JP2024028071A - Transaction system for issued STs - Google Patents

Abstract

[Problem] To provide a system that does not reduce the rate of return of each market making institution, eliminates price dispersion, and allows fair trading of STs with low liquidity. [Solution] A smart computer 12 that treats customer orders as customer leave orders common to all market-making institutions and creates unique rates for each institution, and the status of customer leave orders (order book status) and the unique rates of each institution. A smart computer 13 stores information as shared information in a private manner that is not understood by each institution, a smart computer 14 generates a standard rate using the shared order book status of customers' leave orders and each institution's unique rate, The smart computer 15 stores information as private information and presents it to the customer only when receiving an inquiry from the customer, and if the customer's leave order cannot be executed at the company's own rate, the status of the customer's leave order of each institution is used. The system is constructed with a smart computer 17 that searches for counterparty institutions with which a trade can be made. [Selection diagram] Figure 1

Description

The present invention relates to a transaction system for issued STs.
Note that the term "system" as used herein refers to information processing by software that is configured by combining elements such as computers, other electronic devices, software, communication networks, data, etc., using hardware resources. means the computer system that realizes it.

Transaction services of ST class (defined as including not only the concept of electronic record transfer rights but also the concept of digital securities; the same shall apply hereinafter) are services provided to specific parties in a closed environment, and are services provided on a private chain. Multiple virtual nodes are constructed using software in the consensus node of - A blockchain system with a Siam-type chain is considered appropriate.

The inventor of the present invention has considered and studied how to make ST type transactions more efficient in such a type of blockchain system.

Trading services for securities-related tokens such as STs are based on centralized processing of buy and sell orders within securities companies, such as PTS (Private Trading System).
However, PTS is not a function that can be easily implemented because it requires a very high level of structure and financial strength to operate it.

In particular, ST class trading services are mainly securities services for small-sized customers, and small-sized customers are very strict about costs. For this reason, it is necessary to consider a cost-free service for ST type transaction services.

Regarding ST type trading services, in addition to trading services for ST types that digitize securities such as existing listed products, we also offer ST type trading services for small-scale direct financial ST types that cannot afford the cost of listing. There are many needs for targeted trading services.
For example, a transaction service targeting STs that securitize individual real estate falls under such a transaction service, and is a transaction service that targets multiple STs such as listed securities such as REITs (Real Estate Investment Trusts). This is different from a transaction service for STs that manage real estate projects and digitize the contents (investments) that are difficult to understand.

These types of STs, which are small-scale, directly financed individual properties that are digitized as securities, have low liquidity. For this reason, price setting for the resale of such types of STs is not possible using a price discovery method that concentrates simple buy and sell orders within a securities company, as is done in PTS (Private Trading System). , there is a problem in which misprices (deviations from appropriate prices) are more likely to occur.

One possible solution to this problem is for financial institutions that are responsible for price setting and are responsible for market making to be responsible for transaction prices.
In this method, it is desirable to have a plurality of market-making financial institutions present rates for the issue and compete for the best rate. The basis for the rate of the issue presented by each market-making financial institution is the book of orders (leave orders) placed by customers of each market-making financial institution to each market-making financial institution. ) state. Using this as a reference, each financial institution that makes the market generates a rate for the issue, taking into account its own risk, and presents it to its customers.

Traditionally, when financial institutions that make each market present a rate for the relevant issue in the trading market, they basically set a rate that is more disadvantageous than the in-house rate of the financial institution that makes each market. The main method was to present customers with advantageous rates in the stores of financial institutions that conducted such transactions, making it easier for customers to execute their orders.

This is because when considering commission income, there is no need to pay commissions to the trading market, which is beneficial for customers as well.

However, in the trading market, due to reasons such as the execution rate not increasing and the contract prices at individual market-making financial institutions becoming unclear, the market-making financial institutions are managing their own customers. The leave order itself is forced to be forwarded to the trading market.

This will result in a decline in the profitability of the financial institutions that make each market, and there are concerns that the financial institutions that make each market will withdraw, leading to the end of market making in Japan.

The present invention has been made in view of the above-mentioned problems, and allows fair trading of STs with low liquidity by eliminating variations in contract prices without reducing the profitability of financial institutions that perform market making. The purpose is to provide a transaction system for issued STs that allows for transaction of issued STs.

In order to achieve the above object, the transaction system for issued STs according to the present invention can be implemented using tokens (a general term for values defined digitally in distributed technology such as blockchain), digital currency, tokens and digital currency, or A distributed ledger using at least one type of distributed technology such as blockchain, in order to manage transactions between all types of digital assets, such as between tokens and digital currencies, and the digital assets managed by the distributed ledger. This is a trading system for issued STs that is built with a smart contract for performing predetermined processing using STs. There was an order (leave order) from a customer to a financial institution that makes a market for a stock registration smart contract that has the function of registering the stock and a stock that is registered in the trading list by the stock registration smart contract. In some cases, the leave order is treated as a common leave order among financial institutions that perform market making, and the leave order status (order book (execution order) ) A smart contract for creating a unique rate that has the function of creating a unique rate for each issue at each financial institution that makes a market, based on the state of Each market-making financial institution grasps the status of the order book (order book (execution) status) and the rate for the issue, which is unique to each market-making financial institution and created by the smart contract for creating its own rate. A smart contract for storing non-public shared information that has the function of storing the information as shared information in a non-public manner, and a predetermined issue of each market-making financial institution that is shared via the smart contract for storing non-public shared information. A standard rate generation system that has the function of generating a standard rate for a particular issue using the leave order status (order book (execution) status) and the unique rate for that issue at each market-making financial institution. The smart contract and the reference rate for a predetermined issue generated by the reference rate generation smart contract are stored as private information, and the above-mentioned standard rate is stored as private information only when an inquiry about the rate for an issue that the customer desires to trade is received. A standard rate presentation smart contract that has the function of presenting the standard rate for the issue generated by the standard rate generation smart contract to the customer, and a financial institution that performs each market making created by the original rate creation smart contract. an execution smart contract that has the function of executing a customer's leave order for the issue corresponding to the in-house rate for the specified issue at If it is not possible to execute a customer's leave order for the issue at the in-house rate, the smart contract for storing non-public shared information stores the information as shared in a non-public manner that is not understood by each market-making financial institution; The unique leave order status (order book (execution) status) for the issue at each market-making financial institution, and the unique rate at each market-making financial institution created by the unique rate creation smart contract. A smart contract for searching for trade partners that has a function of searching for a financial institution that makes a market that can be a trade partner using the rate for the issue and If a leave order for a given issue corresponds to a rate for the issue at another market-making financial institution searched by the execution destination search smart contract, the leave order for the issue is sent to the execution execution smart contract. When an execution control smart contract that has an execution function and a leave order for a specified issue from a customer of a financial institution that makes a specified market are executed at another financial institution that makes a market at its own rate for the issue. It is characterized by having a payment smart contract that has the function of performing instant gross or short-term net DVP-type payments between digital currency and applicable STs.

In addition, in the trading system for issued STs of the present invention, in the search for financial institutions that perform market making as potential trade partners using the smart contract for trade partner search, a blacklist of financial institutions with which transactions are not desired is provided. further comprising a smart contract for accepting blacklist registrations having a function of accepting registrations to the blacklist, and the smart contract for searching for trade partners is configured to register on the blacklist of financial institutions that do not desire transactions by the smart contract for accepting blacklist registrations. It is preferable to have a function of excluding financial institutions registered in the blacklist from the search targets by accepting the above, and searching for financial institutions that perform market making and are potential counterparties.

According to the present invention, it is possible to conduct fair trading of STs with low liquidity without lowering the profit rate of financial institutions that perform market making and by eliminating variations in contract prices. You will get a trading system.

BRIEF DESCRIPTION OF THE DRAWINGS FIG. 1 is an explanatory diagram schematically showing the overall configuration of an issued ST trading system according to a first embodiment of the present invention. FIG. 2 is an explanatory diagram schematically showing functions of a smart contract for brand registration in the issued ST type trading system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing the functions of a unique rate creation smart contract in the issued ST type transaction system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing functions of a smart contract for storing private shared information in the issued ST type trading system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing functions of a smart contract for generating a standard rate in the issued ST type transaction system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing the functions of a standard rate presentation smart contract in the issued ST type transaction system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing functions of a smart contract for execution in the issued ST trading system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing the functions of a smart contract for searching for a trader in the issued ST trading system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing functions of a smart contract for contract control in the issued ST type trading system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing functions of a smart contract for payment in the issued ST transaction system of FIG. 1. FIG. FIG. 2 is an explanatory diagram schematically showing functions of a smart contract for accepting blacklist registration in the transaction system for issued STs in FIG. 1. FIG. FIG. 2 is an explanatory diagram showing a portion of an example of a basic processing flow using the issued ST type transaction system of FIG. 1. FIG. FIG. 13 is an explanatory diagram showing a continuation of FIG. 12 of an example of the basic processing flow using the issued ST type transaction system of FIG. 1; FIG. 2 is an explanatory diagram showing another part of an example of the basic processing flow using the issued ST transaction system of FIG. 1; 2 is a block diagram schematically showing the entire basic processing flow using the issued ST type transaction system of FIG. 1. FIG.

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

As mentioned above, transaction services of ST class (defined as including not only the concept of electronic record transfer rights but also the concept of digital securities; the same shall apply hereinafter) are services provided to specific persons in a closed environment. , multiple virtual nodes built with software are set up in the consensus node of a private chain, and each virtual node is given operational authority for all physical nodes in addition to general authority, creating a two-layer authority. A blockchain system that is a virtual consortium type chain with the following functions is considered appropriate.
The inventor of the present invention has considered and studied how to make ST type transactions more efficient in such a type of blockchain system.

Trading services for securities-related tokens such as STs are based on centralized processing of buy and sell orders within securities companies, such as PTS (Private Trading System).
However, PTS is not a function that can be easily implemented because it requires a very high level of structure and financial strength to operate it.

In particular, ST class trading services are mainly securities services for small-sized customers, and small-sized customers are very strict about costs. For this reason, it is necessary to consider a cost-free service for ST type transaction services.

Regarding ST type trading services, in addition to trading services for ST types that digitize securities such as existing listed products, we also offer ST type trading services for small-scale direct financial ST types that cannot afford the cost of listing. There are many needs for targeted trading services.
For example, a transaction service targeting STs that securitize individual real estate falls under such a transaction service, and is a transaction service that targets multiple STs such as listed securities such as REITs (Real Estate Investment Trusts). This is different from a transaction service for STs that manage real estate projects and digitize the contents (investments) that are difficult to understand.

These types of STs, which are small-scale, directly financed individual properties that are digitized as securities, have low liquidity. For this reason, price setting for the resale of such types of STs is not possible using a price discovery method that concentrates simple buy and sell orders within a securities company, as is done in PTS (Private Trading System). , there is a problem in which misprices (deviations from appropriate prices) are more likely to occur.

One possible solution to this problem is for financial institutions that are responsible for price setting and are responsible for market making to be responsible for transaction prices.
In this method, it is desirable to have a plurality of market-making financial institutions present rates for the issue and compete for the best rate. The basis for the rate of the issue presented by each market-making financial institution is the book of orders (leave orders) placed by customers of each market-making financial institution to each market-making financial institution. ) state. Using this as a reference, each financial institution that makes the market generates a rate for the issue, taking into account its own risk, and presents it to its customers.

Traditionally, when financial institutions that make each market present a rate for the relevant issue in the trading market, they basically set a rate that is more disadvantageous than the in-house rate of the financial institution that makes each market. The main method was to present customers with advantageous rates in the stores of financial institutions that conducted such transactions, making it easier for customers to execute their orders.

This is because when considering commission income, there is no need to pay commissions to the trading market, which is beneficial for customers as well.

However, in the trading market, due to reasons such as the execution rate not increasing and the contract prices at individual market-making financial institutions becoming unclear, the market-making financial institutions are managing their own customers. The leave order itself is forced to be forwarded to the trading market.

This will result in a decline in the profitability of the financial institutions that make each market, and there are concerns that the financial institutions that make each market will withdraw, leading to the end of market making in Japan.

Therefore, the inventor of the present invention has developed the above-mentioned logic of the market-making financial institutions (the book (execution) status of orders placed by customers of each market-making financial institution (leave orders) to each market-making financial institution). For reference, each market-making financial institution generates a rate for the relevant issue by taking into account its own risk and presents it to customers. We have repeatedly considered and considered ways to conduct fair trade.

First, when generating STs, a trading list is created (issue registration), and trading participants (financial institutions that perform market making) can commonly trade the stocks registered in the trading list. I thought of a base that could be used.

As a basis for this, each financial institution that makes a market has a function that handles an order from a customer of a financial institution that makes a market as a leave order for its own customer at each financial institution that makes a market. We thought of providing a system for sharing.

In a system that shares this function, the validity of the standard is determined by processing that takes into account the status of leave orders for the issue from customers (order book (execution) status) and the own risk of each financial institution that makes the market. While generating a rate for the relevant issue, the rate for the relevant issue that has validity as the generated standard shall not be disclosed, and shall be presented only when each customer inquires about the rate of the issue he or she wishes to trade. I thought about doing it.

In addition, since it is necessary to present an appropriate rate for the issue in a situation where liquidity is essentially low, we also need to consider the status of leave orders for the issue (order book) of customers of financial institutions that perform market making. The idea was to share the trade (execution status) in a private manner that would not be understood by each financial institution that makes the market.

With this function, when each customer inquires about the rate of a stock they wish to trade, each market-making financial institution can respond to the status of leave orders (order book) for that stock from customers of other financial institutions that make markets. ) The system automatically grasps the status of leave orders (order book (execution) status) for the issue from customers of financial institutions that make markets for other companies, and determines the validity of the standard. The rate of a particular issue (that is, the status of leave orders (order book (execution) status) for the issue of customers of each market-making financial institution, and the rate of the issue at each market-making financial institution: own We considered calculating the amount (from both sides, taking into account the risk) and presenting it to each customer.

In addition, if a market-making financial institution is unable to execute a leave order of its own customer for the issue at its own rate, the system will share information in a private manner that is not known to each market-making financial institution. (Use the status of leave orders (order book (execution) status) for the issue of customers of each market-making financial institution to search for market-making financial institutions that can be executed. I thought about it.

In addition, when searching for financial institutions that make market with which you can perform transactions, you can register those with whom you do not want to do business with on a blacklist. The idea was to make it possible to exclude information from organizations (institutions).

Furthermore, as a result of the search, a financial institution that makes a market for a counterparty that can be executed was found, and the leave order of the company's customer is not within the financial institution that makes the market for the company itself, but between the financial institution that makes the market for another company. In the case of an execution (execution at the rate of the issue at another financial institution that makes the market), there is an immediate exchange between the two parties (the customer of the financial institution that makes its own market and the financial institution that makes the market of another company). We considered making gross or short-term net DVP-type payments, and at that time passing the digital currency and relevant STs to a smart contract for processing.

This makes it possible to trade STs and digital currencies in real time, immediately issue digital assets to customers, derive reasonable transaction prices for STs with low liquidity, and do so in real time. It is thought that it will be possible to make payments.

After repeated consideration and study as described above, the inventor of the present invention has come to derive the issued ST type trading system of the present invention.

The transaction system for issued STs of the present invention is applicable to tokens (a general term for values defined digitally in distributed technology such as blockchain), digital currencies, tokens and digital currencies, tokens to each other, and digital currencies to each other. A distributed ledger in at least one type of distributed technology such as blockchain, and predetermined processing using the digital assets managed by the distributed ledger, in order to manage transactions between all types of digital assets, such as A trading system for issued STs, which is built with a smart contract for STs, and has a function to register STs created (issued) in a trading list when STs are generated (issued). When there is an order (leave order) from a customer to a financial institution that makes a market for a stock registered in the trading list using the smart contract for stock registration and the smart contract for stock registration, the leave order will be processed. , each market-making financial institution handles it as a common leave order, and each market-making financial institution handles it as a common leave order, based on the status of leave orders (order book (execution) status) for all relevant issues. A smart contract for creating a unique rate that has the function of creating a unique rate for each issue at each financial institution that makes a market, and the status of leave orders (order book (execution)) for a given issue at each financial institution that makes a market ) status) and the privately shared information that each market-making financial institution does not know about the unique rate for the issue created by the smart contract for creating its own rate. A smart contract for storing non-public shared information that has the function of storing information about the leave order status (order a smart contract for generating a standard rate that has a function of generating a standard rate for the relevant issue using the rate for the relevant issue unique to each financial institution that performs market making; and the standard rate. The standard rate for a predetermined issue generated by the generation smart contract is stored as private information, and the standard rate generation smart contract A standard rate presentation smart contract that has the function of presenting the generated standard rate for the issue to the customer, and the in-house rate for a given issue at each market-making financial institution created by the original rate creation smart contract. an execution smart contract that has the function of executing a leave order of a customer for the relevant issue; If it is not possible to execute a leave order for the respective market-making financial institutions, the smart contract for storing non-public shared information stores the information to be shared in a private manner that is not understood by each market-making financial institution. The leave order status (order book (execution) status) for each unique issue at , is used to create a contract search smart contract that has the function of searching for market-making financial institutions that can be executed, and a leave order for a predetermined issue from a customer of a predetermined market-making financial institution. , an execution control having a function of causing the execution smart contract to execute a leave order for the issue when the rate corresponds to the rate for the issue at another market-making financial institution searched by the execution destination search smart contract. If a leave order for a given issue by a customer of a financial institution that makes a given market is executed at the own rate for the issue at another financial institution that makes a market, the digital currency and the applicable ST and a payment smart contract that has the ability to perform instant gross or short-term net DVP-type payments.

Like the issued ST type trading system of the present invention, an order (leave order) from a customer is sent to a financial institution that makes a market for stocks registered in the trading list by the smart contract for stock registration. If there is a leave order, the leave order will be treated as a common leave order for each market-making financial institution, and the leave order status (order book A smart contract for creating a unique rate that has the function of creating a unique rate for a particular issue at each financial institution that makes a market based on the (contract) status) The leave order status (order book (execution) status) and the unique rate for the issue at each market-making financial institution created by the unique rate creation smart contract are reported to each market-making financial institution. A smart contract for storing non-public shared information that has the function of storing it as shared information in a non-public manner that is not known by A standard rate that has the function of generating a standard rate for the issue using the leave order status (order book (execution) status) for the issue and the unique rate for the issue at each market-making financial institution. The smart contract for generation and the standard rate for a predetermined issue generated by the smart contract for generating the standard rate are stored as private information, and only when a customer inquires about the rate for the issue they wish to trade. , and a standard rate presentation smart contract that has the function of presenting the standard rate for the issue generated by the standard rate generation smart contract to the customer, it is possible to directly Even for ST types where financial individual real estate is digitized as a deemed security, misprices (deviations from fair prices) are less likely to occur when setting transaction prices, and variations in contract prices can be eliminated. , it becomes possible to conduct fair trading of STs with low liquidity. Further, by presenting the rate only when each customer inquires about the rate of the issue they wish to trade, it becomes possible for the customer to obtain a reasonable transaction price. In addition, since it is not forwarded to the trading market, there is no need to lower the profitability of financial institutions that make each market, and there is no need for the cost of listing on the trading market, reducing the cost required for customer trading. It becomes possible.

Further, as in the issued ST type trading system of the present invention, the execution smart contract executes a customer's leave order for a predetermined stock at the in-house rate of a financial institution that performs predetermined market making. If this is not possible, the smart contract for storing non-public shared information will store information to be shared in a private manner that is not known to each market-making financial institution, regarding the particular issue unique to each market-making financial institution. Execution is possible using the leave order status (order book (execution) status) and the unique rate for the issue at each market-making financial institution created by the unique rate creation smart contract. A smart contract for searching for trade partners that has a function of searching for financial institutions that perform market making as counterparties; When matching the rate for the issue at another market-making financial institution searched by the contract, the execution control smart contract has a function of causing the execution smart contract to execute a leave order for the issue. With this structure, it is possible to increase the execution rate.

In addition, as in the trading system for issued STs of the present invention, a leave order for a predetermined issue by a customer of a financial institution that makes a predetermined market may result in the in-house exchange rate for the issue at another financial institution that makes a market. If a transaction is made with , it is possible to trade STs and digital currencies in real time if the system is configured with a payment smart contract that has the function of performing immediate gross or short-term net DVP-type settlement between digital currency and applicable STs. This makes it possible to immediately issue digital assets to customers, derive reasonable transaction prices for STs with low liquidity, and settle them in real time.

Further, in the trading system for issued STs of the present invention, preferably, in the search for a financial institution that performs market making as a potential trade partner using the smart contract for trade partner search, a financial institution that does not desire a transaction is preferably used. further comprising a blacklist registration acceptance smart contract having a function of accepting registration to a blacklist of financial institutions, said smart contract for trader search includes a blacklist of financial institutions that do not desire transactions through said blacklist registration acceptance smart contract. It has the function of excluding financial institutions registered in the blacklist from search targets by accepting registrations, and searching for financial institutions that perform market making as potential counterparties.
In this way, it becomes possible to avoid entering into a contract with a partner with whom you do not desire a transaction.
In addition, it will be possible to trade STs and digital currencies in real time. That is, it is possible to immediately issue digital assets to customers, derive a reasonable transaction price for STs with low liquidity, and make real-time settlements.

Therefore, according to the present invention, it is possible to conduct fair trading of STs with low liquidity without lowering the rate of return of financial institutions that perform market making and by eliminating variations in contract prices. An ST class trading system is obtained.
DESCRIPTION OF THE PREFERRED EMBODIMENTS Hereinafter, embodiments for carrying out the present invention will be described with reference to the drawings.

First Embodiment FIG . 1 is an explanatory diagram schematically showing the overall configuration of a trading system for issued STs according to a first embodiment of the present invention.
The transaction system for issued STs of the first embodiment is based on tokens (a general term for values defined digitally in distributed technology such as blockchain), digital currency, tokens and digital currency, tokens with each other, digital A distributed ledger in at least one type of distributed technology, such as blockchain, for managing transactions between all forms of digital assets, such as between currencies, and prescribed processing using digital assets managed by the distributed ledger. As shown in Figure 1, it is constructed with smart contracts for stock registration, smart contract 11 for stock registration, smart contract 12 for creating unique rates, smart contract 13 for storing non-public shared information, and standard rate generation. smart contract 14, standard rate presentation smart contract 15, execution smart contract 16, execution candidate search smart contract 17, execution control smart contract 18, settlement smart contract 19, blacklist registration reception It is constructed with a smart contract 20.

Smart contract for stock registration 11
For example, as shown in FIG. 2, the issue registration smart contract 11 is configured to have a function of registering an issue of an ST class generated (issued) at the time of generation (issuance) of an ST class in a transaction list.

Smart contract 12 for creating your own rate
For example, as shown in FIG. 3, the unique rate creation smart contract 12 sends a customer to a financial institution 40 (1) that makes one market for the stocks registered in the trading list by the stock registration smart contract 11. When there is an order from 50 (1, All such issues that are handled as leave orders of a common customer (an integer of 2 or more) and commonly handled by financial institutions 40(1) to 40(n) (where n is an integer of 2 or more) that perform market making. Based on the leave order status (order book (execution) status) for, for example, financial institutions that make each market at the price of the leave order for the issue that is the best order (lowest sell order, highest buy order) 40(1) to 40(n) (where n is an integer greater than or equal to 2), each individual's own risk is added as a commission (subtracted for sell orders, added for buy orders), and each The financial institutions 40(1) to 40(n) (where n is an integer of 2 or more) that perform market making each have a function of creating their own rates for the relevant issue.

Smart contract for storing private shared information 13
The private shared information storage smart contract 13, for example, as shown in FIG. leave order status (order book (execution) status) and each market making financial institution 40 (1) to 40 (n) (where n is 2 or more) created by the unique rate creation smart contract 12. Store the unique rates for each issue (integer) as shared information in a non-public manner that is not known by each market-making financial institution 40(1) to 40(n) (where n is an integer greater than or equal to 2) It is configured with the function of

Smart contract for standard rate generation 14
The standard rate generation smart contract 14 is, for example, as shown in FIG. (however, n is an integer of 2 or more) leave order status (order book (execution) status) for a given issue and each market making financial institution 40(1) to 40(n) (however, n is It is configured to have a function of generating a reference rate for the brand using a unique rate for the brand in the integer of 2 or more.

Smart contract for standard rate presentation 15
For example, as shown in FIG. 6, the standard rate presentation smart contract 15 stores the rate for a predetermined issue generated by the standard rate generation smart contract 14 as private information, and also stores the rate for a predetermined issue generated by the standard rate generation smart contract 14 as private information. However, only when receiving a rate inquiry for the issue for which you wish to trade from L (an integer greater than or equal to 1 and less than or equal to n, and x is a positive integer), the standard rate generation smart contract 14 generates It is configured to have a function of presenting a standard rate to the customer 50 (L, x) (where L is an integer from 1 to n, and x is a positive integer).

Smart contract for execution 16
For example, as shown in FIG. 7, the execution smart contract 16 includes financial institutions 40(1) to 40(n) (where n is 2 or more) that performs market making, created by the unique rate creation smart contract 12. It is configured to have a function of executing a customer's leave order for a predetermined issue at the in-house rate for the issue (an integer of ).

Smart contract for customer search 17
For example, as shown in FIG. 8, the smart contract for searching for a trader 17 is a smart contract for trading at a financial institution 40 (L) (L is an integer of 1 or more and not more than n) that performs predetermined market making. If it is not possible to execute a leave order for a given issue at customer 50 (L, The information storage smart contract 13 stores each market making information as information shared in a private manner that is not understood by the financial institutions 40(1) to 40(n) (where n is an integer greater than or equal to 2) that performs each market making. Financial institutions 40(1) to 40(n) (where n is an integer of 2 or more) each have their own leave order status (order book (execution) status) for the relevant issue, and smart information for creating their own rates. Contract 12 has created a rate that can be executed using the unique rate for the issue in each market-making financial institution 40(1) to 40(n) (where n is an integer of 2 or more). It is configured to have a function of searching for a counterparty financial institution 40(m) (where m is an integer greater than or equal to 1 and less than or equal to L, and other than L) that performs market making.
In addition, the smart contract for searching for trade partners 17 accepts registration to the blacklist of financial institutions 40(k) (where k is an integer from 1 to n) that do not wish to conduct transactions through the smart contract for accepting blacklist registration 20. By excluding financial institutions 40 (k) (k is an integer between 1 and n) registered on the blacklist from the search target, financial institutions (m' ) (where m' is an integer greater than or equal to 1 and less than or equal to k, and other than k and L).

Smart contract for execution control 18
For example, as shown in FIG. 9, the execution control smart contract 18 is a customer 50(L,x)( However, if a leave order for a predetermined issue (L is an integer greater than or equal to 1 and less than or equal to n, and x is a positive integer) is made by another market making financial institution 40 (m) (provided that , m is an integer from 1 to n, and other than L), the execution smart contract 16 is configured to have a function of executing a leave order for the issue. .

Smart contract for payment 19
For example, as shown in FIG. 10, the payment smart contract 19 is a customer 50 (L, , L is an integer from 1 to n, and x is a positive integer), if a leave order for a given issue is received by another market-making financial institution 40(m) (however, m is from 1 to n, and L It is configured with a function to perform immediate gross or short-term net DVP-type settlement between the digital currency and the relevant ST class when the contract is executed at the company's own rate for the issue (an integer other than the above).

Smart contract 20 for accepting blacklist registration
For example, as shown in FIG. 11, the smart contract 20 for accepting blacklist registration is a financial institution 40 (m) that performs market making as a potential trade partner based on the smart contract 17 for searching for trade partners (where m is It has a function that accepts registration to the blacklist of financial institutions 40(k) (where k is an integer from 1 to n and below) with which transactions are not desired in the search for financial institutions (integers from 1 to n and other than L). It is composed of

The basic processing flow using the issued ST transaction system of this embodiment configured as described above will be explained using FIGS. 12 to 15. Note that FIG. 15 is a block diagram schematically showing the entire basic processing flow using the issued ST type trading system of FIG. 1.

(S1) Registration of ST class issues to the trading list (Figure 12)
The issue registration smart contract 11 registers the issue of the ST class generated (issued) at the time of generation (issuance) of the ST class in the transaction list.

(S2) Creation of original rate (Figure 12)
The unique rate creation smart contract 12 sends a financial institution 40 (1) that makes one market to a customer 50 (1, x) (however, x is a positive integer), the leave order is transferred to a common customer of each market-making financial institution 40(1) to 40(n) (where n is an integer greater than or equal to 2). The leave order status (order book For example, financial institutions 40(1) to 40(n) make markets based on the leave order price for the issue, which is the best order (cheapest sell order, highest buy order), based on the (execution) status). (However, n is an integer of 2 or more) Each financial institution 40 (1 ) to 40(n) (where n is an integer of 2 or more) for each issue.

(S3) Sharing non-public information (Figure 12)
The private shared information storage smart contract 13 stores the leave order status (order book ( (execution) status) and each unique issue of each market-making financial institution 40(1) to 40(n) (where n is an integer of 2 or more) created by the unique rate creation smart contract 12. The rate is stored as privately shared information that is not known to each financial institution 40(1) to 40(n) (where n is an integer of 2 or more) that performs market making.

(S4) Generation of reference rate (Figure 13)
The standard rate generation smart contract 14 is based on each market making financial institution 40(1) to 40(n) (where n is an integer of 2 or more), which is shared via the private shared information storage smart contract 13. ) for a given issue (order book (execution) status) and the unique status of each market making financial institution 40(1) to 40(n) (where n is an integer of 2 or more). A standard rate for the issue is generated using the rate for the issue.

(S5) Presentation of standard rate (Figure 13)
The standard rate presentation smart contract 15 stores the rate for a predetermined issue generated by the standard rate generation smart contract 14 as private information, and the customer 50 (L, x) (where L is greater than or equal to 1 and less than or equal to n). Only when an inquiry about the rate of the issue for which the customer 50 (L, x) (where L is an integer from 1 to n, x is a positive integer).

(S6) Execution (Figure 13)
The execution smart contract 16 is a proprietary rate creation smart contract 12 that has been created by the unique rate creation smart contract 12, and is based on the company's own information regarding a predetermined issue in each market making financial institution 40(1) to 40(n) (where n is an integer of 2 or more). A customer's leave order for the issue corresponding to the rate is executed.

(S7) Search for trade partners (Figure 14)
The smart contract 17 for searching for a trader searches for a customer 50 at its own rate for a predetermined issue at a financial institution 40 (L) (L is an integer from 1 to n) that performs predetermined market making. (L, Each market making financial institution 40(1) to 40(n) (where n is an integer of 2 or more) stores information that is shared in a private manner that is not known to the market making financial institutions 40(1) to 40(n) (where n is an integer greater than or equal to 2). 40(n) (where n is an integer of 2 or more), the leave order status (order book (execution) status) for each unique issue and each market make created by the unique rate creation smart contract 12. Financial institutions 40(1) to 40(n) (where n is an integer of 2 or more) that make markets using their own rates for the relevant issue, Search engine 40(m) (where m is an integer greater than or equal to 1 and less than or equal to L, and other than L).
In addition, the smart contract for searching for trade partners 17 accepts registration to the blacklist of financial institutions 40(k) (where k is an integer from 1 to n, inclusive) that do not wish to conduct transactions through the smart contract for accepting blacklist registration 20. By excluding financial institutions 40(k) (where k is an integer between 1 and n) registered in the blacklist from the search target, financial institutions 40(m ) (where m' is an integer greater than or equal to 1 and less than or equal to k and other than k and L).

(S8) Execution at search target rate (Figure 14)
The execution control smart contract 18 is a customer 50 (L, An integer, x is a positive integer) is a leave order for a predetermined issue of another market-making financial institution 40(m) searched by the trade partner search smart contract 17 (where m is 1 or more and n or less, and , an integer other than L) for the issue, the execution smart contract 16 executes a leave order for the issue.

(S9) Payment (Figure 14)
A smart contract for payment 19 is a customer 50 (L, x) of a financial institution 40 (L) (where L is an integer of 1 to n, inclusive) (L is an integer of 1 to n, inclusive) that performs predetermined market making. , x is a positive integer. When a trade is made at the in-house rate, an immediate gross or short-term net DVP type settlement is performed between the digital currency and the relevant ST class.

(S10) Other processing: Blacklist registration The blacklist registration reception smart contract 20 is a financial institution 40 (m) that performs market making as a trade partner that can be traded by the trade partner search smart contract 17 (however, , m is an integer from 1 to n and other than L), registration of financial institutions 40(k) with which transactions are not desired (k is an integer from 1 to n, inclusive) to the blacklist is accepted.

A specific example of processing : Here, the unique rate creation smart contract 12 calculates the unique rate for each issue in each of the financial institutions 40(1) to 40(n) (where n is an integer of 2 or more) that performs market making. transaction information that is shared in a private manner that is not understood by the financial institutions 40 (1) to 40 (n) (where n is an integer of 2 or more) that performs market making using the smart contract 13 for storing non-public shared information. , the rate for the relevant issue that has validity as the standard calculated by the standard rate generation smart contract 14, and the financial institution 40 (m) that performs market making and is the counterparty that can be executed by the trade partner search smart contract 17. However, a specific example of searching for m (m is an integer from 1 to n and other than L) will be explained using a table.
For convenience of explanation, it is assumed that there are four financial institutions 40(1) to 40(n) that perform market making and one issue to be traded. Furthermore, when calculating the rate, the customer's creditworthiness, etc. will not be considered, and the risk fee will be expressed as an integer. Furthermore, the order price and rate units are omitted.

マーケットメイクを行う金融機関４０（１）～４０（４）は、これらのマーケットメイクを行う金融機関４０（１）～４０（４）に夫々固有の取引情報についてのみ認識している。
表１の例では、顧客からのＳＴ類の売りおよび買いの注文（リーブオーダー）が、マーケットメイクを行う金融機関４０（１）、４０（３）、４０（４）に対してあり、マーケットメイクを行う金融機関４０（２）にはない。
マーケットメイクを行う金融機関４０（１）に対しては、注文価格９８、注文数量１の売り注文があり、マーケットメイクを行う金融機関４０（１）内において、約定価格９８で約定が成立している。また、注文価格１０６、注文数量１の買い注文があるが、未約定となっている。
マーケットメイクを行う金融機関４０（３）に対しては、注文価格９５、注文数量１の売り注文があり、未約定となっている。また、注文価格１０４、注文数量１の買い注文があり、マーケットメイクを行う金融機関４０（３）内において、約定価格１０４で約定が成立している。
マーケットメイクを行う金融機関４０（４）に対しては、注文価格９９、注文数量１の売り注文があり、マーケットメイクを行う金融機関４０（４）内において、約定価格９９で約定が成立している。また、注文価格１０５、注文数量１の買い注文があるが、未約定となっている。 Assume that the sell and buy orders (leave orders) from customers to each of the financial institutions 40(1) to 40(4) that perform market making are as shown in Table 1.

The financial institutions 40(1) to 40(4) that perform market making are aware only of transaction information unique to each of the financial institutions 40(1) to 40(4) that performs market making.
In the example in Table 1, there are buy and sell orders (leave orders) for STs from customers to financial institutions 40(1), 40(3), and 40(4) that perform market making. 40(2) does not apply to financial institutions that conduct
There is a sell order with an order price of 98 and an order quantity of 1 to the financial institution 40 (1) that performs market making, and a contract is executed at the contract price 98 within the financial institution 40 (1) that performs market making. There is. There is also a buy order with an order price of 106 and an order quantity of 1, but it has not yet been executed.
There is a sell order with an order price of 95 and an order quantity of 1 to the financial institution 40 (3) that performs market making, which has not yet been filled. Further, there is a buy order with an order price of 104 and an order quantity of 1, and a contract is established at the contract price of 104 within the financial institution 40(3) that performs market making.
There is a sell order with an order price of 99 and an order quantity of 1 to the financial institution 40 (4) that performs market making, and a contract is executed at the contract price 99 within the financial institution 40 (4) that performs market making. There is. Furthermore, there is a buy order with an order price of 105 and an order quantity of 1, but it has not yet been executed.

Here, the unique rate creation smart contract 12 is configured to provide customers 50 (1, 1), 50 (3, 1) for financial institutions 40 (1), 40 (3), or 40 (4) that perform one market making. Or, when there is an order (leave order) from 50 (4, 1), the leave order is treated as a leave order of a common customer of each market-making financial institution 40 (1) to 40 (4). , the best order (cheapest sell order) based on the leave order status (order book (execution) status) for all relevant issues, which are commonly handled by financial institutions 40 (1) to 40 (4) that perform market making. , the highest buy order) for the stock in question, each financial institution 40 (1) to 40 (4) that makes the market will add their own risk as a commission (for sell orders, (subtraction and addition for buy orders), each financial institution 40(1) to 40(4) that performs market making creates a unique rate for the issue. As shown in Table 2, the private shared information storage smart contract 13 stores the leave order status (order book (execution) status) for a given issue at each market making financial institution 40(1) to 40(4). ) and the unique rate creation smart contract 12 created by each market-making financial institution 40(1) to 40(4), each financial institution making a market grasps its own rate for the issue. The information will be stored as shared information in a private manner.

本例では、各マーケットメイクを行う金融機関４０（１）～４０（４）において共通に取り扱う、全ての当該銘柄についてのリーブオーダーにおいて、約定となっているのは、注文価格９８の売り注文、注文価格９９の売り注文、注文価格１０４の買い注文であることから、最良注文は、注文価格９８の売り注文と、注文価格１０４の買い注文となる。
なお、本例では、マーケットメイクを行う金融機関４０（１）～４０（４）の夫々における、上乗せ（売り注文に対しては減算、買い注文に対しては加算）すべき自己のリスク分としての手数料を、夫々４、１、２、３とする。
マーケットメイクを行う金融機関４０（１）の独自レートは、
・売りレート：１０４＋４＝１０８
・買いレート：９８－４＝９４
マーケットメイクを行う金融機関４０（２）の独自レートは、
・売りレート：１０４＋１＝１０５
・買いレート：９８－１＝９７
マーケットメイクを行う金融機関４０（３）の独自レートは、
・売りレート：１０４＋２＝１０６
・買いレート：９８－２＝９６
マーケットメイクを行う金融機関４０（４）の独自レートは、
・売りレート：１０４＋３＝１０７
・買いレート：９８－３＝９５
となる。
ここで、顧客にとって最も有利となるレートが妥当性のある基準レートとなる。本例では、基準レートは、表３に示すように、売りレート１０５、買いレート９７となる。
基準レート提示用スマートコントラクト１５は、基準レート生成用スマートコントラクト１４が生成した所定銘柄についての基準レートを非公開情報として保管するとともに、顧客からの取引を所望する銘柄についてのレートの問い合わせを受け付けたときにのみ、基準レートを当該顧客に提示する。提示を受けた顧客は、基準レートを参考にして、リーブオーダーを行うようになる。

In this example, in the leave orders for all relevant stocks that are commonly handled by the financial institutions 40(1) to 40(4) that perform market making, the executed orders are sell orders with an order price of 98, Since they are a sell order with an order price of 99 and a buy order with an order price of 104, the best orders are a sell order with an order price of 98 and a buy order with an order price of 104.
In this example, each of the financial institutions 40(1) to 40(4) that performs market making will add their own risk (subtraction for sell orders, addition for buy orders). Let the fees be 4, 1, 2, and 3, respectively.
The proprietary rates of financial institutions 40(1) that engage in market making are:
・Selling rate: 104+4=108
・Buy rate: 98-4=94
The proprietary rate of financial institution 40(2) that performs market making is
・Selling rate: 104+1=105
・Buying rate: 98-1=97
The proprietary rates of financial institutions 40(3) that engage in market making are:
・Selling rate: 104+2=106
・Buy rate: 98-2=96
The proprietary rates of financial institutions 40 (4) that engage in market making are:
・Selling rate: 104+3=107
・Buy rate: 98-3=95
becomes.
Here, the rate that is most advantageous to the customer becomes the appropriate standard rate. In this example, the reference rates are a sell rate of 105 and a buy rate of 97, as shown in Table 3.
The reference rate presentation smart contract 15 stores the reference rate for a predetermined issue generated by the reference rate generation smart contract 14 as private information, and also accepts inquiries from customers about rates for issues they wish to trade. Only occasionally will a base rate be offered to the customer. The customer who receives the offer will place a leave order with reference to the standard rate.

The execution destination search smart contract 17 allows the execution smart contract 16 to accept a customer's leave order for a predetermined issue at the in-house rate for the predetermined issue at a financial institution 40(1) to 40(4) that performs predetermined market making. If a contract cannot be executed, the private shared information storage smart contract 13 stores each market making information as information shared in a private manner that is not understood by the financial institutions 40 (1) to 40 (4) that perform each market making. The financial institutions 40 (1) to 40 (4) that perform market making (order book (execution) status) for each issue, and the financial institutions 40 that perform market making created by the smart contract 12 for creating unique rates. Using the respective unique rates for the issue in (1) to 40(4), a financial institution 40 that performs market making is searched as a possible counterparty.
In this example, as shown in Tables 1 and 2, a purchase order from a customer with an order price of 106 is made to the financial institution 40 (1) that makes the market, and an order from a customer to the financial institution 40 (3) that makes the market. A sell order with a price of 95 and a buy order with an order price of 105 from a customer to the financial institution 40 (4) that performs market making have not been executed.
In addition, as shown in Table 2, the unique rate calculated by the unique rate creation smart contract 12 is:
The proprietary rates of financial institutions 40(1) that engage in market making are:
・Selling rate: 104+4=108
・Buy rate: 98-4=94
The proprietary rate of financial institution 40(2) that performs market making is
・Selling rate: 104+1=105
・Buying rate: 98-1=97
The proprietary rates of financial institutions 40(3) that engage in market making are:
・Selling rate: 104+2=106
・Buy rate: 98-2=96
The proprietary rates of financial institutions 40 (4) that engage in market making are:
・Selling rate: 104+3=107
・Buy rate: 98-3=95
It is.
Therefore, the potential trade partners searched by the trade partner search smart contract 17 are as shown in Table 4.
・Partners of a purchase order of order price 106 from a customer to financial institution 40(1): financial institution 40(2), financial institution 40(3)
・Partners of a sell order with an order price of 95 from a customer to financial institution 40(3): financial institution 40(2), financial institution 40(3), financial institution 40(4)
・Recipient of a purchase order for order price 105 from a customer to financial institution 40(4): Financial institution 40(2)
becomes.

The execution control smart contract 18 allows a leave order for a predetermined issue of a customer of a financial institution that makes a predetermined market to be sent to a leave order for the issue at another financial institution that makes a market that has been searched by the execution destination search smart contract 17. If it matches the rate, the execution smart contract 16 executes a leave order for the issue.
In addition, in the example of Table 3, there are two counterparties (financial institution 40 (2) and financial institution 40 (3)) for a purchase order from a customer for order price 106 to financial institution 40 (1). There are three parties to a sell order for (3) from a customer with an order price of 95 (financial institution 40 (2), financial institution 40 (3), financial institution 40 (4)), financial institution 40 (4). There is one counterparty (financial institution 40 (2)) for a buy order of order price 105 from a customer, but if there are multiple counterparties, the time limit for accepting processing by the execution smart contract 16 is Execute the contract with one of the parties as soon as possible.

Effects of this Embodiment According to the issued ST trading system of this embodiment, a single market-making financial institution 40(1) can be used for issues registered in the trading list by the issue registration smart contract 11. On the other hand, when there is an order (leave order) from customer 50 (1, x) (where x is a positive integer), the leave order is transferred to financial institutions 40 (1) to 40 (n ) (where n is an integer of 2 or more), and is handled as a common leave order for each market-making financial institution, and the leave order status (order book (execution) status) for all relevant issues. Based on this, for example, each financial institution 40(1) to 40(n) (where n is 2 Financial institutions 40(1) to 40(n) that make market by adding their own risk amount as a fee (subtracted for sell orders, added for buy orders) (where n is an integer of 2 or more), a unique rate creation smart contract 12 that has the function of creating a unique rate for each issue, and financial institutions 40(1) to 40(n) that perform market making. (where n is an integer of 2 or more), the leave order status (order book (execution) status) for a given issue and the financial institution 40 (1 ) to 40(n) (where n is an integer of 2 or more), each financial institution that performs market making calculates its own rate for the issue in 40(1) to 40(n) (where n is 2 or more). A smart contract for storing privately shared information 13 that has the function of storing it as shared information in a private manner that is not known by the public (an integer of The status of leave orders (order book (execution) status) for a given issue at financial institutions 40(1) to 40(n) (where n is an integer of 2 or more) and the financial institution 40(1) that performs market making. ) to 40(n) (where n is an integer of 2 or more), a standard rate generation smart contract 14 that has a function of generating a standard rate for the relevant issue using a unique rate for the relevant issue, and a standard The standard rate for a predetermined issue generated by the rate generation smart contract 14 is stored as non-public information, and the rate is stored from the customer 50 (L, x) (L is an integer from 1 to n, x is a positive integer). Only when receiving a rate inquiry for an issue that the customer desires to trade, the standard rate generation smart contract 14 generates the reference rate for the issue by the customer 50 (L, x) (where L is 1 or more). Since the smart contract 15 for presenting a standard rate has the function of presenting a standard rate to an integer equal to or less than n, and x is a positive integer, small-scale, directly financed individual real estate with low liquidity is not considered. Even for STs that have been digitized as securities, mispricing (deviation from the appropriate price) is less likely to occur when setting transaction prices, eliminating variations in contract prices, and improving the stability of STs with low liquidity. Able to conduct fair transactions. Further, by presenting the rate only when each customer inquires about the rate of the issue they wish to trade, the customer can obtain a reasonable transaction price. In addition, since it is not forwarded to the trading market, there is no need to lower the profitability of financial institutions that make each market, and there is no need for the cost of listing on the trading market, reducing the cost required for customer trading.

Further, according to the issued ST type trading system of the present embodiment, the execution smart contract 16 is executed at a predetermined market making financial institution 40 (L) (L is an integer from 1 to n). If it is not possible to execute a leave order for the issue of customer 50 (L, The storage smart contract 13 stores each market making information as information shared in a private manner that is not understood by the financial institutions 40(1) to 40(n) (where n is an integer of 2 or more) that performs each market making. The status of leave orders (order book (execution) status) for the issue unique to each financial institution 40(1) to 40(n) (where n is an integer of 2 or more) and the smart contract for creating a unique rate. 12 created by each market-making financial institution 40(1) to 40(n) (where n is an integer of 2 or more) for the issue, A smart contract for searching for a trader 17 that has a function of searching for a financial institution 40 (m) (where m is an integer from 1 to n, and other than L) that will make a market in advance, and a predetermined market making Regarding a specified issue of a customer 50 (L, The leave order is based on the rate for the issue at another market-making financial institution 40 (m) (where m is an integer from 1 to n, and other than L) that was searched by the smart contract for searching for trade partners 17. In the case of a match, the execution rate can be increased because the execution smart contract 16 includes an execution control smart contract 18 that has a function of executing a leave order for the issue.

Further, according to the issued ST type trading system of the present embodiment, the customer 50 (L, x) ( However, if a leave order for a predetermined issue with L being an integer of 1 or more and n or less, and x being a positive integer, is placed by another market-making financial institution 40(m) (however, m is 1 or more and n or less, and The system has a settlement smart contract 19 that has the function of performing instant gross or short-term net DVP type settlement between the digital currency and the relevant ST when the contract is executed at the in-house rate for the issue (an integer other than L). Therefore, it becomes possible to trade STs and digital currencies in real time, and it is possible to immediately issue digital assets to customers, derive a reasonable transaction price for STs with low liquidity, and settle in real time. can do.

Furthermore, according to the issued ST type trading system of the present embodiment, the financial institution 40 (m) that performs market making as a trade partner that can be traded by the trade partner search smart contract 17 (where m is 1 or more) Blacklist registration that has the function of accepting registration to the blacklist of financial institutions 40(k) (where k is an integer from 1 to n, inclusive) with which transactions are not desired in the search for financial institutions (integers less than or equal to n and less than or equal to L). It further includes a reception smart contract 20, and the client search smart contract 17 is a financial institution 40 (k) that does not desire transactions by the blacklist registration reception smart contract 20 (k is an integer between 1 and n). By accepting the registration on the blacklist, the financial institution 40(k) (k is an integer between 1 and n) registered on the blacklist will be excluded from the search target, and the market will become a tradeable counterparty. The configuration has a function to search for the financial institution 40 (m') that performs the make (where m' is an integer between 1 and n or less, and other than k and L), so it is possible to enter into a contract with a party with whom you do not wish to conduct a transaction. It is possible to avoid this.
It will also be possible to trade STs and digital currencies in real time. That is, it is possible to immediately issue digital assets to customers, derive a reasonable transaction price for STs with low liquidity, and make real-time settlements.

Therefore, according to the present embodiment, it is possible to conduct fair trading of STs with low liquidity by eliminating variations in execution prices without lowering the profitability of financial institutions that perform market making. You can get a complete ST type trading system.

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

For example, the issued ST type trading system of this embodiment may include a liquidity adjustment smart contract (not shown) having a liquidity adjustment function.
The liquidity adjustment smart contract generates a brand to be matched with a similar brand when there is no matching brand in the non-public shared information of each financial institution that performs market making, but it can be matched with a similar brand. and induce execution.
For example, it is assumed that there is an ST type that can adjust the relationship between interest rate and risk amount, such as an electronic bond type ST. For such STs, contracts are executed in similar stocks by using the lending function and CDS (Credit default swap: a financial derivative product with an insurance function to protect against the risk of failure of the investment target).
As an example, a financial institution 40(1) that performs market making receives a buy order for stock A (risk amount 3) with an order quantity of 2, an order price of 104 (normally the buy rate is about 101.5, the sell rate is about 105, and the order price It is assumed that there is a leave order (assuming that there is no sell order corresponding to the buy order of 104). In addition, at a financial institution 40 (3) that performs market making, as a sell order for stock B (risk amount 2), the order quantity is 2, the order price is 98 (normally the buy rate is 97, the sell rate is 100, and the order price is 98). It is assumed that there is a leave order (assuming that there is no buy order corresponding to the sell order).
In this case, the trader search smart contract 17 of the market-making financial institution 40(1) searches the non-public shared information for a sell order for the A brand with an order quantity of 2 and an order price of 104.
In addition, the smart contract 17 for searching for trade partners of the financial institution 40 (3) that performs market making searches the non-public shared information to see if there is a buy order for stock B with an order quantity of 2 and an order price of 98.
Although matching is not possible in this state, here, for example, it is assumed that the financial institution 40 (4) that performs market making can set the commission of CDS (default hedge of B stock) at 1.5 per quantity. In that case, the price difference between stocks A and B is 6, so a profit of 4.5 is expected after subtracting the insurance premium (hedging portion) of 1.5 per unit quantity. Also, assume that issue A can be procured through lending at a cost of 2.0 per quantity for 30 days (assuming that the position will be liquidated within 30 days).
In that case, the liquidity adjustment smart contract uses CDS and lending to procure stock A through lending, sell it at an order price of 104, and buy stock B at an order price of 98.
The liquidity adjustment function using a smart contract for liquidity adjustment assumes buying and selling pairs between highly correlated stocks, and is available 24 hours a day, 365 days a year, so it can be used when liquidity is diffused such as on holidays or at night. use
In other words, a position is taken when liquidity is low, and the position is closed when the trading volume is high and liquidity is high, such as during the day.

In addition, in the trading system for issued STs of this embodiment, the nodes of financial institutions that perform market making are set up in the same cloud as virtual nodes, and each financial institution generates its own rate and privately shares information. By using shared memory instead of blocks on a distributed network to perform processes such as storage of data, generation of standard rates, execution of leave orders by customers for the relevant issue, and search for execution targets, processing can be simplified. This is preferable because it greatly speeds up the process.

Furthermore, in the trading system for issued STs of this embodiment, each financial institution that performs market making does not disclose the rate that it has independently created regarding price information, and the rate for the issue that customers wish to trade is not disclosed. Only when an inquiry is received, the standard rate for the issue is presented to the customer, but in addition to that, the rates created by each market-making financial institution are constantly distributed to the general public. It has a function that allows you to select either the function of presenting the standard rate to the customer who makes the inquiry only when an inquiry is received, or the function of constantly distributing the rate that you have created to an unspecified number of people. It may be configured so that it can be used selectively. In this way, in addition to trading services for small-scale direct financial STs, we will be able to provide a variety of STs, including trading services for STs that have digitized securities such as existing listed products. The most suitable transaction service can be switched and provided according to the type of transaction with a simple selection operation.

In addition, STs of a new concept that can be considered in DX (digital transformation), which are used in the issued STs trading system of the present invention, have minor characteristics, unlike STs generated from listed securities. Therefore, it is ideal to be able to discover prices while managing liquidity information based on one-on-one trading. It is envisaged that individuals will conduct transactions directly through machines (transaction functions such as systems) without the intermediary of financial institutions such as companies.
Therefore, in the trading system for issued STs of the present invention, as a means to discover prices for STs with weak liquidity, instead of concentrating liquidity like PTS, the market as described above is used. In addition to a smart contract configuration that has the function of presenting the standard price of privately shared information based on the make method upon inquiry, it also has a structure that includes a smart contract that has the function of presenting the standard price of privately shared information based on the make method. It is desirable to have a smart contract with a price discovery function that calculates a standard price for individual buying and selling based on information such as transaction trends and past transactions, and presents the calculated standard price in response to the individual's request.
Furthermore, in the issued ST trading system of the present invention, each financial institution that performs market making may be configured with a smart contract that has the function of a financial institution that performs market making.

The issued ST transaction system of the present invention is useful, for example, in fields where it is required to provide small-scale, direct financial transaction services using issued STs.

11 Smart contract for stock registration 12 Smart contract for creating unique rates 13 Smart contract for storing private shared information 14 Smart contract for generating standard rate 15 Smart contract for presenting standard rate 16 Smart contract for execution 17 Smart contract for searching for trade partners 18 Execution Smart contract for control 19 Smart contract for payment 20 Smart contract for accepting blacklist registration 40(1) to 40(n) Financial institutions that perform market making 50(1,1) to 50(n,x) Customers

Claims (2)

Manage transactions between all forms of digital assets, such as tokens (a general term for values defined digitally in distributed technology such as blockchain), digital currencies, tokens and digital currencies, or between tokens or between digital currencies. Issuance that is constructed with a distributed ledger in at least one type of distributed technology such as blockchain, and a smart contract for performing predetermined processing using digital assets managed by the distributed ledger. A trading system for completed STs,
A smart contract for stock registration that has a function of registering the ST-class issue generated (issued) in the transaction list when the ST-class is generated (issued);
When an order (leave order) is received from a customer to a financial institution that makes one market for a stock registered in the trading list using the stock registration smart contract, the leave order is sent to each market making order. Financial institutions that make each market based on the status of leave orders (order book (execution) status) for all relevant issues, which are handled as a common leave order among the financial institutions that make the market. A smart contract for creating a unique rate that has the function of creating a unique rate for each issue in each institution,
The leave order status (order book (execution) status) for a given issue at each market-making financial institution, and the unique corresponding issue at each market-making financial institution created by the unique rate creation smart contract. A smart contract for storing non-public shared information that has the function of storing the rate of
The leave order status (order book (execution) status) for a given issue at each market-making financial institution, shared via the non-public shared information storage smart contract, and the leave order status (order book (execution) status) at each market-making financial institution A smart contract for generating a standard rate that has a function of generating a standard rate for each brand using its own rate for the brand;
The standard rate for a predetermined issue generated by the standard rate generation smart contract is stored as private information, and the standard rate generation smart contract A standard rate presentation smart contract that has a function of presenting the standard rate for the issue generated by the smart contract to the customer;
an execution smart contract created by the unique rate creation smart contract, which has a function of executing a leave order of a customer for a predetermined brand at each market-making financial institution, corresponding to the company's own rate;
If the execution smart contract is unable to execute a customer's leave order for a given stock at the in-house rate of a financial institution that makes a given market, the non-public shared information storage smart contract The status of leave orders (order book (execution) status) for each particular issue at each market-making financial institution is stored as information shared in a private manner that is not known by the market-making financial institution, and the above-mentioned A function to search for market-making financial institutions that can be executed as counterparties by using the unique rate of each issue for each market-making financial institution created by a smart contract for creating a unique rate. A smart contract for searching for trade partners,
If a leave order for a given issue by a customer of a financial institution that makes a given market corresponds to a rate for that issue at another financial institution that makes a market that has been searched by the trader search smart contract, the above-mentioned trade an execution control smart contract that has a function of causing a smart contract for execution of a leave order for the issue;
If a leave order for a given issue by a customer of a financial institution that makes a given market is executed at the in-house rate for that issue at another financial institution that makes a market, the immediate gross or A payment smart contract that has the function of performing short-term online DVP-type payments,
A trading system for issued STs, comprising: A smart contract for accepting blacklist registration, which has a function to accept registration on a blacklist of financial institutions with which transactions are not desired, in the search for financial institutions that perform market making and are potential counterparties using the smart contract for searching for trade partners. It further has
The smart contract for searching for trade partners excludes the financial institutions registered in the blacklist from the search target by accepting the registration to the blacklist of financial institutions that do not desire transactions by the smart contract for accepting blacklist registration, 2. The system for trading issued STs according to claim 1, further comprising a function of searching for a financial institution that performs market making as a counterparty with which trades can be made.

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