JP2009259255A - Electronic transaction system treating risk due to communication delay as commodity, device for implementing the system, program for implementing the system, and recording medium with the program recorded thereon - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a mechanism for reducing price fluctuation risk of a commodity due to communication delay between an exchange and transaction participators. <P>SOLUTION: Price fluctuation risk due to communication delay between the exchange and the transaction participators is treated as a temporal risk securities, an electronic transaction system for selling and buying the temporal risk securities is provided, and the acquisition and exercise of the commodity enables risk due to the communication delay to be exchanged. Thus, it is substantially possible to transmit order information faster than velocity of light, which is scientifically impossible. <P>COPYRIGHT: (C)2010,JPO&INPIT

Description

Detailed Description of the Invention

The present invention relates to a system that relays the disclosure of market information of an existing trading system via a network, and relays information on an ordering instruction from a user of the trading system via the network, and in particular, the system The present invention relates to an electronic transaction system in which a transmission delay caused by communication with the existing transaction system is commercialized and is a transaction object. The present invention also relates to an apparatus comprising such an electronic transaction system. Furthermore, the present invention relates to a program for executing such an electronic transaction system. Furthermore, the present invention relates to a computer-readable recording medium on which such a program is recorded.

With recent advances in information processing technology, attention has been paid to increasing the processing speed in securities transactions, financial derivative products transactions, foreign exchange transactions, product transactions, etc., and many efforts are being made. In particular, with respect to ordering on the stock exchange, many of the world's well-known stock exchanges are starting to move to the “collocation service” that accepts the ordering server for investors and trading participants on the premises (New York Securities). Exchanges, NASDAQ, Australian Stock Exchange, London Stock Exchange, Tokyo Stock Exchange (scheduled to start in May 2009), Osaka Stock Exchange, etc.).

By using the colocation service, investors and trading participants can communicate directly with the exchange system. That is, compared with the conventional indirect communication, it is extremely advantageous in receiving market information from the exchange and placing an order with the exchange.

On the other hand, as another example of the approach to speeding up, a trading form called “algorithm trading” in which everything from brand selection to buying and selling orders is automatically performed by the system is widely spread.

There are many types of algorithmic trading, from simple transactions performed by personal investors' own personal computers to complex transactions performed by large-scale institutional investors through self-trading. Usually, a turnover transaction is performed systematically, in which a brand to be traded is selected according to preset conditions, and trading of the brand is repeated based on the set conditions. The concept is to eliminate human judgment processes as much as possible for speeding up. For example, Japanese Patent Laid-Open No. 2004-228561 is a system in which stock prices are monitored systematically, and when a preset condition is satisfied, a corresponding ordering instruction is issued systematically.

In addition, some complex algorithmic transactions involve systematic execution of technical analysis such as stock price charts, moving averages, or MACD, and predictions are performed up to buying and selling.

In the above, “collocation service” and “algorithm transaction” have been described. However, high speed is achieved by combining these two, mainly for large-scale investors. In other words, the “collocation service” is used to install an ordering / ordering server inside the exchange, and the “algorithm transaction” is used to realize ultra-high speed transactions. At present, the time from when the ordering server issues an ordering instruction to when it is received by the exchange system has reached a level of several hundred microseconds.

However, riding on the above-described speeding up process means that a large-scale system investment is required. For general investors, except for some large-scale investors, the benefits of the above-mentioned speed-up are not only limited, but it also means that the information gap widens.

Moreover, even if the information about the installed exchange can be quickly obtained by using the “colocation service”, it takes time to obtain information other than the exchange concerned as in the past. This is shown in the following example. In other words, large-scale institutional investors who want to trade on the Tokyo Stock Exchange can use the colocation services and algorithmic trading to make immediate transactions that respond to the information on the exchange, but this is a major factor in price formation on the Tokyo Stock Exchange. It cannot respond immediately to influential US information. Conversely, US investors who want to trade on the Tokyo Stock Exchange can place purchase orders that respond immediately to US information, but they are extremely disadvantageous for short-term trading in response to price information on the Tokyo Stock Exchange ( The former large-scale institutional investor is expected to be able to place orders on the Tokyo Stock Exchange in the order of several hundred microseconds, but the latter American investor may be able to send ordering instructions to the Tokyo Stock Exchange at the speed of light. Tens of milliseconds).
JP 2004-5554 A

As described above, the current trading environment centered on exchanges of the base type is disadvantageous for small and medium-sized investors and individual investors who are unable to make large-scale system investments due to intensifying communication competition. I have to be. In addition, when placing an order from the country where the company is located to an overseas exchange, the information cannot be propagated beyond the speed of light, which inevitably results in a disadvantageous situation in obtaining the exchange market information and transmitting the ordering instruction information.

Considering the original significance of the market, buying and selling of products handled on exchanges requires an environment where people who have obtained information that affects the products accurately and promptly can be immediately implemented around the world. . In contrast to the immediacy required here, the factor of communication competition between exchanges and trading participants due to the limits of the system investment scale and the speed of light, which is not related to the significance of the market, is due to the speed of information communication. It can be said that the current situation has a negative impact.

FIG. 2 illustrates the communication delay described above. The market information transmitted from the existing transaction system (1) at time T takes time α and reaches the terminal device (2) possessed by the transaction at time T + α.

The trader who has received the market information immediately determines an order based on the information and transmits the order instruction information from the terminal device 2. Here, the transmission time of the ordering instruction information is T + α.

The ordering instruction information transmitted from the terminal device (2) propagates to the existing transaction system (1) over time β, and is received and accepted by the transaction system (1) at time T + α + β.

In the series of flows shown in FIG. 2, the trader determines an order based on the market information provided by the trading system (1) at time T, and the order is accepted at the existing exchange at time T + α + β. It is. This means that even if the time required for order determination by the trader is set to 0 as in this example, the price fluctuation risk during the time α + β must be incurred due to the transmission delay.

Of course, the communication competition itself is an effort to quickly obtain market information about the product from the exchange, and is not meaningless. The problem is that communication competition between exchanges and trading participants is brought about by constant use of communication technology and physical access to exchanges, that is, stylized efforts that do not depend on products. . The problem is the structure of the current trading system that does not distinguish between efforts that do not depend on such products and efforts to gain market advantage by searching for information that affects these products from around the world. I can say that.

An object of the present invention is to solve the above problems and commercialize values symbolized by communication competition between exchanges and trading participants to provide a mechanism for separating into new markets.

In order to solve the above problems, in the present invention, a subsystem that can communicate with an existing exchange system via a network is first disposed at a point physically separated from the existing exchange system, and the existing exchange system is arranged. Receive market information update information from the system. Then, the subsystem operates a function of publishing the received update information of the market information to the trading participants of the existing exchange system, and provides ordering instruction information from the trader to the exchange system. Activate the relay function.

If the above-mentioned trader uses the functions provided by such a subsystem, the time required for propagation of market information from the exchange system to the subsystem and the propagation of ordering instruction information from the subsystem to the base exchange are required. The time corresponding to the sum of time is a delay in information transmission experienced by a trader who occurs at least.

Therefore, in the present invention, a function for commercializing the delay as a price fluctuation risk and making it available for sale is given to the subsystem. Hereinafter, the risk product is referred to as a time risk security, and if the trader purchases and exercises the time risk security, the delay time can be reduced. Here, the reduced time is hereinafter referred to as exercise time. Specifically, when a trader exercises a time-risk security, the difference between profit and loss is calculated when the delay occurs as before and when the delay is reduced by the exercise time. It is returned to the trader and imposes opposite profits and losses on the issuer of the time risk securities.

Furthermore, in the present invention, in order to give liquidity to time risk securities, at least (1) designation of an exchange system as a final ordering party and (2) designation of a product to be ordered, (3) The transaction type related to the product to be ordered and (4) the period in which the owner can place an order can be arbitrarily designated and referred to. Then, in order to measure time risk securities, a unit of measurement for the product to be ordered and a unit of product of time are introduced. In other words, there are various units of measurement for commodities to be ordered. For example, when the ordering target is stock, time risk securities are traded in units of (number of shares / hour). In other words, when ordering only X (stock) on the exchange system, if you want to exercise time risk securities as exercise time Y (hour), quantity of C (A (Y) x B (X)) (number of shares / hour) (Note that, for a numerical value S in arbitrary units, the functions A (S), B (S), C (S) are the same units as S, and the monotonically increasing function for S. In addition, the inverse functions of these functions are A ′ (S), B ′ (S), and C ′ (S), respectively. It is determined).

By determining the unit of the time risk securities as described above, the time risk securities can be released from the constraints of fixing the exercise time and the quantity of products to be ordered.

And by purchasing and exercising time-risk securities according to the present invention, in order to speed up transactions, it is not only necessary for traders to make huge system investments and access to base exchanges as in the past. Trading from anywhere is possible at speeds exceeding the speed of light.

On the other hand, by executing the processing performed in the subsystem at the terminal of the trader, it becomes possible for the trader to reduce further transmission delay. That is, the transaction terminal is made to play the role of the subsystem as much as possible. Therefore, the market information of the exchange system is received by the trader's terminal itself and then disclosed to the trader, and the brokerage terminal itself performs the brokerage at the time of ordering to the exchange system. As a result, the communication delay between the trader's terminal and the subsystem, which cannot be reduced by the time risk securities, can be reduced to zero. It is the execution place of the processing used in the present invention other than the above-mentioned disclosure of market information and order information, but basically the terminal of the trader, the exchange system, or also the subsystem. In any case, the problem can be solved.

However, there are some points to keep in mind. First, when data such as possession information and issuance information of time risk securities is stored at a trader's terminal, it is necessary for security to be able to save only data relating to the trader. It should also be noted that the quote table for trading time risk securities is shared between traders and must be placed on a subsystem or exchange system. Furthermore, authentication data for authentication processing for specifying the trader, issuer, or exerciser of the time risk securities must also be distributed on the subsystem or the exchange system. In addition, if the processing to be performed is arranged in various places, it should be noted that there is a possibility that the processing is via the network depending on the location of the data used by the processing (however, Even if the above problem is solved)

By simply purchasing and exercising time-risk securities according to the present invention, it is not only necessary for a trader to have a huge system investment and access to a base exchange as in the past in order to speed up trading, but from anywhere in the world. However, it becomes possible to buy and sell at a speed exceeding the speed of light.

Embodiments of the present invention will be described with reference to the drawings.

FIG. 1 shows an overall configuration for realizing the invention of claim 1, and a trading system (1) deployed in an existing exchange AA and a subsystem (3) located physically different from this trading system. ), And a plurality of terminal devices (2) accessible to the transaction system (1) and the subsystem (3).

Considering that the network is spread all over the world, traders can exist distributed throughout the world. Of such many traders, the communication time between the terminal device owned by the person participating in the transaction in the existing transaction system (1) and the subsystem (3) is the same as the terminal device and the existing transaction system ( The application of the invention of claim 1 is effective when the communication time with 1) is shorter. This means that the physical distance between the terminal device and the subsystem (3) is greater than the physical distance between the terminal device and the existing transaction system (1) in consideration of a network spread all over the world. Means that the application of the invention of claim 1 can be considered effective. FIG. 1 illustrates such a case, and the physical distance between the terminal device (2) owned by the trader AB and the subsystem (3) is the terminal device (2) and the transaction system ( It is said that it is closer than the physical distance to 1).

The issuer AC accesses the subsystem (3) from the terminal device (2) owned by the issuer AC, and issues the time risk certificate (21). In the present embodiment, the terminal device (2) operated by a certain person can be operated as a trader AB in some cases and as the issuer AC in some cases. (However, since whether or not the trader AB can exercise the time risk securities (21) issued by himself / herself and place an order with the trading system (1) depends on the operational rules), it is not mentioned here).

FIG. 3 shows an embodiment for realizing the flow of the time difference calculation means (4). First, two types of inputs, a reference time and a measurement time, are received. In this form, it is not specified whether these times are the standard time of the country where they are located, the time of Greenwich, or a time different from these, but this means shall be able to discriminate between these types of times. . Then, this procedure shall convert these input times at Greenwich time. This is executed by referring to a table in which time difference information from Greenwich is stored in advance (the time may not be converted at Greenwich but may be based on another time).

After conversion at the time of Greenwich, the elapsed time from the reference time to the measurement time is calculated, and this is output to the input source as time difference information. The above is the embodiment of the processing of the time difference calculation means (4).

FIG. 4 is a process flow showing an embodiment from the receiving means (9) to the transmission delay deriving means (11) in the subsystem (3). First, the subsystem (3) receives the market information (6) of the product (5) and the information on the time of occurrence (7) transmitted from the transaction system (1). Then, the reception information is associated with the reception time (8) in the subsystem (3) and stored in the memory. The above is the embodiment of the receiving means (9).

Subsequent to the receiving means (9), the processing of the transmission delay deriving means (11) is executed. First, the occurrence time (7) of the market information (6) and the reception time (8) in the subsystem (3) stored in the memory by the receiving means (9) are extracted. Subsequently, the occurrence time (7) and the reception time (8) are input to the time difference calculation means (4) (reference time: occurrence time (7), measurement time: reception time (8)). The resulting output is a transmission delay (10) that occurs when the market information (6) is transmitted from the trading system (1) to the subsystem (3). The transmission delay (10), the market information (6) extracted from the memory, and the reception time (8) are linked and recorded in the table AD. The above is the embodiment of the transmission delay deriving means (11).

FIG. 5 is a processing flow showing an embodiment of the information disclosing means (12) in the subsystem (3). The subsystem (3) records the market information (6) of the product (5) sent from the transaction system (1) in the table AD, from the receiving means (9) to the transmission delay deriving means (11). The information disclosing means (12) waits for a request for information related to the market information (6) of the product (5) from the terminal device (2). Then, when the subsystem (3) receives the request for information on the market information (6), the information disclosure means (12) extracts the market information (6) from the table AD and processes it according to the request. The data is transmitted to the device (2) (the processing may be partly or entirely performed on the terminal device (2) side). “Processing” here refers to extracting statistical information based on the market information (6), or extracting only information on the elements required by the trader operating the terminal device (2) from the market information (6). For example, arithmetic processing for performing the above is performed. The above is the embodiment of the information disclosure means (12).

FIG. 6 is a process flow showing an embodiment of the authentication process. The authentication process waits for reception of an authentication request input from a process operating in the subsystem (3). The authentication request includes "initial access data by the authentication target person" that is access information when the authentication target person accesses the process of the authentication request source, and a request for executing the request source process. The “authentication level” and the “access means to the authentication target” describing the destination on the network for communicating with the authentication target are described.

When the authentication request is received, the authentication process stores it in the memory. Subsequently, the initial access data by the person to be authenticated is extracted from the memory, and it is checked whether a key code indicating that the person to be authenticated has already been authenticated has been added. Here, if the key code is added, the authentication level is extracted from the memory. Then, it is checked whether the authenticated content guaranteed by the key code satisfies the authentication level. As a result, when it is confirmed that the authentication level is satisfied, information indicating that the authentication target person has been successfully authenticated is transmitted to the request source. Thereafter, the authentication process again waits for reception of an authentication request.

On the other hand, when the key code is added but the authentication level is not satisfied, or when the key code itself is not added, authentication is performed. Specifically, the access means to the authentication subject stored in the memory is taken out, and the authentication information is requested from the authentication subject using this. Subsequently, based on the acquired authentication information, an authentication table in which authentication data is stored is queried to perform authentication. As a result, when the authentication is successful, the key code is transmitted to the authentication target person, and information indicating that the authentication target person has been successfully authenticated is transmitted to the request source process. Thereafter, it waits for the reception of the authentication request again.

Finally, if authentication fails when authentication is performed when the key code is not added or is added but does not satisfy the authentication level, information to that effect is transmitted to the request source. Thereafter, it waits for the reception of the authentication request again. The above is the embodiment of the authentication process.

FIG. 7 is a processing flow showing an embodiment of the information intermediary means (15) in the subsystem (3). When the subsystem (3) receives the order instruction information (13) from the terminal device (2) operated by the trader AB, the subsystem (3) first authenticates that the operator of the terminal device (2) is the trader AB. Enter authentication request in authentication process. As a result, when an output indicating that the authentication is successful is obtained, the time at that time is measured as the reception time (14), and this is associated with the ordering instruction information (13) and stored in the table AE. Transfer information (15) to trading system (1). In addition to the transfer, the transaction system (1) receives information on the acceptance time when the order instruction information (13) is received, and information on the contents of the transaction when the transaction related to the order is completed. (The contents include at least the information of the ordering instruction information (13) associated with it, the information on the transaction establishment time, and the information on the profit and loss by the transaction establishment). On the other hand, if the authentication fails, the process is terminated, and the reception of the ordering instruction information is waited again. This series of processes is an embodiment of the information intermediary means (15). Note that the ordering instruction information (13) includes at least the transaction system (1) of the ordering party, the product (5) to be ordered, the transaction type, the transaction quantity, the market / limit price, etc., the expiration date of the order (the transaction system ( 1), which refers to a period in which the order is valid at the time in the transaction system (1)).

FIG. 8 is a processing flow showing an embodiment of transmission delay deriving means (18) and transmission delay deriving means (20) in subsystem (3). The subsystem (3) requests the transaction system (1) for an acceptance time (16) when the ordering instruction information (13) is received by the transaction system (1) in the information agency (15). To do.

When the subsystem (3) receives the information on the acceptance time (16) from the transaction system (1), the transmission delay deriving means (18) associates the ordering instruction information (13) with the information on the acceptance time (16). First, the information is stored in the memory (in addition to storing the information in the memory, there is a method of recording on a recording medium. In this embodiment, a form using the memory is presented). Subsequently, the reception time (14) when the information intermediary means (15) is implemented for the ordering instruction information (13) is extracted from the table AE.

The received reception time (16) and reception time (14) are input to the time difference calculation means (4) (reference time: reception time (14), measurement time: reception time (16)), thereby ordering instruction information The output of the transmission delay (17) from when (13) is received by the subsystem (3) until it is received by the transaction system (1) is obtained, and this is linked to the ordering instruction information (13) in the memory. Store. The above is the process flow showing the embodiment of the transmission delay deriving means (18).

Following the embodiment of the transmission delay deriving means (18), an embodiment of the transmission delay deriving means (20) constituting the latter half of the flow in FIG. 8 will be described. First, the transmission delay (17) is extracted from the memory. Subsequently, the reception time (14) corresponding to the order instruction information (13) associated with the transmission delay (17) is extracted from the table AE (however, the order instruction information ( 13) If the reception time (14) associated with 13) remains in the memory, the reception time (14) is extracted from the memory), and further, with this reception time (14), the transmission delay associated with the table AD ( 10) (if the transmission delay (10) associated with the reception time (14) is not in the table AD, the time is traced back from the reception time (14), and the transmission delay ( 10) and the transmission delay (10) at that time is adopted). Finally, the transmission delay (17) and the transmission delay (10) are added, and the obtained calculation result is stored as the transmission delay (19) in the table AF in association with the order instruction information (13).

The above is the description of the embodiment of the transmission delay deriving means (20). In view of the explanation of FIG. 2, the obtained transmission delay (19) is determined by the transaction AB passing through the subsystem (3) when the location of the transaction AB is close to the subsystem (3). This corresponds to the total transmission delay incurred when placing an order with the transaction system (1).

FIG. 9 is a flowchart showing an embodiment of the ownership information management means (22). The possession information management means (22) waits for reception of information relating to changes in the possession information of the time risk securities (21) sent from a trading means (23) described later or the possession information update means (25). And if the said information is received, the ownership information of the ownership information management table (table AG) regarding a time risk security | security (21) will be updated. Finally, the execution result is transmitted to the transmission source of the fluctuation information related to the ownership information, and the reception of the information related to the fluctuation of the ownership information is again waited.

FIG. 24 shows an example of the ownership information management table (table AG). As will be described later, there is an embodiment in which issuance information is linked to the ownership information of the table. In this case, FIG. This is an image in which an ID column representing the issue information is further added to the table AG. Then, when information regarding changes in ownership information and issuance information associated therewith are input to the ownership information management means (22), these are recorded in the table AG.

FIG. 10 is a processing flow showing an embodiment of the buying and selling means (23) in the subsystem (3). The means waits for a trader AJ to receive a buy / sell request issued from the terminal device (2), and receives a sale request for an issued time-risk security (21) from a later-described issue means (24). Waiting. When these requests are received, first, when the request source is the terminal device (2), an authentication request is input to the authentication process for authentication with respect to the trader AJ. Here, when the authentication is successful, the buying and selling means (23) requests detailed information of the buying and selling request from the terminal device (2) operated by the trader AJ. On the other hand, if the authentication fails, the process is terminated, and the receipt of a trade request is awaited again.

When the authentication is successful and the detailed information of the trade request is received from the terminal device (2) operated by the trader AJ, it is stored in the quotation table. Here, also when the sale request from the issuing means (24) is received, the information of the request is stored in the quotation table. Then, the buying / selling request is taken out from the quotation table and matching is performed. When the matching fails, the process is terminated, and a sale request from the terminal device (2) or a sale request from the issuing means (24) is waited again.

On the other hand, when the matching of the buying and selling request is successful, the detailed information of the buying and selling request is deleted from the quotation table. Subsequently, the fluctuation data of the information related to the ownership of the time-risk securities (21) due to the sale is input to the ownership information management means (22), and the sale establishment information is transmitted to the request source, and the matching is established. Settlement processing between traders. This is the processing flow showing the embodiment of the buying and selling means (23).

In addition, as an embodiment of the information on the buying and selling request, there is a buying and selling request in which at least the market risk and the limit are distinguished and the brand / quantity of the time risk securities (21) is specified (the expiration date of the buying and selling request can be set) You may do it).

FIG. 11 is a processing flow showing an embodiment of the issuing means (24). The means waits for receipt of an issuance request from the terminal device (2) or reception of information notifying the establishment of the first sale of the issued time-risk securities (21) from the buying and selling means (23). When the issue request is received, the issuer is first authenticated. Specifically, in order to confirm that the request is transmitted from the terminal device (2) by the issuer AC, the authentication request is input to the authentication process. Here, if the authentication is successful, the terminal device (2) is requested for detailed data of the issued content. On the other hand, if the authentication fails, the process is terminated, and the issuance request is received again or the information from the buying and selling means (23) is waited.

When it is authenticated that the terminal device (2) is operated by the issuer AC and the detailed data of the issued content is received from the terminal device (2), a table (stores detailed information related to the issue based on this ( Register in table AH).

On the other hand, when information notifying the establishment of the first sale of the issued time risk securities (21) from the trading means (23) is received, the information is recorded in association with the corresponding issue information on the table AH. . The above is a flow showing the embodiment of the issuing means (24), and after the processing is completed, it waits again to receive the issuing request or to receive the information from the buying and selling means (23). FIG. 22 is an example showing an embodiment of a table AH that stores detailed information related to issuance. The present embodiment is characterized in that the sales history of the issued time-risk securities (21) is recorded, and the quantity that has been exercised is recorded.

FIG. 12 is a flow showing an embodiment of the transaction establishment standby means. The means waits for receipt of transaction establishment information when an order with the ordering instruction information (13) requested to the transaction system (1) by the information agency means (15) reaches the conclusion of the transaction. Is received and stored in association with the corresponding ordering instruction information (13), and the reception of the information is awaited again. The above is the flow showing the embodiment of the transaction establishment standby means.

FIG. 13 is a processing flow showing an embodiment from the possession information updating means (25) to the exercise object issue information specifying means (26) and the exercise means (28). In this series of processing, first, it waits for reception of an exercise request from the terminal device (2). When the request is received, the exercise-time possession information management means (25) operates. If an exercise request is received from the terminal device (2) operated by the exerciser AM, the authentication process first authenticates that the operator of the terminal device (2) is the exerciser AM. If the authentication fails, the subsequent processing is not performed, and the exercise request is again waited for. If the authentication is successful, information indicating that the exerciser's time-risk security (21) is reduced by the amount of exercise specified in the exercise request is input to the possession information management means (22). The flow up to here is the flow showing the embodiment of the exercise-time possession information update means (25).

Subsequently, the exercise object issue information specifying means (26) operates. Specifically, based on the exercise request, a process of specifying issue information that meets the conditions in the table AH that stores information related to issue is executed. Up to here is the exercise object issue information specifying means (26).

The exercise means (28) is implemented following the exercise object issue information specifying means (26). Here, the transaction establishment standby means first waits for the transaction establishment information of the target ordering instruction information (13) to be stored in the table AK. When the information is stored in the table AK, the information is taken out, and the time obtained by subtracting the exercise amount from the transmission delay (19) with respect to the profit and loss when the transmission delay in the order to be exercised is the transmission delay (19) is transmitted. Profit or loss in the case of delay (specifically, at the moment when the amount of exercise is traced back from the transaction establishment time described in the transaction establishment information and the transmission delay (10) has passed, the subsystem ( Based on the market information (6) disclosed in 3), the difference between the transaction and the calculated profit / loss is derived using the information in the table AD, and this is returned to the exerciser. Furthermore, requesting the realization of the return to the issuer described in the specified issue information, and liquidating. The flow so far is the flow showing the embodiment of the exercise means (28).

In addition, although the difference of profit and loss is settled here, this is implemented as follows, for example. That is, consider a case in which 1000 shares of A company stock were purchased as the ordering instruction information (13). As a result, it is assumed that the transmission delay (19) is 20 milliseconds when placing an order with the trading system (1), and during that time, the stock price of the stock of A company rises from 500 yen to 502 yen and the transaction is concluded. In the case of this example, the profit / loss of the orderer is that payment of 502,000 yen is generated instead of buying 1000 shares. On the other hand, if the orderer exercises the time-risk security (21) and designates that the transmission delay (19), which is 20 milliseconds, is canceled, the result of recalculation of the orderer's profit and loss is Instead of buying 1000 shares, 500,000 yen will be paid. Therefore, the orderer receives the difference between the recalculated profit and the normal profit, that is, 2,000 yen, and conversely, the issuer of the time risk securities (21) pays 2,000 yen. Therefore, in this example, if the stock price of the stock of Company A has fallen, it should be noted that the orderer must pay the difference in profit / loss to the issuer (the meaning of the invention is not significant). For one thing, it may reduce the risk of price fluctuations for the products being ordered due to the effects of transmission delays, and the resulting loss or gain should be acceptable).

FIG. 14 shows the overall configuration of the embodiments of the various means used in claim 1 taken up so far (only the authentication process is omitted).

FIG. 15 shows a specific example of the classification of the time risk securities (21) according to claim 2. An ID is assigned to each time-risk security, and it can be seen that the time-separated securities are characterized by the existing transaction system of the supplier, the product to be ordered, the transaction type, and the exercise period. Note that some time risk securities are characterized in that they are not defined in the characterization elements listed here. For example, ID (0112) in FIG. 15 does not specify an exercise period, and ID (0111) is Two types of order target products are specified. On the other hand, it is also possible to configure risk products that have new elements other than the characterization elements listed here.

Subsequently, embodiments of claims 3 and 4 will be described. Here, the cases of A (X) = X, B (X) = X, and C (X) = X specified in claim 4 are handled (A (X), B (X), C (X) Is determined empirically by the market structure of the time risk securities (21)). At this time, consider the exercise of the time-risk security with ID (0101) in FIG. In other words, the trading system A deals with the exercise when the Company A's shares are purchased and ordered during the exercise period from March 1, 2009 to June 30, 2009. For example, when ordering 5000 shares with a risk avoidance time of 20 milliseconds, the exercise quantity is C (A (5000 shares) x B (20 milliseconds)) = 5000 shares x 20 milliseconds = 10 (shares / second). Yes, you need to have more time risk securities than this amount of exercise.

If the inverse functions of A (X), B (X), and C (X) are A '(X), B' (X), and C '(X), respectively, the quantity of time risk securities (21) exercised The formula for calculating the risk avoidance time from the order quantity is risk avoidance time = B ′ (C ′ (exercise quantity) ÷ A (order quantity)), and the order quantity is obtained from the exercise quantity and the risk avoidance time. The formula is: order quantity = A ′ (C ′ (exercise quantity) ÷ B (risk avoidance time)).

FIG. 16 is a diagram showing an embodiment for realizing the invention as set forth in claim 5. In the invention as set forth in claims 1 to 4, the exercise-time possession information update means (25) is configured as shown in FIG. In other words, it shows that the embodiment is realized. Specifically, first, in the exercise-time possession information updating means (25), after successful authentication, it is confirmed whether the designated risk avoidance time (29) is equal to or shorter than the transmission delay (19). In the confirmation, only when the risk avoidance time (29) is longer than the transmission delay (19), the risk avoidance time (29) is reduced and changed to the same as the transmission delay (19), and the process is performed. The above is the point of the embodiment.

An embodiment of the invention described in claims 6 to 8 will be described. That is, according to claims 1 to 5, the means for deriving the transmission delay is immediately implemented when the original data for deriving this is obtained, but in practice, the time risk securities (21) are exercised. This can be done by the stage. Accordingly, in claims 6 to 8, the transmission delay is derived together with the exercise-time possession information updating means (25) implemented in response to the exercise of the time risk securities (21).

The embodiments of the invention described in claims 9 to 11 will be described as follows. That is, regarding the order to be exercised, until the order is placed in the subsystem (3) (this is specifically the same as when the reception time (14) is measured and stored), or the transaction Exercise until it is received by system (1) and the information is received by subsystem (3), or until a transaction is established in trading system (1) and the information is received by subsystem (3) The embodiments of the invention of claim 11, claim 10, and claim 9 are distinguished according to the time limit for accepting the request.

The inventions of claims 12 and 13 prescribe the transmission timing of the market information (6) from the transaction system (1) to the subsystem (3). The point of the embodiment is the market information (6 ) At each update timing, the updated market information (6) is transmitted to the subsystem (3), or the market is sent to the subsystem (3) in real time during the trading time of the trading system (1). There is a difference in whether information (6) is transmitted.

FIG. 17 is a processing flow showing an embodiment of the brand master management means (31) which is a means for managing the brand master of the time risk securities (21). The brand master management means (31) is used by an administrator or a management application and is waiting for a request associated with these management tasks.

When receiving the request, the brand master management means (31) checks whether it is an inquiry request. If it is an inquiry request, it requests the detailed information of the request from the client, executes the inquiry request sent as a result, and sends the result to the client.

On the other hand, if the request is not a query request but a registration or update request, the authentication request is input to the authentication process in order to perform authentication prior to the execution of the request. If the authentication fails, the process ends, and the brand master management means (31) again waits for a request.

If the above authentication process is successful, a registration / update operation to the brand master table AL is executed. Specifically, the client requests the detailed contents of the request, receives the request, executes the request, and transmits the result to the client. The above is the flow showing the embodiment of the brand master management means (31). When the process is completed up to this point, the brand master management means (31) again waits for a request. FIG. 15 shows an example of the table of the brand master.

FIG. 18 is a processing flow showing an embodiment of the possession information disclosure means (32). The means waits for reception of an inquiry request related to ownership from the terminal device (2). When the request is received, the inquiry content is first stored in the memory. Subsequently, in order to check that the owner AM associated with the ownership information requested by the request has transmitted the request from the terminal device (2), the authentication request is input to the authentication process, and the authentication process is performed. As a result, if the authentication is successful, the query request in the memory is extracted and executed. And an execution result is transmitted to the said terminal device (2). After that, it waits for an inquiry request again. On the other hand, if the authentication fails, the process is terminated, and the process proceeds to waiting for an inquiry request. The above is the processing flow of the embodiment of the possession information disclosure means (32).

FIG. 19 is a processing flow showing an embodiment of the issue information disclosing means (33). The means waits for reception of an inquiry request relating to issue information from the terminal device (2). When the request is received, the inquiry content is first stored in the memory. Subsequently, in order to check that the issuer AN associated with the issue information requested by the request has transmitted the request from the terminal device (2), the authentication request is input to the authentication process, and the authentication process is performed. As a result, if the authentication is successful, the query request in the memory is extracted and executed. And an execution result is transmitted to the said terminal device (2). After that, it waits for an inquiry request again. On the other hand, if the authentication fails, the process is terminated, and the process proceeds to waiting for an inquiry request. The above is the processing flow of the embodiment of the issue information disclosing means (33).

20 and 21 illustrate an embodiment of the seventeenth aspect. First, FIG. 20 shows a change in ownership information management means (22), which includes a process for confirming whether or not the ownership information can be updated before the ownership information is updated. As a result of the processing shown in FIG. 20, when the update is impossible, the update is not performed, and information indicating that the update is impossible is sent to the buying / selling means (23) as the request source or the possession information update means (25 (In this embodiment, even when the update is successful, the information is transmitted to the request source).

FIG. 21 is a flow showing the behavior of the request source that has received the information indicating whether or not the update has been performed. That is, the buying and selling means (23) or the exercising possession information updating means (25), which is the request source, continues the process as it is when the update is successful, and ends the process when the update fails. The above is the embodiment of the invention described in claim 17.

FIG. 22 is an example showing an embodiment of a table AH that stores detailed information related to issuance. The sales history of the issued time-risk securities (21) is recorded, and the quantity that has been exercised is recorded.

Claim 18 defines how to issue the time risk securities (21) and specify the issuance information of the time risk securities (21) used for the exercise. In the embodiment introduced here, the case where the table AH takes the form of FIG. 22 is taken up. That is, when the table AH is in the form of FIG. 22, the sales history of the issued time risk securities (21) is referred to. Then, the time-risk securities (21) that have been sold and have not yet been exercised are specified, and among these time-risk securities (21), the one that has passed the most time since the sale is selected. In the case of FIG. 22, when the ID (0101) of the time risk certificate (21) is exercised, the time risk certificate (21) of the issue ID (0021) is sold at 15:36 on February 17th. Among 340000 (shares / second), 340000-122000 = 218000 (shares / second), which has not been exercised yet, will be exercised preferentially. The above is the description of the embodiment for realizing the invention shown in claim 18.

FIG. 23 shows the points of an embodiment for carrying out the invention as set forth in claim 19. In this embodiment, when the first sale of the time-risk securities (21) issued by the trading means (23) is executed, the associated issue information is also input to the possession information management means (22). The possession information management means (22) records the issue information in association with the possession information.

On the other hand, when the trading means (23) re-sells the time-risk securities (21) that have already been sold, the possession information of the time-risk securities (21) to be traded on the table AG includes , Issue information is linked and recorded. In this case, when the sale is completed, the issue information is temporarily extracted, and the issue information is re-input to the ownership information management means (22) in association with the change information of the ownership information accompanying the sale establishment here. As a result, the ownership information management means (22) records the ownership information and the issue information in association with each other on the table AG.

In the above manner, the issue information is specified by the issuance information specifying means (26) at the time of exercise by selecting the issue information associated with the possession information to be exercised on the table AG. This is the description of the embodiment for carrying out the invention as set forth in claim 19.

FIG. 24 shows an implementation form of a table AG for managing ownership information used by the ownership information management means (22).

An embodiment of the invention described in claim 20 will be described. Here, a description will be given with reference to FIG. 22, which is an example of a table AH that stores detailed information regarding issuance. If the time risk securities (21) with ID (0101) is exercised for 2090 (shares / second), the issue information to be exercised is specified as follows. That is, there are two issuers of ID (0101) time-risk securities with issuer IDs (1000023) and (712207), and among the issued time-risk securities, the total amount that can be exercised is 500,000− 122000 + 40000 = 418000 (stock / second). Therefore, the quotient (34) = 2090/418000 = 0.005. Therefore, the issued time-risk securities with the issuer ID (100232) are exercised at 378000 × 0.005 = 1890 (shares / second), and the issued time-risk securities with the issuer ID (712207) are Of these, 40000 × 0.005 = 200 (stocks / second) will be exercised. The above is the description of the embodiment for realizing the invention according to claim 20.

The embodiments of the invention described in claims 21 to 23 will be described. First, claim 21 is that the distribution of the market information (6) by the information disclosing means (12) is carried out only when there is a request by the terminal device (2). On the other hand, in claim 22, at least a transaction system (1) is established by setting communication in advance between the subsystem (3) and the terminal device (2) that wants to receive the distribution of the market information (6). During the transaction time, the market information (6) is distributed from the subsystem (3) to the terminal device (2) in real time. In this case, the market information (6) distributed by the subsystem (3) is the latest information possible. In other words, if the market information (6) is not updated in the transaction system (1), the update date and time of the market information (6) distributed by the subsystem (3) as the latest information may be old. That's what it means.

Finally, in claim 23, as in the case of claim 22, after setting communication between the subsystem (3) and the terminal device (2), the transaction system (1) has market information (6 ) Is updated, the subsystem (3) distributes the information to the terminal device (2). Thus far, the embodiments of the inventions according to claims 21 to 23 have been described.

FIG. 25 is a view for explaining the embodiment of the invention as set forth in claim 24. In FIG. 25, the information intermediary means (15) is changed so that the invention of claim 24 can be implemented, and the points of change are as follows. That is, after the ordering instruction information (13) is transferred to the transaction system (1), it is checked whether or not an exercise request is added to the ordering instruction information (13). Is input to the possession information update means (25) at the time of exercise. The above is the description of the embodiment of the invention recited in claim 24.

It is description of embodiment of Claim 25. FIG. In the processing of the exercising means (28), after the execution of the exercising target issuance information specifying means (26), information indicating that the target order has been established by the transaction establishment waiting means is the table AK of the subsystem (3). Is recorded, the next processing is executed. First, the time at which the transmission delay (10) has further passed is derived from the time that is traced back by the exercise amount from the transaction establishment time in the transaction system (1). Next, the market information (6) with the time obtained here as the reception time (8) is extracted from the table AD, and the profit / loss is recalculated with the market information. A product of risk associated with communication delay, characterized in that the difference between the gain and loss obtained by the recalculation and the realized gain and loss recorded in the transaction establishment information is settled between the exerciser and the issuer. Electronic trading system that deals with conversion.

If the reception time (8) is not found as a result of the search in the table AD, the search target time is traced back until the search is successful. Then, the market information (6) at the time when the search is successful is adopted. This is because the fact that the search is not successful is due to the fact that the market information (6) is not updated at the search time, and the market information (6) in the final state at the search target time. Go back in time to find the update time.

An embodiment of the invention described in claim 26 will be described. That is, the process for delivering the difference in profits and losses associated with the exercise of the time risk securities (21) is incorporated into the clearing process associated with the establishment of the transaction in the transaction system (1). By doing so, the structure of money transfer can be simplified, and the situation where the transmission delay (19) is reduced by the amount of exercise can be provided to the exerciser in a more complete form.

An embodiment of the invention described in claims 27 to 29 will be described. Even if the receiving means (9) and the information disclosing means (12) are executed by the terminal device (2) operated by the trader who wants to place an order with respect to the trading system (1), the problem can be solved. The invention according to claims 27 to 29 realizes a solution to the problem by this method. It should be noted that the terminal device (2) and the subsystem that could not be eliminated in the invention according to claims 1 to 26 by executing the receiving means (9) and the information disclosing means (12) in the terminal device (2). Communication delays with (3) can also be reduced by exercising time risk securities (21). On the other hand, the same can be said for the information agency (15). By carrying out this process in the terminal device (2) itself that issues the order instruction information (13), the communication delay between the terminal device (2) and the subsystem (3) is also caused by the time risk certificate (21). (In this case, the direct communication between the transaction system (1) and the terminal device (2) is possible).

The invention according to claims 27 to 29 is a case where the combination of the receiving means (9), the information disclosing means (12), and the information intermediary means (15) is changed. However, when the place of implementation of the receiving means (9) and the information disclosure means (12) is different from the place of implementation of the information intermediary means (15), the transmission delay deriving means (20) is distributed to these different places of implementation. The transmission delay (10) and the transmission delay (17) are collected via the network, and the transmission delay (19) is obtained.

On the other hand, all the means other than the receiving means (9), the information disclosing means (12), and the information agency means (15) are implemented anywhere in the transaction system (1), the subsystem (3), and the terminal equipment (2). Even so, the problems of the invention can be solved. Therefore, in claims 25 to 27, the form of the execution place of each of the other means described here is not defined as much as possible.

As stated here “as much as possible”, there is a minimum requirement, which will be explained. First, the authentication table used for the authentication process is data intended for authentication with respect to the terminal device (2). Therefore, the data is not arranged in the terminal device (2) itself, but the transaction system (1) or subsystem. Assume that it must be placed in (3). Further, since the quotation table is a shared table for trading participants of all the time risk securities (21), it is assumed that the quotation table must also be arranged in the trading system (1) or the subsystem (3). Furthermore, the table storing the owner information and the issuer information can be arranged in the terminal device (2). In this case, the data that can be arranged is only the data related to the operator of the terminal device (2). (Because it is not preferable in terms of security to place other people's data in the terminal device (2)). And the data of tables other than these may be arrange | positioned in any of the transaction system (1), a subsystem (3), and the terminal device (2) involved in the process made into object. However, when various means access the data of these tables, it should be noted that the access is via the network depending on the arrangement location.

In particular, as an embodiment of the invention as set forth in claim 29, the receiving means (9), the information disclosing means (12), and the information agency means (15) are to be ordered to the transaction system (1). It is possible to adopt a form in which the terminal device (2) is aggregated, and all other processes and tables are distributed to the terminal device (2) and the transaction system (1), and the subsystem (3) is removed. By installing the software that realizes the invention in the terminal device (2) according to the form, the trader can completely reduce the transmission delay from the terminal by using the time risk certificate (21), It becomes possible to place an order with the transaction system (1).

As another embodiment of the invention described in claim 29, the receiving means (9), the information disclosing means (12), and the information intermediating means (15) are to be ordered from the transaction system (1). Of the processes and tables other than these, which are aggregated in the terminal device (2), at least the buying and selling means (23) and the issuing means (24) are executed on the subsystem (3), and the quotation table is also the subsystem (3). There is a form of arranging on top. Incidentally, as in the previous example, if the trading means (23), the issuing means (24), and the quotation table are located on the trading system (1), the time risk securities (21 for reducing transmission delay) ), A transmission delay occurs, and the significance of the existence of the time risk securities (21) is diminished.

As a form to overcome the above situation, trading and issuing of the time risk securities (21) are performed by the subsystem (3), and the transmission delay that is the target of the exercise of the time risk securities (21) 2) The form introduced here is effective, based on the measurement itself.

It is description of embodiment regarding Claim 30-32. The auction method is a method in which buying and selling is established from those with the conditions of buying and selling in the first-come-first-served basis on the quotation table, and one side-by-side method collects buying and selling orders at once on the quotation table. This is a method for organizing the buying and selling. In addition, the close of claim 30 is the sale that is established at the beginning of the trading of the front and the back in terms of stock trading, and is similarly defined in the trading of the time risk securities (21) (however, 24 If there is no concept of close-up for time trading, this claim shall not be implemented, and close-up will be once a day if it is not divided into a front and a back). Also, closing is the last transaction in the front and back exchanges, and as with the close-up, there is no 24-hour transaction, and if the front and back exchanges are not separated, they are visited only once a day. is there.

Claims 33 to 43 are for each of the means constituting the method presented by the present invention in claims 1 to 32 in order to solve the problem.

Claims 44 to 46 are realized as a device for implementing the invention described in claims 1 to 43, as a program, or as a storage medium for storing the program.

By using the present invention, it is possible not only to place an order exceeding the speed of light with a transmission delay of, for example, from the United States to the Tokyo Stock Exchange, but also to generate a profit opportunity by taking risks due to the transmission delay. . The ratio of orders from US investors to the Tokyo Stock Exchange is very high, and extremely high demand is expected, and a new market structure can be expected.

On the other hand, when human beings are engaged in civilization activities on the moon and Mars in the future, transmission delays in ordering from there to trading systems on the earth will be extremely serious. In the case of the moon, a transmission delay of 2.6 seconds is unavoidable even at the speed of light, and a transmission delay of 23 minutes is reached at Mars. For this reason, trading of time-risk securities will be essential in the future.

  1 shows an overall configuration for realizing the invention of claim 1.   It is the figure which showed the transmission delay at the time of a trader ordering with respect to the existing transaction system using a terminal device.   The processing flow which implement | achieves the time difference calculation means (4) of Claim 1 is shown.   The processing flow for realizing the receiving means (9) and the transmission delay deriving means (11) according to claim 1 is shown.   The flow which implement | achieves the information disclosure means (12) of Claim 1 is shown.   The flow of an authentication process is shown.   The process flow which implement | achieves the information agency means (15) of Claim 1 is shown.   The processing flow for realizing the transmission delay deriving means (18) and the transmission delay deriving means (20) according to claim 1 is shown.   The flow of ownership information management means (22) according to claim 1 is shown.   The processing flow which implement | achieves the buying and selling means (23) of Claim 1 is shown.   The flow of the issuing means (24) according to claim 1 is shown.   The flow of the transaction establishment waiting means according to claim 1 is shown.   The flow from the possession information updating means (25), the exercise object issue information specifying means (26), and the exercise means (28) according to claim 1 is shown.   The structure of the various means used in Claim 1 is shown (only the authentication means is omitted).   It is the table | surface which showed the classification | category of the time risk security | security (21) of Claim 2.   An embodiment for carrying out the invention according to claim 5 is shown. In particular, it is shown that the embodiment is realized by changing the possession information update means (25) at the time of exercise as shown in the figure. ing.   The flow of the brand master management means (31) according to claim 14 is shown.   The flow of ownership information disclosure means (32) according to claim 15 is shown.   The flow of the issue information disclosing means (33) according to claim 16 is shown.   The point of the embodiment of the invention described in claim 17 is explained.   The point of the embodiment of the invention described in claim 17 is explained.   An embodiment of a table AH that stores detailed information related to issuance will be described.   The point of the embodiment of the invention described in claim 19 is explained.   It is the example which showed the content of table AG regarding the ownership information managed by an ownership information management means (22).   It is a flowchart explaining the embodiment of the invention as set forth in claim 24.

AA Existing exchange.
AB trader: A person who wants to place an order with the trading system (1).
AC issuer: A person who is trying to issue time risk securities (22) in subsystem (3).
AD table: A table in which reception time (8), transmission delay (10), and market information (6) are stored in association with each other.
AE table: Ordering instruction information (13) and its reception time (14) in the subsystem (3) are linked and recorded.
AF table: A table in which ordering instruction information (13) and transmission delay (19) are linked and stored.
AG table: A table for managing ownership information.
AH table: A table for storing detailed information related to issuance.
AJ trader: A person who buys or sells time risk securities (21).
AK table: a table for storing the ordering instruction information (13) and the transaction establishment information in association with each other.
AL table: Time risk securities issue master table.
Owner of AM time risk securities (21): A person who intends to disclose ownership information by means of ownership information disclosure means (32).
Issuer of AN time risk securities (21): A person who intends to publish issue information by means of issue information disclosure means (33).

Claims (46)

A subsystem (3) connected to an existing transaction system (1) and a plurality of terminal devices (2) via a network, and located at a physically different point from the transaction system (1),
A time difference calculation means (4) that waits for input of time information of two physically different points, and outputs a time difference when there is the input;
Receiving means (9) for receiving the market information (6) and the generation time (7) of the handling product (5) from the transaction system (1) and storing the information and the reception time (8) in association with each other; ,
Along with the reception means (9), the reception time (8) and the generation time (7) are input to the time difference calculation means (4), and the obtained output is used as the transmission delay (10), and the reception time (8) and the market information Transmission delay deriving means (11) associated with (6) and stored;
An information disclosing means (12) for disclosing the market information (6) to the terminal device (2);
Waiting for reception of ordering instruction information (13) of the product (5) for the transaction system (1) from the terminal device (2), the information and the reception time (14) are associated and stored at the time of reception. At the same time, the ordering instruction information (13) is transferred to the transaction system (1), and the transaction system (1) is requested to receive information on the acceptance time and information on the contents of the establishment of the transaction. When,
Accompanying the implementation of the information intermediary means (15), the reception time of the ordering instruction information (13) in the transaction system (1) is received by the subsystem (3) as information of the reception time (16). (16) and the reception time (14) at the time of intermediation stored in the information intermediary means (15) are input to the time difference calculation means (4), and an ordering instruction from the subsystem (3) to the transaction system (1) A transmission delay deriving means (18) for deriving the transmission delay (17) of the information (13), and storing this in association with the ordering instruction information (13);
With the transmission delay deriving means (18), the transmission delay (17) is added to the transmission delay (10) at the time of reception (14), and the calculation result is used as the transmission delay (19). 13) transmission delay deriving means (20) associated with and stored;
Regarding the risk of market fluctuation incurred due to transmission delay (19), commercialized as time-risk securities (21), it waits for the input of information related to ownership of time-risk securities (21), and is involved in ownership with the input of such information Ownership information management means (22) for updating and storing information;
Wait for receipt of trading request for time-risk securities (21), store the contents when received, and perform matching with the already-stored trading request for the purpose of establishing trading. The trading means (23) which inputs the change information of the information relating to ownership to the ownership information management means (22), transmits the information on the establishment of buying and selling to the request source, and further performs the clearing process associated with buying and selling. ,
Waiting for the receipt of the issuance request of the time risk certificate (21) from the terminal device (2) or the first sold information of the issued time risk certificate (21) from the buying and selling means (23), At the time of reception, information relating to issuance is stored as an issuance procedure of the time-risk securities (21), a sale request is input to the buying and selling means (23), and the first time-risk securities (21) issued An issuance means (24) for storing the information associated with the corresponding issuance when receiving the sold information;
Waiting for the receipt of information on the establishment of the transaction requested to the transaction system (1) in the information intermediary means (15), and if there is such receipt, a transaction establishment standby means for storing the information;
Waiting for reception of the request for exercising the time-risk securities (21) from the terminal device (2), and at the time of the reception, change information regarding the possession of the time-risk securities (21) associated with the exercise is obtained as ownership information management means (22). The exercise possession information update means (25) to be entered in
The exercise-issued issue information specifying means (26) for specifying the issue information to be exercised from the information related to the issue stored by the issue means (23) in association with the exercise j-owned information update means (25);
After the execution object issue information specifying means (26) is implemented, the transaction establishment standby means waits until the target order is established, and upon receiving the establishment of the transaction, the transmission delay incurred in the order is reduced to the transmission delay ( 19) In place of 19), there is an exercise means (28) that sets the time (27) that is reduced by the exercise amount, and clears between the exerciser and the issuer the fluctuations in profits and losses caused thereby. An electronic trading system that handles the commercialization of risks associated with communication delays. Time risk securities (21) are classified according to at least the supplier's transaction system (1) and the product (5) to be ordered, the transaction type and the exercise period. Electronic trading system that handles. The time risk securities (21) are measured in units of [quantity of product (5)] × [time], and monotonically increasing functions A (X), B (X), C (X ) And the risk avoidance time (29), which is the difference obtained by subtracting the time (27) from the transmission delay (19), and the order quantity (30) of the product (5), the exercise quantity at the time of exercise is expressed as C (A 3. An electronic trading system that handles the commercialization of risks associated with communication delays according to claim 1 or 2, wherein (risk avoidance time (29)) × B (order quantity (30))). The communication delay according to claim 3, wherein the monotonically increasing functions A (X), B (X), and C (X) are A (X) = X, B (X) = X, and C (X) = X, respectively. Electronic trading system that handles the commercialization of risks associated with risk. 5. The electronic trading system for handling risk commodities associated with communication delays according to any one of claims 1 to 4, wherein the specified risk avoidance time (29) is limited to a transmission delay (19) or less. 6. The transmission delay deriving means (11) and the transmission delay deriving means (20) according to any one of claims 1 to 5, wherein the transmission delay deriving means (20) is executed in response to execution of the possession information update means (25). An electronic trading system that handles the commercialization of risks associated with communication delays. The transmission delay deriving means (18) and the transmission delay deriving means (20) according to any one of claims 1 to 6, wherein the transmission delay deriving means (20) is executed in response to the execution of the exercise time possession information updating means (25). An electronic trading system that handles the commercialization of risks associated with communication delays 6. Commercialization of risk associated with communication delay according to any one of claims 1 to 5, wherein the transmission delay deriving means (20) is executed in response to execution of the possession information update means (25) at the time of exercise. Electronic trading system that handles. The sub-system (3) sends the time limit for receiving the exercise request for the time-risk security (21) by the terminal device (2) in the sub-system (3) from the transaction system (1) to the ordering instruction information (13). 9. A thunderstorm transaction system for handling risk commercialization associated with communication delay according to any one of claims 1 to 8, wherein information notifying the establishment of the associated transaction is received. The sub-system (3) specifies the deadline for receiving the exercise request for the time-risk securities (21) by the terminal device (2) in the sub-system (3) from the transaction system (1) to the ordering instruction information (13). 9. The electronic transaction system for handling risk commercialization associated with communication delay according to any one of claims 1 to 8, wherein information notifying acceptance is received. The deadline for accepting reception of the exercise request of the time risk certificate (21) by the terminal device (2) in the subsystem (3) until the time when the ordering instruction information (13) to be exercised by the subsystem (3) is relayed. The electronic transaction system which handles the commercialization of the risk accompanying communication delay according to any one of claims 1 to 8. The receiving means (9) operates by transmitting the information to the subsystem (3) at a timing when the market information (6) is updated in the transaction system (1). The electronic transaction system which handles the commercialization of the risk accompanying communication delay of any one of 1-11. Receiving means (9) operate by sending market information (6) to the subsystem (3) in real time at least during the trading time of the trading system (1). The electronic transaction system which handles the commercialization of the risk accompanying communication delay of any one of 1-11. 14. An electronic trading system for handling risk commercialization associated with communication delay according to any one of claims 1 to 13, further storing a brand master of the time risk securities (21) and registering / registering with them. An electronic transaction system for handling risk commercialization due to communication delay, wherein a brand master management means (31) that provides an update / inquiry method functions. 15. An electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 14, wherein the subsystem (3) stores data in response to a request received from a terminal device (2). An electronic transaction system that handles risk commercialization due to communication delay, wherein the ownership information disclosure means (32) functions to transmit information related to ownership to the terminal device (2). 16. An electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 15, wherein the subsystem (3) stores data in response to a request received from a terminal device (2). An electronic transaction system for handling risk commercialization due to communication delay, characterized in that issuance information disclosure means (33) functions to transmit information related to issuance to the terminal device (2). 17. An electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 16, wherein the quantity owned by a shortage of time risk securities (21) instead of possession information management means (22) If the update cannot be performed, information indicating that the update cannot be performed is transmitted to the transmission source of the change information of the possessed quantity, and the buying and selling means (23) and the exercise are performed. An electronic transaction system that handles risk commercialization associated with communication delay, wherein the time possession information updating means (25) receives the transmission and cancels the processing. The electronic transaction system that handles the commercialization of risk associated with communication delay according to any one of claims 1 to 17, wherein the exercise object issue information specifying means (26) includes: An electronic trading system that handles the commercialization of risks associated with communication delays, characterized by specifying the issuance information of time risk securities (21) that can be exercised and have not been exercised for the longest time. 18. An electronic trading system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 17, wherein when the trading means (23) is executed, the time risk securities (21) to be traded are issued. Information is input to the ownership information management means (22) and changed to be stored in association with the ownership information of the time risk securities (21). An electronic trading system that handles the commercialization of risks associated with communication delays, characterized by identifying information. 18. An electronic transaction system that handles the commercialization of risks associated with communication delays according to claim 1, wherein the exercise object issue information specifying means (26) determines the exercise quantity as an exerciseable time risk securities (21). ) Quotient (34) divided by the total issued quantity of each issue is multiplied by the respective issued quantity (35) of all issuers of these exercisable time-risk securities (21), respectively (36). An electronic trading system that handles the commercialization of risks associated with communication delays, characterized in that the issued time risk securities (21) of the issuer of the issuer are exercised and the issued issue information is specified. 21. The information disclosure means (12) is implemented when the subsystem (3) receives a request for disclosure from the terminal device (2). An electronic trading system that handles the commercialization of risks associated with communication delays. The information disclosing means (12) is implemented in real time at least during the transaction time of the transaction system (1) by the prior communication setting between the terminal device (2) and the subsystem (3). 21. An electronic transaction system for handling risk commercialization associated with communication delay according to any one of claims 1 to 20. The information disclosure means (12) has updated the market information (6) at least during the transaction time of the transaction system (1) by the prior communication setting between the terminal device (2) and the subsystem (3). 21. The electronic transaction system for handling risk commercialization associated with communication delay according to any one of claims 1 to 20, characterized in that When the terminal device (2) transmits the order instruction information (13) to the subsystem (3), an exercise request regarding the order is added and the exercise request is received by the subsystem (3). 24. An electronic transaction system for handling risk commercialization associated with communication delay according to any one of claims 1 to 23. 25. In the electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 24, the exercise means (28) is a transaction after the execution of the exercise object issuance information specifying means (26). The establishment waiting means waits until information indicating that the target order has been established is stored in the subsystem (3), and when the information is stored, the information is read out and the transaction system ( When the transaction is completed based on the market information (6) that is open to the subsystem (3) at the point when the transmission delay (10) has further passed from the time that has been exercised from the transaction establishment time in 1) Electronic dealing with risk commercialization due to communication delay, characterized in that the difference between the profit and loss recorded in the transaction establishment information and the realized profit or loss is cleared between the exerciser and the issuer Pull system. 26. In the electronic trading system that handles the commercialization of risk associated with communication delay according to any one of claims 1 to 25, the settlement of the difference in profit and loss between the exerciser and issuer of the time risk securities (21) An electronic transaction system that handles the commercialization of risks associated with communication delays, characterized in that it is incorporated into the liquidation associated with the completion of transactions in the system (1). 27. The electronic transaction system for handling risk commercialization associated with communication delay according to any one of claims 1 to 26, wherein the receiving means (9) and the information disclosing means (12) are ordered to the transaction system (1). The information processing means (15) is executed by the subsystem (3), and all the remaining means are the subsystem (3) or the transaction system (1). ) Or the terminal device (2), but the authentication information and the matching table at the time of trading are managed by the subsystem (3) or the transaction system (1), and the terminal device (2) An electronic transaction system for handling risk commercialization associated with communication delay, wherein information on a person other than an operator is not placed in the terminal device (2). 27. The electronic transaction system for handling risk commercialization associated with communication delay according to any one of claims 1 to 26, wherein the receiving means (9) and the information disclosing means (12) are implemented in the subsystem (3). Further, the information intermediary means (15) is executed by the terminal device (2) that places an order to the transaction system (1), and all the remaining means are the subsystem (3) or the transaction system (1), or It can be implemented in any of the terminal devices (2), but the authentication information and the matching table at the time of trading are managed by the subsystem (3) or the transaction system (1), and the terminal device (2) An electronic trading system that handles the commercialization of risks associated with communication delays, characterized in that information on persons other than the operator is not placed in the terminal device (2). 27. An electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 26, wherein the receiving means (9), the information disclosure means (12), and the information agency means (15) are traded. It is executed by the terminal device (2) that places an order to the system (1), and all the remaining means are either the subsystem (3), the transaction system (1), or the terminal device (2). However, the authentication information and the matching table at the time of trading are managed by the subsystem (3) or the transaction system (1), and information on people other than the operator of the terminal device (2) Is an electronic transaction system that handles the commercialization of risks associated with communication delays, characterized in that it is not placed in the terminal device (2). 30. The electronic trading system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 29, wherein the buying and selling means (23) establishes buying and selling according to a boarding method, and risks associated with communication delays. Electronic trading system that handles commercialization of products. 30. The electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 29, wherein the buying and selling means (23) establishes the sale by means of an auction method and is a risk product associated with communication delays. Electronic trading system that deals with conversion. 30. The electronic trading system for handling the commercialization of risk associated with communication delay according to any one of claims 1 to 29, wherein the buying and selling means (23) is auctioned during the trading time of the time risk securities (21). An electronic trading system that handles the commercialization of risks associated with communication delays, which establishes buying and selling and establishes buying and selling in a close-up manner. 33. A system for executing transmission delay deriving means (11) in an electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 32. 33. A system for executing transmission delay deriving means (18) in an electronic transaction system that handles commercialization of risk associated with communication delay according to any one of claims 1 to 32. 33. A system for executing transmission delay deriving means (20) in an electronic transaction system for dealing with commercialization of risks associated with communication delays according to any one of claims 1 to 32. 33. A system for executing information disclosure means (12) in an electronic transaction system that handles commercialization of risks associated with communication delays according to any one of claims 1 to 32. 33. A system for executing an information intermediary means (15) in an electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 32. 33. A system for executing buying and selling means (23) in an electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 32. 33. A system for executing an issuing means (24) in an electronic transaction system that handles commercialization of risks associated with communication delays according to any one of claims 1 to 32. 33. A system for executing exercising means (28) in an electronic transaction system that handles the commercialization of risks associated with communication delays according to any one of claims 1 to 32. 33. A system for executing exercise object issuance information specifying means (26) in an electronic transaction system for handling a risk commercialization associated with communication delay according to any one of claims 1 to 32. 33. A system for executing at-exercise possession information update means (25) in an electronic transaction system that handles the commercialization of risk associated with communication delay according to any one of claims 1 to 32. 33. A system for executing possession information management means (22) in an electronic transaction system for dealing with commodification of risk associated with communication delay according to any one of claims 1 to 32. The apparatus which implement | achieves the system of any one of Claim 1 to 43. 44. A program for executing the means according to any one of claims 1 to 43. 44. A computer-readable recording medium having recorded thereon a program for executing the means according to any one of claims 1 to 43.

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