JP2021026568A - Securities settlement device - Google Patents

Abstract

To provide a securities settlement technology capable of improving availability of repurchase transaction.SOLUTION: A securities settlement device 100 has: a customer account management unit 110 that manages customers' securities accounts and fund accounts; an asset management unit 120 that manages its own assets; and a transaction processing unit 130 that makes a repurchase transaction by its own transaction with the own assets, in response to a transaction request for a repurchase transaction from a customer.SELECTED DRAWING: Figure 4

Description

The present invention relates to financial technology (fintech), and more particularly to securities settlement technology.

Clearing banks that are entrusted with business from financial institutions and provide settlement services for funds and bonds (for example, government bonds) are used by financial institutions. As one of the clearing services provided by such a clearing bank, there is a tri-party repo. Tri-party repo is a service that comprehensively provides collateral selection, settlement, collateral management, etc. based on the contract of repo transactions between customers to customers who have funds and securities accounts in the clearing bank. .. A repo transaction is a transaction in which bonds and funds are exchanged with the other party and returned after a certain period of time. For example, there are repurchase agreements and current repo transactions.

For example, as shown in FIG. 1, the clearing bank concludes a tri-party contract with customer financial institutions A and B and carries out repo transactions between customer financial institutions A and B. If the customer financial institution A wants a repo transaction as a fund provider and the customer financial institution B wants a repo transaction as a fund raiser, the clearing bank will accept the securities held by the customer financial institution and accept / deposit collateral. Select collateral securities based on transaction conditions such as conditions, transfer the selected collateral securities from the securities account on the funding side to the securities account on the funding side, and transfer funds from the funding account on the funding side to the funding account on the funding side. Move. After about a period of time, the clearing house returns the collateral securities from the funding side's securities account to the funding side's securities account, and the refund amount promised from the funding side's funding account to the funding side's funding account. Transfer funds equivalent to.

According to the Tri-Party Report, the clearing bank is responsible for all of the collateral selection, settlement, collateral management, etc., so the administrative burden on the customer is small, and the clearing bank does not use a securities settlement institution such as the Japan Securities Depository Center. Since the settlement is completed at, there are no time zone restrictions on the securities settlement period. In addition, since the clearing bank can grasp the bond balance, it is possible to provide a financing scheme that makes effective use of surplus bonds.

Patent No. 6283719

However, the required repo transaction conditions do not always match between the customer financial institutions, and if there is no matching repo transaction request, the inter-customer transaction cannot be carried out.

In view of the above problems, an object of the present invention is to provide a securities settlement technique for improving the availability of repo transactions.

In order to solve the above problems, one aspect of the present invention is a customer account management department that manages a customer's securities account and a fund account, an asset management department that manages its own assets, and a transaction request for repo transactions from a customer. On the other hand, the present invention relates to a securities settlement device having a transaction processing unit for executing the repo transaction by the own transaction with the assets of the own bank.

According to the present invention, by introducing self-banking transactions, it is possible to expand the chances of establishing repo transactions and improve the availability of repo transactions of client financial institutions.

It is a schematic diagram which shows the tri-party repo. It is a schematic diagram which shows the repo transaction contract processing by one Example of this invention. It is a block diagram which shows the hardware structure of the securities settlement apparatus by one Embodiment of this invention. It is a block diagram which shows the functional structure of the securities settlement apparatus by one Example of this invention. It is a figure which shows the collateral selection process by one Example of this invention. It is a flowchart which shows the securities settlement processing by one Example of this invention.

Hereinafter, embodiments of the present invention will be described with reference to the drawings.

In the following embodiment, a securities settlement device that provides a securities settlement service to a client financial institution or the like is disclosed.

To outline the examples described later, the securities settlement device 100 is operated by a bank (own bank) that provides securities settlement services to customers such as other banks, securities companies, and trust banks, and with each customer via the customer terminal 200. Communication connection is made. As shown in FIG. 2, when a repo transaction request for financing is received from the customer terminal 200B, the securities settlement device 100 searches for another customer who wants to provide funds and matches the received repo transaction request. If a customer is found, a repo transaction is carried out by a customer-to-customer transaction between customers 200A and 200B. On the other hand, if it is not possible to find a customer that matches the received repo transaction request, the securities settlement device 100 executes the repo transaction by the self-bank transaction with its own funds.

As a result, the opportunities for customers who wish to raise funds through repo transactions are expanded, and for example, it becomes possible to support urgent financing.

Here, the securities settlement device 100 may have, for example, a hardware configuration as shown in FIG. That is, the securities settlement device 100 includes a drive device 101, an auxiliary storage device 102, a memory device 103, a CPU (Central Processing Unit) 104, an interface device 105, and a communication device 106 that are interconnected via the bus B.

Various computer programs including programs that realize various functions and processes described later in the securities settlement device 100 may be provided by a recording medium 107 such as a CD-ROM (Compact Disk-Read Only Memory). When the recording medium 107 storing the program is set in the drive device 101, the program is installed in the auxiliary storage device 102 from the recording medium 107 via the drive device 101. However, the program does not necessarily have to be installed on the recording medium 107, and may be downloaded from any external device via a network or the like. The auxiliary storage device 102 stores the installed program and also stores necessary files and data. The memory device 103 reads and stores a program or data from the auxiliary storage device 102 when a program start instruction is given. The CPU 104, which functions as a processor, executes various functions and processes of the securities settlement device 100 as described later according to various data such as a program stored in the memory device 103 and parameters necessary for executing the program. The interface device 105 is used as a communication interface for connecting to a network or an external device. The communication device 106 executes various communication processes for communicating with the external device.

However, the securities settlement device 100 is not limited to the hardware configuration described above, and may be realized by any other appropriate hardware configuration.

First, the securities settlement device 100 according to an embodiment of the present invention will be described with reference to FIG. For example, the securities settlement device 100 is arranged in the computer system of a bank (own bank) that provides securities settlement services to client financial institutions such as other banks, securities companies, and trust banks, and securities are provided through interaction with the customer terminal 200. Providing payment services.

FIG. 4 is a block diagram showing a functional configuration of the securities settlement device 100 according to an embodiment of the present invention. As shown in FIG. 4, the securities settlement device 100 has a customer account management unit 110, an asset management unit 120, and a transaction processing unit 130.

The customer account management unit 110 manages the customer's securities account and fund account. For example, the customer account management unit 110 indicates securities transaction information showing the brand name, face value, market value, remaining period, trading history, etc. of securities such as bonds deposited by the customer financial institution in the securities account of the customer financial institution. And manages fund information such as the balance of funds for settlement of the customer financial institution and deposit / withdrawal history in the fund account of the customer financial institution.

The asset management unit 120 manages its own assets. For example, the asset management unit 120 manages asset information indicating assets such as operating funds and securities of its own bank for repo transactions.

The transaction processing unit 130 executes a repo transaction by a self-transaction with its own assets in response to a transaction request for a repo transaction (for example, a repurchase agreement, a current repo, etc.) from a customer. Specifically, when a repo transaction request is received from a certain customer financial institution, the transaction processing unit 130 determines whether there is a customer financial institution on the other side for the repo transaction, and when the customer financial institution on the other side is detected. , Contract repo transactions by inter-customer transactions.

For example, if the repo transaction is a request to raise 10 billion yen, the transaction processing unit 130 searches for a client financial institution on the funding side. For example, this means that the transaction processing unit 130 notifies each client financial institution that there was a repo transaction request of 10 billion yen from the fund raising side, and one of the customer financial institutions responds to the repo transaction request. It may be determined by whether or not the notification has been received.

Then, the transaction processing unit 130 selects collateral for securities to be provided as collateral based on the collateral acceptance conditions acquired from the client financial institution on the fund providing side and the collateral insertion conditions acquired from the client financial institution on the fund raising side. To execute. For example, the conditions for accepting collateral are as follows: 1) Accept collateral bonds with the largest face value, 2) Accept with the longest remaining period, 3) The minimum face value is 100 million yen or more, and 4) The minimum remaining period is one year or more. 5) Brand C may not be accepted, and the collateral insertion conditions may be 1) Issue E is unacceptable. Further, when a plurality of conditions are set, the priority of each condition may be set. Here, the collateral acceptance conditions 1) and 2) are set to priorities 1 and 2, respectively.

For example, when the client financial institution on the fund providing side holds a bond as shown in FIG. 5 (a) in the securities account, the transaction processing unit 130 determines the figure based on the collateral acceptance condition and the collateral insertion condition. The issues A, D, F, and G shown in 5 (b) are selected as collateral bonds. Then, the transaction processing unit 130 determines the priority of the collateral bond as shown in FIG. 5C in consideration of the priority of the setting conditions. In the illustrated list, the order of priority is brand G → brand D → brand A → brand F. Based on this prioritized list, the Transaction Processing Department 130 secures issues G, D, and A so that the market capitalization of each issue based on the current market price is equivalent to the amount of 10 billion yen raised. Select as.

When the collateral bond is selected in this way, the transaction processing department 130 transfers the selected collateral bond from the securities account of the client financial institution on the financing side to the securities account of the client financial institution on the funding side, and the funds are 10 billion yen. Is transferred from the fund account of the client financial institution on the funding side to the fund account of the customer financial institution on the fund raising side. When the deadline set for the repo transaction arrives, the transaction processing unit 130 executes the opposite transaction. That is, the transaction processing unit 130 returns the transferred collateral bond from the securities account of the client financial institution on the fund providing side to the securities account of the customer financial institution on the financing side, and returns the refund amount determined in the repo transaction to the financing side. Transfer from the fund account of the client financial institution to the fund account of the client financial institution on the funding side.

On the other hand, if the customer financial institution on the other side is not detected, the transaction processing unit 130 executes the repo transaction by the self-bank transaction. For example, the transaction processing department 130 notified each customer financial institution that there was a repo transaction request of 10 billion yen from the fund raising side, but all the customer financial institutions notified that the repo transaction request would be accepted. If the reception cannot be received, the transaction processing unit 130 may determine that there is no customer financial institution to be the other party.

Alternatively, one of the client financial institutions has received a notification that the repo transaction request will be accepted, but it is possible to select a collateral bond that satisfies both the collateral acceptance conditions and the collateral insertion conditions on both the fund providing side and the fund raising side. If not, the transaction processing unit 130 may determine that there is no customer financial institution to be the other party.

At this time, if the collateral bond can be selected by lowering the financing amount and the repo transaction can be executed by the reduced transaction amount, the transaction processing unit 130 presents the reduction of the financing amount to the client financial institution on the financing side. You may. As a result, the client financial institution on the financing side can raise a desired part of the funds, and the remaining portion of the desired amount of funds can be raised by another repo transaction request.

In addition, the collateral acceptance conditions and / or collateral insertion conditions that hinder the selection of collateral are presented to the customer terminal 200 of the client financial institution on the fund providing side and / or the financing side, and the change of the conditions is urged to be reconsidered. You may. Further, the transaction processing unit 130 may urge the customer financial institution on the fund raising side to reconsider the transaction conditions of the repo transaction such as raising the interest rate via the customer terminal 200.

If the customer financial institution on the other side is not detected, the transaction processing unit 130 executes the requested repo transaction by a transaction with the bank using its own assets. Specifically, the transaction processing unit 130 sets the collateral acceptance conditions of its own bank and the collateral of the customer financial institution, which are predetermined from the securities account of the client financial institution on the financing side, in the same manner as the collateral selection in the above-mentioned inter-customer transaction. Secured bonds are selected based on the conditions of insertion, the selected bonds are transferred from the securities account of the client financial institution on the financing side to the securities account of the bank managed by the asset management department 120, and the raised funds are transferred by the asset management department 120. Transfer from the managed bank's fund account to the fund account of the client financial institution on the funding side. When the due date set for the repo transaction arrives, the transaction processing department 130 returns the transferred collateral bond from its own securities account to the securities account of the client financial institution on the financing side, and the refund amount specified for the repo transaction. Is transferred from the fund account of the client financial institution on the fund raising side to the fund account of the bank.

If the amount of funds desired by the client financial institution on the financing side cannot be covered by the bonds managed by the securities account of the client financial institution, the transaction processing unit 130 can be procured by the client financial institution. The maximum amount of funds may be notified to the customer financial institution via the customer terminal 200. Alternatively, the transaction processing unit 130 may prompt the change of the collateral insertion condition via the customer terminal 200. Alternatively, the transaction processing unit 130 may prompt the deposit of further bonds into the securities account via the customer terminal 200.

Next, a securities settlement process according to an embodiment of the present invention will be described with reference to FIG. The securities settlement process is realized by the securities settlement device 100 described above, and in particular, it can be realized by the processor of the securities settlement device 100 executing a program. FIG. 6 is a flowchart showing a securities settlement process according to an embodiment of the present invention.

As shown in FIG. 6, in step S101, the securities settlement device 100 receives a repo transaction request from the customer financial institution. For example, the repo transaction request may include transaction conditions such as the amount of funds desired to be procured, the period, and the interest rate.

In step S102, the securities settlement device 100 determines whether there is a customer financial institution on the other side. Specifically, upon receiving the repo transaction request, the securities settlement device 100 notifies the customer financial institution other than the requesting customer financial institution that the repo transaction request has been received via the customer terminal 200, and the repo transaction Wait for a response from a client financial institution that wants to be the other party.

When there is a response from any of the customer financial institutions (S102: YES), the securities settlement device 100 executes collateral selection in step S103 and executes the repo transaction by the inter-customer transaction. On the other hand, if there is no response from any of the client financial institutions, or if there is a response but a collateral bond that satisfies the collateral acceptance conditions and collateral insertion conditions cannot be selected (S102: NO), the securities settlement device 100 Contracts the repo transaction by self-banking transaction in step S104.

In the above-described embodiment, the focus is on the repo transaction request sent from the fund raising side, but the present invention is not limited to this, and may be applied to, for example, the repo transaction request sent from the funding side. ..

Although the examples of the present invention have been described in detail above, the present invention is not limited to the above-mentioned specific embodiments, and various modifications are made within the scope of the gist of the present invention described in the claims.・ Can be changed.

100 Securities settlement device 110 Customer account management department 120 Asset management department 130 Transaction processing department 200 Customer terminal

Claims (4)

The customer account management department that manages the customer's securities account and fund account,
The Asset Management Department, which manages its own assets,
In response to a transaction request for a repo transaction from a customer, the transaction processing department that executes the repo transaction by the own transaction with the assets of the own bank, and
Securities settlement device with. The transaction processing unit transfers the funds managed by the asset management unit to the customer's fund account, and transfers the securities of the customer's securities account to the asset management unit to execute the self-banking transaction. The securities settlement device described in 1. The transaction processing unit determines whether there is a counterparty customer for the repo transaction, and when the counterparty customer is detected, the repo transaction is executed by a customer-to-customer transaction, and the counterparty customer is not detected. The securities settlement device according to claim 1 or 2, wherein the repo transaction is executed by the self-bank transaction. The transaction processing unit transfers the securities of the securities account of the securities provider customer to the securities account of the fund provider customer, and transfers the funds of the fund account of the fund provider customer to the fund account of the securities provider customer, thereby between the customers. The securities settlement device according to claim 3, which executes a transaction.

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