JPWO2008087834A1 - Trading price determination method and trading price determination device - Google Patents

Abstract

A method and system for enabling trading at an appropriate price from the market price while reflecting the customer's order price in off-market transactions. In the board server (3), the order information received from the transaction server is stored in the transaction information DB (36), or the already stored order information (36A) is changed / deleted, and the order information (36A) The board information (36B) indicating the order status for each brand is created. On the other hand, market prices are obtained from exchanges or information vendors via the Internet or the like, and the contractable price or contractable range is calculated. The contract means (34) acquires these prices or ranges, and determines whether or not the order corresponding price for the corresponding order matches or is within this range.

Description

  The present invention relates to a trading price determination method and a trading price determination apparatus for securities and rights.

One of the trading price determination methods that can be performed by a PTS (Proprietary Trading System) is a market price trading system. For example, cross trading (1) using a market price at a predetermined time. Two securities companies carry out a trade by establishing a trade by selling and buying orders of the same quantity for the same brand. In addition, there is a crossing network that collects orders on the condition that contracts are made at prices of other exchanges and executes them at a predetermined time (see Non-Patent Document 1).
Nomura Research Institute, Inc. Financial IT Innovation Research Department, “Current Status of US Stock Trading-From TradeTech USA 2006 Seminar”, [online], April 2006, [Search January 9, 2007], Internet <URL : Http://www.kessaicenter.com/kaigai/monthly37.pdf> Tokyo Stock Exchange, “Introduction to Japanese Securities Markets: Functions and Structure of TSE”, Toyo Keizai Inc., March 31, 2004, p. 64-73

  However, in a cross transaction using a market price or a crossing network, the contract price is limited to a predetermined market price, and therefore the customer cannot specify the timing of buying and selling. On the other hand, when a transaction that does not use a market price in PTS is performed, the price of the exchange and the price of the PTS may greatly differ for the same time and the same brand during the transaction time of the exchange. If there is a price divergence among multiple exchanges, the arbitration will be effective and the price difference will converge. However, if the brokerage firm only deals with customers in the PTS, the arbitration will not be effective. It is difficult to correct. Further, even if an auction method (auction method: see Non-Patent Document 2) is adopted as a selling price determination method for PTS, it is not certain whether or not the liquidity capable of realizing proper price formation can be secured.

  In view of the above problems, an object of the present invention is to buy and sell at an appropriate price while reflecting a customer's order price in off-market transactions such as securities and rights.

  In order to solve the above-mentioned problem, the present invention is a method for determining a trading price of the securities by an information processing device when buying and selling securities traded in a predetermined market outside the market, wherein the information The processing device includes a storage unit and a processing unit, and the storage unit stores a market price in the predetermined market, a price of the securities, and a sell order corresponding to the price for each brand of the securities. Storing the board information including the quantity and the quantity of the buy order, the processing unit accepts the market price of the securities in the predetermined market, and based on the market price, the market price stored in the storage unit Receiving the order information including a brand name, quantity, limit price and trading category of the securities transaction, and updating the board information stored in the storage unit based on the order information; And a step of identifying an order corresponding price that is a price corresponding to a sell order and a buy order from the board information, and when the order equivalent price matches the market price, the order equivalent price is set as a contract price. Storing in the storage unit.

  According to this method, since it is premised on the matching of the selling order and the buying order related to the customer order information, the order price of the customer can be reflected in the buying and selling. Then, since the contract is executed when the price corresponding to the order matches the market price updated at any time, even if it is an off-market transaction, it can be bought and sold according to the market price that changes every moment. Even if there is no new order, when the market price fluctuates, the order-to-order price and the market price are compared with each other, so the number of execution opportunities can be increased.

  The present invention is also a method for determining a trading price of the securities by an information processing device when buying and selling the securities traded in a predetermined market outside the market, wherein the information processing device includes a storage unit And a processing unit, for each brand of the securities, the storage unit, the market price in the predetermined market, the price of the securities, the quantity of the sell order corresponding to the price, and the quantity of the buy order And the processing unit accepts the market price of the securities in the predetermined market, and updates the market price stored in the storage unit based on the market price; and Receiving order information including brand name, quantity, limit and trading category of securities transaction, and updating the board information stored in the storage unit based on the order information; Identifying an order corresponding price that is a price corresponding to a sell order and a buy order from, setting a tradeable range of the securities based on the market price, and determining whether the order equivalent price is the tradeable range. And storing the order corresponding price in the storage unit as a contract price.

  According to this method, since it is premised on the matching of the selling order and the buying order related to the customer order information, the order price of the customer can be reflected in the buying and selling. And if the order-to-order price is within the range that can be bought and sold based on the market price updated from time to time, even if it is an off-market transaction, there is no significant deviation from the market price that changes from time to time. In addition to buying and selling at a price, you can increase the number of opportunities for execution. Even if there is no new order, when the market price fluctuates, the order-to-order price is compared with the buyable range, so that the opportunity for execution can be further increased.

  Further, the present invention is a buying and selling price determination method, wherein the processing unit, when a plurality of the order winning price is within the trading available range, the market price or a price closer to the market price as the contract price It memorize | stores in a memory | storage part, It is characterized by the above-mentioned.

  According to this method, when the price corresponding to a plurality of orders is within the tradeable range, the market price or the price closer to the market price is set as the contract price, so that it is possible to trade at a more appropriate price.

  The present invention is also a buying and selling price determination method, wherein the board information includes a quantity of a market sell order and a quantity of a market buy order, and the processing unit is a brand, quantity, When order information including a market designation and trading category is received, the step of updating the board information based on the order information, and a market sell order or a market buy order is set in the board information In addition, the method further includes the step of specifying the order-equivalent price for the market order in preference to the limit order set in the board information.

  The present invention is also a trading price determination method, wherein the securities are stocks.

  Further, the present invention is a trading price determination method, wherein the storage unit further stores an ex-rights period, a right price equivalent amount or a stock split ratio for each issue of the securities, and the processing unit When trading in a market with a shorter settlement period than the predetermined market, within the ex-rights period of the issue subject to the transaction in the predetermined market, the right price equivalent is added to the market price A price or a price obtained by multiplying the market price by the stock split ratio is used as a right-corrected market price, and the order-to-order price and the right-corrected market price are compared.

  According to this method, when the settlement period of the market using the trading price determination method is shorter than the market that refers to the market price, the transaction with both the seller and the buyer is carried out at the theoretical price with rights even during the exemption period. Is possible. Note that the theoretical price with rights is a theoretical value obtained by retroactively adjusting the stock price after the ex-rights to the pre-rights state according to the type of rights granted. For example, when the right to be granted is a dividend, it is conceivable to add an ex-dividend amount to the market price. Generally, the amount of dividend exemption is determined based on the expected dividends announced by the company at the exchange where the stock is listed.

  Further, the present invention is a trading price determination method, wherein the storage unit further stores an ex-rights period, a right price equivalent amount or a stock split ratio for each issue of the securities, and the processing unit When trading in a market with a shorter settlement period than the predetermined market, within the ex-rights period of the issue subject to the transaction in the predetermined market, the right price equivalent is added to the market price A price or a price obtained by multiplying the market price by the stock split ratio is set as a market price after rights correction, and a buyable / soldable range of the securities is set based on the market price after rights correction.

  According to this method, when the settlement period of the market using the trading price determination method is shorter than the market that refers to the market price, both the seller and the buyer are entitled transactions at the theoretical price with rights during the exemption period. Can be performed.

  The present invention is also a trading price determination method, wherein the range in which the securities can be traded has a “base price + variation width” as an upper limit value and a “base price−variation width” as a lower limit value. The market price after the right modification is used as the reference price, or the right price equivalent is used as the fluctuation range.

  Further, the present invention is a trading price determination method, wherein the storage unit further stores a limit value width for each brand of the securities, and the processing unit is the trading range, the right price equivalent amount or The limit value range is adjusted based on the stock split ratio, and the received order information is checked based on the limit value range.

  According to this method, the limit price range is adjusted in consideration of the right price equivalent amount for the available trading range and the right-to-right period instead of the predetermined limit price range. Thus, it is possible to check whether or not the order information is within the price range.

  Note that the present invention includes a trading price determination device. In addition, “securities” in the scope of claims refers to securities and rights that are traded in a market established under laws and regulations such as securities exchanges (“rights” in Article 2, Paragraph 2 of the Securities and Exchange Law) For example, registered bonds, etc.). In addition, the problems disclosed in the present application and the solutions thereof will be clarified by the column of the best mode for carrying out the invention and the drawings.

<Cross-reference with related applications>
This application claims priority based on Japanese Patent Application No. 2007-10066 filed on Jan. 19, 2007. The application specification is incorporated herein by reference.

1 is an overall configuration diagram of a stock immediate settlement system 100. FIG. It is an internal block diagram of the customer terminal 1. It is an internal block diagram of the transaction server 2. It is a figure which shows the structure of DB which the transaction server 2 has, (a) shows the structure of customer information DB26, (b) shows the structure of personal corporation information DB30, (c) shows the structure of order information 30A. , (D) shows the configuration of the transaction data 30B. It is an internal block diagram of the board server 3. FIG. It is a figure which shows the structure of DB which the board server 3 has, (a) shows the structure of order information 36A, (b) shows the structure of board information 36B, (c) shows the structure of contract information 36C. It is a flowchart which shows the process from order to preparation of board information. It is a flowchart which shows the process at the time of a contract being performed. It is a flowchart which shows the process at the time of receiving an acceptance error because order information is outside transaction time. It is a figure which shows the example quoted by a market price at the time of a transaction start, (a) shows the board information before a transaction start, (b) shows the board information at the time of a transaction start. It is a figure which shows the example which bids in the contractable range, (a) shows board information in case an order equivalent price and a market price correspond, (b) is an order equivalent price in the contractable range. In this case, the board information is shown. It is a figure which shows the example which becomes a contractable by the fluctuation | variation of a market price, (a) shows board information when an order corresponding price is not in the contractable range, (b) is an order corresponding price when a market price fluctuates. The board information when is within the contractable range. It is a figure which shows the example of pricing when there exist two or more order-equivalent prices, (a) shows the board information in the case of contracting with a market price, (b) shows the board information in the case of executing within a contractible range. (C) shows the board information when the contract is made at a price closer to the market price within the contractable range. It is a figure which shows the example of pricing when a plurality of orders exist, (a) shows the board information when the order winning price is not within the contractable range, and (b) to (e) are the order winning prices. The change of board information when it is in the contractable range is shown. It is a figure which shows the example of pricing when a plurality of orders exist, (a) shows the board information when the order winning price is not within the contractable range, and (b) to (e) are the order winning prices. The change of board information when it is in the contractable range is shown. It is a figure which shows the example quoted by a market price at the time of a transaction start (with a market), (a) shows the board information before a transaction starts (with a market), (b) is the time of a transaction start (with a market) Indicates board information. It is a figure which shows the example which bids several orders by the contractable range at the time of a transaction start, (a) shows the board information before a transaction start, (b) shows the board information at the time of a transaction start, (c ) Indicates board information after execution. It is a figure which shows the example which bids several orders by the range which can be executed at the transaction start time (with a sale), (a) shows the board information before transaction start, (b) shows the board information at the time of transaction start. (C) shows the board information after the contract.

Explanation of symbols

3 Board server (Trade price determination device)
31 board registration means 32 board information creation means 33 order information change deletion means 34 contract means 35 stock price DB
36 Transaction Information DB
36A Order information 36B Board information 36C Contract information 37 Contractable range calculation means 38 Rule DB
39 Stock Price Usage DB

  Hereinafter, with reference to the drawings, an embodiment in which a trading price determination method and a trading price determination apparatus according to an embodiment of the present invention are applied to a stock immediate settlement system (see, for example, JP 2007-200310 A). explain. The stock server (stock price determination device) of the stock immediate settlement system is updated every time the stock market price is updated, or whenever order information (including new, changed and deleted) is entered from the trading server. It is determined whether or not the sale is established at the market price. The order information for which trading is not established remains in the board information as it is, and the board server again determines whether or not trading is established when the next market price is updated or when a trading order is received.

<< System configuration >>
FIG. 1 is an overall configuration diagram of the stock immediate settlement system of the present embodiment.

Stock stock settlement system 100 according to the present embodiment has customer terminals 1 ₁ ... 1 _m possessed by customers who use this system, transaction server 2 that stores information related to stock transactions, and receives order information related to stock transactions. The board server 3 that receives the order information and executes the contract processing is connected via the Internet 4.

The customer terminals 1 ₁ ... 1 _m may use any device that can connect to the Internet 4 such as a desktop computer, a notebook computer, a mobile phone, and a PDA (Personal Digital Assistant).

Transaction server 2 and board server 3 may be operated by two or more servers, and may be integrated and operated as one server. Further, the transaction server 2 and the board server 3 may be operated by different operators or the same operator. Furthermore, it is assumed that the trading price determination device according to the embodiment of the present invention is incorporated in the board server 3. Even if the board server 3 is connected to the transaction server 2 and data transmission / reception between the board server 3 and the customer terminals 1 ₁ ... 1 _m is performed via the transaction server 2, the present system can be realized. .

≪Customer terminal configuration≫
FIG. 2 is an internal block diagram of customer terminals 1 ₁ ... 1 _m .

When using this system, the customer terminal 1 ₁ ... 1 _m specifies the order price (limit), selects transactions such as the number of stocks ordered, physical purchases, credit purchases, etc. Browsing to browse various information transmitted from the transaction server 2 or the board server 3 with the input means 11 for performing registration and opening an account or logging in to use the system Means 12. The input unit 11 is realized by a keyboard, a mouse, a touch panel, or the like. The browsing means 12 is realized by a display or the like.

≪Configuration of transaction server≫
FIG. 3 is an internal configuration diagram of the transaction server 2.

The transaction server 2 includes a customer account opening means 21 for opening a customer account for using the system, a customer authentication means 22 for authenticating login of the customer terminals 1 ₁ ... 1 _{m to} the system, and an established customer. The customer information DB 26 storing customer information including the account information of the customer and the personal corporation information DB 30 referred to when opening the customer account are included.

Further, when placing an order from the customer terminal 1 ₁ ... 1 _m , the order information confirmation means 23 for confirming whether or not the order information related to the stock transaction from the customer is appropriate, and the stock transaction performed at the witness time in the market. Received from the customer terminal 1 ₁ ... 1 _m , the stock price DB 24 storing stock price information including each stock price and quotation information, the rule DB 25 storing rule information indicating predetermined trading rules for each brand, and the customer terminal 1 ₁ . The order information is stored as order information 30 </ b> A, and the order information is transmitted to the board server 3, and the order order storage means 27 for receiving an acceptance response from the board server 3 is included.

  Further, in order to perform settlement processing after the stock transaction is performed, the transaction data is created based on the established stock transaction data (contract message) received from the board server 3, and stored as the transaction data 30B. Data creation storage means 28 and transaction result reflection means 29 for reflecting the transaction results in the customer information DB 26 are included. Note that the term “contract” refers to the establishment of stock trading related to order information.

  Transaction server 2 includes a processing unit and a storage unit (not shown). The processing unit includes customer account opening means 21, customer authentication means 22, order information confirmation means 23, order order storage means 27, transaction data creation storage means 28, and transaction result reflection means 29. The processing unit is realized by a CPU (Central Processing Unit) executing a program stored in a predetermined memory. The storage unit includes a stock price DB 24, a rule DB 25, a customer information DB 26, a personal corporation information DB 30, an order information 30A, and transaction data 30B. The storage unit is realized by a nonvolatile storage device such as a hard disk device or a flash memory.

  FIG. 4 is a diagram illustrating a configuration of a DB included in the transaction server 2.

  As shown in FIG. 4A, the customer information DB 26 includes customer attribute information 261, customer additional information 262, account balance information 263, and customer transaction information 264. The customer attribute information 261 is information indicating customer attributes, and includes an address, date of birth, insider information (such as related parties of listed companies) and the like. The customer additional information 262 is information added to the customer by the present system, and includes a login ID, a password, a transaction code number, and the like. The account balance information 263 is information indicating the balance of the account held by the customer, and includes cash balance transition, stock balance transition, and the like. The customer transaction information 264 is information related to the stock transaction of the customer, and includes order information indicating the content and state of the order, transaction history, and the like.

  As shown in FIG. 4B, the personal corporation information DB 30 includes attention target person information 301 and prospective customer information 302. The attention target person information 301 is personal corporation information (customer black list) of a target person who needs attention and monitoring. The prospective customer information 302 is personal corporation information of an applicant for opening an account.

  As shown in FIG. 4C, the order information 30A includes an order number 30A1, a brand 30A2, the number of shares 30A3, a limit 30A4, a trading category 30A5, a trading category 30A6, an execution condition 30A7, and the like. The order number 30A1 is a number assigned to the order information received by the transaction server 2, and is a number unique to the order information 30A. Information after 30A2 is included in the received order information. The brand 30A2 is a name of a stock to be traded. The number of shares 30A3 is the number of shares to be bought and sold. The limit price 30A4 is a value that designates the stock price to be traded, but “marketing” that means that the stock price is not designated can also be set. The trade section 30A5 designates selling or buying. Transaction classification 30A6 designates spot transaction or credit transaction. The execution condition 30A7 specifies the execution time of the order, but can also be unspecified.

  As shown in FIG. 4D, the transaction data 30B includes a contract 30B1, the number of shares 30B2, an amount 30B3, a contract date and time 30B4, a trade category 30B5, a transaction category 30B6, and the like. The contract brand 30B1 is a brand for which stock trading has been established. The number of stocks 30B2 is the number of stocks for which stock trading has been established. The amount 30B3 is the amount of money for sale (contract unit price). The contract date 30B4 is the date / time / minute / second at which the stock transaction was established. The sales division 30B5 indicates selling or buying. The transaction classification 30B6 indicates a spot transaction or a credit transaction.

The order information confirmation unit 23 compares the received order information with the stock price information stored in the stock price DB 24, the rule information stored in the rule DB 25, and the customer information stored in the customer information DB 26, and the order information is correct. Check if it exists.
First, the order information is checked against the rule information, and it is confirmed whether or not the limit price is within the range of the price limit. At this time, the price range information in the rule DB 25 used as a reference is adjusted based on the contractable range, right price equivalent, stock split ratio, etc. in the rule DB 25 as well. Details of the adjustment method will be described later together with the operation of the board server 3.

  Also, using the rules information, whether the stock is not a trading stop stock, the number of shares is an integral multiple of the trading unit, the limit is specified in the price unit, or the trading amount is within the trading limit from the number of shares / stock price Check if it is.

  If necessary, it is confirmed whether or not an order can be accepted using stock price information (market price) for the order information.

  In addition, the order information is checked against the customer information, and in the case of buying, within the range of the customer's surplus for the brand, number of shares, and limit (the balance obtained by subtracting the cash balance of the surplus of ordinary transactions from the balance that has not yet been delivered) Check if it exists. In addition, in the case of selling, it is confirmed whether or not it is within the range of the customer's deposit balance (excluding items that have not been delivered).

<< Configuration of board server >>
FIG. 5 is an internal configuration diagram of the board server 3.

  The board server 3 is a server that actually executes a contract process. The board registration means 31, the board information creation means 32, the order information change deletion means 33, the contract means 34, the stock price DB 35, the transaction information DB 36, and the contractable range calculation means 37. A rule DB 38 and a stock price use rule DB 39 are provided.

  After confirming whether or not the order information received from the transaction server 2 is within the transaction time and whether the order price and price range are correct, the board registration unit 31 stores the order information in the transaction information DB 36. When confirming whether the tick price and the price range are correct, the rule DB 38 is referred to. In addition, the board registration unit 31 adjusts the price range in consideration of a contractable range, a right price equivalent amount, a stock split ratio, and the like. At that time, the stock price use rule DB 39 is referred to. The board information creation means 32 creates board information 36B indicating the order status of stock trading for each brand from the order information 36A stored by the board registration means 31. The order information change deleting means 33 changes or deletes the order information 36A already stored in the transaction information DB 36.

  The contracting means 34 orders the contractable price with reference to the contractable price (single value: sellable price) or the contractable range (tradeable range) and the board information 36B provided from the contractable range calculating means 37. Whether or not the matching prices match or whether or not the order matching price is within the contractable range is confirmed, and when the stock transaction is completed, the contract information 36C regarding the establishment of the stock transaction is stored in the transaction information DB 36. Then, a contract message indicating that the stock transaction is established is created and transmitted to the transaction server 2.

  The contractable range calculation means 37 can execute the contract whenever the market price stored in the stock price DB 35 is updated or the information stored in the stock price use rule DB 39 is updated based on the rule information of the stock price use rule DB 39. A price or a contractable range is calculated, stored in the stock price DB 35, and provided to the contract means 34. The market price can be used as it is when calculating the contractable price or the contractable range, or the market price after rights modification that reflects the right component in the market price (for example, market price + right price equivalent, market price × Stock split ratio etc.) can also be used. Specifically, when the contract is executed at a single price, there is a method in which the market price or the market price after the right adjustment is made a contractable price. Further, when contracting within a predetermined stock price range, there is a method in which the market price ± n, the market price after rights correction ± n or the market price ± right price equivalent amount is set as the upper limit value and the lower limit value of the contractable range.

  Here, the market price after rights correction and the amount equivalent to the rights price will be described. First, the vesting date is a reference date that is set in order to determine the shareholder when a company that issues shares grants rights to shareholders, such as dividends and stock splits. In the case of a transaction with a settlement period of one day or more, even if the shares are bought on the vesting date, the delivery cannot pass because the vesting date has passed. Therefore, taking into account the settlement period, the last transaction date on which rights can be acquired on a transaction date basis is referred to as the last date with rights, and the first date on which rights cannot be acquired on a transaction date basis is referred to as the ex-rights date. In addition, in a market that refers to market prices, since the delivery date of sales is after the vesting date of dividends, stock splits, etc., even if the contract date is before the vesting date, the period during which price formation is performed is assumed that no rights are attached. This is called the ex-rights period.

  The representative rights granted to stocks include new shares through dividends and stock splits.

  In the case of dividends, the theoretical stock price will drop by the amount of expected dividends after the rights fall. For example, if the stock price is 100 yen with a right and the expected dividend per share is 5 yen, the stock price will be 95 yen after the rights are expired. Therefore, the expected dividend amount is set as the right price equivalent, and the value obtained by adding the right price equivalent to the market price after the ex-rights is set as the right-corrected market price. Then, a stock order is executed based on the right-corrected market price. According to this, even during the ex-rights period, the right of dividend can be acquired by purchasing stock.

  A stock split is a split of one stock to increase the number of issued shares. After the deprivation, the theoretical stock price will drop to the value divided by the stock split ratio. For example, if a stock split is made into two stocks and the stock price is 100 yen with a right, the stock price will drop to 50 yen, which is a half. Theoretically, the asset value does not change before and after the split. Therefore, a value obtained by multiplying the market price after the deprivation by the stock split ratio is defined as the market price after the right modification. Then, a stock order is executed based on the right-corrected market price. According to this, even during the ex-rights period, it is possible to acquire the rights of the new shares to be delivered by the stock split by purchasing the shares.

  As a representative right, dividends and stock splits have been described, but other rights may be used as long as the market price after the right correction can be reasonably calculated.

  The rule DB 38 stores rule information (quotation price, price limit, etc.) indicating a predetermined transaction rule for each brand, and the content thereof is the same as the rule DB 25 of the transaction server 2. The rule DB 38 is referred to by the board registration unit 31. The rule DB 38 in the board server 3 may be shared with the rule DB 25 in the transaction server 2 or may be independent.

  The stock price usage rule DB 39 calculates, for each brand, usage rules regarding how to use the current price, whether to set a contractable range, whether to correct the right price, and the contractable price and contractable range. Information such as a contractable range value, a right price, a split ratio, an ex-rights period, and the like necessary for the purpose are stored. The stock price usage rule DB 39 is referred to by the plate registration unit 31 and the contractable range calculation unit 37.

The board server 3 obtains the market price for each stock brand from an exchange or information vendor via the Internet or the like, and updates and stores the market price for each stock brand in the stock price DB 35. The plate information 36B created through the transaction server 2, the input of the request for viewing from the customer terminal 1 ₁ ... 1 _m of the input means 11 is transmitted to the customer terminal 1 ₁ ... 1 _m, the customer terminal 1 ₁ ... _{Can be} browsed by 1 _m browsing means 12.

  The board server 3 includes a processing unit and a storage unit (not shown). The processing unit includes a plate registration unit 31, a plate information creation unit 32, an order information change deletion unit 33, a contract unit 34, and a contractable range calculation unit 37. The processing unit is realized by the CPU executing a program stored in a predetermined memory. The storage unit also includes a stock price DB 35, a transaction information DB 36, a rule DB 38, and a stock price usage rule DB 39. The transaction information DB 36 includes order information 36A, board information 36B, and contract information 36C. The storage unit is realized by a nonvolatile storage device such as a hard disk device or a flash memory.

  FIG. 6 is a diagram illustrating a configuration of a DB included in the board server 3. As shown in FIG. 6A, the order information 36A includes an order number 36A1, a brand 36A2, a number of shares 36A3, a limit 36A4, a buying / selling section 36A5, a trading section 36A6, and an execution condition 36A7. Since each element is the same as each element of the order information 30A in FIG. 4C, description thereof is omitted.

  As shown in FIG. 6B, the board information 36B is composed of a sale quantity 36B1, a price 36B2, and a purchase quantity 36B3 for each brand. The sale quantity 36B1 indicates the number of shares of the brand for which a sale order with a price 36B2 has been placed. The price 36B2 indicates the stock price of the brand for which a sell or buy order has been placed. The buy quantity 36B3 indicates the number of shares of the brand for which a purchase order with a price 36B2 has been issued. FIG. 6B shows that, for example, there is a selling order of 2000 shares at 1005 yen. Here, for example, if the board server 3 receives order information for selling 1000 shares at the limit of 1005 yen for the same brand, the selling quantity 36B1 corresponding to the price 36B2 of 1005 yen is "3000" (= 2000 + 1000). . The board information usually includes the number of selling orders and buying orders, but the description thereof is omitted here.

  As shown in FIG. 6C, the contract information 36C includes an order number 36C1, contract number 36C2, contract brand 36C3, number of shares 36C4, amount 36C5, contract date and time 36C6, trade classification 36C7, and transaction classification 36C8. . The order number 36C1 is the order number of the order information for which stock trading has been established. The contract number 36C2 is a unique number assigned to each contract, and is used to determine that a sell order and a buy order have come together. Accordingly, the same contract number 36C2 is set in the sales order contract information 36C and the corresponding buy order contract information 36C. Since each element after the contracted brand 36C3 is the same as each element of the transaction data 30B in FIG. 4D, description thereof will be omitted.

≪System processing≫
FIG. 7 is a flowchart showing the processing of this system.

  In this system, the contract date = delivery date / time, that is, in order to enable T + 0 immediate settlement, an account for immediate settlement transaction is opened in a securities company. It is also assumed that the customer's stock is deposited with a securities company so that the securities themselves can be delivered immediately. Thereby, since the transaction is performed within the range of the stock and cash balances deposited from the customer, the balance data can be updated in real time, and settlement failure can be prevented.

If the customer needs to open an account (Yes in step S101), an account is opened to the transaction server 2 in order to use this system. In this case, the customer terminals 1 ₁ ... 1 _m first connect to the transaction server 2 via the Internet 4 and receive the customer account opening screen data from the customer account opening means 21. Then, according to the customer account opening screen displayed on the browsing means 12, information indicating that a customer account is desired to be opened is input to the input means 11 and transmitted to the transaction server 2.

  When the customer account opening means 21 receives information indicating that it wishes to open a customer account, and there is no error in comparing with the target person information 301 and the prospective customer information 302 stored in the personal corporation information DB 30, The fact that the customer account has been opened is stored in the customer information DB 26 of the transaction server 2 (step S102). Here, the target person information 301 is a black list of customers, the prospective customer information 302 is a list of customers who have already applied for account opening, and the customer list is collated with information regarding customers who wish to open an account. If not, it is judged that there is no flaw. If the account has been opened (No in step S101), it is not necessary to open a customer account, and the process proceeds to customer authentication for determining whether the customer is the principal.

The customer authentication means 22 receives the authentication information (ID, password, etc.) for authenticating the customer input from the input means 11 of the customer terminal 1 ₁ ... 1 _m , and the customer information of the customer contained in the customer information DB 26 Authentication is performed against the above (step S103). If the authentication is correct (Yes in step S103), the process proceeds to the next step. If it is not correct (No in step S103), the log-in to this system is terminated and terminated.

Authentication information is legitimate, after logging in to the system is performed by the input of the read request, the stock information from the stock DB 24, rule information is transmitted from the rules DB25 to the customer terminal ₁ 1 ... 1 _m. Stock price information is stock information for each stock, such as stock prices that evaluate market closing prices, quote information (contract price, trading volume information), etc., and rule information refers to various rules regarding transactions when using this system. It is. Examples of the rule information include setting of trading stocks (including deposit dates due to stock splits, restrictions on delivery dates, etc.), trading units, trading hours, reflection of regulations in exchange trading, and the like. Further, the input of the read request, reserve capacity balance in the customer account each customer owned is transmitted from the customer information DB26 to the customer terminal ₁ 1 ... 1 _m.
This surplus balance is information on customer assets including cash and securities deposited in the customer account, trading margin in margin transactions, traded open interest, and the like.

These pieces of information are confirmed by being displayed on the browsing means 12 of the customer terminals 1 ₁ ... 1 _m , and the order desired by the customer is input to the input means 11 as order information (step S104). The order information includes a spot transaction (buy or sell) or a general credit transaction (new or repayment), the number of shares ordered, a limit price, or the like.

In the transaction server 2 that has received the order information, the order information confirmation unit 23 determines whether or not the order information is appropriate (step S105). That is, it is determined whether or not the order information is appropriate with reference to the stock price information, rule information and customer information. The specific determination method is as already described in the description of the order information confirmation unit 23. If the order information is not appropriate (No in S105), the trade server 2, for example, when insufficient margin shortage and balances, reserve capacity balance error, when not apply along the rule information, an order error respective customer terminal 1 ₁ ... 1 _m (step S106) and waits for receiving order information.

  If the order information is appropriate (Yes in S105), the order order storage means 27 orders the order information for the board server 3 and stores it as the order information 30A (step S107). The stored order information 30A is reflected in the customer transaction information 264 of the customer information DB 26.

  The board server 3 that has received the order information checks whether or not the order information can be accepted (step S108). Specifically, the board registration means 31 refers to the rule DB 38, for example, confirms whether or not the current time is within the transaction time of the present system, and confirms whether the bid price or price range of the order is correct. At this time, the board registration unit 31 refers to the stock price usage rule DB 39 and adjusts the reference price range in consideration of the contractable range, the right price equivalent, the stock split ratio, and the like. A specific example of price range adjustment is shown below. For example, when the contractable range is set to “market price ± α yen”, the price range upper limit is adjusted to + α yen and the price range lower limit is adjusted to −α yen. If the right price equivalent is set to β yen, the price range upper limit is adjusted to + β yen and the price range lower limit is adjusted to + β yen. When the stock split ratio is set to γ (> 1, not necessarily an integer), the upper limit of the value range is adjusted to xγ, and the lower limit of the value range is adjusted to xγ.

If it can be accepted (Yes in step S108), it is confirmed whether or not the received order information is a new order (step S109). If it is a new order (Yes of step S109), the board registration means 31 will register the said order information in the transaction information DB36 of a memory | storage part as order information 36A (step S110). The board information 36B is information for registering order information issued by each customer and for browsing by each customer. All the ordered order information 36A is registered in the board information 36B, the board information 36B is created by the board information creating means 32 (step S111), and the board information 36B is completed. Specifically, the stock number 36A3 of the order information 36A is added to the selling quantity 36B1 or the buying quantity 36B3 in the board information 36B in accordance with the trading category 36A5 and stored. The finished plate information 36B, by browsing request from the customer terminal 1 ₁ ... 1 _m is inputted from the input unit 11, or by voluntary operation of the plate information creation unit 32, the customer terminal 1 ₁ ... 1 _m It is transmitted to (step S112). At the customer terminals 1 ₁ ... 1 _m that have received the board information, the browsing means 12 displays the board information.

  In order for a stock transaction to be established, it is essential to have order information corresponding to certain order information (a sell order for a buy order and a buy order for a sell order). For this reason, the contract means 34 confirms whether there is corresponding order information (step S113). When there is matching order information (Yes in step S113), the order winning price is specified. Subsequent processing will be described later using the flowchart of FIG. If there is no corresponding order information (No in step S113), the order information registered in the board information 36B is reserved as it is, and the board server 3 waits to receive new order information.

  Here, asynchronously with the processing of the board server 3 shown in FIG. 7, for example, while waiting for the board server 3 to receive the order information from the transaction server 2, the contractable price or the contract can be executed by another task. Even when the range is updated (step S120), the confirmation process of step S113 is performed. This is because even if the board information 36B is not updated by receiving the order information, the order information remaining in the board information 36B is newly executed by changing the contractable price or the contractable range in accordance with the fluctuation of the market price. Because there is a possibility of doing. Note that the confirmation processing in step S113 may be performed when the contractable price or the contractable range of the stock issue is fluctuating with reference to the memory of the contractable range calculating unit 37 at predetermined time intervals, You may make it perform in real time simultaneously with the update of a contractable price or a contractable range. The contractable range calculation means 37 will be described later.

If the received order information is not acceptable (No in S108), the board server 3 determines whether it is outside the transaction time (S114). If it is outside the transaction time (Yes in S114), the processing proceeds to FIG. If it is not outside the transaction time (No in S114), a message indicating an acceptance error is returned to the transaction server 2 (step S117). In this case, the transaction server 2 receives the message from the board server 3 and transmits the message to the customer terminals 1 ₁ ... 1 _m that received the original order information. Customer terminals 1 ₁ ... 1 _m receive the message from transaction server 2 and display it on the display. This allows the customer to recognize that the order quote or price range is incorrect. In addition, the process of the board server 3 at the time of receiving an error due to the reason outside the transaction time will be described later using the flowchart shown in FIG.

If the order information is not a new order (No in step S109), it is determined whether or not there is an original order to be changed or deleted (step S115). When there is original order of the change or deletion requested (Yes in step S115), the information in the leaf server 3, the order information changing deleting unit 33, which is input by the customer terminal 1 ₁ ... 1 input means 11 of the _m Based on this, the order information of the corresponding customer is changed or deleted (step S116), and the registration to the board information 36B and the creation of the board information 36B are performed again (step S111).

If there is no original order to be changed or deleted (No in step S115), the board server 3 returns a message indicating an acceptance error to the transaction server 2 (step S117). In this case, the transaction server 2 receives the message from the board server 3, transmits the message to the customer terminals 1 ₁ ... 1 _m that received the original order information, and waits for receiving the order information. Customer terminals 1 ₁ ... 1 _m receive the message from transaction server 2 and display it on the display. Accordingly, the customer recognizes that the order information has not been accepted by the board server 3.

  FIG. 8 is a flowchart showing the contract processing when there is corresponding order information in this system.

  In the present system, a contract is established when there is order information to be matched and the price corresponding to the order matches the contractable price or is within the contractable range. Therefore, first, the contracting means 34 of the board server 3 acquires the contractable price or contractable range of the stock issue from the contractable range calculating means 37, and sets it in the memory (step S201). The contractable range calculation means 37 uses the market price stored in the stock price usage rule DB 39 every time the market price stored in the stock price DB 35 is updated based on the rule information in the stock price usage rule DB 39. Each time a usage rule or information necessary for calculating the selling price is updated, the contractable price or contractable range is calculated, stored in the stock price DB 35, and provided to the contracting means 34.

  Next, it is determined whether or not the order corresponding price related to the corresponding order information matches the contractable price or is within the contractable range (step S202). Specifically, it is checked whether or not the order-corresponding price matches the single value stored in the memory or whether it is between the lower limit value and the upper limit value stored in the memory. If the price does not match the contractable price or is not within the contractable range (No in step S202), the order information registered in the board information 36B is retained as it is, and the board server 3 waits for reception of new order information. If it matches the contractable price or is within the contractable range (Yes in step S202), the contract price is determined (step S203). The contract price may be determined when the price corresponding to the order matches the market price. Details of the determination of the contract price will be described later.

  The contracting means 34 contracts the corresponding order information according to the determined contract price (step S204), and then deletes the contracted order information from the board information 36B to the board information creating means 32, and FIG. A trigger is given to execute the process of step S111. In parallel with the processing, the contracting means 34 creates a contract telegram and transmits it to the transaction server 2 (step S205). Then, the contracted order information is deleted from the board information 36B, and the contracted order information (including the determined contract price) and the contracted date / time / minute (the contents of the contract telegram) are stored in the contract information 36C of the transaction information DB 36. (Step S206). Thereby, the contract processing in the board server 3 is completed. The contract message has the same configuration as the contract information 36C in FIG.

  Here, a specific example of deleting the contracted order information from the board information 36B will be described. In the board information 36B of FIG. 6B, for example, when 1500 shares are sold for a stock price of 1003 yen, 1500 shares are subtracted from the sell quantity 36B1 and the buy quantity 36B3 corresponding to the price 36B2 of 1003 yen. As a result, in the board information 36B after the contracted order information is deleted, the selling quantity 36B1 corresponding to the price 36B2 of 1003 yen is 0 shares, and the corresponding buying quantity 36B3 is 1500 shares.

  On the other hand, in the transaction server 2 that has received the contract message, the transaction data creation storage means 28 creates and stores the transaction data 30B based on the contract message (step S207). The transaction data 30B is a customer account ledger, a security deposit book, a transaction diary, an order slip, etc. including the contents shown in FIG.

  Based on the transaction data 30B, the transaction result reflecting means 29 updates the customer information DB 26 including the remaining balance of the customer to a state in which payment is made immediately (step S208). In the update of the customer information DB 26, based on the contract name 30B1, the number of shares 30B2, the amount 30B3, the contract date 30B4, the trading category 30B5 of the transaction data 30B, etc. Update the H.264 contract details.

  FIG. 9 is a flowchart showing processing in the present system when an acceptance error occurs because the order information is outside the transaction time.

  When a non-transaction time acceptance error occurs, confirmation of transactions performed within the transaction time in this system and resetting of board information are performed.

  The board server 3 outputs the contract information 36C stored in the transaction information DB 36 as a contract verification file (step S301). Next, the order information change deletion means 33 deletes the unordered order information from the board information 36B (step S302). Then, the output contract collation file and the transaction data 30B stored by the transaction data creation storage unit 28 of the transaction server 2 are collated by the transaction result reflection unit 29 (step S303). As a result of matching, if the agreement matching file and the transaction data 30B are not consistent, an error is output. Further, the final result after the transaction is reflected in the customer information DB 26 by the transaction result reflecting means 29 (step S304).

Incidentally, stock DB 24, rule DB 25, the customer's own customer information including the reserve capacity balance stored in the customer information DB 26, and the plate information 36B is a view request inputted from the customer terminal ₁ 1 ... _{1 m} of the input means 11, It is transmitted from the transaction server 2 and the board server 3 as needed to the customer terminals 1 ₁ ... 1 _{m and} can be displayed by the browsing means 12.

≪How to determine the contract price≫
When the contract price is determined, it is sequentially performed according to the order of price priority and time priority. The price priority rules are shown below.
(1) Prioritize market orders over limit orders.
(2) A sell order gives priority to a cheaper limit order, and a buy order gives priority to a higher limit order.
(3) If multiple orders are within the contractible price range, the market price (including the right-corrected market price; the same shall apply hereinafter) or a price closer to the market price is given priority.

  Here, by following the rule (2), the contract price is determined so as to sell at the same price as the limit price or a price higher than the limit price, or to buy at the same price as the limit price or a price lower than the limit price, within the contractable range. . If there is no priority order according to the price priority rule, the time priority order is followed. In the time priority, the earlier time when the board server 3 receives the order information is preferentially processed.

  Next, a specific example in which the contracting means 34 of the board server 3 determines the contract price will be described with reference to the board information shown in FIGS.

  FIG. 10 is a diagram illustrating an example of pricing by market price at the start of trading. Fig.10 (a) shows the board information before a transaction start. According to rule (2), priority is given to an order of 1000 shares out of 2000 shares sold for 999 yen and an order of 1000 shares bought for 1000 yen. In this case, the order-equivalent prices are 999 yen and 1000 yen. FIG.10 (b) shows the board information at the time of a transaction start. According to rule (3), the market price is 1000 yen for a plurality of order-equivalent prices of 999 yen and 1000 yen.

  FIG. 11 is a diagram illustrating an example in which pricing is performed within a contractable range. FIG. 11A shows board information when the order-to-order price matches the market price. A thick frame shown in the price column indicates a contractable range of (market price-2) to (market price + 2) (the same applies hereinafter). In this case, since the order-equivalent price of 1000 yen coincides with the market price of 1000 yen, it is executed at 1000 yen. FIG. 11B shows the board information when the order-to-order price is within the contractable range. In this case, the order-equivalent price of 1000 yen does not match the market price of 999 yen, but is within the range of 997 yen to 1001 yen that can be executed, and is therefore executed at 1000 yen.

  FIG. 12 is a diagram illustrating an example in which a contract can be made due to a change in the market price. FIG. 12A shows the board information when the order price is not within the contractable range. In this case, even if an order is matched, the order matching price of 1000 yen does not coincide with the market price of 997 yen, and is not within the range of 995 to 999 yen that is the contractable range. FIG. 12B shows board information when the market price fluctuates and the order-to-order price falls within the contractable range. In this case, since the market price has increased from 997 yen to 998 yen, the contractable range has become 996 yen to 1000 yen, so the order-priced price of 1000 yen is included in the contractable range, and the contract price is 1000 yen. To do.

  FIG. 13 is a diagram illustrating an example of pricing when there are a plurality of order winning prices. The board information in FIG. 13A includes an order for 1000 shares sold for 1000 yen and an order for 1000 shares bought for 1002 yen, and the order-equivalent prices are 1000 yen, 1001 yen, and 1002 yen. According to rule (3), there is a market price of 1001 yen in the order-equivalent price. In the board information shown in FIG. 13B, the order-equivalent prices are 1000 yen, 1001 yen, and 1002 yen, as in FIG. 13A. However, since the order-to-order price in the range of 996 yen to 1000 yen, which is the contractable range, is only 1000 yen, the contract price is 1000 yen. In the board information of FIG. 13C, there are an order for 1000 shares sold for 999 yen and an order for 1000 shares bought for 1000 yen, and the corresponding order prices are 999 yen and 1000 yen. These order-equivalent prices are both in the range of 996 yen to 1000 yen, which can be executed, but according to rule (3), they are executed at 999 yen closer to the market price of 998 yen.

  FIG. 14 is a diagram illustrating an example of pricing when there are a plurality of orders. In the board information of FIG. 14A, there are an order of 999 yen selling 10,000 shares, an order of 998 yen selling 1000 shares, an order of 1000 yen buying 3000 shares, and an order of buying 999 yen 8000 shares. In this case, the order price is 998 yen, 999 yen and 1000 yen. However, since the price corresponding to any order is not in the range of 1001 to 1,005 yen which is the contractable range, it is not executed.

  In the board information of FIG. 14B, since the market price has dropped from 1003 yen to 999 yen and the contractable range has become 997 yen to 1001 yen, any order-to-order price is within the contractable range. In this case, according to the rule (2), priority is given to an order of 1000 shares sold for 998 yen and an order of 1000 shares out of 3000 shares bought for 1000 yen. And according to the rule (3), the market price is 999 yen, and it is executed at 1000 shares.

  FIG. 14C shows the board information after the contract. In this case, the order-equivalent prices are 999 yen and 1000 yen, and according to rule (2), the order of 2000 shares out of the 999 yen selling 10000 shares and the order of buying 2000 shares of 1000 yen has priority. . In this case, according to the rule (3), the market price is 999 yen and the contract is 2000 shares. FIG. 14D shows the board information after the contract. In this case, the order-equivalent price is 999 yen, which matches the market price, so the contract is executed at 999 yen and 8000 shares. FIG. 14E shows the board information after the contract.

  FIG. 15 is a diagram illustrating an example of pricing when there are a plurality of orders.

  In the board information of FIG. 15A, there are an order of 999 yen selling 10,000 shares, an order of 998 yen selling 1000 shares, an order of 1000 yen buying 3000 shares, and an order of buying 999 yen 8000 shares. In this case, the order price is 998 yen, 999 yen and 1000 yen. However, since the price corresponding to any order is not in the range of 1001 to 1,005 yen which is the contractable range, it is not executed.

  In FIG. 15B, since the market price has dropped from 1003 yen to 1000 yen and the contractable range has become 998 yen to 1002 yen, any order-to-order price is within the contractable range. In this case, according to the rule (2), priority is given to an order of 1000 shares sold for 998 yen and an order of 1000 shares out of 3000 shares bought for 1000 yen. And according to the rule (3), the market price is 1000 yen and the stock is executed at 1000 shares.

  FIG. 15C shows the board information after the contract. In this case, the order-equivalent prices are 999 yen and 1000 yen, and according to rule (2), the order of 2000 shares out of the 999 yen selling 10000 shares and the order of buying 2000 shares of 1000 yen has priority. . In this case, if rule (3) is followed, it will be executed at a market price of 1000 yen and 2000 shares. FIG. 15D shows the board information after the contract. In this case, the order-to-order price is 999 yen, which does not match the market price of 1000 yen, but is included in the range of 998 yen to 1002 yen that can be executed, so it will be executed at 999 yen and 8000 shares. FIG. 15E shows the subsequent board information.

  FIG. 16 is a diagram illustrating an example in which the price is determined based on the market price at the time of starting the transaction (with a success). FIG. 16 (a) shows the board information before the start of trading (with banking). In addition to the limit order, this board information includes a market order for selling 1000 shares. According to the rule (1), the market order has priority over the limit order, so the market order has priority in the sell order. On the other hand, in the buy order, according to the rule (2), the order of 1000 shares with a higher limit of 1000 yen is given priority. In this case, the order price is 1000 yen or less. FIG.16 (b) shows the board information at the time of a transaction start (with a success). If the market price is 1,000 yen and the rule (3) is followed, there is an order-equivalent price that matches the market price.

  FIG. 17 is a diagram illustrating an example in which a plurality of orders are priced according to a contractible range at the start of trading. FIG. 17A shows the board information before the transaction starts. In this case, according to the rule (2), the order of 1000 shares out of the 2000 stocks sold for 999 yen and the order of 1000 shares for purchase of 1000 yen are prioritized. Order-to-order prices are 999 yen and 1000 yen. Since the market price is 1000 yen, it will be executed at 1000 yen and 1000 shares. FIG. 17B shows the board information at the start of the transaction. In this case, an order of 1000 shares sold for 999 yen corresponds to an order of 1000 shares out of 2000 shares bought for 999 yen. The order-to-order price of 999 yen is in the range of 998 yen to 1002 yen that can be executed, so it will be executed at 999 yen and 1000 shares. FIG. 17C shows the board information after the contract.

  FIG. 18 is a diagram illustrating an example in which a plurality of orders are priced according to a contractable range at the time of starting a transaction (with completion). FIG. 18A shows the board information before the transaction starts. In addition to the limit order, this board information includes a market order for selling 1000 shares. According to the rule (1), the market order has priority over the limit order, so the market order has priority in the sell order. On the other hand, in the buy order, according to the rule (2), the order of 1000 shares with a higher limit of 1000 yen is given priority. In this case, the order-to-order price is 1000 yen or less, and is executed at 1000 yen and 1000 shares that match the market price.

  FIG. 18B shows the board information at the time of starting the transaction. In this case, an order of 1000 shares sold for 999 yen corresponds to an order of 1000 shares out of 2000 shares bought for 999 yen. The order-to-order price of 999 yen does not match the market price of 1000 yen, but is within the range of 998 yen to 1002 yen that can be executed, so it will be executed at 999 yen and 1000 shares. FIG. 18C shows the board information after the contract.

  Although the embodiment of the present invention has been described above, in order to cause each means in the board server 3 shown in FIG. 5 to function, a program executed by a CPU (processing unit) is recorded on a computer-readable recording medium. It is assumed that the board server (trade price determination device) 3 according to the embodiment of the present invention is realized by causing the computer to read and execute the recorded program. Note that the program may be provided to the computer via a network such as the Internet, or a semiconductor chip or the like in which the program is written may be incorporated in the computer.

  Although the best mode for carrying out the present invention has been described above, the above embodiment is intended to facilitate understanding of the present invention and is not intended to limit the present invention. The present invention can be changed and improved without departing from the gist thereof, and equivalents thereof are also included in the present invention. For example, the following embodiments can be considered.

(1) In the above embodiment, the stock immediate settlement system has been described. However, the object to be traded may be not only stock but also other securities, rights and the like. Further, not only the immediate settlement transaction but also a transaction having a longer settlement period such as a normal transaction (T + 3 delivery).

(2) In the above embodiment, the contractable range is set as (market price−2) to (market price + 2) in step S201, but (market price−1) to (market price + 1) and (market price− 3) to (market price + 3) can also be set.

(3) In the above embodiment, the unit of the lower limit value and upper limit value of the contract price and the price of the board information is 1 yen, but it is not limited to 1 yen unit.

  According to the present invention, it is possible to presuppose a corresponding sell order and buy order related to customer order information (limit price and quantity). Can be reflected in buying and selling. Next, since the order-equivalent price can be executed when it matches the market price updated from time to time, even an off-market transaction can be traded at a reasonable price according to the market price that changes from time to time. And even if the order-to-order price is within the contractible range based on the market price updated from time to time, even if it is an off-market transaction, You can buy and sell at a reasonable price and increase the number of contract opportunities. Even if there is no new order, when the market price fluctuates, the order-to-order price is compared with the market price or the contractable range, so that the opportunity for execution can be further increased. Then, when a plurality of order-equivalent prices are within a contractable range, the market price or a price closer to the market price is set as the sale price, so that it is possible to trade at a more appropriate price.

  In addition, according to the embodiment of the present invention, the market price is taken in and reflected in the buying and selling, so even if there are large orders, frequent trades by day traders or trades linked to price movements, the market price is not affected. . Since not only the market price at a certain point in time but also the market price that changes throughout the day, the timing of the transaction is not missed. In the unlikely event that an incorrect order is placed, no serious damage will occur in a short time.

  In particular, it can be applied to an immediate stock settlement system to sell stocks while the market is open and to obtain cash immediately, without affecting the market price and reducing the market price. The reflected transaction service can be provided to the customer. According to this, PTS when the market is open can be used effectively.

  In addition, according to the embodiment of the present invention, when the settlement period of the market using the trading price determination method is shorter than the market that refers to the current price, both the seller and the buyer are entitled to the right even during the exemption period. It becomes possible to conduct transactions with rights at theoretical prices. In addition, since the limit price range is adjusted in consideration of the right price price amount for the available trading range and the right-to-right period, instead of the predetermined limit price range, order information is consistent with the market price correction method. It is possible to check whether the value is within the value range.

Claims (18)

A method of determining a trading price of the securities by an information processing device when buying and selling securities traded in a predetermined market outside the market,
The information processing apparatus includes a storage unit and a processing unit,
The storage unit stores, for each brand of the securities, a market price in the predetermined market and board information including the price of the securities, the quantity of sell orders corresponding to the price, and the quantity of buy orders. ,
The processor is
Receiving the market price of the securities in the predetermined market, and updating the market price stored in the storage unit based on the market price;
Receiving order information including the brand, quantity, limit and trading category of the transaction of the securities, and updating the board information stored in the storage unit based on the order information;
Identifying an order corresponding price that is a price corresponding to a sell order and a buy order from the board information;
Comparing the order-to-order price and the market price, and if both match, storing the order-to-order price as a contract price in the storage unit;
A method for determining a selling price, characterized in that A method of determining a trading price of the securities by an information processing device when buying and selling securities traded in a predetermined market outside the market,
The information processing apparatus includes a storage unit and a processing unit,
The storage unit stores, for each brand of the securities, a market price in the predetermined market and board information including the price of the securities, the quantity of sell orders corresponding to the price, and the quantity of buy orders. ,
The processor is
Receiving the market price of the securities in the predetermined market, and updating the market price stored in the storage unit based on the market price;
Receiving order information including the brand, quantity, limit and trading category of the transaction of the securities, and updating the board information stored in the storage unit based on the order information;
Identifying an order corresponding price that is a price corresponding to a sell order and a buy order from the board information;
Setting a tradeable range of the securities based on the market price;
Storing the order-equivalent price as a contract price in the storage unit when the order-equivalent price is within the tradeable range;
A method for determining a selling price, characterized in that The sales price determination method according to claim 2,
The processor is
When the plurality of order-equivalent prices are within the tradeable range, the market price or a price closer to the market price is stored in the storage unit as a contract price. It is the buying and selling price determination method according to any one of claims 1 to 3,
The board information includes a quantity of a market sell order and a quantity of a market buy order,
The processor is
When receiving order information including the brand, quantity, market designation and trading classification of the securities transaction, updating the board information based on the order information;
Specifying the order price corresponding to the market order prior to the limit order set in the board information when a market sell order or market buy order is set in the board information; ,
The transaction price determination method characterized by performing further. It is the buying and selling price determination method according to any one of claims 1 to 4,
The method for determining a selling price, wherein the securities are stocks. The sales price determination method according to claim 1,
The storage unit further stores, for each issue of the securities, an ex-rights period, a right price equivalent amount or a stock split ratio,
In the case where the processing unit conducts trading in a market having a settlement period shorter than that of the predetermined market, the market price is equivalent to the right price within the ex-rights period of the brand subject to the transaction in the predetermined market. A trading price determination method, wherein a price obtained by adding an amount or a price obtained by multiplying the market price by the stock split ratio is used as a right-corrected market price, and the order-to-order price and the right-corrected market price are compared. The sales price determination method according to claim 2,
The storage unit further stores, for each issue of the securities, an ex-rights period, a right price equivalent amount or a stock split ratio,
In the case where the processing unit conducts trading in a market having a settlement period shorter than that of the predetermined market, the market price is equivalent to the right price within the ex-rights period of the brand subject to the transaction in the predetermined market. A price obtained by adding an amount or a price obtained by multiplying the market price by the stock split ratio is a right-corrected market price, and the range in which the securities can be bought and sold is set based on the right-corrected market price. Trading price determination method. It is the selling price determination method according to claim 7,
The marketable range of the securities has “base price + variation range” as an upper limit value and “base price−variation range” as a lower limit value, and the market price after the right modification is used as the reference price. Or a purchase price determination method characterized by using the right price equivalent amount as the fluctuation range. The sales price determination method according to claim 8,
The storage unit further stores a limit value width for each brand of the securities,
The processing unit adjusts the limit price range based on the tradeable range, the right price equivalent amount or the stock split ratio, and checks the received order information based on the limit price range. Trading price determination method. A trading price determination device for determining a trading price of the securities when trading the securities traded in a predetermined market outside the market,
A storage unit that stores a market price in the predetermined market for each brand of the securities, and plate information including the price of the securities and the quantity of the sell order and the quantity of the buy order corresponding to the price;
Accept the market price of the securities in the predetermined market, and update the market price stored in the storage unit based on the market price,
Accepts order information including brand, quantity, limit and trading category of the transaction of the securities, and based on the order information, updates the board information stored in the storage unit,
From the board information, an order corresponding price that is a price corresponding to a sell order and a buy order is specified,
A processing unit that compares the order-equivalent price with the market price and stores the order-equivalent price in the storage unit as a contract price when both match;
A trading price determination device characterized by comprising: A trading price determination device for determining a trading price of the securities when trading the securities traded in a predetermined market outside the market,
A storage unit that stores a market price in the predetermined market for each brand of the securities, and plate information including the price of the securities and the quantity of the sell order and the quantity of the buy order corresponding to the price;
Accept the market price of the securities in the predetermined market, and update the market price stored in the storage unit based on the market price,
Accepts order information including brand, quantity, limit and trading category of the transaction of the securities, and based on the order information, updates the board information stored in the storage unit,
From the board information, an order corresponding price that is a price corresponding to a sell order and a buy order is specified,
Based on the market price, set the buyable range of the securities,
A processing unit that stores the order-equivalent price as a contract price in the storage unit when the order-equivalent price is within the tradeable range;
A trading price determination device characterized by comprising: The sales price determination device according to claim 11,
The processor is
When the plurality of order-equivalent prices are within the tradeable range, the market price or a price closer to the market price is stored in the storage unit as a contract price. The buying and selling price determination device according to any one of claims 10 to 12,
The board information includes a quantity of a market sell order and a quantity of a market buy order,
The processor is
When the order information including the brand, quantity, market designation and trading category of the securities transaction is accepted, the board information is updated based on the order information,
When a market sell order or a market buy order is set in the board information, the order corresponding price is specified for the market order in preference to the limit order set in the board information. A characteristic sale price determination device. The sales price determination device according to any one of claims 10 to 13,
The trading price determination device, wherein the securities are stocks. The purchase price determination device according to claim 10,
The storage unit further stores, for each issue of the securities, an ex-rights period, a right price equivalent amount or a stock split ratio,
In the case where the processing unit conducts trading in a market having a settlement period shorter than that of the predetermined market, the market price is equivalent to the right price within the ex-rights period of the brand subject to the transaction in the predetermined market. A trading price determination device characterized in that a price obtained by adding an amount or a price obtained by multiplying the market price by the stock split ratio is used as a market price after rights correction, and the order-to-order price is compared with the market price after rights correction. The sales price determination device according to claim 11,
The storage unit further stores, for each issue of the securities, an ex-rights period, a right price equivalent amount or a stock split ratio,
In the case where the processing unit conducts trading in a market having a settlement period shorter than that of the predetermined market, the market price is equivalent to the right price within the ex-rights period of the brand subject to the transaction in the predetermined market. A price obtained by adding an amount or a price obtained by multiplying the market price by the stock split ratio is a right-corrected market price, and the range in which the securities can be bought and sold is set based on the right-corrected market price. Trading price determination device. The buying and selling price determination device according to claim 16,
The marketable range of the securities has “base price + variation range” as an upper limit value and “base price−variation range” as a lower limit value, and the market price after the right modification is used as the reference price. Or a purchase price determination device using the right price equivalent amount as the fluctuation range. The buying and selling price determination device according to claim 17,
The storage unit further stores a limit value width for each brand of the securities,
The processing unit adjusts the limit price range based on the tradeable range, the right price equivalent amount or the stock split ratio, and checks the received order information based on the limit price range. Trading price determination device.

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