KR101759292B1 - Futures trading system using comprehensive guarantee insurance and method thereof - Google Patents

Abstract

The present invention discloses a futures trading system and a futures trading method that allow a plurality of futures trades using a limit that is guaranteed by the comprehensive guarantee insurance. A futures trading system according to the present invention includes: a futures trading contract unit for registering application and acceptance of a futures contract and storing information of each futures contract concluded; A margin warrant that treats margins corresponding to a portion of each futures transaction amount as a payment guarantee for a plurality of futures transactions within the limit of the guarantee guarantee amount of the comprehensive guarantee insurance; A futures trading completion part in which the execution of the futures trading is completed and the completion of the futures trading is registered from each trader; And a transaction server that includes a futures trading agent that changes the futures trading information to fulfill the obligation to perform on behalf of the trader on the total futures trades of the traders when requested to cancel the futures trading. According to the present invention, a comprehensive guarantee insurance is used to allow a plurality of futures trades to be provided to a trader to provide convenience, and the fulfillment rate of the transactions is ensured through the proxy of the transaction obligation and the comprehensive liquidation process.

Description

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a futures trading system using a comprehensive guarantee insurance,

The present invention relates to futures trading technology, and more particularly, to a futures trading system and a futures trading method that allow a trader to perform multiple futures trading within a limit amount guaranteed by a guarantee insurance of a trader.

In futures markets where futures transactions are concluded, futures exchanges mediate transactions on futures products between traders. Examples of commodities in futures markets with futures exchanges are crude oil, metals, foreign exchange, and grain products. The characteristics of commodity futures traded are standardized in terms of commodity and trading unit, and many participants participate to form a large spot market. Another feature is that the futures exchange can calculate the base price of each product based on the large spot market, and the base price has a public confidence.

Here, the futures exchange hedges the risks of individual futures contracts with the standard prices announced every day in the process of intermediating futures commodities for traders. Traders with insufficient margin will have to settle additional margins in accordance with the hedge guidance posted on the futures exchange. If futures contracts are canceled, futures contracts are immediately cleared for individual transactions using the current base price.

However, in order to make futures trading for small-market products without futures markets, futures contracts between the two parties must be made. However, individual futures contracts between the two parties are at risk of transactions that are not followed by future contract execution. Indeed, transactions of futures contracts off-line tend to be avoided by users due to low turnover rates. In addition, if the futures contract is canceled, there is a high possibility of a dispute between the contractors, and it takes time and money to settle the dispute.

In order to provide online futures trading through the futures market for commodities that are diversified in terms of commodities and for which it is difficult to calculate the base price, the futures market operator must guarantee the reliability of the futures trading. To improve reliability, the operator must provide payment guarantees to the traders and provide appropriate treatment to the trader who has destroyed the transaction against the destruction of the futures transaction, and the other party to whom the damage is caused thereby.

Meanwhile, in the case of the online futures trading, payment of the down payment is an essential element of the transaction, and the operator can eliminate the risk of the futures transaction through the down payment. In order to maintain the transparency and credibility of the down payment, the operator is advised to replace the down payment with guarantee insurance. Therefore, a trader who intends to replace the down payment with the guarantee insurance must submit the insurance policy issued by the guarantee insurance company. However, traders are obliged to make futures contracts for multiple transactions. In case of submitting each guarantee bond for each transaction, the time and expense are repeated for issue of guarantee bond.

SUMMARY OF THE INVENTION It is an object of the present invention to provide a futures trading system and a futures trading method in which a futures trading market allows a plurality of futures trading using a comprehensive guarantee insurance of a trader.

It is another object of the present invention to provide a method and system for disposing of a trader's comprehensive guarantee insurance when a trader destroys a transaction in order to guarantee a fulfillment rate of a futures transaction and to prevent a market operator from performing a futures transaction on behalf of a trader, And to eliminate the risk of the transaction by compensating the margin margin to the counterparty trader.

According to an aspect of the present invention, there is provided a futures trading system using a comprehensive guarantee insurance system. The futures trading system includes a seller and a buyer, A futures trading contracting unit for registering the application or acceptance of a plurality of futures trades from a trader terminal and storing information of each futures trades concluded; A margin guarantee portion that guarantees the marginal payment of the margin by the futures transaction by deducting the marginal margin applied to the futures transaction amount from the remaining amount of the guarantee guarantee of the comprehensive guarantee insurance by the trader of the signed futures transaction; A futures trading completion unit that completes the execution of the futures trading and registers the completion of the futures trading from each of the traders terminals after the imposed timing of the executed futures contract arrives; And requesting the above-mentioned payment guarantee amount of the comprehensive guarantee insurance of the trader who has requested cancellation and requesting the cancellation of the futures transaction And a trading server including a futures trading agent for changing information.

In the present invention, the transaction server may be configured to register the stock information of the comprehensive guarantee insurance that guarantees the marginal deposit required for each futures transaction from the trader terminal desiring futures trading as the payment guarantee amount, And the insurance reinsurance register set up as the remaining amount of guarantee.

Here, the transaction server considers a plurality of futures trades of sale or purchase, a futures commodity, and a plurality of futures having the same execution timing of the futures trades as one futures transaction.

According to an aspect of the present invention, the transaction server calculates a total futures trading ceiling of a trader by using the guarantee guarantee for each trader and the guarantee guarantee amount for the comprehensive guarantee insurance, A total futures trading restriction that limits futures trading so that the total futures trading value is less than or equal to the total futures trading value; Margin limit to limit futures trading so that the margin of futures trading is less than the remaining amount of guarantees guaranteed by the comprehensive guarantee insurance of the trader; And 1) to calculate the limit of one-time futures trading by applying the allowance rate of futures trading by the trader to the total futures trading limit, and to limit the futures trading amount of the trader to be less than the calculated one-futures trading limit. Limitations to allow the conclusion of individual futures trades.

Further, the transaction server resets the payment guarantee remaining amount by increasing the marginalized margin with respect to the presently set payment guarantee residual amount each time the execution of the executed futures transaction is completed.

According to another aspect of the present invention, when the transaction server is requested to cancel the futures contract that has been concluded, the transaction server charges the guarantee guarantee amount guaranteed by the comprehensive guarantee insurance of the trader who has requested the cancellation, A futures trading liquidation unit for canceling the entire futures transaction of the counterparty trader and clearing the destroyed total futures transaction to compensate each party's traders for the margins of the counterparty traders.

Here, the transaction server calculates an average price for each futures commodity referring to the total futures contract concluded with the same futures commodity for the futures commodity of the futures contract that has been concluded, and calculates the average price for each futures commodity using the closing price of the trader and the average price, And a supplementary futures trading restriction section for limiting the futures trading of the trader when the calculated amount of the predicted loss exceeds the payment guarantee amount of the trader.

According to another aspect of the present invention, there is provided a futures trading method using a comprehensive guarantee insurance, the method comprising the steps of: (a) A futures transaction concluding step of receiving a plurality of futures trading applications or acceptance from each of the trader terminals within a payment guarantee amount guaranteed by the comprehensive guarantee insurance of a trader and storing information of each futures transaction concluded; (b) a margin warrant that guarantees the margins of the margin transaction by deducting the marginal margin applied to the futures transaction amount from the remaining amount of the guarantee guarantee of the comprehensive guarantee insurance per trader of the entered futures transaction; (c) completion of the futures trading, in which the execution of the futures transaction is completed and the completion of the futures transaction is registered from each of the trader terminals after the imposed timing of the executed futures contract arrives; And (d) claiming the payment guarantee amount of the comprehensive guarantee insurance of the trader who requested the cancellation, and requesting the cancellation of the executed futures contract, And a futures trading agent step of changing the futures trading information so as to be changed.

According to an aspect of the present invention, an online gift open market is provided for a variety of products whose disclosure is difficult to estimate, so that there is an effect of supporting futures trading of various commodity items between a seller and a purchaser.

According to another aspect of the present invention, a futures trader can apply for a plurality of futures transactions within the limit of the guarantee amount of the comprehensive guarantee insurance by submitting the comprehensive guarantee insurance, It is convenient.

According to another aspect of the present invention, when a futures contract is canceled, the market operator warrants the risk of the transaction by performing futures trading on behalf of the trader or compensating the other traders through comprehensive liquidation of the comprehensive guarantee insurance do.

BRIEF DESCRIPTION OF THE DRAWINGS The accompanying drawings, which are incorporated in and constitute a part of the specification, illustrate preferred embodiments of the invention and, together with the description of the invention below, And should not be construed as interpretation.
1 is a schematic block diagram of a futures trading system and a futures trading method according to an embodiment of the present invention.
2 and 3 are exemplary views of a futures transaction using a comprehensive guarantee insurance according to an embodiment of the present invention.
4 is a schematic internal structure diagram of a transaction server according to an embodiment of the present invention.
5 is a schematic flowchart of a futures trading method according to an embodiment of the present invention.

Hereinafter, preferred embodiments of the present invention will be described in detail with reference to the accompanying drawings. Prior to this, terms and words used in the present specification and claims should not be construed as limited to ordinary or dictionary terms, and the inventor should appropriately interpret the concepts of the terms appropriately It should be interpreted in accordance with the meaning and concept consistent with the technical idea of the present invention based on the principle that it can be defined.

Therefore, the embodiments described in the present specification and the configurations shown in the drawings are only the most preferred embodiments of the present invention and do not represent all the technical ideas of the present invention. Therefore, It is to be understood that equivalents and modifications are possible.

<1. System configuration>

1 is a schematic block diagram of a futures trading system 1 according to an embodiment of the present invention.

The futures trading system 1 according to an embodiment of the present invention applies a futures transaction to a transaction server 2 and a transaction server 2 that provide a futures trading service through a wired or wireless network to perform a futures trading service And a trader terminal 3 to be provided.

The wired and wireless networks in the present invention typically include all communication networks capable of Internet data communication using various protocols such as a mobile communication network, the Internet, a wired and wireless public network such as a Wi-Fi network, and a private network.

The transaction server 2 provides a futures trading service through the futures open market 200. [ The futures open market 200 corresponds to an online futures trading site that receives commodities of futures transactions and mediates the execution, settlement, and liquidation of futures trades. The operator of the transaction server (2) is a market operator operating the futures open market (200) as a futures trading market.

The commodity of the futures trading registered in the futures open market 200 is a kind of intangible commodity, which is a variety of commodities that the trader desires to trade futures, and does not have any particular limitation. For example, the futures open market (200) may not limit the transaction to agricultural products, manufactured goods, and other commodities. Or the futures open market 200 may designate a transaction target as a specific product group such as an agricultural product.

Here, the transaction server 2 is requested to join the transaction from the trader terminal 3 who desires futures trading, and qualifies the trader as a futures transaction on the premise that the registered insurance is registered by the registered trader. The guarantee insurance guarantees that the insurer (policyholder, debtor) will pay the expenses incurred in the futures transaction to the market operator (insured, creditor). When the transaction server 2 concludes a futures transaction by the application of the traders, the margins by traders in the amount of the futures traded can be replaced with the guarantees guaranteed by the guarantee insurance. The margin makes the contract valid as part of the amount of the futures transaction, and makes sure that the futures contract is guaranteed by the trader. Therefore, within the scope of the guarantee amount to guarantee payment of the guarantee policy, the trader may substitute the guarantee policy instead of paying the margin.

Assuming that the guarantee insurance is required for one futures transaction, it is inconvenient for the sales trader and the purchaser trader of the futures transaction to issue the guarantee insurance from the insurance company every time the futures transaction is performed and to register with the market operator. Also, the transaction server 3 is also inconvenient to manage guarantee insurance registered by each trader for each futures transaction.

Therefore, the transaction server (2) registers the comprehensive guarantee insurance for each trader and permits a plurality of futures transactions to the trader within the limit of the guarantee guarantee amount guaranteed by the comprehensive guarantee insurance. Under the insurance of the trader, the insurer guarantees to issue the securities of the comprehensive guarantee insurance and to pay the market operator the debt cost of the trader within the guarantee guarantee amount of the insurance policy. Therefore, the futures open market (200) can substitute the trader's comprehensive guarantee insurance policy for multiple futures transactions, instead of depositing margins of individual futures transactions from traders.

The trader terminal 3 accesses the gift open market 200 to register a sale item or a purchase item to request a futures transaction. In addition, the trader terminal 3 can request the acceptance of the transaction after inquiring the gift product for which the sale or purchase is requested. For example, the first trader can apply for a sale of a gift commodity as a seller or apply for a purchase of a registered gift commodity as a buyer. The second trader who is the opponent of the first trader can conclude the futures transaction by accepting the application of the first trader. And, the contract of futures contracts is fulfilled by delivering the commodity of the seller and payment of the purchasing trader after the contract fulfillment period arrives. The trader may bargain the price and quantity of the registered product of the other party's trader and accept the futures transaction with the transaction details agreed with the other party's trader. In addition, the market operator of the futures open market 200 may be the seller of the futures transaction or the buyer of the futures trades. Here, the trader of the futures contract concluded may abandon the execution of the transaction as necessary and destroy the contract of the transaction concluded. If the trader's destruction occurs, the comprehensive guarantee insurance that is guaranteed for the canceled futures transaction will be terminated by the liquidation procedure.

If the transaction server 2 concludes a futures transaction with the application of the traders on the futures commodity and the acceptance, the margin money generated by the futures transaction is replaced with the comprehensive guarantee insurance. The above margin is calculated by applying the guarantee rate to the futures trading price.

Here, the margin calculated by the guarantee rate corresponds to a kind of advance payment guaranteeing the execution of the futures transaction by the trader. The transaction server 2 sets a guarantee rate for each trader or each commodity. The guarantee rate per trader can be determined according to the creditworthiness of the trader. Of course, the transaction server 2 can set a high guarantee rate for a trader with low credibility. The guarantee rate for each product is set in consideration of an average range in which variation in price can be allowed for each product. Therefore, the guarantee rate can be interpreted as the maximum allowable value of the price fluctuation accompanied by the increase or decrease in the price of the futures commodity.

On the other hand, when the transaction server 2 registers the cancellation application from the trader of the contract of the futures contract that has been concluded, the transaction server 2 deletes all the futures contracts of the trader who is obliged to perform the futures transaction on behalf of the trader, .

For example, in the case of a seller of a futures contract that has been concluded, if the futures price of the futures commodity is expected to be higher than the closing price of the futures commodity, can do. In the case of a futures trader who concludes a futures contract, if futures commodity futures prices are expected to fall below the closing price of the futures commodity, .

Preferably, the transaction server 2 may, in principle, maintain the futures transaction by performing the futures transaction on behalf of the trader who has requested the destruction of the futures contracts requested for destruction. For example, when the sales trader discards, the transaction server 2 assumes an obligation to deliver the sales commodity to the purchase trader on behalf of the sales trader and to receive the transaction amount. If the purchasing trader breaks down, the transaction server 2 takes over the sales commodity on behalf of the purchasing trader and is obliged to settle the transaction amount to the sales trader.

Here, when it is difficult for the transaction server 2 to replace the transaction obligation of the trader, the transaction server 2 discards the entire futures transaction of the trader who has canceled the transaction by the comprehensive liquidation process, Provide compensation to the other party's trader. Here, the transaction server 2 provides the marginal money paid by the counterparty trader who has been destroyed as a compensation. According to the service policy, it is also possible that the transaction server 2 pays the compensation amount according to the stake of the counterparty trader on the guarantee guarantee amount of the comprehensive guarantee insurance of the trader who has canceled the transaction. In the case where it is difficult to obtain a commodity for a futures transaction or another reason such as a rare commodity is generated, the transaction server 2 may perform a comprehensive settlement process exceptionally.

2 and 3 are exemplary views of a futures transaction using a comprehensive guarantee insurance according to an embodiment of the present invention. FIG. 2 illustrates a plurality of futures transactions guaranteed by the comprehensive guarantee insurance, and FIG. 3 illustrates a futures tradable amount that limits a trader's futures transaction amount.

The transaction server 2 permits the comprehensive guarantee insurance for each of the traders, thereby permitting a plurality of futures transactions within the limit of the guarantee guarantee amount guaranteed by one comprehensive guarantee insurance.

Here, the comprehensive guarantee insurance can provide convenience of futures trading by reducing the inconvenience of registering securities of guarantee insurance for each futures transaction between the trader and the futures open market (200). In addition, the trader concludes a guarantee insurance for every futures transaction, and the insurance fee is large, and the comprehensive guarantee insurance generates only one insurance fee, saving the insurance cost.

In addition, the plurality of futures trades concluded to individual traders must be different from each other. If the trader has different products of futures trading such as pepper, cabbage, pork belly, ribs, etc., the risk due to price fluctuation can be dispersed. If there are multiple futures contracts out of a plurality of futures contracts that have the same execution time of futures commodities and futures trades, the risk due to price fluctuations is concentrated, which is actually the same as one case. The risk is concentrated on the transaction server 2 and the counterparty transaction guaranteeing the transition. In order to eliminate the risk, the transaction server 2 regards a plurality of futures contracts having the same gift commodity and transition timing as one case. For example, if trader A applies for sale or purchase for the same commodity with the same performance date, and multiple futures transactions are concluded, the number of multiple futures transactions concluded is counted as one.

Referring to FIG. 2, for convenience of explanation, the trader A registers the comprehensive guarantee insurance with the guaranteed guarantee amount of 1,000,000 in the open market 200 and receives a guarantee rate of 10% for each trader from the futures transaction server 2, It is assumed that the allowance rate is set to 50%.

Here, the futures trading server 2 may set at least one of the guarantee ratios according to the traders' guarantee ratios and the product specific guarantee ratios according to the range of price fluctuations of the commodities. If there is a conflict between the per-trader guarantee rate and the per-product guarantee rate, any one of the guarantee rates set by the transaction server 2 is applied. And the futures trading server (2) can set one futures trading allowance rate per trader according to the credit of the trader.

Then, by registering the comprehensive guarantee insurance of the trader A, the futures trading server 2 sets the remaining amount of the guarantee guarantee of the transaction A to 1,000,000 won, the total futures transaction limit of 10,000,000 won and the one futures transaction limit of 5,000,000 won.

The remaining amount of the payment guarantee is 1,000,000 KRW, which is the residual cost that guarantees the margin that the trader is responsible for every time trader A concludes a futures contract. The remaining amount of the guarantee is initially set at KRW 1,000,000 as the guaranteed guarantee amount by registration of the comprehensive guarantee amount. The remaining payment guarantee amount is then increased or decreased based on the following equation (1). At the conclusion of a futures transaction, the margin is reduced from the remaining amount of the payment guarantee, and upon completion of the futures transaction, the margin is increased to the remaining amount of the guarantee. The transaction server (2) permits futures trading on condition that the remaining amount of the guarantee becomes equal to or more than 0 yen.

The total futures trading limit is the amount of futures trades available to trader A in all futures trades. Trader A sets the total futures trading limit to 10,000,000 won according to Equation (2) below. For example, if trader A is a seller, he / she is allowed to sell a futures contract with a counterparty with a plurality of futures contracts, so that the sales amount of the futures contract is less than 10,000,000 won.

The limit of the one-time futures trading is the maximum amount at which the amount of one futures transaction concluded by the user is limited. If the amount of one futures transaction is excessive among the plural futures transactions guaranteed by the comprehensive guarantee insurance, the risk of the transaction is concentrated, so that the amount of one futures transaction is limited for the risk spread. Trader A is set up a limit of 5,000,000 won for one futures transaction by the following equation (3). For example, trader A is permitted to trade in one futures transaction subject to the restriction that the futures transaction amount is less than 5,000,000 won.

Here, the transaction server 2 limits the amount of the futures transaction amount that can be concluded by one futures transaction in order to encourage the execution of the futures transaction through risk diversification and reduce the destruction of unnecessary transactions. If the limit on the amount of futures trading is limited, not only risk spreading but also multiple futures trading can be triggered by the remaining futures trading amount, so that multiple futures trading can naturally be induced.

In the above, it is assumed that futures transaction 1 is concluded as the first transaction of trader A. In accordance with Equation (1), the marginal margin of 100,000 won, which is 10% of the guarantee rate, is deducted and the remaining amount of the guarantee is 900,000 won. Based on Equation (2), the total amount of futures trading will be reduced to KRW 9,000,000 by subtracting KRW 1,000,000 from the total futures trading limit of KRW 10,000,000. The remaining amount of one futures transaction is 5,000,000 won. The futures trading 1 can be concluded because it satisfies all of the above equations (1) to (3).

Next, it is assumed that futures transaction 2 is concluded as trader A's second transaction. Based on Equation (1), the remaining amount of the guarantee is deducted from the margin of 50,000 won, resulting in 850,000 won. Based on Equation (2), the total amount of the futures contract is subtracted from the total futures trading limit of 9,000,000 won and the futures transaction amount of 500,000 won. The remaining amount of one futures transaction is 5,000,000 won. The futures trading 2 can be concluded because it satisfies all of the equations (1) to (3).

Referring to FIG. 3, it is assumed that the trader A in FIG. 2 is considering the conclusion of any one of the futures contracts A, B, and C in addition to the futures contract 1 and the futures contract 2. It is also assumed that the transaction server 2 sets guarantee rates 8%, 15%, and 20% for each product A, B, and C, and that each product guarantee rate overrides the guarantee rate 10% do.

For example, in case of applying the futures transaction of the commodity A with the total amount of 850,000 won of the payment guarantee amount of the trader A, the maximum amount of the futures transaction corresponding to the maximum amount of the futures transaction amount based on the formula 1 is calculated as 10,625,000 won do. However, the maximum amount of futures trading of 10,625,000 won satisfies Equation (1), but can not be concluded due to the restriction of Equation (2). The amount of futures trading of commodity A of 10,625,000 won already exceeds the total futures trading limit of 10,000,000 won. Also, it is impossible to conclude the futures transaction amount of the commodity A of 10,625,000 won by the restriction of the formula (3). Therefore, the futures trading amount of the commodity A can be applied only to the actual futures trading limit satisfying the equations (1), (2), and (3)

Next, when the futures transaction of the commodity B is applied for the total amount of 850,000 won of the payment guarantee amount of the trader A, the maximum amount of the futures trades is calculated to be 5,666,667 won based on Equation (1). However, the maximum amount of the futures transaction of 5,666,667 won satisfies the equations (1) and (2), but the limit of the amount of the futures transaction of the commodity B is limited to the actual futures limit of 5,000,000 won or less.

In addition, when futures trading of commodity C is applied for the total amount of margin of 850,000 KRW, the maximum amount of futures trading is calculated as KRW 4,250,000 based on Equation (1). The amount of futures traded at the maximum amount of 4,250,000 won can be calculated by Equation (1), (2) and (3) simultaneously.

If trader A applies for product A, B, and C as the actual futures trading limit of 5,000,000 won, the total futures transaction remainder will be 3,500,000 won for 8,500,000 won - 5,000,000 won and equations (1) - The transaction server 2 can process the transaction with the transaction A 3 of the trader A. Therefore, However, the remaining amount of the payment guarantee of the trader A becomes 0 yen, and the additional futures transaction of the trader A is impossible.

In addition, if trader A disposes of futures trading 1, trading server 2 does not perform the counterparty transaction and performs the comprehensive settlement process, trader A is compensated for his margin of 100,000 won, futures trading 1 And is terminated. Of course, if trader A destroys futures trading 2, he will be compensated 50,000 won from transaction server 2 by comprehensive settlement processing.

4 is a schematic internal structure diagram of a transaction server 2 according to an embodiment of the present invention.

The transaction server 2 according to an embodiment of the present invention includes a futures transaction contracting unit 22 for processing a concluding of a futures transaction involving the application and acceptance of traders, A futures transaction completion unit 24 for processing completion of the transactions due to the arrival of the contract term of the futures trading, and a futures trading completion unit 24 for replacing the trader who has filed for cancellation in the event of the futures cancellation And a futures trading agent 25 that replaces the obligation to perform the trader.

Here, the transaction server 2 includes an insurance policy registration unit 21, a total futures transaction restriction unit 221, a margin limit unit 222, a one-futures trading restriction unit 223, The restriction unit 231 and the futures trading liquidation unit 26. [

The insurance policy registration unit 21 registers the comprehensive guarantee insurance from the merchant terminal 3 connected to the member and stores it in the DB. The insurance policy registration unit 21 sets the payment guarantee amount of the registered comprehensive guarantee insurance as the payment guarantee remaining amount and stores the set payment guarantee remaining amount in the DB.

The futures trading contracting unit 22 registers the application for sale or purchase of the futures commodity from the trader terminal 3 connected to the member in the DB. Then, the futures trading contracting unit 22 can provide the inquiry service of the registered futures commodity to the trader terminal 3. Of course, the futures trading contracting unit 22 may conclude a futures contract with the contents of the agreed futures transaction by mediating a bargain between the selling and purchasing side traders. Thereafter, when the futures trading contracting unit 22 receives an application for acceptance from the trader terminal 3 that inquired about the futures commodity, the futures trading unit 22 stores the information of the futures transaction concluded in the DB.

Here, the futures trading unit 22 allows the futures transaction amount to be concluded by using at least one of the total futures trading restriction unit 221, the margin limit unit 222, and the one-futures trading restriction unit 223 can do.

The total futures trading restriction unit 221 calculates a futures total trading limit of the trader using the guarantee guarantee amount per trader and the guarantee guarantee amount guaranteed by the comprehensive guarantee insurance based on Equation (2). Then, the futures trading contracting unit 22 may conclude the transaction by limiting the application of the futures trading so that the total futures trading amount of the trader is less than the calculated total futures trading limit.

The margin limiter 222 limits the futures trading so that the margins of the futures trades applied are less than the margin of guarantee for each comprehensive guarantee insurance based on Equation (1). Then, the futures trading contracting unit 22 may conclude the transaction by limiting the application of the futures trading so that the margin margin of the trader becomes less than the limit of the remaining amount of the guarantee for guarantee.

The one-time futures trading restriction unit 223 calculates the one-futures trading limit by applying the one-time futures trading allowance of each trader in Equation (3) to the total futures trading limit calculated by Equation (2) Shall limit the amount of futures transactions to be less than the calculated limit of futures transactions. Then, the futures trading contracting unit 22 may conclude the transaction by limiting the application of the futures trading so that the futures trading amount of the trader is less than the one-futures trading limit.

Here, the one-time futures trading restriction unit 223 can induce the risk distribution of the transaction to increase the transaction rate and derive additional futures trading using the remaining remaining limit.

The margin guarantee and payment unit 23 calculates margins using the futures transaction amount and the guarantee rate for the futures transactions concluded by the application and acceptance of the futures commodity and sets the margins to be paid by the respective traders to each trader Replace it with the previously registered comprehensive guarantee insurance, and store the insurance policy information corresponding to the futures transaction in the DB. The replacement comprehensive insurance coverage guarantees the margins of the corresponding futures transactions. The margin guarantee and guarantee unit 23 uses the equation (1) to reduce the remaining amount of the guarantee guarantee by the amount of margin each time the payment guarantee is processed.

The additional futures trading restriction unit 231 calculates the average price of the futures commodity by referring to the transaction value of the total futures contract concluded with the same futures commodity as the traded futures price of the trader, Predict. Here, the total futures transaction may be an identical transaction or a recent transaction (eg, one week, one month, etc.). The additional futures trading restriction unit 231 can calculate the average price (for example, a weighted average) of the commodity with reference to the transaction information of the total futures commodity concluded with the same recent futures commodity in the futures open market 100. Of course, various formulas can be applied to the calculation of the average price, and there is no particular limitation.

Then, the additional futures trading restriction unit 231 calculates the difference between the closing price and the average price of each of the futures commodities traded by the trader, as shown in Equation (4), and calculates the loss amount for each trader. If the calculated loss amount is greater than 0, the damage is occurred. If it is smaller than 0, the profit amount is generated. In the case of each futures transaction, the loss of the trader causes the profit of the counterparty trader.

Here, when the additional futures trading restriction unit 231 determines that the calculated loss amount of the trader exceeds the payment guarantee amount of the trader, the futures transaction concluding unit 22 to reduce the volatility of the predicted loss of the user May prohibit traders from further futures trading. If the additional futures trading of the trader is restricted, the futures trading contracting unit 22 may provide a guidance on the transaction application of the trader so that the futures trading may be temporarily rejected.

The futures trading completion unit 24 guides the transacting to the traders when the agreed delivery date of the futures transaction arrives, and receives confirmation of the completion of the transaction from each trader who has completed the sale and purchase of the futures commodity. Completion of the transaction requires the delivery of the goods by the seller and the fulfillment of payment by the purchaser. When the confirmation information of the completion of the transaction is registered from each trader terminal 3, the futures transaction completion unit 24 increases the payment guarantee remaining amount of the traders in accordance with Equation (1) by the margin of the futures transaction completed after the fulfillment. In other words, the remaining amount of the payment guarantee is reduced by the amount of margin by the conclusion of the futures transaction, and is increased by the amount of margin by the completion of the execution.

The futures trading agent 25 may register the request for cancellation of the transaction instead of the execution of the futures transaction from any one of the traders. The trader may apply for the cancellation of the transaction if it determines that the destruction of the transaction can reduce future damages instead of the transaction. The trader determines whether to dispose of the transaction considering the remaining payment guarantees remaining in the comprehensive guarantee insurance and the profit or loss of the completed futures transactions. In fact, it is extremely unusual for a trader to destroy a contract because it is very difficult to estimate the future profit or loss of an individual futures contract. Therefore, the breach rate of transactions is very low and the rate of execution of futures trading is high.

When the destruction application is registered, the futures trading agent 25 changes the futures trading information so that the market operator is replaced by the seller's obligation to sell or the obligation to purchase. In addition, the Futures Trading Agent (25) claims the guarantee guarantee amount for the comprehensive guarantee insurance of the trader who applied for the destruction, and it is attributed to the profit of the market operator. The market operator, at the same time as having the payment guarantee money, acts on the transaction obligations of the trader and ultimately bear the profit or loss. However, as a result, the market operator can protect counterparty traders and increase the rate of futures trading.

The futures trading liquidation unit 26 registers the cancellation application for the futures transaction from any one of the traders and starts the comprehensive liquidation process. The transaction server 2 can initiate the comprehensive liquidation process with the principle that the trader performs the exchange of the futures transaction at the time of destruction. The Futures Trading Liquidation Division (26) shall liquidate all futures transactions of the traders that are covered by the comprehensive guarantee insurance including the canceled futures transaction. The futures trading liquidation unit 26 performs settlement processing so that the margins paid by each trader who has been traded in the process of the liquidation process can be received as compensation money. For example, if the margin of the trader A who canceled the transaction is 100,000 won, and the margin of the trader who has been abandoned is 150,000 won, the futures trading liquidation department 26 compensates the compensation 150,000 won to the trader who has been abandoned.

<2. Method composition>

5 is a schematic flowchart of a futures trading method according to an embodiment of the present invention.

The transaction server 2 registers the stock information of the comprehensive guarantee insurance from the transaction terminal 3 of the member who desires futures trading (S21). When the comprehensive guarantee insurance is registered, the transaction server 2 stores the guarantee guarantee amount of the comprehensive guarantee insurance as the payment guarantee remaining amount. Then, the trader can secure the payment of the margin with the registered comprehensive guarantee insurance instead of paying the margin of the individual futures transaction by concluding a plurality of futures transactions within the limit of the payment guarantee remainder updated by Equation (1) .

Thereafter, the transaction server 2 registers the acceptance corresponding to the sale or purchase application from the trader terminal 3 of the trader for which the comprehensive guarantee insurance is registered (S22), and concludes the futures transaction by accepting the trader.

Here, the amount of the futures transaction to be concluded may be limited through at least one of the following steps (S221) to (S223).

First, the transaction server 2 can restrict the individual futures trading amount by using the limitation of the total futures trading amount by the trader (S221). Based on Equation (2), the transaction server 2 calculates the total futures trading limit for each trader. The transaction server 2 may limit the amount of the futures transaction requested so that the total sum of the sum of the applied futures transaction amount and the existing futures contract amount in progress is equal to or less than the total futures transaction limit.

Second, the transaction server 2 may limit the amount of the individual futures transaction by using the limitation of margin per trader (S222). Based on Equation (1), the transaction server (2) calculates the payment guarantee residual amount per trader. The transaction server 2 may limit the amount of the futures transaction requested so that the marginal margin of the requested futures transaction amount is less than the remaining amount of the payment guarantee.

Thirdly, the transaction server 2 can limit the amount of the individual futures transaction by using the limit of one futures trading amount per trader (S223). Based on Equation (3), the transaction server 2 calculates the amount of one futures transaction for each trader. The transaction server (2) may limit the amount of the futures transaction to which the requested futures transaction amount is less than one (1) of the futures transaction amount.

When the futures trading contract is concluded, the transaction server 2 replaces the margins of the futures contracts that have been concluded with the comprehensive guarantee insurance of each trader (S23). Here, the transaction server 2 substitutes the comprehensive guarantee insurance by subtracting the margin from the payment guarantee remaining amount remaining in the comprehensive guarantee insurance of the trader.

Thereafter, the transaction server 2 predicts the amount of damage generated from the futures transaction for each trader of the futures trades, and limits the additional futures trades according to the amount of the damage (S231). Here, the transaction server 2 can obtain the average price by referring to the total transaction information of the recent gift products concluded as the same commodity, and can calculate the average price as the loss amount using the difference between the average price and the contracted price of the trader. If the transaction server (2) calculates the amount of damages of the entire futures contracts of the individual traders and the amount of damages calculated exceeds the guarantor amount of the trader, while the excess amount of loss is generated, It is preferable to restrict the connection of the connector.

After the payment guarantee of margin margin is effectively completed by the comprehensive guarantee insurance, when the time for execution of the futures transaction comes, the transaction server 2 registers confirmation of the completion of the transaction from each of the traders who have completed the execution of the futures transaction, (S24). When the execution of the futures transaction is confirmed, the transaction server 2 increases the futures transaction amount of the comprehensive guarantee insurance corresponding to the margin of the completed transaction according to Equation (1).

On the contrary, when a trader of a futures transaction requests the destruction of a transaction in place of the execution of a futures transaction, the transaction server 2 performs the transaction of the trader's futures transaction in accordance with the service policy (S25) (S26). &Lt; / RTI &gt;

In the case of fulfilling the futures transaction, the transaction server (2) will terminate the comprehensive guarantee insurance by charging the insurer with the payment guarantee amount based on the comprehensive guarantee insurance of the trader who has canceled the transaction. In step S25, the information of the futures transaction stored in the DB is changed so that the transaction server 2 becomes the trader on behalf of the trader who has canceled the transaction for the entire futures transaction of the trader. The market operator then fulfills its obligation in accordance with the committed transactions after the time of the implementation of the futures trading.

When the comprehensive liquidation processing procedure is started, the transaction server 2 discards all the futures contracts concluded with the comprehensive guarantee insurance of the trader and performs liquidation processing (S26). When the liquidation process is started, the transaction server 2 discards the entire futures transaction concluded with the comprehensive guarantee insurance of the futures transaction discarded by the trader. The transaction server (2) inquires the margins borne by the counterparty trader who has been canceled in the canceled total futures contract, and compensates the opponent traders of the inquired individual futures.

In the above-described embodiment, the term "part" is not used to denote the hardware division of the futures trading system 1 using the comprehensive guarantee insurance. Accordingly, a plurality of constituent parts may be integrated into one constituent part, and one constituent part may be divided into a plurality of constituent parts. Also, the constituent unit may mean a hardware constituent unit, but may mean a constituent unit of software. Therefore, it should be understood that the present invention is not particularly limited by the term "part ".

While the present invention has been particularly shown and described with reference to exemplary embodiments thereof, it is to be understood that the invention is not limited to the disclosed exemplary embodiments. It goes without saying that various modifications and variations are possible within the scope of equivalence of the scope.

1: Futures trading system 2: Transaction server
3: trader terminal 200: gift open market

Claims (14)

Within the scope of the guarantee amount guaranteed to guarantee the payment of the comprehensive guarantee insurance of each trader between the seller and the buyer, the plurality of futures trades having the same time for the execution of the futures and futures transaction are regarded as one futures transaction ,

A futures trading contract unit for registering application or acceptance of a plurality of futures trades from respective trader terminals using the formula of the futures trades and storing information of each futures trades concluded;
A margin guarantee portion that guarantees the marginal payment of the margin by the futures transaction by deducting the marginal margin applied to the futures transaction amount from the remaining amount of the guarantee guarantee of the comprehensive guarantee insurance by the trader of the signed futures transaction;
A futures trading completion unit that completes the execution of the futures trading and registers the completion of the futures trading from each of the traders terminals after the imposed timing of the executed futures contract arrives;
Claims for the payment guarantee amount of the comprehensive guarantee insurance of the trader who requested the destruction is requested to destroy the whole futures transaction concluded by the comprehensive guarantee insurance of the trader on behalf of the trader, A futures trading agent that changes futures trading information to fulfill the obligation to fulfill; And
In the event that it is impossible to fulfill the obligation to fulfill the obligations, it shall be requested to claim the guarantee guarantee amount guaranteed by the comprehensive guarantee insurance of the trader who has requested the destruction, and the total gift A liquidation of the futures transaction, which clears the transaction, clears the entire futures trade, and compensates the margins of the respective counterparties with the requested payment guarantee amount
And a transaction server for receiving the transaction information. The method according to claim 1,
The transaction server includes:
An insurance policy registration section for registering the security information of the comprehensive guarantee insurance that guarantees the marginal deposit required for each futures transaction from the trader terminal desiring futures trading as the payment guarantee amount and setting the payment guarantee amount as the payment guarantee remaining amount Further comprising the steps of: delete The method according to claim 1,
The transaction server includes:
The total amount of the futures transaction of the trader is calculated by using the above guarantee amount promised by the guarantee rate for each trader and the comprehensive guarantee insurance and the futures transaction is restricted so that the total futures transaction amount of the trader becomes less than the calculated total futures transaction limit Total futures trading restrictions; And
Limit margin trading to limit futures trading so that the margin of futures trading is less than the remaining amount of guarantees guaranteed by the comprehensive guarantee insurance of the trader
Wherein the control unit permits the individual futures transaction to be concluded with at least one of the plurality of futures contracts. delete delete The method according to claim 1,
The transaction server includes:
The average price is calculated for each futures commodity referring to the total futures contracts concluded with the same futures commodity for the futures commodity of the futures contract concluded and the average price is calculated for each futures commodity by using the contract price of the trader and the average price, Further comprising an additional futures trading restriction unit for calculating a damage amount and for limiting the futures futures trading of the trader when the calculated amount of the predicted loss exceeds the payment guarantee amount of the trader. A futures trading method in which a transaction server mediates a futures transaction of a commodity,
(a) within the limits of the amount of guarantees guaranteed for the coverage of each trader's comprehensive guarantee insurance between the seller and the buyer, Considering futures trading,

A futures transaction concluding step of registering application or acceptance of a plurality of futures trades from respective trader terminals using the formula of the futures trades, and storing information of each futures trades concluded;
(b) a margin warrant that guarantees the margins of the margin transaction by deducting the marginal margin applied to the futures transaction amount from the remaining amount of the guarantee guarantee of the comprehensive guarantee insurance per trader of the entered futures transaction;
(c) completion of the futures trading, in which the execution of the futures transaction is completed and the completion of the futures transaction is registered from each of the trader terminals after the imposed timing of the executed futures contract arrives;
(d) Claiming the above-mentioned payment guarantee amount of the comprehensive guarantee insurance of the trader who has requested the destruction when the merger is requested to destroy the concluded futures transaction, and requesting the trader for the whole futures transaction concluded by the above- A futures trading agent step of changing the futures trading information so as to fulfill the obligation to fulfill it; And
(e) If it is not possible to fulfill the obligation to fulfill the obligations, it shall be requested by the buyer to claim the guarantee guarantee amount guaranteed by the comprehensive guarantee insurance of the trader who requested the destruction, and concluded by the comprehensive guarantee insurance of the trader The liquidation of the entire futures transaction, which is canceled, and the compensation of the margins of the counterparty traders to the guaranteed payment amount,
The method comprising the steps of: 9. The method of claim 8,
Prior to step (a)
The transaction server registers the stock information of the comprehensive guarantee insurance that guarantees the marginal amount required for each futures transaction from the trader terminal desiring futures trading as the payment guarantee amount and sets the payment guarantee amount as the payment guarantee remaining amount Further comprising the step of registering an insurance policy. delete 10. The method according to claim 8 or 9,
Wherein the step (a) comprises:
The total amount of the futures transaction of the trader is calculated by using the above guarantee amount promised by the guarantee rate for each trader and the comprehensive guarantee insurance and the futures transaction is restricted so that the total futures transaction amount of the trader becomes less than the calculated total futures transaction limit The entire futures trading restriction phase; And
A margin limitation step of limiting futures trading so that the margin of futures trading is less than the remaining amount of guarantees guaranteed by the comprehensive guarantee insurance of a trader; And
Further comprising at least one of the following steps: allowing the individual futures transaction to be concluded. delete delete 9. The method of claim 8,
After step (b) above,
The average price is calculated for each futures commodity referring to the total futures contract concluded with the same futures commodity with respect to the futures commodity of the futures transaction in which the transaction server is concluded and the average price of each futures commodity is calculated using the closing price of the trader and the average price, Further comprising a futures trading restriction step of calculating a predicted loss amount of the futures commodity and restricting the additional futures trading of the trader when the calculated amount of the predicted loss exceeds the payment guarantee amount of the trader Way.

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