JP5487009B2 - Stock index futures trading system - Google Patents

Description

  The present invention relates to a financial futures trading system, and more particularly, to a stock index futures trading system in a stock index futures trading.

  Traditionally, stock indexes such as the TSE Stock Price Index (TOPIX (registered trademark)) and Nikkei Stock Average (registered trademark) are subject to trading (underlying assets), and the stock price index is traded at a price determined at the present time on a fixed period in the future. There is a stock index futures deal that promises. Typical examples include TSE Stock Price Futures Trading, Nikkei Stock Average Futures Trading (Nikkei 225 Futures Trading) and the like.

  This stock index is an index calculated by a predetermined calculation method based on the stock price in the stock trading of the spot, and is an index calculated by a person who lists the stock index futures trading or provided by an information vendor. . For example, the TSE Stock Price Index is an index obtained by dividing the total market capitalization of all stocks listed on the first section of the TSE (registered trademark) by all stocks, and the market capitalization (stock price x number of issued shares) is inevitable when the stock price increases. This is an index that is affected by stocks with high market capitalization. On the other hand, the Nikkei Stock Average is the average stock price of 225 stocks selected by Nihon Keizai Shimbun, Inc. from the stocks listed on the first section of the Tokyo Stock Exchange. The impact of the stock price of each stock selected, not all stocks listed. It is an index to receive.

  And since the stock price index to be traded does not exist like real stock transactions such as stocks, the difference settlement by resale / repurchase, special clearing index at the transaction date (also called SQ value, final clearing index) Settlement (clearing) by the difference settlement by.

  In addition, in stock index futures trading, a trading technique similar to that of spot stock trading is adopted, and trading is generally established by an auction method. This auction method is a method for establishing a sale that matches the conditions of sell / buy orders in order based on the price priority / time priority rules, and in particular, executes all the sell / buy orders as attributes of the orderer. Regardless of the transaction.

"Index Futures Trading System Overview", Tokyo Stock Exchange, Inc. http://www.tse.or.jp/rules/topixf/topixf7.html "All about stock index futures", Osaka Securities Exchange, Inc., http://www.ose.or.jp/futures/doc_punf/pu_sa.pdf

  These conventional stock index futures trading is a transaction that promises to trade the stock index at the price determined at the present day on a fixed period in the future as described above. In the meantime, interest will be charged according to the number of days until the settlement. For this reason, it is common to trade at a futures price (stock price index) that includes the amount of interest until the transaction date.

  To explain Nikkei 225 futures trading as an example, if the price movement of Nikkei 225 in stock trading is around 10000 yen, the price of the future contract in the most recent contract in Nikkei 225 futures It will move around the added 10020 yen. In other words, the futures price (future stock price index) of the Nikkei Stock Average futures contract was formed by adding the amount of interest to the Nikkei average stock price that is the subject of trading, and was dissociated from the Nikkei Average stock index of stocks in spot trading. It is in a state.

  In addition, stocks can receive dividends that distribute a portion of surplus according to the company's performance, etc., and giving and receiving these dividends affects the stock price in cash stock transactions. For this reason, in the Nikkei Stock Average futures transaction, a transaction is performed at a futures price in consideration of this dividend in addition to the above-mentioned interest rate.

  In this way, in the traditional Nikkei Stock Average futures trading, even though the Nikkei Average stock price is the target of trading, settlement processing and clearing processing using futures prices (future indices) that deviate from the Nikkei average stock price in actual stock trading As a result, the Nikkei Stock Average in the actual stock trading itself was not included in the transaction.

  In addition, in Nikkei 225 futures trading, since interest rates and dividends are included in the stock price index, it is difficult to grasp the interest rates and dividends individually, and the divergence from the Nikkei 225 stock prices in actual stock trading is appropriate. I couldn't figure it out.

  In addition, the traditional Nikkei Stock Average futures contract is a contract transaction, and it is necessary to execute a contract for a contract change when deferring the open interest held to the next contract month. It was a burden for trading participants.

  In particular, the stock price index futures trading by the conventional auction method has a problem that it is difficult to introduce a loss cut. In other words, the loss cut is a mechanism to reverse trade when the loss reaches a preset loss against market fluctuations during market opening, and to determine the loss. When an order is biased to sell / buy due to a change, there is a problem that a loss cut cannot be effectively performed for a fluctuating market because it is difficult to obtain a value (a transaction is difficult to be established).

  In addition, the establishment of counter-sales in the loss cut depends on the selling / buying order status / conditions of the corresponding individual investors, etc. (strictly speaking, the traders entrusted with the transactions by the individual investors (exchange trading participants)). As a result, the price of the selling / buying order of the counter-buying becomes unstable, and furthermore, even in the counter-buying in the loss cut, the transaction is made based on the rule of the price priority / time priority, so that multiple selling There is a problem that the transaction price in the loss cut becomes unclear because there is a case where the counter selling is not established between the best selling / buying order among the buying orders.

  In this way, in the conventional stock index futures trading, it is in reality that loss cut cannot be introduced, and when trying to introduce the loss cut function to the auction-type stock index futures trading system, due to the above-mentioned issues, It is necessary to construct a matching process for buying and selling separately from a matching process for normal transactions. In particular, the current auction-type stock index futures trading, such as complicating the entire system because it is necessary to maintain consistency with the matching processing of normal trading when constructing the matching processing of counter trading in loss cut separately, It is not suitable for realizing a reliable and transparent loss cut, in other words, an environment that favorably suppresses losses on stock index futures transactions for the orderer cannot be realized.

  However, the loss cut is an effective mechanism for providing safe and reliable transactions to the orderer, and the introduction of the loss cut is urgently required in stock index futures trading, and the stock index futures based on the conventional auction method. It was a big issue in trading.

  SUMMARY OF THE INVENTION An object of the present invention is to provide a stock index futures transaction in which a stock index itself in a stock transaction itself is traded while providing an environment that suitably suppresses transaction losses for the orderer.

  A stock index futures trading system according to one aspect of the present invention is a stock index futures trading system for trading a stock index in a spot stock trading, and is transmitted from a market maker terminal of a market maker who makes a quote in the stock index futures trading. A transaction rate management unit that generates transaction rate information including bid values and offer values of a trading index corresponding to a stock index futures price based on the bid information and offer information, and a stock price based on the generated transaction rate information A transaction control unit that receives the order information input via the orderer's terminal by the orderer performing index futures transactions and performs a transaction process on the order information using the bid value or / and offer value presented by the market maker; In the bid and offer values or transaction processing presented by the market maker. Stores information related to the clearing price calculated based on the contract price at which the contract is established, the unsettled open interest of each orderer, the interest rate applied when carrying over the unsettled open interest, and the dividends for the stocks constituting the stock index. In the transaction database and the daily price washing process after the end of the transaction date, with respect to the unsettled open interest held by the orderer at the end of the transaction, the amount corresponding to the interest rate for the period from the transaction date to the next transaction date and Calculate the amount equivalent to dividends, perform the process of transferring the calculated interest rate equivalents and dividend equivalents between unsettled open interest buyers and sellers and unpaid using the above clearing price on the transaction date And a clearing processing unit for calculating a gain or loss on the open interest.

  The clearing processing unit may be configured to calculate an interest equivalent amount for each orderer's unsettled open interest based on the interest rate, and to perform processing to pay the interest amount equivalent to the buying method to the seller.

  In addition, the clearing processing unit determines whether or not the date on which the mark-up process equivalent to the dividend is performed is the day after the final day of the dividend right with the predetermined dividend. In the mark-up process after the end of the transaction, the buyer will receive the amount equivalent to the dividend calculated based on the amount of open interest held by the last day with dividend rights and the dividend from the seller. Can be configured.

  In addition, the clearing processing unit responds to the settlement application by resale / repurchase of unsettled open interest from the orderer's terminal, and performs difference settlement based only on the difference between the contract price of unsettled open interest and the settlement price of resale / repurchase. Can be configured to.

  Further, the transaction rate management unit is configured to generate transaction rate information using the bid information and offer information presented by the market maker from which the interest rate equivalent amount and / or the dividend equivalent amount are excluded as an index as a transaction index. Can do.

  In addition, the clearing processing unit can be configured to reflect the stock price index difference, which is the sum of the difference profit / loss, interest amount equivalent amount and dividend equivalent amount, in the margin information and cash exchange amount of the orderer.

  In addition, the above-mentioned interest rate can be applied to a policy interest rate (for example, an unsecured call next day induction target interest rate) that is commonly applied to both open and open positions of unsettled open positions.

  In addition, the stock price index futures transaction can be a limited date transaction with the transaction date as the transaction date.

  In addition, in response to a request for correction of an unsettled open interest held by the orderer, the clearing processing unit receives the request for correction of the interest-equivalent amount and dividend-equivalent amount already passed for the open interest that has been requested to be corrected. It is possible to perform a correction process that reflects the price washing process on the selected day.

  The transaction rate management unit receives a plurality of bid information and offer information from a market maker terminal of a plurality of market makers, and the highest bid value among the plurality of bid information and the lowest offer value among the plurality of offer information. Can be configured to generate one integrated transaction rate information composed of the extracted highest bid value and the lowest offer value.

  In addition, the information processing apparatus according to another aspect of the present invention can connect a market maker terminal of a market maker who makes a quote in a stock index futures transaction that is a stock index in a stock transaction, through a network. An information processing device that performs stock index futures transaction processing based on order information input by an orderer who performs futures trading through an orderer terminal and the bid price, and bid information and offers transmitted from a market maker terminal Based on the information, the transaction rate management unit that generates transaction rate information including bid value and offer value of trading index corresponding to stock index futures price, and receives order information from the orderer based on the generated trading rate information In order information, the bid value and / or offer value presented by the market maker is used. The transaction control unit that performs the transaction processing, and the clearing price calculated based on the bid value and offer value presented by the market maker or the contract price that the transaction was concluded in the transaction processing, unpaid open interest of each orderer, unpaid Held by the orderer at the end of the transaction in the transaction database that stores information on interest rates applied when carrying forward open interest, and dividends for stocks that make up the stock index, and daily mark-up processing after the end of the transaction date For the unsettled open interest to be calculated, the interest rate equivalent amount and the dividend equivalent amount for the period from the transaction date to the next transaction date are calculated, and the calculated interest rate equivalent and dividend equivalent amount are And a clearing processing unit that calculates the profit or loss of unsettled open interest using the clearing price on the transaction date, as well as performing processing to transfer to and from the seller. It characterized the door.

  According to another aspect of the present invention, there is provided a program in which a market maker terminal of a market maker that makes a bid in a stock index futures transaction that is a stock index in a stock trading can be connected through a network. A program executed by an information processing apparatus that performs stock index futures transaction processing based on order information and a bid price input by an orderer who performs a transaction through an orderer terminal, and the information processing apparatus includes a market maker Based on the bid information and offer information transmitted from the terminal, a function for generating transaction rate information including a bid value and an offer value of a trading index corresponding to a stock index future price, and an order based on the generated trading rate information Bid information provided by the market maker And the function to perform transaction processing for order information using the offer value, and the bid value and offer value presented by the market maker stored in a predetermined storage area and the contract price at which the transaction was concluded in the transaction processing Refers to information on the clearing price to be paid, the unsettled open interest of each orderer, the interest rate applied when carrying forward the open interest, and the dividends for stocks constituting the stock index, and the daily value after the end of the trading day In the washing process, for the unsettled open interest held by the orderer at the end of the transaction, the interest rate equivalent for the period from the transaction date to the next transaction date and the dividend equivalent amount for the transaction day are calculated, and the calculated interest rate equivalent The amount and dividend equivalent amount are transferred to and from the buyers and sellers of unsettled open interests, and the difference of unsettled open interests using the clearing price on the transaction date A function of calculating a benefit, a program for realizing.

  Further, the information processing apparatus according to another aspect of the present invention provides bid information and offer information transmitted from a market maker terminal of a market maker that makes a bid in a stock index futures transaction in which a stock index in a stock transaction is traded. A transaction rate management unit that generates transaction rate information including a bid value and an offer value of a trading index corresponding to a stock index futures price, and an orderer who performs a stock index futures transaction based on the generated transaction rate information. A stock price index futures trading system comprising: a trade control unit that receives order information input via an orderer terminal and performs a trade process on the order information using a bid value or / and an offer value presented by a market maker; Information processing device to be connected, presented by a market maker stored in a predetermined storage area The clearing price calculated based on the bid price and offer value or the contract price at which the transaction was concluded in the transaction processing, the unsettled open interest of each orderer, the interest rate applied when carrying the unsettled open interest, and the stock price index Refer to the information on dividends for the constituent stocks, and in the daily price washing process after the end of the transaction date, the unpaid open interest held by the orderer at the end of the transaction is the period from the transaction date to the next transaction date. Calculates the amount equivalent to the interest rate and the amount equivalent to the dividend on the transaction date, and performs the process of transferring the calculated amount equivalent to the interest rate and the amount equivalent to the dividend to the buyer and seller of the unsettled open interests. It is characterized by calculating the profit or loss of unsettled open interest using the clearing price.

  Furthermore, an exchange stock index futures trading system according to another aspect of the present invention has a stock price index futures trading that is a stock index in a stock trading, and quotes in stock index futures trading. An orderer who conducts a stock price index futures transaction that is transmitted through a trader server held by a trader registered as a trading participant of a quote and exchange stock price index futures trade transmitted from the market maker terminal of the market maker. Is an exchange stock index futures trading system including a stock index futures trading server that performs stock index futures trading processing based on the order information entered through the orderer terminal, wherein the stock index futures trading server is received from a market maker. Stock index futures prices based on transmitted bid information and offer information The transaction rate management unit that generates the transaction rate information including the bid value and offer value of the transaction index equivalent to the transaction index, and the transaction control that performs the transaction processing for the order information using the bid value or / and the offer value presented by the market maker Applied when carrying forward the clearing price calculated based on the bid value and offer value provided by the market maker and the market maker, or the contract price that the transaction was concluded in the transaction processing, the unsettled open interest of the orderer, and the open open interest of the orderer In the transaction database that stores information on interest rates and dividends on stocks that make up the stock index, and in the daily price-washing process after the end of the transaction date, the transaction is performed against the open interest held by the orderer at the end of the transaction. The amount equivalent to the interest rate for the period from the day to the next trading day and the dividend equivalent amount for the trading day are calculated, and the calculated interest rate equivalent amount and A clearing processing unit that performs the process of transferring the equivalent amount between buying and selling unsettled open interest and calculating the profit or loss of unsettled open interest using the clearing price on the transaction date. It is characterized by.

  The exchange stock index futures trading system may further include a stock index CFD server, and the stock index CFD server is orderer information for performing stock index futures trading through a trader, and includes at least A storage unit for storing the margin of the orderer, information on margin required for performing a stock index futures transaction set by the trader or the orderer itself, and an unsettled open interest held by the orderer; and the orderer The margin of the orderer's margin is determined by determining whether the orderer's margin is at least less than the required margin A loss-cut processing unit that generates order information for counter-trading for the unsettled open interest of the orderer and transmits it to the stock index futures trading server as order information via the trader server, It can be configured to.

  According to the present invention, for the unsettled open interest held by the orderer at the end of the transaction, the interest equivalent amount for the period from the transaction date to the next transaction date and the dividend equivalent amount for the transaction day are calculated and calculated. Perform processing to transfer interest equivalents and dividend equivalents between buyers and sellers of unsettled open interests, as well as mark-up processing of unsettled open interests using the clearing price on the transaction date. Therefore, it is possible to provide a stock index futures transaction in which the stock index itself in a stock transaction is a transaction object.

  Furthermore, since the bid process and the offer price presented by the market maker are used to perform the transaction processing for the order information of the orderer who performs the stock index futures transaction, without complicated processing or separate processing for loss cut, In addition, it is possible to realize a loss cut introduction environment with high reliability and transparency in stock index futures trading.

  Therefore, it is possible to provide a stock index futures transaction in which the stock price index itself in the stock trading itself is a trading target while providing an environment that suitably suppresses transaction losses to the orderer.

1 is a schematic diagram of an exchange stock index futures trading system in a first embodiment of the present invention. FIG. 1 is a configuration block diagram of an exchange stock index futures trading system in a first embodiment of the present invention. FIG. It is a flowchart which shows the process transition of the exchange stock index futures trading system in 1st Embodiment of this invention. It is a flowchart which shows the process transition of the exchange stock index futures trading system following FIG. It is a figure for demonstrating the exchange stock index futures transaction in 1st Embodiment of this invention, (a) is a figure which shows transaction outline, (b) is a figure which shows transaction rate information (transaction rate screen). is there. It is the schematic diagram explaining the price washing process of the exchange stock index futures transaction in 1st Embodiment of this invention. It is a figure which shows an example of the unsettled open interest in 1st Embodiment of this invention. It is a flowchart which shows the process transition of the clearing process in the exchange stock index futures trading system in 1st Embodiment of this invention. It is a flowchart which shows the process transition of the transfer process of the exchange stock index futures transaction system in 2nd Embodiment of this invention. It is a flowchart which shows the process transition of the loss cut setting process of the exchange stock index futures trading system in 3rd Embodiment of this invention. It is a flowchart which shows the process transition of the loss cut process of the exchange stock index futures trading system in 3rd Embodiment of this invention.

  The exchange stock index futures trading system of the present invention is, for example, a stock index futures transaction that uses the Nikkei Stock Average (registered trademark) as an index in stock trading, and the stock index itself in stock trading. Providing futures contracts for trading. FIG. 5 is a diagram showing an overview of a stock index futures transaction according to the present invention. That is, the stock price index of the conventional Nikkei Stock Average futures transaction is different from the Nikkei Average stock price in the stock trading as described above, and the present invention is a stock index futures trade by the market making method. It is very different. In the following embodiment, the Nikkei average stock price is applied as a stock price index in a representative real stock transaction. However, the stock price is not limited to the Nikkei average stock price, and other domestic and foreign stocks such as TOPIX (registered trademark). A stock index in trading can be used.

  Further, as described above, the stock price index futures transaction of the present invention is different from the conventional Nikkei Stock Average futures transaction, not a contract month transaction such as March, June, September, December, etc. Day) is a limited-day transaction with the transaction date at the end of the daily transaction, in other words, a transaction in which the open interest at the end of the transaction date is deferred with the transaction date as the transaction date.

  In the clearing process of the present invention, for the open interest held by the orderer at the end of the transaction, the interest equivalent amount and the dividend equivalent amount for the period from the transaction date to the next transaction date are The stock price index in the stock trading of the stock, by performing the process of passing between the buying and selling of open interests, and the daily mark-up processing by the profit and loss of unsettled open interests using the clearing price on the transaction date Providing stock index futures transactions that deal with itself (equivalent to interest and dividends that are handled separately from interest income and dividends attached to open interest with respect to gains and losses, and differential income and loss based on clearing prices. Based on the amount, the final funding amount is calculated).

(First embodiment)
1 to 8 are diagrams showing a first embodiment of an exchange stock index futures trading system to which a stock index futures trading of the present invention is applied.

<System configuration>
FIG. 1 is a schematic diagram of an exchange stock index futures trading system of the present embodiment. As shown in FIG. 1, an exchange stock index futures trading system 100 according to the present embodiment is configured by an information processing device such as a computer possessed by an exchange, and possessed by a trader participating in the exchange stock index futures trading. A trader server 200, a trader terminal 201, a market maker terminal (MM terminal) 400 of a market maker (such as a financial institution such as a securities company) that conducts a bid (price) in a stock index futures transaction, a securities company, a bank, An orderer terminal 300 operated by each orderer such as a trading company, broker, insurance company, or general investor is configured to be connectable via a network N such as the Internet or a predetermined dedicated communication line. The orderer can connect to the stock index futures trading system 100 via the trader server 200 through the orderer terminal 300. The orderer terminal 300 is an information processing terminal having a display device such as a personal computer, a PDA (Personal Digital Assistant), a mobile communication terminal device such as a mobile phone, a communication function, and an arithmetic function.

  The stock index futures trading system 100 according to the present embodiment generates transaction rate information based on bid information / offer information provided by a plurality of market makers that make bids in stock index futures trading, and trades registered in the exchange. By providing the broker, the exchange stock price index futures margin trading is provided to individual investors and other orderers. The market maker and the trader are traders (trade participants) registered with the exchange, and the trader of this embodiment accepts orders from orderers (customers) such as individual investors. Traders registered with the Financial Services Agency that perform exchange stock index futures margin trading. The market maker is also a trading participant registered on the exchange, and presents the bid / offer value and tradeable quantity of the trading index corresponding to the stock index futures price to the orderer. A person who responds.

  Here, as will be described later, the exchange stock price index futures transaction of the present embodiment is established by the market making method, unlike the conventional auction method. That is, in the bid information / offer information provided by the market maker and the order information ordered by the orderer, the transaction is not established (contracted) between the order information between the orderers and between the bid information / offer information between the market makers. The exchange stock price index futures are executed in a transaction mode in which transaction processing is performed so that the trading partner of the orderer is always a market maker and the trading partner of the market maker is always the orderer.

  Further, the transaction rate information of the present embodiment is obtained by receiving a plurality of bid information and offer information from the MM terminal 400 of a plurality of market makers by a transaction rate management unit 1104 described later, and the highest bid value among the plurality of bid information. And the lowest offer value among a plurality of offer information, and generates one integrated transaction rate information composed of the extracted highest bid value and the lowest offer value, and one bid value and offer value Is presented to an orderer such as an individual investor as transaction rate information of an exchange stock index futures transaction.

  FIG. 2 is a configuration block diagram of the exchange stock index futures trading system 100 of the present embodiment, and the orderer terminal 300 communicates with the stock index futures trading server 110 via the trader terminal 201 and the trader server 200. A stock index CFD server 120 connected through the network, an MM server 130 to which the MM terminal 400 connects through a communication network, an individual investor etc. via the MM terminal 400, the trader terminal 201 and the trader server 200 And an authentication server 140 that performs access authentication when the orderer terminal 300 is connected to the exchange stock price index futures trading system 100.

  The stock index futures trading server 110 is a communication control among the trader server 200, the trader terminal 201, the orderer terminal 300, and the MM terminal 400 via each server in the exchange stock index futures trading system 100 and the communication network. A communication control unit 1101 that performs communication control with a system or server operated by an external organization, and a transaction request (new selling / buying) input by an orderer who performs a stock index futures transaction via the orderer terminal 300 Order, settlement order by resale / repurchase), and transactions for order information using bid values and / or offer values presented by the market maker sent from a plurality of MM terminals 400 to the MM server 130 Transaction control unit 110 that performs processing (stock index futures transaction processing using Nikkei average stock price in stock trading as a stock index) Based on the bid information and offer information transmitted from the MM terminal 400 of the market maker that makes a bid in the stock index futures transaction, the transaction rate information including the bid value and the offer value of the trade index corresponding to the stock index futures price is obtained. A transaction rate management unit 1104 to be generated and a settlement processing unit 1105 that performs a settlement process after the end of a predetermined transaction time are configured. As will be described later, the transaction rate management unit 1104 generates transaction rate information using a transaction index (a stock index in an actual stock transaction) that is an interest rate equivalent amount and a dividend equivalent amount excluded as indexes.

  Further, the stock index futures trading server 110 includes an information providing unit 1106 that provides transaction rate information, trading volume information, and the like to an external organization, and a customer database 122 of the stock index CFD server 120, and stores the trader and the transaction consignment. A customer management unit 1107 that manages customer information (personal information, transaction condition information, etc.) of an orderer such as an individual investor who has signed a contract, and an exchange stock index futures margin for the trader terminal 201 and the orderer terminal 300 A stock index CFD management unit 1108 that manages a stock index CFD server 120 that provides an ASP function for performing a transaction through the trader server 200 or directly to the trader terminal 201 and the orderer terminal 300; For market makers who provide information such as offer information to the exchange stock index futures trading system 100 MM management unit 1109 that manages the MM server 130 that provides the SP function, and transaction information (order information, order history information, open interest information, execution information, margin information, deposit / withdrawal information) in stock index futures transactions for each orderer , Transaction rate information, clearing price, etc.), transaction information for each market maker (presented bid / offer information, open interest information, contract information, margin information, deposit / withdrawal information, etc.) and policy interest rate (the next day of unsecured call) And a transaction database 1110 which is a storage unit for storing information on dividends for stocks constituting the Nikkei average stock price in a stock transaction in kind. Each unit of the stock index futures transaction server 110 is controlled by a control unit (CPU) 1102. The transaction database 1110 stores information such as the Nikkei average stock price in actual stock transactions, the closing price of the Nikkei average stock price in actual stock transactions, and the previous day ratio of the Nikkei average stock price in actual stock transactions. It is also possible.

  Information regarding the policy interest rate (the interest rate of the unsecured call next day induction target) stored in the transaction database 1110 and the dividends for the stocks constituting the Nikkei average stock price in actual stock transactions are exchanged from a predetermined information provider to the exchange. Can be controlled so that the control unit 1102 and the like are stored in the transaction database 1110. Information on policy interest rates and dividends can be manually stored in the transaction database 1110 via input means (not shown) provided in the stock index futures transaction server 100.

  The exchange stock index futures trading system 100 of the present embodiment is a trader (trader terminal 201) registered in the stock index CFD database 121 of the stock index CFD server 120 participating in the exchange stock index futures margin trading. ), An ASP function for executing stock index futures in exchange trading is provided. The stock price index CFD database 121 also stores screen information such as screen programs transmitted to the trader terminal 201 and the orderer terminal 300.

  The stock index CFD server 120 has a customer database 122 for centrally managing traders and individual investors (orderers) entrusted to traders, and the trader terminal 201 is a stock index CFD server. When connected to 120, an input screen or the like for inputting customer information of an individual investor or the like who has been outsourced and licensed by the trader is provided from the stock index CFD server 120 to the trader terminal 201. It is displayed on a display device (not shown) of the trader terminal 201. 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 stock index futures trading system 100 and stored in the stock index CFD server 120. Stored in the customer database 122.

  The customer database 122 includes codes for uniquely identifying individual investors (consignor codes, participant codes, etc.), customer transaction information such as position information and margin information of individual investors, etc. Is registered. For example, a participant code, a user name, a margin deposit amount, a sale constant amount, a purchase constant amount, a sold ball quantity, a purchased ball quantity, and the like are registered together with a user code given to each individual investor.

  Then, the trader terminal 201 possessed by each of the traders connects to the stock price index CFD server 120, so that the names, email addresses, and logins of individual investors registered in the customer database 122 can be obtained. Information such as an ID and a password can be acquired. In other words, all the main processes such as orderer registration and transaction processing including ID and password issuance processing are centrally managed and performed by the exchange stock index futures trading system 100. Each trader registers personal information such as individual investors, margin information, and information such as transaction conditions based on these information in the stock price index futures trading system 100. It is not necessary to provide functions for exchange stock index futures. Further, an individual investor or the like directly connects to the stock index futures trading system 100 (stock index CFD server 120) through the trader server 200, whereby the exchange stock price index futures margin trading through the commissioned trader. It can be performed.

  More specifically, the orderer is centrally managed in the exchange by registering with the exchange through the trader, and the orderer can be managed by the trader server from the orderer terminal 300 based on a consignment contract with the trader. The stock price index futures trading system 100 is connected to the stock price index CFD server 120 of the stock price index futures trading system 200, and the stock price index CFD server 120 provides an ASP function to perform exchange price index futures margin trading. The stock index CFD server 120 provides a predetermined login screen in response to a connection request from the orderer terminal 300. Authentication processing by the authentication server 140 is performed using the ID and password input by the orderer. As a result of the authentication process, when the authorized orderer registered in the exchange is authenticated and the start of the transaction is permitted, the stock index CFD server 120 sends the stored screen program to the orderer terminal 300. The individual investors, etc. can provide transactions such as orders and settlements (order instructions, settlement instructions, withdrawal instructions, etc.) through the display screen, view the current transaction status (uncommitted orders, unopened open interests, Order 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 stock index CFD server 120 of the present embodiment receives and receives the order information ordered by an individual investor based on the bid / offer value from the market maker provided by the stock index futures trading server 110. It functions as a server that performs stock index futures margin trading through the exchange based on the ordered information. In other words, the stock index CFD server 120 functions as a server in which a trader who has received order information from an orderer orders an exchange (stock index futures trading server 110) and the like. As shown, the stock index CFD server 120 includes a transaction processing unit 123, and the transaction processing unit 123 outputs, to the stock index futures transaction server 110, transaction requests such as orders and settlements requested by individual investors or the like ( Send) and execute the transaction processing of the stock index futures margin transaction with the stock index futures trading server 110.

  The MM server 130 receives the bid information / offer information transmitted from the market maker, performs a process of outputting the bid information / offer information to the transaction rate management unit 1104 of the stock index futures transaction server 110, and stores information on each market maker. An MM database 131 is provided, and MM supplier information such as an MM supplier code, an MM supplier name, and a contact address is stored. For example, the margin deposit amount, the sale constant amount based on the presented bid / offer, the purchase constant amount, the sold ball quantity, the bought ball quantity, and the like are stored together with the MM supplier code assigned to each market maker. A market maker registered in the MM database 131 (exchange) connects to the MM server 130 from the MM terminal 400 and trades bid information / offer information including bid values / offer values and their tradeable quantities. To the stock price index futures trading system 100. At this time, like the stock price index CFD server 120, the MM server 130 is a screen program for inputting or transmitting a bid value, an offer value, a tradeable quantity, etc., and various information stored in the MM database 131. Can be provided to the MM terminal 400. Further, the MM database 131 can also hold each information of bid information / offer information that is sequentially transmitted from each market maker for a predetermined period (for example, one week).

  3 and 4 are diagrams showing a processing flow of the exchange stock index futures trading system 100 of the present embodiment.

  First, an individual investor or the like connects from his / her computer (orderer terminal 300) to a trader server 200 possessed by a trader handling an exchange stock price index margin transaction, and provides a predetermined transaction provided by the trader server 200. Register personal information through the application screen and open an account for exchange stock index futures margin trading. When the transaction server 200 determines that the credit information of an individual investor meets the transaction conditions through credit screening based on the registered personal information and the predetermined screening / procedure of the transaction, The terminal 201 is connected to the stock index CFD server 120 of the exchange stock index futures trading system 100 via the trader server 200 or directly, and customer information such as individual investors, account opening information, etc. Registered in the server 120. The trader server 200 is, for example, a WEB server that provides a WEB site operated by a trader, and the orderer terminal 300 is connected to the trader server 200 to display a stock index CFD from a predetermined screen provided by the trader. The server 120 (exchange stock index futures trading system 100) is connected (logged in), and then connected through the trader server 200 to perform various processes based on the ASP function provided by the stock index CFD server 120. be able to. That is, the trader server 200 of this embodiment plays a role as a relay device that relays between the orderer terminal 300 and the exchange stock index futures trading system 100 (stock index CFD server 120).

  The customer management unit 1107 of the stock index futures transaction server 110 determines personal information such as individual investors, transaction amounts, and various transaction conditions in accordance with customer information registration processing from the trader terminal 201 to the stock index CFD server 120. Compared to the above standards, registration processing of individual investors, etc. to the exchange is performed. Then, after completing the registration of the customer registration process, the customer management unit 1107 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 ID and password are reflected (stored) in the customer database 122 of the stock index CFD server 120 by the customer management unit 1107 or the stock index CFD management unit 1108 and transmitted to the trader terminal 201. The trader notifies the orderer terminal 300 of the ID and password information acquired from the exchange stock index futures trading system 100, and makes 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 deposit confirmation processing of the margin through the trader terminal 201 and transmits the confirmed receipt information to the stock index CFD server 120 of the exchange stock index futures trading system 100. The customer management unit 1107 of the stock index futures transaction server 110 stores the received payment information in the customer database 122. The customer management unit 1107 notifies the orderer terminal 300 of the start permission for the exchange stock price index futures margin transaction after the completion of the deposit registration process to the customer database 122 of the stock price index CFD server 120.

  When an individual investor or the like (orderer terminal 300) connects to the exchange stock price index futures trading system 100 from the trader server 200 through the network N based on the transaction start permission (step S101), the trader server 200 will exchange the stock price. The transaction start request is transmitted to the stock index CFD server 120 of the index futures trading system 100, and the stock index CFD server 120 provides a predetermined login screen to the orderer terminal 300. Log in using the ID and password obtained via The ID and password input on the login screen displayed on the orderer terminal 300 are transmitted to the authentication server 140 via the stock index CFD server 120, and authentication processing is performed (step S302).

  After the authentication process, the customer management unit 1107 executes a transaction start process, and transmits a predetermined screen program stored in the stock index CFD database 121 to the order index terminal CFD server 120 to the orderer terminal 300. Is output. The stock index CFD server 120 transmits the screen program to the orderer terminal 300.

  On the other hand, the market maker transmits bid information and offer information to the exchange stock index futures trading system 100 via the MM terminal 400 (step S501). The bid information / offer information transmitted from the market maker is received by the MM server 130 and output from the MM server 130 to the transaction rate management unit 1104. Based on the bid information / offer information received from the MM server 130, the transaction rate management unit 1104 generates transaction rate information including the bid value and offer value of the transaction index corresponding to the stock index futures price.

  The orderer terminal 300 displays a predetermined screen for stock index futures trading, and the stock index futures trading server 110 sends the generated transaction rate information via the trader server 200 or directly to the orderer. It is provided to the terminal 300 in real time (step S303). FIG. 5B is a diagram illustrating an example of a transaction rate screen on which transaction rate information is displayed. The orderer terminal 300 refers to the transaction rate information (bid / offer and its tradeable quantity) that changes in real time displayed on the predetermined screen, and inputs buy or sell order information from the predetermined order form. It is transmitted to the exchange stock index futures trading system 100. In addition, an order change or cancellation is also input from a predetermined change / cancellation form and transmitted to the exchange stock index futures trading system 100 (step S102).

  When receiving the order information from the orderer terminal 300, the stock index CFD server 120 (transaction processing unit 123) outputs the received order information to the transaction control unit 1103 (step S304), and the transaction control unit 1103 Specify the order method (single order, OCO order, streaming order, etc.) based on the detailed information included in the order information (order bid and order offer specified by the orderer, conditions on the transaction quantity, etc.) The transaction processing is executed in accordance with the order method and the order bid or order offer specified by the orderer. For example, the transaction control unit 1103 performs reception processing of the received order information, determination of success / failure of the order according to the order contents and the bid value or offer value, execution processing of the new order at the time of order establishment (step S305), These processing results are transmitted to the stock index CFD server 120 and the MM server 130 (step S306). In addition, the orderer can make an IfDone order and an IfDoneOCO order as an ordering method. In this case, the exchange stock price index futures trading system 100 specifies the ordering method as the IfDone order and the IfDoneOCO order, and performs transaction processing. The order process is specified as a single order or an OCO order corresponding to the IfDone order or IfDoneOCO order, and the transaction process is performed. For example, the order condition of the order is, for example, The trader server (trader server 200) discriminates, and when the trader server 200 satisfies the ordering condition for the IfDone order or the IfDoneOCO order, each corresponding order is ordered as a single order or an OCO order. Information, and exchange stock index futures trading It can be transmitted to Temu 100.

  At this time, the clearing processing unit 1105 individually performs settlement processing for resale / purchase of the open interest held for each of the orderer and the market maker (steps S305a and S305b). Specifically, in the case of a settlement order by resale / repurchase, the clearing processing unit 1105 performs a reselling / unsettled open interest from the orderer terminal 300 after or after the contract processing by the transaction control unit 103 or separately from the orderer terminal 300. Receiving the settlement application by repurchase, and in response to this, the settlement of the difference based on only the difference between the contract price of the unsettled open interest and the settlement price of the resale / repurchase is executed. As the payment method, a designated payment method or a FIFO method can be applied. In the FIFO method, when the opposite selling transaction (buying transaction) is executed for the purchased open interest (sell open interest), the settlement is automatically made in order from the oldest open interest. In this case, the clearing processing unit 1105 uses the contract price of the selling transaction as the settlement price with respect to the contract price of the buying position, and performs the difference settlement based only on the difference.

  Upon receiving the processing result, the transaction processing unit 123 of the stock index CFD server 120 stores data (order information, open interest information, execution information, margin money) stored in the customer database 122 of the corresponding individual investor based on the processing result. Information etc.) and the processing result is transmitted to the orderer terminal 300 (step S307). On the other hand, the MM server 130 that has received the processing result also updates the data (open interest information, contract information, margin information, etc.) stored in the MM database 131 of each relevant market maker based on the processing result. Then, the processing result is transmitted to the MM terminal 400 (step S307). At this time, the clearing processing unit 1105 or the transaction control unit 1103 stores these processing results in the transaction database 1110 as well.

  Note that the transaction processing unit 123 in the stock index CFD server 120 of the exchange stock index futures trading system 100 receives the order information from the orderer terminal 300 in step S304, and the customer database 122 of the stock index CFD server 120. Credit processing based on the customer information registered in, for example, credit processing such as whether the order content matches the transaction conditions based on margin information or the like. 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.

  Further, when the transaction is established for the order information of the orderer, the transaction control unit 1103 executes (establishes) the transaction between the corresponding market maker who provided the bid value or the offer value and the trader. The open interest information and the like are stored in the transaction database 1110. At this time, the transaction control unit 1103 executes the first index index contract between the market maker and the exchange for the stock price index future contract contracted between the corresponding market maker who provided the bid value or the offer value and the trader. Treat as two independent stock index futures trades in the second trade contracted between the trade and trader and exchange. In other words, by processing all the counterparties of each trading party of the trader and market maker as exchanges that are replaced with exchanges, receivables and payables of stock price index futures transactions established between the trader and market maker are Replacing the debt between the trader and the exchange and the debt and debt between the exchange and the market maker, the trader (orderer) and the market maker each execute the trade with the exchange as a direct counterpart.

  Further, the orderer and the market maker can make a transaction status inquiry through the orderer terminal 300 and the MM terminal 400. For example, when an individual investor presses a predetermined inquiry button on the display screen displayed on the orderer terminal 300, the orderer terminal 300 makes an inquiry to the stock index CFD server 120 of the exchange stock index futures trading system 100. The request is transmitted, and the stock index CFD server 120 outputs the inquiry request to the stock index futures transaction server 110 based on the inquiry request from the orderer. The transaction control unit 1103 of the stock index futures transaction server 110 extracts various data corresponding to the order information table, order history table, execution information table, and margin information table of the transaction database 1110 in response to the inquiry request. For example, when a position inquiry request is made by performing a status acquisition process, the position index information (contract date, contract number, product, trading category, position quantity, contract price, etc.) is generated and the stock index CFD server 120 Send to. The stock index CFD server 120 can transmit a predetermined screen (open interest list screen) including the received open interest list information to the orderer terminal 300. In addition, the transaction control unit 1103 also determines the 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 stock index CFD server 120. Similarly, the MM server 130 outputs an inquiry request to the exchange stock index futures trading system 100 (exchange) based on the inquiry request from the MM terminal 400, and information based on the inquiry request received from the stock index futures transaction server 110. Is sent to the MM terminal 400, transaction status inquiry, margin status inquiry, etc. are performed. Note that the stock index CFD server 120 (transaction processing unit 123) can also be configured to perform various information extraction and generation processing in response to an inquiry request performed by the transaction control unit 1103 of the stock index futures transaction server 110. In this case, the stock index CFD server 120 performs transaction status acquisition processing for extracting various data from each table of the transaction database 1110 of the stock index futures transaction server 110 in response to an inquiry request from the orderer. A predetermined screen (open interest list screen) including the generated open interest list information can be transmitted to the orderer terminal 300.

  When the predetermined trading time end (market closing) time arbitrarily determined by the exchange is reached, the exchange stock index futures trading system 100 performs a market closing process (step S308). This market closing process is applied to unsettled open interest held by the orderer at the end of the transaction (including open interests among transactions executed on the day of the transaction and open interests that were executed before the transaction date) This is a process for performing an evaluation change (price washing process (clearing process)) of unsettled open interest of each orderer on a daily basis after the end of the transaction date. For this reason, the exchange stock index futures trading system 100 generates a clearing price as a reference price for revaluation of unsettled open interest (step S309).

  Specifically, the clearing processing unit 1105 calculates the clearing price based on the bid value and offer value presented by the market maker or the contract price at which the transaction is established in the transaction processing. For example, the settlement price immediately before the end of the transaction stored in the transaction database 1110 (the selling or buying contract price immediately before the end of the transaction) or the bid price and the offer price presented by the market maker are calculated as the settlement price. be able to. The generated clearing price is stored in the transaction database 1110 for each transaction date.

  The clearing processing unit 1105 obtains information on the open interests of each orderer and each market maker (contract price, constant amount) from the transaction database 1110, and also applies interest rates and stock prices that are applied when the open interests are carried forward. Obtain information on dividends for the stocks that make up the index, calculate the amount of interest equivalent to each open interest for the period from the transaction date to the next transaction date, and the dividend equivalent amount on that transaction date, A process of transferring between the method of buying and selling the settlement position and a process of calculating the profit / loss of the unsettled position using the generated clearing price are performed (step S311). Details of the settlement process will be described later.

  In addition, the clearing processing unit 1105 performs a process of determining whether or not the amount obtained by subtracting the valuation profit / loss of the unsettled open interest calculated from the margin amount satisfies the necessary margin amount required by the exchange for the trading participant. If not satisfied, the margin is insufficient (notification of confirmation), and the result of the price washing process (market price information) is sent via the stock price index CFD server 120 and the MM server 130. It transmits to the orderer terminal 300 and the MM terminal 400 (step S312).

  In the present embodiment, as described above, the stock index CFD server 120 has received the order information from the orderer and the trader stock index such as an order from the trader (stock index futures trading server 110) is exchanged. Since it functions as a server for performing futures transactions, functions such as credit processing, price washing processing, and notification thereof for the orderer are also performed by the ASP function provided by the stock price index CFD server 120. However, the present invention is not limited to this. Instead, for example, the trader may perform credit processing, price washing processing, etc., and manage each orderer entrusted to the trader. That is, in response to the order information transmitted from the orderer terminal 300 in the trader server 200, the credit processing in step S304 in FIG. 3 is performed, and whether or not the order content matches the transaction conditions based on the margin information etc. Credit processing can be performed. As a result of the credit processing, the trader server 200 is configured to transmit the order information transmitted from the orderer terminal 300 that matches the transaction conditions or the like as the formal order information to the exchange stock index futures trading system 100. can do. That is, in the trader server 200, for example, when the tradeable upper limit amount set from the relationship between margin and leverage is exceeded, the order can not be accepted. In this case, it can be performed by referring to the customer information registered in the customer database 122 of the stock index CFD server 120, and is registered in the customer database 122 of the stock index CFD server 120 in the trader server 200. Stores the same information as the customer information, or stores customer information (information related to transaction conditions such as required margin amount and maximum allowable transaction amount) that is managed by the trader, and entrusts the trader with multiple orders Can be managed.

  As for the price washing process, the trader server 200 receives price washing information from the stock price index CFD server 120 (exchange stock price index futures trading system 100), and performs the price washing process for each orderer and each orderer terminal. The result of the price washing process (notice of margin shortage) may be transmitted. In this case, trader server 200 receives the price washing information from exchange stock index futures trading system 100 in step 312 of FIG. 4 to perform the price washing process, and transmits the result of the price washing process to each orderer terminal. Thus, it can be configured that each orderer is managed on the trader side.

  As described above, the trader server 200 of the present embodiment plays a role as a relay device that relays between the orderer terminal 300 and the trader terminal 201 and the exchange stock index futures trading system 100 (stock price index CFD server 120). Therefore, the exchange stock index futures trading system 100 of the present embodiment transmits various information (transaction rate information, execution information, price washing information, etc.) to the trader server 200, and the trader server 200 The trader server 200 may process and transmit various information of the stock index futures transaction through the exchange stock index futures trading system 100 to each orderer terminal 300 to be managed. For example, the exchange stock price index futures system 100 manages stock price index futures transactions in units of traders, and does not manage each orderer individually, and stores various information related to stock price index futures trades with the trader server 200. As a result, the trader server 200 may control the stock index futures transaction for each orderer (orderer terminal 300).

<Checkout process>
The settlement process of the exchange stock index futures trading system 100 of the present embodiment will be described in detail below. As described above, the clearing process is performed by the clearing processing unit 1105, and the unsettled open interest held by the orderer at the end of the transaction (unsettled transactions executed on the transaction date and contracts before the transaction date). (Including open interests that have been deferred), and carry out daily mark-up processing after the end of the transaction date. Price washing is a process of daily revaluation of unsettled open interests in stock index futures transactions using the clearing price.In this embodiment, the interest rate equivalent for each open interest in the period from the transaction date to the next transaction date and Calculate the amount equivalent to dividends on the transaction date, process to transfer these equivalents between the buyer and seller of unsettled open interest, and calculate the profit or loss of unsettled open interest using the clearing price on the transaction date Process and perform.

  Here, the interest rate equivalent is the difference settlement that was planned as a result of a rollover (holding the current position of the current position and holding the same position in the next period) for the position position in stock index futures. As a result of the deferred transaction date, the interest is accrued according to the number of days deferred for the open interest.

  In other words, in this embodiment, since the transaction date is a limited date transaction with a transaction date of one transaction date, the clearing processing unit 1105 does not settle the transaction date limit for which the difference settlement by resale / buy-out has not been made in the daily price washing process. At the same time as closing the open interest, the open interest with the same content as the next day's trading date is generated, and the open interest with the settlement date as the next trading day is carried forward. At this time, an interest rate equivalent amount is generated during the period from the transaction date at the end of the transaction to the next transaction date. Therefore, it can be calculated as the amount of interest per open interest (policy interest rate x clearing price x transaction unit (100 yen) x (days ÷ 365)) according to the number of days deferred at the time of carry-over. The buyer (the person who holds the open interest) pays the selling interest (the person who holds the open interest) to the seller (the person who owns the open interest). This policy interest rate is applied in common to both open and open positions for open interest (the same interest rate applies). In this embodiment, the interest rate equivalent is calculated using the policy interest rate. However, the present invention is not limited to this, and interest rates other than the policy interest rate or interest rates determined by the exchange calculated based on the policy interest rate are applied. It is also possible.

  Dividend equivalent is the theoretical impact value of the expected dividend payment on the Nikkei average stock price when the stocks constituting the Nikkei average stock price in stock transactions are expected (based on the Nikkei average basis) This is equivalent to the ex-dividend).

  The clearing processing unit 1105 determines the dividend-equivalent amount based on the amount of open interest held by the last day with the dividend right and the dividend in the mark-up process after the transaction ends on the last day with the dividend right. A process of calculating and receiving the calculated dividend equivalent amount from the seller (the seller pays the buyer) is performed. Specifically, the dividend equivalent amount per open interest can be calculated by the dividend equivalent amount × the transaction unit (100 yen). In the daily mark-up process on the trading day other than the day after the last day with the dividend right of the dividend, the dividend equivalent amount can be calculated as 0 yen. At this time, the clearing processing unit 1105 determines whether or not the date on which the price washing process for the amount corresponding to the dividend is performed is the next day after the final date with dividend rights of the dividend set and registered in the transaction database 1110 in advance. In addition, in the price washing process after the end of the transaction with the last day with the dividend right, the calculation of the dividend equivalent amount and the process of giving / receiving can be performed. In addition to the determination based on the date on which the price washing process is performed, it is triggered by the input of information related to dividends to the transaction database 1110. It is also possible to input an instruction to perform these processes.

  Then, the clearing processing unit 1105 calculates a stock price index difference obtained by summing the difference profit / loss using the clearing price, the above-mentioned interest rate equivalent amount and the dividend equivalent amount, and uses this stock index difference as a result of the market price as margin information of the orderer. Then, the transaction database 1110 is updated to reflect the amount of cash transferred.

  FIG. 6 is a schematic diagram illustrating the price washing process of the present embodiment. As shown in FIG. 6, for daily stock transactions in kind, the mark-up process of this embodiment is based on the interest rate equivalent of open interests that have not been resold or repurchased or newly executed open interests. It is calculated separately without being included in the profit or loss in the daily mark-to-market process, and is reflected in the margin etc. in the form of being included in the stock price index difference. In addition, since it is calculated separately, it is also possible to present the amount equivalent to interest for each open interest separately from the gain or loss.

  In addition, in the example of FIG. 6 on the same trading day as the last day with rights, in the case of the open interest at the end of the trading on the last day with rights (March 27), the ex-dividend date (March 28 The price equivalent to dividends is calculated separately without being included in the gain or loss, and is reflected in the margin in the form included in the stock price index difference. Moreover, since it is calculated separately, it is also possible to present an amount equivalent to dividends for each unsettled open position separately from the difference profit or loss.

  FIG. 8 is a flowchart showing the processing flow of the clearing process of the present embodiment. As shown in FIG. 8, the clearing processing unit 1105 of the exchange stock index futures trading system 100 performs a price washing process on the open interests held by each orderer using the generated clearing price after the market is closed.

  First, the clearing processing unit 1105 calculates the clearing price based on the bid value and offer value presented by the market maker or the contract price at which the transaction is established in the transaction process, and performs the mark-up process on the calculated clearing price. Is stored in the transaction database 1110 as the clearing price (step S801). In addition, information on the policy interest rate and dividend on this day is updated (registered) (step S802).

  Next, the clearing processing unit 1105 refers to the transaction database 1110, extracts the unsettled open interest of each orderer, and calculates the profit or loss of the unsettled open interest using the clearing price (step S803). Further, the clearing processing unit 1105 calculates an interest rate equivalent amount and a dividend equivalent amount for the unsettled open interest with the transaction date as the transaction date at the end of the transaction (steps S804 and S805).

  Thereafter, the clearing processing unit 1105 pays the calculated interest rate equivalent amount from the buyer (the person holding the open interest) to the seller (the owner of the open interest), in other words, minus the interest equivalent to the purchased interest. Then, the interest equivalent amount for the open interest is added, the interest equivalent for the buy interest is assigned to the interest equivalent for the sell interest, and the processing for transferring the interest equivalent between the buying method and the selling method is performed (step S806).

  Similarly, the clearing processing unit 1105 pays the calculated dividend-equivalent amount from the seller (the person who owns the open position) to the buyer (the person who owns the open position), in other words, increases the dividend-equivalent amount for the purchased position. Then, the dividend equivalent for the open position is set to be negative, the dividend equivalent for the sell position is assigned to the equivalent for the buy position, and the process of transferring the dividend equivalent between the buying method and the selling method is performed (step S807).

  Then, the clearing processing unit 1105 calculates a stock price index difference that is the sum of the profit / loss calculated using the clearing price, the above-mentioned interest rate equivalent amount, and the dividend equivalent amount (step S808), The transaction database 1110 is updated by reflecting the margin information and the cash exchange amount of the orderer (step S809).

  In the clearing process (price washing process) of the present embodiment, the daily interest equivalent amount and the dividend equivalent amount are calculated for the unsettled open interest carried over to the next transaction day, and these equivalent amounts are used to buy the unsettled open interest and The process of handing over to the seller is performed and reflected in the margin, but this is a reflection of the daily revaluation and separate from the actual cash exchange. In other words, the interest-equivalent amount and dividend-equivalent amount calculated daily for unsettled open interest are accumulated for the number of days carried forward until the relevant unsettled open interest is settled by a settlement transaction through counter-trading. Therefore, the sum of the amount equivalent to interest and the amount equivalent to dividends for each day carried over is reflected in the amount of cash exchanged for the profit or loss determined by the settlement transaction.

  As described above, the stock price index futures transaction of the present embodiment is equivalent to the interest rate equivalent amount for the period from the transaction date to the next transaction day and the dividend equivalent amount for the unsettled open interest held by the orderer at the end of the transaction. Of the unsettled open interests, and the daily mark-up of the unsettled open interests using the closing price of the average stock price in the stock trading on the trading day. Since the process is executed, it is possible to provide a stock index futures transaction in which the stock index itself in a stock transaction is a transaction object.

  In other words, the Nikkei Stock Average, which is the subject of the transaction, does not include an index related to interest rates or dividends, and it is possible to realize a stock index futures transaction in which the Nikkei Average stock price itself in a stock transaction is the subject of trading.

  Therefore, in the traditional Nikkei 225 futures, it is difficult to grasp the interest rate and dividend separately because the stock price index includes interest rates and dividends. However, in the stock price index futures transaction of this embodiment, since the stock price index does not include interest and dividends, the Nikkei Stock Average itself can be traded, and the stock price index And can easily grasp interest rates and dividends.

  In addition, since the stock price index futures transaction of this embodiment is a limited date transaction with the transaction date as one trading day at the end of the transaction, the open interest held like the traditional Nikkei Stock Average futures transaction will be in the next contract month. When deferring, there is no need to conduct a transaction for changing the contract month, and transaction costs and procedures can be reduced.

  Furthermore, the stock index futures transaction of the present embodiment uses the bid value and offer value presented by the market maker, and performs the transaction processing for the order information of the orderer who performs the stock index futures transaction. It is possible to realize a loss-cut introduction environment with high reliability and transparency in stock price index futures trading without any processing or separate processing.

  That is, since the stock price index futures transaction of this embodiment is established by the market making method, unlike the stock price index futures transaction by the conventional auction method, it is not easily affected by fluctuations in the market such as being difficult to get a value. The transaction rate information that is always valid for the loss cut can be supplied, and since the trading partner of the orderer is always a market maker, transparency and stability of the transaction price can be ensured. Also, in the case of cross-selling in loss cut, one integrated transaction rate information consisting of the highest bid value among the multiple bid information presented by multiple market makers and the lowest offer value among the multiple offer information Since transaction processing is performed, it is possible to form a highly reliable transaction price with high transparency in the process of forming a transaction price in loss cut.

  For this reason, compared to conventional auction-type stock index futures trading, the exchange stock index futures trading system 100 does not have complicated processing or separate processing, and even if there is order information related to reverse trading of loss cut, As a result of this transaction processing, loss cuts can be performed, and a transaction environment with high reliability and transparency can be realized simply.

  Accordingly, the stock index futures transaction of the present embodiment provides a stock index futures transaction that deals with the stock index itself in the stock trading itself, while providing an environment that favorably suppresses transaction losses to the orderer. It becomes possible.

(Second Embodiment)
FIG. 9 is a flowchart showing the process transition of the correction process of the exchange stock index futures trading system in the second embodiment of the present invention, where the exchange stock index futures trading system of the first embodiment is an unsettled open interest. This is an embodiment having a correction function.

  An example of correction processing is the use of a give-up system. This give-up is a system that allows other trading participants to perform transaction clearing (including margin and profit / loss management), but the give-up system is a correction processing tool that corrects the open interest once executed. Used. It is a system that is generally applied to conventional futures transactions. In the present embodiment, the clearing processing unit 1105 includes a correction process for the open interest using this give-up system.

  Normally, in a futures transaction, a trading participant who declared a correction (correction source trading participant) is designated as the correction destination, and the trading participant who approved the declaration (correction destination trading participant) is cleared. Although the stock price index futures transaction of this embodiment could be processed by correcting the accompanying difference, etc., in addition to the conventional processing, the interest rate and dividend related to the open interest and the correction source transaction participant and the correction destination It must be exchanged with trading participants. In other words, the interest rate equivalent amount and the dividend equivalent amount for unsettled open interests with the trading deadline as one trading day at the end of the transaction in the daily mark-up process, between the method of buying and selling the unsettled open interests If an unsettled open interest that has already been marketed is corrected, the interest rate equivalent and dividend equivalent for the open interest received and received by the correction source transaction participant are corrected. It is necessary to coordinate with trading participants.

  Accordingly, the clearing processing unit 1105 responds to the correction request for the unsettled open interest held by the orderer, and shows the interest-equivalent amount and dividend-equivalent amount already passed (in the past) for the unsettled open interest requested to be corrected, The correction process reflected in the price washing process on the day when the correction request is received is performed.

  Specifically, when there is a correction processing request, the clearing processing unit 1105 determines the correction open interest, the number of correction open positions, and the correction destination based on the information of the open interest to be corrected and the open interest correction destination included in the request ( Step S901). Information on the interest rate and dividend applied to the determined corrected position is acquired from the transaction database 1110, and an interest rate equivalent amount and a dividend equivalent amount based on the corrected number of positions are calculated (step S902). And the process which allocates the number of correction positions, the amount corresponding to the interest of the correction position, and the amount corresponding to the dividend to the correction destination transaction participant is executed (step S903).

  That is, if the corrected open interest is a buy open interest, the interest equivalent amount of the corrected open interest is paid from the correction source transaction participant to the correction destination transaction participant. Allocate an interest equivalent amount to pay. Similarly, the dividend equivalent for the number of open positions is also paid by the correction source transaction participant to the correction destination transaction participant if the correction open position is a buy position, and the correction source from the correction destination transaction participant if it is a sell position. Allocate dividend equivalents to pay trading participants. Then, the clearing processing unit 1105 includes the stock price index difference calculated in the mark-up process in the interest equivalent amount and the dividend equivalent amount for the correction position and reflects them in the margin of each trading participant (step S904).

  It should be noted that steps S901 to S903 in this correction process can be configured to be included in the price washing process, and when there is a request for correction using a give-up system independent of the price washing process. Can be configured to accomplish.

(Third embodiment)
10 and 11 are flowcharts showing the process transition of the loss cut process of the exchange stock index futures trading system in the third embodiment of the present invention, and the exchange stock index futures trading system of the first or second embodiment. 100 is an embodiment that provides a trader with a loss cut in exchange stock index trading as an ASP function.

  As described above, the exchange stock index futures trading system 100 provides an ASP function for executing a stock index futures transaction in an exchange transaction to a trader, so that each orderer is one of the ASP functions. Is automatically executed on the exchange stock price index futures trading system 100 side.

  As shown in FIG. 10, the trader connects to the stock index CFD server 120 from the trader terminal 201 and, similar to the orderer, the stock index CFD server 120 (exchange stock price index futures trading system 100) from a predetermined screen. ) (S701). Thereafter, the stock index CFD server 120 transmits a predetermined loss cut setting screen to the trader terminal 201, and the trader inputs the orderer information regarding each orderer's loss cut from the predetermined loss cut setting screen (S702). The orderer information regarding the input loss cut is stored in the customer database 122 (S3001).

  The orderer information related to the loss cut is, for example, information related to margin required for performing a stock index futures transaction set by the trader or the orderer itself, and is, for example, the above-described required margin amount. In addition to the required margin amount, for example, the ratio of the margin (effective margin) of the orderer held in daily transactions to the required margin is set, and the trigger value (reference value) of the loss cut process is set for the loss cut. It can also be stored in the customer database 122 as orderer information.

  The trader sets the loss cut for each orderer as well as registering the orderer information regarding the loss cut. That is, for each orderer, when a predetermined loss cut condition is satisfied, a loss cut process is started, and a setting is made as to whether or not to make a loss by performing reverse trading. That is, the setting information of “Yes” / “No” for the loss cut is stored in the customer database 122 together with the orderer information related to the loss cut (S703, S3002). At this time, the customer database 122 of the stock index CFD server 120 stores margin information of each orderer, required margin, and information on unsettled open interest held by the orderer, and the market is being opened by the transaction processing unit 123. Market fluctuation, i.e., when the transaction rate information is generated, the valuation profit / loss calculation process for the open interest of each orderer is performed in real time.

  FIG. 11 is a flowchart showing the process transition of the loss cut process in the exchange stock index futures trading system 100 of the present embodiment.

  As described above, the transaction rate information generated by the stock index futures trading server 110 is transmitted to the orderer terminal 300 through the stock index CFD server 120 (S3101), and the stock index CFD server 120 presents it to the orderer. Every time the transaction rate information to be received is received from the stock index futures transaction server 110, an evaluation profit / loss calculation process and a loss cut determination process are performed. This valuation profit / loss calculation process and / or loss cut determination process is controlled to be performed at predetermined time intervals (for example, every 5 minutes) without triggering the generation (reception) of transaction rate information. Is also possible. In this case, the transaction rate information applied in each process performed at the predetermined time can be the latest transaction rate information received immediately before or at the predetermined time.

  Specifically, when the transaction processing unit 123 receives the transaction rate information from the stock price index futures transaction server 110, the transaction processing unit 123 includes the unprocessed open interest held by each orderer in the transaction rate information received for each orderer, as in the above-described clearing process. Using the bid value or / and the offer value, the difference profit / loss is calculated and summed to the contract price and contract amount of the unsettled open interest and the valuation profit / loss is calculated (S3102).

  After calculating the valuation profit / loss, the transaction processing unit 123 refers to the customer database 122 and extracts (does / does not) the loss cut from the orderer information regarding the loss cut, and extracts the margin and the necessary margin of each orderer. The transaction processing unit 123 performs loss cut determination processing for determining whether or not the loss cut setting is “Yes” and satisfying a predetermined loss cut condition, for example, the margin of the orderer when the calculated valuation profit / loss is reflected A process of determining whether (margin-valuation gain / loss) is less than the required margin is performed (S3103).

  When the transaction processing unit 123 does not satisfy the predetermined loss cut condition as a result of the determination (the margin of the orderer when the calculated valuation gain / loss is reflected (margin−valuation gain / loss)) is greater than the required margin When the transaction rate information is received, the evaluation profit / loss calculation process and the loss cut determination process for the orderer are repeatedly performed. On the other hand, when the predetermined loss cut condition is satisfied (the margin of the orderer when the calculated valuation gain / loss is reflected (margin−valuation gain / loss) is less than the required margin) (S3104), the transaction processing unit 123 generates the order information of the reverse trade with respect to all unsettled open interests of the orderer (S3105), and the order information regarding the loss cut generated as the orderer information of the orderer via the trader server 200 is stored in the stock index futures trading server. 110 (S3106). At this time, the order information related to the loss cut, but in the case of the present embodiment, the order entered in the normal orderer terminal 300 that does not include the information indicating the order information related to the loss cut (for example, the loss cut order category or flag). The order information is the same as the information.

  The stock index futures transaction server 110 performs the transaction processing (S305, S305a, S305b) shown in FIG. 3 on the received order information, and transmits the transaction result to the stock index CFD server 120 (S3107). Upon receiving the transaction result, the transaction processing unit 123 of the stock index CFD server 120 stores data (order information, open interest information, execution information, margin information, etc.) stored in the customer database 122 of the corresponding orderer based on the processing result. ) And information on the loss cut process (for example, notification of automatic loss cut process) is transmitted to the orderer terminal 300 (step S3108).

  In addition, although the exchange stock price index futures trading system 100 demonstrated the aspect which provides the loss cut in an exchange stock price index transaction to a trader as an ASP function, for example, by the separate loss cut function built in the trader server 200, Even when performing the loss cut process for the orderer, the order information related to the loss cut transmitted from the trader server 200 to the stock index CFD server 120 is the same as the normal order information that does not include the information indicating that the order is related to the loss cut. Therefore, the exchange stock price index futures trading system 100 and the trader server 200 do not need to process the loss cut processing as special order information, and can handle it in the same way as normal order information.

  As described above, the present invention has been described according to a preferred embodiment, but the information processing apparatus in the above embodiment has a hardware configuration other than the above, operation input means such as a keyboard, a mouse, a scanner, and a display such as a liquid crystal display. Means, output means such as a printer, a speaker, etc., a main storage device (memory), an auxiliary storage device (hard disk or the like), etc. can be provided, and these means can also be provided in the orderer terminal. Control of each unit is performed by a control unit (CPU) that controls the entire unit.

  In addition, the exchange stock index futures trading system of the present invention realizes each part shown in FIG. 2 by different information processing devices such as server devices, and a plurality of information processing devices are connected via a communication line such as a network. It can also be configured as a system. That is, it is possible to have a system configuration distributed for each processing unit and database.

  Further, the clearing processing unit 1105 of the above embodiment is connected to the exchange stock index futures trading system 100, receives various information from the exchange stock index futures trading system 100, and is independent of the exchange stock index futures trading system 100. It is also possible to configure as a clearing organization (clearing processing device).

  Further, each processing step of the stock price index futures transaction of the present invention and each step of the clearing process can be provided as a computer-executable program, and the computer on which the program is installed can store the stock price index of the present invention. It is possible to operate as an information processing apparatus that performs futures transactions and settlement processing. For example, the program is stored in an auxiliary storage device (not shown), and a control unit such as a CPU reads the program stored in the auxiliary storage device to the main storage device, and the control unit reads the program read to the main storage device. And execute a stock index futures transaction and a clearing process of the present invention on the computer. In addition, the program of the present invention can be provided in a state of being recorded on a computer-readable recording medium. Computer-readable recording media include optical disks such as CD-ROM, phase change optical disks such as DVD-ROM, magneto-optical disks such as MO (Magnet Optical) and MD (Mini Disk) (registered trademark), and floppy (registered) Trademark) magnetic disks such as disks and hard disks, compact flash (registered trademark), smart media, SD memory cards, and memory cards such as memory sticks. A hardware device such as an integrated circuit (IC chip or the like) specially designed and configured for the purpose of the present invention is also included as a recording medium.

  In the detailed description of the present invention, the specific embodiments have been described. However, those skilled in the technical field of the present invention will understand the technical idea of the present invention described in the claims and the claims. The present invention can be variously modified and changed without departing from the area. In other words, the technical scope of the present invention should be determined based on the description of the scope of claims and equivalents thereof, and is not limited by the best mode for carrying out the invention.

100 Stock Price Index Futures Trading System 110 Stock Price Index Futures Trading Server 1101 Communication Control Unit 1102 Control Unit (CPU)
1103 Transaction Control Unit 1104 Transaction Rate Management Unit 1105 Clearing Processing Unit 1106 Authentication Control Unit 1107 Information Supply Unit 1108 Customer Management Unit 1109 Stock Price Index CFD Management Unit 1110 MM Management Unit 1111 Transaction Database 120 Stock Price Index CFD Server 121 Stock Price Index CFD Database 122 Customer Database 123 Transaction Processing Unit 130 MM Server 131 MM Database 140 Authentication Server 141 Authentication Database 200 Trader Server 201 Trader Terminal 300 Orderer Terminal 400 MM Terminal (Market Maker Terminal)
N network

Claims (15)

A stock index futures trading system for trading stock indices in physical stock trading,
Based on bid information and offer information transmitted from a market maker terminal of a market maker that makes a bid in the stock index futures transaction, transaction rate information including a bid value and an offer value of a trade index corresponding to the stock index futures price is generated. A transaction rate management department,
Based on the generated transaction rate information, an orderer who performs the stock index futures transaction receives the order information input through the orderer terminal, and uses the bid value or / and the offer value presented by the market maker. A transaction control unit for performing transaction processing on the order information;
Applied when the bid price and offer value presented by the market maker or the settlement price calculated based on the contract price established in the transaction process, the unsettled open interest of each orderer, and the unsettled open interest carried over A transaction database that stores information on interest rates to be paid and dividends on stocks constituting the stock index;
In the daily price-washing process after the end of the transaction date, for the unsettled open interest held by the orderer at the end of the transaction, the interest rate equivalent amount from the transaction date to the next transaction date and the dividend equivalent amount on the transaction date Calculate the interest rate equivalent amount and dividend equivalent amount between the buying and selling method of the unsettled open interest and perform the process of unsettled open interest using the clearing price on the transaction date A clearing processor to calculate profit and loss;
A stock index futures trading system characterized by comprising:   The liquidation processing unit calculates a corresponding amount of interest for each orderer's unsettled open interest based on the interest rate, and performs a process of paying the interest amount equivalent to the buying method to the seller. The stock index futures trading system according to 1.   The liquidation processing unit determines whether or not the date on which the price washing process for the amount corresponding to the dividend is performed is the next day after the preset final date with the dividend right of the dividend, and the final date with the dividend right In the price washing process after the end of the transaction, the buyer buys from the seller the amount equivalent to the dividend calculated based on the amount of open interest held by the last date with the dividend right and the dividend. The stock price index futures trading system according to claim 1 or 2, characterized in that a receiving process is performed.   The clearing processing unit responds to a settlement application by resale / purchase for the unsettled open interest from the orderer terminal, and performs a difference settlement based only on a difference between the contract price of the unsettled open interest and the settlement price of the resale / purchase The stock price index futures trading system according to any one of claims 1 to 3, wherein:   The transaction rate management unit generates the transaction rate information using the bid information and offer information presented by the market maker with the interest rate equivalent amount and / or the dividend equivalent amount excluded as an index as a transaction index. The stock price index futures trading system according to any one of claims 1 to 4.   6. The liquidation processing unit reflects the difference in stock price index, which is a sum of the difference profit / loss, the interest rate equivalent amount, and the dividend equivalent amount, in margin information and cash exchange amount of the orderer. The stock index futures trading system described in any one of the above.   7. The interest rate according to claim 1, wherein the interest rate is a policy interest rate (interest rate for unsecured call next day induction target) that is commonly applied to both open and sell open interests of the unsettled open interest. Stock index futures trading system as described in one.   The stock price index futures trading system according to any one of claims 1 to 7, wherein the stock price index futures trading is a limited-day trading whose trading date is a trading day.   In response to the correction request for the open interest held by the orderer, the clearing processing unit responds to the correction request with the interest-equivalent amount and the dividend-equivalent amount already delivered for the open interest that has been requested to be corrected. The stock price index futures trading system according to any one of claims 1 to 8, wherein a correction process is performed to reflect the price washing process on the day of receiving the price.   The transaction rate management unit receives a plurality of bid information and offer information from a market maker terminal of a plurality of market makers, and the highest bid value of the plurality of bid information and the lowest offer value of the plurality of offers And generating a single integrated transaction rate information comprising the extracted highest bid value and the lowest offer value. Listed stock index futures trading system. A market maker terminal of a market maker that makes a bid in a stock index futures transaction that is a stock index in a physical stock transaction can be connected through a network, and an orderer who performs the stock index futures transaction can connect via an orderer terminal An information processing apparatus that performs stock index futures transaction processing based on the input order information and the bid price,
Based on the bid information and offer information transmitted from the market maker terminal, a transaction rate management unit that generates transaction rate information including a bid value and an offer value of a trading index corresponding to a stock index futures price;
A transaction control unit that receives the order information from the orderer based on the generated transaction rate information and performs a transaction process on the order information using a bid value or / and an offer value presented by the market maker; ,
Applied when the bid price and offer value presented by the market maker or the settlement price calculated based on the contract price established in the transaction process, the unsettled open interest of each orderer, and the unsettled open interest carried over A transaction database that stores information on interest rates to be paid and dividends on stocks constituting the stock index;
In the daily price-washing process after the end of the transaction date, for the unsettled open interest held by the orderer at the end of the transaction, the interest rate equivalent amount from the transaction date to the next transaction date and the dividend equivalent amount on the transaction date Calculate the interest rate equivalent amount and dividend equivalent amount between the buying and selling method of the unsettled open interest and perform the process of unsettled open interest using the clearing price on the transaction date A clearing processor to calculate profit and loss;
An information processing apparatus comprising: A market maker terminal of a market maker that makes a bid in a stock index futures transaction that is a stock index in a physical stock transaction can be connected through a network, and an orderer who performs the stock index futures transaction can connect via an orderer terminal A program executed by an information processing apparatus that performs stock index futures transaction processing based on the input order information and the bid price,
A function of generating transaction rate information including a bid value and an offer value of a trading index corresponding to a stock index future price based on bid information and offer information transmitted from the market maker terminal;
A function of receiving the order information from the orderer based on the generated transaction rate information and performing a transaction process on the order information using a bid value or / and an offer value presented by the market maker;
Stored in a predetermined storage area, the bid price and offer value presented by the market maker, or the clearing price calculated based on the contract price established in the transaction process, the open position of each orderer, Refers to information on interest rates applied when unpaid open positions are carried forward and dividends on stocks constituting the stock price index. For the unsettled open interest to be calculated, the interest equivalent amount for the period from the transaction date to the next transaction date and the dividend equivalent amount for the transaction day are calculated, and the calculated interest equivalent amount and dividend equivalent amount are calculated as And a function of calculating the difference in profits and losses of unsettled open interest using the clearing price on the transaction date,
A program to realize The bid of the trading index corresponding to the stock index futures price based on bid information and offer information sent from the market maker terminal of the market maker who quotes in the stock index futures trading that is the stock index in the spot stock trading A transaction rate management unit that generates transaction rate information including a value and an offer value, and receives order information input through an orderer terminal by an orderer who performs the stock index futures transaction based on the generated transaction rate information An information processing apparatus connected to a stock index futures trading system, comprising a transaction control unit that performs transaction processing on the order information using a bid value or / and an offer value presented by the market maker,
Stored in a predetermined storage area, the bid price and offer value presented by the market maker, or the clearing price calculated based on the contract price established in the transaction process, the open position of each orderer, Refers to information on interest rates applied when unpaid open positions are carried forward and dividends on stocks constituting the stock price index. For the unsettled open interest to be calculated, the interest equivalent amount for the period from the transaction date to the next transaction date and the dividend equivalent amount for the transaction day are calculated, and the calculated interest equivalent amount and dividend equivalent amount are calculated as And processing to deliver to and from the seller, and calculating the profit or loss of unsettled open interest using the clearing price on the transaction date Location. The quotes and the exchanges, which are held by exchanges for stock index futures trading subject to stock indices in physical stock trading, and transmitted through a network from a market maker terminal of a market maker who makes a quote in the stock index futures trading Stock index futures based on the order information entered through the orderer terminal by the orderer conducting the stock index futures transaction, which is transmitted through a trader server held by a trader registered as a trading participant of the stock price futures trade An exchange stock index futures trading system including a stock index futures trading server that performs transaction processing,
The stock index futures trading server
A transaction rate management unit that generates transaction rate information including a bid value and an offer value of a trading index corresponding to a stock index futures price based on bid information and offer information transmitted from the market maker;
A transaction control unit for performing transaction processing on the order information using a bid value or / and an offer value presented by the market maker;
Applied when the bid price and offer value presented by the market maker or the settlement price calculated based on the contract price established in the transaction process, the unsettled open interest of the orderer, and the unsettled open interest carried over A transaction database that stores information on interest rates to be paid and dividends on stocks constituting the stock index;
In the daily price-washing process after the end of the transaction date, for the unsettled open interest held by the orderer at the end of the transaction, the interest rate equivalent amount from the transaction date to the next transaction date and the dividend equivalent amount on the transaction date Calculate the interest rate equivalent amount and dividend equivalent amount between the buying and selling method of the unsettled open interest and perform the process of unsettled open interest using the clearing price on the transaction date A clearing processor to calculate profit and loss;
A stock index futures trading system characterized by comprising: The exchange stock index futures trading system further includes a stock index CFD server,
The stock index CFD server is:
Orderer information for performing a stock index futures transaction via the trader, which is required to perform at least the margin of the orderer, the stock index futures trade set by the trader or the orderer itself A storage unit for storing information on margin and an unsettled open interest held by the orderer;
Based on the orderer's margin and the required margin, it is determined whether at least the orderer's margin is less than the required margin, and the orderer's margin If the required margin is less than the required margin, it generates order information for the counter trade with respect to the open position of the orderer, and the stock index futures trading server as the order information via the trader server A loss cut processing unit to transmit to
15. The stock index futures trading system according to claim 14, characterized by comprising:

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