JP2017084228A - System and method for investment commodity contract - Google Patents

Abstract

PROBLEM TO BE SOLVED: To have a client put out a trading order with ease as well as having a contract trader maintain and continue a contract service without a risk.SOLUTION: An order reception unit 11 presents a sales conditions including content of loss compensation and specified sales price for an investment commodity and accepts a sell order including a sell price and amount and a buy order including a buy price and amount, an order contract unit 12 contracts by selecting the sell order and the buy order for the same amounts based on the price of sales from the trading order at the end of reception, clears payment for the contracted sell order between a seller's account and a trader's account for the trader as well as clearing payment for the contracted buy order between a buyer's account and the trader's account, and a loss compensation processing unit 13 confirms asset value of a security at date of maturity for the compensation period and settles loss compensation price for loss compensation between the seller's account and a contract trader's account as well as the contract trader's account and the buyer's account when the loss compensation is necessary.SELECTED DRAWING: Figure 1

Description

  The present invention relates to an investment product execution technique for executing an investment product in which loss compensation for the asset value of securities is expressed.

  Conventionally, securities such as stock certificates and bonds have been widely used as assets of individuals and businesses as well as deposits and real estate. Such securities have a so-called price movement in which the stock price and the price fluctuate depending on the market economy. The securities may fluctuate greatly in a short period of time, and the asset value may decrease without notice. Therefore, there is a social demand to insure such securities and reduce the decline in asset value due to price movements.

  Conventionally, there is a stock certificate put option as one of the investment products that has the effect of reducing the risk of loss of securities. For example, on the Tokyo Stock Exchange, this stock certificate put option is listed on the market so that it can be bought and sold by an auction method. (For example, refer nonpatent literature 1 etc.). In the auction method, sell orders and buy orders are made relative to each other for the same quantity, and a market order without price specification is executed in preference to a price-specified limit order. If this is the case, the order with the highest price and the order with the lowest price for the sell limit will be given priority. As a result, if the stock certificate put option is bought and sold by the auction method, the contractor who executes the contract for the investment product can concentrate on selling and buying orders from customers (investors). There is no need. For this reason, the risk on the contractor side can be avoided.

  In addition, there is a method of buying and selling stock certificate put options by a market maker system (see, for example, Non-Patent Document 2). The market maker method is a method in which a financial institution (market maker) designated in advance continuously presents an indicative price. Therefore, this market maker method can reduce the risk of loss of securities on the customer side by presenting the selling price / buying price of the investment product to be executed with the contractor and making it correspond to all customer orders. .

"Spot trading system: arrowhead", Japan Exchange Group, http://www.jpx.co.jp/systems/equities-trading/01.html “Click 365: How to Order”, GMO Click Securities, https://www.click-sec.com/corp/guide/c365/study/04.html

  However, with such conventional technologies, there are disadvantages in executing each investment product that represents compensation for the asset value of securities, so customers can place orders for investment products in peace. At the same time, there is a problem that it is difficult to construct a system in which a contractor can maintain a contract service without risk through a series of processing from a trading order by a customer to settlement at the time of loss compensation at maturity.

For example, although the above-mentioned auction method is listed on the Tokyo Stock Exchange, the stock certificate put option that can be bought and sold by the auction method is listed, but since there are almost no orders, the price is not formed. For this reason, the appropriate price is unknown even if the customer places an order, and the purchase price is far from the appropriate price, and there is a risk of unexpected damage. I cannot place an order.
In addition, with the market maker method described above, the contractor underwrites the trade order from the customer, and if the trade contract constant is different, there may be a loss on the contractor side. It becomes an excessive risk for the customer and it becomes difficult to maintain the contract service.

  SUMMARY OF THE INVENTION The present invention is to solve such problems, and to provide an investment product execution technology that enables a customer to place a purchase order with peace of mind, and also allows a contractor to maintain a contract service without risk. It is aimed.

  In order to achieve such an object, the investment product execution system according to the present invention accepts buy orders and sell orders for investment products that express a loss compensation for a certain compensation period for the asset value of securities. An investment product contract system for executing the contract, presenting the contents of the loss compensation and the sales conditions including the trader-designated selling price and the trader-designated buying price of the investment product, and the selling price and quantity from the seller according to this An order receiving unit that accepts a sell order including a purchase order including a buy price and quantity from the buyer, and sells the same quantity at the end of acceptance of the buy / sell order based on the sell / buy price of the buy / sell order Select and fill orders and buy orders, settle the price of the sold orders between the seller account and the contractor account, and execute the buy orders An order execution part that settles the price between the buyer account and the contractor account, and confirms the asset value of the securities at the expiration of the compensation period, and if the loss compensation is necessary, Loss compensation processing to settle the loss compensation price for the loss compensation between the seller account and the contractor account based on the trading history, and to settle between the contractor account and the buyer account Department.

  In addition, according to one configuration example of the investment product contracting system according to the present invention, when the order contracting unit has a quantity of the sell order smaller than the quantity of the buy order at the end of the reception, a specific liquidity supplier is provided. An adjusted sale of the investment product is ordered, and an adjusted sale order from the liquidity supplier corresponding to the investment product is received at the vendor-designated selling price and added to the sell order. Based on the price of selling and buying, the selling order and the buying order are selected and executed by the same quantity.

  In addition, according to one configuration example of the investment product contracting system according to the present invention, when the order contracting unit has a quantity of the buy order smaller than the quantity of the sell order at the end of the reception, a specific liquidity supplier is provided. An adjusted purchase of the investment product is ordered, and an adjusted purchase order from the liquidity supplier corresponding to the investment product is received at the vendor-specified purchase price and added to the buy order, and then the sell order and the buy order The selling order and the buying order are selected and executed by the same quantity based on the selling / buying price.

  Also, in one configuration example of the investment product contracting system according to the present invention, when the order receiving unit accepts the sell order, a reserve compensation price including a maximum compensation amount for the quantity of the sell order is received in the seller account. When the loss compensation processing unit settles the loss compensation price, the loss compensation processing unit settles the loss compensation price with the reserve compensation price restrained in the seller account, and from the reserve compensation price, the The restriction on the remaining amount after deducting the loss compensation fee is released.

  In addition, the investment product execution method according to the present invention is an investment product execution method for accepting a buy order and a sell order and executing an investment product for which a loss compensation for a certain compensation period for the asset value of securities is expressed. An investment product execution method used in the system, wherein the selling order reception unit presents the contents of the loss compensation and the selling / buying conditions including the vendor-specified selling price and the vendor-specified buying price of the investment product, and a selling method according to the selling condition An order accepting step for accepting a sell order including the sell price and quantity from the buyer, and a buy order including the buy price and quantity from the buyer, and the order execution unit sells and buys from the buy and sell orders at the end of acceptance of the buy and sell order. Select and execute sell and buy orders for the same quantity based on the price of the contract, and pay the price of the executed sell order between the seller account and the contractor account An order execution step for settlement between the buyer account and the contractor account, and a loss compensation processing unit confirms the asset value of the securities at the expiration of the compensation period. When the loss compensation is necessary, the loss compensation price for the loss compensation is settled between the seller account and the contractor account based on the trading history of the investment product, and the contract A loss compensation processing step for settlement between the merchant account and the buyer account.

  According to the present invention, the contractor provides the customer with sales conditions including the trader-designated selling price and the trader-designated buying price of the investment product, and also the same quantity for each of the selling order and the buying order based on the selling price. Sell orders and buy orders are selected and executed. Therefore, the customer can place a trade order with peace of mind, and the contractor can maintain the contract service without risk.

It is a block diagram which shows the structure of an investment product contract system. It is a sequence diagram which shows investment product contract operation | movement. It is explanatory drawing which shows the operation example of an investment product contract system. It is explanatory drawing which shows the operation example (continuation) of an investment product contract system.

Next, an embodiment of the present invention will be described with reference to the drawings.
[Investment product execution system]
First, an investment product contracting system 1 according to the present embodiment will be described with reference to FIG. FIG. 1 is a block diagram showing the configuration of an investment product contract system.

This investment product commitment system 1 is used when a contractor provides a transaction service for an investment product in which loss compensation for a certain compensation period for the asset value of securities is expressed, and relates to investment products from customers. This is a system for accepting and executing buy orders and sell orders.
The investment product execution system 1 includes an order receiving unit 11, an order execution unit 12, a loss compensation processing unit 13, an account management unit 14, and a supplier terminal 20 as main functional units. These functions may be composed of one or a plurality of server devices, or all may be composed of separate server devices.

  The order receiving unit 11 is connected to the customer terminal 30 (30A, 30B,...) Used by the customer via the communication network NW, and exchanges various data through the Web service, and the content of loss compensation determined by the contractor. And a function for presenting trading conditions including a trader-designated selling price and a trader-designated buying price of investment products to the selling customer terminal 30A and the buying customer terminal 30B, and a selling customer terminal based on a customer instruction as a selling method in accordance with this function It has a function of accepting a selling order including the selling price and quantity from 30A and a buying order including the buying price and quantity from the buying customer terminal 30B based on an instruction from the customer as a buyer. Note that the buying and selling order may be not only a so-called limit order in which specific selling price and buying price are designated, but also a market order without price designation.

  The order execution unit 12 has a function of selecting and executing a sale order and a purchase order for the same quantity from the received sale orders at the end of acceptance of the sale order in the order reception unit 11 based on the sell / buy price. , A function to settle the price of the executed sell order between the seller account and the contractor account of the contractor, a function to settle the price of the contracted purchase order between the buyer account and the contractor account, It has a function of restraining a reserve compensation price consisting of a maximum compensation amount corresponding to the quantity of a sell order from a deposit in a seller account when receiving an order.

  Further, when the quantity of the selling order is smaller than the quantity of the buying order at the end of acceptance of the buying and selling order, the order execution unit 12 places an order for the adjustment sale of the investment product to the supplier terminal 20 of the specific liquidity supplier. The adjusted selling order from the supplier terminal 20 based on the function and the instruction of the liquidity supplier in accordance with the function is accepted at the selling price designated by the supplier and added to the selling order, and then the selling / buying price is selected from the selling order and the buying order. And a function for selecting and executing sell orders and buy orders for the same quantity.

  Further, the order execution unit 12 has a function of placing an adjustment purchase of investment products with respect to the supplier terminal 20 when the quantity of the buy order is smaller than the quantity of the sell order at the end of acceptance of the buying and selling order, and according to this After receiving the adjusted buy order from the supplier terminal 20 based on the instruction of the liquidity supplier at the trader-designated buy price and adding it to the buy order, the same quantity by the same quantity based on the sell / buy price of the sell order and the buy order. And a function for selecting and executing a sell order and a buy order.

  The loss compensation processing unit 13 is based on the function of confirming the asset value of the securities at the time of maturity of the compensation period, and, when loss compensation is required, based on the trading history of the investment products managed by the account management unit 14. It has a function to settle a loss compensation price for loss compensation between the seller account and the contractor account and also settle between the contractor account and the buyer account.

  The account management unit 14 uses a database to manage deposits, investment products, and sales histories deposited in a seller account, a buyer account, a supplier account, and a contractor account, and an order contractor 12. And a function of executing deposit / withdrawal (replacement) in the corresponding account according to settlement in the loss compensation processing unit 13 to update the deposit balance, and restraint and release in the order execution unit 12 and the loss compensation processing unit 13 A function for binding and releasing a part of the deposit in the corresponding account and updating the deposit balance accordingly, and an account corresponding to the settlement in the order execution unit 12 and the loss compensation price settlement in the loss compensation processing unit 13 And a function of updating the quantity of investment products to be managed.

  The supplier terminal 20 is a terminal device used by a specific liquidity supplier, and has a function of accepting adjustment sales and adjustment purchases of investment products ordered from the order execution unit 12, and a liquidity supplier corresponding thereto. And a function of notifying the order execution unit 12 of an adjustment selling order and an adjustment buying order based on the instruction.

  The customer terminal 30 is a terminal device that is used by a customer who sells or buys investment products. The customer terminal 30 receives the contents of loss compensation, the vendor-specified selling price and the vendor-specified buying price of the investment product notified from the order receiving unit 11. It has a function of displaying the trading conditions including the screen and presenting it to the customer, and a function of notifying the order receiving unit 11 of a sell order and a buy order based on a customer instruction according to this.

[Operation of this embodiment]
Next, the operation of the investment product contracting system 1 according to the present embodiment will be described with reference to FIG. FIG. 2 is a sequence diagram showing the investment product execution operation.
The investment product execution system 1 receives a purchase order of investment products from a customer for a certain period from the start of order reception, and executes the received order upon completion of the order reception. These processes are executed, for example, in a daily cycle.

  First, the order acceptance unit 11 starts accepting an order in response to the arrival of the order acceptance start time (step 100), and notifies the selling customer terminal 30A of the selling conditions determined in advance by the contractor (step 101). . In response to this, the selling customer terminal 30A displays the selling condition on the screen and presents it to the customer as the selling method, and according to the selling instruction of the customer (step 102), the selling including the selling price and quantity designated by the customer. An order is notified to the order reception part 11 (step 103).

  As a result, the selling method can refer to the selling price specified by the contractor for the investment product specified by the contractor, and the customer can place the selling order with peace of mind. Note that the order reception unit 11 prohibits the use by restricting the maximum compensation amount presented in the selling condition from the deposit in the seller account as much as the quantity of the sales order when the sales order is received. In this way, a loss compensation fee for the buyer will be secured.

  Further, in parallel with the notification of the selling conditions, the order receiving unit 11 notifies the buying customer terminal 30B of the buying conditions determined in advance by the contractor (Step 104). In response to this, the buying customer terminal 30B displays the buying conditions on the screen and presents it to the customer as the buying method, and according to the buying instruction of the customer (step 105), the buying order including the buying price and quantity designated by the customer. Is notified to the order receiving unit 11 (step 106).

  Thereby, the buyer can refer to the trader-specified purchase price of the investment product designated by the contractor, and the customer can place a purchase order with peace of mind. In addition, when the order receiving unit 11 receives a purchase order, the purchase price of the buyer is restricted by prohibiting the purchase amount by restricting the purchase price specified by the contractor from the deposit in the buyer account to the purchase amount. Secure.

  Further, the order reception unit 11 ends the order reception in response to the arrival of the order end time (step 107). The order execution unit 12 obtains the sales order received by the order reception unit 11 at the end of receiving the sales order and confirms the quantity (step 110). For example, a threshold for the number of sales orders is set in advance. If it is less than the value and there is no need to correct the trade order imbalance (step 110: NO), the process proceeds to step 114 described later.

  On the other hand, for example, when it is necessary to correct the imbalance of trading orders, such as when the difference in the number of trading orders is greater than a preset threshold (step 110: YES), the trading conditions are set for the supplier terminal 20. An order for adjustment sale or adjustment purchase of the investment product is included (step 111). At this time, if the quantity of the sell order is smaller than the quantity of the buy order, an adjustment sale is ordered from the supplier terminal 20, and if the quantity of the buy order is smaller than the quantity of the sell order, the adjustment is made to the supplier terminal 20. Order a buy.

  The supplier terminal 20 displays the trading conditions on the screen and presents it to the liquidity supplier in accordance with the adjustment sale or adjustment purchase of the investment product ordered from the order execution unit 12, and responds to the instruction of the liquidity supplier. (Step 112), the adjusted sale order or adjusted buy order is notified to the order execution unit 12 (step 113). At this time, if an adjusted sales order is accepted, as in the case of the selling customer, a part of the supplier account is bound to secure a reserve compensation fee. In the same way as the customer, a part of the supplier account is bound to secure the payment for the buyer.

  Thereafter, the order execution unit 12 accepts the adjusted selling order from the supplier terminal 20 at the supplier designated selling price and adds it to the selling order, and accepts the adjusted buying order from the supplier terminal 20 at the supplier designated buying price. After adding to the buy order, a sell order and a buy order are selected from the buy / sell orders for the same quantity based on the sell / buy price and executed (step 114).

  At this time, based on the auction method described above, the order execution unit 12 makes a sell order and a buy order relative to each other by the same quantity, and prioritizes a market order without a price specification over a limit order with a price specification. In the limit order, the highest price order is given for the buy limit and the lowest price order is given for the sell limit. As a result, the order execution unit 12 executes the sale order and the buy order by the same quantity by using the quantity that matches the number of orders with a small number of orders among the sell order and the buy order as the sale contract constant. Loss on the contractor side that can occur when the numbers are different can be avoided, and the risk of the contractor can be suppressed.

  Thereafter, the order execution unit 12 settles the price of the executed sell order between the seller account and the contractor account, and registers the quantity of investment products sold by the seller in association with the seller account. The price of the contracted purchase order is settled between the buyer account and the contractor account, and the quantity of investment products purchased by the buyer is registered in association with the buyer account (step 115). At this time, for the buying account, the payment price that was bound at the time of receiving the purchase order is released, and the purchase order price is deducted first from this payment price, and if there is a shortage, it is deducted from the buyer account. It will be.

  After completing the execution in this way, according to the expiration of the compensation period (step 120), the loss compensation processing unit 13 confirms the loss of the asset value of the securities in the compensation period (step 121), and If the asset value at the end is reduced compared to the start and loss compensation is required, the loss compensation fee for loss compensation is based on the trading history of the investment product managed by the account management unit 14 Is settled between the seller account (or supplier account) and the contractor account, and is settled between the contractor account and the buyer account (or supplier account) (step 122), and a series of investment product contracts are executed. End the operation. At this time, with respect to the seller account, the reserve compensation fee that was restrained at the time of selling order acceptance will be released, the loss compensation fee will be deducted from this reserve compensation fee, and if surplus is released, it will be returned to the seller account Become.

[Operation example]
Next, an operation example of the investment product contracting system 1 according to the present embodiment will be described with reference to FIGS. FIG. 3 is an explanatory diagram showing an operation example of the investment product contract system. FIG. 4 is an explanatory diagram showing an operation example (continued) of the investment product contract system.

  As shown in FIG. 3, in accordance with the start of order reception, the order receiving unit 11 presents selling conditions to the selling customer terminal 30A and presents buying conditions to the buying customer terminal 30B. In this example, it is assumed that the contractor-specified selling price determined by the contractor is 9 yen and the contractor-specified purchase price is 10 yen, the maximum compensation amount is 100 yen, and the compensation period is 30 days from the completion of the contract. As a result, the contractor sells 1 yen = 10 yen-9 yen every time one investment product is executed.

Here, when the selling order for 5 sheets is received from the selling customer terminal 30A at the selling price of 8 yen, the order receiving unit 11 prepares for the reserve compensation price of 500 yen = 100 yen × 5 sheets from the deposit of the selling account. Only restrained.
In addition, when a purchase order for 10 sheets is received from the purchase customer terminal 30B with a purchase price of 12 yen, the order reception unit 11 pays 100 yen = based on the trader-specified purchase price of 10 yen from the deposit in the purchase account. Only 10 yen x 10 sheets are restrained.

  After the order acceptance is completed in this way, orders are totaled by the order execution unit 12 and 10 purchases of 10 yen or more are 10 pieces, and sales of 9 yen or less are 5 pieces. It is confirmed that the difference in the number of orders is five. Here, when it is determined that the difference in the number of buying and selling orders is more than the threshold value of 4 and the buying and selling is unbalanced, the number of selling orders is less than the number of buying orders, and therefore adjustment sales are ordered from the supplier terminal 20. The

Here, when accepting an adjustment buying order for two sheets at the supplier specified selling price of 9 yen from the supplier terminal 20, the reserve compensation price of 200 yen = 100 yen x 2 sheets is restrained from the deposit in the supplier account. Is done.
After that, the order is re-aggregated by the order fulfillment unit 12, and the purchase of 10 yen or more is 10 pieces, the sale of 9 yen or less is 7 pieces, and the number of trades can be increased to 7.

  Subsequently, the order execution unit 12 executes a sales order with the contractor for each of the seller, the buyer, and the supplier's orderer. For example, if the selling price is 9 yen and the buying price is 10 yen as a result of accepting an order by auction method, first, the selling order 9 yen x 5 pieces is settled between the seller and the contractor, and the contract is executed. The payment amount 45 yen = 9 yen × 5 sheets is withdrawn in the merchant account, and the 45 yen is deposited in the seller account.

  Next, the purchase order 10 yen × 7 sheets is settled between the buyer and the contractor, the payment price of the buyer account is released, and 70 yen = 10 yen × 7 sheets is withdrawn, and the contractor account 70 Yen is deposited. Next, the adjusted purchase order of 9 yen x 2 is settled between the supplier and the contractor, and the payment price of 18 yen = 9 yen x 2 is withdrawn from the contractor account, and the supplier account receives the payment. 18 yen is deposited.

  After the trade order is executed in this way, loss compensation for the asset value of the financial product is performed according to the maturity of the compensation period 30 days after the completion of the execution. In this example, first, it is assumed that the price movement of the financial product is confirmed by the loss compensation processing unit 13 during the compensation period of 30 days, and a loss of 30 yen per sheet is generated. What is necessary is just to acquire about price movement of a financial product from a general market condition provision server (not shown) via the communication network NW, for example.

Here, the loss compensation processing unit 13 refers to the trading history of the investment product managed by the account management unit 14, and in this example, the investment product whose maturity has been reached is deposited in the buyer's account. It is confirmed that the quantity is 7, 5 of which were sold from the seller, and the remaining 2 were sold from the supplier, and loss compensation is performed based on the trading history of these investment products.
As a result, the loss amount of the buyer will be 210 yen = 30 yen x 7 pieces, and this loss compensation fee will be credited from the seller account and supplier account to the contractor account, and from the contractor account to the buyer account. Will be.

  Therefore, the reserve compensation price of 1000 yen for the seller account is first released, the loss compensation price of 150 yen = 30 yen x 5 for the number of sales sold by the seller is withdrawn, and the remaining 850 yen is the seller account Can be used. The supplier account reserve compensation price of 200 yen is released, and the loss compensation price of 60 yen = 30 yen x 2 for the number sold by the supplier is withdrawn. The loss compensation price of 150 yen and 60 yen will be deposited into the contractor account, respectively, and the combined loss compensation price of 210 yen = 150 yen + 60 yen will be deposited from the contractor account to the buyer account. .

[Effects of the present embodiment]
As described above, in the present embodiment, the order receiving unit 11 presents the contents of the loss compensation and the sale conditions including the trader-specified selling price and the trader-designated buying price of the investment product, and the selling price from the selling method in accordance with this is shown. When a specified sell order and a buy order specifying a buy price from a buyer are received and the order execution unit 12 ends the acceptance of the sell order and the buy order, the sell / buy is selected from the sell order and the buy order. Based on the price, select and execute sell and buy orders for the same quantity, settle the price of the sold order between the seller account and the vendor's vendor account, and pay the price of the executed buy order The loss compensation processing unit 13 confirms the asset value of the securities at the expiration of the compensation period, and if loss compensation is required, the loss compensation processing unit 13 As well as the settlement between the sales methods account the loss compensation payment and commitments merchant account, one in which was to be settled between the commitments merchant account and the buyers account.

  As a result, the contractor presents the sales conditions including the contractor-specified selling price and the contractor-specified buying price of the investment product to the customer, and the selling order and the same quantity based on the selling / buying price of the selling order and the buying order. A buy order is selected and executed. Therefore, the customer can place a trade order with peace of mind, and the contractor can maintain the contract service without risk.

  Further, in the present embodiment, the order execution unit 12 orders the adjustment sale of the investment product from a specific liquidity supplier when the quantity of the selling order is smaller than the quantity of the buying order at the end of the reception. After accepting the adjusted sell order from the liquidity supplier according to the highest selling price and adding it to the sell order, select the sell order and buy order by the same quantity based on the sell-buy price from the sell order and buy order You may make it execute.

  Alternatively, when the order execution unit 12 has a buy order quantity smaller than the sell order quantity at the end of acceptance, the order execution part 12 orders an adjusted purchase of investment products from a specific liquidity supplier and supplies liquidity accordingly. After accepting an adjusted buy order from a supplier at the lowest purchase price and adding it to the buy order, select the sell order and the buy order for the same quantity based on the sell / buy price from the sell order and the buy order and execute it. It may be.

  As a result, when there is a large imbalance in the number of trading orders, the imbalance is alleviated by adjusted selling orders or adjusted buying orders from liquidity suppliers, and a certain amount of trading contract constant is secured. Liquidity can be supplied, leading to the activation of the trading market. In addition, liquidity suppliers are guaranteed to buy and sell at contractor-specified purchase prices or contractor-specified selling prices from contractors, making it possible to invest more favorably than ordinary customers, and ordering from liquidity suppliers Can be motivated effectively.

Further, in the present embodiment, when the order receiving unit 11 receives a sell order, the order receiving unit 11 binds a binding amount consisting of a maximum compensation amount related to loss compensation for the quantity of the sell order from the deposit in the seller account, and a loss compensation processing unit When the loss compensation price is settled, 13 may settle the loss compensation price with a restraint amount restrained in the seller account and release the restraint on the remaining amount obtained by subtracting the loss compensation price from the restraint amount. .
Thereby, it is possible to reliably pay the loss compensation price from the deposit of the seller to the buyer, and it is possible to avoid the risk of the contractor.

[Extended embodiment]
The present invention has been described above with reference to the embodiments, but the present invention is not limited to the above embodiments. Various changes that can be understood by those skilled in the art can be made to the configuration and details of the present invention within the scope of the present invention. In addition, each embodiment can be implemented in any combination within a consistent range.

  DESCRIPTION OF SYMBOLS 1 ... Investment product execution system, 11 ... Order reception part, 12 ... Order execution part, 13 ... Loss compensation processing part, 14 ... Account management part, 20 ... Supplier terminal, 30 ... Customer terminal, 30A ... Selling customer terminal, 30B: Purchase customer terminal, NW: Communication network.

In addition to this, the order execution unit, when the quantity of the sell order is less than the quantity of the buy order at the end of the acceptance, orders the adjusted sale of the investment product to a specific liquidity supplier, In accordance with this, an adjusted selling order from the liquidity supplier is accepted at the selling price designated by the supplier and added to the selling order, and then the same quantity is added based on the selling / buying price of the selling order and the buying order. A sell order and a buy order are selected and executed.

In addition, another investment product contract system according to the present invention is an investment product for accepting buy orders and sell orders and executing contracts for investment products that express a loss compensation for a certain compensation period for the asset value of securities. A product execution system, which presents the contents of the loss compensation and a sale condition including a seller-specified selling price and a vendor-specified buying price of the investment product, and a selling order including a selling price and a quantity according to a selling method according to the selling condition. An order receiving unit that receives a buy price from a buyer and a buy order including a quantity, and at the end of acceptance of a buy / sell order, select a sell order and a buy order for the same quantity from the buy / sell orders based on the sell / buy price. And then settle the price of the executed sell order between the seller account and the contractor account, and the price of the executed buy order is the same as that of the buyer account. An order execution part that settles with a contractor account, and confirms the asset value of the securities at the time of maturity of the compensation period.If the loss compensation is necessary, based on the trading history of the investment product, A loss compensation processing unit that settles a loss compensation price for the loss compensation between the seller account and the contractor account, and settles between the contractor account and the buyer account, When the order fulfillment unit has the buy order quantity smaller than the sell order quantity at the end of the acceptance, the order fulfillment part orders an adjusted purchase of the investment product from a specific liquidity supplier, and the current An adjusted buy order from a sex supplier is received at the trader-designated buy price and added to the buy order, and then the sell order for the same quantity based on the sell / buy price of the sell order and the buy order. Select the and buy order is obtained so as to contract.

In addition, another investment product contract system according to the present invention is an investment product for accepting buy orders and sell orders and executing contracts for investment products that express a loss compensation for a certain compensation period for the asset value of securities. A product execution system, which presents the contents of the loss compensation and a sale condition including a seller-specified selling price and a vendor-specified buying price of the investment product, and a selling order including a selling price and a quantity according to a selling method according to the selling condition. An order receiving unit that receives a buy price from a buyer and a buy order including a quantity, and at the end of acceptance of a buy / sell order, select a sell order and a buy order for the same quantity from the buy / sell orders based on the sell / buy price. And then settle the price of the executed sell order between the seller account and the contractor account, and the price of the executed buy order is the same as that of the buyer account. An order execution part that settles with a contractor account, and confirms the asset value of the securities at the time of maturity of the compensation period.If the loss compensation is necessary, based on the trading history of the investment product, A loss compensation processing unit that settles a loss compensation price for the loss compensation between the seller account and the contractor account, and settles between the contractor account and the buyer account, When the order receiving unit accepts the sell order, it binds a reserve compensation price consisting of a maximum compensation amount corresponding to the quantity of the sell order from the deposit of the seller account, and the loss compensation processing unit determines the loss compensation price. At the time of settlement, the loss compensation price is settled by the reserve compensation price bound in the seller account, and the constraint on the remaining amount obtained by subtracting the loss compensation price from the reserve compensation price is released. It is intended.

In addition, the investment product execution method according to the present invention is an investment product execution method for accepting a buy order and a sell order and executing an investment product for which a loss compensation for a certain compensation period for the asset value of securities is expressed. An investment product execution method used in the system, wherein the selling order reception unit presents the contents of the loss compensation and the selling / buying conditions including the vendor-specified selling price and the vendor-specified buying price of the investment product, and a selling method according to the selling condition An order accepting step for accepting a sell order including the sell price and quantity from the buyer, and a buy order including the buy price and quantity from the buyer, and the order execution unit sells and buys from the buy and sell orders at the end of acceptance of the buy and sell order. Select and execute sell and buy orders for the same quantity based on the price of the contract, and pay the price of the executed sell order between the seller account and the contractor account An order execution step for settlement between the buyer account and the contractor account, and a loss compensation processing unit confirms the asset value of the securities at the expiration of the compensation period. When the loss compensation is necessary, the loss compensation price for the loss compensation is settled between the seller account and the contractor account based on the trading history of the investment product, and the contract A loss compensation processing step for settlement between a merchant account and the buyer account , wherein the order execution step has a specific liquidity when the quantity of the sell order is less than the quantity of the buy order at the end of the acceptance. An adjustment sale of the investment product is ordered from a supplier, and an adjustment sale order from the liquidity supplier according to the order is received at the selling price designated by the supplier and added to the sale order. It was followed, in which so as to contract by selecting the sell orders and buy orders by the same quantity minutes based on the price of the buy and sell from one of the sell orders and the buy order.
In addition, another investment product execution method according to the present invention is an investment product for accepting a buy order and a sell order and executing a contract for an investment product that expresses a loss compensation for a certain compensation period with respect to the asset value of securities. An investment product execution method used in a product execution system, wherein a selling order reception unit presents the contents of the loss compensation and a sales condition including a supplier-specified selling price and a supplier-specified buying price of the investment product, and according to this An order receiving step for receiving a selling order including a selling price and a quantity from a seller, and a buying order including a buying price and a quantity from a buyer; Based on the price of selling and buying, sell order and buy order for the same quantity are selected and executed, and the price of the executed selling order is set as the seller account and the contractor account An order execution step for settlement between the buyer account and the contractor account, and a loss compensation processing unit, which determines the asset value of the securities at the expiration of the compensation period. Confirming that when the loss compensation is necessary, based on the trading history of the investment product, the loss compensation price for the loss compensation is settled between the seller account and the contractor account, A loss compensation processing step for settlement between the contractor account and the buyer account, wherein the order execution step includes a specific step when the quantity of the buy order is less than the quantity of the sell order at the end of the reception. An adjustment purchase order of the investment product is ordered from a liquidity supplier, and an adjustment purchase order from the liquidity supplier according to the order is received at the purchase price designated by the supplier, and the purchase order After addition is obtained by so stipulate Select sell orders and the buy order by the same quantity minutes based on the price of buy and sell from among the sell orders and the buy order.
In addition, another investment product execution method according to the present invention is an investment product for accepting a buy order and a sell order and executing a contract for an investment product that expresses a loss compensation for a certain compensation period with respect to the asset value of securities. An investment product execution method used in a product execution system, wherein a selling order reception unit presents the contents of the loss compensation and a sales condition including a supplier-specified selling price and a supplier-specified buying price of the investment product, and according to this An order receiving step for receiving a selling order including a selling price and a quantity from a seller, and a buying order including a buying price and a quantity from a buyer; Based on the price of selling and buying, sell order and buy order for the same quantity are selected and executed, and the price of the executed selling order is set as the seller account and the contractor account An order execution step for settlement between the buyer account and the contractor account, and a loss compensation processing unit, which determines the asset value of the securities at the expiration of the compensation period. Confirming that when the loss compensation is necessary, based on the trading history of the investment product, the loss compensation price for the loss compensation is settled between the seller account and the contractor account, A loss compensation processing step for settlement between the contractor account and the buyer account, wherein the order acceptance step comprises a preparation compensation price comprising a maximum compensation amount corresponding to the quantity of the sell order at the time of acceptance of the sell order. The loss compensation processing step when the loss compensation price is settled by the reserve compensation price restrained by the seller account. To settle the compensation payment, it is obtained from the preparation compensation payment so as to release the restraint on the remaining amount obtained by subtracting the loss compensation price.

Claims (5)

An investment product execution system for accepting and executing buy orders and sell orders for investment products for which loss compensation for a certain period of compensation for the asset value of securities is expressed,
Presents the contents of the loss compensation and the buying and selling conditions including the selling price specified by the supplier and the buying price specified by the supplier, the selling order including the selling price and quantity from the seller according to this, and the buying price and quantity from the buyer An order reception unit for receiving a buy order including
At the end of acceptance of a trade order, a sell order and a buy order are selected and executed by the same quantity from the buy / sell orders based on the sell / buy price, and the price of the executed sell order is set to the seller account and the contractor account. An order execution unit that settles between the purchase account and the contractor account with the price of the executed purchase order,
The asset value of the securities is confirmed at the time of expiration of the compensation period, and when the loss compensation is necessary, the loss compensation price for the loss compensation is calculated based on the trading history of the investment product in the seller account. And a loss compensation processing unit that settles between the contractor account and the buying account, and an investment product contract system. The investment product execution system according to claim 1,
The order execution unit, when the quantity of the sell order is less than the quantity of the buy order at the time of the acceptance end, orders an adjusted sale of the investment product to a specific liquidity supplier, and according to the order After accepting an adjusted sell order from a liquidity supplier at the vendor specified sell price and adding it to the sell order, the sell order and the buy order for the same quantity of the sell order and the buy order based on the sell / buy price. An investment product execution system characterized by selecting and executing. The investment product execution system according to claim 1,
The order execution unit, when the quantity of the buy order is less than the quantity of the sell order at the time of the acceptance end, orders an adjusted purchase of the investment product to a specific liquidity supplier, and the order according to the order After accepting an adjusted buy order from a liquidity supplier at the trader-specified purchase price and adding it to the buy order, the sell order and the buy in the same quantity based on the sell / buy price of the sell order and the buy order. An investment product execution system characterized by selecting and executing orders. In the investment product execution system according to any one of claims 1 to 3,
The order reception unit, when receiving the sell order, binds a reserve compensation price consisting of a maximum compensation amount for the quantity of the sell order from the deposit of the seller account,
When the loss compensation processing unit settles the loss compensation price, the loss compensation price is settled by the reserve compensation price bound in the seller account, and the loss compensation price is subtracted from the reserve compensation price. An investment product execution system characterized by releasing restrictions on the remaining amount. An investment product execution method used in an investment product execution system for accepting and executing buy orders and sell orders for investment products for which loss compensation for a certain period of compensation for the asset value of securities is represented,
The selling order reception unit presents the contents of the loss compensation and the buying and selling conditions including the selling price specified by the supplier and the buying price specified by the supplier, and the selling order including the selling price and quantity from the selling method according to this and the buying method. An order acceptance step for accepting a buy order including a buy price and a quantity from
The order execution part selects and sells the same quantity of the sell order and the buy order based on the sell / buy price from the buy / sell orders at the end of acceptance of the buy / sell order, and sells the price of the executed sell order. An order execution step for settlement between the account and the contractor account, and for settlement of the price of the contracted purchase order between the buyer account and the contractor account;
A loss compensation processing unit confirms the asset value of the securities at the time of expiration of the compensation period, and when the loss compensation is necessary, the loss compensation for the loss compensation is performed based on the trading history of the investment product. A loss compensation processing step of paying a price between the seller account and the contractor account and a settlement process between the contractor account and the buyer account.

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