure of the stock sale which concerns on the exercise of stock option rights. The figure which shows the example of the confirmation screen of stock option information and loan management information. The figure which shows the example of the claim for exercise of the right of stock option, and the application screen for a loan.

Explanation of symbols

1 ... Stock option processing system 2 ... Securities company 3 ... Right holder 4 ... Stock option issuing company 5 ... Designated bank 6 ... Securities management system 7 ... Access terminal 8 ... Access terminal 9 ... Designated account 10 ... CPU
11 ... RAM
DESCRIPTION OF SYMBOLS 12 ... Communication device 13 ... Input / output device 14 ... Bus 15 ... Data storage part 16 ... Program storage part 18 ... Customer information storage part 19 ... Stock option information database (DB)
20 ... Loan management information storage unit 21 ... Rights holder information 22 ... Credit limit 23 ... Issuing company information 24 ... Issuing company usage limit 25 ... Loan acceptance reference price 26 ... Sale target flag 27 ... Stop loss price 28 ... Warning reference price DESCRIPTION OF SYMBOLS 30 ... Main program 31 ... Exercise request reception processing part 32 ... Loan application reception processing part 33 ... Stock acquisition part 34 ... Target stock sale processing part 40 ... Exercise request reception part 41 ... Exercise approval reception part 42 ... Stock certificate account transfer Order output unit 43 ... Receipt completed information reception / update unit 44 ... Rights exercise information update unit 45 ... Loan application reception unit 46 ... Loan available amount calculation unit 47 ... Loan availability determination unit 48 ... Transfer instruction output unit 49 ... Borrowed money balance update unit 50 ... Sale request reception registration unit 51 ... Sale necessity determination unit 52 ... Sale restriction flag output unit 53 ... Sale instruction output unit 54 ... Sale price settlement processing unit 55 ... WARNING information output unit

Claims (30)

A system for processing the exercise of stock option rights,
An available amount storage means for storing a right holder's available amount calculated based on the credit limit of the right holder of the stock option;
Issuing company available amount calculated based on the transaction information of the stock subject to stock option that has received a request for exercise of rights from the right holder, and the right holder's available amount of the right holder, whichever is less A loanable amount calculating means for calculating a loanable amount for exercising stock option rights to a right holder;
If the amount of exercise required for exercising the requested right is less than the calculated available loan amount, a transfer instruction is issued to transfer the amount of exercise to the designated account of the issuing company that issued the stock option An instruction output means. The system of claim 1, wherein
The loanable amount calculating means calculates the amount available to the right holder by subtracting the loan balance loaned to the right holder from a credit limit calculated based on the credit information of the right holder. A system characterized by being. The system of claim 1, wherein
The loanable amount calculating means calculates the total amount of the issuing company for the target stock from the usage limit of the issuing company calculated based on the average value of the volume of the target stock over a predetermined period. A system characterized by subtracting the loan balance loaned to the right holder. The system of claim 1, wherein
The transfer instruction output means outputs a transfer instruction including right holder identification information and right exercise amount information to each financial institution for each right exercise request. The system of claim 1, wherein
The system further comprises a loan application receiving means for generating a loan application receiving interface displaying the loanable amount and receiving a loan application from a right holder. The system of claim 1, wherein
Furthermore, it is provided with a loan availability determination means for determining whether or not the loan is possible based on whether the stock price of the stock subject to the stock option is equal to or higher than a loan acceptance reference price set higher than the exercise price of the stock option. System. The system of claim 1, wherein
Further, a sale processing means for outputting a sale processing instruction of the stock subject to the exercise in accordance with predetermined sale conditions;
A system comprising: a sale price settlement processing means for deducting a loan balance from the sale price of the subject stock to the right holder and settlement. The system of claim 7, wherein
Furthermore, a stop loss price storage means for storing a stop loss price set higher than the strike price of the stock option;
Stock price monitoring means for acquiring information on the stock price of the stock subject to the exercise in a predetermined cycle and monitoring whether the stock price falls below the stop loss price;
The sales processing means outputs a sales processing instruction for the target stock when the stock price falls below the stop loss price. The system of claim 8, wherein
The stop loss price storage means also stores a warning reference price set higher than the stop loss price,
The stock price monitoring means comprises a notification means for notifying a right holder when the stock price of the target stock falls below the warning reference price. The system of claim 9, wherein
The sale processing means outputs a sale processing instruction for the target stock when the borrower has not received a loan within a predetermined period from the right holder who has received the notification or when an instruction to sell is received. System. The system of claim 7, wherein
Furthermore, it comprises a sales request registration means for accepting and registering a request for immediate sale of the target stock from the right holder together with the request for exercise of the right,
When the sale processing means obtains a notice of receipt to the right holder's securities account with respect to the stock subject to the exercise of the right, the stock processing is immediately performed based on the fact that the stock received is registered as the subject of the sale request. A system characterized by outputting a sales processing instruction. The system of claim 7, wherein
Furthermore, the loan balance update means for managing the repayment status from the right holder and updating the loan balance during a predetermined loan period,
The sale processing means outputs a sale processing instruction for the target stock immediately when a loan remains when the loan period expires. The system of claim 1, wherein
The system further comprises a sale restriction instruction output means for outputting a sale restriction instruction that restricts the sale of the target stock to a securities company that mediates the transaction of the stock subject to the exercise of the right. The system of claim 13, wherein
Furthermore, a loan balance update means for monitoring the repayment status from the right holder and updating the loan balance during a predetermined loan period,
And a means for outputting a sale restriction cancellation instruction for canceling the sale restriction of the target stock to the securities company when the borrowing is completed. The system of claim 13, wherein
The sale restriction instruction output means outputs a sale restriction instruction including instruction information preferentially applied to the repayment of the borrowed loan to the right holder when the target stock is sold to the securities company. A system characterized by being. A method of processing the exercise of stock option rights,
The available amount registration process for registering the right holder's available amount calculated based on the credit limit of the right holder of the stock option,
Issuing company available amount calculated based on the transaction information of the stock subject to stock option that has received a request for exercise of rights from the right holder, and the right holder's available amount of the right holder, whichever is less A loan available amount calculation step for calculating as a loan available amount for exercising stock option rights to a right holder,
If the amount of exercise required for exercising the requested right is less than the calculated available loan amount, a transfer instruction is issued to transfer the amount of exercise to the designated account of the issuing company that issued the stock option An instruction output process. The method of claim 16, wherein
The loan available amount calculating step calculates the right holder available amount by subtracting a loan balance loaned to the right holder from a credit limit calculated based on the credit information of the right holder. A method characterized by being. The method of claim 16, wherein
The loanable amount calculation step calculates the total amount of the issuing company with respect to the target stock from the usage limit of the issuing company calculated based on the average value of the volume of the target stock over a predetermined period. A method of calculating by subtracting a loan balance loaned to a right holder. The method of claim 16, wherein
The method of outputting a transfer instruction, wherein the transfer instruction is output to a financial institution including right holder identification information and right exercise amount information for each request for exercise. The method of claim 16, wherein
The method further comprises a loan application reception step of generating a loan application reception interface displaying the loanable amount and receiving a loan application from a right holder. The method of claim 16, wherein
And a loan availability determination step for determining whether or not the loan is possible based on whether the stock price of the stock subject to the stock option is equal to or higher than a loan acceptance reference price set higher than the exercise price of the stock option. And how to. The method of claim 16, wherein
In addition, a target stock sale processing step for outputting a sale processing instruction for the target stock to be exercised in accordance with predetermined sale conditions;
A sale price settlement process step of subtracting the loan balance to the right holder from the sale price of the subject stock and adjusting the sale price. The method of claim 22, wherein
Furthermore, a stop loss price storing step for storing a stop loss price set higher than the strike price of the stock option;
A stock price monitoring step of obtaining information on a stock price of the stock subject to the exercise in a predetermined cycle, and monitoring whether the stock price falls below the stop loss price,
The selling process step outputs a selling process instruction of the target stock when the stock price falls below the stop loss price. 24. The method of claim 23.
The stop loss price storing step also stores a warning reference price set higher than the stop loss price,
The stock price monitoring step includes a notification step of notifying a right holder when the stock price of the target stock falls below the warning reference price. 25. The method of claim 24, wherein
The sale processing step outputs a sale processing instruction for the target stock when the borrower has not received the loan within a predetermined period from the right holder who has received the notification or when an instruction to sell is received. how to. The method of claim 22, wherein
In addition, the sales request registration step of accepting and registering a request for immediate sale of the target stock from the right holder together with the request for exercising the right,
In the sale processing step, when a notice of receipt of goods in the rights holder's securities account is obtained for the stock subject to the exercise of rights, the stock immediately after the receipt is registered as the subject of the sale request. A method characterized by outputting a sales processing instruction. The method of claim 22, wherein
Furthermore, a loan balance update process for managing the repayment status from the right holder and updating the loan balance during a predetermined loan period,
The selling process step is to output a selling process instruction for the target stock immediately when a loan remains when the loan period expires. The method of claim 16, wherein
The method further comprises a sale restriction instruction outputting step of outputting a sale restriction instruction for restricting the sale of the target stock to a securities company that mediates the transaction of the stock subject to the exercise of the right. 30. The method of claim 28, wherein
Furthermore, a loan balance update process for monitoring the repayment status from the right holder and updating the loan balance during a predetermined loan period,
And a step of outputting a sales restriction cancellation instruction for canceling the sales restrictions on the target stock to the securities company when the borrowing is completed. 30. The method of claim 28, wherein
The sale restriction instruction output step outputs a sale restriction instruction including instruction information preferentially applied to the repayment of the borrowed loan to the right holder when the target stock is sold to the securities company. A method characterized by being.

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