JP2008299579A - Commodity future trading method - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To eliminate or reduce the market hedge risk in a case such that a market price becomes below a determined price or is predicted to be below it during a contract period in future commodity trading. <P>SOLUTION: When a future commodity trading contract is concluded between a manager (seller) and a customer, the contract includes provisions saying that the customer side can conclude a trading contract of future commodity by a determined price at a specific point of time with the manager (seller) side by an IT terminal through an IT server provided on the manager (seller) side, the customer can cancel the determined price provision of the contract to the manager (seller) side within the contract period at any time through the IT terminal or other electric lines, and when the market price at the time of cancellation is below the determined price, the loss is born by the customer side. According to this, the risk by market slide in the future trading market is eliminated or reduced. <P>COPYRIGHT: (C)2009,JPO&INPIT

Description

  An object of the present invention is to enable stable procurement of raw materials and the like by avoiding or reducing a risk due to a decline in market conditions in customer purchases in commodity futures transactions, and avoiding an extreme increase in product cost.

  For example, futures such as non-ferrous metals traded on the London Metal Exchange (LME) or futures such as precious metals, petroleum products, grains, etc. This is a transaction form in which a contract for settlement of price and delivery of a specific product is performed at a certain point in time. In such commodity futures trading, unlike so-called spot market trading, in order to obtain more profits and reduce the risk of decline, it is necessary to accurately predict future price fluctuations and to act quickly. There is.

  From this point of view, a futures transaction support server (see JP 2002-312589 A) has been developed so far. In view of the fact that not only the information on the product price at that time but also the information about the process leading up to the price is important as a basis for judging the transaction in futures trading, a support server was set up. A data selection unit for selecting a required future price from a plurality of futures prices received from an exchange; a data storage unit for storing the selected future price as futures price data together with a time at which the price is determined; A data replenishment unit for creating a futures price data group by replenishing virtual data between two adjacent futures price data after arranging a plurality of futures price data stored in the data storage unit in time series; A real-time chart showing the price movement of commodity futures created based on data groups, that is, how the futures price changes in stages over time. It is obtained and an information presentation unit that presents to the user terminal through the click.

  Further, an automatic futures transaction system (see Japanese Patent Application Laid-Open No. 2003-16269) is also known. In order to avoid the risk of price fluctuations, futures trading may take the form of simultaneously placing two orders, a buy limit order and a buy limit order, on a single issue. It is necessary to prepare a deposit for the minutes.

  In addition, even if one of the contracts is executed and the other is no longer necessary, if this is left unattended, a new contract will be automatically established, so the customer will contact the customer or contact the customer. In order to alleviate this, there are two types of order information for the same brand, limit price and stop price. If one limit or stop order is established, the other order is automatically canceled, and the result is automatically distributed by e-mail.

In addition, for online trading of foreign exchange, stocks, futures, etc., it is easy for customers to check the transaction transition and current value of foreign exchange, stocks, futures, etc. in each trading market, order operations, order cancellation operations In order to simplify settlement operations and facilitate visual recognition of order results, the trader computer device and the customer terminal are connected by an electric communication line, and an arbitrary number of foreign exchange issues are connected to the customer terminal. Display price information group such as selling price, buying price, etc., based on the specified input of selling price and buying price by customer terminal, display chart showing transaction history of the relevant brand, trading slip on customer terminal, for customer input to trading slip Based on this information, the trader computer device communicates with the market computer. Related information so as to display the "online trading systems, online transaction system, online transaction program, and recording medium" is also known (see Japanese Patent Laid-Open No. 2006-260441).
JP 2002-312589 A JP 2003-16269 A JP 2006-260441 A

  However, in any of the inventions described in any of the above-mentioned patent documents, it is only possible to provide materials for judging buying or selling due to a decline in market conditions, and it is not possible to change the contract contents for those for which futures contracts are already established Absent.

  Therefore, in the present invention, the purchase price for the purpose of enabling the stable procurement of raw materials and the like in the future by avoiding or reducing the risk caused by the decline in the market conditions of customer purchases in commodity futures transactions and avoiding an extreme rise in product cost The price of the contract by granting the authority to cancel the initial price determined when the commodity market price declines or the market price is expected to decline. A flexible contract method that can pursue the reduction of the delivery cost of futures commodities even after the decision is made.

  Specifically, when the present invention is a futures commodity transaction contract between an administrator (seller) and a customer in advance when dealing with a commodity whose price is determined based on the market conditions formed in the commodity futures trading market, The contract allows the customer side to conclude a contract for the sale of futures products at the determined price at a specific point in time with the administrator (seller) side through the IT server provided on the manager (seller) side. Within the period, the customer can cancel the determined price clause of the above contract with the administrator (seller) at any time via IT terminal, telephone, FAX or other electric communication line, and the market price at the time of cancellation is determined as above The present invention relates to a commodity futures transaction method characterized by including a content clause in which a customer bears the difference when the price falls below the price.

  In addition, the present invention provides a futures commodity transaction contract between an administrator (seller) and a customer in advance when dealing with a commodity whose price is determined based on the market conditions formed in the commodity futures trading market. In addition to concluding sales contracts for futures products at the determined price, the customer can cancel the determined price clause of the above contract to the administrator (seller) side through the IT terminal or other electrical line at any time during the contract period, In addition, the present invention relates to a commodity futures trading method characterized in that it includes a content clause in which a customer bears the difference when the market price at the time of cancellation falls below the determined price.

  The present invention enables the cancellation of the contract price as a risk hedge against the cancellation of the contract price of the customer by using the price of a conventional future commodity that has been bought and sold as a risk hedge of the price fluctuation in the futures commodity transaction. When a futures commodity transaction contract is made in advance between the administrator (seller) and the customer as described above, the customer side receives the IT through the IT server provided on the administrator (seller) side. The terminal allows the administrator (seller) side to conclude a contract for the sale of futures products at a determined price at a specific point in time, and the customer decides on the determined price clause of the above contract with the administrator (seller) during the contract Can be canceled at any time via an IT terminal or other electrical line, and if the market price at the time of cancellation falls below the determined price, the customer will bear the difference. That content provision is included.

  In addition, when a futures commodity transaction contract is made between an administrator (seller) and a customer in advance, a futures commodity sales contract with a determined price at a specific point in time is concluded, and within the contract period, the customer ) If the determined price clause of the above contract can be canceled at any time through the IT terminal or other electrical line, and the market price at the time of cancellation falls below the determined price, the customer will bear the difference. Since it is a commodity futures transaction method characterized in that a content clause is included, the following effects are achieved. The following effects are achieved by the above.

  First, since the procurement price once determined can be repartitioned in the middle of the contract period, it is possible to procure at a price lower than the initial contract price when the market conditions fall. Secondly, if the budget is set at the initial contract price, procurement exceeding the budget can be avoided, and when the market is expected to decline, the price can be canceled to reduce procurement costs.

  Third, if the initial procurement price is canceled after the market price declines, the customer will be responsible for the difference, but if the decline continues, the procurement price should be reduced eventually. Is possible. Fourth, since this contract is a physical transaction, delivery of goods is guaranteed. In addition, if necessary, fifthly, it is possible to provide a market analysis graph for market judgment (bottom judgment) to assist in judgments to avoid a decline in market conditions after determining the procurement price at the beginning of the contract. it can.

  The specific contents of the present invention will be described below based on the illustrated embodiment. In FIG. 1, “producer” 2, “customer” 3, and “commodity futures market” 4 are connected to each other by an electrical communication line centered on “manager (seller)” 1 of commodity futures transactions. Yes. The “manager (seller)” 1 of the commodity futures transaction has an IT server for futures transactions, and the “customer” 3 is an IT terminal connected to the IT server for futures transactions of the “manager (seller)” 1 It has.

  The customer's intention to purchase is clearly defined between the manager (seller) 1 and the customer 3 in advance, and the product, product delivery date, quantity, and price system (price calculation based on market conditions formed in the product futures market) A basic contract for commodity futures contracts is established. In this case, the commodity is versatile, or such a contract is not necessarily required when procuring or producing the product with the expected date, quantity, etc., so in the present invention, the market conditions formed in the commodity futures market 4 Limited to contracts for futures products that are priced based on

  Also, in this case, the manager (seller) 1 places an order for a product that can meet the needs of the customer 3 with respect to the product, the delivery date of the product, the quantity, etc. with respect to the producer 2 or other distributors in advance. Alternatively, it is secured by producing itself, and a selling contract is made in the commodity futures market 4 at the reference price of the procurement price at that time. Further, in the above basic contract clause with the customer 3, a clause that the contract price from the customer 3 side can be canceled during the contract period is added in addition to the fee. The specific procedure for commodity futures trading is as follows.

[Method of determining price in initial contract]
Indication of price determination time from customer 3's terminal a. The contract reference price is determined by the market price at the designated time. The instruction of the price determination time from the terminal of the customer 3 is based on, for example, an instruction from the IT software that indicates the determination time. The manager (seller) 1 receives the offer for determining the product price as described above, and at the delivery date at the market price in the commodity futures market 4 or the market price at the specified time that is the limit price (or the stop price or the direction of the order). Make a purchase.

  At this time, the customer 3 is notified of the reference price contracted in the commodity futures market b. And determine the product delivery price. As long as there is no request for cancellation of the determined price described later from the customer 3 side, this determined price becomes the final delivery price.

[Purchase order for futures products]
Purchase order of physical goods to manager (seller) 1 by IT terminal of customer 3 c. And the manager (seller) 1 makes a buy order for the futures commodity market 4 d. Insert. Alternatively, the physical purchase order from the IT software instructing the determination time of the terminal of the customer 3 by the software built in the server of the manager (seller) 1 e. At the same time as receiving the order for the futures commodity market 4 automatically. F. Execute.

[Cancellation of contract price]
The reason for the cancellation of the contract price by the customer 3 is not questioned. However, the market price mainly for the futures products is expected to decline in the future, or after the market price of the futures product has temporarily increased, Application for cancellation of the determined price set in the basic contract, such as when the market conditions decline. G. In this case, the customer 3 uses the price formed in the commodity futures market 4 as the cancellation designated reference price, or decides the limit price (or stop limit, market direction) or the price. Shall be specified. The contracted decision price can be canceled unilaterally from the customer 3 side within the scope of the contract and at any time during the contract period.

[Future sales]
The determined price cancellation by the contract is the selling order of the manager (seller) side 1 based on the cancellation specified reference price of the customer 3 h. Is established when the commodity future market 4 is established. Specifically, the time at which the price or price formed in the commodity futures market 4 that has been set as a cancellation specified reference price to the manager (seller) 1 by the IT terminal of the customer 3 as the cancellation future reference price or price is determined. I. In addition, the manager (seller) 1 sells orders to the commodity futures market 4 j. Insert. In addition, the selling order k. In the commodity futures market 4 directly via the server of the manager (seller) 1 by the customer's 3 IT terminal. l. (In this case, the sales order in the name of the administrator based on the prior contract).

  At this time, the release price contracted in the commodity futures market 4 is notified to the customer 3 m. And confirm the cancellation of the product delivery price. In this case, if the market price at the delivery date in the commodity futures market 4 when the cancellation of the initially determined price is established is lower than the above initially determined price, the difference is determined based on the basic contract clause. The side bears.

[Application for Product Price Determination]
When the determined price is canceled, the customer 3 offers the manager (seller) 1 to determine the price of the product specified in the basic contract at a reasonable time to determine the delivery price of the product again. . do. In this case, the price formed in the commodity futures market 4 serving as a reference based on the price system agreed in advance is designated as the limit price (or stop price, market instruction) or the time for determining the price.

  After this, if there is no cancellation request from the customer 3 for the determined price, this price becomes the final product delivery price. In addition, when the customer 3 requests to cancel the determined price, the above-described procedure is repeated.

[Determination of final price]
When the standard price at the beginning of the contract is cancelled, the price of the product specified in the basic contract for the futures product as described above when the customer 3 determines that it is appropriate to determine the delivery price of the product again. Apply for decision to manager (seller) 1 o. In this case, according to the price system agreed in advance, the price formed in the reference commodity futures market 4 is designated as the limit price (or stop price, direction instruction) or the time at which the price is determined. After this, if there is no application for price cancellation, the market price at the specified time becomes the final delivery price.

[Product delivery]
After the final delivery price has been determined, delivery of the product at the due date and quantity according to the contract p. And settlement of the price for the goods according to the contract q. To do. At this time, the manager (seller) 1 settles the difference between the reference price contracted in the commodity future market 4 notified to the customer 3 side and the cancellation price. In other words, the manager (seller) 1 and the customer 3 side settle the difference between the purchase price of the future order 4 by the manager (seller) 1 and the established price of the sell order, in addition to the purchase and sale price of the physical goods. Will do.

  In order to make the content of the present invention easier to understand, an example of a transaction in the LME commodity futures market will be described with reference to a graph showing the transition of the futures market price shown in FIG. A customer who intended to avoid profit deterioration due to a future price increase after the price of a specific futures product starting at $ 2,400 / MT dropped before entering May. $ / MT) to determine the quantity and futures price for one year from May to April of the following year (customer buy order = manager (seller) buy at LME).

  After that, as the customer predicts, the market will turn upward, and in the process of rising prices, the contract price will be maintained at a lower level than the market. However, even if the market is reversed at about 2,500 $ / MT, and then the market situation is reversed against the customer's forecast and continues to decline, the market price reaches the initial contract decision price (2,350 $ / MT) (hatched line) In order to be competitive, the initial contract decision price (2,350 $ / MT) will be used until May and June 20.

  Contrary to forecasts, if the market continues to decline and the customer determines that an unexpected decline below the initial contract price will continue, as of B on June 20 (the market price is the initial contract price (2,350 $ / MT)) In the vicinity), the administrator (seller) is requested to cancel the initial contract price after July. In this case, the customer side presents the market price at the time of the application or the limit price (or stop price, instruction to go) separately performed as the release specified price.

  The manager (seller) makes a sale in the LME market at the cancellation designated price, and substantially cancels the purchase price at the time point A at the beginning of the contract. The full amount of the sales difference in the LME market of the manager (seller) generated at this time will be settled later as a burden on the customer side. In this case, the price of raw materials required for the time being will be determined in the middle of the decline in market conditions, and the price for July will be determined at the time of C (beginning of July / 2,300 $ / MT), and at the time of D ( The price for August is determined at the end of July / 2,250 $ / MT), and this is communicated to the manager (seller), and the manager (seller) buys in the LME market based on this. To implement.

  Furthermore, in the E stage (mid-August) when the customer judged that the market was bottoming out, with the intention to determine the price after September, this was communicated to the manager (seller) and the manager (seller) Based on this, a purchase in the LME market will be carried out. In this case, it is also possible to make a contract exceeding the initial contract period from September to August of the following year as necessary. In this case, the manager (seller) carries out buying in the LME market for the same period. In the present invention, only the determined price can be canceled from the customer side, and the cancellation of the quantity and other conditions is not covered.

  In the above-described embodiment, when a futures commodity transaction contract is made between an administrator (seller) and a customer, the customer enters into the contract for the futures commodity at a determined price at a specific time, and the customer is an administrator within the contract period. In the above contract, the IT server provided on the administrator (seller) side is used as a means of canceling the determined price clause of the above contract. It can also be done via email or other electrical communication lines.

The block diagram showing the transaction example of the commodity futures transaction method concerning the present invention. A graph showing an example of changes in futures market prices.

Explanation of symbols

1 manager (seller)
2 Producers 3 Customers 4 Commodity futures market

Claims (6)

  When a futures commodity trading contract is made in advance between an administrator (seller) and a customer when a commodity is priced based on the market conditions formed in the commodity futures trading market, the manager (sales The customer can conclude a sales contract for futures products at the price determined at a specific point in time with the administrator (seller) side via the IT server on the customer's side), and the customer When the determined price clause of the above contract can be canceled at any time via the IT terminal or other electrical line, and the market price at the time of cancellation falls below the determined price, the customer will be responsible for the difference. Commodity futures transaction method characterized by including content clauses to be borne.   Price determination at a specific point in the sales contract of futures products concluded with the administrator (seller) side, by specifying the time when the customer side specifies the liquid market price formed in the product futures market by IT terminal, The commodity futures transaction method according to claim 1, wherein the market price at a specified time is used as a determined price.   The sales contract for futures products based on the determined price at a specific point in time when the customer concludes with the manager (seller) side, the time of market price determination from the customer side to the manager (seller) side, and the manager (seller) 3. The commodity futures transaction method according to claim 1 or 2, wherein the commodity futures trading method is established by buying on the future commodity delivery date to the market from the side.   A claim where the determined price clause of a futures commodity transaction contract is canceled from time to time through an IT terminal or other electrical line when the market price of the futures commodity is expected to be lower or lower than the determined price. The commodity futures transaction method according to any one of 1 to 3.   The method in which the customer cancels the decision price clause with the IT terminal is to specify the market price at the specified time as the cancellation decision price by specifying the time to specify the fluid market price formed in the commodity futures market. However, the commodity futures transaction method according to any one of claims 1 to 4.   Futures based on the price determined at a specific point in time when a contract for futures products is made between the administrator (seller) and the customer in advance when dealing with products whose prices are determined based on market conditions established in the commodity futures market. In addition to signing a product sales contract, the customer can cancel the determined price clause from the above contract to the manager (seller) during the contract period as needed through an IT terminal, FAX, telephone or other electrical communication line. In addition, the commodity futures transaction method includes a content clause in which the customer bears the difference when the market price at the time of cancellation falls below the determined price.

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