JP4891575B2 - Forex trading system - Google Patents

Description

  The present invention relates to a computer system for carrying out foreign exchange transactions, and more particularly, through a central server of an exchange for foreign exchange transactions and a trader operated by an orderer and registered in the central server. The present invention relates to a foreign exchange trading system in an exchange transaction for performing a foreign exchange transaction by an orderer terminal for performing a foreign exchange transaction.

  With the recent development of computer and communication technology, financial transactions such as foreign exchange transactions including foreign exchange margin transactions are performed via networks such as the Internet. Many financial transaction support systems for performing foreign exchange transactions using a transaction server and an orderer terminal have been proposed.

  Conventionally, foreign exchange transactions are different from stock transactions in which exchange transactions such as the Tokyo Stock Exchange account for the majority of trading value, and many of them are based on relative transactions by market participants. This relative transaction is conducted either directly or by an interbank (interbank) market where foreign exchange transactions are conducted between banks, and individual investors and institutional investors (hereinafter referred to as “individual investors”) and banks. The market is largely divided into two categories, which are exchange transactions through customers.

  Foreign exchange transactions at interbanks are basically transactions between banks, and because it is necessary to realize rapid transaction processing, there is a telephone line and a dedicated line between banks or between a bank and a currency broker. It is composed of a connected transaction support system.

  On the other hand, in the transaction between customers, individual investors and the like cannot directly conduct foreign exchange transactions with an interbank, and therefore, they carry out foreign exchange transactions with traders that handle foreign exchange transactions.

  Prior to the 1998 Foreign Exchange Act revision, non-foreign bank officials were not able to conduct foreign exchange transactions, so individual investors, etc., were allowed to exchange rates indicated to customers through foreign exchange official banks. For example, the bank puts a profit of 1 yen on the interbank rate, and if it is cash, the bank puts a profit of 3 yen on the interbank rate). On the other hand, a foreign exchange margin transaction has emerged as a new foreign exchange transaction as a result of the liberalization of foreign exchange transactions realized by the 1998 revision of the Foreign Exchange Law.

  This is a transaction in which individual investors, etc. can deposit a certain amount of margin from a trader to provide credit, and can conduct transactions several to several tens of times the margin. It is possible to conduct a large amount of transactions with a small amount of funds, and at an exchange rate closer to the interbank than the bank's market to customers.

  A number of systems via the Internet have been proposed as systems for such foreign investors to conduct foreign exchange transactions through business operators. For example, regarding foreign exchange margin trading, individual investors first access a trader server that conducts foreign exchange margin trades from their computers, etc., register personal information with the trader server, The trader performs credit examination processing based on the registered personal information.

  Then, if the creditor determines that the credit information of the individual investor conforms to the transaction conditions in the credit screening process, the business operator actually opens the account of the individual investor and deposits the margin money, Permits the start of foreign exchange margin trading.

Thereafter, when an individual investor (orderer terminal) accesses a trader server held by the trader, the offer price ( bid / offer) provided by the trader can be referred to, and based on this offer price Forex margin trading can be performed by sending a buy or sell order to a trader server.

In such a foreign exchange transaction, the transaction price presented to the individual investor by the trader is presented based on bid / offer information supplied from a plurality of market makers such as banks affiliated with the trader. Is. Therefore, for example, the transaction system of Patent Document 1 has been proposed from the viewpoint of ensuring the liquidity of transactions. In this system, when a trader server receives a sell / buy order from an individual investor or the like, a matching process between these orders and a plurality of offered prices provided by a plurality of market makers is performed to establish a foreign exchange transaction. It is a trading system.

  However, since foreign exchange transactions including foreign exchange margin trading in the customer market are not exchange transactions (non-exchange transactions), there are the following problems especially for individual investors, etc. .

  1) Transactions with customers are, for example, for telegraphs, where the bank puts 1 yen profit on the interbank rate, and if it is cash, the bank puts 3 yen profit on the interbank rate. Has to conduct foreign exchange transactions, which is a costly transaction for individual investors.

  Furthermore, in foreign exchange margin trading, individual investors, etc. are presented with an exchange rate closer to the interbank than to the customer market, but they must trade at the transaction price presented by the trader. The transparency of is low. In other words, the transaction rate that the trader presents to individual investors, etc. is arbitrarily selected by the trader from the transaction rates presented by multiple market makers such as banks, in other words, individual investors, etc. The transaction rate presented in the above is calculated or selected by the trader based on the interbank transaction rate, so the transaction rate is easy to manipulate, and there may be cases where an unfavorable rate is presented to individual investors. .

  Furthermore, even though other market makers offer more advantageous transaction rates, they may or may not be able to present a favorable transaction rate to customers. The reliability of the transaction price is low.

  In addition, since the transaction rate presented to individual investors as described above is easily manipulated, a transaction rate that adds the transaction fee may be presented to individual investors, etc. There are cases where transactions cannot be performed at an appropriate transaction rate and transactions are performed in a very low transparency state.

  2) In foreign exchange transactions, including foreign exchange margin trading, bids (bids) and bids (offers) are displayed, but individual investors, etc., are not able to display the quantity that can be traded at that price. . Therefore, it is difficult for individual investors, etc. to know how much they can trade at that price, and it is difficult to know the current market situation, and the situation is extremely low in transparency. You may be forced to trade.

  In addition, since the trading volume of the transaction target currency is not disclosed, it is difficult to know the current market situation because it is difficult to grasp the market trend.

  3) In foreign exchange margin trading, the actual currency is not delivered within two business days after the transaction is completed, as in spot exchange trading, but payment is not made until the original transaction is counter-purchased. Since it is a forward exchange transaction in which the settlement date is the business day after the business day on which the counter-trading was made, adjustments for interest rate differences between currencies (swap interest rates, swap points) occur. However, in non-exchange transactions such as those mentioned above, this swap interest rate may be presented to individual investors, etc. in a manner that adjusts the profits of the traders. To reduce.

  4) In addition, since foreign exchange margin transactions conducted at stores are not exchange transactions, it is necessary for each trader to construct a foreign exchange margin transaction support system, and there are operational costs, labor costs, etc. Bulky, high transaction fees must be presented to individual investors.

  5) And, in the case of a foreign exchange transaction based on a relative transaction, if a business operator goes bankrupt, the default damage (credit risk) will be incurred by the customer who traded with the business operator. In particular, forex margin trading, there are problems from the viewpoint of protecting individual investors and the like when a plurality of traders have entered the foreign exchange trading market and the financial strength of these traders is low.

  6) Furthermore, in the conventional foreign exchange transaction support system, orders displayed on the orderer (investor) terminal at the bid price (bid), the bid price (offer), and the foreign exchange market where the quantity changes every moment. The operation screen and the order input method are not technically devised sufficiently, and there is room for improvement.

  In this regard, the foreign exchange trading system disclosed in Patent Document 1 attempts to improve the liquidity of transactions by matching a plurality of transaction rates presented by a plurality of market makers and order information. However, it does not solve the problems of conventional foreign exchange transactions as non-exchange transactions that have difficulties in transparency of swap points, non-display of tradeable quantities, fairness, etc.

  Accordingly, an exemplary object of the present invention is to realize a foreign exchange transaction system in which foreign exchange transactions including foreign exchange margin transactions are exchange transactions.

  Another exemplary object of the present invention is to facilitate the operation of an orderer (investor) in an exchange foreign exchange trading system composed of a plurality of computers.

In order to solve the above problems, a first aspect of a foreign exchange trading system according to the present invention is a central server held by an exchange exchange trading and a transaction that is operated by an orderer and registered in the central server. foreign exchange transactions to carry out exchange exchange transactions of market-making system that bid and offer in order who the order terminal for carrying out foreign exchange transactions through a skilled in the art, multiple market makers by presents to perform foreign exchange transactions The central server receives a plurality of bids and offers transmitted from each market terminal possessed by a plurality of market makers, and a tradeable quantity in each bid and each offer. Identify the highest bid among the multiple bids to present and the lowest offer among the multiple offers, Based on the tradeable quantity that each market maker presents for the highest bid and lowest offer specified, the buy quantity that can be traded with the highest bid and the sell quantity that can be traded with the lowest offer are extracted, The transaction rate information generating means for generating the transaction rate information based on the extracted highest bid and the lowest offer, and the orderer determines the generated transaction rate information and the purchase quantity and the sale quantity that can be traded with the transaction rate information. A transmission means for transmitting to the terminal; a transaction means for executing a transaction process for establishing a transaction between the market maker and the orderer for the order information based on the transaction rate information transmitted from the orderer terminal; and a market terminal Through each market maker in exchange exchange transactions established between the market maker and the orderer Receiving the currency swap information on currency swap information and purchase open interest regarding open positions, having a currency swap processing means for calculating a swap point value to be applied to the open positions and buying open positions sale in exchange currency trading. Then, the swap point processing means calculates the total value of the open and purchased balls by summing the open interests of all market makers by the open and buy open balls, Of the total value, the open interest with the large total value is identified as the position side of the entire market maker in exchange exchange transactions, and the exchange point transaction is performed using the swap point information of either the sold or purchased open positions identified as the position side. It is characterized by calculating a swap point value that is commonly applied to the open and bought positions .

In addition, the above-mentioned transaction means is configured to convert a transaction established between one market maker and a trader into a first trade between the market maker and the exchange and a second trade between the trader and the exchange. It is possible to carry out transaction processing with the trading partner and the trading partner of the market maker as an exchange.

In addition, the central server may have storage means for storing information relating to an orderer who conducts a foreign exchange transaction via a trader that is held by the trader and transmitted from a trader terminal connected to the central server. . Furthermore, the central server can be configured to include a storage means (second storage means) for storing registration screen information transmitted to a trader terminal for registering information relating to the orderer in the storage means. .

The central server receives information on the margin of the orderer that is held by the trader and transmitted from the trader terminal connected to the central server, and stores information on the margin in the storage means in the central server. And a customer management means for transmitting information and a transmission means for transmitting information related to the margin to the orderer terminal in response to an information browsing request from the orderer terminal.

A second aspect of the foreign exchange trading system according to the present invention comprises a central server held by exchange for foreign exchange transactions, through the traders registered in the central server via orderer terminal orderer operates , is a program to be executed by the central server of the foreign exchange trading system that order's in the bid and offer multiple market makers is presented to perform the exchange currency trading market-making system in which a foreign exchange transaction. The program receives a plurality of bids and offers transmitted from each market terminal possessed by a plurality of market makers, and a tradeable quantity in each bid and each offer, and presents each market maker to the central server. Identify the highest bid among the multiple bids and the lowest offer among the multiple offers, and based on the tradeable quantity each market maker presents for the highest bid and lowest offer identified, A function to extract the purchase quantity that can be traded with the highest bid and the sale quantity that can be traded with the lowest offer, and to generate transaction rate information based on the extracted highest bid and lowest offer, and the generated transaction rate information And purchase quantity and sale quantity that can be traded with the transaction rate information. A function to transmit, a function to execute a transaction process for establishing a transaction between the market maker and the orderer for the order information based on the transaction rate information transmitted from the orderer terminal, and a market maker through the market terminal Receives swap point information related to the open positions and swap points related to the open positions presented by each market maker in exchange exchange transactions established with the orderer, and applies to the sell and buy positions in exchange exchange transactions. The function for calculating the swap point value and the function for calculating the swap point value are the sum of the open interests of the multiple market makers for each open and purchased ball, and the total value of the open and purchased open balls. The sum of the calculated total value of the open positions and the total value of the open positions is the one with the large total value. As the position side of the market maker as a whole in exchange exchange transactions, and using the swap point information of either the marketed or purchased positions determined as the position side, it is common to the marketed and marketed exchange exchange transactions. It is characterized in that a swap point value to be applied is calculated .

A third aspect of the foreign exchange trading system according to the present invention is connected to a central server held by an exchange for foreign exchange transactions, and through a trader in which an orderer is registered in the central server at an orderer terminal. , Ru foreign exchange trading method der for performing the exchange foreign exchange transactions of market-making method of performing foreign exchange transactions in the bid and offer multiple market makers are presented. The foreign exchange trading method receives a plurality of bids and offers transmitted from each market terminal possessed by a plurality of market makers, and a quantity that can be traded in each bid and each offer, and a plurality of market makers each present. Identify the highest bid and the lowest offer among the multiple bids, and the highest based on the tradeable quantity each market maker presents for the highest bid and lowest offer identified Extracting the buyable volume that can be traded by bid and the sellable volume that can be traded by the lowest offer, and generating transaction rate information based on the extracted highest bid and lowest offer, and Sends the purchase quantity and sale quantity that can be traded with the transaction rate information to the orderer terminal. A step of executing a transaction process for establishing a transaction between the market maker and the orderer for the order information based on the transaction rate information transmitted from the orderer terminal, and an order with the market maker through the market terminal. Swaps applied to the marketed and purchased positions in exchange exchange transactions by receiving swap point information on the marketed positions and swap point information on the marketed positions presented by each market maker in exchange exchange transactions established with The step of calculating a point value, and the step of calculating the swap point value includes a total of open interests of a plurality of market makers for each open and purchased ball to calculate a total value of the open and purchased balls. Of the calculated total value of the open balls and the total value of the open balls, the total value is large. Commonly used for open and traded positions in exchange exchange transactions, using open-point swap points for either open or bought positions that are identified as position positions for the entire market maker in exchange exchange transactions. It is characterized in that a swap point value to be applied to is calculated .

A fourth aspect of the foreign exchange trading system according to the present invention performs a market-making exchange exchange transaction in which an orderer performs a foreign exchange transaction through a trader with bids and offers presented by a plurality of market makers. A central server owned by an exchange in a foreign exchange trading system, and a plurality of bids and offers transmitted from each market terminal possessed by a plurality of market makers, and a quantity that can be traded in each of these bids and each offer To identify the lowest bid among the multiple bids and multiple offers that each market maker presents, and each market maker can trade for the highest and lowest bids identified Buy volume that can be traded with the highest bid and the lowest The transaction rate information generating means for generating the transaction rate information based on the extracted highest bid and the lowest offer, and the transaction rate information generated and the transaction rate information For the order information based on the transaction rate information transmitted from the orderer terminal and the transmission means for transmitting the possible purchase quantity and sale quantity to the orderer terminal of the orderer, a transaction is made between the market maker and the orderer. Swap point information on open and closed points presented by each market maker in exchange exchange transactions established between the market maker and the orderer through the transaction means for executing the transaction processing to be established and the market terminal. And the swap point value applied to the open and bought balls in exchange exchange transactions. It has a currency swap processing means for output, the. Then, the swap point processing means calculates the total value of the open and purchased balls by summing the open interests of the plurality of market makers for each of the open and buy open balls, Of the total value of the above, the open interest with the large total value is determined as the position side of the entire market maker in exchange exchange transactions, and the exchange point exchange is used using the swap point information of either the sold or purchased open positions determined as the position side. It is characterized by calculating a swap point value that is commonly applied to the open and buy positions of the transaction .

According to the foreign exchange trading system according to the present invention, the highest bid and the lowest offer among the plurality of bids provided by each of the plurality of market makers are identified, respectively, Based on the tradeable quantity presented by each market maker for the low offer, the buy quantity that can be traded with the highest bid and the sell quantity that can be traded with the lowest offer are extracted, and the extracted highest bid and The transaction rate information is generated based on the lowest offer, and the generated transaction rate information and the purchase quantity and sale quantity that can be traded with the transaction rate information are transmitted to the orderer terminal. transaction rate information and said mounting but without obtaining margins, based on the highest bid and the lowest offer Tradable purchase quantity and sales volume in the rate information is as it is presented to the order's individual investors from the exchanges, high transparency and reliability of the transaction price, a favorable and secure transactions for individual investors, etc. It can be realized.

In addition , the orderer can place a trade order based on the trade rate information generated at the exchange, and the foreign exchange transaction at the exchange is performed based on the trade order from the orderer. For example, it is possible to realize a safe and transparent transaction.

In addition, based on the currency swap information about the sale / purchase open positions Exchange provided by multiple market makers, in order to determine the swap point value, Exchange, without handling skilled in the art to obtain profit margins, the transparency of the swap point It is highly reliable and is an advantageous and safe transaction for individual investors. In particular, the exchange point determines the swap point value that is commonly applied to sell / buy positions based on swap point information on sell / purchase positions provided by multiple market makers. As a result, the profits of individual investors and the like are not impaired, and advantageous and safe transactions based on swap point values from highly transparent and reliable exchanges can be provided to individual investors and the like.

In addition, an exchange exchange transaction established between the market maker and the trader is performed at the same time as the first trade between the market maker and the exchange and the second trade between the trader and the exchange. The transaction process is automatically replaced with the above two transactions, so even if a market maker fails, it avoids the risk of default of the market maker, etc., and from the credit risk, the transaction participants, and eventually individual investors, etc. And safe transactions are realized for individual investors.

Further, information on margins entrusted to traders by individual investors is registered in the central server of the exchange, and margin information registered in the central server is presented to the individual investors. For this reason, an individual investor etc. can grasp | ascertain the margin margin entrusted to the trader clearly, and it becomes possible to protect assets, such as an individual investor appropriately. In addition, each trader is provided with a storage means for storing registration screen information transmitted to a trader terminal for storing information related to the orderer or registering information related to the orderer in the storage means. There is no need to construct it, and operational costs and the like in the business can be reduced.

  Hereinafter, embodiments of the present invention will be described in detail with reference to the drawings. FIG. 1 is a diagram for explaining the outline of a foreign exchange trading system to which the present invention is applied.

  As shown in FIG. 1, the foreign exchange transaction system of the present embodiment includes a central server 100 held by an exchange for foreign exchange transactions, and a communication line such as a predetermined communication line or the Internet. A trader terminal 200 and a server terminal 201 owned by a plurality of connected traders, and an orderer terminal 300 that is operated by an orderer such as an individual investor and accesses the central server 100 via a communication network such as the Internet. The central server 100 is connected to a market terminal (MM terminal) 400 owned by each market maker such as a bank via a predetermined communication line or a communication network such as the Internet.

  This foreign exchange trading system systematizes the competitive market maker system at exchanges for foreign exchange transactions, so that individual investors and other orderers provide bids (buy prices) provided by multiple market makers such as banks. From the information and offer (selling price) information, it is a system for realizing foreign exchange transactions at the most advantageous price for itself.

  Next, the central server 100 of the foreign exchange transaction system according to the present embodiment will be described in detail. FIG. 2 is a configuration block diagram of the central server 100.

  The central server 100 includes a central management server 110, an FX server 120 to which the trader terminal 200 and the orderer terminal 300 are connected via a communication network, and an MM server 130 to which the market terminal 400 is connected via a communication network. And an authentication server 140 that performs access authentication when an orderer terminal 300 such as a market terminal 400, a trader terminal 200, and an individual investor accesses the central server 100 of the exchange.

The central management server 110 includes a communication unit 111 that communicates with the trader terminal 200, the orderer terminal 300, and the market terminal 400 via each server in the central server 100 and the network N, and the trader terminal 200 (and the orderer). The FX management unit 112 that manages the FX server 120 that provides the ASP function to perform the foreign exchange transaction for the terminal 300), and information such as bid information / offer information, swap point information, and the like as a central server of the exchange MM management unit 113 that manages the MM server 130 that provides the ASP function to the market maker provided to 100, and customers such as individual investors that are transmitted from the trader terminal 200 and stored in the database of the FX server 120 A customer management unit 114 that manages information (personal information, transaction condition information, etc.) is provided.

Further, the central management server 110 transmits to the MM server 130 from a plurality of market terminals 400 and a transaction management unit 115 that manages transaction processing related to foreign exchange transactions based on the order information transmitted from the orderer terminal 300. A rate management unit (rate integration unit) 116 that generates and manages one transaction rate information integrated from the bid information / offer information, and swap point information transmitted from the plurality of market terminals 400 to the MM server 130. A swap point management unit 117 to manage, and an exchange database 118 for storing transaction information (order information, order history information, execution information, margin information, deposit / withdrawal information, market price information, swap point information, etc.) in foreign exchange transactions I have.

  And the exchange about the forex exchange of this embodiment is with respect to the trader (trader terminal 200) registered in the FX database 121 of the FX server 120 in order to participate in this forex trading system. An ASP function is provided to perform foreign exchange transactions in exchange transactions. The FX database 121 also stores display screen information such as an order screen program transmitted to the orderer terminal 300.

  The FX server 120 has a customer database 122 for centrally managing a trader and each individual investor (orderer) entrusted to the trader. When the trader terminal 200 connects to the FX server 120. An input screen or the like for inputting customer information such as an individual investor permitted to trade by the trader is displayed on the display of the trader terminal 200, and the customer information such as the individual investor input from the trader terminal 200 is stored in the customer database. 122.

  Registered in the customer database 122 are codes for uniquely identifying individual investors, etc. (consignor codes, participant codes, etc.), customer transaction information such as position information and margin status information of individual investors, etc. (See FIG. 8).

  Then, the trader terminal 200 owned by each trader (O, P, Q,...) According to the present embodiment accesses the FX server 120 to allow individual investors registered in the customer database 122 and the like. Information such as name, e-mail address, login ID and password can be acquired.

  In other words, all the main processing such as registration and transaction processing including ID and password issuance processing is performed centrally by the central server 100. Margin information, information such as transaction conditions based on these information are registered in the central server, and individual investors directly trade without providing the trading function to individual investors. By connecting to a central server, foreign exchange transactions can be performed through a consigned business operator.

  Specifically, in this embodiment, one orderer can access the central server 100 from the orderer terminal 300, and the one orderer can use the orderer terminal 300 to perform the FX server of the central server 100. 120, an authentication process is performed in the authentication server 140 of the central server 100 by entering an ID and a password on the login screen, and if the start of the transaction is permitted as a result of the authentication process, the FX server of the central server 100 The ordering screen program stored from 120 is downloaded into the orderer terminal 300, and the individual investor can enter the order for the foreign exchange transaction at the orderer terminal 300.

Further, the MM server 120 has an MM database 131 for storing information on each market maker, and MM trader information such as MM trader code, MM trader name, and contact information is stored. Then, when the market maker registered in the MM database 131 connects to the MM server 130 from the market terminal 400, the bid information, offer information, swap point information, etc. are input or transmitted to the central server 100 (MM server 130). An information input screen program for downloading is downloaded to the market terminal 400 and the information can be provided to the exchange.

  Next, transaction rate information generation processing in the central server 100 transmitted to the orderer terminal 300 of the present embodiment will be described. FIG. 4 is a flowchart of transaction rate information generation processing, and FIG. 5 is a schematic diagram of transaction rate information generation processing.

In FIG. 4, the rate management unit 116 of the central management server 110 sends bid information and offer information transmitted from the market terminal 400 of each market maker, and a tradeable quantity (buy quantity, sell quantity) in this bid information / offer information. Are stored for each market maker, bid information, offer information and tradeable quantity (S401).

And among these multiple bid information and offer information, the best bid (the highest bid price, that is, the highest price of the desired price (buy price) offered by each market maker. In other words, individual investors, etc. Orderers can sell the target currency at this bid price and the best offer (the cheapest sell price, ie, the lowest price offered by each market maker) order's etc. to extract the can by purchasing) the object of trading currency in the selling price (S402), which can be traded in dealings rate information and the transaction rate information to the base strike bid and best offer transaction price The purchased quantity and the sold quantity are directly transmitted to each orderer terminal 300 (S403).

Specifically, as shown in FIG. 5, for example, bid information of USD / JPY of 108.53-63 from market maker A, 108.50-60 from market maker B, 108.53-59 from market maker C, and When offer information is transmitted to the central server 100, the rate management unit 116 extracts bid information presented by the market maker A as the best bid , and extracts offer information presented by the market maker C as the best offer. Then, the transaction rate information 108.53-59 composed of the best bid and the best offer and the transactable quantity at the transaction rate are transmitted to each orderer terminal 300.

  Next, the processing flow of the foreign exchange trading system of this embodiment will be described in detail with reference to FIG. 3A and FIG. 3B, taking the foreign exchange margin transaction processing as an example.

  First, an individual investor or the like accesses the server 201 possessed by a trader handling foreign exchange margin trading from his computer (orderer terminal 300) and registers personal information for opening an account with the trader 200. Then, the server 201 performs a credit examination process based on the registered personal information (S201).

  Then, when it is determined that the credit information of the individual investor or the like conforms to the transaction conditions in the credit screening process in the server 201 owned by the trader, the trader accesses the FX server 120 from the trader terminal 200 and The customer information account opening information of the investor etc. is input from the screen transmitted from the FX server 120.

  The customer management unit 114 of the central management server 110 stores input of personal information such as individual investors, transaction amounts, and various transaction conditions in accordance with customer information registration processing from the trader terminal 200 to the FX server 120. A check process and a registration process are performed (S301, S302). After completing the registration of the customer registration process, the customer management unit 114 performs an ID and password issuance process on the authentication server 140 and an ID and password registration process in the authentication database 141 (S303). Are reflected in the customer database 122 of the FX server 120 (S304). Thereafter, the ID and password are transmitted from the FX server 120 to the trader terminal 200, and an account opening notification including margin information necessary for the orderer terminal 300, ID, and password information are transmitted (S202).

  The orderer terminal 300 receives the account opening notification and performs a necessary margin deposit process (S102). The transaction terminal 200 performs a deposit confirmation process of this margin (S203), and the transaction company transmits the payment information from the transaction terminal 200 to the FX server 120 of the central server 100, and the customer management unit of the central management server 110 The deposit information received by 114 is stored in the customer database 122 (S305 to S307).

  Then, the customer management unit 114 of the central management server 110 notifies the orderer terminal 300 of the start permission for the actual foreign exchange margin transaction after completing the deposit registration process in the customer database 122 of the FX server 120 ( S308).

  Thereafter, when an individual investor or the like (orderer terminal 300) directly accesses the FX server 120 of the central server 100, a login screen program is downloaded from the FX server 120 (S103). The ID and password information input on the login screen displayed on the orderer terminal 300 is transmitted to the authentication server 140, and authentication processing is performed. After the authentication process, the customer management unit 114 performs a transaction start process to perform a foreign exchange transaction from the orderer terminal 300 (S309).

  Specifically, the customer management unit 114 outputs a command for transmitting the order screen program stored in the FX database 121 to the orderer terminal 300 to the FX server 120, and sends the order to the orderer terminal 300. Send the order screen program.

In the orderer terminal 300, an order screen described later is displayed by the order screen program. When the transaction rate information (best bid / best offer) provided by the central server 100 of the exchange is transmitted to the orderer terminal 300 (S310), the bid / offer information on the order screen is displayed in real time in the column. The transaction rate information is displayed. The orderer terminal 300 refers to the order screen and transmits order information for buying or selling from the orderer terminal 300 to the central server 100, thereby enabling a foreign exchange margin transaction to be performed (S104).

  When the central server 100 receives information about the order contents from the orderer terminal 300 (for example, conditions for bids, offers, transaction quantities, etc.), the transaction management unit 115 executes the process of accepting the order. In accordance with the contents of the order and the value of the best bid or best offer, various processes such as determination of success / failure of the order and settlement at the time of order establishment are performed (S312 and S313), and the processing results are transmitted to the orderer terminal 100 (S314). . At this time, the transaction management unit 115 stores the order information, transaction result information, and the like in the transaction database 118.

  When the central management server 100 receives the order information from the orderer terminal 300, the central processing server 100 performs credit processing based on the customer information registered in the customer database 122 of the FX server 120, for example, the order contents are converted into margin information. Credit processing is performed such as whether the transaction condition is met (S311). As a result of this credit processing, if the order information transmitted from the orderer terminal 300 does not match the transaction conditions, etc., an order information error notification is transmitted to the orderer terminal 300, assuming that the order information includes error information. To do.

Further, the transaction processing by the transaction management unit 115 of this embodiment performs two transaction processes. Specifically, an exchange exchange transaction established between a trader (transaction participant) and a plurality of market makers in accordance with an ordering instruction from the orderer is a first exchange between the market maker and the exchange as soon as the trade is established. The transaction processing is automatically replaced with two transactions of the second transaction between the exchange and the exchange participant, and the counterparty of each transaction party of the trader and market maker is replaced with the exchange. Is going.
For example, the transaction management unit 115 divides the established transaction information into a first transaction process between the exchange and the market maker, and a second transaction process between the exchange and the trader. Stored in the database 118. Then, the market maker and the trader perform settlement processing with respect to the exchange.

  The orderer can make a transaction status inquiry based on the order information transmitted from the orderer terminal 300 to the central server 100 (exchange). When a status inquiry button on the order screen displayed on the orderer terminal 300 to be described later is pressed by the orderer's operation (S105), status inquiry request data is transmitted from the orderer terminal 300 to the central server 100. The transaction management unit 115 of the central management server 110 extracts various data from the order information table, order history table, execution information table, and margin information table of the exchange database 118 in response to the reception of the situation inquiry request data. Perform transaction status acquisition processing, for example, order list information (order status, order method, product name, trading category, execution conditions, transaction price, transaction quantity, contract amount, order date, order receipt number, etc.), open interest list information, Order history information, contract information, margin information, etc. are generated and transmitted to the orderer terminal 300 (S315 to S317).

  Then, the central server 100 performs a price washing process in which the open interest is re-evaluated with the clearing price determined at the exchange in accordance with the daily market price change (S318).

  This price washing process is performed by the transaction management unit 115 of the central management server 110, acquires various information from the exchange database 118, generates price washing information, and the swap point management unit 117 of the central management server 110 performs Then, a process of calculating a swap point value from swap point information relating to the open position (sell position) and the open position (buy position) transmitted from the market terminals 400 of a plurality of market makers is performed.

  Then, the price washing information and the swap point value are transmitted to the orderer terminal 300 via the FX server 120 (S319, S320).

  Here, the swap point calculation process of the present embodiment will be described in detail with reference to FIGS. The calculation processing of interest rate difference exchange (swap points) for currencies in foreign exchange transactions according to the present embodiment is based on swap point information on open and purchased balls provided by multiple market makers. Swap point values that are commonly applied without any distinction are calculated and transmitted to each orderer terminal 300.

First, the market maker transmits information related to the open and purchased balls and the swap point information related to the open and purchased balls from each market terminal 400 to the central server 100 (S102M). The swap point management unit 117 of the central server 100 acquires (receives) information on the open and bought balls and swap point information from these market terminals 400, and stores each market maker in the swap point table 117A of the exchange database 118. Each bid and offer information is stored (registered) (see S501 in FIG. 6, FIG. 7).

  Then, the swap point management unit 117 performs a check process of the swap point information presented by each registered market maker, and incorrect swap point information, for example, swap point information presented by one market maker is displayed by another market maker. If the value is significantly different from the presented swap point information, or if the swap point information for the transaction currency is unregistered (unsent), an inquiry notification is output to the market terminal 400 as incorrect swap point information. Or a notification that prompts the user to send swap point information (S502).

Thereafter, the swap point management unit 117 sells / buys positions in all market makers based on the information regarding the open positions (sell positions) and the open positions (buy positions) from each market terminal 400 registered in the swap point table 117A. Determine the side. For example, as shown in Table 117B of FIG. 7, the bid- side and offer-side position information for each market maker is organized, the average open interest is calculated for each open and purchased open, (S503, S504). Then, a swap point value is calculated using the swap point information on the determined position side.

In Table 117B of FIG. 7, since there are more open positions than open positions in each average open position , the position side of all market makers is determined as the buy side. Then, an average value of the swap point information regarding the buy positions of all market makers is calculated, and this average value is stored in the exchange database 118 as a common swap point value regardless of the sell position and the buy position, and the swap point value is stored. It transmits to each orderer terminal 300.

As described above, in the present embodiment, the central server 100 owned by the exchange for foreign exchange trading uses the best bid and offer (selling price) information transmitted from a plurality of market makers. The transaction rate information that is the best offer is extracted and transmitted to each orderer terminal 300.

  For this reason, for individual investors, etc., it is possible to conduct transactions at the same transaction price presented by the market maker, rather than transactions at the transaction price with the profits of the handling companies added, The transaction price is highly transparent and reliable, and foreign exchange transactions that are safe for individual investors can be realized.

  Furthermore, in the foreign exchange trading system for exchange trading according to the present embodiment, exchange exchange transactions established between a plurality of market makers and traders (trade participants) are exchanged between the market makers and the exchanges at the same time as the establishment. The transaction process is automatically replaced with two transactions, the first transaction between and the second transaction between the trader and the exchange. Therefore, even if the market maker fails, By avoiding risks such as default, it is possible to protect trading participants, and thus individual investors, from credit risk, and safe transactions are realized for individual investors.

Furthermore, since the orderer terminal 300 such as an individual investor is provided with information on the best bid and the best offer transaction rate and information on the transaction quantity that can be traded at the transaction rate, the investment amount of the individual investor is determined. It is possible to conduct transactions while rationally verifying the market price.

  In addition, in foreign exchange margin trading applying the exchange trading foreign exchange trading system of this embodiment, it is common to sell / buy positions based on swap point information on sell / buy positions provided by multiple market makers. The swap point value to be applied is determined by the central server 100 of the exchange, so that the profits of individual investors are not impaired due to the addition of the profits of the dealers, etc., and is highly transparent and reliable Advantageous and safe transactions based on swap point values from exchanges can be provided to individual investors.

  Further, the margin deposited by the individual investor in the account of the trader is registered as deposit information in the customer database 122 of the central management server 120, and the individual investor accesses the central server 100 from the orderer terminal 300. The margin information registered in the central server 100 (exchange) can be referred to.

  In other words, individual investors do not acquire and refer to the margin information managed by the trader, but acquire and refer to the margin information managed by the central server 100 held by the exchange. Individual investors and the like can clearly grasp the margin entrusted to the trader, and can appropriately protect the assets of the individual investors and the like (protection against credit risk).

  Moreover, since the foreign exchange transaction system of this embodiment can provide the system for performing a foreign exchange transaction with respect to a trader (trader terminal 200) as an ASP system, each trader constructs the system. There is no need to do so, and the operating cost and the like in the trader can be reduced. That is, it becomes possible to push down the transaction fee for individual investors and the like, and a safe foreign exchange transaction can be realized with a low fee for the individual investors.

  Next, an order screen displayed on the orderer terminal 300 in the foreign exchange transaction system of the present embodiment will be described. FIGS. 9 and 10 show the foreign exchange transaction displayed on the display device (LCD, CRT, etc.) of the orderer terminal 300 based on the order screen program downloaded from the FX server 120 of the central server 100. FIG. It is a figure which shows the screen for ordering (screen displayed first after login) C for performing an order. Here, FIG. 9 is a diagram (transition diagram of the order column) for explaining a series of flow from order input to input confirmation to order completion, and FIG. 10 is displayed on the display device of the orderer terminal 300. It is a figure which shows the state of order completion for demonstrating the screen to be described.

  As shown in FIG. 9, the information displayed on the order screen includes a display field (first display) in which buy / sell information (bid / offer) information transmitted from the central server 100 and fluctuating in real time is displayed. Screen) C1, order field (second display screen) C2 for inputting various information about one (single) order of foreign exchange transactions, and information on the order status of the orderer to date Are roughly divided into status inquiry fields (third display screen) C3.

  9 and 10 show examples of transaction forms for a single order in which a predetermined condition is set for either buying or selling and the transaction is concluded when the condition is satisfied. In addition, an IfDone order (which can set a predetermined condition for both buying and selling) is an order that is valid on the condition that a certain order is executed, and that an order is executed. An OCO order that is an invalid order, an IfDone OCO order that combines the above IfDone order and the OCO order, a streaming order that is an order to be executed at the current market price displayed on the orderer terminal 300, etc. In this case, the display of the order column C2 is partially different, but the other displays are the same.

  In the present embodiment, by displaying each of these fields in one display screen, it is possible to grasp at a glance information on the market buy / sell price and the orderer (investor), and the other screens are arranged in parallel (that is, Orders can be entered only on this screen, without having to display them at the same time.

  In the present embodiment, various numerical information displayed on the upper side of the order screen C is a calculated value calculated by the central server 100 and is displayed on the display screen of each orderer terminal 300 in the same manner. As the calculated value, as shown in FIG. 9, the purchase quantity “buy price” for each product (for example, US dollar / yen, euro / yen, pound / yen, Australian dollar / yen, etc.), Bid price “Bid price”, Bid price “Bid price”, Sell quantity “Bid price”, Latest contract price, Open price, High price, Low price, Trading volume, Previous day rate, Clearing price for the previous day, etc. are displayed in the display column C1.

  Further, as shown in FIG. 10, in the order column C2 on the left side of the order screen C, from the top, the order reception number display column transmitted from the central server 100 upon completion of order reception, similarly transmitted from the central server 100. Order display date / time display field, order target product display field C2c, sell / buy display field for the order target product, execution condition display field for executing the order by the central server 100, A price display column for the order, a quantity display column for the order, and an expiration date display column for executing the order by the central server 100 are displayed.

  In the present embodiment, as shown in FIG. 9, predetermined items are entered in each input field (items / selling fields such as merchandise, trade category, execution condition, price, quantity, expiration date, etc.) by the orderer operating the mouse or the like. After that, when the “confirm” button under the order column C2 is selected, the information on the order contents is transmitted to the central server 100 after passing through the confirmation screen shown in the lower part of FIG. When the order reception processing is executed by the central server 100, the order reception number and the order reception date / time information are transmitted from the central server 100, and the information indicates the order completion shown in the lower part of FIG. 9 and FIG. Displayed in each display field on the screen Thereafter, as described above, the central server 100 performs various processes such as determination of success / failure of the order, settlement when the order is established, and the processing result is received by the orderer terminal 300.

  In the status inquiry column C3 on the right side of the ordering screen C, evidence that displays information on the margin of the orderer (investor) (here, margin deposit amount, equivalent amount of trading capacity, total profit and loss, etc.) Gold status column, information on the order status of the orderer (investor) (here, a list of orders that are currently accepted and not yet completed (pending), a list of orders that have been established (or failed) in the past , Etc.) are displayed. For transaction items that are currently accepted and not yet completed, you can cancel all applicable orders at once by selecting the “Cancel All Orders” button in FIG. ing. Below the status inquiry column C3, a withdrawal instruction status column for displaying the status of the asset withdrawal instruction of the orderer (investor) is displayed. Each information displayed in the situation inquiry column is also managed by the central server 100 and transmitted from the central server 100.

  The “□□ Trader” field in the upper left corner of the order screen C and the “Inquiry:” field in the upper right corner of the screen are fields for displaying the trader name and telephone number of each trader. Therefore, different information is displayed for each trader entrusted by individual investors.

  In the present embodiment, various numerical information displayed on the upper side of the screen based on the order screen program changes to a predetermined color only for a predetermined period at the moment when the numerical value changes. The display device is controlled by the CPU of the orderer terminal 300 so that the numerical value changes to red when the numerical value increases and changes to blue when the numerical value decreases.

Here, among the display values in the display column C1 on the upper side of the screen in FIG. 9, the value displayed in the “Bid Price” column is the value of the above-mentioned best bid (the highest bid price). The value displayed in the column is the value of the best offer (the cheapest selling price) described above. In the present embodiment, when a value is specified in any of these fields using the input means (for example, when the mouse pointer is left-clicked in accordance with the position), the designated bid or offer value is displayed in the order field C2. The display device is controlled by the CPU of the orderer terminal 300 so as to be copied and input into the predetermined field, and data of the value is stored in a temporary memory such as a RAM. As a result, the numerical value of the best bid or the best offer at that time is copied and displayed in the order column C2 by one click of the mouse, so that the orderer's input operation at the time of ordering is improved in speed and convenience. Figured.

  Further, in the present embodiment, the quantity that can be purchased with the buy / sell price (bid / offer) is also displayed in the display column C1 in which the buy / sell price (bid / offer) information is displayed. In addition, it is possible to grasp the quantity related to the market selling / buying price, which can be used as a standard for determining the investment amount of individual investors and the like, and the actual situation of the market price can be reasonably verified.

  Further, since the volume information of the transaction target currency is displayed in the display column C1, it is easy to grasp the market trend, and it is possible to realize a transaction in a highly transparent situation.

  In the FX database 121 of the FX server 120, the first to third display screen programs are stored in a screen information table (not shown) and the like. The management unit 112 extracts the first to third display screen programs, generates an order screen program, and transmits it to the orderer terminal 300. Further, based on the ID information of the trader entrusted by individual investors, etc., logo information etc. is stored in advance for each trader, and an order screen program including this logo information is generated, and the orderer You may comprise so that it may transmit to the terminal 300. FIG.

  As described above, in the present embodiment, all the main processes such as registration and transaction processing including ID and password issuance processing are performed centrally by the central server 100. Forex trading is performed through a contractor that is directly connected to the central server of the exchange without going through the server 201 or the like that is held. The foreign exchange transaction system via the server 201 can also be obtained.

  For example, in order to reduce the processing burden on the central server 100 of the exchange, the server 201 has a database for registering various information about individual investors (orderers), and names, e-mail addresses, logins of individual investors, etc. Information such as an ID and a password is stored. Then, when the orderer performs a transaction, authentication processing is performed on behalf of the central server 100, or various information transmitted from the central server 100 to the orderer terminal 300 is stored, and from the server 201 in response to the orderer's request. It can also be configured to transmit.

The system block diagram of the foreign exchange transaction system to which this invention is applied. The block diagram of the central server of the foreign exchange transaction system to which the present invention is applied. The flowchart figure for demonstrating the process outline | summary of the foreign exchange transaction system which provided this invention. The flowchart figure following FIG. 3A for demonstrating the process outline | summary of the foreign exchange transaction system which provided this invention. The flowchart figure for demonstrating the extraction process of the transaction rate information of the foreign exchange transaction system to which this invention is applied. The schematic diagram for demonstrating the extraction process of the transaction rate information of the foreign exchange transaction system to which this invention is applied. The flowchart figure for demonstrating the swap point process of the foreign exchange transaction system to which this invention is applied. The schematic diagram for demonstrating the swap point process of the foreign exchange transaction system to which this invention is applied. The figure which shows an example of the customer database of the foreign exchange transaction system to which this invention is applied. It is a figure explaining the screen for order displayed on the display apparatus of the orderer terminal which concerns on the foreign exchange transaction system to which this invention is applied. It is a figure which shows the screen for order displayed on the display apparatus of the orderer terminal which concerns on the foreign exchange transaction system to which this invention is applied.

Explanation of symbols

100 Central server 110 Central management server 120 Server for FX 130 Server for MM 200 Trader terminal 300 Orderer terminal 400 Market terminal C Order screen

Claims (8)

A plurality of market makers by a central server possessed by an exchange for foreign exchange transactions, and an orderer terminal operated by the orderer and performing foreign exchange transactions through a trader registered in the central server. A foreign exchange trading system for performing a market-making exchange exchange transaction in which the orderer conducts a foreign exchange transaction with the bid and offer presented by
The central server is
The plurality of bids and offers transmitted from each market terminal possessed by the plurality of market makers, and the tradeable quantity of each bid and each offer are received, and the plurality of bids presented by the respective market makers are displayed . among the highest bid and a plurality of the lowest offer among the offers specified respectively, based on tradable quantity wherein each market maker presents to the highest bid and the lowest offer is identified, the Transaction rate information generating means for extracting the purchase quantity that can be traded with the highest bid and the sale quantity that can be traded with the lowest offer, and generating transaction rate information based on the extracted highest bid and the lowest offer; ,
Transmitting means for transmitting the generated transaction rate information and the buy quantity and the sell quantity that can be traded with the transaction rate information to the orderer terminal;
And performing transaction means a transaction process to establish a transaction between said against the order information based on the transaction rate information transmitted from the order terminal, the market maker and the orderer,
Through the market terminal, swap point information related to the open position and swap point information related to the open position presented by each market maker in the exchange exchange transaction established between the market maker and the orderer are received, and the exchange exchange have a, a currency swap processing means for calculating a swap point value to be applied to the open positions and buying open positions sale in the transaction,
The swap point processing means calculates the total value of the open and purchased balls by summing the open interests of the plurality of market makers by the open and buy open balls, The open position with a large total value among the total values is determined as the position side of the entire market maker in the exchange exchange transaction, and using the swap point information of one of the open position or the open position determined as the position side, A foreign exchange transaction system characterized by calculating a swap point value that is commonly applied to a marketed and sold position of exchange exchange transactions.   The transaction means is configured to execute a transaction established between one market maker and the trader between a first trade between the market maker and the exchange and between the trader and the exchange. 2. The foreign exchange transaction system according to claim 1, wherein a transaction process is performed in which the second transaction is replaced with two transactions and the other party of the transaction and the market maker is the exchange. The trader possesses a trader terminal connected to the central server,
The foreign exchange according to claim 1 or 2, wherein the central server has storage means for storing information on an orderer who conducts a foreign exchange transaction via the trader transmitted from the trader terminal. Trading system. The trader possesses a trader terminal connected to the central server,
The central server stores a first storage means for storing information relating to an orderer who performs a foreign exchange transaction via the trader transmitted from the trader terminal;
Second storage means for storing registration screen information transmitted from the central server to the trader terminal in order to register this information in the storage means;
The foreign exchange transaction system according to claim 1 or 2, characterized by comprising: The trader possesses a trader terminal connected to the central server,
The central server is
Customer management means for receiving information relating to the margin of the orderer transmitted from the trader terminal, and storing information relating to the margin in the storage means in the central server;
The foreign exchange transaction system according to claim 1, further comprising: a transmission unit that transmits information on the margin to the orderer terminal in response to an information browsing request from the orderer terminal. . The orderer is provided with bids and offers presented by a plurality of market makers through a trader registered in the central server through an orderer terminal operated by the orderer, which has a central server held by an exchange for foreign exchange transactions. In the central server of the foreign exchange transaction system that performs exchange exchange transactions of the market-making method where foreign exchange transactions are performed,
A plurality of bids and offers that are sent from each market terminal having the plurality of market makers, among the plurality of bids, each receives the tradable quantity of each bid and each offer the market maker presents the highest bid and a plurality of the lowest offer among the offers specified respectively, based on tradable quantity wherein each market maker presents to the highest bid and the lowest offer is identified, the most A function of extracting a buyable quantity that can be traded with a high bid and a sellable quantity that can be traded with the lowest offer, and generating transaction rate information based on the extracted highest bid and the lowest offer;
A function of transmitting the generated transaction rate information and the purchase quantity and the sale quantity that can be traded with the transaction rate information to the orderer terminal;
Against the order information based on the transaction rate information that is transmitted from the order terminal, and the function performs the transaction processing to establish a deal between the market maker and the purchaser,
Through the market terminal, swap point information related to the open position and swap point information related to the open position presented by each market maker in the exchange exchange transaction established between the market maker and the orderer are received, and the exchange exchange A function for calculating swap point values applied to the open and bought positions in the transaction ,
The function of calculating the swap point value is a total of the open interests of the plurality of market makers for each of the open interests and the open interests to calculate the total value of the open interests and the open interests, and the total value of the calculated open interests and Of the total value of the open positions, the open position with the large total value is determined as the position side of the entire market maker in the exchange exchange transaction, and the swap point information of either the open position or the open position determined as the position side is used. Te, you and calculates the swap point value to be applied in common to the exchange currency trading sales of open interest and purchase open interest programs. Forex trading with bids and offers presented by multiple market makers through a trader registered in the central server at the orderer's terminal, connected to a central server owned by an exchange exchange. A foreign exchange transaction method for performing exchange exchange transactions of a market-making method
The plurality of bids and offers transmitted from each market terminal possessed by the plurality of market makers, and the tradeable quantity of each bid and each offer are received, and the plurality of bids presented by the respective market makers are displayed . among the highest bid and a plurality of the lowest offer among the offers specified respectively, based on tradable quantity wherein each market maker presents to the highest bid and the lowest offer is identified, the Extracting a buy quantity tradeable with the highest bid and a sell quantity tradeable with the lowest offer, and generating transaction rate information based on the extracted highest bid and the lowest offer;
Transmitting the generated transaction rate information and the purchase quantity and the sale quantity that can be traded with the transaction rate information to the orderer terminal;
Against the order information based on the transaction rate information transmitted from the order terminal, and performing the transaction process to establish a transaction between the market maker and the orderer,
Through the market terminal, swap point information related to the open position and swap point information related to the open position presented by each market maker in the exchange exchange transaction established between the market maker and the orderer are received, and the exchange exchange It is seen containing a step of calculating a swap point value to be applied to the open positions and buying open positions sale in the transaction, and
The step of calculating the swap point value includes summing the open interests of the plurality of market makers by the open interests and the open interests to calculate each total value of the open interests and the open interests, and the total value of the calculated open interests and Of the total value of the open positions, the open position with the large total value is determined as the position side of the entire market maker in the exchange exchange transaction, and the swap point information of either the open position or the open position determined as the position side is used. And calculating a swap point value that is commonly applied to the open and bought balls of the exchange exchange transaction. It is a central server held by an exchange in a foreign exchange trading system that performs a market-making-type exchange exchange transaction in which an orderer performs a foreign exchange transaction through a trader with bids and offers presented by multiple market makers. And
The plurality of bids and offers transmitted from each market terminal possessed by the plurality of market makers, and the tradeable quantity of each bid and each offer are received, and the plurality of bids presented by the respective market makers are displayed . Identifying the lowest offer of each of the offers and the plurality of offers, and the highest bid based on the tradeable quantity each market maker presents for the identified highest bid and the lowest offer A transaction rate information generating means for extracting a buyable volume that can be traded in and a sellable volume that can be traded with the lowest offer, and generating transaction rate information based on the extracted highest bid and the lowest offer;
Transmitting means for transmitting the generated transaction rate information and the purchase quantity and the sale quantity that can be traded with the transaction rate information to the orderer terminal of the orderer;
Against the order information based on the transaction rate information transmitted from the order terminal, and performing transaction means a transaction process to establish a transaction between the market maker and the orderer,
Through the market terminal, swap point information related to the open position and swap point information related to the open position presented by each market maker in the exchange exchange transaction established between the market maker and the orderer are received, and the exchange exchange have a, a currency swap processing means for calculating a swap point value to be applied to the open positions and buying open positions sale in the transaction,
The swap point processing means calculates the total value of the open and purchased balls by summing the open interests of the plurality of market makers by the open and buy open balls, The open position with a large total value among the total values is determined as the position side of the entire market maker in the exchange exchange transaction, and using the swap point information of one of the open position or the open position determined as the position side, A central server that calculates a swap point value that is commonly applied to a marketed and marketed exchange exchange transaction .

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