JP4205898B2 - Forex trading system - Google Patents

Description

[0001]
BACKGROUND OF THE INVENTION
The present invention relates to a system for performing foreign exchange transactions, and more particularly, to a foreign exchange transaction system capable of ensuring the mobility of transactions and efficiently hedging the risk of fluctuations in the foreign exchange market.
[0002]
[Prior art]
In ordinary foreign currency deposits, bonds denominated in foreign currencies, and investment trusts investing in foreign assets, customers directly place orders with trading companies that provide such financial products.
A characteristic of foreign currency investment is that it uses yen in exchange for foreign currency, so there is exchange risk due to exchange fluctuations in addition to individual risks of financial instruments. Hedging this exchange risk is important in foreign exchange transactions.
[0003]
Forex trading is conducted for each individual trading company, and orders subject to relative trading are limited to the amount and number of orders placed based on the amount of margin provided by customers registered as members of the trading company. receive. Therefore, the probability of the establishment of a relative transaction based on orders between customers has been low.
In addition, when a transaction is performed at the support price presented by the trading company, the profit of the trading company is factored into the transaction price of the customer.
[0004]
A conventional relative transaction image will be described with reference to FIG. FIG. 9 is a schematic view showing an outline of a conventional relative transaction.
As shown in FIG. 9, customers A and B are unsatisfied by placing a limit sell order, customers E and F are unsuccessful by placing a limit buy order, and customer C is unsuccessful. A market sell order is placed, customer D places a market buy order, a support price is provided by a trading company, the market sell order is established at 1 dollar = 130.70 yen, and the market buy order is 1 dollar = This is an example established for 131.00 yen.
[0005]
Incidentally, as a related art regarding the relative transaction in the foreign exchange market, there is JP-A-2001-290943 “Relative transaction processing device, its method, and a recording medium on which a program for that is recorded” published on October 19, 2001.
According to the present invention, the relative transaction can be processed efficiently, and the relative transaction can be established even if the order quantities of the sell order and the buy order are not balanced.
[0006]
[Problems to be solved by the invention]
However, in the above-mentioned conventional foreign exchange transactions, the support price presented by each trading company is used to conduct quick and agile trading due to restrictions on the trading company's size, business hours, system efficiency and capacity, etc. It was necessary to ensure fluidity.
[0007]
The present invention has been made in view of the above circumstances, and an object thereof is to provide a foreign exchange trading system capable of efficiently hedging the risk of fluctuations in the foreign exchange market while ensuring the mobility in foreign exchange trading.
[0008]
[Means for Solving the Problems]
The present invention is a foreign exchange transaction system in which a computer apparatus that executes foreign exchange transactions is connected via the Internet, and a plurality of market maker apparatuses realized by a computer apparatus that provide support prices for selling and buying in foreign exchange transactions; A center device for establishing a foreign exchange transaction, the center device is realized by a computer device, and processing realized by the operation of a computer program in the processing unit of the computer stores a transaction frame in association with a customer Receiving a user registration request from a client as a client computer device, receiving user information for identifying a user and identification information of a guarantee company that guarantees a transaction frame, and from the identification information of the guarantee company A guarantee company that guarantees the customer's trading facility. Over the other apparatus And the computer device of the specified guarantee company Send the user information to To inquire about the customer's trading quota The transaction limit set from the computer device of the guarantee company is received, the information of the transaction limit corresponding to the customer set in the guarantee company is stored in the database, and the limit for selling and buying in the foreign exchange transaction is ordered from the client. Then, the client order is matched with the support price provided by the market maker device or the matching process between the client orders within the range of the set trading frame to establish the foreign exchange transaction, and the client Or, if there is a direct call for selling and buying in a foreign exchange transaction from a market maker device, the information of the direct call is provided to other market maker devices or other clients, and if a foreign exchange transaction is established by an order from the client, Based on establishment The amount of selling / buying in the trading frame of the customer who made the transaction fluctuates, and the amount of the changed selling / buying is stored in the database. By assigning a trading frame that hedges foreign exchange risk to the customer and managing the center equipment, the number of participating market makers and customers increases, thereby improving the probability of matching the transaction and as required by the customer By requesting prices from multiple market makers or clients, the liquidity of transactions can be secured.
[0010]
DETAILED DESCRIPTION OF THE INVENTION
Embodiments of the present invention will be described with reference to the drawings.
In the foreign exchange trading system according to the embodiment of the present invention, a plurality of market maker devices provide support prices, a trading frame for each customer is set, and the limit of selling / buying in foreign exchange transactions from a client serving as the customer's device When an order is placed, the center equipment performs matching processing between the client's order and the support price provided by the market maker equipment within the limits of the trading frame, and establishes the foreign exchange transaction, and hedges the exchange risk. By assigning a trading frame to a customer, the center device manages it, and the number of participating market makers and customers increases, thereby improving the probability of matching the transaction and ensuring the liquidity of the transaction.
[0011]
Further, in the foreign exchange transaction system according to the embodiment of the present invention, when there is a direct call for selling / buying in a foreign exchange transaction from a client or a market maker apparatus, the center apparatus transmits the information of the direct call to another market maker apparatus or other The client is required to present prices to a plurality of market makers or clients as required by the customer, so that liquidity in foreign exchange transactions can be secured.
[0012]
A configuration of a foreign exchange transaction system according to an embodiment of the present invention will be described with reference to FIG. FIG. 1 is a configuration block diagram of a foreign exchange transaction system according to an embodiment of the present invention.
As shown in FIG. 1, a foreign exchange transaction system (this system) according to an embodiment of the present invention includes a foreign exchange transaction center 1, a database (DB) 2, a bank market maker 4a, and a securities market maker 4b. , A bank client 5a, a securities company client 5b, a forex trading company client 5c, and customer clients 6a, 6b, 6c.
There are a plurality of clients 5 and 6 connected to the foreign exchange trading center 1 via the Internet 3, and a plurality of market makers 4 are also present.
[0013]
Each part in this system is explained concretely.
The foreign exchange transaction center (center apparatus) 1 is a computer that executes foreign exchange transactions between a plurality of market makers 4 and a plurality of customer clients 6, and transactions between market makers and customer clients are also executed. The Transactions at the foreign exchange trading center 1 are not suitable for market orders because exchange rate fluctuations are severe, and limit orders or direct calls are desirable.
[0014]
Specifically, the foreign exchange trading center 1 performs a process of matching the limit price desired by the client client 6 with the support price provided by the market maker 4, and the customer client 6 (even the market maker 4). A matching process is performed with a price maker (market maker 4 or customer client 6) that presents a price for a direct call from (good).
[0015]
The foreign exchange transaction center 1 accepts user registration from the customer client 6 and receives information (user information) for identifying the user and identification information of a guarantee company that guarantees the transaction frame. The foreign exchange transaction center 1 transmits user information to the clients of the guarantee company (bank client 5a, securities company client 5b, foreign exchange trading company 5c) from the identification information of the guarantee company designated by the user. Then, information on a trading frame (amount that can be traded) from which a guarantee company client (guarantee company device) can carry out a currency exchange transaction is transmitted to the foreign exchange transaction center 1.
[0016]
In the foreign exchange trading center 1, a trading frame for the client client 6 is set from the bank client 5a, the securities company client 5b, and the forex trading company client 5c. That is, the bank client 5 or the like that sets a transaction frame for each client client 6 and the transaction frame are registered in the DB 2 from the foreign exchange transaction center 1. And the foreign exchange transaction center 1 permits the transaction within the range of the transaction frame set with respect to the customer. A specific method for setting a transaction frame will be described later.
[0017]
The database (DB) 2 stores information on transaction slots corresponding to customers set in the foreign exchange transaction center 1. The DB 2 also stores a transaction log at the foreign exchange transaction center 1.
Here, the amount of the transaction frame changes according to the transaction, and the changed amount is stored in the DB 2.
The Internet 3 is a communication medium that connects the foreign exchange trading center 1 and the clients 5 and 6.
[0018]
The bank market maker (market maker device) 4a is a computer used by a bank and provides a support price in foreign exchange transactions. The support price indicates a board for accepting a sell / buy order from the customer client 6 (the highest sell order rate for the customer and the lowest buy order rate for the customer).
The securities market maker (market maker device) 4b is a computer used by a securities company and provides support prices in foreign exchange transactions.
[0019]
The bank client 5a is a computer that sets a transaction frame for the customer a (the owner of the customer client 6a) who holds assets such as foreign currency deposits and foreign currency-denominated investment trusts in the bank. The customer a purchases foreign currency deposits, foreign currency-denominated investment trusts, etc. from the bank for risk hedging of assets.
The securities company client 5b is a computer that sets a trading frame for the customer b (owner of the customer client 6b) who holds assets such as foreign currency denominated investment trusts and foreign bonds in the securities company. This customer b purchases foreign currency-denominated investment trusts, foreign bonds, etc. from a securities company for risk hedging of assets.
The foreign exchange trading company client 5c is a computer that sets a trading frame for the customer c (owner of the customer client 6c) who has invested and hedged in the foreign exchange trading company. This customer c invests, hedges, etc. in a foreign exchange trading company in order to hedge trade and goods.
[0020]
Customer clients 6a, 6b, and 6c are computers owned by customers a, b, and c who have purchased financial products such as foreign currency denominated investment trusts from banks, securities companies, and foreign exchange trading companies. An exchange transaction instruction is output within the transaction frame with reference to the support price presented by the manufacturer 4b.
[0021]
The customer client 6 performs user registration with the foreign exchange trading center 1, and information (user information) for identifying the user, such as the user's name and address, and the bank, securities that purchased foreign currency-denominated investment trusts, etc. Information on the company and the foreign exchange trading company (guarantee company that guarantees the transaction) is entered. When the user registration is completed, a user ID (user identifier) and a password are given from the foreign exchange transaction center 1.
[0022]
Here, the transaction frame will be described with reference to FIG. FIG. 2 is a conceptual diagram for explaining a transaction frame.
In order to help understand the trading space, the conventional method will be explained first. In normal margin transactions, it is assumed that the customer puts about 5-10% of the transaction amount as margin into the bank or brokerage firm, and that the amount of loss falls within this amount. In the unlikely event that the range is exceeded, additional margin will be inserted or forcibly terminated.
For example, when conducting a $ 100,000 foreign exchange transaction, the customer inserts a margin of about 1 million yen into the bank, and if the loss reaches 500,000 yen, the bank requests a margin of 1 million yen. At the time of crossing, the amount of possession was extinguished by counter-trading.
[0023]
On the other hand, in principle, the trading frame in the present invention is set in order to hedge this exchange risk against assets denominated in foreign currencies already held by customers.
For example, for a customer who deposits $ 300,000 foreign currency deposits in a bank, a $ 300,000 dollar selling transaction frame is initially set as shown in FIG. The initial trading limit for dollar buying is $ 100,000.
This trading frame changes from time to time according to the transaction status of the customer, and if this customer uses the 100,000 dollar portion of the initial $ 300,000 dollar trading frame to hedge the dollar sales The transaction balance is $ 100,000 and $ 100,000, and the customer's usable transaction balance is $ 200,000 and $ 100,000.
[0024]
Next, an ordering method in this system will be described with reference to FIG. FIG. 3 is a schematic diagram showing an image of a market order.
The ordering method employs a method of inputting only in a specified rate (limit price) format in order to prevent the execution of a contract at an unintentional rate.
In the market order, as shown in FIG. 3, when a customer places a $ 200,000 dollar sales order, $ 100,000 is purchased at the rate of 12.00 dollars at the rate of 12.00 dollars on the market board ($ 100,000). If the rate is 131.90 yen (2) and $ 200,000 is 131.50 yen (3), the purchase order of (1) and (2) disappears at the same time the order is entered. The selling order of $ 200,000 for the customer will be closed at the rate of 131.50 yen of (3).
In this way, the limit format is suitable for the exchange market where market fluctuations are steep.
[0025]
Further, another transaction method in the present system is a transaction by direct call (simply called “call”). Call transactions in this system will be described with reference to FIGS. FIG. 4 is an explanatory diagram showing an outline of a first case where a call is valid in this system, and FIG. 5 is an explanatory diagram showing an outline of a second case where a call is valid in this system.
As shown in FIG. 4, in the first case, when the customer is thinking about selling 3 million dollars, if there is only a buy order of 131.00 yen at 100,000 dollars, the customer sells 3 million dollars. I can't whisper. Therefore, in the trading market of the foreign exchange trading center 1, the customer calls a dollar selling order of 3 million dollars. The call is posted on a transaction board provided on the website of the foreign exchange transaction center 1 and can be viewed. A call maker is established by the market maker or individual customer client directly responding to the call.
A participant who presents a price for a direct call is called a “price maker”.
[0026]
As shown in FIG. 5, in the second example, when a customer is thinking about selling 3 million dollars, market maker A makes a dollar sale at a rate of 131.65 yen and a dollar purchase at 131.55 yen. Market maker B sells dollars at a rate of 131.65 yen, dollar buys at a rate of 131.50 yen, market maker C sells dollars at a rate of 131.70 yen, and dollar buys at 131.55 yen The customer selects multiple market makers and calls for a $ 3 million dollar sale.
[0027]
If the market maker who receives the call can offer a price for the call, the market maker presents a rate that can be traded to the customer's $ 3 million dollar sale to the foreign exchange trading center 1, and the foreign exchange trading center. 1 displays the selling / buying rate (price) presented by the market maker on the customer client 6 and allows the customer to select a favorable condition.
[0028]
In addition, when a customer inquires a foreign exchange transaction center 1 for a transaction of 3 million dollars from a client client 6, the foreign exchange transaction center 1 investigates a rate (price) between dollar selling and dollar buying presented by a plurality of market makers. Then, the best condition may be selected and displayed on the customer client 6. For example, as shown in FIG. 5, the price maker as the best condition is selected to present a dollar sale at a rate of 131.63 yen and a dollar purchase at a rate of 131.58 yen. .
[0029]
Next, transaction contents in this system will be described with reference to FIG. FIG. 6 is a schematic diagram showing a transaction status in the present system.
In the foreign exchange trading center 1 of this system, market maker A presents support prices at a rate of 131.15 yen for dollar sales and 131.00 yen for dollar purchases, and market maker B sells 131.05 yen for dollar sales. Suppose you are offering support prices for a dollar purchase at a rate of 130.90 yen.
[0030]
This transaction status is displayed and provided so as to be viewable by the user's access on the website of the foreign exchange transaction center 1. That is, the foreign exchange trading center 1 displays and provides the support price in the foreign exchange transaction status that changes from moment to moment on the transaction display board of the website.
[0031]
For the support price displayed / provided to the client, customers A and B place sell orders within the limits of each trading frame, and customers C and D place buy orders within the limits of each trading frame. Establish a transaction with a market maker.
[0032]
Further, the customers E and F make a direct call to the foreign exchange trading center 1, and the foreign exchange trading center 1 notifies the corresponding market makers C and D of the contents of the call. Thereafter, the market makers C and D who have received the call notify the client client who has called the price as a price maker directly, or present it on the transaction status of the website.
[0033]
Explaining the transaction in more detail, when a $ 1 million dollar sales order comes from a customer, the foreign exchange trading center 1 allocates the order from the one with the highest rate according to the situation of the market. . Specifically, the support price is offered at a rate of 131.15 yen for 100,000 dollars, a rate of 131.10 yen for 500,000 dollars, and a 131.05 yen rate for 800,000 dollars. The $ 1 million dollar sales order from the customer is $ 131.15 for 100,000, $ 131.10 for $ 500,000 and $ 131.05 for the remaining $ 400,000 Traded at a rate.
[0034]
Next, processing of the foreign exchange transaction center 1 in this system will be described with reference to FIGS. FIG. 7 is a flowchart showing the flow of processing for user registration and transaction frame setting, and FIG. 8 is a flowchart showing the flow of processing for limit transaction. Each process is realized by the operation of a computer program in the computer processing unit of the foreign exchange transaction center 1.
[0035]
As shown in FIG. 7, in the user registration and transaction frame setting process, the foreign exchange transaction center 1 accepts a user registration request from the customer client 6 (S11), and registers the user in the DB 2 (S12). At the time of registration, the user is given a user ID and a password. This user ID and password will be required when the user logs in to the system in the future.
[0036]
Next, the foreign exchange transaction center 1 makes an inquiry about the transaction frame to the client 5 of the corresponding company that sets the transaction frame for the customer (S13). The client 5 of the corresponding company specifies the correspondence by specifying the corresponding company at the time of user registration.
[0037]
Further, in response to the inquiry about the transaction frame, the foreign exchange transaction center 1 receives the customer transaction frame from the client 5 of the corresponding company (S14). Subsequently, the foreign exchange transaction center 1 sets and registers the transaction frame received in association with the user (customer) registered in the DB 2 in step S12 (S15).
This completes user registration and transaction frame setting.
[0038]
In the limit transaction processing, as shown in FIG. 8, the foreign exchange transaction center 1 displays the support price by the market maker on the board of the market (S21).
In this situation, the foreign exchange trading center 1 determines whether there is a limit order from the customer client 6 (S22), and if there is no limit order (in the case of No), the process returns to the process S21.
[0039]
If there is a limit order (in the case of Yes), the forex trading center 1 determines whether there is a transaction that matches the customer limit order (S23). A transaction that matches a limit order is a case where there is an order volume transaction at a rate that is more advantageous than the limit price of the customer or the limit price.
[0040]
If there is a transaction that matches the customer limit order (in the case of Yes), the transaction is concluded at a limit price or a more advantageous rate (S24). Further, if there is no transaction that matches the customer limit order (in the case of No), it is determined whether or not a specific time, for example, the valid period of the order has passed (S25), and if the specific time has passed (in the case of Yes) ) Since there is no transaction that matches the customer limit order, the transaction is not established (S26), and the process is terminated. If the specific time has not elapsed (in the case of No), the process returns to step S23, and a determination process is performed again as to whether or not there is a transaction that matches the customer limit order as a place board.
This completes the limit transaction processing.
[0041]
According to this system, for example, foreign currency deposits, foreign currency denominated bonds, foreign investment trusts and other underlying assets that reach a scale of several trillion yen are allocated to customers with a trading frame that hedges the currency risk of those assets. Center 1 can register with DB2 and broaden the range of participating customers. By centrally processing customer orders that have been dealt with individually by each trading company so far, the order volume due to customer concentration can be increased. There is an effect that the probability of transaction matching can be dramatically improved.
[0042]
In addition, in the past, individual trading companies were the counterparties of relative transactions, but in this system, it is possible to present support prices from multiple market makers, and to specify specific prices according to the needs of customers. Or, we have introduced a direct call that asks multiple market makers to present prices, so by increasing opportunities for transactions, we can further improve the matching probability of transactions and secure liquidity in foreign exchange transactions effective.
[0043]
Several forex banks have already operated one-to-many dealing systems, but the current situation is that they are not used much. In this system, the foreign exchange trading center 1 is intervened, and the foreign exchange bank plays the role of a price maker, and while using the system that has already been developed effectively, the customer can experience the feeling of dealing directly with the foreign exchange bank, More efficient transactions can be realized by price makers competing for responses.
[0044]
In addition, although companies such as FXALL have begun to provide a service for simultaneously calling a plurality of foreign exchange banks that have a business relationship with a customer, between any customer and any market maker, any customer and any customer In the meantime, if it is connected to this system that realizes a transaction between any market maker and any market maker, it can be expected that the usability is further improved.
[0045]
In addition, the present invention can be applied not only to a trading frame for foreign currency-denominated investment but also to a mode in which a foreign currency transaction is added to a yen-denominated transaction to obtain the same economic effect as a foreign currency-denominated investment.
Specifically, if a foreign exchange trading facility is set up for a customer who has purchased a medium-term government bond fund at a securities company and the fund is used as collateral, and the customer conducts a foreign currency transaction for buying dollars, Without canceling a medium-term government bond fund, it is possible to receive dollar-denominated interest rates in exchange for incurring foreign exchange risk in the dollar buying portion of foreign exchange transactions. However, the difference in interest rates between Japan and the United States will normally be adjusted when the daily price is washed.
Therefore, not only foreign currency-denominated assets but also yen-denominated assets will be dealt with, and realization of investment that replaces foreign currency deposits in a form that not only hedges customers but also provides opportunities for foreign currency risk taking. Is possible. That is, the effect of foreign currency deposits can be obtained at a lower fee than ordinary foreign currency deposits.
[0046]
【The invention's effect】
According to the present invention, in the foreign exchange trading system, the center device manages the trading frame for hedging the currency risk and manages the center device, and the number of participating market makers and customers increases, thereby improving the probability of transaction matching, This has the effect of ensuring liquidity in transactions.
[0047]
According to the present invention, in the forex trading system, by introducing a direct call for requesting a price to a plurality of market makers or clients as required by the customer, the opportunity for trading is increased, and the matching probability of trading The liquidity in foreign exchange trading can be secured.
[Brief description of the drawings]
FIG. 1 is a configuration block diagram of a foreign exchange transaction system according to an embodiment of the present invention.
FIG. 2 is a conceptual diagram for explaining a transaction frame.
FIG. 3 is a schematic diagram showing an image of a market order.
FIG. 4 is an explanatory diagram showing an outline of a first case in which a call is valid in this system.
FIG. 5 is an explanatory diagram showing an outline of a second case in which a call is valid in this system.
FIG. 6 is a schematic diagram showing a transaction status in the present system.
FIG. 7 is a flowchart showing a flow of processing for user registration and transaction frame setting.
FIG. 8 is a flowchart showing a processing flow of limit trading.
FIG. 9 is a schematic diagram showing an outline of a conventional relative transaction.
[Explanation of symbols]
DESCRIPTION OF SYMBOLS 1 ... Foreign exchange transaction center, 2 ... Database (DB), 3 ... Internet, 4a ... Bank market maker, 4b ... Securities market maker, 5a ... Bank client, 5b ... Securities company client, 5c ... Foreign exchange company client, 6a, 6b, 6c ... customer client

Claims (5)

In a foreign exchange transaction system in which a computer device that performs foreign exchange transactions is connected via the Internet,
A plurality of market maker devices realized with computer devices that provide support prices for selling and buying in foreign exchange transactions;
A center device for establishing foreign exchange transactions,
The center device is realized by a computer device, and a process realized by an operation of a computer program in a processing unit of the computer,
It has a database in which transaction slots are stored in association with customers, accepts user registration requests from clients serving as customer computer devices, and identifies user information for identifying users and guarantee company identification information for guaranteeing transaction slots It receives the assurance company identifies a computer device guarantors to guarantee the customer transaction frame from the identification information, transaction frame the customer sends the user information to the computer device of guarantors that the specific Making an inquiry, receiving a transaction frame set from the computer device of the guarantee company, and storing information on the transaction frame corresponding to the customer set in the guarantee company in the database,
When an order for a sell / buy limit in a foreign exchange transaction is made from the client, matching processing between the client's order and a support price provided by the market maker device within the set trading frame or the client's We perform matching processing between orders to establish foreign exchange transactions,
When there is a direct call for buying and selling in a foreign exchange transaction from the client or the market maker device, information on the direct call is provided to other market maker devices or other clients,
When a foreign exchange transaction is established by an order from the client, the amount of selling / buying in the trading frame of the customer who made the transaction based on the establishment fluctuates, and the changed amount of selling / buying is stored in the database,
Furthermore, the foreign exchange transaction system is characterized in that a foreign exchange transaction is established within a range of a transaction frame that changes from moment to moment according to the transaction status of the customer.   Transaction limits for each customer set by the guarantee company's computer equipment are set based on foreign currency deposits, foreign currency denominated bonds, trusts investing in foreign assets, yen denominated bonds and / or yen denominated assets held by the customer. The foreign exchange transaction system according to claim 1.   The matching process realized by the computer processing unit in the center unit selects the support price of the best condition from the proposed support prices for the limit order from the client, and the selected support price 2. The foreign exchange transaction system according to claim 1, wherein when an order cannot be processed by quantity, the order is allocated by selecting a support price with the next best condition.   The processing unit of the computer in the center device provides the support price provided by the market maker device to the client, and if there is a limit order from the client, it determines whether there is a transaction that matches the limit order, and the matching transaction If there is a transaction, the transaction is concluded, and if there is no matching transaction, the order during the specified time is judged as to whether there is a matching transaction at all times as a board of the place, and the transaction is made unsuccessful after the specified time has passed. The foreign exchange transaction system according to any one of claims 1 to 3.   The program for functioning a computer as a foreign exchange transaction system in any one of Claims 1 thru | or 4.

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