JP2008059292A - Order transfer processing system between a plurality of electronic transaction systems - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide an order transfer processing system between electronic transaction systems, which can improve the fluidity of electronic transactions when private transaction systems are increased in the future, can execute valid price formation by reducing the separation of transaction prices among respective electronic transactions as much as possible, and can execute sufficiently sure insider's confirmation at a low cost. <P>SOLUTION: The automatic transfer processing system 1 is connected to a plurality of electronic transaction systems such as a PTS (private transaction system) and a system of an existing transaction office, automatically decides and prepares an order allowed to be transferred to a prescribed electronic transaction system and executes the automatic order and bargain management. Preferably, real-time price information data from respective electronic transaction systems are unitarily managed and an order is transferred to the electronic transaction system capable of processing the order under the most superior condition. When customer identification data are added to the order, whether the customer is an insider in customer transaction or not is checked prior to the transfer, and when the customer is an insider, error information is returned to the order sending source. <P>COPYRIGHT: (C)2008,JPO&INPIT

Description

  The present invention relates to an order forwarding processing system for virtually connecting a plurality of electronic trading systems such as a private trading system through an electronic network to form a virtual trading market with virtually liquidity, fairness and fairness. .

  In recent years, the enforcement of the Financial System Reform Act in Japan's financial market has led to deregulation such as the elimination of centralized operations at exchanges, and trading of securities through electronic information communication means without the intervention of conventional securities exchanges. Private trading systems (PTS) that are capable of conducting business have begun to appear.

Here, we will discuss the historical background in the US and Japanese financial markets related to PTS.
Historical Background in the US Financial Market In the United States, a financially advanced country, the New York Stock Exchange (NYSE) and the NASDAQ (National Association of Securities Dealers Automated Quotations) ) Is two major markets.
PTS began in the 1960s in the United States as an Instinet connecting institutional investors. In the US, institutional investors emerged in the 1960s, and large-scale trading of securities increased, while there was dissatisfaction with fixed fees (transaction costs) for NYSE. Therefore, Instinet was launched as a private trading system (PTS) that connects institutional investors in order to process large-scale transactions using a unique electronic processing system without going through NYSE.

  If NYSE stocks are traded on local stock exchanges or third markets, fixed fees can be reduced. As a result, institutional investors' large orders to NYSE flowed out around 1970, and in 1975, NYSE foreign market transactions became active, causing a “market splitting phenomenon”. As a result of active transactions at multiple exchanges during the same period, there was a problem that price formation became unfair and opaque. In order to deal with this problem, the National Market System (NMS) has been set up, CQS (Composite Quotation System) that collects and publishes market prices, and CTS (Integrated Tape that provides transaction information) The system: Consolidated Transaction Reporting System (ITS) and ITS (Intermarket Trading System), which forwards orders, have been established under the leadership of the Securities and Exchange Commission (SEC).

After that, PTS grew mainly in the over-the-counter market in the 1980s.
In the 1990s, NASDAQ transactions began to surge. However, NASDAQ only provided a quote from a market maker and did not have the ability to execute and pool orders. Therefore, in order to complement functions such as order execution that are not provided by NASDAQ, an Electronic Securities Network (ECN) such as Archipelago, which electronically executes trade execution and order management for the same market issue, has emerged.
From around this time, systems that perform securities trading electronically, such as PTS and ECN, have come to be called alternative trading systems (ATS). Each ATS has increased its share in over-the-counter transactions by offering competitive services such as immediate execution, advantageous transaction prices, transaction costs, etc. And it became huge by repeated acquisitions and mergers.

In 1996, the “Order Handling Rules” made ECN's best quotations available to NASDAQ, and at the same time, transactions with ECN with higher processing capabilities became more active as they became subject to “Best Execution Obligations”. It was.
Although ECN has a function similar to that of an exchange, there are no listing examinations and no self-regulations on ECN.

  In 1998, Regulation ATS was adopted, and registration was required in order to operate ATS in 1999. Then, it obliged to disclose information, set the volume standard, and if it exceeded, application as an exchange was required.

In 2000, the share of ATS trading in NASDAQ increased, and ATS changed from a relationship that complemented the order execution function not provided by NASDAQ to a competitor.
On the other hand, NASDAQ introduced an electronic order board (super montage) in 2002 as a countermeasure against ATS.

In 2004, many scandals of NYSE / NASDAQ occurred, losing the trust of investors in parallel with intensifying market competition.
Therefore, in order to restore investor's credit, NMS regulations for investor protection were established for securities transactions including NASDAQ. This required the execution of the order at the most favorable price and time so that it would be advantageous to investors.

On the other hand, the two major markets, NYSE and NASDAQ, adopted a major ATS as a countermeasure to NMS regulations and responded to the digitization. NYSE merged with Archipelago, which grew in the over-the-counter market, and NASDAQ acquired Instinet, which grew in large transactions.
In this way, with the NMS regulations, ATS and exchanges such as NYSE / NASDAQ changed from a competitive relationship to a cooperative relationship.

  Exchanges will be systemized and become more competitive by incorporating ATS. In the future, it will be necessary to deal with cost problems such as system investment and system, and expansion of product and transaction share. In June 2006, reorganization of European and American exchanges has become active, and recent exchanges tend to be larger and more globalized.

Historical Background in the Japanese Financial Market Currently, securities trading in Japan is concentrated on the Tokyo Stock Exchange (TSE).
Traditionally, securities trading in Japan has been subject to the obligation to concentrate on exchanges that require trading of listed securities on nine securities exchanges nationwide organized by non-profit members in accordance with the provisions of the Securities and Exchange Law. And only the market opened by each stock exchange was the only securities market, and the over-the-counter market was only given a role to supplement the stock exchange.

  Later, in the 1990s, the transition from standing trading on the stock exchange to trading system began. In 1998, with the aim of improving the convenience of investors by responding to international trends and competition between markets. The Financial System Reform Act (Financial Big Bang) was enacted, and at the same time as the obligation to concentrate on exchanges was abolished, off-exchange transactions were lifted and PTS operations were granted to securities companies. This changed the relationship between the stock exchange market and the over-the-counter market from a complementary relationship to a competitive relationship.

  In 1999, Mothers was established by the Tokyo Stock Exchange as a market for companies that are recognized as having high growth potential. In the latter half of the 1990s, online trading that corresponds to the digitization of securities transactions and the liberalization of fees has emerged. Furthermore, in 2000, with the background of the disparity between stock exchanges due to changes in the social and economic environment, the role and functions of local stock exchanges declined, and so on. There were a series of mergers between local stock exchanges, such as the merger of the OSE and the new certificate. At the same time, NASDAQ Japan was established in partnership with OSE. In addition, the TSE abolished the territory system and allowed local companies to be listed independently, and competition between exchanges intensified. Later, in 2001, the main exchange became a corporation and in 2002 NASDAQ Japan withdrew. In addition, as stock trading in the local market declined, the share of TSE in 2003 was close to 95%, and the tendency of the concentrated and single market became stronger. In 2004, JASDAQ (a market for emerging companies that was originally established in 1963 and was complementary to the stock exchange market) became a stock exchange in order to eliminate restrictions on the over-the-counter market in competition between markets. JASDAQ stocks were also subject to off-exchange transactions.

Under such circumstances, the PTS business was approved by a securities company in Japan, but the PTS business was considered disadvantageous in terms of competitiveness because of restrictions remaining in line with exchanges. For example, for investors, unique and opaque price formation by individual market makers with a large difference in information gathering ability, or crossing method (or customer interpretation of expansion interpretation) centered on the price of the exchange As a result, the price formation function as a market is not sufficient, and the order execution business for the customer is insufficient.
Therefore, as an improvement measure, in April 2005, the “auction and sale (auction) method” having a price forming function equivalent to that of the stock exchange was approved for the PTS business.

  PTS in Japan is expected to serve a complementary function with respect to its trading hours with TSE. In other words, PTS is expected to improve the service level in customer transactions by exerting its power in nighttime price formation, which is a trade time harm of TSE.

In the future, PTS is likely to grow and expand competitive products that take into consideration special services and costs that cannot be provided by stock exchanges. In addition, PTS has to take the form of a small start due to transaction volume regulation, but when the transaction volume is large, there is a possibility that it will be approved as an exchange and expand its business.
And it is predicted that order processing in future Japanese securities transactions will be further digitized and PTS will increase.

  As described above, the current PTS in Japan is an auction (auction and sale) system, as in the case of TSE, and liquidity is not formed by market makers or specialists described later, but only by market formation by order. ing.

The auction (auction and sale) method is a method in which customer orders are competing with each other and contracted when selling and buying intersect (equivalent). Fees will be collected separately in order to conclude and execute contracts based on customer sales conditions. In addition, there is no method called “Itayori” overseas, and it is a simple competition in units of individual orders of customers called “Zaraba”. In the case of Japan, from the viewpoint of fairness of price, if there are many orders, such as the first price (open price) and the last price (close price), the price of all the orders as a single transaction A search method is adopted. Basically, there are several types of price determination methods in the auction / buying method. And in the case of Japan, it is a method that combines the plate-shifting method and the Zaraba method.
The Itayose method is a method in which a large number of orders are put together, and a common price is determined (contracted) at a predetermined time by processing from a high priority order according to price priority.
The Zaraba method is a method in which the price determined by Itayose is used as a reference, and a corresponding item is contracted in units of orders by competition between selling and buying orders.

  By the way, the current PTS in Japan is generally small in the market and exists independently. For this reason, the number of orders is small, efficient contract processing cannot be performed, and there is little liquidity, such as price divergence easily occurring between orders of similar issues in each electronic trading system. Due to the cause problem, it is difficult to form a legitimate price required as a trading market. In the first place, the number of electronic transaction systems is very small, and the electronic transaction system itself does not function effectively.

Price formation by an auction (auction / buy) method adopted in PTS is performed by competition between selling and buying orders.
However, due to the lack of liquidity due to the small number of orders in the electronic trading system, price formation cannot be performed normally in each electronic trading system, and the order status and transactions between each electronic trading system cannot be achieved. There will be a price divergence.

  As a result, in the price formation function, which is the most important in the market, even if each electronic trading system has excellent functions, the price formation function cannot be fully demonstrated due to the lack of liquidity. .

  However, there is currently no means that can cope with the price formation problem caused by such liquidity.

FIG. 6 is a conceptual diagram of price formation for complete auction on the Tokyo Stock Exchange. FIG. 7 is a conceptual diagram showing price formation for future auctions in Japan.
As shown in FIG. 6, the Tokyo Stock Exchange has a sufficient amount of orders for large buy orders, large sell orders, small buy orders, and small sell orders, ensuring liquidity and fairness. Price formation takes place.

On the other hand, in future auctions in Japan, each securities company A and B will perform auctions in different electronic transaction systems a and b. In the example of FIG. 7, for the same brand A, the electronic trading system a has a large buying order for a small selling order, and the electronic trading system b has a small buying order for a large selling order. It shows a case.
In such a case, since there is not a sufficient number of orders in each of the electronic trading systems A and B, the contract constant decreases, and liquidity cannot be secured. As a result, there will be a divergence in price formation between each electronic trading system.

  In the case of a private transaction system in the United States or other countries, when placing an order, the most advantageous market is designated and placed. This is because the market such as NASDAQ has been developed not by an auction method but by a market make method, and is a network type in which market makers are connected.

The market making method is a method in which a securities company decides a brand that it is in charge of, and sells and buys the brand for sale at all times, so that customer orders can always be processed.
This price difference between selling and buying is called spread, and it is monetized as a commission. A securities company in charge of this method is called a market maker. The customer's ordering partner is a market maker. The customer is executed at the price offered by the market maker.

As a result, the market input system of each market maker is connected to the network, and the market market inputs from the terminal are integrated, and information such as the best market is displayed. The order is processed by an electronic transaction system such as PTS or ECN based on the quotation information.
In addition, in order to monetize the price fluctuation difference, self-intermediation in the form of arbitrage transactions, selling expensive items and buying cheaper items, is performed simultaneously for the price divergence in each market. Is called. However, arbitrage transactions are not for creating liquidity, and liquidity is ensured by market makers responsible for selling and buying the brands they are responsible for.

FIG. 8 is a conceptual diagram showing an example of a quotation / order processing by a NASDAQ market maker as a liquidity / price forming means in a conventional electronic trading system. FIG. 9 is a conceptual diagram of price formation in the New York Stock Exchange (NYSE) in the United States, where (a) shows price formation in small trading and (b) shows price formation in large trading.
In the example of FIG. 8, for a certain brand A, the market maker displays the sell and buy signs for each of the electronic trading systems A to E. NASDAQ integrates the signs of these electronic trading systems A to E, and displays information such as the best signs. In the example of FIG. 8, the best price is the quote price presented by the market maker of the electronic trading system D for selling, and the best price quoted by the market maker of the electronic trading system A is for buying.
Thus, in NASDAQ, the liquidity and price formation can be ensured by integrating and displaying the signs presented by the market makers of each electronic trading system.

  In addition, the price formation of the New York Stock Exchange (NYSE) in the United States is carried out by an auction method, and as shown in Fig. 9, the specialist in charge for each issue performs contract processing with its own account and creates liquidity by itself. Yes. For example, with regard to auctions for the same brand A, for small trading orders, it is posted to a specialist's book (a copy of limit orders, also called a board in Japan) via a small electronic trading system and automatically executed. Is done. For large trading orders, prices are formed by specialists through witnessed transactions by specialists.

However, in the US market making method, the contract time (response time) from each market maker varies, and there are parts that depend on human resources for judgment when a securities company places an order to the market maker who gives the best sign large. Moreover, in order to actually execute the best execution, the price, quantity, and time of the order are related, and even if the price is good, it may be disadvantageous depending on the quantity and processing time. For this reason, there is a problem with overall best execution processing.
Moreover, the individual electronic trading systems have performance differences in the quotation reports and are not managed in an integrated manner. For this reason, the quotation report is only a guide, and it cannot be clearly determined to which electronic transaction system the customer's order should be forwarded.

Further, in the current electronic transaction system, when an order is forwarded, the electronic transaction system is full only by forwarding it to one market.
Here, there may be a method of securing liquidity by connecting the markets or electronic trading systems to each other, but each market is competing with each other, so it is difficult to place their own orders outside. . And, as a method for improving liquidity, the current situation is that the electronic transaction systems are not connected but a method called merger.

  In addition, regarding the processing of insider orders that are illegal in terms of ordering both at home and abroad, there is a problem that it is difficult for each ordering source, especially securities companies other than large companies, to manage sufficient insider information data. ing.

  Personnel related to the company of the securities can hold internal information held by the company, which is clearly advantageous in terms of information on corporate investment compared to other persons (ordinary general investors). Those who hold such inside information are regulated because they cannot conduct transactions equivalent to those of ordinary general investors, including notifications related to transactions when buying and selling securities of related companies. . Therefore, even in a private transaction system, there is an obligation to manage human data related to the companies of stocks handled and to regulate transactions for orders from that person.

  As for insider (insider) confirmation in private transactions, the securities company confirms the order with the information reported by the customer at the time of placing the order, but the declaration itself is unreliable and has many corrections. For example, if you are a major securities company, you can purchase insider information from a data bank, and you can own a system that manages the purchased insider information. It is quite expensive and does not have a system to manage it. After all, due to this cost problem, the problem that the cost is too high for the start-up by a small and medium-sized securities company is not solved, and a simple start-up is difficult. As a result, the current situation is that there is not enough insider management.

  The present invention has been made in view of the above problems, and in the future when the number of private transaction systems increases, the liquidity of electronic transactions will be improved, and the divergence of transaction prices between electronic transactions will be minimized to make it legitimate. It is an object of the present invention to provide an order forwarding processing system between electronic transaction systems that can perform price formation and can perform sufficient insider verification at low cost.

  In order to achieve the above object, an order forwarding processing system between electronic transaction systems according to the present invention is connected to a plurality of electronic transaction systems such as a PTS (private transaction system) or an existing exchange system, and the predetermined electronic transaction It is characterized by automatically judging and creating orders that can be forwarded to the system, and performing automatic ordering and contract management.

  In the order forwarding processing system between electronic trading systems of the present invention, the real-time price information from each electronic trading system is centrally managed, and the order is forwarded to the electronic trading system capable of processing the order under the most advantageous conditions. It is preferable to do so.

  Further, in the order forwarding processing system between the electronic trading systems of the present invention, when customer identification data is added to the order, it is checked whether or not the customer is an insider in the customer transaction prior to forwarding. In some cases, it is preferable to return error information to the origin of the order.

  In the order forwarding processing system between electronic trading systems of the present invention, a function for adjusting orders between the electronic trading systems, a function for forwarding orders to an electronic trading system that can be processed under optimum order conditions, It is preferable to have a risk management function of adjustment and a function of checking whether or not an insider in customer transactions.

  Moreover, in the order forwarding processing system between electronic transaction systems of this invention, it is preferable to set the interface for forwarding an order between each said electronic trading system.

  According to the present invention, when the number of private transaction systems increases in the future, it is possible to improve the liquidity of electronic transactions, and to perform legitimate price formation by minimizing the difference in transaction prices between electronic transactions, Thus, an order forwarding processing system between electronic trading systems can be obtained which can perform sufficient insider verification at low cost.

  FIG. 1 is a conceptual diagram showing a connection mode for order forwarding between electronic transaction systems. (A) is a connection mode of each electronic transaction system in an order transfer processing system according to an embodiment of the present invention. ) Is a conceptual diagram showing a connection mode of each electronic trading system according to the comparative example of (a). FIG. 2 is an explanatory diagram showing functions provided in the order forwarding processing system according to the present embodiment. FIG. 3 is a conceptual diagram showing an example of automatic order generation for adjusting the deviation of the order status in the order forwarding processing system between the electronic transaction systems according to the present embodiment. FIG. 4 is an explanatory diagram showing an example of order forwarding to the optimal market in the order forwarding processing system between the electronic transaction systems according to the present embodiment in terms of the quantity and price of sales. FIG. 5 is a conceptual diagram showing another example of order forwarding to the optimum market in the order forwarding processing system between the electronic transaction systems according to the present embodiment.

  The order forwarding processing system 1 between the electronic trading systems of this embodiment is connected to electronic trading systems A to F such as PTS (private trading system) and existing exchanges as shown in FIG. Yes. In addition, in FIG. 1, although the example connected with six electronic transaction systems is shown for convenience, the number of the electronic transaction systems to connect is not limited.

  Further, as shown in FIG. 2, the order forwarding processing system 1 includes an order adjusting unit 1a that performs order adjustment between electronic trading systems, and an order forwarding unit that forwards orders to an electronic trading system that can be processed under optimum order conditions. 1b, an order adjustment risk management unit 1c that manages the risk of order adjustment, and an insider check unit 1d that checks whether or not the customer is an insider in customer transactions.

The order adjustment unit 1a is configured to centrally manage real-time price information sent from each of the electronic transaction systems A to F. An order that can be forwarded to a predetermined electronic transaction system is automatically determined and created, and automatic ordering can be performed.
The order forwarding unit 1b is an electronic device that can process an order under the optimum (most advantageous) condition among the electronic transaction systems A to F based on real-time price information from the electronic transaction systems A to F that are centrally managed. It is configured to determine a trading system and forward the order to the electronic trading system.
The order adjustment risk management unit 1c is configured to automatically manage the contracts from the respective electronic transaction systems A to F so as not to generate a risk due to the order adjustment.
When the customer identification data is added to the order, the insider check unit 1d checks whether or not the customer is an insider in the customer transaction before forwarding the order. It is configured to return error information to the sender.

  In addition, the order forwarding processing system 1 is provided with an interface for forwarding orders between the electronic transaction systems A to F, and is directly connected to each electronic transaction system to manage the quotation information and place orders. -The forwarding can be processed in real time.

In the order forwarding system 1 configured as described above, the best quotation information about the orders sent from the respective electronic trading systems A to F is received via the order adjusting unit 1a, and the correspondence between the orders in each electronic trading system is received. When the condition is satisfied, order data for adjusting the order is created, and automatic ordering is performed to both electronic transaction systems.
The ordering is performed for two or more electronic trading systems, the same or similar brands are compared, and the selling order and the buying order are judged as a high order and a low order.
Then, a selling order is created for an electronic trading system with an expensive order, and as many buying orders as an selling order are created for an electronic trading system with a cheap order.
Further, the order forwarding system 1 of the present embodiment automatically manages contracts from the electronic transaction system via the order adjustment risk management unit 1c, and automatically executes contracts so that no risk is caused by order adjustments. Perform management.
For example, even if one electronic trading system is executed and the other electronic trading system cannot be executed, the conditions for immediate counter-sales are set in advance, and price correction for orders that cannot be executed is made. Automatically execute or cancel, or cancel the order, forward the order to another electronic trading system that can execute the contract, and automatically hedge the automatically generated order.
The created order is handled as a self-transaction for automatic ordering. The order from the ordering party is performed as a consignment transaction.

  Assuming that the number of private trading systems in the Japanese trading market will increase in the future, in order to improve the liquidity of electronic trading systems and form legitimate prices, orders in each electronic trading system must be comprehensive. It is necessary to have a third-party forwarding system that monitors and manages the system and automatically adjusts orders within each electronic trading system.

According to the order forwarding processing system 1 of the present embodiment, the order status of each electronic transaction system A to F is managed via the order adjustment unit 1a, and the price formation between the electronic transaction systems A to F is different. In this case, it is possible to adjust the price deviation by the order forwarding processing system 1 placing an order. For this reason, the price divergence between the electronic trading systems A to F is reduced, and a highly fair market is formed.
That is, there is no price difference for the same brand among the electronic trading systems A to F, and the same price formation is performed in any market. Therefore, the customer has an advantageous condition in any electronic trading system. You can place orders and contracts, and the problem of customer protection will be improved.

For example, a common brand A can be traded in the electronic trading systems A to D, the order price in the electronic trading system C is cheaper than other electronic trading systems, and the order in the electronic trading system D Is assumed to be expensive compared to other electronic trading systems.
In the order forwarding system 1 of the present embodiment, real-time price information sent from each of the electronic transaction systems A to D is connected to each of the electronic transaction systems A to D and sent through the order adjustment unit 1a shown in FIG. , It can be recognized that the electronic trading system C is a market for buying and selling cheap and the electronic trading system D is a market for buying and selling expensive. Therefore, as shown in FIG. 3, the electronic trading system C, which is a cheap trading order, places a purchase order by itself, and the electronic trading system D, which is a expensive trading order, sells itself. Place an order.
By doing in this way, the liquidity of the order in each electronic transaction system AD is improved, and the price gap between each electronic transaction system AD is improved.

Further, according to the order forwarding processing system 1 of the present embodiment, orders from customers can be forwarded to the optimum market (electronic transaction system) via the order forwarding unit 1b shown in FIG.
For example, a case is assumed in which an order for buying and selling for the same brand A is in an order situation as shown in FIG. 4 in the two electronic trading systems A and B.
In the example of FIG. 4, in the electronic trading system A, the selling price is 178 yen, the buying price is 170 yen, and in the electronic trading system B, the selling price is 186 yen and the buying price is 181 yen. The situation is not established.
In such a case, in the order forwarding system 1 according to the present embodiment, the order adjustment unit 1a shown in FIG. 2 receives real-time price information sent from the electronic transaction systems A and B, that is, orders collected by selling and buying. Centralize management by consolidating boards.

In this way, if the selling orders of 178 yen and 180 yen in the electronic trading system A are forwarded to the electronic trading system B, they are matched with the buying order of 181 yen in the electronic trading system B, and 181 in the electronic trading system B. If a yen purchase order is forwarded to the electronic trading system A, it can be recognized that the electronic trading system A corresponds to a selling order of 178 yen and 180 yen.
In the case of the example of FIG. 4, in the electronic trading system A, for the selling orders of 178 yen and 180 yen, the electronic trading system B in which a buying order more than the price of those selling orders is ordered ( This is an electronic trading system that can trade orders under the most advantageous conditions, and in the electronic trading system B, for a buy order of 181 yen, an electronic order in which a sell order less than the price of those buy orders is placed. It can be recognized that the trading system A is an electronic trading system that can trade orders under optimal (most advantageous) conditions.

  Therefore, in the order forwarding system 1 of the present embodiment, the order forwarding unit 1b shown in FIG. 2 uses the electronic trading system A based on the price information of the electronic trading systems A and B that are centrally managed via the order adjustment unit 1a. The 178 yen and 180 yen selling orders from Yen are forwarded to the electronic trading system B for 181 yen. Alternatively, a purchase order of 181 yen from the electronic transaction system B is forwarded to the electronic transaction system A at 180 yen.

  The forwarding destination is not limited to one market (electronic trading system). For example, when there is a large quantity of orders, the order is forwarded to multiple electronic trading systems taking into account the total quantity. You may comprise so that it may perform. Further, the order forwarding processing system 1 of the present embodiment may be configured so that one order can be forwarded to a plurality of electronic transaction systems.

FIG. 5 shows an example in which the order forwarding system 1 of this embodiment forwards orders from one ordering source to a plurality of electronic transaction systems.
In the example of FIG. 5, the ordering source is the electronic transaction system D. The order forwarding system 1 is connected to each electronic transaction system A to D, and centrally manages real-time price information sent from each electronic transaction system A to D via the order adjustment unit 1a shown in FIG. By this, it can be recognized that the electronic trading system A is a market for cheap trading orders and the electronic trading systems B and C are markets for expensive trading orders. Therefore, the order forwarding system 1 according to the present embodiment, as shown in FIG. 5, via the order forwarding unit 1b shown in FIG. The purchase order from the electronic trading system D is forwarded, and the selling order from the electronic trading system D is forwarded to the electronic trading systems B and C that are expensive trading orders.

In addition, according to the order forwarding processing system 1 of the present embodiment, customer insider check management in orders from the electronic trading systems A to F of each securities company is also performed via the insider check unit 1d shown in FIG. It can be carried out.
Specifically, in the order forwarding system 1 of the present embodiment, the brokerage company that is the founder of each electronic trading system is asked to set customer information when placing an order, and based on the information, the insider shown in FIG. The check unit 1d automatically checks the insider information.
In this way, the insider check unit 1d of the order forwarding system 1 of the present embodiment can share the burden of insider check of the management responsibility of the securities company that opens the electronic transaction system as the ordering source. In addition, if only the provider of the forwarding system 1 of this embodiment purchases insider information from a data bank or the like, the securities company that establishes each electronic transaction system individually purchases insider information from the data bank or the like. Highly accurate and reliable insider management can be performed without doing so.
For this reason, small and medium-sized securities companies that open electronic trading systems A to F are freed from the burden of insider checking and can concentrate on sales. You can enjoy the benefits of significant cost savings.

Note that in the order forwarding system 1 of the present embodiment, the person identification data for the insider check is that the ordering party has personal identification information (for example, a combination of the date of birth in the year and the name of katakana or English letters). Or a number that can identify an individual) is added to and set in the order data and sent to the order forwarding system 1.
The order forwarding system 1 checks whether or not the personal identification information added to the order matches the insider information registered in advance through the insider check unit 1d shown in FIG. If so, return error information to the ordering party. In addition, when there is no problem for the customer, the order forwarding system 1 adds the order data indicating that there is no problem as an insider and designates the order again when the customer receives the error information. Forward to the optimal market (electronic trading system). Further, the order forwarding system 1 automatically records the processing of the order electronically.

  In the forwarding system 1 of the present embodiment, the ordering source is a securities company when the transaction target in the electronic trading system is a securities. In other cases, a company that can place an order with an electronic trading system is defined as an ordering source.

  Furthermore, according to the order forwarding system 1 of the present embodiment, each electronic transaction system A to F is connected to the order forwarding system 1 without being connected to each other. It can be secured.

In the order forwarding system 1 of the present embodiment, it is preferable to ensure this fluidity not only between the same products but also between similar products.
In addition, the order forwarding system 1 of the present embodiment is intended for ensuring liquidity and not for arbitrage transactions. Are configured to perform mutual ordering.

In the order forwarding system 1 of the present embodiment, the range in which orders can be forwarded / ordered is financial products in general securities, derivative products such as foreign exchange, futures, and other products having similar price formation.
Also, in this application, similar products are the same brand, but the products to be traded are the same, such as different delivery dates. It refers to all things with specific elements.

For example, an electronic trading system (here, referred to as A system) in which a deal is handled on the same day and an electronic trading system (here, referred to as B system) in which a deal is handled on the next day are operating at the same time. Suppose you were dealing.
If the day is an ex-rights date such as dividends, the stock price formation by right adjustment differs depending on whether the contract is executed on the same day or the next day. However, since the brands are the same, in the order forwarding system 1, the price difference between the A system and the B system is found by setting the stock price in consideration of the right correction, and the mutual price is taken into consideration. Be able to forward orders.

  Also, an electronic transaction system (here, C system) whose delivery date (the date on which cash and stock certificates are exchanged) is the fourth day from the execution date, and an electronic transaction system (here, D system) whose delivery date is that day ), The order forwarding system 1 automatically manages the execution by generating an order that reduces the price order difference of the mutual system in consideration of the delivery date difference.・ Be able to adjust.

Since each electronic transaction system is not a typical transaction but has a characteristic transaction, there are many similar transactions that are not the same.
However, in the order forwarding system 1 of the present embodiment, if the range where ordering / forwarding can be made as described above is a similar range, the liquidity can be found by connecting the characteristic electronic transaction systems, or Fluidity can be created automatically.

As a technique for ensuring liquidity without using the forwarding system of the present embodiment, a technique of connecting individual electronic trading systems with lines as shown in FIG.
However, many lines are required to connect the individual electronic transaction systems with lines. In addition, in order to obtain optimum information, the information of all other individual electronic trading systems must be checked and compared with each other, and the operation becomes very complicated.
In addition, for each individual electronic transaction system, confirmation of an insider is required, which increases the cost of insider management. In addition, there is a possibility that electronic trading systems that are not sufficiently managed by insiders may be mixed, and the fairness and reliability of transactions cannot be sufficiently obtained.

  The present invention is useful in the field of providing trading services in the future Japanese financial trading market where private exchanges are increasing.

It is a conceptual diagram showing a connection mode for performing order forwarding between electronic trading systems, (a) is a connection mode of each electronic trading system in the order forwarding processing system according to an embodiment of the present invention, (b) is ( It is a conceptual diagram which shows the connection aspect of each electronic transaction system concerning the comparative example of a). It is explanatory drawing which shows the function with which the order forwarding processing system concerning this embodiment is equipped. It is a conceptual diagram which shows an example of the automatic production | generation of the order for adjusting the deviation of the order state in the order forwarding processing system between the electronic transaction systems concerning this embodiment. It is explanatory drawing which shows an example of the order forwarding to the optimal market in the order forwarding processing system between the electronic transaction systems concerning this embodiment by the quantity and price of buying and selling. It is a conceptual diagram which shows the other example of the order forwarding to the optimal market in the order forwarding processing system between the electronic transaction systems concerning this embodiment. It is a conceptual diagram of the price formation of the complete auction on the Tokyo Stock Exchange. It is a conceptual diagram which shows price formation of future auction in Japan. It is a conceptual diagram which shows an example of the quotation and order processing by the NASDAQ market maker as a liquidity and price formation means in the conventional electronic transaction system. It is a conceptual diagram of price formation in the United States New York Stock Exchange (NYSE), (a) shows price formation in small trading and (b) shows price formation in large trading.

Explanation of symbols

DESCRIPTION OF SYMBOLS 1 Order forwarding system 1a Order adjustment part 1b Order forwarding part 1c Order adjustment risk management part 1d Insider check part

Claims (5)

Connect to multiple electronic trading systems, such as PTS (private trading system) and existing exchange systems, automatically determine and create orders that can be forwarded to the specified electronic trading system, and perform automatic ordering and contract management An order forwarding processing system between a plurality of electronic transaction systems, characterized in that it is performed. The real-time price information from each electronic trading system is centrally managed, and the order is forwarded to an electronic trading system capable of processing the order under the most advantageous conditions. Order forwarding processing system between electronic trading systems. When customer identification data is added to an order, check whether it is an insider in a customer transaction before forwarding, and if it is an insider, return error information to the origin of the order The order forwarding processing system between a plurality of electronic transaction systems according to claim 1 or 2, wherein the system is an order forwarding processing system. Whether to be an insider in customer transactions, a function to coordinate orders between the electronic trading systems, a function to forward orders to an electronic trading system that can be processed under optimal order conditions, a risk management function for order coordination, and The order forwarding processing system between a plurality of electronic transaction systems according to any one of claims 1 to 3, further comprising a function of checking The order forwarding processing system between a plurality of electronic trading systems according to any one of claims 1 to 4, wherein an interface for forwarding orders to each of the electronic trading systems is set.

Images