JP2012058938A - Price information provision apparatus and price information provision method - Google Patents

Price information provision apparatus and price information provision method Download PDF

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JP2012058938A
JP2012058938A JP2010200556A JP2010200556A JP2012058938A JP 2012058938 A JP2012058938 A JP 2012058938A JP 2010200556 A JP2010200556 A JP 2010200556A JP 2010200556 A JP2010200556 A JP 2010200556A JP 2012058938 A JP2012058938 A JP 2012058938A
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Japan
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information
screen
user
unit
result
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Japanese (ja)
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Koya Arimura
Shungo Kai
Kiyoto Shinba
康哉 有村
清人 榛葉
俊吾 甲斐
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Nomura Research Institute Ltd
株式会社野村総合研究所
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Abstract

Information useful for evaluating the market value of securitized products is provided.
A price information providing apparatus includes: a screen information holding unit for holding quantitative questionnaire screen information for displaying a quantitative questionnaire screen for prompting input of a discount spread of securitized products on a display of a user terminal; A screen information transmitting unit 14 that transmits questionnaire screen information to a plurality of users, a result receiving unit 16 that receives discount spread information input by the user in response to a quantitative questionnaire screen, and a predetermined discount spread information. A result processing unit 30 that performs statistical processing of the above, and a result screen generation unit that generates quantitative questionnaire result screen information for displaying a quantitative questionnaire result screen including information on representative values obtained as a result of statistical processing on the display of the user's terminal 40. The screen information transmission unit 14 transmits quantitative questionnaire result screen information to the user.
[Selection] Figure 1

Description

  The present invention relates to a price information providing apparatus and method for providing information on the price of a low liquidity financial product.

  Since the occurrence of the subprime crisis, the issue has been how to evaluate the market value of less liquid products such as securitized products at financial institutions around the world. One of the reasons why market value is attracting attention is from the perspective of risk management. It is a fundamental and important point in risk management for financial institutions to grasp the market value of securitized products they own, and it is also a major premise in quantifying risks such as capital adequacy.

  However, what was exposed through the subprime crisis was the fact that the calculation and verification of the market value of securitized products at financial institutions was not always sufficient. In response to this situation, in August 2008, the Financial Services Agency revised “Comprehensive Supervisory Guidelines for Major Banks” and “Comprehensive Supervisory Guidelines for SMEs / Regional Financial Institutions”. This requires financial institutions to appropriately price securitized products and to objectively verify broker prices.

  In addition, recently, as many brokers are planning to reduce the securitization product sector, some foreign brokers have stopped providing market prices to financial institutions, and financial institutions themselves calculate market prices. It is becoming a situation that must be done.

  Patent Document 1 discloses an information providing system for actively providing information including specifications, evaluations, and ratings related to asset values of securitized products in a form that is easy for a plurality of investors to use. .

JP 2005-107994 A

  However, it is not easy for financial institutions to evaluate the market value of securitized products alone. This is because one financial institution does not have enough stocks, and there are many cases where similar stocks to be compared are limited. Even if the company calculates the theoretical price, it is not easy to show the objectivity of the calculated price to the outside as long as it is an interested party.

  This invention is made | formed in view of such a subject, The objective is to provide the technique which provides useful information when evaluating the market value of a low-liquidity financial product.

  One embodiment of the present invention relates to a price information providing apparatus. This price information providing apparatus holds screen information for holding first screen information for displaying on a display of a user's terminal a first screen that prompts input of factors used to determine the price of a low-liquidity financial product. A screen information transmitting unit that transmits first screen information held by the screen information holding unit to a plurality of users via the network, and information on factors input by the user according to the first screen via the network A second screen including a result receiving unit, a result processing unit for performing predetermined statistical processing on the factor information received by the result receiving unit, and representative value information obtained as a result of statistical processing by the result processing unit. A screen generation unit that generates second screen information to be displayed on the display of the user's terminal. The screen information transmission unit transmits the second screen information generated by the screen generation unit to the user via the network.

  According to this aspect, information on factors used to determine the price of a low-liquidity financial product is collected from a plurality of users, statistical processing is performed on the collected information, and information on representative values obtained as a result of statistical processing is obtained. Can be provided to users.

  Another aspect of the present invention is a price information providing method. The method includes obtaining a factor information used to determine a price of a low-liquidity financial product from a plurality of users, performing a process of analyzing a tendency of the obtained factor information, Informing the user of the resulting information.

  It should be noted that any combination of the above-described constituent elements, or those obtained by replacing the constituent elements and expressions of the present invention with each other between apparatuses, methods, systems, computer programs, recording media storing computer programs, and the like are also included in the present invention. It is effective as an embodiment of

  According to the present invention, it is possible to provide useful information when evaluating the market price of a low-liquidity financial product.

It is a block diagram which shows the function and structure of the price information provision apparatus which concerns on this Embodiment, and the member connected to it. It is a data structure figure which shows an example of the user information holding | maintenance part of FIG. It is a typical screen figure of a fixed quantity questionnaire screen. It is a typical screen figure of a qualitative questionnaire screen. It is a data structure figure which shows an example of the fixed_quantity | quantitative_assay information holding | maintenance part of FIG. It is a data structure figure which shows an example of the qualitative result information holding | maintenance part of FIG. It is a data structure figure which shows an example of the definition information holding part of FIG. It is a representative screen figure of a quantitative questionnaire result screen. It is a representative screen figure of a qualitative questionnaire result screen. It is a flowchart which shows a series of processes in the price information provision apparatus of FIG.

  The present invention will be described below based on preferred embodiments with reference to the drawings. The same or equivalent components, members, and processes shown in the drawings are denoted by the same reference numerals, and repeated descriptions are omitted as appropriate.

“Low liquidity financial product” means a financial product with low liquidity and difficult to obtain market value information from the market. Specifically, the level of the numerical values specified in “Fair value calculation method” in the Accounting Standards Exposure Draft No. 43 “Accounting Standard for Fair Value Measurement and Disclosure (draft)” by the Accounting Standards Committee Is a financial product classified as 2 to 3, with typical examples being securitized products, and private placement bonds and loans for small and medium-sized local governments.
Securitized products refer to securities issued on the back of assets that are expected to generate a certain amount of future profits, such as mortgage loans, lease receivables, and real estate. Securities), mortgage-backed securities (RMBS), and asset-backed securities (ABS). The price information providing apparatus according to the embodiment provides information related to the price of such low-liquidity financial products, particularly securitized products. This price information providing apparatus acquires information on factors used for determining the price of a low-liquidity financial product from a plurality of users. Hereinafter, a price information providing apparatus that provides information about the price of a securitized product as a low-liquidity financial product will be described.

There is a DCF (Discounted Cash Flow) method or the like as a method for determining the price of a securitized product. Factors used to determine the price of securitized products under the DCF method are mainly tranche cash flows and discount spreads. Among these factors, the price information providing apparatus according to the present embodiment acquires information on discount spreads that are more difficult to evaluate for a single user from a plurality of users.
“Discount spread” is a spread when discounting future cash flows.
The user of the price information providing apparatus is a financial institution that handles securitized products such as institutional investors and securities companies.

The price information providing apparatus performs a process of analyzing the tendency of information of discount spreads acquired from a plurality of users, and notifies the user of information obtained as a result of the process.
In particular, when many securitized products are traded in a private placement format as in Japan, and the securitized products are produced in a small variety of products, the user can use discount spreads set by other users. It is difficult to obtain information. Therefore, it is difficult to obtain a criterion for judging whether or not the discount spread set by itself is objectively appropriate and whether or not the discount spread presented by the broker is appropriate. Therefore, the price information providing apparatus according to the present embodiment provides the user with information indicating the tendency of the discount spread, particularly information on the representative value of the discount spread, so that the user obtains an objective judgment criterion for the discount spread. And the price of securitized products can be more easily evaluated.
The representative value of the discount spread provided by the price information providing apparatus 100 can be said to be a benchmark discount spread with consensus among many users, and may be referred to as “consensus spread”.

  FIG. 1 is a block diagram showing functions and configurations of the price information providing apparatus 100 according to the present embodiment and members connected thereto. Each block shown here can be realized by hardware such as a computer (CPU) (central processing unit) and other elements and mechanical devices, and software can be realized by a computer program or the like. Here, The functional block realized by those cooperation is drawn. Therefore, it is understood by those skilled in the art who have touched this specification that these functional blocks can be realized in various forms by a combination of hardware and software.

  The price information providing apparatus 100 includes a plurality of response destination user terminals including a first response destination user terminal 202 and a second response destination user terminal 204, a first purchase destination user terminal 302, a first purchase destination user terminal 202, and the like via a network 102 such as the Internet. 2 Connected to a plurality of purchaser user terminals including the purchaser user terminal 304. Each user terminal is a PC terminal used by a person in charge of each user who uses the service provided by the price information providing apparatus 100. The terminal is not limited to a PC terminal.

The user is classified into two types, that is, a reply destination user and a purchase destination user depending on the service usage form. The answer destination user terminal is the user terminal of the answer destination user, and the purchase destination user terminal is the user terminal of the purchase destination user.
The reply destination user is a user who electronically obtains and answers a questionnaire about discount spreads periodically issued from the price information providing apparatus 100, and obtains information about the representative value of the discount spread from the price information providing apparatus 100. is there. The purchase-destination user is a user who does not participate in the questionnaire about the discount spread, but acquires information about the representative value of the discount spread from the price information providing apparatus 100.
When the service is a billing system, it is desirable to charge a lower price for the reply destination user than for the purchase destination user. In particular, the reply destination user may be free of charge.

  The price information providing apparatus 100 includes an interface unit 10, a result registration unit 20, a result processing unit 30, a result screen generation unit 40, a definition update unit 50, a user information holding unit 60, a screen information holding unit 62, and a quantitative result information holding unit 64. The qualitative result information holding unit 66 and the definition information holding unit 68 are provided.

  FIG. 2 is a data structure diagram illustrating an example of the user information holding unit 60. The user information holding unit 60 includes a user name 110 that is the name of the user, a user ID 112 that identifies the user, information 114 that indicates whether or not the user is a transmission target of the questionnaire, and the user that is a representative value of the discount spread. Information 116 indicating whether or not it is a notification target and the e-mail address 118 of the person in charge of the user are stored in association with each other. The person in charge of the user is a person who should receive questionnaire information and representative value information from the price information providing apparatus 100 by e-mail among the employees of the user.

  In FIG. 2, information indicating whether or not the user is a questionnaire transmission target is indicated by “Y” and “N”. When this is “Y”, it indicates that it is a transmission target, that is, the user is an answer destination user, and when it is “N”, it indicates that it is not a transmission target. In FIG. 2, information indicating whether the user is a notification target of the representative value of the discount spread is indicated by “Y” and “N”. When this is “Y”, it indicates that it is a notification target, and when it is “N”, it indicates that it is not a notification target. When the information indicating whether or not the user is a questionnaire transmission target is “Y”, the information indicating whether or not the user is a notification target of the representative value of the discount spread is “Y”. The information indicating whether or not the user is the subject of the questionnaire transmission is “N”, and the information indicating whether or not the user is the notification target of the representative value of the discount spread is “Y”. If so, the user is a purchase-destination user.

In the present embodiment, information is electronically exchanged between the price information providing apparatus 100 and the user terminal using a known electronic mail transmission / reception technique. The exchange of information between the price information providing apparatus 100 and the user terminal is realized by a file transmission / reception technique used for crypto flights (registered trademark) provided by NRI Secure Technologies, Inc. Also good.
The administrator of the price information providing apparatus 100 manages the user information holding unit 60 such as registration of a new user in the user information holding unit 60.

FIG. 3 is a representative screen diagram of the quantitative questionnaire screen 120. The screen information holding unit 62 holds quantitative questionnaire screen information for displaying the quantitative questionnaire screen 120 on the display of the answer destination user terminal. The quantitative questionnaire screen 120 is a screen that prompts the user to input an expected discount spread value for each securitized product category or an actual discount spread value for a product in the category when displayed on the display of the answering user terminal. . The quantitative questionnaire screen 120 includes a discount spread input area 124 that accepts input of estimated discount spread values for each category of securitized products or actual discount spread values of products in the category, and a category of securitized products. And a definition presentation area 126 for presenting the definition to the person in charge.
In the present embodiment, the spread is indicated in units of bps (basis points).
In this embodiment, “definition” in the case of “definition of securitized product category” means an attribute of a product typical as a securitized product belonging to a certain category (for example, CMBS single asset) (for example, “location”). The conditions are “within 23 wards” and “the number of tenants is 1”). That is, in other words, “definition” corresponds to guideline information for recalling standard products of a certain category.

FIG. 4 is a representative screen diagram of the qualitative questionnaire screen 122. The screen information holding unit 62 holds qualitative questionnaire screen information for displaying the qualitative questionnaire screen 122 on the display of the answer destination user terminal. The qualitative questionnaire screen 122 is a screen that prompts the person in charge to input appropriateness information regarding the appropriateness of the definition of the securitized product category when displayed on the display of the answer destination user terminal. The qualitative questionnaire screen 122 is a definition suitability question display area 127 that displays a question about suitability of definition of a securitized product category (hereinafter referred to as a definition suitability question) and acceptability of accepting an answer to the definition suitability question in a selected format. An information input area 128, a qualitative price question display area 129 for displaying a qualitative question regarding the price of a securitized product (hereinafter referred to as a qualitative price question), and price information for receiving an answer to the qualitative price question in a selected format Input area 130.
The questions shown on the qualitative questionnaire screen 122 include one or more definition suitability questions and one or more qualitative price questions. Each definition suitability question is associated with a plurality of options as answers. Each qualitative price question is associated with a plurality of options as answers.

  The administrator of the price information providing apparatus 100 generates the quantitative questionnaire screen information and the qualitative questionnaire screen information in advance and causes the screen information holding unit 62 to hold them.

  FIG. 5 is a data structure diagram illustrating an example of the quantitative result information holding unit 64. The quantitative result information holding unit 64 includes a securitized product category 132, a category ID 134 for specifying the securitized product category, a discount spread value 136 acquired as responses from a plurality of users, the number of responses 138, and statistical processing. The representative value 140 of the discount spread obtained as a result of the above and the standard deviation 142 of the discount spread obtained as a result of the statistical processing are stored in association with each other. The representative value 140 of the discount spread obtained as a result of the statistical processing includes an arithmetic average value, a minimum value, a maximum value, and an intermediate term average value. The standard deviation 142 is a value indicating the variance of discount spread values acquired as answers from a plurality of users.

  FIG. 6 is a data structure diagram illustrating an example of the qualitative result information holding unit 66. The qualitative result information holding unit 66 holds the question item 144, the option 145 for the question item, the option ID 146 for specifying the option, the answers 147 from a plurality of users, and the number of answers 148 for the options in association with each other. . The question items include a definition suitability question and a qualitative price question. The options are options for answers presented on the qualitative questionnaire screen 122.

  FIG. 7 is a data structure diagram illustrating an example of the definition information holding unit 68. The definition information holding unit 68 holds the category 150 of the securitized product to be defined, the definition content 154, and the option ID 152 of the choices of the definition suitability question corresponding to the definition content in association with each other.

  FIG. 8 is a representative screen diagram of the quantitative questionnaire result screen 156. The screen information holding unit 62 holds quantitative questionnaire result screen information for displaying the quantitative questionnaire result screen 156 on the display of the answer destination user terminal and the purchase destination user terminal. The quantitative questionnaire result screen 156 is a screen that presents the representative value information and variance information of the discount spread for each category of securitized products when displayed on the display of the answer destination user terminal and the purchase destination user terminal. . The quantitative questionnaire result screen 156 has a spread table area 158 that shows representative values and variances of discount spreads obtained as a result of statistical processing for each category of securitized products.

  FIG. 9 is a representative screen diagram of the qualitative questionnaire result screen 160. The screen information holding unit 62 holds qualitative questionnaire result screen information for displaying the qualitative questionnaire result screen 160 on the display of the answer destination user terminal and the purchase destination user terminal. The qualitative questionnaire result screen 160 is a screen for presenting statistical data of answers to the questions shown in the qualitative questionnaire screen 122 to the user when displayed on the display of the answer destination user terminal and the purchase destination user terminal. The qualitative questionnaire result screen 160 has a first display area 162 for presenting the answer result for the definition suitability question to the user, and a second display area 164 for presenting the answer result for the qualitative price question to the user.

Returning to FIG.
The interface unit 10 communicates with a plurality of answer destination user terminals and a plurality of purchase destination user terminals via the network 102. The interface unit 10 includes a transmission destination information extraction unit 12, a screen information transmission unit 14, and a result reception unit 16.

  The transmission destination information extraction unit 12 refers to the internal clock of the price information providing apparatus 100 and accesses the user information holding unit 60 periodically, for example, at the end of every month. The transmission destination information extracting unit 12 receives a user's transmission destination address (hereinafter referred to as a questionnaire transmission destination address) from the user information holding unit 60, indicating that the information indicating whether or not the user is a transmission target of the questionnaire is “Y”. Extract).

The screen information transmission unit 14 generates a questionnaire e-mail including quantitative questionnaire screen information held by the screen information holding unit 62 and qualitative questionnaire screen information held by the screen information holding unit 62. The screen information transmission unit 14 transmits the generated questionnaire email to the questionnaire transmission destination address extracted by the transmission destination information extraction unit 12 via the network 102.
A mail server or the like (not shown) is involved in the transmission / reception of the e-mail, but since the transmission / reception of the e-mail itself is a known technique, a detailed description of the e-mail transmission / reception will be omitted.

The person in charge of the answer destination user receives the questionnaire e-mail at the answer destination user terminal. The answer destination user terminal reads the quantitative questionnaire screen information and the qualitative questionnaire screen information included in the questionnaire e-mail, and displays the quantitative questionnaire screen 120 and the qualitative questionnaire screen 122 on the display.
The person in charge refers to the definition of the securitized product category presented in the definition presentation area 126 of the quantitative questionnaire screen 120 while referring to the expected value and actual value of the discount spread in each column of the discount spread input area 124 in the tabular format. Enter.
The person in charge selects an answer to the definition suitability question presented in the definition suitability question display area 127 of the qualitative questionnaire screen 122 from the options presented in the suitability information input area 128. The person in charge selects an answer to the qualitative price question presented in the qualitative price question display area 129 from the options presented in the price information input area 130.

When the person in charge finishes inputting the discount spread on the quantitative questionnaire screen 120, the person in charge transmits a first response e-mail including quantitative questionnaire screen information including information on the input discount spread to the administrator of the price information providing apparatus 100. The answering user terminal is instructed to do so. When receiving the instruction, the reply destination user terminal generates a first reply electronic mail and transmits it to the administrator of the price information providing apparatus 100 via the network 102.
When the person in charge finishes inputting the answer to the qualitative questionnaire screen 122, the person in charge sends a second reply e-mail including the qualitative questionnaire screen information including the input answer information to the administrator of the price information providing apparatus 100. Instruct the answering user terminal. When receiving the instruction, the reply destination user terminal generates a second reply electronic mail and transmits it to the administrator of the price information providing apparatus 100 via the network 102.

  The result receiving unit 16 receives the first answer e-mail and the second answer e-mail via the network 102. The result receiving unit 16 extracts quantitative questionnaire screen information including information on the discount spread input by the person in charge of the user from the received first reply e-mail. The result receiving unit 16 extracts qualitative questionnaire screen information including information on the answer input by the person in charge of the user from the received second answer e-mail.

The result registration unit 20 extracts information on the input discount spread from the quantitative questionnaire screen information extracted by the result reception unit 16 and registers it in the quantitative result information holding unit 64.
The result registering unit 20 extracts the input answer information from the qualitative questionnaire screen information extracted by the result receiving unit 16 and registers it in the qualitative result information holding unit 66.

  The result processing unit 30 stores the information accumulated in the quantitative result information holding unit 64 and the qualitative result information holding unit 66 after a predetermined date, for example, one week has passed since the transmission of the questionnaire email by the interface unit 10 was started. Process. The result processing unit 30 includes a result information extraction unit 32, a statistical processing unit 34, and a processing result registration unit 36.

  The result information extraction unit 32 accesses the quantitative result information holding unit 64 and extracts discount spread information collected from a plurality of users for each category ID.

The statistical processing unit 34 performs predetermined statistical processing on the discount spread information extracted by the result information extraction unit 32. In particular, the statistical processing unit 34 performs a process of analyzing the tendency of the discount spread information extracted by the result information extraction unit 32. For example, the statistical processing unit 34 calculates the number of answers for each category ID. The statistical processing unit 34 calculates an arithmetic average, a minimum value, a maximum value, an intermediate term average, and a standard deviation of the discount spread for each category ID.
The statistical processing unit 34 accesses the qualitative result information holding unit 66 and calculates the number of answers for each option ID. Note that the statistical processing unit 34 may perform other statistical processing on the information held in the qualitative result information holding unit 66 in addition to obtaining the number of answers.

  The processing result registration unit 36 registers the result of the statistical processing by the statistical processing unit 34 in the quantitative result information holding unit 64 and the qualitative result information holding unit 66. The processing result registration unit 36 registers the arithmetic average, minimum value, maximum value, intermediate term average, and standard deviation of the discount spread calculated by the statistical processing unit 34 in the quantitative result information holding unit 64. The processing result registration unit 36 registers the number of answers for each option ID calculated by the statistical processing unit 34 in the qualitative result information holding unit 66.

  After the statistical processing by the result processing unit 30, the result screen generation unit 40 generates questionnaire result screen information for displaying on the display of the user terminal a questionnaire result screen that presents the result of the processing to the user, and stores the screen information. Held by the unit 62. The result screen generation unit 40 includes a quantitative result screen generation unit 42 and a qualitative result screen generation unit 44.

The quantitative result screen generation unit 42 refers to the quantitative result information holding unit 64, generates quantitative questionnaire result screen information, and causes the screen information holding unit 62 to hold it. The quantitative result screen generation unit 42 generates quantitative questionnaire result screen information so that representative values and standard deviations of categories in which the number of responses is less than a predetermined number are not included in the quantitative questionnaire result screen. In this case, the reliability of the representative value of the discount spread provided by the price information providing apparatus 100 can be increased by not providing small statistical values of the population.
The qualitative result screen generation unit 44 refers to the qualitative result information holding unit 66, generates qualitative questionnaire result screen information, and causes the screen information holding unit 62 to hold it.

  The definition update unit 50 is the information held in the qualitative result information holding unit 66, and the definition of the category of the securitized product is not suitable as a result of statistical processing on the suitability information regarding the suitability of the definition of the securitized product category. If determined, the quantitative questionnaire screen information held in the screen information holding unit 62 is displayed so that the definition presentation area 126 of the quantitative questionnaire screen 120 presents a more suitable definition of the securitized product category to the person in charge of the user. Update. The definition update unit 50 includes a qualitative result extraction unit 52, a change necessity determination unit 54, a definition extraction unit 56, and a definition registration unit 58.

After the statistical processing by the result processing unit 30, the qualitative result extraction unit 52 refers to the qualitative result information holding unit 66 and extracts the number of answers for each option ID of the choice of the definition suitability question.
The change necessity determination unit 54 determines whether the current definition of the securitized product category is appropriate based on the number of answers extracted by the qualitative result extraction unit 52. Specifically, the change necessity determination unit 54 determines that the number of answers corresponding to the option ID of the option corresponding to the definition of the category of the current securitized product among the options of the definition suitability question is below the first threshold value. Or if the number of responses corresponding to option IDs of options other than the options corresponding to the definition of the category of the current securitized product among the options of the definition suitability question exceeds the second threshold, It is determined that the category definition is not suitable.

The definition extracting unit 56 refers to the definition information holding unit 68 when the current definition of the securitized product category is determined to be unsuitable by the change necessity determining unit 54, and has the largest number of answers regarding the definition suitability question. Extract the definition corresponding to.
The definition registration unit 58 accesses the screen information holding unit 62, and the definition content obtained by extracting the definition presentation region 126 by the definition extraction unit 56 from the held quantitative questionnaire screen information corresponding to the definition presentation region 126. To be presented to the user.

  For example, as shown in FIG. 6, for the options “Tokyo”, “23 wards”, and “city center” of the definition suitability question “Which of the following is appropriate as a typical CMBS single asset condition?” Consider a case where the number of responses is “1”, “12”, and “4”, respectively. Further, as shown in FIG. 3, it is assumed that “• single property in the city center” is presented in the definition presentation area 126 as one of the definitions of the securitized product category. As shown in FIG. 7, the option corresponding to the current definition of the securitized product category is “city center” with the option ID “303”.

  The qualitative result extraction unit 52 determines the number of responses to the choices “Tokyo”, “23 wards”, and “city center” for the definition suitability question “Which of the following is appropriate as a typical CMBS single asset condition?” “1”, “12”, and “4” are extracted. When the first threshold is “10”, the number of answers “4” corresponding to the choice “city center” of the definition suitability question “Which of the following is appropriate as a typical CMBS single asset condition?” ”Is below the first threshold value“ 10 ”, the change necessity determination unit 54 determines that the definition of the category of the current securitized product is not appropriate.

  The definition extracting unit 56 refers to the definition information holding unit 68 and selects the most appropriate option “23 wards” for the definition suitability question “Which of the following is appropriate as a typical CMBS single asset condition?” The definition content “• single property in 23 wards…” corresponding to “inside” is extracted. The definition registration unit 58 defines the portion corresponding to the definition presentation region 126 in the quantitative questionnaire screen information held in the screen information holding unit 62, and the definition presentation region 126 defines the definition content “· single property in 23 wards…”. Rewrite as presented to the user.

  After the questionnaire result screen information is generated by the result screen generation unit 40, the transmission destination information extraction unit 12 receives information indicating whether or not the user is a notification target of the representative value of the discount spread from the user information holding unit 60. The user's transmission destination address (hereinafter referred to as a result transmission destination address) is extracted.

  The screen information transmission unit 14 generates a questionnaire result e-mail including the quantitative questionnaire result screen information held by the screen information holding unit 62 and the qualitative questionnaire result screen information held by the screen information holding unit 62. The screen information transmission unit 14 transmits the generated questionnaire result electronic mail to the result transmission destination address extracted by the transmission destination information extraction unit 12 via the network 102.

  In the above-described embodiment, examples of the holding unit are a hard disk and a memory. Based on the description in this specification, each unit is realized by a CPU (not shown), an installed application program module, a system program module, a memory that temporarily stores the contents of data read from the hard disk, and the like. It is understood by those skilled in the art who have touched this specification that they can do this.

  FIG. 10 is a flowchart showing a series of processes in the price information providing apparatus 100. The interface unit 10 transmits questionnaire screen information including quantitative questionnaire screen information and qualitative questionnaire screen information to the user (S502). The interface unit 10 receives questionnaire screen information in which an answer is input by the user (S504). The result registration unit 20 registers the answer input by the user included in the received questionnaire screen information in the quantitative result information holding unit 64 and the qualitative result information holding unit 66 (S506). The result processing unit 30 performs statistical processing on the answer results registered and held in the quantitative result information holding unit 64 and the qualitative result information holding unit 66 (S508). The result screen generation unit 40 generates quantitative questionnaire result screen information and qualitative questionnaire result screen information based on the result of statistical processing (S510). The interface unit 10 transmits the generated quantitative questionnaire result screen information and qualitative questionnaire result screen information to the user (S512). The definition updating unit 50 determines whether it is necessary to update the definition of the securitized product category shown on the quantitative questionnaire screen 120 (S514). If it is determined that it is necessary (Y in S514), the definition updating unit 50 updates the definition of the securitized product category (S516). When it is determined that it is not necessary (N in S514) or after Step S516, the price information providing apparatus 100 ends the series of processes. The price information providing apparatus 100 periodically repeats the above processing.

The operation of the price information providing apparatus 100 having the above configuration will be described.
At the end of every month, price information providing apparatus 100 transmits a questionnaire regarding discount spreads for securitized products to users registered as reply destinations by e-mail. The price information providing apparatus 100 receives an answer to the questionnaire within a predetermined answer period. When the predetermined answer period expires, the price information providing apparatus 100 performs statistical processing on the answers obtained so far. The price information providing apparatus 100 transmits the representative value of the discount spread obtained as a result of the statistical processing, for example, an average value, to the user registered as the answer distribution destination by e-mail. For example, each user can determine whether or not the user's setting is appropriate by comparing the discount spread set by the user with the average value distributed.

  Price information providing apparatus 100 according to the present embodiment collects discount spread values from a plurality of users and statistically processes them. Each user obtains information on the representative value of the discount spread obtained as a result of the statistical processing. Therefore, the user can obtain knowledge about the market trend of discount spread for each category of securitized products. Further, considering that the index indicating the level and liquidity of the entire market is determined by the consensus of the parties concerned, the representative value of the discount spread provided by the price information providing apparatus 100 is the level and liquidity of the entire market. There is enough explanatory power as a spread showing gender.

  Further, in price information providing apparatus 100 according to the present embodiment, a representative value of the discount spread is calculated for each category of securitized product and distributed to the user. Therefore, the user can obtain from the price information providing apparatus 100 a benchmark for each similar product of the securitized product. In particular, in the case of a small quantity and variety of products as in Japan, it is possible to collect information on discount spreads by aligning the eyes of each user by separating the securitized products into categories.

  Moreover, in the price information providing apparatus 100 according to the present embodiment, not only the discount spread value set for the actual product but also the securitized product category for the discount spread input area 124 of the quantitative questionnaire screen 120. The value of the discount spread assumed by the person in charge of the user can be input. As for the category of securitized products, some users may not handle products that fall into a certain category, or may not be able to input actual values due to confidentiality. Therefore, in this embodiment, by allowing the input of an assumed value, it is possible to input a value even in such a case. As a result, the number of answers increases and the reliability of the representative value of the discount spread provided by the price information providing apparatus 100 is improved.

  In the price information providing apparatus 100 according to the present embodiment, the quantitative questionnaire screen information is configured such that the quantitative questionnaire screen 120 includes a discount spread input area 124 and a definition presentation area 126. Therefore, the user can refer to the definition presented in the definition presentation area 126 when inputting the discount spread in the discount spread input area 124. As a result, when multiple survey respondents respond to discount spreads for securitized products in each category, the definition is presented, so that many respondents represent products in each category, and in some cases, all , Can imagine products (standard products) with similar attributes and answer the discount spread for the standard products. That is, since many respondents answer a discount spread that is considered appropriate for the same product set virtually, the reliability of the representative value of the discount spread can be improved.

  Further, in the price information providing apparatus 100 according to the present embodiment, when it is determined that the definition of the current securitized product category is not suitable, the definition presentation area of the quantitative questionnaire screen is more suitable for the category of the securitized product. The quantitative questionnaire screen information is updated so that the definition is presented to the user. Therefore, the definition of the securitized product category can be set dynamically with respect to changes in the transaction environment.

  In price information providing apparatus 100 according to the present embodiment, questionnaire screen information is transmitted to the answer destination user, and questionnaire result screen information is transmitted to the answer destination user and the purchase destination user. Therefore, for example, a user who cannot participate in a questionnaire due to confidentiality obligations but wants information on the representative value of the discount spread can use the price information providing apparatus 100.

  The price information providing apparatus 100 according to the present embodiment provides the user with highly reliable price information that can be used as a reference in the market price evaluation of securitized products. As a result, the market price evaluation of the securitized product proceeds on each user side, so that the buying and selling of the securitized product is activated and the liquidity is increased. It is expected that positive feedback will occur that numbers and accuracy will improve.

  Examples of usage on the user side of the representative value of the discount spread provided by the price information providing apparatus 100 include (1) verification of own price and verification of vendor price, and (2) when pricing a brand without a vendor price. (3) Reference when conducting trading, and (4) Use as an index when factoring in performance analysis and risk analysis. In particular, in (4), for example, when the total change amount is -2 yen, if the market factor provided from the price information providing apparatus 100 is -3 yen, the inherent factor is +1 yen. You can see that the battle is good.

  The configuration and operation of the price information providing apparatus 100 according to the embodiment have been described above. This embodiment is an exemplification, and it is understood by those skilled in the art that various modifications can be made to each component and combination of processes, and such modifications are within the scope of the present invention.

  In the embodiment, the price information providing apparatus 100 acquires discount spread information, performs statistical processing, and notifies the user of the representative value. However, the handling target by the price information providing apparatus 100 is limited to the discount spread. Absent.

  If it is determined that the current definition of the securitized product category is not appropriate, the change necessity determination unit 54 may notify the administrator of the price information providing apparatus 100 as a warning. In this case, the manager can know without delay when the definition of the category of the securitized product becomes inappropriate.

  The quantitative result screen generation unit 42 may generate quantitative questionnaire result screen information so that a category of securitized products having a standard deviation larger than a predetermined value is highlighted on the quantitative questionnaire result screen 156. In this case, the user can more easily know a category having a large standard deviation, that is, a high-risk category.

  In the embodiment, the interface unit 10 transmits questionnaire screen information including quantitative questionnaire screen information and qualitative questionnaire screen information to the user, and the interface unit 10 receives questionnaire screen information in which an answer is input by the user. However, the present invention is not limited to this. For example, distribution and collection of questionnaires may be performed manually.

  10 interface unit, 20 result registration unit, 30 result processing unit, 40 result screen generation unit, 50 definition update unit, 60 user information holding unit, 62 screen information holding unit, 64 quantitative result information holding unit, 66 qualitative result information holding unit 68 definition information holding unit, 100 price information providing device, 102 network.

Claims (7)

  1. A screen information holding unit for holding first screen information for causing a display of a user's terminal to display a first screen for prompting input of a factor used for determining a price of a low-liquidity financial product;
    A screen information transmission unit configured to transmit the first screen information held by the screen information holding unit to a plurality of users via a network;
    A result receiving unit for receiving information on factors input by the user according to the first screen via the network;
    A result processing unit that performs predetermined statistical processing on the information of the factor received by the result receiving unit;
    A screen generation unit for generating second screen information for displaying a second screen including information on representative values obtained as a result of statistical processing by the result processing unit on a display of a user terminal;
    The price information providing device, wherein the screen information transmitting unit transmits the second screen information generated by the screen generating unit to the user via the network.
  2.   The first screen information held by the screen information holding unit is such that the first screen prompts input of a factor for each category of the low liquidity financial product, and the first screen defines the category of the low liquidity financial product. The price information providing apparatus according to claim 1, wherein the price information providing apparatus is configured to include an area for presenting the information to a user.
  3. The screen information holding unit holds third screen information for displaying on a display of a user's terminal a third screen that prompts input of suitability information relating to suitability of the definition of the category of the low-liquidity financial product,
    The screen information transmission unit transmits third screen information held by the screen information holding unit to the plurality of users via the network,
    The result receiving unit receives the suitability information input by the user according to the third screen via the network,
    The result processing unit performs predetermined statistical processing on the suitability information received by the result receiving unit,
    This price information providing device further includes
    If it is determined that the definition of the category of the low-liquidity financial product is unsuitable as a result of the statistical processing on the suitability information by the result processing unit, the first screen gives the user a more suitable definition of the category of the low-liquidity financial product. The price information providing apparatus according to claim 2, further comprising a definition updating unit that updates the first screen information so as to include a region to be presented.
  4. The third screen information is information different from the suitability information and the suitability information and qualitative information regarding the price of the low-liquidity financial product is displayed on the display of the user terminal. ,
    The result receiving unit receives qualitative information input by a user according to the third screen via the network,
    The result processing unit performs predetermined statistical processing on the qualitative information received by the result receiving unit,
    The screen generation unit generates fourth screen information for displaying a fourth screen including a result of statistical processing on qualitative information by the result processing unit on a display of a user terminal,
    The price information providing apparatus according to claim 3, wherein the screen information transmitting unit transmits the fourth screen information generated by the screen generating unit to the user via the network.
  5. A user information holding unit that holds information on whether or not the user and the user are transmission targets of the first screen information and information on the transmission destination of the user in association with each other;
    A transmission destination information extracting unit that extracts information on the transmission destination of the user who is the transmission target of the first screen information from the user information holding unit;
    The screen information transmission unit transmits the first screen information held by the screen information holding unit based on the information extracted by the transmission destination information extraction unit via the network,
    The screen information transmission unit further transmits the second screen information generated by the screen generation unit to a plurality of users including a user who is a transmission target of the first screen information via the network. The price information providing apparatus according to any one of claims 1 to 4.
  6. Obtaining information on factors used to determine the price of a low-liquidity instrument from a plurality of users;
    A step of performing a process of analyzing a tendency of information of the acquired factor;
    And a step of notifying a user of information obtained as a result of the processing.
  7. A function of generating a screen information holding unit for holding first screen information for displaying a first screen for prompting input of a factor used for determining a price of a low-liquidity financial product on a display of a user terminal;
    A function of transmitting the first screen information held by the screen information holding unit to a plurality of users via a network;
    A function of receiving information on factors input by the user according to the first screen via the network;
    A function of performing predetermined statistical processing on the received factor information;
    A function of generating second screen information for displaying a second screen including information on representative values obtained as a result of statistical processing on the display of the user terminal;
    A computer program for causing a computer to realize a function of transmitting generated second screen information to a user via the network.
JP2010200556A 2010-09-08 2010-09-08 Price information provision apparatus and price information provision method Pending JP2012058938A (en)

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JPH10301992A (en) * 1997-04-23 1998-11-13 Hoomuzu:Kk Batch processing system for security of real estate
JP2002007542A (en) * 2000-06-21 2002-01-11 Nri & Ncc Co Ltd Disclosing device, disclosing method, browsing device, browsing method, and recording medium for real estate evaluation data
JP2002297394A (en) * 2001-04-02 2002-10-11 Canon Sales Co Inc Information processor, and method and system for processing information
JP2003067566A (en) * 2001-08-23 2003-03-07 Tokio Marine & Fire Insurance Co Ltd METHOD OF PRICING SENIOR AND SUBORDINATE PART OF REAL ESTATE ASSET-BASED SECURITY AND METHOD OF CALCULATING x% VALUE-AT-RISK OF SENIOR AND SUBORDINATE PART OF REAL ESTATE ASSET-BASED SECURITY
JP2004295534A (en) * 2003-03-27 2004-10-21 Real Estate Financial Engineering Institute Real-time evaluation system of real estate value
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Publication number Priority date Publication date Assignee Title
JPH10301992A (en) * 1997-04-23 1998-11-13 Hoomuzu:Kk Batch processing system for security of real estate
JP2002007542A (en) * 2000-06-21 2002-01-11 Nri & Ncc Co Ltd Disclosing device, disclosing method, browsing device, browsing method, and recording medium for real estate evaluation data
JP2002297394A (en) * 2001-04-02 2002-10-11 Canon Sales Co Inc Information processor, and method and system for processing information
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