JP2016157187A - Bond trading settlement management system and bond trading settlement management method - Google Patents

Abstract

PROBLEM TO BE SOLVED: To provide a bond trading settlement management system for carrying out fund raising and investments by new gensaki transaction of bonds such as national bonds to deal with T+0 of GC repurchase transaction.SOLUTION: A bond trading settlement management system includes an agreement recording part 31 for obtaining the agreement information of a new gensaki transaction to record information about balance and transaction contents in a gensaki balance detail 41, a settlement management part 32 for recording information about transfer of bonds and payment on the start day and the end day of the new gensaki transaction in a settlement detail 43, and a mortgage/deed management part 33 for recording information about transfer of mortgage money relating to the new gensaki transaction in a deposit balance detail 44. The mortgage/deed management part 33 calculates an individual transaction credit amount for each new gensaki transaction based on the information of the new gensaki transaction stored in the gensaki balance detail 41, and outputs information relating to a customer where a net credit amount as a difference between a value collecting individual transaction credit amounts for each customer and the aggregate market value of a deposit received or provided for each customer is minus as information relating to a customer requested to pay a deposit.SELECTED DRAWING: Figure 1

Description

  The present invention relates to a bond transaction management technique, and more particularly to a technique effectively applied to a bond transaction settlement management system and a bond transaction settlement management method for shortening a settlement period such as T + 1 conversion of a government bond.

  In the financial market, funds are raised and managed by buying and selling and lending bonds (mainly high-credit government bonds). In this case, for example, in addition to outright transactions (buy-out, sell-out type) that raise funds as a consideration or acquire bonds of specific brands through regular buying and selling of bonds, offer bonds to counterparties In addition, it includes repo transactions that receive cash for this, raise funds shortly after a certain period, and acquire bonds of a specific name. As a method of reversing bonds and cash provided after a certain period in repo transactions, there are buy-and-sell (repurchase) conditional purchases and bond lending transactions mainly used in Japan. In addition, the repo transactions include SC (Special Collateral) repo transactions aimed at procurement of specific issues and GC (General Collateral) repo transactions aimed at raising funds without specifying issues.

  In government bond transactions, especially for corporations and institutional investors, the amount of transactions increases, so it is required to reduce the settlement risk as revealed by the Lehman shock as much as possible. Also, from the perspective of improving the liquidity, stability and efficiency of the government bond market and short-term financial market, and maintaining and strengthening international competitiveness between markets, the settlement period in the Japanese government bond market, especially in wholesale transactions (So-called “T + 1 conversion”, that is, the settlement date is the day after the trade date (T) (+1)) is being studied. According to the Grand Design by the Japan Securities Dealers Association (Non-Patent Document 1), for JGB outright transactions and SC repo transactions, the settlement period should be shortened from the current T + 2 to T + 1, and for GC repo transactions, the settlement period. Is shortened from the current T + 1 to T + 0.

  In particular, for the realization of T + 0 for GC repo transactions, in order to enable GC repo (T + 0) transactions for a wide range of market participants, GC repo transactions are executed with funds raised and managed, and the market immediately before settlement. It is said that the infrastructure will introduce a “post-brand GC repo transaction” in which government bonds are secured from stocks issued by government bonds. In addition, in light of the progress in globalization of Japanese government bonds, the post-determination method GC repo transactions will be integrated into standard conditional buying and selling formats (“new cash”) for overseas and cross-border repo transactions. It is supposed to be maintained. In the new cash transaction, JGBs are traded by buying and selling with cash collateral instead of lending.

  As a technology related to the efficiency of government bond transactions (repo transactions), for example, Japanese Patent Application Laid-Open No. 2004-86360 (Patent Document 1) includes a fund account for managing customer funds and a bond account for managing customer bonds. When the contract information based on the repo transaction is received from the storage means for storing the transaction information and the terminal device on the side of the fund taker (bond taker in the case of SC repo), the execution details and settlement details are received based on the received execution information. And the created transaction details and settlement details are transmitted to the terminal device on the side of the fund taker and issuer (bond issuer in the case of SC repo), and the agreement details and transaction sent from both terminal devices are transmitted. A settlement system is described that includes a confirmation unit that confirms a contract and settlement when receiving confirmation data for a settlement item, and a settlement unit that performs settlement based on the settled settlement item.

JP 2004-86360 A

“Grand Design for Shortening the Settlement Period for Government Bond Transactions (T + 1) (Summary)”, [online], November 26, 2014, Japan Securities Dealers Association, [Search January 8, 2015] , Internet <URL: http://market.jsda.or.jp/shiraberu/saiken/kessai/jgb_kentou/files/20141126_grand-designgaiyou.pdf>

  As described above, in the grand design by the Japan Securities Dealers Association, it is assumed that the GC repo transaction is unified with the new cash transaction. However, including conventional technology, repo transactions mainly use bond lending transactions rather than conditional transactions in Japan, and are also used for functions such as collateral management (margin calls) required for new cash transactions. Therefore, it may be difficult to deal with a new cash transaction using a conventional settlement system.

  Accordingly, an object of the present invention is to provide a bond transaction settlement management system and a bond transaction settlement management method for raising and managing funds by using a new cash transaction for bonds such as government bonds in order to cope with the T + 0 conversion of GC repo transactions. is there.

  The above and other objects and novel features of the present invention will be apparent from the description of this specification and the accompanying drawings.

  Of the inventions disclosed in this application, the outline of typical ones will be briefly described as follows.

  A bond transaction settlement management system according to a representative embodiment of the present invention is a bond transaction settlement management system that manages a GC repo transaction of a bond by a new cash transaction, and acquires information on a contract of a new cash transaction. A contract recording unit that records information related to the balance of the new cash transaction and transaction contents in the cash balance details information holding unit, and information related to the transfer of bonds and prices on the start date and end date of the new cash transaction A settlement management unit that records in the settlement details information holding unit, and a collateral / securities management unit that records in the margin balance details information holding unit information related to the receipt and receipt of security deposits and collateral substitute securities relating to new cash And the collateral / securities management unit calculates an individual transaction credit amount for each new cash transaction from the balance information of the new cash transaction held in the cash balance details information holding unit, and the individual transaction credit The sum of the amount for each customer and Information related to customers for whom a collateral insertion request is made, information relating to customers for whom the net credit amount, which is the difference between the collateral received and / or collateralized by each customer and the market capitalization of collateral substitution securities, is negative Is output as

  Among the inventions disclosed in the present application, effects obtained by typical ones will be briefly described as follows.

  In other words, according to the representative embodiment of the present invention, it is possible to raise and manage funds by using a new cash transaction for bonds such as government bonds, thereby enabling T + 0 for GC repo transactions.

It is the figure which showed the outline | summary about the structural example of the bond transaction settlement management system which is one embodiment of this invention. It is the flowchart which showed the outline | summary about the example of the flow of processing of the contract day in one embodiment of this invention. It is the flowchart which showed the outline | summary about the example of the flow of a process of the start date or end date in one embodiment of this invention. It is the flowchart which showed the outline | summary about the example of the flow of the month end process in one embodiment of this invention. It is the flowchart which showed the outline | summary about the example of the flow of the batch processing by the day in one embodiment of this invention. It is the flowchart which showed the outline | summary about the example of the flow of the process of a price wash day in one embodiment of this invention. It is the figure which showed the outline | summary about the example of the data structure of the cash balance statement in one embodiment of this invention. It is the figure which showed the outline | summary about the example of the data structure of the margin balance description in one embodiment of this invention.

  Hereinafter, embodiments of the present invention will be described in detail with reference to the drawings. Note that components having the same function are denoted by the same reference symbols throughout the drawings for describing the embodiment, and the repetitive description thereof will be omitted.

<System configuration>
FIG. 1 is a diagram showing an outline of a configuration example of a bond transaction settlement management system according to an embodiment of the present invention. The bond transaction settlement management system 1 is a system that allows a user (a person in charge of a securities company, etc.) to perform a GC repo transaction in a new cash transaction for bonds such as government bonds in order to raise funds and manage funds. is there. Not only GC repo transactions but also SC repo transactions and outright transactions may be performed together. The bond transaction settlement management system 1 includes, for example, each subsystem of a front system 20 and a back office system 30, to which user terminals 10 used by each user communicate via a network such as the Internet or an intranet (not shown). It has the structure connected as possible.

  The user terminal 10 is configured by an information processing terminal such as a PC (Personal Computer) or a tablet terminal, for example, and can access the front system 20 based on an operation from a user via software such as a web browser (not shown). it can.

  The front system 20 is a subsystem that provides an interface function for managing in charge a GC repo transaction (new cash transaction) for bonds such as government bonds in securities companies. In addition, there are two types of new cash transactions: a self-representative where a securities company buys and sells bonds for its own fund procurement and management, and a trustee where a bond is bought and sold by a customer. Either can be done. The front system 20 includes, for example, a server device and a virtual server built on a cloud computing service, and operates on middleware such as an OS (Operating System), a DBMS (DataBase Management System), and a Web server program (not shown). The above interface functions are provided by various software.

  The back office system 30 manages the entire transaction from repurchase (sale back) to settlement for each bond transaction executed by the processing in the front system 20. This includes collateral management (margin calls), revaluation transactions (repricing), replacement of subject bonds (substitution), etc., which are prescribed for GC repo transactions in new cash transactions. included.

  The back office system 30 is constituted by, for example, a mainframe, a server device, a virtual server constructed on a cloud computing service, and the like, and a contract recording unit implemented as software that runs on middleware such as an OS or DBMS (not shown) 31, a settlement management unit 32, a collateral / securities management unit 33, and an accounting processing unit 34. In addition, each of the balance balance details 41, transaction details 42, settlement details 43, margin balance details 44, margin transfer details 45, deposit details 46, etc. implemented by a database or VSAM (Virtual Storage Access Method) file Has a data store.

  The contract recording unit 31 has a function of recording the details of the contract for the conditional purchase and sale of bonds related to the new cash transaction in the cash balance 41 and the transaction statement 42. Information for each item of the new cash transaction is recorded in the cash balance statement 41, and information for each contract (including cancellation) for each case of the new cash transaction is recorded in the transaction statement 42. . Transactions (contracts) here include not only regular transactions but also those related to repricing and substitution. The settlement management unit 32 starts and ends the transaction period (hereinafter may be referred to as “start date”) and ends (hereinafter may be referred to as “end date”) for each case of the new cash transaction. It has a function of recording and managing the delivery status of bonds and the settlement status of trading value in the settlement details 43.

  The collateral / securities management unit 33 records and manages the contents of the collateral money and collateral substitute securities in the new cash transaction in the margin balance details 44, the margin transfer details 45, and the deposit details 46, It has a margin call (collateral deposit management) function to manage the situation of excess and deficiency of security deposits. In other words, the "individual transaction credit amount" for each new cash transaction is calculated, summed up for each customer, and the amount obtained by taking into account the amount of collateral received / placed with the customer. Credit amount ". In order to eliminate the situation where the net credit amount is negative, it has a function of determining whether or not it is necessary to accept / paste additional security money. The accounting processing unit 34 has a function of counting and outputting predetermined accounting data related to the GC repo transaction at a predetermined timing.

<Process flow>
FIG. 2 is a flowchart showing an outline of an example of the processing flow of a trade date for a GC repo transaction based on a new cash transaction. For example, in a securities company, when a GC repo transaction is executed at a self-representative or a commissioned registrar, a person in charge of the securities company uses the user terminal 10 to access the bond transaction settlement management system 1, and the front system 20 and The contract contents are input via the contract input screen provided by the contract recording unit 31 of the back office system 30 (S01). The entered contents are recorded in the destination balance details 41 and the transaction details 42 by the contract recording unit 31.

The details of the contract include, for example, information on the start date and end date (can be left unfilled for open-end transactions) and collateral classification (that is, included in the net credit amount and margin call). Information on the haircut rate). The haircut rate is the ratio at which the contract unit price is set slightly lower than the market price in order to reduce the risk of bond buyers.
Hair cut rate = (contract unit price + α) / (start unit price + α) −1
(Α: accrued interest on the start date)
It is a value that is calculated by the formula and is not changed until the end of the transaction.

  As described above, the contracts here include those related to repricing and substituting in addition to the contracts of ordinary GC repo transactions. In other words, in repricing and substituting, a new new point-of-sales transaction is executed based on the stock after canceling and re-evaluating (replicing) or replacing (substitution). . In this embodiment, the back office system 30 performs a series of these processes in association with each other, and in the destination balance details 41 and the transaction details 42, all the records related to these transactions have the same identification number (site number). By doing so, the data is also associated and managed. Thereby, the person in charge can perform these processes in one operation.

  Thereafter, based on a request from the person in charge via the user terminal 10, the contract recording unit 31 outputs the input list of details on the screen of the user terminal 10 or as a paper medium, and the person in charge confirms this. (S02). Further, based on the request from the person in charge, the list of destination balance details is output on the screen of the user terminal 10 or as a paper medium, and the person in charge grasps the balance of the destination transaction (S03). Further, based on a request from the person in charge, the settlement management unit 32 displays a list of unsettled transactions, that is, transactions that have not yet received a bond or trading value (transactions to be delivered) and settled transactions. The person in charge confirms this (S04). The processing order of the above steps S02 to S04 is not particularly limited to the above.

  Thereafter, based on the request from the person in charge, the contract recording unit 31 outputs a document of an individual transaction statement and a transaction report for the target GC repo transaction (S05). The person in charge actually exchanges the output document with the customer. Through the series of processes described above, it is possible to perform processes related to the execution of the GC repo transaction.

  FIG. 3 is a flowchart showing an outline of an example of the processing flow of the start date or end date of the GC repo transaction based on the new cash transaction. On the start date or the end date, the person in charge performs the actual delivery of the bond and the trading value corresponding to the start date or the end date, and then uses the user terminal 10 to access the bond transaction settlement management system 1 and The fact of payment completion is input via the payment completion input screen provided by the payment management unit 32 of the system 20 and the back office system 30 (S11). The input contents are recorded in the payment details 43 and the transaction details 42 by the payment management unit 32.

  FIG. 4 is a flowchart showing an outline of an example of the flow of month-end processing related to a plurality of GC repo transactions. At a predetermined timing such as the end of the month, the accounting processing unit 34 of the back office system 30 refers to the settlement details 43, the margin balance details 44, the margin transfer details 45, etc., and prints a list of unpaid or unpaid interest rates. Output by a medium or the like (S21). This list is necessary for accounting.

  FIG. 5 is a flowchart showing an outline of an example of the flow of batch processing on a daily basis. In this embodiment, in order to be able to perform price washing on a daily basis, for example, an account management list for confirming exposure (risk) for each customer is created and output by daily nighttime batch processing. To do.

  In the batch processing, first, the collateral / securities management unit 33 refers to the margin balance details 44 and extracts information on the collateral (including acceptance / replacement) for each local transaction (S31). In addition, with reference to the deposit details 46, information on the security certificate (including acceptance / replacement) for each cash transaction is extracted (S32). Thereafter, based on the collateral information extracted in steps S31 and S32 and the information on the cash balance details 41, an individual transaction credit amount is calculated for each cash transaction (S33).

Here, the individual transaction credit amount is
Individual transaction credit amount = current market capitalization-market capitalization. Individual transaction credit may be negative. The market capitalization in the above formula is P, which is the end trading amount calculated by regarding the collateral delivery date as the end date.
Current market capitalization = P x (1 + haircut rate)
Calculate as

  After that, the individual transaction credit amount calculated in step S33 is aggregated for each customer account, and netted with the accepted / insured collateral (the market capitalization in the case of collateral substitute securities), so that the net credit to the account An amount is calculated, and only those that are negative, that is, those that are subject to margin calls are extracted and edited and output as an account management list (S34). By referring to this account management list, it is possible to grasp the customer who is the target of the margin call.

  FIG. 6 is a flowchart showing an outline of an example of the flow of processing of a price wash date related to a plurality of GC repo transactions. In the present embodiment, price washing is performed on a daily basis every business day in principle, but is not limited to this. In the processing of the price washing day, first, the person in charge confirms the account management list created by the daily nighttime batch processing shown in FIG. 5 (S41), and collateral (collateral or substitute) as necessary. Security) or a collateral insertion request (margin call) to the customer (S42). In repurchase agreements, collateral is delivered on the day of the margin call.

  When the collateral money is accepted or inserted, the person in charge uses the user terminal 10 to access the bond transaction settlement management system 1 and uses the collateral / securities management unit 33 of the front system 20 and the back office system 30. The contents of deposit / withdrawal of the deposit are input via the provided deposit input screen (S43). The input content is recorded in the settlement details 43, the margin balance details 44, and the margin transfer details 45 by the collateral / securities management unit 33. In addition, when the collateral substitute securities are received or inserted, the person in charge performs deposit / withdrawal of the deposited securities via the deposited securities input screen provided by the collateral / securities management unit 33 (S44). The contents of the entry / exit are recorded in the deposit details 46.

  With the above processing, even in the GC repo transaction based on the new cash transaction, it becomes possible to grasp the individual transaction credit amount and the net credit amount for each customer account, and appropriately perform a margin call.

<Data structure>
FIG. 7 is a diagram showing an outline of an example of the data configuration of the destination balance statement 41, which is one of the main data stores. The cash balance statement 41 is a table that holds information related to the contents of the new cash transaction including detailed information on the balance of bonds and cash exchanged in the new cash transaction. Destination number, transaction classification, original destination number, brand name, quantity, destination rate, collateral classification, start transaction number, start delivery date, start unit price, start contract amount, end transaction number, end delivery date, end unit price, end Contract amount, trading category, execution date, execution date, cancellation date, market price / market capitalization, current market price / current market capitalization, individual transaction credit amount, necessity of individual transaction details, initial brand name, initial start delivery date, Each item includes initial start unit price, initial quantity, and initial haircut rate.

  The item of customer account number holds information of a number that uniquely identifies an account held in a securities company or the like that uses and operates the bond transaction settlement management system 1 as an account used by the target customer for bond transactions. . The shop number holds information such as a sequence number that uniquely identifies a new shop transaction related to each GC repo transaction. As mentioned above, transactions related to repricing and substitution are internally handled as new new cash transactions that are different from the original new cash transactions (“original cash transactions”). Treated individually in relation to transactions.

  The item of transaction classification holds a code value for identifying the classification of the target new cash transaction. The code value includes, for example, a value indicating that the transaction is related to repricing or substitution, and the original new cash transaction that has been canceled due to these transactions. The item of the original reconciliation category contains information on the reciprocal number that identifies the original renewal transaction when the new renewal transaction is a new recurring transaction related to pricing, substitution, etc. Hold.

  The item of the brand name holds information on the display name of the brand of the bond related to the target new cash transaction. It may be distinguished and stored as kana, alphabetic characters or abbreviations. The item of quantity holds information on the transaction quantity of bonds in the target new cash transaction. The item of the cash exchange rate stores information on the cash exchange rate (corresponding to the interest rate in the fund procurement based on the cash exchange for the new cash). The collateral classification item holds information such as a code value indicating whether or not the target new cash transaction is included in the target when calculating the exposure (risk) for each customer.

  The items of start transaction number, start delivery date, start unit price, and start contract amount are the transaction number, the date of delivery of the price or bond, the bond date, Information on a unit price (for example, expressed as a unit price per 100 yen face value) and a contract amount obtained by multiplying this by a quantity is stored. Similarly, the items of end transaction number, end delivery date, end unit price, and end contract amount are the transaction number at the end of the target new cash transaction (at the time of transaction settlement), the delivery date of the price or bond, respectively. , The unit price of the bond, and the information of the contract amount obtained by multiplying this by the quantity.

  The item of trading category holds information such as a code value indicating the category of whether the target new cash transaction is a bond sale or a purchase. Each item of execution date and execution input date holds information on the date when the target new cash transaction was executed and the date when the person in charge registered the information in the back office system 30 using the user terminal 10 To do. The item of cancellation date holds information on the date when cancellation processing is performed for the target new cash transaction. This cancellation processing includes processing related to processing such as repricing and substitution.

  The item of market value / market capitalization holds information on the market value which is the middle price for the next business day of the bond related to the target new cash transaction, and information on the market capitalization obtained by multiplying this by the quantity. The item of current market price / current market capitalization holds information on the current market price, which is the end unit price when the next business day is the end date, and information on the current market capitalization obtained by multiplying this by the quantity. . Furthermore, considering the haircut, the current market capitalization obtained by multiplying the current market capitalization by (1 + haircut rate) is also retained. The item of individual transaction credit amount holds the value of individual transaction credit amount calculated by the above-described formula for each transaction. The individual transaction details necessity item holds information such as a code value and a flag indicating the necessity of outputting the individual transaction details for the target new cash transaction.

  For the initial issue, initial start delivery date, initial start unit price, initial quantity, and initial haircut rate, the items in the above transaction categories are new new cashier transactions related to pricing and substitution, respectively. If it is an indication, it retains information on the brand name, start delivery date, start unit price, quantity, and haircut rate for the original new cash transaction (as indicated by the original cash transaction number). . By holding this information, even in new new cash transactions related to pricing and substituting, the values of items required in the information of the original new cash transactions can be efficiently obtained. It becomes possible. If the target new cash transaction is not related to repricing or substitution, the value of each corresponding item in the target new cash transaction itself is set.

  FIG. 8 is a diagram showing an outline of an example of the data structure of the margin balance details 44 that is one of the main data stores. The margin balance description 44 is a table that holds detailed information on the balance of the margin (collateral deposit) exchanged in the new cash transaction. For example, the customer account number, the insertion classification, the transaction number, the reference date, Each item includes a margin balance and balance days.

  The item “customer account number” holds information on a number that uniquely identifies a customer account, as in the case of the balance account details 41 in FIG. The item of the insertion classification holds information such as a code value for distinguishing whether the target security deposit is a deposit margin or a deposit margin. The item of the transaction number holds information on the transaction number related to the exchange of the target security money. The item of the reference date holds information on the reference date in calculating the target security money. The margin balance item holds information on the balance of margin (collateral deposit) related to the target transaction. The item of balance days holds information on the number of days from the reference date related to the target security deposit to the balance reference date.

  Note that the data configuration (items) of each table shown in FIGS. 7 and 8 is merely an example, and other table configurations and data configurations can be used as long as similar data can be held and managed. It may be.

  As described above, according to the bond transaction settlement management system 1 according to one embodiment of the present invention, a person in charge of a securities company or the like is in charge of new bonds for bonds such as government bonds in order to procure and manage funds. It becomes possible to conduct GC repo transactions in transactions. At that time, it is possible to grasp the individual transaction credit amount and the net credit amount for each customer account, and appropriately perform a margin call.

  As mentioned above, the invention made by the present inventor has been specifically described based on the embodiments. However, the present invention is not limited to the above-described embodiments, and various modifications can be made without departing from the scope of the invention. Needless to say. For example, the above-described embodiment has been described in detail for easy understanding of the present invention, and is not necessarily limited to the one having all the configurations described. In addition, it is possible to add, delete, and replace other configurations for a part of the configuration of the above-described embodiment.

  INDUSTRIAL APPLICABILITY The present invention can be used for a bond transaction settlement management system and a bond transaction settlement management method that realizes shortening of a settlement period such as T + 1 conversion of a government bond.

1 ... Bond transaction settlement management system,
10: User terminal,
20 ... Front system,
30 ... Back office system,
31 ... Contract recording unit, 32 ... Settlement management unit, 33 ... Collateral / securities management unit, 34 ... Accounting processing unit,
41 ... Details of current balance, 42 ... Transaction details, 43 ... Settlement details, 44 ... Margin balance details, 45 ... Margin transfer details, 46 ... Deposit details

Claims (2)

A bond transaction settlement management system for managing GC repo transactions of bonds by new cash transactions,
A contract recording unit that obtains information on a contract of a new cash transaction and records information on the balance of the new cash transaction and the transaction content in the cash balance detail information holding unit;
A payment management unit that records information related to the transfer of bonds and prices on the start date and end date of the new cash transaction in the payment details information holding unit;
A collateral / securities management department that records information related to the receipt and receipt of collateral money and collateral substitute securities for new cash transactions in the margin balance statement information holding part,
The collateral / securities management unit calculates an individual transaction credit amount for each new cash transaction from the balance information of the new cash transaction held in the cash balance details information holding unit, and calculates the individual transaction credit amount to the customer Information on customers for whom the net credit amount, which is the difference between the value aggregated for each customer and the market capitalization of collateral and collateral substitutes received or inserted for each customer, is a collateral insertion request A bond transaction settlement management system that outputs information related to the target customers. A bond transaction settlement management method in a bond transaction settlement management system for managing GC repo transactions of bonds by new cash transactions,
The bond transaction settlement management system
Acquiring information on the contract of the new cash transaction and recording the balance of the new cash transaction and information relating to the transaction content in the cash balance details information holding unit;
Recording information on the receipt and payment of bonds and prices on the start date and end date of the new cash transaction in the payment details information holding unit;
A step of recording information on the receipt and receipt of collateral money and collateral substitute securities related to the new cash transaction in the margin balance detailed information holding unit;
The individual transaction credit amount for each new customer transaction is calculated from the balance information of the new customer transaction held in the customer balance statement information holding unit, the individual transaction credit amount is aggregated for each customer, and the customer Information on customers for whom the net credit amount, which is the difference between the collateral received and the collateral received and the market capitalization of the collateral substitutes, is negative, as information on the customers who are subject to collateral insertion requests And a bond transaction settlement management method.

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