JP2006221346A - Transaction support system, transaction support method, transaction support program and recording medium - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To absorb the difference in transaction rule between auction markets. <P>SOLUTION: In this auction market transaction support system 1 comprising a transaction support server 2 connected to a transaction server 8 of a financial product auction market through a communication line to perform ordering, board information including the transaction state of the market is acquired by a board information acquisition part through the communication line, and an optimum limit value is set based on the board information. After a virtual market order transmitted from a virtual market order terminal is accepted, the virtual market order is converted to the limit order based on the optimum limit value, and the transaction server 8 is made to execute the limit order. <P>COPYRIGHT: (C)2006,JPO&NCIPI

Description

  The present invention relates to a transaction support system for executing an auction transaction in a financial product auction transaction market such as securities, commodity futures, and foreign exchange.

  In the past, trading of stock certificates and the like has been performed manually at the stock certificate trading venue, but nowadays, most are executed by a computerized trading system. Accordingly, order reception, order attachment, execution completion notification, and the like are automated.

  Buying and selling of various financial products such as securities, futures, and exchanges is performed by competitive buying and selling methods. Competitive buying and selling means competition between bid prices and bid prices according to the principle of price priority and time priority, and the highest bid price and the highest bid price are matched in price. Sometimes it is a method to conclude a sales contract with that price as the contract price. This method is said to be the most reasonable method for processing a large number of trade orders concentrated in the market in a short time.

  The principle of price priority is the principle that the low bid price has priority over the high price bid price, and the high bid price has priority over the low price bid price. Therefore, for example, when there are bid prices of 100 yen, 101 yen, 102 yen, and 103 yen, the bid price of 100 yen has priority, and when there is a similar bid price, the bid price of 103 yen has priority. To do. In addition, as for the bid price, there are a bid price (a limit price) for which a price is specified, and a market price that you want to sell or buy as much as you want. If there is a market price, the market price has priority over the bid price. It will be.

  In addition, the principle of time priority is the principle that, for the same price, the price previously made takes precedence over the price made later depending on the time when the price was made. For example, for a bid price of 100 yen, trading participant A makes a bid of 100,000 shares and trading participant B makes a bid of 10,000 shares, but trading party A's bid is made first. In such a case, the bid price of trading participant B is not executed unless all the 100,000 shares of trading participant A have been executed.

  In the following, this trading order mechanism will be briefly described by taking a securities market as an example.

  Also in the securities market, there are limit orders and market orders as general ordering forms. Since each has a sell order and a buy order, there are at least four types of order forms: limit sell, limit buy, market sell, market buy. The limit price is a form in which a desired price (quotation price) for selling or buying is designated and placed. On the other hand, “marketing” refers to a form in which the selling price or buying price is not designated (designated as “marketing”) and the order is placed depending on market conditions. These orders are all described in an order slip (referred to as “plate”) of the transaction system, and the order status is grasped as needed based on the information on the plate.

  FIG. 13 shows an example of the state of the board information of a predetermined brand in the trading system. A broker means here a trader, who is a person who has placed an order on the trading market. In this brand, brokers A-F have placed limit sell (ASK) orders with bids of 32.00-31.80, while brokers H-Q have bids of 31.70-31.30. I place a limit buy (BID) order. Accordingly, since the selling and buying price ranges do not match, buying and selling is not established in this state. Here, if broker R places a limit buy order for 2000 shares with a 31.80 bid, it corresponds to the limit sell order for broker F, so a contract is made between broker R and broker F, and both are notified of the contract. Is automatically sent. In this way, based on the “price priority principle”, the cheapest selling price and the highest buying price are matched to establish a sale.

  The resulting plate state is shown in FIG. Since the selling order of broker F has been executed by the above procedure, the order has been deleted from the board information. Further, when broker S places a limit sell order of 5000 shares with a bid price of 31.70, this corresponds to the limit buy orders of brokers H, I, and J. However, since the total number of shares of brokers H, I, and J is 7000, the total number of the two does not match. Therefore, in accordance with the “time priority principle”, the orders are executed in order from the earliest order time. Therefore, 4000 shares of broker H ordered at 9:31 and 1000 shares of 2000 shares of broker I placed an order at 9:38 are matched with broker S to be executed. The remaining 1000 shares of Broker I and 1000 shares of Broker J will remain on the board.

The resulting plate state is shown in FIG. By the above procedure, it can be seen that all of the broker H buy orders and part of the broker I buy orders have been deleted. Furthermore, when broker T places a market order for 15000 shares, based on the principle of price priority, the trades for 15000 shares in total in the order of the highest limit, ie, brokers I, J, K, L, M. Will be established. If there are multiple brokers at the same price, the contract will be executed according to the principle of time priority. In this way, by automatically processing each limit and market order based on the board information, competitive buying and selling is efficiently executed.
JP 2002-183446 A

  However, the trading rules of the global financial auction market are not common to all exchanges, and there are markets that do not accept market orders, which is one of the two major trading forms. For example, at the Hong Kong Stock Exchange in China, it is not possible to place a market order during the trading session time (trading session) because only limit orders are allowed. Therefore, even investors who are accustomed to the domestic trading market, which is generally allowed to bid and market, cannot make market orders on the Hong Kong exchange, making it difficult to make investment decisions. In this way, investors who are investing in various exchanges in a global environment need to give different instructions to each market if the basic rules of each exchange are different. There was a problem that the decision-making becomes complicated.

  The present invention has been made in view of the above problems, and an object of the present invention is to provide an environment in which a market order can be virtually realized using a limit order for an auction transaction market.

  The above object is achieved by the following means.

  (1) A transaction support system for placing a transaction order by connecting a transaction support server to a transaction server in a financial product auction market via a communication line, and communicating board information including the transaction status of the market via a communication line A board information acquisition unit obtained via the board, an optimum limit setting unit for setting an optimum limit based on the board information, a virtual market order receiving unit for receiving a virtual market order transmitted from a virtual market order terminal, and the optimum A transaction support system comprising: a market limit conversion order processing unit that converts the virtual market order into a limit order based on a limit price and executes the limit order to the trading server.

  (2) The board information acquired by the board information acquisition unit includes a plurality of market selling order lists that place a sell order with respect to a financial product auction market, and a buy order with respect to a financial product auction market. The transaction support system according to (1), wherein a plurality of market purchase order lists are included.

  (3) The optimum limit setting unit sets the lowest price of the market selling order list included in the board information to the optimum bid price, and sets the highest price of the market buying order list to the optimum bid price. The transaction support system according to (1) or (2) above, characterized in that

  (4) When the market sell order list included in the board information is empty, the optimal limit price setting unit sets a value equal to or higher than the highest price in the market buy order list as the optimum bid price and is included in the board information. The transaction described in (1), (2) or (3) above, wherein when the market buy order list is empty, a value less than or equal to the lowest price in the market sell order list is set as the optimum bid price. Support system.

  (5) When the market sell order list included in the board information is empty, the optimum limit price setting unit sets a value obtained by adding a predetermined step value to the highest price in the market buy order list as the optimum bid price. In addition, when the market buy order list included in the board information is empty, a value obtained by subtracting a predetermined step value from the lowest price in the market sell order list is set as the optimum bid price. The transaction support system according to any one of (1) to (4) above.

  (6) The transaction support system according to (5), wherein the optimum limit setting unit uses a minimum step value defined in the financial product auction market as the predetermined step value.

  (7) The optimum limit setting unit has an empty market selling order list included in the board information and a highest price trader in the market buy order list included in the board information matches a trader of the virtual market order The highest bid price is set to the optimum bid price, and the lowest price trader in the market selling order list included in the board information is empty and the market buying order list included in the board information is The transaction support system according to any one of the above (1) to (6), wherein when it coincides with a trader of a virtual market order, the lowest price is set to the optimum bid price.

  (8) The optimum limit setting unit holds group information to which a plurality of traders belong, and the market selling order list included in the board information is empty and the market buying order list included in the board information When the highest price trader belongs to the same group as the trader of the virtual market order, the highest price is set to the optimum bid price, and the market buy order list included in the board information is empty and the When the lowest trader in the market sell order list included in the board information belongs to the same group as the trader of the virtual market order, the lowest trade price is set to the optimum sell price. The transaction support system according to any one of (1) to (7) above.

  (9) When the market limit order list included in the board information is empty and the maximum value in the market buy order list is obtained by converting another virtual market order, the optimal limit setting unit optimizes the maximum price When the market price order list included in the board information is empty and the lowest price in the market price order list is obtained by converting another virtual market order, the lowest price is set as the best bid price. The transaction support system according to any one of (1) to (8), wherein the transaction support system is set.

  (10) The optimal limit setting unit sets the optimal limit based on one of the current price, the opening price, and the closing price of the previous day when the market selling order list sentence and the market buying order list included in the board information are empty The transaction support system according to any one of (1) to (9), wherein the transaction support system is configured as described above.

  (11) In the case where the optimum limit price by the optimum limit setting unit fluctuates, the virtual market limit conversion order processing unit changes the order of the ordered virtual market order based on the optimum limit price. The transaction support system according to any one of (1) to (10).

  (12) a price limit processing unit that holds information regarding limit price limit, and if the optimal limit price by the optimal limit setting unit exceeds the limit price limit, the virtual market limit conversion order processing unit The financial disease auction market transaction support system according to any one of (1) to (11), wherein the ordering based on the optimal limit price is canceled.

  (13) When the optimum limit exceeds the limit price limit, the price limit processing unit transmits an approval request screen to the trader of the virtual market order and receives approval information from the trader. Further, the market limit conversion order processing section executes an order based on the optimum limit price, and the financial disease auction market transaction support system according to (12) above.

  (14) The financial auction auction market transaction support system according to (12) or (13), wherein the limit price limit held by the price limit processing unit is set in a plurality of stages.

  (15) The transaction support system according to any one of (1) to (14), wherein the financial product auction market is a Hong Kong stock exchange.

  (16) A transaction support method in which a transaction support server is connected to a transaction server in a financial product auction market via a communication line, and a transaction order is placed. Board information acquisition step obtained via the board, optimum limit setting step for setting an optimum limit price based on the board information, virtual market order receiving step for receiving a virtual market order transmitted from a virtual market order terminal, and the optimum A transaction support method comprising: a market limit conversion order processing step for converting the virtual market order into a limit order based on a limit price and executing a limit order on the trading server.

  (17) A transaction support program that is executed by a transaction support server that connects to a transaction server in a financial product auction market and supports the ordering of a transaction order, and includes board information including the transaction status of the market via a communication line. A board information acquisition step to be acquired; an optimum limit setting step for setting an optimum limit based on the board information; a virtual market order receiving step for receiving a virtual market order transmitted from a virtual market order terminal; and A transaction limit conversion order processing step for converting the virtual market order into a limit order and executing the limit order on the transaction server.

  (18) A computer-readable recording medium in which the financial product auction market transaction support program according to (17) is recorded.

  According to the present invention, differences in market transaction rules can be absorbed, and an excellent effect that efficient investment activities can be executed can be achieved.

  Embodiments of the present invention will be described below with reference to the accompanying drawings. In the present embodiment, as an example of an auction transaction, a case where the present invention is used for a stock exchange in which a market order is not permitted is shown.

  As shown in FIG. 1, a transaction support system 1 (hereinafter referred to as a support system) according to the present embodiment includes a support server 2 and a database (DB) server 4. The support system 1 is connected to a trader server 6 owned by a trader and a trade server 8 installed in a stock exchange. These connections may be via a public line network such as the Internet, or via a dedicated line network (including a virtual private line network). The trader server 6 is connected to a general PC 10 or a portable terminal 12 owned by an investor or the like, and so-called online trading is possible by a WEB browser or the like.

  The support server 2 in the support system 1 is managed by the operator of this system, and can receive and distribute information with other servers via TCP / IP communication. Similarly, the DB server 4 is managed by a system operator, stores and manages various data including middleware for database engines, etc., and exchanges information with the support server 2.

  The trader server 6 is managed by a securities trader (broker). The trader server 6 provides an online trading screen to the general PC 10 to receive a stock trade order, and the order is sent to the trading market ( Place an order with transaction server 8). Similarly, the transaction result (contract) can be distributed to the general PC 10 or the like. For example, as shown in FIG. 2, an online trading screen 20 displayed on the investor's terminal includes a stock code input field 21, a sell / buy selection button 22, an ordered stock number input field 23, a limit / marketing selection button 24, A limit price input field 25 and an order button 26 for transmitting the input information to the trader server 6 are provided. This screen allows the trader server 6 to accept orders from investors.

  The trading server 8 is a server that provides a trading interface (gateway approach) serviced by the stock exchange. Each trader builds a server (here, the support server 2) in accordance with the specifications of the trade interface, connects to the trade server 8, and places an order online or receives a contract. In the transaction server 8, the selling order and the buying order are matched based on the board information for each brand and automatically executed.

  FIG. 3 schematically shows the internal hardware configuration of the support server 2.

  The support server 2 includes a control unit 110, a storage unit 120, and a TCP / IP communication interface unit 130. These units are connected to each other via a bus 140 and can exchange signals. The control means 110 is a CPU, and controls the above means and performs various arithmetic processes according to a program. The storage unit 120 includes a ROM that stores a control program for controlling the basic operation of the support system 1, a RAM that temporarily stores programs and data as a work area, a disk-type recording medium that stores a large amount of data, and the like. . The TCP / IP communication interface means 130 is an external interface that is connected to a communication line via a LAN or the like and performs communication between other terminals. Note that the internal hardware configuration of the DB server 4 and other PCs is substantially the same, and is omitted here from the above description.

  FIG. 4 schematically shows each functional component realized by the support server 2 and the DB server 4.

  The support system 1 includes an optimum limit setting unit 200, a virtual market order receiving unit 202, a market limit conversion order processing unit 204, a contract reception processing unit 208, a board information acquisition unit 400, a price limit processing unit 402, and a history storage unit 404. I have. The board information acquisition unit 400, the price restriction processing unit 402, and the history storage unit 404 are realized mainly by the DB server 4 for the purpose of holding a large amount of information with high security, and other functional parts. Is realized by a program of the support server 2 or the like. Here, the support server 2 and the DB server 4 are realized by separate devices. However, the present invention is not limited thereto, and can be realized by a single server device. It may be realized using three or more devices.

  The board information acquisition unit 400 acquires board information including the market transaction status from the transaction server 8. As shown in FIG. 5, the board information 30 includes a plurality of market selling order lists 32 that are being sold to the market and a market buy order list 34 that is currently being purchased for the market. Yes. This board information 30 is prepared for each brand of product, and competitive selling is automatically established by associating these selling / buying orders. The board information 30 is related to the market selling order list 32 and the market buying order list 34, broker (trader) information 32A, 34A that has placed the order, order time information 32B that means the order time to the transaction server 8, 34B, stock number information 32C and 34C indicating the number of orders, and price information 32D and 34D indicating the price of the limit price are included. The acquired board information 30 is stored in the database of the DB server 4.

  The optimal limit setting unit 200 sets the optimal limit based on the board information 30. A method for setting the optimum limit price will be described later. The virtual market order receiving unit 202 receives the virtual market order transmitted from the online trading screen 20 in the general PC 10 via the trader server 6. The “virtual” market order is used here because there is no market order system in this stock exchange, so it is virtually accepted and the same processing as the actual market order is used, making full use of the limit order. Because it is something that is executed.

  The market limit conversion order processing unit 204 converts the virtual market order into a limit order based on the optimal limit price, and transmits the limit order to the trading server 8. As a result, this limit order is registered in the board information 30 in the transaction server 8 and automatically auctioned. Although explanation is omitted here, the normal limit order transmitted from the online trading screen 20 is also ordered as it is to the transaction server 8 via the market limit conversion order processing unit 204.

  The contract reception processing unit 208 receives the contract information from the transaction server 8 when the limit order that has been ordered is closed (contracted). The contract information is stored in the history storage unit 404 and transferred to the supplier server 6. Thereby, the investor can confirm the contract using the general PC 10. When a virtual market order is converted into a limit order and placed in the transaction server 8, the limit order execution information is converted into a virtual market order execution and transferred to the trader server 6. As a result, the investor can obtain a sense that he / she is making a market order substantially without being aware of virtual market and limit price conversion.

  The price restriction processing unit 402 performs price restriction when converting a virtual market order into a limit order and placing an order with the transaction server 8. Specifically, the price restriction processing unit 402 holds a price restriction table 40 as shown in FIG. In the price limit table 40, four numerical values of a purchase limit rate 42, a purchase final limit rate 44, a sell limit rate 46, and a sell final limit rate 48 are set for each brand using a ratio to a predetermined reference price. ing. In addition, this reference price usually uses the current price, and when the current price is not attached, the opening price or the previous day's closing price is used. For example, with the brand 1234, at a price exceeding 110% of the reference price (buying limit), it is impossible to place a buy limit order without obtaining the consent of the principal. If the price exceeds 200% of the reference price (final purchase limit rate), limit orders cannot be placed regardless of whether or not the approval is accepted. Similarly, if the price is below 90% of the base price (the limit on how to sell), it is not possible to place a sell limit order without obtaining approval, and 50% of the base price (the limit on the end of selling) If the price falls below the limit, it is prohibited to place a limit order regardless of whether or not it is approved. In the present embodiment, the price is limited only during the witness, and the pre-opening session (the boarding time zone before the start of the witness) is not limited. In this way, by providing the first limit price that can be canceled with the consent of the investor and the second limit price that cannot always be canceled, the investment decision-making process can be made flexible while giving investors flexibility. This makes it possible to increase safety. This price limit table 40 can be updated at any time by access from the supplier server 6.

  The history holding unit 404 stores the order history transmitted to the transaction server 8 and the contract history received from the transaction server 8. Based on this history, it is possible to distinguish whether a virtual market order has been converted into a limit order and placed on the trading server 8 or whether a limit order has been placed on the trading server 8 as it is. In addition, the approval status of the above price restriction is also recorded. Specifically, a history table 50 as shown in FIG. 7 is held. In this history table 50, the order acceptance history 52 received from the trader server 6, the order order history 54 for placing the accepted order with the transaction server 8, the order execution history (contract) history 55, the price restriction acceptance history 56, etc. Are stored for each order. The order acceptance history 52 includes a virtual market order, but the corresponding transaction order history is a limit order. This is because the virtual market order is converted into the limit order by the market limit conversion order processing unit 204. In the result history 55, “all results” indicating that the total number of shares has been executed and “partial results” indicating that only a part of the orders are executed are recorded. The approval history 56 is “not yet” indicating that the price limit has not been exceeded, “requesting” indicating that the approval is currently being requested by exceeding the price limit, and the approval has been completed. In this embodiment, broker information is included in the order reception history 52, and even when a plurality of brokers A and B share the support system 1. The order history can be distinguished.

  Next, with reference to FIG. 8 and FIG. 9, the setting method of the optimum bid price by the optimum bid price setting unit 200 will be described in detail.

  When setting the optimum bid price for converting a market buy order to a limit buy order, first, in step 500, it is determined whether or not the market selling order list 32 exists in the board information 30. If the market selling order list 32 exists, the process proceeds to step 502, and as shown in FIG. 9A, the lowest price (here, 8.70) of the market selling order list 32 is set to the optimum bid price 900. Set to. This is because if a purchase order is placed at this price as the limit price, the contract is immediately executed. On the other hand, if the market selling order list 32 is empty at step 500, that is, does not exist, the process proceeds to step 504 to determine whether or not the market buying order list 34 exists. If the market buy order list 34 exists, the process proceeds to step 506 to determine whether or not the highest order in the market buy order list 34 matches the broker of the current order. If the brokers match, the process proceeds to step 508, where the highest bid price 902 is set as shown in FIG. 9B. This is done so as not to compete for prices among multiple orders by the same broker. On the other hand, if the brokers do not match, the process proceeds to step 510, and a step value (1 spread, here 0.05) which is the minimum unit of the stock price range is set against the maximum value 8.50 of the market buy order list 34. The automatically added value (8.55) is set as the optimum bid price 904. Thereby, when a sell order is generated, it is possible to establish a sale with priority over other buy orders 34 existing in the board information 30 based on the principle of price priority.

  On the other hand, returning to step 504, if the market buy order list 34 does not exist (there is no order in the market), the process proceeds to step 512, and any of the current price, the open price, and the previous day's close price is set as the optimum bid price. To do. Here, the current value is given the highest priority, and when the current value does not exist, the opening price is set, and when the opening price does not exist, the previous day's closing price is set.

  Next, with reference to FIG. 10 and FIG. 11, the setting method of the optimal selling price by the optimal selling price setting unit 200 will be described in detail.

  In the case of setting an optimum ask price for converting a market order to a limit order, first, in step 600, it is determined whether or not the market buy order list 34 exists in the board information 30. If the market buy order list 34 exists, the process proceeds to step 602, and as shown in FIG. 11A, the highest price (here 8.50) of the market buy order list 34 is set to the optimum bid price 110. Set to. This is because if a selling order is placed at this price as the limit price, the contract is immediately executed. On the other hand, if the market purchase order list 34 is empty at step 600, that is, does not exist, the process proceeds to step 604, where it is determined whether or not the market sale order list 32 exists in the board information 30. If the market selling order list 32 exists, the process proceeds to step 606 to determine whether or not the lowest price order in the market selling order list 32 matches the broker of the current order. If the brokers match, the process proceeds to step 608, and the lowest price is set to the optimum ask price 112 as shown in FIG. This is to prevent the price from being lowered between multiple orders from the same broker. On the other hand, if the brokers do not match, the process proceeds to step 610, and the minimum value 8.70 in the market selling order list 32 is set to the smallest unit of this stock price range (1 spread, here 0.05). The automatically reduced value (8.65) is set as the optimum selling price 114. As a result, when a purchase order is generated, it is possible to establish a purchase with priority over the other sell orders 32 by the principle of price priority.

  On the other hand, returning to step 604, if the market selling order list 34 does not exist (there is no order in the market), the process proceeds to step 612, and any of the current price, the opening price, and the closing price on the previous day is set as the optimum selling price. To do. Here, the current value is given the highest priority, and if the current value does not exist, the opening price is set, and if the opening price does not exist, the previous day's closing price is set.

  As described above, the optimum limit setting unit 200 can automatically set the optimum bid limit when converting the virtual limit price based on the board information 30.

  Here, when the order of the lowest price / highest price included in the board information 30 is the same broker as the current order, the lowest price / highest price of the existing order is set to the optimum limit price. However, for example, in the case where a plurality of brokers are grouped to receive and place orders as one aggregate, the optimal limit may be set within the group. In that case, the optimal limit setting unit 200 holds the group information, and even if the individual brokers are different, if they belong to the same group, the optimal limit price is set by the same procedure as above. You can do it.

  Here, it is determined whether or not the lowest price / highest price order included in the board information 30 is the same broker, but in addition to this, the lowest price / highest price order itself makes a virtual market order. It may be determined whether or not it has been converted. This determination can be made by comparing the history table 50 and the board information 30 in the history storage unit 40. When the order of the highest price / lowest price on the board information 30 is obtained by converting a virtual market order into a limit order, the highest price / lowest price is set as the optimum trading limit price. In this way, it is possible to prevent price competition between virtual market orders, while giving priority to virtual market orders over normal limit prices. In this case, even between different brokers and different broker groups, by performing common processing from the viewpoint of virtual market, it is possible to prevent virtual market orders from competing for prices with each other. Of course, such processing may be performed only within the same broker (group). Furthermore, in addition to the match / mismatch of brokers, the match / mismatch of investors may be determined. By doing so, it is possible to secure an order environment that is particularly desirable for the individual (order environment in which the individual is prioritized over the broker). The above various determination conditions may be used selectively or in combination.

  Next, with reference to the flowchart of FIG. 12, the process in which the market limit conversion order processing unit 204 converts a virtual market order into a limit order and places an order with the transaction server 2 will be described in detail.

  First, in step 700, it is determined whether or not the converted limit order is complete. If all orders are complete, the order has already been completed, and the process proceeds to step 750 to end the processing relating to the order. When a part of the ordered number of shares is executed (if it is partially completed), the order of the remaining number of shares is continued to be executed. Similarly, when a virtual market order is received and converted into a limit order for the first time (that is, when the result is zero), the process similarly proceeds to step 702.

  In step 702, the optimum bid limit of the corresponding brand is acquired by the optimum bid limit setting unit 200. Thereafter, in step 704, based on the history table 50 or the like, the limit of the virtual market order (the limit order based on the past optimal trading limit) that has been ordered to the transaction server 8 in the past, and the latest optimum obtained in step 702 The trading limit is compared to determine whether or not they match. If they match, you can simply keep the order and return to the start. On the other hand, when they do not match or when placing an order for the first time (when there is no past order history), the process proceeds to step 706, and the optimum buying and selling obtained in step 702 based on the price restriction table 40 of the price restriction processing unit 402. It is determined whether the limit price does not exceed the selling / buying final limit rates 44, 48 (see FIGS. 6, 9, and 11). If it exceeds, the latest optimum trading limit cannot be used, so it ends in the past ordering state and waits for execution (step 750). If the final limit rates 44 and 48 are suddenly exceeded in the case of the first order, the order itself to the transaction server 8 is canceled.

  On the other hand, in step 706, if the optimum buy / sell limit does not exceed the selling / buying final limit rates 44, 48 in the price limit table 40, the process proceeds to step 708 and similarly, the selling / buying in the price limit table 40 / It is determined whether or not the purchase limit rates 42 and 46 are exceeded. If the selling / buying limit rate 42, 44 is exceeded, the process proceeds to step 710 to determine whether or not it has already been approved to exceed the limit rate 42, 46 based on the history table 50 (see FIG. 7). to decide. If the approval is not obtained, the process proceeds to step 712, where the approval history 56 of the history storage unit 404 is set to “requesting” and the process returns to the start. This makes it possible to ask the broker for consent. On the other hand, if it is already approved in step 710 that the limit rates 42 and 44 are exceeded (when the approval history 56 is “completed”), or if the optimum trading limit does not exceed the limit rates 42 and 44 in step 708. Proceeding to step 714, the limit order is changed based on the latest optimum trading limit. In the case of the first time, a limit order is placed. When this series of processing is complete, return to the start, obtain the latest optimal trading limit information again, change the order continuously, and always place orders at the optimal trading limit until it is complete To maintain. As a result, for the investor side, it is possible to virtually create a state in which a market order is being made with respect to the transaction server 2. Note that if the loop speed of the program in the flowchart of FIG. 12 is set faster, substantially real-time price setting is possible. On the other hand, by inserting a timer (standby) process, the update process may be performed at regular intervals, such as once every five minutes. This standby time may be set as appropriate according to the situation of the transaction server 8 (according to the degree of congestion in the market). It is also desirable to automatically change the waiting time according to the number of orders of the board information 30. For example, as the number of orders on the board information 30 increases, the waiting time is shortened to respond immediately to changes in the optimum trading limit. It is also possible to make it.

  According to the support system 1 of the present embodiment, it is possible to set an optimum limit price that obtains the same effect as the market using the board information including the limit order list. Therefore, a market order can be virtually executed even for a trading market that accepts only limit orders. In particular, for investors who are simultaneously investing in a plurality of auction trading markets, differences in market rules can be absorbed. As a result, investment activities become more efficient, and it becomes possible to secure a larger volume for the trading market.

  Further, according to the present support system 1, when setting the optimal limit price, it is determined whether or not the trader matches / disagrees with the limit order that is the highest price / lowest price of the board information, and whether or not it is a virtual market order. Efficient limit setting is achieved by making decisions and adjusting the minimum unit increment as necessary. Therefore, for investors and brokers, the introduction of the support system 1 enables highly effective investment activities.

  Furthermore, in this support system 1, the price limit processing unit 402 can prevent the virtual market order from being executed at an unexpected price. In particular, by providing two or more levels of restrictions, the restrictions can be lifted step by step with the consent of the investor, and the flexibility of restrictions can be ensured. Trading markets that accept only limit orders often do not have their own price limits (such as high stop / low stop). Therefore, the price restriction processing unit 402 functions effectively particularly in such a market.

  As described above, in this embodiment, when the market buy / sell order list is empty, the optimum limit price is set using the smallest unit increment value. However, the present invention is not limited to this, and this market buy / sell order list highest It is sufficient to set the optimal bid price above the value or below the lowest price. For example, the ticks may be set by investors or brokers themselves.

  Furthermore, although the present embodiment has been described with respect to a trading market that does not allow a market order, there may be cases where this virtual market order is more efficient for a market that accepts market orders. In such a case, a virtual market order and a normal market order by the support system may be selectively executed.

  Further, in the present embodiment, a case has been described in which the support server and the supplier server are configured separately, but the present invention is not limited thereto, and the support server and the supplier server may be integrated. Similarly, the support system of the present invention is not limited to the above-described embodiment, and various modifications can be made without departing from the scope of the present invention.

  The present invention can be used in auction markets such as commodity futures transactions, foreign exchange transactions, stock transactions, and bond transactions.

The conceptual diagram which shows the whole system structure containing the assistance system which concerns on embodiment of this invention Sample diagram showing the online trading screen of the support system Block diagram showing the internal configuration of the server of the support system Block diagram showing the functional configuration of the support system Data array diagram showing board information available from trading server Array diagram showing a price limit table held by the price limit processing unit of the support system An array diagram showing a history table held by the history storage unit of the support system Flow chart when the optimal limit setting unit of the support system sets the optimal bid limit Conceptual diagram showing optimal bid limit setting based on board information in the optimal limit price setting unit Flow chart when the optimal limit setting unit of the support system sets the optimal limit price The conceptual diagram which shows the optimal sell limit setting based on board information in the same optimal limit setting part The flowchart which shows the order procedure of the market limit conversion order processing part of this support system Conceptual diagram showing the contents of board information in an auction transaction Conceptual diagram showing changes in board information when executed in an auction transaction Conceptual diagram showing changes in board information when executed in an auction transaction

Explanation of symbols

DESCRIPTION OF SYMBOLS 1 Support system 2 Support server 4 DB server 6 Trader server 8 Transaction server 30 Board information 40 Price restriction table 50 History table 200 Optimal limit order setting part 202 Virtual market order receiving part 204 Market limit conversion order processing part 208 Contract reception process part 400 Board Information acquisition unit 402 Price limit processing unit 404 History storage unit

Claims (18)

A transaction support system for connecting a transaction support server to a transaction server in a financial product auction market via a communication line and placing a transaction order,
A board information acquisition unit that acquires board information including the transaction status of the market via a communication line;
An optimal limit setting unit for setting an optimal limit based on the board information;
A virtual market order receiving unit for receiving a virtual market order transmitted from the virtual market order terminal;
A market limit conversion order processing unit that converts the virtual market order into a limit order based on the optimal limit price and executes the limit order to the trading server;
A transaction support system comprising:   The board information acquired by the board information acquisition unit includes a plurality of market selling order lists that place a sell order with respect to a financial product auction market, and a plurality of places that place a buy order with respect to a financial product auction market The transaction support system according to claim 1, wherein a market buy order list is included.   The optimum limit setting unit is configured to set the lowest price of the market selling order list included in the board information to the optimum bid price, and to set the highest price of the market buying order list to the optimum bid price. The transaction support system according to claim 1 or 2.   When the market limit order list included in the board information is empty, the optimal limit price setting unit sets a value greater than or equal to the highest price in the market buy order list to the optimal limit price, and the market buy order included in the board information 4. The transaction support system according to claim 1, wherein when the list is empty, a value equal to or lower than the lowest price in the market sales order list is set as an optimal selling price.   When the market price order list included in the board information is empty, the optimum limit price setting unit sets a value obtained by adding a predetermined step value to the highest price of the market buy order list, and 2. When the market buy order list included in the board information is empty, a value obtained by subtracting a predetermined step value from the lowest price of the market sell order list is set as the optimum bid price. The transaction support system according to any one of 4 to 4.   6. The transaction support system according to claim 5, wherein the optimum limit setting unit uses a minimum step value defined in the financial product auction market as the predetermined step value. The optimum limit setting unit is
If the market sell order list included in the board information is empty and the highest trader in the market buy order list contained in the board information matches the trader of the virtual market order, the highest price is Set the best bid price,
If the market buy order list included in the board information is empty and the lowest trader in the market sell order list contained in the board information matches the trader of the virtual market order, the lowest price is The transaction support system according to any one of claims 1 to 6, characterized in that it is set to an optimum selling price. The optimal limit setting unit holds group information to which a plurality of traders belong,
When the market selling order list included in the board information is empty, and the highest trader in the market buy order list contained in the board information belongs to the same group as the trader of the virtual market order, the highest price Is set to the optimum bid price,
If the market buy order list included in the board information is empty and the lowest trader in the market sell order list contained in the board information belongs to the same group as the trader of the virtual market order, the lowest price The transaction support system according to any one of claims 1 to 7, characterized in that is set to the optimum bid price. The optimum limit setting unit is
When the market selling order list included in the board information is empty and the highest value of the market buying order list is obtained by converting other virtual market orders, the highest price is set to the optimum bid price;
When the market buy order list included in the board information is empty and the lowest price in the market sell order list is obtained by converting another virtual market order, the lowest price is set to the optimum sell price. The transaction support system according to any one of claims 1 to 8, wherein the transaction support system is characterized in that:   When the market sell order list sentence and the market buy order list included in the board information are empty, the optimum limit setting unit sets the optimum limit based on one of the current price, the opening price, and the previous day's closing price. The transaction support system according to any one of claims 1 to 9, wherein   The virtual market limit conversion order processing unit changes the order of the virtual market order that has been ordered based on the optimal limit when the optimal limit price by the optimal limit setting unit fluctuates. The transaction support system according to any one of 10. It has a price limit processing unit that holds information on limit price limits,
12. The virtual market limit conversion order processing unit stops an order based on the optimal limit price when the optimal limit price by the optimal limit price setting unit exceeds the limit price limit. The financial disease auction market transaction support system.   When the optimal limit exceeds the limit price limit, the price limit processing unit transmits an approval request screen to the trader of the virtual market order and receives approval information from the trader. 13. The financial auction auction market transaction support system according to claim 12, wherein the market limit conversion order processing unit executes an order based on the optimum limit price.   The financial price auction market transaction support system according to claim 12 or 13, wherein the limit price limit held by the price limit processing unit is set in a plurality of stages.   15. The transaction support system according to claim 1, wherein the financial product auction market is a Hong Kong stock exchange. A transaction support method for placing a transaction order by connecting a transaction support server to a transaction server in a financial product auction market via a communication line,
A board information acquisition step for acquiring board information including the transaction status of the market via a communication line;
An optimal limit setting step for setting an optimal limit based on the board information;
A virtual market order receiving step for receiving a virtual market order transmitted from the virtual market order terminal;
A market limit conversion order processing step of converting the virtual market order into a limit order based on the optimal limit price and executing the limit order on the trading server;
A transaction support method comprising: A transaction support program executed by a transaction support server that connects to a transaction server of a financial product auction market and supports ordering of a transaction order,
A board information acquisition step for acquiring board information including the transaction status of the market via a communication line;
An optimal limit setting step for setting an optimal limit based on the board information;
A virtual market order receiving step for receiving a virtual market order transmitted from the virtual market order terminal;
A market limit conversion order processing step of converting the virtual market order into a limit order based on the optimal limit price and executing the limit order on the trading server;
A transaction support program comprising:   A computer-readable recording medium on which the financial product auction market transaction support program according to claim 17 is recorded.

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