JPWO2013001588A1 - Order forwarding system - Google Patents

Abstract

In the order forwarding system 1, the securities trading system 3 accepts an order for securities trading from the customer terminal 2, confirms whether or not the contents of the order are appropriate, and then places the order again in the matching processing system 4. After receiving the order from the securities trading system 3, the matching processing system 4 performs a revocation process if the order does not correspond to another order even if N seconds (order waiting time) elapses, and notifies the revocation of the order. Is transmitted to the securities trading system 3. When the stock transaction system 3 receives the expiration notice from the matching processing system 4, the stock transaction system 3 recognizes that the order has not been executed by the matching processing system 4, and reorders the order in the trading market system 5. The matching processing system 4 transmits an order matching notice to the securities trading system 3 when the order received from the securities trading system 3 is matched, and the securities trading system 3 receives the order matching notice from the matching processing system 4. Then, a contract request is made to the transaction market system 5.

Description

  The present invention relates to an order forwarding system for reordering the same order to another market when the order for securities trading is placed in a certain market and not executed after a predetermined time has passed.

  There are many examples and proposals for sequentially placing orders for securities transactions in multiple markets (hereinafter referred to as order forwarding). Most of them are the ones that compare multiple markets and place an order on a market with favorable prices. In addition, overseas, there is a technique called flash order, which displays an order for a very short time (within 1 second) in a certain market, and immediately forwards an order that has not been fulfilled to another market.

  For example, Patent Document 1 describes an exchange system or a PTS (Proprietary Trading System) that executes a trading transaction based on a single sales commission order received from an orderer for a trading order of stocks, etc. A trading order ordering system capable of continuously placing trading orders to a plurality of trading execution systems such as the above is disclosed. Next, in Patent Document 2, when the PTS increases in the future, it is possible to improve the liquidity of electronic transactions, and to perform legitimate price formation by minimizing the difference in transaction prices between each electronic transaction. An order forwarding processing system between electronic trading systems is disclosed. Patent Document 3 discloses a contract control system that transmits new order information for stock trading to both an external trading market system and a dark pool in a securities company, and pursues a price and time advantageous contract. Has been.

JP 2008-16209 A JP 2008-59292 A JP 2010-224710 A

  However, the conditions that investors pay attention to when selecting a market are not necessarily limited to contract prices. For example, when comparing the first market (applicant's matching processing system; if it is matched here, it will be executed in an off-exchange exchange market) and the second market (trade market operated by another company) The first market is advantageous with respect to certain conditions (contract price, transaction cost, settlement safety and duration, etc.), but other conditions (liquidity, ease of execution, order quantity, etc.) Suppose the second market is advantageous. At that time, as an investor's needs, although it is desirable to make an order for securities trading in the first market as much as possible, it will eventually be executed regardless of the market (since it may be the second market). I want to.

  The present invention has been made in view of the above-mentioned problems, and its main purpose is to place an order in preference to the market desired by an investor in securities trading and to ensure a reliable execution of the order. It is in.

  In order to solve the above-described problems, the present invention is an order forwarding system that accepts orders for securities transactions by investors and forwards orders across a plurality of markets, and is operated by a securities company and accepts the orders. A securities trading system, and two or more market systems operated by the securities company or other companies to execute the order, and the market system is a first market system in which the investor wishes to execute the order. And a second market system different from the first market system, and the means for transmitting the order to the first market system when the securities trading system obtains the order. Until the first market system receives the order from the securities trading system until the order is executed or a predetermined condition is met. And a means for stopping the display of the order and transmitting an invalid notice of the order to the securities trading system when the predetermined condition is satisfied without executing the order. The securities trading system further comprises means for transmitting the order to the second market system when the invalid notice of the order is received from the first market system.

  According to this configuration, the first market system is a system in which an investor desires that an order be executed in the market as much as possible. The second market system is, for example, more advantageous in terms of liquidity and order quantity than the first market system, and is therefore a system in which orders can be easily executed. Predetermined conditions are the conditions under which an investor seems to have fully displayed orders in the first market. In other words, if there is no choice but to execute the orders in the first market, orders in the first market This is a condition that allows you to give up a deal. According to the above, when securities are traded, an order is placed in preference to the first market desired by the investor, and if the contract is not made there, the reliable execution of the order in the second market is easier. Can be secured.

  In the first market system, if the order is executed before the predetermined condition is satisfied, the execution result is notified to the investor. The order invalidation notification corresponds to the revocation notification of S507, the cancellation completion notification of S612, the cancellation completion notification of S712, the revocation notification of S807, and the cancellation completion notification of S819 in the embodiment.

  In the order forwarding system of the present invention, the first market system matches two orders received from the securities trading system, and the predetermined condition is that the order is received after receiving the order from the securities trading system. It may be that a predetermined time has elapsed.

  According to this configuration, the first market system displays an order for a predetermined time at maximum. The predetermined time is a time at which an investor seems to have sufficiently displayed the order in the first market, in other words, a time at which it cannot be helped if it is displayed only for that time. Then, when the predetermined time has passed without the order being executed, the order is transmitted to the second market system.

  In the order forwarding system of the present invention, the first market system matches two orders received from the securities trading system based on a market price of the securities, and the predetermined condition is the securities trading. After receiving the order from the system, the market price may be updated more than a predetermined number of times.

  According to this configuration, the first market system displays orders until the market price is updated a predetermined number of times at the maximum. The predetermined number of times is the number of times that the investor seems to have sufficiently updated the market price, in other words, the number of times that the market price seems to be inevitable if the market price is updated by that number. Then, when the market price is updated more than a predetermined number of times without being executed, the order is transmitted to the second market system.

  In the order forwarding system of the present invention, the first market system matches two orders received from the securities trading system, and the predetermined condition is that the order received from the securities trading system can be executed. It may be that a predetermined time has elapsed after entering the state.

  According to this configuration, the first market system displays the order for a predetermined time at most after the order is ready to be executed. The state that can be executed means a state that can be executed as soon as the other party's order arrives, that is, the order has the most advantageous price for the opposite order. For example, market, best bid or best bid. The predetermined time is a time at which an investor seems to have sufficiently displayed the order in the first market, in other words, a time at which it cannot be helped if it is displayed only for that time. Then, when the predetermined time has passed without the order being executed, the order is transmitted to the second market system.

  Further, the present invention is an order forwarding system that accepts an order for securities trading by an investor and forwards orders across a plurality of markets, and is operated by a securities company and accepts the order, Two or more market systems operated by a securities company or other companies to execute the order, wherein the market system includes a first market system in which the investor wishes to execute the order; A second market system different from a market system, and means for transmitting the order to the first market system when the securities trading system obtains the order; and the first market system. Means for counting the elapsed time since receiving the order acceptance notification from the predetermined market without receiving the order execution notification from the first market system Means for transmitting a cancellation order for the order to the first market system when the time has elapsed, and when the first market system receives the order from the securities trading system, Means for transmitting an order acceptance notification to the securities trading system; and from receiving the order from the securities trading system until the order is executed or until the cancellation order is received from the securities trading system, Means for displaying the order on the market; and means for sending a receipt notification of the cancellation order to the securities trading system when the cancellation order is received from the securities trading system without being executed. And the securities trading system transmits the order to the second market system when receiving the cancellation order acceptance notification from the first market system. Characterized in that it further comprises means.

  According to this configuration, the first market system displays the order until a cancellation order is received from the securities trading system. Receiving a cancellation order means that a predetermined time has elapsed in the securities trading system. The predetermined time is a time at which an investor seems to have sufficiently displayed the order in the first market, in other words, a time at which it cannot be helped if it is displayed only for that time. Then, when the first market system receives a cancellation order from the securities trading system without transmitting the order and transmits a notification of acceptance of the cancellation order, the securities trading system sends the original order to the second market system. Send to.

  In the order forwarding system of the present invention, the first market system is a matching processing system that transmits an order matching notice indicating two matched orders to the securities trading system, and the securities trading system includes: When the order matching notification is received from the first market system, the two matched orders may be submitted to a market system different from the first market system and the second market system. . The market system different from the first market system and the second market system may specifically be an off-exchange trading market or the like, in which case the witness market (such as the second trading) Advantages such as reducing the impact on the witness market and shortening the settlement period by conducting transactions that are difficult to smoothly execute in the market system) and transactions that have a settlement date in the market outside the exchange. is there.

  In the order forwarding system of the present invention, the market system further includes a third market system to an Nth (≧ 3) market system, and the securities trading system until the order execution notification is received. , Among the second market system to the Nth market system, the same processing as the processing for the first market system and the second market system is sequentially performed on the market systems of the two preceding and following numbers Of the two preceding and following market systems, the market system having the smaller number may perform the same process as the process of the first market system.

  According to this configuration, for the first market system to the (N-1) th market system, when an order is not executed in the market system and the predetermined condition is satisfied, the order is forwarded to the next market system. The If the order is not filled in the (N-1) th market system, the order is transmitted to the Nth market system and the transaction result is confirmed.

  In addition, the problems disclosed by the present application and the solutions thereof will be clarified by the description of the mode for carrying out the invention and the drawings.

  ADVANTAGE OF THE INVENTION According to this invention, in securities trading, while placing an order prior to the market which an investor desires, the reliable execution of an order can be secured.

It is a figure which shows the structure of the order forwarding system. It is a figure which shows the hardware constitutions of the securities transaction system 3. It is a figure which shows the hardware constitutions of the matching processing system. (A) is a figure which shows the structure of the data memorize | stored in the memory | storage part 35 of the securities transaction system 3, (b) is a figure which shows the structure of the data memorize | stored in the memory | storage part 45 of the matching processing system 4. It is a flowchart which shows the process of the order forwarding system 1 which concerns on 1st Embodiment. It is a flowchart which shows the process of the order forwarding system 1 which concerns on 2nd Embodiment. It is a flowchart which shows the process of the order forwarding system 1 which concerns on 3rd Embodiment. It is a flowchart which shows the process of the order forwarding system 1 which concerns on 4th Embodiment.

  Hereinafter, embodiments for carrying out the present invention will be described with reference to the drawings. In the order forwarding system according to the embodiment of the present invention, the securities trading system prioritizes the ordering market system determined by the investor (forwarding order) and the conditions for forwarding the order to the next market system (forwarding condition). After accepting an order to which is added and placing an order in one market system, the order is not executed, and when the forwarding condition is satisfied, the order is re-ordered in the next market. Note that the forwarding order and the forwarding conditions may be set in advance in the order forwarding system.

  According to this, it is possible to respond to the needs of investors who want to execute orders in a market that is as good as possible, but also to ensure the certainty of the execution.

≪System configuration and overview≫
FIG. 1 is a diagram illustrating a configuration of an order forwarding system 1. The order forwarding system 1 includes a customer terminal 2, a securities transaction system 3, a matching processing system 4, and a transaction market system 5. Each terminal and each system are configured to be communicable via a network 6 such as the Internet.

  The customer terminal 2 is a terminal for placing an order for the securities company system 3 when a securities company customer (investor) wants to trade securities, such as a PC (Personal Computer) or a portable terminal. Etc. The securities trading system 3 is installed in a securities company, accepts trading orders from the customer terminal 2, confirms whether or not the contents of the orders are appropriate, and then revises the order to the matching processing system 4 and trading market system 5. Order. The matching processing system 4 is usually called a dark pool, is installed in a securities company, accepts trading orders from the securities trading system 3, and when two orders are matched, an order matching notification indicating that is received. Reply to the securities trading system 3. On the other hand, the securities trading system 3 receives an order matching notice from the matching processing system 4 and transmits a contract request order to the trading market system 5. The securities trading system 3 and the matching processing system 4 are operated in the company of the securities company, and are directly and mutually communicably connected.

  The trading market system 5 is installed on a securities exchange (for example, the Tokyo Stock Exchange or Osaka Securities Exchange) operated by another company that is not a securities company, and orders and contract requests are made from the securities trading system 3. Are processed, and processing corresponding to each is performed.

  The securities trading system 3, the matching processing system 4, and the trading market system 5 are realized by a computer such as a server.

  FIG. 2 is a diagram showing a hardware configuration of the securities trading system 3. The securities trading system 3 includes a communication unit 31, a display unit 32, an input unit 33, a processing unit 34, and a storage unit 35, and is configured so that each unit can transmit and receive data via a bus 36. The communication unit 31 is a part that performs IP (Internet Protocol) communication with the customer terminal 2 and the transaction market system 5 via the network 6 and directly communicates with the matching processing system 4, such as a NIC (Network Interface Card). It is realized by. The display unit 32 is a part that displays data according to an instruction from the processing unit 34, and is realized by, for example, a liquid crystal display (LCD). The input unit 33 is a part where an operator inputs data (for example, maximum waiting time for execution) and instructions, and is realized by, for example, a keyboard, a mouse, a touch panel, or the like. The processing unit 34 exchanges data between each unit via a predetermined memory and controls the entire securities trading system 3. The program stores a CPU (Central Processing Unit) in the predetermined memory. It is realized by executing. The storage unit 35 stores data from the processing unit 34 and reads the stored data, and is realized by, for example, a nonvolatile storage device such as an HDD (Hard Disk Drive) or an SSD (Solid State Drive). The

  FIG. 3 is a diagram illustrating a hardware configuration of the matching processing system 4. The matching processing system 4 includes a communication unit 41, a display unit 42, an input unit 43, a processing unit 44, and a storage unit 45, and is configured so that each unit can transmit and receive data via a bus 46. The communication unit 41 is a part that directly communicates with the securities trading system 3, and is realized by, for example, a NIC or the like. The display unit 42 is a part that displays data according to an instruction from the processing unit 44, and is realized by, for example, a liquid crystal display. The input unit 43 is a part where an operator inputs data (for example, maximum waiting time for execution) and instructions, and is realized by, for example, a keyboard, a mouse, a touch panel, or the like. The processing unit 44 delivers data between the respective units via a predetermined memory and controls the matching processing system 4 as a whole. The CPU executes a program stored in the predetermined memory. Realized. The storage unit 45 stores data from the processing unit 44 and reads the stored data, and is realized by, for example, a nonvolatile storage device such as an HDD or an SSD.

  Note that the mobile terminal 2 and the transaction market system 5 also have the same hardware configuration as the securities transaction system 3 and the matching processing system 4, although there are differences in scale.

<< Data structure >>
FIG. 4A is a diagram illustrating a configuration of data stored in the storage unit 35 of the securities trading system 3. The storage unit 35 processes order message data 351, order status 352, initial order number 353, order number 354, receipt number 355, time counter 356, order waiting time 357, and forwarding order 358. Remember.

  The order message data 351 to the time counter 356 are set for each order of the securities transaction from the customer terminal 2. The order message data 351 is data of an order message received from the customer terminal 2. The order status 352 indicates the status of an order that is currently being made, and is set to, for example, ordering, order completion, cancellation, cancellation completion, contract completion, etc. The first order number 353 is a number unique to the order given when the order is placed in the first market, and is retained after the order is placed in the second and subsequent markets. The order number 354 is a number unique to the order given every time the order is placed in the market. The order number 354 holds the number for the most recent order, and is the same as the initial order number 353 when placing an order in the first market. Number. The receipt number 355 is a number unique to the order included in the receipt notice returned from the market system every time the order is placed in the market system, and is held until the order is closed or invalidated. . The time counter 356 counts the elapsed time since the reception notification was received for the most recent order, and is updated at any time until the counter reaches the order waiting time 357 or the order is executed. The

  The order waiting time 357 is the maximum time for placing the order in one market and waiting for the contract, and is an upper limit value when the time counter 356 is updated. For example, a time of several tens of seconds to several minutes Value is set. The order waiting time 357 is set for each received order when added to the order message by the customer, and one default value is set in advance when the securities company decides. When the securities company determines the order waiting time 357, it is possible to set a plurality of time values according to the order classification (spot transaction, margin transaction, etc.). The forwarding order 358 indicates the order of the market in which the order is forwarded. Information specifying two or more markets and the order thereof are set, and when the order matching notice is received from the matching processing system 4, It contains information that identifies the market system to which the order of the execution request (cross order) is placed. The forwarding order 358 is set for each received order when added to the order message by the customer, and one default value is set in advance when determined by the securities company.

  The time counter 356 and the order waiting time 357 are set and referred to when the securities trading system 3 monitors the elapsed time after placing an order with the market system. Also, when the brokerage firm decides the order waiting time 357 and the forwarding order 358, the customer's wishes are reflected. On the other hand, when the customer places an order, the order waiting time 357 and the forwarding order according to his / her own wishes are as much as possible. The securities trading system 3 in which 358 is set is selected.

  FIG. 4B is a diagram illustrating a configuration of data stored in the storage unit 45 of the matching processing system 4. The storage unit 45 stores order message data 451, a time counter 452, and an order waiting time 453 in order to process securities transaction orders.

  The order message data 451 and the time counter 452 are set for each securities transaction order. The order message data 451 is order message data received from the securities trading system 3. The time counter 452 counts the elapsed time since the most recent order was received, and is updated at any time until the counter reaches the order waiting time 453 or the order corresponds to another order.

  The order waiting time 453 is the maximum time for receiving the order and waiting for matching, and is an upper limit value when the time counter 452 is updated. For example, a time value of about several tens of seconds to several minutes is set. . The order waiting time 453 is set for each received order when added to the order message by the customer, and one default value is set in advance when the securities company decides. When the securities company determines the order waiting time 453, it is possible to set a plurality of time values according to the order classification (spot transaction, margin transaction, etc.).

  The time counter 452 and the order waiting time 453 are set and referred to when the matching processing system 4 monitors the elapsed time after receiving an order.

≪System processing≫
5 to 8 are flowcharts showing the processing of the order forwarding system 1. In this system, in each system of the order forwarding system 1, the processing unit mainly transmits / receives data to / from other systems by the communication unit, and processes the securities transaction while referring to and updating the data in the storage unit. Is what you do. In this process, the elapsed time after placing an order to the market system is counted as the securities trading system 3 or the matching processing system 4, and the first market to be ordered first is the matching processing system 4 (in-house operated market). ) Or trading market system 5 (markets operated by other companies), it is roughly divided into four embodiments. Each embodiment will be described below.

<First Embodiment>
FIG. 5 is a flowchart showing processing of the order forwarding system 1 according to the first embodiment. In the present embodiment, after the matching processing system 4 receives an order from the securities trading system 3, it performs a revocation process for an order that is not executed even if N seconds (order waiting time) elapses, and notifies the revocation of the order. The securities trading system 3 that received the request re-orders the order to another market.

  First, the securities trading system 3 receives an order message from the customer terminal 2 via the network 6 by the communication unit 31, and stores the order message as the order message data 351 in the storage unit 35 (S501). The acquisition of a trade order is not limited to such an online order, but a method in which an operator of a securities company accepts a telephone order and inputs the content of the order to the input unit 33 of the securities trading system 3 may be used. (The same applies hereinafter). Next, according to the forwarding order 358, an order message with the initial order number 353 is transmitted to the matching processing system 4 which is the first market (S502). At this time, “ordering” is set in the order state 352.

  The matching processing system 4 receives the order message from the securities trading system 3 through the communication unit 41, and stores the order message as the order message data 451 in the storage unit 45 (S503). At this time, a reception notification including a reception number is transmitted to the securities trading system 3. The securities trading system 3 receives the reception notification from the matching processing system 4 and stores the reception number included in the received reception notification as the reception number 355 in the storage unit 35.

  Next, the matching processing system 4 once resets the time counter 452 of the storage unit 45 to zero and starts updating (S504). The counter update process is performed, for example, triggered by a timer interrupt in the processing unit 44. Then, it is determined whether there is an order to be matched (S505). This compares and collates a plurality of order message data 351 stored in the storage unit 45, and confirms whether there is a combination of a corresponding sell order and buy order. If there is no corresponding order (N in S505), it is determined whether or not the waiting time has elapsed, depending on whether or not the time counter 452 is equal to or greater than the order waiting time 453 (S506). If the standby time has not elapsed (N in S506), it is determined whether there is a winning order (S505). If the waiting time has elapsed (Y in S506), a revocation notification (order invalidity notification) indicating that the processing of the accepted order has been stopped is transmitted to the securities trading system 4 (S507). Note that a receipt number for identifying an expired order is added to the expiration notice.

  The securities trading system 3 receives the revocation notification from the matching processing system 4 (S508). Therefore, the matching processing system 4 recognizes that the order has not been matched with another order and has not been executed, and in accordance with the forwarding order 358, the order number 354 is assigned to the transaction market system 5b which is the second market. The added order message is transmitted (S509).

  The transaction market system 5b receives the order message from the securities transaction system 3, and performs transaction processing according to the order message (S510). When an order message is received, an acceptance notification including an acceptance number is transmitted to the securities trading system 3. The securities trading system 3 receives the reception notification from the transaction market system 5b, and stores the reception number included in the received reception notification as the reception number 355 in the storage unit 35. Then, the transaction market system 5b transmits the contract result by the transaction processing to the securities transaction system 3 (S511). Note that a reception number for identifying the target order is added to the contract result.

  The securities trading system 3 receives the contract result from the trading market system 5b, and performs processing according to the contract result (S512). At this time, for example, “confirmed” is set in the order state 352. Then, the contract result is transmitted to the customer terminal 2 (S513). In the case of a telephone order, the contract result is displayed on the display unit 42 or printed on a printer so that the operator of the securities company can understand. The operator refers to the display or printed matter of the securities trading system 3 and telephone-contacts the contract result to the customer.

  If there is a combination of orders to be matched in S505 (Y in S505), the matching processing system 4 transmits an order matching notification including the combination of the corresponding orders to the securities trading system 3 (S521). The securities trading system 3 receives the order matching notice from the matching processing system 4 (S522), and based on the received order matching notice, the trade request system for requesting the execution of the corresponding order is different from the trading market system 5b. It transmits to the transaction market system 5a (S523). The trading market system 5a receives the contract request order from the securities trading system 4 and executes the contract processing (S524). Then, the contract result is transmitted to the securities trading system 4 (S525). Note that a reception number for identifying the target order is added to the contract result.

<Second Embodiment>
FIG. 6 is a flowchart showing processing of the order forwarding system 1 according to the second embodiment. In the present embodiment, after the securities transaction system 3 places an order with the matching processing system 4 and receives an order reception notification from the matching processing system 4, N seconds (order waiting time) elapses. A cancellation order is transmitted to the matching processing system 4 for an order that has not yet received a contract notification from the matching processing system 4, and after receiving a cancellation completion notification from the matching processing system 4, the order is reordered to another market.

  First, the securities trading system 3 receives an order message from the customer terminal 2 through the communication unit 31, and stores the order message as the order message data 351 in the storage unit 35 (S601). Next, in accordance with the forwarding order 358, an order message with the initial order number 353 is transmitted to the matching processing system 4 as the first market (S602).

  The matching processing system 4 receives the order message from the securities trading system 3 through the communication unit 41, and stores the order message as the order message data 451 in the storage unit 45 (S603). And the reception notification which shows that the order was received is transmitted to the securities transaction system 3 (S604).

  The securities trading system 3 receives an acceptance notification from the matching processing system 4 (S605). Recognizing that the matching processing system 4 has started checking the corresponding order based on the reception notification, the time counter 356 of the storage unit 35 is once reset to zero and the update is started (S606). The counter update process is performed, for example, triggered by a timer interrupt in the processing unit 34. It is determined whether or not the standby time has elapsed based on whether or not the time counter 356 is greater than or equal to the order standby time 357 (S607). If the waiting time has not elapsed (N in S607), the monitoring of the elapse of the waiting time is continued (S607). If the waiting time has elapsed (Y in S607), a cancellation order for requesting cancellation of the once accepted order is transmitted to the matching processing system 4 (S608).

  On the other hand, after performing the reception notification transmission in S604, the matching processing system 4 determines whether there is a combination of corresponding orders (S609). If there is no corresponding order (N in S609), it is determined whether a cancel order has been received from the securities trading system 3 (S610). If no cancel order has been received (N in S610), the corresponding order is checked (S609). If a cancel order has been received (Y in S610), a process for canceling the order is performed (S611), and a cancel completion notice (order invalid notice) indicating that the order cancel process has been completed is transmitted to the securities trading system 3. (S612).

  The securities trading system 3 receives a cancellation completion notification from the matching processing system 4 (S613). Therefore, the matching processing system 4 recognizes that the order has not been matched with another order and has not been executed, and in accordance with the forwarding order 358, the order number 354 is assigned to the transaction market system 5b which is the second market. The added order message is transmitted (S614).

  When the matching processing system 4 receives a cancellation order from the securities trading system 3, it transmits a cancellation order acceptance notification to the securities trading system 3, and the securities trading system 3 receives the acceptance notification from the matching processing system 4. Then, an order message may be transmitted to the next transaction market system 5b.

  The transaction market system 5b receives the order message from the securities transaction system 3, and performs transaction processing according to the order message (S615). Then, the contract result by the transaction process is transmitted to the securities transaction system 3 (S616).

  The securities trading system 3 receives the contract result from the trading market system 5, and performs processing according to the contract result (S617). Then, the contract result is transmitted to the customer terminal 2 (S618).

  If there is a combination of orders to be matched in S609 (Y in S609), the matching processing system 4 transmits an order matching notice including the combination of the corresponding orders to the securities trading system 3 (S621). The securities trading system 3 receives the order matching notice from the matching processing system 4 (S622), and based on the received order matching notice, the trade request system for requesting the execution of the corresponding order is different from the trading market system 5b. It transmits to the transaction market system 5a (S623). The trading market system 5a receives the contract request order from the securities trading system 4 and executes the contract processing (S624). Then, the contract result is transmitted to the securities trading system 4 (S625).

<Third Embodiment>
FIG. 7 is a flowchart showing the processing of the order forwarding system 1 according to the third embodiment. In the present embodiment, after the securities trading system 3 places an order in the first market (trade market system 5a) that is not operated by the securities company and receives an order acceptance notification from the first market, After canceling the order for the order that has not received the execution notification from the first market after the elapse of N seconds (order waiting time), the second order is received after receiving the cancellation completion notification from the first market. Re-order to the market (trade market system 5b). According to this, since it is not necessary for the first market to hold order waiting time data, the entity that operates the first market is not a securities company that operates the securities trading system 3, but a third party. However, the order forwarding system 1 can be realized.

  First, the securities trading system 3 receives an order message from the customer terminal 2 through the communication unit 31, and stores the order message as the order message data 351 in the storage unit 35 (S701). Next, in accordance with the forwarding order 358, an order message to which the initial order number 353 is added is transmitted to the transaction market system 5a that is the first market (S702).

  The transaction market system 5a receives the order message from the securities transaction system 3 and stores it (S703). And the reception notification which shows that the order was received is transmitted to the securities transaction system 3 (S704).

  The securities trading system 3 receives an acceptance notification from the trading market system 5a (S705). Recognizing that the transaction market system 5a has started checking the corresponding order based on the notification of acceptance, the time counter 356 of the storage unit 35 is once reset to zero and the update is started (S706). The counter update process is performed, for example, triggered by a timer interrupt in the processing unit 34. It is determined whether or not the standby time has elapsed based on whether or not the time counter 356 is greater than or equal to the order standby time 357 (S707). If the standby time has not elapsed (N in S707), the monitoring of the standby time elapse is continued (S707). If the waiting time has elapsed (Y in S707), a cancellation order requesting cancellation of the once accepted order is transmitted to the transaction market system 5a (S708).

  On the other hand, the transaction market system 5a determines whether or not there is a combination of corresponding orders after performing the reception notification transmission in S704 (S709). If there is no corresponding order (N in S709), it is determined whether or not a cancel order has been received from the securities trading system 3 (S710). If no cancel order has been received (N in S710), the corresponding order is checked (S709). If a cancel order has been received (Y in S710), a process for canceling the order is performed (S711), and a cancel completion notification indicating that the order cancel process has been completed is transmitted to the securities trading system 3 (S712).

  The securities trading system 3 receives a cancellation completion notification from the trading market system 5a (S713). Accordingly, the transaction market system 5a recognizes that the order has not been matched with another order and has not been executed, and in accordance with the forwarding order 358, the order number 354 is given to the transaction market system 5b which is the second market. The added order message is transmitted (S714).

  The transaction market system 5b receives the order message from the securities transaction system 3, and performs transaction processing according to the order message (S715). Then, the contract result by the transaction process is transmitted to the securities transaction system 3 (S716).

  The securities trading system 3 receives the contract result from the trading market system 5b, and performs processing according to the contract result (S717). Then, the contract result is transmitted to the customer terminal 2 (S718).

  If there is a combination of orders to be matched in S709 (Y in S709), the transaction market system 5a performs a process of filling the corresponding order (S721). Then, the contract result is transmitted to the securities trading system 3 (S722).

<Fourth embodiment>
FIG. 8 is a flowchart showing processing of the order forwarding system 1 according to the fourth embodiment. In the present embodiment, when the securities trading system 3 in the first embodiment is changed so that the order can be forwarded to the trading market system 5, the trading market system 5 in the other market sets the order waiting time. Since there is no monitoring function, the securities trading system 3 is provided with a time monitoring function.

  In the present embodiment, the securities transaction system 3 that has performed revocation processing for an order that is not executed even after N seconds (order waiting time) has elapsed since the matching processing system 4 received the order, and has received an order revocation notification. N second (order waiting time) has elapsed since the securities trading system 3 received the order acceptance notification from the other market as well as reorder the order to the other market (trade market system 5a) (first embodiment). Even if a cancellation order is not received from another market, a cancellation order is placed, and the order is reordered to another market (trade market system 5b).

  First, the securities trading system 3 receives an order message from the customer terminal 2 through the communication unit 31, and stores the order message in the storage unit 35 as the order message data 351 (S801). Next, in accordance with the forwarding order 358, an order message with the initial order number 353 is transmitted to the matching processing system 4 that is the first market (S802).

  The matching processing system 4 receives the order message from the securities trading system 3 through the communication unit 41, and stores the order message as the order message data 451 in the storage unit 45 (S803). Next, the time counter 452 of the storage unit 45 is once reset to zero, and updating is started (S804). Then, it is determined whether there is an order to be matched (S805). If there is no corresponding order (N in S805), it is determined whether or not the standby time has elapsed, depending on whether or not the time counter 452 is greater than or equal to the order standby time 453 (S806). If the standby time has not elapsed (N in S806), it is determined whether there is a corresponding order (S805). If the waiting time has elapsed (Y in S806), an expiration notice indicating that the processing of the accepted order has been stopped is transmitted to the securities trading system 3 (S807).

  The securities trading system 3 receives the revocation notification from the matching processing system 4 (S808). Therefore, the matching processing system 4 recognizes that the order is not matched with another order and has not been executed, and in accordance with the forwarding order 358, the order number 354 is assigned to the transaction market system 5a which is the second market. The added order message is transmitted (S809).

  The transaction market system 5a receives the order message from the securities transaction system 3 and stores it (S810). And the reception notification which shows that the order was received is transmitted to the securities transaction system 3 (S811).

  The securities trading system 3 receives an acceptance notification from the trading market system 5a (S812). Recognizing that the transaction market system 5a has started checking the corresponding order based on the notification of acceptance, the time counter 356 of the storage unit 35 is once reset to zero and the update is started (S813). The counter update process is performed, for example, triggered by a timer interrupt in the processing unit 34. It is determined whether or not the standby time has elapsed based on whether or not the time counter 356 is greater than or equal to the order standby time 357 (S814). If the standby time has not elapsed (N in S814), the monitoring of the standby time elapse is continued (S814). If the waiting time has elapsed (Y in S814), a cancellation order requesting cancellation of the once accepted order is transmitted to the trading market system 5a (S815).

  On the other hand, the transaction market system 5a determines whether or not there is a combination of corresponding orders after transmitting the acceptance notification in S811 (S816). If there is no corresponding order (N in S816), it is determined whether or not a cancel order has been received from the securities trading system 3 (S817). If no cancel order has been received (N in S817), the corresponding order is checked (S816). If a cancel order has been received (Y in S817), a process for canceling the order is performed (S818), and a cancel completion notification indicating that the order cancel process has been completed is transmitted to the securities trading system 3 (S819).

  The securities trading system 3 receives a cancellation completion notification from the trading market system 5a (S820). Accordingly, the transaction market system 5a recognizes that the order has not been matched with another order and has not been executed, and in accordance with the forwarding order 358, the order number 354 is assigned to the transaction market system 5b which is the third market. The added order message is transmitted (S821).

  If there is an order combination to be matched in S805 (Y in S805), the matching processing system 4 transmits an order matching notification including the matching combination to the securities trading system 3 (S831). The processing after S831 is the same as the processing after S521 in FIG.

  If there is a combination of orders to be matched in S816 (Y in S816), the trading market system 5a performs a process of executing a matching order (S841). The processing after S841 is the same as the processing after S721 in FIG.

<Fifth embodiment>
In the fifth embodiment, in the third embodiment shown in FIG. 7, the securities trading system 3 monitors the order waiting time not only in the first market but also in the second market and thereafter. is there. In other words, the securities trading system 3 stores a forwarding order 358 including three or more markets in the storage unit 35, and if the order is placed in the first market and N seconds (order waiting time) elapses, the order cannot be executed. If the order is placed in the second market and N seconds (order waiting time) elapses, the order is stored in the forwarding order 358, such as the third market, the fourth market, and so on. Place orders with the market sequentially.

  At this time, in the data stored in the storage unit 35 of the securities trading system 3, not only the order waiting time 357 but also the forwarding order 358 is set for each order when added to the order message by the customer. Is determined, one default value is set.

  In the above embodiment, in order to make each system in the order forwarding system 1 shown in FIG. 1 function, a program executed by the processing unit (CPU) is recorded on a computer-readable recording medium, and the recording is performed. It is assumed that the order forwarding system 1 according to the embodiment of the present invention is realized by causing the computer to read and execute the program. In this case, 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.

  According to the embodiment of the present invention described above, when the first market (matching processing system 4 or transaction market system 5) and the second market (transaction market system 5) are compared, a certain condition (contract price) The first market is advantageous in terms of transaction costs, settlement safety and duration, etc., but the second market is in terms of other conditions (liquidity, ease of execution, order volume, etc.) Is advantageous. In such a case, an investor who wants to make an order for securities trading in the first market as much as possible, but wants to make sure that the order is secured within a predetermined time, because the second market is sufficient if the order cannot be executed. To meet your needs.

  Specifically, as shown in S506, S607, S707, S806, and S814, the time until the securities trading system 3 or matching processing system 4 sends or fills the order sent to the initial market system with another order. The progress is monitored, and when the order waiting time elapses without being paid or executed, the order is invalidated and the securities trading system 3 places an order in the next market system. According to this, since the display of the order in the first market system is performed only for the waiting time, the display can be performed only for the time that is convincing to the investor. As a result, it is possible to secure an opportunity to execute.

  The order display in the market system is performed by storing each order message data in the board information on the memory provided in the market system. Then, it is checked whether or not there is corresponding order message data in the board information.

<< Other embodiments >>
As mentioned above, although the form for implementing this invention was demonstrated, the said embodiment is for making an understanding of this invention easy, and is not for limiting and interpreting this 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) As shown in the first embodiment, the update of the time counter in the matching processing system 4 is not simply started after the matching processing system 4 accepts the order, but the order is ready for execution. After that, the update of the time counter may be started. The state that can be executed is a state that can be executed as soon as the other party's order comes. In the case of an auction on a normal exchange, the order is executed, the best bid price (the highest bid price) or the best bid price. (The cheapest selling price), and if the trading price determination method is the market price trading method, it means that the order is marketed, the bid price above the market price or the sell price below the market price. .

  There are various ways of updating the time counter. For example, when the order reaches the best bid price, the counting is started. If the order is no longer the best buy price due to relative relationships with other orders, the count may be temporarily stopped or reset. Then, when the order becomes the best bid price again, the counting is started again.

  According to this, based on the idea that the state where the order cannot be executed is not waiting, it is possible to monitor only the time waiting for the other party's order after the order can be executed.

(2) After the order is received from the securities trading system 3 when the matching processing system 4 adopts a market price trading method that refers to the market price of the relevant securities when specifying the combination of the corresponding orders. When an order is not executed even if the market price is updated X times (predetermined number of times) in the market where the market price is referenced (eg, Tokyo Stock Exchange), the uncommitted order is forwarded to another market. You may make it. According to this, in the case of the market price trading method, the magnitude relationship between the corresponding price and the market price becomes important. Therefore, even if there is a predetermined number of time updates, the matching processing system for the order is not executed. It is better to give up on the 4th deal.

(3) In the order forwarding system 1, a PTS operated by a securities company may be applied instead of the matching process system 4 of the securities company. At this time, the order waiting time is monitored by the securities trading system 3 or the PTS.

1 Order Forwarding System 2 Customer Terminal 3 Securities Trading System 4 Matching Processing System (First Market System)
5. Trading market system (first market system, second market system)

In order to solve the above-described problems, the present invention is an order forwarding system that accepts orders for securities transactions by investors and forwards orders across a plurality of markets, and is operated by a securities company and accepts the orders. and securities trading system, is operated by the securities company or other companies, and a market system that performs a process to contract the order in the market, the market system is, the investor is in favor of the contract of the order desired And a second market system in which an order is easier to execute than the first market system, and the securities trading system changes from the first market system to the second market system. and Routing order indicating the order of forwarding an order, and means for setting in advance a predetermined time indicating the order display maximum time to the first market system, the order When acquired, in accordance with the Routing Order, means for transmitting the order to the first market system, after receiving the acceptance notification of the order from the first market system, and means for counting the elapsed time the without the first market system receives the execution notice of the order, when the predetermined time has elapsed, and means for transmitting a cancellation order of the order in the first market system, the When the first market system receives the order from the securities trading system, means for transmitting an acceptance notification of the order to the securities trading system; and after receiving the order from the securities trading system, Until the order is filled or until the cancellation order is received from the securities trading system, the means for displaying the order on the market, Means for transmitting a cancellation order acceptance notification to the securities trading system when the cancellation order is received from a securities trading system, wherein the securities trading system receives the cancellation order from the first market system. The apparatus further comprises means for transmitting the order to the second market system in accordance with the forwarding order when receiving an acceptance notification.

(2) After the order is received from the securities trading system 3 when the matching processing system 4 adopts a market price trading method that refers to the market price of the relevant securities when specifying the combination of the corresponding orders. When an order is not executed even if the market price is updated X times (predetermined number of times) in the market where the market price is referenced (eg, Tokyo Stock Exchange), the uncommitted order is forwarded to another market. You may make it. According to this, when the market price trading system, and Taito prices, since the magnitude relationship between the market is important, when the time value of the update is not even commitments if there predetermined number of times, of the order, the matching processing This means that it is better to give up the contract in System 4.

Claims (7)

An order forwarding system that accepts orders for securities transactions by investors and forwards orders across multiple markets,
A securities trading system operated by a securities company and accepting the order;
Two or more market systems operated by the securities company or other companies to execute the order;
With
The market system is:
A first market system in which the investor wishes to execute the order;
A second market system different from the first market system;
Including
The securities trading system
Means for transmitting the order to the first market system when the order is obtained;
The first market system is:
Means for receiving the order from the securities trading system and displaying the order on the market until the order is executed or until a predetermined condition is satisfied;
Means for stopping the display of the order and transmitting an invalid notice of the order to the securities trading system when the predetermined condition is satisfied without executing the order;
With
The securities trading system
The order forwarding system further comprising means for transmitting the order to the second market system when the invalid notice of the order is received from the first market system. The order forwarding system according to claim 1,
The first market system matches two orders received from the securities trading system;
The order forwarding system, wherein the predetermined condition is that a predetermined time elapses after the order is received from the securities trading system. The order forwarding system according to claim 1,
The first market system matches two orders received from the securities trading system based on the market price of the securities,
The order forwarding system, wherein the predetermined condition is that after the order is received from the securities trading system, the number of updates of the market price exceeds a predetermined number. The order forwarding system according to claim 1,
The first market system matches two orders received from the securities trading system;
The order forwarding system, wherein the predetermined condition is that a predetermined time elapses after an order received from the securities trading system is in a state where it can be executed. An order forwarding system that accepts orders for securities transactions by investors and forwards orders across multiple markets,
A securities trading system operated by a securities company and accepting the order;
Two or more market systems operated by the securities company or other companies to execute the order;
With
The market system is:
A first market system in which the investor wishes to execute the order;
A second market system different from the first market system;
Including
The securities trading system
Means for transmitting the order to the first market system upon obtaining the order;
Means for counting the elapsed time since receiving the order acceptance notification from the first market system;
Means for transmitting a cancellation order for the order to the first market system when a predetermined time has elapsed without receiving a notification of execution of the order from the first market system;
With
The first market system is:
Means for transmitting an acceptance notice of the order to the securities trading system when the order is received from the securities trading system;
Means for displaying the order on the market from receipt of the order from the securities trading system until the order is filled or until the cancellation order is received from the securities trading system;
Means for transmitting an acceptance notice of the cancellation order to the securities trading system when the cancellation order is received from the securities trading system without executing the order;
With
The securities trading system
The order forwarding system further comprising means for transmitting the order to the second market system when receiving the cancellation order acceptance notification from the first market system. An order forwarding system according to any one of claims 2 to 5,
The first market system is a matching processing system that transmits an order matching notice indicating two matched orders to the securities trading system;
When the securities trading system receives the order matching notice from the first market system, the two trading orders are transferred to a market system different from the first market system and the second market system. An order forwarding system characterized by requesting a contract. The order forwarding system according to any one of claims 1 to 6,
The market system further includes a third market system to an Nth (≧ 3) market system,
Until the securities trading system receives the notice of execution of the order, the first market system and the market systems with two numbers before and after the second market system to the Nth market system, The processing similar to the processing for the second market system is sequentially performed,
The order forwarding system characterized in that the market system with the smaller number of the market systems with the two numbers preceding and following performs the same processing as the processing of the first market system.

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