JP2006146958A - Exchange transaction systems of financial products and so forth - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide an exchange transaction system of a financial product etc. for creating an exchange transaction market for financial products and/or semi-financial products through a computer network, and for matching the position resolving demand and the position creation demand of customers such as an asset manager, a fund raiser, and a transaction person mutually, and to provide a new method of asset management to enable a customer to save a service charge to be paid to a mediater etc., minimizing market risk between a resolving act and a creation act, improving liquidity of each article, and further enable a new type of arbitrage and leveling of cash flow, raising efficiency in reconfiguration of portfolio and the consolidated management of asset/liabilities, and to be involved in business control, selection of management consignee, etc. <P>SOLUTION: The exchange transaction system of a financial product etc. creates an exchange transaction market for financial products and/or semi-financial products through a computer network, and enables users to form exchange transaction. <P>COPYRIGHT: (C)2006,JPO&NCIPI

Description

  The present invention creates a market for exchange of financial products and / or quasi-financial products via a computer network, and financial products and the like for mutually matching customer's position demand and position creation demand It relates to an exchange transaction system.

  The principle of the monetary economy is that the purchase act is separated from the sale act.For example, when a product that you want to buy is not found immediately when you sell a product, people maintain their purchasing power while holding money and spend time. It is common to search for products that you want to purchase. Since traditional financial transactions are based on this principle, customers must pay a commission each time a financial instrument is released and created, and in today's trading market, The time lag between elimination and creation has increased market risk.

By the way, complex real estate, which is a combination of land, building, and both, is originally an investment product that is different in nature from financial products, but with the spread of securitization of real estate using special purpose companies and investment trusts, The position as a joint operation product that can be reduced in size has been established. As a result, in asset management, there is an opportunity for arbitrage between the real estate management products and financial management products such as loans, bonds and stocks through securitized products such as real estate-backed securities and real estate investment trusts. At first, the meaning of discussing real estate management products and financial management products in different ways has faded.
In addition, an index that shows vertical fluctuations in the overall market, such as the stock price index, has been developed in the real estate market, and derivative product transactions based on these real estate investment indices are also expected to grow.

On the other hand, product futures, product options, product futures options, product price swaps, etc. based on physical products such as precious metals, non-ferrous metals, energy-related products, and primary products are essentially transactions that allow for differential settlement The position as a quasi-financial product has already been established, and product funds that invest in these physical derivatives and financial derivatives are positioned as fund-type financial products similar to securities investment trusts.
However, today's trading market is largely segmented into financial products, real estate products and in-kind products, which are further segmented by product. For this reason, the liquidity of individual commodities is deprived and the price at the time of eliminating the position is distorted, and the customer suffers a disadvantage.

Accordingly, the present invention has been made to solve the above-mentioned problems, and has established an exchange transaction market for financial products and / or quasi-financial products via a computer network. It is an object of the present invention to provide an exchange transaction system for financial products and the like that mutually matches the demand for eliminating the position of the customer and the demand for creating the position.
And this invention can save the commission which a customer pays to an intermediary etc. by providing the environment which can perform a cancellation act and a creation act simultaneously, and by eliminating the time lag between a cancellation act and a creation act, Providing an exchange trading system for financial products that can minimize the market risk and improve the liquidity of individual products by creating a cross-transaction place that transcends the excessively segmented trading market. Is an issue.
Furthermore, the present invention enables new types of arbitrage transactions and cash flow leveling for asset management products, fund procurement products, and fund transaction products, and improves the efficiency of portfolio restructuring and the overall management of assets and liabilities. Also, it is an object to provide a new method of asset management related to business control, stock holdings, credit provision, and selection of asset management partners.

The present invention can create an exchange transaction market for financial products and / or quasi-financial products through a computer network in an exchange transaction system for financial products and the like, and users can establish an exchange transaction.
In the present invention, the exchange transaction between users refers to an exchange transaction between asset managers, an exchange transaction between fundraisers, an exchange transaction between fund traders, an exchange transaction between an asset manager and a fund trader, and the like. This includes cases where conduits such as special purpose companies, trusts, and unions are involved among users in actual transactions.
In addition, 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, physical derivative products, etc. Refers to individuals and corporations in Japan and overseas that manage assets. Fundraiser refers to individuals and corporations in Japan and overseas that raise funds through borrowings, deposits, stocks and bonds, issuance of commercial paper, transactions of foreign exchange products and financial derivatives. In the present invention, individuals and corporations in Japan and overseas that have both the function as the asset manager and the function as the fundraiser are referred to as fund traders.
Furthermore, in the present invention, basic products such as financial management products and real estate management products subject to asset management are referred to as asset management products, and basic products such as financial procurement products subject to fund procurement are referred to as fund procurement products. On the other hand, various products such as foreign exchange products, financial derivative products, real estate derivative products, and physical derivative products that are used differently from the basic products targeted for asset management and the basic products targeted for funding are used as the fund transaction products.

  In addition, the present invention can establish an exchange transaction for the commodity for 24 hours a day domestically and internationally, across borders and / or transaction time barriers in a financial product exchange transaction system.

  And this invention has the function of the flaw investigation of exchange transaction goods and / or the function of appraisal evaluation of exchange transaction value in exchange transaction systems, such as a financial product.

  In addition, the present invention provides an exchange transaction system for financial products, for confirmation of contracts, creation and transfer of contracts, settlement of exchange differences, transfer of physical goods, transfer of cash flows, provision of tools for risk management and cash flow management, legal compliance The settlement and management functions after the completion of the exchange, such as inspection, credit enhancement, and maintenance and collection of receivables, have been consolidated.

  According to the present invention, in the exchange transaction system for financial products, the type of the exchange transaction is direct exchange of asset management products.

In the financial product exchange transaction system, the present invention sets the type of the exchange transaction to cash flow exchange of asset management products.
In the present invention, cash flow refers to inflow and outflow of funds. Specifically, this refers to the outflow / inflow of the principal portion of asset management products, fund procurement products, and fund transaction products, as well as the outflow / inflow of fruits such as interest, dividends, rent including land rent and rent generated from the principal. .

  Furthermore, according to the present invention, in a financial product exchange transaction system, the type of the exchange transaction is cash flow exchange of asset management products by valuation profit / loss.

  Further, according to the present invention, in an exchange transaction system for financial products, asset management products can be exchanged by a compromise method of the direct exchange and the cash flow exchange.

  According to the present invention, in the exchange transaction system for financial products, etc., the type of the exchange transaction is the cash flow exchange of the fund procurement product.

  Further, according to the present invention, in the exchange transaction system for financial products, the type of the exchange transaction is a cash flow exchange of any one or more fund transaction products among foreign exchange products, financial derivative products and quasi-financial derivative products.

  The present invention also enables cash flow exchange between asset management products and fund transaction products in a financial product exchange transaction system.

In the financial product exchange transaction system, the present invention can establish one or more exchange transactions among similar products, between different products, and between different industries.
In the present invention, the same type of product refers to the same type of product such as “stock” and “stock”, the different type of product refers to different types of product such as “stock” and “bond”, and the product of different industries refers to “stock”. "And" land "means products of different industries.

  Furthermore, the present invention can establish an exchange transaction by tying together a plurality of products in a financial product exchange transaction system.

Further, the present invention can establish simultaneous exchange transactions between three or more users in a financial product exchange transaction system.
The simultaneous exchange transaction between three or more users in the present invention refers to the following two forms.
(A) An exchange transaction that is simultaneously established when one exchange applicant and a plurality of exchange applicants are matched, and when a plurality of exchange applicants and a plurality of exchange applicants are matched.
(B) Exchanger X wishes to provide product x, Exchanger Y wants to provide product y, Exchanger Z wants to provide product z, and Exchanger X obtains product y. If the exchange applicant Y wants to obtain the product z and the exchange applicant Z wants to obtain the product x, the offer request and the obtainment request are circulated among three or more exchange applicants. Exchange transactions that are established at the same time.

  The present invention provides a financial product exchange transaction system in which various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of fund procurement products, cash flow exchange of fund transaction products,・ Comprehensive management of liabilities.

Furthermore, the present invention can perform any one or more of transactions involving business control, transactions involving stock holdings, and transactions involving treasury stock through the direct exchange of asset management products in a financial product exchange transaction system. .
Transactions related to business control in the present invention refer to strengthening and relaxation of control over business, as well as business acquisitions and sales. Transactions related to stock holdings start, strengthen, relax and eliminate stock holdings. A transaction involving treasury stock means acquisition or disposal of treasury stock.

  In addition, the present invention can concentrate the interest of real estate through the direct exchange of asset management products in a financial product exchange transaction system.

  The present invention can change the order of remuneration through the direct exchange and / or the cash flow exchange of asset management products in a financial product exchange transaction system.

Furthermore, the present invention enables transactions involving credit provision through the direct exchange and / or the cash flow exchange of asset management products in a financial product exchange transaction system.
The transaction involving credit provision in the present invention refers to the start, expansion, reduction, or stop of credit provision.

  Further, according to the present invention, in a financial product exchange transaction system, portfolios can be exchanged through the direct exchange of asset management products and / or the cash flow exchange.

In the exchange system for financial products and the like, the present invention can perform transactions involving selection of management contractors through the direct exchange of asset management products and / or the cash flow exchange.
In the present invention, the transaction involving the selection of the management contractor refers to the appointment, concentration, decentralization, and dismissal of the management contractor in the fund-type management product or the mediator. Fund-type investment products are asset management products that are generally set and operated for an unspecified number of asset managers, such as securities investment trusts, real estate investment trusts, product funds, loan trusts, and narrow money trusts. Point to. Mediators are generally specified money trusts, non-designated trusts, investment securities trusts, investment subsidiary stocks, fund-type private placement bonds, etc. An asset management product that is set and used for the purpose of consigning management.

In the present invention, a new kind of arbitrage transaction can be performed through asset transactions, fund procurement, and exchange transactions in fund transactions.
First, the present invention enables a new kind of arbitrage through direct exchange of asset management products.
As an example, if asset manager A expects the value of asset management product b to rise in the future beyond the value of asset management product a that he owns, in order to achieve a higher investment yield, The asset manager A disposes of the asset management product a, cashes it once, and uses the cash to try to acquire the asset management product b itself or a product equivalent to the asset management product b. On the other hand, if the asset manager B expects the value of the asset management product a to rise beyond the value of the asset management product b owned by the asset manager B, in order to achieve a higher yield, the asset manager B Disposes of the asset management product b, converts it into cash, and uses the cash to try to acquire the asset management product a itself or a product equivalent to the asset management product a.
The present invention relates to an asset manager A who wants to transfer ownership of the asset management product b instead of transferring ownership of the asset management product a, and ownership of the asset management product a instead of transferring ownership of the asset management product b. By allowing the asset manager B who wants to transfer the rights, the asset manager with the opposite market view, to exchange the actual thing directly, arbitrage between both parties becomes possible.

Next, the present invention enables a new kind of arbitrage transaction through cash flow exchange of asset management products. In other words, instead of directly exchanging the actual asset management product, the asset manager can substantially dispose of the asset management product he wishes to dispose of by replacing the cash flow while continuing to hold the asset management product. You can effectively acquire asset management products that you wanted to acquire.
Examples of the cash flow exchange of asset management products in the present invention include the following transaction forms.
(A) Assuming that asset management products that generally have maturities, such as loan receivables and bonds, commercial paper, some deposits, some fund-type management products, and some intermediaries, will mature as they are. A method of exchanging funds during the remaining period of the product, that is, cash flow of principal and fruits.
(B) A method of setting a specific period shorter than the remaining period for the commodity that generally has a maturity, and exchanging the cash inflow during that period, that is, the cash flow of only the fruit.
(C) A method of exchanging the cash inflow of principal and fruits during the period until the product is disposed on the assumption that the right of free disposal is exercised with respect to the product that generally has a maturity. In this transaction form, the right to free disposal of the target product is also exchanged when the exchange is established.
(D) Assuming that the right of free disposal is exercised for asset management products that generally do not have a maturity, such as land, buildings, complex real estate, stocks, partial deposit claims, some fund-type investment products, and some intermediaries. As a method of exchanging the cash inflow of principal and fruits during the period until the product is disposed of. In this transaction form, the right to free disposal of the target product is also exchanged when the exchange is established.
(E) A method of setting a specific period for the commodity that generally does not have a maturity, and exchanging funds during that period, that is, a cash flow of fruits only.
(C) and (d) with the exercise of the right of free disposal in the above transaction form, if the “cash flow assignee” of the target product exercises the right of free disposal of the product during the exchange period Since the person who executes the act in the market is the “cash flow transferor” who is the nominal holder of the product, the latter will receive the disposal fee once. By paying to the former who is the right owner, the transaction for the product is terminated.
On the other hand, (a), (b), and (e) that do not involve the exercise of the right of free disposal cannot currently dispose of the actual asset management products that they own for the following reasons. This is useful when you want to enjoy the cash flow of your asset management products.
(1) Due to the business policy for fundraisers, it is currently impossible to dispose of loan receivables, bonds, and commercial paper that you own.
(2) You cannot currently dispose of your shares because you want to retain your voting rights.
(3) Since it is complicated to acquire the competition requirements, the deposit receivables I own cannot be transferred at present.
(4) Because the mortgage has already been established, the land, buildings, and complex real estate that you own cannot be disposed of.
(5) Due to low liquidity, it is currently impossible to dispose of fund-type investment products that I own.
(6) We cannot currently dispose of our own mediators for reasons such as the policies for subcontractors and management companies, or the costs and administrative procedures required for resetting.
By the way, in the present invention, after the payment or receipt of the cash flow of one product is finished due to the length of the remaining period of the product to be exchanged, the length of time until the exercise of various rights attached to the product and the fulfillment of various obligations, etc. However, the receipt or payment of the cash flow of the other product may continue. Therefore, the exchange end date of the product with the later end of cash flow exchange can be the end of the exchange transaction.

Furthermore, the present invention enables a new kind of arbitrage transaction through cash flow exchange of the valuation profit portion of the asset management product. That is, the cash flow exchange of the asset management product in the present invention includes an exchange transaction based on the evaluation value of only the valuation profit portion of the product in addition to the exchange transaction based on the evaluation value of the entire product.
As an example, it is assumed that the evaluation value of the asset management product c held by the asset manager C is 1000, and the configuration is a book value 800 and an evaluation gain 200. On the other hand, it is assumed that the valuation amount of the asset management product d held by the asset manager D is 1500, and the composition is a book value 1300 and a valuation gain 200. The asset manager C expects the valuation profit of the asset management product d to increase beyond the valuation profit of the asset management product c, and the asset manager D will exceed the valuation profit of the asset management product d. The valuation profit is expected to increase in the future. In this case, in the present invention, an exchange transaction can be performed between the asset manager C and the asset manager D with respect to the evaluation profit portion.
Instead of transferring the right of free disposal of the entire asset management product c and the valuation profit portion of the asset management product c, the asset manager C transfers the right of free disposal of the entire asset management product d and the valuation gain of the asset management product d. At the same time, asset manager D, instead of transferring the right of free disposal of the entire asset management product d and the ownership of the valuation profit portion of the asset management product d, the right of free disposal of the entire asset management product c And take over ownership of the valuation profit portion of asset management product c. At this time, ownership of the book value portion of the asset management product c still belongs to the asset manager C, and ownership of the book value portion of the asset management product d still belongs to the asset manager D.
That is, the asset manager C secures the value equivalent to the book value of the asset management product c and then takes a market risk regarding the increase or decrease in the valuation profit of the asset management product d. It is possible to take a market risk for the increase or decrease of the valuation profit of the asset management product c while securing the value equivalent to the value. Note that the cash flow of the fruit portion of the asset management product c can continue to belong to the asset manager C, and the cash flow of the fruit portion of the asset management product d can continue to belong to the asset manager D.
When asset manager C exercises the right of free disposal and disposes of asset management product d during the exchange period, the cash flow for the book value portion owned by asset manager D is the asset management. The cash flow for the valuation profit portion belonging to the manager D and owned by the asset manager C belongs to the asset manager C. Further, when the valuation profit of the asset management product d has turned into a valuation loss at the time of disposal, the amount equivalent to the valuation loss belongs to the asset manager C in the disposal price. That is, the asset manager C pays the asset manager D an amount equivalent to the valuation loss, so that the valuation loss changes to the realized loss, and the asset manager D can secure the book value equivalent.
On the other hand, when asset manager D exercises the right of free disposal and disposes of asset management product c, the cash flow for the book value portion owned by asset manager C is the asset manager C. The cash flow for the valuation profit portion owned by asset manager D belongs to asset manager D. Further, when the valuation gain of the asset management product c turns into an valuation loss at the time of disposal, the valuation loss equivalent of the disposal price belongs to the asset manager D. That is, the asset manager D pays the valuation loss equivalent amount to the asset manager C, so that the valuation loss changes to the realized loss, and the asset manager C can secure the book value equivalent amount.

In addition, the present invention enables a new kind of arbitrage transaction through exchange of cash flow in the valuation loss part of an asset management product. That is, in the present invention, the valuation loss part of the asset management product can be exchanged by regarding the valuation loss as a negative valuation gain.
As an example, it is assumed that the evaluation value of the asset management product e held by the asset manager E is 1000, and the configuration is a book value 1200 and a valuation loss 200. On the other hand, it is assumed that the valuation amount of the asset management product f held by the asset manager F is 1500, and the configuration is a book value 1700 and a valuation loss 200. Asset manager E expects that the valuation loss of asset management product f will decrease in the future beyond the valuation loss of asset management product e, and in some cases asset management product f will turn into a valuation profit. The valuation loss of the asset management product e is expected to decrease in the future beyond the valuation loss of the asset management product f. In this case, in the present invention, an exchange transaction is possible between the asset manager E and the asset manager F with respect to the valuation loss part.
Instead of transferring the disposal right of the entire asset management product e and handing over the valuation loss of the asset management product e, the asset manager E takes over the free disposal right of the entire asset management product f and valuation loss of the asset management product f At the same time, instead of transferring the right of free disposal of the entire asset management product f and delivering the valuation loss of the asset management product f, the asset manager F receives the right of free disposal of the entire asset management product e. The loss on valuation of the asset management product e will be assumed.
As a result, the valuation loss is transferred to the other party, and in the exchange transaction, asset manager E recovers the value equivalent to the book value of asset management product e, and asset manager F uses the book value equivalent to asset management product f. It can be considered that the value has been restored. That is, asset manager E secures a value equivalent to the book value of asset management product e and then takes market risk regarding the increase or decrease in valuation loss of asset management product f. It is possible to take market risk for increase / decrease in valuation loss of asset management product e after securing the value equivalent to the value. Note that the cash flow of the fruit portion of the asset management product e can continue to belong to the asset manager E, and the cash flow of the fruit portion of the asset management product f can continue to belong to the asset manager F.
If asset manager E exercises the right of free disposal and disposes of asset management product f during the exchange period, conceptually, of the disposal value, the book value portion owned by asset manager F The cash flow belongs to asset manager F, and the cash flow for the valuation loss owned by asset manager E belongs to asset manager E. That is, the asset manager E pays the valuation loss equivalent amount to the asset manager F, so that the valuation loss changes to the realized loss, and the asset manager F can secure the book value equivalent amount. Further, if the valuation loss of the asset management product f turns into valuation profit at the time of disposal, the asset manager E can enjoy the realized profit.
On the other hand, when asset manager F exercises the right of free disposal and disposes of asset management product e, conceptually, the cash flow for the book value portion owned by asset manager E of the disposal price Belongs to asset manager E, and the cash flow for the valuation loss owned by asset manager F belongs to asset manager F. That is, the asset manager F pays the valuation loss equivalent amount to the asset manager E, whereby the valuation loss is changed to the realized loss, and the asset manager E can secure the book value equivalent amount. Further, if the valuation loss of the asset management product e has turned into valuation profit at the time of disposal, the asset manager F can enjoy the realized profit.
The “valuation gain / loss” in the cash flow exchange of the present invention basically means an amount obtained by subtracting “the book value or acquisition price in accounting of the product” from the “total evaluation value of the product held”. However, if the exchange trader wants to avoid disclosure for reasons of confidentiality, the amount obtained by subtracting “book value or acquisition price based on self-assessment” from “total appraisal value of products held” may be used. Absent. That is, the valuation profit / loss in the present invention does not necessarily mean an accounting value.

The present invention enables a new kind of arbitrage transaction for short-selling products through exchange of cash flow in the valuation profit / loss portion. That is, the exchange of valuation profits and losses according to the present invention also covers the positions of asset management products that are sold short.
As an example, it is assumed that the valuation gain of the asset management product g that is short sold by the asset manager G is 200, and the basis for the calculation is the selling price 1000 and the valuation value 800 of the product. On the other hand, it is assumed that the valuation gain of the asset management product h sold by the asset manager H is 200, and the basis for the calculation is the selling price 1300 and the valuation value 1100 of the product. The asset manager G expects the price of the asset management product h to fall below the asset management product g, that is, the valuation profit of the asset management product h will increase beyond the valuation gain of the asset management product g. The asset manager H predicts that the price of the asset management product g will drop more than the asset management product h, that is, the valuation profit of the asset management product g will increase more than the valuation gain of the asset management product h. In this case, in the present invention, an exchange transaction can be performed between the asset manager G and the asset manager H with respect to the valuation profit.
Instead of transferring the right to buy back asset management product g and the ownership of valuation profit of asset management product g, asset manager G takes over the right to buy back asset management product h and the ownership of valuation profit of asset management product h. At the same time, instead of transferring the right to buy back asset management product h and the ownership of valuation profit of asset management product h, asset manager H has the right to buy back asset management product g and the ownership of valuation profit of asset management product g. Take over. At this time, the asset manager G takes market risk regarding the increase or decrease in the valuation profit of the asset management product h after the selling price of the asset management product h is fixed, and the asset manager H sells the asset management product g. After the price is fixed, it becomes possible to take a market risk regarding the increase or decrease of the valuation profit of the asset management product g.
If asset manager G exercises the rights and buys back asset management product h during the exchange period, the cash flow for realized gains of realized asset management product h belongs to asset manager G, and asset manager H When the asset management product g is bought back by exercising the right, the cash flow regarding the realized gain of the realized asset management product g belongs to the asset manager H. Also, if the valuation profit turned into an valuation loss when the asset management product h was repurchased, the realized loss belonged to the asset manager G, and the valuation profit turned into an valuation loss when the asset management product g was bought back. In that case, the realized loss belongs to the asset manager H.

As an example, assume that the asset management product i sold short by the asset manager I has a valuation loss of 200, and the basis for the calculation is a selling price of 1000 and a valuation value of the product of 1200. On the other hand, it is assumed that the valuation loss of the asset management product j sold by the asset manager J is 200, and the basis for the calculation is the selling price 1300 and the valuation value 1500 of the product. In the future, asset manager I will see a decline in the value of asset management product j over asset management product i, that is, asset management product j will have a lower valuation loss than asset management product i in the future. We expect asset management product j to turn into valuation gains, while asset manager J will have a lower valuation of asset management product i than asset management product j, that is, more than the valuation loss of asset management product j. We expect that valuation losses on asset management product i will decrease in the future, and in some cases asset management product i will turn into valuation gains. In this case, in the present invention, an exchange transaction can be performed between the asset manager I and the asset manager J with respect to the valuation loss.
Instead of transferring the right to buy back asset management product i and handing over the valuation loss of asset management product i, asset manager I takes over the right to buy back asset management product j and assumes the valuation loss of asset management product j. At the same time, instead of transferring the right to buy back asset management product j and handing over the valuation loss of asset management product j, asset manager J takes over the right to buy back asset management product i and returns the valuation loss of asset management product i. Will take over. At this time, asset manager I takes the market risk regarding the increase or decrease in valuation loss of asset management product j after the selling price of asset management product j is fixed, and asset manager J sells asset management product i. After the price is fixed, it is possible to take a market risk with respect to increase / decrease in valuation loss of asset management product i.
If asset manager I exercises the rights and buys back asset management product j during the exchange period, the realized loss of asset management product j belongs to asset manager I, and asset manager J exercises the rights to When asset manager i is bought back, the realized loss of asset manager i belongs to asset manager J. However, if valuation loss has turned into valuation profit when asset management product j is repurchased, asset manager I can enjoy realized gain, and valuation loss has turned into valuation profit when asset management product i is repurchased The asset manager J can enjoy the realized profit.
In the present invention, the valuation profit / loss in the cash flow exchange of short-selling products basically means an amount obtained by subtracting the “valuation value of the product” from the “sale price of the product in accounting”. However, if the exchange trader wants to avoid disclosure for reasons of confidentiality, the amount obtained by subtracting the “valuation value of the product” from the “sale price based on the self-declaration of the product” may be used. That is, in the present invention, the valuation profit / loss of short-selling products does not necessarily mean an accounting value.

Furthermore, the present invention enables a new kind of arbitrage between an asset manager who wants to exchange merchandise directly and an asset manager who wants to exchange cash flow of the merchandise. That is, the exchange of the asset management product of the present invention includes a compromise method of direct exchange and cash flow exchange.
As an example, the asset manager K expects that the value of the asset management product l will increase in the future beyond the value of the asset management product k that it owns, and the asset management product k and the asset management product l are exchanged directly. The asset manager L expects that the value of the asset management product k will rise in the future beyond the value of the asset management product l that the asset manager L owns, and the cash between the asset management product k and the asset management product l If flow exchange is desired, the present invention can use a compromise between direct exchange and cash flow exchange. The asset manager K receives the right to receive cash flows generated from the asset management product l instead of transferring the actual asset management product k, and at the same time the asset manager L has the right to receive cash flows generated from the asset management product l. By transferring the actual asset management product k instead of transferring, both parties can find a compromise.

The present invention also enables new types of arbitrage transactions through cash flow exchange of funding products. In other words, fundraising products are acquired as asset management products after the asset manager prefers credit risk and the name of the fundraiser, and the fundraiser directly exchanges positions with other fundraisers. It is generally difficult to do. However, the fundraiser in the present invention exchanges the cash flow of the fundraising product he / she has with the cash flow of the fundraising product the other fundraiser has / You can enjoy the effect.
As an example, if fundraiser M anticipates that the position of fundraising product n will be lower in the future than the amount of position of funding product m he / she holds, If the fundraiser N predicts that the position of the fundraising product m will be lower than the position of the position of the funding product n that the fundraiser N is holding, Try to achieve lower procurement costs by exchanging positions. Or, due to differences in merchandise such as the presence or absence of maturity, the length of the remaining period, the presence or absence of redemption during the period, the nature of the principal or fruit, If they want the position of the fundraising product m, they try to create a more favorable position by exchanging their positions.
In the present invention, instead of undertaking the obligation to pay the cash flow of the funding product n, instead of undertaking the obligation to pay the cash flow of the funding product m and the fundraiser M who wants to hand over the obligation to pay the cash flow of the funding product m. Arbitrary transactions can be made by exchanging cash flows with a fundraiser N who wants to hand over the obligation to pay the cash flow of the fundraising product n, such as a fundraiser N who has the opposite demand. At this time, in the case of a product that can be redeemed or canceled during the period, the right to redeem during the period or cancel the purchase is also exchanged.
For example, there are the following transaction forms for cash flow exchange of fund-raising products in the present invention.
(A) Assuming that funding products that generally have maturities, such as debt, bonds, commercial paper, and partial deposit obligations, will mature as they are, the outflow of funds for the product, ie principal and How to exchange fruit cash flow.
(B) A method of setting a specific period shorter than the remaining period for the commodity that generally has a maturity, and exchanging funds during that period, that is, exchanging cash flows of fruits only.
(C) A method of exchanging funds for the period until the product disappears, i.e., cash flow of principal and fruit, on the premise that the product with a maturity is generally redeemed or canceled for purchase.
(D) Assuming that funding products that generally do not have maturity, such as stocks and partial deposit obligations, are purchased or canceled or canceled, the outflow of funds until the products disappear, How to exchange cash flow.
(E) A method of setting a specific period for the commodity that generally does not have a maturity, and exchanging funds during that period, that is, a cash flow of fruits only.
Of the above transaction types, (c) and (d), which involve redemption or cancellation during the period or cancellation of purchase, will be redeemed during the exchange period by the “cash flow underwriter” of the target product exercising the rights. Or if the cancellation or purchase cancellation is made, the person who executes this cancellation act in the market is the “cash flow surrender” who is the nominal fundraiser of the product, so the redemption price or purchase price will be Once paid, the latter receives the transaction from the former, who is the substantial funder of the product, and the transaction for the product ends.
In the present invention, the term redemption means that a funded product with an existing maturity is advanced, paid, canceled or redeemed at a predetermined price during the term, and cancellation of purchase is regardless of whether there is a maturity. This refers to the purchase and extinguishment of financing products at a distribution price.

The present invention enables a new type of arbitrage transaction through cash flow exchange of funds transaction products. In other words, fund exchange products such as foreign exchange products, forward products, futures products, option products, swap products, etc. are directly exchanged with the counterparty of the transaction by the fund trader, or via the stock exchange or derivative product exchange. It is generally difficult for fund traders to exchange positions directly with other money traders because they are creating indirect positions. However, the fund trader in the present invention exchanges the cash flow of the money transaction product that he / she owns with the cash flow of the fund transaction product which other fund traders have, so that the same economics as the direct exchange can be achieved. You can enjoy the effect.
Funds trading products do not require the initial investment amount or are extremely small compared to the basic products, and it is possible to settle the difference or secure profits and determine the losses by counter trading. Even if the basic product is delivered, there is already a highly liquid trading market, so purchasing or selling the basic product in that market will make the funding transaction substantially different from the settlement. Can be put. In other words, the asset value of the fund transaction product is in the valuation profit and the liability value is in the valuation loss, and the cash flow exchange of the money transaction product in the present invention is an exchange transaction based on the valuation profit / loss.
As an example, the evaluation value of the valuation profit of the money transaction product o held by the money trader O is 200, while the evaluation value of the valuation gain of the money transaction product p held by the money trader P is 200. Suppose that The fund trader O expects that the valuation profit of the fund transaction product p will increase beyond the valuation gain of the fund transaction product o, and the fund trader P will exceed the valuation gain of the fund transaction product p. The valuation profit is expected to increase in the future. In this case, in the present invention, an exchange transaction can be performed between the fund trader O and the fund trader P.
Instead of transferring the position of the fund transaction product o, the fund trader O receives the position of the fund transaction product p. At the same time, the fund trader P transfers the position of the fund transaction product p instead of transferring the position of the fund transaction product p. Take over the position of o. At this time, the rights and obligations associated with the position of the fund transaction product o are transferred to the fund trader P, and the rights and obligations associated with the position of the fund transaction product p are transferred to the fund trader O. The money trader O can take a market risk regarding increase / decrease in the valuation profit of the money transaction product p, and the money trader P can take a market risk regarding increase / decrease in the valuation profit of the money transaction product o.
During the exchange period, when the financial trader P exercises the transferred right and realizes the valuation profit of the financial trade product o, or the fund trader P performs the assumed obligation and evaluates the financial transaction product o When the profit is realized, the money trader P can enjoy the realized profit. On the other hand, when the fund trader O exercises the transferred right and realizes the valuation profit of the fund transaction product p, or the fund trader O fulfills the assumed obligation and the valuation gain of the fund transaction product p is increased. If realized, the fund trader O can enjoy the realized profit. In addition, if the valuation gain of the fund transaction product o has turned into a valuation loss at the time of the exercise of rights or fulfillment of the obligation by the fund trader P, the realized loss belongs to the fund trader P, and the rights of the fund trader O If the valuation profit of the fund transaction product p turns into a valuation loss at the time of exercising or fulfilling the obligation, the realized loss will be attributed to the fund trader O.

As an example, the valuation loss of the money transaction product q held by the fund trader Q is 200, while the valuation loss of the money transaction product r held by the fund trader R is Suppose that it is 200. The fund trader Q expects that the valuation loss of the fund transaction product r will decrease more than the valuation loss of the fund transaction product q, and in some cases, the fund transaction product r will turn into a valuation profit. It is expected that the valuation loss of the fund transaction product q will decrease more than the valuation loss of the fund transaction product r in the future, and in some cases, the fund transaction product q will turn into a valuation profit. In this case, according to the present invention, an exchange transaction is possible between the fund trader Q and the fund trader R.
The fund trader Q accepts the position of the fund transaction product r instead of handing over the position of the money transaction product q. At the same time, the fund trader R replaces the position of the money transaction product r with the position of the money transaction product q. Take the position. At this time, the rights and obligations associated with the position of the fund transaction product q are transferred to the fund trader R, and the rights and obligations associated with the position of the fund transaction product r are transferred to the fund trader Q. The fund trader Q can take a market risk regarding increase / decrease in the valuation loss of the fund transaction product r, and the fund trader R can take a market risk regarding increase / decrease in the valuation loss of the fund transaction product q.
During the exchange period, when the fund trader R exercises the transferred right and realizes the valuation loss of the fund trade product q, or the fund trader R performs the assumed obligation and evaluates the fund trade product q When a loss is realized, the realized loss belongs to the fund trader R. On the other hand, when the money trader Q exercises the transferred right and realizes the valuation loss of the money transaction product r, or the money trader Q fulfills the assumed obligation and the valuation loss of the money transaction product r If realized, the realized loss is attributed to the fund trader Q. However, if the loss on valuation of the fund transaction product q turns into a valuation gain at the time of exercise of the right or the performance of the obligation by the fund trader R, the fund trader R can enjoy the realized gain and the exercise of the right by the fund trader Q. Alternatively, if the valuation loss of the fund transaction product r has turned into a valuation profit at the time of fulfilling the obligation, the money trader Q can enjoy the realized profit.

Furthermore, the present invention enables a new kind of arbitrage transaction through cash flow exchange between an asset management product and a fund transaction product based on valuation profit / loss. That is, according to the present invention, the valuation gain / loss part of the asset management product and the valuation profit / loss of the fund transaction product are combined by using the exchange method of the valuation profit / loss part of the asset management product and the exchange method of the fund transaction product by valuation profit / loss Can be exchanged.
As one example, it is assumed that the evaluation value of the asset management product s held by the asset manager S is 1000, and the configuration is a book value 800 and an evaluation gain 200. On the other hand, it is assumed that the evaluation value of the valuation profit of the money transaction product t held by the money trader T is 200. The asset manager S expects the valuation profit of the fund transaction product t to increase in the future beyond the valuation gain of the asset management product s. The valuation profit is expected to increase in the future. In this case, according to the present invention, an exchange transaction with an evaluation gain can be performed between the asset manager S and the fund trader T.
Instead of transferring the right of free disposal of the entire asset management product s and ownership of the valuation profit part of the asset management product s, the asset manager S takes over the position of the money transaction product t and its valuation gain, Instead of transferring the position of the money transaction product t and its valuation profit, the person T takes over the right of free disposal of the entire asset management product s and the ownership of the valuation profit portion of the asset management product s. At this time, the ownership of the book value portion and the cash flow of the fruit portion of the asset management product s still belong to the asset manager S, and the rights and obligations associated with the position of the fund transaction product t are transferred to the asset manager S. To do. That is, the asset manager S secures a value equivalent to the book value of the asset management product s and then takes a market risk regarding the increase or decrease in the valuation gain of the fund transaction product t. It is possible to take market risk on the increase or decrease of profit.
During the exchange period, the asset manager S exercises the transferred right and realizes the valuation gain of the fund transaction product t, or the asset manager S fulfills the assumed obligation and evaluates the money transaction product t. When the profit is realized, the asset manager S can enjoy the realized profit. Further, when the valuation gain of the fund transaction product t has turned into a valuation loss at the time of exercising the rights or fulfilling the obligation, the realized loss belongs to the asset manager S.
On the other hand, when the fund trader T exercises the free disposal right and disposes of the asset management product s, the cash flow for the book value portion owned by the asset manager S out of the disposal price is the asset manager S. The cash flow for the portion of the valuation profit owned by the money trader T belongs to the money trader T. Further, when the valuation profit of the asset management product s has turned into a valuation loss at the time of disposal, the amount equivalent to the valuation loss belongs to the fund trader T in the disposal price. That is, when the money trader T pays the asset manager S an amount equivalent to the valuation loss, the valuation loss is changed to the realized loss, and the asset manager S can secure the book value equivalent.

As an example, it is assumed that the asset management product u owned by the asset manager U has an evaluation value of 1000, and the configuration is a book value 1200 and an evaluation loss 200. On the other hand, it is assumed that the evaluation value of the valuation loss of the money transaction product v held by the money trader V is 200. The asset manager U expects that the valuation loss of the fund transaction product v will decrease more than the valuation loss of the asset management product u, and that in some cases, the fund transaction product v will turn into a valuation profit. The valuation loss of the asset management product u is expected to decrease in the future beyond the valuation loss of the fund transaction product v, and in some cases, the asset management product u is expected to turn into a valuation profit. In this case, according to the present invention, an exchange transaction due to valuation loss can be performed between the asset manager U and the money trader V.
Instead of transferring the right of free disposal of the entire asset management product u and handing over the valuation loss of the asset management product u, the asset manager U accepts the position of the money transaction product v and the valuation loss, Instead of handing over the position of the money transaction product v and its valuation loss, it will take over the right to free disposal of the entire asset management product u and assume the valuation loss of the asset management product u. At this time, the cash flow of the fruit portion of the asset management product u continues to belong to the asset manager U, and the rights and obligations associated with the position of the fund transaction product v are transferred to the asset manager U.
In this way, the valuation loss is transferred to the other party, and in the exchange transaction, the asset manager U recovers the value equivalent to the book value of the asset management product u, and the fund operator V returns the value equivalent to zero of the fund transaction product v. Can be considered recovered. That is, the asset manager U secures a value equivalent to the book value of the asset management product u and then takes market risk regarding the increase or decrease in the valuation loss of the fund transaction product v. It is possible to take market risk on the increase or decrease of loss.
During the exchange period, when the asset manager U exercises the transferred right and realizes a loss on valuation of the fund transaction product v, or the asset manager U performs the assumed obligation and evaluates the money transaction product v When a loss is realized, the realized loss belongs to asset manager U. However, if the loss on valuation of the fund transaction product v turns into a valuation profit at the time of exercising the rights or fulfilling the obligation, the asset manager U can enjoy the realized profit.
On the other hand, when the fund trader V exercises the right of free disposal and disposes of the asset management product u, conceptually, the cash flow of the book value portion owned by the asset manager U of the disposal price Belongs to the asset manager U, and the cash flow of the valuation loss part owned by the fund trader V belongs to the fund trader V. That is, when the money trader V pays the valuation loss equivalent amount to the asset management product U, the valuation loss changes to the realized loss, and the asset manager U can secure the book value equivalent amount. Further, if the valuation loss of the asset management product u has turned into a valuation profit at the time of disposal, the fund trader V can enjoy the realized profit.

  In the present invention, by repeating the arbitration transaction as described above, the asset manager, the fundraiser, and the fund trader can gradually make their own positions advantageous. In other words, if you can properly evaluate the position of the exchange partner over the exchange partner and build an appropriate market view over the exchange partner regarding the change in the future value of the position, by exchanging exchange transactions, It is possible to gradually achieve higher investment yields, lower procurement costs for funding products, more transaction gains and more favorable contract terms for funding products. The same economic effect can be enjoyed even if the exchange transaction in this system is used for an arbitrage transaction with a traditional financial / quasi-financial market.

By the way, the certainty, transparency, immediacy, economic efficiency, and efficiency of the transaction are improved by the following features that are combined in the asset management product, the fund procurement product, and the fund transaction product in the present invention.
First of all, there are already some products that can be traded 24 hours a day, both domestically and internationally, among bonds and relatives that are traded on a relative basis. Through cross-exchange alliances and mergers, cross-border and trading time barriers have gradually been realized. In accordance with the global trend, the present invention makes it possible to establish exchange transactions for asset management products, fund procurement products, and fund transaction products 24 hours a day in Japan and overseas, and various relative products and various listed products. Immediate in arbitrage transactions with

  Next, the present invention establishes an appraiser who does not have a conflict of interest with the exchange party in the process up to the signing of the exchange contract, and conducts a defect inspection of the exchanged product and an appraisal evaluation of the exchange formation price. You can confirm that the value of the position you placed or bid was fair, and that the exchanged product does not have any legal, ethical, economic, physical or environmental problems. The transparency of the object increases.

  Also, various settlement operations and management operations that take place after traditional financial transactions and traditional quasi-financial transactions have been established are difficult to integrate because the systems that can be used differ depending on the product or transaction market due to their historical background. It is not easy to use for customers who want to trade new products. Therefore, the present invention facilitates arbitrage transactions with products handled in traditional financial and quasi-financial transactions, and confirms contracts, creates and assigns contracts, settles exchange differences, gives and receives cash, and gives and receives cash flows. In addition, it integrated settlement and management functions after the exchange was completed, such as providing tools for risk management and cash flow management, inspection of legal compliance, credit enhancement, and maintenance and collection of receivables.

  Furthermore, in the present invention, not only when one exchange applicant and one exchange applicant are matched, but also when one exchange applicant and a plurality of exchange applicants are matched, and a plurality of exchange applicants. And a plurality of exchange applicants may be matched. That is, by enabling simultaneous exchange transactions between three or more users, the certainty, immediacy and efficiency of the exchange increase.

Next, in the present invention, when exchanging positions of asset management, fund procurement, and capital transactions, a trading fee to be paid to an intermediary or the like to eliminate an existing position, or to create a new position, Contract / cancellation fees, redemption fees, underwriting / sales fees, consignment / brokerage fees, and other expenses can be saved.
The intermediary here refers to a traditional financial institution or a traditional real estate company in transactions of individuals or business corporations, and a broker in a transaction between financial institutions or real estate companies. In addition, the fee and various expenses include an amount equivalent to a fee and an amount equivalent to an expense that an intermediary substantially collects through self-transactions with asset managers, fundraisers, and fund traders.
When the asset manager replaces the position of the asset management product he owns with the position of other asset management products, the asset manager has so far sold or canceled or redeemed the former to sell, cancel or redeem the former. Pay the commission, reimbursement fee, brokerage / brokerage fee, and other expenses to the broker, etc., and purchase or contract the latter to repurchase the brokerage fee, contract fee, brokerage / brokerage fee, and other expenses. I had to pay for it.
In the present invention, since various fees and other expenses incurred at the time of disposal or extinction of the former and at the time of acquisition of the latter can be saved by the exchange transaction, the asset manager can achieve a higher investment yield.
Furthermore, since the positions of a plurality of asset management products can be exchanged together, various fees and other expenses associated with the reconstruction of the asset portfolio can be saved. For example, if the macro economy is regarded as a recession period, the portfolio will be restructured into interest rate products such as loans and bonds, and if it is considered a transition period to economic recovery, it will be replaced with stocks and stock investment trusts. Demand for replacement with real estate management products and product funds, etc., arises during the rise of inflation concerns during economic overheating, but in the present invention, various asset management products are tied together at these economic moments where the market view is confused. This makes it possible to efficiently change the asset allocation of the entire portfolio.

When the asset manager securitizes the loan receivables or real estate owned by the asset manager, these assets are transferred directly or as trust beneficiary rights to a special purpose company, and the special purpose company transfers the asset-backed securities to investors. The method of issuing to is common. This mechanism generates trust fees, underwriting / sales fees, brokerage 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 transferred assets. Is causing the loss of eyes. In addition, when the asset manager, who is the original owner of the asset, acquires a new asset with the transfer price after securitization, the brokerage fee, contract fee, consignment / brokerage fee, and other various expenses will be brokered again. I had to pay to the people.
In the present invention, since an existing asset can be transferred and a new asset can be acquired at the same time by an exchange transaction, various fees and other expenses can be saved, and the asset manager can achieve a higher investment yield.

When a fundraiser replaces the position of a fundraising product he owns with the position of another fundraising product, so far, in order to repay the former or redeem in the period, cancel in the middle, cancel the purchase In order to pay the redemption fee or cancellation fee, purchase fee, other expenses to intermediaries, etc., and to build the latter position, the contract fee, underwriting / sales fee, and other expenses related to financing will be revised. I had to pay an intermediary.
In the present invention, since various fees and other expenses generated at the time of elimination of the former and creation of the latter can be saved by the exchange transaction, the fundraiser can achieve a lower procurement cost. Furthermore, since the positions of multiple funding products can be interchanged together, various fees and other expenses associated with the reconstruction of the debt portfolio can be saved.

When a fund trader replaces the position of his / her money trading product with the position of another fund trading product, he / she has so far used to sell / execute or cancel the right of the former, or cancel the former's rights. After waiting for the exercise or deadline, the contract fee or brokerage / brokerage fee, and other expenses will be paid to the broker, etc. in order to create the latter position. I had to pay the middlemen again.
In the present invention, since various fees and other expenses generated at the time of cancellation of the former and at the time of creation of the latter can be saved by the exchange transaction, the money trader can achieve more transaction profits and more advantageous contract conditions. Furthermore, since the positions of a plurality of funds trading products can be exchanged together, various fees and other expenses associated with portfolio reconstruction can be saved.

Furthermore, in the present invention, when replacing positions of asset management, fund procurement, and capital transactions, it is not necessary to create a new position after waiting for the dissolution of the existing position. Market risk can be avoided.
When an asset manager replaces the position of the asset management product he owns with the position of another asset management product, the former has sold, canceled, or redeemed the former, I had to wait for a cash balance and then buy or contract a new one.
In the present invention, since the time generated between the disposal or disappearance of the former and the acquisition of the latter can be saved by the exchange transaction, it is possible to avoid the market risk that the market level changes during that time.
Furthermore, since the positions of a plurality of asset management products can be exchanged together, the market risk associated with the reconstruction of the asset portfolio is reduced compared to the case where the products are exchanged individually. For example, it is possible to change the asset allocation of the entire portfolio quickly by tying various asset management products together and exchanging transactions at economic milestones where the market view is confused.
If the position of the asset management product to be replaced is large, the asset manager will lower the market value in the process of disposing of the owned product in the market, resulting in an unwilling average disposal price when the disposal is completed There were many things. On the other hand, in the process of acquiring the desired product in the market, the market price was raised by itself, and the average acquisition price was often unwilling when the acquisition was completed. In the present invention, since the asset manager exchanges positions by exchange transactions, it is possible to avoid that the disposal yield and the acquisition act affect the supply and demand balance in the market and the investment yield decreases.

When a fundraiser replaces the position of a fundraising product he owns with the position of another fundraising product, the former has previously been subject to an early repayment or redemption in the period, mid-term cancellation, purchase cancellation Or, waiting for the former's maturity, the position had to disappear once, and then the position of the latter had to be newly created.
In the present invention, since the time generated between the cancellation of the former and the creation of the latter can be saved by exchange transactions, the market risk that the market level changes during that time can be avoided. In addition, since the positions of multiple funding products can be interchanged together, the market risk associated with restructuring the debt portfolio is reduced compared to when individual products are replaced.
When the position of the funding product to be replaced is large, the fundraiser often raises the procurement cost after the next time when he raises the funding again. In the present invention, since the fundraiser replaces the position through the exchange transaction, it is possible to avoid an increase in procurement cost due to an influence of his own re-procurement on the supply and demand balance in the market.

When a fund trader replaces the position of his / her money trading product with the position of another fund trading product, he / she has so far negotiated or sold the former, or canceled or canceled the former, It was necessary to extinguish the position once by waiting for the exercise or expiration, and then create a new position for the latter.
In the present invention, since the time generated between the cancellation of the former and the creation of the latter can be saved by exchange transactions, the market risk that the market level changes during that time can be avoided. Furthermore, since it is possible to replace the positions of a plurality of funds trading products by tying them together, the market risk associated with portfolio restructuring is reduced as compared to the case of individually replacing products.
If the position of the funds trading product to be replaced is large, the fund trader will affect the market value in the process of resolving the position held in the market, and the unwilling average settlement price when the settlement is completed. It was often. In addition, in the process of creating the desired amount in the market, the market value itself was affected, and when the creation was completed, the average creation price was often unwilling. In the present invention, since the money trader replaces the position through the exchange transaction, his / her cancellation action or creation action affects the supply and demand balance of the market, and the transaction profit decreases, and the contract condition becomes disadvantageous. Can be avoided.

  In addition, in the present invention, an asset portfolio including asset management products and fund transaction products through exchange transactions of specified assets such as specified money trusts, non-designated trusts, investment securities trusts, investment subsidiary stocks, fund-type private placement bonds, etc. You will be able to replace the whole. Unlike when individual components are replaced, broker exchange transactions can save fees and other costs associated with the full restructuring of the asset portfolio, and can reduce the time required to do so. Risk can be reduced.

In the present invention, the efficiency of comprehensive management of assets and liabilities is increased. In other words, by exchanging various asset management products, fund procurement products, and fund transaction products in combination, direct exchange of asset management products, cash flow exchange, cash flow exchange of fund procurement products, cash flow exchange of fund transaction products Can be combined to save various fees and other expenses associated with the restructuring of assets, liabilities and capital structure in the balance sheet, and the time required for the reorganization can be reduced, thereby reducing market risk. It becomes possible to reduce. For example, there are the following combinations in exchange transactions for comprehensive management of assets and liabilities in the present invention.
(A) Exchange transactions between “a combination of asset management products and fund transaction products” and “asset management products”.
(B) Exchange transactions between “Funding Products and Funding Products” and “Funding Products”.
(C) Exchange transactions between “Massage of Asset Management Products and Fundraising Products” and “Asset Management Products”.
(D) Exchange transaction between “Massage of Asset Management Product and Fundraising Product” and “Funding Product”.
(E) Exchange transactions between “Massage of Asset Management Products and Fundraising Products” and “Funding Transaction Products”.
(F) Exchange transaction between “Association of asset management products, fund transaction products and fund procurement products” and “asset management products”.
(G) Exchange transactions between “combination of asset management products, fund transaction products and fund procurement products” and “funding products”.
(H) Exchange transactions between “combination of asset management products, fund transaction products and fund procurement products” and “fund transaction products”.
(I) Exchange transaction between “a combination of asset management products and fund transaction products, fund procurement products” and “a combination of asset management products and fund transaction products”.
(J) Exchange transaction between “a combination of asset management products, fund transaction products and fund procurement products” and “a combination of fund procurement products and funds transaction products”.
(K) Exchange transaction between “a combination of asset management products and funding products and funding products” and “a combination of asset management products and funding products”.

The present invention then provides a substantial secondary market for non-liquid products. That is, the liquidity can be substantially improved by exchanging positions of asset management products, fund procurement products, and fund transaction products by exchange transactions.
Asset management products are broadly segmented into financial management products and real estate management products, and these are further subdivided by product, creating an imbalance between disposal demand and acquisition demand. As a result, the liquidity of the products tends to be insufficient. Bonds issued by business corporations, stocks of SMEs and private companies, loan receivables, land and buildings, etc. can be acquired and then disposed of, the market value is kept low, and unreasonable disposal reduces the investment yield. The tendency to invite was strong. In the present invention, asset management products can be directly exchanged not only between similar products but also between different types of products and between different types of products, so that the choices are widened to correct the imbalance between disposal demand and acquisition demand. It becomes possible to dispose of the product without reducing the yield.
In addition, even if it is difficult to dispose of the asset management product currently held due to the complexity of the sales policy, management policy, clerical procedures, and the cost thereof, the present invention uses the cash flow exchange, As with direct exchange, fluidity can be substantially improved.

  Funding products are basically not liquid except for products with provisional repayment clauses and reimbursement clauses, and there was a strong tendency for the unreasonable elimination of positions to raise procurement costs. In the present invention, the funding product is substantially liquid by exchanging the cash flow of the position held by itself with the cash flow of the position held by another fundraiser. It is possible to eliminate the holding height without raising.

  Funds trading products are basically not liquid except for some foreign exchange products, futures products and futures option 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 for excessive cancellation of positions to cause a decrease in transaction profits and unfavorable cancellation conditions. It was. In the present invention, by exchanging cash flows between not only similar products, but also between different types of products and between different types of products, the funds trading products have substantial liquidity, so that transaction profits can be reduced. It becomes possible to eliminate the position without suffering from an unfavorable cancellation condition.

The present invention is effective in strengthening or relaxing control over the business, and in acquiring or selling the business.
When an asset manager wants to strengthen control over a specific fundraiser as a result of a review of management policy, instead of transferring any of the asset management products he already owns through direct exchange in the present invention In addition, by taking over “voting shares issued by the fundraiser” already owned by other asset managers, it will effectively strengthen control over the fundraiser without losing liquidity on hand. be able to.

  If the asset manager wants to relieve control over a specific fundraiser as a result of a review of management policy, he / she already holds “voted shares issued by the fundraiser” by direct exchange in the present invention. Instead of transferring the asset, it will be possible to effectively control the fundraiser without affecting the liquidity at hand by transferring “any asset management product” already owned by another asset manager. Can be relaxed.

In line with the management policy review, asset manager W plans to strengthen control over fundraiser Y and relax control over funder Z, and conversely, asset manager X controls capitalizer Z. If we are planning to strengthen and relieve control over funder Y, both can achieve their goals simultaneously through direct exchange in the present invention.
In other words, instead of transferring “the stock with voting rights issued by the fundraiser Z” that the asset manager W already owns, “the voting rights issued by the fundraiser Y already owned by the asset manager X” At the same time, Asset Manager X will be able to raise “Funds already owned by Asset Manager W” instead of transferring “Shares with voting rights issued by Fundraiser Y”. By transferring the voting stock issued by Investor Z, it is possible to effectively strengthen and ease control over Fundraiser Y and ease and strengthen control over Fundraiser Z without affecting the liquidity on hand. Can be implemented.

  If the asset manager wants to acquire a specific fundraiser in accordance with the review of management policy, instead of transferring `` any asset management product '' that he already owns by direct exchange in the present invention, By acquiring the “voting stock issued by the fundraiser” already held by another asset manager, the fundraiser can be efficiently acquired without losing liquidity on hand.

  When the asset manager wants to sell a specific subsidiary in accordance with the review of management policy, instead of transferring the voting stock issued by the subsidiary by direct exchange in the present invention, By transferring “any asset management product” already owned by another asset manager, the subsidiary can be sold efficiently without affecting the liquidity at hand.

Along with the review of management policy, the asset manager (A) plans to sell his subsidiary (C) and acquire the subsidiary (D) of the asset manager (B). If (B) plans to sell its subsidiary (D) and acquire the asset manager (A) subsidiary (C), the direct exchange in the present invention allows both parties to achieve their goals simultaneously. .
In other words, the asset manager (A) takes over the “voting stock issued by the subsidiary (D) of the asset manager (B)” instead of transferring the “voting stock issued by his subsidiary (C)”. At the same time, the asset manager (B) will receive “voting shares issued by the subsidiary (C) of the asset manager (A)” instead of transferring “shares issued by the subsidiary (D)”. Thus, the acquisition / sale of the subsidiary (D) and the sale / acquisition of the subsidiary (C) can be carried out efficiently without affecting the liquidity at hand.

In addition, the present invention is effective in starting, strengthening, easing, eliminating, and acquiring or disposing of treasury stock.
If the financial trader (E) and the financial trader (F) agree to share stocks from the management policy, by direct exchange in the present invention, the financial trader (E) Instead of transferring any “Asset Management Products”, it will transfer the “Voting Stock (F) Issued Shares” already owned by other Asset Managers, ), Instead of transferring one of the “asset management products” that you already own, you can use the “voting stock (E) issued with voting rights” already held by another asset manager. By taking over, it is possible to hold stocks efficiently without losing liquidity on hand.
And it becomes possible to strengthen stock holdings through similar exchange transactions.

If the fund trader (G) and the fund trader (H) agree to ease stock holdings from the management policy, the direct exchange in the present invention allows the fund trader (G) to Instead of transferring the voting stock issued by the fund trader (H), it will take over any of the asset management products already owned by other asset managers and conduct the same fund transaction. (H), instead of transferring the voting stock issued by the fund trader (G) that he / she already owns, any of the asset management products already owned by other asset managers By taking over, the stock holdings can be relaxed efficiently without affecting the liquidity at hand.
And it becomes possible to cancel the stock holding by the same exchange transaction.

If a fund trader (I) is planning to purchase treasury stock from the company's stock price measures, management of an employee stock ownership plan, introduction of a stock option system, etc. Instead of transferring any “Asset Management Product” to the asset manager, by transferring the “Voting Shareholder (I) issued voting stock” already owned by the asset manager It is possible to acquire treasury stock without losing liquidity on hand and achieve the same effect as buying from the secondary market.
In addition, it is possible to dispose of the treasury stock that has been policy-held through a reverse exchange transaction.

  The fund trader (J) and the fund trader (K) have agreed to cancel the stockholding from the management policy, and both sides have their own stock price countermeasures, the operation of the employee shareholding association, and the introduction of the stock option system. Therefore, if each company plans to purchase treasury stock, the direct exchange in the present invention allows both parties to achieve their goals at the same time. That is, instead of transferring the “voting stock issued by the fund trader (K)” that the fund trader (J) already owns, the fund trader (K) already holds “ The stockholder with voting rights issued by the fund trader (J) is transferred, and at the same time, the fund trader (K) transfers the stock with voting rights issued by the fund trader (J). Instead, by taking over the “voting shares issued by the fund trader (K)” already held by the fund trader (J), the stock holdings will be resolved without affecting the liquidity at hand. The acquisition of treasury stock can be achieved efficiently, and the same effect as the release / purchase in the secondary market can be achieved.

The present invention makes it possible to equalize cash flows in the future by concentrating or distributing funds inflows and outflows through various exchange transactions.
If an asset manager expects that there will be too little inflow in the medium term, for example compared to short-term or long-term inflows, the direct exchange of asset management products in the present invention Instead of transferring "short-term asset management products", instead of transferring "medium-term asset management products held by other asset managers" and "long-term asset management products held by me" By taking over “Medium-term asset management products held by other asset managers”, it is possible to concentrate short-term and long-term inflows in the medium-term and level out inflows from short-term to long-term. .

  In addition, by exchanging cash flow of asset management products in the present invention, instead of transferring “cash flow from short-term asset management products that I own”, “medium-term asset management products held by other asset managers” "Cash flow from the medium-term asset management products held by other asset managers" instead of transferring "Cash flow from the long-term asset management products that I own" The same economic effect can be expected by taking over.

  On the other hand, if the asset manager expects that there will be too little short-term or long-term fund inflow compared to, for example, medium-term fund inflow, As a result of the exchange, instead of transferring "the medium-term asset management product that I own", I will transfer "the short-term asset management product held by another asset manager" and then "the other medium-term asset I own" By transferring “long-term asset management products held by other asset managers” instead of transferring “asset management products,” some inflows of funds in the medium-term are dispersed into short-term and long-term funds. Inflow can be leveled.

  In addition, by exchanging the cash flow of the asset management product in the present invention, instead of transferring the “cash flow from the medium-term asset management product that I own”, the “short-term asset management product held by another asset manager” Instead of transferring cash flow from other medium-term asset management products that you own, instead of transferring cash flow from other long-term asset management products held by other asset managers. The same economic effect can be expected by taking over "Flow".

  If the fundraiser is predicting that there will be too many short-term or long-term outflows compared to, for example, medium-term outflows, the cash flow exchange of the funding product in the present invention Instead of undertaking the cash flow of a medium-term funding product held by other fundraisers, it delivers the cash flow of a short-term funding product that it owns, Instead of undertaking "Cash Flow of Medium-term Funding Products", by handing over "Cash Flow of Long-term Funding Products I Have", some short-term and long-term outflows are concentrated in the medium-term, from short-term to long-term Fund outflow can be leveled.

  On the other hand, if the fundraiser predicts that there will be too much medium-term outflow, for example compared to short-term outflow or long-term outflow, the cash of the funding product in the present invention Instead of undertaking “Cash flow of short-term funding products possessed by other fundraisers” through the flow exchange, it delivers “Cash flow of medium-term funding products possessed by me” and “Other fundraisers” Instead of undertaking “cash flows of long-term funding products held by the company”, by delivering “cash flows of other medium-term funding products that I have”, the outflow of some medium-term funds is spread over the short and long term. It is possible to level out the outflow of funds from the short term to the long term.

The present invention then enables revenue to be determined by substantial counter-sale of the same asset management product through direct exchange. In other words, in the present invention, by performing the direct exchange twice with a specific asset management product as an intermediary, an economic effect that is not different from acquisition and disposal of the specific product is produced, and the asset manager can determine the capital gain. it can.
The asset manager (L) expects that the value of the asset management product (m) will rise in the future beyond the value of the asset management product (l) that he owns, and the asset manager (M) When it is predicted that the value of the asset management product (l) will increase in the future beyond the value of the asset management product (m) being operated, an exchange transaction is established in the present invention. As a result, the asset manager (L) who acquired the asset management product (m) disposes of the asset management product (m) when the value of the asset management product (m) increases after the expected market development. If you try to do so, but the traditional trading market has problems such as liquidity, but you can expect the value of different asset management products (n) to rise in the future, you should own the asset management product (n) The best option is to do an exchange transaction with an existing asset manager (N). In the present invention, when the asset manager (N) predicts that the value of the asset management product (m) will further increase from the perspective of the market different from that of the asset manager (L), in the present invention, An exchange transaction between the asset management product (m) and the asset management product (n) is established between (L) and the asset manager (N). At this point, the asset manager (L) has disposed of the asset management product (m) once acquired from the asset manager (M) by substantial counter-trading, and the capital Gain can be determined.

Furthermore, the present invention makes it possible to determine the profits of the fruit portion through cash flow exchange of asset management products and fund procurement products. In other words, if the fund trader has both the position of the asset management product and the position of the funding product, the income gain for a specific period is determined by the cash flow exchange of the asset management product and the funding product in the present invention. can do.
If the cash flow of the asset management product you have is exchanged for the cash flow of another asset management product with the same remaining period as the funding product you have, the asset management product after the outflow and exchange of the funding product In the situation where the inflow of funds is offset and the former is less than the latter, the income gain for that period can be determined.

  On the other hand, if the cash flow of the funding product you have is exchanged for the cash flow of another funding product that has the same remaining period as the asset management product you hold, the inflow of the asset management product In the situation where the fund outflow of the funded product after the exchange is offset and the former exceeds the latter, the income gain for the period can be determined.

  Exchange cash flows of existing asset management products for a certain period with cash flows of other asset management products, and cash flows of existing fund management products for the same period. Exchange, the inflow of funds for the asset management product after the exchange and the outflow of funds for the funded product after the exchange are offset, and the income gain for the relevant period is determined in the situation where the former exceeds the latter It becomes possible.

In addition, the present invention makes it possible to determine the profit of the fruit portion through cash flow exchange of valuation profit / loss. In other words, when a fund trader has multiple valuation gains / losses of asset management products or valuation gains / losses of fund transaction products, in the present invention, these positions are exchanged for positions of a plurality of swap products. The income gain can be determined.
First of all, you have the “valuation gains / losses of asset management products” you own or the “valuation gains / losses of money trading products” that you have. Exchange cash flows with valuation gains / losses of swap products with specified remaining periods to be paid. Next, the “valuation gain / loss of other asset management products” you own or the “valuation gain / loss of other fund trading products” When the cash flow is exchanged for `` valuation gains and losses of swap products that pay fixed fruits and receive variable fruits '' with the same principal amount and remaining period, the fund trader shall determine the income gain for that period in the following cases: Is possible.
(A) The case where both of the fluctuation fruits are offset and the former fixed fruits exceed the latter fixed fruits.
(B) The case where both fixed fruits are offset and the former variation fruits are less than the latter variation fruits.
(C) When the former fixed fruit exceeds the latter fixed fruit, and the former fluctuation fruit is less than the latter fluctuation fruit.
(D) The former variation fruit exceeds the latter variation fruit, but the former fixed fruit exceeds the latter variation fruit more than the difference.
(E) The former fixed fruit is lower than the latter fixed fruit, but the former fluctuation fruit is less than the latter fluctuation fruit more than the disparity.

And this invention enables the efficient use change of money transaction goods.
When a fund transaction product that has been used for hedging the position of the asset management product that it holds becomes unnecessary due to the disposal or extinguishment of the asset management product, the asset manager can exchange cash flow in the present invention. By taking over from other parties the amount of money trading products that can be used for trading instead of handing over the amount of money trading products used for hedging, Enables quick transition to trading applications.

  On the contrary, when a new asset management product is held and a hedging of the position becomes necessary, the asset manager exchanges the cash flow in the present invention with the other “ Instead of handing over the amount of money trading products, by accepting from other parties the amount of money trading products that can be used for hedging, it is possible to make a quick transition from buying and selling funds trading products to hedging .

  When a fund transaction product that has been used for hedging the position of a fund raising product is no longer needed due to the disappearance or delivery of the fund raising product, , Instead of handing over the "Holding amount of money trading products for hedging" that I used, I will buy and sell from the hedging use of money trading products by accepting "Holding of money trading products that can be used for trading" from others. Allows rapid transition to application.

  On the other hand, when a new funding product is held and it becomes necessary to hedge the position, the fundraiser will exchange the cash flow in the present invention, By accepting from other parties the amount of money trading products that can be used for hedging instead of handing over the amount of trading products, it is possible to make a quick transition from the use of trading products to the use of hedging.

Next, the present invention relates to credit provision and provides a new method of asset management.
When the asset manager wants to reduce the credit risk he / she has for the asset management product held by a specific fundraiser as the investment policy may be lower due to the revision of the investment policy and objectives Or, conversely, if you want to pursue higher investment yields and increase the credit risk you have, you can increase the credit risk. By changing the asset management product related to the fundraiser within these ranges by direct exchange or cash flow exchange in the present invention, the order of remuneration can be changed efficiently without affecting the liquidity on hand. Can do. In addition, even if a direct exchange or cash flow exchange is made between an asset management product involving other fundraisers with similar credit risk and the above-mentioned product group involving the fundraiser, there will be substantial compensation. You can change the order.

When an asset manager establishes a new credit facility for a specific fundraiser in accordance with the establishment of an investment policy or objectives, a direct exchange or cash flow exchange in the present invention may Instead of transferring any of the asset management products, by taking over credit risk products already owned by other asset managers, such as loan receivables, bonds, commercial paper, deposit receivables, etc. It is possible to efficiently start providing credit to the fundraiser without losing the liquidity at hand.
And it is possible to expand the credit grant through similar exchange transactions.

If the asset manager reduces the credit facility for a specific fundraiser in accordance with the review of the management policy and objectives, the direct exchange or cash flow exchange in the present invention will indicate that “ Instead of transferring the `` held credit risk product '', by taking `` any of the asset management products already owned by other asset managers '', the fund procurement without affecting the liquidity on hand Credit can be effectively reduced.
It is also possible to stop providing credit through similar exchange transactions.

Furthermore, the present invention provides a new method for asset management in connection with selection of asset management contractors for fund-type investment products.
Asset managers select specific investment trusts for fund-type investment management assets such as securities investment trusts, real estate investment trusts, commodity funds, loan trusts, money trusts, etc. based on strong investment performance and reputation If you want to concentrate on a contractor or trust bank, instead of transferring your own “fund-type management product of the asset management organization you want to exclude” by direct exchange or cash flow exchange in the present invention, other assets By transferring the “fund-type investment product of the preferred asset management organization” owned by the manager, it is possible to efficiently concentrate the asset management contractor to a specific organization without affecting the liquidity at hand. .

  In the present invention, when an asset manager wants to distribute a specific asset management agency of fund-type investment products to other investment trust management companies or trust banks as a result of review of asset allocation policies and targets. Instead of transferring the “fund-type investment product of a specific investment trust organization” through direct exchange or cash flow exchange, the “funds of various investment trust organizations” held by other asset managers. By taking over "type management products", it is possible to efficiently distribute management contractors without affecting the liquidity at hand.

In addition, the present invention provides a new method for asset management in connection with the selection of the management contractor of the mediator.
When the asset manager appoints a specific investment advisory company, insurance company, trust bank, etc. as an asset management agency in the intermediary in accordance with the establishment of the policy and objectives of asset management, direct exchange or cash flow exchange in the present invention , Instead of transferring any of the asset management products that you already own, you can transfer the portfolio that other asset managers own to the asset management company that you prefer. Can be efficiently commissioned to a specific institution without building a cash balance.

  If the asset manager wants to narrow down the asset management agency in the intermediary to a specific investment advisory company, insurance company, trust bank, etc. as a result of reviewing the policy and objectives of asset management, direct exchange or Instead of transferring the `` medium in which the management contractor that you want to exclude '' manages by cash flow exchange, other asset managers hold the `` preferred management contractor in charge of management '' By handing over the “medium”, it is possible to efficiently narrow down the asset management contractor to a specific institution without temporarily holding the portfolio in cash.

  If the asset manager wants to open a specific asset management agency in the intermediary he / she has to other investment advisory companies, insurance companies, trust banks, etc. as a result of reviewing the policy and objectives of asset management, Instead of transferring the “medium for which a specific management contractor is in charge of operation” through exchange or cash flow exchange, other asset managers can operate “various management contractors. By taking over the “mediator in charge”, it is possible to efficiently release the asset management contractor without having to make the portfolio once a cash position.

  If the asset manager wants to dismiss a specific asset management organization in the mediator he / she is reviewing, as a result of reviewing the management contract policy and objectives, he / she owns the specific Instead of transferring the mediator that the asset management agency in charge of "is in charge of management", the portfolio can be transferred back to cash position by transferring "one of the asset management products" held by other asset managers. Therefore, the operation contract can be stopped efficiently.

The present invention relates to real estate management products and provides a new method for asset management.
In other words, if the asset manager wants to acquire the land of a specific region or the aggregate of a specific complex property for the purpose of future development or redevelopment, the asset management Instead of transferring “any of the managed products”, “all properties owned by individual land owners in the area” or “all properties owned by individual section owners in the complex real estate” will be transferred. Or, instead of transferring “one of the asset management products that I own,” by transferring “the total amount of real estate-backed securities or real estate investment trusts that are securitized products of the target property” It is possible to directly or indirectly acquire land in a specific region or a total of a specific complex property without losing the liquidity at hand.

Furthermore, the present invention enables simultaneous exchange transactions between three or more users regarding direct exchange of asset management products, cash flow exchange, cash flow exchange of fund procurement products, and cash flow exchange of fund transaction products.
The asset manager (O) wishes to dispose of the asset management product (o) held by the asset manager (P), and the asset manager (P) disposes of the asset management product (p) held by the asset manager ( Suppose that Q) wants to dispose of their asset management products (q). At this time, the asset manager (O) wishes to acquire the asset management product (p), the asset manager (P) is the asset management product (q), and the asset manager (Q) is the asset management product (o). If each person wishes to acquire and the disposal request and the acquisition request are circulated among the three parties, the operator of this system is the asset manager (O), asset manager (P), asset manager (Q ) Can be established simultaneously for direct exchange of asset management products. Further, the present invention enables simultaneous direct exchange of asset management products when disposal requests and acquisition requests are circulating among four or more asset managers.

  The asset manager (R) wishes to transfer the “cash flow from the asset management product (r) held”, and the asset manager (S) “cash from the asset management product (s) held by the asset manager (S). Assume that the asset manager (T) wants to transfer the “cash flow from the asset management product (t) possessed”. At this time, the asset manager (R) wishes to transfer the “cash flow from the asset management product (s)”, and the asset manager (S) “the cash flow from the asset management product (t)” If the operator (T) wishes to transfer “cash flow from the asset management product (r)” and the transfer request and transfer request are circulated among the three parties, the operator of this system Cash flow exchange of asset management products can be simultaneously established among the manager (R), the asset manager (S), and the asset manager (T). In addition, the present invention enables simultaneous cash flow exchange of asset management products when transfer requests and transfer requests are circulating among four or more asset managers.

  The fundraiser (U) wishes to deliver the "cash flow of the fundraising product (u) he holds" and the fundraiser (V) delivers the "cashflow of the fundraising product he (v)" , Suppose that the fundraiser (W) wishes to deliver the “cash flow of the fundraising product (w) he / she holds”. At this time, the fundraiser (U) wishes to accept the “cash flow of the fundraising product (v)”, and the fundraiser (V) is the “cashflow of the fundraising product (w)” and the fundraiser ( If W) wants to accept “cash flow of fundraising product (u)” and the request for delivery and the request for acceptance circulate among the three parties, the operator of this system shall U), the fundraiser (V), and the fundraiser (W) can simultaneously establish a cash flow exchange for the fundraising product. In addition, the present invention enables simultaneous cash flow exchange of fund-raising products even between four or more fundraisers when there is a circulation of acceptance requests and delivery requests.

  The fund trader (X) wishes to deliver the “valuation gain / loss of the fund trading product (x)”, and the fund trader (Y) delivers the “valuation gain / loss of the fund trading product (y)” , Suppose that the money trader (Z) wishes to deliver the “valuation gain / loss of the money transaction product (z) he / she holds”. At this time, the fund trader (X) wishes to underwrite the “valuation gain / loss of the fund transaction product (y)”, and the fund trader (Y) If Z) wants to underwrite “valuation gain / loss of money transaction product (x)” and the request for delivery and the request for acceptance circulate among the three parties, the operator of this system shall X), a money trader (Y), and a money trader (Z) can simultaneously establish a cash flow exchange of a money transaction product. In addition, the present invention enables the simultaneous cash flow exchange of the fund transaction product even when the transfer request and the transfer request are circulated among the four or more fund traders.

  In addition, the present invention provides a tie exchange for asset management products, a tie exchange for fund procurement products, a tie exchange for fund transaction products, a tie exchange between asset management products and a fund transaction product, and a tie exchange between a fund management product and a fund transaction product. In addition, it is possible to carry out simultaneous exchange transactions between three or more users in the tie-up exchange between asset management products and fund-raising products, and the tie-up exchange between asset management products, fund-raising products, and fund transaction products.

  The present invention relates to a financial product exchange transaction system. That is, an exchange transaction market for financial products and / or quasi-financial products can be created via a computer network, and users can establish an exchange transaction.

  Hereinafter, as an embodiment of the present invention, an example of a bidding method in which an exchange transaction is established through a process from exhibition to bidding and successful bid will be described. However, the present invention is in the mutual matching of the demand for eliminating the position and the demand for creating the position, and the method for that purpose and the target product are the bid method described in the present embodiment and the products listed in the present embodiment. It is not limited.

First, the operator of this system specifies an asset manager, a fundraiser, and a capital transaction operator who wants to use the service. These users will receive listings, bids, successful bids, confirmation of contracts, creation and signing of basic agreements, communication with appraisers regarding appraisal of exchange transaction products and appraisal of exchange transaction values, creation of exchange agreements Signing, exchange difference settlement, physical delivery, cash flow exchange during the exchange period, and various service charges can be received and paid on this system.
There are two types of exchange applicants in this trading market: exhibitors and bidders. The exhibitor presents the desired product at the same time as listing the desired product on the system. On the other hand, the bidder confirms that the seller's desired product is his / her desired product and that the seller's desired product is his / her desired product and participates in the bid and exchanges. It is called a successful bidder at the stage when is established.
In various exchange transactions, exhibitors and bidders may use the positions they already have as the products they wish to provide, or the positions they plan to create for the purpose of exchange transactions as the products they want to provide.

The operator includes a financial product exchange transaction server (hereinafter referred to as a server), which is connected to a predetermined computer network via a route control device and a dedicated communication line. Then, the present system operates on the server. Asset managers, fundraisers, and money traders have client terminals that are connected to the computer network via dedicated communication lines. By accessing this system from these client terminals, asset management products and funds Exchange transactions for procured products and fund transaction products can be established.
This server is composed of a central processing unit and the like, and includes control means for controlling each part, transferring information, performing various calculations and temporarily storing information, input control means for controlling information input from a client terminal, Output control means for controlling information output to the terminal and storage means for storing information relating to various exchange transactions are provided. The client terminal is connected to the server for communication. When a client terminal is connected to this server, the control means detects this connection via the input control means and controls the client terminal according to the main program. When an information output request is made from the client terminal, the control means outputs information to the client terminal via the output control means.
In addition to the configuration where the server and client terminal are connected to a computer network using a dedicated communication line, the configuration is connected via the Internet using a public telephone line or an optical cable, and other communication lines are used. There are a configuration connected via a computer network, a configuration connected via a computer network capable of wireless communication, and the like.
In addition, the server and the client terminal transmit / receive information to / from the broadcast receiving terminal of the asset manager, the fundraiser, and the fund trader via a wireless broadcast or cable broadcast network. It is good also as a structure which can utilize this system. For example, the data created by this server is converted into broadcast data by a predetermined broadcast server, transmitted to a broadcast receiving terminal having a predetermined tuner via radio waves or a communication line, and broadcast data is transmitted by the tuner. The data can be used by asset managers, fundraisers, and fund traders. Further, it may be configured such that these users can transmit data to be transmitted from the broadcast receiving terminal via a radio wave or a communication line to the server via the broadcast server or directly to the server.

From the purpose of equivalent exchange, when the seller's desired product matches the bidder's desired product and the seller's desired product matches the bidder's desired product and the exchange is established. The difference between the prices of both products is settled in the form of exchange differences.
In other words, if the exchange of cash flows of the asset management product or the cash flow of the asset management product is established, if the exchange of the valuation profit of the asset management product is established, or if the exchange of the valuation gain of the fund transaction product is established, The side that received the product of the product, that is, the side that transferred the lower product, paid the difference as the exchange difference to the side that received the lower product, that is, the side that transferred the higher product. Is balanced. If the latter agrees, the former can substitute the exchange margin with other products of the same value.
On the other hand, when the exchange of funding products is established, the exchange of valuation losses of asset management products is established, and the exchange of valuation losses of funds trading products is established, The side that accepts the lower priced product pays the difference as an exchange difference to the side that delivers the lower priced product, that is, the side that accepts the higher priced product, so that both exchanges are balanced. If the latter agrees, the former can substitute the exchange margin with other products of the same value.

If multiple bidders appear for one listing of the actual or total cash flow of the asset management product, one listing of the valuation gain of the asset management product, or one listing of the valuation gain of the fund transaction product, competition As the principle works, the desired offer price on the exhibitor side will increase. As a result, the exchange is established at the desired offer price after the increase, and the exchange difference is settled between the successful bidder and the exhibitor who accepts this desired offer price, and the exchange of both is balanced.
On the other hand, if there are multiple bidders for one fundraising product listing, one asset management product valuation loss listing, or one fund trading product valuation loss listing, the competitive principle will work. The desired offer price on the exhibitor side will decline. As a result, the exchange is established at the desired offer price after the fall, and the exchange difference is settled between the successful bidder and the exhibitor who accepts the desired offer price, and the exchange of both is balanced.

The basic agreement in the embodiment of the present invention refers to a contract that the system operator and the exhibitor tentatively exchange at the stage where the successful bid is confirmed, and the operator and the successful bidder are provisional. An exchange contract is a contract that is finally exchanged between the operator and the seller after the defect inspection of the product and the appraisal value of the transaction price are completed, and the operator and the successful bidder. Refers to the contract that will eventually be exchanged. The reason why the operator exchanges the basic agreement and the exchange contract separately with the exhibitor and the successful bidder is to maintain the anonymity of the exchange transaction between the exhibitor and the successful bidder.
If both parties reach an agreement, the seller and the successful bidder can directly exchange the basic agreement and exchange agreement, omit the process of exchanging the basic agreement and the flaw survey and appraisal, It is also possible to exchange an exchange contract immediately after confirming the contract.

The operator provides a section for each transaction type as follows on the screen displayed on the client terminal.
(A) Section for direct exchange of asset management products This section includes loans, equities, bonds, money trusts, financial assets such as deposits, land and buildings, complex real estate, real estate-backed securities, real estate investment trusts, etc. Bidding is conducted for listings of asset management products such as real estate management products, and the actual product is exchanged between the exhibitor and the successful bidder.
(B) Cash flow exchange section of asset management products In this section, bids are made for listings of asset management products, and cash flows of products are exchanged between exhibitors and winning bidders.
(C) Equilibrium section for direct exchange and cash flow exchange of asset management products In this section, a bid is placed on the listing of the asset management product, and direct exchange and cash flow exchange between the seller and the successful bidder Goods are exchanged by a compromise method.
(D) Cash Flow Exchange Section for Funding Products In this section, bids are placed on listings for funding products such as debt, stocks, bonds, commercial paper, and deposit obligations. Product cash flow is exchanged between
(E) Cash flow exchange section for fund transaction products In this section, bids are made for the listing of money transaction products such as foreign exchange products, financial derivatives, real estate derivatives, and physical derivatives, and bid with the seller. The cash flow of the product is exchanged with the person.
(F) Cash flow exchange section between asset management products and fund transaction products In this section, bidding is conducted for the listing of the asset management products and the listing of the money transaction products. Thus, the cash flow of the product is exchanged based on the valuation profit / loss.
(G) General Asset and Liability Management Section In this section, various combinations of asset management product direct exchange, asset management product cash flow exchange, funding product cash flow exchange, and cash transaction product cash flow exchange Bidding is performed on the product, and the actual goods and cash flow are exchanged between the exhibitor and the successful bidder.

The operator will list the name / brand / type / attribute of various products for which exchange transactions have recently been completed, terms, conditions, exchange period, exchange establishment price, exchange completion quantity in the case of priced products, etc. The summary or details of the product is displayed in real time in the section by transaction type. Asset managers, fundraisers, and fund traders know the market level and supply / demand balance of various exchange transactions based on this information, and ask them when to participate in bidding. The details of the exchange transactions that have been established will be disclosed for the purpose of showing the market level and supply-demand balance of the exchange transactions to the users of this system. Confidential information such as clauses is basically not disclosed.
In addition, as reference data for users to conduct arbitrage transactions between this system and traditional financial / quasi-financial markets, the operator must confirm the contract prices, quotations, theoretical values, etc. of various financial / quasi-financial products. Are displayed in real time.

The system user who confirms the market price level of exchange transactions on the screen and decides to exhibit, the name / brand / type / attribute / conditions of the desired product to be provided, the name / brand / type / attribute / condition of the desired product The creditworthiness of the exchange partner that can be accepted, the desired exchange price, in the case of priced products, the desired exchange quantity, the desired exchange period, the desired exhibition period, whether it can be automatically extended or terminated, and various requests to the bidder, etc. I will tell you. In the present invention, information disclosure at this stage of a desired product to be provided is called primary information disclosure by an exhibitor.
The operator confirms with evidence documents that there is no problem with the creditworthiness of the seller, that there is no falsification in the notification about the desired product, and that the desired exchange price is a fair value based on the optimal valuation method. And accept the listing. The seller's personal name / corporate name is hidden and the product information is displayed in the section by transaction type. Among the information related to the products you want to provide, there is confidential information that the exhibitor wants to avoid disclosure until the last minute. Many bidders can be invited.
The seller transfers the transaction margin to the operator, and the operator stores it in an account opened for each seller. The amount of the transaction margin is determined by the operator in consideration of the exchange desired product in this exchange transaction, the desired exchange price, the desired exchange period, the creditworthiness of the exhibitor, the past transaction record with the exhibitor, and the like.

The system user who confirms the above-mentioned listing on the screen and decides to bid is the name / brand / type / attribute of the product he / she wishes to offer, various conditions, the desired exchange price, the desired exchange price, and the price Inform the operator of the desired exchange quantity, desired exchange period, desired bid participation timing, and various requests to the exhibitor. In the present invention, information disclosure at this stage of a desired product to be provided is referred to as primary information disclosure by a bidder.
The operator confirms with evidence documents that there is no problem with the bidder's creditworthiness, that there is no false announcement about the product he wants to offer, and that the desired exchange price is a fair value based on the optimal valuation method. And accept the bid. The bidder's personal name / corporate name is hidden and the product information is fed back to the seller. Some of the information related to the products you want to offer is confidential information that bidders want to avoid disclosure until the last minute. Basically, the better the primary information disclosure, the more secure and exchanging the seller. The possibility of establishment of increases.
The bidder transfers the transaction margin to the operator, and the operator stores it in an account opened for each bidder. The amount of the transaction margin is determined by the operator in consideration of the exchange desired product in this exchange transaction, the desired exchange price, the desired exchange period, the bidder's creditworthiness, the past transaction record with the bidder, and the like.

In the present invention, when a plurality of bidders are matched to one seller according to the size, type, attribute, etc. of the evaluation value of the exchange desired product, one bidder is assigned to a plurality of sellers. When matched, a plurality of bidders may be matched against a plurality of exhibitors. That is, in these cases, an exchange transaction is simultaneously established between three or more users.
In addition, if the desired exchange product is multiple asset management products, multiple fund raising products, multiple fund transaction products, or a combination of asset management products and fund transaction products, fund procurement If the product is a combination of a product and a fund transaction product, a product is a combination of an asset management product and a fund raising product, or is a product combination of an asset management product, a fund raising product, and a fund transaction product There are a method for bidding once and a method for bidding using a net-based cash flow obtained by combining cash flows of a plurality of products.

  The exchange applicant [A] wants to provide the product [a], the exchange applicant [B] wants to provide the product [b], the exchange applicant [C] wants to provide the product [c], and The exchange applicant [A] wants to obtain the product [b], the exchange applicant [B] wants to obtain the product [c], and the exchange applicant [C] wants to obtain the product [a]. When the exchange request is circulated among exchange applicants, the system operator may arrange simultaneous exchange transactions between the three parties. A simultaneous exchange transaction may also be carried out when there is a circulation of provision and acquisition requests among four or more exchange applicants.

  In the bidding method, the seller-bid for the calculation method of the desired exchange price, the amount of the exchange difference, the desired exchange period, the composition and disassembly of the exchange desired product, the additional conditions for completing the exchange, the exhibition period and the time of participation in the bid, etc. When negotiation between the sellers is necessary, the negotiation between the seller and the operator and the negotiation between the bidder and the operator are replaced with this, and the anonymity of the transaction is basically maintained.

  If the exchange transaction is not successful, the exhibitor can re-list the same desired product at different times. In that case, the amount of information disclosed in the primary information, the creditworthiness of the acceptable counterparties, the desired exchange price, and in the case of priced products, the desired exchange quantity, the desired exchange period, the method of combining and disassembling the desired products, and the exchange establishment Will be reviewed in advance for the conditions for the product, the name / brand / type / attribute of the product you wish to obtain, and the conditions.

When the exchange transaction is established, the operator confirms the contract with both the exhibitor and the successful bidder. At the stage of confirmation, the operator creates a basic agreement between the operator and the exhibitor and a basic agreement between the operator and the successful bidder. Each is signed. The operator holds a master agreement for each transaction form, corrects the master agreement in accordance with the established exchange transaction, and uses it as an actual basic agreement.
In the basic agreement, the name / brand / type / attribute of the two exchanged products, terms and conditions, the form of the exchange transaction, the special terms of the exchange contract, the exchange period, the exchange formation price, and the exchange completion quantity in the case of a priced product Depending on the amount of exchange margin, the schedule until the conclusion of the exchange agreement, the method of appraisal of product and appraisal of transaction value, information on appraisers in charge of appraisal and appraisal, the results of appraisal and appraisal The exchange agreement is changed or invalidated, and the expiration date of the basic agreement is included.

After the signing of the basic agreement, the exchange-confirmed product will be surveyed and the exchange formation value will be appraised. This is because the appraisers who are not in conflict of interest with the seller or the successful bidder were in charge, and that the exchange price that was the starting point of the bidding was fair and that the exchanged products were legal and ethical. It is confirmed that there is no concern for economic, physical and environmental problems.上 げ る In order to improve the accuracy of the survey and appraisal, the exchange establishment party must submit all information related to the products provided by the exchange to the appraiser, such as the basis for calculating the desired exchange price and existing contracts. In the present invention, the information disclosure at this stage of the exchange completed product is referred to as secondary information disclosure by the exhibitor and the successful bidder. In some cases, the operator of this system may also serve as an appraiser.
The operator-exhibitor at the stage where, as a result of flaw survey and appraisal based on the second disclosure, it is confirmed that no flaws are found in the exchanged product and that the desired exchange price is a fair value. Exchange contracts and operator-successful bidder exchange contracts are concluded. At that time, the exhibitor and the successful bidder pledge that the merchandise will not be managed until the exchanged product is exchanged, the exchange difference is settled, and the cash flow exchange during the period is completed. The exchange contract is used after correcting the signed basic agreement.
瑕疵 If the result of the survey / appraisal evaluation shows that the exchange-confirmed product has a defect, or if the desired exchange price is found to be an unfair valuation, the appraisal will be the original provider of the product The exchange partner and the operator of this system are fed back the contents of the defect or the result of the appraisal, and the original provider and operator, the exchange partner and the operator, respectively, exchange exchange amount and exchange difference amount Review the exchange period, special terms of the exchange contract, etc. As a result, if the provider and the exchange partner have reached an agreement with the operator as an intermediary, the exchange agreement will be concluded after correcting the contents of the basic agreement, and if both parties have not reached an agreement, the exchange will be established. It will be returned to a blank sheet.

After signing the exchange contract, the operator will perform management work on the following matters.
(A) Intervene in the exchange of the actual exchange-completed product.
(B) Settlement of exchange differences between exchange establishments is performed by account transfer on this system.
(C) During the exchange period, exchange of cash flows between exchange establishments is performed by account transfer on this system.
In addition, the service provision fee and line usage fee received by the operator itself from the exchange establishment party are deducted in the process when cash flows are exchanged between the exchange establishment parties via this system, and separately collected from the exchange establishment party. There is a way to do it. In addition, when cash flow reception and payment coincide with each other between the exchange establishment parties, the operator performs account transfer after offsetting these.
(D) Perform administrative procedures that occur between exchange establishment parties in the exercise of various rights such as the right of free disposal based on the exchange contract and the performance of various obligations.
(E) Inspecting whether or not the exchange contractors are properly involved in legal compliance, transaction reporting to the authorities, disclosure of information to the public, etc. Operators also make reports to the authorities themselves and disclose them to the public as needed.
(F) Provide tools such as software, which can be used for risk management and cash flow management, to the exchange establishment party.
(G) During the exchange period, the exchange party will be directly or indirectly engaged in credit risk, so the operator intervening between the parties will have a credit rating, various financial indicators, and the scale and future potential of the business. In order to compensate for the creditworthiness of the parties based on market recognition and other factors, and if the creditworthiness is insufficient, cash will be compensated depending on the form of exchange transactions and the amount of transaction margin collected. You can request security collateral such as collateral or bonds, stocks, beneficiary certificates, negotiable deposits, commercial paper, or request guarantees from banks, insurance companies or other guarantors.
In addition, during the period, if the exposure of credit risk to trading partners increases or decreases due to changes in the value of exchange transaction products or the progress of the transfer of principals and fruits, the operator may request additional collateral or additional guarantees. We will adjust the degree of collateral and guarantees and maintain proper credit enhancement each time by request, return of surplus collateral and cancellation of surplus guarantees. In some cases, the shortage of creditworthiness may be reflected in the amount of cash flow to be exchanged.
Nevertheless, in the event that an exchange winner falls into default, the operator will play a leading role in the maintenance and collection of receivables and legal procedures for the exchange partner.
(H) Perform administrative procedures that occur when the exchange establishment party cancels the exchange contract or transfers the contract to a third party.
(I) Payment of appraisal evaluation fee and advertising fee is performed by account transfer between parties of this system.

In order to facilitate the establishment of the exchange, the desired exchange price that the exhibitor or bidder tells the operator must be a fair value. In the case of priced products with liquidity, the fair value refers to the market value, and is disclosed on the stock exchange, derivative products exchange, over-the-counter market, inter-financial institution market, real estate company market, electronic trading market, etc. The contract price or quotation price.
On the other hand, in the case of non-liquid priced products and non-price products, the fair value is the theoretical value that is reasonably calculated by removing arbitraryness. The rational calculation method of the theoretical value includes a method that calculates the market value of similar products by taking into account fluctuation factors such as interest rate, maturity, credit risk, and individual product characteristics, as well as the future cash flows generated from the products. There are a method of calculating the present value by rebating by a rate, and a method of using a theoretical value model recognized in the market. Further, in the case of a composite product or the like whose component parts each have a market value, there is a method of calculating by combining the market values.

Regardless of price products or non-price products, if there are multiple fair evaluation values for one product, a method of calculating the weighted average value etc. after combining these multiple evaluation methods, or these multiple evaluation values The preferred exchange price is determined by using only the most fair value.
In order to make it easier to compare multiple suggested exchange prices presented, the operator of this system will instruct sellers and bidders to adopt an equal valuation method and exchanges will be paid to the operator during exchange transactions. Unification of calculation bases such as whether transaction fees, maintenance of position, exercise of rights, expenses required to fulfill obligations, expenses required at the end of the exchange, etc. are included in the desired exchange price in advance during the exchange period But the operator plays a leading role. In addition, the operator can provide a tool such as software that can be used for calculating the evaluation amount to the replacement applicant on this system.

In the present invention, it is possible to recognize or calculate the desired exchange price of individual financial products or quasi-financial products by the following method, for example.
When loan receivables are bought and sold in the secondary market like bonds, the market value is the preferred exchange price. For non-liquid loan receivables, the acquisition price can be used as the preferred exchange price. Based on this, the estimated bad debt amount is calculated, and the amount obtained by subtracting the estimated bad debt amount from the acquisition price is set as the desired exchange price.

  Various deposits such as savings deposits, time deposits, and negotiable deposits can be used as the desired exchange price. However, if the deposit amount exceeds the upper bound of the principal and interest guarantee and there is a problem with the management status or financial content of the financial institution that is the deposit destination, the deposit is determined based on the credit risk ranking or the forecast of future cash flows. The estimated amount of bankruptcy claims is calculated, and the amount obtained by deducting the estimated amount of bankruptcy claims from the deposit value is set as the desired exchange price.

  For fund-type investment products, the market price is the preferred exchange price for price products found in securities investment trusts, real estate investment trusts, and product funds. In the case of products that can be called quasi-deposit products, such as loan trusts, narrow money trusts, and public and corporate bond investment trusts, depending on principal guarantees and investment policies, the acquisition price of the beneficial interest can be used as the desired exchange price. In addition, the mediator basically discloses the product composition of the portfolio and the valuation value of each product, and then makes the desired exchange price the sum of the valuation values of the assets under management.

In the case of privately held stocks, the preferred exchange price is the contract price or quote price announced in a trading system that can be traded as needed, and in the case of non-liquid stocks, the net asset value method or revenue The theoretical value that can be calculated by the force method, market price comparison method, etc. is the desired exchange price.
The net asset value method includes the book value net asset method using the net asset value in the book, the repurchased current net asset method by subtracting the liability from the total current repurchase price of the asset, and the liability from the total current sellable price of the asset. There is a 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 future expected dividend by the capital return rate, etc. There is a discounted cash flow method in which debt is deducted from the sum rebated to value. The market share price comparison method compares the dividends, profits, and net asset value, and calculates the share price of the target company from the average share price of listed companies belonging to similar industries. There is a similar company comparison method in which the target company's stock price is calculated from the average stock price of multiple similar companies by comparing the net asset value.

For land, buildings, complex real estate that is a combination of both, and compartmentalized ownership buildings, the preferred exchange price is calculated using a cost method, a transaction case comparison method, a profit sharing method, or the like. The cost method is a method in which the real estate replacement cost is used as an evaluation value, and the transaction example comparison method is a method in which a value found 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 the sum of the future cash flows, such as rent and sale price, discounted to the present value is used as the evaluation value.
On the other hand, for real estate-backed loans, real estate-backed securities, real estate investment trust beneficiary rights, investment securities issued by real estate investment corporations and investment corporation bonds, the preferred exchange price may be calculated according to the financial management product. it can.

  For fund-raising products, the present value can be calculated by rebating the future cash flow by the interest rate taking into account credit risk, etc., and can be used as the desired exchange price.

  For foreign exchange products, financial derivatives, real estate derivatives, and in-kind products, in the case of listed products, the valuation profit / loss is calculated using the contract price and quote price announced on the derivative products exchange and stock exchange. The desired exchange price. In the case of unlisted products, methods using contracts and quotes published in the inter-financial institution market, the real estate company market, the electronic trading market, etc., the future cash flow of the product, the interest rate taking into account credit risk, etc. The valuation gain / loss is calculated by the method of calculating the present value by rebating with the method of using the theoretical value model recognized in the market, etc., and it is set as the desired exchange price.

In order to explain the present invention in more detail, it will be described with reference to the accompanying drawings.
First, FIG. 1 shows an embodiment of direct exchange of asset management products, and shows a case where the same type of financial management product is a replacement target.
Here, the asset manager 1 has the loan receivable 12 and the asset manager 2 has the loan receivable 11. However, as a result of the direct exchange being established, the asset manager 1 instead of transferring the loan receivable 12. At the same time, the asset manager 2 was able to acquire the loan receivable 12 instead of transferring the loan receivable 11.
Similarly, asset manager 3 and asset manager 4 share stock 14 and stock 13, asset manager 5 and asset manager 6 bond 16 and bond 15, asset manager 7 and asset manager 8 and so on. Are directly exchanging the securities investment trust 18 and the securities investment trust 17, and the asset manager 9 and the asset manager 10 are directly exchanging the deposit claims 20 and 19 respectively.

FIG. 2 shows another embodiment of direct exchange of asset management products, and shows a case where different types of financial management products are exchange targets.
Here, the asset manager 1 has the bond 15 and the asset manager 2 has the loan receivable 11. However, as a result of the direct exchange being established, the asset manager 1 instead of transferring the bond 15 has the loan receivable. At the same time, asset manager 2 was able to transfer bond 15 instead of transferring loan receivable 11.
Similarly, asset manager 3 and asset manager 4 are securities investment trust 17 and stock 13, asset manager 5 and asset manager 6 are stock 14 and bond 16, asset manager 7 and asset manager. The person 8 directly exchanges the deposit receivable 19 and the securities investment trust 18, and the asset manager 9 and the asset manager 10 directly exchange the loan receivable 12 and the deposit receivable 20 respectively.

FIG. 3 shows another example of direct exchange of asset management products, and shows a case where financial management products of different deposit types are to be exchanged.
Here, the asset manager 1 has the loan trust 23 and the asset manager 2 has the term deposit 21. However, as a result of the direct exchange, the asset manager 1 instead of transferring the loan trust 23. At the same time, the asset manager 2 was able to transfer the loan trust 23 instead of transferring the time deposit 21.
Similarly, the asset manager 3 and the asset manager 4 manage the bond investment trust 27 and the transferable deposit 25, the asset manager 5 and the asset manager 6 manage the money trust 29 and the bond investment trust 28, and manage the asset. 7 and the asset manager 8 exchange the time deposit 22 and the money trust 30 directly, and the asset manager 9 and the asset manager 10 exchange the negotiable deposit 26 and the loan trust 24 directly.

FIG. 4 shows another embodiment of direct exchange of asset management products, and shows a case where financial management products of different stock types are to be exchanged.
Here, asset manager 1 has beneficiary rights 33 of a stock investment trust and asset manager 2 has shares 31 of a private company, but as a result of the direct exchange, asset manager 1 Instead of transferring the beneficiary rights 33 of the investment trust, the private company shares 31 can be transferred, and at the same time, the asset manager 2 can transfer the beneficiary rights 33 of the stock investment trust instead of transferring the shares 31 of the private company. It was.
Similarly, asset manager 3 and asset manager 4 are asset-backed investment securities 37 and project finance investment securities 35, and asset manager 5 and asset manager 6 are investment securities 39 and assets of company-type investment trusts. Secured investment securities 38, asset manager 7 and asset manager 8 project private company stock 32 and company-type investment trust investment securities 40, asset manager 9 and asset manager 10 -Directly exchange the finance investment securities 36 and the beneficiary rights 34 of the stock investment trust.

FIG. 5 shows another embodiment of direct exchange of asset management products, and shows a case where different types of stock-related management products from the same fundraiser are to be exchanged.
Here, the asset manager 1 has the convertible stock 43 and the asset manager 2 has the redeemed stock 41. However, as a result of the direct exchange, the asset manager 1 transfers the convertible stock 43 instead. At the same time, asset manager 2 was able to acquire convertible shares 43 instead of transferring redeemed shares 41.
Similarly, asset manager 3 and asset manager 4 convert convertible bonds 45 and convertible shares 44, asset manager 5 and asset manager 6 exchange redeemed shares 42 and stock deposit notes 47, and asset manager 7 And the asset manager 8 exchange the warrant bonds 49 and the convertible bonds 46 directly, and the asset manager 9 and the asset manager 10 exchange the stock deposit documents 48 and the warrant bonds 50 directly.

FIG. 6 shows another embodiment of direct exchange of asset management products, and shows a case where financial management products having different order of reimbursement from the same fundraiser are exchange targets.
Here, the asset manager 1 has the subordinated loan receivable 53 and the asset manager 2 has the preferred bond 51. As a result of the direct exchange, the asset manager 1 transfers the subordinated loan receivable 53. Instead, the asset manager 2 was able to acquire the subordinated loan receivable 53 instead of transferring the priority bond 51.
Similarly, asset manager 3 and asset manager 4 have subordinated stock 55 and subordinated loan receivable 54, asset manager 5 and asset manager 6 have common stock 59 and preferred stock 57, and asset manager 7 The asset manager 8 directly exchanges the preferred bond 52 and the common stock 60, and the asset manager 9 and the asset manager 10 exchange the preferred stock 58 and the subordinate stock 56 directly.

FIG. 7 shows another embodiment of direct exchange of asset management products, and shows a case where real estate management products of the same type are to be exchanged.
Here, asset manager 1 owns land 62 and asset manager 2 owns land 61. As a result of the direct exchange, asset manager 1 uses land 61 instead of transferring land 62. At the same time, asset manager 2 was able to receive land 62 instead of transferring land 61.
Similarly, asset manager 3 and asset manager 4 are building 64 and building 63, asset manager 5 and asset manager 6 are complex property 66 and complex property 65, asset manager 7 and asset management. The person 8 directly exchanges the real estate collateral securities 68 and the real estate collateral securities 67, and the asset manager 9 and the asset manager 10 directly exchange the real estate investment trust 70 and the real estate investment trust 69, respectively.

FIG. 8 shows another embodiment of direct exchange of asset management products, and shows a case where different types of real estate management products are to be exchanged.
Here, asset manager 1 owns building 63 and asset manager 2 owns land 61. As a result of the direct exchange, asset manager 1 uses land 61 instead of transferring building 63. At the same time, the asset manager 2 was able to acquire the building 63 instead of transferring the land 61.
Similarly, the asset manager 3 and the asset manager 4 are the real estate investment trust 69 and the building 64, the asset manager 5 and the asset manager 6 are the real estate-backed securities 67 and the complex real estate 65, and the asset manager 7. And asset manager 8 directly exchange land 62 and real estate collateral securities 68, and asset manager 9 and asset manager 10 directly exchange complex real estate 66 and real estate investment trust 70, respectively.

FIG. 9 shows another embodiment of direct exchange of asset management products, and shows a case where different types of real estate collateral products from the same special purpose company are to be exchanged.
Here, the asset manager 1 holds the specific purpose priority loan receivable 73 and the asset manager 2 holds the specified subordinated corporate bond 71. As a result of the direct exchange, the asset manager 1 Instead of transferring the receivable 73, the specific subordinated corporate bond 71 was transferred. At the same time, the asset manager 2 was able to transfer the special purpose priority loan receivable 73 instead of transferring the specified subordinated corporate bond 71.
Similarly, asset manager 3 and asset manager 4 will convert convertible bonds 77 and specified common stock 75, asset manager 5 and asset manager 6 will convert warrant specified bonds 79 and convertible specified bonds 78, and assets. The manager 7 and the asset manager 8 are the specified subordinated corporate bonds 72 and the warrant specified corporate bonds 80, and the asset manager 9 and the asset manager 10 are the specified common stock 76 and the specified purpose priority loan claims 74, respectively. Direct exchange.

FIG. 10 shows another embodiment of direct exchange of asset management products, and shows a case where products of different industries are to be exchanged.
Here, the asset manager 1 owns the building 63 and the asset manager 2 owns the loan receivable 11. However, as a result of the direct exchange, the asset manager 1 replaces the building 63 with the loan receivable. At the same time, the asset manager 2 was able to transfer the building 63 instead of transferring the loan receivable 11.
Similarly, asset manager 3 and asset manager 4 are land 61 and stock 13, asset manager 5 and asset manager 6 are complex real estate 65 and bond 15, asset manager 7 and asset manager. 8 directly exchanges the real estate investment trust 69 and the securities investment trust 17, and the asset manager 9 and the asset manager 10 directly exchange the real estate-backed securities 67 and the deposit receivables 19, respectively.

FIG. 11 shows another embodiment of direct exchange of asset management products, and shows a case where fund-type management products or mediators of different or different industries are exchange targets.
Here, the asset manager 1 has the designated money trust 83 and the asset manager 2 has the specified money trust 81. However, as a result of the direct exchange, the asset manager 1 has the designated money trust 83. Instead of transferring the specified money trust 81, the asset manager 2 was able to transfer the designated money trust 83 instead of transferring the specified money trust 81.
Similarly, the asset manager 3 and the asset manager 4 are the real estate investment trust 69 and the non-designated trust 84, the asset manager 5 and the asset manager 6 are the specified money trust 82 and the commodity fund 85, The manager 7 and the asset manager 8 directly receive the fund-type private placement bond 87 and the real estate investment trust 70, and the asset manager 9 and the asset manager 10 directly the product fund 86 and the fund-type private placement bond 88, respectively. We are exchanging.

FIG. 12 shows another embodiment of direct exchange of asset management products, and shows a case where products are exchanged by tying them together.
Here, asset manager 1 has “loan receivable 11 and bond 15”, and asset manager 2 has “stock 13 and securities investment trust 17”. Instead of transferring “Loan Claim 11 and Bond 15” together, Party 1 transfers “Stock 13 and Securities Investment Trust 17” together, and at the same time, Asset Manager 2 receives “Stock 13 and Securities Investment Trust 17”. Instead of transferring by tying, “Loan Receivable 11 and Bond 15” could be transferred by tying.
Similarly, the asset manager 3 and the asset manager 4 make “the complex real estate 65 alone” and “the tie of the real estate collateral securities 67 and the real estate investment trust 69”, and the asset manager 5 and the asset manager 6 “The tie of the securities investment trust 18 and the real estate investment trust 70” and “the tie of the stock 14 and the land 61 and the building 63” are directly exchanged respectively.

FIG. 13 shows another embodiment of direct exchange of asset management products, and shows a case where products are exchanged by three parties.
In the left figure, the asset manager 1 has the bond 15 and the asset manager 2 has the bond 16. However, as a result of the direct exchange, the asset manager 1 instead of transferring the bond 15, the bond 16 At the same time, asset manager 2 was able to acquire bond 15 instead of transferring bond 16.
Next, the asset manager 1 who has transferred the bond 16 directly establishes an exchange with the asset manager 3 holding the bond 89. As a result, the asset manager 1 receives the bond 89 instead of transferring the bond 16, and at the same time Instead of transferring the bond 89, the asset manager 3 was able to transfer the bond 16.
In the left figure, direct exchange by three parties is established through two stages, but in the present invention, it is also possible to establish these simultaneously. In the figure on the right, asset manager 4 owns bond 90, asset manager 5 holds bond 91, and asset manager 6 owns bond 92. Manager 4 receives bond 92 instead of transferring bond 90, asset manager 5 receives bond 90 instead of transferring bond 91, and asset manager 6 receives bond 91 instead of transferring bond 92. I was able to take over.

FIG. 14 is an example of a fund flow and billing mechanism for direct exchange of asset management products.
In the figure, circle 1: indicates that as a result of the direct exchange being established, the seller 94 who is the asset manager pays the exchange margin to the successful bidder 95 who is the asset manager.
In round 2 :, the exhibitor 94, the successful bidder 95, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 pay the service providing fee and the line usage fee to the operator 93 of the system.
In circle 3: the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.

The merit of direct exchange of asset management products in this embodiment is as follows.
First, it enables new types of arbitrage.
As an example, if asset manager A expects the value of asset management product b to rise in the future beyond the value of asset management product a that he owns, in order to achieve a higher investment yield, The asset manager A disposes of the asset management product a, cashes it once, and uses the cash to try to acquire the asset management product b itself or a product equivalent to the asset management product b. On the other hand, if the asset manager B expects the value of the asset management product a to rise beyond the value of the asset management product b owned by the asset manager B, in order to achieve a higher yield, the asset manager B Disposes of the asset management product b, converts it into cash, and uses the cash to try to acquire the asset management product a itself or a product equivalent to the asset management product a.
The present invention relates to an asset manager A who wants to transfer ownership of the asset management product b instead of transferring ownership of the asset management product a, and ownership of the asset management product a instead of transferring ownership of the asset management product b. By allowing the asset manager B who wants to transfer the rights, the asset manager with the opposite market view, to exchange the actual thing directly, arbitrage between both parties becomes possible.

Second, it will be effective in strengthening and easing control over the business, as well as in acquiring and selling the business.
When an asset manager wants to strengthen control over a specific fundraiser as a result of a review of management policy, instead of transferring any of the asset management products he already owns through direct exchange in the present invention In addition, by taking over “voting shares issued by the fundraiser” already owned by other asset managers, it will effectively strengthen control over the fundraiser without losing liquidity on hand. be able to.

  If the asset manager wants to relieve control over a specific fundraiser as a result of a review of management policy, he / she already holds “voted shares issued by the fundraiser” by direct exchange in the present invention. Instead of transferring the asset, it will be possible to effectively control the fundraiser without affecting the liquidity at hand by transferring “any asset management product” already owned by another asset manager. Can be relaxed.

In line with the management policy review, asset manager W plans to strengthen control over fundraiser Y and relax control over funder Z, and conversely, asset manager X controls capitalizer Z. If we are planning to strengthen and relieve control over funder Y, both can achieve their goals simultaneously through direct exchange in the present invention.
In other words, instead of transferring “the stock with voting rights issued by the fundraiser Z” that the asset manager W already owns, “the voting rights issued by the fundraiser Y already owned by the asset manager X” At the same time, Asset Manager X will be able to raise “Funds already owned by Asset Manager W” instead of transferring “Shares with voting rights issued by Fundraiser Y”. By transferring the voting stock issued by Investor Z, it is possible to effectively strengthen and ease control over Fundraiser Y and ease and strengthen control over Fundraiser Z without affecting the liquidity on hand. Can be implemented.

  If the asset manager wants to acquire a specific fundraiser in accordance with the review of management policy, instead of transferring `` any asset management product '' that he already owns by direct exchange in the present invention, By acquiring the “voting stock issued by the fundraiser” already held by another asset manager, the fundraiser can be efficiently acquired without losing liquidity on hand.

  When the asset manager wants to sell a specific subsidiary in accordance with the review of management policy, instead of transferring the voting stock issued by the subsidiary by direct exchange in the present invention, By transferring “any asset management product” already owned by another asset manager, the subsidiary can be sold efficiently without affecting the liquidity at hand.

Along with the review of management policy, the asset manager (A) plans to sell his subsidiary (C) and acquire the subsidiary (D) of the asset manager (B). If (B) plans to sell its subsidiary (D) and acquire the asset manager (A) subsidiary (C), the direct exchange in the present invention allows both parties to achieve their goals simultaneously. .
In other words, the asset manager (A) takes over the “voting stock issued by the subsidiary (D) of the asset manager (B)” instead of transferring the “voting stock issued by his subsidiary (C)”. At the same time, the asset manager (B) will receive “voting shares issued by the subsidiary (C) of the asset manager (A)” instead of transferring “shares issued by the subsidiary (D)”. Thus, the acquisition / sale of the subsidiary (D) and the sale / acquisition of the subsidiary (C) can be carried out efficiently without affecting the liquidity at hand.

Furthermore, it will be effective in starting and strengthening, easing, eliminating, and acquiring and disposing of treasury stock.
If the financial trader (E) and the financial trader (F) agree to share stocks from the management policy, by direct exchange in the present invention, the financial trader (E) Instead of transferring any “Asset Management Products”, it will transfer the “Voting Stock (F) Issued Shares” already owned by other Asset Managers, ), Instead of transferring one of the “asset management products” that you already own, you can use the “voting stock (E) issued with voting rights” already held by another asset manager. By taking over, it is possible to hold stocks efficiently without losing liquidity on hand.
And it becomes possible to strengthen stock holdings through similar exchange transactions.

If the fund trader (G) and the fund trader (H) agree to ease stock holdings from the management policy, the direct exchange in the present invention allows the fund trader (G) to Instead of transferring the voting stock issued by the fund trader (H), it will take over any of the asset management products already owned by other asset managers and conduct the same fund transaction. (H), instead of transferring the voting stock issued by the fund trader (G) that he / she already owns, any of the asset management products already owned by other asset managers By taking over, the stock holdings can be relaxed efficiently without affecting the liquidity at hand.
And it becomes possible to cancel the stock holding by the same exchange transaction.

If a fund trader (I) is planning to purchase treasury stock from the company's stock price measures, management of an employee stock ownership plan, introduction of a stock option system, etc. Instead of transferring any “Asset Management Product” to the asset manager, by transferring the “Voting Shareholder (I) issued voting stock” already owned by the asset manager It is possible to acquire treasury stock without losing liquidity on hand and achieve the same effect as buying from the secondary market.
In addition, it is possible to dispose of the treasury stock that has been held by policy through exchange transactions opposite to this.

  The fund trader (J) and the fund trader (K) have agreed to cancel the stockholding from the management policy, and both sides have their own stock price countermeasures, the operation of the employee shareholding association, and the introduction of the stock option system. Therefore, if each company plans to purchase treasury stock, the direct exchange in the present invention allows both parties to achieve their goals at the same time. That is, instead of transferring the “voting stock issued by the fund trader (K)” that the fund trader (J) already owns, the fund trader (K) already holds “ The stockholder with voting rights issued by the fund trader (J) is transferred, and at the same time, the fund trader (K) transfers the stock with voting rights issued by the fund trader (J). Instead, by taking over the “voting shares issued by the fund trader (K)” already held by the fund trader (J), the stock holdings will be resolved without affecting the liquidity at hand. The acquisition of treasury stock can be achieved efficiently, and the same effect as the release / purchase in the secondary market can be achieved.

In addition, the company will be able to determine revenues by substituting the same asset management product through direct exchange. In other words, in the present invention, by performing the direct exchange twice with a specific asset management product as an intermediary, an economic effect that is not different from acquisition and disposal of the specific product is produced, and the asset manager can determine the capital gain. it can.
The asset manager (L) expects that the value of the asset management product (m) will rise in the future beyond the value of the asset management product (l) that he owns, and the asset manager (M) When it is predicted that the value of the asset management product (l) will increase in the future beyond the value of the asset management product (m) being operated, an exchange transaction is established in the present invention. As a result, the asset manager (L) who acquired the asset management product (m) disposes of the asset management product (m) when the value of the asset management product (m) increases after the expected market development. If you try to do so, but the traditional trading market has problems such as liquidity, but you can expect the value of different asset management products (n) to rise in the future, you should own the asset management product (n) The best option is to do an exchange transaction with an existing asset manager (N). In the present invention, when the asset manager (N) predicts that the value of the asset management product (m) will further increase from the perspective of the market different from that of the asset manager (L), in the present invention, An exchange transaction between the asset management product (m) and the asset management product (n) is established between (L) and the asset manager (N). At this point, the asset manager (L) has disposed of the asset management product (m) once acquired from the asset manager (M) by substantial counter-trading, and the capital Gain can be determined.

It also provides new methods for asset management related to real estate management products.
In other words, if the asset manager wants to acquire the land of a specific region or the aggregate of a specific complex property for the purpose of future development or redevelopment, the asset management Instead of transferring “any of the managed products”, “all properties owned by individual land owners in the area” or “all properties owned by individual section owners in the complex real estate” will be transferred. Or, instead of transferring “one of the asset management products that I own,” by transferring “the total amount of real estate-backed securities or real estate investment trusts that are securitized products of the target property” It is possible to directly or indirectly acquire land in a specific region or a total of a specific complex property without losing the liquidity at hand.

In addition, it enables simultaneous exchange transactions between three or more users.
The asset manager (O) wishes to dispose of the asset management product (o) held by the asset manager (P), and the asset manager (P) disposes of the asset management product (p) held by the asset manager ( Suppose that Q) wants to dispose of their asset management products (q). At this time, the asset manager (O) wishes to acquire the asset management product (p), the asset manager (P) is the asset management product (q), and the asset manager (Q) is the asset management product (o). If each person wishes to acquire and the disposal request and the acquisition request are circulated among the three parties, the operator of this system is the asset manager (O), asset manager (P), asset manager (Q ) Can be established simultaneously for direct exchange of asset management products. Further, the present invention enables simultaneous direct exchange of asset management products when disposal requests and acquisition requests are circulating among four or more asset managers.

Next, FIG. 15 shows an embodiment of cash flow exchange of asset management products, and shows a case where different types of financial management products are exchange targets.
Here, the asset manager 1 holds the loan receivable 11 and the asset manager 2 holds the bond 15. However, as a result of the cash flow exchange, the asset manager 1 ”Instead of transferring“ cash flow from bond 15 ”, and at the same time asset manager 2 can transfer“ cash flow from loan 15 ”instead of transferring“ cash flow from bond 15 ” did it.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from stock 13” and “cash flow from securities investment trust 17”, and asset manager 5 and asset manager 6 “bond 16 "Cash flow from stock" and "Cash flow from stock 14", asset manager 7 and asset manager 8 perform "cash flow from securities investment trust 18" and "cash flow from deposit receivable 19" The asset manager 9 and the asset manager 10 exchange “cash flow from the deposit receivable 20” and “cash flow from the loan receivable 12” respectively.

FIG. 16 is another example of the cash flow exchange of asset management products, and shows a case where different types of real estate management products are to be exchanged.
Here, asset manager 1 owns land 61 and asset manager 2 owns building 63. However, as a result of the cash flow exchange, asset manager 1 receives “cash flow from land 61”. Instead of transferring, “Cash Flow from Building 63” was transferred, and at the same time, Asset Manager 2 was able to transfer “Cash Flow from Land 61” instead of transferring “Cash Flow from Building 63”.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from building 64” and “cash flow from real estate investment trust 69”, and asset manager 5 and asset manager 6 “composite real estate "Cash flow from 65" and "Cash flow from real estate collateral securities 67", asset manager 7 and asset manager 8 "Cash flow from real estate collateral securities 68" and "Cash flow from land 62" And asset manager 9 and asset manager 10 exchange “cash flow from real estate investment trust 70” and “cash flow from composite real estate 66” respectively.

FIG. 17 shows another embodiment of cash flow exchange of asset management products, and shows a case where products of different industries are to be exchanged.
Here, the asset manager 1 has the loan receivable 11 and the asset manager 2 has the building 63. As a result of the cash flow exchange being established, the asset manager 1 will receive the “cash flow from the loan receivable 11”. ”Instead of transferring“ Cash flow from building 63 ”, and at the same time, asset manager 2 may receive“ Cash flow from loan receivable 11 ”instead of transferring“ Cash flow from building 63 ” did it.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from stock 13” and “cash flow from land 61”, and asset manager 5 and asset manager 6 perform “cash flow from bond 15”. “Cash Flow” and “Cash Flow from Complex Real Estate 65”, Asset Manager 7 and Asset Manager 8 “Cash Flow from Securities Investment Trust 17” and “Cash Flow from Real Estate Investment Trust 69” In addition, the asset manager 9 and the asset manager 10 exchange “cash flow from the deposit receivable 19” and “cash flow from the real estate collateral securities 67” respectively.

FIG. 18 shows another embodiment of cash flow exchange of asset management products, and shows a case where fund-type management products and mediators of different types or different industries are exchange targets.
Here, the asset manager 1 has a specified money trust 81 and the asset manager 2 has a non-designated money trust 83. As a result of the cash flow exchange, the asset manager 1 Instead of transferring “Cash Flow from 81”, “Cash Flow from Designated Non-Gold Trust 83” is received, and at the same time, Asset Manager 2 “Specify Cash Flow from Designated Non-Gold Trust 83” "Cash flow from money trust 81" was succeeded.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from non-designated trust 84” and “cash flow from real estate investment trust 69”, and asset manager 5 and asset manager 6 “Cash flow from commodity fund 85” and “cash flow from specified money trust 82”, asset manager 7 and asset manager 8 “cash flow from real estate investment trust 70” and “fund-type private placement bonds” “Cash flow from 87” and asset manager 9 and asset manager 10 exchange “cash flow from fund-type private placement bond 88” and “cash flow from commodity fund 86” respectively. Yes.

FIG. 19 shows another embodiment of cash flow exchange for asset management products, and shows a case where cash flows of products are exchanged together.
Here, asset manager 1 has “stock 13 and securities investment trust 17”, and asset manager 2 has “loan receivable 11 and bond 15”. Instead of transferring the cash flow from the stock 13 and the securities investment trust 17 together, the manager 1 takes the cash flow from the loan receivable 11 and the bond 15 together. At the same time, the asset manager 2 Instead of transferring “cash flow from loan receivable 11 and bond 15” in combination, “cash flow from stock 13 and securities investment trust 17” could be transferred in combination.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from complex real estate 65 alone” and “cash flow from real estate collateralized securities 67 and real estate investment trust 69” and asset management. 5 and asset manager 6 exchange “cash flow from tying stock 14 and land 61 and building 63” and “cash flow from tying securities investment trust 18 and real estate investment trust 70” respectively. ing.

FIG. 20 shows another example of the cash flow exchange of asset management products, and shows the case where the cash flows of products are exchanged by three parties.
In the figure on the left, asset manager 1 holds bond 15 and asset manager 2 holds bond 16. However, as a result of the cash flow exchange, asset manager 1 has “cash flow from bond 15”. Instead of transferring “cash flow from bond 16”, asset manager 2 was able to transfer “cash flow from bond 15” instead of transferring “cash flow from bond 16”. .
Next, the asset manager 1 who has received the “cash flow from the bond 16” establishes a cash flow exchange with the asset manager 3 holding the bond 89. As a result, the asset manager 1 Instead of transferring “cash flow”, “cash flow from bond 89” is transferred, and at the same time, asset manager 3 receives “cash flow from bond 16” instead of transferring “cash flow from bond 89”. I was able to.
In the left figure, cash flow exchange by three parties is established through two stages, but in the present invention, it is also possible to establish these simultaneously. In the figure on the right, asset manager 4 holds bond 90, asset manager 5 holds bond 91, and asset manager 6 holds bond 92. The result of the simultaneous exchange of cash flows by the three parties , Asset manager 4 receives "cash flow from bond 92" instead of transferring "cash flow from bond 90", and asset manager 5 transfers "cash bond from bond 91" instead of transferring "cash flow from bond 91" “Cash flow from 90” was transferred, and asset manager 6 was able to transfer “cash flow from bond 91” instead of “cash flow from bond 92”.

FIG. 21 shows another example of cash flow exchange of asset management products, and shows a case where valuation gains and losses of products of different types or different industries are exchanged.
Here, asset manager 1 owns loan receivable 11 and asset manager 2 owns real estate-backed securities 67. As a result of the cash flow exchange of the valuation profit portion, asset manager 1 Instead of transferring 11 valuation gains, the asset manager 2 was able to transfer the valuation gain of the loan receivables 11 instead of transferring the valuation gain of the real estate collateralized securities 67. .
Similarly, the asset manager 3 and the asset manager 4 write down the valuation loss of the stock 13 and the valuation loss of the composite property 65, and the asset manager 5 and the asset manager 6 write down the valuation gain of the securities investment trust 17 and the real estate investment. The valuation gain of the trust 69, the asset manager 7 and the asset manager 8, the valuation loss of the specified money trust 81 and the valuation loss of the non-designated trust 83, and the asset manager 9 and the asset manager 10 Exchanges cash flows for the valuation gain of fund-type private placement bond 87 and the valuation gain of commodity fund 85, respectively.

FIG. 22 is an example of a fund flow and billing mechanism in the cash flow exchange of asset management products.
In the figure, circle 2: indicates that the seller 94 who is the asset manager, the successful bidder 95 who is the asset manager, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
Circle 5: As a result of the establishment of the cash flow exchange, exchange flows and cash flows of asset management products are exchanged between the exhibitor 94 and the successful bidder 95.
Circle 6: is an existing cash flow that the seller 94 and the successful bidder 95 have received from the asset management product.

The merit of the cash flow exchange of asset management products in this embodiment is as follows.
First, it enables new types of arbitrage. In other words, instead of directly exchanging the actual asset management product, the asset manager can substantially dispose of the asset management product he wishes to dispose of by replacing the cash flow while continuing to hold the asset management product. You can effectively acquire asset management products that you wanted to acquire.
Examples of the cash flow exchange of asset management products in the present invention include the following transaction forms.
(A) Assuming that asset management products that generally have maturities, such as loan receivables and bonds, commercial paper, some deposits, some fund-type management products, and some intermediaries, will mature as they are. A method of exchanging funds during the remaining period of the product, that is, cash flow of principal and fruits.
(B) A method of setting a specific period shorter than the remaining period for the commodity that generally has a maturity and exchanging the cash inflow during that period, that is, the cash flow of only the fruit.
(C) A method of exchanging the cash inflow of principal and fruit during the period until the product is disposed on the premise that the right of free disposal is exercised with respect to the product that generally has a maturity. In this transaction form, the right to free disposal of the target product is also exchanged when the exchange is established.
(D) Assuming that the right of free disposal is exercised for asset management products that generally do not have a maturity, such as land, buildings, complex real estate, stocks, partial deposit claims, some fund-type investment products, and some intermediaries. As a method for exchanging funds during the period until the product is disposed of, that is, the cash flow of principal and fruits. In this transaction form, the right to free disposal of the target product is also exchanged when the exchange is established.
(E) A method in which a specific period is set for the commodity that generally does not have a maturity, and the inflow of funds during that period, that is, the cash flow of fruits only is exchanged.
(C) and (d) with the exercise of the right of free disposal in the above transaction form, if the “cash flow assignee” of the target product exercises the right of free disposal of the product during the exchange period Since the person who executes the act in the market is the “cash flow transferor” who is the nominal holder of the product, the latter will receive the disposal fee once, but the latter will substantiate this in substance. By paying to the former who is the right owner, the transaction for the product is terminated.
On the other hand, (a), (b) and (e), which do not involve the exercise of free disposal rights, are currently unable to dispose of the actual asset management products held for the following reasons. This is useful when you want to enjoy the cash flow of your asset management products.
(1) Due to the business policy for fundraisers, it is currently impossible to dispose of loan receivables, bonds, and commercial paper that you own.
(2) You cannot currently dispose of your shares because you want to retain your voting rights.
(3) Since it is complicated to acquire the competition requirements, the deposit receivables I own cannot be transferred at present.
(4) Because the mortgage has already been established, the land, buildings and complex real estate that you own cannot be disposed of.
(5) Since the liquidity is low, it is currently impossible to dispose of fund-type investment products that I own.
(6) Due to the policy of the subcontractor and the management company, or the cost required for resetting and administrative procedures, the mediators I own cannot be disposed of now.

Next, a new kind of arbitrage will be made possible through cash flow exchange of the valuation profit portion of the asset management product. That is, the cash flow exchange of the asset management product in the present invention includes an exchange transaction based on the evaluation value of only the valuation profit portion of the product in addition to the exchange transaction based on the evaluation value of the entire product.
As an example, it is assumed that the evaluation value of the asset management product c held by the asset manager C is 1000, and the configuration is a book value 800 and an evaluation gain 200. On the other hand, it is assumed that the value of the asset management product d held by the asset manager D is 1500, and the structure is a book value 1300 and a valuation gain 200. The asset manager C expects the valuation profit of the asset management product d to increase beyond the valuation profit of the asset management product c, and the asset manager D will exceed the valuation profit of the asset management product d. The valuation profit is expected to increase in the future. In this case, in the present invention, an exchange transaction can be performed between the asset manager C and the asset manager D with respect to the evaluation profit portion.
Instead of transferring the right of free disposal of the entire asset management product c and the ownership of the valuation profit part of the asset management product c, the asset manager C transfers the right of free disposal of the entire asset management product d and the valuation gain of the asset management product d. At the same time, asset manager D transfers the right of free disposal of asset management product d and the right of disposal of asset management product d instead of transferring the ownership of the valuation profit portion of asset management product d. And take over ownership of the valuation profit portion of asset management product c. At this time, ownership of the book value portion of the asset management product c still belongs to the asset manager C, and ownership of the book value portion of the asset management product d still belongs to the asset manager D.
That is, the asset manager C secures the value equivalent to the book value of the asset management product c and then takes a market risk regarding the increase or decrease in the valuation profit of the asset management product d. It is possible to take a market risk for the increase or decrease of the valuation profit of the asset management product c while securing the value equivalent to the value. Note that the cash flow of the fruit portion of the asset management product c can continue to belong to the asset manager C, and the cash flow of the fruit portion of the asset management product d can continue to belong to the asset manager D.
When asset manager C exercises the right of free disposal and disposes of asset management product d during the exchange period, the cash flow for the book value portion owned by asset manager D is the asset management. The cash flow for the valuation profit portion belonging to the manager D and owned by the asset manager C belongs to the asset manager C. Further, when the valuation profit of the asset management product d has turned into a valuation loss at the time of disposal, the amount equivalent to the valuation loss belongs to the asset manager C in the disposal price. That is, the asset manager C pays the asset manager D an amount equivalent to the valuation loss, so that the valuation loss changes to the realized loss, and the asset manager D can secure the book value equivalent.
On the other hand, when asset manager D exercises the right of free disposal and disposes of asset management product c, the cash flow for the book value portion owned by asset manager C is the asset manager C. The cash flow for the valuation profit portion owned by asset manager D belongs to asset manager D. Further, when the valuation gain of the asset management product c turns into an valuation loss at the time of disposal, the valuation loss equivalent of the disposal price belongs to the asset manager D. That is, the asset manager D pays the valuation loss equivalent amount to the asset manager C, so that the valuation loss changes to the realized loss, and the asset manager C can secure the book value equivalent amount.

In addition, it will enable new types of arbitrage transactions through cash flow exchange of the valuation loss portion of asset management products. That is, in the present invention, the valuation loss part of the asset management product can be exchanged by regarding the valuation loss as a negative valuation gain.
As an example, it is assumed that the value of the asset management product e held by the asset manager E is 1000, and the configuration is a book value 1200 and a valuation loss 200. On the other hand, it is assumed that the valuation amount of the asset management product f held by the asset manager F is 1500, and the configuration is a book value 1700 and a valuation loss 200. Asset manager E expects that the valuation loss of asset management product f will decrease in the future beyond the valuation loss of asset management product e, and in some cases asset management product f will turn into a valuation profit. The valuation loss of the asset management product e is expected to decrease in the future beyond the valuation loss of the asset management product f. In this case, in the present invention, an exchange transaction is possible between the asset manager E and the asset manager F with respect to the valuation loss part.
Instead of transferring the disposal right of the entire asset management product e and handing over the valuation loss of the asset management product e, the asset manager E takes over the free disposal right of the entire asset management product f and valuation loss of the asset management product f At the same time, instead of transferring the right of free disposal of the entire asset management product f and delivering the valuation loss of the asset management product f, the asset manager F receives the right of free disposal of the entire asset management product e. The loss on valuation of the asset management product e is assumed.
As a result, the valuation loss is transferred to the other party, and in the exchange transaction, asset manager E recovers the value equivalent to the book value of asset management product e, and asset manager F uses the book value equivalent to asset management product f. It can be considered that the value has been restored. That is, asset manager E secures a value equivalent to the book value of asset management product e and then takes market risk regarding the increase or decrease in valuation loss of asset management product f. It is possible to take market risk for increase / decrease in valuation loss of asset management product e after securing the value equivalent to the value. Note that the cash flow of the fruit portion of the asset management product e can continue to belong to the asset manager E, and the cash flow of the fruit portion of the asset management product f can continue to belong to the asset manager F.
If asset manager E exercises the right of free disposal and disposes of asset management product f during the exchange period, conceptually, of the disposal value, the book value portion owned by asset manager F The cash flow belongs to asset manager F, and the cash flow for the valuation loss owned by asset manager E belongs to asset manager E. That is, the asset manager E pays the valuation loss equivalent amount to the asset manager F, so that the valuation loss changes to the realized loss, and the asset manager F can secure the book value equivalent amount. Further, if the valuation loss of the asset management product f turns into valuation profit at the time of disposal, the asset manager E can enjoy the realized profit.
On the other hand, when asset manager F exercises the right of free disposal and disposes of asset management product e, conceptually, the cash flow for the book value portion owned by asset manager E of the disposal price Belongs to asset manager E, and the cash flow for the valuation loss owned by asset manager F belongs to asset manager F. That is, the asset manager F pays the valuation loss equivalent amount to the asset manager E, whereby the valuation loss is changed to the realized loss, and the asset manager E can secure the book value equivalent amount. Further, if the valuation loss of the asset management product e has turned into valuation profit at the time of disposal, the asset manager F can enjoy the realized profit.
The “valuation gain / loss” in the cash flow exchange of the present invention basically means an amount obtained by subtracting “the book value or acquisition price in accounting of the product” from the “total evaluation value of the product held”. However, if the exchange trader wants to avoid disclosure for reasons of confidentiality, the amount obtained by subtracting “book value or acquisition price based on self-assessment” from “total appraisal value of products held” may be used. Absent. That is, the valuation profit / loss in the present invention does not necessarily mean an accounting value.

It will also enable a new kind of arbitrage for short-selling products through cash flow exchange of the valuation profit / loss portion. That is, the exchange of valuation profits and losses according to the present invention also covers the positions of asset management products that are sold short.
As an example, it is assumed that the valuation gain of the asset management product g that is short sold by the asset manager G is 200, and the basis for the calculation is the selling price 1000 and the valuation value 800 of the product. On the other hand, it is assumed that the valuation gain of the asset management product h sold by the asset manager H is 200, and the basis for the calculation is the selling price 1300 and the valuation value 1100 of the product. The asset manager G expects the price of the asset management product h to fall below the asset management product g, that is, the valuation profit of the asset management product h will increase beyond the valuation gain of the asset management product g. The asset manager H predicts that the price of the asset management product g will drop more than the asset management product h, that is, the valuation profit of the asset management product g will increase more than the valuation gain of the asset management product h. In this case, in the present invention, an exchange transaction can be performed between the asset manager G and the asset manager H with respect to the valuation profit.
Instead of transferring the right to buy back asset management product g and the ownership of valuation profit of asset management product g, asset manager G takes over the right to buy back asset management product h and the ownership of valuation profit of asset management product h. At the same time, instead of transferring the right to buy back asset management product h and the ownership of valuation profit of asset management product h, asset manager H has the right to buy back asset management product g and the ownership of valuation profit of asset management product g. Take over. At this time, the asset manager G takes a market risk regarding the increase or decrease in the valuation profit of the asset management product h after the selling price of the asset management product h is fixed, and the asset manager H sells the asset management product g. After the price is fixed, it becomes possible to take a market risk regarding the increase or decrease of the valuation profit of the asset management product g.
If asset manager G exercises the rights and buys back asset management product h during the exchange period, the cash flow for realized gains of realized asset management product h belongs to asset manager G, and asset manager H When the asset management product g is bought back by exercising the right, the cash flow regarding the realized gain of the realized asset management product g belongs to the asset manager H. Also, if the valuation profit turned into an valuation loss when the asset management product h was repurchased, the realized loss belonged to the asset manager G, and the valuation profit turned into an valuation loss when the asset management product g was bought back. In that case, the realized loss belongs to the asset manager H.

As an example, assume that the asset management product i sold short by the asset manager I has a valuation loss of 200, and the basis for the calculation is a selling price of 1000 and a valuation value of the product of 1200. On the other hand, it is assumed that the valuation loss of the asset management product j sold by the asset manager J is 200, and the basis for the calculation is the selling price 1300 and the valuation value 1500 of the product. In the future, asset manager I will see a decline in the value of asset management product j over asset management product i, that is, asset management product j will have a lower valuation loss than asset management product i in the future. We expect asset management product j to turn into valuation gains, while asset manager J will have a lower valuation of asset management product i than asset management product j, that is, more than the valuation loss of asset management product j. We expect that valuation losses on asset management product i will decrease in the future, and in some cases asset management product i will turn into valuation gains. In this case, in the present invention, an exchange transaction can be performed between the asset manager I and the asset manager J with respect to the valuation loss.
Instead of transferring the right to buy back asset management product i and handing over the valuation loss of asset management product i, asset manager I takes over the right to buy back asset management product j and assumes the valuation loss of asset management product j. At the same time, instead of transferring the right to buy back asset management product j and handing over the valuation loss of asset management product j, asset manager J takes over the right to buy back asset management product i and returns the valuation loss of asset management product i. Will take over. At this time, asset manager I takes the market risk regarding the increase or decrease in valuation loss of asset management product j after the selling price of asset management product j is fixed, and asset manager J sells asset management product i. After the price is fixed, it is possible to take a market risk for increase / decrease in valuation loss of asset management product i.
If asset manager I exercises the rights and buys back asset management product j during the exchange period, the realized loss of asset management product j belongs to asset manager I, and asset manager J exercises the rights to When the managed product i is bought back, the realized loss of the asset managed product i belongs to the asset manager J. However, if valuation loss has turned into valuation profit when asset management product j is repurchased, asset manager I can enjoy realized gain, and valuation loss has turned into valuation profit when asset management product i is repurchased The asset manager J can enjoy the realized profit.
In the present invention, the valuation profit / loss in the cash flow exchange of short-selling products basically means an amount obtained by subtracting the “valuation value of the product” from the “sale price of the product in accounting”. However, if the exchange trader wants to avoid disclosure for reasons of confidentiality, the amount obtained by subtracting the “valuation value of the product” from the “sale price based on the self-declaration of the product” may be used. That is, in the present invention, the valuation profit / loss of short-selling products does not necessarily mean an accounting value.

And simultaneous exchange transaction between three or more users is enabled.
The asset manager (R) wishes to transfer the “cash flow from the asset management product (r)”, and the asset manager (S) “cash from the asset management product (s)” Assume that the asset manager (T) wants to transfer the “cash flow from the asset management product (t) possessed” by the asset manager (T). At this time, the asset manager (R) wishes to transfer the “cash flow from the asset management product (s)”, and the asset manager (S) “the cash flow from the asset management product (t)” If the operator (T) wishes to transfer “cash flow from the asset management product (r)” and the transfer request and transfer request are circulated among the three parties, the operator of this system Cash flow exchange of asset management products can be simultaneously established among the manager (R), the asset manager (S), and the asset manager (T). In addition, the present invention enables the simultaneous cash flow exchange of asset management products when transfer requests and transfer requests are circulating among four or more asset managers.

Further, FIG. 23 shows an example of the exchange of asset management products by a compromise method of direct exchange and cash flow exchange, and shows a case where products of different industries are to be exchanged.
Here, the asset manager 1 has the loan receivable 11 and the asset manager 2 has the building 63. However, as a result of the exchange between the cash flow exchange and the direct exchange, the asset manager 1 Instead of directly transferring the cash flow from the loan receivable 11, the asset manager 2 was able to transfer the cash flow from the loan receivable 11 instead of directly transferring the building 63.
Similarly, the asset manager 3 and the asset manager 4 perform the cash flow from the land 61 and the actual stock 13, and the asset manager 5 and the asset manager 6 perform the cash flow from the bond 15 and the composite real estate 65. The asset manager 7 and the asset manager 8 are responsible for the cash flow from the real estate investment trust 69 and the actual asset of the securities investment trust 17, and the asset manager 9 and the asset manager 10 are associated with the deposit receivable 19. The cash flow and the actual real estate collateral securities 67 are exchanged by a compromise method of cash flow exchange and direct exchange, respectively.

FIG. 24 is an example of the funds flow and billing mechanism in the exchange of asset management products by a compromise method of direct exchange and cash flow exchange.
In the figure, circle 1: indicates that the successful bidder 95, which is the asset manager, pays the exchange margin to the exhibitor 94, who is the asset manager, as a result of the establishment of the exchange transaction.
In round 2 :, the exhibitor 94, the successful bidder 95, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 pay the service providing fee, the line usage fee, etc. to the operator 93 of this system.
In circle 3: the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
As for the circle 5 :, as a result of the exchange transaction being established, the exhibitor 94 provides the successful bidder 95 with the cash flow of the asset management product.
Circle 6: is an existing cash flow received by the seller 94 from the asset management product.

In this example, the exchange of asset management products using a compromise between direct exchange and cash flow exchange is a new kind of arbitration between asset managers who want to exchange products directly and asset managers who want to exchange product cash flows. Enable trading.
As an example, the asset manager K expects that the value of the asset management product l will increase in the future beyond the value of the asset management product k that it owns, and the asset management product k and the asset management product l are exchanged directly. The asset manager L expects that the value of the asset management product k will rise in the future beyond the value of the asset management product l that the asset manager L owns, and the cash between the asset management product k and the asset management product l If flow exchange is desired, the present invention can use a compromise between direct exchange and cash flow exchange. The asset manager K receives the right to receive cash flows generated from the asset management product l instead of transferring the actual asset management product k, and at the same time the asset manager L has the right to receive cash flows generated from the asset management product l. By transferring the actual asset management product k instead of transferring, both parties can find a compromise.

By the way, in this embodiment, the common merits of direct exchange of asset management products and cash flow exchange are as follows.
First, by repeating arbitrage transactions, asset managers can gradually gain their own positions. In other words, if you can properly evaluate the position of the exchange partner over the exchange partner and build an appropriate market view over the exchange partner regarding the change in the future value of the position, by exchanging exchange transactions, Higher investment yields can be achieved gradually. The same economic effect can be enjoyed even if the exchange transaction in this system is used for the arbitrage transaction with the traditional financial / quasi-financial market.

Next, when an asset manager replaces the position of the asset management product he owns with the position of another asset management product, the asset manager has previously sold or canceled or redeemed the former To pay commissions or cancellation fees, redemption fees, brokerage / brokerage fees, and other expenses to intermediaries, etc., and purchase or contract the latter I had to pay the middlemen again.
In the present invention, since various fees and other expenses incurred at the time of disposal or extinction of the former and at the time of acquisition of the latter can be saved by exchange transactions, the asset manager can achieve a higher investment yield.
Furthermore, since the positions of a plurality of asset management products can be exchanged together, various fees and other expenses associated with the reconstruction of the asset portfolio can be saved. For example, if the macro economy is regarded as a recession period, the portfolio will be restructured into interest rate products such as loans and bonds, and if it is considered a transition period to economic recovery, it will be replaced with stocks and stock investment trusts. Demand for replacement with real estate management products and product funds, etc., arises during the rise of inflation concerns during economic overheating, but in the present invention, various asset management products are tied together at these economic moments where the market view is confused. This makes it possible to efficiently change the asset allocation of the entire portfolio.

When the asset manager securitizes the loan receivables or real estate owned by the asset manager, these assets are transferred directly or as trust beneficiary rights to a special purpose company, and the special purpose company transfers the asset-backed securities to investors. The method of issuing to is common. This mechanism generates trust fees, underwriting / sales fees, brokerage / brokerage fees, costs and fees for credit enhancement and liquidity enhancement, management and collection fees for transferred assets, and other expenses. Is causing the loss of eyes. In addition, when the asset manager, who is the original owner of the asset, acquires a new asset with the transfer price after securitization, the brokerage fee, contract fee, consignment / brokerage fee, and other various expenses will be brokered again. I had to pay to the people.
In the present invention, since an existing asset can be transferred and a new asset can be acquired at the same time by an exchange transaction, various fees and other expenses can be saved, and the asset manager can achieve a higher investment yield.

In addition, when an asset manager replaces the position of an asset management product he owns with the position of another asset management product, the former has sold, canceled, or redeemed the former, Waiting for maturity had to make a cash position and then purchase or contract a new one.
In the present invention, since the time generated between the disposal or disappearance of the former and the acquisition of the latter can be saved by the exchange transaction, it is possible to avoid the market risk that the market level changes during that time.
Furthermore, since the positions of a plurality of asset management products can be exchanged together, the market risk associated with the reconstruction of the asset portfolio is reduced compared to the case where the products are exchanged individually. For example, it is possible to quickly change the asset allocation of the entire portfolio by tying various asset management products together in an economic milestone when the market view is confused.
If the position of the asset management product to be replaced is large, the asset manager will lower the market value in the process of disposing of the owned product in the market, resulting in an unwilling average disposal price when the disposal is completed There were many things. On the other hand, in the process of acquiring the desired product in the market, the market price was raised by itself, and the average acquisition price was often unwilling when the acquisition was completed. In the present invention, since the asset manager exchanges positions through exchange transactions, it is possible to avoid that the disposal yield and the acquisition act affect the supply and demand balance in the market and the investment yield decreases.

  In addition, in the present invention, an asset portfolio including asset management products and fund transaction products through exchange transactions of specified assets such as specified money trusts, non-designated trusts, investment securities trusts, investment subsidiary stocks, fund-type private placement bonds, etc. You will be able to replace the whole. Unlike when individual components are replaced, broker exchange transactions can save fees and other costs associated with the full restructuring of the asset portfolio, and can reduce the time required to do so. Risk can be reduced.

Asset management products are largely segmented into financial management products and real estate management products, and these are further subdivided by product, so there is an imbalance between disposal demand and acquisition demand. As a result, the liquidity of the product tends to be insufficient. Bonds issued by business corporations, stocks of SMEs and private companies, loan receivables, land and buildings, etc. can be acquired and then disposed of, and the market value is kept low. The tendency to invite was strong. In the present invention, asset management products can be directly exchanged not only between similar products but also between different types of products and between different types of products, so that the choices are widened to correct the imbalance between disposal demand and acquisition demand. It becomes possible to dispose of the product without reducing the yield.
In addition, even if it is difficult to dispose of the asset management product currently held due to the complexity of the sales policy, management policy, clerical procedures, and the cost thereof, the present invention uses the cash flow exchange, As with direct exchange, fluidity can be substantially improved.

  Next, if the asset manager expects that there will be too little mid-term fund inflow compared to short-term or long-term fund inflow, for example, by direct exchange of asset management products in the present invention, Instead of transferring "short-term asset management products that I own", I will receive "medium-term asset management products held by other asset managers" and "long-term asset management products I own" Instead of transferring, by taking over “medium-term asset management products held by other asset managers”, the inflow of short-term and long-term funds is partially concentrated in the medium-term, and the inflow of funds from the short-term to the long-term is leveled. be able to.

  In addition, by exchanging cash flow of asset management products in the present invention, instead of transferring “cash flow from short-term asset management products that I own”, “medium-term asset management products held by other asset managers” "Cash flow from the medium-term asset management products held by other asset managers" instead of transferring "Cash flow from the long-term asset management products that I own" The same economic effect can be expected by taking over.

  On the other hand, if the asset manager expects that there will be too little short-term or long-term fund inflow compared to, for example, medium-term fund inflow, As a result of the exchange, instead of transferring "the medium-term asset management product that I own", I will transfer "the short-term asset management product held by another asset manager" and then "the other medium-term asset I own" By transferring “long-term asset management products held by other asset managers” instead of transferring “asset management products,” some inflows of funds in the medium-term are dispersed into short-term and long-term funds. Inflow can be leveled.

  In addition, by exchanging the cash flow of the asset management product in the present invention, instead of transferring the “cash flow from the medium-term asset management product that I own”, the “short-term asset management product held by another asset manager” Instead of transferring cash flow from other medium-term asset management products that you own, instead of transferring cash flow from other long-term asset management products held by other asset managers. The same economic effect can be expected by taking over "Flow".

In addition, it provides new methods for asset management in connection with credit provision.
When the asset manager wants to reduce the credit risk he / she has for the asset management product held by a specific fundraiser as the investment policy may be lower due to the revision of the investment policy and objectives Or, conversely, if you want to pursue higher investment yields and increase the credit risk you have, you can increase the credit risk. By changing the asset management product related to the fundraiser within these ranges by direct exchange or cash flow exchange in the present invention, the order of remuneration can be changed efficiently without affecting the liquidity on hand. Can do. In addition, even if a direct exchange or cash flow exchange is made between an asset management product involving other fundraisers with similar credit risk and the above-mentioned product group involving the fundraiser, there will be substantial compensation. You can change the order.

When an asset manager establishes a new credit facility for a specific fundraiser in accordance with the establishment of an investment policy or objectives, a direct exchange or cash flow exchange in the present invention may Instead of transferring any of the asset management products, by taking over credit risk products already owned by other asset managers, such as loan receivables, bonds, commercial paper, deposit receivables, etc. It is possible to efficiently start providing credit to the fundraiser without losing the liquidity at hand.
And it is possible to expand the credit grant through similar exchange transactions.

If the asset manager reduces the credit facility for a specific fundraiser in accordance with the review of the management policy and objectives, the direct exchange or cash flow exchange in the present invention will indicate that “ Instead of transferring the `` held credit risk product '', by taking `` any of the asset management products already owned by other asset managers '', the fund procurement without affecting the liquidity on hand Credit can be effectively reduced.
It is also possible to stop providing credit through similar exchange transactions.

In addition, it will provide new methods for asset management in connection with the selection of asset management contractors for fund-type investment products.
Asset managers select specific investment trusts for fund-type investment management assets such as securities investment trusts, real estate investment trusts, commodity funds, loan trusts, money trusts, etc. based on strong investment performance and reputation If you want to concentrate on a contractor or trust bank, instead of transferring your own “fund-type management product of the asset management organization you want to exclude” by direct exchange or cash flow exchange in the present invention, other assets By transferring the “fund-type investment product of the preferred asset management organization” owned by the manager, it is possible to efficiently concentrate the asset management contractor to a specific organization without affecting the liquidity at hand. .

  In the present invention, when an asset manager wants to distribute a specific asset management agency of fund-type investment products to other investment trust management companies or trust banks as a result of review of asset allocation policies and targets. Instead of transferring the “fund-type investment product of a specific investment trust organization” through direct exchange or cash flow exchange, the “funds of various investment trust organizations” held by other asset managers. By taking over "type management products", it is possible to efficiently distribute management contractors without affecting the liquidity at hand.

It also provides a new method for asset management in connection with the selection of asset management contractors.
When the asset manager appoints a specific investment advisory company, insurance company, trust bank, etc. as an asset management agency in the intermediary in accordance with the establishment of the policy and objectives of asset management, direct exchange or cash flow exchange in the present invention , Instead of transferring any of the asset management products that you already own, you can transfer the portfolio that other asset managers own to the asset management company that you prefer. Can be efficiently commissioned to a specific institution without building a cash balance.

  If the asset manager wants to narrow down the asset management agency in the intermediary to a specific investment advisory company, insurance company, trust bank, etc. as a result of reviewing the policy and objectives of asset management, direct exchange or Instead of transferring the `` medium in which the management contractor that you want to exclude '' manages by cash flow exchange, other asset managers hold the `` preferred management contractor in charge of management '' By handing over the “medium”, it is possible to efficiently narrow down the asset management contractor to a specific institution without temporarily holding the portfolio in cash.

  If the asset manager wants to open a specific asset management agency in the intermediary he / she has to other investment advisory companies, insurance companies, trust banks, etc. as a result of reviewing the policy and objectives of asset management, Instead of transferring the “medium for which a specific management contractor is in charge of operation” through exchange or cash flow exchange, other asset managers can operate “various management contractors. By taking over the “mediator in charge”, it is possible to efficiently release the asset management contractor without having to make the portfolio once a cash position.

  If the asset manager wants to dismiss a specific asset management organization in the mediator he / she is reviewing, as a result of reviewing the management contract policy and objectives, he / she owns the specific Instead of transferring the mediator that the asset management agency in charge of "is in charge of management", the portfolio can be transferred back to cash position by transferring "one of the asset management products" held by other asset managers. Therefore, the operation contract can be stopped efficiently.

FIG. 25 shows an example of cash flow exchange of fund-raising products, and shows a case where the same kind of financial procurement products are exchange targets.
Here, fundraiser 100 has borrowing debt 110 from asset manager 1, and fundraiser 101 has borrowing debt 111 from asset manager 2, but as a result of the cash flow exchange, fund raising Instead of undertaking “cash flow of borrowing debt 111”, buyer 100 delivers “cash flow of borrowing debt 110”, and at the same time, fundraiser 101 takes over “cash flow of borrowing debt 110” instead of “cash flow of borrowing debt 110”. We were able to deliver cash flow.
Similarly, the fundraiser 102 and the fundraiser 103 perform “cash flow of the stock 112 held by the asset manager 3” and “cash flow of the stock 113 held by the asset manager 4” with the fundraiser 104. The fundraiser 105 and “the cash flow of the bond 114 held by the asset manager 5” and “the cash flow of the bond 115 held by the asset manager 6” and the fundraiser 106 and the fundraiser 107 “ “Cash flow of commercial paper 116 held by asset manager 7” and “Cash flow of commercial paper 117 held by asset manager 8”, and fundraiser 108 and fundraiser 109 Exchanged “cash flow of deposit obligation 118 from asset manager 9” and “cash flow of deposit obligation 119 from asset manager 10” respectively. There.
Depending on the actual product, there may be one or more asset managers who serve as counterparties at the existing positions of the fundraiser who will be the exchange party.

FIG. 26 shows another embodiment of the cash flow exchange of the fund procurement product, and shows a case where different types of financial procurement products are exchange targets.
Here, fundraiser 100 has commercial paper 116 owned by asset manager 1, and fundraiser 101 has borrowing debt 110 from asset manager 2, but the result of the cash flow exchange is established. , Instead of undertaking “cash flow of debt 110”, the fundraiser 100 delivers “cash flow of commercial paper 116”, and at the same time, the fundraiser 101 undertakes “cash flow of commercial paper 116”. We were able to deliver the “cash flow of debt 110”.
Similarly, the fundraiser 102 and the fundraiser 103 exchange the “cash flow of the debt 111 from the asset manager 3” and the “cash flow of the stock 112 held by the asset manager 4” with the fundraiser 104. And the fundraiser 105, “the cash flow of the stock 113 held by the asset manager 5” and “the cash flow of the bond 114 held by the asset manager 6”, and the fundraiser 106 and the fundraiser 107 “Cash flow of deposit liability 118 from asset manager 7” and “cash flow of commercial paper 117 held by asset manager 8”, and fundraiser 108 and fundraiser 109 The cash flow of the bond 115 held by the operator 9 and the cash flow of the deposit liability 119 from the asset manager 10 are exchanged.

FIG. 27 shows another embodiment of the cash flow exchange of the funded product, and shows a case where the cash flow of the product is exchanged by tying together.
Here, the fundraiser 100 has “the preferred debt 122 from the asset manager 1 and the preferred bond 123 held by the asset manager 2”, and the fundraiser 101 “the subordinated debt 124 from the asset manager 3 and As a result of the cash flow exchange, the fundraiser 100 instead of undertaking “cash flows of the subordinated debt 124 and subordinated debt 125” in combination, The cash flow from the preferred borrowing 122 and the preferred bond 123 is transferred in combination, and at the same time, the fundraiser 101 accepts the “cash flow from the preferred borrowing 122 and preferred bond 123” in combination. We were able to hand over the cash flow of subordinated bonds 125 ”.
Similarly, the fundraiser 102 and the fundraiser 103 divide “the cash flow of the medium-term bond 126 held by the asset manager 5 alone” and “the long-term bond 127 held by the asset manager 6 and the short-term bond held by the asset manager 7”. 128 cash flows ", and the fundraiser 104 and the fundraiser 105" the fixed deposit 129 from the asset manager 8, the negotiable deposit 130 from the asset manager 9, the asset manager 10 ""Cash flow of tying call money 131 from" and "Cash flow of tying long-term debt 132 from asset manager 120 and commercial paper 116 held by asset manager 121".

FIG. 28 shows another embodiment of the cash flow exchange of the funded product, and shows a case where the cash flow of the product is exchanged by three parties.
In the left figure, fundraiser 100 has borrowing debt 110 from asset manager 1, and fundraiser 101 has borrowing debt 111 from asset manager 2, but as a result of the cash flow exchange, The fundraiser 100 delivers “cash flow of borrowing debt 110” instead of undertaking “cash flow of borrowing debt 111”. Of cash flow ”.
Next, the fundraiser 100 who has assumed the “cash flow of the borrowing debt 111” establishes a cash flow exchange with the fundraiser 102 holding the borrowing debt 133 from the asset manager 3, and as a result, the fundraiser 100 Instead of undertaking “cash flow of borrowing debt 133”, instead of delivering “cash flow of borrowing debt 111”, fundraiser 102 instead of undertaking “cash flow of borrowing debt 111” I was able to hand over.
In the left figure, cash flow exchange by three parties is established through two stages, but in the present invention, it is also possible to establish these simultaneously. In the right figure, the fundraiser 103 holds the borrowing debt 134 from the asset manager 4, the fundraiser 104 borrows from the asset manager 5, the fundraiser 105 borrows from the asset manager 6, and the borrowing debt 136. However, as a result of the simultaneous exchange of cash flow by the three parties, the fundraiser 103 delivers “cash flow of borrowing debt 134” instead of undertaking “cash flow of borrowing debt 136” to raise funds. Instead of undertaking “cash flow of borrowing debt 134”, party 104 delivers “cash flow of borrowing debt 135”, and fundraiser 105 takes over “cash flow of borrowing debt 135” instead of “cash flow of borrowing debt 135”. We were able to deliver cash flow.

FIG. 29 shows an embodiment of the fund flow and billing mechanism in the cash flow exchange of the fund raising product.
In the figure, circle 2: indicates an exhibitor 137 that is a fundraiser, a successful bidder 138 that is a fundraiser, a bidder 96, an exchange applicant 97, and an appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the exhibitor 137 and the successful bidder 138 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
As for circle 5 :, as a result of the establishment of the cash flow exchange, the exchange flow and the cash flow of the fund raising product are exchanged between the exhibitor 137 and the successful bidder 138.
Circle 6: is an existing cash flow paid by the seller 137 and the successful bidder 138 to the asset manager.

The merit of the cash flow exchange of the fund raising product in this embodiment is as follows.
First, it enables new types of arbitrage.
As an example, if fundraiser M anticipates that the position of fundraising product n will be lower in the future than the amount of position of funding product m he / she holds, If the fundraiser N predicts that the position of the fundraising product m will be lower than the position of the position of the funding product n that the fundraiser N is holding, Try to achieve lower procurement costs by exchanging positions. Or, due to differences in merchandise such as the presence or absence of maturity, the length of the remaining period, the presence or absence of redemption during the period, the nature of the principal or fruit, If they want the position of the fundraising product m, they try to create a more favorable position by exchanging their positions.
In the present invention, instead of undertaking the obligation to pay the cash flow of the fundraising product n, instead of undertaking the obligation to pay the cash flow of the fundraising product m and the fundraiser M who wants to hand over the obligation to pay the cashflow of the funding product m. By making cash flow exchanged by a fundraiser N who wants to hand over the obligation to pay the cash flow of the fundraising product n to the fundraiser who has the opposite demand, it becomes possible for both parties to make an arbitrage transaction. At this time, in the case of a product that can be redeemed or canceled during the period, the right to redeem during the period or cancel the purchase is also exchanged.
For example, there are the following transaction forms for cash flow exchange of fund-raising products in the present invention.
(A) Assuming that funding products that generally have maturities, such as debt, bonds, commercial paper, and partial deposit obligations, will mature as they are, the outflow of funds for the product, ie principal and How to exchange fruit cash flow.
(B) A method of setting a specific period shorter than the remaining period for the commodity that generally has a maturity, and exchanging funds during that period, that is, exchanging cash flows of fruits only.
(C) A method of exchanging funds for the period until the product disappears, i.e., cash flow of principal and fruit, on the premise that the product with a maturity is generally redeemed or canceled for purchase.
(D) Assuming that funding products that generally do not have maturity, such as stocks and partial deposit obligations, are purchased or canceled or canceled, the outflow of funds until the products disappear, How to exchange cash flow.
(E) A method of setting a specific period for the commodity that generally does not have a maturity, and exchanging funds during that period, that is, a cash flow of fruits only.
Of the above transaction types, (c) and (d), which involve redemption or cancellation during the period or cancellation of purchase, will be redeemed during the exchange period by the “cash flow underwriter” of the target product exercising the rights. Or if the cancellation or purchase cancellation is made, the person who executes this cancellation act in the market is the “cash flow surrender” who is the nominal fundraiser of the product, so the redemption price or purchase price will be Once paid, the latter receives the transaction from the former, who is the substantial funder of the product, and the transaction for the product ends.

  By repeating the arbitration transaction as described above, the fundraiser can gradually increase his / her position. In other words, if you can properly evaluate the position of the exchange partner more than the exchange partner, and if you can build a market view that is more appropriate than the exchange partner for changes in the future value of the position, then by repeating the exchange transaction, It will be possible to gradually achieve lower procurement costs. The same economic effect can be enjoyed even if the exchange transaction in this system is used for an arbitrage transaction with a traditional financial / quasi-financial market.

Next, if the fundraiser replaces the position of the fundraising product he has with the position of other fundraising products, the former will be paid in advance or redeemed during the period, mid-term cancellation, purchase cancellation In order to pay the redemption or cancellation fees, purchase fees, and other expenses to intermediaries, etc., and to create the latter position, contract fees or underwriting / sales fees related to financing, etc. I had to pay the intermediary again for the cost.
In the present invention, since various fees and other expenses generated at the time of elimination of the former and creation of the latter can be saved by the exchange transaction, the fundraiser can achieve a lower procurement cost. Furthermore, since the positions of multiple funding products can be interchanged together, various fees and other expenses associated with the reconstruction of the debt portfolio can be saved.

Furthermore, when a fundraiser replaces the position of the fundraising product he has with the position of other fundraising products, the former will repay the former or redeem in mid-term, cancel in the middle, cancel the purchase. In other words, or by waiting for the former's maturity, the position had to be extinguished and then the position of the latter had to be newly established.
In the present invention, the time generated between the cancellation of the former and the creation of the latter can be saved by the exchange transaction, so that the market risk that the market level changes during that time can be avoided. In addition, since the positions of multiple funding products can be interchanged together, the market risk associated with restructuring the debt portfolio is reduced compared to when individual products are replaced.
When the position of the funding product to be replaced is large, the fundraiser often raises the procurement cost after the next time when he raises the funding again. In the present invention, since the fundraiser replaces the position through the exchange transaction, it is possible to avoid an increase in procurement cost due to an influence of his own re-procurement on the supply and demand balance of the market.

  Funding products are basically not liquid except for products with provisional repayment clauses or redemption clauses during the period, and there was a strong tendency for unreasonable cancellations to raise procurement costs. . In the present invention, the funding product is substantially liquid by exchanging the cash flow of the position held by itself with the cash flow of the position held by another fundraiser. It is possible to eliminate the holding height without raising.

  And if the fundraiser is predicting that there will be too much short-term or long-term outflow compared to, for example, medium-term outflow, by cash flow exchange of the funding product in the present invention, Instead of undertaking “cash flow of medium-term funding products held by other funders”, “cash flow of short-term funding products that I have” is handed over, and “other funders have” Instead of undertaking "cash flows of other medium-term funding products", by handing over "cash flows of long-term funding products that I have", some short-term and long-term outflows are concentrated in the medium-term, and from short-term to long-term It is possible to level out the outflow of funds.

  On the other hand, if the fundraiser predicts that there will be too much medium-term outflow, for example compared to short-term outflow or long-term outflow, the cash of the funding product in the present invention Instead of undertaking “Cash flow of short-term funding products possessed by other fundraisers” through the flow exchange, it delivers “Cash flow of medium-term funding products possessed by me” and “Other fundraisers” Instead of undertaking “cash flows of long-term funding products held by the company”, by delivering “cash flows of other medium-term funding products that I have”, the outflow of some medium-term funds is spread over the short and long term. It is possible to level out the outflow of funds from the short term to the long term.

Next, simultaneous exchange transactions between three or more users are enabled.
The fundraiser (U) wishes to deliver the "cash flow of the fundraising product (u) he holds" and the fundraiser (V) delivers the "cashflow of the fundraising product he (v)" , Suppose that the fundraiser (W) wishes to deliver the “cash flow of the fundraising product (w) he / she holds”. At this time, the fundraiser (U) wishes to accept the “cash flow of the fundraising product (v)”, and the fundraiser (V) is the “cashflow of the fundraising product (w)” and the fundraiser ( If W) wants to accept “cash flow of fundraising product (u)” and the request for delivery and the request for acceptance circulate among the three parties, the operator of this system shall U), the fundraiser (V), and the fundraiser (W) can simultaneously establish a cash flow exchange for the fundraising product. In addition, the present invention enables simultaneous cash flow exchange of fund-raising products even between four or more fundraisers when there is a circulation of acceptance requests and delivery requests.

FIG. 30 shows an example of the cash flow exchange of the fund transaction product, and shows a case where the same kind of foreign exchange product, financial derivative product, real estate derivative product, and physical derivative product are exchange targets.
Here, the fund trader 139 holds a valuation gain in the exchange spot transaction 159 with the fund trader 141, and the fund trader 140 holds a valuation gain in the exchange spot transaction 160 with the fund trader 142. However, as a result of the cash flow exchange, instead of transferring the valuation gain of the currency spot transaction 159, the fund trader 139 receives the valuation gain of the currency spot transaction 160. Instead of transferring 160 valuation gains, we were able to transfer the valuation gains of the spot currency transaction 159.
Similarly, the fund trader 143 and the fund trader 144 have the “valuation loss held in the interest rate forward transaction 161 with the fund trader 145” and the “interest rate forward deal 162 with the fund trader 146”. Valuation loss held by the fund trader 147 and the fund trader 148 in the real estate investment index futures transaction 163 with the fund trader 149 and the real estate investment with the fund trader 150 The valuation gain held in the index futures transaction 164 "is calculated by the fund trader 151 and the fund trader 152 as" valuation loss held in the stock index option trade 165 with the fund trader 153 " Valuation loss held in stock index option trading 166 with the trader 154 ”, and the fund trader 155 and the fund trader 156 hold“ the commodity futures option trade 167 with the fund trader 157 ” The price gains "and a" cash transactions have 158 and the appreciation held for commodity futures options trading 168 ", has been cash flow exchange, respectively.
Depending on the actual product, there may be a single person or a plurality of other money traders who serve as counterparties in the existing positions of the money traders to be exchange parties. In addition, among the funds trading products that are listed on derivative commodity exchanges and stock exchanges, each exchange serves as the counterparty to the fund trader. Since the holding amount is confronted with one or more other money traders via the office, the other party is displayed as another money trader in each drawing in this embodiment.

FIG. 31 shows another embodiment of the cash flow exchange of the fund transaction product, and shows the case where the same kind of swap product is the exchange target.
Here, the fund trader 139 holds the valuation profit in the interest rate swap transaction 169 with the fund trader 141, and the fund trader 140 holds the valuation profit in the interest rate swap transaction 170 with the fund trader 142. As a result of the cash flow exchange, instead of transferring the valuation gain of the interest rate swap transaction 169, the fund trader 139 receives the valuation gain of the interest rate swap transaction 170. Instead of transferring, I was able to transfer the valuation gain of interest rate swap transaction 169.
Similarly, the fund trader 143 and the fund trader 144 have “valuation loss held in the currency swap transaction 171 with the fund trader 145” and “evaluation held in the currency swap transaction 172 with the fund trader 146”. Loss ”,“ valuation gain held in interest rate currency swap transaction 173 with fund trader 149 ”by fund trader 147 and fund trader 148 and“ interest rate currency swap transaction 174 with fund trader 150 ” The valuation gain held by the fund trader 151 and the fund trader 152 between the “valuation loss held in the stock index swap transaction 175 with the fund trader 153” and “the fund trader 154 “Evaluation loss held in stock index swap transaction 176”, and the evaluation that the fund trader 155 and the fund trader 156 hold in the “product price swap transaction 177 with the fund trader 157” Benefit "and an" appreciation held for commodity price swap transactions 178 of the funds traded's 158 ", has been cash flow exchange, respectively.

FIG. 32 shows another embodiment of cash flow exchange of funds transaction products, and shows a case where products of different types or different industries are exchange targets.
Here, the fund trader 139 holds a valuation gain in the interest rate currency swap transaction 173 with the fund trader 141, and the fund trader 140 holds the valuation gain in the currency spot transaction 159 with the fund trader 142. However, as a result of the cash flow exchange, instead of transferring the valuation gain of the interest rate currency swap transaction 173, the fund trader 139 receives the valuation gain of the foreign exchange spot transaction 159. Instead of transferring 159 valuation gains, we were able to transfer the valuation gains of interest rate currency swap transaction 173.
Similarly, the fund trader 143 and the fund trader 144 have the “valuation loss in the interest rate swap transaction 169 with the fund trader 145” and the “interest rate forward transaction 161 with the fund trader 146”. “Valuation loss”, “valuation gain held in currency swap transaction 171 with fund trader 149” by fund trader 147 and fund trader 148 and “real estate investment index futures transaction with fund trader 150” The valuation profit held at 163 ”is obtained by the fund trader 151 and the fund trader 152 as“ the valuation loss held in the stock index swap transaction 175 with the fund trader 153 ”and“ the fund trader 154 Valuation loss held in stock price index option transaction 165 ”and valuation profit held by fund trader 155 and fund trader 156 in“ product price swap transaction 177 with fund trader 157 ” And the "cash transaction's 158 and the appreciation held for commodity futures options trading 167", has been cash flow exchange, respectively.

FIG. 33 shows another embodiment of the cash flow exchange of the fund transaction product, and shows a case where the cash flow of the product is exchanged by tying together.
In the left figure, the fund trader 139 suffers a valuation loss in the stock index swap transaction 175 with the fund trader 141, and the fund trader 140 gains the valuation gain in the stock index option trade 165 with the fund trader 142, and the fund trader 143 In the interest rate futures transaction 179, there are valuation losses respectively, but the total is valuation loss. However, as a result of the cash flow exchange, the fund trader 139 instead of delivering the “valuation loss of the stock index swap transaction 175” , Underwriting the “valuation gain of the stock index option transaction 165 and the valuation loss of the interest rate futures transaction 179”, and at the same time, the fund trader 140 receives the “valuation gain of the stock index option transaction 165 and the valuation loss of the interest rate futures transaction 179”. Instead of handing it over by tying, it was decided to undertake “valuation loss of stock index swap transaction 141”.
In the right figure, fund trader 144 gains valuation gain on exchange futures transaction 180 with fund trader 146, valuation gain on interest rate swap transaction 169 with fund trader 147, and evaluates on bond futures option trade 181 with fund trader 148. The total is a valuation gain with each loss, the fund trader 145 holds a valuation loss in the currency option transaction 182 with the fund trader 149, and the valuation gain is held in the currency swap transaction 171 with the fund trader 150. However, as a result of the cash flow exchange, the fund trader 144 transferred the “valuation gain of the exchange futures transaction 180 and the valuation gain of the interest rate swap transaction 169 and the valuation loss of the bond futures option transaction 181” in combination. Instead, transfer the “valuation loss of currency option transaction 182 and gain on valuation of currency swap transaction 171” together. At the same time, instead of transferring the valuation loss of the currency option transaction 182 and the valuation gain of the currency swap transaction 171, the fund trader 145 transfers the valuation gain of the foreign exchange forward transaction 180 and the valuation gain of the interest rate swap transaction 169. "Devaluation loss on bond futures option trading 181" was decided to be taken over.

FIG. 34 shows another embodiment of the cash flow exchange of the fund transaction product, and shows a case where the cash flow of the product is exchanged by three parties.
In the left figure, the fund trader 139 holds a valuation gain in the interest rate currency swap transaction 173 with the fund trader 142, and the fund trader 140 holds the valuation gain in the swaption transaction 183 with the fund trader 143. However, as a result of the cash flow exchange, instead of transferring the valuation gain of the interest rate currency swap transaction 173, the fund trader 139 receives the valuation gain of the swaption transaction 183. Instead of transferring the valuation profit, the valuation profit of the interest rate currency swap transaction 173 could be acquired.
Next, the fund trader 139 that has received the valuation gain of the swaption transaction 183 establishes a cash flow exchange with the fund trader 141 that holds the valuation gain in the swaption transaction 184 with the fund trader 144, and as a result, Instead of transferring the valuation profit of the swaption transaction 183, the fund trader 139 receives the valuation profit of the swaption transaction 184, and at the same time, the fund trader 141 instead of transferring the valuation profit of the swaption transaction 184. We were able to take over the valuation gain.
In the left figure, cash flow exchange by three parties is established through two stages, but in the present invention, it is also possible to establish these simultaneously. In the right figure, the fund trader 145 holds the valuation gain in the interest rate currency swap transaction 174 with the fund trader 148, and the fund trader 146 gains the valuation gain in the swaption transaction 185 with the fund trader 149. Owns valuation gains in swaption transaction 186 with fund trader 150, but as a result of the simultaneous exchange of cash flows by three parties, fund trader 145 transfers the valuation gain in interest rate currency swap transaction 174 Instead, the valuation gain of the swaption transaction 186 is transferred, the fund trader 146 receives the valuation gain of the interest rate currency swap transaction 174 instead of transferring the valuation gain of the swaption transaction 185, and the fund trader 147 Instead of transferring the valuation gain of transaction 186, you can transfer the valuation gain of swaption transaction 185. We were.

FIG. 35 shows an embodiment of a fund flow and billing mechanism in cash flow exchange of a fund transaction product.
In the figure, circle 2: indicates that the seller 187 who is a fund trader, the successful bidder 188 who is a fund trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
Circle 5: As a result of the establishment of the cash flow exchange, exchange flow and cash flow of capital transaction products are exchanged between the exhibitor 187 and the successful bidder 188.
A circle 6: is an existing position where the seller 187 and the successful bidder 188 face each other.

The merit of the cash flow exchange of the fund transaction product in this embodiment is as follows.
First, it enables new types of arbitrage.
As an example, the evaluation value of the valuation profit of the money transaction product o held by the money trader O is 200, while the evaluation value of the valuation gain of the money transaction product p held by the money trader P is 200. Suppose that The fund trader O expects that the valuation profit of the fund transaction product p will increase beyond the valuation gain of the fund transaction product o, and the fund trader P will exceed the valuation gain of the fund transaction product p. The valuation profit is expected to increase in the future. In this case, in the present invention, an exchange transaction can be performed between the fund trader O and the fund trader P.
Instead of transferring the position of the fund transaction product o, the fund trader O receives the position of the fund transaction product p. At the same time, the fund trader P transfers the position of the fund transaction product p instead of transferring the position of the fund transaction product p. Take over the position of o. At this time, the rights and obligations associated with the position of the fund transaction product o are transferred to the fund trader P, and the rights and obligations associated with the position of the fund transaction product p are transferred to the fund trader O. The money trader O can take a market risk regarding the increase or decrease of the valuation profit of the money transaction product p, and the money trader P can take the market risk regarding the increase or decrease of the valuation profit of the money transaction product o.
During the exchange period, when the financial trader P exercises the transferred right and realizes the valuation profit of the financial trade product o, or the fund trader P performs the assumed obligation and evaluates the financial transaction product o When the profit is realized, the money trader P can enjoy the realized profit. On the other hand, when the fund trader O exercises the transferred right and realizes the valuation profit of the fund transaction product p, or the fund trader O fulfills the assumed obligation and the valuation gain of the fund transaction product p is increased. If realized, the fund trader O can enjoy the realized profit. In addition, if the valuation gain of the fund transaction product o has turned into a valuation loss at the time of the exercise of rights or fulfillment of the obligation by the fund trader P, the realized loss belongs to the fund trader P, and the rights of the fund trader O If the valuation profit of the fund transaction product p turns into a valuation loss at the time of exercising or fulfilling the obligation, the realized loss will be attributed to the fund trader O.

As an example, the valuation loss of the money transaction product q held by the fund trader Q is 200, while the valuation loss of the money transaction product r held by the fund trader R is Suppose that it is 200. The fund trader Q expects that the valuation loss of the fund transaction product r will be reduced in the future beyond the valuation loss of the fund transaction product q, and in some cases, the fund transaction product r will turn into a valuation profit. It is expected that the valuation loss of the fund transaction product q will decrease more than the valuation loss of the fund transaction product r in the future, and in some cases, the fund transaction product q will turn into a valuation profit. In this case, according to the present invention, an exchange transaction is possible between the fund trader Q and the fund trader R.
The fund trader Q accepts the position of the fund transaction product r instead of handing over the position of the money transaction product q, and at the same time, the fund trader R replaces the position of the money transaction product r with the position of the fund transaction product r. Take the position. At this time, the rights and obligations associated with the position of the fund transaction product q are transferred to the money trader R, and the rights and obligations associated with the position of the money transaction product r are transferred to the money trader Q. The money trader Q can take the market risk regarding the increase or decrease of the valuation loss of the money transaction product r, and the money trader R can take the market risk about the increase or decrease of the valuation loss of the money transaction product q.
During the exchange period, when the fund trader R exercises the transferred right and realizes the valuation loss of the fund trade product q, or the fund trader R performs the assumed obligation and evaluates the fund trade product q When a loss is realized, the realized loss belongs to the fund trader R. On the other hand, when the money trader Q exercises the transferred right and realizes the valuation loss of the money transaction product r, or the money trader Q fulfills the assumed obligation and the valuation loss of the money transaction product r If realized, the realized loss is attributed to the fund trader Q. However, if the loss on valuation of the fund transaction product q turns into a valuation gain at the time of exercise of the right or the performance of the obligation by the fund trader R, the fund trader R can enjoy the realized gain and the exercise of the right by the fund trader Q. Alternatively, if the valuation loss of the fund transaction product r has turned into a valuation profit at the time of fulfilling the obligation, the money trader Q can enjoy the realized profit.

  By repeating the arbitration transaction as described above, the fund trader can gradually make his / her own position advantageous. In other words, if you can properly evaluate the position of the exchange partner more than the exchange partner, and if you can build a market view that is more appropriate than the exchange partner for changes in the future value of the position, by repeating the exchange transaction, It becomes possible to gradually achieve more transaction profits and more favorable contract terms. The same economic effect can be enjoyed even if the exchange transaction in this system is used for an arbitrage transaction with a traditional financial / quasi-financial market.

Next, when a money trader replaces the position of his / her money trading product with the position of another money trading product, in the past, in order to counter-sell or exercise or cancel the former, or After waiting for the former to be exercised or due to expire, the contract fee or brokerage / brokerage fee, other fees will be paid to the broker, etc. Various expenses had to be paid again to intermediaries.
In the present invention, since various fees and other expenses generated at the time of cancellation of the former and at the time of creation of the latter can be saved by the exchange transaction, the money trader can achieve more transaction profits and more advantageous contract conditions. Furthermore, since the positions of a plurality of funds trading products can be exchanged together, various fees and other expenses associated with portfolio reconstruction can be saved.

In addition, when a money trader replaces the position of his / her money trading product with the position of another money trading product, the former has previously been dealt with by selling or exercising or canceling the rights, He had to extinguish his position by waiting for the exercise of his rights or the expiration of the deadline, and then create a new position for the latter.
In the present invention, the time generated between the cancellation of the former and the creation of the latter can be saved by the exchange transaction, so that the market risk that the market level changes during that time can be avoided. Furthermore, since it is possible to replace the positions of a plurality of funds trading products by tying them together, the market risk associated with portfolio restructuring is reduced as compared to the case of individually replacing products.
If the position of the funds trading product to be replaced is large, the fund trader will affect the market value in the process of resolving the position held in the market, and the unwilling average settlement price when the settlement is completed. It was often. Also, in the process of creating the desired amount in the market, the market value itself was affected, and when the creation was completed, the average creation price was often unwilling. In the present invention, since the money trader replaces the position through the exchange transaction, his / her cancellation action or creation action affects the supply and demand balance of the market, and the transaction profit decreases, and the contract condition becomes disadvantageous. Can be avoided.

  Funds trading products are basically not liquid except for some foreign exchange products, futures products and futures option 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 for excessive cancellation of positions to cause a decrease in transaction profits and unfavorable cancellation conditions. It was. In the present invention, by exchanging cash flows between not only similar products, but also between different types of products and between different types of products, the funds trading products have substantial liquidity, so that transaction profits can be reduced. It becomes possible to eliminate the position without suffering from an unfavorable cancellation condition.

And it enables the efficient use change of money transaction goods.
When a fund transaction product that has been used for hedging the position of the asset management product that it holds becomes unnecessary due to the disposal or extinguishment of the asset management product, the asset manager can exchange cash flow in the present invention. By taking over from other parties the amount of money trading products that can be used for trading instead of handing over the amount of money trading products used for hedging, Enables quick transition to trading applications.

  On the contrary, when a new asset management product is held and a hedging of the position becomes necessary, the asset manager exchanges the cash flow in the present invention with the other “ Instead of handing over the amount of money trading products, by accepting from other parties the amount of money trading products that can be used for hedging, it is possible to make a quick transition from buying and selling funds trading products to hedging .

  When a fund transaction product that has been used for hedging the position of a fund raising product is no longer needed due to the disappearance or delivery of the fund raising product, , Instead of handing over the "Holding amount of money trading products for hedging" that I used, I will buy and sell from the hedging use of money trading products by accepting "Holding of money trading products that can be used for trading" from others. Allows rapid transition to application.

  On the other hand, when a new funding product is held and it becomes necessary to hedge the position, the fundraiser will exchange the cash flow in the present invention, By accepting from other parties the amount of money trading products that can be used for hedging instead of handing over the amount of trading products, it is possible to make a quick transition from the use of trading products to the use of hedging.

In addition, it enables simultaneous exchange transactions between three or more users.
The fund trader (X) wishes to deliver the “valuation gain / loss of the fund trading product (x)”, and the fund trader (Y) delivers the “valuation gain / loss of the fund trading product (y)” , Suppose that the money trader (Z) wishes to deliver the “valuation gain / loss of the money transaction product (z) he / she holds”. At this time, the fund trader (X) wishes to underwrite the “valuation gain / loss of the fund transaction product (y)”, and the fund trader (Y) If Z) wants to underwrite “valuation gain / loss of money transaction product (x)” and the request for delivery and the request for acceptance circulate among the three parties, the operator of this system shall X), a money trader (Y), and a money trader (Z) can simultaneously establish a cash flow exchange of a money transaction product. In addition, the present invention enables the simultaneous cash flow exchange of the fund transaction product even when the transfer request and the transfer request are circulated among the four or more fund traders.

Next, FIG. 36 shows an example of cash flow exchange between asset management products and fund transaction products, and shows a case where valuation gains and losses of products of different types or different industries are exchanged.
Here, the asset manager 1 holds the valuation gain of the stock 13, and the fund trader 139 holds the valuation gain in the stock price index swap transaction 175 with the fund trader 140. Instead of transferring the valuation profit of the stock 13 to the asset manager 1, the asset manager 1 receives the valuation profit of the stock index swap transaction 175. At the same time, the fund trader 139 instead of transferring the valuation profit of the stock index swap transaction 175 I was able to take over the valuation gain.
Similarly, the asset manager 2 and the fund trader 141 determine that the “valuation loss of the composite property 65” and the “valuation loss held in the real estate investment index futures transaction 163 with the fund trader 142” 3 and the fund trader 143 obtain the “valuation gain of the loan receivable 11” and the “valuation gain held in the interest rate forward transaction 161 with the fund trader 144” as the asset manager 4 and the fund trader 145. Are “valuation loss of bond 15” and “valuation loss held in currency swap transaction 171 with fund trader 146”, and asset manager 5 and fund trader 147 are “commodity fund 85 Valuation gain ”and“ valuation gain held in exchange spot transaction 159 with fund trader 148 ”are exchanged for cash flow.

FIG. 37 is an example of a cash flow and billing mechanism in cash flow exchange between an asset management product and a capital transaction product based on valuation profit / loss.
In the figure, circle 2: indicates that the seller 94 who is the asset manager, the successful bidder 188 who is the money trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the exhibitor 94 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
Circle 5: As a result of the establishment of the cash flow exchange, exchange margin and cash flow are exchanged between the exhibitor 94 and the successful bidder 188.
Circle 6: is the existing cash flow that the seller 94 has received from the asset management product, and the existing position that the winning bidder 188 is confronting with other money traders.

In the present embodiment, the cash flow exchange between the asset management product and the fund transaction product enables a new kind of arbitrage transaction.
As one example, it is assumed that the evaluation value of the asset management product s held by the asset manager S is 1000, and the configuration is a book value 800 and an evaluation gain 200. On the other hand, it is assumed that the evaluation value of the valuation profit of the money transaction product t held by the money trader T is 200. The asset manager S expects the valuation profit of the fund transaction product t to increase in the future beyond the valuation gain of the asset management product s. The valuation profit is expected to increase in the future. In this case, according to the present invention, an exchange transaction with an evaluation gain can be performed between the asset manager S and the fund trader T.
Instead of transferring the right of free disposal of the entire asset management product s and ownership of the valuation profit part of the asset management product s, the asset manager S takes over the position of the money transaction product t and its valuation gain, Instead of transferring the position of the money transaction product t and its valuation profit, the person T takes over the right of free disposal of the entire asset management product s and the ownership of the valuation profit portion of the asset management product s. At this time, the ownership of the book value portion and the cash flow of the fruit portion of the asset management product s still belong to the asset manager S, and the rights and obligations associated with the position of the fund transaction product t are transferred to the asset manager S. To do. That is, the asset manager S secures a value equivalent to the book value of the asset management product s and then takes a market risk regarding the increase or decrease in the valuation gain of the fund transaction product t. It is possible to take market risk on the increase or decrease of profit.
During the exchange period, the asset manager S exercises the transferred right and realizes the valuation gain of the fund transaction product t, or the asset manager S fulfills the assumed obligation and evaluates the money transaction product t. When the profit is realized, the asset manager S can enjoy the realized profit. Further, when the valuation gain of the fund transaction product t has turned into a valuation loss at the time of exercising the rights or fulfilling the obligation, the realized loss belongs to the asset manager S.
On the other hand, when the fund trader T exercises the free disposal right and disposes of the asset management product s, the cash flow for the book value portion owned by the asset manager S out of the disposal price is the asset manager S. The cash flow for the portion of the valuation profit owned by the money trader T belongs to the money trader T. Further, when the valuation profit of the asset management product s has turned into a valuation loss at the time of disposal, the amount equivalent to the valuation loss belongs to the fund trader T in the disposal price. That is, when the money trader T pays the asset manager S an amount equivalent to the valuation loss, the valuation loss is changed to the realized loss, and the asset manager S can secure the book value equivalent.

As an example, it is assumed that the asset management product u owned by the asset manager U has an evaluation value of 1000, and the configuration is a book value 1200 and an evaluation loss 200. On the other hand, it is assumed that the evaluation value of the valuation loss of the money transaction product v held by the money trader V is 200. The asset manager U expects that the valuation loss of the fund transaction product v will decrease more than the valuation loss of the asset management product u, and that in some cases, the fund transaction product v will turn into a valuation profit. The valuation loss of the asset management product u is expected to decrease in the future beyond the valuation loss of the fund transaction product v, and in some cases, the asset management product u is expected to turn into a valuation profit. In this case, according to the present invention, an exchange transaction due to valuation loss is possible between the asset manager U and the money trader V.
Instead of transferring the right of free disposal of the entire asset management product u and handing over the valuation loss of the asset management product u, the asset manager U accepts the position of the money transaction product v and the valuation loss, Instead of handing over the position of the money transaction product v and its valuation loss, it will take over the right to free disposal of the entire asset management product u and assume the valuation loss of the asset management product u. At this time, the cash flow of the fruit portion of the asset management product u continues to belong to the asset manager U, and the rights and obligations associated with the position of the fund transaction product v are transferred to the asset manager U.
In this way, the valuation loss is transferred to the other party, and in the exchange transaction, the asset manager U recovers the value equivalent to the book value of the asset management product u, and the fund trader V returns the value equivalent to zero of the fund transaction product v. Can be considered recovered. That is, the asset manager U secures a value equivalent to the book value of the asset management product u and then takes market risk regarding the increase or decrease in the valuation loss of the fund transaction product v. It is possible to take market risk on the increase or decrease of losses.
During the exchange period, when the asset manager U exercises the transferred right and realizes a loss on valuation of the fund transaction product v, or the asset manager U performs the assumed obligation and evaluates the money transaction product v When a loss is realized, the realized loss belongs to asset manager U. However, if the loss on valuation of the fund transaction product v turns into a valuation profit at the time of exercising the rights or fulfilling the obligation, the asset manager U can enjoy the realized profit.
On the other hand, when the fund trader V exercises the right of free disposal and disposes of the asset management product u, conceptually, the cash flow of the book value portion owned by the asset manager U of the disposal price Belongs to the asset manager U, and the cash flow for the portion of the valuation loss owned by the fund trader V belongs to the fund trader V. That is, when the money trader V pays the valuation loss equivalent amount to the asset management product U, the valuation loss changes to the realized loss, and the asset manager U can secure the book value equivalent amount. Further, if the valuation loss of the asset management product u has turned into a valuation profit at the time of disposal, the fund trader V can enjoy the realized profit.

Furthermore, FIG. 38 shows an example of cash flow exchange by merging asset management products and fund transaction products, where asset managers tie together the total or valuation gains / losses of asset management products and valuation gains / losses of capital transaction products. Indicates the case of replacement.
In the left figure, asset manager 1 holds “loan receivable 11” and “valuation gain in interest rate swap transaction 169 with fund trader 139”, while asset manager 2 holds “composite real estate 65” and “fund trader 140 Valuation gain on real estate investment index futures transaction 163 ”, but as a result of the cash flow exchange, asset manager 1 has gained“ cash flow from loan receivable 11 ”and“ valuation gain on interest rate swap transaction 169 ” ”And‘ Cash Flow from Complex Real Estate 65 ’and‘ Evaluation Gain of Real Estate Investment Index Futures ’163’ are transferred in tandem. Instead of transferring “cash flow” and “valuation gain of real estate investment index futures transaction 163” together, “cash from loan receivable 11” I was able to taking over flow "and in the tying and" appreciation of the interest rate swap transactions 169 ".
In the right figure, asset manager 3 has “valuation gain on stock 13” and “valuation loss in individual stock option transaction 189 with fund trader 141”, and asset manager 4 has “valuation loss on deposit receivable 19” and Although it has “valuation gain in currency swap transaction 171 with fund trader 142”, as a result of the cash flow exchange, asset manager 3 has evaluated “valuation gain on stock 13” and “valuation of individual stock option transaction 189” In lieu of handing over the “loss”, the “valuation loss of the deposit receivable 19” and the “valuation gain of the currency swap transaction 171” are combined, and at the same time, the asset manager 4 says “valuation loss of the deposit receivable 19” Instead of handing over “valuation gain of currency swap transaction 171”, underwriting “valuation gain of stock 13” and “valuation loss of individual stock option transaction 189” It became Rukoto.

FIG. 39 shows an embodiment of a cash flow and billing mechanism in cash flow exchange by tying together asset management products and fund transaction products.
In the figure, circle 2: indicates that the seller 94 who is the asset manager, the successful bidder 95 who is the asset manager, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
Circle 5: As a result of the establishment of the cash flow exchange, exchange margin and cash flow are exchanged between the exhibitor 94 and the successful bidder 95.
Circle 6: is the existing cash flow that the seller 94 and the successful bidder 95 have received from the asset management product, and the existing position that is confronting the fund trader.

FIG. 40 is an example of cash flow exchange by tying a fundraising product and a funding transaction product, and shows a case in which fundraisers exchange valuation profit / loss of the funding product and the funding transaction product by tying them together. .
In the left figure, fundraiser 100 has “bond 114 held by asset manager 1” and “valuation gain in interest rate currency swap transaction 173 with fund trader 139”, and fundraiser 101 “from asset manager 2” Borrower 110 ”and“ valuation gain in color transaction 190 with fund trader 140 ”, but as a result of the exchange of cash flow, fundraiser 100 has assumed“ cash flow of debt 110 ” Instead of transferring “valuation gain of interest rate currency swap transaction 173”, “cash flow of bond 114” is handed over and “valuation gain of color transaction 190” is transferred. ”And instead of transferring“ valuation gain of color transaction 190 ”, undertake“ cash flow of debt 110 ” I was able to taking over the "appreciation of the interest rate currency swaps 173" to pass.
In the right figure, the fundraiser 102 has “deposit liability 118 from the asset manager 3” and “valuation loss in the cap transaction 191 with the fund trader 141”, and the fundraiser 103 Commercial Paper 116 ”and“ Valuation Loss in Interest Rate Swap Transaction 169 with Fund Trader 142 ”, but as a result of the cash flow exchange, Fundraiser 102 has issued“ Cash Flow of Commercial Paper 116 ” Instead of accepting the “valuation loss of cap transaction 191”, the “cash flow of deposit liability 118” is delivered and the “valuation loss of interest rate swap transaction 169” is accepted. Instead of undertaking "Cash Flow" and handing over "Impairment loss of interest rate swap transaction 169" It was supposed to take over the "write-downs of the cap transactions 191" by passing a "cash flow of commercial paper 116".

FIG. 41 is an example of a fund flow and billing mechanism in cash flow exchange by tying together fund raising products and fund transaction products.
In the figure, circle 2: indicates an exhibitor 137 that is a fundraiser, a successful bidder 138 that is a fundraiser, a bidder 96, an exchange applicant 97, and an appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the exhibitor 137 and the successful bidder 138 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
As for circle 5 :, as a result of the establishment of the cash flow exchange, exchange difference and cash flow are exchanged between the exhibitor 137 and the successful bidder 138.
Circle 6: is the existing cash flow that the seller 137 and the successful bidder 138 are paying to the asset manager, and the existing position that is confronting the fund trader.

FIG. 42 shows an example of cash flow exchange by tying asset management products and fund procurement products, and shows a case where the fund traders exchange procuring funds and asset management products together.
In the figure on the left, the fund trader 139 holds the “loan receivable 11” with the “borrowing debt 110 from the asset manager 1”, and the fund trader 140 holds the “bond 114 held by the asset manager 2”. As a result of the realization of the “Real Estate Investment Trust 69” but the exchange of cash flows, the fund trader 139 takes over the “Cash Flow of Bond 114” and transfers “Cash Flow from Loan Claim 11” instead. , Handing over "cash flow from debt obligation 110" and taking over "cash flow from real estate investment trust 69", and at the same time, fund trader 140 accepting "cash flow from debt debt 110" and "from real estate investment trust 69" Instead of transferring “cash flow”, “cash flow of bond 114” is delivered and “cash from loan receivable 11” is transferred. I was able to taking over the flow ".
In the figure on the right, the fund trader 141 holds the “stock 13” holding the “commercial paper 116 owned by the asset manager 3”, and the fund trader 142 holds the “deposit liability 118 from the asset manager 4”. As a result of the cash flow exchange being established, the fund trader 141 accepts the “cash flow of deposit obligation 118” and transfers the “cash flow from the stock 13”. In addition, “Cash flow from commercial paper 116” was handed over and “Cash flow from call loan 192” was handed over. At the same time, fund trader 142 took over “Cash flow from commercial paper 116” and “Call loan” Instead of transferring "Cash Flow from 192", I was able to taking over the "cash flow from the stock 13" by passing the Yufuro ".

FIG. 43 is an example of a fund flow and billing mechanism in cash flow exchange by tying together asset management products and fund procurement products.
In the figure, circle 2: indicates that the seller 187 who is a fund trader, the successful bidder 188 who is a fund trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
Circle 5: As a result of the establishment of the cash flow exchange, exchange difference and cash flow are exchanged between the exhibitor 187 and the successful bidder 188.
Circle 6: is an existing cash flow that the seller 187 and the successful bidder 188 are paying to the asset manager and an existing cash flow received from the asset management product.

Next, FIG. 44 shows an example of cash flow exchange by merging asset management products, fund procurement products, and fund transaction products. The case where profit and loss are exchanged by tying them together is shown.
Here, the fund trader 139 holds “stock 13” with “devaluation loss in interest rate currency swap transaction 173 with the fund trader 141” and “bond 13 held by asset manager 1”, and the fund trader 140 holds “composite real estate 65” with “debts 110 from asset manager 2” and “valuation loss in real estate investment index futures transaction 163 with fund trader 142”.
As a result of the establishment of the cash flow exchange, the fund trader 139 instead of “assumes the cash flow of the debt 110, delivers the valuation loss of the interest rate currency swap transaction 173, and transfers the cash flow from the stock 13” The cash flow from the real estate investment index futures transaction 163 and take over the cash flow from the composite property 65 ”. At the same time, the fund trader 140“ undertakes the cash flow of the bond 114 and the real estate investment index futures transaction ” Instead of delivering the 163 valuation loss and transferring the cash flow from the complex real estate 65, “delivering the cash flow of the debt 110, accepting the valuation loss of the interest rate currency swap transaction 173, and taking the cash flow from the stock 13 "is what happened.

FIG. 45 shows an embodiment of a cash flow and billing mechanism in cash flow exchange by merging asset management products, fund procurement products, and fund transaction products.
In the figure, circle 2: indicates that the seller 187 who is a fund trader, the successful bidder 188 who is a fund trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay the usage fee.
In circle 3: the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In round 4 :, the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
Circle 5: As a result of the establishment of the cash flow exchange, exchange difference and cash flow are exchanged between the exhibitor 187 and the successful bidder 188.
Round 6: The existing cash flow paid by the seller 187 and the successful bidder 188 to the asset manager, and the existing cash position received from the asset management product and the existing position that is facing the other fund traders. It is a flow.

Further, FIG. 46 shows a case where exchange transactions are performed on a net basis by various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of fund raising products, and cash flow exchange of fund transaction products. It is the main form of transaction.
In the figure, (a) exchanges “a combination of an asset management product and a fund transaction product” with an “asset management product”.
(B) exchanges “the tie-up of the fund raising product and the fund transaction product” with the “funding product”.
(C) exchanges “a combination of asset management products and fund procurement products” with “asset management products”.
(D) exchanges “a combination of asset management products and fund raising products” for “funding products”.
(E) exchanges “a combination of asset management products and fund procurement products” with “fund transaction products”.
(F) exchanges “a combination of asset management product, fund transaction product and fund procurement product” with “asset management product”.
(G) exchanges “a combination of asset management products, fund transaction products, and fund procurement products” with “funding products”.
In (h), “a combination of asset management products, fund transaction products and fund procurement products” is exchanged for “cash transaction products”.
(I) exchanges “the combination of the asset management product and the fund transaction product” with the “the combination of the asset management product and the fund transaction product”.
(J) exchanges “a combination of asset management product, fund transaction product, and fund procurement product” with “a combination of fund procurement product and a fund transaction product”.
(K) exchanges “a combination of asset management products, fund transaction products and fund procurement products” with “a combination of asset management products and fund procurement products”.

In this embodiment, the merit of the exchange transaction by combining the asset management product, the fund procurement product, and the fund transaction product is as follows.
First, the efficiency of comprehensive asset and liability management increases. In other words, by exchanging various asset management products, fund procurement products, and fund transaction products in combination, direct exchange of asset management products, cash flow exchange, cash flow exchange of fund procurement products, cash flow exchange of fund transaction products Can be combined to save various fees and other expenses associated with the restructuring of assets, liabilities and capital structure in the balance sheet, and the time required for the reorganization can be reduced, thereby reducing market risk. It becomes possible to reduce.

Next, it will be possible to determine the profit of the fruit portion through cash flow exchange of asset management products and fund raising products. In other words, if the fund trader has both the position of the asset management product and the position of the funding product, the income gain for a specific period is determined by the cash flow exchange of the asset management product and the funding product in the present invention. can do.
If the cash flow of the asset management product you have is exchanged for the cash flow of another asset management product with the same remaining period as the funding product you have, the asset management product after the outflow and exchange of the funding product In the situation where the inflow of funds is offset and the former is less than the latter, the income gain for that period can be determined.

  On the other hand, if the cash flow of the funding product you have is exchanged for the cash flow of another funding product that has the same remaining period as the asset management product you hold, the inflow of the asset management product In the situation where the fund outflow of the funded product after the exchange is offset and the former exceeds the latter, the income gain for the period can be determined.

  Exchange cash flows of existing asset management products for a certain period with cash flows of other asset management products, and cash flows of existing fund management products for the same period. Exchange, the inflow of funds for the asset management product after the exchange and the outflow of funds for the funded product after the exchange are offset, and the income gain for the relevant period is determined in the situation where the former exceeds the latter It becomes possible.

In addition, it will be possible to determine the profit of the fruit portion through cash flow exchange of valuation gains and losses. In other words, when a fund trader has multiple valuation gains / losses of asset management products or valuation gains / losses of fund transaction products, in the present invention, these positions are exchanged for positions of a plurality of swap products. The income gain can be determined.
First of all, you have the “valuation gains / losses of asset management products” you own or the “valuation gains / losses of money trading products” that you have. Exchange cash flows with valuation gains / losses of swap products with specified remaining periods to be paid. Next, the “valuation gain / loss of other asset management products” you own or the “valuation gain / loss of other fund trading products” When the cash flow is exchanged for `` valuation gains and losses of swap products that pay fixed fruits and receive variable fruits '' with the same principal amount and remaining period, the fund trader shall determine the income gain for that period in the following cases: Is possible.
(A) The case where both of the fluctuation fruits are offset and the former fixed fruits exceed the latter fixed fruits.
(B) The case where both fixed fruits are offset and the former variation fruits are less than the latter variation fruits.
(C) When the former fixed fruit exceeds the latter fixed fruit, and the former fluctuation fruit is less than the latter fluctuation fruit.
(D) The former variation fruit exceeds the latter variation fruit, but the former fixed fruit exceeds the latter variation fruit more than the difference.
(E) The former fixed fruit is lower than the latter fixed fruit, but the former fluctuation fruit is less than the latter fluctuation fruit more than the disparity.

  Also, asset management product tie-up exchange, fund-raising product tie-up exchange, fund transaction product tie-up exchange, asset management product / cash exchange product tie-up exchange, fund-raising product / cash transaction product tie-up exchange, asset management product And tie-up exchanges between funding products and asset management products, fund-raising products, and fund-transaction products, enabling simultaneous exchange transactions between three or more users.

By the way, in the present embodiment, the certainty, transparency, immediacy, economic efficiency, and efficiency of the transaction are improved by the following characteristics that are combined in the asset management product, the fund procurement product, and the fund transaction product exchange transaction.
First of all, there are already some products that can be traded 24 hours a day, both domestically and internationally, among bonds and relatives that are traded on a relative basis. Through cross-exchange alliances and mergers, cross-border and trading time barriers have gradually been realized. In accordance with the global trend, the present invention makes it possible to establish exchange transactions for asset management products, fund procurement products, and fund transaction products 24 hours a day in Japan and overseas, and various relative products and various listed products. Immediate in arbitrage transactions with

  Next, in the process up to the signing of the exchange contract, an appraisal person who does not have a conflict of interest with the exchange party is established, and the exchange party conducts a flaw investigation of the exchange completed product and an appraisal evaluation of the exchange formation price. That the value of the position held can be called fair, and that the exchanged product is not legal, ethical, economic, physical or environmental. Increases transparency.

  Also, various settlement operations and management operations that take place after traditional financial transactions and traditional quasi-financial transactions have been established are difficult to integrate because the systems that can be used differ depending on the product or transaction market due to their historical background. It is not easy to use for customers who want to trade new products. Therefore, the present invention facilitates arbitrage transactions with products handled in traditional financial and quasi-financial transactions, and confirms contracts, creates and assigns contracts, settles exchange differences, gives and receives cash, and gives and receives cash flows. In addition, it integrated settlement and management functions after the exchange was completed, such as providing tools for risk management and cash flow management, inspection of legal compliance, credit enhancement, and maintenance and collection of receivables.

  Furthermore, not only when one exchange applicant and one exchange applicant are matched, but also when one exchange applicant and a plurality of exchange applicants are matched, and a plurality of exchange applicants and a plurality of exchange applicants. There may be a case where the exchange applicant is matched. That is, by enabling simultaneous exchange transactions between three or more users, the certainty, immediacy and efficiency of the exchange increase.

  As described above, the exchange system for financial products and the like according to the present invention creates an exchange transaction market for financial products and / or quasi-financial products via a computer network, and is a customer such as an asset manager, a fundraiser, or a money trader. It is possible to match the demand for canceling the holding position with the demand for creating the holding position.

  The financial product exchange transaction system according to the present invention provides an environment in which a cancellation action and a creation action can be performed at the same time, thereby saving a fee paid by a customer to an intermediary or the like. By eliminating the time lag, market risk during that period can be minimized, and by creating a cross-trade place that transcends the over-segmented trade market, the liquidity of individual products can be improved.

  Furthermore, the exchange system for financial products and the like according to the present invention enables a new kind of arbitrage transaction and cash flow leveling, improves the efficiency of portfolio restructuring and overall asset / liability management, It can provide new methods for asset management related to stock holdings, credit provision, and selection of asset management partners.

FIG. 5 is a diagram illustrating direct exchange of asset management products according to an embodiment of the present invention. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the figure which showed one Example of the flow of the fund in the direct exchange of asset management goods, and the structure of charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the figure which showed one Example of the mechanism of the flow of the fund in the cash flow exchange of asset management goods, and a charge. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction of the asset management goods by a compromise method. It is the figure which showed one Example of the flow of the fund in the exchange transaction of the asset management goods by a compromise method, and the structure of charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset procurement goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund raising goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund raising goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund raising goods. It is the figure which showed one Example of the flow of the fund in the cash flow exchange of fund raising goods, and the structure of charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the figure which showed one Example of the mechanism of the flow of the fund in the cash flow exchange of money transaction goods, and a charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange with an asset management product and a fund transaction product. It is the figure which showed one Example of the mechanism of the flow of the fund in the cash flow exchange of an asset management product, and a fund transaction product, and a charge. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by the tying-up of asset management goods and fund transaction goods. It is the figure which showed one Example of the structure of the flow of the fund in the exchange transaction by the tying-in of the asset management product and the fund transaction product, and the billing. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by tying a fund procurement product and a fund transaction product. It is the figure which showed one Example of the mechanism of the flow of money and the charge in the exchange transaction by tying a fund procurement product and a money transaction product. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by the tying | mixing of asset management goods and fund procurement goods. It is the figure which showed one Example of the mechanism of the flow of money and the charge in the exchange transaction by tying | stocking an asset management product and a fund raising product. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by tying together asset management goods, fund procurement goods, and money transaction goods. It is the figure which showed one Example of the mechanism of the flow of money and the charge in the exchange transaction by tying together asset management goods, fund procurement goods, and money transaction goods. FIG. 6 is a diagram showing a net-based exchange transaction according to another embodiment of the present invention.

Explanation of symbols

1-10 Asset manager 11-12 Loan receivables 13-14 Stocks (asset management products)
15-16 bonds (asset management products)
17-18 Securities investment trust 19-20 Deposit claims 21-22 Time deposits (asset management products)
23-24 Loan trust 25-26 Transferable deposits (asset management products)
27-28 Public and corporate bond investment trusts 29-30 Money trusts 31-32 Private company stocks 33-34 Stock investment trusts 35-36 Project finance investment securities 37-38 Asset-backed investment securities 39-40 Corporate investment trusts 41-42 Redemption Stock 43-44 Convertible Stock 45-46 Convertible Bonds 47-48 Stock Deposits 49-50 Warrants 51-52 Preferred Bonds (Asset Management Products)
53 to 54 Subordinated loan claims 55 to 56 Subordinated shares 57 to 58 Preferred shares 59 to 60 Common stock 61 to 62 Land 63 to 64 Buildings 65 to 66 Complex real estate 67 to 68 Real estate collateral securities 69 to 70 Real estate investment trusts 71 to 72 Specified Subordinated Bonds 73-74 Special Purpose Preferred Loans 75-76 Specified Common Stock 77-78 Converted Specified Bonds 79-80 Warrant Specified Bonds 81-82 Specified Money Trusts 83-84 Non-designated Trusts 85-86 Commodity Funds 87-88 Funds Type private placement bonds 89-92 bonds (asset management products)
93 Operator of this system 94 Exhibitor (asset manager)
95 Successful bidder (asset manager)
96 Bidders 97 Exchangers 98 Appraisers 99 Advertisers 100-109 Fundraisers 110-111 Borrowings 112-113 Stocks (funding products)
114-115 bonds (fund raising products)
116-117 Commercial paper (fund raising products)
118-119 Deposit liabilities 120-121 Asset manager 122 Priority borrowings 123 Priority bonds (funding products)
124 Subordinated debt 125 Subordinated bonds 126 Medium-term bonds 127 Long-term bonds 128 Short-term bonds 129 Time deposits (funding products)
130 Transferable deposits (fund raising products)
131 Call Money 132 Long-term Debt 133-136 Debt 137 Exhibitor (Fund Raiser)
138 Successful bidder (funder)
139-158 Funds traders 159-160 Foreign exchange spot 161-162 Interest rate forwards 163-164 Real estate investment index futures 165-166 Stock index options 167-168 Commodity futures options 169-170 Interest rate swaps 171-172 Currency swaps 173-174 Interest rate currency swaps 175 to 176 Stock index swaps 177 to 178 Commodity price swaps 179 Interest rate futures 180 Foreign exchange futures 181 Bond futures options 182 Currency options 183 to 186 Swaptions 187 Exhibitors (fund traders)
188 Successful bidder (fund trader)
189 Individual Stock Options 190 Color 191 Cap 192 Call Loan Circle 1: Payment of exchange margin Circle 2: Payment of service provision fee and line usage fee Circle 3: Payment of appraisal fee Circle 4: Payment of advertising fee Circle 5: Exchange Transaction Cash Flow Round 6: Cash Flow or Position of Existing Transaction

Claims (21)

  An exchange transaction system for financial products, etc., characterized in that an exchange transaction market for financial products and / or quasi-financial products can be established via a computer network, and users can establish exchange transactions.   An exchange transaction system for financial products, etc., characterized by being able to establish an exchange transaction for the above goods for 24 hours a day domestically and internationally, across borders and / or transaction time barriers.   An exchange transaction system for financial products, etc., characterized by the function of defect inspection of exchange transaction products and / or the function of appraisal evaluation of exchange transaction value.   Exchange of contract confirmation, creation and transfer of contracts, settlement of exchange differences, transfer of physical goods, transfer of cash flows, provision of risk management and cash flow management tools, inspection of legal compliance, credit enhancement, maintenance and collection of receivables, etc. An exchange transaction system for financial products, which is a collection of settlement and management functions after establishment.   An exchange transaction system for financial products, wherein the type of exchange transaction is direct exchange of asset management products.   An exchange transaction system for financial products, etc., characterized in that the type of exchange transaction is cash flow exchange of asset management products.   An exchange transaction system for financial products, etc., characterized in that the type of exchange transaction is cash flow exchange of asset management products by valuation profit / loss.   2. A financial product exchange transaction system, wherein an asset management product can be exchanged by a compromise between the direct exchange and the cash flow exchange.   An exchange transaction system for financial products, etc., characterized in that the type of exchange transaction is cash flow exchange of a fund-raising product.   An exchange transaction system for financial products, etc., characterized in that the exchange transaction type is a cash flow exchange of any one or more fund transaction products among foreign exchange products, financial derivative products and semi-financial derivative products.   A financial product exchange transaction system characterized in that cash flow exchange between asset management products and fund transaction products is possible.   An exchange transaction system for financial products, etc. characterized in that one or more exchange transactions can be established among similar products, between different products, and between different industries.   An exchange transaction system for financial products, etc., characterized in that an exchange transaction by tying a plurality of products can be established.   An exchange transaction system for financial products, etc., characterized in that simultaneous exchange transactions between three or more users can be established.   A financial product characterized by comprehensive management of assets and liabilities through various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of fund raising products, and cash flow exchange of fund transaction products Equal exchange transaction system.   Through the direct exchange of asset management products, one or more of transactions involving business control, transactions involving stock holdings, and transactions involving treasury stock can be performed.   A trading system for exchange of financial products, etc., wherein the interest of real estate can be concentrated through the direct exchange of asset management products.   A financial product exchange transaction system, wherein the order of compensation can be changed through the direct exchange of asset management products and / or the cash flow exchange.   A transaction system for exchange of financial products, etc., wherein transactions involving credit provision can be performed through the direct exchange of asset management products and / or the cash flow exchange.   A portfolio exchange system for financial products, etc., wherein a portfolio can be exchanged through the direct exchange of asset management products and / or the cash flow exchange. A transaction system for exchange of financial products and the like, characterized in that a transaction involving selection of a management contractor can be performed through the direct exchange of asset management products and / or the cash flow exchange.

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