JP5224971B2 - Designated settlement method and exchange exchange margin trading system in exchange exchange margin trading - Google Patents

Description

  The present invention relates to a designated settlement method and a foreign exchange margin trading system in a foreign exchange margin transaction, and more particularly to a designated settlement method and a foreign exchange margin trading system in a foreign exchange margin transaction through an exchange.

  In recent years, foreign exchange trading (FX) has been promoted by participation of individual investors and institutional investors (hereinafter referred to as “individual investors etc.”) due to the appearance of margin trading, and the foreign exchange market has become active. Individual investors and the like can conduct foreign exchange transactions through a business operator that handles foreign exchange transactions. In foreign exchange margin transactions, transactions are generally terminated by settlement of the difference.

  In the difference settlement, the settlement date is postponed automatically or arbitrarily by rolling over, and the trade is offset (netting) by performing the reverse trade of unsettled open interest (unsettled position) during that period. The difference is settled and the transaction is terminated. There are two methods for settlement (determining profit and loss): FIFO (First In First Out) method and designated settlement method. The FIFO method is a combination of open and closed positions when a traded sell / buy position is settled by counter-trading. Settlement is made in the order of the old positions with the date and time of execution without specifying (Pair). On the other hand, the designated settlement method is a settlement method that arbitrarily designates a sell / buy position that has been held so far and performs a settlement order (opposite sale) corresponding to the designated sell / buy position (for example, non-patent) Reference 1).

  FIG. 15 is a diagram showing a conventional designated settlement method using an over-the-counter margin transaction as an example. In the conventional designated settlement method, settlement is performed by specifying a sell / buy open interest contracted by an individual investor before the transaction date and a sell / buy open interest in the same type of currency traded on the transaction date. It can be carried out. In the example of FIG. 15, the transaction date is July 9, and the purchase of 100 pieces is made in dollars / yen on July 7 and July 8 before the transaction date (the contract has been executed). ). At this time, an individual investor or the like can make a designated settlement (designated settlement order) by reverse trading that designates one of the open positions on July 7 or July 8. In the FIFO method, when an individual investor or the like executes a settlement order for sale (FIFO order), the open interest on July 7 is automatically selected as the oldest open interest and settlement is performed.

  Then, as shown in FIG. 15, the conventional over-the-counter margin trading system includes an orderer terminal 300 provided on the customer side such as an individual investor, a trader server 200 owned by the trader, and a partnership with the trader. And the covered market maker (financial institutions such as banks in the interbank market, hereinafter referred to as the covered MM), the trader server 200 continuously manages the exchange rate based on the rate presented by the covered MM. The orderer can optionally present a new buy / sell order for the current exchange rate on the day of the trade date presented, or a sell or buy position that was executed before the trade date. A designated settlement order corresponding to the designated open / sell position can be placed. Upon receiving the order request and / or settlement request from the orderer terminal 300, the trader server 200 performs a corresponding cover transaction with the cover destination MM in response to the order request and / or settlement request (for example, Non-patent document 2).

Osaka Exchange Club Co., Ltd., “Guide to Trading” “Designated Settlement” page, http://www.osaka-kawase.jp/B_tradeGuidance/B05_settlement.html Toyoko Shoji Co., Ltd., e-Kawase website, “Begin FX” “cover financial institutions” page, https://www.e-kawase.com/service/finance.html

  Here, the specified settlement method in the conventional over-the-counter margin trading can arbitrarily specify the open interest currently held and can perform the specified settlement based on the settlement order for the specified open interest. It was not possible to make a settlement by specifying open interest and open interest. In other words, one of the open / sell open interests to be settled is a open interest traded on the day of the transaction, and the settlement is made by the settlement order as the same currency pair for the other designated open interest. I had to. The restriction that cannot be settled by arbitrarily specifying the open and sold open positions that have already been promised is as follows. First, as in Non-Patent Document 2, the trader covers the settlement declaration from individual investors. This is due to the need to conduct a corresponding cover transaction with the previous MM, and second, the lack of economic rationality for individual investors, etc. in both buildings.

  Conventional over-the-counter margin trading is not a trading form in which a trader relays foreign exchange transactions such as individual investors to a public exchange, unlike exchange exchange margin trading, but individual investors without going through an exchange. This is a transaction form in which a trader relays a relative exchange transaction (relative (aiai) transaction) between the company and the cover destination MM, which is a financial institution. In other words, since traders are conducting similar exchange transactions with cover MM for orders and settlements by individual investors, etc., profits and losses can be quickly determined against the constantly changing exchange rate. , Risk hedges against open interest.

  Therefore, in the conventional settlement method for over-the-counter margin trading, in order to avoid the risk hedging of unsettled open interest whose profit or loss is not fixed, in other words, to avoid the potential risk of unsettled open interest due to fluctuations in exchange rates, In accordance with the current exchange transaction rate, there is a restriction that the designated settlement cannot be made unless it is the same day as the trading day in which both open and buy positions are held simultaneously.

  On the other hand, the two positions are to hold both open and buy positions in the same currency at the same time, and holding both open positions in the same currency means that profits and losses are offset (the effect of the current exchange rate). The profit / loss is fixed without receiving the payment). However, these open and closed positions cannot be settled as a combination of the same currency paired with each other, and must be settled individually. In other words, in conventional over-the-counter margin trading, at the time of settlement, the trader carries out two cover transactions (two settlement orders) for each open position and buy position, thereby risking fluctuations in the exchange rate. Is avoiding. For this reason, individual investors and the like bear twice the transaction fee and spread. Swap points are also generated separately for both open and buy positions, and payment / receipt occurs. For this reason, it is highly likely that the double-denominated transaction lacks economic rationality for individual investors and the like, which imposes an excessive burden on the individual investors and the like.

  Therefore, if there are no conventional restrictions that can only be settled on the day of the transaction when both the open and buy open positions are held at the same time in accordance with the current exchange rate, that is, If it is possible to settle the transaction by specifying it arbitrarily, in both-denominated transactions, there will be a reverse risk due to the difference in the payment / receipt of swap points for individual investors, etc., and the safety of foreign exchange margin transactions May be damaged, and healthy exchange trading may not be maintained. In particular, when it is possible to make a settlement by designating an arbitrary open position and an open position of the same currency pair held before the transaction date, the economic burden in the double-ended state increases.

  In this way, in the conventional over-the-counter margin trading, from the viewpoint of the risk hedging of traders and the economic irrationality to individual investors, etc. in both-denominated transactions, designated open and open positions that have already been promised are arbitrarily designated. Payment processing has not been realized.

  Accordingly, an object of the present invention is to provide a designated settlement method and exchange exchange evidence in exchange exchange margin trading that enables designated settlement with a high degree of freedom while eliminating the lack of economic rationality to individual investors and the like. To provide a gold trading system.

  According to one aspect of the present invention, a designated settlement method includes an exchange exchange margin based on bid / offer information from a market maker that bids an exchange transaction rate through a trader registered in an exchange for exchange margin trading. A designated settlement method in exchange exchange margin trading realized by an exchange server for providing a transaction to an orderer and an orderer terminal of an orderer connectable to the exchange server via a network, The exchange server designates the above as an open interest for the orderer executed through the trader based on a settlement request for a pair of open and buy open interest in the same currency held by the orderer specified by the orderer. The same price for the open position for settlement in the same currency for the sold open position and the same price for the open position for settlement for the specified buy position. And a step of performing a payment process by pairing the specified open position and the set point for payment and pairing the specified open position and the set position for payment. It is characterized by including.

  According to another aspect of the present invention, a designated settlement method includes an exchange server that provides exchange margin trading through an exchange, and a bid from a market maker that bids an exchange transaction rate provided to the exchange server. / A designated settlement method in exchange exchange margin trading realized by a trader server that performs exchange margin trading through the exchange based on order information from an orderer for offer information, The trader server applies a designated settlement application to the exchange server on the basis of a settlement request from the orderer paired with the open position and the open position of any same currency held by the orderer designated by the orderer. And the exchange server responds to the designated settlement application and the designated open position for settlement in the same currency for the designated sold position and the designated position. Generate a selling open position for settlement in the same currency for the purchased open position with a common price, and send the contract information about the generated open position for settlement and the open position for settlement with the generated common price to the trader server. And a pair of the specified open position and the above-mentioned settlement open position, and a pair of the above specified open position and the above-mentioned open position position for settlement based on the received contract information. Transmitting the payment processing request to the exchange server, and the exchange server performing payment processing for each pair in response to the payment processing request.

  The designated settlement method may further include a step in which the exchange server calculates the common price based on a bid rate and an offer rate at a foreign exchange transaction rate.

  The step of calculating the price may be configured to calculate an intermediate value between the bid rate and the offer rate in the exchange transaction rate as a common price.

  Further, in the designated settlement method, the exchange server calculates a swap point value that is commonly applied to the traded open position and the open position based on swap point information related to currency provided by a market maker, The swap point value that is applied in common can be applied to each of the selling and buying positions of the same currency held by the orderer.

  In the designated settlement method, the exchange server responds to the order information from the orderer based on the provided exchange rate or responds to the order application transmitted from the trader server based on the order information. And a step of performing exchange transaction processing between the market maker and the trader through the exchange, and the step of executing exchange transaction through the exchange is performed between the market maker and the trader. The contracted exchange transaction is processed as two independent exchange transactions, a first transaction executed between the market maker and the exchange and a second transaction executed between the trader and the exchange. Further, the exchange server generates the above-mentioned settlement open position and the above-mentioned settlement open position based on the second transaction, and performs the above-described settlement processing as the settlement in the second transaction independent of the first transaction. Can be configured.

  In addition, an exchange exchange margin trading system as still another aspect of the present invention is a bid / offer from a market maker that bids exchange exchange rates through a trader registered in the exchange for exchange margin trading. An exchange exchange margin trading system comprising an exchange server for providing an exchange exchange margin transaction based on information to an orderer, and an orderer terminal of an orderer connectable to the exchange server via a network. The exchange server as an open interest for the orderer executed through the trader based on a settlement request for a pair of open interest and buy open interest in the same currency held by the orderer designated by the orderer. Common use of open interest for settlement in the same currency for the above specified open positions and open interest for settlement in the same currency for the above specified open positions. With a settlement processing unit that generates at a price. Then, the settlement processing unit performs a settlement process in which the designated selling position and the settlement buying position are paired, and the designated buying position and the settlement selling position are paired. Features.

  In addition, an exchange exchange margin trading system as still another aspect of the present invention includes an exchange server that provides exchange margin trading through an exchange, and a price of an exchange transaction rate provided to the exchange server. An exchange margin trading system having a trader server for performing exchange margin trading through the exchange based on order information from an orderer for bid / offer information from a market maker, A designation transmitted from the trader server based on a settlement request from the orderer paired with the open position and the open position of any same currency held by the orderer designated by the orderer. In response to a settlement application, the same currency buy-back position for the specified sold position and the same currency position for the specified buy position The have a settlement processing unit that generates a common price. Then, the settlement processing unit pairs the designated selling position sent from the trader server on the basis of the generated settlement buying position and settlement selling position, and the designated buying position for settlement. In response to a payment processing request for pairing the purchased open interest and the selling open interest for payment as a pair, the payment processing of each pair is performed.

  Further, the exchange server of the exchange exchange margin trading system has a transaction rate generation unit that receives bid / offer information provided from the market maker and generates an exchange transaction rate for providing to the orderer. The settlement processing unit can be configured to calculate a common price based on the exchange rate.

  The settlement processing unit may be configured to calculate an intermediate value between the bid rate and the offer rate at the exchange transaction rate as the common price.

  Also, the exchange server of the exchange exchange margin trading system described above uses the swap point to calculate the swap point value that is commonly applied to the open position and the open position based on the swap point information regarding the currency provided by the market maker. A processing unit, wherein the commonly applied swap point value is applied to each of the open position and the open position of the same currency held by the orderer. it can.

  In addition, the exchange server of the exchange exchange margin trading system may further include a transaction management unit that performs exchange transaction processing through the exchange between the market maker and the trader based on the order information. The above-mentioned transaction management unit executed the exchange transaction executed between the market maker and the trader, the first trade executed between the market maker and the exchange, and the trade between the trader and the exchange. It can be processed as two independent exchange transactions of the second transaction. And the said payment process part can be comprised so that the said payment process may be performed as a payment in 2nd transaction independent of 1st transaction.

  In addition, the trader server of the exchange exchange margin trading system described above accepts a settlement request from the orderer paired with the open position and the open position of any same currency held by the orderer designated by the orderer. Based on this, it can be configured to have a transaction processing unit that transmits the designated settlement application to the exchange server. And the said transaction processing part receives the contract information about the payment open position and the payment open position which have the produced | generated common price from the said exchange server, The said designated open position and the said payment open position are set out. And a payment processing request for a pair of the designated buy open position and the set open position position for payment, is transmitted to the exchange server.

  Further, the exchange exchange margin program as still another aspect of the present invention is a bid / offer information from a market maker that bids the exchange transaction rate through a trader registered in the exchange for the exchange margin transaction. A program executed on an exchange server that provides an orderer with exchange exchange margin trading based on the same, and sells the same currency held by the orderer designated by the orderer to the exchange server. Based on the settlement request for a pair of open interest and buy open interest, the same currency for the open interest for settlement and the same currency for the specified open interest for the specified open interest for the above-mentioned sold open interest as the open interest for the orderer executed through a trader. A function to generate a selling open position for settlement at a common price and a pair of the above-mentioned specified open position and the above-mentioned set open position for settlement. To realize, the function performs the settlement process of the pair and the open interest selling for long position and the settlement that has been specified above.

  In addition, an exchange exchange margin program as still another aspect of the present invention is executed by an exchange server that provides an exchange margin transaction through an exchange, and a value of an exchange exchange rate provided to the exchange server. An exchange exchange margin trading program realized through a trader server that performs exchange margin trading through the exchange based on order information from an orderer with respect to bid / offer information from a market maker attaching And sent to the exchange server from the trader server on the basis of a settlement request from the orderer paired with the open position and the open position of any same currency held by the orderer designated by the orderer. In response to the specified settlement application, the same currency for the specified open position and the specified open position for the specified open position. A function for generating a set open position for payment at a common price, and the specified open position and the set open position for payment that are transmitted from the trader server based on the generated open position for payment and open position for settlement. And a function for executing the payment processing of each pair in response to a payment processing request for a pair of the designated buy open interest and the sale open interest for payment.

  According to another aspect of the present invention, there is provided a program for ordering bid / offer information from a market maker for pricing exchange rate provided to an exchange server that provides exchange margin trading through an exchange. A program executed by a trader server that performs exchange margin trading through the exchange based on order information from the trader, and possessed by the orderer designated by the orderer in the top trader server A function for sending a designated settlement application to the exchange server based on a settlement request from the orderer who makes a pair of open and sold open coins of the same currency to be selected, and a designated settlement application sent from the trader server In response to the above-mentioned exchange server, the open position for settlement in the same currency for the specified sell position and the specified buy position A function to receive the contract information for the settlement open position and the settlement open position with the same price for the same currency, and based on the received contract information, the specified sell position And a function of transmitting a payment processing request for a pair of the above-mentioned set open position for payment and the above-mentioned specified open position and the open position for payment to the exchange server.

  Further, the exchange server as still another aspect of the present invention is a transaction based on bid / offer information from a market maker that bids a foreign exchange transaction rate through a trader registered in the exchange for a foreign exchange margin transaction. An exchange server that provides exchange money margin transactions to the orderer, based on a settlement request for a pair of open and sold open interest in the same currency held by the orderer specified by the orderer. Settlement processing unit that generates, in a common price, a settlement open position in the same currency for the specified open position and an open position for settlement in the same currency for the specified buy position as the open position for the orderer executed through the contractor. Is provided. Then, the settlement processing unit performs a settlement process in which the designated selling position and the settlement buying position are paired, and the designated buying position and the settlement selling position are paired. Features.

  In addition, an exchange server according to still another aspect of the present invention performs exchange exchange margin trading on a trader server that performs exchange margin trading through an exchange based on order information from an orderer. An exchange server to be provided, which is transmitted from the trader server on the basis of a settlement request from the orderer paired with the open position and the open position of any same currency held by the orderer designated by the orderer. In response to the designated settlement application, a settlement processing unit that generates a settlement open position in the same currency for the specified sell position and a sell position in the same currency for the specified buy position at a common price. Have. And the said payment processing part makes a pair the said designated open position and said purchase open position for payment transmitted from the said trader server based on the said generated purchase open position for settlement and the sell open position for settlement, and In response to a payment processing request for pairing the designated buy position and the set open position for payment, the payment processing of each pair is performed.

  Further, a trader server according to still another aspect of the present invention provides bid / offer information from a market maker that bids a foreign exchange transaction rate provided to an exchange server that provides exchange margin trading through an exchange. A trader server that performs exchange margin trading through the exchange based on order information from the orderer for the same, and the open position of any same currency held by the orderer designated by the orderer, and The transaction processing unit transmits a designated settlement application to the exchange server based on a settlement request from the orderer paired with the open interest. And the said transaction processing part is for the settlement of the same currency with respect to the designated currency open position with respect to the said designated open position and the above specified buy position, generated in the exchange server in response to the designated settlement application. Receives contract information about a settlement open position and a settlement open position with a common price, and based on the received contract information, the specified sold position is paired with the settlement open position. And a payment processing request for pairing the specified buy position with the set open position is sent to the exchange server.

  ADVANTAGE OF THE INVENTION According to this invention, it becomes possible to provide the designated settlement which can perform settlement by designating an arbitrary open interest while eliminating the lack of economical rationality in both conventional buildings.

  That is, in order to perform the settlement process by generating opposite buy and sell positions that have a common price for each of the specified sell and buy positions, a cover transaction like a conventional over-the-counter margin transaction This eliminates the risk of fluctuations in the exchange rate associated with the transaction, and makes it possible to designate and settle any open interest that has been executed. Furthermore, since the currency pairs designated at a common price are settled, it is possible to provide a highly sound exchange margin transaction while favorably avoiding the lack of economic rationality between the two buildings.

  The present invention relates to a designated settlement method in a foreign exchange margin transaction (commonly known as FX), and in particular, a contracted open position and open position (both positions) that could not be realized by a designated settlement in a conventional over-the-counter margin transaction. Provided is a designated settlement method capable of performing settlement by arbitrarily specifying each other.

  The designated settlement method of the present invention is realized in exchange exchange margin trading through a public exchange of exchange margin trading. Hereinafter, the designated settlement method in exchange exchange margin trading is referred to with reference to the drawings. An embodiment of the present invention will be described in detail as an example.

<System configuration>
FIG. 1 is a network configuration diagram of an exchange exchange margin trading system 1 to which the present invention is applied. The exchange exchange margin trading system 1 of this embodiment includes an exchange system 100 including an exchange central server 110 held by an exchange for exchange exchange margin trading, and a predetermined communication line to the exchange system 100. Alternatively, a server 200 and a trader terminal 201 owned by each of a plurality of traders connected via a communication network such as the Internet, and an orderer such as an individual investor operate the exchanges via a communication network such as the Internet. An orderer terminal 300 connected to the system 100. Then, the exchange system 100 uses a market maker terminal (MM terminal) 400 of a market maker (such as a financial institution such as a bank) that bids (exchanges) a foreign exchange transaction rate and a communication network such as a predetermined communication line or the Internet. Connected through.

  The exchange exchange margin trading system 1 generates one integrated exchange transaction rate from bid information / offer information provided by a plurality of market makers, transmits it to the orderer terminal 300, and is registered in the exchange. The exchange exchange margin transaction through the trader is provided to the orderer such as an individual investor. Market makers and traders are banks and trade brokers (trade participants) registered with the exchange, and traders in this embodiment place orders from orderers (customers) such as individual investors. Is a trader registered with the Financial Services Agency to perform exchange exchange margin trading by entrusting

  FIG. 2 is a block diagram showing the configuration of the exchange system according to the present embodiment. The exchange central server 110, the FX server 120 to which the trader terminal 201 and the orderer terminal 300 are connected via a communication network, and the MM terminal. MM server 130 to which 400 is connected via a communication network, and authentication server 140 that performs access authentication when MM terminal 400, trader terminal 201, and orderer terminal 300 such as an individual investor connect to exchange system 100. It consists of

  The exchange central server 110 includes a communication control unit 111 that performs communication with each server in the exchange system 100 and the trader terminal 201, the orderer terminal 300, and the MM terminal 400 via the network N, the trader terminal 201, and An FX management unit 112 that manages an FX server 120 that provides an ASP function for executing a foreign exchange margin transaction to the orderer terminal 300, and information such as bid information / offer information and swap point information is exchanged. Customer information (personal information, personal information, etc.) stored in the database 122 of the MM management unit 113 that manages the MM server 130 that provides the ASP function to the market maker provided to the system 100 and the FX server 120 A customer management unit 114 for managing transaction condition information and the like.

  Further, the exchange central server 110 manages and manages various transaction processes related to foreign exchange margin transactions based on transaction requests (sell / buy orders, settlement declarations, etc.) including order information transmitted from the orderer terminal 300. A transaction management unit 115 that performs control, and a transaction rate management unit 116 that generates and manages one exchange transaction rate information integrated from bid information / offer information transmitted from a plurality of MM terminals 400 to the MM server 130; Swap point management unit 117 that manages swap point information related to each currency transmitted from a plurality of MM terminals 400 to MM server 130, and transaction information (order information, order history information, open interest information, execution information, Exchange database 118 for storing margin information, deposit / withdrawal information, market price information, swap point information, etc.)The transaction management unit 115 of the present embodiment includes a designated settlement unit 115a as a settlement processing unit, and provides a designated settlement function in foreign exchange transactions. This designated settlement process will be described later. In this embodiment, for convenience of explanation, the designated settlement unit 115a is configured to be included in the transaction management unit 115, but may be configured separately from the transaction management unit 115, or the transaction management unit 115 may be configured as a designated settlement unit. It is also possible to configure to have the function of 115a.

  In addition, the exchange exchange margin trading system 1 (exchange) of the present embodiment is a trader (a trader terminal 201) registered in the FX database 121 of the FX server 120 participating in the exchange exchange margin transaction. In addition, the ASP function for performing foreign exchange margin trading in exchange trading is provided. The FX database 121 also stores screen information such as screen programs transmitted to the trader terminal 201 and 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, and the trader terminal 201 is connected to the FX server 120. In such a case, an input screen or the like for inputting customer information of an individual investor or the like who has been entrusted with the transaction and licensed from the trader is provided from the FX server 120 to the trader terminal 201, and the It is displayed on the illustrated display device. The trader inputs customer information such as individual investors on the displayed input screen and the like, and the customer information input through the screen is transmitted to the exchange system 100 and stored in the customer database 122 of the FX server 120. The

  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. Is done. For example, along with the user code given to each individual investor, etc., the participant code, user name, order margin, exchange margin, sale constant amount, purchase constant amount, sell position quantity, buy position quantity, etc. are registered Is done.

  Then, the trader terminal 201 possessed by each of the plurality of traders of the present embodiment is connected to the FX server 120 so that the names, email addresses, logins of individual investors registered in the customer database 122, and the like. Information such as ID and password can be acquired. In other words, all of the main processes such as orderer registration and transaction processing, including ID and password issuance processing, are centrally managed and executed by the exchange system 100. , Personal information such as individual investors, margin information, and information such as transaction conditions based on these information are registered in the exchange system 100, and the trader individually has functions for dealing with individual investors. There is no need to provide. In addition, an individual investor or the like can directly perform exchange exchange margin trading through an entrusted trader by directly connecting to the exchange system 100 (FX server 120).

  Specifically, the orderer is centrally managed in the exchange by registering with the exchange through the trader, and the orderer can exchange the orderer terminal 300 with the exchange system based on a consignment contract with the trader. The exchange FX margin transaction can be performed by connecting to 100 FX servers 120 and using the ASP function provided by the FX server 120. The FX server 120 provides a predetermined login screen in response to the connection request from the orderer terminal 300, and authentication processing by the authentication server 140 is performed using the ID and password input by the orderer. As a result of the authentication processing, when it is authenticated as a legitimate orderer registered in the exchange and permission to start the transaction, the FX server 120 provides the stored screen program to the orderer terminal 300. In addition, individual investors, etc. can use the display screen to make transactions such as orders and payments (order instructions, payment instructions, withdrawal instructions, etc.), view current transaction status (uncommitted orders, open positions, orders History, contract history, margin status, deposit status, deposit / withdrawal history, withdrawal instruction history, etc.) and various transaction settings can be registered. In other words, the FX server 120 of the present embodiment receives order information ordered by an individual investor or the like based on bid / offer information from the market maker provided from the exchange central server 110, and includes the received order information. Based on that, it functions as a trader server that performs exchange margin trading through exchanges. In other words, the FX server 120 is a trader server in which the trader that has received the order information from the orderer places an order to the exchange (the exchange central server 110). Therefore, as shown in FIG. 2, the FX server 120 includes a transaction processing unit 123, and the transaction processing unit 123 sends a transaction request such as an order or settlement requested by an individual investor to the exchange central server 110. Output (send) and perform transaction processing of exchange margin transactions with the exchange central server 110.

  The MM server 130 has an MM database 131 that stores information on each market maker, and stores MM vendor information such as an MM vendor code, an MM vendor name, and a contact address. Then, the market maker registered in the MM database 131 connects to the MM server 130 from the MM terminal 400 and provides bid information, offer information, swap point information, and the like to the exchange system 100. At this time, similarly to the FX server 120, the MM server 130 can provide the MM terminal 400 with a screen program for inputting or transmitting bid information or the like.

  Next, transaction rate information generation processing of the exchange exchange margin trading system 1 of the present embodiment will be described. The exchange exchange margin trading system 1 according to the present embodiment includes an orderer such as an individual investor from bids (buy price) and offers (market price) provided by a plurality of market makers such as banks. Provide exchange rate that allows you to trade at the most advantageous price for yourself.

  Specifically, the transaction rate management unit 116 of the central exchange server 110 exchanges the bid information and offer information of bid information and offer information transmitted from the MM terminal 400 of each market maker, and the quantity that can be traded at the price (buy quantity). , Selling quantity) and stores each quoted price and each tradeable quantity in a storage device such as a memory.

  Of these multiple bid information and offer information, the best bid (the highest bid price, that is, the highest bid price (bid price) offered by each market maker). The value that allows the orderer such as a house to sell the target currency at this bid price and the best offer (the cheapest bid price, that is, the lowest value of the desired price for currency sales offered by each market maker. In other words, , An orderer such as an individual investor can extract the transaction target currency at this selling price), and trade at the exchange transaction rate with the extracted best bid and best offer as the transaction price and the exchange transaction rate The possible purchase quantity and sale quantity are sent directly to each orderer terminal 300.

  For example, bid information and offer information of USD / JPY of 108.53-63 from market maker A, 108.50-60 from market maker B, and 108.53-59 from market maker C are sent to exchange system 100. In this case, the transaction 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. Thereafter, the exchange transaction rate 108.53-59 composed of these best bids and best offers and the tradeable quantity at this exchange transaction rate are transmitted to each orderer terminal 300. In addition, since the timing of receiving each bid information / offer information from the market makers A, B, and C is not the same, for example, the best bid and the best offer are selected from the bid information / offer information provided within a certain period of time. Each time the best bid and best offer provided are extracted from the market makers A, B, and C, the bid information / offer information is compared with the provided best bid and best offer. Thus, one or both of the best bid / best offer may be updated in real time.

  3 and 4 are diagrams showing a processing flow of the exchange exchange margin trading system 1 of the present embodiment.

  First, an individual investor or the like connects his / her computer (orderer terminal 300) to a server 200 owned by a trader dealing with exchange exchange margin trading, and personal information through a predetermined transaction application screen provided by the server 200. And open an account for exchange margin trading. In the server 200, when it is determined that the credit information of the individual investor or the like is suitable for the transaction conditions through the credit screening based on the registered personal information, the trader can use the FX server of the exchange system 100 from the trader terminal 201. 120, the customer information such as the individual investor, account opening information and the like are registered in the FX server 120. The server 200 is, for example, a WEB server that provides a WEB site operated by a trader.

  The customer management unit 114 of the exchange central server 110 uses personal information such as individual investors, transaction amounts, and various transaction conditions as predetermined standards in accordance with customer information registration processing from the trader terminal 201 to the FX server 120. Compare and check, and perform registration processing of individual investors etc. to the exchange. Then, after completing the registration of the customer registration process, the customer management unit 114 outputs an ID and password issue request to the authentication server 140, and the issued ID and password are registered in the authentication database 141. The issued and registered ID and password are reflected (stored) in the customer database 122 of the FX server 120 by the customer management unit 114 or the FX management unit 112 and transmitted to the trader terminal 201. The trader notifies the orderer terminal 300 of the ID and password information acquired from the exchange system 100, and performs an account opening notice including necessary margin information.

  The orderer terminal 300 performs deposit processing for a margin required for the account opening notification. The trader performs margin deposit confirmation processing through the trader terminal 201 and transmits the confirmed deposit information to the FX server 120 of the exchange system 100. The customer management unit 114 of the exchange central server 110 stores the received payment information in the customer database 122. The customer management unit 114 of the exchange central server 110 issues a foreign exchange margin transaction start permission notice directly to the orderer terminal 300 after completing the deposit registration process in the customer database 122 of the FX server 120.

  When an individual investor or the like (orderer terminal 300) directly connects to the transaction system 100 via the network N based on the transaction start permission (step S101), the FX server 120 of the exchange central server 110 connects to the orderer terminal 300. A predetermined login screen is provided, and the orderer logs in using the ID and password acquired through the trader. The ID and password input on the login screen displayed on the orderer terminal 300 are transmitted via the FX server 120 or directly to the authentication server 140, and the authentication server 140 performs authentication processing (step S301). .

  After the authentication process, the customer management unit 114 executes a transaction start process in order to perform a foreign exchange transaction at the orderer terminal 300, and a predetermined screen program stored in the FX database 121 with respect to the FX server 120. Is transmitted to the orderer terminal 300. The FX server 120 transmits the screen program to the orderer terminal 300.

  A predetermined screen for foreign exchange transactions is displayed on the orderer terminal 300, and the transaction central server 110 provides the exchange transaction rate information (best bid / best offer) to the orderer terminal 300 in real time (step S302). ). The orderer terminal 300 refers to the exchange transaction rate information (rate and its tradeable quantity) fluctuating in real time displayed on the predetermined screen, and inputs the purchase or sell order information from the predetermined order form to perform the transaction. To the system 100. In addition, an order change or cancellation is also input from a predetermined change / cancellation form and transmitted to the exchange system 100 (step S102).

  For example, when receiving the order information from the orderer terminal 300, the FX server 120 (transaction processing unit 123) outputs the received order information to the transaction management unit 115 (step S303), and the transaction management unit 115 Order method (single order, OCO order, IfDone order, IfDoneOCO order, streaming order) based on the detailed information included in the information (bid rate and offer rate specified by the orderer, conditions for transaction quantity, etc.) The transaction process is performed in accordance with the order method and the bid rate or offer rate specified by the orderer. Specifically, the transaction management unit 115 performs various processes such as receiving processing of received order information, determining the success or failure of an order according to the order contents and the best bid value or the best offer value, and settlement when the order is established. (Step S304), and the processing result is transmitted to the FX server 120 (Step S305). Upon receiving the processing result, the transaction processing unit 123 of the FX server 120 updates data (order information, open interest information, execution information, etc.) stored in the customer database 122 of the corresponding individual investor based on the processing result. At the same time, the processing result is transmitted to the orderer terminal 300 (step S306). 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 transaction processing unit 123 in the FX server 120 of the exchange system 100 receives the order information from the orderer terminal 300 in step S303, the transaction processing unit 123 adds the customer information registered in the customer database 122 of the FX server 120 to the customer information. Credit processing based on, for example, credit processing such as whether the order content matches the transaction conditions based on margin information or the like can be performed. 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. For example, if the upper limit of the tradeable amount set based on the relationship between margin and leverage is exceeded, the order is not accepted.

  When the transaction is completed for the order information of the orderer, the transaction management unit 115 executes (establishes) the transaction between the relevant market maker who provided the bid information or the offer information and the business operator, Information and the like are stored in the exchange database 118. Then, the transaction management unit 115 according to the present embodiment performs the exchange between the market maker and the exchange between the first transaction and the exchange between the market maker and the exchange. Treat as two independent forex transactions of the second transaction executed between. FIG. 5 is a diagram for explaining the transaction processing of the present embodiment. The transaction management unit 115 performs two independent transaction processing for one established transaction processing, and performs a transaction by the ordering instruction of the orderer. Exchange exchange transactions (circled letter 3) established between the market maker and multiple market makers, and the first transaction between the market maker and the exchange (circled letter 1) and the exchange Automatically replaces the second transaction with the trader (circled letter 2) with two trades, and treats the counterparty of each trader of the trader and market maker as a trade with all exchanges replaced with an exchange. To do.

  FIG. 6 is a flowchart showing the processing flow of the transaction processing of the present embodiment. When the transaction management unit 115 receives an order request from the FX server 120 (trader server) based on the order information from the orderer terminal 300. (Step S601), matching processing between the best bid (optimum bid price) and the best offer (best sell price) provided from the transaction rate management unit 116 and the transaction rate (order rate) included in the order information is performed. Then, the order success / failure is determined (step S602). Further, the transaction management unit 115 stores the received order information in association with the corresponding user in the exchange database 118 (step S603), and transmits order success / failure information, that is, contract information to the FX server 120 ( Output. The transaction processing unit 123 of the FX server 120 updates the customer database 122 based on the received contract information and transmits success / failure of the order to the orderer terminal 300.

  When the result of the matching process in step S602 is the completion of the transaction, that is, when the transaction is executed (step S604), the transaction management unit 115 displays the transaction information established between the market maker and the trader between the exchange and the market maker. The transaction process is divided into a first transaction process (step S605a) and a second transaction process between the exchange and the trader (step S605b), and two pieces of transaction information are stored in the exchange database 118 (step S606). ). Note that the transaction processing of this embodiment may be performed simultaneously with the completion of the transaction, or may be configured to be performed at an arbitrary timing (batch processing or the like) after the transaction is completed. Two pieces of transaction information may be stored in separate tables.

  As described above, the exchange exchange margin transaction of the present embodiment is the first transaction between the market maker and the exchange, and the exchange established in response to a transaction request from an orderer such as an individual investor. Are handled and managed as two independent transactions of the second transaction between the customer and the trader (orderer). For this reason, it is possible to execute trades that have been executed with the trading partner or market maker as the trading partner instead of the trading partner or market maker, and there is a direct business relationship between the trader and the market maker. Will not.

  Next, the orderer can make a transaction status inquiry based on the order information transmitted from the orderer terminal 300 to the exchange system (exchange). When a predetermined inquiry button on a display screen displayed on the orderer terminal 300 to be described later is pressed by the orderer's operation (step S103), an inquiry request is sent from the orderer terminal 300 to the FX server 120 of the exchange system 100. Sent. The FX server 120 outputs the inquiry request to the exchange central server 110 based on the inquiry request from the orderer. The transaction management unit 115 of the exchange central server 110 extracts various data corresponding to the order information table, order history table, execution information table, and margin information table of the exchange database 118 in response to the inquiry request. Perform status acquisition processing, for example, when a request for open interest inquiry is made, generate open interest list information (contract date, execution number, product, trading category, open interest quantity, execution price, etc.) and send it to the FX server 120 To do. The FX server 120 transmits a predetermined screen (open interest list screen) including the received open interest list information to the orderer terminal 300 (steps S307 to S309). In addition, the transaction management unit 115 also receives order list information (order status, order method, product name, trading category, execution condition, order price, order quantity, contract price, contract constant quantity based on the query request (query request). Order date / time, order acceptance number, etc.), order history information, execution information, margin information, etc. can be generated and transmitted to the orderer terminal 300 through the FX server 120.

  And this embodiment provides the payment function by a designated payment system. The designated settlement method of the present embodiment arbitrarily designates the selling positions and buying positions of the same currency pair held (already executed) displayed on the position list inquiry screen (step S104), and the order specified by the orderer. By performing a reporting process (such as pressing a reporting button on the open inventory list inquiry screen) for designated settlement of open interest and purchased open interest, a designated settlement request is transmitted from the orderer terminal 300 to the FX server 120 of the exchange system 100. (Step S105). Upon receiving the designated settlement request from the orderer terminal 300, the FX server 120 transmits (outputs) the designated settlement application to the exchange central server 110, and the designated settlement unit 115a of the transaction management unit 115 receives the request from the FX server 120. Based on the designated settlement application, the designated settlement processing of the present embodiment is performed (step S310), the settlement result is stored in the exchange database 118, and the settlement result is sent to the orderer terminal 300 via the FX server 120. It is transmitted (steps S311 to S312).

  Further, the exchange system 100 performs a price washing process in which the open interest held by an individual investor is re-evaluated with the clearing price determined at the exchange in accordance with a daily market price change (change in exchange rate). (Step S313). This price washing process is performed by the transaction management unit 115 of the exchange central server 110, acquires various information from the exchange database 118, generates price washing information, and the swap point management unit of the exchange central server 110 117 is based on the swap point information (swap point information on currencies provided by a plurality of market makers) regarding open positions (sell positions) and buy positions (buy positions) transmitted from the MM terminals 400 of a plurality of market makers. The swap point value is calculated. The price information and swap points are transmitted to the orderer terminal 300 via the FX server 120 (steps S314 and S315).

  Here, the swap point calculation process of the present embodiment will be described in detail with reference to FIG. The calculation process of swap points (interest rate difference delivery) of this embodiment is commonly used without distinguishing between open positions and open positions based on the swap point information of open positions and open positions provided by multiple market makers. The swap point value to be applied, in other words, the same swap point value that is commonly applied to each of the selling position and the buying position is calculated.

  The market maker transmits information on the open positions and the open positions to the exchange system 100 from each MM terminal 400 and swap point information on the open positions and the open positions at a predetermined timing. The swap point management unit 117 of the exchange central server 110 receives the information regarding the open and bought balls received from the MM terminal 400 and the swap point information in the swap point table 117A of the exchange database 118, and the bids of each market maker. Store (register) by offer information.

  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 MM terminal 400 as incorrect swap point information. Or a notification that prompts the user to send swap point information.

  The swap point management unit 117 determines the sell / buy position side of the market maker as a whole based on the information on each of the market positions of the market makers registered in the swap point table 117A. For example, as shown in Table 117B of FIG. 7, the bid-side and offer-side position information for each market maker is organized, and the total open interest is calculated for each open and open interest. The position side is determined. Then, in the determined position side swap point information, Table 117B in FIG. 7, since each total open interest is more open open than open open, the position side of all market makers is determined as the buy side.

  Based on the discrimination result of the position side, the average value of swap point information on the position side of all the determined market makers is calculated, and this average value is used as a common (identical) swap point regardless of the selling position and the buying position. The value is stored in the exchange database 118 as a value, and the swap point value is transmitted via the FX server 120 or directly to each orderer terminal 300.

<Designated payment processing>
8 to 14 are diagrams for explaining the designated settlement method in the exchange exchange margin transaction of the present embodiment. The designated settlement method of the present embodiment is the same as that of the conventional designated settlement method shown in FIG. A specified settlement function is provided that eliminates restrictions, that is, restrictions that cannot be settled by designating any previously sold open and open positions, and eliminates the lack of economic rationality in both states.

  FIG. 8 is an explanatory diagram showing the designated settlement method of the present embodiment. As shown in FIG. 8, from the open interests that the orderer has executed up to now, open interests of any same currency pair and When making a payment by designating a buy position, the orderer designates a sell position and a buy position of any same currency pair from the screen (see FIG. 10) on which the position list information is displayed, and uses the designated settlement request for FX. Send to server 120. In the example of FIG. 8, the open position B and the open position C of the same currency held by the orderer are specified, and the specified settlement request including the specified information is transmitted to the FX server 120.

  Upon receiving the designated settlement request, the FX server 120 (transaction processing unit 123) refers to the designation information and transmits the designated settlement application for the designated open position B and the buy position C to the exchange central server 110. Upon receiving the designated settlement application from the FX server 120, the exchange central server 110 (designated settlement unit 115a) performs an approval process for the designated settlement application. In the case of approval OK, the same settlement price (contract price) The open interest A for payment is generated. At this time, the settlement position A does not perform a transaction process based on the bid information / offer information supplied by the market maker, in other words, the bid information / offer information supplied from the market maker that prices the exchange rate. The open interest is generated based on the second transaction described above on the exchange side.

  In the example of FIG. 8, the settlement open position A1 for settlement of the reverse trade of the applied open position B and the open position A2 for settlement of the reverse position of the applied buy position C are respectively generated and executed in the exchange database 118. As well as storing the information, the contract information (open position generation information) of the settlement position A including the settlement position position A 1 and the settlement position position position A 2 is transmitted to the FX server 120.

  Then, the FX server 120 updates the data of the corresponding orderer (customer database 122) based on the received contract information, and also makes a settlement processing request for pairing the designated open position B and the set position open position A1 for settlement. 1 and a settlement processing request 2 paired with the designated buy open position C and the settlement open position A 2 are generated and transmitted to the exchange central server 110.

  The exchange central server 110 receives the settlement processing request 1 and the settlement processing request 2 simultaneously or individually, and performs settlement processing in response to the processing request. That is, a settlement process 1 is performed in which the designated sell position B and the settlement buy position A1 are paired, and a settlement process 2 is performed in which the designated buy position C and the settlement sale position A2 are paired. The result is transmitted to the FX server 120 by the settlement processes 1 and 2, and the transaction processing unit 123 of the FX server 120 transmits the processing result to the orderer terminal 300.

  FIG. 9 is a flowchart for explaining the processing flow of the designated settlement method of this embodiment, and the designated settlement process is performed by the designated settlement unit 115a. 10 to 13 are diagrams showing examples of screens displayed on the orderer terminal 300, and each screen is provided by the FX server 120 as described above.

  Here, the screen shown in FIG. 10 will be described. The exchange margin transaction screen GU displayed on the orderer terminal 300 includes the best offer (buy price) and the best bid (selling price) for each transaction product (currency), the tradeable quantity (buy volume) for the best offer, and The exchange transaction rate information display field GU1 in which the tradeable quantity (sold quantity) etc. for the best bid is displayed in real time and the items on the screen that can be displayed on the orderer terminal 300 are fixed to the exchange margin transaction screen GU. The item display field GU2 displayed on the screen and the display field GU3 on which the screen selected in the item display field GU2 is displayed. Screen (display) items include “transaction” and “inquiry”. In the example of FIG. 11, “open interest list inquiry” in “inquiry” is selected by the orderer's operation, and open interest list information is displayed in the display field GU3. Is displayed.

  First, when performing the designated settlement, the orderer selects “Open Interest List Inquiry” in the item display field GU2 of the exchange margin trading screen GU. In response to the selection, the orderer terminal 300 transmits an open interest list inquiry request to the exchange central server 110 via the FX server 120, and the transaction management unit 115 of the exchange central server 110 responds to the open interest list inquiry request. In response, the corresponding unsettled open interest of the orderer is extracted from the execution information table of the exchange database 118, and open interest list information (execution date, execution number, product, trading category, open interest quantity, execution price, etc.) is generated. It transmits to the orderer terminal 300. As shown in FIG. 10, each open interest in the open interest list information displayed in the display column GU3 is provided with a check column (check box) for selecting each open interest.

  Next, in the display field GU3 in which the open interest list information is displayed, the orderer designates the open interest and the open interest in the same currency for which settlement is desired (the corresponding check column is checked). At this time, it is possible to designate not only two open interests but also two or more plural open interests. In the example of FIG. 10, two sell open interests and one buy open interest are designated. That is, in the designated settlement method of the present embodiment, the orderer designates a pair of open positions and buy positions in any same currency that is held, but not only simply specifies two open positions and buy positions. A plurality of open positions and open positions can be designated as a payment target pair. In other words, each of the open / buy open interest pairs in the same currency includes one-to-one pairs of open / buy open interest, one-to-multiple pairs, multiple-to-one pairs, and multiple-to-multiple pairs. included.

  In addition, in the designation of this open position, if a pair of open position and open position in different currency (product) is selected without specifying a pair of open position and buy position in the same currency, It is preferable to display that the designated settlement is not possible, or to make the selection impossible.

  After that, when the orderer selects the “open position arrangement” button displayed in the display field GU3 after checking, the display field GU3 transitions as shown in FIG. 11 to display the information of the open position (open position to be organized). Is done. In addition, the total of the open positions of the specified open positions and buy positions is displayed, and the orderer can arbitrarily set the application quantity (settlement quantity) up to the total quantity of the smaller total of the open positions and the open positions. Can be entered. In the example of FIG. 11, since the total number of open positions and open positions is 300, which is the same number, the application quantity with an upper limit of 300 can be arbitrarily input. In the application quantity input field, the total quantity of the smaller total quantity of the open position and the open position, or if the total quantity of the open position and the open position is the same quantity, the total quantity of either one is indicated. It is also possible to display in the state entered as the default application quantity. Then, the orderer can make a declaration of a designated settlement (send a designated settlement request) to the exchange by pressing a “register (designated settlement application)” button in the display field GU3. These screens are provided as one of the ASP functions provided by the FX server 120. The FX server 120 provides the orderer with a function for arbitrarily designating the same currency pair that is individually executed in the present embodiment, When the designated settlement request relating to the open position and the buy position designated through the designated function is received from the orderer terminal 30 (step S9001), the FX server 120 applies the designated settlement application for the designated settlement request to the exchange central server 110 ( To the designated settlement unit 115a).

  Upon receiving a designated settlement request from the orderer terminal 300, that is, a designated settlement application from the FX server 120, the designated settlement unit 115a performs the following designated settlement process.

  The designated settlement unit 115a first performs an authorization process for the designated settlement application (step S9101), and when the authorization process is OK, the latest best bid / best offer stored in the exchange database 118 or the transaction rate. The latest best bid / best offer is acquired from the management unit 116 (step S9102), and an intermediate value (intermediate value) between the acquired best bid and best offer is calculated (step S9103).

  Then, the designated settlement unit 115a generates opposite open positions and sell positions that have the calculated intermediate value in common as the settlement price, and stores them in the contract information table of the exchange database 118. That is, the designated settlement unit 115a generates a settlement buy position having the intermediate value calculated as the settlement price in the same currency for the sell position designated by the orderer, and further, the designated buy position. For the open interest, a sales open interest for settlement having the same currency and having the intermediate value calculated as the settlement price is generated (step S9104). Then, the generated settlement buying positions and settlement selling positions having the same settlement price in common are stored in the exchange database 118 as settlement positions that are executed by the orderer (step S9105), and the generated identical positions. The transaction information (open interest generation information) of the settlement open interest and settlement open interest having the same settlement price is transmitted to the FX server 120 (step S9106).

  Here, as described above, the transaction processing of the present embodiment is performed in two independent ways: the first transaction between the market maker and the exchange and the second transaction between the exchange and the trader (orderer). Therefore, the designated settlement processing unit 115a has a common settlement price as a second transaction for each of the designated open positions and buy positions and the opposite open positions for settlement and settlement. Each open position is generated. In other words, the opposite buy and open positions for settlement with a common settlement price are not regular transaction processing between the market maker and the trader, but exchanges and traders that do not have a trade state with the market maker. Is processed (generated) as a transaction between

  After that, the transaction processing unit 123 of the FX server 120 that has received the contract information of the settlement open position and the settlement open position having the same settlement price in common uses the data (customer database) of the corresponding orderer based on the contract information. 122) is updated, and two requests are generated: a payment processing request for pairing the designated open position and the settling open position for payment, and a payment processing request for pairing the specified open position and the open position for payment. And transmitted to the exchange central server 110 (step S9003).

  When the designated settlement unit 115a of the exchange central server 110 receives these settlement processing requests simultaneously or individually, the designated settlement position and the settlement buy position are paired with the designated sale position and the designated purchase position and the settlement sale. Settlement is performed for each open interest as a pair. At this time, the settlement process is performed as a settlement process in the second transaction (step S9107). That is, the settlement process is performed as a settlement within the second transaction independent of the first transaction (market maker) described above. In the example of FIG. 10, since the designated settlement designates three open interests, the designated settlement unit 115a performs 100 settlement open interests for 100 settlements for 100 sold open interests contracted on July 7, 2008. , 300 open positions for settlement for 300 open positions executed on July 7, 2008, and 200 open positions for payment for 200 open positions executed on July 9, 2008 The three open interests are generated. Then, when these three open interest generation information is transmitted to the FX 120, the FX server 120 makes a first settlement processing request for a pair of the designated 100 open positions and 100 set open positions. The second settlement processing request for pairing the designated 300 buying positions and 300 settlement open positions, and the third settlement process for pairing the designated 200 selling positions and 200 settlement positions. A request is generated and sent to the exchange central server 110. The designated settlement unit 115a of the exchange central server 110 that has received these three settlement processing requests performs settlement processing based on the open interest pair of each settlement processing request.

  In the present embodiment, the open interest quantity to be settled can be arbitrarily designated as described above. Specifically, in the example of FIG. 11, the total quantity of the open positions of the specified open positions and buy positions is the same quantity, and an upper limit of 300 is entered in the application quantity input field, and an application is made. It is also possible to perform designated settlement with this application quantity as 250. In this case, of the open positions designated by the orderer, 50 open positions are not settled, and among the buy positions designated by the orderer, 50 open positions are not settled. In other words, the designated settlement unit 115a generates a settlement open position and a settlement open position with the same quantity (250) of the open positions of the specified open positions and buy positions, and the remaining 50 positions of the open positions. Is processed as an unsettled open interest, and settlement processing is performed for each of the 250 open interests. Similarly, in the case where the total number of open positions of the specified open positions and buy positions is different, settlement processing is performed with the quantity up to the lower total quantity, for example, the example of FIG. In this case, if the open interest executed on July 7, 2008 is not designated by the orderer, the total quantity of purchase will be 300, the total quantity of sale will be 200, and the designated settlement up to 200 will be executed. The At this time, out of the 300 open interests executed on July 7, 2008, 100 are processed as unsettled open interests, and the open interest list information as open interests that the orderer owns 100 purchased open interests of the unsettled open interests. Update.

  In the present embodiment, when the application quantity is entered by the orderer, the upper limit of the quantity that can be applied for is limited in the screen control. Based on the specified settlement request from the server 120, each open interest amount of the specified open interest and buy open interest is checked, and if the open interest and the open interest are not the same, the open interest of the smaller amount Settle the settlement process up to the maximum quantity (generate the open and open positions for settlement with the quantity up to the open position of the smaller quantity), and deduct the open position quantity for the open position with the larger open position ( In the example of FIG. 10, it can be processed as unsettled open interest for 300-200 purchased open interest).

  FIG. 12 shows an example of a screen in which the contract history information is displayed in the display field GU3 after the declaration of the designated settlement. As shown in FIG. 12, the designated settlement declaration is received at the exchange and the designated settlement process is performed. Then, the transaction with the contract date as the transaction date and the contract price as the intermediate value of the best bid / best offer (exchange rate) at the time of filing the designated settlement is recorded as the contract open interest (settlement open interest). . The open interest list information after the designated settlement declaration shown in FIG. 13, that is, the unsettled open interest information held by the orderer, is not displayed because the open interest designated in FIG. 10 has been settled by the designated settlement. Only open interests that have not been designated in (1) are displayed (that is, open interests that have been designated and settled are managed (stored) in the exchange database 118 as settled open interests).

  Then, the processing result of each settlement processing in the designated settlement unit 115a is transmitted to the FX server 120 (step S9108), and the transaction processing unit 123 of the FX server 120 transmits the received processing result to the orderer terminal 300. (Step S9004).

  In the processing flow of FIG. 9, for example, referring to the exchange database 118, it is checked whether the designated unsettled open interest is a settled open interest, and the settlement cannot be settled because a settled open interest is designated. In this case, it outputs to the FX server 120 that the settlement with the designated open interest is not possible, and the FX server 120 generates or extracts a screen program for displaying this in the display field GU3, and the orderer terminal It can also be configured to transmit to 300.

  As described above, the designated settlement process according to the present embodiment is based on the bid / offer of a plurality of market makers supplied to the exchange with the common settlement price of the opposite buy and sell positions (open position for settlement) to be generated. Generates and applies the settlement price according to the prevailing rate at the time of settlement, and performs the creation and settlement processing of open interests that do not have a business relationship based on the relationship between the demand and supply of the market maker who makes the quotation. In other words, regardless of the exchange market based on the demand and supply relationship of the market maker who makes the bid, based on the second transaction relationship described above, the settlement process between the exchange and the trader in accordance with the prevailing rate. Carry out.

  In particular, the median price of the prevailing rate at the time of settlement is applied in common (as the same value) to each settlement price of the opposite open and sell positions generated. In other words, the same settlement price is applied to each of the designated open and buy positions, and the swap point value that is commonly applied to the sell and buy positions is also applied to the swap points.

  FIG. 14 is a diagram illustrating an application example of profit / loss and swap points in the designated settlement process, and FIG. 14 (a) shows the daily swap points that are commonly applied to the open and buy positions in the above-described embodiment. An example is shown.

  FIG. 14B is a diagram showing the execution history shown in FIG. 12 in more detail. As shown in the figure, 106 is an intermediate value (middle price) between the bid price 106.02 and the sell price 106.04 at the time of settlement declaration for the sell position and the buy position designated for settlement. Buy open positions and open positions with 0.03 contract price (settlement price) are contracted. Here, when calculating the profit and loss for each settlement, the same settlement price is applied to all open interests to be settled, so the final profit and loss is the contract price of the specified open positions and the contract price of the buy positions. It is the value obtained by multiplying the difference amount by each approximately constant amount. For example, the designated settlement in Euro / Yen in FIG. 14B will be described as an example. Profit / loss of open interest = 50 × (167.85-168.30), Profit / loss of open interest = 50 × (168.30-168 .05). In other words, the value obtained by multiplying the difference (spread) of the contract price of the designated unsettled open interest by the constant amount is (168.05-167.85) × 50. Therefore, in the present embodiment, the profit / loss is fixed when the double-denominated transaction is established, and the profit / loss due to the fluctuation of the prevailing rate until settlement is not generated.

  On the other hand, for swap points, one common swap point is applied to both open and buy positions as in the case of the above settlement price, so the difference between the final swap points is the difference between the two positions (selling quantity). -Purchase quantity) x Daily swap point value. In particular, in the example of Euro / Yen in Fig. 14 (b), both houses are made on the same transaction date, and the quantity sold and the quantity bought are the same. There will be no payment or receipt of points. Therefore, in the case of the same number of double-denominated transactions on the same day, there will be no gain or loss due to fluctuations in the prevailing rate and swap points by the date on which the specified settlement is made.

  As described above, the designated settlement method of the present embodiment provides a designated settlement that can be performed by designating any open interest pair that has already been promised, while eliminating the lack of economic rationality in both conventional buildings. It becomes possible.

  In other words, in a conventional over-the-counter margin trading, if you try to apply a designated settlement that can specify any open and buy positions in the same currency that have already been executed before the transaction date, the transaction fee associated with the cover transaction Increases in exchange rates, fluctuations in foreign exchange transaction rates, and the application of swap point values that differ for each open and buy position, imposes a large economic burden on individual investors. For this reason, in the past, it was not possible to make a designated settlement that specified an open interest pair that had already been promised, and it was necessary to make a settlement with the settlement order as the same currency pair for the open interest that had already been promised (a settlement order designated as a currency pair) Had to do). However, the designated settlement method in exchange exchange margin trading of this embodiment extremely reduces the economic burden on individual investors, etc. until the settlement date, and the risk of fluctuations in the actual rate and swap point difference burden in both states There is no.

  For this reason, it is possible to provide a designated settlement with a high degree of freedom in which it is possible to designate and settle any open interest that has already been promised while ensuring a safe and sound exchange margin transaction.

  In addition, this designated settlement method is based on the second trading relationship between the exchange and the trader, regardless of the exchange exchange market based on the relationship between the demand and supply of the market maker who makes the quotation. Settlement processing with business partners. That is, in the designated settlement according to the present embodiment, a settlement process is performed in which the opposite trade with the market maker is not performed (it is not necessary to perform). For this reason, the buying and selling transaction supplied by the market maker is not hindered by counter-sale in settlement, and the liquidity of the foreign exchange market is ensured.

  More specifically, for example, if the foreign exchange rate suddenly changes due to a sudden change in the situation, individual investors holding open interests will be able to hedge risks by holding open interests and establish profits and losses at an early stage. In addition, it tries to settle the open interest held. And if the settlement by the counter-marketing with the market maker and the trading partner is concentrated as before, the selling / buying transaction supplied by the market maker is absorbed by the counter-selling transaction in the settlement, and the new selling / buying transaction is hindered. (Market liquidity will be reduced). On the other hand, in the designated settlement method of the present embodiment, a settlement process is performed in which no counter-buying with the market maker is performed. The liquidity of the market can be secured without being absorbed.

  In this embodiment, it is also possible to make a conventional designated settlement, and arbitrarily designate a previously open interest on the trade date or before the trade date, and place a settlement order for the designated open interest. The payment process is completed. Further, in this embodiment, the settlement is executed by arbitrarily specifying the open and closed positions in the same currency that are executed in the individual new orders on the transaction date, that is, the double-denominated transaction executed on the transaction date. It is also possible, and it is possible to make a settlement by arbitrarily designating open interests that have already been executed without performing a settlement order process for forming the same currency pair at the time of settlement.

  Further, in the present embodiment, the settlement price of the buying and selling positions opposite to the selling and buying positions designated by the individual investors or the like is calculated based on the prevailing rate (best bid / best offer). The settlement price may be calculated (determined) based on other values. For example, if an individual investor makes a designated settlement declaration during a time period (pre-open) when an order before the start of trading on the exchange is possible, the settlement price determined after the trading hours of the previous day (the settlement price on the previous day) ) Can be applied as the settlement price. This clearing price is the price determined by the exchange after the end of the daily trading hours for each currency pair in order to calculate the margin requirement for exchange exchange margin trading (marking the price). (I.e., one clearing price is calculated for each currency pair). As an example of calculating the clearing price, the transaction management unit 115 obtains the final selling / buying settlement price (closing price) at the trading time from the exchange database 118 after the trading time ends, and intermediate values of the selling / buying closing prices. Can be calculated as the clearing price. The calculated clearing price is stored in the exchange database 118.

  In addition, bid information and offer information that are supplied in real time during normal business hours (open) can be temporarily changed due to system failure or the occurrence of a market maker's bid information / offer information supply failure state. When the price is not supplied to the exchange, it is possible to calculate the middle price of the latest (immediately preceding) bid / offer presented to individual investors or supplied from the market maker and apply it as the settlement price.

  That is, in the designated settlement method of the present embodiment, the common settlement price applied to each of the opposite buy and sell positions generated for the designated open interest pair is within a predetermined trading time at the exchange. If present, the median bid rate and offer rate at the latest exchange rate supplied in real time, the median of the latest (immediately) bid rate / offer rate presented to individual investors or supplied by market makers Is applied (calculated), and in the specified time zone (within the pre-opening time) when only orders outside the trading hours are possible, the clearing price of the previous day (the bid rate and offer rate of the last transaction of the previous day's sell / buy (Intermediate value) is applied (the intermediate value of the bid rate and offer rate at the exchange rate will include the clearing price) . In the present embodiment, the intermediate value of the bid rate and the offer rate at the exchange rate is calculated according to the actual rate, but the intermediate value may not be applied as the shared settlement price. In other words, it may be a settlement price that is commonly applied to each of the open position and the open position.

  Further, in the exchange exchange margin trading system of the present embodiment, the exchange system 100 is configured in such a manner that the FX server 120 as a trader server is included. It is also possible to configure the exchange exchange margin trading system in a manner not included in 100. Specifically, the trader's server 200 is configured to have the ASP function provided by the FX server 120 and the function of the transaction processing unit 123, and the orderer terminal 300 transmits order information to the server 200. The server 200 may be configured to apply for an order to the exchange system 100 based on the order information of the orderer. In other words, the FX system is configured to perform the same transaction process as the exchange exchange margin transaction performed by the FX server 120 with the exchange system 100 (the exchange central server 110). 120 can be configured in a manner that is not included in the exchange system 100. It is also possible to configure the exchange exchange margin trading system in a manner in which the function of the FX server 120 (trader server) is included in the exchange central server 110. That is, when the transaction management unit 115 receives an order request or a settlement request from the orderer terminal 300, the transaction management unit 115 performs processing in a form that absorbs the processing of the transaction processing unit 123 of the FX server 120 shown in FIG. Further, a processing unit similar to the transaction processing unit 123 of the FX server 120 is separately provided in the exchange central server 110, and the designated settlement processing shown in FIG. 8 is performed between the transaction management unit 115 and the provided processing unit. It can also be configured to accomplish.

  In other words, the designated settlement method of the present embodiment uses the exchange rate deposit margin based on bid / offer information from the market maker who bids the exchange rate through the trader registered in the exchange for the margin exchange transaction. The exchange central server that provides the transaction to the orderer and the orderer terminal 300 of the orderer that can be connected to the exchange central server via the network constitute an exchange exchange margin trading system, and the exchange central server Is the designated open interest as the open interest for the orderer that has been contracted through the trader based on a settlement request that pairs the open interest and the open interest in any same currency held by the orderer designated by the orderer. For the same currency, and for the specified buy position, the same currency And a step of performing a payment process by pairing the designated open position and the set open position for payment, and making a pair of the specified open position and the set position open position for payment. It can be realized by configuring.

  Further, the final profit / loss determination process including the profit / loss (delivery / receipt) of swap points shown in FIG. 14 can be performed by the transaction management unit 115, and can be performed by the designated settlement unit 115a. It is also possible to configure. Specifically, the transaction management unit 115 or the designated settlement unit 115a acquires swap point information applied to the settled open interest from the exchange database 118 for the open interest settled by the designated settlement processing, and acquires the swap The points can be applied to each open interest to calculate the final profit / loss (see FIG. 14B). Accordingly, the designated settlement unit 115a of the present embodiment performs designated settlement processing based on a common settlement price and performs settlement processing including final profit and loss determination processing using commonly applied swap points. Can do.

  As mentioned above, in the said embodiment, the designated settlement method in the exchange money-exchange margin transaction of this invention is performed with the computer (CPU) which can be read, and it can provide as a program for performing each function of a designated settlement method. Is possible. Each of these programs can be provided in a state of being recorded on a computer-readable recording medium or through a predetermined communication network or communication line. Examples of the computer-readable recording medium include a CD-ROM. Optical disk, phase change optical disk such as DVD-ROM, magneto-optical disk such as MO (Magnet Optical) and MD (Mini Disk), magnetic disk such as floppy (registered trademark) disk and removable hard disk, compact flash (registered trademark), Memory cards such as smart media, SD memory cards, and memory sticks are listed.

  In addition to the above-described hardware configurations, each server in the above embodiment includes operation input means such as a keyboard, mouse, and scanner, display means such as a liquid crystal display, output means such as a printer and a speaker, a main storage device (memory ), An auxiliary storage device (hard disk or the like), etc., and each terminal can be provided with these means. Control of each unit is performed by a control unit (CPU) that controls the server or the entire computer.

  In addition, although specific embodiment was described in detailed description of this invention, it can change variously within the range which does not deviate from the summary of this invention. Therefore, the scope of the present invention is not limited to the above-described embodiment, but should be determined based on the description of the scope of claims and equivalents thereof.

The system block diagram of the exchange exchange margin trading system to which this invention is applied. The block diagram of the configuration of the exchange central server of the exchange exchange margin trading system to which the present invention is applied. The flowchart figure for demonstrating the processing flow of the exchange exchange margin trading system to which this invention is applied. The flowchart figure following FIG. 3 for demonstrating the processing flow of the exchange money-exchange margin trading system to which this invention is applied. The figure for demonstrating the transaction processing in the exchange money-exchange margin transaction system to which this invention is applied. The flowchart for demonstrating the processing flow of the transaction processing in the exchange money-exchange margin transaction system to which this invention is applied. The figure for demonstrating the swap point process of the exchange exchange margin trading system to which this invention is applied. It is a figure for demonstrating the designated settlement process in the exchange money-exchange margin trading system to which this invention is applied. The figure for demonstrating the processing flow of the designated settlement process in the exchange money-exchange margin trading system to which this invention is applied. The figure which shows the screen of the designated payment in the exchange money-exchange margin trading system to which this invention is applied. The figure which shows the screen of the designated payment in the exchange money-exchange margin trading system to which this invention is applied. The figure which shows the screen of the designated payment in the exchange money-exchange margin trading system to which this invention is applied. The figure which shows the screen of the designated payment in the exchange money-exchange margin trading system to which this invention is applied. The figure for demonstrating the designated settlement process in the exchange money-exchange margin trading system to which this invention is applied. It is the figure explaining the designated settlement method in the conventional over-the-counter margin deposit transaction.

Explanation of symbols

100 exchange system 110 exchange central server 111 communication control unit 112 FX management unit 113 MM management unit 114 customer management unit 115 transaction management unit 115a designated settlement unit 116 transaction rate management unit 117 swap point management unit 118 exchange database 120 for FX Server (trader server)
121 FX database 122 Customer database 123 Transaction processing unit 130 MM server 200 Server 201 Trader terminal 300 Orderer terminal 400 Market maker terminal (MM terminal)

Claims (19)

An exchange server that provides the orderer with exchange exchange margin transactions based on bid / offer information from market makers that quote exchange transaction rates through an exchange registered for exchange margin transactions; A designated settlement method in exchange exchange margin trading realized by the orderer terminal of the orderer connectable to the exchange server via a network,
The exchange server is
Based on a settlement request for a pair of open positions and buy positions in the same currency held by the orderer specified by the orderer, the specified sell as the open position for the orderer executed through the trader. Generating a settlement open position in the same currency for the open interest and a sell open position in the same currency for the specified buy open position at a common price;
Performing the payment process of pairing the designated open position and the buy position for payment, and pairing the specified open position and the open position for payment;
A designated settlement method in exchange exchange margin trading characterized by including: Based on the order information from the orderer with respect to the bid / offer information from the market maker that bids the exchange rate provided to the exchange server and the exchange transaction rate provided to the exchange server. A designated settlement method in exchange exchange margin trading realized by a trader server that performs exchange margin trading through the exchange,
Based on a settlement request from the orderer that pairs the open position and the open position in any same currency held by the orderer designated by the orderer, the trader server designates the specified settlement to the exchange server. Sending the application,
In response to the designated settlement application, the exchange server generates a settlement open position in the same currency for the designated sell position and a sell open position in the same currency for the designated buy position at a common price. And sending to the trader server contract information about the generated settlement open interest and the open interest open for settlement having the generated common price;
Based on the received contract information, the trader server makes a pair of the designated open position and the settlement open position, and makes a pair of the designated open position and the settlement open position. Transmitting a settlement processing request to the exchange server;
The exchange server performing payment processing for each pair in response to the payment processing request;
A designated settlement method in exchange exchange margin trading characterized by including:   3. The designation in exchange exchange margin trading according to claim 2, further comprising: the exchange server calculating the common price based on a bid rate and an offer rate at the exchange exchange rate. Payment Method. The step of calculating the price includes:
4. The designated settlement method for exchange exchange margin trading according to claim 3, wherein an intermediate value between a bid rate and an offer rate at the exchange transaction rate is calculated as the common price. The exchange server further includes a step of calculating a swap point value that is commonly applied to the traded open position and the open position based on swap point information regarding the currency provided by the market maker,
5. The swap point value applied in common is applied to each of the open position and the open position of the same currency held by the orderer. 5. Designated settlement method for exchange margin trading in Japan. The exchange server performing an exchange transaction process through the exchange between the market maker and the trader in response to an order application transmitted from the trader server based on the order information; In addition,
The step of performing the exchange transaction through the exchange is as follows:
The exchange transaction executed between the market maker and the trader is a first trade executed between the market maker and the exchange, and the first trade executed between the trader and the exchange. Treat it as two independent exchange transactions in two transactions,
The exchange server generates the settlement open interest for settlement and the sell open interest for settlement at a common price, and transmitting the contract information to the trader server includes the purchase open interest for settlement based on the second transaction and Generating the open position for settlement,
The exchange server performs a settlement process,
6. The designated settlement method in exchange exchange margin trading according to claim 2, wherein the settlement processing is performed as settlement in the second transaction independent of the first transaction. . An exchange server that provides the orderer with exchange exchange margin transactions based on bid / offer information from market makers that quote exchange transaction rates through an exchange registered for exchange margin transactions; An exchange exchange margin trading system comprising: an orderer terminal of the orderer connectable to the exchange server via a network;
The open interest for the orderer executed by the trader based on a settlement request that pairs the open open interest and the open open interest in the same currency held by the orderer designated by the orderer. A settlement processing unit for generating a settlement open position for settlement in the same currency for the designated sell position and a sell position for settlement in the same currency for the designated buy position at a common price,
The payment processing unit performs a payment process in which the designated selling position and the payment buying position are paired, and the designated buying position and the payment selling position are paired. Exchange exchange margin trading system. Based on the order information from the orderer with respect to the bid / offer information from the market maker that bids the exchange rate provided to the exchange server and the exchange transaction rate provided to the exchange server. An exchange margin trading system having a trading agent server for performing exchange margin trading through the exchange,
The exchange server is transmitted from the trader server on the basis of a settlement request from the orderer paired with an open position and an open position of any same currency held by the orderer designated by the orderer. In response to the designated settlement application, the settlement processing unit generates a settlement open position in the same currency for the designated sell position and a sell position in the same currency for the designated buy position at a common price. ,
The settlement processing unit pairs the designated selling position and the settlement buying position for payment transmitted from the trader server based on the generated settlement buying position and settlement selling position, and the designation. An exchange exchange margin trading system characterized in that the settlement processing of each pair is performed in response to a settlement processing request for pairing the purchased open interest and the selling open interest for payment. The exchange server includes a transaction rate generation unit that receives the bid / offer information provided from the market maker and generates an exchange transaction rate for providing to the orderer.
The settlement processing unit
9. The exchange exchange margin trading system according to claim 8, wherein the common price is calculated based on the exchange transaction rate. The settlement processing unit
The exchange exchange margin trading system according to claim 9, wherein an intermediate value between a bid rate and an offer rate at the exchange transaction rate is calculated as the common price. The exchange server further includes a swap point processing unit that calculates a swap point value that is commonly applied to the open position and the open position based on swap point information regarding the currency provided by the market maker,
11. The swap point value applied in common is applied to each of the open position and the open position of the same currency held by the orderer. 11. Exchange exchange margin trading system. The exchange server further includes a transaction management unit that performs exchange transaction processing through the exchange between the market maker and the trader based on the order information,
The transaction management unit
The exchange transaction executed between the market maker and the trader is a first trade executed between the market maker and the exchange, and the first trade executed between the trader and the exchange. Treat it as two independent exchange transactions in two transactions,
The settlement processing unit
The exchange exchange margin trading system according to any one of claims 8 to 11, wherein the settlement processing is performed as a settlement in the second transaction independent of the first transaction. The trader server is
Transaction processing for transmitting a designated settlement application to the exchange server based on a settlement request from the orderer paired with an open position and an open position in an arbitrary currency held by the orderer designated by the orderer Part
The transaction processing unit receives, from the exchange server, execution information about the settlement open interest and the settlement open interest having the generated common price, and the designated sale open interest and the settlement open interest The payment processing request which makes a pair and the specified buying open interest and the selling open interest for payment as a pair is transmitted to the exchange server, according to any one of claims 8 to 12. Exchange exchange margin trading system. Exchange exchange margin transactions are executed on an exchange server that provides the orderer with exchange exchange margin transactions based on bid / offer information from market makers who price exchange transaction rates through a trader registered on the exchange. Exchange exchange margin trading program to be executed on the exchange server,
Based on a settlement request for a pair of open positions and buy positions in the same currency held by the orderer specified by the orderer, the specified sell as the open position for the orderer executed through the trader. A function to generate a settlement open position for settlement in the same currency for the open interest and a sell open position for settlement in the same currency for the designated buy open position at a common price;
A program for realizing a function of performing a payment process in which the designated selling position and the settlement buying position are paired and the designated buying position and the selling position are paired. Order information from an orderer for bid / offer information from a market maker that is executed on an exchange server that provides exchange margin trading through an exchange and bids for exchange rate provided to the exchange server. An exchange exchange margin trading program realized through an exchange server that performs exchange margin trading through the exchange based on the exchange server,
Responding to a designated settlement application transmitted from the trader server based on a settlement request from the orderer paired with an open position and an open position of an arbitrary currency held by the orderer designated by the orderer. A function to generate a settlement open position in the same currency for the designated sell position and a sell position in the same currency for the designated buy position at a common price;
Based on the generated settlement open interest and settlement open interest, the specified sell open and the settlement open interest transmitted from the trader server are paired, and the designated buy open and the A program for realizing the function of executing the payment processing of each pair in response to a payment processing request for pairing with the open interest for payment. Based on the order information from the orderer to the bid / offer information from the market maker that bids the exchange rate provided to the exchange server that provides the exchange margin transaction through the exchange, through the exchange A program executed by a trader server for performing exchange margin trading, the trader server,
A function of transmitting a designated settlement application to the exchange server based on a settlement request from the orderer paired with an open position and an open position of an arbitrary currency held by the orderer designated by the orderer; ,
Settlement open for settlement in the same currency for the designated sell position and settlement in the same currency for the designated buy position generated in the exchange server in response to the designated settlement application transmitted from the trader server A function for receiving contract information about a settlement open position and a settlement open position with a common price,
Based on the received contract information, a transaction is made for a settlement processing request for pairing the designated open position and the settlement open position, and pairing the designated buy position and the settlement open position. And a program for realizing the function to transmit to the server. This is an exchange server that provides an exchange money margin transaction to an orderer based on bid / offer information from a market maker who bids a foreign exchange transaction rate through a trader registered on the exchange for the exchange margin transaction. And
Based on a settlement request for a pair of open positions and buy positions in the same currency held by the orderer specified by the orderer, the specified sell as the open position for the orderer executed through the trader. A settlement processing unit for generating a settlement open position for settlement in the same currency for the open interest and a sell open position for settlement in the same currency for the specified buy open position at a common price;
The settlement processing unit performs a settlement process in which the designated sell position and the settlement buy position are paired and the designated buy position and the settlement sell position are paired. Exchange server to do. An exchange server that provides exchange exchange margin trading to a trader server that performs exchange margin trading through an exchange based on order information from an orderer,
Responding to a designated settlement application transmitted from the trader server based on a settlement request from the orderer paired with an open position and an open position of an arbitrary currency held by the orderer designated by the orderer. A settlement processing unit for generating a settlement open position in the same currency for the designated sell position and a sell position in the same currency for the designated buy position at a common price,
The settlement processing unit pairs the designated selling position and the settlement buying position for payment transmitted from the trader server based on the generated settlement buying position and settlement selling position, and the designation. An exchange server characterized in that, in response to a payment processing request for pairing the purchased open interest and the selling open interest for payment, the payment processing of each pair is performed. Based on the order information from the orderer to the bid / offer information from the market maker that bids the exchange rate provided to the exchange server that provides the exchange margin transaction through the exchange, through the exchange A trader server that performs exchange margin trading,
Transaction processing for transmitting a designated settlement application to the exchange server based on a settlement request from the orderer paired with an open position and an open position in an arbitrary currency held by the orderer designated by the orderer Part
The transaction processing unit generates a settlement open position in the same currency for the designated sell position and a settlement in the same currency for the specified buy position generated in the exchange server in response to the designated settlement application. Receives trade information about a settlement open position and a settlement open position that have a common price and is a sell position, and makes a pair of the designated sell position and the purchase position for settlement, and the designated A transaction server that transmits a payment processing request for a pair of a buy position and a sale position for payment to the exchange server.

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