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- JP2006146960A5 JP2006146960A5 JP2006034922A JP2006034922A JP2006146960A5 JP 2006146960 A5 JP2006146960 A5 JP 2006146960A5 JP 2006034922 A JP2006034922 A JP 2006034922A JP 2006034922 A JP2006034922 A JP 2006034922A JP 2006146960 A5 JP2006146960 A5 JP 2006146960A5
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Description
本発明は、金融商品、準金融商品及び／又はその他の商品の交換取引市場を創設し、顧客の持高の解消需要と持高の造成需要とを相互にマッチさせるための金融商品等交換取引サーバ及び金融商品等交換取引プログラム、並びに商品交換支援方法に関する。 The present invention creates an exchange transaction market for financial products, quasi-financial products, and / or other products, and exchanges for financial products, etc. for matching customer demand for eliminating positions with demand for creating positions. The present invention relates to a server, a financial product exchange transaction program, and a product exchange support method.
貨幣経済の原理は、購入行為が売却行為から切り離されるところにあり、例えばある商品を売却した時点で購入したい商品が即座に見つからない場合、人は貨幣を保有しながら購買力を維持し、時間をかけて購入したい商品を探す行動が一般的である。従来の金融取引は、この原理を前提としているため、顧客は金融商品の持高の解消時と造成時にそれぞれ手数料を支払わなければならず、また、上下変動が激しい今日の取引市場においては、むしろ、解消行為と造成行為との間のタイムラグが市場リスクを大きくしている。 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.
ところで、土地、建物及び双方の組み合わせである複合不動産は、元来、金融商品とは性質を異にする運用商品であるが、特別目的会社や投資信託を利用した不動産の証券化の普及によって、小口化が可能な共同運用商品としての地位が確立されている。これに伴い資産運用では、不動産担保証券や不動産投資信託などの証券化商品を媒介として、前記不動産運用商品と、貸付債権や債券、株式などの金融運用商品との間に裁定取引の機会が生まれ、最早、不動産運用商品と金融運用商品とを異なった土俵で論じることの意味が薄れてきた。
また、株価指数のように市場全体の上下変動を示す指標が不動産市場でも開発され、これらの不動産投資指数を基礎数値とした派生商品取引も成長が見込まれている。
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 made small is 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.
一方、貴金属や非鉄金属、エネルギー関連、一次産品などの現物商品を基礎商品とした商品先物や商品オプション、商品先物オプション、商品価格スワップなどは、実質的に差金決済を可能とする取引の性格から、準金融商品としての地位が既に確立され、また、これら現物派生商品及び金融派生商品を投資対象とする商品ファンドも、証券投資信託などと同様のファンド型金融商品であると位置付けられている。
しかしながら、今日の取引市場は、金融商品、不動産商品及び現物派生商品で大きくセグメント化され、これらがさらに商品毎に細分化されている。このため、個々の商品の流動性が奪われて持高を解消する際の価額に歪みが生じ、顧客が不利益を被っている。
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 due to the nature of transactions that enable differential settlement. The position as a quasi-financial product has already been established, and commodity funds that invest in these cash derivative products and financial derivative products 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.
本発明の実施の形態では、１つ以上のコンピュータネットワークを介して金融商品、準金融商品及び／又はその他の商品の交換取引市場を創設し、資産運用者、資金調達者又は資金取引者等の顧客の持高の解消需要と持高の造成需要とを相互にマッチさせる金融商品等交換取引サーバ及び金融商品等交換取引プログラム、並びに商品交換支援方法を提供することを課題とする。
そして本発明の実施の形態では、解消行為と造成行為とを同時に行える環境を提供することで、顧客が仲介者等へ支払う手数料を節約でき、解消行為と造成行為との間のタイムラグを排除することで、その間の市場リスクを最小化でき、また、セグメント化され過ぎた取引市場を超越したクロス取引の場を創設することで、個々の商品の流動性を向上できる金融商品等交換取引サーバ、金融商品等交換取引プログラム及び商品交換支援方法を提供することを課題とする。
さらに本発明の実施の形態では、資産運用商品や資金調達商品、資金取引商品に関して、新種の裁定取引やキャッシュフローの平準化を可能にし、ポートフォリオの再構築や資産・負債の総合管理の効率性を上昇させ、また、事業支配や株式持合、信用供与、運用委託先の選別などに絡む資産運用の新手法を提供することを課題とする。
In an embodiment of the present invention, an exchange transaction market for financial products, quasi-financial products and / or other products is created via one or more computer networks, such as asset managers, fundraisers or money traders. It is an object of the present invention to provide a financial product exchange transaction server, a financial product exchange transaction program, and a product exchange support method that mutually match a customer's position cancellation demand and a position creation demand.
In the embodiment of the present invention, by providing an environment in which the cancellation action and the creation action can be performed at the same time, the fee paid by the customer to the mediator can be saved, and the time lag between the cancellation action and the creation action is eliminated. In the meantime, it is possible to minimize the market risk in the meantime, and by creating a cross trading place that transcends the too segmented trading market, it is possible to improve the liquidity of individual products, etc. An object is to provide a financial product exchange transaction program and a product exchange support method.
Furthermore, in the embodiment of the present invention, it is possible to level out new arbitrage transactions and cash flows for asset management products, fund procurement products, and fund transaction products, and to improve the efficiency of portfolio restructuring and comprehensive management of assets and liabilities. It is also an issue to provide a new method of asset management related to business control, stock holdings, credit provision, and selection of asset management partners.
本発明に係る金融商品等交換取引サーバは、複数の利用者の複数の利用者端末が実行する金融商品間の交換取引、準金融商品間の交換取引、及び金融商品と準金融商品との間の交換取引のうち、何れか１つ以上の交換取引を支援するための金融商品等交換取引サーバであって、該交換取引に関するデータを格納する交換商品データベース及び複数の該利用者端末と接続され、
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（３）該提供希望商品の希望提供価額及び該入手希望商品の希望入手価額より演算される、該利用者の交換差金の希望金額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）第１記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの提供希望商品Ａの希望提供価額をＸＡ、利用者Ｘの入手希望商品Ｂの希望入手価額をＸＢ、利用者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの提供希望商品Ｃの希望提供価額をＹＣ、利用者Ｙの入手希望商品Ｄの希望入手価額をＹＤ、利用者Ｙの利用者端末が指定した交換差金の希望金額をＹＤ−ＹＣ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別する第１マッチング手段と、
（ｄ）第１マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備することを特徴とする。
The exchange server for financial products and the like according to the present invention includes an exchange transaction between financial products executed by a plurality of user terminals of a plurality of users, an exchange transaction between quasi-financial products, and between a financial product and a quasi-financial product. A financial product exchange transaction server for supporting any one or more of the exchange transactions, connected to an exchange product database storing data related to the exchange transaction and the plurality of user terminals. ,
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) one or more desired acquisition products of the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(3) a desired offer price of the desired product to be offered and a desired price of the user's exchange difference calculated from the desired get price of the desired product to be obtained;
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) first storage means for storing a plurality of the exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product to be obtained in the plurality of exchange orders stored by the first storage unit on the exchange product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the product A desired to be provided by the user X is XA, the desired purchase price of the product B desired to be obtained by the user X is XB, and the desired exchange price designated by the user terminal of the user X is XA. -XB, the exchange order sent by the user terminal is the exchange order x,
(4) YC is the desired offer price of the product C desired to be provided by the user Y, YD is the desired obtainment price of the product Y desired to be obtained by the user Y, and YD is the desired exchange price designated by the user terminal of the user Y. -YC, when the exchange order sent by the user terminal is the exchange order y,
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y First matching means for determining whether or not YC is established;
(D) An exchange transaction is established between the exchange order x and the exchange order y based on the determination result of the first matching means, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. First update means for updating each of the above,
It is characterized by comprising.
本発明に係る金融商品等交換取引サーバは、複数の利用者の複数の利用者端末が実行する金融商品間の交換取引、準金融商品間の交換取引、及び金融商品と準金融商品との間の交換取引のうち、何れか１つ以上の交換取引を支援するための金融商品等交換取引サーバであって、該交換取引に関するデータを格納する交換商品データベース及び複数の該利用者端末と接続され、
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該利用者の該提供希望商品の希望提供価額と、
（３）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（４）該利用者の該入手希望商品の希望入手価額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）第１記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの利用者端末が指定した、提供希望商品Ａの希望提供価額をＸＡ、入手希望商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの利用者端末が指定した、提供希望商品Ｃの希望提供価額をＹＣ、入手希望商品Ｄの希望入手価額をＹＤ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別する第１マッチング手段と、
（ｄ）第１マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備することを特徴とする。
The exchange server for financial products and the like according to the present invention includes an exchange transaction between financial products executed by a plurality of user terminals of a plurality of users, an exchange transaction between quasi-financial products, and between a financial product and a quasi-financial product. A financial product exchange transaction server for supporting any one or more of the exchange transactions, connected to an exchange product database storing data related to the exchange transaction and the plurality of user terminals. ,
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) the desired offer price of the desired product for the user;
(3) one or more products desired to be acquired by the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(4) a desired acquisition price of the user's desired acquisition product,
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) first storage means for storing a plurality of the exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product to be obtained in the plurality of exchange orders stored by the first storage unit on the exchange product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the offer desired product A designated by the user terminal of the user X is XA, the desired get price of the obtainable product B is XB, and the exchange order sent by the user terminal is the exchange order x. ,
(4) The desired offer price of the offer desired product C designated by the user terminal of the user Y is YC, the desired get price of the obtainment desired product D is YD, and the exchange order transmitted by the user terminal is the exchange order y. If you do
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y First matching means for determining whether or not YC is established;
(D) An exchange transaction is established between the exchange order x and the exchange order y based on the determination result of the first matching means, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. First update means for updating each of the above,
It is characterized by comprising.
前記金融商品等交換取引サーバは、第１更新手段が、
前記判別結果が等式ＸＡ−ＸＢ＝ＹＤ−ＹＣの成立である場合に、交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする。
In the financial product exchange transaction server, the first update means includes:
When the determination result is that the equation XA-XB = YD-YC is established, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x is exchanged according to the contents of the established exchange transaction. The order y is updated on the exchange product database, respectively.
前記金融商品等交換取引サーバは、第１更新手段が、
前記判別結果が等式ＸＡ−ＸＢ＝ＹＤ−ＹＣの不成立である場合に、交換注文ｘと交換注文ｙとの間において、前記ＸＡ−ＸＢと前記ＹＤ−ＹＣとの中間値で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする。
In the financial product exchange transaction server, the first update means includes:
If the discrimination result is that the equation XA-XB = YD-YC is not established, an exchange transaction is established between the exchange order x and the exchange order y with an intermediate value between the XA-XB and the YD-YC. The exchange order x and the exchange order y are respectively updated in the exchange product database in accordance with the contents of the exchange transaction that has been established.
前記金融商品等交換取引サーバは、
（ａ）複数の前記利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品とを、
含む交換情報を指定して送信した交換注文を受け付ける第２受付手段と、
（ｂ）第２受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｃ）第２記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂ、利用者Ｘの利用者端末が送信した交換注文を交換注文ｘとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄ、利用者Ｙの利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するか否かを判別する第２マッチング手段と、
（ｄ）第２マッチング手段によって、提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致すると判別した場合に、交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第２更新手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(A) a plurality of the user terminals,
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) one or more desired acquisition products of the user, which are other financial products or other quasi-financial products to be exchanged for the desired product
Second accepting means for accepting an exchange order transmitted by designating exchange information including;
(B) second storage means for storing a plurality of the exchange orders received by the second reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of exchange orders stored by the second storage means on the exchange product database as matching targets,
(1) One or more products desired to be provided by user X are provided products A, one or more products desired to be obtained are requested products B, and the exchange order transmitted by the user terminal of user X is designated as exchange order x. ,
(2) One or more desired products to be provided by user Y, desired product C, one or more desired products to be obtained, desired replacement product D, and a replacement order transmitted by user Y's user terminal as replacement order y If you want to
A second matching means for determining whether or not the desired product A and the desired product D match and the desired product B and the desired product C match;
(D) When it is determined by the second matching means that the desired product A and the desired product D match and the desired product B and the desired product C match, the exchange order x and the exchange order y A second update means for establishing an exchange transaction between the exchange product x and updating the exchange order x and exchange order y on the exchange product database in accordance with the contents of the established exchange transaction,
Furthermore, it is characterized by comprising.
本発明に係る金融商品等交換取引サーバは、出品者と入札者とを含む利用者の複数の利用者端末が実行する金融商品間の交換取引、準金融商品間の交換取引、及び金融商品と準金融商品との間の交換取引のうち、何れか１つ以上の交換取引を支援するための金融商品等交換取引サーバであって、該交換取引に関するデータを格納する交換商品データベース及び複数の該利用者端末と接続され、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する第１開示手段と、
（ｄ）第１開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの出品商品Ａの希望提供価額をＸＡ、出品者Ｘの入札商品Ｂの希望入手価額をＸＢ、出品者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別する第１マッチング手段と、
（ｇ）第１マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備することを特徴とする。
A financial product exchange transaction server according to the present invention includes exchange transactions between financial products, exchange transactions between quasi-financial products, and financial products executed by a plurality of user terminals of users including exhibitors and bidders. A financial product exchange transaction server for supporting any one or more exchange transactions with a quasi-financial product, the exchange product database storing data related to the exchange transaction, and a plurality of the exchange products Connected to the user terminal,
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) The desired amount of the exchange difference of the seller calculated from the desired offer price of the exhibited product and the desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) first disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed by the first disclosure means, the user terminal of the bidder who has decided to participate in bidding is targeted for the seller exchange order. ,
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) XA is the desired offer price of the seller A's product A, XB is the desired acquisition price of the seller B's bid product B, and XA-XB is the desired exchange difference specified by the user terminal of the seller X , The seller exchange order transmitted by the user terminal is set as a seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the bidder Y's bid item B is YB, and the desired exchange rate specified by the user terminal of the bidder Y is YA-YB. , When the bidder exchange order sent by the user terminal is the bidder exchange order y,
A first matching means for determining whether the equation XA-XB = YA-YB is established between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the first matching means, and the seller exchange order x and the bidder exchange are performed according to the contents of the established exchange transaction. First update means for respectively updating the order y on the exchange product database;
It is characterized by comprising.
本発明に係る金融商品等交換取引サーバは、出品者と入札者とを含む利用者の複数の利用者端末が実行する金融商品間の交換取引、準金融商品間の交換取引、及び金融商品と準金融商品との間の交換取引のうち、何れか１つ以上の交換取引を支援するための金融商品等交換取引サーバであって、該交換取引に関するデータを格納する交換商品データベース及び複数の該利用者端末と接続され、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品者の該出品商品の希望提供価額と、
（３）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（４）該出品者の該入札商品の希望入手価額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する第１開示手段と、
（ｄ）第１開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とを、
含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が指定した、出品商品Ａの希望提供価額をＸＡ、入札商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの利用者端末が指定した、出品商品Ａの希望入手価額をＹＡ、入札商品Ｂの希望提供価額をＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別する第１マッチング手段と、
（ｇ）第１マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備することを特徴とする。
A financial product exchange transaction server according to the present invention includes exchange transactions between financial products, exchange transactions between quasi-financial products, and financial products executed by a plurality of user terminals of users including exhibitors and bidders. A financial product exchange transaction server for supporting any one or more exchange transactions with a quasi-financial product, the exchange product database storing data related to the exchange transaction, and a plurality of the exchange products Connected to the user terminal,
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) the desired offer price of the seller's listed product;
(3) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(4) The desired acquisition price of the seller's bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) first disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed by the first disclosure means, the user terminal of the bidder who has decided to participate in bidding is targeted for the seller exchange order. ,
(1) the bidder's desired purchase price of the listed product;
(2) The desired offer price of the bid product of the bidder,
A second accepting means for accepting a bidder exchange order transmitted by specifying the order content to be included;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) The desired offer price of the exhibition product A specified by the user terminal of the seller X is XA, the desired acquisition price of the bid product B is XB, and the seller exchange order sent by the user terminal is the seller exchange order. x,
(3) The bidder exchange order is the bidder exchange order sent by the user terminal, designated by the user terminal of the bidder Y, as the desired acquisition price of the exhibition product A as YA, the desired offer price of the bid product B as YB. y
A first matching means for determining whether the equation XA-XB = YA-YB is established between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the first matching means, and the seller exchange order x and the bidder exchange are performed according to the contents of the established exchange transaction. First update means for respectively updating the order y on the exchange product database;
It is characterized by comprising.
前記金融商品等交換取引サーバは、第１更新手段が、
前記判別結果が等式ＸＡ−ＸＢ＝ＹＡ−ＹＢの成立である場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする。
In the financial product exchange transaction server, the first update means includes:
When the determination result is that the equation XA-XB = YA-YB is established, an exchange transaction is established between the seller exchange order x and the bidder exchange order y, and an exhibition is made according to the contents of the established exchange transaction. The buyer exchange order x and the bidder exchange order y are updated on the exchange product database, respectively.
前記金融商品等交換取引サーバは、第１更新手段が、
前記判別結果が等式ＸＡ−ＸＢ＝ＹＡ−ＹＢの不成立である場合に、出品者交換注文ｘと入札者交換注文ｙとの間において、前記ＸＡ−ＸＢと前記ＹＡ−ＹＢとの中間値で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする。
In the financial product exchange transaction server, the first update means includes:
When the determination result is that the equation XA−XB = YA−YB is not established, the intermediate value between the XA−XB and the YA−YB between the seller exchange order x and the bidder exchange order y. An exchange transaction is established, and an exhibitor exchange order x and a bidder exchange order y are respectively updated on the exchange product database in accordance with the contents of the established exchange transaction.
前記金融商品等交換取引サーバは、
（ａ）前記交換取引を希望する出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第３受付手段と、
（ｂ）第３受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第３記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する第２開示手段と、
（ｄ）第２開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、
（１）前記１つ以上の出品商品が自分の入手希望商品であることと、
（２）前記１つ以上の入札商品が自分の提供希望商品であることとを、
確認して入札への参加を決意した入札者の利用者端末が送信した入札者交換注文を受け付ける第４受付手段と、
（ｅ）第４受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第４記憶手段と、
（ｆ）第３記憶手段によって格納した前記出品者交換注文と第４記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせる第２マッチング手段と、
（ｇ）第２マッチング手段によって突き合わせた該出品者交換注文と該入札者交換注文との間で交換取引を成立させ、成立した該交換取引の内容に従い該出品者交換注文と該入札者交換注文とを前記交換商品データベース上でそれぞれ更新する第２更新手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(A) A user terminal of an exhibitor who desires the exchange transaction
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) One or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products,
A third accepting means for accepting the seller exchange order transmitted by specifying the order content including;
(B) third storage means for storing the seller exchange order received by the third receiving means in the exchange product database;
(C) a second disclosing means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose second exchange means disclosed the seller exchange order,
(1) that the one or more listed items are items that the customer wants to obtain;
(2) that the one or more bid products are desired products to be provided;
A fourth accepting means for accepting a bidder replacement order sent by the user terminal of the bidder who has confirmed and decided to participate in the bidding;
(E) fourth storage means for storing the bidder exchange order received by the fourth reception means in the exchange product database;
(F) second matching means for matching the seller exchange order stored by the third storage means with the bidder exchange order stored by the fourth storage means on the exchange product database as a matching target;
(G) An exchange transaction is established between the seller exchange order matched by the second matching means and the bidder exchange order, and the seller exchange order and the bidder exchange order are determined according to the content of the established exchange transaction. And a second updating means for updating each on the exchange product database,
Furthermore, it is characterized by comprising.
本発明に係る金融商品等交換取引サーバは、出品者と入札者とを含む利用者の複数の利用者端末が実行する金融商品間の交換取引、準金融商品間の交換取引、及び金融商品と準金融商品との間の交換取引のうち、何れか１つ以上の交換取引を支援するための金融商品等交換取引サーバであって、該交換取引に関するデータを格納する交換商品データベース及び複数の該利用者端末と接続され、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額レンジとを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙ及び入札者Ｚの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとし、
（４）入札者Ｚの出品商品Ａの希望入手価額をＺＡ、入札者Ｚの入札商品Ｂの希望提供価額をＺＢ、入札者Ｚの利用者端末が指定した交換差金の希望金額をＺＡ−ＺＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｚとし、
（５）前記ＹＡ−ＹＢ及び前記ＺＡ−ＺＢが、出品者Ｘの利用者端末が指定した交換差金の希望金額レンジにあるとする場合に、
出品者交換注文ｘと入札者交換注文ｙと入札者交換注文ｚとの間で、該ＹＡ−ＹＢ及び該ＺＡ−ＺＢのうち、どちらが出品者Ｘ寄りであるかを判別するマッチング手段と、
（ｇ）前記マッチング手段によって、該ＹＡ−ＹＢが該ＺＡ−ＺＢより出品者Ｘ寄りであると判別した場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備することを特徴とする。
A financial product exchange transaction server according to the present invention includes exchange transactions between financial products, exchange transactions between quasi-financial products, and financial products executed by a plurality of user terminals of users including exhibitors and bidders. A financial product exchange transaction server for supporting any one or more exchange transactions with a quasi-financial product, the exchange product database storing data related to the exchange transaction, and a plurality of the exchange products Connected to the user terminal,
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) a desired price range of the seller's exchange difference calculated from a desired offer price of the exhibited product and a desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more exhibition items of the seller X are the exhibition product A, one or more bid products of the bidder Y and the bidder Z are bid products B,
(2) The seller exchange order sent by the user terminal of seller X is the seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the tenderer's bid item B is YB, and the desired exchange amount specified by the user terminal of the bidder Y is YA-YB. , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order y,
(4) ZA-ZB is the desired amount of exchange margin specified by the user terminal of the bidder Z, ZA is the desired acquisition price of the exhibited product A of the bidder Z, ZB is the desired offer price of the bid product B of the bidder Z , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order z,
(5) In the case where the YA-YB and the ZA-ZB are within the desired amount range of the exchange difference designated by the user terminal of the seller X,
A matching means for discriminating which one of the YA-YB and the ZA-ZB is closer to the seller X among the seller exchange order x, the bidder exchange order y, and the bidder exchange order z;
(G) When the matching means determines that YA-YB is closer to the seller X than the ZA-ZB, an exchange transaction is established between the seller exchange order x and the bidder exchange order y. First update means for respectively updating the seller exchange order x and the bidder exchange order y on the exchange product database according to the contents of the exchange transaction established.
It is characterized by comprising.
前記金融商品等交換取引サーバは、前記交換取引が相対交換取引である場合に、
（ａ）該相対交換取引を希望する相対取引希望者の利用者端末が送信した前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を受け付ける第５受付手段と、
（ｂ）第５受付手段によって受け付けた該相対交換取引要求を、該相対交換取引要求において特定されている相対取引候補者の利用者端末へ送信する第１送信手段と、
（ｃ）該相対取引希望者の利用者端末と該相対取引候補者の利用者端末との間で前記相対交換取引が成立した場合に該相対取引希望者の利用者端末又は該相対取引候補者の利用者端末より通知された該相対交換取引の成立情報を受信する第１受信手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server, when the exchange transaction is a relative exchange transaction,
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or the financial product and the quasi-finance transmitted by the user terminal of the relative transaction applicant who desires the relative exchange transaction Fifth accepting means for accepting a relative exchange transaction request with the product;
(B) first transmission means for transmitting the relative exchange transaction request received by the fifth accepting means to the user terminal of the relative transaction candidate specified in the relative exchange transaction request;
(C) When the relative exchange transaction is established between the user terminal of the relative transaction candidate and the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate or the relative transaction candidate First receiving means for receiving the establishment information of the relative exchange transaction notified from the user terminal of
Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバは、
（Ｉ）電子契約書の原型となる電子マスター契約書並びに、前記利用者及びシステム運営者の契約情報を格納する契約管理データベースと接続され、
（ＩＩ）該電子マスター契約書は、
（１）電子書式と、
（２）前記金融商品間の交換契約、前記準金融商品間の交換契約、又は前記金融商品と前記準金融商品との間の交換契約において一般的である一般項目及び一般条件が記述された入力データと、
（３）該交換契約において個別に異なる追加項目及び追加条件を入力し、該交換契約における複数の契約当事者の利用者端末が電子署名を付与するための空白領域とを備え、
前記交換取引が成立した一方の交換成立者を契約当事者Ａ、契約当事者Ａの契約相手を前記システム運営者、契約当事者Ａと該システム運営者との間の電子契約書を電子契約書Ａとし、契約当事者Ａの交換相手である他方の交換成立者を契約当事者Ｂ、契約当事者Ｂの契約相手を該システム運営者、契約当事者Ｂと該システム運営者との間の電子契約書を電子契約書Ｂとした場合、
（ａ）該交換取引における追加項目及び追加条件を、前記電子マスター契約書を原型とした電子契約書Ａの空白領域へ書き込む第１記録手段と、
（ｂ）該交換取引における追加項目及び追加条件を、前記電子マスター契約書を原型とした電子契約書Ｂの空白領域へ書き込む第２記録手段と、
（ｃ）第１記録手段によって前記追加項目及び前記追加条件が書き込まれた前記空白領域に該システム運営者の電子署名が付与された電子契約書Ａを、契約当事者Ａの利用者端末へ送信する第２送信手段と、
（ｄ）第２記録手段によって前記追加項目及び前記追加条件が書き込まれた前記空白領域に該システム運営者の電子署名が付与された電子契約書Ｂを、契約当事者Ｂの利用者端末へ送信する第３送信手段と、
（ｅ）第２送信手段によって送信された電子契約書Ａを受信した契約当事者Ａの利用者端末が、前記空白領域に電子署名を付与した後に返信した電子契約書Ａを受信する第２受信手段と、
（ｆ）第３送信手段によって送信された電子契約書Ｂを受信した契約当事者Ｂの利用者端末が、前記空白領域に電子署名を付与した後に返信した電子契約書Ｂを受信する第３受信手段と、
（ｇ）第２受信手段によって受信した電子契約書Ａを、前記契約管理データベースへ格納する第５記憶手段と、
（ｈ）第３受信手段によって受信した電子契約書Ｂを、前記契約管理データベースへ格納する第６記憶手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(I) connected to an electronic master contract as a prototype of the electronic contract and a contract management database storing contract information of the user and the system operator;
(II) The electronic master contract is
(1) electronic format;
(2) Inputs describing general items and general conditions that are common in the exchange contract between the financial products, the exchange contract between the quasi-financial products, or the exchange contract between the financial product and the quasi-financial products Data and
(3) a blank area for individually inputting additional items and additional conditions in the exchange contract, and for user terminals of a plurality of contract parties in the exchange contract to give electronic signatures;
One exchange establishment party in which the exchange transaction has been established is contract party A, the contract partner of contract party A is the system operator, and the electronic contract between contract party A and the system operator is electronic contract A, The other party that is the exchange partner of the contract party A is the contract party B, the contract party of the contract party B is the system operator, and the electronic contract between the contract party B and the system operator is the electronic contract B If
(A) first recording means for writing additional items and additional conditions in the exchange transaction into a blank area of the electronic contract A based on the electronic master contract;
(B) a second recording means for writing additional items and additional conditions in the exchange transaction into a blank area of the electronic contract B using the electronic master contract as a prototype;
(C) The electronic contract A in which the electronic signature of the system operator is added to the blank area where the additional item and the additional condition are written by the first recording unit is transmitted to the user terminal of the contracting party A A second transmission means;
(D) The electronic contract B in which the electronic signature of the system operator is added to the blank area in which the additional item and the additional condition are written by the second recording unit is transmitted to the user terminal of the contracting party B Third transmission means;
(E) Second receiving means for receiving the electronic contract A sent back after the user terminal of the contracting party A who has received the electronic contract A transmitted by the second transmitting means assigns an electronic signature to the blank area. When,
(F) Third receiving means for receiving the electronic contract B returned by the user terminal of the contracting party B who has received the electronic contract B transmitted by the third transmitting means after giving an electronic signature to the blank area. When,
(G) fifth storage means for storing the electronic contract document A received by the second receiving means in the contract management database;
(H) sixth storage means for storing the electronic contract document B received by the third receiving means in the contract management database;
Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバは、
（Ｉ）電子契約書の原型となる電子マスター契約書及び前記利用者の契約情報を格納する契約管理データベースと接続され、
（ＩＩ）該電子マスター契約書は、
（１）電子書式と、
（２）前記金融商品間の交換契約、前記準金融商品間の交換契約、又は前記金融商品と前記準金融商品との間の交換契約において一般的である一般項目及び一般条件が記述された入力データと、
（３）該交換契約において個別に異なる追加項目及び追加条件を入力し、該交換契約における双方の契約当事者の利用者端末が電子署名を付与するための空白領域とを備え、
前記交換取引が成立した一方の交換成立者を契約当事者Ａ、契約当事者Ａの交換相手である他方の交換成立者を契約当事者Ｂとした場合、
（ａ）該交換取引における追加項目及び追加条件を、前記電子マスター契約書を原型とした、契約当事者Ａと契約当事者Ｂとの間の電子契約書の空白領域へ書き込む記録手段と、
（ｂ）前記記録手段によって該空白領域に該追加項目及び該追加条件が書き込まれた該電子契約書を、契約当事者Ａの利用者端末へ送信する第２送信手段と、
（ｃ）第２送信手段によって送信された該電子契約書を受信した契約当事者Ａの利用者端末が、前記空白領域に電子署名を付与した後に返信した該電子契約書を受信する第２受信手段と、
（ｄ）第２受信手段によって受信した該電子契約書を、契約当事者Ｂの利用者端末へ送信する第３送信手段と、
（ｅ）第３送信手段によって送信された該電子契約書を受信した契約当事者Ｂの利用者端末が、前記空白領域に電子署名を付与した後に返信した該電子契約書を受信する第３受信手段と、
（ｆ）第３受信手段によって受信した該電子契約書を、前記契約管理データベースへ格納する第５記憶手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(I) connected to a contract management database that stores an electronic master contract as a prototype of the electronic contract and contract information of the user;
(II) The electronic master contract is
(1) electronic format;
(2) Inputs describing general items and general conditions that are common in the exchange contract between the financial products, the exchange contract between the quasi-financial products, or the exchange contract between the financial product and the quasi-financial products Data and
(3) A different area and an additional condition are individually input in the exchange contract, and user terminals of both contract parties in the exchange contract have a blank area for giving an electronic signature,
When one exchange establishment party in which the exchange transaction is established is contract party A, and the other exchange establishment party that is the exchange partner of contract party A is contract party B,
(A) a recording means for writing additional items and additional conditions in the exchange transaction in a blank area of the electronic contract between the contracting party A and the contracting party B based on the electronic master contract;
(B) second transmission means for transmitting the electronic contract written with the additional items and the additional conditions in the blank area to the user terminal of the contracting party A by the recording means;
(C) Second receiving means for receiving the electronic contract returned by the user terminal of the contracting party A who has received the electronic contract transmitted by the second transmitting means, after giving an electronic signature to the blank area. When,
(D) third transmitting means for transmitting the electronic contract received by the second receiving means to the user terminal of the contracting party B;
(E) Third receiving means for receiving the electronic contract returned by the user terminal of the contracting party B who has received the electronic contract transmitted by the third transmitting means after giving an electronic signature to the blank area. When,
(F) fifth storage means for storing the electronic contract received by the third receiving means in the contract management database;
Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバは、
（Ｉ）前記利用者及びシステム運営者の資金口座番号、資金口座残高を含む資金決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引におけるキャッシュフローの決済予定情報が格納されており、
（ａ）該キャッシュフローの決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該キャッシュフローの決済予定情報を、該キャッシュフローの支払人の利用者端末及び該キャッシュフローの受取人の利用者端末へ通知する通知手段と、
（ｃ）前記キャッシュフローの決済予定情報に基づいて、前記支払人の資金口座から前記システム運営者の資金口座への該キャッシュフローの移転及び、該システム運営者の資金口座から前記受取人の資金口座への該キャッシュフローの移転を実行し、少なくとも該支払人の資金口座番号の資金口座残高及び該受取人の資金口座番号の資金口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(I) connected to a settlement management database for storing fund settlement information including fund account numbers and fund account balances of the user and system operator;
(II) Cash exchange settlement schedule information in the exchange transaction that has been established is stored in the exchange product database,
(A) a recognition means for reading settlement schedule information of the cash flow;
(B) notification means for notifying the payment schedule information of the cash flow read out by the recognition means to a user terminal of the payer of the cash flow and a user terminal of the recipient of the cash flow;
(C) Based on the cash flow settlement schedule information, the transfer of the cash flow from the payer's fund account to the system operator's fund account, and the recipient's fund from the system operator's fund account. A third update that executes the transfer of the cash flow to an account and updates at least the fund account balance of the payer's fund account number and the fund account balance of the payer's fund account number on the settlement management database, respectively; Means,
Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバは、
（Ｉ）前記利用者の資金口座番号、資金口座残高を含む資金決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引におけるキャッシュフローの決済予定情報が格納されており、
（ａ）該キャッシュフローの決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該キャッシュフローの決済予定情報を、該キャッシュフローの支払人の利用者端末及び該キャッシュフローの受取人の利用者端末へ通知する通知手段と、
（ｃ）前記キャッシュフローの決済予定情報に基づいて、前記支払人の資金口座から前記受取人の資金口座への該キャッシュフローの移転を実行し、該支払人の資金口座番号の資金口座残高及び該受取人の資金口座番号の資金口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(I) connected to a payment management database that stores fund payment information including the fund account number of the user and the fund account balance;
(II) Cash exchange settlement schedule information in the exchange transaction that has been established is stored in the exchange product database,
(A) a recognition means for reading settlement schedule information of the cash flow;
(B) notification means for notifying the payment schedule information of the cash flow read out by the recognition means to a user terminal of the payer of the cash flow and a user terminal of the recipient of the cash flow;
(C) performing the transfer of the cash flow from the payer's fund account to the payee's fund account based on the cash flow settlement schedule information, the fund account balance of the payer's fund account number, and A third updating means for updating the fund account balance of the recipient's fund account number on the settlement management database, respectively.
Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバは、
（Ｉ）前記利用者及びシステム運営者の証券口座番号、証券口座残高を含む証券決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引の対象商品である有価証券の決済予定情報が格納されており、
（ａ）該有価証券の決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該有価証券の決済予定情報を、該有価証券の譲渡人の利用者端末及び該有価証券の譲受人の利用者端末へ通知する通知手段と、
（ｃ）前記有価証券の決済予定情報に基づいて、前記譲渡人の証券口座から前記システム運営者の証券口座への該有価証券の移転及び、該システム運営者の証券口座から前記譲受人の証券口座への該有価証券の移転を実行し、少なくとも該譲渡人の証券口座番号の証券口座残高及び該譲受人の証券口座番号の証券口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(I) connected to a settlement management database that stores securities settlement information including the securities account numbers and securities account balances of the user and the system operator;
(II) The exchange product database stores settlement schedule information of securities that are the target products of the exchange transaction that has been established,
(A) recognition means for reading settlement schedule information of the securities;
(B) notification means for notifying the settlement schedule information of the securities read by the recognition means to a user terminal of the transferee of the securities and a user terminal of the transferee of the securities;
(C) Transfer of the securities from the transferor's securities account to the system operator's securities account based on the settlement schedule information of the securities, and the transferee's securities from the system operator's securities account. A third update for executing transfer of the securities to an account and updating at least the securities account balance of the transferor's securities account number and the securities account balance of the transferee's securities account number on the settlement management database, respectively. Means,
Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバは、
（Ｉ）前記利用者の証券口座番号、証券口座残高を含む証券決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引の対象商品である有価証券の決済予定情報が格納されており、
（ａ）該有価証券の決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該有価証券の決済予定情報を、該有価証券の譲渡人の利用者端末及び該有価証券の譲受人の利用者端末へ通知する通知手段と、
（ｃ）前記有価証券の決済予定情報に基づいて、前記譲渡人の証券口座から前記譲受人の証券口座への該有価証券の移転を実行し、該譲渡人の証券口座番号の証券口座残高及び該譲受人の証券口座番号の証券口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする。
The financial product exchange transaction server,
(I) connected to a settlement management database for storing securities settlement information including the user's securities account number and securities account balance;
(II) The exchange product database stores settlement schedule information of securities that are the target products of the exchange transaction that has been established,
(A) recognition means for reading settlement schedule information of the securities;
(B) notification means for notifying the settlement schedule information of the securities read by the recognition means to a user terminal of the transferee of the securities and a user terminal of the transferee of the securities;
(C) performing transfer of the securities from the transferor's securities account to the transferee's securities account based on the settlement schedule information of the securities, and the securities account balance of the transferor's securities account number; A third updating means for updating the securities account balance of the transferee's securities account number on the settlement management database;
Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバは、The financial product exchange transaction server,
（Ｉ）前記利用者の証券口座番号、証券口座残高を含む証券決済情報を格納する決済管理データベースと接続され、(I) connected to a settlement management database for storing securities settlement information including the user's securities account number and securities account balance;
（ＩＩ）前記交換商品データベースに、成立した前記交換取引の対象商品である有価証券の決済予定情報が格納されており、(II) The exchange product database stores settlement schedule information of securities that are the target products of the exchange transaction that has been established,
（１）該交換取引が成立した一方の交換成立者を交換当事者Ａとし、(1) One exchange establishment party in which the exchange transaction is established is designated as exchange party A,
（２）交換当事者Ａの交換相手である他方の交換成立者を交換当事者Ｂとし、(2) The other exchange establishment party that is the exchange partner of exchange party A is exchange party B,
（３）交換当事者Ａから交換当事者Ｂへ移転する有価証券を有価証券ｘとし、(3) The securities transferred from the exchange party A to the exchange party B are securities x,
（４）交換当事者Ｂから交換当事者Ａへ移転する有価証券を有価証券ｙとする場合、(4) When the securities transferred from the exchange party B to the exchange party A are securities y,
（ａ）有価証券ｘ及び有価証券ｙの決済予定情報を読み出す認識手段と、(A) recognition means for reading settlement schedule information of securities x and securities y;
（ｂ）前記認識手段によって読み出した該決済予定情報を、交換当事者Ａの利用者端末及び交換当事者Ｂの利用者端末へ通知する通知手段と、(B) notification means for notifying the settlement schedule information read out by the recognition means to the user terminal of the exchange party A and the user terminal of the exchange party B;
（ｃ）該決済予定情報に基づいて、交換当事者Ａの証券口座から交換当事者Ｂの証券口座への有価証券ｘの移転、及び交換当事者Ｂの証券口座から交換当事者Ａの証券口座への有価証券ｙの移転を実行し、交換当事者Ａの証券口座番号の証券口座残高及び交換当事者Ｂの証券口座番号の証券口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、(C) Based on the settlement schedule information, transfer of the securities x from the securities account of the exchange party A to the securities account of the exchange party B, and securities from the securities account of the exchange party B to the securities account of the exchange party A a third updating means for performing transfer of y and updating the securities account balance of the securities account number of the exchange party A and the securities account balance of the securities account number of the exchange party B on the settlement management database, respectively.
更に具備することを特徴とする。Furthermore, it is characterized by comprising.
前記金融商品等交換取引サーバによる交換取引は、資産運用商品の直接交換であることを特徴とする。 The exchange transaction by the financial product exchange transaction server is a direct exchange of asset management products.
前記金融商品等交換取引サーバによる交換取引は、資産運用商品のキャッシュフロー交換であることを特徴とする。 The exchange transaction by the financial product exchange transaction server is a cash flow exchange of asset management products.
前記金融商品等交換取引サーバによる交換取引は、評価益又は評価損による資産運用商品のキャッシュフロー交換であることを特徴とする。 The exchange transaction by the financial product exchange server is a cash flow exchange of asset management products due to valuation gain or loss.
前記金融商品等交換取引サーバによる交換取引は、前記直接交換と前記キャッシュフロー交換との折衷方式による資産運用商品の交換であることを特徴とする。 The exchange transaction by the financial product exchange transaction server is an exchange of asset management products by a compromise method of the direct exchange and the cash flow exchange.
前記金融商品等交換取引サーバによる交換取引は、資金調達商品のキャッシュフロー交換であることを特徴とする。 The exchange transaction by the financial product exchange server is a cash flow exchange of a fund raising product.
前記金融商品等交換取引サーバによる交換取引は、資金取引商品のキャッシュフロー交換であることを特徴とする。 The exchange transaction by the financial product exchange transaction server is a cash flow exchange of a fund transaction product.
前記金融商品等交換取引サーバによる交換取引は、資産運用商品と資金取引商品とのキャッシュフロー交換であることを特徴とする。 The exchange transaction by the financial product exchange server is a cash flow exchange between an asset management product and a fund transaction product.
前記金融商品等交換取引サーバによる交換取引の対象商品は、貸付債権、債券、コマーシャル・ペーパー、預金債権、株式、出資証券、預託証書及び受益証券のうち、何れか１つ以上の金融運用商品であることを特徴とする。 The products subject to the exchange transaction by the exchange server for financial products, etc. are any one or more financial management products among loan receivables, bonds, commercial paper, deposit receivables, stocks, investment securities, deposit documents and beneficiary certificates. It is characterized by being.
前記金融商品等交換取引サーバによる交換取引の対象商品は、土地、建物、複合不動産、区分所有建物、不動産担保証券及び不動産投資信託のうち、何れか１つ以上の不動産運用商品であることを特徴とする。 The product subject to the exchange transaction by the financial product exchange transaction server is one or more real estate management products of land, building, complex real estate, sectioned property building, real estate-backed securities, and real estate investment trust. And
前記金融商品等交換取引サーバによる交換取引の対象商品は、借入債務、債券、コマーシャル・ペーパー、預金債務、株式及び出資証券のうち、何れか１つ以上の資金調達商品であることを特徴とする。 The product subject to the exchange transaction by the exchange server for financial products, etc. is any one or more funding products of borrowings, bonds, commercial paper, deposit obligations, stocks and investment securities .
前記金融商品等交換取引サーバによる交換取引の対象商品は、外国為替商品、金利派生商品、株式派生商品、不動産派生商品、現物派生商品、複合派生商品、先渡商品、先物商品、オプション商品及びスワップ商品のうち、何れか１つ以上の資金取引商品であることを特徴とする。 Products subject to exchange transactions by the exchange server for financial products, etc. are foreign exchange products, interest rate derivatives, stock derivatives, real estate derivatives, physical derivatives, composite derivatives, forward products, futures products, option products and swaps. Among the products, any one or more fund transaction products are characterized.
前記金融商品等交換取引サーバは、前記交換商品データベースが１つ以上のデータベースを備えたことを特徴とする。The financial product exchange transaction server is characterized in that the exchange product database includes one or more databases.
前記金融商品等交換取引サーバは、前記契約管理データベースが１つ以上のデータベースを備えたことを特徴とする。In the financial product exchange transaction server, the contract management database includes one or more databases.
前記金融商品等交換取引サーバは、前記決済管理データベースが１つ以上のデータベースを備えたことを特徴とする。In the financial product exchange transaction server, the payment management database includes one or more databases.
前記金融商品等交換取引サーバは、（ａ）１台以上のコンピュータを備え、（ｂ）前記各手段が、該１台以上のコンピュータの何れかに備えられたことを特徴とする。The financial product exchange transaction server is characterized in that (a) one or more computers are provided, and (b) each means is provided in any one of the one or more computers.
本発明に係る金融商品等交換取引プログラムは、１台以上のコンピュータ、交換商品データベース及び、複数の利用者の複数の利用者端末を接続して、金融商品間の交換取引市場、準金融商品間の交換取引市場、及び金融商品と準金融商品との間の交換取引市場のうち、何れか１つ以上の交換取引市場を創設し、複数の該利用者端末が交換取引を成立させることができる金融商品等交換取引プログラムであって、該コンピュータを、
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（３）該提供希望商品の希望提供価額及び該入手希望商品の希望入手価額より演算される、該利用者の交換差金の希望金額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶手段と、
（ｃ）前記記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの提供希望商品Ａの希望提供価額をＸＡ、利用者Ｘの入手希望商品Ｂの希望入手価額をＸＢ、利用者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの提供希望商品Ｃの希望提供価額をＹＣ、利用者Ｙの入手希望商品Ｄの希望入手価額をＹＤ、利用者Ｙの利用者端末が指定した交換差金の希望金額をＹＤ−ＹＣ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチング手段と、
（ｄ）前記マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させることを特徴とする。
The exchange program for financial products, etc. according to the present invention connects one or more computers, an exchange product database, and a plurality of user terminals of a plurality of users to exchange transaction markets between financial products, between quasi-financial products. Any one or more of the exchange transaction market and the exchange transaction market between the financial product and the quasi-financial product can be created, and a plurality of user terminals can establish the exchange transaction. A financial product exchange transaction program comprising:
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) one or more desired acquisition products of the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(3) a desired offer price of the desired product to be offered and a desired price of the user's exchange difference calculated from the desired get price of the desired product to be obtained;
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) storage means for storing a plurality of exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of replacement orders stored by the storage means on the replacement product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the product A desired to be provided by the user X is XA, the desired purchase price of the product B desired to be obtained by the user X is XB, and the desired exchange price designated by the user terminal of the user X is XA. -XB, the exchange order sent by the user terminal is the exchange order x,
(4) YC is the desired offer price of the product C desired to be provided by the user Y, YD is the desired obtainment price of the product Y desired to be obtained by the user Y, and YD is the desired exchange price designated by the user terminal of the user Y. -YC, when the exchange order sent by the user terminal is the exchange order y,
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y Matching means for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching means, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. As an update means to update each in
It is made to function.
本発明に係る金融商品等交換取引プログラムは、１台以上のコンピュータ、交換商品データベース及び、複数の利用者の複数の利用者端末を接続して、金融商品間の交換取引市場、準金融商品間の交換取引市場、及び金融商品と準金融商品との間の交換取引市場のうち、何れか１つ以上の交換取引市場を創設し、複数の該利用者端末が交換取引を成立させることができる金融商品等交換取引プログラムであって、該コンピュータを、
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該利用者の該提供希望商品の希望提供価額と、
（３）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（４）該利用者の該入手希望商品の希望入手価額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶手段と、
（ｃ）前記記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの利用者端末が指定した、提供希望商品Ａの希望提供価額をＸＡ、入手希望商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの利用者端末が指定した、提供希望商品Ｃの希望提供価額をＹＣ、入手希望商品Ｄの希望入手価額をＹＤ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチング手段と、
（ｄ）前記マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させることを特徴とする。
The exchange program for financial products, etc. according to the present invention connects one or more computers, an exchange product database, and a plurality of user terminals of a plurality of users to exchange transaction markets between financial products, between quasi-financial products. Any one or more of the exchange transaction market and the exchange transaction market between the financial product and the quasi-financial product can be created, and a plurality of user terminals can establish the exchange transaction. A financial product exchange transaction program comprising:
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) the desired offer price of the desired product for the user;
(3) one or more products desired to be acquired by the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(4) a desired acquisition price of the user's desired acquisition product,
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) storage means for storing a plurality of exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of replacement orders stored by the storage means on the replacement product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the offer desired product A designated by the user terminal of the user X is XA, the desired get price of the obtainable product B is XB, and the exchange order sent by the user terminal is the exchange order x. ,
(4) The desired offer price of the offer desired product C designated by the user terminal of the user Y is YC, the desired get price of the obtainment desired product D is YD, and the exchange order transmitted by the user terminal is the exchange order y. If you do
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y Matching means for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching means, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. As an update means to update each in
It is made to function.
本発明に係る金融商品等交換取引プログラムは、１台以上のコンピュータ、交換商品データベース及び、出品者と入札者とを含む利用者の複数の利用者端末を接続して、金融商品間の交換取引市場、準金融商品間の交換取引市場、及び金融商品と準金融商品との間の交換取引市場のうち、何れか１つ以上の交換取引市場を創設し、複数の該利用者端末が交換取引を成立させることができる金融商品等交換取引プログラムであって、該コンピュータを、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの出品商品Ａの希望提供価額をＸＡ、出品者Ｘの入札商品Ｂの希望入手価額をＸＢ、出品者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチング手段と、
（ｇ）前記マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させることを特徴とする。
An exchange transaction program for financial products, etc. according to the present invention connects one or more computers, an exchange product database, and a plurality of user terminals of users including exhibitors and bidders to exchange transactions between financial products. One or more exchange transaction markets are created among the market, exchange transaction market between quasi-financial products, and exchange transaction market between financial products and quasi-financial products. An exchange transaction program for financial products, etc.
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) The desired amount of the exchange difference of the seller calculated from the desired offer price of the exhibited product and the desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) XA is the desired offer price of the seller A's product A, XB is the desired acquisition price of the seller B's bid product B, and XA-XB is the desired exchange difference specified by the user terminal of the seller X , The seller exchange order transmitted by the user terminal is set as a seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the bidder Y's bid item B is YB, and the desired exchange rate specified by the user terminal of the bidder Y is YA-YB. , When the bidder exchange order sent by the user terminal is the bidder exchange order y,
A matching means for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching means, and the seller exchange order x and the bidder exchange order according to the contents of the established exchange transaction. As an updating means for updating y on the exchange product database,
It is made to function.
本発明に係る金融商品等交換取引プログラムは、１台以上のコンピュータ、交換商品データベース及び、出品者と入札者とを含む利用者の複数の利用者端末を接続して、金融商品間の交換取引市場、準金融商品間の交換取引市場、及び金融商品と準金融商品との間の交換取引市場のうち、何れか１つ以上の交換取引市場を創設し、複数の該利用者端末が交換取引を成立させることができる金融商品等交換取引プログラムであって、該コンピュータを、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品者の該出品商品の希望提供価額と、
（３）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（４）該出品者の該入札商品の希望入手価額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とを、
含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が指定した、出品商品Ａの希望提供価額をＸＡ、入札商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの利用者端末が指定した、出品商品Ａの希望入手価額をＹＡ、入札商品Ｂの希望提供価額をＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチング手段と、
（ｇ）前記マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させることを特徴とする。
An exchange transaction program for financial products, etc. according to the present invention connects one or more computers, an exchange product database, and a plurality of user terminals of users including exhibitors and bidders to exchange transactions between financial products. One or more exchange transaction markets are created among the market, exchange transaction market between quasi-financial products, and exchange transaction market between financial products and quasi-financial products. An exchange transaction program for financial products, etc.
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) the desired offer price of the seller's listed product;
(3) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(4) The desired acquisition price of the seller's bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) The desired offer price of the bid product of the bidder,
A second accepting means for accepting a bidder exchange order transmitted by specifying the order content to be included;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) The desired offer price of the exhibition product A specified by the user terminal of the seller X is XA, the desired acquisition price of the bid product B is XB, and the seller exchange order sent by the user terminal is the seller exchange order. x,
(3) The bidder exchange order is the bidder exchange order sent by the user terminal, designated by the user terminal of the bidder Y, as the desired acquisition price of the exhibition product A as YA, the desired offer price of the bid product B as YB. y
A matching means for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching means, and the seller exchange order x and the bidder exchange order according to the contents of the established exchange transaction. As an updating means for updating y on the exchange product database,
It is made to function.
本発明に係る金融商品等交換取引プログラムは、１台以上のコンピュータ、交換商品データベース及び、出品者と入札者とを含む利用者の複数の利用者端末を接続して、金融商品間の交換取引市場、準金融商品間の交換取引市場、及び金融商品と準金融商品との間の交換取引市場のうち、何れか１つ以上の交換取引市場を創設し、複数の該利用者端末が交換取引を成立させることができる金融商品等交換取引プログラムであって、該コンピュータを、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額レンジとを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙ及び入札者Ｚの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとし、
（４）入札者Ｚの出品商品Ａの希望入手価額をＺＡ、入札者Ｚの入札商品Ｂの希望提供価額をＺＢ、入札者Ｚの利用者端末が指定した交換差金の希望金額をＺＡ−ＺＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｚとし、
（５）前記ＹＡ−ＹＢ及び前記ＺＡ−ＺＢが、出品者Ｘの利用者端末が指定した交換差金の希望金額レンジにあるとする場合に、
出品者交換注文ｘと入札者交換注文ｙと入札者交換注文ｚとの間で、該ＹＡ−ＹＢ及び該ＺＡ−ＺＢのうち、どちらが出品者Ｘ寄りであるかを判別するマッチング手段と、
（ｇ）前記マッチング手段によって、該ＹＡ−ＹＢが該ＺＡ−ＺＢより出品者Ｘ寄りであると判別した場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させることを特徴とする。
An exchange transaction program for financial products, etc. according to the present invention connects one or more computers, an exchange product database, and a plurality of user terminals of users including exhibitors and bidders to exchange transactions between financial products. One or more exchange transaction markets are created among the market, exchange transaction market between quasi-financial products, and exchange transaction market between financial products and quasi-financial products. An exchange transaction program for financial products, etc.
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) a desired price range of the seller's exchange difference calculated from a desired offer price of the exhibited product and a desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more exhibition items of the seller X are the exhibition product A, one or more bid products of the bidder Y and the bidder Z are bid products B,
(2) The seller exchange order sent by the user terminal of seller X is the seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the tenderer's bid item B is YB, and the desired exchange amount specified by the user terminal of the bidder Y is YA-YB. , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order y,
(4) ZA-ZB is the desired amount of exchange margin specified by the user terminal of the bidder Z, ZA is the desired acquisition price of the exhibited product A of the bidder Z, ZB is the desired offer price of the bid product B of the bidder Z , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order z,
(5) In the case where the YA-YB and the ZA-ZB are within the desired amount range of the exchange difference designated by the user terminal of the seller X,
A matching means for discriminating which one of the YA-YB and the ZA-ZB is closer to the seller X among the seller exchange order x, the bidder exchange order y, and the bidder exchange order z;
(G) If it is determined by the matching means that YA-YB is closer to the seller X than the ZA-ZB, an exchange transaction is established between the seller exchange order x and the bidder exchange order y. As an updating means for updating the seller exchange order x and the bidder exchange order y on the exchange product database according to the contents of the established exchange transaction,
It is made to function.
前記金融商品等交換取引プログラムは、前記交換取引が相対交換取引である場合に、前記コンピュータを、
（ａ）該相対交換取引を希望する相対取引希望者の利用者端末が送信した前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を受け付ける第３受付手段と、
（ｂ）第３受付手段によって受け付けた該相対交換取引要求を、該相対交換取引要求において特定されている相対取引候補者の利用者端末へ送信する送信手段と、
（ｃ）該相対取引希望者の利用者端末と該相対取引候補者の利用者端末との間で前記相対交換取引が成立した場合に該相対取引希望者の利用者端末又は該相対取引候補者の利用者端末より通知された該相対交換取引の成立情報を受信する受信手段として、
更に機能させることを特徴とする。
When the exchange transaction is a relative exchange transaction, the financial product exchange transaction program,
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or the financial product and the quasi-finance transmitted by the user terminal of the relative transaction applicant who desires the relative exchange transaction Third accepting means for accepting a relative exchange transaction request with the product;
(B) transmitting means for transmitting the relative exchange transaction request received by the third accepting means to the user terminal of the relative transaction candidate specified in the relative exchange transaction request;
(C) When the relative exchange transaction is established between the user terminal of the relative transaction candidate and the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate or the relative transaction candidate As a receiving means for receiving the establishment information of the relative exchange transaction notified from the user terminal of
Furthermore, it is made to function.
前記金融商品等交換取引プログラムは、前記交換取引が相対交換取引である場合に、該相対交換取引を希望する相対取引希望者の利用者端末を、
（ａ）該相対取引希望者の交換相手となり得る相対取引候補者の利用者端末へ、前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を送信する送信手段と、
（ｂ）該相対取引候補者の利用者端末が、該相対取引希望者の利用者端末から前記送信手段によって送信された該相対交換取引要求を受信した後に該相対取引希望者の利用者端末へ返信した、該相対交換取引要求に対する受諾、拒否又は交渉の意思決定を受信する受信手段として、
機能させることを特徴とする。
When the exchange transaction is a relative exchange transaction, the exchange program of financial products etc., the user terminal of the relative transaction applicant who wants the relative exchange transaction,
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or the financial product A transmission means for transmitting a request for a relative exchange transaction with a quasi-financial product;
(B) After the user terminal of the relative transaction candidate receives the relative exchange transaction request transmitted by the transmitting means from the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate As a reception means for receiving the decision to accept, reject or negotiate the returned relative exchange transaction request,
It is made to function.
前記金融商品等交換取引プログラムは、前記交換取引が相対交換取引である場合に、該相対交換取引を希望する相対取引希望者の交換相手となり得る相対取引候補者の利用者端末を、
（ａ）該相対取引希望者の利用者端末が送信した前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を受信する受信手段と、
（ｂ）前記受信手段によって受信した該相対交換取引要求に対し、受諾、拒否又は交渉の意思決定を該相対取引希望者の利用者端末へ返信する返信手段として、
機能させることを特徴とする。
The financial product exchange transaction program, when the exchange transaction is a relative exchange transaction, a user terminal of a relative transaction candidate who can be an exchange partner of a relative transaction applicant who desires the relative exchange transaction,
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or a relative between the financial product and the quasi-financial product transmitted by the user terminal of the relative transaction applicant Receiving means for receiving the exchange transaction request;
(B) In response to the relative exchange transaction request received by the receiving means, as a reply means for returning a decision to accept, reject or negotiate to the user terminal of the relative transaction applicant,
It is made to function.
前記金融商品等交換取引プログラムは、前記交換商品データベースが１つ以上のデータベースを備えたことを特徴とする。The exchange program for financial product etc. is characterized in that the exchange product database includes one or more databases.
前記金融商品等交換取引プログラムは、（ａ）前記各手段を処理するための複数のタスクの集合であり、（ｂ）該複数のタスクにおける各タスクが、前記１台以上のコンピュータの何れかで実行されることを特徴とする。The exchange program for financial product etc. is (a) a set of a plurality of tasks for processing each means, and (b) each task in the plurality of tasks is any one of the one or more computers. It is executed.
本発明に係る商品交換支援方法は、商品の交換取引に関するデータを格納する交換商品データベース及び、複数の利用者の複数の利用者端末と接続され、複数の該利用者端末が実行する該交換取引を支援するコンピュータの商品交換支援方法であって、
（ａ）複数の該利用者端末が、
（１）前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる、該利用者の１つ以上の入手希望商品と、
（３）該提供希望商品の希望提供価額及び該入手希望商品の希望入手価額より演算される、該利用者の交換差金の希望金額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶ステップと、
（ｃ）前記記憶ステップによって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの提供希望商品Ａの希望提供価額をＸＡ、利用者Ｘの入手希望商品Ｂの希望入手価額をＸＢ、利用者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの提供希望商品Ｃの希望提供価額をＹＣ、利用者Ｙの入手希望商品Ｄの希望入手価額をＹＤ、利用者Ｙの利用者端末が指定した交換差金の希望金額をＹＤ−ＹＣ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチングステップと、
（ｄ）前記マッチングステップの判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有することを特徴とする。
The product exchange support method according to the present invention includes an exchange product database storing data relating to a product exchange transaction, and the exchange transaction executed by a plurality of user terminals connected to a plurality of user terminals of a plurality of users. A computer product exchange support method for supporting
(A) multiple of the user terminal,
(1) one or more products desired to be provided by the user;
(2) one or more desired acquisition products of the user, which are subject to exchange of the desired product to be provided;
(3) a desired offer price of the desired product to be offered and a desired price of the user's exchange difference calculated from the desired get price of the desired product to be obtained;
A first accepting step for accepting an exchange order transmitted by specifying exchange information including;
(B) a storage step of storing the plurality of exchange orders received in the first reception step in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of exchange orders stored in the storage step as matching targets on the exchange product database,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the product A desired to be provided by the user X is XA, the desired purchase price of the product B desired to be obtained by the user X is XB, and the desired exchange price designated by the user terminal of the user X is XA. -XB, the exchange order sent by the user terminal is the exchange order x,
(4) YC is the desired offer price of the product C desired to be provided by the user Y, YD is the desired obtainment price of the product Y desired to be obtained by the user Y, and YD is the desired exchange price designated by the user terminal of the user Y. -YC, when the exchange order sent by the user terminal is the exchange order y,
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y A matching step for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching step, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. Update steps to update each with
It is characterized by having.
本発明に係る商品交換支援方法は、商品の交換取引に関するデータを格納する交換商品データベース及び、複数の利用者の複数の利用者端末と接続され、複数の該利用者端末が実行する該交換取引を支援するコンピュータの商品交換支援方法であって、
（ａ）複数の該利用者端末が、
（１）前記利用者の１つ以上の提供希望商品と、
（２）該利用者の該提供希望商品の希望提供価額と、
（３）該提供希望商品の交換対象となる、該利用者の１つ以上の入手希望商品と、
（４）該利用者の該入手希望商品の希望入手価額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶ステップと、
（ｃ）前記記憶ステップによって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの利用者端末が指定した、提供希望商品Ａの希望提供価額をＸＡ、入手希望商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの利用者端末が指定した、提供希望商品Ｃの希望提供価額をＹＣ、入手希望商品Ｄの希望入手価額をＹＤ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチングステップと、
（ｄ）前記マッチングステップの判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有することを特徴とする。
The product exchange support method according to the present invention includes an exchange product database storing data relating to a product exchange transaction, and the exchange transaction executed by a plurality of user terminals connected to a plurality of user terminals of a plurality of users. A computer product exchange support method for supporting
(A) multiple of the user terminal,
(1) one or more products desired to be provided by the user;
(2) the desired offer price of the desired product for the user;
(3) one or more desired products for the user to be exchanged for the desired product,
(4) a desired acquisition price of the user's desired acquisition product,
A first accepting step for accepting an exchange order transmitted by specifying exchange information including;
(B) a storage step of storing the plurality of exchange orders received in the first reception step in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of exchange orders stored in the storage step as matching targets on the exchange product database,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the offer desired product A designated by the user terminal of the user X is XA, the desired get price of the obtainable product B is XB, and the exchange order sent by the user terminal is the exchange order x. ,
(4) The desired offer price of the offer desired product C designated by the user terminal of the user Y is YC, the desired get price of the obtainment desired product D is YD, and the exchange order transmitted by the user terminal is the exchange order y. If you do
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y A matching step for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching step, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. Update steps to update each with
It is characterized by having.
本発明に係る商品交換支援方法は、商品の交換取引に関するデータを格納する交換商品データベース及び、出品者と入札者とを含む利用者の複数の利用者端末と接続され、複数の該利用者端末が実行する該交換取引を支援するコンピュータの商品交換支援方法であって、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶ステップと、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示ステップと、
（ｄ）前記開示ステップによって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付ステップと、
（ｅ）第２受付ステップによって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶ステップと、
（ｆ）第１記憶ステップによって格納した前記出品者交換注文と第２記憶ステップによって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの出品商品Ａの希望提供価額をＸＡ、出品者Ｘの入札商品Ｂの希望入手価額をＸＢ、出品者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチングステップと、
（ｇ）前記マッチングステップの判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有することを特徴とする。
The product exchange support method according to the present invention is connected to a exchange product database for storing data relating to a product exchange transaction, and a plurality of user terminals of users including exhibitors and bidders, and the plurality of user terminals. A computer product exchange support method for supporting the exchange transaction executed by
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more items exhibited by the seller;
(2) one or more bid items to be exchanged for the listed items;
(3) The desired amount of the exchange difference of the seller calculated from the desired offer price of the exhibited product and the desired acquisition price of the bid product,
A first accepting step for accepting a seller exchange order transmitted by designating an order content including;
(B) a first storage step of storing the seller exchange order received in the first reception step in the exchange product database;
(C) a disclosure step of disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed in the disclosure step, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
A second accepting step for accepting a bidder exchange order transmitted by designating the order contents including the desired amount of the exchange difference of the bidder to be calculated;
(E) a second storage step of storing the bidder exchange order received in the second reception step in the exchange product database;
(F) matching the seller exchange order stored in the first storage step with the bidder exchange order stored in the second storage step on the exchange product database as a target for matching;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) XA is the desired offer price of the seller A's product A, XB is the desired acquisition price of the seller B's bid product B, and XA-XB is the desired exchange difference specified by the user terminal of the seller X , The seller exchange order transmitted by the user terminal is set as a seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the bidder Y's bid item B is YB, and the desired exchange rate specified by the user terminal of the bidder Y is YA-YB. , When the bidder exchange order sent by the user terminal is the bidder exchange order y,
A matching step for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching step, and the seller exchange order x and the bidder exchange order are determined according to the contents of the established exchange transaction. updating each of y on the exchange product database,
It is characterized by having.
本発明に係る商品交換支援方法は、商品の交換取引に関するデータを格納する交換商品データベース及び、出品者と入札者とを含む利用者の複数の利用者端末と接続され、複数の該利用者端末が実行する該交換取引を支援するコンピュータの商品交換支援方法であって、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）該出品者の１つ以上の出品商品と、
（２）該出品者の該出品商品の希望提供価額と、
（３）該出品商品の交換対象となる１つ以上の入札商品と、
（４）該出品者の該入札商品の希望入手価額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶ステップと、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示ステップと、
（ｄ）前記開示ステップによって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とを、
含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付ステップと、
（ｅ）第２受付ステップによって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶ステップと、
（ｆ）第１記憶ステップによって格納した前記出品者交換注文と第２記憶ステップによって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が指定した、出品商品Ａの希望提供価額をＸＡ、入札商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの利用者端末が指定した、出品商品Ａの希望入手価額をＹＡ、入札商品Ｂの希望提供価額をＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチングステップと、
（ｇ）前記マッチングステップの判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有することを特徴とする。
The product exchange support method according to the present invention is connected to a exchange product database for storing data relating to a product exchange transaction, and a plurality of user terminals of users including exhibitors and bidders, and the plurality of user terminals. A computer product exchange support method for supporting the exchange transaction executed by
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more items exhibited by the seller;
(2) the desired offer price of the seller's listed product;
(3) one or more bid items to be exchanged for the listed items;
(4) The desired acquisition price of the seller's bid product,
A first accepting step for accepting a seller exchange order transmitted by designating an order content including;
(B) a first storage step of storing the seller exchange order received in the first reception step in the exchange product database;
(C) a disclosure step of disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed in the disclosure step, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) The desired offer price of the bid product of the bidder,
A second accepting step for accepting a bidder exchange order transmitted by specifying an order content including;
(E) a second storage step of storing the bidder exchange order received in the second reception step in the exchange product database;
(F) matching the seller exchange order stored in the first storage step with the bidder exchange order stored in the second storage step on the exchange product database as a target for matching;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) The desired offer price of the exhibition product A specified by the user terminal of the seller X is XA, the desired acquisition price of the bid product B is XB, and the seller exchange order sent by the user terminal is the seller exchange order. x,
(3) The bidder exchange order is the bidder exchange order sent by the user terminal, designated by the user terminal of the bidder Y, as the desired acquisition price of the exhibition product A as YA, the desired offer price of the bid product B as YB. y
A matching step for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching step, and the seller exchange order x and the bidder exchange order are determined according to the contents of the established exchange transaction. updating each of y on the exchange product database,
It is characterized by having.
本発明に係る商品交換支援方法は、商品の交換取引に関するデータを格納する交換商品データベース及び、出品者と入札者とを含む利用者の複数の利用者端末と接続され、複数の該利用者端末が実行する該交換取引を支援するコンピュータの商品交換支援方法であって、
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額レンジとを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶ステップと、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示ステップと、
（ｄ）前記開示ステップによって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付ステップと、
（ｅ）第２受付ステップによって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶ステップと、
（ｆ）第１記憶ステップによって格納した前記出品者交換注文と第２記憶ステップによって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙ及び入札者Ｚの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとし、
（４）入札者Ｚの出品商品Ａの希望入手価額をＺＡ、入札者Ｚの入札商品Ｂの希望提供価額をＺＢ、入札者Ｚの利用者端末が指定した交換差金の希望金額をＺＡ−ＺＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｚとし、
（５）前記ＹＡ−ＹＢ及び前記ＺＡ−ＺＢが、出品者Ｘの利用者端末が指定した交換差金の希望金額レンジにあるとする場合に、
出品者交換注文ｘと入札者交換注文ｙと入札者交換注文ｚとの間で、該ＹＡ−ＹＢ及び該ＺＡ−ＺＢのうち、どちらが出品者Ｘ寄りであるかを判別するマッチングステップと、
（ｇ）前記マッチングステップによって、該ＹＡ−ＹＢが該ＺＡ−ＺＢより出品者Ｘ寄りであると判別した場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有することを特徴とする。
The product exchange support method according to the present invention is connected to a exchange product database for storing data relating to a product exchange transaction, and a plurality of user terminals of users including exhibitors and bidders, and the plurality of user terminals. A computer product exchange support method for supporting the exchange transaction executed by
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more items exhibited by the seller;
(2) one or more bid items to be exchanged for the listed items;
(3) a desired price range of the seller's exchange difference calculated from a desired offer price of the exhibited product and a desired acquisition price of the bid product,
A first accepting step for accepting a seller exchange order transmitted by designating an order content including;
(B) a first storage step of storing the seller exchange order received in the first reception step in the exchange product database;
(C) a disclosure step of disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed in the disclosure step, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
A second accepting step for accepting a bidder exchange order transmitted by designating the order contents including the desired amount of the exchange difference of the bidder to be calculated;
(E) a second storage step of storing the bidder exchange order received in the second reception step in the exchange product database;
(F) matching the seller exchange order stored in the first storage step with the bidder exchange order stored in the second storage step on the exchange product database as a target for matching;
(1) One or more exhibition items of the seller X are the exhibition product A, one or more bid products of the bidder Y and the bidder Z are bid products B,
(2) The seller exchange order sent by the user terminal of seller X is the seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the tenderer's bid item B is YB, and the desired exchange amount specified by the user terminal of the bidder Y is YA-YB. , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order y,
(4) ZA-ZB is the desired amount of exchange margin specified by the user terminal of the bidder Z, ZA is the desired acquisition price of the exhibited product A of the bidder Z, ZB is the desired offer price of the bid product B of the bidder Z , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order z,
(5) In the case where the YA-YB and the ZA-ZB are within the desired amount range of the exchange difference designated by the user terminal of the seller X,
A matching step for determining which one of the YA-YB and the ZA-ZB is closer to the seller X among the seller exchange order x, the bidder exchange order y, and the bidder exchange order z;
(G) When the matching step determines that the YA-YB is closer to the seller X than the ZA-ZB, an exchange transaction is established between the seller exchange order x and the bidder exchange order y. Updating the seller exchange order x and the bidder exchange order y on the exchange product database in accordance with the contents of the established exchange transaction,
It is characterized by having.
前記商品交換支援方法は、前記交換取引が相対交換取引である場合に、
（ａ）該相対交換取引を希望する相対取引希望者の利用者端末が送信した前記商品間の相対交換取引要求を受け付ける第３受付ステップと、
（ｂ）第３受付ステップによって受け付けた該相対交換取引要求を、該相対交換取引要求において特定されている相対取引候補者の利用者端末へ送信する送信ステップと、
（ｃ）該相対取引希望者の利用者端末と該相対取引候補者の利用者端末との間で前記相対交換取引が成立した場合に該相対取引希望者の利用者端末又は該相対取引候補者の利用者端末より通知された該相対交換取引の成立情報を受信する受信ステップとを、
更に有することを特徴とする。
The product exchange support method, when the exchange transaction is a relative exchange transaction,
(A) a third accepting step for accepting a relative exchange transaction request between the products transmitted by a user terminal of a relative transaction applicant who desires the relative exchange transaction;
(B) a transmission step of transmitting the relative exchange transaction request received in the third reception step to the user terminal of the relative transaction candidate specified in the relative exchange transaction request;
(C) When the relative exchange transaction is established between the user terminal of the relative transaction candidate and the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate or the relative transaction candidate Receiving the establishment information of the relative exchange transaction notified from the user terminal of
Furthermore, it is characterized by having.
前記商品交換支援方法による交換取引の対象商品は、貴金属、非鉄金属、エネルギー関連商品、一次産品、芸術品、骨董品、現物商品、生産財及び消費財のうち、何れか１つ以上の商品であることを特徴とする。 The target product of the exchange transaction by the commodity exchange support method is any one or more of precious metals, non-ferrous metals, energy-related products, primary products, arts, antiques, physical goods, production goods and consumer goods. It is characterized by being.
前記商品交換支援方法は、前記交換商品データベースが１つ以上のデータベースを備えたことを特徴とする。In the product exchange support method, the exchange product database includes one or more databases.
前記商品交換支援方法は、前記各ステップが、１台以上のコンピュータの何れかで実行されることを特徴とする。The commodity exchange support method is characterized in that the steps are executed by any one or more computers.
さて、以下、本発明の各種実施の形態を述べるが、これらの実施の形態において利用者同士の交換取引とは、資産運用者同士の交換取引、資金調達者同士の交換取引、資金取引者同士の交換取引、資産運用者と資金取引者との交換取引又は、資産運用者、資金調達者もしくは資金取引者に限定されない顧客の交換取引などを指し、実際の取引に際して、特別目的会社、信託又は組合などの導管体を利用者間に関与させる場合などをも含む。
また、本発明の各種実施の形態における資産運用者とは、貸付もしくは預金、株式、債券、コマーシャル・ペーパー、受益権もしくは不動産商品の売買、又は外国為替商品、金融派生商品、不動産派生商品もしくは現物派生商品の取引などを通じて資産運用を行う国内外の個人又は法人をいう。資金調達者とは、借入もしくは預金、株式、債券もしくはコマーシャル・ペーパーの発行、又は外国為替商品もしくは金融派生商品の取引などを通じて資金調達を行う国内外の個人又は法人をいう。そして本発明の各種実施の形態では、前記資産運用者としての機能と前記資金調達者としての機能とを併せ持つ国内外の個人又は法人を資金取引者と呼ぶ。
さらに本発明の各種実施の形態においては、資産運用の対象となる金融運用商品又は不動産運用商品などの基礎商品を資産運用商品といい、資金調達の対象となる金融調達商品などの基礎商品を資金調達商品と呼ぶ。よって、資金調達者が資金調達商品として利用する債券、株式又はコマーシャル・ペーパーなどは、それらを購入する資産運用者の立場から見ると資産運用商品となる。また、資金調達の手段が融資である場合、調達側にとっての基礎商品即ち資金調達商品は借入債務、運用側にとっての基礎商品即ち資産運用商品は貸付債権となり、資金調達の手段が預金である場合、調達側にとっての基礎商品即ち資金調達商品は預金債務、運用側にとっての基礎商品即ち資産運用商品は預金債権となる。一方、本発明の各種実施の形態では、外国為替商品、金融派生商品、不動産派生商品又は現物派生商品など、資産運用商品又は資金調達商品とは異なる利用のされ方をする各種商品を資金取引商品とする。
ところで、本発明の各種実施の形態では、金融商品及び準金融商品の交換取引の種類を、対象商品の属性や取引形態を基に以下のように分類している。
（ａ）資産運用商品の直接交換
（ｂ）資産運用商品のキャッシュフロー交換
［１］資産運用商品の一般的なキャッシュフロー交換
［２］評価益による資産運用商品のキャッシュフロー交換
［３］評価損による資産運用商品のキャッシュフロー交換
（ｃ）直接交換とキャッシュフロー交換との折衷方式による資産運用商品の交換
（ｄ）資金調達商品のキャッシュフロー交換
（ｅ）資金取引商品のキャッシュフロー交換
［１］評価益による資金取引商品のキャッシュフロー交換
［２］評価損による資金取引商品のキャッシュフロー交換
（ｆ）資産運用商品と資金取引商品とのキャッシュフロー交換
［１］評価益による資産運用商品と資金取引商品とのキャッシュフロー交換
［２］評価損による資産運用商品と資金取引商品とのキャッシュフロー交換
（ｇ）抱き合わせ交換
上記（ａ）〜（ｆ）の交換取引の応用である各種抱き合わせ交換
（ｈ）３者以上の間での交換
上記（ａ）〜（ｆ）の交換取引の応用である３者以上の間での交換
尚、ここでいうキャッシュフローとは、資金流入及び／又は資金流出をいう。具体的には、資産運用商品、資金調達商品もしくは資金取引商品における元本部分の資金流出入又は、元本より生じる利子、配当もしくは地代・家賃を含む賃料などの果実部分の資金流出入を指す。
Now, various embodiments of the present invention will be described below. In these embodiments, the exchange transaction between users is an exchange transaction between asset managers, an exchange transaction between fundraisers, and between fund traders. Exchange transactions between asset managers and fund traders, or customer exchange transactions not limited to asset managers, fundraisers or fund traders. This includes cases where conduits such as unions are involved among users.
In addition, asset managers in various embodiments of the present invention include loans or deposits, stocks, bonds, commercial paper, beneficiary rights or buying and selling of real estate products, or foreign exchange products, financial derivatives, real estate derivatives or in-kind items. Refers to domestic or foreign individuals or corporations that manage assets through transactions of derivative products. Fundraiser refers to domestic or foreign individuals or corporations that raise funds through borrowings or deposits, issuance of stocks, bonds or commercial paper, or transactions of foreign exchange products or financial derivatives. In various embodiments of the present invention, individuals or 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 various embodiments of the present invention, basic products such as financial management products or 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 funded. Called procurement products. Thus, bonds, stocks or commercial paper used by the fundraiser as fundraising products are asset management products from the perspective of the asset manager who purchases them. In addition, when the funding method is a loan, the basic product for the procurement side, ie, the funding product, is a debt, the basic product for the management side, ie, the asset management product, is a loan receivable, and the funding method is a deposit. The basic product for the procurement side, that is, the fund procurement product, is a deposit liability, and the basic product for the management side, that is, the asset management product, is a deposit claim. On the other hand, in various embodiments of the present invention, various products that are used differently from asset management products or fund-raising products, such as foreign exchange products, financial derivative products, real estate derivative products, or physical derivative products, are fund transaction products. And
By the way, in various embodiments of the present invention, the types of exchange transactions of financial products and quasi-financial products are classified as follows based on the attributes and transaction forms of the target products.
(A) Direct exchange of asset management products (b) Cash flow exchange of asset management products [1] General cash flow exchange of asset management products [2] Cash flow exchange of asset management products by valuation gain [3] Valuation loss (C) Exchange of asset management products based on a compromise between direct exchange and cash flow exchange (d) Exchange of cash flows of funded products (e) Exchange of cash flows of fund transaction products [1] Cash flow exchange of cash transaction products with valuation gains [2] Cash flow exchange of capital transaction products with valuation losses (f) Cash flow exchange between asset management products and cash transaction products [1] Asset management products and money transactions with valuation gains Cash flow exchange with products [2] Cash flow between asset management products and fund transaction products due to valuation loss -Exchange (g) Tie-off exchange Various tie-up exchanges that are applications of the exchange transactions (a) to (f) (h) Exchange among three or more parties Application of the exchange transactions (a) to (f) above Exchange between three or more parties Cash flow here refers to the inflow and / or outflow of funds. Specifically, it refers to the outflow or inflow of the principal part of asset management products, funding products or funds trading products, or outflow or inflow of fruit parts such as interest, dividends or rent including land rent / rent from the principal. .
実施の形態１．
以下、本発明の実施の形態１として、出品から入札、落札に至る過程を経て交換取引が成立する入札方式の一例を説明する。但し、本発明は資産運用商品、資金調達商品又は資金取引商品の持高の解消需要と持高の造成需要とを相互にマッチさせるためのサーバ・コンピュータ及びコンピュータプログラム、並びにその他の商品をも対象とした商品交換支援方法にあり、そのための仕組み並びにその対象となる商品は、本実施の形態で説明する仕組み並びに本実施の形態で挙げる商品に限定されるものではない。尚、交換希望商品の種類や属性によっては、相対方式の方が解消需要と造成需要とを相互にマッチさせやすいため、その一例も後述する。
Embodiment 1 FIG.
Hereinafter, as Embodiment 1 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 also covers server computers, computer programs, and other products for matching the demand for canceling the position of asset management products, fund procurement products or funds transaction products with the demand for creating positions. The product exchange support method described above is not limited to the mechanism described in this embodiment and the products listed in this embodiment. Note that, depending on the type and attribute of the desired replacement product, the relative method can easily match the cancellation demand and the creation demand to each other, and an example will be described later.
まず、本システムの運営者が、当該サービスを利用したい資産運用者や資金調達者、資金取引者を特定する。これらの利用者は、出品や入札、落札、取引照合、基本合意書の作成・調印、交換取引商品の瑕疵調査や交換取引価額の鑑定評価に関する鑑定評価者との遣り取り、交換契約書の作成・調印、交換差金の決済、現物の授受、交換期間中のキャッシュフローの授受、各種サービス料の受払などを本システム上で行うことができる。
本取引市場における交換希望者には、出品者と入札者の２種類がある。出品者は、本システム上で提供希望商品を出品すると同時に入手希望商品を提示する。一方、入札者は、出品者の提供希望商品が自分の入手希望商品である点、及び出品者の入手希望商品が自分の提供希望商品である点を確認した上で入札に参加し、交換が成立した段階において落札者と呼ばれる。
尚、各種交換取引において出品者や入札者は、既に抱えている持高を提供希望商品としてもよいし、交換取引を目的に新規造成する予定の持高を提供希望商品としてもよい。
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 can submit listings, bids, successful bids, transaction verifications, creation and signing of basic agreements, exchanges with appraisers regarding appraisal of exchange transaction products and appraisals of exchange transaction values, creation of exchange contracts 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 participates in the bid after confirming that the seller's desired product is his / her desired product and that the seller's desired product is his / her desired product. Called the winning bidder when 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 exchange transactions as the products they want to provide.
出品者の提供希望商品と入札者の入手希望商品とが一致し、且つ出品者の入手希望商品と入札者の提供希望商品とが一致して交換が成立した段階で、等価交換の趣旨から、両商品の価額の差は交換差金という形で決済される。
即ち、資産運用商品の現物もしくは総体のキャッシュフローの交換が成立した場合、資産運用商品の評価益の交換が成立した場合、及び資金取引商品の評価益の交換が成立した場合は、『より高額の商品を譲り受けた側即ちより低額の商品を譲渡した側』が、『より低額の商品を譲り受けた側即ちより高額の商品を譲渡した側』に対して差額を交換差金として支払うことで、双方の授受がバランスされる。後者が同意する場合、前者は等しい評価額の他商品で交換差金を代用することができる。
一方、資金調達商品の交換が成立した場合、資産運用商品の評価損の交換が成立した場合、及び資金取引商品の評価損の交換が成立した場合は、『より高額の商品を引き渡した側即ちより低額の商品を引き受けた側』が、『より低額の商品を引き渡した側即ちより高額の商品を引き受けた側』に対して差額を交換差金として支払うことで、双方の授受がバランスされる。後者が同意する場合、前者は等しい評価額の他商品で交換差金を代用することができる。
At the stage where 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.
資産運用商品の現物もしくは総体のキャッシュフローの出品１件、資産運用商品の評価益の出品１件、又は資金取引商品の評価益の出品１件に対して、入札者が複数現われた場合、競争原理が働くことで出品側の希望提供価額が上昇及び／又希望入手価額が下落していく。この結果、交換は上昇後の希望提供価額及び／又は下落後の希望入手価額で成立し、この希望提供価額及び／又は希望入手価額を許容した落札者と出品者との間で交換差金が決済されて、双方の授受がバランスする。
一方、資金調達商品の出品１件、資産運用商品の評価損の出品１件、又は資金取引商品の評価損の出品１件に対して、入札者が複数現われた場合、競争原理が働くことで出品側の希望提供価額が下落及び／又は希望入手価額が上昇していく。この結果、交換は下落後の希望提供価額及び／又は上昇後の希望入手価額で成立し、この希望提供価額及び／又は希望入手価額を許容した落札者と出品者との間で交換差金が決済されて、双方の授受がバランスする。
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 rises and / or the desired acquisition price falls. As a result, the exchange is established with the desired offer price after the increase and / or the desired acquisition price after the fall, and the exchange difference is settled between the successful bidder and the exhibitor who allows the desired offer price and / or the desired acquisition price. Therefore, both exchanges are 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 decreases and / or the desired acquisition price increases. As a result, the exchange is established with the desired offer price after the decline and / or the desired acquisition price after the rise, and the exchange difference is settled between the successful bidder and the exhibitor who allows the desired offer price and / or the desired obtainment price. Therefore, both exchanges are balanced.
本実施の形態における基本合意書とは、落札の取引照合が済んだ段階で、本システムの運営者と出品者とが暫定的に取り交わす契約書、並びに運営者と落札者とが暫定的に取り交わす契約書を指し、交換契約書とは、商品の瑕疵調査や取引価額の鑑定評価が済んだ段階で、運営者と出品者とが最終的に取り交わす契約書、並びに運営者と落札者とが最終的に取り交わす契約書を指す。運営者が出品者、落札者と別個に基本合意書や交換契約書を取り交わす理由は、出品者−落札者間の交換取引の匿名性を維持するためである。
尚、双方が合意に達した場合は、出品者と落札者が基本合意書や交換契約書を直接取り交わすことができ、また、基本合意書を取り交わす過程や瑕疵調査・鑑定評価を省略して、取引照合の後、即座に交換契約書を取り交わすことも可能である。
The basic agreement in the present embodiment refers to a contract that the operator of this system and the exhibitor tentatively exchange at the stage when the transaction comparison of the successful bid is completed, and the operator and the successful bidder tentatively exchange An exchange contract is a contract that is finally exchanged between the operator and the seller, and the operator and the successful bidder are final. It refers to a contract that is exchanged in an effort. 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 have reached an agreement, the seller and the successful bidder can exchange the basic agreement and exchange agreement directly, omit the process of exchanging the basic agreement and the flaw survey and appraisal, It is also possible to exchange exchange contracts immediately after transaction verification.
運営者は、クライアント端末上で表示されるスクリーンに、以下のような取引形態別のセクションを設ける。
（ａ）資産運用商品の直接交換のセクション
当該セクションでは、貸付債権や株式、債券、金銭の信託、預金債権などの金融運用商品、土地や建物、複合不動産、不動産担保証券、不動産投資信託などの不動産運用商品といった資産運用商品の出品に対して入札が実施され、出品者と落札者との間で商品の現物が交換される。
（ｂ）資産運用商品のキャッシュフロー交換のセクション
当該セクションでは、前記資産運用商品の出品に対して入札が実施され、出品者と落札者との間で商品のキャッシュフローが交換される。
（ｃ）資産運用商品の直接交換・キャッシュフロー交換の折衷セクション
当該セクションでは、前記資産運用商品の出品に対して入札が実施され、出品者と落札者との間で、直接交換とキャッシュフロー交換との折衷方式により商品が交換される。
（ｄ）資金調達商品のキャッシュフロー交換のセクション
当該セクションでは、借入債務や株式、債券、コマーシャル・ペーパー、預金債務などの資金調達商品の出品に対して入札が実施され、出品者と落札者との間で商品のキャッシュフローが交換される。
（ｅ）資金取引商品のキャッシュフロー交換のセクション
当該セクションでは、外国為替商品や金融派生商品、不動産派生商品、現物派生商品などの資金取引商品の出品に対して入札が実施され、出品者と落札者との間で商品のキャッシュフローが交換される。
（ｆ）資産運用商品と資金取引商品とのキャッシュフロー交換のセクション
当該セクションでは、前記資産運用商品の出品や前記資金取引商品の出品に対して入札が実施され、出品者と落札者との間で、評価損益を基に商品のキャッシュフローが交換される。
（ｇ）資産・負債の総合管理のセクション
当該セクションでは、資産運用商品の直接交換、資産運用商品のキャッシュフロー交換、資金調達商品のキャッシュフロー交換、資金取引商品のキャッシュフロー交換の種々の組み合わせ出品に対して入札が実施され、出品者と落札者との間で商品の現物やキャッシュフローが交換される。
The operator provides a section for each transaction type as follows on the screen displayed on the client terminal.
(A) Direct exchange section of asset management products This section includes loans, stocks, bonds, money trusts, financial assets such as deposits, land and buildings, complex real estate, real estate collateral 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 the asset management products, and cash flows of products are exchanged between exhibitors and successful bidders.
(C) Equilibrium section for direct exchange / cash flow exchange of asset management products In this section, a bid is placed for 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 funded products In this section, bids are placed on listings of funded 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. 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, bids are made 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 direct asset management product exchanges, asset management product cash flow exchanges, funding product cash flow exchanges, and cash transaction product cash flow exchanges are listed. Bidding is performed on the product, and the actual goods and cash flow are exchanged between the exhibitor and the successful bidder.
運営者は、交換取引が最近成立した各種商品の名称・銘柄や種類・属性、諸条件、交換期間、交換成立価額、単位価格商品の場合は交換成立数量などを、また、今後出品が予定されている商品の概要又は詳細を、前記取引形態別のセクションでリアルタイムに表示する。資産運用者や資金調達者、資金取引者は、これらの情報を基に各種交換取引の相場水準や需給バランスを把握し、入札へ参加するタイミングを窺う。尚、成立した交換取引についての詳細は、交換取引の相場水準や需給バランスを本システムの利用者に示すことを目的として公開されるが、交換成立者の個人名・法人名や交換契約の特別条項などの機密情報は基本的に公開されない。
また運営者は、本システムと伝統的な金融・準金融市場との間で利用者が裁定取引を行うための参考データとして、各種金融・準金融商品の約定価額や気配価額、理論価額などを併せてリアルタイムに表示することがある。
The operator will list the name / brand / type / attribute of various products for which the exchange transaction has recently been established, terms, conditions, exchange period, exchange formation price, exchange completion quantity in the case of unit price products, etc. The summary or details of the current product are 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 perform arbitrage transactions between the system and traditional financial and quasi-financial markets, the operator can use the contract prices, quotes, theoretical values, etc. of various financial and quasi-financial products. In addition, it may be displayed in real time.
スクリーン上で交換取引の相場水準を確認して出品を決意したシステム利用者は、提供希望商品の名称・銘柄や種類・属性、諸条件、入手希望商品の名称・銘柄や種類・属性、諸条件、許容できる交換相手の信用力、希望交換価額、単位価格商品の場合は希望交換数量、希望交換期間、希望する出品期間並びにその自動延長又は早期終了の可否、入札者に対する諸要求などを運営者に告げる。本実施の形態では、提供希望商品のこの段階における情報開示を、出品者による第一次情報開示と呼ぶ。
運営者は、出品者の信用力に問題がないこと、提供希望商品についての告知に虚偽がないこと、希望交換価額が最適な評価方法に基づく公正な評価額であることを確認して出品を承諾。出品者の個人名・法人名は伏せて、前記商品情報を取引形態別のセクションに表示する。提供希望商品に絡む情報の中には、出品者がぎりぎりまで開示を避けたい機密情報もあるが、基本的に第一次情報開示が充実している程、入札者に安心感を与え、より多くの入札者を招聘することが可能になる。尚、出品者が目論見書を利用して入札者を招聘する場合には、出品者の個人名・法人名が当初より開示されることになる。
出品者は運営者へ取引証拠金を振り込み、運営者はそれを出品者別に開設した口座に保管する。取引証拠金の金額は、今回の交換取引における交換希望商品やその希望交換価額、希望交換期間、出品者の信用力、出品者との過去の取引実績などを考慮して運営者が決定する。
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 , Creditworthiness of acceptable exchange partner, desired exchange price, in the case of unit price products, desired exchange quantity, desired exchange period, desired exhibition period and whether it can be automatically extended or terminated early, various requests for bidders, etc. To tell. In the present embodiment, information disclosure at this stage of the desired product to be provided is called primary information disclosure by the exhibitor.
The operator confirms that there is no problem with the seller's creditworthiness, that there are no false announcements about the desired product, and that the desired exchange price is a fair value based on the optimal valuation method. Consent. 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.Basically, the more primary information disclosure is, the more secure the bidder is. Many bidders can be invited. When the exhibitor invites bidders using the prospectus, the individual name / corporate name of the exhibitor is disclosed from the beginning.
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.
前記出品をスクリーン上で確認して入札を決意したシステム利用者は、自分の提供希望商品の名称・銘柄や種類・属性、諸条件、希望交換価額並びに交換差金の希望金額、単位価格商品の場合は希望交換数量、希望交換期間、希望する入札参加のタイミング、出品者に対する諸要求などを運営者に告げる。本実施の形態では、提供希望商品のこの段階における情報開示を、入札者による第一次情報開示と呼ぶ。
運営者は、入札者の信用力に問題がないこと、提供希望商品についての告知に虚偽がないこと、希望交換価額が最適な評価方法に基づく公正な評価額であることを確認して入札を承諾。入札者の個人名・法人名は伏せて、前記商品情報を出品者にフィードバックする。提供希望商品に絡む情報の中には、入札者がぎりぎりまで開示を避けたい機密情報もあるが、基本的に第一次情報開示が充実している程、出品者に安心感を与え、交換の成立する可能性が高まる。
入札者は運営者へ取引証拠金を振り込み、運営者はそれを入札者別に開設した口座に保管する。取引証拠金の金額は、今回の交換取引における交換希望商品やその希望交換価額、希望交換期間、入札者の信用力、入札者との過去の取引実績などを考慮して運営者が決定する。
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, desired exchange price, desired exchange price, unit price product Informs the operator of the desired exchange quantity, desired exchange period, desired bid participation timing, various requests to the exhibitor, etc. In the present embodiment, information disclosure at this stage of a product desired to be provided is referred to as primary information disclosure by a bidder.
The operator confirms that there is no problem with the bidder's creditworthiness, that there is no false notification about the product he wants to offer, and that the desired exchange price is a fair value based on the optimal valuation method. Consent. 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.
本実施の形態では、交換希望商品の評価額の大きさや種類・属性などに応じて、一人の出品者に対して複数の入札者がマッチされる場合、複数の出品者に対して一人の入札者がマッチされる場合、及び複数の出品者に対して複数の入札者がマッチされる場合が生じる。即ちこれらの場合には、３者以上の利用者間で交換取引が同時に成立することになる。
また、交換希望商品が複数の資産運用商品である場合、複数の資金調達商品である場合、複数の資金取引商品である場合、もしくは資産運用商品と資金取引商品との抱き合わせである場合、資金調達商品と資金取引商品との抱き合わせである場合、資産運用商品と資金調達商品との抱き合わせである場合、又は資産運用商品及び資金調達商品、資金取引商品の抱き合わせである場合には、それぞれを構成商品に一旦分解して入札を行う方法と、複数商品のキャッシュフローを合成した正味ベースのキャッシュフローを用いて入札を行う方法とがある。
In this embodiment, when multiple bidders are matched to one seller according to the size, type, and attribute of the evaluation value of the replacement desired product, one bid for multiple sellers. May be matched, and multiple bidders may be matched against multiple sellers. 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.
交換希望者［Ａ］が商品［ａ］の提供を希望し、交換希望者［Ｂ］が商品［ｂ］、交換希望者［Ｃ］が商品［ｃ］の提供をそれぞれ希望しており、さらに交換希望者［Ａ］が商品［ｂ］の入手を希望し、交換希望者［Ｂ］が商品［ｃ］、交換希望者［Ｃ］が商品［ａ］の入手をそれぞれ希望して、提供希望と入手希望とが交換希望者間で循環している場合、本システムの運営者は、３者間の同時交換取引をアレンジすることがある。また、４者以上の交換希望者の間で提供希望と入手希望とが循環している場合にも、同時交換取引を実施することがある。 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.
入札方式において、希望交換価額の算定方法や交換差金の金額、希望交換期間、交換希望商品の合成や分解、交換成立のための追加条件、出品期間や入札参加のタイミングなどに関して、出品者−入札者間の交渉が必要な場合は、出品者−運営者間の交渉及び入札者−運営者間の交渉がこれに代わり、基本的に取引の匿名性が維持される。 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 bid participation timing, 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.
交換取引が成立しなかった場合、出品者は時期を変えて同じ提供希望商品を再出品できる。その際は、第一次情報開示の情報量、許容できる交換相手の信用力、希望交換価額、単位価格商品の場合は希望交換数量、希望交換期間、提供希望商品の合成や分解の方法、交換成立のための諸条件、入手希望商品の名称・銘柄や種類・属性、諸条件などを事前に見直すことになる。 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 exchange partner allowed, the desired exchange price, in the case of unit price products, the desired exchange quantity, the desired exchange period, the method of synthesizing and disassembling the desired products, the exchange The conditions for establishment, the name / brand / type / attribute of the desired product, the conditions, etc. will be reviewed in advance.
交換取引が成立した場合、運営者は取引照合を出品者、落札者の双方に対して行う。照合が済んだ段階で運営者は、運営者−出品者間の基本合意書と運営者−落札者間の基本合意書を作成。それぞれが調印する。運営者は取引形態別のマスター合意書を保有しており、成立した交換取引に応じて当該マスター合意書を補正し、それを実際の基本合意書とする。
当該基本合意書には、双方の交換成立商品の名称・銘柄や種類・属性、諸条件、交換取引の形態、交換契約の特別条項、交換期間、交換成立価額、単位価格商品の場合は交換成立数量、交換差金の金額、交換契約書締結までのスケジュール、商品の瑕疵調査や取引価額の鑑定評価の方法、瑕疵調査・鑑定評価を担当する鑑定評価者に関する情報、瑕疵調査・鑑定評価の結果によっては交換契約が変更もしくは無効となる旨、当該基本合意書の有効期限などが盛り込まれる。
When an exchange transaction is established, the operator performs transaction verification for both the exhibitor and the successful bidder. When verification is completed, the operator creates a basic agreement between the operator and the exhibitor and a basic agreement between the operator and the successful bidder. Each is signed. The operator has a master agreement for each transaction form, and corrects the master agreement in accordance with the established exchange transaction, and makes it an actual basic agreement.
In the basic agreement, the name / brand / type / attribute of the exchanged product of both parties, terms and conditions, form of exchange transaction, special terms of the exchange contract, exchange period, exchange formation price, and exchange establishment in the case of unit price product Depending on the quantity, amount of exchange margin, schedule until the conclusion of the exchange contract, method of appraisal of products and appraisal of transaction value, information on appraisers in charge of appraisal and appraisal, results of appraisal and appraisal Includes the fact that the exchange contract will be changed or invalidated, and the expiration date of the basic agreement.
基本合意書の調印後、交換成立商品の瑕疵調査や交換成立価額の鑑定評価が行われる。これは、出品者や落札者と利益相反にない鑑定評価者が担当し、入札の出発点だった双方の希望交換価額が公正と呼べるものであったこと、交換成立商品が法律的、倫理的、経済的、物理的及び環境的な問題を孕んでいないことなどが確認される。瑕疵調査・鑑定評価の精度を上げるため、希望交換価額の算定根拠や現存する契約書など、交換成立者は自分が提供した商品に絡む全ての情報を鑑定評価者に提出しなくてはならない。本実施の形態では、交換成立商品のこの段階における情報開示を、出品者及び落札者による第二次情報開示と呼ぶ。尚、交換成立商品が一般的な商品で希望交換価額の公正さが容易に認識できる場合は、本システムの運営者が鑑定評価者を兼任したり、瑕疵調査や鑑定評価の過程そのものが省略されたりすることがある。
第二次情報開示に基づく瑕疵調査・鑑定評価の結果、交換成立商品に瑕疵の認められないことや希望交換価額が公正な評価額であったことが確認された段階で、運営者−出品者間の交換契約と運営者−落札者間の交換契約がそれぞれ締結される。その際、出品者と落札者は、交換成立商品の現物の授受や交換差金の決済、期中のキャッシュフロー交換が完了するまで商品を杜撰に管理しない旨を誓約する。尚、交換契約書は、調印済みの基本合意書を補正して使用される。
瑕疵調査・鑑定評価の結果、交換成立商品に瑕疵が認められた場合、又は希望交換価額が不公正な評価額であったことが判明した場合、鑑定評価者は当該商品の元来の提供者、その交換相手、及び本システムの運営者にその瑕疵内容又は鑑定評価の結果をフィードバックし、元来の提供者と運営者、当該交換相手と運営者が、それぞれ交換成立価額や交換差金の金額、交換期間、交換契約の特別条項などについて再検討を行う。その結果、運営者を仲介に当該提供者と当該交換相手が合意に達した場合は、基本合意書の内容を補正した上で交換契約を締結し、双方が合意に達しなかった場合は交換成立そのものを白紙に戻すことになる。
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 winner must submit all information related to the products he / she provided, such as the basis for calculating the desired exchange price and existing contracts, to the appraiser. In the present embodiment, information disclosure at this stage of exchange-settled products is referred to as secondary information disclosure by exhibitors and successful bidders. If the exchange-completed product is a general product and the fairness of the desired exchange price can be easily recognized, the operator of this system can also serve as an appraiser, or the process of flaw investigation and appraisal can be omitted. Sometimes.
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 flaw, or if the desired exchange price is found to be an unfair value, the appraisal evaluator 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, and the exchange partner and operator, respectively, exchange exchange price 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 is concluded after correcting the contents of the basic agreement, and if both parties do not reach the agreement, the exchange is established It will be returned to a blank sheet.
交換契約書の調印後、運営者は以下の件などに関して管理業務を行う。
（ａ）交換成立商品の現物の授受に介在する。
（ｂ）交換成立者間の交換差金の決済を、本システム上の口座振替処理によって行う。
（ｃ）交換期間中、交換成立者間のキャッシュフローの授受を、本システム上の口座振替処理によって行う。
尚、運営者自身が交換成立者より受け取るサービス提供料や回線使用料は、交換成立者間でキャッシュフローが本システム経由授受される際にその過程で控除する方法と、交換成立者より別途徴収する方法とがある。また、交換成立者間において、キャッシュフローの受取と支払がタイミング的に一致した場合、運営者はこれらを相殺した上で口座振替処理を行う。
（ｄ）交換契約に基づく自由処分権などの各種権利の行使や各種義務の履行において、交換成立者間に生じる事務手続きを行う。
（ｅ）交換契約に絡み、双方の交換成立者が法規の遵守、当局への取引報告、一般への情報開示などを適宜行っているか否かを検査する。また運営者は、必要に応じて、自ら当局への報告や一般への開示などを行う。
（ｆ）交換取引に絡み、リスク管理やキャッシュフロー管理に使えるソフトウェアなどのツールを交換成立者に提供する。
（ｇ）交換期間中、交換当事者が直接的又は間接的に信用リスクをとり合うことになるため、当事者の間に介在する運営者は、信用力格付けや各種財務指標、ビジネスの規模・将来性、市場における認知度などを基に当事者の信用力を把握し、信用力が不十分な場合は、これを補完するため、交換取引の形態や徴収済みの取引証拠金の金額に応じて、現金担保又は債券、株式、受益証券、譲渡性預金、コマーシャル・ペーパーなどの有価証券担保を請求したり、銀行や保険会社、その他保証人による保証を要求したりできる。
また期中、交換取引商品の評価額の変動や、元本・果実の授受の進捗状況などによって、交換相手に対する信用リスクの露出が増減した場合、運営者は、追加担保の請求や追加保証の要求、余剰担保の返還や余剰保証の解除などにより、その都度担保や保証の程度を調節し適正な信用力を維持する。尚、場合によっては、信用力の不足分を、授受するキャッシュフローの金額に反映させることがある。
それでも、交換成立者が契約不履行に陥った場合、運営者は、その交換相手のために債権の保全・回収や法的手続に関し指導的な役割を果たす。
（ｈ）交換成立者が交換契約を解除する場合や、当該契約を第三者へ譲渡する場合などに生じる事務手続きを行う。
（ｉ）本システムの利用者が、交換取引に関連したバナー広告やポップアップ広告などを、他の利用者を対象に本システム上で掲載した場合の広告料、鑑定評価料などの受払を、当事者間の口座振替処理によって行う。
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 an account transfer process on this system.
(C) During the exchange period, exchange of cash flow between exchange establishments is performed by an account transfer process 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 the cash flow reception and payment coincide with each other between the exchange establishment parties, the operator performs account transfer processing 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 involved in the exchange contract appropriately comply with laws and regulations, report transactions to authorities, and disclose information to the general public. In addition, the operator will report to the authorities and disclose to the public as necessary.
(F) Provide tools such as software that can be used for risk management and cash flow management to the exchange entrants.
(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 credit rating, various financial indicators, business scale and future prospects. 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 the exchange partner increases or decreases due to changes in the evaluation value of exchange transaction products or the progress of exchange of principals and fruits, the operator may request additional collateral or request additional guarantees. In order to maintain proper creditworthiness, the degree of collateral and guarantee is adjusted each time by returning surplus collateral or releasing surplus guarantee. 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) Carry out administrative procedures that occur when the exchange establishment party cancels an exchange contract or transfers the contract to a third party.
(I) When the user of this system posts banner advertisements or pop-up advertisements related to exchange transactions on this system for other users, the party shall receive and pay advertising fees, appraisal evaluation fees, etc. This is done by direct debit processing.
交換の成立を円滑に進めるため、出品者や入札者が運営者に告げる希望交換価額は、公正な評価額でなくてはならない。流動性を備えた価格商品の場合、公正な評価額とは市場価額を指し、証券取引所や派生商品取引所、店頭市場、金融機関間市場、不動産会社間市場などで公表される約定価額や気配価額をいう。
一方、非流動性の価格商品や非価格商品の場合、公正な評価額とは恣意性を排除して合理的に算定される理論価額を指す。理論価額の合理的な算定方法には、類似商品の市場価額に利子率や満期、信用リスクなどの変動要因や個別の商品特性を加味して算定する方法、商品から将来発生するキャッシュフローを利子率などで割り戻して現在価値を算定する方法、市場で認知されている理論値モデルを使用する方法などがある。また、構成部分がそれぞれに市場価額を有している複合商品などの場合には、それらの市場価額を合成して算定する方法がある。
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, such as the contract price published on the stock exchange, derivative products exchange, over-the-counter market, inter-financial institution market, real estate company market, etc. Refers to the quote 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.
価格商品、非価格商品を問わず、１つの商品に公正な評価額が複数存在する場合、これら複数の評価方法を併用した上で加重平均値などを算定する方法、もしくは、これら複数の評価額の中で最も公正と判断される価額のみを使用する方法により希望交換価額を決定する。
提示される複数の希望交換価額を比較しやすくするために、本システムの運営者は、出品者や入札者がベースの等しい評価方法を採用するよう指導し、交換取引時に運営者へ支払われる交換取引手数料や、交換期間中、持高の維持や権利の行使、義務の履行に要する諸費用、交換終了時に要する諸費用などを予め希望交換価額に含めるか否かといった算定ベースの一本化についても、運営者は指導的な役割を果たす。尚、運営者は、評価額の算定に使えるソフトウェアなどのツールを、本システム経由交換希望者に提供することができる。
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 tools such as software that can be used to calculate the evaluation amount to those who wish to exchange via this system.
本実施の形態では、個々の金融商品や準金融商品の希望交換価額を、例えば以下のような方法で認識又は算定することが求められる。
貸付債権は、債券のように流通市場で売買されている場合、その市場価額をもって希望交換価額とする。非流動性の貸付債権は、その取得価額をもって希望交換価額とすることが可能だが、貸付先の経営状況や財務内容に問題がある場合、信用リスクのランク付けや将来のキャッシュフローの予測などを基に貸倒見積高を算定し、前記取得価額より当該貸倒見積高を控除した金額を希望交換価額とする。
In the present embodiment, it is required to recognize or calculate the desired exchange price of each financial product or quasi-financial product, for example, by the following method.
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.However, if there is a problem with the business condition or financial status of the borrower, the credit risk ranking and future cash flow predictions can be made. Based on this, the estimated bad debt amount is calculated, and the desired exchange price is obtained by subtracting the estimated bad debt amount from the acquisition price.
普通預金や定期預金、譲渡性預金などの各種預金は、預入金額をもって希望交換価額とすることが可能である。しかし、預入金額が元利保証の上限を超え、預入先である金融機関の経営状況や財務内容に問題がある場合、信用リスクのランク付けや将来のキャッシュフローの予測などを基に、当該預金が倒産債権となる見積高を算定し、前記預入価額より当該倒産債権見積高を控除した金額を希望交換価額とする。 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 limit of the principal and interest guarantee and there is a problem with the management status and financial content of the financial institution that is the deposit destination, the deposit is determined based on the credit risk ranking and the prediction of future cash flows. The estimated amount of bankruptcy receivables is calculated, and the amount obtained by deducting the estimated amount of bankruptcy receivables from the deposit value is set as the desired exchange price.
ファンド型運用商品は、証券投資信託や不動産投資信託、商品ファンドなどに見られる価格商品の場合、市場価額をもって希望交換価額とする。貸付信託や狭義の金銭信託、公社債投資信託などのうち、元本保証や運用方針などによって準預金商品と呼べる商品の場合は、受益権の取得価額をもって希望交換価額とすることが可能である。また媒介体は、基本的にポートフォリオの商品構成や個々の商品の評価額を併せて開示した上で、その運用財産の評価額の総和をもって希望交換価額とする。 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.
非公開株式は、流動性を備えている銘柄の場合、売買が随時行える取引システムなどで公表される約定価額や気配価額を希望交換価額とし、非流動性銘柄の場合は、純資産価額方式や収益力方式、市場株価比較方式などで算定できる理論価額を希望交換価額とする。
純資産価額方式には、帳簿上の純資産価額を用いる簿価純資産法、資産の現在の再調達価格の総和から負債を控除する再調達現価純資産法、資産の現在の売却可能価格の総和から負債を控除する清算価値純資産法などがある。また、収益力方式には、将来の予想利益を資本還元率などで割る収益還元法、将来の予想配当を資本還元率などで割る配当還元法、将来の予想キャッシュフローを資本還元率などで現在価値に割り戻した総和から負債を控除する割引キャッシュフロー法などがある。そして、市場株価比較方式には、配当や利益、純資産価額を照らし合わせて、類似業種に属する複数の上場会社の平均株価から対象会社の株価を算定する類似業種比準法、売上高や利益、純資産価額を照らし合わせて、複数の類似会社の平均株価から対象会社の株価を算定する類似会社比準法などがある。
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.
土地、建物、双方の組み合わせである複合不動産及び区分所有建物は、原価法や取引事例比較法、収益還元法などの評価方法で希望交換価額を算定する。原価法とは不動産の再調達コストを評価額とする方法、取引事例比較法とは他の物件の取引事例に見られる価額を評価額の基準とする方法である。また、ここでいう収益還元法とは、賃料や売却価額といった将来のキャッシュフローを現在価値に割り戻した総和を評価額とする方法である。
一方、不動産を裏付け資産とした貸付債権や不動産担保証券、不動産投資信託の受益権、不動産投資法人が発行する出資証券や投資法人債は、金融運用商品に準じて希望交換価額を算定することができる。
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 loans receivable and real estate-backed securities backed by real estate, beneficiary rights of real estate investment trusts, 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.
資金調達商品は、将来のキャッシュフローを、信用リスクを加味した利子率などで割り戻して現在価値を算定し、それをもって希望交換価額とすることができる。 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.
外国為替商品や金融派生商品、不動産派生商品、現物派生商品は、上場商品の場合、派生商品取引所や証券取引所で公表される約定値や気配値を用いて評価損益を算定し、それをもって希望交換価額とする。非上場商品の場合は、金融機関間市場や不動産会社間市場などで公表される約定値や気配値を用いる方法、商品の将来のキャッシュフローを、信用リスクを加味した利子率などで割り戻して現在価値を算定する方法、市場で認知されている理論値モデルを使用する方法などで評価損益を算定し、それをもって希望交換価額とする。 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, the method of using contracts and quotes published in the inter-financial institution market and the real estate company market, and the future cash flow of the product is rebated by the interest rate taking into account credit risk. The valuation gain / loss is calculated by the method of calculating the present value, the method of using the theoretical value model recognized in the market, etc., and it is set as the desired exchange price.
実施の形態２．
以下、添付図面を用いて本発明の実施の形態２を説明する。
まず図１は、資産運用商品の直接交換の一実施例であり、同種の金融運用商品が交換対象である場合を示す。
ここでは、資産運用者１が貸付債権１２を保有し、資産運用者２が貸付債権１１を保有していたが、直接交換が成立した結果、資産運用者１は貸付債権１２を譲渡する替わりに貸付債権１１を譲り受け、同時に、資産運用者２は貸付債権１１を譲渡する替わりに貸付債権１２を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが株式１４と株式１３とを、資産運用者５と資産運用者６とが債券１６と債券１５とを、資産運用者７と資産運用者８とが証券投資信託１８と証券投資信託１７とを、また、資産運用者９と資産運用者１０とが預金債権２０と預金債権１９とを、それぞれ直接交換している。
Embodiment 2. FIG.
The second embodiment of the present invention will be described below 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.
図２は、資産運用商品の直接交換の他の実施例であり、異種の金融運用商品が交換対象である場合を示す。
ここでは、資産運用者１が債券１５を保有し、資産運用者２が貸付債権１１を保有していたが、直接交換が成立した結果、資産運用者１は債券１５を譲渡する替わりに貸付債権１１を譲り受け、同時に、資産運用者２は貸付債権１１を譲渡する替わりに債券１５を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが証券投資信託１７と株式１３とを、資産運用者５と資産運用者６とが株式１４と債券１６とを、資産運用者７と資産運用者８とが預金債権１９と証券投資信託１８とを、また、資産運用者９と資産運用者１０とが貸付債権１２と預金債権２０とを、それぞれ直接交換している。
FIG. 2 shows another embodiment of direct exchange of asset management products, and shows a case where different types of financial management products are to be exchanged.
Here, asset manager 1 has bonds 15 and asset manager 2 has loan receivables 11, but as a result of the direct exchange, asset manager 1 has loan receivables instead of transferring bonds 15. 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 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.
図３は、資産運用商品の直接交換の他の実施例であり、異種の預金タイプの金融運用商品が交換対象である場合を示す。
ここでは、資産運用者１が貸付信託２３を保有し、資産運用者２が定期預金２１を保有していたが、直接交換が成立した結果、資産運用者１は貸付信託２３を譲渡する替わりに定期預金２１を譲り受け、同時に、資産運用者２は定期預金２１を譲渡する替わりに貸付信託２３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが公社債投資信託２７と譲渡性預金２５とを、資産運用者５と資産運用者６とが金銭信託２９と公社債投資信託２８とを、資産運用者７と資産運用者８とが定期預金２２と金銭信託３０とを、また、資産運用者９と資産運用者１０とが譲渡性預金２６と貸付信託２４とを、それぞれ直接交換している。
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.
図４は、資産運用商品の直接交換の他の実施例であり、異種の株式タイプの金融運用商品が交換対象である場合を示す。
ここでは、資産運用者１が株式投資信託の受益権３３を保有し、資産運用者２が非公開企業の株式３１を保有していたが、直接交換が成立した結果、資産運用者１は株式投資信託の受益権３３を譲渡する替わりに非公開企業の株式３１を譲り受け、同時に、資産運用者２は非公開企業の株式３１を譲渡する替わりに株式投資信託の受益権３３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが資産担保出資証券３７とプロジェクト・ファイナンス出資証券３５とを、資産運用者５と資産運用者６とが会社型投資信託の出資証券３９と資産担保出資証券３８とを、資産運用者７と資産運用者８とが非公開企業の株式３２と会社型投資信託の出資証券４０とを、また、資産運用者９と資産運用者１０とがプロジェクト・ファイナンス出資証券３６と株式投資信託の受益権３４とを、それぞれ直接交換している。
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.
図５は、資産運用商品の直接交換の他の実施例であり、同一資金調達者からの異種の株式絡み運用商品が交換対象である場合を示す。
ここでは、資産運用者１が転換株式４３を保有し、資産運用者２が償還株式４１を保有していたが、直接交換が成立した結果、資産運用者１は転換株式４３を譲渡する替わりに償還株式４１を譲り受け、同時に、資産運用者２は償還株式４１を譲渡する替わりに転換株式４３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが転換社債４５と転換株式４４とを、資産運用者５と資産運用者６とが償還株式４２と株式預託証書４７とを、資産運用者７と資産運用者８とがワラント債４９と転換社債４６とを、また、資産運用者９と資産運用者１０とが株式預託証書４８とワラント債５０とを、それぞれ直接交換している。
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.
図６は、資産運用商品の直接交換の他の実施例であり、同一資金調達者からの求償順位が異なる金融運用商品が交換対象である場合を示す。
ここでは、資産運用者１が劣後貸付債権５３を保有し、資産運用者２が優先債券５１を保有していたが、直接交換が成立した結果、資産運用者１は劣後貸付債権５３を譲渡する替わりに優先債券５１を譲り受け、同時に、資産運用者２は優先債券５１を譲渡する替わりに劣後貸付債権５３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが劣後株式５５と劣後貸付債権５４とを、資産運用者５と資産運用者６とが普通株式５９と優先株式５７とを、資産運用者７と資産運用者８とが優先債券５２と普通株式６０とを、また、資産運用者９と資産運用者１０とが優先株式５８と劣後株式５６とを、それぞれ直接交換している。
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.
図７は、資産運用商品の直接交換の他の実施例であり、同種の不動産運用商品が交換対象である場合を示す。
ここでは、資産運用者１が土地６２を保有し、資産運用者２が土地６１を保有していたが、直接交換が成立した結果、資産運用者１は土地６２を譲渡する替わりに土地６１を譲り受け、同時に、資産運用者２は土地６１を譲渡する替わりに土地６２を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが建物６４と建物６３とを、資産運用者５と資産運用者６とが複合不動産６６と複合不動産６５とを、資産運用者７と資産運用者８とが不動産担保証券６８と不動産担保証券６７とを、また、資産運用者９と資産運用者１０とが不動産投資信託７０と不動産投資信託６９とを、それぞれ直接交換している。
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.
図８は、資産運用商品の直接交換の他の実施例であり、異種の不動産運用商品が交換対象である場合を示す。
ここでは、資産運用者１が建物６３を保有し、資産運用者２が土地６１を保有していたが、直接交換が成立した結果、資産運用者１は建物６３を譲渡する替わりに土地６１を譲り受け、同時に、資産運用者２は土地６１を譲渡する替わりに建物６３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが不動産投資信託６９と建物６４とを、資産運用者５と資産運用者６とが不動産担保証券６７と複合不動産６５とを、資産運用者７と資産運用者８とが土地６２と不動産担保証券６８とを、また、資産運用者９と資産運用者１０とが複合不動産６６と不動産投資信託７０とを、それぞれ直接交換している。
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.
図９は、資産運用商品の直接交換の他の実施例であり、同一特別目的会社からの異種の不動産担保商品が交換対象である場合を示す。
ここでは、資産運用者１が特定目的優先貸付債権７３を保有し、資産運用者２が特定劣後社債７１を保有していたが、直接交換が成立した結果、資産運用者１は特定目的優先貸付債権７３を譲渡する替わりに特定劣後社債７１を譲り受け、同時に、資産運用者２は特定劣後社債７１を譲渡する替わりに特定目的優先貸付債権７３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが転換特定社債７７と特定普通株式７５とを、資産運用者５と資産運用者６とがワラント特定社債７９と転換特定社債７８とを、資産運用者７と資産運用者８とが特定劣後社債７２とワラント特定社債８０とを、また、資産運用者９と資産運用者１０とが特定普通株式７６と特定目的優先貸付債権７４とを、それぞれ直接交換している。
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.
図１０は、資産運用商品の直接交換の他の実施例であり、異業種の商品が交換対象である場合を示す。
ここでは、資産運用者１が建物６３を保有し、資産運用者２が貸付債権１１を保有していたが、直接交換が成立した結果、資産運用者１は建物６３を譲渡する替わりに貸付債権１１を譲り受け、同時に、資産運用者２は貸付債権１１を譲渡する替わりに建物６３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが土地６１と株式１３とを、資産運用者５と資産運用者６とが複合不動産６５と債券１５とを、資産運用者７と資産運用者８とが不動産投資信託６９と証券投資信託１７とを、また、資産運用者９と資産運用者１０とが不動産担保証券６７と預金債権１９とを、それぞれ直接交換している。
FIG. 10 is 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.
図１１は、資産運用商品の直接交換の他の実施例であり、異種又は異業種のファンド型運用商品や媒介体が交換対象である場合を示す。
ここでは、資産運用者１が指定金外信託８３を保有し、資産運用者２が特定金銭信託８１を保有していたが、直接交換が成立した結果、資産運用者１は指定金外信託８３を譲渡する替わりに特定金銭信託８１を譲り受け、同時に、資産運用者２は特定金銭信託８１を譲渡する替わりに指定金外信託８３を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが不動産投資信託６９と指定金外信託８４とを、資産運用者５と資産運用者６とが特定金銭信託８２と商品ファンド８５とを、資産運用者７と資産運用者８とがファンド型私募債券８７と不動産投資信託７０とを、また、資産運用者９と資産運用者１０とが商品ファンド８６とファンド型私募債券８８とを、それぞれ直接交換している。
FIG. 11 shows another example 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, but as a result of the direct exchange, the asset manager 1 has the designated money trust 83. The asset manager 2 was able to acquire the non-designated money trust 83 instead of transferring the specified money trust 81 at the same time.
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 commodity fund 86 and the fund-type private placement bond 88, respectively. We are exchanging.
図１２は、資産運用商品の直接交換の他の実施例であり、商品を抱き合わせで交換する場合を示す。
ここでは、資産運用者１が『貸付債権１１及び債券１５』を保有し、資産運用者２が『株式１３及び証券投資信託１７』を保有していたが、直接交換が成立した結果、資産運用者１は『貸付債権１１及び債券１５』を抱き合わせで譲渡する替わりに、『株式１３及び証券投資信託１７』を抱き合わせで譲り受け、同時に、資産運用者２は『株式１３及び証券投資信託１７』を抱き合わせで譲渡する替わりに、『貸付債権１１及び債券１５』を抱き合わせで譲り受けることができた。
同様に、資産運用者３と資産運用者４とが『複合不動産６５単独』と『不動産担保証券６７及び不動産投資信託６９の抱き合わせ』とを、また、資産運用者５と資産運用者６とが『証券投資信託１８及び不動産投資信託７０の抱き合わせ』と『株式１４及び土地６１、建物６３の抱き合わせ』とを、それぞれ直接交換している。
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.
図１３は、資産運用商品の直接交換の他の実施例であり、商品を３者で交換する場合を示す。
左図では、資産運用者１が債券１５を保有し、資産運用者２が債券１６を保有していたが、直接交換が成立した結果、資産運用者１は債券１５を譲渡する替わりに債券１６を譲り受け、同時に、資産運用者２は債券１６を譲渡する替わりに債券１５を譲り受けることができた。
次に、債券１６を譲り受けた資産運用者１が債券８９を保有する資産運用者３と直接交換を成立させ、その結果、資産運用者１は債券１６を譲渡する替わりに債券８９を譲り受け、同時に、資産運用者３は債券８９を譲渡する替わりに債券１６を譲り受けることができた。
左図は２つの段階を経て３者による直接交換が成立しているが、本実施例では、これを同時に成立させることも可能である。右図では、資産運用者４が債券９０を保有し、資産運用者５が債券９１、資産運用者６が債券９２をそれぞれ保有していたが、３者による同時直接交換が成立した結果、資産運用者４は債券９０を譲渡する替わりに債券９２を譲り受け、資産運用者５は債券９１を譲渡する替わりに債券９０を譲り受け、また、資産運用者６は債券９２を譲渡する替わりに債券９１を譲り受けることができた。
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, the direct exchange by the three parties is established through two stages, but in the present embodiment, this can be established at the same time. 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.
図１４は、資産運用商品の直接交換における資金の流れと課金の仕組みの一実施例である。
図中［１］は、直接交換が成立した結果、資産運用者である出品者９４が資産運用者である落札者９５へ交換差金を支払う。
［２］は、出品者９４や落札者９５、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者９４及び落札者９５が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
FIG. 14 is an example of a fund flow and billing mechanism for direct exchange of asset management products.
In [1] in the figure, 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 [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 [3], the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In [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.
次に図１５は、資産運用商品のキャッシュフロー交換の一実施例であり、異種の金融運用商品が交換対象である場合を示す。
ここでは、資産運用者１が貸付債権１１を保有し、資産運用者２が債券１５を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は『貸付債権１１からのキャッシュフロー』を譲渡する替わりに『債券１５からのキャッシュフロー』を譲り受け、同時に、資産運用者２は『債券１５からのキャッシュフロー』を譲渡する替わりに『貸付債権１１からのキャッシュフロー』を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが『株式１３からのキャッシュフロー』と『証券投資信託１７からのキャッシュフロー』とを、資産運用者５と資産運用者６とが『債券１６からのキャッシュフロー』と『株式１４からのキャッシュフロー』とを、資産運用者７と資産運用者８とが『証券投資信託１８からのキャッシュフロー』と『預金債権１９からのキャッシュフロー』とを、また、資産運用者９と資産運用者１０とが『預金債権２０からのキャッシュフロー』と『貸付債権１２からのキャッシュフロー』とを、それぞれ交換している。
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.
図１６は、資産運用商品のキャッシュフロー交換の他の実施例であり、異種の不動産運用商品が交換対象である場合を示す。
ここでは、資産運用者１が土地６１を保有し、資産運用者２が建物６３を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は『土地６１からのキャッシュフロー』を譲渡する替わりに『建物６３からのキャッシュフロー』を譲り受け、同時に、資産運用者２は『建物６３からのキャッシュフロー』を譲渡する替わりに『土地６１からのキャッシュフロー』を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが『建物６４からのキャッシュフロー』と『不動産投資信託６９からのキャッシュフロー』とを、資産運用者５と資産運用者６とが『複合不動産６５からのキャッシュフロー』と『不動産担保証券６７からのキャッシュフロー』とを、資産運用者７と資産運用者８とが『不動産担保証券６８からのキャッシュフロー』と『土地６２からのキャッシュフロー』とを、また、資産運用者９と資産運用者１０とが『不動産投資信託７０からのキャッシュフロー』と『複合不動産６６からのキャッシュフロー』とを、それぞれ交換している。
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.
図１７は、資産運用商品のキャッシュフロー交換の他の実施例であり、異業種の商品が交換対象である場合を示す。
ここでは、資産運用者１が貸付債権１１を保有し、資産運用者２が建物６３を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は『貸付債権１１からのキャッシュフロー』を譲渡する替わりに『建物６３からのキャッシュフロー』を譲り受け、同時に、資産運用者２は『建物６３からのキャッシュフロー』を譲渡する替わりに『貸付債権１１からのキャッシュフロー』を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが『株式１３からのキャッシュフロー』と『土地６１からのキャッシュフロー』とを、資産運用者５と資産運用者６とが『債券１５からのキャッシュフロー』と『複合不動産６５からのキャッシュフロー』とを、資産運用者７と資産運用者８とが『証券投資信託１７からのキャッシュフロー』と『不動産投資信託６９からのキャッシュフロー』とを、また、資産運用者９と資産運用者１０とが『預金債権１９からのキャッシュフロー』と『不動産担保証券６７からのキャッシュフロー』とを、それぞれ交換している。
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.
図１８は、資産運用商品のキャッシュフロー交換の他の実施例であり、異種又は異業種のファンド型運用商品や媒介体が交換対象である場合を示す。
ここでは、資産運用者１が特定金銭信託８１を保有し、資産運用者２が指定金外信託８３を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は『特定金銭信託８１からのキャッシュフロー』を譲渡する替わりに『指定金外信託８３からのキャッシュフロー』を譲り受け、同時に、資産運用者２は『指定金外信託８３からのキャッシュフロー』を譲渡する替わりに『特定金銭信託８１からのキャッシュフロー』を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが『指定金外信託８４からのキャッシュフロー』と『不動産投資信託６９からのキャッシュフロー』とを、資産運用者５と資産運用者６とが『商品ファンド８５からのキャッシュフロー』と『特定金銭信託８２からのキャッシュフロー』とを、資産運用者７と資産運用者８とが『不動産投資信託７０からのキャッシュフロー』と『ファンド型私募債券８７からのキャッシュフロー』とを、また、資産運用者９と資産運用者１０とが『ファンド型私募債券８８からのキャッシュフロー』と『商品ファンド８６からのキャッシュフロー』とを、それぞれ交換している。
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.
図１９は、資産運用商品のキャッシュフロー交換の他の実施例であり、商品のキャッシュフローを抱き合わせで交換する場合を示す。
ここでは、資産運用者１が『株式１３及び証券投資信託１７』を保有し、資産運用者２が『貸付債権１１及び債券１５』を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は『株式１３及び証券投資信託１７からのキャッシュフロー』を抱き合わせで譲渡する替わりに、『貸付債権１１及び債券１５からのキャッシュフロー』を抱き合わせで譲り受け、同時に、資産運用者２は『貸付債権１１及び債券１５からのキャッシュフロー』を抱き合わせで譲渡する替わりに、『株式１３及び証券投資信託１７からのキャッシュフロー』を抱き合わせで譲り受けることができた。
同様に、資産運用者３と資産運用者４とが、『複合不動産６５単独からのキャッシュフロー』と『不動産担保証券６７及び不動産投資信託６９の抱き合わせからのキャッシュフロー』とを、また、資産運用者５と資産運用者６とが、『株式１４及び土地６１、建物６３の抱き合わせからのキャッシュフロー』と『証券投資信託１８及び不動産投資信託７０の抱き合わせからのキャッシュフロー』とを、それぞれ交換している。
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.
図２０は、資産運用商品のキャッシュフロー交換の他の実施例であり、商品のキャッシュフローを３者で交換する場合を示す。
左図では、資産運用者１が債券１５を保有し、資産運用者２が債券１６を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は『債券１５からのキャッシュフロー』を譲渡する替わりに『債券１６からのキャッシュフロー』を譲り受け、同時に、資産運用者２は『債券１６からのキャッシュフロー』を譲渡する替わりに『債券１５からのキャッシュフロー』を譲り受けることができた。
次に、『債券１６からのキャッシュフロー』を譲り受けた資産運用者１が、債券８９を保有する資産運用者３とキャッシュフロー交換を成立させ、その結果、資産運用者１は『債券１６からのキャッシュフロー』を譲渡する替わりに『債券８９からのキャッシュフロー』を譲り受け、同時に、資産運用者３は『債券８９からのキャッシュフロー』を譲渡する替わりに『債券１６からのキャッシュフロー』を譲り受けることができた。
左図は２つの段階を経て３者によるキャッシュフロー交換が成立しているが、本実施例では、これを同時に成立させることも可能である。右図では、資産運用者４が債券９０を保有し、資産運用者５が債券９１、資産運用者６が債券９２をそれぞれ保有しているが、３者によるキャッシュフローの同時交換が成立した結果、資産運用者４は『債券９０からのキャッシュフロー』を譲渡する替わりに『債券９２からのキャッシュフロー』を譲り受け、資産運用者５は『債券９１からのキャッシュフロー』を譲渡する替わりに『債券９０からのキャッシュフロー』を譲り受け、また、資産運用者６は『債券９２からのキャッシュフロー』を譲渡する替わりに『債券９１からのキャッシュフロー』を譲り受けることができた。
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, the cash flow exchange by the three parties is established through two stages, but in the present embodiment, this can be established at the same time. 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”.
図２１は、資産運用商品のキャッシュフロー交換の他の実施例であり、異種又は異業種の商品の評価損益を交換する場合を示す。
ここでは、資産運用者１が貸付債権１１を保有し、資産運用者２が不動産担保証券６７を保有しているが、評価益部分のキャッシュフロー交換が成立した結果、資産運用者１は貸付債権１１の評価益を譲渡する替わりに不動産担保証券６７の評価益を譲り受け、同時に、資産運用者２は不動産担保証券６７の評価益を譲渡する替わりに貸付債権１１の評価益を譲り受けることができた。
同様に、資産運用者３と資産運用者４とが株式１３の評価損と複合不動産６５の評価損とを、資産運用者５と資産運用者６とが証券投資信託１７の評価益と不動産投資信託６９の評価益とを、資産運用者７と資産運用者８とが特定金銭信託８１の評価損と指定金外信託８３の評価損とを、また、資産運用者９と資産運用者１０とがファンド型私募債券８７の評価益と商品ファンド８５の評価益とを、それぞれキャッシュフロー交換している。
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.
図２２は、資産運用商品のキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資産運用者である出品者９４や資産運用者である落札者９５、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者９４及び落札者９５が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者９４と落札者９５との間で、交換差金や資産運用商品のキャッシュフローの授受が行われる。
［６］は、出品者９４及び落札者９５が資産運用商品から受け取っている既存のキャッシュフローである。
FIG. 22 is an example of a fund flow and billing mechanism in the cash flow exchange of asset management products.
In the figure, [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 line usage fees.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In [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 [5], as a result of the establishment of the cash flow exchange, the exchange flow and the cash flow of the asset management product are exchanged between the exhibitor 94 and the successful bidder 95.
[6] is an existing cash flow that the seller 94 and the successful bidder 95 have received from the asset management product.
さらに図２３は、直接交換とキャッシュフロー交換との折衷方式による資産運用商品の交換の一実施例であり、異業種の商品が交換対象である場合を示す。
ここでは、資産運用者１が貸付債権１１を保有し、資産運用者２が建物６３を保有していたが、キャッシュフロー交換と直接交換との折衷方式による交換が成立した結果、資産運用者１は、貸付債権１１からのキャッシュフローを譲渡する替わりに建物６３を直接譲り受け、同時に資産運用者２は、建物６３を直接譲渡する替わりに貸付債権１１からのキャッシュフローを譲り受けることができた。
同様に、資産運用者３と資産運用者４とが土地６１からのキャッシュフローと株式１３の現物とを、資産運用者５と資産運用者６とが債券１５からのキャッシュフローと複合不動産６５の現物とを、資産運用者７と資産運用者８とが不動産投資信託６９からのキャッシュフローと証券投資信託１７の現物とを、また、資産運用者９と資産運用者１０とが預金債権１９からのキャッシュフローと不動産担保証券６７の現物とを、それぞれキャッシュフロー交換と直接交換との折衷方式によって交換している。
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.
図２４は、直接交換とキャッシュフロー交換との折衷方式による資産運用商品の交換における資金の流れと課金の仕組みの一実施例である。
図中［１］は、交換取引が成立した結果、資産運用者である落札者９５が資産運用者である出品者９４へ交換差金を支払う。
［２］は、出品者９４や落札者９５、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者９４及び落札者９５が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、交換取引が成立した結果、出品者９４が落札者９５へ資産運用商品のキャッシュフローを提供する。
［６］は、出品者９４が資産運用商品から受け取っている既存のキャッシュフローである。
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, [1] indicates that, as a result of the exchange transaction being established, the successful bidder 95 as the asset manager pays the exchange margin to the exhibitor 94 as the asset manager.
In [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 [3], the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In [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.
In [5], as a result of the exchange transaction being established, the exhibitor 94 provides the successful bidder 95 with a cash flow of the asset management product.
[6] is an existing cash flow received by the seller 94 from the asset management product.
また図２５は、資金調達商品のキャッシュフロー交換の一実施例であり、同種の金融調達商品が交換対象である場合を示す。
ここでは、資金調達者１００が資産運用者１からの借入債務１１０を抱え、資金調達者１０１が資産運用者２からの借入債務１１１を抱えているが、キャッシュフロー交換が成立した結果、資金調達者１００は『借入債務１１１のキャッシュフロー』を引き受ける替わりに『借入債務１１０のキャッシュフロー』を引き渡し、同時に、資金調達者１０１は『借入債務１１０のキャッシュフロー』を引き受ける替わりに『借入債務１１１のキャッシュフロー』を引き渡すことができた。
同様に、資金調達者１０２と資金調達者１０３とが、『資産運用者３保有の株式１１２のキャッシュフロー』と『資産運用者４保有の株式１１３のキャッシュフロー』とを、資金調達者１０４と資金調達者１０５とが、『資産運用者５保有の債券１１４のキャッシュフロー』と『資産運用者６保有の債券１１５のキャッシュフロー』とを、資金調達者１０６と資金調達者１０７とが、『資産運用者７保有のコマーシャル・ペーパー１１６のキャッシュフロー』と『資産運用者８保有のコマーシャル・ペーパー１１７のキャッシュフロー』とを、また、資金調達者１０８と資金調達者１０９とが、『資産運用者９からの預金債務１１８のキャッシュフロー』と『資産運用者１０からの預金債務１１９のキャッシュフロー』とを、それぞれ交換している。
尚、本実施の形態における各種図面において、交換当事者となる資金調達者の既存の持高で相手方を務めている資産運用者は、実際の商品によって一人である場合と複数である場合とがある。
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.
In the various drawings in the present embodiment, there may be one or more asset managers who serve as counterparties at the existing positions of the fundraiser who is the exchange party depending on the actual product. .
図２６は、資金調達商品のキャッシュフロー交換の他の実施例であり、異種の金融調達商品が交換対象である場合を示す。
ここでは、資金調達者１００が資産運用者１保有のコマーシャル・ペーパー１１６を抱えており、資金調達者１０１が資産運用者２からの借入債務１１０を抱えているが、キャッシュフロー交換が成立した結果、資金調達者１００は『借入債務１１０のキャッシュフロー』を引き受ける替わりに『コマーシャル・ペーパー１１６のキャッシュフロー』を引き渡し、同時に、資金調達者１０１は『コマーシャル・ペーパー１１６のキャッシュフロー』を引き受ける替わりに『借入債務１１０のキャッシュフロー』を引き渡すことができた。
同様に、資金調達者１０２と資金調達者１０３とが、『資産運用者３からの借入債務１１１のキャッシュフロー』と『資産運用者４保有の株式１１２のキャッシュフロー』とを、資金調達者１０４と資金調達者１０５とが、『資産運用者５保有の株式１１３のキャッシュフロー』と『資産運用者６保有の債券１１４のキャッシュフロー』とを、資金調達者１０６と資金調達者１０７とが、『資産運用者７からの預金債務１１８のキャッシュフロー』と『資産運用者８保有のコマーシャル・ペーパー１１７のキャッシュフロー』とを、また、資金調達者１０８と資金調達者１０９とが、『資産運用者９保有の債券１１５のキャッシュフロー』と『資産運用者１０からの預金債務１１９のキャッシュフロー』とを、それぞれ交換している。
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.
図２７は、資金調達商品のキャッシュフロー交換の他の実施例であり、商品のキャッシュフローを抱き合わせで交換する場合を示す。
ここでは、資金調達者１００が『資産運用者１からの優先借入債務１２２及び資産運用者２保有の優先債券１２３』を抱え、資金調達者１０１が『資産運用者３からの劣後借入債務１２４及び資産運用者４保有の劣後債券１２５』を抱えているが、キャッシュフロー交換が成立した結果、資金調達者１００は『劣後借入債務１２４及び劣後債券１２５のキャッシュフロー』を抱き合わせで引き受ける替わりに、『優先借入債務１２２及び優先債券１２３のキャッシュフロー』を抱き合わせで引き渡し、同時に、資金調達者１０１は『優先借入債務１２２及び優先債券１２３のキャッシュフロー』を抱き合わせで引き受ける替わりに、『劣後借入債務１２４及び劣後債券１２５のキャッシュフロー』を抱き合わせで引き渡すことができた。
同様に、資金調達者１０２と資金調達者１０３とが、『資産運用者５保有の中期債券１２６単独のキャッシュフロー』と『資産運用者６保有の長期債券１２７及び資産運用者７保有の短期債券１２８の抱き合わせのキャッシュフロー』とを、また、資金調達者１０４と資金調達者１０５とが、『資産運用者８からの定期預金１２９及び資産運用者９からの譲渡性預金１３０、資産運用者１０からのコール・マネー１３１の抱き合わせのキャッシュフロー』と『資産運用者１２０からの長期借入債務１３２及び資産運用者１２１保有のコマーシャル・ペーパー１１６の抱き合わせのキャッシュフロー』とを、それぞれ交換している。
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".
図２８は、資金調達商品のキャッシュフロー交換の他の実施例であり、商品のキャッシュフローを３者で交換する場合を示す。
左図では、資金調達者１００が資産運用者１からの借入債務１１０を抱え、資金調達者１０１が資産運用者２からの借入債務１１１を抱えているが、キャッシュフロー交換が成立した結果、資金調達者１００は『借入債務１１１のキャッシュフロー』を引き受ける替わりに『借入債務１１０のキャッシュフロー』を引き渡し、同時に、資金調達者１０１は『借入債務１１０のキャッシュフロー』を引き受ける替わりに『借入債務１１１のキャッシュフロー』を引き渡すことができた。
次に、『借入債務１１１のキャッシュフロー』を引き受けた資金調達者１００が、資産運用者３からの借入債務１３３を抱える資金調達者１０２とキャッシュフロー交換を成立させ、その結果、資金調達者１００は『借入債務１３３のキャッシュフロー』を引き受ける替わりに『借入債務１１１のキャッシュフロー』を引き渡し、同時に、資金調達者１０２は『借入債務１１１のキャッシュフロー』を引き受ける替わりに『借入債務１３３のキャッシュフロー』を引き渡すことができた。
左図は２つの段階を経て３者によるキャッシュフロー交換が成立しているが、本実施例では、これを同時に成立させることも可能である。右図では、資金調達者１０３が資産運用者４からの借入債務１３４を抱え、資金調達者１０４が資産運用者５からの借入債務１３５、資金調達者１０５が資産運用者６からの借入債務１３６をそれぞれ抱えているが、３者によるキャッシュフローの同時交換が成立した結果、資金調達者１０３は『借入債務１３６のキャッシュフロー』を引き受ける替わりに『借入債務１３４のキャッシュフロー』を引き渡し、資金調達者１０４は『借入債務１３４のキャッシュフロー』を引き受ける替わりに『借入債務１３５のキャッシュフロー』を引き渡し、また、資金調達者１０５は『借入債務１３５のキャッシュフロー』を引き受ける替わりに『借入債務１３６のキャッシュフロー』を引き渡すことができた。
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, the cash flow exchange by the three parties is established through two stages, but in the present embodiment, this can be established at the same time. 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.
図２９は、資金調達商品のキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資金調達者である出品者１３７や資金調達者である落札者１３８、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者１３７及び落札者１３８が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者１３７と落札者１３８との間で、交換差金や資金調達商品のキャッシュフローの授受が行われる。
［６］は、出品者１３７及び落札者１３８が資産運用者へ支払っている既存のキャッシュフローである。
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, [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 service operator 93 of the system. Pay line usage fees.
In [3], the exhibitor 137 and the successful bidder 138 pay the appraisal fee to the appraiser 98.
In [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.
In [5], as a result of the establishment of the cash flow exchange, exchange flow and cash flow of the fund raising product are exchanged between the exhibitor 137 and the successful bidder 138.
[6] is an existing cash flow paid by the seller 137 and the successful bidder 138 to the asset manager.
そして図３０は、資金取引商品のキャッシュフロー交換の一実施例であり、同種の外国為替商品や金融派生商品、不動産派生商品、現物派生商品が交換対象である場合を示す。
ここでは、資金取引者１３９が資金取引者１４１との為替直物取引１５９で評価益を保有し、資金取引者１４０が資金取引者１４２との為替直物取引１６０で評価益を保有しているが、キャッシュフロー交換が成立した結果、資金取引者１３９は為替直物取引１５９の評価益を譲渡する替わりに為替直物取引１６０の評価益を譲り受け、同時に、資金取引者１４０は為替直物取引１６０の評価益を譲渡する替わりに為替直物取引１５９の評価益を譲り受けることができた。
同様に、資金取引者１４３と資金取引者１４４とが、『資金取引者１４５との金利先渡取引１６１で抱えている評価損』と『資金取引者１４６との金利先渡取引１６２で抱えている評価損』とを、資金取引者１４７と資金取引者１４８とが、『資金取引者１４９との不動産投資指数先物取引１６３で保有している評価益』と『資金取引者１５０との不動産投資指数先物取引１６４で保有している評価益』とを、資金取引者１５１と資金取引者１５２とが、『資金取引者１５３との株価指数オプション取引１６５で抱えている評価損』と『資金取引者１５４との株価指数オプション取引１６６で抱えている評価損』とを、また、資金取引者１５５と資金取引者１５６とが、『資金取引者１５７との商品先物オプション取引１６７で保有している評価益』と『資金取引者１５８との商品先物オプション取引１６８で保有している評価益』とを、それぞれキャッシュフロー交換している。
尚、本実施の形態における各種図面において、交換当事者となる資金取引者の既存の持高で相手方を務めている他の資金取引者は、実際の商品によって一人である場合と複数である場合とがある。また、資金取引商品のうち派生商品取引所や証券取引所に上場している商品では、各々の取引所が資金取引者の相手方を務めているが、実質的には個々の資金取引者が取引所を経由し他の一人又は複数の資金取引者と持高を対峙させているため、本実施の形態における各種図面では、相手方を他の資金取引者として表示した。
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.
In addition, in the various drawings in the present embodiment, there are cases where there are one or more other fund traders serving as counterparties in the existing positions of the fund traders serving as exchange parties depending on the actual product. There is. 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 the various drawings in the present embodiment.
図３１は、資金取引商品のキャッシュフロー交換の他の実施例であり、同種のスワップ商品が交換対象である場合を示す。
ここでは、資金取引者１３９が資金取引者１４１との金利スワップ取引１６９で評価益を保有し、資金取引者１４０が資金取引者１４２との金利スワップ取引１７０で評価益を保有しているが、キャッシュフロー交換が成立した結果、資金取引者１３９は金利スワップ取引１６９の評価益を譲渡する替わりに金利スワップ取引１７０の評価益を譲り受け、同時に、資金取引者１４０は金利スワップ取引１７０の評価益を譲渡する替わりに金利スワップ取引１６９の評価益を譲り受けることができた。
同様に、資金取引者１４３と資金取引者１４４とが、『資金取引者１４５との通貨スワップ取引１７１で抱えている評価損』と『資金取引者１４６との通貨スワップ取引１７２で抱えている評価損』とを、資金取引者１４７と資金取引者１４８とが、『資金取引者１４９との金利通貨スワップ取引１７３で保有している評価益』と『資金取引者１５０との金利通貨スワップ取引１７４で保有している評価益』とを、資金取引者１５１と資金取引者１５２とが、『資金取引者１５３との株価スワップ取引１７５で抱えている評価損』と『資金取引者１５４との株価スワップ取引１７６で抱えている評価損』とを、また、資金取引者１５５と資金取引者１５６とが、『資金取引者１５７との商品価格スワップ取引１７７で保有している評価益』と『資金取引者１５８との商品価格スワップ取引１７８で保有している評価益』とを、それぞれキャッシュフロー交換している。
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, the “valuation loss held in the stock swap 175 with the fund trader 153” and the “stock price of the fund trader 154”. “Valuation loss held in swap transaction 176”, and “the valuation gain held by the fund trader 155 and the fund trader 156 in the commodity price swap transaction 177 with the fund trader 157” And commodity price swap gains that are held for trading 178 "of the fund transaction's 158, and cash flow exchange, respectively.
図３２は、資金取引商品のキャッシュフロー交換の他の実施例であり、異種又は異業種の商品が交換対象である場合を示す。
ここでは、資金取引者１３９が資金取引者１４１との金利通貨スワップ取引１７３で評価益を保有し、資金取引者１４０が資金取引者１４２との為替直物取引１５９で評価益を保有しているが、キャッシュフロー交換が成立した結果、資金取引者１３９は金利通貨スワップ取引１７３の評価益を譲渡する替わりに為替直物取引１５９の評価益を譲り受け、同時に、資金取引者１４０は為替直物取引１５９の評価益を譲渡する替わりに金利通貨スワップ取引１７３の評価益を譲り受けることができた。
同様に、資金取引者１４３と資金取引者１４４とが、『資金取引者１４５との金利スワップ取引１６９で抱えている評価損』と『資金取引者１４６との金利先渡取引１６１で抱えている評価損』とを、資金取引者１４７と資金取引者１４８とが、『資金取引者１４９との通貨スワップ取引１７１で保有している評価益』と『資金取引者１５０との不動産投資指数先物取引１６３で保有している評価益』とを、資金取引者１５１と資金取引者１５２とが、『資金取引者１５３との株価スワップ取引１７５で抱えている評価損』と『資金取引者１５４との株価指数オプション取引１６５で抱えている評価損』とを、また、資金取引者１５５と資金取引者１５６とが、『資金取引者１５７との商品価格スワップ取引１７７で保有している評価益』と『資金取引者１５８との商品先物オプション取引１６７で保有している評価益』とを、それぞれキャッシュフロー交換している。
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 trade with fund trader 150” The valuation profit held at 163 ”is obtained by the fund trader 151 and the fund trader 152 between the“ valuation loss held in the stock price swap transaction 175 with the fund trader 153 ”and the“ fund trader 154 ”. “Evaluation loss held in stock index option transaction 165” and “the valuation profit held by fund trader 155 and fund trader 156 in product price swap transaction 177 with fund trader 157” And commodity futures options trading 167 appreciation that are held in "with cash transactions's 158, and cash flow exchange, respectively.
図３３は、資金取引商品のキャッシュフロー交換の他の実施例であり、商品のキャッシュフローを抱き合わせで交換する場合を示す。
左図では、資金取引者１３９が資金取引者１４１との株価スワップ取引１７５で評価損を抱え、資金取引者１４０が資金取引者１４２との株価指数オプション取引１６５で評価益、資金取引者１４３との金利先物取引１７９で評価損をそれぞれ抱えて合計では評価損となっているが、キャッシュフロー交換が成立した結果、資金取引者１３９は『株価スワップ取引１７５の評価損』を引き渡す替わりに、『株価指数オプション取引１６５の評価益及び金利先物取引１７９の評価損』を抱き合わせで引き受け、同時に、資金取引者１４０は『株価指数オプション取引１６５の評価益及び金利先物取引１７９の評価損』を抱き合わせで引き渡す替わりに、『株価スワップ取引１７５の評価損』を引き受けることになった。
右図では、資金取引者１４４が資金取引者１４６との為替先物取引１８０で評価益、資金取引者１４７との金利スワップ取引１６９で評価益、資金取引者１４８との債券先物オプション取引１８１では評価損をそれぞれ抱えて合計では評価益となり、資金取引者１４５が資金取引者１４９との通貨オプション取引１８２で評価損、資金取引者１５０との通貨スワップ取引１７１では評価益を保有して合計では評価益となっているが、キャッシュフロー交換が成立した結果、資金取引者１４４は『為替先物取引１８０の評価益及び金利スワップ取引１６９の評価益、債券先物オプション取引１８１の評価損』を抱き合わせで譲渡する替わりに、『通貨オプション取引１８２の評価損及び通貨スワップ取引１７１の評価益』を抱き合わせで譲り受け、同時に、資金取引者１４５は『通貨オプション取引１８２の評価損及び通貨スワップ取引１７１の評価益』を抱き合わせで譲渡する替わりに、『為替先物取引１８０の評価益及び金利スワップ取引１６９の評価益、債券先物オプション取引１８１の評価損』を抱き合わせで譲り受けることになった。
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 has suffered a valuation loss in the stock swap transaction 175 with the fund trader 141, the fund trader 140 has gained valuation gain in the stock index option trade 165 with the fund trader 142, However, as a result of the establishment of cash flow exchange, the fund trader 139 instead of handing over the “valuation loss of the stock price swap transaction 175”, Underwriting valuation gain of stock index option transaction 165 and valuation loss of interest rate futures transaction 179 ”, and at the same time, fund trader 140 combines valuation gain of stock index option transaction 165 and valuation loss of interest rate futures transaction 179”. Instead of handing over, it was decided to underwrite “valuation loss of stock swap transaction 175”.
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.
図３４は、資金取引商品のキャッシュフロー交換の他の実施例であり、商品のキャッシュフローを３者で交換する場合を示す。
左図では、資金取引者１３９が資金取引者１４２との金利通貨スワップ取引１７３で評価益を保有し、資金取引者１４０が資金取引者１４３とのスワップション取引１８３で評価益を保有しているが、キャッシュフロー交換が成立した結果、資金取引者１３９は金利通貨スワップ取引１７３の評価益を譲渡する替わりにスワップション取引１８３の評価益を譲り受け、同時に、資金取引者１４０はスワップション取引１８３の評価益を譲渡する替わりに金利通貨スワップ取引１７３の評価益を譲り受けることができた。
次に、スワップション取引１８３の評価益を譲り受けた資金取引者１３９が、資金取引者１４４とのスワップション取引１８４で評価益を保有する資金取引者１４１とキャッシュフロー交換を成立させ、その結果、資金取引者１３９はスワップション取引１８３の評価益を譲渡する替わりにスワップション取引１８４の評価益を譲り受け、同時に、資金取引者１４１はスワップション取引１８４の評価益を譲渡する替わりにスワップション取引１８３の評価益を譲り受けることができた。
左図は２つの段階を経て３者によるキャッシュフロー交換が成立しているが、本実施例では、これを同時に成立させることも可能である。右図では、資金取引者１４５が資金取引者１４８との金利通貨スワップ取引１７４で評価益を保有し、資金取引者１４６が資金取引者１４９とのスワップション取引１８５で評価益、資金取引者１４７が資金取引者１５０とのスワップション取引１８６で評価益をそれぞれ保有しているが、３者によるキャッシュフローの同時交換が成立した結果、資金取引者１４５は金利通貨スワップ取引１７４の評価益を譲渡する替わりにスワップション取引１８６の評価益を譲り受け、資金取引者１４６はスワップション取引１８５の評価益を譲渡する替わりに金利通貨スワップ取引１７４の評価益を譲り受け、また、資金取引者１４７はスワップション取引１８６の評価益を譲渡する替わりにスワップション取引１８５の評価益を譲り受けることができた。
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, the cash flow exchange by the three parties is established through two stages, but in the present embodiment, this can be established at the same time. 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.
図３５は、資金取引商品のキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資金取引者である出品者１８７や資金取引者である落札者１８８、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者１８７及び落札者１８８が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者１８７と落札者１８８との間で、交換差金や資金取引商品のキャッシュフローの授受が行われる。
［６］は、出品者１８７及び落札者１８８が他の資金取引者と対峙している既存の持高である。
FIG. 35 shows an embodiment of a fund flow and billing mechanism in cash flow exchange of a fund transaction product.
In the figure, [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 line usage fees.
In [3], the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In [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.
In [5], as a result of the establishment of the cash flow exchange, the exchange flow and the cash flow of the fund transaction product are exchanged between the exhibitor 187 and the successful bidder 188.
[6] is an existing position where the seller 187 and the successful bidder 188 face each other.
次に図３６は、資産運用商品と資金取引商品とのキャッシュフロー交換の一実施例であり、異種又は異業種の商品の評価損益を交換する場合を示す。
ここでは、資産運用者１が株式１３の評価益を保有し、資金取引者１３９が資金取引者１４０との株価スワップ取引１７５で評価益を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は株式１３の評価益を譲渡する替わりに株価スワップ取引１７５の評価益を譲り受け、同時に、資金取引者１３９は株価スワップ取引１７５の評価益を譲渡する替わりに株式１３の評価益を譲り受けることができた。
同様に、資産運用者２と資金取引者１４１とが、『複合不動産６５の評価損』と『資金取引者１４２との不動産投資指数先物取引１６３で抱えている評価損』とを、資産運用者３と資金取引者１４３とが、『貸付債権１１の評価益』と『資金取引者１４４との金利先渡取引１６１で保有している評価益』とを、資産運用者４と資金取引者１４５とが、『債券１５の評価損』と『資金取引者１４６との通貨スワップ取引１７１で抱えている評価損』とを、また、資産運用者５と資金取引者１４７とが、『商品ファンド８５の評価益』と『資金取引者１４８との為替直物取引１５９で保有している評価益』とを、それぞれキャッシュフロー交換している。
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 swap transaction 175 with the fund trader 140. Asset manager 1 takes the valuation gain of stock swap transaction 175 instead of transferring the valuation gain of stock 13, and at the same time, fund trader 139 gives the valuation gain of stock 13 instead of transferring the valuation gain of stock swap transaction 175. I was able to take over.
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.
図３７は、評価損益による資産運用商品と資金取引商品とのキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資産運用者である出品者９４や資金取引者である落札者１８８、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者９４及び落札者１８８が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者９４と落札者１８８との間で、交換差金やキャッシュフローの授受が行われる。
［６］は、出品者９４が資産運用商品から受け取っている既存のキャッシュフロー、及び落札者１８８が他の資金取引者と対峙している既存の持高である。
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, [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 line usage fees.
In [3], the exhibitor 94 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In [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.
In [5], exchange cash and cash flow are exchanged between the exhibitor 94 and the winning bidder 188 as a result of the cash flow exchange.
[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 another fund trader.
さらに図３８は、資産運用商品と資金取引商品との抱き合わせによるキャッシュフロー交換の一実施例であり、資産運用者同士が資産運用商品の総体もしくは評価損益と資金取引商品の評価損益とを抱き合わせで交換する場合を示す。
左図では、資産運用者１が『貸付債権１１』及び『資金取引者１３９との金利スワップ取引１６９における評価益』を保有し、資産運用者２が『複合不動産６５』及び『資金取引者１４０との不動産投資指数先物取引１６３における評価益』を保有しているが、キャッシュフロー交換が成立した結果、資産運用者１は『貸付債権１１からのキャッシュフロー』と『金利スワップ取引１６９の評価益』とを抱き合わせで譲渡する替わりに、『複合不動産６５からのキャッシュフロー』と『不動産投資指数先物取引１６３の評価益』とを抱き合わせで譲り受け、同時に、資産運用者２は『複合不動産６５からのキャッシュフロー』と『不動産投資指数先物取引１６３の評価益』とを抱き合わせで譲渡する替わりに、『貸付債権１１からのキャッシュフロー』と『金利スワップ取引１６９の評価益』とを抱き合わせで譲り受けることができた。
右図では、資産運用者３が『株式１３の評価益』及び『資金取引者１４１との個別株オプション取引１８９における評価損』を抱え、資産運用者４が『預金債権１９の評価損』及び『資金取引者１４２との通貨スワップ取引１７１における評価益』を抱えているが、キャッシュフロー交換が成立した結果、資産運用者３は『株式１３の評価益』と『個別株オプション取引１８９の評価損』とを抱き合わせで引き渡す替わりに、『預金債権１９の評価損』と『通貨スワップ取引１７１の評価益』とを抱き合わせで引き受け、同時に、資産運用者４は『預金債権１９の評価損』と『通貨スワップ取引１７１の評価益』とを抱き合わせで引き渡す替わりに、『株式１３の評価益』と『個別株オプション取引１８９の評価損』とを抱き合わせで引き受けることになった。
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.
図３９は、資産運用商品と資金取引商品との抱き合わせによるキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資産運用者である出品者９４や資産運用者である落札者９５、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者９４及び落札者９５が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者９４と落札者９５との間で、交換差金やキャッシュフローの授受が行われる。
［６］は、出品者９４及び落札者９５が資産運用商品から受け取っている既存のキャッシュフロー及び資金取引者と対峙している既存の持高である。
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, [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 line usage fees.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In [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.
In [5], exchange cash and cash flow are exchanged between the exhibitor 94 and the successful bidder 95 as a result of the establishment of cash flow exchange.
[6] is the existing cash flow received by the exhibitor 94 and the successful bidder 95 from the asset management product and the existing position facing the fund trader.
また図４０は、資金調達商品と資金取引商品との抱き合わせによるキャッシュフロー交換の一実施例であり、資金調達者同士が資金調達商品と資金取引商品の評価損益とを抱き合わせで交換する場合を示す。
左図では、資金調達者１００が『資産運用者１保有の債券１１４』及び『資金取引者１３９との金利通貨スワップ取引１７３における評価益』を抱え、資金調達者１０１が『資産運用者２からの借入債務１１０』及び『資金取引者１４０とのカラー取引１９０における評価益』を抱えているが、キャッシュフロー交換が成立した結果、資金調達者１００は『借入債務１１０のキャッシュフロー』を引き受けて『金利通貨スワップ取引１７３の評価益』を譲渡する替わりに、『債券１１４のキャッシュフロー』を引き渡して『カラー取引１９０の評価益』を譲り受け、同時に、資金調達者１０１は『債券１１４のキャッシュフロー』を引き受けて『カラー取引１９０の評価益』を譲渡する替わりに、『借入債務１１０のキャッシュフロー』を引き渡して『金利通貨スワップ取引１７３の評価益』を譲り受けることができた。
右図では、資金調達者１０２が『資産運用者３からの預金債務１１８』及び『資金取引者１４１とのキャップ取引１９１における評価損』を抱え、資金調達者１０３が『資産運用者４保有のコマーシャル・ペーパー１１６』及び『資金取引者１４２との金利スワップ取引１６９における評価損』を抱えているが、キャッシュフロー交換が成立した結果、資金調達者１０２は『コマーシャル・ペーパー１１６のキャッシュフロー』を引き受けて『キャップ取引１９１の評価損』を引き渡す替わりに、『預金債務１１８のキャッシュフロー』を引き渡して『金利スワップ取引１６９の評価損』を引き受け、同時に、資金調達者１０３は『預金債務１１８のキャッシュフロー』を引き受けて『金利スワップ取引１６９の評価損』を引き渡す替わりに、『コマーシャル・ペーパー１１６のキャッシュフロー』を引き渡して『キャップ取引１９１の評価損』を引き受けることになった。
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".
図４１は、資金調達商品と資金取引商品との抱き合わせによるキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資金調達者である出品者１３７や資金調達者である落札者１３８、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者１３７及び落札者１３８が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者１３７と落札者１３８との間で、交換差金やキャッシュフローの授受が行われる。
［６］は、出品者１３７及び落札者１３８が資産運用者へ支払っている既存のキャッシュフロー及び資金取引者と対峙している既存の持高である。
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, [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 service operator 93 of the system. Pay line usage fees.
In [3], the exhibitor 137 and the successful bidder 138 pay the appraisal fee to the appraiser 98.
In [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.
In [5], exchange cash and cash flow are exchanged between the exhibitor 137 and the successful bidder 138 as a result of the establishment of cash flow exchange.
[6] is the existing cash flow paid by the seller 137 and the successful bidder 138 to the asset manager and the existing position facing the fund trader.
そして図４２は、資産運用商品と資金調達商品との抱き合わせによるキャッシュフロー交換の一実施例であり、資金取引者同士が資金調達商品と資産運用商品の総体とを抱き合わせで交換する場合を示す。
左図では、資金取引者１３９が『資産運用者１からの借入債務１１０』を抱えて『貸付債権１１』を保有し、資金取引者１４０が『資産運用者２保有の債券１１４』を抱えて『不動産投資信託６９』を保有しているが、キャッシュフロー交換が成立した結果、資金取引者１３９は『債券１１４のキャッシュフロー』を引き受けて『貸付債権１１からのキャッシュフロー』を譲渡する替わりに、『借入債務１１０のキャッシュフロー』を引き渡して『不動産投資信託６９からのキャッシュフロー』を譲り受け、同時に、資金取引者１４０は『借入債務１１０のキャッシュフロー』を引き受けて『不動産投資信託６９からのキャッシュフロー』を譲渡する替わりに、『債券１１４のキャッシュフロー』を引き渡して『貸付債権１１からのキャッシュフロー』を譲り受けることができた。
右図では、資金取引者１４１が『資産運用者３保有のコマーシャル・ペーパー１１６』を抱えて『株式１３』を保有し、資金取引者１４２が『資産運用者４からの預金債務１１８』を抱えて『コール・ローン１９２』を保有しているが、キャッシュフロー交換が成立した結果、資金取引者１４１は『預金債務１１８のキャッシュフロー』を引き受けて『株式１３からのキャッシュフロー』を譲渡する替わりに、『コマーシャル・ペーパー１１６のキャッシュフロー』を引き渡して『コール・ローン１９２からのキャッシュフロー』を譲り受け、同時に、資金取引者１４２は『コマーシャル・ペーパー１１６のキャッシュフロー』を引き受けて『コール・ローン１９２からのキャッシュフロー』を譲渡する替わりに、『預金債務１１８のキャッシュフロー』を引き渡して『株式１３からのキャッシュフロー』を譲り受けることができた。
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 ".
図４３は、資産運用商品と資金調達商品との抱き合わせによるキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資金取引者である出品者１８７や資金取引者である落札者１８８、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者１８７及び落札者１８８が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者１８７と落札者１８８との間で、交換差金やキャッシュフローの授受が行われる。
［６］は、出品者１８７及び落札者１８８が資産運用者へ支払っている既存のキャッシュフロー及び資産運用商品から受け取っている既存のキャッシュフローである。
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, [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 line usage fees.
In [3], the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In [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.
In [5], exchange cash and cash flow are exchanged between the exhibitor 187 and the successful bidder 188 as a result of the establishment of cash flow exchange.
[6] is an existing cash flow paid by the seller 187 and the successful bidder 188 to the asset manager and an existing cash flow received from the asset management product.
次に図４４は、資産運用商品及び資金調達商品、資金取引商品の抱き合わせによるキャッシュフロー交換の一実施例であり、資金取引者同士が資産運用商品の総体及び資金調達商品、資金取引商品の評価損益を抱き合わせで交換する場合を示す。
ここでは、資金取引者１３９が、『資産運用者１保有の債券１１４』及び『資金取引者１４１との金利通貨スワップ取引１７３における評価損』を抱えて『株式１３』を保有し、資金取引者１４０が、『資産運用者２からの借入債務１１０』及び『資金取引者１４２との不動産投資指数先物取引１６３における評価損』を抱えて『複合不動産６５』を保有している。
キャッシュフロー交換が成立した結果、資金取引者１３９は『借入債務１１０のキャッシュフローを引き受け、金利通貨スワップ取引１７３の評価損を引き渡し、株式１３からのキャッシュフローを譲渡する』替わりに、『債券１１４のキャッシュフローを引き渡し、不動産投資指数先物取引１６３の評価損を引き受け、複合不動産６５からのキャッシュフローを譲り受け』、同時に、資金取引者１４０は『債券１１４のキャッシュフローを引き受け、不動産投資指数先物取引１６３の評価損を引き渡し、複合不動産６５からのキャッシュフローを譲渡する』替わりに、『借入債務１１０のキャッシュフローを引き渡し、金利通貨スワップ取引１７３の評価損を引き受け、株式１３からのキャッシュフローを譲り受ける』ことになった。
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.
図４５は、資産運用商品及び資金調達商品、資金取引商品の抱き合わせによるキャッシュフロー交換における資金の流れと課金の仕組みの一実施例である。
図中［２］は、資金取引者である出品者１８７や資金取引者である落札者１８８、入札者９６、交換希望者９７、鑑定評価者９８が本システムの運営者９３へサービス提供料や回線使用料などを支払う。
［３］は、出品者１８７及び落札者１８８が鑑定評価者９８へ鑑定評価料を支払う。
［４］は、広告主９９が本システムの運営者９３へバナー広告やポップアップ広告掲載のための広告料を支払う。
［５］は、キャッシュフロー交換が成立した結果、出品者１８７と落札者１８８との間で、交換差金やキャッシュフローの授受が行われる。
［６］は、出品者１８７及び落札者１８８が資産運用者へ支払っている既存のキャッシュフロー及び他の資金取引者と対峙している既存の持高、資産運用商品から受け取っている既存のキャッシュフローである。
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, [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 line usage fees.
In [3], the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In [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.
In [5], exchange cash and cash flow are exchanged between the exhibitor 187 and the successful bidder 188 as a result of the establishment of cash flow exchange.
[6] is the existing cash flow that the seller 187 and the successful bidder 188 are paying to the asset manager, and the existing cash that is received from the existing position and asset management products that are confronted with other fund traders. It is a flow.
さらに図４６は、資産運用商品の直接交換、資産運用商品のキャッシュフロー交換、資金調達商品のキャッシュフロー交換、資金取引商品のキャッシュフロー交換の種々の組み合わせにより、正味ベースで交換取引を行う場合の主な取引形態である。
図中（ａ）は、『資産運用商品及び資金取引商品の抱き合わせ』を『資産運用商品』と交換取引する。
（ｂ）は、『資金調達商品及び資金取引商品の抱き合わせ』を『資金調達商品』と交換取引する。
（ｃ）は、『資産運用商品及び資金調達商品の抱き合わせ』を『資産運用商品』と交換取引する。
（ｄ）は、『資産運用商品及び資金調達商品の抱き合わせ』を『資金調達商品』と交換取引する。
（ｅ）は、『資産運用商品及び資金調達商品の抱き合わせ』を『資金取引商品』と交換取引する。
（ｆ）は、『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』を『資産運用商品』と交換取引する。
（ｇ）は、『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』を『資金調達商品』と交換取引する。
（ｈ）は、『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』を『資金取引商品』と交換取引する。
（ｉ）は、『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』を『資産運用商品及び資金取引商品の抱き合わせ』と交換取引する。
（ｊ）は、『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』を『資金調達商品及び資金取引商品の抱き合わせ』と交換取引する。
（ｋ）は、『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』を『資産運用商品及び資金調達商品の抱き合わせ』と交換取引する。
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”.
実施の形態３．
ところで、これまで述べてきた実施例の情報技術的な側面を、ブロック図である図４７を用いてさらに詳細に説明する。
まず本システムは、インターネット１９３上に配置され、金融商品や準金融商品の各種交換取引市場を提供する金融商品等交換取引サイト１９４（以下、サイト１９４）と、これらの市場において資産運用や資金調達、資金取引を目的とした各種交換取引を行うための複数のクライアント端末１９５より構成されている。
当該クライアント端末１９５を利用するのは、資産運用者や資金調達者、資金取引者などであり、これらのシステム利用者は、自らのクライアント端末１９５から前記サイト１９４へアクセスすることによって各種交換取引をマッチング・ベースで成立させ、それらの交換取引に付随する各種業務を行うことができる。
本サイト１９４は、クライアント端末１９５からの各種交換希望商品の注文を順次処理し、交換取引に関する決済・管理業務を順次行い、交換取引に必要な様々なデータをクライアント端末１９５へ適宜配信するためのものであり、１台以上の金融商品等交換取引サーバ１９６（以下、サーバ１９６）、支援端末１９７、クライアント情報データベース１９８、交換商品データベース１９９、契約管理データベース２００、決済管理データベース２０１、評価者情報データベース２０２、及びこれらを接続する母線を備えている。
尚、本システムでは、国内外を問わず１日２４時間、各種交換取引の執行から取引照合、決済に至るまでの過程を継ぎ目なく電子処理するため、電文形式についてはＩＳＯ１５０２２、証券識別コード及び金融機関識別コードに関しては、それぞれＩＳＯ６１６６及びＩＳＯ９３６２を用い、また通信規約には例えばＦＩＸ、さらに電文の記述言語としては拡張可能マーク付け言語（ＸＭＬ）を使用する。
Embodiment 3 FIG.
By the way, the information technical aspect of the embodiment described so far will be described in more detail with reference to FIG. 47 which is a block diagram.
First, this system is located on the Internet 193, and provides a financial product exchange transaction site 194 (hereinafter referred to as a site 194) that provides various exchange transaction markets for financial products and quasi-financial products, and asset management and financing in these markets. , And a plurality of client terminals 195 for performing various exchange transactions for the purpose of fund transactions.
The client terminal 195 is used by asset managers, fundraisers, fund traders, etc., and these system users can access various exchange transactions by accessing the site 194 from their client terminals 195. It can be established on a matching basis and can perform various tasks associated with those exchange transactions.
This site 194 sequentially processes orders for various exchange desired products from the client terminal 195, sequentially performs settlement / management operations related to the exchange transaction, and appropriately distributes various data necessary for the exchange transaction to the client terminal 195. One or more financial product exchange transaction server 196 (hereinafter referred to as server 196), support terminal 197, client information database 198, exchange product database 199, contract management database 200, settlement management database 201, evaluator information database 202 and a bus for connecting them.
In this system, the processes from execution of various exchange transactions to transaction verification and settlement are seamlessly processed electronically 24 hours a day regardless of domestic or overseas, and ISO15022, securities identification code and financial For the institution identification code, ISO 6166 and ISO 9362 are used, respectively, FIX is used for the communication protocol, and extensible markup language (XML) is used as the description language of the message.
本サーバ１９６は、１台以上のワークステーション内の１つ以上の中央処理装置やメモリに格納された１つ以上のプログラムの実行などによって実現し、ウェブ・サーバとしての機能とデータベース・サーバとしての機能を兼ね備えている。前者は、インターネット１９３を介し、各クライアント端末１９５からのアクセスを受け付けて認証処理を行い、利用者に対するインタフェース画面を形成する各種ウェブページをクライアント端末１９５へ提供し、さらにクライアント端末１９５との間で情報を遣り取りするウェブ制御機能である。また後者は、クライアント情報データベース１９８や交換商品データベース１９９、契約管理データベース２００、決済管理データベース２０１、評価者情報データベース２０２へアクセスしてデータを検索し、読み出し、さらに書き込むデータベース制御機能である。そして、これらのデータベースは、ワークステーション内のメモリや１つ以上のハードディスク装置などに格納されている。
支援端末１９７は、本システムの運営者が本サーバ１９６や各データベースを管理するための端末である。運営者は支援端末１９７を用いて全てのクライアント端末１９５の交換取引や付随業務の実施状況を監視し、支援端末１９７の電子メール機能を利用して各クライアント端末１９５との間でメッセージを遣り取りすることができる。
クライアント端末１９５は、パーソナル・コンピュータや液晶表示装置を備えた携帯電話機、携帯情報端末、ページャなどの装置であり、制御部２０３や表示部２０４、入力部２０５、通信部２０６などから構成されている。制御部２０３は、処理装置や記憶装置などを備えて交換取引用のブラウザを含む動作プログラムを記憶。表示部２０４及び入力部２０５は、様々なデータや諸要求をそれぞれ表示、入力し、通信部２０６はインターネット１９３上の他の装置と通信を行う。そして利用者は、クライアント端末１９５の電子メール機能を利用し、運営者や他のクライアント端末１９５との間でメッセージを遣り取りすることができる。
The server 196 is realized by executing one or more central processing units in one or more workstations or one or more programs stored in a memory, and functions as a web server and a database server. It has a function. The former accepts access from each client terminal 195 via the Internet 193, performs authentication processing, provides various web pages that form an interface screen for the user to the client terminal 195, and further communicates with the client terminal 195. Web control function for exchanging information. The latter is a database control function that accesses the client information database 198, exchange product database 199, contract management database 200, settlement management database 201, and evaluator information database 202 to search, read, and write data. These databases are stored in a memory or one or more hard disk devices in the workstation.
The support terminal 197 is a terminal for the operator of the system to manage the server 196 and each database. The operator uses the support terminal 197 to monitor the exchange transactions of all the client terminals 195 and the implementation status of the accompanying work, and exchanges messages with each client terminal 195 using the e-mail function of the support terminal 197. be able to.
The client terminal 195 is a device such as a mobile phone, a personal digital assistant, and a pager equipped with a personal computer and a liquid crystal display device, and includes a control unit 203, a display unit 204, an input unit 205, a communication unit 206, and the like. . The control unit 203 includes a processing device, a storage device, and the like, and stores an operation program including a browser for exchange transactions. The display unit 204 and the input unit 205 display and input various data and various requests, respectively, and the communication unit 206 communicates with other devices on the Internet 193. The user can use the e-mail function of the client terminal 195 to exchange messages with the operator and other client terminals 195.
交換商品データベース１９９は、交換取引の対象である資産運用商品や資金調達商品、資金取引商品の名称・銘柄や種類・属性、諸条件などを登録し、商品別の交換注文の詳細やマッチングの結果、さらには、各種権利の行使や各種義務の履行など交換取引に絡む期中のイベント情報を履歴とともに登録する。
契約管理データベース２００は、電子署名が付与された各種契約書及びそれらの原型となる電子マスター契約書、電子署名が付与された各種目論見書及びそれらの原型となる電子マスター目論見書、並びに当局への各種報告書、一般への各種開示書及びそれらの原型となる電子マスター報告・開示書などを格納し、書類作成処理の進行に従い発生する様々なデータを履歴とともに格納する。
決済管理データベース２０１は、本システムの利用者の資金口座番号や証券口座番号などを登録し、利用者間の資金口座振替処理や証券口座振替処理に従い発生する様々なデータを履歴とともに登録する。
評価者情報データベース２０２は、鑑定評価者より収集した彼らのプロフィールや評価料体系に関する自己紹介資料、及び鑑定評価者が作成した個別の交換対象商品に絡む参考・提案資料を格納する。当該プロフィールには、鑑定評価者の株主構成や関係会社、人的資源に関する情報が含まれる。
そして、クライアント情報データベース１９８は以下の情報を記憶する。
（ａ）本システムの利用者の個人名及び／又は法人名、法人の場合は個人の所属部署名、電子メール番地を含む連絡先、識別子、合言葉。
（ｂ）交換取引者の信用力格付けや株価格付け、各種財務諸表・財務指標。
（ｃ）交換取引者が資産運用者である場合は運用方針・運用目標、資金調達者である場合は調達方針・調達目標、また、資金取引者である場合は取引方針・取引目標。
（ｄ）交換取引者が利用を希望する鑑定評価者の種類・属性。
（ｅ）交換取引者が受信を希望する参考・提案資料の種類・属性。
尚、前記識別子とは、各利用者に割り当てられるコード番号・名前であり、前記合言葉とは、本サーバ１９６へアクセスする際に要求される認証情報である。本サーバ１９６は識別子によってアクセス者を識別し、識別子と合言葉との組み合わせによってアクセス者を認証する。
The exchange product database 199 registers asset management products, fund procurement products, names, brands, types / attributes, conditions, etc. of the fund transaction products that are the subject of exchange transactions, and details of exchange orders and matching results for each product. Furthermore, event information related to exchange transactions such as the exercise of various rights and the fulfillment of various obligations is registered along with the history.
The contract management database 200 includes various contracts with electronic signatures and their original electronic master contracts, various prospectus with electronic signatures and their original electronic master prospectus, and Various reports, various disclosures to the general public, and electronic master reports / disclosures that serve as prototypes are stored, and various data generated as the document creation process progresses are stored along with the history.
The settlement management database 201 registers the fund account number and securities account number of the user of this system, and registers various data generated according to the fund account transfer process and the securities account transfer process between users together with the history.
The evaluator information database 202 stores self-introduction materials related to their profiles and evaluation fee systems collected from the appraisers, and reference / suggestion materials related to individual exchangeable products created by the appraisers. The profile includes information on the appraiser's shareholder composition, affiliates, and human resources.
The client information database 198 stores the following information.
(A) The personal name and / or corporate name of the user of this system, in the case of a legal entity, the personal department name, contact information including the e-mail address, identifier, and secret.
(B) Exchanger's credit rating, stock price rating, various financial statements and financial indicators.
(C) When the exchange trader is an asset manager, the management policy / target, when it is a fundraiser, the procurement policy / purchase target, and when it is a fund trader, the trade policy / target.
(D) The type / attribute of the appraisers that the exchange trader wishes to use.
(E) The type / attribute of the reference / proposed material that the exchange trader wishes to receive.
The identifier is a code number / name assigned to each user, and the secret is authentication information required when accessing the server 196. The server 196 identifies the accessor by the identifier, and authenticates the accessor by a combination of the identifier and the password.
ところで、本システムにおける交換需要のマッチングの手法には入札方式と相対方式とがある。
入札方式は、交換取引の相手方となる資産運用者、資金調達者又は資金取引者が当初より特定されず、基本的に需給バランスの原理で注文がマッチされる場合、出品側の氏名及び出品行為が当初より開示されながらも入札側は当初より特定されず、仮条件をベースとして基本的に需給バランスの原理で注文がマッチされる場合などに利用される。入札方式は、認知度の高い商品が交換対象である際に有効である。尚、本実施の形態では、前者の入札方式を『両端不特定のマッチ方式』といい、後者の入札方式を『片端特定のマッチ方式』と呼ぶ。
一方、相対方式は、交換取引の相手方を当初より特定もしくは限定し、需給バランスの原理が直接的には作用しない環境下で注文がマッチされる場合などに利用される。同方式は、複数商品の抱き合わせ、キャッシュフローの複雑な資金調達商品や資金取引商品が交換対象である際に有効である。尚、本実施の形態では、この相対方式を『両端特定のマッチ方式』と呼ぶ。
By the way, there are a bidding method and a relative method in the exchange demand matching method in this system.
In the bidding method, if the asset manager, fundraiser or fund trader that is the counterparty of the exchange transaction is not specified from the beginning, and the order is basically matched based on the principle of supply and demand balance, the name and act of the exhibitor Although it is disclosed from the beginning, the bidding side is not specified from the beginning, and is used when orders are matched based on the principle of supply-demand balance based on provisional conditions. The bidding method is effective when a product with a high degree of recognition is to be exchanged. In the present embodiment, the former bidding method is referred to as “a non-end-specific match method”, and the latter bidding method is referred to as a “one-end specific match method”.
On the other hand, the relative method is used when, for example, orders are matched in an environment where the counterparty of the exchange transaction is specified or limited from the beginning and the principle of supply and demand balance does not directly act. This method is effective when a combination of a plurality of products and a fund procurement product or a fund transaction product having a complicated cash flow are exchangeable. In the present embodiment, this relative method is referred to as “both end specific match method”.
前記『片端特定のマッチ方式』の場合、出品を希望する交換希望者（以下、出品者）は、まず、自らのクライアント端末１９５の制御部２０３にある動作プログラムを起動して、本サイト１９４との間の接続を確立する。次に、本サーバ１９６がログ・イン用のトップページを出品者のクライアント端末１９５へ送信。出品者はここに識別子と合言葉を入力して本サーバ１９６へ送信する。
そして、これを受信した本サーバ１９６はクライアント情報データベース１９８へアクセスし、識別子と合言葉との組み合わせが登録されているか否かを判断。登録されていた場合に、『交換取引参加』、『交換取引交渉』、『契約書照会』、『資金口座照会』、『証券口座照会』、『評価者資料閲覧』、『相場情報総覧』又は『イベント通知』を選択できるメニューページを出品者へ送信する。ここで出品者は『交換取引参加』を選択し、本サーバ１９６は交換注文の詳細を入力するための発注ページを出品者へ送信する。
次に出品者は、受信した発注ページにおいて、自らが提供を希望する資産運用商品、資金調達商品又は資金取引商品（以下、出品商品）の名称・銘柄、種類・属性、諸条件、希望提供価額、及び出品商品が単位価格商品である場合は希望提供数量、入札を経て自らが入手を希望する資産運用商品、資金調達商品又は資金取引商品（以下、入札商品）の名称・銘柄、種類・属性、諸条件、希望入手価額、及び入札商品が単位価格商品である場合は希望入手数量、希望交換期間、許容できる交換相手の信用力、交換相手に対する諸要求、並びに希望する出品期間及びその自動延長又は早期終了の可否を入力・指定し、前記希望提供価額と前記希望入手価額との差額即ち交換差金の希望金額（仮条件）を指定。この注文内容を確認した上で本サーバ１９６へ送信する。尚、仮条件は、具体的な１本値による表示でも、上下限を記したレンジ表示でもよく、出品者の任意である。
本サーバ１９６は、出品者からの交換注文を受信し、これを交換商品データベース１９９上の出品表に登録して、この登録内容を通知する受注ページを出品者へ送信。出品者は、この受注ページで自らの注文内容を確認する。
In the case of the above-mentioned “one-end specific match method”, an exchange applicant (hereinafter referred to as an exhibitor) who desires to exhibit first starts an operation program in the control unit 203 of his / her client terminal 195, and Establish a connection between. Next, the server 196 transmits a log-in top page to the client terminal 195 of the exhibitor. The exhibitor inputs the identifier and the secret word here and transmits them to the server 196.
Then, the server 196 that has received this accesses the client information database 198 and determines whether or not a combination of an identifier and a secret word is registered. If registered, "Exchange transaction participation", "Exchange transaction negotiation", "Contract inquiry", "Fund account inquiry", "Securities account inquiry", "Evaluator document browsing", "Market information overview" or Send a menu page where you can select “Event Notification” to the seller. Here, the exhibitor selects “participation in exchange transaction”, and the server 196 transmits an ordering page for inputting details of the exchange order to the exhibitor.
Next, the seller, on the received ordering page, the name / brand, type / attribute, various conditions, desired offer price of the asset management product, fund raising product or fund transaction product (hereinafter referred to as the exhibition product) that he wishes to provide , And if the product is a unit price product, the desired offer quantity, the name / brand, type / attribute of the asset management product, fund raising product or fund transaction product (hereinafter referred to as the bid product) that the customer wishes to obtain after bidding , Conditions, desired acquisition price, and if the bid product is a unit price product, desired quantity, desired exchange period, acceptable exchange partner's creditworthiness, various requirements for the exchange partner, and desired exhibition period and its automatic extension Or, input / designate whether or not early termination is possible, and designate the difference between the desired offer price and the desired acquisition price, that is, the desired price (provisional condition) of the exchange difference. After confirming the contents of the order, it is transmitted to the server 196. The provisional condition may be a specific single value display or a range display with upper and lower limits, and is arbitrarily determined by the exhibitor.
The server 196 receives the exchange order from the exhibitor, registers it in the exhibition table on the exchange product database 199, and transmits an order receiving page notifying the registered contents to the exhibitor. The exhibitor confirms his / her order contents on this order page.
ここで本サーバ１９６は、クライアント情報データベース１９８へアクセスし、そこに記憶されているシステム利用者の資産運用、資金調達もしくは資金取引についての方針及び目標、又は業種や信用力格付け、株価格付け、財務データなど利用者の属性情報を検索。出品者の前記注文内容に沿った交換希望者を特定する。そして本システムの運営者は、注文内容を基に仮目論見書を作成し、これを電子文書フォーマット・ファイルなどへ変換した上で、支援端末１９７経由、前記特定した交換希望者へ一斉に配信する。尚、配信先の絞り込みが不要な場合には、全ての交換希望者へ当該仮目論見書を配信する。
次に、この仮目論見書を受信して出品商品が自分の入手希望商品である点、及び入札商品が自分の提供希望商品である点を確認して、入札への参加を決意した交換希望者（以下、入札者）は、自らの発注ページにおいて両商品を指定し、出品者に対する諸要求、指値注文と成行注文の別、入札商品が単位価格商品である場合は自らの入札数量、また指値注文の際は、前記仮条件を参考に交換差金の希望金額を入力・指定。この注文内容を確認した上で本サーバ１９６へ送信する。
そして本サーバ１９６は、入札者からの交換注文を受信し、これを交換商品データベース１９９上の入札表に登録して、この登録内容を通知する受注ページを入札者へ送信。入札者は、この受注ページで自らの注文内容を確認する。
尚、ここでいう交換差金とは、交換取引が成立した段階で個々の落札者が出品者との間で受払する金銭のことではなく、落札側全体が出品者との間で受払する金銭のことを指す。よって、落札者が複数存在する場合には、確定した交換差金の金額を落札者の個々の落札数量に応じ案分した上で、出品者との間で受払することになる。ところで、入札者が指定する交換差金の希望金額は仮条件を無視した水準であっても構わないが、一般的に、仮条件に沿った水準である程、落札できる可能性が高まる。
Here, the server 196 accesses the client information database 198 and stores policies and targets for asset management, fund procurement or fund transaction of the system user stored therein, or business type, credit rating, stock pricing, financial Search user attribute information such as data. The exchange applicant according to the order contents of the exhibitor is specified. The operator of this system creates a provisional prospectus based on the contents of the order, converts it into an electronic document format / file, etc., and distributes it to the specified exchange applicants all at once via the support terminal 197. . When it is not necessary to narrow down the distribution destination, the provisional prospectus is distributed to all exchange applicants.
Next, the exchange applicant who has received this tentative prospectus and confirmed that the item being exhibited is the item he / she wants to obtain and that the bid item is his / her desired item and has decided to participate in the bid. (Hereinafter referred to as “Bidder”) specifies both products on their ordering page, requests from the seller, whether they are limit orders and market orders, if the bid product is a unit price product, its bid quantity and limit When placing an order, enter and specify the desired amount of the exchange difference with reference to the provisional conditions. After confirming the contents of the order, it is transmitted to the server 196.
The server 196 receives the exchange order from the bidder, registers it in the bid table on the exchange product database 199, and transmits an order receiving page notifying the registration contents to the bidder. The bidder confirms his / her order contents on this order page.
The exchange difference here is not the money that each successful bidder receives or pays with the seller when the exchange transaction is established, but the money that the entire winning bidder receives or pays with the seller. Refers to that. Therefore, when there are a plurality of successful bidders, the determined exchange difference amount is apportioned according to each successful bidder's individual successful bid quantity and then paid to and received from the seller. By the way, the desired amount of the exchange difference designated by the bidder may be at a level ignoring the provisional conditions, but generally, the higher the level is in accordance with the provisional conditions, the higher the possibility that a successful bid can be made.
本サーバ１９６は、以下のような処理によって出品者の交換需要と入札者の交換需要とをマッチさせる。
まず、入札者の成行注文に関しては、入札者の希望提供数量の全てを出品者の希望入手数量の範囲内で落札させる。また、入札者の指値注文に関しては、交換差金の希望金額が仮条件の範囲内である注文、及び交換差金の希望金額が出品者寄りであるが故に仮条件の範囲外となっている注文を抽出し、交換差金の希望金額が出品者寄りである順番にそれらを落札させていく。
次に本サーバ１９６は、落札の内容を交換商品データベース１９９に登録し、このデータに基づいて、出品表及び入札表の残数量を更新する。そして本サーバ１９６は、入札商品の落札数量がさらに蓄積され、その合計数量が出品者の希望入手数量に到達した段階において、落札された注文の中で最も入札者寄りであった交換差金の希望金額を確定条件とし、これを以って当該交換取引を成立させる。
交換取引が成立した時点で本システムの運営者は、交換差金の確定金額を含む落札内容を記載した落札通知書を前記仮目論見書の補正によって作成。支援端末１９７経由、出品者及び落札者へ送信し、双方がこれを最終確認することで取引照合が終了する。この際、落札者が複数存在する場合には、確定した交換差金の金額が落札者の個々の落札数量に応じて案分され、この金額がそれぞれの落札者へと通知される。また、出品商品が単位価格商品であった場合は、入札商品に関する落札者の個々の落札数量に応じて出品数量が案分され、この数量がそれぞれの落札者へと通知される。
その後、鑑定評価者を利用しない場合には、当該落札通知書が最終目論見書としての機能を果たし、鑑定評価者を利用する場合には、同評価者による交換成立商品の瑕疵調査や交換差金の確定金額の鑑定評価を経て、当該落札通知書が最終目論見書へと補正されることになる。
尚、以上は、出品側−落札側間の交換差金の金額を最終的に１本値とする交換取引を記述したものであるが、出品商品と入札商品がともに単位価格商品である場合には、数量に関する両商品間の交換比率を事前に定め、マッチの都度、交換差金の金額を落札者毎に異なったものとするなどして、より出品者寄りの注文から細かく落札していく手法も可能である。
The server 196 matches the seller's exchange demand with the bidder's exchange demand by the following processing.
First, regarding the bidder's market order, all bidder's desired offer quantity is awarded within the range of the seller's desired acquisition quantity. In addition, regarding bidders' limit orders, orders where the desired amount of exchange margin is within the provisional condition range and orders where the desired amount of exchange margin is close to the seller and therefore out of the provisional condition range. Extract them and make a successful bid for them in the order in which the desired amount of exchange difference is closer to the seller.
Next, the server 196 registers the content of the successful bid in the exchange product database 199, and updates the remaining quantity of the exhibition table and the bid table based on this data. The server 196 further accumulates the successful bid quantity of the bid product, and when the total quantity reaches the desired quantity obtained by the seller, the exchange margin request that is closest to the bidder in the successful bid order. The amount of money is set as a definite condition, and this exchange transaction is established.
When the exchange transaction is completed, the operator of this system creates a successful bid notice describing the contents of the successful bid including the fixed amount of the exchange difference by correcting the provisional prospectus. The information is transmitted to the exhibitor and the successful bidder via the support terminal 197, and the transaction verification is completed when both parties finally confirm this. At this time, if there are a plurality of winning bidders, the determined exchange difference amount is prorated according to the individual winning bidder's individual winning quantity, and this amount is notified to each winning bidder. In addition, when the exhibited product is a unit price product, the exhibited quantity is prorated according to the individual successful bid quantity of the winning bidder regarding the bid product, and this quantity is notified to each winning bidder.
Thereafter, if the appraisal evaluator is not used, the notice of successful bid will function as a final prospectus. After the appraisal evaluation of the fixed amount, the notice of successful bid is corrected to the final prospectus.
In addition, the above describes the exchange transaction in which the amount of the exchange difference between the seller side and the successful bidder side is finally one value. However, when both the exhibition item and the bid item are unit price items, There is also a method of making a successful bid from an order closer to the seller, such as by predetermining the exchange ratio between both products in terms of quantity and making the amount of exchange difference different for each successful bidder for each match Is possible.
前記『両端不特定のマッチ方式』の場合、交換希望者は発注ページにおいて、自らが提供を希望する資産運用商品、資金調達商品又は資金取引商品の名称・銘柄、種類・属性、諸条件、希望提供価額、及び同商品が単位価格商品である場合は希望提供数量、自らが入手を希望する資産運用商品、資金調達商品又は資金取引商品の名称・銘柄、種類・属性、諸条件、希望入手価額、及び同商品が単位価格商品である場合は希望入手数量、提供希望商品と入手希望商品がともに単位価格商品である場合は商品間の交換比率、希望交換期間、交換相手に対する諸要求、指値注文と成行注文の別、並びにその注文の有効期間及びその自動延長又は早期終了の可否を指定・入力し、さらに指値注文の場合は、前記希望提供価額と前記希望入手価額との差額即ち交換差金の希望金額を指定し、この注文内容を確認した上で本サーバ１９６へ送信する。
本サーバ１９６は、交換希望者からの注文を受信して交換商品データベース１９９上の交換注文表に登録。そして、これらの登録内容を通知する受注ページを交換希望者へ送信し、交換希望者はこの受注ページで自らの注文内容を確認する。
In the case of the above-mentioned “non-end-specific match method”, the applicant for exchange, on the ordering page, the name / brand, type / attribute, various conditions, request, etc. Offer price, and if the product is a unit price product, the desired offer quantity, the name / brand, type / attribute, terms and conditions, desired purchase price of the asset management product, fund raising product or fund transaction product that the customer wishes to obtain , And if the product is a unit price product, the desired quantity to be obtained; if both the desired product and the desired product are unit price products, the exchange ratio between products, the desired exchange period, various requirements for the exchange partner, limit orders Specify and enter the order of the market order, the validity period of the order and whether it can be automatically extended or terminated, and in the case of a limit order, the difference between the desired offer price and the desired acquisition price That is to specify the desired amount of exchange discounts, to send to the server 196 after confirming the order details.
The server 196 receives the order from the exchange applicant and registers it in the exchange order table on the exchange product database 199. Then, an order receiving page for notifying these registered contents is transmitted to the exchange applicant, and the exchange applicant confirms his / her order contents on the order receiving page.
本サーバ１９６は、以下のような処理によって、対峙した交換需要をマッチさせる。
まず、成行注文、指値注文の別を問わず、交換注文表に登録された提供希望商品及び入手希望商品が、それぞれ入手希望商品及び提供希望商品である交換注文同士を突き合わせる。また、両商品が単位価格商品である場合は、提供−入手の合致のみならず、交換比率が合致する交換注文同士を突き合わせる。
次に、登録されている交換注文が成行注文である場合は、その希望提供数量及び希望入手数量に見合うだけの他注文の希望入手数量及び希望提供数量をそれぞれマッチさせる。また、登録されている交換注文が指値注文である場合は、交換差金の希望金額が最も交換相手寄りの交換注文同士を抽出し交換取引が成立するか否かを判別。成立可能であれば、両注文の間で交換を成立させる。また、交換差金の希望金額の間に乖離があり交換取引を直接成立させることができない場合には、双方の中間値を交換差金の約定金額とすることなどが可能である。
次に本サーバ１９６は、成立した取引の内容を交換商品データベース１９９に登録し、このデータに基づいて、交換注文表の残数量を更新する。即ち、全数量の交換取引が成立した場合には双方の交換注文を交換注文表より削除し、部分的に交換取引が成立した場合には交換注文の残数量を交換注文表に掲載し続けることになる。
また本サーバ１９６は、交換取引が成立した時点で、交換差金の約定金額を含む交換商品の詳細を記載した約定通知書を支援端末１９７経由、双方の交換成立者へ送信。双方がこれを最終確認することで取引照合が終了する。
The server 196 matches the exchange demands confronted by the following processing.
First, regardless of whether it is a market order or a limit order, the offer desired product and the obtain desired product registered in the exchange order table collate exchange orders that are the desired obtain product and the desired offer product, respectively. In addition, when both products are unit price products, the exchange orders that match not only the offer-acquisition match but also the exchange ratio are matched.
Next, when the registered exchange order is a market order, the desired acquisition quantity and the desired provision quantity of other orders that match the desired provision quantity and the desired acquisition quantity are matched. When the registered exchange order is a limit order, it is determined whether or not an exchange transaction is established by extracting exchange orders with the desired exchange amount closest to the exchange partner. If it can be established, an exchange is established between both orders. In addition, when there is a divergence between the desired amounts of exchange differences and an exchange transaction cannot be directly established, it is possible to set the intermediate value between the two as the contract amount of the exchange difference.
Next, the server 196 registers the contents of the established transaction in the exchange product database 199, and updates the remaining quantity in the exchange order table based on this data. In other words, if the exchange transaction for the entire quantity is completed, both exchange orders will be deleted from the exchange order table, and if the exchange transaction is partially completed, the remaining quantity of the exchange order will continue to be posted in the exchange order table. become.
Further, when the exchange transaction is established, the server 196 transmits an agreement notice describing details of the exchange product including the exchange amount of the exchange difference to both exchange establishment parties via the support terminal 197. The transaction verification ends when both sides finally confirm this.
ところで、相対方式即ち前述の『両端特定のマッチ方式』の場合、特定のシステム利用者との交換取引を希望する資産運用者、資金調達者又は資金取引者（以下、依頼元）が、メニューページの『交換取引交渉』を選択し、本サーバ１９６は相対交渉の詳細を入力するための相対交渉ページを依頼元へ送信する。
次に依頼元は、受信した相対交渉ページにおいて、交渉相手となる資産運用者、資金調達者もしくは資金取引者（以下、依頼先）を１者に特定する情報、又は業種や信用力格付け、株価格付け、財務データなどを基に依頼先を特定の複数者に絞り込む情報、さらに、依頼先に希望する具体的な条件として、自らの提供希望商品の名称・銘柄、種類・属性、諸条件、希望提供価額、及び同商品が単位価格商品である場合は希望提供数量、自らの入手希望商品の名称・銘柄、種類・属性、諸条件、希望入手価額、及び同商品が単位価格商品である場合は希望入手数量、希望交換期間、依頼先に対する諸要求、そして、前記希望提供価額と前記希望入手価額との差額即ち交換差金の希望金額を指定・入力し、これを本サーバ１９６へ送信する。
By the way, in the case of the relative method, that is, the above-mentioned “both-end specific match method”, an asset manager, a fundraiser, or a fund trader (hereinafter referred to as a requester) who desires an exchange transaction with a specific system user When “exchange transaction negotiation” is selected, the server 196 transmits a relative negotiation page for inputting details of the relative negotiation to the request source.
Next, the requester, in the received relative negotiation page, information that identifies the asset manager, fundraiser or funding transaction partner (hereinafter referred to as the client) as the negotiating partner, or the industry, credit rating, stock price, etc. Information that narrows down the request to specific parties based on ratings, financial data, etc. In addition, as specific conditions desired by the request, the name / brand, type / attribute, various conditions, and hopes of the product you want to offer Offer price, and if the product is a unit price product, the desired offer quantity, the name / brand of the product you want to obtain, the type / attribute, terms and conditions, the desired acquisition price, and if the product is a unit price product A desired quantity, a desired exchange period, various requests to the client, and a difference between the desired offer price and the desired acquisition price, that is, a desired price of the exchange difference are designated and input, and are transmitted to the server 196.
依頼元が依頼先を個別に指定していた場合、本サーバ１９６は、依頼元より受信した相対交渉ページを当該依頼先の電子メール番地へ、依頼元の識別子を付与して送信する。一方、依頼元が依頼先の選定に関し条件を指定していた場合、本サーバ１９６は、クライアント情報データベース１９８が記憶しているシステム利用者の業種や信用力格付け、株価格付け、財務データなどの情報を基に、前記条件を満たす全てのシステム利用者の電子メール番地へ、依頼元の識別子を付与して相対交渉ページを配信する。また依頼元が、前記条件を満たす候補者の中から依頼先を個別に選択したい場合、本サーバ１９６は、全候補者の氏名を依頼元にフィードバックし依頼元に依頼先を選択させた上で、当該依頼先に相対交渉ページを送信する。
次に依頼先の方は、当該相対交渉ページを受信して依頼元の要求内容を確認。それに対するスタンスとして『成立』、『不成立』又は『交渉』の何れかを選択し、これを依頼元へ返信する。
これらの選択肢の中から、依頼先が『不成立』を選択した場合、交換取引は当然成立しない。一方、依頼先が『成立』を選択した場合、交換取引が成立したことは、依頼元に加え本サーバ１９６へも通知される。そして『交渉』を選択した場合、依頼先は、自らの提供希望商品の名称・銘柄、種類・属性、諸条件、希望提供価額、及び同商品が単位価格商品である場合は希望提供数量、自らの入手希望商品の名称・銘柄、種類・属性、諸条件、希望入手価額、及び同商品が単位価格商品である場合は希望入手数量、希望交換期間、そして、交換差金の希望金額を逆提案することができる。この時、依頼先（以下、新依頼元）は、受信済みの相対交渉ページを返信用に変換し、このページ上で希望交換内容を修正。新しい要求として依頼元（以下、新依頼先）へ返信する。このようにして、新依頼先と新依頼元は相対交換取引の接点を模索していくことになる。
尚、上述の実施例では、双方の接点が確立されるまでの過程に本サーバ１９６が関与しているが、依頼元が電子メール機能を利用して依頼先と直接相対交渉を始め、取引の結果のみを双方又は一方が本サーバ１９６へ通知するようにしてもよい。
When the request source individually designates the request destination, the server 196 transmits the relative negotiation page received from the request source to the request destination electronic mail address with the identifier of the request source. On the other hand, if the requester has specified conditions regarding the selection of the requestee, the server 196 stores information such as the business type, credit rating, stock pricing, financial data, etc. of the system user stored in the client information database 198. Based on the above, the identifier of the request source is assigned to the e-mail addresses of all system users that satisfy the above conditions, and the relative negotiation page is distributed. In addition, when the request source wants to individually select a request destination from candidates satisfying the above condition, the server 196 feeds back the names of all candidates to the request source and allows the request source to select the request destination. The relative negotiation page is transmitted to the request destination.
Next, the requester receives the relative negotiation page and confirms the requester's request. As the stance for the selection, either “established”, “not established”, or “negotiation” is selected, and this is returned to the requester.
Of course, if the request destination selects “not established” from these options, the exchange transaction is not established. On the other hand, when the request destination selects “confirmed”, the fact that the exchange transaction has been established is notified to the server 196 in addition to the request source. If “Negotiation” is selected, the client will request the name / brand, type / attribute, terms and conditions of the product he / she wishes to offer, desired offer price, and the desired offer quantity if the product is a unit price product. Proposal for the name / brand, type / attribute, terms and conditions, desired acquisition price, and if the product is a unit price product, the desired acquisition quantity, the desired exchange period, and the desired exchange amount be able to. At this time, the requester (hereinafter referred to as the new requester) converts the received relative negotiation page into a reply, and modifies the desired exchange content on this page. A new request is returned to the request source (hereinafter referred to as the new request destination). In this way, the new client and the new client seek the contact point for the relative exchange transaction.
In the above-described embodiment, the server 196 is involved in the process until both contact points are established. However, the requester uses the e-mail function to start direct relative negotiation with the requestee, Only one or both of the results may be notified to the server 196.
契約管理データベース２００には、資産運用商品を対象とした直接交換、一般的なキャッシュフロー交換、評価益によるキャッシュフロー交換、評価損によるキャッシュフロー交換及び直接交換とキャッシュフロー交換との折衷方式による交換、資金調達商品を対象としたキャッシュフロー交換、資金取引商品を対象とした評価益によるキャッシュフロー交換及び評価損によるキャッシュフロー交換、資産運用商品−資金取引商品間の評価益によるキャッシュフロー交換及び評価損によるキャッシュフロー交換、これらの交換取引の応用形態である各種抱き合わせ交換、並びに交換契約の第三者への譲渡及び期中解約に対応する商品別の電子マスター契約書が格納されている。
ここにいう電子マスター契約書とは、それぞれの取引形態や取引商品の種類・属性において一般的である諸項目（以下、一般項目）や諸条件（以下、一般条件）が記述された入力データを、電子書式と組み合わせて作成した電子書類のことを指す。そして電子書式とは、通常の紙ベースの契約書用書式を電子データとしたものであり、具体的な契約内容や契約者の住所・氏名を入力するための領域及び契約者の電子署名を付与するための領域から構成されている。
本システムにおける電子マスター契約書では、電子書式内の所定の記載枠に一般項目や一般条件が入力されながらも、個別の交換契約によって異なる諸項目（以下、追加項目）や諸条件（以下、追加条件）を入力する領域や、契約当事者となる交換取引者及び本システムの運営者が住所・氏名を入力し電子署名を付与する領域が空白になっている。
The contract management database 200 includes a direct exchange for asset management products, a general cash flow exchange, a cash flow exchange by valuation gain, a cash flow exchange by valuation loss, and an exchange based on a compromise between direct exchange and cash flow exchange. , Cash flow exchange for fund raising products, cash flow exchange for valuation gains for cash transaction products and cash flow exchange for valuation losses, cash flow exchange and valuation for valuation gains between asset management products and fund transaction products It stores cash flow exchanges due to losses, various tying exchanges, which are application forms of these exchange transactions, and electronic master contracts for each product corresponding to transfer of exchange contracts to third parties and cancellation during the period.
The electronic master contract here refers to input data that describes various items (hereinafter referred to as general items) and conditions (hereinafter referred to as general conditions) that are general in each transaction form and transaction product type / attribute. An electronic document created in combination with an electronic form. The electronic form is a standard paper-based form for contracts that is converted into electronic data, and is given an area for entering specific contract details, the contractor's address and name, and the contractor's electronic signature. It consists of areas for
In the electronic master contract in this system, the general items and general conditions are entered in the prescribed description box in the electronic form, but the various items (hereinafter referred to as additional items) and conditions (hereinafter referred to as additional items) differ depending on the individual exchange contract. The area for entering the (conditions), and the area for the exchange trader who is the contracting party and the operator of the system to input the address and name and give the electronic signature are blank.
本実施の形態における基本合意書では、取引照合が済んだ段階で、本サーバ１９６が交換商品データベース１９９へアクセスし、そこに登録されている該当商品の名称・銘柄や諸条件、交換期間、交換成立価額、単位価格商品の場合は交換成立数量、交換差金の金額、交換契約書締結までのスケジュール、商品の瑕疵調査や取引価額の鑑定評価の方法、瑕疵調査や鑑定評価を担当する鑑定評価者に関する情報、当該基本合意書の有効期限といった追加項目や追加条件を読み出し、それを前記電子マスター契約書の空白領域に書き込む。
この後、入札方式によって成立した交換取引では、運営者−出品者間の基本合意書及び運営者−落札者間の基本合意書内の空白領域に各々が住所・氏名を入力し電子署名を付与することで、２つの合意書が発効する。実際には、追加項目や追加条件が書き込まれて運営者が電子署名した基本合意書を、本サーバ１９６が出品者及び落札者へ、それぞれ送信。次に、電子署名を済ませた出品者及び落札者が当該基本合意書をそれぞれ本サーバ１９６へ返信し、本サーバ１９６がこれを契約管理データベース２００に格納する。
一方、相対方式によって成立した交換取引では、交換成立者間の基本合意書内の空白領域に双方が住所・氏名を入力し電子署名を付与することで当該合意書が発効する。実際には、追加項目や追加条件が書き込まれた基本合意書を、本サーバ１９６が一方の交換成立者へ送信し、それを受信した当該交換成立者が電子署名を付与して本サーバ１９６へ返信。次に本サーバ１９６は、これを他方の交換成立者へ送信し、それを受信した当該交換成立者が電子署名を付与して本サーバ１９６へ返信する。そして、この調印済みの基本合意書を本サーバ１９６が契約管理データベース２００に格納する。
In the basic agreement in the present embodiment, the server 196 accesses the exchange product database 199 at the stage where the transaction verification has been completed, and the name / brand / conditions of the product registered therein, the exchange period, the exchange Appraisal valuer, in the case of unit price products, exchange completion quantity, exchange difference amount, schedule until conclusion of exchange contract, appraisal method for product defect inspection and transaction value appraisal, appraiser who is responsible for defect inspection and appraisal evaluation Information and additional items such as the expiration date of the basic agreement and additional conditions are read out and written in a blank area of the electronic master contract.
After that, in the exchange transaction established by the bidding method, an electronic signature is given to the blank area in the basic agreement between the operator and the seller and the basic agreement between the operator and the successful bidder. By doing so, the two agreements come into effect. Actually, the server 196 transmits the basic agreement signed by the operator with additional items and additional conditions written to the exhibitor and the successful bidder. Next, the exhibitor who has completed the electronic signature and the successful bidder return the basic agreement to the server 196, and the server 196 stores it in the contract management database 200.
On the other hand, in an exchange transaction established by a relative method, both parties enter an address and name in a blank area in a basic agreement between exchange establishment parties, and give an electronic signature to the agreement. Actually, the server 196 transmits the basic agreement in which the additional items and the additional conditions are written, to one exchange establishment party, and the exchange establishment person who has received it sends an electronic signature to the server 196. Reply. Next, the server 196 transmits this to the other exchange establishment party, and the exchange establishment party that has received it transmits an electronic signature and returns it to the server 196. Then, this signed basic agreement is stored in the contract management database 200 by the server 196.
当事者間の最終的な契約書となる交換契約書は、この基本合意書を補正して使用される。即ち、瑕疵調査・鑑定評価の結果に基づき、電子マスター契約書の空白領域に入力されていた追加項目や追加条件についての補正を本システムの運営者が行い、補正後の契約書に当事者がそれぞれ住所・氏名を入力し電子署名を付与することで当該契約書が発効。そして、この調印済みの契約書を本サーバ１９６が契約管理データベース２００に格納する。
ところで、交換期間に当事者が自らの交換契約を第三者へ譲渡する場合の手続きや自らの交換契約を解除する場合の手続きも、譲渡用や解除用の電子マスター契約書を用いて同様に行われる。また、譲渡性預金以外の預金債権や貸付債権、土地、建物、複合不動産といった非有価証券の直接交換において、小口化のための特別目的会社や信託、組合といった導管体を関与させることが困難な場合は、提供者によるこれら非有価証券の既存の契約を入手者へ譲渡する必要が生じる。このような時の譲渡手続きも、前記電子マスター契約書を用いて行われる。
The exchange agreement, which is the final agreement between the parties, is used by amending this basic agreement. In other words, based on the results of the survey and appraisal evaluation, the operator of this system will make corrections for additional items and additional conditions entered in the blank area of the electronic master contract, and the parties will be able to Enter the address and name and give an electronic signature to make the contract effective. Then, the server 196 stores the signed contract in the contract management database 200.
By the way, the procedure for transferring the exchange contract to a third party during the exchange period and the procedure for canceling the exchange contract are similarly performed using the electronic master contract for transfer or cancellation. Is called. In addition, it is difficult to involve conduits such as special purpose companies, trusts, and unions for the purpose of direct exchange of non-marketable securities such as deposit claims and loan claims other than negotiable deposits, land, buildings, and complex real estate. In some cases, it will be necessary to transfer existing contracts for these non-securities by the provider to the acquirer. The transfer procedure at this time is also performed using the electronic master contract.
契約管理データベース２００では、基本合意書や交換契約書自体に加え、それぞれの契約書に割り当てられた識別子や電子署名、契約当事者や本サーバ１９６が行った手続きの履歴データなど、基本合意書の作成が開始されてから交換契約書の調印が終了するまでの間に発生する様々なデータが、契約処理の進行に従い順次格納されていく。よって、電子署名が付与される前の書類と付与された後の書類とを比較することによって書類の原本性を確認できる。
また、基本合意書や交換契約書に付与される電子署名は、例えば交換当事者が保有するＩＣカードの中やクライアント端末１９５の内部に存在する秘密鍵を使用して作成される。よって、付与された電子署名を復号化して検証すれば署名者を認証できる。
尚、交換当事者は、前記メニューページの『契約書照会』を選択することによって、契約管理データベース２００に格納されている自らの基本合意書や交換契約書を随時確認することができる。
In the contract management database 200, in addition to the basic agreement and the exchange contract itself, the creation of a basic agreement such as an identifier and an electronic signature assigned to each contract, history data of procedures performed by the contracting party and the server 196, etc. Various data generated during the period from the start to the end of the signing of the exchange contract are sequentially stored as the contract process proceeds. Therefore, the originality of the document can be confirmed by comparing the document before the electronic signature is given with the document after the digital signature is given.
In addition, the electronic signature given to the basic agreement or the exchange contract is created using, for example, a secret key that exists in the IC card held by the exchange party or inside the client terminal 195. Therefore, the signer can be authenticated by decrypting and verifying the attached electronic signature.
The exchange party can check his / her basic agreement and exchange contract stored in the contract management database 200 at any time by selecting “contract inquiry” on the menu page.
目論見書の交付が必要な交換取引を対象として、契約管理データベース２００には、それぞれの取引形態や取引商品の種類・属性に対応する一般項目や一般条件が記述された電子マスター目論見書も格納されている。仮目論見書を交付する段階で本サーバ１９６は、交換商品データベース１９９へアクセスし、そこに登録されている提供希望商品の名称・銘柄や諸条件、入手希望商品の名称・銘柄や諸条件、許容できる交換相手の信用力、希望する出品期間並びにその自動延長又は早期終了の可否、希望交換価額（仮条件）、単位価格商品の場合は希望交換数量、希望交換期間といった追加項目や追加条件を読み出し、それを電子マスター目論見書の空白領域に書き込んだ上で出品者へ送信する。
次に、これを受信した出品者は、この目論見書内の空白領域に住所・氏名を入力し電子署名を付与して本サーバ１９６へ返信する。そして本サーバ１９６は、特定した又は不特定のシステム利用者の電子メール番地に出品者の識別子を付与し、この電子仮目論見書を当該番地へ配信。その後、これを契約管理データベース２００に格納する。一方、本システムの運営者に目論見書の交付義務がある交換取引については、運営者自らが住所・氏名を入力し電子署名を付与した上で、電子仮目論見書を該当するシステム利用者へ配信する。
交換取引の条件が確定した段階で本サーバ１９６は、電子仮目論見書内の追加条件の一部を補正した上で落札通知書又は電子最終目論見書を作成。出品者に電子署名を付与させた上で、又は運営者の電子署名を付与した上でそれを該当するシステム利用者へ配信する。
ところで、本システムの利用者は、前記メニューページの『契約書照会』を選択することによって、契約管理データベース２００に格納されている電子目論見書を随時確認することができる。よって、目論見書を交付するための手法としては、上述の配信の他に、本システムの運営者から該当するシステム利用者へは目論見書が交付されたことのみを支援端末１９７経由通知し、その旨を通知されたシステム利用者が能動的に契約管理データベース２００へアクセスして、完成した電子仮目論見書又は電子最終目論見書を引き出す手法がある。
For exchange transactions that require a prospectus to be issued, the contract management database 200 also stores an electronic master prospectus that describes general items and general conditions corresponding to each transaction form and transaction product type / attribute. ing. At the stage of issuing the provisional prospectus, the server 196 accesses the exchange product database 199, and the name / brand and conditions of the desired product to be registered, the name / brand and conditions of the desired product, and the tolerance Read out additional items and additional conditions such as creditworthiness of the exchange partner that can be exchanged, desired exhibition period and whether it can be automatically extended or early terminated, desired exchange price (provisional condition), desired exchange quantity in case of unit price products, desired exchange period , Write it in the blank area of the electronic master prospectus and send it to the seller.
Next, the exhibitor who has received the message inputs the address / name in the blank area in the prospectus, gives an electronic signature, and sends it back to the server 196. The server 196 adds the identifier of the exhibitor to the specified or unspecified system user's e-mail address, and distributes the electronic provisional prospectus to the address. Thereafter, this is stored in the contract management database 200. On the other hand, for exchange transactions for which the operator of this system is required to issue a prospectus, the operator himself / herself enters the address and name and gives an electronic signature, and then distributes the electronic provisional prospectus to the relevant system users. To do.
At the stage where the conditions for the exchange transaction are confirmed, the server 196 corrects a part of the additional conditions in the electronic provisional prospectus and creates a successful bid notice or an electronic final prospectus. After giving an electronic signature to an exhibitor or giving an operator's electronic signature, it is distributed to the corresponding system user.
By the way, the user of this system can check the electronic prospectus stored in the contract management database 200 at any time by selecting “Contract Contract Inquiry” on the menu page. Therefore, as a method for delivering the prospectus, in addition to the above-mentioned distribution, the operator of this system only notifies the relevant system user that the prospectus has been issued via the support terminal 197, There is a method in which a system user who has been notified of this actively accesses the contract management database 200 and draws out a completed electronic provisional prospectus or electronic final prospectus.
当局への報告や一般への開示が必要とされる交換取引を対象として、契約管理データベース２００には、それぞれの取引形態、取引商品の種類・属性、報告先及び開示先に対応する一般項目や一般条件が記述された電子マスター報告書や電子マスター開示書も格納されている。交換契約書の調印が済んだ段階で、本サーバ１９６は交換商品データベース１９９へアクセスし、そこに登録されている該当商品の名称・銘柄や諸条件、交換期間、交換成立価額、単位価格商品の場合は交換成立数量、交換差金の金額、瑕疵調査や鑑定評価に関する情報といった追加項目や追加条件を読み出し、それを前記電子マスター報告・開示書の空白領域に書き込んだ上で交換当事者へ送信する。
これを受信した交換当事者は、この報告・開示書内の空白領域に住所・氏名を入力し電子署名を付与して本サーバ１９６へ返信する。次に本サーバ１９６は、交換当事者が特定した当局やマスメディアの電子メール番地に交換当事者の識別子を付与し、この報告・開示書を当該番地へ送信。その後、これを契約管理データベース２００に格納する。一方、本システムの運営者に報告・開示義務がある交換取引については、運営者自らが住所・氏名を入力し電子署名を付与した上で、報告・開示書を当局やマスメディアへ送信する。
尚、交換当事者は、前記メニューページの『契約書照会』を選択することによって、契約管理データベース２００に格納されている自らの報告書類や開示書類を随時確認することができる。
For exchange transactions that require reporting to the authorities and disclosure to the general public, the contract management database 200 includes general items corresponding to each transaction type, transaction product type / attribute, report destination, and disclosure destination. An electronic master report and an electronic master disclosure document describing general conditions are also stored. At the stage when the exchange contract is signed, the server 196 accesses the exchange product database 199, and the name / brand and conditions of the corresponding product registered there, the exchange period, the exchange formation price, the unit price product In this case, additional items and additional conditions such as exchange completion quantity, exchange difference amount, information on flaw investigation and appraisal are read, written in the blank area of the electronic master report / disclosure, and transmitted to the exchange party.
Upon receiving this, the exchange party inputs the address / name in the blank area in the report / disclosure form, gives an electronic signature, and sends it back to the server 196. Next, the server 196 assigns the identifier of the exchange party to the e-mail address of the authority or mass media specified by the exchange party, and transmits this report / disclosure document to the address. Thereafter, this is stored in the contract management database 200. On the other hand, for exchange transactions for which the operator of this system is obligated to report / disclosure, the operator himself / herself inputs the address / name and gives an electronic signature, and then sends the report / disclosure document to the authorities and mass media.
The exchange party can check his / her report document and disclosure document stored in the contract management database 200 at any time by selecting “Contract Contract Inquiry” on the menu page.
ところで、キャッシュフローの授受や、自由処分権などの各種権利の行使、各種義務の履行といった交換当事者間のイベントの発生に伴い新たな報告義務や開示義務が発生した場合も、本サーバ１９６は同様の処理を行う。また運営者は、交換契約書や前記目論見書、前記報告・開示書の準拠法に加え他の関連法規を交換当事者が遵守しているか否かを検査するため、前記イベントの発生時などに支援端末１９７経由、質問状などを交換当事者へ送信してコミュニケーションを図る。 By the way, this server 196 is the same even when new reporting obligations and disclosure obligations occur due to the occurrence of events between exchange parties such as cash flow transfer, exercise of various rights such as free disposal rights, and fulfillment of various obligations. Perform the process. In addition, the operator will assist in the event of the event to check whether the exchange party complies with other relevant laws and regulations in addition to the governing law of the exchange contract, the prospectus and the report / disclosure. Through the terminal 197, a questionnaire is transmitted to the exchange party for communication.
決済管理データベース２０１は、本システムの利用者即ち、交換当事者、相場水準によっては取引に参加したい交換希望者、交換取引に関連した広告を本システム上で掲載する広告主、及び鑑定評価者の資金口座番号、入出金履歴、資金口座残高などの情報を登録している。
利用者が前述のメニューページにおいて『資金口座照会』を選択した場合、本サーバ１９６は決済管理データベース２０１へアクセスして、当該利用者の現在の資金口座残高及び過去の入出金履歴が記された資金口座確認ページをクライアント端末１９５へ送信する。尚、本システムの運営者も資金口座延いては資金口座番号を有しており、利用者の資金口座との間の金銭の授受に利用する。
The settlement management database 201 includes funds of users of the system, that is, exchange parties, exchange applicants who want to participate in the transaction depending on the market price level, advertisers who place advertisements related to the exchange transaction on the system, and appraisers. Information such as account number, deposit / withdrawal history, fund account balance is registered.
When the user selects “Fund Account Inquiry” on the aforementioned menu page, the server 196 accesses the settlement management database 201 and stores the current fund account balance and past deposit / withdrawal history of the user. An account confirmation page is transmitted to the client terminal 195. The operator of this system also has a fund account and a fund account number, which is used to exchange money with the user's fund account.
交換取引の成立から終了に至るまでの交換当事者間のキャッシュフローの授受は、本システム上の資金口座振替によって行われる。本サーバ１９６は一定周期で交換商品データベース１９９へアクセスし、登録されている交換成立商品のキャッシュフローの授受日を認識する。そして、該当日の例えば前日に、資金口座振替を実行する旨を記した資金決済通知書を、交換当事者のクライアント端末１９５へ送信する。
尚、本実施の形態における交換取引では、実際のキャッシュフローによって交換当事者が支払人になる場合と受取人になる場合とがあるが、入札方式により成立した交換取引では、匿名性を維持するために、当事者が支払人である場合は本システムの運営者が受取人となり、逆に当事者が受取人である場合は運営者が支払人となる。一方、相対方式により成立した交換取引では、当事者の一方が支払人、他方が受取人であり、運営者は直接的には介在しない。
資金決済通知書には、支払人又は受取人の個人名及び／又は法人名、資金口座番号、交換契約書の識別子、支払金額又は受取金額、資金決済実行日などが表示される。そして、支払人又は受取人は、この資金決済情報を確認した旨を本サーバ１９６へ通知する。
次に本サーバ１９６は、この資金決済情報に従い、支払人の資金口座から受取人の資金口座へ所定の額の金銭を移転する資金口座振替を行う。そして、決済管理データベース２０１に登録されている支払人及び受取人の資金口座残高、入出金履歴などの情報を金銭移転後の情報に更新する。
The exchange of cash flow between the exchange parties from the establishment to the end of the exchange transaction is performed by funds account transfer on this system. The server 196 accesses the exchange product database 199 at regular intervals, and recognizes the cash flow transfer date of the registered exchange completed product. Then, for example, on the previous day of the corresponding day, a fund settlement notice stating that the fund account transfer is to be executed is transmitted to the client terminal 195 of the exchange party.
In the exchange transaction in the present embodiment, there are cases where the exchange party becomes a payer and a recipient depending on the actual cash flow. On the other hand, when the party is a payer, the operator of the system is the payee, and conversely, when the party is the payee, the operator is the payer. On the other hand, in an exchange transaction established by a relative method, one of the parties is a payer and the other is a payee, and no operator is directly involved.
In the fund settlement notice, the payer or recipient's personal name and / or corporation name, fund account number, exchange contract identifier, payment amount or receipt amount, fund settlement execution date, and the like are displayed. Then, the payer or payee notifies the server 196 that the fund settlement information has been confirmed.
Next, in accordance with the fund settlement information, the server 196 performs fund account transfer for transferring a predetermined amount of money from the payer's fund account to the payee's fund account. Then, information such as the payer and payee funds account balances and deposit / withdrawal history registered in the settlement management database 201 is updated to information after the money transfer.
本システムでは、以下の金銭の移転においても、資金決済通知書を使用した資金口座振替を行う。但し、支払人−受取人間において、交換成立商品に関するキャッシュフローや各種サービス料の授受がタイミング的に一致した場合、運営者はこれらを相殺した金額を資金決済通知書に記し、純額ベースで資金口座振替を行うことがある。
（ａ）期中、交換当事者間の信用リスクの露出増減に応じて運営者は、交換当事者へ追加証拠金を請求したり、余剰証拠金を払い戻したりするが、これらの場合に運営者は、上記の資金口座振替により、交換当事者−運営者間又は交換当事者間で金銭を移転する。
（ｂ）運営者が交換当事者より受け取るサービス提供料及び回線使用料。
（ｃ）運営者が交換希望者や鑑定評価者より受け取る回線使用料。
（ｄ）運営者が広告主より受け取る広告料。
（ｅ）鑑定評価者が交換当事者より受け取る評価料。
（ｆ）前述のような期中のイベントの発生、即ち、交換当事者が交換取引に関する各種権利を行使又は各種義務を履行した時点で発生するキャッシュフローの授受。尚、交換当事者はメニューページの『イベント通知』を使用して権利行使又は義務履行の旨を運営者へ通知する。
In this system, even in the following money transfer, funds account transfer is performed using the funds settlement notice. However, if the payer-recipient matches the cash flow related to the exchanged product and the delivery of various service charges in a timely manner, the operator will write the amount that offsets them in the fund settlement notice and fund on a net basis. There may be a direct debit.
(A) During the period, the operator requests additional margin from the exchange party or refunds surplus margin according to the increase or decrease in the exposure of credit risk between the exchange parties. In these cases, the operator The money is transferred between the exchange party and the operator or between the exchange parties.
(B) Service provision fee and line usage fee received by the operator from the exchange party.
(C) Line usage fee received by the operator from the exchange applicant or appraiser.
(D) Advertising fee received by the operator from the advertiser.
(E) Evaluation fee received by the appraiser from the exchange party.
(F) Occurrence of an event during the above-mentioned period, that is, exchange of cash flow that occurs when the exchange party exercises various rights related to the exchange transaction or fulfills various obligations. The exchange party uses the “event notification” on the menu page to notify the operator of the exercise of rights or fulfillment of obligations.
ところで、資産運用商品の直接交換における対象商品が債券や株式、受益証券、譲渡性預金、コマーシャル・ペーパーなどの有価証券である場合は、交換成立の後に現物移転のための証券決済を行う必要が生じてくる。そこで、本実施の形態における決済管理データベース２０１は、この証券決済を目的として、交換成立者及び交換希望者の証券口座番号、証券移転履歴、証券口座残高などの情報も登録している。
これらのシステム利用者が前述のメニューページにおいて『証券口座照会』を選択した場合、本サーバ１９６は決済管理データベース２０１へアクセスして、当該利用者の現在の証券口座残高及び過去の証券移転履歴が記された証券口座確認ページをクライアント端末１９５へ送信する。尚、本システムの運営者も証券口座延いては証券口座番号を有しており、利用者の証券口座との間の有価証券の授受に利用される。
By the way, if the target product in the direct exchange of asset management products is securities such as bonds, stocks, beneficiary certificates, negotiable deposits, commercial paper, etc., it is necessary to perform securities settlement for physical transfer after the exchange is established Will arise. Therefore, the settlement management database 201 in the present embodiment also registers information such as the securities account number, securities transfer history, securities account balance, etc. of the exchange establishment and the exchange applicant for the purpose of securities settlement.
When these system users select “Securities Account Inquiry” on the aforementioned menu page, the server 196 accesses the settlement management database 201 to record the current securities account balance and past securities transfer history of the user. The confirmed securities account confirmation page is transmitted to the client terminal 195. Note that the operator of this system also has a securities account and a securities account number, and is used to exchange securities with the user's securities account.
交換取引の成立から終了に至るまで、交換当事者間の有価証券の授受は本システム上の証券口座振替によって行われる。但し、入札方式によって成立した交換取引では、当事者が譲渡人である有価証券では本システムの運営者が譲受人となり、逆に当事者が譲受人である有価証券では運営者が譲渡人となる。一方、相対方式によって成立した交換取引では、当事者の一方が譲渡人である有価証券では他方が譲受人、当事者の一方が譲受人である有価証券では他方が譲渡人となり、運営者は直接的には介在しない。尚、証券口座振替の対象となる有価証券は、不動化証券、無券面化証券の別を問わない。
交換契約書の調印が済んだ段階で本サーバ１９６は、証券口座振替を実行する旨を記した証券決済通知書を、交換当事者のクライアント端末１９５へ送信する。証券決済通知書には、交換当事者の個人名及び／又は法人名、証券口座番号、交換契約書の識別子、移転する有価証券の数量、証券決済実行日などが表示される。そして交換当事者は、この証券決済情報を確認した旨を本サーバ１９６へ通知する。
次に本サーバ１９６は、この証券決済情報に従い、一方の交換当事者の証券口座から他方の交換当事者の証券口座へ、及び他方の交換当事者の証券口座から一方の交換当事者の証券口座へそれぞれ所定の数量の有価証券を移転する証券口座振替を行う。そして、決済管理データベース２０１に登録されている双方の証券口座残高、証券移転履歴などの情報を振替後の情報に更新する。
尚、期中運営者は交換当事者へ追加証拠金を請求したり、余剰証拠金を払い戻したりするが、この証拠金の代わりに有価証券が使用された場合、本サーバ１９６は上記の証券口座振替により、交換当事者−運営者間又は交換当事者間で対象証券を移転する。また交換差金の決済に、金銭ではなく等しい評価額の有価証券が代用された場合も、同様の証券口座振替を行う。
From the establishment to the end of the exchange transaction, the exchange of securities between exchange parties is performed by securities account transfer on this system. However, in the exchange transaction established by the bidding method, the operator of the system is the assignee for the securities whose party is the transferor, and conversely, the operator is the transferor for the securities whose transferee is the transferee. On the other hand, in exchange transactions established by the relative method, in securities where one of the parties is the transferor, the other is the transferor, and in securities where one of the parties is the transferor, the other is the transferor, and the operator directly Does not intervene. The securities subject to securities account transfer may be either immobilized securities or non-faced securities.
When the exchange contract has been signed, the server 196 transmits a securities settlement notice stating that the securities account transfer will be executed to the client terminal 195 of the exchange party. In the securities settlement notice, the individual name and / or corporate name of the exchange party, the securities account number, the identifier of the exchange agreement, the quantity of securities to be transferred, the date of securities settlement, etc. are displayed. Then, the exchange party notifies the server 196 that the securities settlement information has been confirmed.
Next, in accordance with the securities settlement information, the server 196 performs predetermined operations from the securities account of one exchange party to the securities account of the other exchange party, and from the securities account of the other exchange party to the securities account of one exchange party. Perform a securities account transfer to transfer a quantity of securities. Then, information such as both the securities account balance and the securities transfer history registered in the settlement management database 201 is updated to the information after the transfer.
In addition, the operator during the period charges additional margin to the exchange party or refunds surplus margin. If securities are used instead of this margin, this server 196 will transfer the above securities account transfer. Transfer the subject securities between the exchange party and the operator or between the exchange parties. The same securities account transfer is also performed when securities with an equal value instead of money are used for settlement of exchange differences.
ところで、交換希望者が鑑定評価者を選定する際などに使用する資料の受配信は以下のように行う。
まず、テキストや電子文書フォーマットなどの形態を用い、鑑定評価者は自らのプロフィールや評価料体系を記した自己紹介資料や、個別の交換対象商品に絡む参考・提案資料を本サーバ１９６へ送信する。次に本サーバ１９６は、これらを受信すると、受信した日付・時刻とともに評価者情報データベース２０２へ順次格納する。
そして本サーバ１９６は、クライアント情報データベース１９８を検索し、当該データベースに記憶されている交換希望者の希望受信内容と、実際に前記受信した評価者関連情報の種類・属性とを照らし合わせ、今回自己紹介資料や参考・提案資料を配布する対象となる交換希望者を特定。この検索結果に基づき、テキストや電子文書フォーマットなどの形態を用いて、該当する交換希望者のクライアント端末１９５へこれらの資料を一斉に配信する。そして資料を受信した交換希望者は、それらを鑑定評価者選定の判断材料とする。
また交換希望者は、前記メニューページの『評価者資料閲覧』を選択することによって、評価者情報データベース２０２に格納されている各種資料を随時閲覧できる。
評価者情報データベース２０２には、鑑定評価者の株主構成や関係会社、人的資源に関する情報も格納されているため、本システムの運営者は、交換希望者が利用を希望する鑑定評価者と当該交換希望者との間に存在する利益相反、又は交換希望者の相手方が利用を希望する鑑定評価者と当該交換希望者との間に存在する利益相反の状況を随時認識し、影響を受ける側へその結果をフィードバックすることができる。
尚、交換希望者−鑑定評価者間の遣り取りや様々なデータの授受は、各自のクライアント端末１９５が備える電子メール機能を利用して、又は鑑定評価者が別途開設するウェブ・サイトとの間のハイパーテキスト・リンクを介するなどして行われる。
By the way, the receiving and distribution of materials used when the exchange applicant selects an appraisal evaluator is performed as follows.
First, using a form such as text or electronic document format, the appraisal evaluator sends self-introduction materials describing their profile and evaluation fee system, and reference / suggestion materials related to individual exchangeable products to the server 196. . Next, upon receiving these, the server 196 sequentially stores the received date and time in the evaluator information database 202.
Then, the server 196 searches the client information database 198, compares the desired received content of the exchange applicant stored in the database with the type / attribute of the received evaluator related information, and Identifies exchange applicants who are to receive introduction materials and reference / proposal materials. Based on the search result, these materials are delivered simultaneously to the client terminal 195 of the corresponding exchange applicant using a form such as text or an electronic document format. Then, the exchange applicant who has received the materials uses them as judgment materials for selecting the appraiser.
Also, the exchange applicant can browse various materials stored in the evaluator information database 202 at any time by selecting “view evaluator materials” on the menu page.
Since the evaluator information database 202 also stores information on the appraiser's shareholder composition, affiliated companies, and human resources, the operator of this system determines the appraisers that the exchange applicant wishes to use and the relevant information. Recognize conflicts of interest that exist with the exchange applicant, or conflicts of interest that exist between the appraisal evaluator that the exchange applicant wants to use and the exchange applicant, and are affected The result can be fed back.
In addition, exchange between the exchange applicant and the appraisal evaluator and the exchange of various data can be performed using the e-mail function of each client terminal 195 or with a web site separately established by the appraisal evaluator. For example, via a hypertext link.
本サーバ１９６は、一定周期で交換商品データベース１９９へアクセスし、登録されている様々なデータを順次集計処理又は統計処理して、本システムの利用者はこれをクライアント端末１９５から閲覧することができる。
利用者が前述のメニューページにおいて『相場情報総覧』を選択した場合、本サーバ１９６は、集計処理や統計処理を済ませてある各種交換取引商品の相場状況、即ちこれまで交換取引が成立した商品の名称・銘柄や種類・属性、諸条件、交換成立価額、単位価格商品の場合は交換成立数量、交換差金の金額、交換期間、そして、現在入札を実施している交換取引の詳細や仮条件、交換希望者からの入札状況、さらに、今後入札が予定されている交換取引の概要を一覧やグラフなどに加工して市況ページ用の相場情報を作成。当該市況ページを利用者へ送信する。
これらの情報によって、交換希望者は各種交換取引の相場水準や需給バランスを把握でき、鑑定評価者は自己紹介資料や交換取引に絡んで作成する参考・提案資料を適宜配信することが可能になる。
The server 196 accesses the exchange product database 199 at regular intervals, sequentially counts or statistically processes various registered data, and the user of the system can view the data from the client terminal 195. .
When the user selects “Market Information Overview” on the menu page described above, the server 196 displays the market situation of various exchange transaction products that have been subjected to tabulation processing and statistical processing, that is, the names of products for which exchange transactions have been established so far. -Brands, types / attributes, conditions, exchange formation price, in the case of unit price products, exchange establishment quantity, exchange difference amount, exchange period, details and provisional conditions of exchange transactions currently under bidding, exchange Creates market price information for the market information page by processing the bid status from applicants and the summary of exchange transactions scheduled for bidding into a list or graph. Send the market information page to users.
With this information, exchange applicants can grasp the market level and supply / demand balance of various exchange transactions, and appraisers can appropriately distribute self-introduction materials and reference / proposal materials created in connection with exchange transactions. .
本サーバ１９６とクライアント端末１９５とは、インターネット１９３に接続された構成の他に、専用通信回線を利用したコンピュータネットワークを介して接続された構成、その他の通信回線を利用したコンピュータネットワークを介して接続された構成、無線で通信を行えるコンピュータネットワークを介して接続された構成などがある。
また他に、本サーバ１９６とクライアント端末１９５とは、無線放送や有線放送の放送網を介し、本サーバ１９６と利用者の放送受信端末とが情報の送受信を行うことによって本システムを利用できる構成としてもよい。例えば、本サーバ１９６で作成したデータを、所定の放送サーバにて放送用データに変換し、電波や通信回線を介して所定のチューナを有する放送受信端末へと送信し、当該チューナにて放送用データを復号することによって利用者が当該データを使用できる。また利用者は、放送受信端末から電波や通信回線を介して、送信したいデータを放送サーバ経由本サーバ１９６へ、又は本サーバ１９６へ直接送信できる。
そして本実施の形態では、これまで述べてきた動作を実行するためのプログラムを記録した記憶媒体、例えば光磁気ディスクや読み出し専用デジタル多用途ディスク、読み出し専用コンパクト・ディスク、フレキシブル・ディスク・カートリッジなどを配布し、当該プログラムをコンピュータへインストールすることによっても、本サーバ１９６などを構成することができる。
In addition to the configuration connected to the Internet 193, the server 196 and the client terminal 195 are connected via a computer network using a dedicated communication line, or connected via a computer network using another communication line. And a configuration connected via a computer network capable of wireless communication.
In addition, the server 196 and the client terminal 195 can use the system by transmitting and receiving information between the server 196 and the user's broadcast receiving terminal via a broadcast network for wireless broadcasting or cable broadcasting. It is good. For example, data created by the server 196 is converted into broadcast data by a predetermined broadcast server, transmitted to a broadcast receiving terminal having a predetermined tuner via radio waves or communication lines, and broadcasted by the tuner. By decrypting the data, the user can use the data. The user can transmit data to be transmitted from the broadcast receiving terminal to the server 196 via the broadcast server or directly to the server 196 via radio waves or communication lines.
In this embodiment, a storage medium storing a program for executing the operations described so far, such as a magneto-optical disk, a read-only digital versatile disk, a read-only compact disk, a flexible disk cartridge, etc. The server 196 and the like can also be configured by distributing and installing the program on a computer.
さて、図４７における金融商品等交換取引サーバ１９６、クライアント端末１９５及び支援端末１９７は、当業者によく知られた方法で実装することができる。図４８はその一例である。
図４８における構成では、算術演算を実行する処理装置２０７が具備されている。当該処理装置２０７は複数の記憶用部品に接続されており、これらの記憶用部品には、ハードディスク２０８や読み取り専用記憶装置（ＲＯＭ）２０９、電気的消去・プログラム可能読み取り専用記憶装置（ＥＥＰＲＯＭ）２１０、読み取り書き込み記憶装置（ＲＡＭ）２１１、テープ装置２１２が含まれる。尚、これら記憶装置の種類全てが必ずしも必要というわけではない。また、これらの記憶用部品は処理装置２０７に対して物理的に接近して配置される必要はなく、処理装置２０７から離れて配置してもよい。
そして処理装置２０７は、利用者が命令やデータ等を入力するための手段、例えば鍵盤装置２１３やマウス２１４に接続されている。また、当業者に知られた他の入力手段、例えば接触画面や位置入力装置、音声変換器を設けてもよい。
処理装置２０７には、読み取り装置２１５も接続されている。この読み取り装置２１５は、フレキシブル・ディスク・カートリッジ２１６や読み出し専用コンパクト・ディスク２１７のようなデータ担体からデータを読み取り、また、可能であれば該データ担体にデータを書き込むように構成される。当業者に知られた他のデータ担体としては、テープ、デジタル多用途ディスク等が挙げられる。
さらに処理装置２０７は、用紙にデータを出力するための印刷装置２１８及び表示装置２１９にも接続されており、当該表示装置２１９は、例えばモニタ、液晶表示スクリーン又は当業者に知られた他の種類の表示装置である。
ところで処理装置２０７は、入出力手段（Ｉ／Ｏ）２２１を介して通信網２２０に接続してもよく、この通信網２２０としては、公衆交換電話網（ＰＳＴＮ）や構内通信網（ＬＡＮ）、広域通信網（ＷＡＮ）、インターネット等が挙げられる。また処理装置２０７は、通信網２２０を介して他の通信設備と通信するようにも構成できる。
処理装置２０７は、独立型システムとして実装可能である。また、並列に動作する複数の処理部の集合体（各処理部は、より大規模なコンピュータプログラムの子タスクを実行するように構成）としても実装でき、さらに、１つ以上の主要処理部と幾つかの副処理部との組み合わせとしても実装可能である。本実施の形態の機能の幾つかの部分は、遠隔にある処理設備が通信網２２０を介し処理装置２０７と通信を行うことによっても実施できる。
Now, the financial product exchange transaction server 196, the client terminal 195, and the support terminal 197 in FIG. 47 can be implemented by a method well known to those skilled in the art. FIG. 48 shows an example.
In the configuration in FIG. 48, a processing device 207 that executes arithmetic operations is provided. The processing device 207 is connected to a plurality of storage components. These storage components include a hard disk 208, a read-only storage device (ROM) 209, and an electrically erasable / programmable read-only storage device (EEPROM) 210. A read / write storage device (RAM) 211 and a tape device 212 are included. Note that not all types of these storage devices are necessarily required. Further, these storage components do not need to be physically close to the processing device 207 and may be disposed away from the processing device 207.
The processing device 207 is connected to means for the user to input commands, data, and the like, such as a keyboard device 213 and a mouse 214. Moreover, you may provide the other input means known to those skilled in the art, for example, a contact screen, a position input device, and a voice converter.
A reading device 215 is also connected to the processing device 207. The reader 215 is configured to read data from a data carrier such as a flexible disk cartridge 216 or a read-only compact disk 217 and write data to the data carrier if possible. Other data carriers known to those skilled in the art include tapes, digital versatile discs, and the like.
Further, the processing device 207 is connected to a printing device 218 and a display device 219 for outputting data on paper, such as a monitor, a liquid crystal display screen, or other types known to those skilled in the art. Display device.
By the way, the processing device 207 may be connected to the communication network 220 via an input / output means (I / O) 221. As the communication network 220, a public switched telephone network (PSTN), a private network (LAN), A wide area communication network (WAN), the Internet, etc. are mentioned. The processing device 207 can also be configured to communicate with other communication facilities via the communication network 220.
The processing device 207 can be implemented as a stand-alone system. It can also be implemented as a collection of a plurality of processing units operating in parallel (each processing unit is configured to execute a child task of a larger computer program), and further includes one or more main processing units It can also be implemented as a combination with several sub-processing units. Some parts of the functions of this embodiment can also be implemented when a remote processing facility communicates with the processing device 207 via the communication network 220.
さらに本実施の形態では、金融商品及び準金融商品を対象にこれまで述べてきた交換需要のマッチの方法によって、貴金属や非鉄金属、エネルギー関連、一次産品などの現物商品を含む各種生産財、芸術品や骨董品を含む各種消費財などの交換取引をも実現することができる。 Furthermore, in the present embodiment, various methods of producing goods, arts, including in-kind products such as precious metals, non-ferrous metals, energy-related products, and primary products, using the exchange demand matching method described above for financial products and quasi-financial products. Exchanges of various consumer goods including goods and antiques can also be realized.
まず、生産財や消費財を対象にした『片端特定のマッチ方式』は、例えば以下のようなステップから構成される。
（ａ）商品の交換取引を希望する者の端末が、交換注文をコンピュータへ送信する送信ステップ。
（ｂ）該コンピュータが、該交換希望者の端末から前記送信ステップによって送信された交換注文を受け付ける受付ステップ。
（ｃ）該コンピュータが、前記受付ステップによって受け付けた該交換希望者の交換注文を格納する記憶ステップ。
（ｄ）該コンピュータが、該交換希望者の交換相手となり得る特定又は不特定の候補者の端末へ前記交換注文を開示する開示ステップ。
（ｅ）該交換候補者の端末が、該コンピュータから前記開示ステップによって開示された交換注文に基づいて、その交換取引を対象とする交換注文を該コンピュータへ送信する送信ステップ。
（ｆ）該コンピュータが、該交換候補者の端末から前記送信ステップによって送信された交換注文を受け付ける受付ステップ。
（ｇ）該コンピュータが、前記受付ステップによって受け付けた該交換候補者の交換注文を格納する記憶ステップ。
（ｈ）該コンピュータが、前記記憶ステップによって格納した前記交換希望者の交換注文と該交換候補者の交換注文とを突き合わせて条件の合致を判別するマッチングステップ。
（ｉ）該コンピュータが、前記マッチングステップによって条件が合致すると判別した場合に両方の交換注文の間で交換取引を成立させ、前記記憶ステップによって格納している両注文を更新する更新ステップ。
（ｊ）該コンピュータが、前記マッチングステップによって導いた取引結果を該交換希望者の端末及び該交換候補者の端末へ通知する通知ステップ。
First, the “one-end specific match method” for production goods and consumer goods is composed of the following steps, for example.
(A) A transmission step in which a terminal of a person who desires a product exchange transaction transmits a replacement order to a computer.
(B) A receiving step in which the computer receives the exchange order transmitted in the transmission step from the terminal of the exchange applicant.
(C) A storage step in which the computer stores the exchange order of the exchange applicant accepted in the acceptance step.
(D) A disclosure step in which the computer discloses the exchange order to a terminal of a specific or unspecified candidate who can be an exchange partner of the exchange applicant.
(E) A transmission step in which the exchange candidate's terminal transmits an exchange order for the exchange transaction to the computer based on the exchange order disclosed in the disclosure step from the computer.
(F) A reception step in which the computer receives the replacement order transmitted in the transmission step from the terminal of the replacement candidate.
(G) A storage step in which the computer stores the exchange order of the exchange candidate accepted in the acceptance step.
(H) A matching step in which the computer compares the exchange order of the exchange applicant stored in the storage step with the exchange order of the exchange candidate and determines whether the condition is met.
(I) An update step in which the computer establishes an exchange transaction between both exchange orders when the computer determines that the condition is met in the matching step, and updates both orders stored in the storage step.
(J) A notification step in which the computer notifies the exchange candidate's terminal and the exchange candidate's terminal of the transaction result derived in the matching step.
また、生産財や消費財を対象にした『両端不特定のマッチ方式』は、例えば以下のようなステップから構成される。
（ａ）複数の利用者端末が、商品の交換注文をコンピュータへ送信する送信ステップ。
（ｂ）該コンピュータが、複数の該利用者端末から前記送信ステップによって送信された交換注文を受け付ける受付ステップ。
（ｃ）該コンピュータが、前記受付ステップによって受け付けた複数の交換注文を格納する記憶ステップ。
（ｄ）該コンピュータが、前記記憶ステップによって格納した複数の交換注文を突き合わせて条件の合致を判別するマッチングステップ。
（ｅ）該コンピュータが、前記マッチングステップによって条件が合致すると判別した場合に複数の交換注文の間で交換取引を成立させ、前記記憶ステップによって格納している該交換注文を更新する更新ステップ。
（ｆ）該コンピュータが、前記マッチングステップによって導いた取引結果を複数の前記利用者端末へ通知する通知ステップ。
In addition, the “non-specific match method” for production goods and consumer goods includes, for example, the following steps.
(A) A transmission step in which a plurality of user terminals transmit a replacement order for a product to a computer.
(B) A reception step in which the computer receives the exchange order transmitted from the plurality of user terminals in the transmission step.
(C) A storage step in which the computer stores a plurality of replacement orders received in the receiving step.
(D) A matching step in which the computer matches a plurality of replacement orders stored in the storing step to determine whether the condition is met.
(E) An update step in which the computer establishes an exchange transaction between a plurality of exchange orders when the computer determines that the condition is met in the matching step, and updates the exchange order stored in the storage step.
(F) A notification step in which the computer notifies the plurality of user terminals of the transaction result derived by the matching step.
そして、生産財や消費財を対象にした『両端特定のマッチ方式』は、例えば以下のようなステップから構成される。
（ａ）商品の相対交換取引を希望する者の端末が、交換相手となり得る候補者の端末へ相対交換取引要求を送信する送信ステップ。
（ｂ）該相対取引候補者の端末が、該相対取引希望者の端末から前記送信ステップによって送信された相対交換取引要求を受信する受信ステップ。
（ｃ）該相対取引候補者の端末が、前記受信ステップによって受信した相対交換取引要求に対し、受諾、拒否又は交渉の意思決定を該相対取引希望者の端末へ返信する返信ステップ。
（ｄ）該相対取引希望者の端末が、該相対取引候補者の端末から前記返信ステップによって返信された意思決定を受信する受信ステップ。
（ｅ）該相対取引希望者の端末及び／又は該相対取引候補者の端末が、相対交換取引の成立又は不成立の結果を前記コンピュータへ通知する通知ステップ。
ところで、『両端特定のマッチ方式』は、これらの構成ステップの前段階において、更に以下のようなステップを含んでもよい。
（ａ）前記相対取引希望者の端末が、前記商品の相対交換取引要求を前記コンピュータへ送信する送信ステップ。
（ｂ）該コンピュータが、該相対取引希望者の端末から前記送信ステップによって送信された相対交換取引要求を受け付ける受付ステップ。
（ｃ）該コンピュータが、前記受付ステップによって受け付けた相対交換取引要求に合致した相対取引候補者を特定する特定ステップ。
（ｄ）該コンピュータが、前記特定ステップによって特定した相対取引候補者の連絡先を該相対取引希望者の端末へ通知する通知ステップ。
The “both end specific match method” for production goods and consumer goods is composed of the following steps, for example.
(A) A transmission step in which a terminal of a person who desires a relative exchange transaction for a product transmits a relative exchange transaction request to a candidate terminal that can be an exchange partner.
(B) A receiving step in which the terminal of the relative transaction candidate receives the relative exchange transaction request transmitted by the transmission step from the terminal of the relative transaction candidate.
(C) A reply step in which the terminal of the relative transaction candidate returns a decision to accept, reject or negotiate to the terminal of the relative transaction candidate in response to the relative exchange transaction request received in the reception step.
(D) A receiving step in which the terminal of the candidate for relative transaction receives the decision making sent back by the reply step from the terminal of the candidate for relative transaction.
(E) A notification step in which the terminal of the relative transaction candidate and / or the terminal of the relative transaction candidate notifies the computer of the result of establishment or non-establishment of the relative exchange transaction.
By the way, the “both end specific matching method” may further include the following steps in the previous stage of these configuration steps.
(A) A transmission step in which the terminal of the relative transaction applicant transmits a request for a relative exchange transaction for the product to the computer.
(B) A reception step in which the computer receives a relative exchange transaction request transmitted by the transmission step from the terminal of the relative transaction applicant.
(C) A specifying step in which the computer specifies a relative transaction candidate that matches the relative exchange transaction request received in the receiving step.
(D) A notification step in which the computer notifies the relative transaction candidate's terminal of the contact information of the relative transaction candidate specified in the specifying step.
次に、これまで述べてきた各種実施の形態がもたらすメリットをテーマ別且つ箇条書きにして説明するが、これらのメリットに対する理解を深めるため、各種実施の形態における交換取引の仕組みを併せて説明する。但し本発明は、資産運用商品、資金調達商品又は資金取引商品の総体又は一部を当事者間で実質的に又は実際に交換するためのサーバ・コンピュータ及びコンピュータプログラム、並びにその他の商品をも対象にした商品交換支援方法にあり、そのための仕組みはこれより説明する仕組みに限定されるものではない。 Next, the benefits of the various embodiments described so far will be explained by theme and itemized list, but in order to deepen the understanding of these advantages, the mechanism of exchange transactions in the various embodiments will also be described. . However, the present invention also covers server computers and computer programs and other products for substantially or actually exchanging all or part of asset management products, fund-raising products, or money transaction products between parties. However, the mechanism for this is not limited to the mechanism described below.
１．前述の実施の形態では、資産運用や資金調達、資金取引における交換取引を通じて、新種の裁定取引を行うことができる。
（１）まず前述の実施の形態は、資産運用商品の直接交換を通じた新種の裁定取引を可能とする。
一つの例として、資産運用者Ａが、自分の保有する資産運用商品ａの価値以上に、資産運用商品ｂの価値が今後上昇すると予想している場合、より高い運用利回りを達成するために、資産運用者Ａは資産運用商品ａを処分して一旦現金化し、その現金を使用して資産運用商品ｂその物又は資産運用商品ｂと同等の商品を取得しようと試みる。一方、資産運用者Ｂが、自分の保有する資産運用商品ｂの価値以上に、資産運用商品ａの価値が今後上昇すると予想している場合、より高い利回りを達成するために、資産運用者Ｂは資産運用商品ｂを処分して一旦現金化し、その現金を使用して資産運用商品ａその物又は資産運用商品ａと同等の商品を取得しようと試みる。
前述の実施の形態は、資産運用商品ａの所有権を譲渡する替わりに資産運用商品ｂの所有権を譲り受けたい資産運用者Ａと、資産運用商品ｂの所有権を譲渡する替わりに資産運用商品ａの所有権を譲り受けたい資産運用者Ｂという、対峙する相場観を持つ資産運用者に現物を直接交換させることで、双方による裁定取引を可能にする。
1. In the above-described embodiment, a new kind of arbitrage transaction can be performed through asset management, fund procurement, and exchange transactions in fund transactions.
(1) First, the above-described embodiment enables a new kind of arbitrage transaction 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, Asset manager A disposes of asset management product a, cashes it once, and uses that cash to try to acquire asset management product b itself or a product equivalent to 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.
In the embodiment described above, the asset manager A who wants to transfer the ownership of the asset management product b instead of transferring the ownership of the asset management product a, and the asset management product instead of transferring the ownership of the asset management product b By allowing the asset manager B who wants to take over the ownership of a, an asset manager with a confronting market view, to exchange the actual thing directly, arbitrage between both parties becomes possible.
（２）次に前述の実施の形態は、資産運用商品のキャッシュフロー交換を通じた新種の裁定取引を可能とする。即ち資産運用者は、資産運用商品の現物を直接交換するのではなく、保有を続けながらキャッシュフローを交換することによっても、処分を希望していた資産運用商品を実質的に処分でき、同時に、取得を希望していた資産運用商品を実質的に取得できる。
前述の実施の形態における資産運用商品のキャッシュフロー交換には、例えば以下のような取引形態がある。
（ａ）貸付債権や債券、コマーシャル・ペーパー、一部預金債権、一部ファンド型運用商品、一部媒介体など、一般的に満期の存在する資産運用商品がそのまま満期を迎えることを前提として、当該商品の残存期間の資金流入、即ち元本や果実のキャッシュフローを交換する形態。
（ｂ）一般的に満期が存在する前記商品に残存期間より短い特定の期間を設定して、その間の資金流入、即ち果実のみのキャッシュフローを交換する形態。
（ｃ）一般的に満期が存在する前記商品に関し自由処分権を行使することを前提として、当該商品を処分するまでの期間の資金流入、即ち元本や果実のキャッシュフローを交換する形態。この取引形態では、交換成立時に対象商品の自由処分権も交換される。
（ｄ）土地や建物、複合不動産、株式、一部預金債権、一部ファンド型運用商品、一部媒介体など、一般的に満期が存在しない資産運用商品に関し自由処分権を行使することを前提として、当該商品を処分するまでの期間の資金流入、即ち元本や果実のキャッシュフローを交換する形態。この取引形態では、交換成立時に対象商品の自由処分権も交換される。
（ｅ）一般的に満期が存在しない前記商品に特定の期間を設定して、その間の資金流入、即ち果実のみのキャッシュフローを交換する形態。
上記取引形態の内、自由処分権の行使を伴う（ｃ）及び（ｄ）は、交換期間中、対象商品の『キャッシュフローの譲受人』が当該商品の自由処分権を行使した場合、この処分行為を市場で執行する者は当該商品の名目上の保有者である『キャッシュフローの譲渡人』であるため、処分代金は後者が一旦受け取ることになるが、後者がこれを当該商品の実質的な所有者である前者へと支払うことにより、当該商品に関しての取引が終了する。
一方、自由処分権の行使を伴わない（ａ）、（ｂ）及び（ｅ）は、自分が保有する資産運用商品の現物を以下のような理由から現在処分できないが、他の資産運用者が保有する資産運用商品のキャッシュフローは享受したい場合などに有効である。
［１］資金調達者に対する営業政策上、自分が保有する貸付債権や債券、コマーシャル・ペーパーを現在処分できない。
［２］議決権を保持したいため、自分が保有する株式を現在処分できない。
［３］対抗要件の取得が煩雑であるため、自分が保有する預金債権を現在譲渡できない。
［４］抵当権が既に設定されているため、自分が保有する土地や建物、複合不動産を現在処分できない。
［５］流動性が低いため、自分が保有するファンド型運用商品を現在処分できない。
［６］運用委託先や管理会社に対する政策上、又は再設定に要するコストや事務手続きなどの理由で、自分が保有する媒介体を現在処分できない。
ところで、ここでは、交換対象商品の残存期間の長短や、商品に付随する各種権利の行使や各種義務の履行までの期間の長短などによって、一方の商品のキャッシュフローの支払又は受取が終了した後も、他方の商品のキャッシュフローの受取又は支払が続く場合がある。よって、キャッシュフローの授受終了が遅い方の商品の授受終了日を、当該交換取引の終了日とすることができる。尚、交換取引開始日を期首、交換取引終了日を期末といい、両者と両者の間を併せて交換期間又は期中と呼ぶ。
(2) Next, the above-described embodiment 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.
The cash flow exchange of asset management products in the above-described embodiment includes, for example, 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. Inflow of funds during the remaining period of the product, that is, a cash flow of principal and fruit.
(B) A form in which a specific period shorter than the remaining period is set for the commodity that generally has a maturity, and the inflow of funds during that period, that is, the cash flow of only fruits is exchanged.
(C) On the premise of exercising the right of free disposal with respect to the commodity that generally has a maturity, a form of exchanging the cash inflow for the period until the commodity is disposed, that is, the cash flow of principal and fruit. 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 form of exchanging the cash inflow of principal and fruit 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 form in which a specific period is generally set for the commodity that does not have a maturity, and a cash inflow during that period, that is, a cash flow of only fruit 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 loans, bonds, and commercial papers held by the fundraiser.
[2] Because you want to retain your voting rights, you cannot currently dispose of your shares.
[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 policy for subcontractors and management companies, or the costs and administrative procedures required for resetting.
By the way, here after the payment or receipt of cash flow of one product has been completed due to the length of the remaining period of the replacement product, 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 transfer end date of the product with the later end of cash flow transfer can be set as the end date of the exchange transaction. The exchange transaction start date is referred to as the beginning, and the exchange transaction end date is referred to as the end of the term.
（３）さらに前述の実施の形態は、資産運用商品の評価益部分のキャッシュフロー交換を通じた新種の裁定取引を可能とする。即ち、前述の実施の形態における資産運用商品のキャッシュフロー交換には、商品全体の評価額を基にした交換取引に加え、商品の評価益部分のみの評価額を基にした交換取引が含まれる。
一つの例として、資産運用者Ｃが保有している資産運用商品ｃの評価額が１０００であり、その構成が簿価８００、評価益２００であるとする。一方、資産運用者Ｄが保有している資産運用商品ｄの評価額が１５００であり、その構成が簿価１３００、評価益２００であるとする。資産運用者Ｃは、資産運用商品ｃの評価益以上に資産運用商品ｄの評価益が今後増加すると予想しており、資産運用者Ｄは、資産運用商品ｄの評価益以上に資産運用商品ｃの評価益が今後増加すると予想している。この場合、前述の実施の形態では、評価益部分に関し資産運用者Ｃと資産運用者Ｄとの間で交換取引が可能となる。
資産運用者Ｃは、資産運用商品ｃ全体の自由処分権と資産運用商品ｃの評価益部分の所有権を譲渡する替わりに、資産運用商品ｄ全体の自由処分権と資産運用商品ｄの評価益部分の所有権を譲り受け、同時に資産運用者Ｄは、資産運用商品ｄ全体の自由処分権と資産運用商品ｄの評価益部分の所有権を譲渡する替わりに、資産運用商品ｃ全体の自由処分権と資産運用商品ｃの評価益部分の所有権を譲り受ける。この際、資産運用商品ｃの簿価部分の所有権は引き続き資産運用者Ｃに属し、資産運用商品ｄの簿価部分の所有権は引き続き資産運用者Ｄに属する。
即ち、資産運用者Ｃは資産運用商品ｃの簿価相当額の価値を確保した上で、資産運用商品ｄの評価益の増減について市場リスクをとり、資産運用者Ｄは資産運用商品ｄの簿価相当額の価値を確保した上で、資産運用商品ｃの評価益の増減について市場リスクをとることが可能になる。尚、資産運用商品ｃの果実部分のキャッシュフローは引き続き資産運用者Ｃに帰属させ、資産運用商品ｄの果実部分のキャッシュフローは引き続き資産運用者Ｄに帰属させることができる。
交換期間中、資産運用者Ｃが自由処分権を行使して資産運用商品ｄを処分した場合、その処分価額のうち、資産運用者Ｄが所有している簿価部分についてのキャッシュフローは資産運用者Ｄに帰属し、資産運用者Ｃが所有している評価益部分についてのキャッシュフローは資産運用者Ｃに帰属する。また、処分時に資産運用商品ｄの評価益が評価損に転じていた場合は、処分価額のうち当該評価損相当額が資産運用者Ｃに帰属する。即ち、資産運用者Ｃは評価損相当額を資産運用者Ｄへ支払うことで当該評価損が実現損に変わり、資産運用者Ｄは簿価相当額を確保できることになる。
一方、資産運用者Ｄが自由処分権を行使して資産運用商品ｃを処分した場合、その処分価額のうち、資産運用者Ｃが所有している簿価部分についてのキャッシュフローは資産運用者Ｃに帰属し、資産運用者Ｄが所有している評価益部分についてのキャッシュフローは資産運用者Ｄに帰属する。また、処分時に資産運用商品ｃの評価益が評価損に転じていた場合は、処分価額のうち当該評価損相当額が資産運用者Ｄに帰属する。即ち、資産運用者Ｄは評価損相当額を資産運用者Ｃへ支払うことで当該評価損が実現損に変わり、資産運用者Ｃは簿価相当額を確保できることになる。
(3) Further, the above-described embodiment 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 asset management products in the above embodiment includes exchange transactions based on the valuation value of only the valuation profit portion of the product in addition to the exchange transaction based on the valuation 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 above-described embodiment, an exchange transaction is possible 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 gain of the asset management product d has turned into a valuation loss at the time of disposal, the amount corresponding to the valuation loss belongs to the asset manager C in the disposal price. In other words, the asset manager C pays the valuation loss equivalent amount to the asset manager D, so that the valuation loss changes to the realized loss, and the asset manager D can secure the book value equivalent amount.
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 has turned into a valuation loss at the time of disposal, the amount corresponding to the valuation loss belongs to the asset manager D in the disposal price. In other words, the asset manager D pays the valuation loss equivalent amount to the asset manager C, so that the valuation loss is changed to the realized loss, and the asset manager C can secure the book value equivalent amount.
（４）また前述の実施の形態は、資産運用商品の評価損部分のキャッシュフロー交換を通じた新種の裁定取引を可能とする。即ち前述の実施の形態では、評価損をマイナスの評価益と見なすことで、資産運用商品の評価損部分を交換することができる。
一つの例として、資産運用者Ｅが保有している資産運用商品ｅの評価額が１０００であり、その構成が簿価１２００、評価損２００であるとする。一方、資産運用者Ｆが保有している資産運用商品ｆの評価額が１５００であり、その構成が簿価１７００、評価損２００であるとする。資産運用者Ｅは、資産運用商品ｅの評価損以上に資産運用商品ｆの評価損が今後減少し、場合によっては資産運用商品ｆが評価益に転じると予想しており、資産運用者Ｆは、資産運用商品ｆの評価損以上に資産運用商品ｅの評価損が今後減少し、場合によっては資産運用商品ｅが評価益に転じると予想している。この場合、前述の実施の形態では、評価損部分に関し資産運用者Ｅと資産運用者Ｆとの間で交換取引が可能となる。
資産運用者Ｅは、資産運用商品ｅ全体の自由処分権を譲渡して資産運用商品ｅの評価損を引き渡す替わりに、資産運用商品ｆ全体の自由処分権を譲り受けて資産運用商品ｆの評価損を引き受けることになり、同時に資産運用者Ｆは、資産運用商品ｆ全体の自由処分権を譲渡して資産運用商品ｆの評価損を引き渡す替わりに、資産運用商品ｅ全体の自由処分権を譲り受けて資産運用商品ｅの評価損を引き受けることになる。
これで評価損がそれぞれ相手方へ移転し、交換取引上、資産運用者Ｅは資産運用商品ｅの簿価相当額の価値を回復し、資産運用者Ｆは資産運用商品ｆの簿価相当額の価値を回復したと見なすことができる。即ち、資産運用者Ｅは資産運用商品ｅの簿価相当額の価値を確保した上で、資産運用商品ｆの評価損の増減について市場リスクをとり、資産運用者Ｆは資産運用商品ｆの簿価相当額の価値を確保した上で、資産運用商品ｅの評価損の増減について市場リスクをとることが可能になる。尚、資産運用商品ｅの果実部分のキャッシュフローは引き続き資産運用者Ｅに帰属させ、資産運用商品ｆの果実部分のキャッシュフローは引き続き資産運用者Ｆに帰属させることができる。
交換期間中、資産運用者Ｅが自由処分権を行使して資産運用商品ｆを処分した場合、概念的には、その処分価額のうち、資産運用者Ｆが所有している簿価部分についてのキャッシュフローは資産運用者Ｆに帰属し、資産運用者Ｅが所有している評価損部分についてのキャッシュフローは資産運用者Ｅに帰属する。即ち、資産運用者Ｅは評価損相当額を資産運用者Ｆへ支払うことで当該評価損が実現損に変わり、資産運用者Ｆは簿価相当額を確保できることになる。また、処分時に資産運用商品ｆの評価損が評価益に転じていた場合、資産運用者Ｅは実現益を享受できることになる。
一方、資産運用者Ｆが自由処分権を行使して資産運用商品ｅを処分した場合、概念的には、その処分価額のうち、資産運用者Ｅが所有している簿価部分についてのキャッシュフローは資産運用者Ｅに帰属し、資産運用者Ｆが所有している評価損部分についてのキャッシュフローは資産運用者Ｆに帰属する。即ち、資産運用者Ｆは評価損相当額を資産運用者Ｅへ支払うことで当該評価損が実現損に変わり、資産運用者Ｅは簿価相当額を確保できることになる。また、処分時に資産運用商品ｅの評価損が評価益に転じていた場合、資産運用者Ｆは実現益を享受できることになる。
尚、ここでいうキャッシュフロー交換における評価損益とは、基本的に『保有している商品の総体の評価額』から『当該商品の会計上の簿価もしくは取得価額』を差し引いた金額をいう。但し、交換取引者が機密保持を理由に開示を避けたい場合などにおいては、『保有している商品の総体の評価額』から『自己申告に基づく簿価もしくは取得価額』を差し引いた金額で構わない。即ち、ここでいう評価損益は、必ずしも会計上の数値を意味しない。
(4) Further, the above-described embodiment enables a new kind of arbitrage transaction through cash flow exchange of the valuation loss part of the asset management product. That is, in the above-described embodiment, the valuation loss portion 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 above-described embodiment, an exchange transaction can be performed 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 is changed 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, so that 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 referred to here is basically an amount obtained by subtracting “the book value or acquisition price of the product in question” from the “total valuation 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. In other words, the valuation gain / loss here does not necessarily mean an accounting figure.
（５）そして前述の実施の形態は、評価損益部分のキャッシュフロー交換を通じた空売り商品の新種の裁定取引を可能とする。即ち、前述の実施の形態の評価損益の交換は、空売りされている資産運用商品の持高も対象になる。
一つの例として、資産運用者Ｇが空売りしている資産運用商品ｇの評価益が２００であり、その算定根拠が売付価額１０００、商品の評価額８００であるとする。一方、資産運用者Ｈが空売りしている資産運用商品ｈの評価益も２００であり、その算定根拠が売付価額１３００、商品の評価額１１００であるとする。資産運用者Ｇは、資産運用商品ｇ以上に資産運用商品ｈの評価額が今後下落する、即ち資産運用商品ｇの評価益以上に資産運用商品ｈの評価益が今後増加すると予想しており、一方、資産運用者Ｈは、資産運用商品ｈ以上に資産運用商品ｇの評価額が今後下落する、即ち資産運用商品ｈの評価益以上に資産運用商品ｇの評価益が今後増加すると予想している。この場合、前述の実施の形態では、評価益に関し資産運用者Ｇと資産運用者Ｈとの間で交換取引が可能となる。
資産運用者Ｇは、資産運用商品ｇを買い戻す権利と資産運用商品ｇの評価益の所有権を譲渡する替わりに、資産運用商品ｈを買い戻す権利と資産運用商品ｈの評価益の所有権を譲り受け、同時に資産運用者Ｈは、資産運用商品ｈを買い戻す権利と資産運用商品ｈの評価益の所有権を譲渡する替わりに、資産運用商品ｇを買い戻す権利と資産運用商品ｇの評価益の所有権を譲り受ける。この際、資産運用者Ｇは資産運用商品ｈの売付価額が固定された上で、資産運用商品ｈの評価益の増減について市場リスクをとり、資産運用者Ｈは資産運用商品ｇの売付価額が固定された上で、資産運用商品ｇの評価益の増減について市場リスクをとることが可能になる。
交換期間中、資産運用者Ｇが権利を行使して資産運用商品ｈを買い戻した場合、資産運用商品ｈの実現益についてのキャッシュフローは資産運用者Ｇに帰属し、資産運用者Ｈが権利を行使して資産運用商品ｇを買い戻した場合、資産運用商品ｇの実現益についてのキャッシュフローは資産運用者Ｈに帰属する。また、資産運用商品ｈを買い戻す時点で評価益が評価損に転じていた場合、その実現損は資産運用者Ｇに帰属し、資産運用商品ｇを買い戻す時点で評価益が評価損に転じていた場合、その実現損は資産運用者Ｈに帰属することになる。
(5) And the above-mentioned embodiment 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 above-described embodiment also covers the positions of short-selling asset management products.
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 that the valuation value of the asset management product h will drop in the future over the asset management product g, that is, the valuation gain of the asset management product h will increase beyond the valuation gain of the asset management product g. On the other hand, the asset manager H expects that the valuation value of the asset management product g will fall below the asset management product h, that is, the valuation profit of the asset management product g will increase beyond the valuation gain of the asset management product h. Yes. In this case, in the above-described embodiment, 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 asset management product h belongs to asset manager G, and asset manager H When the asset management product g is repurchased by exercising, the cash flow of the realized gain of the 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.
（６）ところで一つの例として、資産運用者Ｉが空売りしている資産運用商品ｉの評価損が２００であり、その算定根拠が売付価額１０００、商品の評価額１２００であるとする。一方、資産運用者Ｊが空売りしている資産運用商品ｊの評価損も２００であり、その算定根拠が売付価額１３００、商品の評価額１５００であるとする。資産運用者Ｉは、資産運用商品ｉ以上に資産運用商品ｊの評価額が今後下落する、即ち資産運用商品ｉの評価損以上に資産運用商品ｊの評価損が今後減少し、場合によっては資産運用商品ｊが評価益に転じると予想しており、一方、資産運用者Ｊは、資産運用商品ｊ以上に資産運用商品ｉの評価額が今後下落する、即ち資産運用商品ｊの評価損以上に資産運用商品ｉの評価損が今後減少し、場合によっては資産運用商品ｉが評価益に転じると予想している。この場合、前述の実施の形態では、評価損に関し資産運用者Ｉと資産運用者Ｊとの間で交換取引が可能となる。
資産運用者Ｉは、資産運用商品ｉを買い戻す権利を譲渡して資産運用商品ｉの評価損を引き渡す替わりに、資産運用商品ｊを買い戻す権利を譲り受けて資産運用商品ｊの評価損を引き受けることになり、同時に資産運用者Ｊは、資産運用商品ｊを買い戻す権利を譲渡して資産運用商品ｊの評価損を引き渡す替わりに、資産運用商品ｉを買い戻す権利を譲り受けて資産運用商品ｉの評価損を引き受けることになる。この際、資産運用者Ｉは資産運用商品ｊの売付価額が固定された上で、資産運用商品ｊの評価損の増減について市場リスクをとり、資産運用者Ｊは資産運用商品ｉの売付価額が固定された上で、資産運用商品ｉの評価損の増減について市場リスクをとることが可能になる。
交換期間中、資産運用者Ｉが権利を行使して資産運用商品ｊを買い戻した場合、資産運用商品ｊの実現損は資産運用者Ｉに帰属し、資産運用者Ｊが権利を行使して資産運用商品ｉを買い戻した場合、資産運用商品ｉの実現損は資産運用者Ｊに帰属する。しかし、資産運用商品ｊを買い戻す時点で評価損が評価益に転じていた場合、資産運用者Ｉは実現益を享受でき、資産運用商品ｉを買い戻す時点で評価損が評価益に転じていた場合、資産運用者Ｊは実現益を享受できることになる。
ここにおいて、空売り商品のキャッシュフロー交換における評価損益とは、基本的に『商品の会計上の売付価額』から『当該商品の評価額』を差し引いた金額をいう。但し、交換取引者が機密保持を理由に開示を避けたい場合などにおいては、『商品の自己申告に基づく売付価額』から『当該商品の評価額』を差し引いた金額で構わない。即ち、ここにおいて空売り商品の評価損益は、必ずしも会計上の数値を意味しない。
(6) As an example, it is assumed that the valuation loss of the asset management product i sold short by the asset manager I is 200, and the basis for the calculation is the selling price 1000 and the valuation value 1200 of the product. 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 above-described embodiment, an exchange transaction can be performed between the asset manager I and the asset manager J regarding 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.
Here, the valuation gain / 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 for 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. In other words, the valuation gain / loss of short-selling products does not necessarily mean an accounting value.
（７）さらに前述の実施の形態は、商品を直接交換したい資産運用者と、商品のキャッシュフローを交換したい資産運用者との間で新種の裁定取引を可能とする。即ち、前述の実施の形態の資産運用商品の交換には、直接交換とキャッシュフロー交換との折衷方式が含まれる。
一つの例として、資産運用者Ｋが、自分の保有する資産運用商品ｋの価値以上に資産運用商品ｌの価値が今後上昇すると予想して、資産運用商品ｋと資産運用商品ｌとの直接交換を希望し、且つ資産運用者Ｌが、自分の保有する資産運用商品ｌの価値以上に資産運用商品ｋの価値が今後上昇すると予想して、資産運用商品ｋと資産運用商品ｌとのキャッシュフロー交換を希望している場合、前述の実施の形態では直接交換とキャッシュフロー交換との折衷方式を用いることが可能である。
資産運用者Ｋは、資産運用商品ｋの現物を譲渡する替わりに資産運用商品ｌより生じるキャッシュフローを受け取る権利を譲り受け、同時に資産運用者Ｌは、資産運用商品ｌより生じるキャッシュフローを受け取る権利を譲渡する替わりに資産運用商品ｋの現物を譲り受けることで、両者が妥協点を見出せることになる。
(7) Furthermore, the above-described embodiment enables a new kind of arbitrage between an asset manager who wants to exchange commodities directly and an asset manager who wants to exchange cash flows of the merchandise. That is, the exchange of asset management products in the above-described embodiment 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. Cash flow between the asset management product k and the asset management product l, and 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 he owns If exchange is desired, the above-described embodiment 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.
（８）また前述の実施の形態は、資金調達商品のキャッシュフロー交換を通じた新種の裁定取引を可能とする。即ち、資金調達商品は、資産運用者が信用リスクや資金調達者の名前を選好した上でそれを資産運用商品として取得しており、資金調達者が他の資金調達者と持高を直接交換するのは一般的に困難である。しかし、前述の実施の形態における資金調達者は、自分が抱えている資金調達商品のキャッシュフローを、他の資金調達者が抱えている資金調達商品のキャッシュフローと交換することによって、直接交換と同様の経済効果を享受することができる。
一つの例として、資金調達者Ｍが、自分の抱えている資金調達商品ｍの持高の評価額以上に、資金調達商品ｎの持高の評価額が今後減少すると予想している場合、一方、資金調達者Ｎが、自分の抱えている資金調達商品ｎの持高の評価額以上に、資金調達商品ｍの持高の評価額が今後減少すると予想している場合、両者は、互いの持高を交換することで、より低い調達コストを達成しようと試みる。又は、満期の有無や残存期間の長短、期中償還の有無、元本や果実の性質など商品性の違いから、資金調達者Ｍが資金調達商品ｎの持高を欲し、一方、資金調達者Ｎが資金調達商品ｍの持高を欲している場合、両者は、互いの持高を交換することで、より選好する持高を造成しようと試みる。
前述の実施の形態では、資金調達商品ｎのキャッシュフローを支払う義務を引き受ける替わりに資金調達商品ｍのキャッシュフローを支払う義務を引き渡したい資金調達者Ｍと、資金調達商品ｍのキャッシュフローを支払う義務を引き受ける替わりに資金調達商品ｎのキャッシュフローを支払う義務を引き渡したい資金調達者Ｎという、正反対の需要を抱える資金調達者にキャッシュフローを交換させることで、双方による裁定取引が可能となる。尚、この際、期中償還や買入消却が可能な商品の場合には、期中償還や買入消却を実施する権利をも交換することになる。
前述の実施の形態における資金調達商品のキャッシュフロー交換には、例えば以下のような取引形態がある。
（ａ）借入債務や債券、コマーシャル・ペーパー、一部預金債務など、一般的に満期の存在する資金調達商品がそのまま満期を迎えることを前提として、当該商品の残存期間の資金流出、即ち元本や果実のキャッシュフローを交換する形態。
（ｂ）一般的に満期が存在する前記商品に残存期間より短い特定の期間を設定して、その間の資金流出、即ち果実のみのキャッシュフローを交換する形態。
（ｃ）一般的に満期が存在する前記商品を期中償還又は買入消却することを前提として、当該商品が消滅するまでの期間の資金流出、即ち元本や果実のキャッシュフローを交換する形態。
（ｄ）株式や一部預金債務など、一般的に満期が存在しない資金調達商品を買入消却又は解約することを前提として、当該商品が消滅するまでの期間の資金流出、即ち元本や果実のキャッシュフローを交換する形態。
（ｅ）一般的に満期が存在しない前記商品に特定の期間を設定して、その間の資金流出、即ち果実のみのキャッシュフローを交換する形態。
上記取引形態の内、期中償還もしくは解約又は買入消却を伴う（ｃ）及び（ｄ）は、交換期間中、対象商品の『キャッシュフローの引受人』が権利を行使して当該商品を期中償還もしくは解約又は買入消却した場合、この解消行為を市場で執行する者は、当該商品を利用した名目上の資金調達者である『キャッシュフローの引渡人』であるため、償還代金又は買付代金は後者が一旦支払うことになるが、当該商品を利用した実質的な資金調達者である前者から後者がこれを受け取ることにより、当該商品に関しての取引が終了する。
尚、ここにおいて期中償還とは、満期が存在する資金調達商品を、所定の価額で期中に繰り上げて弁済、解約又は償還することを指し、買入消却とは、満期の有無に係わらず、資金調達商品を流通価額などで買い入れて消滅させることをいう。
(8) In addition, the above-described embodiment enables a new kind of arbitrage transaction through cash flow exchange of fund-raising products. In other words, funding 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 above-described embodiment can replace the cash flow of the fundraising product he has with the direct exchange by exchanging the cashflow of the funding product he has with another fundraiser. Similar economic effects can be enjoyed.
As an example, if fundraiser M anticipates that the position of fundraising product n will be reduced in the future beyond the amount of position of funding product m that he owns, 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 will try to create a more favorable position by exchanging their positions.
In the above-described embodiment, instead of undertaking the obligation to pay the cash flow of the financing product n, the fundraiser M who wants to deliver the obligation to pay the cash flow of the financing product m, and the obligation to pay the cash flow of the financing product m By exchanging cash flow with a fundraiser N who wants to hand over the obligation to pay the cash flow of the fundraising product n instead of accepting the cash flow, the arbitration transaction between both parties becomes possible. 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 in the cash flow exchange of the fund raising product in the above-described embodiment.
(A) Funding products that generally have maturities, such as debt, bonds, commercial papers, and partial deposit obligations, generally assume their maturity as they are. A form in which the cash flow of fruits is exchanged.
(B) A form in which a specific period shorter than the remaining period is set for the commodity that generally has a maturity, and the cash outflow during that period, that is, the cash flow of only the fruit is exchanged.
(C) A form in which the cash outflow of principal or fruit is exchanged for the period until the commodity disappears, on the premise that the commodity having a maturity generally is redeemed or canceled for purchase during the term.
(D) On the premise of canceling or canceling the purchase or cancellation of funding products that do not generally have a maturity, such as shares and partial deposit obligations, the outflow of funds until the products disappear, A form of exchanging cash flow.
(E) A mode in which a specific period is generally set for the commodity that does not have a maturity, and a cash outflow during that period, that is, a cash flow of only fruit is exchanged.
Of the above transaction types, (c) and (d), which involve redemption or cancellation during the period or cancellation of purchase, are redeemed during the exchange period by the “cash flow underwriter” of the target product exercising the rights. Alternatively, if cancellation or purchase cancellation, the person who executes this cancellation action in the market is the “cash flow surrender” who is the nominal fundraiser using the product, so the redemption price or purchase price The latter pays once, but when the latter receives it from the former who is a substantial fundraiser using the product, the transaction for the product ends.
Note that redemption during the term here means that a funded product with an existing maturity is advanced, paid, canceled or redeemed at a predetermined price during the term. It means that purchased goods are purchased at a distribution price and disappeared.
（９）そして前述の実施の形態は、資金取引商品のキャッシュフロー交換を通じた新種の裁定取引を可能とする。即ち、外国為替商品や先渡商品、先物商品、オプション商品、スワップ商品などの資金取引商品は、資金取引者が取引の相手方と直接的に、もしくは派生商品取引所や証券取引所を経由して間接的に、対峙する持高を造成し合っており、資金取引者が他の資金取引者と持高を直接交換するのは一般的に困難である。しかし、前述の実施の形態における資金取引者は、自分が抱えている資金取引商品のキャッシュフローを、他の資金取引者が抱えている資金取引商品のキャッシュフローと交換することによって、直接交換と同様の経済効果を享受することができる。
資金取引商品は当初の投資額が不要か、又は基礎商品に比べて極めて小さく、反対取引によって差金決済もしくは利益の確保、損失の確定ができる。基礎商品を受け渡す場合であっても、流動性の高い売買市場が既に存在しているため、当該市場で基礎商品を購入又は売却することにより、資金取引者を差金決済と実質異ならない状態に置くことができる。即ち、資金取引商品の資産価値は評価益に、また負債価値は評価損にあり、前述の実施の形態における資金取引商品のキャッシュフロー交換は、評価損益の評価額を基にした交換取引となる。
一つの例として、資金取引者Ｏが抱えている資金取引商品ｏの評価益の評価額が２００であり、一方、資金取引者Ｐが抱えている資金取引商品ｐの評価益の評価額が２００であるとする。資金取引者Ｏは、資金取引商品ｏの評価益以上に資金取引商品ｐの評価益が今後増加すると予想しており、資金取引者Ｐは、資金取引商品ｐの評価益以上に資金取引商品ｏの評価益が今後増加すると予想している。この場合、前述の実施の形態では、資金取引者Ｏと資金取引者Ｐとの間で交換取引が可能となる。
資金取引者Ｏは、資金取引商品ｏの持高を譲渡する替わりに資金取引商品ｐの持高を譲り受け、同時に資金取引者Ｐは、資金取引商品ｐの持高を譲渡する替わりに資金取引商品ｏの持高を譲り受ける。この際、資金取引商品ｏの持高に付随する権利と義務は資金取引者Ｐへ、資金取引商品ｐの持高に付随する権利と義務は資金取引者Ｏへそれぞれ移転。資金取引者Ｏは資金取引商品ｐの評価益の増減について市場リスクをとり、資金取引者Ｐは資金取引商品ｏの評価益の増減について市場リスクをとることが可能になる。
交換期間中、資金取引者Ｐが、譲り受けた権利を行使して資金取引商品ｏの評価益を実現させた場合、又は資金取引者Ｐが、引き受けた義務を履行して資金取引商品ｏの評価益が実現した場合、資金取引者Ｐは実現益を享受できる。一方、資金取引者Ｏが、譲り受けた権利を行使して資金取引商品ｐの評価益を実現させた場合、又は資金取引者Ｏが、引き受けた義務を履行して資金取引商品ｐの評価益が実現した場合、資金取引者Ｏは実現益を享受できる。また、資金取引者Ｐによる権利行使又は義務履行の時点において、資金取引商品ｏの評価益が評価損に転じていた場合、その実現損は資金取引者Ｐに帰属し、資金取引者Ｏによる権利行使又は義務履行の時点において、資金取引商品ｐの評価益が評価損に転じていた場合、その実現損は資金取引者Ｏに帰属することになる。
(9) The above-described embodiment 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., can be exchanged directly with the counterparty of the transaction or through a derivative exchange or stock 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 above-described embodiment is not directly exchanged by exchanging the cash flow of the fund transaction product held by the fund trader with the cash flow of the fund trade product held by another fund trader. Similar economic effects can be enjoyed.
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. That is, 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 fund transaction product in the above embodiment is an exchange transaction based on the valuation profit / loss value. .
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 above-described embodiment, 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 financial trader P fulfills 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 obligations 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 gain 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.
（１０）ところで一つの例として、資金取引者Ｑが抱えている資金取引商品ｑの評価損の評価額が２００であり、一方、資金取引者Ｒが抱えている資金取引商品ｒの評価損の評価額が２００であるとする。資金取引者Ｑは、資金取引商品ｑの評価損以上に資金取引商品ｒの評価損が今後減少し、場合によっては資金取引商品ｒが評価益に転じると予想しており、資金取引者Ｒは、資金取引商品ｒの評価損以上に資金取引商品ｑの評価損が今後減少し、場合によっては資金取引商品ｑが評価益に転じると予想している。この場合、前述の実施の形態では、資金取引者Ｑと資金取引者Ｒとの間で交換取引が可能となる。
資金取引者Ｑは、資金取引商品ｑの持高を引き渡す替わりに資金取引商品ｒの持高を引き受け、同時に資金取引者Ｒは、資金取引商品ｒの持高を引き渡す替わりに資金取引商品ｑの持高を引き受ける。この際、資金取引商品ｑの持高に付随する権利と義務は資金取引者Ｒへ、資金取引商品ｒの持高に付随する権利と義務は資金取引者Ｑへそれぞれ移転。資金取引者Ｑは資金取引商品ｒの評価損の増減について市場リスクをとり、資金取引者Ｒは資金取引商品ｑの評価損の増減について市場リスクをとることが可能になる。
交換期間中、資金取引者Ｒが、譲り受けた権利を行使して資金取引商品ｑの評価損を実現させた場合、又は資金取引者Ｒが、引き受けた義務を履行して資金取引商品ｑの評価損が実現した場合、その実現損は資金取引者Ｒに帰属する。一方、資金取引者Ｑが、譲り受けた権利を行使して資金取引商品ｒの評価損を実現させた場合、又は資金取引者Ｑが、引き受けた義務を履行して資金取引商品ｒの評価損が実現した場合、その実現損は資金取引者Ｑに帰属する。しかし、資金取引者Ｒによる権利行使又は義務履行の時点において、資金取引商品ｑの評価損が評価益に転じていた場合、資金取引者Ｒは実現益を享受でき、資金取引者Ｑによる権利行使又は義務履行の時点において、資金取引商品ｒの評価損が評価益に転じていた場合、資金取引者Ｑは実現益を享受できることになる。
(10) As an example, the valuation loss of the money transaction product q held by the money trader Q is 200, while the valuation loss of the money transaction product r held by the money trader R is Assume that the evaluation amount 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, in the above-described embodiment, an exchange transaction can be performed 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 fulfills 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 financial trader Q exercises the right that has been transferred and realizes the valuation loss of the financial transaction product r, or the financial trader Q fulfills the assumed obligation and the valuation loss of the financial 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 profit 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 fund trader Q can enjoy the realized profit.
（１１）さらに前述の実施の形態は、評価損益による資産運用商品と資金取引商品とのキャッシュフロー交換を通じた新種の裁定取引を可能とする。即ち前述の実施の形態では、資産運用商品の評価損益部分の交換方式と、評価損益による資金取引商品の交換方式とを併用することによって、資産運用商品の評価損益部分と資金取引商品の評価損益とを交換することができる。
一つの例として、資産運用者Ｓが保有している資産運用商品ｓの評価額が１０００であり、その構成が簿価８００、評価益２００であるとする。一方、資金取引者Ｔが抱えている資金取引商品ｔの評価益の評価額が２００であるとする。資産運用者Ｓは、資産運用商品ｓの評価益以上に資金取引商品ｔの評価益が今後増加すると予想しており、資金取引者Ｔは、資金取引商品ｔの評価益以上に資産運用商品ｓの評価益が今後増加すると予想している。この場合、前述の実施の形態では、資産運用者Ｓと資金取引者Ｔとの間で評価益による交換取引が可能となる。
資産運用者Ｓは、資産運用商品ｓ全体の自由処分権と資産運用商品ｓの評価益部分の所有権を譲渡する替わりに、資金取引商品ｔの持高及びその評価益を譲り受け、同時に資金取引者Ｔは、資金取引商品ｔの持高及びその評価益を譲渡する替わりに、資産運用商品ｓ全体の自由処分権と資産運用商品ｓの評価益部分の所有権を譲り受ける。この際、資産運用商品ｓの簿価部分の所有権と果実部分のキャッシュフローは引き続き資産運用者Ｓに帰属し、資金取引商品ｔの持高に付随する権利と義務は資産運用者Ｓへ移転する。即ち、資産運用者Ｓは資産運用商品ｓの簿価相当額の価値を確保した上で、資金取引商品ｔの評価益の増減について市場リスクをとり、資金取引者Ｔは資産運用商品ｓの評価益の増減について市場リスクをとることが可能になる。
交換期間中、資産運用者Ｓが、譲り受けた権利を行使して資金取引商品ｔの評価益を実現させた場合、又は資産運用者Ｓが、引き受けた義務を履行して資金取引商品ｔの評価益が実現した場合、資産運用者Ｓは実現益を享受できる。また、権利行使もしくは義務履行の時点において、資金取引商品ｔの評価益が評価損に転じていた場合、その実現損は資産運用者Ｓに帰属することになる。
一方、資金取引者Ｔが自由処分権を行使して資産運用商品ｓを処分した場合、その処分価額のうち、資産運用者Ｓが所有している簿価部分についてのキャッシュフローは資産運用者Ｓに帰属し、資金取引者Ｔが所有している評価益部分についてのキャッシュフローは資金取引者Ｔに帰属する。また、処分時に資産運用商品ｓの評価益が評価損に転じていた場合は、処分価額のうち当該評価損相当額が資金取引者Ｔに帰属する。即ち、資金取引者Ｔは評価損相当額を資産運用者Ｓへ支払うことで当該評価損が実現損に変わり、資産運用者Ｓは簿価相当額を確保できることになる。
(11) Further, the above-described embodiment enables a new kind of arbitrage transaction through cash flow exchange between an asset management product and a capital transaction product by valuation profit / loss. In other words, in the above-described embodiment, 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. And 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, in the above-described embodiment, the exchange transaction with the valuation profit 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 profit of the fund transaction product t turns into a valuation loss at the time of exercising the rights or fulfilling the obligation, the realized loss is attributed 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 corresponding to the valuation loss of the disposal price belongs to the fund trader T. 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.
（１２）ところで一つの例として、資産運用者Ｕが保有している資産運用商品ｕの評価額が１０００であり、その構成が簿価１２００、評価損２００であるとする。一方、資金取引者Ｖが抱えている資金取引商品ｖの評価損の評価額が２００であるとする。資産運用者Ｕは、資産運用商品ｕの評価損以上に資金取引商品ｖの評価損が今後減少し、場合によっては資金取引商品ｖが評価益に転じると予想しており、資金取引者Ｖは、資金取引商品ｖの評価損以上に資産運用商品ｕの評価損が今後減少し、場合によっては資産運用商品ｕが評価益に転じると予想している。この場合、前述の実施の形態では、資産運用者Ｕと資金取引者Ｖとの間で評価損による交換取引が可能となる。
資産運用者Ｕは、資産運用商品ｕ全体の自由処分権を譲渡して資産運用商品ｕの評価損を引き渡す替わりに、資金取引商品ｖの持高及びその評価損を引き受け、同時に資金取引者Ｖは、資金取引商品ｖの持高及びその評価損を引き渡す替わりに、資産運用商品ｕ全体の自由処分権を譲り受けて資産運用商品ｕの評価損を引き受けることになる。この際、資産運用商品ｕの果実部分のキャッシュフローは引き続き資産運用者Ｕに帰属し、資金取引商品ｖの持高に付随する権利と義務は資産運用者Ｕへ移転する。
これで評価損がそれぞれ相手方へ移転し、交換取引上、資産運用者Ｕは資産運用商品ｕの簿価相当額の価値を回復し、資金取引者Ｖは資金取引商品ｖのゼロ相当の価値を回復したと見なすことができる。即ち、資産運用者Ｕは資産運用商品ｕの簿価相当額の価値を確保した上で、資金取引商品ｖの評価損の増減について市場リスクをとり、資金取引者Ｖは資産運用商品ｕの評価損の増減について市場リスクをとることが可能になる。
交換期間中、資産運用者Ｕが、譲り受けた権利を行使して資金取引商品ｖの評価損を実現させた場合、又は資産運用者Ｕが、引き受けた義務を履行して資金取引商品ｖの評価損が実現した場合、その実現損は資産運用者Ｕに帰属する。しかし、権利行使又は義務履行の時点において、資金取引商品ｖの評価損が評価益に転じていた場合、資産運用者Ｕは実現益を享受できることになる。
一方、資金取引者Ｖが自由処分権を行使して資産運用商品ｕを処分した場合、概念的には、その処分価額のうち、資産運用者Ｕが所有している簿価部分についてのキャッシュフローは資産運用者Ｕに帰属し、資金取引者Ｖが所有している評価損部分についてのキャッシュフローは資金取引者Ｖに帰属する。即ち、資金取引者Ｖは評価損相当額を資産運用者Ｕへ支払うことで当該評価損が実現損に変わり、資産運用者Ｕは簿価相当額を確保できることになる。また、処分時に資産運用商品ｕの評価損が評価益に転じていた場合、資金取引者Ｖは実現益を享受できることになる。
(12) As an example, it is assumed that the value of the asset management product u held by the asset manager U is 1000, and that the configuration is a book value 1200 and a valuation 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, in the above-described embodiment, an exchange transaction due to a valuation loss can be performed between the asset manager U and the fund 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 asset manager U exercises the transferred right and realizes a loss on valuation of fund transaction product v, or asset manager U performs an assumed obligation and evaluates 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 has turned 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, the money trader V pays the valuation loss equivalent amount to the asset manager U, so that 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.
（１３）前述の実施の形態では、以上のような裁定取引を繰り返すことにより、資産運用者や資金調達者、資金取引者が自分の持高を漸次有利なものにしていくことができる。即ち、交換相手以上に交換相手の持高を適正に評価でき、当該持高の今後の価値の変化について交換相手以上に適切な相場観を構築できれば、交換取引を重ねることで、資産運用商品におけるより高い運用利回り、資金調達商品におけるより低い調達コスト、資金取引商品におけるより多くの取引益やより有利な契約条件を漸次達成していくことが可能になる。そして、本システムにおける交換取引を、伝統的な金融・準金融市場との裁定取引に利用しても、同様の経済効果を享受することができる。 (13) In the above-described embodiment, by repeating the arbitration as described above, the asset manager, the fundraiser, and the fund trader can gradually make their positions more 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.
２．ところで、前述の実施の形態における資産運用商品や資金調達商品、資金取引商品の交換取引は、兼ね備える以下の特徴によって、取引の確実性や透明性、即時性、経済性、効率性が向上する。
（１）まず、債券や相対で取引される資金取引商品の中には、国内外において１日２４時間取引できる商品が既に存在し、株式や上場している資金取引商品も、情報技術の発達と各国の取引所間の提携・合併によって、国境や取引時間の壁を超えた取引が徐々に実現してきている。前述の実施の形態は、この世界的な傾向と歩調を合わせ、資産運用商品や資金調達商品、資金取引商品の交換取引を国内外において１日２４時間成立させることを可能とし、各種相対商品や各種上場商品との裁定取引に即時性を持たせる。
2. By the way, the certainty, transparency, immediacy, economic efficiency, and efficiency of transactions are improved by the following features that are combined in the asset management product, the fund procurement product, and the fund transaction product exchange transaction in the above-described embodiment.
(1) First of all, there are products that can be traded 24 hours a day domestically and abroad, among bonds and relative funds trading products. Stocks and listed capital trading products are also developed in information technology. As a result of alliances and mergers between exchanges in various countries, transactions that cross borders and trading time barriers have been gradually realized. The above-mentioned embodiment can keep pace with this global trend, making it possible to establish exchange transactions for asset management products, fund-raising products, and fund transaction products 24 hours a day in Japan and overseas. Immediate arbitrage with various listed products.
（２）次に前述の実施の形態は、交換契約書の調印までの過程において交換当事者と利益相反にない鑑定評価者を設置し、交換成立商品の瑕疵調査や交換成立価額の鑑定評価を行うことから、交換当事者が出品・入札した持高の評価額が公正と呼べるものであったこと、交換成立商品が法律的、倫理的、経済的、物理的及び環境的な問題を孕んでいないことなどを確認でき、取引その物の透明性が増す。 (2) Next, in the embodiment described above, 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 is established, and the flaw investigation of the exchange establishment product and the appraisal evaluation of the exchange establishment price are performed. Therefore, the value of the position that the exchange party exhibited / bidding could be said to be fair, and the exchanged product should not be concerned about legal, ethical, economic, physical and environmental issues. And the transparency of the transaction itself increases.
（３）また、伝統的な金融取引や伝統的な準金融取引が成立した後に生じる様々な決済業務や管理業務は、その歴史的な経緯から商品又は取引市場によって使用できるシステムが異なり統合が難しく、多種多様な商品を取引したい顧客にとって使い勝手が良いものではない。そこで前述の実施の形態は、伝統的な金融・準金融取引で扱われる商品との裁定取引を容易にするため、取引照合、契約書の作成・譲渡、交換差金の決済、現物の授受、キャッシュフローの授受、リスク管理やキャッシュフロー管理のツール提供、法規遵守の検査、信用補完、債権の保全・回収など、交換成立後の決済・管理機能を集約した。 (3) 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 due to their historical background and the systems that can be used differ depending on the product or transaction market. It is not convenient for customers who want to trade a wide variety of products. Therefore, in the above-described embodiment, in order to facilitate arbitrage transactions with products handled in traditional financial / quasi-financial transactions, transaction verification, contract creation / transfer, exchange difference settlement, physical transfer, cash Consolidation of settlement and management functions after exchanges are established, including flow exchange, risk management and cash flow management tools, legal compliance inspections, credit enhancement, and receivables maintenance and collection.
（４）さらに前述の実施の形態では、一人の交換希望者と一人の交換希望者とがマッチされる場合のみならず、一人の交換希望者と複数の交換希望者とがマッチされる場合、及び複数の交換希望者と複数の交換希望者とがマッチされる場合が生じる。即ち、３者以上の利用者間での同時交換取引を可能にすることで、交換成立の確実性や即時性、効率性が増す。 (4) Further, in the above-described embodiment, not only when one exchange applicant and one exchange applicant are matched, but when one exchange applicant and a plurality of exchange applicants are matched, In some cases, a plurality of exchange applicants and a plurality of exchange applicants are matched. That is, by enabling simultaneous exchange transactions between three or more users, the certainty, immediacy and efficiency of the exchange increase.
３．次に前述の実施の形態では、資産運用や資金調達、資金取引の持高を入れ替える際、既存の持高の解消のために、また、新規の持高の造成のために仲介者などへ支払う売買手数料や契約・解約手数料、償還手数料、引受・販売手数料、委託・仲介手数料、その他の諸費用が節約できる。
尚、ここでいう仲介者とは、個人や事業法人などの取引における伝統的な金融機関や伝統的な不動産会社、並びに金融機関間や不動産会社間などの取引におけるブローカーを指す。また、前記手数料や諸費用には、仲介者が資産運用者や資金調達者、資金取引者を相手に自己取引して実質的に徴収する手数料相当額や費用相当額を含む。
（１）資産運用者は、自分が保有している資産運用商品を他の資産運用商品と入れ替える場合、これまでは、前者を売却又は解約、償還するために、売付手数料又は解約手数料、償還手数料、委託・仲介手数料、その他の諸費用を仲介者などへ支払い、後者を購入又は契約するために、買付手数料又は契約手数料、委託・仲介手数料、その他の諸費用を改めて仲介者などへ支払わなくてはならなかった。
前述の実施の形態では、前者の処分時又は消滅時と後者の取得時に発生する各種手数料やその他の諸費用を交換取引によって節約できるため、資産運用者がより高い運用利回りを達成できる。
さらに、複数の資産運用商品を抱き合わせで入れ替えることが可能であるため、資産ポートフォリオの再構築に伴う各種手数料やその他の諸費用を節約することができる。例えば、マクロ経済を景気後退期と捉える場合には、貸付債権や債券などの金利商品へとポートフォリオを再構築し、景気回復への移行期と考える場合には株式や株式投資信託などへの入れ替え、景気過熱時のインフレ懸念台頭期には不動産運用商品や商品ファンドなどへの入れ替え需要がそれぞれ生じてくるが、前述の実施の形態では、相場観が入り乱れるこれら景気の節目に、各種資産運用商品を抱き合わせて交換取引することによって、ポートフォリオ全体の資産配分を効率的に変更することが可能となる。
3. Next, in the above-described embodiment, when replacing positions of asset management, fund procurement, and financial transactions, an intermediary or the like is paid to eliminate existing positions or to create new positions. You can save trading fees, contract / cancellation fees, redemption fees, underwriting / sales fees, brokerage / brokerage fees, and other expenses.
The intermediary here refers to a traditional financial institution or a traditional real estate company in a transaction such as an individual or a business corporation, and a broker in a transaction between a financial institution or a real estate company. In addition, the fee and various expenses include an amount equivalent to a fee or an amount equivalent to an expense that the intermediary substantially collects through self-transactions with the asset manager, the fundraiser, or the fund trader.
(1) When an asset manager replaces an asset management product he owns with another asset management product, until now the sales manager or cancellation fee, redemption in order to sell, cancel or redeem the former Fees, commission / brokerage fees, and other expenses are paid to intermediaries, etc., and purchase or contract fees, brokerage / brokerage charges, and other expenses are paid to intermediaries, etc. in order to purchase or contract the latter. I had to.
In the above-described embodiment, various fees and other expenses generated 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, so that the asset manager can achieve a higher investment yield.
Furthermore, since it is possible to replace a plurality of asset management products by tying them 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 commodity funds, etc., arises during the rise of concerns over inflation during the overheating of the economy. In the embodiment described above, various asset management It is possible to efficiently change the asset allocation of the entire portfolio by tying commodities and exchanging them.
（２）資産運用者が、保有している貸付債権や不動産などを証券化する場合、これらの資産を直接又は信託受益権化して特別目的会社へ譲渡し、当該特別目的会社が資産担保証券を投資家向けに発行する方式が一般的である。この仕組みでは、信託手数料や引受・販売手数料、委託・仲介手数料、信用補完や流動性補完のためのコスト・手数料、譲渡資産の管理・回収手数料、その他の諸費用が生じ、これが譲渡資産の価値の目減りを引き起こしている。また、資産の原保有者である前記資産運用者が、証券化後の譲渡代金で新規に資産を取得する場合は、買付手数料や契約手数料、委託・仲介手数料、その他の諸費用を改めて仲介者などへ支払わなくてはならなかった。
前述の実施の形態では、交換取引によって既存の資産の譲渡と新規の資産の取得が同時に行えるため、各種手数料やその他の諸費用を節約でき、資産運用者がより高い運用利回りを達成できる。
(2) When the asset manager securitizes the loan receivables, real estate, etc. held by the asset manager, these assets are transferred directly or as trust beneficiary rights and transferred to a special purpose company. A method for issuing to investors 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 above-described embodiment, an existing asset can be transferred and a new asset can be acquired at the same time by an exchange transaction. Therefore, various fees and other expenses can be saved, and the asset manager can achieve a higher investment yield.
（３）資金調達者は、自分が抱えている資金調達商品を他の資金調達商品と入れ替える場合、これまでは、前者を繰上弁済又は期中償還、中途解約、買入消却するために、償還手数料又は解約手数料、買付手数料、その他の諸費用を仲介者などへ支払い、後者の持高を造成するために、資金調達に絡む契約手数料又は引受・販売手数料、その他の諸費用を改めて仲介者などへ支払わなくてはならなかった。
前述の実施の形態では、前者の持高の解消時と後者の持高の造成時に発生する各種手数料やその他の諸費用を交換取引によって節約できるため、資金調達者がより低い調達コストを達成できる。さらに、複数の資金調達商品を抱き合わせで入れ替えることが可能であるため、負債ポートフォリオの再構築に伴う各種手数料やその他の諸費用を節約することができる。
(3) When a fundraiser replaces a fundraising product he or she owns with another fundraising product, so far, the former has been reimbursed to redeem the former or redeem it during the period, cancel during the term, or cancel the purchase. Or, to cancel the cancellation fee, the purchase fee, and other expenses to the intermediary, etc., and to build the latter position, the intermediary etc. revises the contract fee or underwriting / sales fee related to financing, and other various expenses. Had to pay to.
In the above-described embodiment, various fees and other expenses incurred when the former position is canceled and the latter position is created can be saved by the exchange transaction, so that the fundraiser can achieve a lower procurement cost. . In addition, since multiple funding products can be swapped together, various fees and other expenses associated with restructuring the debt portfolio can be saved.
（４）資金取引者は、自分が抱えている資金取引商品を他の資金取引商品と入れ替える場合、これまでは、前者を反対取引、権利行使もしくは解約するために、又は前者の権利行使もしくは期限到来を待った後に、解約手数料又は委託・仲介手数料、その他の諸費用を仲介者などへ支払い、後者の持高を造成するために、契約手数料又は委託・仲介手数料、その他の諸費用を改めて仲介者などへ支払わなくてはならなかった。
前述の実施の形態では、前者の持高の解消時と後者の持高の造成時に発生する各種手数料やその他の諸費用を交換取引によって節約できるため、資金取引者がより多くの取引益やより有利な契約条件を達成できる。さらに、複数の資金取引商品を抱き合わせで入れ替えることが可能であるため、ポートフォリオの再構築に伴う各種手数料やその他の諸費用を節約することができる。
(4) When a fund trader replaces his / her money trading product with another fund trading product, so far, the former has been engaged in the counter-trading, exercise or cancellation of the former, or the former exercise or deadline. After waiting for arrival, the contractor commission or brokerage / brokerage fee and other expenses are paid to the broker, etc. I had to pay to.
In the above-mentioned embodiment, since various fees and other expenses incurred when the former position is canceled and the latter position is created by the exchange transaction, the fund trader can obtain more transaction profits and more Advantageous contract terms can be achieved. Furthermore, since it is possible to replace a plurality of fund transaction products by tying them together, various fees and other expenses associated with portfolio restructuring can be saved.
４．さらに前述の実施の形態では、資産運用や資金調達、資金取引の持高を入れ替える際、既存の持高の解消を待ってから新規の持高を造成する必要がないため、入れ替えの時間が節約でき、その間の市場リスクを回避できる。
（１）資産運用者は、自分が保有している資産運用商品を他の資産運用商品と入れ替える場合、これまでは、前者を売却、解約もしくは償還することで、又は前者の満期を待つことで一旦現金持高とし、それから新たに後者を購入又は契約しなくてはならなかった。
前述の実施の形態では、前者の処分又は消滅と後者の取得との間に生じる時間を交換取引によって節約できるため、その間に相場水準が変わってしまう市場リスクを回避できる。
さらに、複数の資産運用商品を抱き合わせで入れ替えることが可能であるため、個別に商品を入れ替える場合と比べ、資産ポートフォリオの再構築に伴う市場リスクが減少する。例えば、相場観が入り乱れる景気の節目に、各種資産運用商品を抱き合わせて交換取引することによって、ポートフォリオ全体の資産配分を迅速に変更することが可能となる。
入れ替える資産運用商品が大きい場合、資産運用者は、保有している商品を市場で処分する過程において自ら市場価額を引き下げてしまい、処分が完了した段階で不本意な平均処分価額になることが多かった。これとは逆に、欲している商品を市場で取得する過程においては自ら市場価額を引き上げてしまい、取得が完了した段階で不本意な平均取得価額になることが多かった。前述の実施の形態では、資産運用者が交換取引によって持高を入れ替えるため、自分の処分行為や取得行為が市場の需給バランスに影響を与えて運用利回りが低下することを回避できる。
4). Furthermore, in the above-described embodiment, when replacing positions of asset management, fund procurement, and capital transactions, it is not necessary to create a new position after waiting for the cancellation of the existing position, saving time for replacement. And avoid the market risk during that time.
(1) When an asset manager replaces an asset management product that he owns with another asset management product, until now, the asset manager has sold, canceled or redeemed the former, or waited for the former to expire Once he had a cash position, he had to purchase or contract a new one.
In the above-described embodiment, the time that occurs between the disposal or extinction of the former and the acquisition 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 a plurality of asset management products by tying them together, the market risk associated with restructuring the asset portfolio is reduced compared to the case where products are replaced 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 asset management product to be replaced is large, the asset manager often lowers the market value in the process of disposing of the product he owns in the market, resulting in an unwilling average disposal price when the disposal is completed. It was. 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 above-described embodiment, since the asset manager exchanges the position through the exchange transaction, it is possible to avoid that the disposal yield or the acquisition act affects the supply and demand balance of the market and the investment yield decreases.
（２）資金調達者は、自分が抱えている資金調達商品を他の資金調達商品と入れ替える場合、これまでは、前者を繰上弁済、期中償還、中途解約もしくは買入消却することで、又は前者の満期を待つことで一旦持高を消滅させ、それから新たに後者の持高を造成しなくてはならなかった。
前述の実施の形態では、前者の解消と後者の造成との間に生じる時間を交換取引によって節約できるため、その間に相場水準が変わってしまう市場リスクを回避できる。さらに、複数の資金調達商品を抱き合わせで入れ替えることが可能であるため、個別に商品を入れ替える場合と比べ、負債ポートフォリオの再構築に伴う市場リスクが減少する。
入れ替える資金調達商品が大きい場合、資金調達者は、改めて資金調達を行った段階で次回以降の調達コストを自ら引き上げてしまうことが多かった。前述の実施の形態では、資金調達者が交換取引によって持高を入れ替えるため、自分の再調達行為が市場の需給バランスに影響を与えて調達コストが上昇することを回避できる。
(2) When a fundraiser replaces a fundraising product he or she owns with another fundraising product, so far, the former has been paid by prepayment, redemption during the period, mid-term cancellation or purchase cancellation, or the former It was necessary to extinguish the position temporarily by waiting for the maturity of, and then create a new position for the latter.
In the above-described embodiment, the time 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 a plurality of fund-raising products by tying them together, the market risk associated with the restructuring of the debt portfolio is reduced compared to the case where individual products are replaced.
When 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 above-described embodiment, since the fundraiser exchanges the position through the exchange transaction, it is possible to avoid that the procurement cost of the fundraiser affects the supply and demand balance of the market and raises the procurement cost.
（３）資金取引者は、自分が抱えている資金取引商品を他の資金取引商品と入れ替える場合、これまでは、前者を反対取引、権利行使もしくは解約することで、又は前者の権利行使もしくは期限到来を待つことで一旦持高を消滅させ、それから新たに後者の持高を造成しなくてはならなかった。
前述の実施の形態では、前者の解消と後者の造成との間に生じる時間を交換取引によって節約できるため、その間に相場水準が変わってしまう市場リスクを回避できる。さらに、複数の資金取引商品を抱き合わせで入れ替えることが可能であるため、個別に商品を入れ替える場合と比べ、ポートフォリオの再構築に伴う市場リスクが減少する。
入れ替える資金取引商品が大きい場合、資金取引者は、抱えている持高を市場で解消する過程において自ら市場価額に影響を与えてしまい、解消が完了した段階で不本意な平均解消価額になることが多かった。また、欲している持高を市場で造成する過程においても自ら市場価額に影響を与えてしまい、造成が完了した段階で不本意な平均造成価額になることが多かった。前述の実施の形態では、資金取引者が交換取引によって持高を入れ替えるため、自分の解消行為や造成行為が市場の需給バランスに影響を与えて取引益が減少することや、契約条件が不利になることを回避できる。
(3) When a money trader replaces his / her money trading product with another money trading product, until now, the former traded in the opposite trade, exercised or terminated the rights, or exercised or expired the former We had to eliminate the position once by waiting for the arrival, and then create a new position for the latter.
In the above-described embodiment, the time 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 a plurality of funds trading products by tying them together, the market risk associated with portfolio restructuring is reduced compared to the case where products are replaced individually.
If the money trading product to be replaced is large, the fund trader will affect the market value in the process of resolving the holdings in the market, and will become an unwilling average settlement price when the settlement is completed. There were many. 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 above-mentioned embodiment, since the money trader swaps positions through exchange transactions, his cancellation or creation acts affect the balance of supply and demand in the market, resulting in a decrease in transaction profits, and disadvantageous contract conditions. Can be avoided.
５．また前述の実施の形態では、特定金銭信託や指定金外信託、運用有価証券信託、投資子会社株式、ファンド型私募債券など、媒介体その物の交換取引によって、資産運用商品や資金取引商品を含む資産ポートフォリオの総体を交換することができるようになる。構成商品を個別に入れ替える場合とは異なり、媒介体の交換取引では資産ポートフォリオの全面的な再構築に伴う各種手数料やその他の諸費用を節約でき、また、そのために要する時間を短縮できることから、市場リスクを減少させることが可能になる。 5. In the above-mentioned embodiment, asset management products and fund transaction products are included by exchange transactions of the intermediates such as specified money trusts, non-designated trusts, investment securities trusts, investment subsidiary stocks, fund-type private placement bonds, etc. The entire asset portfolio can be exchanged. 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.
６．そして前述の実施の形態では、資産・負債の総合管理の効率性が上昇する。即ち、資産運用商品や資金調達商品、資金取引商品を抱き合わせで種々交換することにより、また、資産運用商品の直接交換やキャッシュフロー交換、資金調達商品のキャッシュフロー交換、資金取引商品のキャッシュフロー交換を種々組み合わせることにより、貸借対照表における資産、負債及び資本の構成の改編に伴う各種手数料やその他の諸費用を節約でき、また、その改編に要する時間が短縮されることから、市場リスクを減少させることが可能になる。尚、ここでいう資産・負債の総合管理のための交換取引には、例えば以下のような組み合わせがある。
（ａ）『資産運用商品及び資金取引商品の抱き合わせ』と『資産運用商品』との交換取引。
（ｂ）『資金調達商品及び資金取引商品の抱き合わせ』と『資金調達商品』との交換取引。
（ｃ）『資産運用商品及び資金調達商品の抱き合わせ』と『資産運用商品』との交換取引。
（ｄ）『資産運用商品及び資金調達商品の抱き合わせ』と『資金調達商品』との交換取引。
（ｅ）『資産運用商品及び資金調達商品の抱き合わせ』と『資金取引商品』との交換取引。
（ｆ）『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』と『資産運用商品』との交換取引。
（ｇ）『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』と『資金調達商品』との交換取引。
（ｈ）『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』と『資金取引商品』との交換取引。
（ｉ）『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』と『資産運用商品及び資金取引商品の抱き合わせ』との交換取引。
（ｊ）『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』と『資金調達商品及び資金取引商品の抱き合わせ』との交換取引。
（ｋ）『資産運用商品及び資金取引商品、資金調達商品の抱き合わせ』と『資産運用商品及び資金調達商品の抱き合わせ』との交換取引。
6). In the above-described embodiment, the efficiency of comprehensive management of assets and liabilities 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 By combining the various types, the various fees and other expenses associated with the reorganization of the assets, liabilities and capital structure in the balance sheet can be saved, and the time required for the reorganization can be reduced, reducing the market risk. It becomes possible to make it. For example, there are the following combinations in exchange transactions for comprehensive management of assets and liabilities.
(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 transaction between “Massage product and fund raising product” and “Asset management product”.
(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 funds transaction products, fund procurement products” and “a combination of asset management products and funds 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) An exchange transaction between “a combination of asset management products and fund transaction products and fund procurement products” and “a combination of asset management products and fund procurement products”.
７．次に前述の実施の形態は、非流動性商品に実質的な流通市場を提供する。即ち、資産運用商品や資金調達商品、資金取引商品の持高を交換取引によって入れ替えることで、実質的に流動性を向上できる。
（１）資産運用商品は、その取引市場が金融運用商品と不動産運用商品とで大きくセグメント化され、それらがさらに商品毎に細分化されていることから、処分需要と取得需要との間に不均衡が生じて商品の流動性が不十分になりやすかった。事業法人が発行する債券、中小企業や非公開企業の株式、貸付債権、土地・建物などは、一旦取得してから処分しようにも市場価額が低く抑えられ、無理な処分が運用利回りの低下を招く傾向が強かった。前述の実施の形態では、同種商品間のみならず、異種商品間、異業種商品間で資産運用商品を直接交換できるため、選択肢が広がることで処分需要と取得需要との間の不均衡が是正され、運用利回りを低下させることなく商品を処分することが可能になる。
また、営業政策や経営政策、事務手続きの煩雑さやそのコストなどを理由に、保有している資産運用商品を現在処分することが困難な場合でも、前述の実施の形態では、キャッシュフロー交換を用いることにより、直接交換同様、実質的に流動性を向上できる。
7). Next, the above-described embodiment 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.
(1) Asset management products are largely segmented into financial management products and real estate management products in the transaction market, and these are further subdivided by product. Equilibrium occurred and the product liquidity was likely 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 above-mentioned embodiment, asset management products can be directly exchanged not only between similar products, but also between different types of products and products of different types of industries. This makes it possible to dispose of the product without reducing the investment yield.
In addition, even if it is difficult to dispose of the asset management products currently held due to the complexity and cost of business and management policies, administrative procedures, etc., the above embodiment uses cash flow exchange. As a result, fluidity can be substantially improved as in direct exchange.
（２）資金調達商品は、繰上弁済条項や期中償還条項が付与された商品を除くと基本的に流動性を備えておらず、持高の無理な解消が調達コストの上昇を招く傾向が強かった。前述の実施の形態では、自分が抱えている持高のキャッシュフローを他の資金調達者が抱えている持高のキャッシュフローと交換することによって、資金調達商品が実質的に流動性を持つため、調達コストを上昇させることなく持高を解消することが可能になる。 (2) Funding products are basically not liquid except for products with provisional repayment clauses or redemption clauses during the period, and there is a strong tendency for excessive cancellation of positions to raise procurement costs. It was. In the above embodiment, the funding product is substantially liquid by exchanging the cash flow of its own position with the cash flow of the position of other fundraisers. This makes it possible to eliminate positions without raising procurement costs.
（３）資金取引商品は、一部の外国為替商品や先物商品、先物オプション商品を除くと基本的に流動性を備えていない。非基軸通貨に絡む資金取引商品、各種先渡商品、各種店頭オプション商品、各種スワップ商品、各種合成商品などは、持高の無理な解消が取引益の減少や不利な解約条件を招く傾向が強かった。前述の実施の形態では、同種商品間のみならず、異種商品間、異業種商品間で持高のキャッシュフローを交換することにより、資金取引商品が実質的に流動性を持つため、取引益を減少させたり、不利な解約条件を被ったりすることなく持高を解消することが可能になる。 (3) Funds trading products are basically not liquid except for some foreign exchange products, futures products and futures option products. Fund trading products related to non-core currencies, various forward products, various over-the-counter option products, various swap products, various synthetic products, etc., tend to cause excessive reductions in trading positions to reduce transaction profits and adverse cancellation conditions. It was. In the above-mentioned embodiment, since the cash transaction product has substantial liquidity by exchanging cash flows between not only the same type of products but also between different types of products and between different types of industry products, the transaction profit is increased. It is possible to eliminate the position without reducing or incurring an unfavorable cancellation condition.
８．そして前述の実施の形態は、事業に対する支配の強化や緩和、さらには事業の買収や売却に効果を発揮する。
（１）資産運用者が、経営政策の見直しに伴い、特定の資金調達者に対する支配を強化したい場合、前述の実施の形態における直接交換によって、自分が既に保有している『資産運用商品の何れか』を譲渡する替わりに、他の資産運用者が既に保有している『当該資金調達者発行の議決権付き株式』を譲り受けることで、手元流動性を取り崩すことなく、当該資金調達者に対する支配を効率的に強化することができる。
8). The above-described embodiment is effective for strengthening or easing control over the business, and for acquiring or selling the business.
(1) When an asset manager wants to strengthen control over a specific fundraiser as a result of management policy review, the direct exchange in the above-described embodiment can be used to determine which of the asset management products Instead of transferring “K”, by taking over “voting shares issued by the fundraiser” already held by other asset managers, control over the fundraiser without losing liquidity on hand. Can be strengthened efficiently.
（２）資産運用者が、経営政策の見直しに伴い、特定の資金調達者に対する支配を緩和したい場合、前述の実施の形態における直接交換によって、自分が既に保有している『当該資金調達者発行の議決権付き株式』を譲渡する替わりに、他の資産運用者が既に保有している『資産運用商品の何れか』を譲り受けることで、手元流動性に影響を与えることなく、当該資金調達者に対する支配を効率的に緩和することができる。 (2) If the asset manager wants to relieve control over a specific fundraiser as a result of management policy revisions, he / she already owns the “ Instead of transferring the `` voting stock '', the fundraiser without affecting the liquidity at hand by transferring any of the asset management products already owned by other asset managers Can be effectively relieved.
（３）経営政策の見直しに伴い、資産運用者Ｗが資金調達者Ｙに対する支配の強化と資金調達者Ｚに対する支配の緩和を計画し、これとは逆に、資産運用者Ｘが資金調達者Ｚに対する支配の強化と資金調達者Ｙに対する支配の緩和を計画している場合、前述の実施の形態における直接交換によって、双方は同時に目的を遂げることができる。
即ち、資産運用者Ｗは『自分が既に保有している資金調達者Ｚ発行の議決権付き株式』を譲渡する替わりに『資産運用者Ｘが既に保有している資金調達者Ｙ発行の議決権付き株式』を譲り受け、同時に、資産運用者Ｘは『自分が既に保有している資金調達者Ｙ発行の議決権付き株式』を譲渡する替わりに『資産運用者Ｗが既に保有している資金調達者Ｚ発行の議決権付き株式』を譲り受けることで、それぞれ手元流動性に影響を与えることなく、資金調達者Ｙに対する支配の強化・緩和と資金調達者Ｚに対する支配の緩和・強化とを効率的に実現することができる。
(3) Along with the revision of management policy, asset manager W plans to strengthen control over fundraiser Y and relax control over funder Z. On the contrary, asset manager X is the fundraiser. When planning to reinforce control over Z and relax control over funder Y, both can achieve their goals simultaneously through direct exchange in the previously described embodiments.
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 efficiently strengthen and relax control over Fundraiser Y and ease and strengthen control over Fundraiser Z without affecting the liquidity at hand. Can be realized.
（４）資産運用者が、経営政策の見直しに伴い、特定の資金調達者を買収したい場合、前述の実施の形態における直接交換によって、自分が既に保有している『資産運用商品の何れか』を譲渡する替わりに、他の資産運用者が既に保有している『当該資金調達者発行の議決権付き株式』を譲り受けることで、手元流動性を取り崩すことなく、当該資金調達者を効率的に買収することができる。 (4) When an asset manager wants to acquire a specific fundraiser as a result of a review of management policy, “any of asset management products” that he / she already owns through direct exchange in the above embodiment Instead of transferring the stake, the voting stock issued by other fund managers can be transferred to the fundraiser without losing liquidity on hand. Can be acquired.
（５）資産運用者が、経営政策の見直しに伴い、特定の子会社を売却したい場合、前述の実施の形態における直接交換によって、自分が既に保有している『当該子会社発行の議決権付き株式』を譲渡する替わりに、他の資産運用者が既に保有している『資産運用商品の何れか』を譲り受けることで、手元流動性に影響を与えることなく、当該子会社を効率的に売却することができる。 (5) If the asset manager wants to sell a specific subsidiary in accordance with the review of management policy, he / she already holds “voted shares issued by the subsidiary” through direct exchange in the above-mentioned embodiment. Instead of transferring the asset, it is possible to sell the subsidiary efficiently without affecting the liquidity at hand by transferring “any asset management product” already owned by another asset manager. it can.
（６）経営政策の見直しに伴い、資産運用者（Ａ）が、自分の子会社（Ｃ）の売却と資産運用者（Ｂ）の子会社（Ｄ）の買収を計画し、これとは逆に、資産運用者（Ｂ）が、自分の子会社（Ｄ）の売却と資産運用者（Ａ）の子会社（Ｃ）の買収を計画している場合、前述の実施の形態における直接交換によって、双方は同時に目的を遂げることができる。
即ち、資産運用者（Ａ）は『自分の子会社（Ｃ）発行の議決権付き株式』を譲渡する替わりに『資産運用者（Ｂ）の子会社（Ｄ）発行の議決権付き株式』を譲り受け、同時に、資産運用者（Ｂ）は『自分の子会社（Ｄ）発行の議決権付き株式』を譲渡する替わりに『資産運用者（Ａ）の子会社（Ｃ）発行の議決権付き株式』を譲り受けることで、それぞれ手元流動性に影響を与えることなく、子会社（Ｄ）の買収・売却と子会社（Ｃ）の売却・買収とを効率的に実現することができる。
(6) 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 the asset manager (B) plans to sell his subsidiary (D) and acquire the asset manager (A) subsidiary (C), both parties can simultaneously You can achieve your purpose.
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 and sale of the subsidiary (D) and the sale and acquisition of the subsidiary (C) can be efficiently realized without affecting the liquidity at hand.
９．また前述の実施の形態は、株式持合の開始や強化、緩和、解消、自己株式の取得や処分に効果を発揮する。
（１）資金取引者（Ｅ）と資金取引者（Ｆ）とが、経営政策から株式を持ち合うことに合意した場合、前述の実施の形態における直接交換によって、資金取引者（Ｅ）は、自分が既に保有している『資産運用商品の何れか』を譲渡する替わりに、他の資産運用者が既に保有している『資金取引者（Ｆ）発行の議決権付き株式』を譲り受け、同様に資金取引者（Ｆ）は、自分が既に保有している『資産運用商品の何れか』を譲渡する替わりに、他の資産運用者が既に保有している『資金取引者（Ｅ）発行の議決権付き株式』を譲り受けることで、それぞれ手元流動性を取り崩すことなく、効率的に株式を持ち合うことができる。
そして、同様の交換取引により、株式の持合を強化することも可能になる。
9. In addition, the above-described embodiment is effective for starting, strengthening, easing, eliminating, and acquiring or disposing of treasury stock.
(1) When the fund trader (E) and the fund trader (F) have agreed to share stocks based on the management policy, the fund trader (E) Instead of transferring “any of the asset management products” that you already own, you will receive “voting shares issued by the fund trader (F)” already owned by other asset managers. Instead of transferring the “any of the asset management products” that he already owns, the fund trader (F) will not be able to issue “fund trader (E) issued by other asset managers”. By taking over "voting stock", you can efficiently hold stock without losing liquidity on hand.
And it becomes possible to strengthen stock holdings through similar exchange transactions.
（２）資金取引者（Ｇ）と資金取引者（Ｈ）とが、経営政策から株式の持合を緩和することに合意した場合、前述の実施の形態における直接交換によって、資金取引者（Ｇ）は、自分が既に保有している『資金取引者（Ｈ）発行の議決権付き株式』を譲渡する替わりに、他の資産運用者が既に保有している『資産運用商品の何れか』を譲り受け、同様に資金取引者（Ｈ）は、自分が既に保有している『資金取引者（Ｇ）発行の議決権付き株式』を譲渡する替わりに、他の資産運用者が既に保有している『資産運用商品の何れか』を譲り受けることで、それぞれ手元流動性に影響を与えることなく、効率的に株式の持合を緩和することができる。
そして、同様の交換取引により、株式の持合を解消することも可能になる。
(2) When the fund trader (G) and the fund trader (H) have agreed to ease stock holdings from the management policy, the fund trader (G) ), Instead of transferring the voting stock issued by the fund trader (H) that you already own, you can use any of the asset management products already owned by other asset managers. In the same way, instead of transferring the voting stock issued by the fund trader (G), the fund trader (H) already owns it with another asset manager. By taking over “any of the asset management products”, it is possible to effectively ease stock holdings without affecting the liquidity on hand.
And it becomes possible to cancel the stock holding by the same exchange transaction.
（３）資金取引者（Ｉ）が、自社の株価対策や従業員持株会の運営、株式オプション制度の導入などから、自己株式の買入を計画している場合、前述の実施の形態における直接交換によって、自分が既に保有している『資産運用商品の何れか』を資産運用者へ譲渡する替わりに、当該資産運用者が既に保有している『資金取引者（Ｉ）発行の議決権付き株式』を譲り受けることで、手元流動性を取り崩すことなく自己株式を取得し、流通市場からの買入と同じ効果を上げることができる。
そして、これとは逆の交換取引により、政策的に保有してきた自己株式を処分することも可能になる。
(3) If the fund trader (I) is planning to purchase treasury stock from the company's stock price measures, management of employee stock ownership, introduction of stock option system, etc. Instead of transferring any of the asset management products that you already own to the asset manager by the exchange, the asset manager already has the “voting rights issued by the fund trader (I)” By taking over "shares", you can 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.
（４）資金取引者（Ｊ）と資金取引者（Ｋ）とが、経営政策から株式の持合を解消することに合意し、双方が各自の株価対策や従業員持株会の運営、株式オプション制度の導入などから、自己株式の買入をそれぞれ計画している場合、前述の実施の形態における直接交換によって、双方は同時に目的を遂げることができる。即ち、資金取引者（Ｊ）は、自分が既に保有している『資金取引者（Ｋ）発行の議決権付き株式』を譲渡する替わりに、資金取引者（Ｋ）が既に保有している『資金取引者（Ｊ）発行の議決権付き株式』を譲り受け、同時に、資金取引者（Ｋ）は、自分が既に保有している『資金取引者（Ｊ）発行の議決権付き株式』を譲渡する替わりに、資金取引者（Ｊ）が既に保有している『資金取引者（Ｋ）発行の議決権付き株式』を譲り受けることで、それぞれ手元流動性に影響を与えることなく、株式の持合解消と自己株式の取得を効率的に達成して、流通市場における放出・買入と同じ効果を上げることができる。 (4) The fund trader (J) and the fund trader (K) have agreed to cancel the stockholding based on the management policy, and both sides will manage their own stock price, operate the employee shareholding association, stock options When the purchase of treasury stock is planned due to the introduction of the system, etc., both parties can simultaneously achieve the purpose by the direct exchange in the above-described embodiment. 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.
１０．そして前述の実施の形態は、各種交換取引により資金流入や資金流出を集中又は分散させることで、将来に渡るキャッシュフローの平準化を可能とする。
（１）資産運用者が、例えば短期の資金流入や長期の資金流入に比して、中期の資金流入が少な過ぎるとの予想を立てている場合、前述の実施の形態における資産運用商品の直接交換によって、『自分が保有している短期資産運用商品』を譲渡する替わりに『他の資産運用者が保有している中期資産運用商品』を譲り受け、さらに『自分が保有している長期資産運用商品』を譲渡する替わりに『他の資産運用者が保有している中期資産運用商品』を譲り受けることで、短期及び長期の資金流入を一部中期に集中させ、短期から長期に渡り資金流入を平準化することができる。
10. And the above-mentioned embodiment makes it possible to level the cash flow in the future by concentrating or distributing the inflow and outflow of funds by various exchange transactions.
(1) If the asset manager has predicted that there will be too little medium-term fund inflow compared to short-term or long-term fund inflow, for example, In exchange, instead of transferring “short-term asset management products that I own,” I will transfer “medium-term asset management products held by other asset managers” and “long-term asset management I own. Instead of transferring `` products, '' transfer `` medium-term asset management products held by other asset managers '' to concentrate short-term and long-term capital inflows in the medium-term, and increase capital inflows from short-term to long-term. Can be leveled.
また、前述の実施の形態における資産運用商品のキャッシュフロー交換によって、『自分が保有している短期資産運用商品からのキャッシュフロー』を譲渡する替わりに『他の資産運用者が保有している中期資産運用商品からのキャッシュフロー』を譲り受け、さらに『自分が保有している長期資産運用商品からのキャッシュフロー』を譲渡する替わりに『他の資産運用者が保有している中期資産運用商品からのキャッシュフロー』を譲り受けることによっても、同様の経済効果が期待できる。 In addition, by exchanging the cash flow of the asset management product in the above-mentioned embodiment, instead of transferring the “cash flow from the short-term asset management product that I own”, the “medium term held by another asset manager” "Cash flow from asset management products" and "Cash flow from long-term asset management products that I own" instead of "Cash flow from other long-term asset management products" The same economic effect can be expected by taking over "Cash Flow".
（２）これとは逆に、資産運用者が、例えば中期の資金流入に比して、短期の資金流入や長期の資金流入が少な過ぎるとの予想を立てている場合、前述の実施の形態における資産運用商品の直接交換によって、『自分が保有している中期資産運用商品』を譲渡する替わりに『他の資産運用者が保有している短期資産運用商品』を譲り受け、さらに『自分が保有している他の中期資産運用商品』を譲渡する替わりに『他の資産運用者が保有している長期資産運用商品』を譲り受けることで、一部中期の資金流入が短期及び長期に分散され、短期から長期に渡り資金流入を平準化することができる。 (2) On the other hand, if the asset manager has predicted that there will be too little short-term or long-term fund inflow compared to medium-term fund inflow, for example By directly exchanging asset management products in, instead of transferring "medium-term asset management products that I own", I will receive "short-term asset management products held by other asset managers" Instead of transferring the other medium-term asset management products that have been acquired, by transferring the long-term asset management products held by other asset managers, some of the medium-term fund inflows are dispersed in the short-term and long-term, The inflow of funds can be leveled from the short term to the long term.
また、前述の実施の形態における資産運用商品のキャッシュフロー交換によって、『自分が保有している中期資産運用商品からのキャッシュフロー』を譲渡する替わりに『他の資産運用者が保有している短期資産運用商品からのキャッシュフロー』を譲り受け、さらに『自分が保有している他の中期資産運用商品からのキャッシュフロー』を譲渡する替わりに『他の資産運用者が保有している長期資産運用商品からのキャッシュフロー』を譲り受けることによっても、同様の経済効果が期待できる。 In addition, by exchanging the cash flow of the asset management product in the above-mentioned embodiment, instead of transferring the “cash flow from the medium-term asset management product that I own,” the “short-term possessed by another asset manager” "Cash flows from asset management products" and "Cash flows from other medium-term asset management products that you own" instead of "Cash flows from other asset managers" The same economic effect can be expected by taking over cash flow from
（３）資金調達者が、例えば中期の資金流出に比して、短期の資金流出や長期の資金流出が多過ぎるとの予想を立てている場合、前述の実施の形態における資金調達商品のキャッシュフロー交換によって、『他の資金調達者が抱えている中期資金調達商品のキャッシュフロー』を引き受ける替わりに『自分が抱えている短期資金調達商品のキャッシュフロー』を引き渡し、さらに『他の資金調達者が抱えている他の中期資金調達商品のキャッシュフロー』を引き受ける替わりに『自分が抱えている長期資金調達商品のキャッシュフロー』を引き渡すことで、短期及び長期の資金流出を一部中期に集中させ、短期から長期に渡り資金流出を平準化することができる。 (3) If the fundraiser predicts that there will be too many short-term or long-term outflows compared to, for example, medium-term outflows, cash in the funding product in the above-described embodiment Instead of taking over the “cash flow of medium-term funding products held by other fundraisers” through the flow exchange, it delivers “cash flows of short-term funding products you have” and “other funders Instead of undertaking “cash flow of other medium-term funding products”, “short-term and long-term cash outflows” are concentrated in the medium term by delivering “cash flow of long-term funding products” It is possible to level out the outflow of funds from the short term to the long term.
（４）これとは逆に、資金調達者が、例えば短期の資金流出や長期の資金流出に比して、中期の資金流出が多過ぎるとの予想を立てている場合、前述の実施の形態における資金調達商品のキャッシュフロー交換によって、『他の資金調達者が抱えている短期資金調達商品のキャッシュフロー』を引き受ける替わりに『自分が抱えている中期資金調達商品のキャッシュフロー』を引き渡し、さらに『他の資金調達者が抱えている長期資金調達商品のキャッシュフロー』を引き受ける替わりに『自分が抱えている他の中期資金調達商品のキャッシュフロー』を引き渡すことで、一部中期の資金流出が短期及び長期に分散され、短期から長期に渡り資金流出を平準化することができる。 (4) On the other hand, if the fundraiser predicts that there will be too much medium-term outflow compared to short-term outflow or long-term outflow, for example, the embodiment described above By exchanging cash flow for funding products in, instead of undertaking "cash flow for short-term funding products held by other fundraisers", "cash flow for medium-term funding products held by me" Instead of undertaking the “cash flow of other long-term funding products held by other fundraisers”, the “cash flow of other medium-term funding products that I have” will be handed over, resulting in some medium-term outflows of funds. Diversified in the short and long term, it can level outflows from short to long term.
１１．次に前述の実施の形態は、直接交換を通じた同一資産運用商品の実質的な反対売買によって、収益の確定を可能とする。即ち前述の実施の形態では、特定の資産運用商品を媒介として直接交換を２回実施することにより、その特定商品に関して取得及び処分と変わらない経済効果が生まれ、資産運用者がキャピタル・ゲインを確定することができる。
資産運用者（Ｌ）が、自分の保有している資産運用商品（ｌ）の価値以上に資産運用商品（ｍ）の価値が今後上昇すると予想し、資産運用者（Ｍ）が、自分の保有している資産運用商品（ｍ）の価値以上に資産運用商品（ｌ）の価値が今後上昇すると予想している場合、前述の実施の形態では交換取引が成立する。この結果、資産運用商品（ｍ）を取得した資産運用者（Ｌ）は、予想通りの相場展開で、その後、資産運用商品（ｍ）の価値が上昇した場合に資産運用商品（ｍ）を処分しようと試みるが、従来の取引市場が流動性などの問題を抱え、一方で、異なる資産運用商品（ｎ）の価値が今後上昇すると予想できる場合には、資産運用商品（ｎ）を保有している資産運用者（Ｎ）と交換取引を行うことが最良の選択肢となる。そして、その資産運用者（Ｎ）が、資産運用者（Ｌ）とは異なる相場観から、資産運用商品（ｍ）の価値が今後さらに上昇すると予想している場合、前述の実施の形態では、資産運用者（Ｌ）と資産運用者（Ｎ）との間で資産運用商品（ｍ）と資産運用商品（ｎ）との交換取引が成立する。この時点で資産運用者（Ｌ）は、資産運用者（Ｍ）から一旦取得した資産運用商品（ｍ）を実質的な反対売買によって処分したことになり、資産運用商品（ｍ）に関してのキャピタル・ゲインを確定することができる。
11. Next, the above-described embodiment makes it possible to determine the profit by substantially selling and buying the same asset management product through direct exchange. In other words, in the above-mentioned embodiment, the direct exchange is carried out twice using a specific asset management product as an intermediary, thereby producing an economic effect that is not different from acquisition and disposal of the specific product, and the asset manager determines the capital gain. can do.
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, the exchange transaction is established in the above-described embodiment. 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). And, 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 the asset manager (L), in the above embodiment, An exchange transaction between the asset management product (m) and the asset management product (n) is established between the asset manager (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.
１２．さらに前述の実施の形態は、資産運用商品や資金調達商品のキャッシュフロー交換を通じた果実部分の収益確定を可能とする。即ち資金取引者が、資産運用商品の持高と資金調達商品の持高を同時に抱えている場合、前述の実施の形態における資産運用商品や資金調達商品のキャッシュフロー交換によって、特定期間のインカム・ゲインを確定することができる。
（１）保有している資産運用商品のキャッシュフローを、抱えている資金調達商品と残存期間が等しい他の資産運用商品のキャッシュフローと交換した場合、当該資金調達商品の資金流出と交換後の資産運用商品の資金流入とが相殺され、前者が後者を下回っている状況下で、当該期間のインカム・ゲインを確定することが可能になる。
12 Furthermore, the above-described embodiment enables the determination of the profit of the fruit portion through the 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 fundraising product at the same time, the cash flow exchange of the asset management product and the fundraising product in the above-described embodiment will change the income Gain can be determined.
(1) When the cash flow of the asset management product held is exchanged with the cash flow of another asset management product with the same remaining period as the funding product that is held, In the situation where the inflow of funds of asset management products is offset and the former is less than the latter, the income gain for the period can be determined.
（２）これとは逆に、抱えている資金調達商品のキャッシュフローを、保有している資産運用商品と残存期間が等しい他の資金調達商品のキャッシュフローと交換した場合は、当該資産運用商品の資金流入と交換後の資金調達商品の資金流出とが相殺され、前者が後者を上回っている状況下で、当該期間のインカム・ゲインを確定することが可能になる。 (2) Conversely, 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 have, the asset management product The inflow of the current period and the outflow of the funded product after the exchange are offset, and the income gain for the period can be determined in the situation where the former exceeds the latter.
（３）保有している資産運用商品のキャッシュフローを、特定の期間、他の資産運用商品のキャッシュフローと交換し、抱えている資金調達商品のキャッシュフローを、上記と等しい期間、他の資金調達商品のキャッシュフローと交換した場合、交換後の資産運用商品の資金流入と、交換後の資金調達商品の資金流出とが相殺され、前者が後者を上回っている状況下で、当該期間のインカム・ゲインを確定することが可能になる。 (3) The cash flow of the asset management product held is exchanged with the cash flow of another asset management product for a certain period, and the cash flow of the fund raising product held is exchanged for other funds for a period equal to the above. When the cash flow of the procured product is exchanged, the inflow of the asset management product after the exchange is offset by the outflow of the funded product after the exchange.・ The gain can be determined.
（４）また前述の実施の形態は、評価損益によるキャッシュフロー交換を通じた果実部分の収益確定を可能とする。即ち資金取引者が、資産運用商品の評価損益もしくは資金取引商品の評価損益を複数抱えている場合、前述の実施の形態において、これらの持高を複数のスワップ商品の持高と交換することによって、特定期間のインカム・ゲインを確定することができる。
まず、自分が保有している『資産運用商品の評価損益』もしくは自分が抱えている『資金取引商品の評価損益』を、他の資金取引者が抱えている『固定果実を受け取って変動果実を支払う特定残存期間のスワップ商品の評価損益』とキャッシュフロー交換する。次に、自分が保有している『他の資産運用商品の評価損益』もしくは自分が抱えている『他の資金取引商品の評価損益』を、他の資金取引者が抱えている『前記スワップ商品と元本金額及び残存期間が等しい、固定果実を支払って変動果実を受け取るスワップ商品の評価損益』とキャッシュフロー交換すると、以下の場合に当該資金取引者は当該期間のインカム・ゲインを確定することが可能になる。
（ａ）両者の変動果実が相殺され、前者の固定果実が後者の固定果実を上回っている場合。
（ｂ）両者の固定果実が相殺され、前者の変動果実が後者の変動果実を下回っている場合。
（ｃ）前者の固定果実が後者の固定果実を上回り、且つ前者の変動果実が後者の変動果実を下回っている場合。
（ｄ）前者の変動果実が後者の変動果実を上回っているが、その格差以上に前者の固定果実が後者の固定果実を上回っている場合。
（ｅ）前者の固定果実が後者の固定果実を下回っているが、その格差以上に前者の変動果実が後者の変動果実を下回っている場合。
(4) In addition, the above-described embodiment enables the determination of the profit of the fruit portion through the exchange of cash flow by 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 above-described embodiment, these positions are exchanged for positions of multiple swap products. The income gain for a specific period 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 on 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.
１３．そして前述の実施の形態は、資金取引商品の効率的な用途変更を可能にする。
（１）保有している資産運用商品の持高のヘッジを目的に使用してきた資金取引商品が、当該資産運用商品の処分又は消滅に伴い不要になった場合、資産運用者は、前述の実施の形態におけるキャッシュフロー交換により、自分が使用してきた『ヘッジ目的の資金取引商品の持高』を引き渡す替わりに『売買使用が可能な資金取引商品の持高』を他者から引き受けることで、資金取引商品のヘッジ用途から売買用途への迅速な移行が可能になる。
13. And the above-mentioned embodiment enables the efficient use change of money transaction goods.
(1) If a fund transaction product that has been used for hedging the position of the asset management product is no longer needed due to the disposal or disappearance of the asset management product, the asset manager shall By exchanging cash flow exchanges in the form of `` handling of money trading products that can be used for hedging '' instead of handing over the amount of money trading products that can be used for trading, Enables quick transition of trading products from hedging to trading.
（２）これとは逆に、資産運用商品を新規に保有して持高のヘッジが必要になった場合、資産運用者は、前述の実施の形態におけるキャッシュフロー交換により、自分が他に抱えている『売買目的の資金取引商品の持高』を引き渡す替わりに『ヘッジ使用が可能な資金取引商品の持高』を他者から引き受けることで、資金取引商品の売買用途からヘッジ用途への迅速な移行が可能になる。 (2) On the contrary, when a new asset management product is held and it is necessary to hedge the position, the asset manager will have other assets by exchanging cash flow in the above embodiment. Instead of handing over "the amount of money trading products for trading purposes", by taking over "the amount of money trading products that can be used for hedging" from other parties, it is possible to quickly move from trading to trading for capital trading products Transition is possible.
（３）抱えている資金調達商品の持高のヘッジを目的に使用してきた資金取引商品が、当該資金調達商品の消滅又は引渡に伴い不要になった場合、資金調達者は、前述の実施の形態におけるキャッシュフロー交換により、自分が使用してきた『ヘッジ目的の資金取引商品の持高』を引き渡す替わりに『売買使用が可能な資金取引商品の持高』を他者から引き受けることで、資金取引商品のヘッジ用途から売買用途への迅速な移行が可能になる。 (3) 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, the fundraiser shall In exchange for cash flow exchange in the form, instead of handing over the “held amount of the money transaction product for hedging purposes” that you have used, you can accept “the amount of money transaction product that can be used for trading” from another person, Quick transition from product hedging to trading is possible.
（４）これとは逆に、資金調達商品を新規に抱えて持高のヘッジが必要になった場合、資金調達者は、前述の実施の形態におけるキャッシュフロー交換により、自分が他に抱えている『売買目的の資金取引商品の持高』を引き渡す替わりに『ヘッジ使用が可能な資金取引商品の持高』を他者から引き受けることで、資金取引商品の売買用途からヘッジ用途への迅速な移行が可能になる。 (4) On the other hand, if a new funding product is held and hedging the position is required, the fundraiser will have another holding by cash flow exchange in the above embodiment. Instead of handing over “the amount of money trading products for trading purposes”, by taking over “the amount of money trading products that can be used for hedging” from other parties, it is possible to quickly move from the trading use of money trading products to the hedging use. Migration is possible.
１４．次に前述の実施の形態は、信用供与に絡み、資産運用の新手法を提供する。
（１）資産運用者が、特定の資金調達者に絡み保有している資産運用商品に関し、運用方針や運用目標の見直しに伴って、より低い運用利回りで構わないため抱える信用リスクをその分低下させたい場合、又は逆に、より高い運用利回りを追求したいため抱える信用リスクをその分増大させても構わない場合、優先貸付債権又は優先債券、劣後貸付債権又は劣後債券、優先株式、普通株式、劣後株式などの当該資金調達者に絡む資産運用商品を、前述の実施の形態における直接交換やキャッシュフロー交換によりこれらの範囲内で入れ替えることで、手元流動性に影響を与えることなく、求償順位を効率的に変更することができる。また、同程度の信用リスクを孕んだ他の資金調達者に絡む資産運用商品と、前記資金調達者に絡む上記商品群との間で直接交換やキャッシュフロー交換を行っても、実質的に求償順位を変更できる。
14 Next, the above-described embodiment is related to credit provision and provides a new method of asset management.
(1) Regarding asset management products held by asset managers in relation to specific fundraisers, the credit risk held by the asset manager is reduced by a correspondingly lower investment yield due to the revision of the investment policy and objectives. If you want to increase the credit risk that you want to pursue higher investment yields, or if you want to increase the credit risk, the preferred loan or preferred bond, subordinated loan or subordinated bond, preferred stock, common stock, By substituting asset management products such as subordinated stock within the scope of the above-mentioned direct exchange or cash flow exchange in the above-mentioned embodiment, the reimbursement rank can be adjusted without affecting the liquidity on hand. Can be changed efficiently. 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.
（２）資産運用者が、運用方針や運用目標の確立に伴い、特定の資金調達者に対する信用供与枠を新規設定した場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、『自分が既に保有している資産運用商品の何れか』を譲渡する替わりに『貸付債権や債券、コマーシャル・ペーパー、預金債権など、当該資金調達者に絡み他の資産運用者が既に保有している信用リスク商品』を譲り受けることで、手元流動性を取り崩すことなく、当該資金調達者に対する信用供与を効率的に開始することができる。
そして、同様の交換取引により、信用供与を拡大することも可能になる。
(2) When the asset manager newly establishes a credit facility for a specific fundraiser in accordance with the establishment of the management policy and objectives, the direct change and cash flow exchange in the above-described embodiment Instead of transferring any of the asset management products you already have, credit risk that other asset managers already have, such as loan receivables, bonds, commercial paper, deposit claims, etc. By taking over the “product”, it is possible to efficiently start providing credit to the fundraiser without losing liquidity on hand.
And it is possible to expand the credit grant through similar exchange transactions.
（３）資産運用者が、運用方針や運用目標の見直しに伴い、特定の資金調達者に対する信用供与枠を減額した場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、『当該資金調達者に絡み自分が既に保有している信用リスク商品』を譲渡する替わりに『他の資産運用者が既に保有している資産運用商品の何れか』を譲り受けることで、手元流動性に影響を与えることなく、当該資金調達者に対する信用供与を効率的に縮小することができる。
そして、同様の交換取引により、信用供与を停止することも可能になる。
(3) When the asset manager reduces the credit facility for a specific fundraiser in accordance with the review of the management policy and objectives, the direct funding or cash flow exchange in the above embodiment will Instead of transferring a credit risk product that you already own in relation to the buyer, it will affect the liquidity at hand by taking over "one of the asset management products already owned by other asset managers" Without being able to effectively reduce credit to the fundraiser.
It is also possible to stop providing credit through similar exchange transactions.
１５．さらに前述の実施の形態は、ファンド型運用商品の運用委託先の選別に絡み、資産運用の新手法を提供する。
（１）資産運用者が、好調な運用実績や評判を基に、証券投資信託や不動産投資信託、商品ファンド、貸付信託、金銭信託など、保有しているファンド型運用商品の運用受託機関を特定の投資信託委託会社や信託銀行などに集中させたい場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、自分が保有している『排斥したい運用受託機関のファンド型運用商品』を譲渡する替わりに、他の資産運用者が保有している『選好する運用受託機関のファンド型運用商品』を譲り受けることで、手元流動性に影響を与えることなく、運用委託先を特定の機関へ効率的に集中させることができる。
15. Further, the above-described embodiment provides a new method for asset management in connection with selection of fund management contractors.
(1) Based on strong investment performance and reputation, asset managers specify asset management contractors for fund-type investment products such as securities investment trusts, real estate investment trusts, product funds, loan trusts and money trusts If you want to concentrate on an investment trust management company or trust bank, transfer your own “fund-type investment product of the investment management organization you want to exclude” by direct exchange or cash flow exchange in the above-mentioned embodiment Instead, the asset management company can be transferred to a specific institution without affecting the liquidity at hand by transferring the “fund-type investment product of the preferred asset management organization” held by other asset managers. Can focus on.
（２）資産運用者が、資産配分の方針や目標の見直しに伴い、保有しているファンド型運用商品の特定の運用受託機関を他の投資信託委託会社や信託銀行などに分散させたい場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、自分が保有している『特定の運用受託機関のファンド型運用商品』を譲渡する替わりに、他の資産運用者が保有している『様々な運用受託機関のファンド型運用商品』を譲り受けることで、手元流動性に影響を与えることなく、運用委託先を効率的に分散させることができる。 (2) When the asset manager wants to decentralize specific asset management agencies of fund-type investment products to other investment trust management companies, trust banks, etc. in accordance with the 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 in the above-mentioned embodiment, other asset managers By transferring the “fund-type investment product of a simple investment trust organization”, it is possible to efficiently distribute the investment trustees without affecting the liquidity at hand.
１６．また前述の実施の形態は、媒介体の運用委託先の選別に絡み、資産運用の新手法を提供する。
（１）資産運用者が、運用委託の方針や目標の確立に伴い、媒介体における運用受託機関として特定の投資顧問会社や保険会社、信託銀行などを任命した場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、自分が既に保有する『資産運用商品の何れか』を譲渡する替わりに、他の資産運用者が保有する『選好する運用受託機関が運用を担当している媒介体』を譲り受けることで、ポートフォリオを現金持高から構築することなく、特定の機関への運用委託を効率的に開始することができる。
16. Further, the above-described embodiment provides a new method for asset management in connection with selection of a management contractor for a medium.
(1) 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 investment management policies and targets, Instead of transferring “any asset management product” that you already own through exchange or cash flow exchange, “an intermediary that is managed by the preferred asset management organization” held by another asset manager By taking over, it is possible to efficiently start outsourcing to a specific institution without building a portfolio from cash positions.
（２）資産運用者が、運用委託の方針や目標の見直しに伴い、保有している媒介体における運用受託機関を特定の投資顧問会社や保険会社、信託銀行などに絞り込みたい場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、自分が保有する『排斥したい運用受託機関が運用を担当している媒介体』を譲渡する替わりに、他の資産運用者が保有する『選好する運用受託機関が運用を担当している媒介体』を譲り受けることで、ポートフォリオを一旦現金持高にすることなく、運用委託先を特定の機関へ効率的に絞り込むことができる。 (2) 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 Instead of transferring the “mediator in charge of the management contracting organization that you want to exclude” by direct exchange or cash flow exchange in the form of “Preferred management contracts” held by other asset managers By taking over the intermediary that the institution is in charge of operation, it is possible to efficiently narrow down the asset management contractor to a specific institution without temporarily raising the portfolio's cash position.
（３）資産運用者が、運用委託の方針や目標の見直しに伴い、保有している媒介体における特定の運用受託機関を他の投資顧問会社や保険会社、信託銀行などに開放したい場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、自分が保有する『特定の運用受託機関が運用を担当している媒介体』を譲渡する替わりに、他の資産運用者が保有する『様々な運用受託機関が運用を担当している媒介体』を譲り受けることで、ポートフォリオを一旦現金持高にすることなく、運用委託先を効率的に開放することができる。 (3) 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 `` mediator that the specific asset management organization is in charge of operation '' by direct exchange or cash flow exchange in the embodiment of the above, `` various assets held by other asset managers '' By taking over the intermediary in which the asset management organization is in charge of operation, it is possible to efficiently open the asset management contractor without having to temporarily hold the portfolio in cash.
（４）資産運用者が、運用委託の方針や目標の見直しに伴い、保有している媒介体において特定の運用受託機関を解任したい場合、前述の実施の形態における直接交換やキャッシュフロー交換によって、自分が保有する『特定の運用受託機関が運用を担当している媒介体』を譲渡する替わりに、他の資産運用者が保有する『資産運用商品の何れか』を譲り受けることで、ポートフォリオを現金持高へ戻すことなく、運用委託を効率的に停止することができる。 (4) When the asset manager wants to dismiss a specific asset management agency in the mediator that he / she has reviewed in accordance with the policy and objectives of asset management, by direct exchange or cash flow exchange in the above embodiment, Instead of transferring the “medium that is managed by a specific asset management organization” that you own, you can cash in on the portfolio by transferring “any of the asset management products” held by other asset managers. The operation contract can be stopped efficiently without returning to the holding position.
１７．そして前述の実施の形態は、不動産運用商品に絡み、資産運用の新手法を提供する。
即ち、資産運用者が、今後の開発又は再開発を目的に、特定の地域全体の土地もしくは特定の複合不動産の総体を取得したい場合、前述の実施の形態における直接交換によって、『自分が保有している資産運用商品の何れか』を譲渡する替わりに、『当該地域において個々の土地所有者が保有している全物件』もしくは『当該複合不動産において個々の区分所有者が保有している全物件』を譲り受けることで、又は『自分が保有している資産運用商品の何れか』を譲渡する替わりに、『対象不動産の証券化商品である不動産担保証券の総額又は不動産投資信託の総額』を譲り受けることで、手元流動性を取り崩すことなく、特定の地域全体の土地もしくは特定の複合不動産の総体を直接的又は間接的に取得することができる。
17. The above-described embodiments are related to real estate management products and provide 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 direct exchange in the above-described embodiment makes it Instead of transferring any of the asset management products that are in place, instead of transferring all properties owned by individual land owners in the area or all properties owned by individual section owners in the complex ”Or instead of transferring“ any of the asset management products that I own ”,“ the total amount of real estate-backed securities or real estate investment trusts that are securitized products of the target real estate ” Thus, it is possible to directly or indirectly acquire the land of a specific region or the total of a specific complex property without destroying the liquidity at hand.
１８．さらに前述の実施の形態は、資産運用商品の直接交換やキャッシュフロー交換、資金調達商品のキャッシュフロー交換、資金取引商品のキャッシュフロー交換に関して、３者以上の利用者間での同時交換取引を可能とする。
（１）資産運用者（Ｏ）が、保有している資産運用商品（ｏ）の処分を希望し、資産運用者（Ｐ）が、保有している資産運用商品（ｐ）の処分を、資産運用者（Ｑ）が、保有している資産運用商品（ｑ）の処分を、それぞれ希望しているとする。この際、資産運用者（Ｏ）が資産運用商品（ｐ）の取得を希望し、資産運用者（Ｐ）が資産運用商品（ｑ）、資産運用者（Ｑ）が資産運用商品（ｏ）の取得をそれぞれ希望して、処分希望と取得希望とが３者間で循環している場合、本システムの運営者は、資産運用者（Ｏ）及び資産運用者（Ｐ）、資産運用者（Ｑ）の間で資産運用商品の直接交換を同時に成立させることができる。また、前述の実施の形態は、４者以上の資産運用者間でも、処分希望と取得希望とが循環している場合に、資産運用商品の同時直接交換を可能とする。
18. Furthermore, the above-described embodiment enables simultaneous exchange transactions between three or more users regarding direct exchange of asset management products, cash flow exchange, cash flow exchange of fund raising products, and cash flow exchange of fund transaction products. And
(1) 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 Assume that the manager (Q) wishes to dispose of the asset management product (q) that he / she owns. 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. In addition, the above-described embodiment enables simultaneous direct exchange of asset management products when disposal requests and acquisition requests are circulating among four or more asset managers.
（２）資産運用者（Ｒ）が『保有している資産運用商品（ｒ）からのキャッシュフロー』の譲渡を希望し、資産運用者（Ｓ）が『保有している資産運用商品（ｓ）からのキャッシュフロー』の譲渡を、資産運用者（Ｔ）が『保有している資産運用商品（ｔ）からのキャッシュフロー』の譲渡を、それぞれ希望しているとする。この際、資産運用者（Ｒ）が『資産運用商品（ｓ）からのキャッシュフロー』の譲受を希望し、資産運用者（Ｓ）が『資産運用商品（ｔ）からのキャッシュフロー』、資産運用者（Ｔ）が『資産運用商品（ｒ）からのキャッシュフロー』の譲受をそれぞれ希望して、譲渡希望と譲受希望とが３者間で循環している場合、本システムの運営者は、資産運用者（Ｒ）及び資産運用者（Ｓ）、資産運用者（Ｔ）の間で資産運用商品のキャッシュフロー交換を同時に成立させることができる。また、前述の実施の形態は、４者以上の資産運用者間でも、譲渡希望と譲受希望とが循環している場合に、資産運用商品の同時キャッシュフロー交換を可能とする。 (2) The asset manager (R) wishes to transfer the “cash flow from the asset management product (r) held” and the asset manager (S) “the asset management product (s) Assume that the asset manager (T) wants to transfer “cash flow from the asset management product (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). Further, the above-described embodiment enables simultaneous cash flow exchange of asset management products when transfer requests and transfer requests are circulating among four or more asset managers.
（３）資金調達者（Ｕ）が『抱えている資金調達商品（ｕ）のキャッシュフロー』の引渡を希望し、資金調達者（Ｖ）が『抱えている資金調達商品（ｖ）のキャッシュフロー』の引渡を、資金調達者（Ｗ）が『抱えている資金調達商品（ｗ）のキャッシュフロー』の引渡を、それぞれ希望しているとする。この際、資金調達者（Ｕ）が『資金調達商品（ｖ）のキャッシュフロー』の引受を希望し、資金調達者（Ｖ）が『資金調達商品（ｗ）のキャッシュフロー』、資金調達者（Ｗ）が『資金調達商品（ｕ）のキャッシュフロー』の引受をそれぞれ希望して、引渡希望と引受希望とが３者間で循環している場合、本システムの運営者は、資金調達者（Ｕ）及び資金調達者（Ｖ）、資金調達者（Ｗ）の間で資金調達商品のキャッシュフロー交換を同時に成立させることができる。また、前述の実施の形態は、４者以上の資金調達者間でも、引渡希望と引受希望とが循環している場合に、資金調達商品の同時キャッシュフロー交換を可能とする。 (3) The fundraiser (U) wishes to deliver the “cash flow of the fundraising product (u) he / she holds” and the fundraiser (V) “cashflow of the fundraising product (v) he / she holds” ”And the fundraiser (W) each wish to deliver“ cash flow of the fundraising product (w) ”. 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 above-described embodiment enables simultaneous cash flow exchange of fund-raising products even between four or more fundraisers when there is a circulation of delivery wishes and acceptance wishes.
（４）資金取引者（Ｘ）が『抱えている資金取引商品（ｘ）の評価損益』の引渡を希望し、資金取引者（Ｙ）が『抱えている資金取引商品（ｙ）の評価損益』の引渡を、資金取引者（Ｚ）が『抱えている資金取引商品（ｚ）の評価損益』の引渡を、それぞれ希望しているとする。この際、資金取引者（Ｘ）が『資金取引商品（ｙ）の評価損益』の引受を希望し、資金取引者（Ｙ）が『資金取引商品（ｚ）の評価損益』、資金取引者（Ｚ）が『資金取引商品（ｘ）の評価損益』の引受をそれぞれ希望して、引渡希望と引受希望とが３者間で循環している場合、本システムの運営者は、資金取引者（Ｘ）及び資金取引者（Ｙ）、資金取引者（Ｚ）の間で資金取引商品のキャッシュフロー交換を同時に成立させることができる。また、前述の実施の形態は、４者以上の資金取引者間でも、引渡希望と引受希望とが循環している場合に、資金取引商品の同時キャッシュフロー交換を可能とする。 (4) The fund trader (X) wishes to deliver the “valuation gain / loss of the fund transaction product (x) possessed”, and the fund trader (Y) “valued profit / loss of the fund transaction product (y) possessed” ”, And the money trader (Z) wants to hand over the“ valuation gain / loss of the fund transaction product (z) ”. 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 above-described embodiment enables simultaneous cash flow exchange of fund transaction products even between four or more fund traders, when delivery requests and acceptance requests are circulating.
（５）また前述の実施の形態は、資産運用商品の抱き合わせ交換、資金調達商品の抱き合わせ交換、資金取引商品の抱き合わせ交換、資産運用商品と資金取引商品との抱き合わせ交換、資金調達商品と資金取引商品との抱き合わせ交換、資産運用商品と資金調達商品との抱き合わせ交換、そして資産運用商品及び資金調達商品、資金取引商品の抱き合わせ交換における３者以上の利用者間での同時交換取引を可能とする。 (5) In addition, the above-described embodiments include asset management product tie-up exchange, fund-raising product tie-up exchange, fund transaction product tie-up exchange, asset management product and capital transaction product tie-up exchange, fund procurement product and fund transaction Enables simultaneous exchange transactions between three or more users in tie-up exchange with products, tie-up exchange between asset management products and fund-raising products, and tie-up exchanges between asset management products, fund-raising products, and fund transaction products .
さて、ここで本発明の技術的思想を列挙すると、以下のようになる。
（１）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な記憶媒体であって、１つ以上のコンピュータネットワークを介して、金融商品及び／又は準金融商品の交換取引市場を創設し、利用者同士が交換取引を成立させることができる。
（２）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末に、前記金融・準金融商品の交換取引を希望する者の端末が、交換注文を該コンピュータへ送信する送信手段と、該コンピュータが、該交換希望者の端末から前記送信手段によって送信された交換注文を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた該交換希望者の交換注文を格納する記憶手段と、該コンピュータが、該交換希望者の交換相手となり得る特定又は不特定の候補者の端末へ前記交換注文を開示する開示手段と、該交換候補者の端末が、該コンピュータから前記開示手段によって開示された交換注文に基づいて、その交換取引を対象とする交換注文を該コンピュータへ送信する送信手段と、該コンピュータが、該交換候補者の端末から前記送信手段によって送信された交換注文を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた該交換候補者の交換注文を格納する記憶手段と、該コンピュータが、前記記憶手段によって格納した前記交換希望者の交換注文と該交換候補者の交換注文とを突き合わせて条件の合致を判別するマッチング手段と、該コンピュータが、前記マッチング手段によって条件が合致すると判別した場合に両方の交換注文の間で交換取引を成立させ、前記記憶手段によって格納している両注文を更新する更新手段と、該コンピュータが、前記マッチング手段によって導いた取引結果を該交換希望者の端末及び該交換候補者の端末へ通知する通知手段とを備えることにより交換取引を実現させることができる。
（３）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末に、複数の該利用者端末が、前記金融・準金融商品の交換注文を該コンピュータへ送信する送信手段と、該コンピュータが、複数の該利用者端末から前記送信手段によって送信された交換注文を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた複数の交換注文を格納する記憶手段と、該コンピュータが、前記記憶手段によって格納した複数の交換注文を突き合わせて条件の合致を判別するマッチング手段と、該コンピュータが、前記マッチング手段によって条件が合致すると判別した場合に複数の交換注文の間で交換取引を成立させ、前記記憶手段によって格納している該交換注文を更新する更新手段と、該コンピュータが、前記マッチング手段によって導いた取引結果を複数の前記利用者端末へ通知する通知手段とを備えることにより交換取引を実現させることができる。
（４）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末に、前記金融・準金融商品の相対交換取引を希望する者の端末が、交換相手となり得る候補者の端末へ相対交換取引要求を送信する送信手段と、該相対取引候補者の端末が、該相対取引希望者の端末から前記送信手段によって送信された相対交換取引要求を受信する受信手段と、該相対取引候補者の端末が、前記受信手段によって受信した相対交換取引要求に対し、受諾、拒否又は交渉の意思決定を該相対取引希望者の端末へ返信する返信手段と、該相対取引希望者の端末が、該相対取引候補者の端末から前記返信手段によって返信された意思決定を受信する受信手段と、該相対取引希望者の端末及び／又は該相対取引候補者の端末が、相対交換取引の成立又は不成立の結果を前記コンピュータへ通知する通知手段とを備えることにより交換取引を実現させることができる。
（５）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、更なる手段を備えることを特徴とし、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末に、前記相対取引希望者の端末が、前記金融・準金融商品の相対交換取引要求を該コンピュータへ送信する送信手段と、該コンピュータが、該相対取引希望者の端末から前記送信手段によって送信された相対交換取引要求を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた相対交換取引要求に合致した相対取引候補者を特定する特定手段と、該コンピュータが、前記特定手段によって特定した相対取引候補者の連絡先を該相対取引希望者の端末へ通知する通知手段とを更に備えることにより相対交換取引を実現させることができる。
（６）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、前記交換取引の対象商品を貸付債権、債券、コマーシャル・ペーパー、預金債権、株式、出資証券、預託証書及び受益証券のうち、何れか１つ以上の金融運用商品とする。
（７）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、前記交換取引の対象商品を土地、建物、複合不動産、区分所有建物、不動産担保証券及び不動産投資信託のうち、何れか１つ以上の不動産運用商品とする。
（８）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、前記交換取引の対象商品を借入債務、債券、コマーシャル・ペーパー、預金債務、株式及び出資証券のうち、何れか１つ以上の資金調達商品とする。
（９）金融商品等交換取引プログラムを記録したコンピュータ読み取り可能な前述の記憶媒体であって、前記交換取引の対象商品を外国為替商品、金利派生商品、株式派生商品、不動産派生商品、現物派生商品、複合派生商品、先渡商品、先物商品、オプション商品及びスワップ商品のうち、何れか１つ以上の資金取引商品とする。
（１０）資産運用者、資金調達者、資金取引者といった顧客同士による金融商品及び／又は準金融商品の交換取引を支援するためのコンピュータシステムであって、（ａ）ウェブ・サーバとしての機能とデータベース・サーバとしての機能とを備える１台以上のコンピュータと、（ｂ）前記顧客の複数の利用者端末と、（ｃ）該コンピュータと該利用者端末とを接続する１つ以上のコンピュータネットワークと、（ｄ）前記交換取引に関するデータを格納する交換商品データベースより構成され、［１］交換契約書、目論見書、報告書及び開示書のうち、何れか１つ以上に関するデータを格納する契約管理データベース、［２］資金決済及び／又は証券決済に関するデータを格納する決済管理データベース、［３］鑑定評価者の自己紹介資料及び／又は前記交換取引に関する参考・提案資料を格納する評価者情報データベース及び、［４］前記システムの利用者に関するデータを格納するクライアント情報データベースのうち、何れか１つ以上のデータベースを備えることにより、交換注文を需給バランスの原理で直接マッチさせる入札モード及び／又は、通信路を提供されることで前記顧客同士が直接交渉により前記交換取引を成立させる相対モードを実現できる。
（１１）前述の金融商品等交換取引システムであって、前記金融・準金融商品の交換取引を希望する者の端末が、交換注文を前記コンピュータへ送信する送信手段と、該コンピュータが、該交換希望者の端末から前記送信手段によって送信された交換注文を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた該交換希望者の交換注文を格納する記憶手段と、該コンピュータが、該交換希望者の交換相手となり得る特定又は不特定の候補者の端末へ前記交換注文を開示する開示手段と、該交換候補者の端末が、該コンピュータから前記開示手段によって開示された交換注文に基づいて、その交換取引を対象とする交換注文を該コンピュータへ送信する送信手段と、該コンピュータが、該交換候補者の端末から前記送信手段によって送信された交換注文を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた該交換候補者の交換注文を格納する記憶手段と、該コンピュータが、前記記憶手段によって格納した前記交換希望者の交換注文と該交換候補者の交換注文とを突き合わせて条件の合致を判別するマッチング手段と、該コンピュータが、前記マッチング手段によって条件が合致すると判別した場合に両方の交換注文の間で交換取引を成立させ、前記記憶手段によって格納している両注文を更新する更新手段と、該コンピュータが、前記マッチング手段によって導いた取引結果を該交換希望者の端末及び該交換候補者の端末へ通知する通知手段とを更に具備する。
（１２）前述の金融商品等交換取引システムであって、複数の前記利用者端末が、前記金融・準金融商品の交換注文を前記コンピュータへ送信する送信手段と、該コンピュータが、複数の該利用者端末から前記送信手段によって送信された交換注文を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた複数の交換注文を格納する記憶手段と、該コンピュータが、前記記憶手段によって格納した複数の交換注文を突き合わせて条件の合致を判別するマッチング手段と、該コンピュータが、前記マッチング手段によって条件が合致すると判別した場合に複数の交換注文の間で交換取引を成立させ、前記記憶手段によって格納している該交換注文を更新する更新手段と、該コンピュータが、前記マッチング手段によって導いた取引結果を複数の前記利用者端末へ通知する通知手段とを更に具備する。
（１３）前述の金融商品等交換取引システムであって、前記金融・準金融商品の相対交換取引を希望する者の端末が、交換相手となり得る候補者の端末へ相対交換取引要求を送信する送信手段と、該相対取引候補者の端末が、該相対取引希望者の端末から前記送信手段によって送信された相対交換取引要求を受信する受信手段と、該相対取引候補者の端末が、前記受信手段によって受信した相対交換取引要求に対し、受諾、拒否又は交渉の意思決定を該相対取引希望者の端末へ返信する返信手段と、該相対取引希望者の端末が、該相対取引候補者の端末から前記返信手段によって返信された意思決定を受信する受信手段と、該相対取引希望者の端末及び／又は該相対取引候補者の端末が、相対交換取引の成立又は不成立の結果を前記コンピュータへ通知する通知手段とを更に具備する。
（１４）前述の金融商品等交換取引システムであって、更なる手段を具備することを特徴とし、前記相対取引希望者の端末が、前記金融・準金融商品の相対交換取引要求を前記コンピュータへ送信する送信手段と、該コンピュータが、該相対取引希望者の端末から前記送信手段によって送信された相対交換取引要求を受け付ける受付手段と、該コンピュータが、前記受付手段によって受け付けた相対交換取引要求に合致した相対取引候補者を特定する特定手段と、該コンピュータが、前記特定手段によって特定した相対取引候補者の連絡先を該相対取引希望者の端末へ通知する通知手段とを更に具備する。
（１５）前述の金融商品等交換取引システムであって、前記交換取引を資産運用商品の直接交換とする。
（１６）前述の金融商品等交換取引システムであって、前記交換取引を資産運用商品のキャッシュフロー交換とする。
（１７）前述の金融商品等交換取引システムであって、前記交換取引を評価益又は評価損による資産運用商品のキャッシュフロー交換とする。
（１８）前述の金融商品等交換取引システムであって、資産運用商品を前記直接交換と前記キャッシュフロー交換との折衷方式によって交換できる。
（１９）前述の金融商品等交換取引システムであって、前記交換取引を資金調達商品のキャッシュフロー交換とする。
（２０）前述の金融商品等交換取引システムであって、前記交換取引を資金取引商品のキャッシュフロー交換とする。
（２１）前述の金融商品等交換取引システムであって、資産運用商品と資金取引商品とのキャッシュフロー交換ができる。
（２２）前述の金融商品等交換取引システムであって、前記交換取引の対象商品を貸付債権、債券、コマーシャル・ペーパー、預金債権、株式、出資証券、預託証書及び受益証券のうち、何れか１つ以上の金融運用商品とする。
（２３）前述の金融商品等交換取引システムであって、前記交換取引の対象商品を土地、建物、複合不動産、区分所有建物、不動産担保証券及び不動産投資信託のうち、何れか１つ以上の不動産運用商品とする。
（２４）前述の金融商品等交換取引システムであって、前記交換取引の対象商品を借入債務、債券、コマーシャル・ペーパー、預金債務、株式及び出資証券のうち、何れか１つ以上の資金調達商品とする。
（２５）前述の金融商品等交換取引システムであって、前記交換取引の対象商品を外国為替商品、金利派生商品、株式派生商品、不動産派生商品、現物派生商品、複合派生商品、先渡商品、先物商品、オプション商品及びスワップ商品のうち、何れか１つ以上の資金取引商品とする。
（２６）前述の金融商品等交換取引システムであって、同種商品間、異種商品間及び異業種商品間のうち、何れか１つ以上の交換取引を成立させることができる。
ここでいう同種商品とは『株式』と『株式』といった等しい種類の商品を指し、異種商品とは『株式』と『債券』といった異なる種類の商品をいい、また、異業種商品とは『株式』と『土地』といった異なる業種の商品を意味する。
（２７）前述の金融商品等交換取引システムであって、複数商品の抱き合わせによる交換取引を成立させることができる。
（２８）前述の金融商品等交換取引システムであって、３者以上の利用者間の同時交換取引を成立させることができる。
ここでいう３者以上の利用者間の同時交換取引とは、以下の２形態をいう。
（ａ）一人の交換希望者と複数の交換希望者とがマッチされる場合、又は複数の交換希望者と複数の交換希望者とがマッチされる場合に同時成立する交換取引。
（ｂ）交換希望者Ｘが商品ｘの提供を希望し、交換希望者Ｙが商品ｙ、交換希望者Ｚが商品ｚの提供をそれぞれ希望しており、さらに交換希望者Ｘが商品ｙの入手を希望し、交換希望者Ｙが商品ｚ、交換希望者Ｚが商品ｘの入手をそれぞれ希望している場合など、提供希望と入手希望とが３者以上の交換希望者の間で循環している場合に同時成立する交換取引。
（２９）前述の金融商品等交換取引システムであって、資産運用商品の直接交換、資産運用商品のキャッシュフロー交換、資金調達商品のキャッシュフロー交換、資金取引商品のキャッシュフロー交換の種々の組み合わせにより、資産・負債の総合管理ができる。
（３０）前述の金融商品等交換取引システムであって、国境及び／又は取引時間の壁を超え、国内外において１日２４時間、前記商品の交換取引を成立させることができる。
（３１）前述の金融商品等交換取引システムであって、交換取引商品の瑕疵調査の機能及び／又は交換取引価額の鑑定評価の機能を備える。
（３２）前述の金融商品等交換取引システムであって、取引照合、契約書の調印・譲渡、交換差金の決済、現物の授受、キャッシュフローの授受、法規遵守の検査など、交換成立後の決済・管理機能を集約する。
（３３）前述の金融商品等交換取引システムであって、資産運用商品の前記直接交換及び／又は前記キャッシュフロー交換を通じて、事業支配に絡む取引、株式持合に絡む取引、自己株式に絡む取引、不動産の持分の集中、求償順位の変更、信用供与に絡む取引、ポートフォリオの交換及び運用委託先の選別に絡む取引のうち、何れか１つ以上ができる。
ここでいう事業支配に絡む取引とは、事業に対する支配の強化や緩和、さらには事業の買収や売却を指し、株式持合に絡む取引とは、株式の持合の開始や強化、緩和、解消をいい、自己株式に絡む取引とは、自己株式の取得や処分を意味する。
また、ここでいう信用供与に絡む取引とは、信用供与の開始や拡大、縮小、停止をいう。
そして、ここでいう運用委託先の選別に絡む取引とは、ファンド型運用商品や媒介体における運用受託機関の任命や集中、分散、解任をいう。尚、ファンド型運用商品とは、証券投資信託や不動産投資信託、商品ファンド、貸付信託、狭義の金銭信託など、一般的に不特定多数の資産運用者向けに設定・運用される資産運用商品を指す。また媒介体とは、特定金銭信託や指定金外信託、運用有価証券信託、投資子会社株式、ファンド型私募債券など、一般的に特定の資産運用者が、簿価分離や果実政策、外部への運用委託などを目的に設定・利用する資産運用商品をいう。
（３４）商品交換取引方法であって、１つ以上のコンピュータネットワークを介して商品の交換取引市場を創設し、利用者同士が交換取引を成立させることができる。
（３５）前述の商品交換取引方法であって、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末より構成されるシステムにおける、前記商品の交換取引を希望する者の端末が、交換注文を該コンピュータへ送信する送信ステップと、該コンピュータが、該交換希望者の端末から前記送信ステップによって送信された交換注文を受け付ける受付ステップと、該コンピュータが、前記受付ステップによって受け付けた該交換希望者の交換注文を格納する記憶ステップと、該コンピュータが、該交換希望者の交換相手となり得る特定又は不特定の候補者の端末へ前記交換注文を開示する開示ステップと、該交換候補者の端末が、該コンピュータから前記開示ステップによって開示された交換注文に基づいて、その交換取引を対象とする交換注文を該コンピュータへ送信する送信ステップと、該コンピュータが、該交換候補者の端末から前記送信ステップによって送信された交換注文を受け付ける受付ステップと、該コンピュータが、前記受付ステップによって受け付けた該交換候補者の交換注文を格納する記憶ステップと、該コンピュータが、前記記憶ステップによって格納した前記交換希望者の交換注文と該交換候補者の交換注文とを突き合わせて条件の合致を判別するマッチングステップと、該コンピュータが、前記マッチングステップによって条件が合致すると判別した場合に両方の交換注文の間で交換取引を成立させ、前記記憶ステップによって格納している両注文を更新する更新ステップと、該コンピュータが、前記マッチングステップによって導いた取引結果を該交換希望者の端末及び該交換候補者の端末へ通知する通知ステップとを含む。
（３６）前述の商品交換取引方法であって、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末より構成されるシステムにおける、複数の該利用者端末が、前記商品の交換注文を該コンピュータへ送信する送信ステップと、該コンピュータが、複数の該利用者端末から前記送信ステップによって送信された交換注文を受け付ける受付ステップと、該コンピュータが、前記受付ステップによって受け付けた複数の交換注文を格納する記憶ステップと、該コンピュータが、前記記憶ステップによって格納した複数の交換注文を突き合わせて条件の合致を判別するマッチングステップと、該コンピュータが、前記マッチングステップによって条件が合致すると判別した場合に複数の交換注文の間で交換取引を成立させ、前記記憶ステップによって格納している該交換注文を更新する更新ステップと、該コンピュータが、前記マッチングステップによって導いた取引結果を複数の前記利用者端末へ通知する通知ステップとを含む。
（３７）前述の商品交換取引方法であって、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末より構成されるシステムにおける、前記商品の相対交換取引を希望する者の端末が、交換相手となり得る候補者の端末へ相対交換取引要求を送信する送信ステップと、該相対取引候補者の端末が、該相対取引希望者の端末から前記送信ステップによって送信された相対交換取引要求を受信する受信ステップと、該相対取引候補者の端末が、前記受信ステップによって受信した相対交換取引要求に対し、受諾、拒否又は交渉の意思決定を該相対取引希望者の端末へ返信する返信ステップと、該相対取引希望者の端末が、該相対取引候補者の端末から前記返信ステップによって返信された意思決定を受信する受信ステップと、該相対取引希望者の端末及び／又は該相対取引候補者の端末が、相対交換取引の成立又は不成立の結果を前記コンピュータへ通知する通知ステップとを含む。
（３８）前述の商品交換取引方法であって、更なるステップを前段階に含むことを特徴とし、前記コンピュータネットワークに接続された１台以上のコンピュータ及び複数の利用者端末より構成されるシステムにおける、前記相対取引希望者の端末が、前記商品の相対交換取引要求を該コンピュータへ送信する送信ステップと、該コンピュータが、該相対取引希望者の端末から前記送信ステップによって送信された相対交換取引要求を受け付ける受付ステップと、該コンピュータが、前記受付ステップによって受け付けた相対交換取引要求に合致した相対取引候補者を特定する特定ステップと、該コンピュータが、前記特定ステップによって特定した相対取引候補者の連絡先を該相対取引希望者の端末へ通知する通知ステップとを更に含む。
Here, the technical ideas of the present invention are listed as follows.
(1) A computer-readable storage medium on which a financial product exchange transaction program is recorded, and a user creates a exchange transaction market for financial products and / or quasi-financial products via one or more computer networks. They can establish an exchange transaction.
(2) The above-mentioned computer-readable storage medium storing a financial product exchange transaction program, wherein the financial / quasi-financial product is connected to one or more computers and a plurality of user terminals connected to the computer network. Transmitting means for transmitting a replacement order to the computer, a receiving means for receiving the replacement order transmitted by the transmitting means from the terminal of the replacement applicant, Storage means for storing the exchange order of the exchange applicant accepted by the acceptance means, and the exchange order of the exchange order to a terminal of a specific or unspecified candidate that the computer can be an exchange partner of the exchange applicant The disclosed disclosure means and the exchange candidate's terminal make an exchange order disclosed by the disclosure means from the computer. And transmitting means for transmitting the exchange order for the exchange transaction to the computer, accepting means for receiving the exchange order transmitted from the exchange candidate terminal by the transmitting means, and the computer. The storage means for storing the exchange order of the exchange candidate received by the reception means, and the computer matches the exchange order of the exchange candidate stored by the storage means with the exchange order of the exchange candidate Matching means for determining whether the condition is met, and both orders stored by the storage means when the computer determines that the condition is met by the matching means and establishes an exchange transaction between both exchange orders. And updating means for updating the transaction result derived by the matching means by the computer It is possible to realize the exchange traded by providing a notification unit that notifies the terminal of the terminal and the exchange candidate.
(3) A computer-readable storage medium in which a financial product exchange transaction program is recorded, wherein one or more computers and a plurality of user terminals connected to the computer network are connected to a plurality of user terminals. Transmitting means for transmitting the exchange order of the financial / quasi-financial product to the computer, the computer accepting the exchange order transmitted from the plurality of user terminals by the transmitting means, and the computer Storage means for storing a plurality of exchange orders received by the reception means, matching means for matching a plurality of exchange orders stored by the storage means to determine a match of conditions, and the computer, Exchange between multiple exchange orders if matching means determine that conditions are met Updating means for establishing a discount and updating the exchange order stored in the storage means; and notifying means for notifying a plurality of user terminals of the transaction result derived by the matching means by the computer. This makes it possible to realize exchange transactions.
(4) The above-described computer-readable storage medium storing a financial product exchange transaction program, wherein the financial / quasi-financial product is connected to one or more computers and a plurality of user terminals connected to the computer network. The terminal of the person who desires the relative exchange transaction, a transmission means for transmitting the request for the relative exchange transaction to the terminal of the candidate who can be the exchange partner, and the terminal of the relative transaction candidate A receiving means for receiving the relative exchange transaction request transmitted by the transmitting means, and the relative transaction candidate's terminal makes a decision to accept, reject or negotiate the relative exchange transaction request received by the receiving means; Reply means for replying to the terminal of the transaction applicant, and the decision made by the reply means from the terminal of the relative transaction candidate by the reply means Exchange transaction, and a terminal for the relative transaction candidate and / or a terminal for the candidate for relative transaction are provided with notification means for notifying the computer of the result of establishment or non-establishment of the exchange transaction. Can be realized.
(5) One or more computers connected to the computer network and a plurality of uses, characterized in that the computer-readable storage medium storing the exchange program for financial products etc. is provided. A transmission means for transmitting the relative exchange transaction request for the financial / quasi-financial product to the computer by the terminal of the relative transaction applicant, and the computer from the terminal of the relative transaction applicant by the transmission means. Receiving means for receiving the transmitted relative exchange transaction request; identifying means for identifying relative transaction candidates that match the relative exchange transaction request accepted by the accepting means; and identifying the computer by the identifying means A notification means for notifying the contact of the candidate for the relative transaction to the terminal of the candidate for the relative transaction It is possible to realize the relative exchange transaction by the.
(6) The above-mentioned computer-readable storage medium recording the exchange program for financial products, etc., and the products subject to the exchange transaction are loan receivables, bonds, commercial paper, deposit receivables, stocks, investment securities, deposit documents And one or more financial management products among the beneficiary certificates.
(7) The above-mentioned computer-readable storage medium recording the exchange program for financial products, etc., where the product subject to the exchange transaction is a land, building, complex real estate, sectioned building, real estate collateral securities and real estate investment trust. Of these, one or more real estate management products.
(8) The above-mentioned computer-readable storage medium recording the exchange program for financial products, etc., wherein the products subject to the exchange transaction are borrowings, bonds, commercial paper, deposit obligations, stocks and investment securities, One or more funding products.
(9) A computer-readable storage medium storing a financial product exchange transaction program, wherein the exchange transaction target product is a foreign exchange product, interest rate derivative product, stock derivative product, real estate derivative product, spot derivative product , One or more fund transaction products among composite derivative products, forward products, futures products, option products, and swap products.
(10) A computer system for supporting exchanges of financial products and / or quasi-financial products between customers such as asset managers, fundraisers, and fund traders, and (a) a function as a web server One or more computers having a function as a database server; (b) a plurality of user terminals of the customer; and (c) one or more computer networks connecting the computers and the user terminals. (D) a contract management database that stores data related to any one of exchange contracts, prospectuses, reports, and disclosures, which is composed of exchange product databases that store data related to the exchange transactions. , [2] Settlement management database that stores data related to fund settlement and / or securities settlement, [3] Self-introduction material of appraisers And / or an evaluator information database for storing reference / suggestion materials relating to the exchange transaction and [4] a client information database for storing data relating to users of the system. In addition, it is possible to realize a bidding mode in which exchange orders are directly matched on the principle of supply and demand balance and / or a relative mode in which the customers establish the exchange transaction through direct negotiation by providing a communication channel.
(11) In the above-described exchange system for financial products and the like, a terminal of a person who desires an exchange transaction of the financial / quasi-financial products transmits a transmission order to the computer, and the computer includes the exchange Receiving means for receiving a replacement order transmitted from the terminal of the applicant by the transmitting means; storage means for storing the replacement order of the replacement applicant received by the receiving means; and the computer Disclosure means for disclosing the exchange order to a specific or unspecified candidate terminal that can be an exchange partner of the applicant, and the exchange candidate terminal based on the exchange order disclosed by the disclosure means from the computer , Transmission means for transmitting the exchange order for the exchange transaction to the computer, and the computer transmits the transmission order from the terminal of the exchange candidate Accepting means for accepting the exchange order transmitted by the stage, storage means for storing the exchange order of the exchange candidate accepted by the accepting means, and the exchange request stored by the storage means by the computer Matching means for matching the exchange order of the operator with the exchange order of the exchange candidate, and determining whether the condition is met, and exchanging between both exchange orders when the computer determines that the condition is met by the matching means Update means for establishing a transaction and updating both orders stored in the storage means, and the computer notifying the exchange candidate's terminal and the exchange candidate's terminal of the transaction result derived by the matching means And a notification means.
(12) In the above-described exchange system for financial products, etc., a plurality of the user terminals transmit a replacement order for the financial / quasi-financial products to the computer, and the computer has a plurality of the usages. Receiving means for receiving a replacement order transmitted from the sender terminal by the transmitting means, storage means for storing a plurality of replacement orders received by the computer by the receiving means, and a plurality of information stored by the storage means by the computer A matching means for matching the exchange orders and determining whether the condition is met; and when the computer determines that the conditions are met by the matching means, establishes an exchange transaction between a plurality of exchange orders, and stores the exchange transaction by the storage means Updating means for updating the exchange order being placed, and the computer is introduced by the matching means. Further comprising a and notification means for notifying the transaction result to the plurality of the user terminals.
(13) In the above-described financial product exchange transaction system, a terminal of a person who desires a relative exchange transaction of the financial / quasi-financial product transmits a relative exchange transaction request to a candidate terminal that can be an exchange partner. Means, a receiving means for receiving a relative exchange transaction request transmitted from the terminal of the relative transaction candidate by the transmitting means, and a terminal of the relative transaction candidate, the receiving means In response to the relative exchange transaction request received by the mobile terminal, a reply means for returning a decision to accept, reject or negotiate to the terminal of the relative transaction applicant, and the terminal of the relative transaction candidate from the terminal of the relative transaction candidate The receiving means for receiving the decision sent back by the reply means and the terminal of the relative transaction candidate and / or the terminal of the relative transaction candidate indicate the result of establishment or non-establishment of the relative exchange transaction. Further comprising a notifying means for notifying the data.
(14) The above-described exchange system for financial products, etc., further comprising a means for requesting the relative transaction of the relative transaction applicant to the computer. Transmitting means for transmitting, receiving means for receiving a relative exchange transaction request transmitted from the terminal of the relative transaction applicant by the transmitting means, and relative exchange transaction request received by the receiving means by the computer The computer further comprises specifying means for specifying the matched relative transaction candidate, and a computer for notifying the contact point of the relative transaction candidate of the relative transaction candidate specified by the specifying means.
(15) In the above-described financial product exchange transaction system, the exchange transaction is a direct exchange of asset management products.
(16) In the above-described financial product exchange transaction system, the exchange transaction is a cash flow exchange of asset management products.
(17) In the above-described financial product exchange transaction system, the exchange transaction is assumed to be cash flow exchange of asset management products by valuation gain or loss.
(18) In the aforementioned exchange trading system for financial products, the asset management product can be exchanged by a compromise method of the direct exchange and the cash flow exchange.
(19) In the above-described exchange system for financial products, etc., the exchange transaction is a cash flow exchange of a fundraising product.
(20) In the above-described financial product exchange transaction system, the exchange transaction is a cash flow exchange of a capital transaction product.
(21) In the above-described financial product exchange transaction system, cash flow exchange between an asset management product and a fund transaction product can be performed.
(22) The above-described exchange system for financial products, etc., wherein the exchange target product is any one of loan receivables, bonds, commercial paper, deposit receivables, stocks, investment securities, deposit certificates and beneficiary certificates. One or more financial management products.
(23) In the above-described exchange system for financial products, etc., the target product of the exchange transaction is any one or more real estates of land, buildings, complex real estate, sectioned buildings, real estate-backed securities, and real estate investment trusts. This is an operational product.
(24) The above-mentioned exchange system for financial products, etc., wherein the product to be exchanged is one or more funding products of debt, bonds, commercial paper, deposit obligations, stocks and securities And
(25) In the above-described exchange system for financial products, the products subject to the exchange transaction are foreign exchange products, interest rate derivative products, stock derivative products, real estate derivative products, physical derivative products, composite derivative products, forward products, One or more fund transaction products among futures products, option products and swap products.
(26) In the above-described exchange system for financial products, it is possible to establish any one or more exchange transactions among similar products, between different products, and between different industries.
The same type of product here 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.
(27) In the above-described exchange transaction system for financial products, an exchange transaction by tying a plurality of products can be established.
(28) In the above-described exchange system for financial products and the like, a simultaneous exchange transaction between three or more users can be established.
Here, the simultaneous exchange transaction between three or more users refers to the following two forms.
(A) An exchange transaction that is established simultaneously when one exchange applicant and a plurality of exchange applicants are matched, or when a plurality of exchange applicants and a plurality of exchange applicants are matched.
(B) Exchanger X wants to provide product x, Exchanger Y wants to provide product y, Exchanger Z wants to provide product z, and Exchanger X gets product y. If the exchange requester Y wants to obtain the product z and the exchange applicant Z wants to obtain the product x, the offer request and the acquisition request are circulated among three or more exchange applicants. Exchange transactions that are established at the same time.
(29) In the above-described exchange system for financial products, etc., by various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of fund raising products, cash flow exchange of fund transaction products Can manage assets and liabilities comprehensively.
(30) In the above-described exchange system for financial products, etc., it is possible to establish a trade in the product for 24 hours a day at home and abroad, crossing borders and / or transaction time barriers.
(31) The above-described exchange transaction system for financial products, which has a function of defect inspection of exchange transaction products and / or a function of appraisal evaluation of exchange transaction value.
(32) The above-described exchange system for financial products, including transaction verification, contract signing / transfer, exchange difference settlement, physical delivery, cash flow exchange, legal compliance inspection, etc.・ Consolidate management functions.
(33) The above-described exchange system for financial products, etc., through the direct exchange and / or cash flow exchange of asset management products, transactions involving business control, transactions involving stock holdings, transactions involving treasury stock, Any one or more of real estate equity concentration, change in order of reimbursement, transactions related to credit grants, portfolio exchanges and transactions involving selection of asset management partners can be performed.
Transactions related to business control here refer to the strengthening or relaxation of control over the business, as well as the acquisition or sale of business. Transactions related to stock holdings are the start, strengthening, relaxation or elimination of stock holdings. A transaction involving treasury stock means acquisition or disposal of treasury stock.
In addition, the transaction related to credit provision here refers to the start, expansion, reduction, or suspension of credit provision.
The transaction related to the selection of the management contractor here means the appointment, concentration, decentralization, and dismissal of the investment trustee in the fund-type investment product and the intermediary. 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 generally include specified money trusts, non-designated trusts, investment securities trusts, investment subsidiary stocks, fund-type private placement bonds, etc. Asset management products that are set and used for the purpose of asset management.
(34) A product exchange transaction method, in which a product exchange transaction market is created via one or more computer networks, and users can establish an exchange transaction.
(35) In the product exchange transaction method described above, a terminal of a person who desires the product exchange transaction in a system including one or more computers connected to the computer network and a plurality of user terminals is provided. A transmission step for transmitting a replacement order to the computer, a reception step for receiving the replacement order transmitted from the terminal of the replacement applicant by the transmission step, and the computer receiving the replacement order by the reception step. A storage step for storing the exchange order of the exchange candidate, a disclosure step in which the computer discloses the exchange order to a terminal of a specific or unspecified candidate who can be the exchange partner of the exchange candidate, and the exchange candidate Based on the exchange order disclosed by the disclosure step from the computer, Transmitting a replacement order for the exchange transaction to the computer, accepting the exchange order transmitted by the transmission step from the terminal of the replacement candidate, the computer, A storage step of storing the exchange order of the exchange candidate received in the reception step, and the computer matches the exchange order of the exchange candidate stored in the storage step with the exchange order of the exchange candidate and A matching step for determining a match, and if the computer determines that the condition is met by the matching step, establish an exchange transaction between both exchange orders, and update both stored orders in the storage step An update step, and the computer includes the matching step Thus it led and the transaction result and a notification step of notifying the terminal of the exchange seekers terminal and the exchange candidate.
(36) In the product exchange transaction method described above, in a system including one or more computers connected to the computer network and a plurality of user terminals, a plurality of the user terminals may exchange the products. A transmitting step for transmitting an order to the computer; a receiving step for receiving an exchange order transmitted from the plurality of user terminals by the transmitting step; and a plurality of exchanges received by the computer by the receiving step. A storage step for storing an order; a matching step in which the computer matches a plurality of replacement orders stored in the storage step to determine whether a condition is met; and a case in which the computer determines that the condition is met in the matching step Exchange transactions between multiple exchange orders Is standing, and updating step of updating the replacement orders are stored by said storing step, the computer comprises a notification step of notifying the transaction result led by the matching step into a plurality of the user terminals.
(37) A terminal of a person who desires a relative exchange transaction for the product in the above-described product exchange transaction method in a system including one or more computers connected to the computer network and a plurality of user terminals Transmitting a relative exchange transaction request to a terminal of a candidate who can be an exchange partner, and a relative exchange transaction request transmitted from the terminal of the relative transaction candidate by the transmission step. And a reply step in which the terminal of the relative transaction candidate returns a decision to accept, reject or negotiate to the terminal of the relative transaction candidate in response to the relative exchange transaction request received in the reception step. And the terminal of the relative transaction candidate receives the decision-making sent back by the reply step from the terminal of the relative transaction candidate. A step, said relative transactions seekers terminal and / or said relative trading candidate terminal, and a notification step of notifying the result of the validity or invalidity of the relative exchange transaction to said computer.
(38) In the product exchange transaction method described above, further including a further step in the previous stage, in a system comprising one or more computers connected to the computer network and a plurality of user terminals A transmission step in which the terminal of the relative transaction applicant sends a relative exchange transaction request for the product to the computer; and a relative exchange transaction request transmitted by the transmission step from the terminal of the relative transaction applicant. Receiving step, a specifying step in which the computer specifies a relative transaction candidate that matches the relative exchange transaction request received in the receiving step, and a communication of the relative transaction candidate specified in the specifying step by the computer A notification step of notifying the destination of the relative transaction applicant.
以上のように、本発明の実施の形態による金融商品等交換取引サーバ、金融商品等交換取引プログラム及び商品交換支援方法は、１つ以上のコンピュータネットワークを介して金融商品、準金融商品及び／又はその他の商品の交換取引市場を創設し、資産運用者、資金調達者又は資金取引者等の顧客の持高の解消需要と持高の造成需要とを相互にマッチさせることができる。 As described above, the financial product exchange transaction server, the financial product exchange transaction program, and the product exchange support method according to the embodiment of the present invention can be performed through one or more computer networks. It is possible to create an exchange trading market for other commodities, and to match the demand for eliminating positions of clients such as asset managers, fundraisers or fund traders with the demand for creating positions.
そして、本発明の実施の形態による金融商品等交換取引サーバ、金融商品等交換取引プログラム及び商品交換支援方法は、解消行為と造成行為とを同時に行える環境を提供することで、顧客が仲介者等へ支払う手数料を節約でき、解消行為と造成行為との間のタイムラグを排除することで、その間の市場リスクを最小化でき、また、セグメント化され過ぎた取引市場を超越したクロス取引の場を創設することで、個々の商品の流動性を向上できる。 The financial product exchange transaction server, the financial product exchange transaction program, and the product exchange support method according to the embodiment of the present invention provide an environment in which the cancellation action and the creation action can be performed simultaneously, so that the customer can act as an intermediary, etc. By eliminating the time lag between elimination and creation, you can minimize the market risk between them and create a cross-trading venue that transcends the over-segmented trading market By doing so, the fluidity of individual products can be improved.
さらに本発明の実施の形態では、新種の裁定取引やキャッシュフローの平準化を可能にし、ポートフォリオの再構築や資産・負債の総合管理の効率性を上昇させ、また、事業支配や株式持合、信用供与、運用委託先の選別などに絡む資産運用の新手法を提供することができる。 Furthermore, in the embodiment of the present invention, a new kind of arbitrage transaction and cash flow can be leveled, the efficiency of portfolio restructuring and comprehensive management of assets and liabilities can be increased, and business control, stock holdings, It can provide a new method of asset management related to credit provision and selection of asset management partners.
１〜１０ 資産運用者
１１〜１２ 貸付債権
１３〜１４ 株式（資産運用商品）
１５〜１６ 債券（資産運用商品）
１７〜１８ 証券投資信託
１９〜２０ 預金債権
２１〜２２ 定期預金（資産運用商品）
２３〜２４ 貸付信託
２５〜２６ 譲渡性預金（資産運用商品）
２７〜２８ 公社債投資信託
２９〜３０ 金銭信託
３１〜３２ 非公開企業株式
３３〜３４ 株式投資信託
３５〜３６ プロジェクト・ファイナンス出資証券
３７〜３８ 資産担保出資証券
３９〜４０ 会社型投資信託
４１〜４２ 償還株式
４３〜４４ 転換株式
４５〜４６ 転換社債
４７〜４８ 株式預託証書
４９〜５０ ワラント債
５１〜５２ 優先債券（資産運用商品）
５３〜５４ 劣後貸付債権
５５〜５６ 劣後株式
５７〜５８ 優先株式
５９〜６０ 普通株式
６１〜６２ 土地
６３〜６４ 建物
６５〜６６ 複合不動産
６７〜６８ 不動産担保証券
６９〜７０ 不動産投資信託
７１〜７２ 特定劣後社債
７３〜７４ 特定目的優先貸付債権
７５〜７６ 特定普通株式
７７〜７８ 転換特定社債
７９〜８０ ワラント特定社債
８１〜８２ 特定金銭信託
８３〜８４ 指定金外信託
８５〜８６ 商品ファンド
８７〜８８ ファンド型私募債券
８９〜９２ 債券（資産運用商品）
９３ 本システムの運営者
９４ 出品者（資産運用者）
９５ 落札者（資産運用者）
９６ 入札者
９７ 交換希望者
９８ 鑑定評価者
９９ 広告主
１００〜１０９ 資金調達者
１１０〜１１１ 借入債務
１１２〜１１３ 株式（資金調達商品）
１１４〜１１５ 債券（資金調達商品）
１１６〜１１７ コマーシャル・ペーパー（資金調達商品）
１１８〜１１９ 預金債務
１２０〜１２１ 資産運用者
１２２ 優先借入債務
１２３ 優先債券（資金調達商品）
１２４ 劣後借入債務
１２５ 劣後債券
１２６ 中期債券
１２７ 長期債券
１２８ 短期債券
１２９ 定期預金（資金調達商品）
１３０ 譲渡性預金（資金調達商品）
１３１ コール・マネー
１３２ 長期借入債務
１３３〜１３６ 借入債務
１３７ 出品者（資金調達者）
１３８ 落札者（資金調達者）
１３９〜１５８ 資金取引者
１５９〜１６０ 為替直物
１６１〜１６２ 金利先渡
１６３〜１６４ 不動産投資指数先物
１６５〜１６６ 株価指数オプション
１６７〜１６８ 商品先物オプション
１６９〜１７０ 金利スワップ
１７１〜１７２ 通貨スワップ
１７３〜１７４ 金利通貨スワップ
１７５〜１７６ 株価スワップ
１７７〜１７８ 商品価格スワップ
１７９ 金利先物
１８０ 為替先物
１８１ 債券先物オプション
１８２ 通貨オプション
１８３〜１８６ スワップション
１８７ 出品者（資金取引者）
１８８ 落札者（資金取引者）
１８９ 個別株オプション
１９０ カラー
１９１ キャップ
１９２ コール・ローン
１９３ インターネット
１９４ 金融商品等交換取引サイト
１９５ クライアント端末
１９６ 金融商品等交換取引サーバ
１９７ 支援端末
１９８ クライアント情報データベース
１９９ 交換商品データベース
２００ 契約管理データベース
２０１ 決済管理データベース
２０２ 評価者情報データベース
２０３ 制御部
２０４ 表示部
２０５ 入力部
２０６ 通信部
２０７ 処理装置
２０８ ハードディスク
２０９ 読み取り専用記憶装置
２１０ 電気的消去・プログラム可能読み取り専用記憶装置
２１１ 読み取り書き込み記憶装置
２１２ テープ装置
２１３ 鍵盤装置
２１４ マウス
２１５ 読み取り装置
２１６ フレキシブル・ディスク・カートリッジ
２１７ 読み出し専用コンパクト・ディスク
２１８ 印刷装置
２１９ 表示装置
２２０ 通信網
２２１ 入出力手段
［１］ 交換差金の支払
［２］ サービス提供料や回線使用料の支払
［３］ 鑑定評価料の支払
［４］ 広告料の支払
［５］ 交換取引のキャッシュフロー
［６］ 既存取引のキャッシュフロー又は持高
1-10 Asset Manager 11-12 Loan Claim 13-14 Stock (Asset Management Product)
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 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 Warrant Bonds 51-52 Preferred Bonds (Asset Management Products)
53-54 Subordinated loan claims 55-56 Subordinated shares 57-58 Preferred shares 59-60 Common shares 61-62 Land 63-64 Buildings 65-66 Complex real estate 67-68 Real estate-backed securities 69-70 Real estate investment trusts 71-72 Subordinated Bonds 73-74 Special Purpose Loan Claims 75-76 Specified Common Stock 77-78 Converted Specified Bonds 79-80 Warrant Specified Bonds 81-82 Specified Money Trusts 83-84 Designated Non-Money 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 Bidder 97 Exchange applicant 98 Appraiser 99 Advertiser 100-109 Fundraiser 110-111 Borrowing debt 112-113 Stock (Funding product)
114-115 bonds (fund raising products)
116-117 Commercial paper (fund raising products)
118-119 Deposit obligations 120-121 Asset manager 122 Preferred borrowings 123 Preferred 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 price swaps 177 to 178 Commodity price swaps 179 Interest rate futures 180 Exchange futures 181 Bond futures options 182 Currency options 183 to 186 Swaption 187 Exhibitors (funds traders)
188 Successful bidder (fund trader)
189 Individual stock option 190 Color 191 Cap 192 Call loan 193 Internet 194 Financial product exchange transaction site 195 Client terminal 196 Financial product exchange transaction server 197 Support terminal 198 Client information database 199 Exchange product database 200 Contract management database 201 Settlement management database 201 202 Evaluator information database 203 Control unit 204 Display unit 205 Input unit 206 Communication unit 207 Processing device 208 Hard disk 209 Read-only storage device 210 Electrical erasure / programmable read-only storage device 211 Read / write storage device 212 Tape device 213 Keyboard device 214 Mouse 215 Reading device 216 Flexible disk cartridge 217 Read only compact Disk 218 Printing device 219 Display device 220 Communication network 221 Input / output means [1] Payment of exchange difference [2] Payment of service provision fee and line usage fee [3] Payment of appraisal evaluation fee [4] Payment of advertising fee [5] ] Cash flow of exchange transaction [6] Cash flow or position of existing transaction
Claims (53)
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（３）該提供希望商品の希望提供価額及び該入手希望商品の希望入手価額より演算される、該利用者の交換差金の希望金額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）第１記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの提供希望商品Ａの希望提供価額をＸＡ、利用者Ｘの入手希望商品Ｂの希望入手価額をＸＢ、利用者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの提供希望商品Ｃの希望提供価額をＹＣ、利用者Ｙの入手希望商品Ｄの希望入手価額をＹＤ、利用者Ｙの利用者端末が指定した交換差金の希望金額をＹＤ−ＹＣ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別する第１マッチング手段と、
（ｄ）第１マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備する金融商品等交換取引サーバ。 One or more of exchange transactions between financial products, exchange transactions between quasi-financial products, and exchange transactions between financial products and quasi-financial products executed by multiple user terminals of multiple users An exchange transaction server for financial products and the like for supporting an exchange transaction, which is connected to an exchange product database storing data related to the exchange transaction and the plurality of user terminals,
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) one or more desired acquisition products of the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(3) a desired offer price of the desired product to be offered and a desired price of the user's exchange difference calculated from the desired get price of the desired product to be obtained;
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) first storage means for storing a plurality of the exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product to be obtained in the plurality of exchange orders stored by the first storage unit on the exchange product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the product A desired to be provided by the user X is XA, the desired purchase price of the product B desired to be obtained by the user X is XB, and the desired exchange price designated by the user terminal of the user X is XA. -XB, the exchange order sent by the user terminal is the exchange order x,
(4) YC is the desired offer price of the product C desired to be provided by the user Y, YD is the desired obtainment price of the product Y desired to be obtained by the user Y, and YD is the desired exchange price designated by the user terminal of the user Y. -YC, when the exchange order sent by the user terminal is the exchange order y,
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y First matching means for determining whether or not YC is established;
(D) An exchange transaction is established between the exchange order x and the exchange order y based on the determination result of the first matching means, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. First update means for updating each of the above,
Exchange transaction server for financial products.
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該利用者の該提供希望商品の希望提供価額と、
（３）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（４）該利用者の該入手希望商品の希望入手価額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）第１記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの利用者端末が指定した、提供希望商品Ａの希望提供価額をＸＡ、入手希望商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの利用者端末が指定した、提供希望商品Ｃの希望提供価額をＹＣ、入手希望商品Ｄの希望入手価額をＹＤ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別する第１マッチング手段と、
（ｄ）第１マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備する金融商品等交換取引サーバ。 One or more of exchange transactions between financial products, exchange transactions between quasi-financial products, and exchange transactions between financial products and quasi-financial products executed by multiple user terminals of multiple users An exchange transaction server for financial products and the like for supporting an exchange transaction, which is connected to an exchange product database storing data related to the exchange transaction and the plurality of user terminals,
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) the desired offer price of the desired product for the user;
(3) one or more products desired to be acquired by the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(4) a desired acquisition price of the user's desired acquisition product,
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) first storage means for storing a plurality of the exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product to be obtained in the plurality of exchange orders stored by the first storage unit on the exchange product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the offer desired product A designated by the user terminal of the user X is XA, the desired get price of the obtainable product B is XB, and the exchange order sent by the user terminal is the exchange order x. ,
(4) The desired offer price of the offer desired product C designated by the user terminal of the user Y is YC, the desired get price of the obtainment desired product D is YD, and the exchange order transmitted by the user terminal is the exchange order y. If you do
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y First matching means for determining whether or not YC is established;
(D) An exchange transaction is established between the exchange order x and the exchange order y based on the determination result of the first matching means, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. First update means for updating each of the above,
Exchange transaction server for financial products.
前記判別結果が等式ＸＡ−ＸＢ＝ＹＤ−ＹＣの成立である場合に、交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする金融商品等交換取引サーバ。 The financial product exchange transaction server according to claim 1 or 2, wherein the first update means includes:
When the determination result is that the equation XA-XB = YD-YC is established, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x is exchanged according to the contents of the established exchange transaction. An exchange transaction server for financial products, etc., wherein the order y is updated on the exchange product database.
前記判別結果が等式ＸＡ−ＸＢ＝ＹＤ−ＹＣの不成立である場合に、交換注文ｘと交換注文ｙとの間において、前記ＸＡ−ＸＢと前記ＹＤ−ＹＣとの中間値で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする金融商品等交換取引サーバ。 The financial product exchange transaction server according to claim 1 or 2, wherein the first update means includes:
If the discrimination result is that the equation XA-XB = YD-YC is not established, an exchange transaction is established between the exchange order x and the exchange order y with an intermediate value between the XA-XB and the YD-YC. The exchange transaction server for financial products etc., wherein the exchange order x and the exchange order y are respectively updated on the exchange product database according to the contents of the established exchange transaction.
（ａ）複数の前記利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品とを、
含む交換情報を指定して送信した交換注文を受け付ける第２受付手段と、
（ｂ）第２受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｃ）第２記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂ、利用者Ｘの利用者端末が送信した交換注文を交換注文ｘとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄ、利用者Ｙの利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するか否かを判別する第２マッチング手段と、
（ｄ）第２マッチング手段によって、提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致すると判別した場合に、交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第２更新手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 The financial product exchange transaction server according to claim 1 or 2,
(A) a plurality of the user terminals,
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) one or more desired acquisition products of the user, which are other financial products or other quasi-financial products to be exchanged for the desired product
Second accepting means for accepting an exchange order transmitted by designating exchange information including;
(B) second storage means for storing a plurality of the exchange orders received by the second reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of exchange orders stored by the second storage means on the exchange product database as matching targets,
(1) One or more products desired to be provided by user X are provided products A, one or more products desired to be obtained are requested products B, and the exchange order transmitted by the user terminal of user X is designated as exchange order x. ,
(2) One or more desired products to be provided by user Y, desired product C, one or more desired products to be obtained, desired replacement product D, and a replacement order transmitted by user Y's user terminal as replacement order y If you want to
A second matching means for determining whether or not the desired product A and the desired product D match and the desired product B and the desired product C match;
(D) When it is determined by the second matching means that the desired product A and the desired product D match and the desired product B and the desired product C match, the exchange order x and the exchange order y A second update means for establishing an exchange transaction between the exchange product x and updating the exchange order x and exchange order y on the exchange product database in accordance with the contents of the established exchange transaction,
A financial product exchange transaction server, further comprising:
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する第１開示手段と、
（ｄ）第１開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの出品商品Ａの希望提供価額をＸＡ、出品者Ｘの入札商品Ｂの希望入手価額をＸＢ、出品者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別する第１マッチング手段と、
（ｇ）第１マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備する金融商品等交換取引サーバ。 Of exchange transactions between financial products, exchange transactions between quasi-financial products, and exchange transactions between financial products and quasi-financial products executed by a plurality of user terminals of users including exhibitors and bidders, A financial product exchange transaction server for supporting any one or more exchange transactions, connected to an exchange product database storing data related to the exchange transaction and the plurality of user terminals;
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) The desired amount of the exchange difference of the seller calculated from the desired offer price of the exhibited product and the desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) first disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed by the first disclosure means, the user terminal of the bidder who has decided to participate in bidding is targeted for the seller exchange order. ,
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) XA is the desired offer price of the seller A's product A, XB is the desired acquisition price of the seller B's bid product B, and XA-XB is the desired exchange difference specified by the user terminal of the seller X , The seller exchange order transmitted by the user terminal is set as a seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the bidder Y's bid item B is YB, and the desired exchange rate specified by the user terminal of the bidder Y is YA-YB. , When the bidder exchange order sent by the user terminal is the bidder exchange order y,
A first matching means for determining whether the equation XA-XB = YA-YB is established between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the first matching means, and the seller exchange order x and the bidder exchange are performed according to the contents of the established exchange transaction. First update means for respectively updating the order y on the exchange product database;
Exchange transaction server for financial products.
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品者の該出品商品の希望提供価額と、
（３）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（４）該出品者の該入札商品の希望入手価額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する第１開示手段と、
（ｄ）第１開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とを、
含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が指定した、出品商品Ａの希望提供価額をＸＡ、入札商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの利用者端末が指定した、出品商品Ａの希望入手価額をＹＡ、入札商品Ｂの希望提供価額をＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別する第１マッチング手段と、
（ｇ）第１マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備する金融商品等交換取引サーバ。 Of exchange transactions between financial products, exchange transactions between quasi-financial products, and exchange transactions between financial products and quasi-financial products executed by a plurality of user terminals of users including exhibitors and bidders, A financial product exchange transaction server for supporting any one or more exchange transactions, connected to an exchange product database storing data related to the exchange transaction and the plurality of user terminals;
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) the desired offer price of the seller's listed product;
(3) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(4) The desired acquisition price of the seller's bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) first disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed by the first disclosure means, the user terminal of the bidder who has decided to participate in bidding is targeted for the seller exchange order. ,
(1) the bidder's desired purchase price of the listed product;
(2) The desired offer price of the bid product of the bidder,
A second accepting means for accepting a bidder exchange order transmitted by specifying the order content to be included;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) The desired offer price of the exhibition product A specified by the user terminal of the seller X is XA, the desired acquisition price of the bid product B is XB, and the seller exchange order sent by the user terminal is the seller exchange order. x,
(3) The bidder exchange order is the bidder exchange order sent by the user terminal, designated by the user terminal of the bidder Y, as the desired acquisition price of the exhibition product A as YA, the desired offer price of the bid product B as YB. y
A first matching means for determining whether the equation XA-XB = YA-YB is established between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the first matching means, and the seller exchange order x and the bidder exchange are performed according to the contents of the established exchange transaction. First update means for respectively updating the order y on the exchange product database;
Exchange transaction server for financial products.
前記判別結果が等式ＸＡ−ＸＢ＝ＹＡ−ＹＢの成立である場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする金融商品等交換取引サーバ。 The financial product exchange transaction server according to claim 6 or 7, wherein the first update means includes:
If the determination result is that the equation XA-XB = YA-YB is established, an exchange transaction is established between the seller exchange order x and the bidder exchange order y, and an exhibition is made according to the contents of the established exchange transaction. An exchange transaction server for financial products and the like, wherein a trader exchange order x and a bidder exchange order y are respectively updated on the exchange product database.
前記判別結果が等式ＸＡ−ＸＢ＝ＹＡ−ＹＢの不成立である場合に、出品者交換注文ｘと入札者交換注文ｙとの間において、前記ＸＡ−ＸＢと前記ＹＡ−ＹＢとの中間値で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新することを特徴とする金融商品等交換取引サーバ。 The financial product exchange transaction server according to claim 6 or 7, wherein the first update means includes:
When the determination result is that the equation XA−XB = YA−YB is not established, the intermediate value between the XA−XB and the YA−YB between the seller exchange order x and the bidder exchange order y. An exchange transaction server for financial products, etc. characterized by establishing an exchange transaction and updating an exhibitor exchange order x and a bidder exchange order y on the exchange product database according to the contents of the established exchange transaction.
（ａ）前記交換取引を希望する出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第３受付手段と、
（ｂ）第３受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第３記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する第２開示手段と、
（ｄ）第２開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、
（１）前記１つ以上の出品商品が自分の入手希望商品であることと、
（２）前記１つ以上の入札商品が自分の提供希望商品であることとを、
確認して入札への参加を決意した入札者の利用者端末が送信した入札者交換注文を受け付ける第４受付手段と、
（ｅ）第４受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第４記憶手段と、
（ｆ）第３記憶手段によって格納した前記出品者交換注文と第４記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせる第２マッチング手段と、
（ｇ）第２マッチング手段によって突き合わせた該出品者交換注文と該入札者交換注文との間で交換取引を成立させ、成立した該交換取引の内容に従い該出品者交換注文と該入札者交換注文とを前記交換商品データベース上でそれぞれ更新する第２更新手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 The financial product exchange transaction server according to claim 6 or 7,
(A) A user terminal of an exhibitor who desires the exchange transaction
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) One or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products,
A third accepting means for accepting the seller exchange order transmitted by specifying the order content including;
(B) third storage means for storing the seller exchange order received by the third receiving means in the exchange product database;
(C) a second disclosing means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose second exchange means disclosed the seller exchange order,
(1) that the one or more listed items are items that the customer wants to obtain;
(2) that the one or more bid products are desired products to be provided;
A fourth accepting means for accepting a bidder replacement order sent by the user terminal of the bidder who has confirmed and decided to participate in the bidding;
(E) fourth storage means for storing the bidder exchange order received by the fourth reception means in the exchange product database;
(F) second matching means for matching the seller exchange order stored by the third storage means with the bidder exchange order stored by the fourth storage means on the exchange product database as a matching target;
(G) An exchange transaction is established between the seller exchange order matched by the second matching means and the bidder exchange order, and the seller exchange order and the bidder exchange order are determined according to the content of the established exchange transaction. And a second updating means for updating each on the exchange product database,
A financial product exchange transaction server, further comprising:
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額レンジとを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙ及び入札者Ｚの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとし、
（４）入札者Ｚの出品商品Ａの希望入手価額をＺＡ、入札者Ｚの入札商品Ｂの希望提供価額をＺＢ、入札者Ｚの利用者端末が指定した交換差金の希望金額をＺＡ−ＺＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｚとし、
（５）前記ＹＡ−ＹＢ及び前記ＺＡ−ＺＢが、出品者Ｘの利用者端末が指定した交換差金の希望金額レンジにあるとする場合に、
出品者交換注文ｘと入札者交換注文ｙと入札者交換注文ｚとの間で、該ＹＡ−ＹＢ及び該ＺＡ−ＺＢのうち、どちらが出品者Ｘ寄りであるかを判別するマッチング手段と、
（ｇ）前記マッチング手段によって、該ＹＡ−ＹＢが該ＺＡ−ＺＢより出品者Ｘ寄りであると判別した場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する第１更新手段とを、
具備する金融商品等交換取引サーバ。 Of exchange transactions between financial products, exchange transactions between quasi-financial products, and exchange transactions between financial products and quasi-financial products executed by a plurality of user terminals of users including exhibitors and bidders, A financial product exchange transaction server for supporting any one or more exchange transactions, connected to an exchange product database storing data related to the exchange transaction and the plurality of user terminals;
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) a desired price range of the seller's exchange difference calculated from a desired offer price of the exhibited product and a desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more exhibition items of the seller X are the exhibition product A, one or more bid products of the bidder Y and the bidder Z are bid products B,
(2) The seller exchange order sent by the user terminal of seller X is the seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the tenderer's bid item B is YB, and the desired exchange amount specified by the user terminal of the bidder Y is YA-YB. , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order y,
(4) ZA-ZB is the desired amount of exchange margin specified by the user terminal of the bidder Z, ZA is the desired acquisition price of the exhibited product A of the bidder Z, ZB is the desired offer price of the bid product B of the bidder Z , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order z,
(5) In the case where the YA-YB and the ZA-ZB are within the desired amount range of the exchange difference designated by the user terminal of the seller X,
A matching means for discriminating which one of the YA-YB and the ZA-ZB is closer to the seller X among the seller exchange order x, the bidder exchange order y, and the bidder exchange order z;
(G) When the matching means determines that YA-YB is closer to the seller X than the ZA-ZB, an exchange transaction is established between the seller exchange order x and the bidder exchange order y. First update means for respectively updating the seller exchange order x and the bidder exchange order y on the exchange product database according to the contents of the exchange transaction established.
Exchange transaction server for financial products.
（ａ）該相対交換取引を希望する相対取引希望者の利用者端末が送信した前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を受け付ける第５受付手段と、
（ｂ）第５受付手段によって受け付けた該相対交換取引要求を、該相対交換取引要求において特定されている相対取引候補者の利用者端末へ送信する第１送信手段と、
（ｃ）該相対取引希望者の利用者端末と該相対取引候補者の利用者端末との間で前記相対交換取引が成立した場合に該相対取引希望者の利用者端末又は該相対取引候補者の利用者端末より通知された該相対交換取引の成立情報を受信する第１受信手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 12. The financial product exchange transaction server according to claim 1, wherein the exchange transaction is a relative exchange transaction.
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or the financial product and the quasi-finance transmitted by the user terminal of the relative transaction applicant who desires the relative exchange transaction Fifth accepting means for accepting a relative exchange transaction request with the product;
(B) first transmission means for transmitting the relative exchange transaction request received by the fifth accepting means to the user terminal of the relative transaction candidate specified in the relative exchange transaction request;
(C) When the relative exchange transaction is established between the user terminal of the relative transaction candidate and the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate or the relative transaction candidate First receiving means for receiving the establishment information of the relative exchange transaction notified from the user terminal of
A financial product exchange transaction server, further comprising:
（Ｉ）電子契約書の原型となる電子マスター契約書並びに、前記利用者及びシステム運営者の契約情報を格納する契約管理データベースと接続され、
（ＩＩ）該電子マスター契約書は、
（１）電子書式と、
（２）前記金融商品間の交換契約、前記準金融商品間の交換契約、又は前記金融商品と前記準金融商品との間の交換契約において一般的である一般項目及び一般条件が記述された入力データと、
（３）該交換契約において個別に異なる追加項目及び追加条件を入力し、該交換契約における複数の契約当事者の利用者端末が電子署名を付与するための空白領域とを備え、
前記交換取引が成立した一方の交換成立者を契約当事者Ａ、契約当事者Ａの契約相手を前記システム運営者、契約当事者Ａと該システム運営者との間の電子契約書を電子契約書Ａとし、契約当事者Ａの交換相手である他方の交換成立者を契約当事者Ｂ、契約当事者Ｂの契約相手を該システム運営者、契約当事者Ｂと該システム運営者との間の電子契約書を電子契約書Ｂとした場合、
（ａ）該交換取引における追加項目及び追加条件を、前記電子マスター契約書を原型とした電子契約書Ａの空白領域へ書き込む第１記録手段と、
（ｂ）該交換取引における追加項目及び追加条件を、前記電子マスター契約書を原型とした電子契約書Ｂの空白領域へ書き込む第２記録手段と、
（ｃ）第１記録手段によって前記追加項目及び前記追加条件が書き込まれた前記空白領域に該システム運営者の電子署名が付与された電子契約書Ａを、契約当事者Ａの利用者端末へ送信する第２送信手段と、
（ｄ）第２記録手段によって前記追加項目及び前記追加条件が書き込まれた前記空白領域に該システム運営者の電子署名が付与された電子契約書Ｂを、契約当事者Ｂの利用者端末へ送信する第３送信手段と、
（ｅ）第２送信手段によって送信された電子契約書Ａを受信した契約当事者Ａの利用者端末が、前記空白領域に電子署名を付与した後に返信した電子契約書Ａを受信する第２受信手段と、
（ｆ）第３送信手段によって送信された電子契約書Ｂを受信した契約当事者Ｂの利用者端末が、前記空白領域に電子署名を付与した後に返信した電子契約書Ｂを受信する第３受信手段と、
（ｇ）第２受信手段によって受信した電子契約書Ａを、前記契約管理データベースへ格納する第５記憶手段と、
（ｈ）第３受信手段によって受信した電子契約書Ｂを、前記契約管理データベースへ格納する第６記憶手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 A financial product exchange transaction server according to any one of claims 1 to 12,
(I) connected to an electronic master contract as a prototype of the electronic contract and a contract management database storing contract information of the user and the system operator;
(II) The electronic master contract is
(1) electronic format;
(2) Inputs describing general items and general conditions that are common in the exchange contract between the financial products, the exchange contract between the quasi-financial products, or the exchange contract between the financial product and the quasi-financial products Data and
(3) a blank area for individually inputting additional items and additional conditions in the exchange contract, and for user terminals of a plurality of contract parties in the exchange contract to give electronic signatures;
One exchange establishment party in which the exchange transaction has been established is contract party A, the contract partner of contract party A is the system operator, and the electronic contract between contract party A and the system operator is electronic contract A, The other party that is the exchange partner of the contract party A is the contract party B, the contract party of the contract party B is the system operator, and the electronic contract between the contract party B and the system operator is the electronic contract B If
(A) first recording means for writing additional items and additional conditions in the exchange transaction into a blank area of the electronic contract A based on the electronic master contract;
(B) a second recording means for writing additional items and additional conditions in the exchange transaction into a blank area of the electronic contract B using the electronic master contract as a prototype;
(C) The electronic contract A in which the electronic signature of the system operator is added to the blank area where the additional item and the additional condition are written by the first recording unit is transmitted to the user terminal of the contracting party A A second transmission means;
(D) The electronic contract B in which the electronic signature of the system operator is added to the blank area in which the additional item and the additional condition are written by the second recording unit is transmitted to the user terminal of the contracting party B Third transmission means;
(E) Second receiving means for receiving the electronic contract A sent back after the user terminal of the contracting party A who has received the electronic contract A transmitted by the second transmitting means assigns an electronic signature to the blank area. When,
(F) Third receiving means for receiving the electronic contract B returned by the user terminal of the contracting party B who has received the electronic contract B transmitted by the third transmitting means after giving an electronic signature to the blank area. When,
(G) fifth storage means for storing the electronic contract document A received by the second receiving means in the contract management database;
(H) sixth storage means for storing the electronic contract document B received by the third receiving means in the contract management database;
A financial product exchange transaction server, further comprising:
（Ｉ）電子契約書の原型となる電子マスター契約書及び前記利用者の契約情報を格納する契約管理データベースと接続され、
（ＩＩ）該電子マスター契約書は、
（１）電子書式と、
（２）前記金融商品間の交換契約、前記準金融商品間の交換契約、又は前記金融商品と前記準金融商品との間の交換契約において一般的である一般項目及び一般条件が記述された入力データと、
（３）該交換契約において個別に異なる追加項目及び追加条件を入力し、該交換契約における双方の契約当事者の利用者端末が電子署名を付与するための空白領域とを備え、
前記交換取引が成立した一方の交換成立者を契約当事者Ａ、契約当事者Ａの交換相手である他方の交換成立者を契約当事者Ｂとした場合、
（ａ）該交換取引における追加項目及び追加条件を、前記電子マスター契約書を原型とした、契約当事者Ａと契約当事者Ｂとの間の電子契約書の空白領域へ書き込む記録手段と、
（ｂ）前記記録手段によって該空白領域に該追加項目及び該追加条件が書き込まれた該電子契約書を、契約当事者Ａの利用者端末へ送信する第２送信手段と、
（ｃ）第２送信手段によって送信された該電子契約書を受信した契約当事者Ａの利用者端末が、前記空白領域に電子署名を付与した後に返信した該電子契約書を受信する第２受信手段と、
（ｄ）第２受信手段によって受信した該電子契約書を、契約当事者Ｂの利用者端末へ送信する第３送信手段と、
（ｅ）第３送信手段によって送信された該電子契約書を受信した契約当事者Ｂの利用者端末が、前記空白領域に電子署名を付与した後に返信した該電子契約書を受信する第３受信手段と、
（ｆ）第３受信手段によって受信した該電子契約書を、前記契約管理データベースへ格納する第５記憶手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 A financial product exchange transaction server according to any one of claims 1 to 12,
(I) connected to a contract management database that stores an electronic master contract as a prototype of the electronic contract and contract information of the user;
(II) The electronic master contract is
(1) electronic format;
(2) Inputs describing general items and general conditions that are common in the exchange contract between the financial products, the exchange contract between the quasi-financial products, or the exchange contract between the financial product and the quasi-financial products Data and
(3) A different area and an additional condition are individually input in the exchange contract, and user terminals of both contract parties in the exchange contract have a blank area for giving an electronic signature,
When one exchange establishment party in which the exchange transaction is established is contract party A, and the other exchange establishment party that is the exchange partner of contract party A is contract party B,
(A) a recording means for writing additional items and additional conditions in the exchange transaction in a blank area of the electronic contract between the contracting party A and the contracting party B based on the electronic master contract;
(B) second transmission means for transmitting the electronic contract written with the additional items and the additional conditions in the blank area to the user terminal of the contracting party A by the recording means;
(C) Second receiving means for receiving the electronic contract returned by the user terminal of the contracting party A who has received the electronic contract transmitted by the second transmitting means, after giving an electronic signature to the blank area. When,
(D) third transmitting means for transmitting the electronic contract received by the second receiving means to the user terminal of the contracting party B;
(E) Third receiving means for receiving the electronic contract returned by the user terminal of the contracting party B who has received the electronic contract transmitted by the third transmitting means after giving an electronic signature to the blank area. When,
(F) fifth storage means for storing the electronic contract received by the third receiving means in the contract management database;
A financial product exchange transaction server, further comprising:
（Ｉ）前記利用者及びシステム運営者の資金口座番号、資金口座残高を含む資金決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引におけるキャッシュフローの決済予定情報が格納されており、
（ａ）該キャッシュフローの決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該キャッシュフローの決済予定情報を、該キャッシュフローの支払人の利用者端末及び該キャッシュフローの受取人の利用者端末へ通知する通知手段と、
（ｃ）前記キャッシュフローの決済予定情報に基づいて、前記支払人の資金口座から前記システム運営者の資金口座への該キャッシュフローの移転及び、該システム運営者の資金口座から前記受取人の資金口座への該キャッシュフローの移転を実行し、少なくとも該支払人の資金口座番号の資金口座残高及び該受取人の資金口座番号の資金口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 A financial product exchange transaction server according to any one of claims 1 to 12,
(I) connected to a settlement management database for storing fund settlement information including fund account numbers and fund account balances of the user and system operator;
(II) Cash exchange settlement schedule information in the exchange transaction that has been established is stored in the exchange product database,
(A) a recognition means for reading settlement schedule information of the cash flow;
(B) notification means for notifying the payment schedule information of the cash flow read out by the recognition means to a user terminal of the payer of the cash flow and a user terminal of the recipient of the cash flow;
(C) Based on the cash flow settlement schedule information, the transfer of the cash flow from the payer's fund account to the system operator's fund account, and the recipient's fund from the system operator's fund account. A third update that executes the transfer of the cash flow to an account and updates at least the fund account balance of the payer's fund account number and the fund account balance of the payer's fund account number on the settlement management database, respectively; Means,
A financial product exchange transaction server, further comprising:
（Ｉ）前記利用者の資金口座番号、資金口座残高を含む資金決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引におけるキャッシュフローの決済予定情報が格納されており、
（ａ）該キャッシュフローの決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該キャッシュフローの決済予定情報を、該キャッシュフローの支払人の利用者端末及び該キャッシュフローの受取人の利用者端末へ通知する通知手段と、
（ｃ）前記キャッシュフローの決済予定情報に基づいて、前記支払人の資金口座から前記受取人の資金口座への該キャッシュフローの移転を実行し、該支払人の資金口座番号の資金口座残高及び該受取人の資金口座番号の資金口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 A financial product exchange transaction server according to any one of claims 1 to 12,
(I) connected to a payment management database that stores fund payment information including the fund account number of the user and the fund account balance;
(II) Cash exchange settlement schedule information in the exchange transaction that has been established is stored in the exchange product database,
(A) a recognition means for reading settlement schedule information of the cash flow;
(B) notification means for notifying the payment schedule information of the cash flow read out by the recognition means to a user terminal of the payer of the cash flow and a user terminal of the recipient of the cash flow;
(C) performing the transfer of the cash flow from the payer's fund account to the payee's fund account based on the cash flow settlement schedule information, the fund account balance of the payer's fund account number, and A third updating means for updating the fund account balance of the recipient's fund account number on the settlement management database, respectively.
A financial product exchange transaction server, further comprising:
（Ｉ）前記利用者及びシステム運営者の証券口座番号、証券口座残高を含む証券決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引の対象商品である有価証券の決済予定情報が格納されており、
（ａ）該有価証券の決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該有価証券の決済予定情報を、該有価証券の譲渡人の利用者端末及び該有価証券の譲受人の利用者端末へ通知する通知手段と、
（ｃ）前記有価証券の決済予定情報に基づいて、前記譲渡人の証券口座から前記システム運営者の証券口座への該有価証券の移転及び、該システム運営者の証券口座から前記譲受人の証券口座への該有価証券の移転を実行し、少なくとも該譲渡人の証券口座番号の証券口座残高及び該譲受人の証券口座番号の証券口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 A financial product exchange transaction server according to any one of claims 1 to 12,
(I) connected to a settlement management database that stores securities settlement information including the securities account numbers and securities account balances of the user and the system operator;
(II) The exchange product database stores settlement schedule information of securities that are the target products of the exchange transaction that has been established,
(A) recognition means for reading settlement schedule information of the securities;
(B) notification means for notifying the settlement schedule information of the securities read by the recognition means to a user terminal of the transferee of the securities and a user terminal of the transferee of the securities;
(C) Transfer of the securities from the transferor's securities account to the system operator's securities account based on the settlement schedule information of the securities, and the transferee's securities from the system operator's securities account. A third update for executing transfer of the securities to an account and updating at least the securities account balance of the transferor's securities account number and the securities account balance of the transferee's securities account number on the settlement management database, respectively. Means,
A financial product exchange transaction server, further comprising:
（Ｉ）前記利用者の証券口座番号、証券口座残高を含む証券決済情報を格納する決済管理データベースと接続され、
（ＩＩ）前記交換商品データベースに、成立した前記交換取引の対象商品である有価証券の決済予定情報が格納されており、
（ａ）該有価証券の決済予定情報を読み出す認識手段と、
（ｂ）前記認識手段によって読み出した該有価証券の決済予定情報を、該有価証券の譲渡人の利用者端末及び該有価証券の譲受人の利用者端末へ通知する通知手段と、
（ｃ）前記有価証券の決済予定情報に基づいて、前記譲渡人の証券口座から前記譲受人の証券口座への該有価証券の移転を実行し、該譲渡人の証券口座番号の証券口座残高及び該譲受人の証券口座番号の証券口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、
更に具備することを特徴とする金融商品等交換取引サーバ。 A financial product exchange transaction server according to any one of claims 1 to 12,
(I) connected to a settlement management database for storing securities settlement information including the user's securities account number and securities account balance;
(II) The exchange product database stores settlement schedule information of securities that are the target products of the exchange transaction that has been established,
(A) recognition means for reading settlement schedule information of the securities;
(B) notification means for notifying the settlement schedule information of the securities read by the recognition means to a user terminal of the transferee of the securities and a user terminal of the transferee of the securities;
(C) performing transfer of the securities from the transferor's securities account to the transferee's securities account based on the settlement schedule information of the securities, and the securities account balance of the transferor's securities account number; A third updating means for updating the securities account balance of the transferee's securities account number on the settlement management database;
A financial product exchange transaction server, further comprising:
（Ｉ）前記利用者の証券口座番号、証券口座残高を含む証券決済情報を格納する決済管理データベースと接続され、(I) connected to a settlement management database for storing securities settlement information including the user's securities account number and securities account balance;
（ＩＩ）前記交換商品データベースに、成立した前記交換取引の対象商品である有価証券の決済予定情報が格納されており、(II) The exchange product database stores settlement schedule information of securities that are the target products of the exchange transaction that has been established,
（１）該交換取引が成立した一方の交換成立者を交換当事者Ａとし、(1) One exchange establishment party in which the exchange transaction is established is designated as exchange party A,
（２）交換当事者Ａの交換相手である他方の交換成立者を交換当事者Ｂとし、(2) The other exchange establishment party that is the exchange partner of exchange party A is exchange party B,
（３）交換当事者Ａから交換当事者Ｂへ移転する有価証券を有価証券ｘとし、(3) The securities transferred from the exchange party A to the exchange party B are securities x,
（４）交換当事者Ｂから交換当事者Ａへ移転する有価証券を有価証券ｙとする場合、(4) When the securities transferred from the exchange party B to the exchange party A are securities y,
（ａ）有価証券ｘ及び有価証券ｙの決済予定情報を読み出す認識手段と、(A) recognition means for reading settlement schedule information of securities x and securities y;
（ｂ）前記認識手段によって読み出した該決済予定情報を、交換当事者Ａの利用者端末及び交換当事者Ｂの利用者端末へ通知する通知手段と、(B) notification means for notifying the settlement schedule information read out by the recognition means to the user terminal of the exchange party A and the user terminal of the exchange party B;
（ｃ）該決済予定情報に基づいて、交換当事者Ａの証券口座から交換当事者Ｂの証券口座への有価証券ｘの移転、及び交換当事者Ｂの証券口座から交換当事者Ａの証券口座への有価証券ｙの移転を実行し、交換当事者Ａの証券口座番号の証券口座残高及び交換当事者Ｂの証券口座番号の証券口座残高を、前記決済管理データベース上でそれぞれ更新する第３更新手段とを、(C) Based on the settlement schedule information, transfer of the securities x from the securities account of the exchange party A to the securities account of the exchange party B, and securities from the securities account of the exchange party B to the securities account of the exchange party A a third updating means for performing transfer of y and updating the securities account balance of the securities account number of the exchange party A and the securities account balance of the securities account number of the exchange party B on the settlement management database, respectively.
更に具備することを特徴とする金融商品等交換取引サーバ。A financial product exchange transaction server, further comprising:
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（３）該提供希望商品の希望提供価額及び該入手希望商品の希望入手価額より演算される、該利用者の交換差金の希望金額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶手段と、
（ｃ）前記記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの提供希望商品Ａの希望提供価額をＸＡ、利用者Ｘの入手希望商品Ｂの希望入手価額をＸＢ、利用者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの提供希望商品Ｃの希望提供価額をＹＣ、利用者Ｙの入手希望商品Ｄの希望入手価額をＹＤ、利用者Ｙの利用者端末が指定した交換差金の希望金額をＹＤ−ＹＣ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチング手段と、
（ｄ）前記マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させるための金融商品等交換取引プログラム。 Connect one or more computers, exchange product database, and multiple user terminals of multiple users to exchange transaction market between financial products, exchange transaction market between quasi-financial products, and financial products and quasi-financial products An exchange transaction market for a financial product, etc., in which one or more exchange transaction markets are created and a plurality of user terminals can establish an exchange transaction, The
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) one or more desired acquisition products of the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(3) a desired offer price of the desired product to be offered and a desired price of the user's exchange difference calculated from the desired get price of the desired product to be obtained;
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) storage means for storing a plurality of exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of replacement orders stored by the storage means on the replacement product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the product A desired to be provided by the user X is XA, the desired purchase price of the product B desired to be obtained by the user X is XB, and the desired exchange price designated by the user terminal of the user X is XA. -XB, the exchange order sent by the user terminal is the exchange order x,
(4) YC is the desired offer price of the product C desired to be provided by the user Y, YD is the desired obtainment price of the product Y desired to be obtained by the user Y, and YD is the desired exchange price designated by the user terminal of the user Y. -YC, when the exchange order sent by the user terminal is the exchange order y,
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y Matching means for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching means, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. As an update means to update each in
Exchange program for financial products to make it function.
（ａ）複数の該利用者端末が、
（１）前記金融商品又は前記準金融商品である、前記利用者の１つ以上の提供希望商品と、
（２）該利用者の該提供希望商品の希望提供価額と、
（３）該提供希望商品の交換対象となる他の金融商品又は他の準金融商品である、該利用者の１つ以上の入手希望商品と、
（４）該利用者の該入手希望商品の希望入手価額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶手段と、
（ｃ）前記記憶手段によって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの利用者端末が指定した、提供希望商品Ａの希望提供価額をＸＡ、入手希望商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの利用者端末が指定した、提供希望商品Ｃの希望提供価額をＹＣ、入手希望商品Ｄの希望入手価額をＹＤ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチング手段と、
（ｄ）前記マッチング手段の判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させるための金融商品等交換取引プログラム。 Connect one or more computers, exchange product database, and multiple user terminals of multiple users to exchange transaction market between financial products, exchange transaction market between quasi-financial products, and financial products and quasi-financial products An exchange transaction market for a financial product, etc., in which one or more exchange transaction markets are created and a plurality of user terminals can establish an exchange transaction, The
(A) A plurality of the user terminals are
(1) one or more products desired to be provided by the user, which are the financial product or the quasi-financial product;
(2) the desired offer price of the desired product for the user;
(3) one or more products desired to be acquired by the user, which are other financial products or other quasi-financial products to be exchanged for the desired products to be provided;
(4) a desired acquisition price of the user's desired acquisition product,
First accepting means for accepting an exchange order transmitted by specifying exchange information including;
(B) storage means for storing a plurality of exchange orders received by the first reception means in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of replacement orders stored by the storage means on the replacement product database as matching targets,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the offer desired product A designated by the user terminal of the user X is XA, the desired get price of the obtainable product B is XB, and the exchange order sent by the user terminal is the exchange order x. ,
(4) The desired offer price of the offer desired product C designated by the user terminal of the user Y is YC, the desired get price of the obtainment desired product D is YD, and the exchange order transmitted by the user terminal is the exchange order y. If you do
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y Matching means for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching means, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. As an update means to update each in
Exchange program for financial products to make it function.
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの出品商品Ａの希望提供価額をＸＡ、出品者Ｘの入札商品Ｂの希望入手価額をＸＢ、出品者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチング手段と、
（ｇ）前記マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させるための金融商品等交換取引プログラム。 Connecting one or more computers, exchange product database, and multiple user terminals of users including exhibitors and bidders, exchange transaction market between financial products, exchange transaction market between quasi-financial products, and An exchange transaction program for financial products and the like in which one or more exchange transaction markets are established among exchange transaction markets between financial products and quasi-financial products, and a plurality of user terminals can establish exchange transactions. And the computer
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) The desired amount of the exchange difference of the seller calculated from the desired offer price of the exhibited product and the desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) XA is the desired offer price of the seller A's product A, XB is the desired acquisition price of the seller B's bid product B, and XA-XB is the desired exchange difference specified by the user terminal of the seller X , The seller exchange order transmitted by the user terminal is set as a seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the bidder Y's bid item B is YB, and the desired exchange rate specified by the user terminal of the bidder Y is YA-YB. , When the bidder exchange order sent by the user terminal is the bidder exchange order y,
A matching means for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching means, and the seller exchange order x and the bidder exchange order according to the contents of the established exchange transaction. As an updating means for updating y on the exchange product database,
Exchange program for financial products to make it function.
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品者の該出品商品の希望提供価額と、
（３）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（４）該出品者の該入札商品の希望入手価額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とを、
含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が指定した、出品商品Ａの希望提供価額をＸＡ、入札商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの利用者端末が指定した、出品商品Ａの希望入手価額をＹＡ、入札商品Ｂの希望提供価額をＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチング手段と、
（ｇ）前記マッチング手段の判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させるための金融商品等交換取引プログラム。 Connecting one or more computers, exchange product database, and multiple user terminals of users including exhibitors and bidders, exchange transaction market between financial products, exchange transaction market between quasi-financial products, and An exchange transaction program for financial products and the like in which one or more exchange transaction markets are established among exchange transaction markets between financial products and quasi-financial products, and a plurality of user terminals can establish exchange transactions. And the computer
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) the desired offer price of the seller's listed product;
(3) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(4) The desired acquisition price of the seller's bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) The desired offer price of the bid product of the bidder,
A second accepting means for accepting a bidder exchange order transmitted by specifying the order content to be included;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) The desired offer price of the exhibition product A specified by the user terminal of the seller X is XA, the desired acquisition price of the bid product B is XB, and the seller exchange order sent by the user terminal is the seller exchange order. x,
(3) The bidder exchange order is the bidder exchange order sent by the user terminal, designated by the user terminal of the bidder Y, as the desired acquisition price of the exhibition product A as YA, the desired offer price of the bid product B as YB. y
A matching means for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching means, and the seller exchange order x and the bidder exchange order according to the contents of the established exchange transaction. As an updating means for updating y on the exchange product database,
Exchange program for financial products to make it function.
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）前記金融商品又は前記準金融商品である、該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる他の金融商品又は他の準金融商品である、１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額レンジとを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付手段と、
（ｂ）第１受付手段によって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶手段と、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示手段と、
（ｄ）前記開示手段によって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付手段と、
（ｅ）第２受付手段によって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶手段と、
（ｆ）第１記憶手段によって格納した前記出品者交換注文と第２記憶手段によって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙ及び入札者Ｚの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとし、
（４）入札者Ｚの出品商品Ａの希望入手価額をＺＡ、入札者Ｚの入札商品Ｂの希望提供価額をＺＢ、入札者Ｚの利用者端末が指定した交換差金の希望金額をＺＡ−ＺＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｚとし、
（５）前記ＹＡ−ＹＢ及び前記ＺＡ−ＺＢが、出品者Ｘの利用者端末が指定した交換差金の希望金額レンジにあるとする場合に、
出品者交換注文ｘと入札者交換注文ｙと入札者交換注文ｚとの間で、該ＹＡ−ＹＢ及び該ＺＡ−ＺＢのうち、どちらが出品者Ｘ寄りであるかを判別するマッチング手段と、
（ｇ）前記マッチング手段によって、該ＹＡ−ＹＢが該ＺＡ−ＺＢより出品者Ｘ寄りであると判別した場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新手段として、
機能させるための金融商品等交換取引プログラム。 Connecting one or more computers, exchange product database, and multiple user terminals of users including exhibitors and bidders, exchange transaction market between financial products, exchange transaction market between quasi-financial products, and An exchange transaction program for financial products and the like in which one or more exchange transaction markets are established among exchange transaction markets between financial products and quasi-financial products, and a plurality of user terminals can establish exchange transactions. And the computer
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more exhibiting items of the exhibitor that is the financial product or the quasi-financial product;
(2) one or more bid products that are other financial products or other quasi-financial products to be exchanged for the listed products;
(3) a desired price range of the seller's exchange difference calculated from a desired offer price of the exhibited product and a desired acquisition price of the bid product,
First accepting means for accepting a seller exchange order transmitted by designating an order content including;
(B) first storage means for storing the seller exchange order received by the first receiving means in the exchange product database;
(C) Disclosure means for disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose exhibitor exchange order has been disclosed by the disclosure means, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
Second accepting means for accepting a bidder exchange order transmitted by designating the content of the order including the desired amount of the exchange difference of the bidder to be calculated;
(E) second storage means for storing the bidder replacement order received by the second receiving means in the exchange product database;
(F) Matching the seller exchange order stored by the first storage means and the bidder exchange order stored by the second storage means on the exchange product database as a matching target;
(1) One or more exhibition items of the seller X are the exhibition product A, one or more bid products of the bidder Y and the bidder Z are bid products B,
(2) The seller exchange order sent by the user terminal of seller X is the seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the tenderer's bid item B is YB, and the desired exchange amount specified by the user terminal of the bidder Y is YA-YB. , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order y,
(4) ZA-ZB is the desired amount of exchange margin specified by the user terminal of the bidder Z, ZA is the desired acquisition price of the exhibited product A of the bidder Z, ZB is the desired offer price of the bid product B of the bidder Z , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order z,
(5) In the case where the YA-YB and the ZA-ZB are within the desired amount range of the exchange difference designated by the user terminal of the seller X,
A matching means for discriminating which one of the YA-YB and the ZA-ZB is closer to the seller X among the seller exchange order x, the bidder exchange order y, and the bidder exchange order z;
(G) If it is determined by the matching means that YA-YB is closer to the seller X than the ZA-ZB, an exchange transaction is established between the seller exchange order x and the bidder exchange order y. As an updating means for updating the seller exchange order x and the bidder exchange order y on the exchange product database according to the contents of the established exchange transaction,
Exchange program for financial products to make it function.
（ａ）該相対交換取引を希望する相対取引希望者の利用者端末が送信した前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を受け付ける第３受付手段と、
（ｂ）第３受付手段によって受け付けた該相対交換取引要求を、該相対交換取引要求において特定されている相対取引候補者の利用者端末へ送信する送信手段と、
（ｃ）該相対取引希望者の利用者端末と該相対取引候補者の利用者端末との間で前記相対交換取引が成立した場合に該相対取引希望者の利用者端末又は該相対取引候補者の利用者端末より通知された該相対交換取引の成立情報を受信する受信手段として、
更に機能させることを特徴とする金融商品等交換取引プログラム。 40. The exchange program for financial products and the like according to any one of claims 35 to 39 , wherein the exchange transaction is a relative exchange transaction,
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or the financial product and the quasi-finance transmitted by the user terminal of the relative transaction applicant who desires the relative exchange transaction Third accepting means for accepting a relative exchange transaction request with the product;
(B) transmitting means for transmitting the relative exchange transaction request received by the third accepting means to the user terminal of the relative transaction candidate specified in the relative exchange transaction request;
(C) When the relative exchange transaction is established between the user terminal of the relative transaction candidate and the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate or the relative transaction candidate As a receiving means for receiving the establishment information of the relative exchange transaction notified from the user terminal of
An exchange transaction program for financial products characterized by further functioning.
（ａ）該相対取引希望者の交換相手となり得る相対取引候補者の利用者端末へ、前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を送信する送信手段と、
（ｂ）該相対取引候補者の利用者端末が、該相対取引希望者の利用者端末から前記送信手段によって送信された該相対交換取引要求を受信した後に該相対取引希望者の利用者端末へ返信した、該相対交換取引要求に対する受諾、拒否又は交渉の意思決定を受信する受信手段として、
機能させることを特徴とする金融商品等交換取引プログラム。 40. The exchange program for financial products and the like according to any one of claims 35 to 39 , wherein the exchange transaction is a relative exchange transaction, and a user terminal of a relative transaction applicant who desires the relative exchange transaction,
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or the financial product A transmission means for transmitting a request for a relative exchange transaction with a quasi-financial product;
(B) After the user terminal of the relative transaction candidate receives the relative exchange transaction request transmitted by the transmitting means from the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate As a reception means for receiving the decision to accept, reject or negotiate the returned relative exchange transaction request,
An exchange transaction program for financial products characterized by functioning.
（ａ）該相対取引希望者の利用者端末が送信した前記金融商品間の相対交換取引要求、前記準金融商品間の相対交換取引要求、又は前記金融商品と前記準金融商品との間の相対交換取引要求を受信する受信手段と、
（ｂ）前記受信手段によって受信した該相対交換取引要求に対し、受諾、拒否又は交渉の意思決定を該相対取引希望者の利用者端末へ返信する返信手段として、
機能させることを特徴とする金融商品等交換取引プログラム。 40. The financial product exchange transaction program according to any one of claims 35 to 39 , wherein the exchange transaction is a relative exchange transaction, and a relative transaction candidate that can be an exchange partner of a relative transaction applicant who desires the relative exchange transaction. The user terminal
(A) A relative exchange transaction request between the financial products, a relative exchange transaction request between the quasi-financial products, or a relative between the financial product and the quasi-financial product transmitted by the user terminal of the relative transaction applicant Receiving means for receiving the exchange transaction request;
(B) In response to the relative exchange transaction request received by the receiving means, as a reply means for returning a decision to accept, reject or negotiate to the user terminal of the relative transaction applicant,
An exchange transaction program for financial products characterized by functioning.
（ａ）複数の該利用者端末が、
（１）前記利用者の１つ以上の提供希望商品と、
（２）該提供希望商品の交換対象となる、該利用者の１つ以上の入手希望商品と、
（３）該提供希望商品の希望提供価額及び該入手希望商品の希望入手価額より演算される、該利用者の交換差金の希望金額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶ステップと、
（ｃ）前記記憶ステップによって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの提供希望商品Ａの希望提供価額をＸＡ、利用者Ｘの入手希望商品Ｂの希望入手価額をＸＢ、利用者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの提供希望商品Ｃの希望提供価額をＹＣ、利用者Ｙの入手希望商品Ｄの希望入手価額をＹＤ、利用者Ｙの利用者端末が指定した交換差金の希望金額をＹＤ−ＹＣ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチングステップと、
（ｄ）前記マッチングステップの判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有する商品交換支援方法。 An exchange product database for storing data relating to a product exchange transaction, and a computer product exchange support method connected to a plurality of user terminals of a plurality of users and supporting the exchange transaction executed by the plurality of user terminals There,
(A) multiple of the user terminal,
(1) one or more products desired to be provided by the user;
(2) one or more desired acquisition products of the user, which are subject to exchange of the desired product to be provided;
(3) a desired offer price of the desired product to be offered and a desired price of the user's exchange difference calculated from the desired get price of the desired product to be obtained;
A first accepting step for accepting an exchange order transmitted by specifying exchange information including;
(B) a storage step of storing the plurality of exchange orders received in the first reception step in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of exchange orders stored in the storage step as matching targets on the exchange product database,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the product A desired to be provided by the user X is XA, the desired purchase price of the product B desired to be obtained by the user X is XB, and the desired exchange price designated by the user terminal of the user X is XA. -XB, the exchange order sent by the user terminal is the exchange order x,
(4) YC is the desired offer price of the product C desired to be provided by the user Y, YD is the desired obtainment price of the product Y desired to be obtained by the user Y, and YD is the desired exchange price designated by the user terminal of the user Y. -YC, when the exchange order sent by the user terminal is the exchange order y,
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y A matching step for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching step, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. Update steps to update each with
Product exchange support method.
（ａ）複数の該利用者端末が、
（１）前記利用者の１つ以上の提供希望商品と、
（２）該利用者の該提供希望商品の希望提供価額と、
（３）該提供希望商品の交換対象となる、該利用者の１つ以上の入手希望商品と、
（４）該利用者の該入手希望商品の希望入手価額とを、
含む交換情報を指定して送信した交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた複数の該交換注文を、前記交換商品データベースに格納する記憶ステップと、
（ｃ）前記記憶ステップによって格納した複数の該交換注文における前記提供希望商品と前記入手希望商品とを、マッチングの対象として前記交換商品データベース上でそれぞれ突き合わせ、
（１）利用者Ｘの１つ以上の提供希望商品を提供希望商品Ａ、１つ以上の入手希望商品を入手希望商品Ｂとし、
（２）利用者Ｙの１つ以上の提供希望商品を提供希望商品Ｃ、１つ以上の入手希望商品を入手希望商品Ｄとし、
（３）利用者Ｘの利用者端末が指定した、提供希望商品Ａの希望提供価額をＸＡ、入手希望商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した交換注文を交換注文ｘとし、
（４）利用者Ｙの利用者端末が指定した、提供希望商品Ｃの希望提供価額をＹＣ、入手希望商品Ｄの希望入手価額をＹＤ、該利用者端末が送信した交換注文を交換注文ｙとする場合、
提供希望商品Ａと入手希望商品Ｄとが一致し且つ、入手希望商品Ｂと提供希望商品Ｃとが一致するときに、交換注文ｘと交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＤ−ＹＣが成立するか否かを判別するマッチングステップと、
（ｄ）前記マッチングステップの判別結果に基づき交換注文ｘと交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い交換注文ｘと交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有する商品交換支援方法。 An exchange product database for storing data relating to a product exchange transaction, and a computer product exchange support method connected to a plurality of user terminals of a plurality of users and supporting the exchange transaction executed by the plurality of user terminals There,
(A) multiple of the user terminal,
(1) one or more products desired to be provided by the user;
(2) the desired offer price of the desired product for the user;
(3) one or more desired products for the user to be exchanged for the desired product,
(4) a desired acquisition price of the user's desired acquisition product,
A first accepting step for accepting an exchange order transmitted by specifying exchange information including;
(B) a storage step of storing the plurality of exchange orders received in the first reception step in the exchange product database;
(C) Matching the desired product to be provided and the desired product in the plurality of exchange orders stored in the storage step as matching targets on the exchange product database,
(1) One or more desired products for user X are provided products A, one or more desired products are designated as desired products B,
(2) One or more desired products to be provided by user Y are desired product C, and one or more desired products are designated as desired product D.
(3) The desired offer price of the offer desired product A designated by the user terminal of the user X is XA, the desired get price of the obtainable product B is XB, and the exchange order sent by the user terminal is the exchange order x. ,
(4) The desired offer price of the offer desired product C designated by the user terminal of the user Y is YC, the desired get price of the obtainment desired product D is YD, and the exchange order transmitted by the user terminal is the exchange order y. If you do
When the desired product A and the desired product D match and the desired product B and the desired product C match, the equation XA−XB = YD− between the replacement order x and the replacement order y A matching step for determining whether or not YC is satisfied;
(D) Based on the determination result of the matching step, an exchange transaction is established between the exchange order x and the exchange order y, and the exchange order x and the exchange order y are stored in the exchange product database according to the contents of the established exchange transaction. Update steps to update each with
Product exchange support method.
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶ステップと、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示ステップと、
（ｄ）前記開示ステップによって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付ステップと、
（ｅ）第２受付ステップによって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶ステップと、
（ｆ）第１記憶ステップによって格納した前記出品者交換注文と第２記憶ステップによって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの出品商品Ａの希望提供価額をＸＡ、出品者Ｘの入札商品Ｂの希望入手価額をＸＢ、出品者Ｘの利用者端末が指定した交換差金の希望金額をＸＡ−ＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチングステップと、
（ｇ）前記マッチングステップの判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有する商品交換支援方法。 Exchange product database for storing data related to product exchange transactions, and a computer connected to a plurality of user terminals of users including exhibitors and bidders and supporting the exchange transactions executed by the plurality of user terminals Product exchange support method,
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more items exhibited by the seller;
(2) one or more bid items to be exchanged for the listed items;
(3) The desired amount of the exchange difference of the seller calculated from the desired offer price of the exhibited product and the desired acquisition price of the bid product,
A first accepting step for accepting a seller exchange order transmitted by designating an order content including;
(B) a first storage step of storing the seller exchange order received in the first reception step in the exchange product database;
(C) a disclosure step of disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed in the disclosure step, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
A second accepting step for accepting a bidder exchange order transmitted by designating the order contents including the desired amount of the exchange difference of the bidder to be calculated;
(E) a second storage step of storing the bidder exchange order received in the second reception step in the exchange product database;
(F) matching the seller exchange order stored in the first storage step with the bidder exchange order stored in the second storage step on the exchange product database as a target for matching;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) XA is the desired offer price of the seller A's product A, XB is the desired acquisition price of the seller B's bid product B, and XA-XB is the desired exchange difference specified by the user terminal of the seller X , The seller exchange order transmitted by the user terminal is set as a seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the bidder Y's bid item B is YB, and the desired exchange rate specified by the user terminal of the bidder Y is YA-YB. , When the bidder exchange order sent by the user terminal is the bidder exchange order y,
A matching step for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching step, and the seller exchange order x and the bidder exchange order are determined according to the contents of the established exchange transaction. updating each of y on the exchange product database,
Product exchange support method.
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）該出品者の１つ以上の出品商品と、
（２）該出品者の該出品商品の希望提供価額と、
（３）該出品商品の交換対象となる１つ以上の入札商品と、
（４）該出品者の該入札商品の希望入手価額とを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶ステップと、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示ステップと、
（ｄ）前記開示ステップによって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とを、
含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付ステップと、
（ｅ）第２受付ステップによって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶ステップと、
（ｆ）第１記憶ステップによって格納した前記出品者交換注文と第２記憶ステップによって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が指定した、出品商品Ａの希望提供価額をＸＡ、入札商品Ｂの希望入手価額をＸＢ、該利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの利用者端末が指定した、出品商品Ａの希望入手価額をＹＡ、入札商品Ｂの希望提供価額をＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとする場合に、
出品者交換注文ｘと入札者交換注文ｙとの間で等式ＸＡ−ＸＢ＝ＹＡ−ＹＢが成立するか否かを判別するマッチングステップと、
（ｇ）前記マッチングステップの判別結果に基づき出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有する商品交換支援方法。 Exchange product database for storing data related to product exchange transactions, and a computer connected to a plurality of user terminals of users including exhibitors and bidders and supporting the exchange transactions executed by the plurality of user terminals Product exchange support method,
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more items exhibited by the seller;
(2) the desired offer price of the seller's listed product;
(3) one or more bid items to be exchanged for the listed items;
(4) The desired acquisition price of the seller's bid product,
A first accepting step for accepting a seller exchange order transmitted by designating an order content including;
(B) a first storage step of storing the seller exchange order received in the first reception step in the exchange product database;
(C) a disclosure step of disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed in the disclosure step, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) The desired offer price of the bid product of the bidder,
A second accepting step for accepting a bidder exchange order transmitted by specifying an order content including;
(E) a second storage step of storing the bidder exchange order received in the second reception step in the exchange product database;
(F) matching the seller exchange order stored in the first storage step with the bidder exchange order stored in the second storage step on the exchange product database as a target for matching;
(1) One or more items of seller X are listed products A, and one or more items of bidder Y are bid items B.
(2) The desired offer price of the exhibition product A specified by the user terminal of the seller X is XA, the desired acquisition price of the bid product B is XB, and the seller exchange order sent by the user terminal is the seller exchange order. x,
(3) The bidder exchange order is the bidder exchange order sent by the user terminal, designated by the user terminal of the bidder Y, as the desired acquisition price of the exhibition product A as YA, the desired offer price of the bid product B as YB. y
A matching step for determining whether the equation XA-XB = YA-YB holds between the seller exchange order x and the bidder exchange order y;
(G) An exchange transaction is established between the seller exchange order x and the bidder exchange order y based on the determination result of the matching step, and the seller exchange order x and the bidder exchange order are determined according to the contents of the established exchange transaction. updating each of y on the exchange product database,
Product exchange support method.
（ａ）該交換取引を希望する前記出品者の利用者端末が、
（１）該出品者の１つ以上の出品商品と、
（２）該出品商品の交換対象となる１つ以上の入札商品と、
（３）該出品商品の希望提供価額及び該入札商品の希望入手価額より演算される、該出品者の交換差金の希望金額レンジとを、
含む注文内容を指定して送信した出品者交換注文を受け付ける第１受付ステップと、
（ｂ）第１受付ステップによって受け付けた該出品者交換注文を、前記交換商品データベースに格納する第１記憶ステップと、
（ｃ）該出品者の交換相手となり得る特定又は不特定の前記利用者の利用者端末へ、該出品者交換注文を開示する開示ステップと、
（ｄ）前記開示ステップによって該出品者交換注文を開示された該利用者の利用者端末のうち、入札への参加を決意した入札者の利用者端末が、該出品者交換注文を対象に、
（１）該入札者の前記出品商品の希望入手価額と、
（２）該入札者の前記入札商品の希望提供価額とから、
演算される該入札者の交換差金の希望金額を含む注文内容を指定して送信した入札者交換注文を受け付ける第２受付ステップと、
（ｅ）第２受付ステップによって受け付けた該入札者交換注文を、前記交換商品データベースに格納する第２記憶ステップと、
（ｆ）第１記憶ステップによって格納した前記出品者交換注文と第２記憶ステップによって格納した前記入札者交換注文とを、マッチングの対象として前記交換商品データベース上で突き合わせ、
（１）出品者Ｘの１つ以上の出品商品を出品商品Ａ、入札者Ｙ及び入札者Ｚの１つ以上の入札商品を入札商品Ｂとし、
（２）出品者Ｘの利用者端末が送信した出品者交換注文を出品者交換注文ｘとし、
（３）入札者Ｙの出品商品Ａの希望入手価額をＹＡ、入札者Ｙの入札商品Ｂの希望提供価額をＹＢ、入札者Ｙの利用者端末が指定した交換差金の希望金額をＹＡ−ＹＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｙとし、
（４）入札者Ｚの出品商品Ａの希望入手価額をＺＡ、入札者Ｚの入札商品Ｂの希望提供価額をＺＢ、入札者Ｚの利用者端末が指定した交換差金の希望金額をＺＡ−ＺＢ、該利用者端末が送信した入札者交換注文を入札者交換注文ｚとし、
（５）前記ＹＡ−ＹＢ及び前記ＺＡ−ＺＢが、出品者Ｘの利用者端末が指定した交換差金の希望金額レンジにあるとする場合に、
出品者交換注文ｘと入札者交換注文ｙと入札者交換注文ｚとの間で、該ＹＡ−ＹＢ及び該ＺＡ−ＺＢのうち、どちらが出品者Ｘ寄りであるかを判別するマッチングステップと、
（ｇ）前記マッチングステップによって、該ＹＡ−ＹＢが該ＺＡ−ＺＢより出品者Ｘ寄りであると判別した場合に、出品者交換注文ｘと入札者交換注文ｙとの間で交換取引を成立させ、成立した該交換取引の内容に従い出品者交換注文ｘと入札者交換注文ｙとを前記交換商品データベース上でそれぞれ更新する更新ステップとを、
有する商品交換支援方法。 Exchange product database for storing data related to product exchange transactions, and a computer connected to a plurality of user terminals of users including exhibitors and bidders and supporting the exchange transactions executed by the plurality of user terminals Product exchange support method,
(A) a user terminal of the seller who wishes to exchange the transaction,
(1) one or more items exhibited by the seller;
(2) one or more bid items to be exchanged for the listed items;
(3) a desired price range of the seller's exchange difference calculated from a desired offer price of the exhibited product and a desired acquisition price of the bid product,
A first accepting step for accepting a seller exchange order transmitted by designating an order content including;
(B) a first storage step of storing the seller exchange order received in the first reception step in the exchange product database;
(C) a disclosure step of disclosing the seller exchange order to the user terminal of the specified or unspecified user who can be the exchange partner of the seller;
(D) Among the user terminals of the user whose seller exchange order has been disclosed in the disclosure step, the user terminal of the bidder who has decided to participate in bidding is subject to the seller exchange order.
(1) the bidder's desired purchase price of the listed product;
(2) From the desired offer price of the bid product of the bidder,
A second accepting step for accepting a bidder exchange order transmitted by designating the order contents including the desired amount of the exchange difference of the bidder to be calculated;
(E) a second storage step of storing the bidder exchange order received in the second reception step in the exchange product database;
(F) matching the seller exchange order stored in the first storage step with the bidder exchange order stored in the second storage step on the exchange product database as a target for matching;
(1) One or more exhibition items of the seller X are the exhibition product A, one or more bid products of the bidder Y and the bidder Z are bid products B,
(2) The seller exchange order sent by the user terminal of seller X is the seller exchange order x,
(3) The desired purchase price of the tenderer Y's exhibition item A is YA, the desired offer price of the tenderer's bid item B is YB, and the desired exchange amount specified by the user terminal of the bidder Y is YA-YB. , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order y,
(4) ZA-ZB is the desired amount of exchange margin specified by the user terminal of the bidder Z, ZA is the desired acquisition price of the exhibited product A of the bidder Z, ZB is the desired offer price of the bid product B of the bidder Z , The bidder exchange order sent by the user terminal is referred to as a bidder exchange order z,
(5) In the case where the YA-YB and the ZA-ZB are within the desired amount range of the exchange difference designated by the user terminal of the seller X,
A matching step for determining which one of the YA-YB and the ZA-ZB is closer to the seller X among the seller exchange order x, the bidder exchange order y, and the bidder exchange order z;
(G) When the matching step determines that the YA-YB is closer to the seller X than the ZA-ZB, an exchange transaction is established between the seller exchange order x and the bidder exchange order y. Updating the seller exchange order x and the bidder exchange order y on the exchange product database in accordance with the contents of the established exchange transaction,
Product exchange support method.
（ａ）該相対交換取引を希望する相対取引希望者の利用者端末が送信した前記商品間の相対交換取引要求を受け付ける第３受付ステップと、
（ｂ）第３受付ステップによって受け付けた該相対交換取引要求を、該相対交換取引要求において特定されている相対取引候補者の利用者端末へ送信する送信ステップと、
（ｃ）該相対取引希望者の利用者端末と該相対取引候補者の利用者端末との間で前記相対交換取引が成立した場合に該相対取引希望者の利用者端末又は該相対取引候補者の利用者端末より通知された該相対交換取引の成立情報を受信する受信ステップとを、
更に有することを特徴とする商品交換支援方法。 The product exchange support method according to any one of claims 45 to 49 , wherein the exchange transaction is a relative exchange transaction.
(A) a third accepting step for accepting a relative exchange transaction request between the products transmitted by a user terminal of a relative transaction applicant who desires the relative exchange transaction;
(B) a transmission step of transmitting the relative exchange transaction request received in the third reception step to the user terminal of the relative transaction candidate specified in the relative exchange transaction request;
(C) When the relative exchange transaction is established between the user terminal of the relative transaction candidate and the user terminal of the relative transaction candidate, the user terminal of the relative transaction candidate or the relative transaction candidate Receiving the establishment information of the relative exchange transaction notified from the user terminal of
A product exchange support method, further comprising:
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| JP2006034922A JP3996616B2 (en) | 2002-12-17 | 2006-02-13 | Product exchange transaction server, product exchange transaction program, and product exchange transaction support method |
Applications Claiming Priority (2)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| JP2002364717 | 2002-12-17 | ||
| JP2006034922A JP3996616B2 (en) | 2002-12-17 | 2006-02-13 | Product exchange transaction server, product exchange transaction program, and product exchange transaction support method |
Related Parent Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| JP2003417838A Division JP3872474B2 (en) | 2002-12-17 | 2003-12-16 | Deposit Debt Exchange Transaction Server |
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| Publication Number | Publication Date |
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| JP2006146960A JP2006146960A (en) | 2006-06-08 |
| JP2006146960A5 true JP2006146960A5 (en) | 2007-03-29 |
| JP3996616B2 JP3996616B2 (en) | 2007-10-24 |
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