JP2023072608A - Transaction order processing system using digital asset - Google Patents

Abstract

To provide a transaction order processing system using digital assets capable of combining large-scale transactions and small-scale transactions by combining streaming and leave orders, while streamlining matching process and dramatically improving processing performance.SOLUTION: A transaction order processing system using digital assets has: a smart construction 16 having a function of performing trading as a counterparty to a streaming from a customer 40 for a rate different for each customer and returning a contract; and a smart construction 17 having a function of putting all the leave orders placed by customers on an order book, a function of performing a trading as a counterparty to a leave order at the limit price of the leave order, in which the price difference between a sell order and a buy order on the order book exceeds a predetermined spread to be collected by an exchange 30, and returning a contract, and a function of distributing to all the customers the instantaneously contracted price immediately before contracting the leave order as a common rate for all the customers.SELECTED DRAWING: Figure 1

Description

The present invention relates to a digital asset trading system that trades products using digital assets such as tokens and digital currencies that can digitally express economic values.
In addition, the "system" in the specification of the present application is configured by combining elements such as computers and other electronic devices, software, communication networks, data, etc., and specifically performs information processing by software using hardware resources. It means the computer system that implements it.

At the world's major commodity exchanges, transactions are conducted in which the economic value of commodities, etc. is indicated in the currency issued by each country.

In recent years, digitization technology has made it easier to trade digital assets such as tokens that digitally represent the economic value of assets.
In particular, assets having a standardized economic value, such as commodities (such as products traded on commodity exchanges), have a strong characteristic of being able to be traded as digital assets.

However, conventional commodity exchanges do not have a system for processing trading orders for digital assets such as tokens.
In the future, not only major digital values (assets) such as crypto assets, digital currencies, or digital securities such as STOs, but also digital representations of minor values such as individually defined goods and services such as products and foods. , it is assumed that it will be subject to exchange and trading.

Therefore, the inventors of the present application have repeatedly considered and studied in order to construct a system for processing trade orders using digital assets. As a result, transactions between customers with different markup rates for calculating the markup to be added when creating exchange rates, such as transactions that combine large and small transactions, can be streamed (market orders). and leave orders (limit orders), etc., the matching process becomes complicated, which adversely affects the processing performance.

The present invention has been made in view of the above-mentioned conventional problems. It is possible to combine streaming (market orders) and leave orders (limit orders) for transactions between customers with different markup rates to calculate the markup to be added at the time of purchase. The purpose is to provide a trading order processing system using assets.

In order to achieve the above object, the transaction order processing system using digital assets according to the present invention includes tokens (a general term for values defined digitally in distributed technology such as blockchain, including crypto assets), digital A distributed ledger in at least one type of blockchain or other decentralized technology for managing transactions between any form of digital asset, such as currency, token and digital currency, token to token, or digital currency to digital currency, and the distributed ledger. A transaction order processing system using digital assets, built with a smart contract for performing predetermined processing using digital assets managed by the system, and each issue set to various numerical values for each customer a markup rate management table for managing the markup rate of the markup rate management table, a markup rate acquisition smart contract having a function of acquiring the markup rate of each customer for each issue from the markup rate management table; A first rate (reference rate) creation smart that has the function of creating a first rate (reference rate) that serves as the basis for creating a second rate (rate), which is a quote price for trading as a counterparty to an order. contract, and for each customer, the first rate (reference rate) created by the smart contract for creating the first rate (reference rate), the markup rate of the customer obtained by the smart contract for obtaining markup rate A smart for creating a second rate (rate) having a function of creating the second rate (rate) by calculating the markup by multiplying the above and adding the calculated markup to the first rate (reference rate) a contract, a second rate (rate) distribution smart contract having a function of distributing the second rate (rate) for each customer generated by the second rate (rate) generation smart contract to the customer; As a trading counterparty for streaming (market orders) from customers placed at the second rate (rate) different for each customer delivered by the smart contract for delivery of the second rate (rate) A smart contract for streaming execution that has at least the function of making trades, executing executions, and returning executions to the customer, and a function of placing all leave orders (limit orders) for sell and buy placed by customers on the order book. and the limit price of at least some of the sell and buy leave orders (limit orders) where the price difference between the sell order and the buy order on the order book is equal to or greater than the predetermined spread to be collected by the exchange For each of the customers who have traded as the counterparty to the sell and buy leave orders (limit orders), executed, and placed the sell and buy leave orders (limit orders) A function to return a contract, and a function to instantaneously distribute the price to be contracted to all customers as the second rate (rate) common to all customers immediately before contracting a leave order (limit order). and a leave-order execution smart contract.

Further, in the transaction order processing system using digital assets of the present invention, the leave-order execution smart contract is configured so that the price difference between the sell order and the buy order on the order book is equal to or greater than a predetermined spread to be collected by the exchange. and the limit price is the best of the second rates (rates) distributed to each customer by the second rate (rate) distribution smart contract. Sell and buy leave orders (limit orders) from the customer corresponding to the second rate (rate) are traded as the counterparty of the transaction, are executed, and the sell and buy leave orders ( It is preferable to have the ability to return a fill to each such customer who placed a limit order.

Further, in the transaction order processing system using digital assets of the present invention, the smart contract for creating the first rate (reference rate) is the best order for both sell and buy in the leave order (limit order) from the customer. (cheapest sell order, highest buy order) price or the price of the third rate (external rate) that can be covered and traded from an external liquidity provider, whichever is more advantageous Preferably, it also has the ability to create one rate (reference rate).

Further, in the transaction order processing system using digital assets of the present invention, the smart contract for creating the first rate (reference rate) is a third rate (external rate) that allows cover transactions from an external liquidity provider. It is preferable to further have the function of creating said first rate (reference rate) using the price of .

Further, in the transaction order processing system using digital assets of the present invention, the streaming execution smart contract is configured to provide the second rate (rate) different for each customer delivered by the second rate (rate) delivery smart contract. Sell or buy streaming (market orders) from customers placed against the It is preferable to have the ability to submit orders for cover trades and return fills to the customer for 3 rates (external rates).

Further, in the transaction order processing system using digital assets of the present invention, the second rate (rate) creation smart contract is configured to generate the markup rate acquisition smart contract when creating the second rate (rate). Preferably, the contract further comprises the function of adjusting the respective markup rates for the customer's sell side and buy side obtained by the contract according to the ratio of the sell order quantity and the buy order quantity on the order book.

Further, in the transaction order processing system using digital assets of the present invention, the second rate (rate) creation smart contract is configured to generate the markup rate acquisition smart contract when creating the second rate (rate). It further has a function of adjusting the respective markup rates of the customer's selling side and buying side obtained by the contract according to the ratio of the current trading volume in a predetermined unit time to the average past trading volume in a predetermined unit time. is preferred.

In addition, in the transaction order processing system using digital assets of the present invention, the customer who is a large order trader and the customer via the leave order (limit order) or the streaming (market order) For transaction asset management that has the function of managing money or digital assets equivalent to the contract amount to be delivered to the large-order trader, deposited by the small-order trader at the time of placing an order in a transaction with a certain small-order trader. When the smart contract, the large order, and the small order are executed, the large order is issued from a predetermined borrower using money or digital assets equivalent to the contracted amount managed by the smart contract for transaction asset management as collateral. A smart contract for lending that has the function of borrowing digital assets or money equivalent to the contracted amount to be received from the trader, and after the execution of the large order and the small order, settlement of the digital asset and money equivalent to the contracted amount a clearing smart contract having the function of executing A function to deliver equivalent money to the trader of the small order, and after a predetermined number of days have passed since the day when the large order and the small order were executed, from the trader of the large order, digital assets or money equivalent to the contract amount a function of delivering money or digital assets corresponding to a contract amount to be delivered to the trader of the large order managed by the smart contract for trading asset management to the trader of the large order at the same time as receiving the large order; It is preferable to have at least a function of repaying the digital asset or money equivalent to the contracted amount received from the borrower to the borrower together with the money for the interest generated by the borrowing.

Further, in the transaction order processing system using digital assets of the present invention, the clearing smart contract is the amount to be paid to the borrower generated by borrowing the digital assets of the lending smart contract or money equivalent to the agreed amount. The second rate ( rate), or the spread obtained from the price difference between the sell order, which is one of large orders and small orders, and the buy order, which is the other. preferable.

According to the present invention, the efficiency of matching processing is improved, and the processing performance is dramatically improved. A transaction order processing system using digital assets is obtained, which enables trading between customers with different markup rates by combining streaming (market orders) and leave orders (limit orders). .

1 is an explanatory diagram schematically showing the overall configuration of a transaction order processing system using digital assets according to a first embodiment of the present invention; FIG. 2 is an explanatory diagram showing functions and a configuration example of a markup rate management table in the transaction order processing system using the digital assets of FIG. 1; FIG. FIG. 2 is an explanatory diagram showing an overview of functions provided in a markup rate acquisition smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in a smart contract for creating a first rate (reference rate) in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in a smart contract for creating a second rate (rate) in the transaction order processing system using digital assets in FIG. 1; 2 is an explanatory diagram showing an overview of functions provided in a second rate (rate) distribution smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. FIG. 2 is an explanatory diagram showing an overview of functions provided in a streaming execution smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in a leave-order execution smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in a transaction asset management smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in a lending smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in a clearing smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing a part of an example of the flow of processing in the transaction order processing system using digital assets of FIG. 1; FIG. 2 is an explanatory diagram showing a continuation of an example of the flow of processing in the transaction order processing system using digital assets of FIG. 1; FIG. 2 is an explanatory diagram showing an example of a flow up to settlement processing in a transaction combining large-lot transactions and small-lot transactions in the transaction order processing system using digital assets in FIG. 1;

Prior to the description of the embodiments, the circumstances leading to the derivation of the present invention and the effects of the present invention will be described.

As described above, in recent years, digitization technology has facilitated the trading of digital assets that digitally represent the economic value of assets.
In particular, assets with stylized economic value, such as commodities (commodities traded on commodity exchanges), have the characteristics of being able to be traded as digital assets whose economic value is represented digitally. strong.

However, as described above, conventional commodity exchanges do not have a system for processing trading orders for digital assets such as tokens.
In the future, not only major digital values (assets) such as crypto assets, digital currencies, or digital securities such as STOs, but also digital representations of minor values such as individually defined goods and services such as products and foods. , it is assumed that it will be subject to exchange and trading.

Therefore, the inventors of the present application have repeatedly considered and studied in order to construct a system for processing trade orders using digital assets. At that time, we considered decentralized processing using smart contracts in order to process digital asset order data quickly and efficiently.
After that, the inventor of the present invention processes decimal numbers in trading stocks in trading orders using digital assets, order methods (market orders, limit orders), rate creation, order book As a result of considering and examining processing, settlement methods, etc., it was found that customers with different markup rates for calculating the markup to be added when creating exchange rates, such as transactions that combine large and small transactions, It has been found that, for example, when a transaction is performed by combining streaming (market order) and leave order (limit order), the matching process becomes complicated, which adversely affects the processing performance. A detailed description will be given below.

Processing of Decimal Numbers in Trading of Issues In the system for processing trading orders using digital assets considered and studied by the present inventor, the basic items to specify for orders are the classification, price, and quantity of "buying and selling."
Then, the contracted amount is calculated by price x quantity (if there is a multiplier for each brand as a designated item, price x quantity x multiplier), and a delivery amount is determined by adding a predetermined additional amount to the contracted price.
The price and quantity can be numerical values with a decimal point, but the delivery amount is in units of integers of the minimum unit of currency (for example, in units of 1 yen when based on Japanese Yen).
If the national currency is the standard, the delivery amount will be rounded to the nearest whole number of the minimum unit of the currency of the country.

Here, when trading an issue, if the delivery amount can be a number with a decimal point less than the minimum unit of currency (e.g. 1 yen in Japan), how to round the decimal point to less than 1 yen becomes an issue. .
Regarding transactions using digital assets, the inventor believes that if the delivery amount is a number with a decimal point less than the minimum unit of currency (for example, 1 yen in Japan), the exchange will On the other hand, we considered and examined the rounding of figures when trading as a counterparty in a transaction as follows.

The exchange wants to round the price (contract amount) with a decimal point to its advantage. On the other hand, from the viewpoint of customer protection, when a customer specifies a price, it is not allowed to set a contract price at a price that is disadvantageous to the customer compared to the price specified by the customer.

Therefore, the inventors of the present invention consider that the rate that the exchange first presents to the customer for a limit order (called a leave order) When creating a value), I thought about adding an extra amount such as a spread or markup so that I could make a profit even if I rounded off the decimal point of less than 1 yen so that I would be disadvantaged. .

In addition, the inventor acknowledges that market orders (referred to as streaming) are disadvantageous to customers (specify the range of slippage (the difference between the order price and the execution price) that is actually permissible). Therefore, we thought that the exchange would round off the decimal point of less than 1 yen and add a markup to the exchange so that it would be advantageous to itself.

In addition, in trading, the inventor of the present invention considers that the quoted price at which he/she trades as a counterparty to a customer's order is the exchange's base rate plus a predetermined amount (spread, mark up) and created it and presented it to the customer.

By the way, it is considered that the rates presented by the exchange are different for large orders and small orders.
A large order is a large order quantity. For this reason, the inventors have considered setting a minimum order quantity for large orders so that the exchange does not have to round the contract amount.

However, if small orders are combined with large orders, the bid price (price increments when buying and selling) will be the decimal point for large orders, and even if the order quantity for small orders is combined, the execution amount will not be in units of 1 yen. However, it is assumed that there will be a decimal point of less than one yen.

Processing for decimal numbers in streaming ( market orders)
The inventor considered and examined the processing of decimal numbers in small orders (here, assuming streaming (market orders)) as follows.
When a customer places a small order using streaming (market order), which is a general order method in which the quantity is first specified at the time of ordering, the exchange will create a rate for the small order. , assuming that the customer ordered in the minimum quantity unit, the quantity is fixed to the minimum unit, and for a small order of 1 unit, the original large order rate is divided by the minimum order quantity, and the self (exchange) is presented to the customer after being rounded so that
The customer places a small order against the rate presented by the exchange, which has been corrected by rounding the decimal point for small orders, and the exchange returns a contract with a contract amount in units of 1 yen.

When the contract amount increases, the price absorbs the error because the quantity is fixed at the minimum quantity unit. The exchange slightly adjusts the price so that the contracted amount is advantageous to the customer, prepares a modified rate, and presents it to the customer. A customer submits a small order against a modified rate.

When creating rates for small orders, the exchange sets a minimum trade volume if it wants to lock the price at the same price as for large orders. Then, on the premise that the value is equal to or higher than the standard minimum transaction volume, the exchange rounds the minimum transaction volume (with decimal point) so that it is advantageous to itself and presents it to the customer in addition to the rate information. Have the customer process the order, and return the contract with the contract amount in increments of 1 yen.
If the contract amount becomes large, the error will be absorbed by the quantity. The exchange makes minor adjustments to the quantity so that the contract amount is more favorable to the customer, prepares a modified rate, and presents it to the customer. A customer submits a small order against a modified rate.

In other words, in the case of small orders, the rate for small orders that the exchange can offer is the rate created by fixing the quantity to the minimum quantity unit (fixed quantity), and the price fixed at the same price as the large order (price There is a fixed rate), and the small order trader chooses to submit one of the rates before placing an order, and the exchange presents the selected rate and order method.

(In the case of a type of streaming (market order) that specifies the execution amount)
In addition, there are other types of streaming (market orders) where the customer specifies the execution amount. In that case, the exchange fixes either the price or the quantity according to the customer's selection, and rounds off the other, which is not fixed, so that it (the exchange) is advantageous as described above. In general, it is assumed that the customer chooses the quantity and the exchange fixes the quantity.

In the case of a type of streaming (market order) that specifies a contract amount, instead of the exchange presenting the rate to the customer, the exchange divides the contract amount specified by the customer by the rate Correction by rounding the decimal point so that the trading unit (exchange) is advantageous, furthermore, the price obtained by dividing the specified execution amount by this corrected quantity is finely corrected and presented to the customer, contract processing is performed.

These are functions that take into account settlements, etc., and are intended to clarify the contract amount and delivery amount, and are functions that are premised on the fact that streaming (market orders) from customers can be immediately executed and converted into yen. be.

Streaming (market order) is an ordering method with the purpose of immediate execution and adding a slippage that allows fluctuations in the markup against the sell and buy rates with markups added.

On the other hand, a leave order (limit order) is a board-style order processing (orders between customers on the board are matched and executed, and the amount corresponding to the commission is separately collected as a spread). This is the ordering method in .
Since limit orders are more advantageous to customers in terms of amount than market orders, customers may place leave orders (limit orders) when simply trading stocks. .

In a leave order (limit order), the customer specifies the price and quantity, but if the agreed amount is not 1 yen, the customer selects either the fixed quantity or the fixed price. The exchange slightly adjusts the price if the customer chooses to fix the quantity, or slightly adjusts the quantity if the customer chooses to fix the price, and presents it to the customer. The customer places an order after confirming the presented contents (on the screen, etc.).

In the case of a leave order with a specified amount (limit order), the customer selects either the above-mentioned fixed quantity or fixed price and specifies the selected quantity or price, and the exchange pays the price specified by the customer ÷ Quantity (or price) = Calculate the price (or quantity), modify it slightly, and present it to the customer. The customer places an order after confirming the presented contents (quantity and price).

In addition, when a customer places a leave order (a limit order), the exchange creates an order book for managing the limit price.

While the original limit order is placed directly on the order book when the order is placed, the leave order (limit order) is when the rate price created by the exchange matches the limit price specified by the customer. It is an algorithmic order-like process that is activated from time to time.

The inventor of the present invention considered the following contract processing when a leave order (limit order) is placed.
A customer's order is placed on the order book, but the customer's counterparty is always the customer (the exchange), not another customer. In addition, when the price difference between the sell order and the buy order between customers exceeds the predetermined spread to be collected by the exchange, the exchange will set the spread as its own add-on amount to the base reference rate. Add up to create sell and buy rates.

Then, the inventor of the present invention fuses a system that processes trading orders using digital assets with processing using an order book and processing using a rate (so-called "2WAY"), and uses the order book inside the system. We conceived of a configuration in which the processing using the rate was performed externally, and we considered and examined it.

The exchange sets the price of the best order (cheapest sell order, highest buy order) on the order book as the reference rate (reference value: best quote), adds a markup to this reference rate, Create a quote) to trade as a counterparty to the order of

In the orderbook that manages the limit price of a leave order (limit order), the price and quantity are implemented with decimal places. However, for the rate calculated from the board (indicative price at which the exchange itself trades as the counterparty to the customer's order), the exchange will give the customer the price rounded to the nearest 1 yen. deliver to.
Then, the exchange makes a contract when the limit price of the customer's order matches the rate distributed by the exchange (the quoted price at which the exchange itself trades against the customer's order as the counterparty to the transaction).

Here, an example of rounding processing when the customer selects either "fixed quantity" or "fixed price" for streaming (market order) and leave order (limit order) will be shown.
In this example, it is assumed that the customer has a purchase intention of 1500 yen.
For example, processing for the selling rate of 1 g (1 token) = 6953 yen in streaming, the customer's purchase is 6953 yen, and 1500/6953 = 0.2157 tokens (in this example, the decimal point Specify up to 4 digits and truncate from 5 decimal places).
Also, for example, when the customer selects "fixed quantity" in the leave order and wishes to purchase 0.211 tokens with a specified price of 1500 yen, 1500/0.211 = 7109 yen (in this example, , rounded down to the nearest decimal place).
Also, for example, when the customer selects "fixed price" in the leave order and wishes to purchase tokens at a price of 6950 yen with a specified price of 1500 yen, 1500/6950 = 0.2158 tokens (in this example , up to 4 decimal places can be specified and rounded down from 5 decimal places).

The explanation so far is based on the premise of settlement in ¥, and assumes that the contract amount will be rounded to the smallest unit of currency, 1 yen, but settlements of less than 1 yen may appear in the future. have a nature. Also, in addition to settlement in ¥, settlement in dollars, gold, etc. is also conceivable. For this reason, in the system for processing trading orders using digital assets considered and studied by the present inventor, the contracted amount is rounded to a predetermined decimal point even after the decimal point of ¥, and furthermore, $, gold, etc. It is also conceivable to round the contract amount by a predetermined decimal point to the decimal places of those units.

Differences in transactions that combine large and small transactions (differences in rates)
By the way, for example, between large-cap stocks and small-cap stocks, which have different liquidity, when considering the profitability of the exchange, stocks with low liquidity are less profitable unless they generate profits per unit of trading. .
In other words, the smaller the stock, the lower the trading volume, and the lower the profit from the exchange's intervention in trading, so the markup needs to be larger.
In addition, the trading method in which the exchange presents the rate with a markup added is considered to have the advantage of being able to adjust the rate of return for each issue, compared to the trading method in which fees are collected after the contract is executed.

In addition, it is considered necessary to differentiate the preferential rate according to the customer's credit. In the case of fees, setting fees with different preferential treatment rates for each customer is complicated, but in the case of rates, it is easy to adjust the markup rate uniformly.
Therefore, the inventor of the present invention has devised a configuration in which the exchange presents a rate with a markup added to the outside, instead of collecting a commission.
However, it is better to concentrate orders for liquidity adjustment. However, the trading method for presenting rates is a market-making type trading method, and if rates are presented individually for each maker, liquidity adjustment becomes complicated. For this reason, the inventor of the present invention conceived a configuration in which order processing is centrally managed as a board.

By the way, regarding the creation of rates for each customer, the markup rate differs for each customer, and it is necessary to differentiate the rates (indicative prices at which the exchange (own) trades as the counterparty to the customer's order).
For example, a business that trades large orders has a larger order volume than an individual that trades small orders. For this reason, it is conceivable to set the markup rate for companies that carry out large-order transactions so that the additional amount as a markup is smaller than that for individuals that carry out small-order transactions.

(Differences in settlement methods)
Large-lot transactions are wholesale business, while small-lot transactions are retail business. For this reason, exchanges basically process large and small transactions separately.
Assuming that large-lot traders have credit, in large-lot trades, the clearing method (net DVP), in which the order amount is deferred, the issue is deferred, and the settlement date is set at a later date, is settled by depositing collateral equivalent to margin. process.
Assuming that small-lot traders do not have credit, in small-lot transactions, the money to buy must be paid in advance, the issue to sell must be deposited, and the order amount and issue must be delivered immediately after the execution (gross ) Settlement settlement process.

Issues in transactions that combine large and small transactions (Issue 1: rate creation, order book processing, and complex settlement methods)
In addition, the inventor of the present invention is interested in the rate change in the case of combining large-lot and small-lot transactions by combining streaming (market orders) and leave orders (limit orders). Consideration and examination were conducted regarding preparation, order book processing, and settlement methods.

(Examination of liquidation method)
Conventionally, in transactions in which large-lot transactions and small-lot transactions are combined in general trading markets, small-lot transactions are processed by adapting the settlement method to the rules for large-lot transactions. The inventor of the present invention considered and studied how to process the small-lot transactions with the original characteristics of the small-lot transactions.

(Solution to Issue 1: Measures to Adapt the Clearing Method to the Rules for Small Transactions - Using Lending to Eliminate the Gaps in Delivery Dates of Cleared Items)
As for the settlement method, it is common to use DVP (Delivery Versus Payment: Simultaneous delivery of the contracted amount and the issue) clearing method after the contract date such as T+2 for large transactions. If large-lot transactions are combined with small-lot transactions for same-day delivery, there will be a two-day gap between the contract amount and the delivery of the issue between the large-lot transactions and the small-lot transactions. The inventors of the present invention have considered solving this gap with a smart contract that has a lending function.
For the delivery of the contract amount and the issue of a transaction concluded between a large-lot trader and a small-lot trader, the small-lot trader may hand over the issue to the large-lot trader and receive the contract amount. may pay the contracted amount to the large trader and receive the issue.

When a small-lot trader hands over an issue to a large-lot trader and obtains a contract amount from the large-lot trader, the exchange manages the issue for two days and uses the managed issue as collateral for the lending function. Via a smart contract with , borrow the contracted amount from the borrower and pay the contracted amount to the retail trader. The exchange then delivers the issue to the large trader after two days. At the stage of delivery, the contracted amount enters the exchange from the large trader side. The exchange then repays the borrower the contracted amount.
The interest rate to be paid to the borrower, which is generated by lending and borrowing for this contracted amount, is the indication of trading as the counterparty to both large and small orders in transactions between large and small traders. It is appropriated from the markup added when calculating the rate, which is the value, or the spread obtained from the price difference between the sell order, which is one of the large and small orders, and the buy order, which is the other.

When a small-lot trader gives a contracted amount to a large-lots trader and obtains an issue from the large-lots trader, the exchange manages the contracted amount for two days and uses the managed contracted amount as collateral for lending. ) Borrow the brand from the borrower and pass the brand to the retail trader via the smart contract with the function. The exchange then delivers the contract amount to the large trader after two days. At the stage of handing over, the brand enters from the large trader side. The exchange then returns the issue to the borrower.
The lending interest to be paid to the borrower generated by lending and borrowing of this issue is the indication of trading as a counterparty to both large and small orders in transactions between large and small traders. It is appropriated from the markup added when calculating the rate, which is the value, or the spread obtained from the price difference between the sell order, which is one of the large and small orders, and the buy order, which is the other.

(Adjustment of markup according to the situation of sell and buy order quantity when creating rates)
In addition, when creating the rate of the exchange (indicative price at which the inventor himself trades as the counterparty to the customer's order), the inventor uses the mark I thought about fine-tuning the number of ups and delivering it as my own rate.
The reason for fine-tuning the markup figures is to make the orders for sell and buy orders as even as possible. In order to give preferential treatment to the rate for the smaller order quantity in order to sell and buy the board and induce the order quantity to increase, the exchange (self) will trade as the counterparty of the transaction for each of the sell order and buy order. Fine-tune the markup value to be added when creating a value rate.

For example, for sell and buy orders whose order price is within a range that can be executed with the exchange rate (indicative price at which the company itself trades as the counterparty to the customer's order), the total order on the sell side of the board If the quantity is 100 and the total order quantity of the buy side of the board is 200, it is assumed that the buying sentiment is (doubled) strong, and the rate (exchange (self) ), adjust the markup rate for each of the sell side and the buy side by 5% (one-way correction).
The markup rate (%) depends on the relative magnification of the sell and buy sentiment, for example, 8% when the buy sentiment is 3 times the sell sentiment, and 2% when it is 1.5 times. and so on.

In addition, whether the price is stable or unstable is judged according to the trading volume per unit time. For example, in units of 10 minutes per day, the level of turnover per unit of time is calculated based on past performance data (for example, average value for 30 days). If the trading volume per unit time (here, 10 minutes) is twice as large as the 30-day average price, it is considered that the price has risen or fallen sharply in a short period of time, and the order volume for selling and buying is skewed to one side. . Therefore, for example, when it is thought that the price is crashing, the markup rate on the selling side is increased by 2% and the markup rate on the buying side is decreased by 2%. combine.
For example, if the trading volume per 10 minutes per day is three times higher than the 30-day average, the increase rate of the sell-side markup rate and the decrease rate of the buy-side markup rate are set to 5%, respectively. , the 30-day average, and adjust the markup rate (%) value.
Note that the markup rate is managed by table data for each brand.

(Problem 2: Crossing processing for leave orders (limit orders) becomes complicated due to different markup rates for each customer)
In the crossing process for leave orders (limit orders),
・The rate (indicative price at which the exchange (proprietary) trades as the counterparty to the customer's order) differs because the markup rate differs for each customer.
・For the leave orders (limit orders) and streaming (market orders) from each customer, it is agreed that the other party's leave orders (limit orders) will also be matched.
・Accepts leave orders (limit orders) from each customer.
When the above three conditions are combined, the crossing process becomes extremely complicated, and the processing speed drops significantly.
A leave order (limit price) received from a customer after distributing a rate with an individual markup added to each customer (the quoted price at which the exchange (self) trades as the counterparty to the customer's order) order), whether the order price from the customer is within the range that can be contracted with the exchange rate It is necessary to perform contract processing accordingly.
In other words, an order is placed after distributing a rate (indicative price at which the exchange (proprietary) trades as a counterparty to the customer's order) with a markup calculated with a different markup rate added to each customer. For leave orders (limit orders) where the order price from the customer is within the range that can be contracted with the exchange rate (indicative price at which the customer buys and sells as the counterparty to the customer's order) In this case, it is considered necessary for the exchange to execute the order by trading as the counterparty of the transaction at the stage of placing it on the matching server's board, and not to place it on the matching server's board.
On the other hand, for sell and buy leave orders (limit orders) where the order price is out of the range that can be agreed with the exchange rate On the other hand, the exchange puts it on the board of the matching server, and regardless of the markup rate, the price difference between the sell and buy leave orders (limit orders) is the predetermined spread to be collected by the exchange. When it becomes , it is considered that the sell and buy leave orders (limit orders) must be executed as counterparties in the transaction.

Considering the processing performance, we do not accept leave orders (limit orders), only accept streaming orders (market orders), and temporarily apply the conditions for each customer at the moment the order is received. It is desirable to create a special board and have it contracted.
If we accept leave orders (limit orders and even stop orders), the matching process by temporarily creating a special board will not be enough, and each customer with the same markup rate will You will have to create a board, synchronize (lock) and continue maintenance at the same time.
That is, there are as many order books as there are customers with the same markup rate, which greatly complicates the matching process and adversely affects the processing performance.

In view of such problems and the like, the inventor of the present invention has further considered and studied, and as a result, has come to derive a transaction order processing system using digital assets of the present invention.

The transaction order processing system using digital assets of the present invention includes tokens (a general term for values defined digitally in distributed technology such as blockchain, including crypto assets), digital currencies, tokens and digital currencies, Alternatively, at least one type of distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets such as tokens and digital currencies, and digital assets managed by the distributed ledger A transaction order processing system using digital assets built with a smart contract for performing predetermined processing using digital assets, managing the markup rate for each issue set to various numerical values for each customer a markup rate management table, a markup rate acquisition smart contract having a function of acquiring the markup rate of each customer for each brand from the markup rate management table, and a counterparty to the transaction with respect to the customer's order A smart contract for creating a first rate (reference rate) that has the function of creating a first rate (reference rate) that serves as a basis for creating a second rate (rate), which is a quote price for trading as a , Markup by multiplying the first rate (reference rate) created by the smart contract for creating the first rate (reference rate) by the markup rate of the customer obtained by the smart contract for obtaining markup rate and a smart contract for creating a second rate (rate) having a function of creating the second rate (rate) by adding the calculated markup to the first rate (reference rate); a second rate (rate) delivery smart contract having a function of delivering the second rate (rate) for each customer created by the (rate) creation smart contract to the customer; and the second rate (rate) For the streaming (market order) from the customer, which is ordered at the second rate (rate) that is different for each customer distributed by the distribution smart contract, trade as a counterparty of the transaction and make it contract, A smart contract for streaming execution that has at least a function of returning a contract to the customer, a function of placing all of the leave orders (limit orders) for selling and buying placed by the customer on the order book, and selling on the order book. At the limit price of at least some of the sell and buy leave orders (limit orders) where the price difference between the order and the buy order is equal to or greater than the predetermined spread to be collected by the exchange, the sell and buy leave orders ( A function to trade as a counterparty to each of the specified orders), execute the contract, and return the contract to each of the customers who placed the sell and buy leave orders (specified orders); A smart contract for leave-order execution having a function of instantaneously distributing the price to be executed to all customers as the second rate (rate) common to all customers immediately before executing an order (limit order). and at least.

Like the transaction order processing system using digital assets of the present invention, tokens (general term for value defined digitally in distributed technology such as blockchain, including crypto assets), digital currency, tokens and digital At least one type of distributed ledger in a distributed technology such as blockchain for managing transactions between currencies or tokens, digital currencies, or any other form of digital asset, and the digital managed by the distributed ledger If it is configured with a smart contract for performing predetermined processing using assets, the token itself, which has value recorded on the distributed ledger, can be processed via the smart contract, so order processing can be managed. Unlike conventional marketplace order management systems that depended on databases, the order processing and settlement (clearing) processing can be performed immediately, dramatically improving the processing time.
In addition, like the trading order processing system using digital assets of the present invention, the smart contract for creating the second rate (rate) and the smart contract for delivering the second rate (rate) are first It has a function to create and distribute a second rate (rate) (quote price at which the exchange (proprietary) trades as the counterparty to the customer's order) by adding a markup to the rate (base rate). , When the smart contract for streaming execution returns a fill for a streaming (market order) from a customer placed at a different rate for each customer, and a leave order (limit order) is placed is whether the smart contract for leave order execution is within the range where the order price from the customer can be executed with the exchange rate (indicative price at which the company itself trades as the counterparty to the customer's order) Regardless, all of the sell and buy leave orders (limit orders) placed by customers should be put on the order book as they are, and the exchange should collect the price difference between the sell orders and buy orders on the order book. Trade as the counterparty to each of the sell and buy leave orders (limit orders) at the limit price of at least some of the sell and buy leave orders (limit orders) that have exceeded the predetermined spread. If it is configured so that the contract is executed by each customer, the second rate (rate) (quote price at which the exchange (self) trades as the counterparty to the customer's order) will be different due to the difference in the markup rate for each customer. , for leave orders (limit orders) from each customer, matching processing can be performed on a common board without setting up an order board for the number of customers with the same markup rate. This simplifies the matching process and significantly improves the processing performance.
In addition, if the leave order execution smart contract is configured to instantaneously distribute the price to be executed as a common second rate (rate) to all customers immediately before executing the leave order (specified order). For example, it is possible to record on the blockchain history that the second rate (rate) presented by the exchange was contracted for the customer's leave order (limit order).

Further, in the transaction order processing system using digital assets of the present invention, preferably, the leave-order execution smart contract has a predetermined price difference between the sell order and the buy order on the order book to be collected by the exchange. is a leave order (limit order) that is equal to or greater than the spread of and the limit price is among the second rates (rates) that differ for each customer delivered to each customer by the second rate (rate) delivery smart contract Sell and buy leave orders (limit orders) from the customer that correspond to the best second rate (rate) as the counterparty to the transaction, make a contract, and make the sell and buy It has the function of returning a contract to each customer who placed a leave order (limit order).
With this configuration, the exchange can obtain the maximum profit without any disadvantage to the customer.

Further, in the trade order processing system using digital assets of the present invention, preferably, the first rate (reference rate) creation smart contract is used for each of buy and sell in a leave order (limit order) from a customer. Choose the price of the best order (cheapest sell order, highest buy order) or the price of the third rate (external rate) that can be covered and traded from an external liquidity provider, whichever is more advantageous and creating the first rate (reference rate).
With this configuration, the exchange can obtain the most advantageous first rate (reference rate) and second rate (rate).

Further, in the trading order processing system using digital assets of the present invention, preferably, the smart contract for creating the first rate (reference rate) includes a third rate ( It further has the function of creating said first rate (reference rate) using the price of an external rate).
Even with this configuration, the exchange can obtain the most advantageous first rate (reference rate) and second rate (rate).

Further, in the transaction order processing system using digital assets of the present invention, preferably, the streaming execution smart contract uses the second rate (rate) delivery smart contract that differs for each customer. Sell or buy streaming (market orders) from customers ordered against (rate) as a counterparty to trade and execute, as well as cover transactions from external liquidity providers It has the function of placing an order for a cover trade against a possible third rate (external rate) and returning a contract to the customer.
In this way, the exchange will be able to get the maximum profit from the streaming of buys or sells (market orders) from customers.

Further, in the transaction order processing system using digital assets of the present invention, preferably, the smart contract for creating the second rate (rate), when creating the second rate (rate), uses the markup rate The acquiring smart contract further has the function of adjusting the respective markup rates of the customer's sell side and buy side acquired according to the ratio of the sell order quantity and the buy order quantity on the order book.
With this configuration, it is possible to make the order quantities for selling and buying boards as even as possible.

Further, in the transaction order processing system using digital assets of the present invention, preferably, the smart contract for creating the second rate (rate), when creating the second rate (rate), uses the markup rate A function that adjusts the markup rate of each of the customer's sell side and buy side acquired by the smart contract for acquisition according to the ratio of the current trading volume in a predetermined unit time to the average value of past trading volume in a predetermined unit time. further has
With this configuration, it is possible to equalize the order quantities for selling and buying boards as much as possible when the price rises or falls sharply in a short period of time and the order quantities for selling and buying are biased to one side. .

In addition, in the trading order processing system using digital assets of the present invention, it is preferable that a large order trader who is a customer via the leave order (limit order) or the streaming (market order) and a small order trader who is a customer, a transaction that has the function of managing money or digital assets equivalent to the contract amount to be delivered to the large order trader, deposited by the small order trader at the time of placing the order. When the asset management smart contract, the large order, and the small order are contracted, with the money or digital assets equivalent to the contracted amount managed by the transaction asset management smart contract as collateral, from a predetermined borrower, A smart contract for lending that has the function of borrowing digital assets to be received from the trader of the large order or money equivalent to the contracted amount, and after the execution of the large order and the small order, digital assets and money equivalent to the contracted amount and a clearing smart contract having a function of clearing the digital asset borrowed by the lending smart contract on the day when the large order and the small order are executed. Alternatively, a function to deliver money equivalent to the contracted amount to the trader of the small order, and after a predetermined number of days have passed since the day when the large order and the small order were contracted, the digital asset or the contracted amount from the trader of the large order A function of receiving a considerable amount of money and simultaneously delivering money or digital assets corresponding to a contract amount to be delivered to the trader of the large order managed by the smart contract for trading asset management to the trader of the large order; and at least a function of repaying the digital asset or the money equivalent to the contracted amount received from the trader of the order to the borrower together with the money for the interest generated by the borrowing.
With this configuration, the gap between the delivery date of the clearing object (contracted amount and issue) of transactions executed between large-lot traders and small-lot traders in transactions that combine large-lot and small-lot transactions can be eliminated.

Further, in the transaction order processing system using digital assets of the present invention, preferably, the clearing smart contract is generated by borrowing the digital assets of the lending smart contract or money equivalent to the contract amount, The second, which is a quote price at which the amount of interest to be paid is traded as a trading partner for each of the large order and the small order in the transaction between the trader of the large order and the trader of the small order. It also has a function to apply from the markup added when calculating the rate (rate), or the spread obtained from the price difference between the sell order, which is one of large orders and small orders, and the buy order, which is the other. .
With this configuration, a transaction is established between a large-order trader and a small-order trader in a transaction combining a large-lot transaction and a small-lot transaction, without charging a separate cost to the trader. It is possible to eliminate the gap between the delivery dates of the transaction clearing objects (contract amount and issue).

For this reason, according to the present invention, the matching process is made more efficient, and the processing performance is significantly improved, while the markup to be added when the exchange rate is created is calculated, such as a transaction that combines large-scale transactions and small-scale transactions. A transaction order processing system using digital assets that allows transactions between customers with different markup rates to be done by combining streaming (market orders) and leave orders (limit orders). is obtained.
Hereinafter, with reference to the drawings, description will be given of a mode for carrying out the present invention.

First Embodiment FIG . 1 is an explanatory diagram schematically showing the overall configuration of a transaction order processing system using digital assets according to the first embodiment of the present invention.
The transaction order processing system using digital assets of the first embodiment includes tokens (general term for values defined digitally in distributed technology such as blockchain, including cryptographic assets), digital currencies, tokens and digital At least one type of distributed ledger in a distributed technology such as blockchain for managing transactions between currencies or tokens, digital currencies, or any other form of digital asset, and the digital managed by the distributed ledger A markup rate management table 11, a markup rate acquisition smart contract 12, and a first rate (reference rate) creation smart contract 13. , a second rate (rate) creation smart contract 14, a second rate (rate) distribution smart contract 15, a streaming execution smart contract 16, a leave order execution smart contract 17, and a trading asset management smart contract. 18, a lending smart contract 19, and a clearing smart contract 20.

Markup Rate Management Table The markup rate management table 11 is configured, for example, as shown in FIG. 2, to manage the markup rate for each brand set to various numerical values for each customer.

Markup rate acquisition smart contract The markup rate acquisition smart contract 12 has a function of acquiring the markup rate of each customer 40 for each brand from the markup rate management table 11, for example, as shown in FIG. configured to have

First rate (reference rate) creation smart contract The first rate (reference rate) creation smart contract 13 is, for example, as shown in FIG. is configured to have a function of creating a first rate (reference rate) that serves as a basis for creating a second rate (rate).
In addition, the smart contract 13 for creating the first rate (reference rate) sets the price and It further has a function of creating a first rate (reference rate) by selecting an advantageous price from the prices of the third rate (external rate) that can be covered and traded from the external liquidity provider 50. is configured to
The smart contract 13 for creating the first rate (reference rate) creates the first rate (reference rate) using the price of the third rate (external rate) at which cover transactions are possible from the external liquidity provider 50. It may be configured to further have a function to

Second rate (rate) creation smart contract 2nd rate (rate) creation smart contract 14 is, for example, as shown in FIG. The markup is calculated by multiplying the first rate (reference rate) created by by the markup rate of the customer 40 acquired by the markup rate acquisition smart contract 12, and the calculated markup is the first rate ( It is configured to have a function of creating a second rate (rate) by adding it to the reference rate).
In addition, when creating the second rate (rate), the smart contract 14 for creating the second rate (rate) uses the marks of the selling side and the buying side of the customer 40 acquired by the smart contract 12 for acquiring the markup rate. It is further configured to have a function of adjusting the increase rate according to the ratio of the order quantity for sell and the order quantity for buy on the order book.
In addition, when creating the second rate (rate), the smart contract 14 for creating the second rate (rate) uses the marks of the selling side and the buying side of the customer 40 acquired by the smart contract 12 for acquiring the markup rate. It is further configured to have a function of adjusting the increase rate according to the ratio of the current turnover in the predetermined unit time to the average value of the past turnover in the predetermined unit time.

Second Rate (Rate) Delivery Smart Contract The second rate (rate) delivery smart contract 15 is, for example, as shown in FIG. is configured to have a function of distributing a second rate (rate) for to the customer 40 concerned.

Smart contract for streaming execution The smart contract for streaming execution 16, for example, as shown in FIG. It is configured to have at least a function of performing trading as a counterparty of the transaction in response to the streaming (market order) from the customer 40, causing the contract to be executed, and returning the contract to the customer 40.例文帳に追加
Preferably, the streaming execution smart contract 16 is ordered by the second rate (rate) delivery smart contract 15 to buy or sell from the customer 40 at a second rate (rate) delivered by the second rate (rate) delivery smart contract 15. For streaming (market orders), trade as a trading counterparty and execute, and for cover trading against the third rate (external rate) at which cover trading is possible from the external liquidity provider 50 , and has a function of returning a contract to the customer 40 concerned.

Smart contract for leave order execution The smart contract for leave order execution 17 has the function of placing all sell and buy leave orders (limit orders) placed by the customer 40 on the order book, for example, as shown in FIG. and the limit price in at least some of the sell and buy leave orders (limit orders) where the price difference between the sell order and the buy order on the order book is equal to or greater than the predetermined spread to be collected by the exchange 30 To each customer 40 who trades as a counterparty to the sell and buy leave orders (limit orders), causes them to execute, and places the sell and buy leave orders (limit orders) and a function to instantaneously distribute the price to be executed to all customers 40 as a common second rate (rate) to all customers 40 immediately before executing a leave order (limit order). , is configured to have
In the present embodiment, the leave-order execution smart contract 17 executes a leave-order (limit-order order ) and the limit price corresponds to the second rate (rate) that is the best among the second rates (rates) distributed to each customer 40 by the second rate (rate) distribution smart contract 15 Each of the sell and buy leave orders (limit orders) from the customer 40 is traded as a counterparty of the transaction, executed, and the respective sell and buy leave orders (limit orders) are placed. It is configured to have a function of returning a contract to the customer 40 concerned.

Smart contract for trading asset management Smart contract for trading asset management 18, for example, as shown in FIG. and a small order trader 40B who is a customer 40, the money or digital assets equivalent to the contract amount to be delivered to the large order trader 40A deposited by the small order trader 40B at the time of placing the order. configured to have the ability to manage

Smart contract for lending The smart contract for lending 19 is, for example, as shown in FIG. It is configured to have a function of borrowing from a predetermined borrower 60 the digital asset to be received from the large order trader 40A or money equivalent to the agreed amount, using the digital asset as collateral.

Clearing Smart Contract Clearing smart contract 20 is configured to have a function of clearing digital assets and money equivalent to the contracted amount after the execution of a large order and a small order, for example, as shown in FIG. ing.
More specifically, the clearing smart contract 20 delivers the digital assets borrowed by the lending smart contract 19 or the money equivalent to the contracted amount to the small order trader 40B on the day when the large order and the small order are contracted. After a predetermined number of days have elapsed from the date on which the large order and the small order are executed, the transaction asset management smart contract 18 manages the digital assets or money equivalent to the contract amount from the large order trader 40A. A function to deliver money or digital assets equivalent to the contract amount to be delivered to the large-order trader 40A to the large-order trader 40A; It is configured to have at least the function of repaying the borrower 60 together with the money for the interest generated by the borrowing.
In addition, the clearing smart contract 20 distributes the amount of interest to be paid to the borrower 60 generated by borrowing the digital assets of the lending smart contract 19 or the money equivalent to the contracted amount to the large order trader 40A and the small order Markup added when creating a second rate (rate), which is a quote price for trading as a trading partner for each large order and small order in transactions with the trader 40B, or a large order , further has the function of applying from the spread obtained from the price difference between the sell order, which is one of the small orders, and the buy order, which is the other of the small orders.

In addition, the transaction order processing system using digital assets of this embodiment has an order input means 21 and a smart contract 22 for order management.

Order Input Means The order input means 21 is, for example, a computer terminal, a screen display unit and an input unit of other electronic equipment such as a personal digital assistant, etc. It is configured to allow entry of orders for transactions (eg, sell orders in tokens, buy orders in digital currency). Order input items include issue, trading category, quantity unit, currency unit, order price, order quantity, order method, large order / small order, fixed price / fixed quantity, exchange destination (type of digital asset), etc. be done.
The smart contract 14 for creating the second rate (rate) uses the issue, trading category, quantity unit, currency unit, and order price entered via the order input means 21 when creating the second rate (rate). , order quantity, order method, large order/small order, fixed price/fixed quantity, and other input items.

Smart contract for order management The smart contract for order management 22 receives order data (for example, sell orders using tokens, buy orders using digital currency) input by the orderer (customer, trader 40) through the order input means 21. ) in a distributed ledger.

An example of the flow of processing in the transaction order processing system using digital assets of the present embodiment configured in this manner will be described with reference to FIGS. 12 and 13. FIG.
In the transaction order processing system using digital assets according to the present embodiment, input is made through the order input means 21 having a screen display unit and an input unit of a computer terminal or other electronic device such as a personal digital assistant. With regard to the IDs obtained, personal identification processing is automatically performed using My Number for individuals and corporate numbers for corporations, and each smart contract performs processing for the approved IDs.
When the orderer (customer, trader 40) inputs an order (sell order, buy order) via the order input means 21, the order management smart contract 22 receives the order from the orderer (customer, trader 40). Order data (sell order data, buy order data) for each brand order input via the input means 21 is recorded and stored in the distributed ledger.
Regarding order-related information, the order management smart contract 22, the streaming execution smart contract 16, and the leave order execution smart contract 17 record the contents of order messages and contract messages in a data management area (blockchain, etc.). , the streaming execution smart contract 16 and the leave order execution smart contract 17 update the recorded order data.
In the case of a limit price, the order management smart contract 22 first records the order data in the data management area.
In the data management area, in addition to order-related information, transaction specifications (issue name, issue code, transaction unit, etc.) of handled issues are recorded.
Orders of the type that specify "price" are basically market processing ("quantity" is determined based on the second rate (rate) presented by the second rate (rate) distribution smart contract 15). Become. However, if the orderer (customer, trader 40) wishes to perform limit processing for an order that specifies an "amount", the "price" or "quantity" must be specified in addition to specifying the "amount". There is a need.

Creation of the first rate (reference rate) First, as shown in FIG. Select the best order (cheapest sell order, highest buy order) price or the price of the third rate (external rate) that can be covered and traded from the external liquidity provider 50, whichever is more advantageous. to create the first rate (reference rate).
Alternatively, the smart contract 13 for creating the first rate (reference rate) creates the first rate (reference rate) using the price of the third rate (external rate) that can be covered and traded from the external liquidity provider 50. do.

Acquisition of Markup Rate Also, the markup rate acquisition smart contract 12 acquires the markup rate of each customer 40 for each brand from the markup rate management table 11 .

Second rate (rate) creation and presentation Next, the second rate (rate) creation smart contract 14 generates the first rate created by the first rate (reference rate) creation smart contract 13 for each customer 40 The markup is calculated by multiplying (reference rate) by the markup rate of the customer 40 acquired by the markup rate acquisition smart contract 12, and the calculated markup is added to the first rate (reference rate). to create a second rate (Rate).
Next, the second rate (rate) delivery smart contract 15 delivers the second rate (rate) for each customer 40 created by the second rate (rate) creation smart contract 14 to the customer 40 .

Processing for Streaming (Market Order) Placed by a Customer Here, when a streaming order (market order) is placed by a customer 40, as shown in FIG. Trading as a counterparty to a streaming (market order) from a customer 40 that places an order for a second rate (rate) that differs for each customer distributed by the two-rate (rate) distribution smart contract 15 is executed, contract is made, and the contract is returned to the customer 40 concerned.
Alternatively, streaming execution smart contract 16 streams buys or sells from customers 40 placed against a second rate (rate) delivered by second rate (rate) delivery smart contract 15, which varies for each customer. (Market order) is traded as a counterparty of the transaction and executed, and the third rate (external rate) at which the cover transaction is possible from the external liquidity supplier 50 Place an order and return a contract to the customer 40 concerned.

Processing of a leave order (limit order) placed by a customer When a leave order (limit order) is placed by a customer 40, as shown in FIG. , puts all of the sell and buy leave orders (limit orders) placed by the customer 40 on the order book.
Next, the leave order execution smart contract 17 executes at least some of the sell and buy leave orders ( Buy and sell as counterparties to the respective sell and buy leave orders (limit orders) at the limit price in the limit order), execute the sell and buy leave orders (limit orders) ) is returned to each customer 40 who placed the order.
In this example, the leave order execution smart contract 17 is a leave order (limit order) in which the price difference between the sell order and the buy order on the order book is equal to or greater than the predetermined spread to be collected by the exchange. and the limit price is the best among the second rates (rates) distributed to each customer by the second rate (rate) distribution smart contract 15. For each of the customers who have traded as the counterparty to the sell and buy leave orders (limit orders), executed, and placed the sell and buy leave orders (limit orders) return promises.
In addition, the leave-order execution smart contract 17 instantaneously sets the price to be executed to all customers 40 as a common second rate (rate) immediately before executing the leave-order (limit order). To deliver.
As a result, it is recorded on the block chain that the rate (second rate) presented by the exchange 30 has been executed for the limit price of the leave order (limit order) placed by the customer 40 with a different markup rate. recorded as

Clearing process for transactions that combine large and small transactions In transactions that combine large and small transactions, as shown in FIG. Or, in a transaction between a large order trader 40A who is a customer 40 and a small order trader 40B who is a customer 40 via streaming (market order), the small order trader 40B deposited at the time of placing the order, It manages money or digital assets equivalent to the agreement amount to be delivered to the large order trader 40A.
Then, when the lending smart contract 19 concludes a large order and a small order, from a predetermined borrowing destination 60 with money or digital assets equivalent to the agreed amount managed by the transaction asset management smart contract 18 as collateral , borrows the digital assets to be received from the large order trader 40A or money equivalent to the agreed amount.
On the day when the large order and the small order are contracted, the clearing smart contract 20 delivers the digital asset borrowed by the lending smart contract 19 or money equivalent to the contracted amount to the small order trader 40B.
After the elapse of a predetermined number of days from the day on which the large order and the small order are executed, the clearing smart contract 20 receives digital assets or money equivalent to the contracted amount from the trader 40A of the large order, and at the same time, the smart contract for trading asset management. 18 manages and delivers to the large-order trader 40A money or digital assets equivalent to the agreed amount to be delivered to the large-order trader 40A.
Next, the clearing smart contract 20 repays the borrower 60 with the digital assets or money equivalent to the contracted amount received from the large order trader 40A, along with the money for the interest accrued from the borrowing.
In addition, for the interest amount to be paid to the borrower 60 generated by borrowing the digital assets of the lending smart contract 19 or the money equivalent to the contracted amount, the clearing smart contract 20 A markup added when creating a second rate (rate), which is a quote price for trading as a trading partner for each of a large order and a small order in a transaction with the order trader 40B, or a large order It is applied from the spread obtained from the price difference between the sell order on one side and the buy order on the other side of the orders and small orders.

Adjustment processing of markups according to the situation of order quantities for sell and buy Adjust according to the situation of order quantity.

Specifically, when creating the second rate (rate), the smart contract 14 for creating the second rate (rate) uses both the selling side and the buying side of the customer 40 acquired by the smart contract 12 for acquiring the markup rate. Adjust the markup rate according to the ratio of sell order quantity to buy order quantity on the order book.
For example, the smart contract 14 for creating the second rate (rate) is within a range in which the order price can be contracted with the rate of the exchange 30 (indicative price at which the self trades as a counterparty to the order of the customer 40). Regarding a sell order and a buy order, if the total order quantity on the sell side of the board is 100 and the total order quantity on the buy side of the board is 200, the rate ( When the exchange 30 (own) prepares the quote price at which the exchange 30 (self) trades as a counterparty to the order of the customer 40, the markup rate of each of the sell side and the buy side is increased by 5%, etc. (1 direction correction).
That is, the second rate (rate) creation smart contract 14 sets the markup rate (%) according to the relative magnification of the selling and buying sentiments, for example, when the buying sentiment is three times the selling sentiment. is 8%, and if it is 1.5 times, it is adjusted to 2%.

Alternatively, when creating the second rate (rate), the smart contract 14 for creating the second rate (rate) uses the marks of the sell side and the buy side of the customer 40 acquired by the smart contract 12 for acquiring the markup rate. The increase rate is adjusted according to the ratio of the current turnover in the predetermined unit time to the average value of the past turnover in the predetermined unit time.
For example, in units of 10 minutes per day, the level of turnover per unit of time is calculated based on past performance data (for example, average value for 30 days). If the trading volume per unit time (here, 10 minutes) is twice as large as the 30-day average price, it is considered that the price has risen or fallen sharply in a short period of time, and the order volume for selling and buying is skewed to one side. . Therefore, the smart contract 14 for creating the second rate (rate) raises the markup rate on the sell side by 2% and lowers the markup rate on the buy side by 2%, for example, when the price is considered to be crashing. And so on, perform width correction (widening) of the markup rate.
For example, the smart contract 14 for creating the second rate (rate) will increase the markup rate on the sell side and The markup rate (%) value is adjusted by comparing with the 30-day average value, such as setting the markup rate reduction rate to 5%.

Effects of the transaction order processing system using digital assets according to the present embodiment According to the transaction order processing system using digital assets according to the present embodiment, tokens (collective term for value digitally defined in distributed technology such as blockchain) (including crypto-assets), digital currencies, tokens and digital currencies, tokens, tokens, digital currencies, etc., at least one decentralized blockchain, etc., for managing transactions between any form of digital asset. Since it is configured with a distributed ledger in technology and a smart contract for performing predetermined processing using digital assets managed by the distributed ledger, the token itself having the value recorded on the distributed ledger , can be processed via smart contracts, unlike the conventional trading market order management system that relied on a database for order management, order processing and settlement (clearing) processing can be performed immediately. can dramatically improve processing time.
In addition, according to the transaction order processing system using digital assets of the present embodiment, the smart contract 14 for creating the second rate (rate) and the smart contract 15 for distributing the second rate (rate) are executed by the exchange 30. Create a second rate (rate) for each customer by adding a markup to the first rate (reference rate) (indicative price at which the exchange 30 (self) trades as a counterparty to the order of the customer 40) Streaming execution smart contract 16 returns executions for streaming (market orders) from customers 40 placed at a second rate (rate) that differs for each customer 40. , when a leave order (limit order) is placed, the leave order execution smart contract 17 sets the order price from the customer 40 to the rate of the exchange 30 Put all the sell and buy leave orders (limit orders) placed by the customer 40 on the order book as they are, regardless of whether they are within the range that can be contracted with Sell and buy at the limit price in at least some of the sell and buy leave orders (limit orders) where the price difference between the sell and buy orders on the order book is greater than or equal to the predetermined spread to be collected by the exchange 30; Since the structure is configured so that each of the leave orders (limit orders) is executed by trading as the counterparty of the transaction, the second rate (rate) (exchange 30 (exchange 30 ( The markup rate is set to be the same for the leave orders (limit orders) from each customer 40 with different market prices (indicative prices at which the self) trades as a counterparty to the customer 40's order. The matching process can be performed on a common board without providing an order board for the number of customers, which simplifies the matching process and significantly improves the processing performance.
In addition, the leave-order execution smart contract 17 instantaneously distributes the price to be executed as a common second rate (rate) to all customers 40 immediately before executing the leave-order (limit order). Since it is configured, it is possible to record on the blockchain as a history that the second rate (rate) presented by the exchange 30 has been executed for the limit price of the leave order (order with a limit price) of the customer 40 .

Further, according to the transaction order processing system using digital assets of the present embodiment, the leave-order execution smart contract 17 determines that the price difference between the sell order and the buy order on the order book is the predetermined amount to be collected by the exchange 30. It is a leave order (limit order) that is equal to or greater than the spread and the limit price is the best of the second rates (rates) distributed to each customer 40 by the second rate (rate) distribution smart contract 15 Selling and buying leave orders (limit orders) from the customer 40 corresponding to the second rate (rate) corresponding to Since it is configured to have a function of returning a contract to each customer 40 who has placed an order (limit order), the customer 40 does not suffer any disadvantage, and the exchange 30 can obtain the maximum profit. can.

Further, according to the transaction order processing system using digital assets of the present embodiment, the smart contract 13 for creating the first rate (reference rate) generates sell and buy orders in the leave orders (limit orders) from the customer 40. Select the price that is more advantageous from the price of the best order (cheapest sell order, highest buy order) and the price of the third rate (external rate) that can be covered and traded from the external liquidity provider 50 exchange 30 can obtain the first rate (reference rate) and the second rate (rate) that are most advantageous to itself. can.

In addition, according to the transaction order processing system using digital assets of the present embodiment, the smart contract 13 for creating the first rate (reference rate) is capable of covering transactions from the external liquidity provider 50 at the third rate ( Since the exchange 30 is configured to further have a function of creating a first rate (reference rate) using the price of the external rate), the exchange 30 can generate the first rate (reference rate) and the second rate ( rate) can be obtained.

In addition, according to the transaction order processing system using digital assets of the present embodiment, the streaming contract smart contract 16 uses the second rate (rate ) in response to a sell or buy streaming (market order) from the customer 40, as a counterparty to the transaction, to make a contract, and a cover transaction from an external liquidity provider 50 Since the exchange 30 is configured to have a function of placing an order for a cover transaction and returning a contract to the customer 40 for the third possible rate (external rate), the exchange 30 can sell or sell from the customer 40 You will get the maximum profit for streaming buys (market orders).

Further, according to the transaction order processing system using digital assets of the present embodiment, the second rate (rate) creation smart contract 14 generates the markup rate acquisition smart contract 14 when creating the second rate (rate). Since the contract 12 is further configured to have a function of adjusting the respective markup rates of the customer's sell side and buy side acquired according to the ratio of the sell order quantity and the buy order quantity on the order book, It is possible to make the order quantity for selling and buying the board as even as possible.

Further, according to the transaction order processing system using digital assets of the present embodiment, the second rate (rate) creation smart contract 14 generates the markup rate acquisition smart contract 14 when creating the second rate (rate). A function of adjusting the respective markup rates of the customer's selling side and buying side acquired by the contract 12 according to the ratio of the current trading volume in a predetermined unit time to the average value of past trading volumes in a predetermined unit time. When the price rises or falls sharply in a short period of time and the order quantity for selling and buying is biased to one side, it is possible to equalize the order quantity for selling and buying the board as much as possible. .

In addition, according to the transaction order processing system using digital assets of the present embodiment, the large order trader 40A, who is the customer 40, via a leave order (limit order) or streaming (market order) It has a function of managing money or digital assets equivalent to the agreement amount to be delivered to the large order trader 40A, deposited by the small order trader 40B at the time of placing the order, in the transaction with the small order trader 40B who is the customer 40. When the transaction asset management smart contract 18 and the large order and the small order are contracted, from a predetermined borrowing party 60 using money or digital assets equivalent to the agreed amount managed by the transaction asset management smart contract 18 as collateral, A lending smart contract 19 that has the function of borrowing digital assets to be received from a large order trader 40A or money equivalent to the contract amount, and after the large order and the small order are contracted, the digital asset and the money equivalent to the contract amount and a clearing smart contract 20 having a clearing function, wherein the clearing smart contract 20 is a digital asset borrowed by the lending smart contract 19 on the day when the large order and the small order are executed. A function to deliver money equivalent to the amount to the small order trader 40B, and after a predetermined number of days have passed since the day when the large order and the small order were executed, the large order trader 40A will provide digital assets or money equivalent to the contract amount. At the same time as receiving the transaction asset management smart contract 18, a function of delivering money or digital assets equivalent to the contract amount to be delivered to the large order trader 40A to the large order trader 40A, and a function of delivering to the large order trader 40A At least the function of repaying the digital assets or the money equivalent to the contracted amount received from the borrower together with the money for the interest generated by the borrowing to the borrower 60, so that large transactions and small transactions are combined. It is possible to eliminate the gap in the delivery date of the settlement object (contracted amount and issue) in transactions that are concluded between large-lot traders and small-lot traders.

In addition, according to the transaction order processing system using digital assets of the present embodiment, the clearing smart contract 20 is the borrower 60 generated by borrowing the digital assets of the lending smart contract 19 or money equivalent to the agreed amount. The second rate, which is the quote price for trading the amount of interest to be paid, as the counterparty of the transaction for each of the large order and the small order in the transaction between the large order trader 40A and the small order trader 40B. (rate), or the spread obtained from the price difference between the sell order, which is one of the large and small orders, and the buy order, which is the other. , a trade was established between the large-order trader 40A and the small-order trader 40B in a transaction that combined large-lot and small-lot transactions without separately collecting costs from the traders. It is possible to eliminate the gap between the delivery dates of the transaction clearing objects (contract amount and issue).

For this reason, according to the present embodiment, the matching processing is made more efficient, and the processing performance is significantly improved, while the markup added when the exchange rate is created, such as a transaction that combines large-scale transactions and small-scale transactions. Trade order processing using digital assets that allows trading between customers with different markup rates to be calculated by combining streaming (market orders) and leave orders (limit orders) system is obtained.

Although the preferred embodiments of the present invention have been detailed above, the present invention is not limited to the above-described embodiments, and various modifications and substitutions can be made to the above-described embodiments without departing from the scope of the present invention. can be added.

The transaction order processing system using digital assets of the present invention is widely sold in precious metals, non-ferrous metals, energy such as oil, gas, and electric power, storable agricultural products such as rice and sugar, works of art, and drinking water. It is useful in fields that deal with transactions using digital assets that are digitally represented in terms of economic value or other digital assets.

11 Markup rate management table 12 Smart contract for markup rate acquisition 13 Smart contract for first rate (reference rate) creation 14 Smart contract for second rate (rate) creation 15 Smart contract for second rate (rate) distribution 16 Streaming Smart contract for execution 17 Smart contract for leave order execution 18 Smart contract for trading asset management 19 Smart contract for lending 20 Smart contract for clearing 21 Order input means 22 Smart contract for order management 30 Exchange (or place with trading function)
40 Customer 40A Large order trader 40B Small order trader 50 External liquidity provider 60 Borrower (of digital assets or money equivalent to contract amount)

Claims (9)

Any form of digital assets, such as tokens (collective term for values defined digitally in decentralized technology such as blockchain, including cryptographic assets), digital currencies, tokens and digital currencies, tokens and digital currencies, etc. Equipped with at least one type of distributed ledger in distributed technology such as blockchain for managing inter-company transactions, and a smart contract for performing predetermined processing using digital assets managed by the distributed ledger A trade order processing system using digital assets constructed,
a markup rate management table for managing the markup rate for each brand set to various numerical values for each customer;
a markup rate acquisition smart contract having a function of acquiring the markup rate of each customer for each brand from the markup rate management table;
1st rate (reference rate) creation that has the function of creating the 1st rate (reference rate) that serves as the basis for creating the 2nd rate (rate), which is the quote price for trading as the counterparty to the customer's order a smart contract for
For each customer, the first rate (reference rate) created by the first rate (reference rate) creation smart contract is multiplied by the customer's markup rate acquired by the markup rate acquisition smart contract. a smart contract for creating a second rate (rate) having a function of creating the second rate (rate) by adding the calculated markup to the first rate (reference rate);
a second rate (rate) distribution smart contract having a function of distributing to each customer the second rate (rate) generated by the second rate (rate) generation smart contract;
As a trading counterparty for streaming (market orders) from customers placed at the second rate (rate) different for each customer delivered by the smart contract for delivery of the second rate (rate) a smart contract for streaming execution, which has at least the functions of making a trade, executing the execution, and returning the execution to the customer;
A function to put all of the leave orders (limit orders) of sell and buy placed by the customer on the order book, and the price difference between the sell order and the buy order on the order book is the predetermined spread to be collected by the exchange. At the limit price of at least some of the above sell and buy leave orders (limit orders), trade as a counterparty to each of the sell and buy leave orders (limit orders), Ability to fill and return fills to the respective customers who placed the sell and buy leave orders (limit orders); a leave-order execution smart contract having a function of distributing the price to all customers as the second rate (rate) common to all customers;
A trading order processing system using digital assets, characterized by comprising at least: The leave order execution smart contract is a leave order (limit order) in which the price difference between the sell order and the buy order on the order book is equal to or greater than a predetermined spread to be collected by the exchange, and the limit price is the Selling and buying from the customer corresponding to the second rate (rate) that is the best among the second rates (rates) different for each customer delivered to each customer by the second rate (rate) delivery smart contract Buy and sell each of the leave orders (limit orders) as the counterparty of the transaction, have them executed, and return the execution to each of the customers who placed the sell and buy leave orders (limit orders) 3. The trading order processing system using digital assets according to claim 1, characterized by having a function. The smart contract for creating the first rate (reference rate) is the price of the best order (cheapest sell order, highest buy order) of each of the sell and buy orders in the leave order (limit order) from the customer and the external flow and a function of creating the first rate (reference rate) by selecting an advantageous price from the prices of the third rate (external rate) that can be covered and traded from the sex supplier. 3. A transaction order processing system using digital assets according to claim 1 or 2. The smart contract for creating the first rate (reference rate) has a function of creating the first rate (reference rate) using the price of a third rate (external rate) that can be covered and traded from an external liquidity provider. The transaction order processing system using digital assets according to any one of claims 1 to 3, further comprising: The streaming execution smart contract is a stream (market) of buy or sell orders from customers for the second rate (rate) delivered by the second rate (rate) delivery smart contract, which is different for each customer. As the counterparty to the transaction, the company will trade and execute against the third rate (external rate) at which cover transactions are possible from an external liquidity provider. 5. The transaction order processing system using digital assets according to claim 3 or 4, further comprising a function of returning a contract to the customer. The smart contract for creating the second rate (rate) is the markup rate of each of the customer's sell side and the buy side acquired by the markup rate acquisition smart contract when creating the second rate (rate) is further adjusted according to the ratio of the order quantity for selling and the order quantity for buying on the order book. processing system. The smart contract for creating the second rate (rate) is the markup rate of each of the customer's sell side and the buy side acquired by the markup rate acquisition smart contract when creating the second rate (rate) The digital according to any one of claims 1 to 6, further comprising a function of adjusting according to the ratio of the current turnover in a predetermined unit time to the average value of past turnover in a predetermined unit time Trading order processing system using assets. In a transaction between a large order trader who is a customer and a small order trader who is a customer via said leave order (limit order) or said streaming (market order), said small order trader A smart contract for trading asset management that has a function to manage money or digital assets equivalent to the contract amount to be delivered to the trader of the large order, deposited at the time of placing the order;
When the large order and the small order are contracted, from a predetermined borrower or the trader of the large order, using money or digital assets equivalent to the contracted amount managed by the smart contract for transaction asset management as collateral A smart contract for lending that has the function of borrowing digital assets to be received or money equivalent to the contracted amount;
a clearing smart contract having a function of clearing digital assets and money equivalent to the contracted amount after the execution of the large order and the small order;
further having
The clearing smart contract is
A function of delivering digital assets borrowed by the lending smart contract or money equivalent to the contracted amount to the trader of the small order on the day when the large order and the small order are contracted;
After the elapse of a predetermined number of days from the day on which the large order and the small order are executed, a digital asset or money equivalent to the contract amount is received from the trader of the large order, and at the same time, the smart contract for managing trading assets manages A function to deliver money or digital assets equivalent to the contract amount to be delivered to the trader of the large order to the trader of the large order;
A function of repaying the digital asset or money equivalent to the contracted amount received from the trader of the large order to the borrower together with the money for the interest generated by the borrowing;
The transaction order processing system using digital assets according to any one of claims 1 to 7, characterized by having at least: The clearing smart contract distributes the money equivalent to the interest to be paid to the borrower generated by borrowing the digital assets of the lending smart contract or the money equivalent to the contracted amount to the large order trader and the small order trader. Markup added when calculating the second rate (rate), which is a quote price for trading as a trading partner for each of large orders and small orders in transactions with traders, or large orders, 9. The digital asset according to any one of claims 1 to 8, further comprising a function of allocating a spread obtained from a price difference between a sell order and a buy order, which are one of the small orders. trading order processing system using.

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