KR20010104584A - Securites trading system and the method thereof for direct dealings in security - Google Patents

Abstract

In the present invention, when a professional investor wants to buy or sell a specific stock, the order is disclosed on the Internet, so that all investors can see it. The result is immediately notified to the trading parties, and if professional investors want to enter into a trade automatically by entering a price and quantity for a particular stock, they can be immediately executed if there is a counterparty that meets the terms of the order. The present invention relates to a securities trading system where a professional investor selects one of two trading methods and directly trades stocks between the parties, and a securities trading method using the system.

Description

Securites trading system and the method about for direct dealings in security}

The present invention is a securities trading system that can buy and sell stocks by directly negotiating with trading partners, in particular, for direct trading of stocks that can be closed by professional investors directly contacting trading partners without brokerage. It relates to a stock trading system and a stock trading method.

All stock investors can buy or sell stocks listed on the traditional stock exchange market or KOSDAQ market. In the form of stock trading that buys and sells the stocks, it makes an order to sell or buy through a securities company, and concludes the trading of the stocks in the stock exchange market or the KOSDAQ market according to the order. In other words, they could not trade directly with each other, such as buying and selling goods, but only through brokers.

The stock trading method must be ordered through a securities company, the trading time is also limited, there was a hassle to submit the price and quantity at the same time in the order method.

In addition, there is no opportunity for bargaining parties to negotiate in the trading method, and the trade is automatically concluded when the terms of sale and purchase orders are met. In the conventional stock market, all trades are made in the same way, from individual investors who trade in small amounts to institutional investors who trade in large quantities.

While the same method of trading stocks provides fair equity trading opportunities for investors, there is a problem in that they cannot accommodate various trading demands of investors. In particular, institutional investors buy and sell stocks in large quantities, which in turn has the potential to affect market prices, resulting in undesired costs. In other words, it is difficult to sell or buy at a desired price in the form of automatic trading, which is made based on the price and time-first principle in the conventional market. In order to place an order in a conventional market, a brokerage firm has to go through a brokerage, so the information about a trading order may be leaked before the order is delivered to the market.

In order to overcome the limitations of the stock exchange or KOSDAQ market having the above problems and risks, a market for professional investors can directly trade, and the direct trading market directly connects professional investors to make various orders and trades. What is needed is a system and method for closing a transaction by way of practice.

In the present invention, when professional investors want to trade stocks, they select the stock trading partner directly from the order inputted by their choice, and then negotiate the terms of the trade anonymously. An object of the present invention is to provide a multi-transactional stock trading system and a stock trading method.

In addition, the present invention is another object of the stock trading, by selecting a trading partner through a direct negotiation to accommodate the various demands of both sides of the trading and as a result the conclusion of the stock trading.

In addition, the present invention is that the stock trading is carried out via the Internet in order to close the transaction without time and place restrictions, and it is possible to negotiate trading using a variety of channels such as chat, e-mail, mobile phone, telephone, etc. For other purposes.

In addition, the present invention is to randomly enter a separate ID every time the investor enters the order to ensure the anonymity of the transaction, the system manages the input ID so that investors can negotiate with only the ID In other words, another objective is to implement one-to-many negotiations to provide investors with favorable negotiation opportunities.

In order to achieve the above object, the present invention provides a terminal of the Internet enabled investors; An access server for allowing access to the member when the investor requests access and allowing access or issuing an ID according to an ID authentication request if the member is a new member and managing the members; An order processing server in which investors connected by the access server input order information for a specific stock and inform the input order information and the receipt information for an arbitrary ID; Automatic trading processing means for automatically closing a trade if the transaction conditions among the order history posted on the order processing server, and the trading partner if the transaction conditions among the orders posted by the order server does not match A sales execution server comprising negotiation negotiation processing means for proceeding negotiations between the trading parties and making a sales conclusion by negotiation; And a securities transaction system for direct trading of stocks between investors, including an information processing server for transmitting the conclusion data concluded at the conclusion of the automatic sale or negotiation sale to a settlement server and notifying the conclusion result.

In addition, in the securities trading system for the direct trading of shares; Accessing the stock trading system by inputting an ID and password; Inputting order details and an arbitrary ID displayed on a connection screen; Dividing the input order into an automatic trading or negotiation trading means; Retrieving the order history separated by the automatic trading means and entering into a stock transaction if there is an order satisfying each other; Posting order details separated by the negotiation trading means; Searching for the posted order details and selecting a negotiation target; Instructing the conclusion of a trading transaction after preparing a final negotiation proposal through negotiation with the selected negotiation target; Signing a stock transaction by the signing instruction; Processing the result concluded by the automatic trading means or the negotiation trading means into information and transmitting to the investor, and transmitting the conclusion to the settlement server for completion of the conclusion; It features a direct securities transaction method between investors, including the step of finally paying the price for the stock transaction in the settlement server and providing the information to the investor.

1 is a block diagram schematically showing the overall configuration of a stock trading system according to the present invention.

2 is a block diagram showing a connection server and an order processing server of FIG.

3 is a block diagram showing a trading server of FIG.

4 is a block diagram showing an information server.

Figure 5 is a block diagram showing a payment server used in the present invention.

6a to 6c are views showing embodiments of the order input window according to the present invention.

7 is a view showing the flow of the access server and the order processing server according to the present invention.

FIG. 8 is a view showing an aggregation fastening flow of the automatic trading means in step A of FIG.

FIG. 9 is a diagram showing an aggregation processing flow of a bargain trading means in step B of FIG.

FIG. 10 is a view illustrating a fastening flow of negotiation negotiation means in step C of FIG.

<Description of the symbols for the main parts of the drawings>

10: terminal 20: access server

30: order processing server 40: trade execution server

50: information server 60: payment server

Hereinafter, the present invention will be described in detail with reference to the accompanying drawings.

First, Figure 1 shows a stock trading system for direct stock trading between investors in accordance with the present invention.

The securities trading system comprises a terminal 10 of Internet-enabled investors; Find out whether the investors who are connected through the Internet is a registered member, and if the existing member is to enter the ID and password, and if the investor is not yet registered, enter the personal information and give a new ID and password. An access server 20 for managing subscribing investors; Order processing server for receiving and receiving a random ID of each order and the order items such as quotes or trading intentions for a particular stock to investors connected by the access server 20, and distributes the received order details 30; Automatic trading means (41) automatically concludes a sale when a condition is matched between the orders of investors who have searched the contents distributed by the order processing server 30, or when the contents of the buy and purchase orders are matched with each other. ), And a sale consisting of a bargain trading means 42 which connects trading parties close to the trading conditions and concludes a trade by mutual negotiation when there is no trading partner having the same trading conditions among the orders posted by the order processing server. Fastening server 40; The information server 50 transmits the conclusion data of the stock transaction situation concluded in the transaction conclusion server 40 to the settlement server 60 of the settlement company, and notifies the investor terminal 10 of the result of the conclusion or impossibility of the transaction. do.

The securities trading system as described above requires anonymity, and high security technology is required to prevent information leakage on the Internet. The security technology requires the establishment of an invasion blocking and invasion detection system that blocks user authentication to verify the identity of an investor using a terminal, encryption of data transmitted and received through a communication network, and illegal access to an unauthorized transaction to a server.

In the present invention, a public key-based authentication system is used to implement user authentication and encryption of transmission and reception data. The user receives a certificate management program and a certificate from an authorized certification authority and installs it on the terminal. When sending a quote to an actual securities trading system, a message that encrypts the quote data, an electronic signature generated using a private key, and a certificate received from an accredited certification authority are sent together. Then, the trading system confirms user authentication and forgery using the public key of the user who entered the quotation.

In addition, commercially available firewall and intrusion detection systems (IDS) are applied to prevent unauthorized access to securities trading systems. The intrusion prevention system uses an application gateway method, and the intrusion detection system applies a solution of a vendor having many intrusion patterns.

2 shows an access server 20 and an order processing server 30 according to the present invention, the access server 20 is an access investor when the investor's terminal 10 attempts to access through an internet network. The connection management processing daemon 21 and the connection management processing means 22 and the three DBs 23, 24, which determine whether or not the member registration of the connection and determine whether or not to connect with the order processing server 30 upon connection authorization; 25). The access management processing daemon 21 manages the accessors and blocks access when unauthorized access is performed, and the three DBs are a user management DB 23, a chat management DB 24, and an application processing means management. DB 25. The user management DB 23 is used for communication between the external system and the access management processing means 22 in the access server 20, the attribute of the main data stored in the user management DB 23 is IP, Investor ID, and port management process port number. Next, the chat management DB 24 supports text service between investor terminals. The attributes of the data are the chat partner's information and the chat server port number. . Next, the application processing means management DB 25 is referred to for communication with various means of the order processing server. The attributes of the main data consist of system identification and code numbers of processing means.

Next, the order processing server 30 analyzes the trading order status of the stock to be traded by the inputted investor, and transmits the order distribution processing means 31 for transmitting to the trading execution server 40 and the negotiation sales processing means 42. 2 means of distributing processing means 32 and 33 for distributing information of the transaction details concluded in the trade execution servers 40 to the terminal 10 of investors. The first information distribution processing means 32 is for distributing the trade settlement information processed by the automatic trade means 41 of the trade settlement server 40, and the second information distribution processing means 33 ) Is for distributing the trade settlement information processed by the negotiation trade processing means 42. In addition, when an investor decides to make a trade in accordance with the matter negotiated in the negotiation trade processing means 42 of the trade settlement server 40, the decision is transmitted to the negotiation trade processing means 42 to complete the trade settlement. Also included is an instruction for setting instruction processing means 34.

3 shows a trade settlement server 40 according to the present invention, the trade settlement server 40 is classified as an automatic trade order by the order distribution processing means 31 of the order processing server 30. In the receipt history means 41-1 and the aggregation fastening processing means 41-2 for processing the order details stored in the reception history means 41-1, and in the aggregation fastening processing means 41-2, Quote history means (41-3) for storing the price history of the processed stock transaction, the aggregate length means (41-4) for aggregating the matters processed in the aggregate settlement processing means (41-2) and automatically trades Automatic transaction processing means (41) composed of transaction history means (31-5) for transmitting the transaction details to the information server (50); The quotation request display means 42-1 for storing the offer price display order history among the orders distributed from the order distribution processing means 31 and the transaction intention details distributed from the order distribution processing means 31 are stored and processed. The transaction intention display means 42-2, and the quotes provided by the transaction details display means 41-1 and the transaction intention display means 42-2 to aggregate the details that can meet each other to connect mutual investors Aggregate processing means 42-4, a fastening processing means 42-3 for closing a sale when an investor's closing instruction is input by the negotiation, and a transaction history means for storing the concluded transaction details. 5), an aggregate book means 42-6 for storing an aggregate book processed by the aggregate processor 42-4 and the fastening processor 42-3, and the aggregate book means 42-6. Negotiation trade consisting of a quote history means (42-7) for storing quotes aggregated by The processing means 42 is comprised.

Next, Figure 4 shows an information server 50 according to the present invention, the order processing server 30 by collecting and analyzing the market details and the aggregated bill processed from the automatic trading processing means 41 of the trading server 40 The first information processing means 51 for distributing information to the investors through the first information distribution processing means 32, the transaction history, the aggregate book and the market price information of the negotiated trade processing means 42 A second information processing means 52 for distributing information to investors through the second information distribution processing means 33 of the order processing server 30 and negotiated with the automatic trading means 41 It consists of a payment transmission processing means 53 for transmitting to the payment server 60 with the transaction details of the transaction is concluded by the fastening processing means (41-2, 42-3) of the processing means (42).

5 shows a payment server 60, the payment reception processing means 61 and the payment reception processing means for receiving the payment history transmitted from the payment transmission processing means 53 of the information server 50 ( A transaction history means 62 for analyzing and storing the transaction history received by 61; a payment processing means 63 for making a payment according to the stock transaction history stored by the transaction history means 62; and the payment process Payment history means 64 for storing the payment history processed by the means 63, balance history means 65 for storing the remaining amount paid by the payment processing means 63 and the payment history to the investor It consists of payment distribution processing means (66). The payment server 60 is to use the financial settlement server of the currently operating financial network.

As described above, in the securities trading system according to the present invention, when an investor accesses a securities trading system through the Internet and places an order according to the stock trading or investment type, the securities trading system automatically concludes the trading by the components of each server and the investor. Either notify the result or induce negotiations between investors so that they can enter into a stock sale by negotiation.

Looking at the method of trading the stock directly between investors using the securities trading system, first, the investor enters his member ID and password using his terminal and requests access to the access management server, the access management daemon attaches. Fork the process, record the accessor's IP, user ID, and port being used in the user management DB and perform user authentication. If the user authentication succeeds, the investor has the right to use the terminal.

Next, an investor having a right to use a terminal enters an order price. In the present invention, FIGS. 6A to 6C illustrate embodiments of an order input window. Figure 6a is an order number input screen for automatic sales fastening, item code; Quantity; price; Sell or buy indications; List price order, market price order, stop order, market price conversion list price; Valid on the day, valid before cancellation, valid for a specific period, FOK and FAK; The options, such as normal, corrected, and canceled, are entered or selected and sent. 6B and 6C show screens for inputting an order price for negotiating a trade, and FIG. 6B shows an arbitrary order ID when a stock is to be bought; Stock code; Quantity; price; Sell Buy; Offer quotes, indicate intent to trade; Split quotations, total quotations; Normal, corrected, canceled; Enter the contact number for negotiation negotiations by sending a contact information.

When the order price is inputted and transmitted as described above, as shown in FIG. 7, the order distribution processing means of the order processing server determines whether the order price is appropriate (100), checks the market operation (110), and concludes a sale. Determine the type (120). At this time, if the order price is inappropriate or does not match the market operation situation, the order is rejected (130) and the result is notified to the investor terminal.

When the order price is classified as an automatic sales order by the order distribution processing means 31 of the order processing server 30, the automatic sales processing means 41 of the trade settlement server 40 displays the new price information reflecting the order details. And the processing is generated by the first information processing means 50 of the information server 50 and transmitted to the first information distribution processing means 32 of the order processing server 30. , Which transmits the price in real time to all the terminals 10 currently connected to the first information distribution processing means 32. If the entered order is concluded, the contents of the sale should be notified only to the purchaser and the purchaser. In this case, the contents of the sale are transmitted only to the terminal 10 of the seller and the buyer connected to the first information distribution processing means 32.

In order to automatically conclude the sale as described above, the present invention provides various order types as shown in Table 1. As shown in Table 1, a variety of order types can exist by a combination of conditions, centering on three types of order types of price terms: limit order, market order, and stop order. The term and quantity conditions will be described in combination.

Price condition Period Condition Quantity Condition GTD Order GTC Order GTS Order FOK Order FAK Order Order price 0 0 Option Option Option Option Market order 0 0 Option Option Option Option Market Price Conversion Conditional Order Option 0 × × × × Stop-order Option 0 × × Option Option

The above-listed order is an order used to buy or sell only at the price suggested by the investor or better and the market price order is required to be concluded at the most favorable price that can be taken at the moment the order is received by the system. A stop-order is an order in which a market price order or a designated price order is converted to a specific price at a specific price. The conditions for this order are that the buy order must be higher than the current market price and the sell order must be lower than the current market price. .

Next, there are three types of terms related to the order period: GTD (Good Till Date) orders are invalid unless they are concluded on the day the order is submitted and are valid until the order is canceled during the same day, and GTC (Good A Till Canceled order is a valid order until the order is canceled, and a Good Till the Specfied day order is valid for a certain period of time.

Next, there are two valid conditions for order quantity: FAK (Fill And Kill) and FOK (Fill Or Kill), which can be applied to orders such as price orders, market orders, and stop orders. The above terms and conditions are concluded when they are received by the system, and the remaining balance is not recorded in the account book. When a FAK order is received by the trade execution server, all or part of the order must be executed immediately, and the remaining balance is canceled. In contrast, the FOK order is canceled if the total quantity is not concluded.

The order price entered by selecting the conditions as described above is distributed to the automatic trading processing means 41 or the negotiation trading processing means 42 by the order distribution processing means 32.

FIG. 8 shows the flow of the trade execution of the aggregate settlement processing means of the automatic transaction processing means of the trade settlement server, and the automatic trade processing of the trade settlement server 40 from the order distribution processing means 31 of the order processing server 30. When distributed to the means 41, the contents of the order are stored in the receipt history means 41-1 of the automatic traffic processing means 41. It is determined whether the stored details satisfy the stop condition of the stop order (200), and if it satisfies the fulfillment condition, the total book deduction processing is performed (210) and the conversion fact is processed to calculate the priority order of the stop order. And converts to a normal order (270) and notifies the investor of the conversion.

Next, if the stop-order does not satisfy the satisfying condition, it is determined whether the order receipt is present (220). If it is not present, the order is returned to the initial state. If the stop-order is not present, the order type is read (230). If the type of the order read as described above is the order price / market price order is to distinguish the price (240). The order price classification includes a cancel order 250, a correct order 260 and a normal order 270, if the cancel order 250 is subjected to the total book deduction processing, if the correct order 260 between the order type correction, price correction Determination, correction amount, etc. are determined to perform a total book deduction process to calculate the sell / buy priority bid price as in the normal order 270 (280). In this case, the normal order is satisfied when the stop-order is satisfied, and the total amount is subtracted 210, and the conversion fact is processed when the information is converted to the normal order.

Next, when the sell / buy priority price is calculated as described above, it is determined whether a trade is possible (290), and if it is possible to make a trade, it is determined whether it is a FAK (300). If it is a FAK, trading is performed in a process of determining a price and quantity, performing an aggregate trading process, recording a transaction history, and calculating a sell / buy priority price (330). If it is not the FAK, it is determined whether it is FOK (310). If not, the trade is concluded (330). If it is FOK, it is determined whether the conditions of FOK are satisfied (320). It is determined whether the order is a FAK / FOK order (340), if the FAK / FOK is notified to the investor results (450), otherwise, the remaining balance is recorded in the account book (360). In addition, if the condition of the FOK is not satisfied, the investor is notified of the fact (450).

In addition, if it is impossible to conclude the sale, it is determined whether the FAK and the FOK (350). If not, the investor calculates the sell / buy price information, the sell / buy priority price, etc., if not informed of the fact (360), Finally, the investor is notified (450).

Next, if the order type is a stop-order, it is determined whether the conversion process can be satisfied (370). If the order type is satisfied, it is converted to the market price / designated price process to conclude the sale, and the price is classified if the conversion process is not satisfied. (380). The bid / quote classification is divided into a correction / cancellation order 390 and a normal order 400. If the correction / cancellation order 390 is a correction / cancellation order, the corresponding original order is searched to determine whether the order has already been converted (410). If the order is completed, the designated price / market price is converted into a processing process and the sale is concluded, otherwise the correction / cancellation process is performed (420). In addition, if the normal order 400 is processed (430) the stop-order book and the detailed information with the corrected / canceled order to calculate the preferred price of the stop-order (440) to notify the investors (450) .

The information to be informed to the investor will be informed of the results of the sale, correction, cancellation, etc., FOK / FAK processing results, stop-order conversion processing results, and real-time analysis and market data.

Next, FIG. 9 shows a process of signing a negotiation sale in the negotiation sale processing means 42 of the trade settlement server 40 according to the present invention, and the order distribution processing means 31 of the order processing server 30. In step 500, the order details of the orders distributed to the negotiated trade processing means 42 are read. The negotiated order type is divided into a receipt price (510) and a transaction intention receipt (520). In this case, if the order type is the quotation of the offer price, the aggregate book is displayed with the sell / buy price information and the sell / buy price detail information (530) to calculate the sell / buy highest priority price information (540), and the information is processed to the investor. Notify (560). In addition, if the transaction intention is received, detailed information for each type of sell / buy is stored in the aggregate book (550) and the information is processed and notified to the investor (560). The investors are notified of the correction / cancellation results, market analysis / process data processing information, and real-time investment reference processing information. Negotiations will be conducted using the contact information listed in the order window.

When a trade is determined between the investors by the negotiation, the order is instructed through the order processing server (600). When the execution order of the investors is input, it is determined whether the user code and personal information are authorized investors (610), and if the authorized investors, the validity of the negotiation order is determined (620). Next, if the negotiation order is valid, the negotiation order type is determined (630). At this time, if an unauthorized investor or a negotiated order is not valid, investors are notified of the impossibility of making a trade (640). The negotiation order type is divided into a quotation price history 650 and a transaction intention statement 660 to organize each account book, generate transaction details (670), and notify the investor (680).

As described above, the securities transaction method of the present invention can close a direct stock transaction between investors in an organic combination by an order processing server, a transaction execution server, an information server, and a settlement server.

As described above, the present invention enables investors to directly place an order using the Internet and make a direct trade between the two parties by autonomous or negotiation so that they can directly participate in the stock market without going through a securities company, and negotiate by selecting a negotiating partner. You can buy or sell stocks on the best terms by trading them directly.

In addition, since the Internet can be negotiated using various communication means, there is no limit in time and place for trading stocks, and thus, any stock can be traded at any time.

In addition, by inputting the order and telling the other party to the order through a variety of channels, such as the Internet, mobile phones, it is possible to close the best deal without additional effort or time constraints.

Claims (7)

Terminals of Internet-capable investors; An access server for allowing access to the member when the investor requests access and allowing access or issuing an ID according to an ID authentication request if the member is a new member and managing the members; An order processing server in which investors connected by the access server input order information for a specific stock and inform the input order information and the receipt information for an arbitrary ID; Automatic trading processing means for automatically closing a trade if the transaction conditions among the order history posted on the order processing server, and the trading partner if the transaction conditions among the orders posted by the order server does not match A sales execution server comprising negotiation negotiation processing means for proceeding negotiations between the trading parties and making a sales conclusion by negotiation; And an information processing server which transmits the conclusion data to the settlement company and notifies the conclusion result in order to settle the details concluded at the conclusion of the automatic sale or negotiation sale. . The method of claim 1 The access server may be configured to manage an authorized terminal and block access of unauthorized investors, access management processing means for connecting an investor to the order processing server, and a user for managing authorized investors. And a management DB, a chat DB for supporting a text service between investors, and an application processing means DB for communicating with processing means of the servers. The method of claim 1, The order processing server analyzes the entered order details and distributes the order distribution processing means for distributing to the automatic trading processing means or the negotiated trading processing means of the trading execution server, and at least one information distribution for notifying the processed information to the investor. A stock trading system for direct trading of stocks, comprising: a processing means; and a closing instruction processing means for instructing the conclusion of the negotiation between the investors. The method of claim 1, The automatic trading processing means of the trade settlement server includes a reception history means for storing the receipts distributed from the order distribution processing means, an aggregation settlement processing means for aggregating orders stored in the reception history means, and the aggregation; Quote history means for storing the price history of the stock transaction processed in the closing processing means, the aggregate means for aggregating the matters processed in the aggregation execution processing means and transaction history means for storing the transaction details automatically concluded trading Securities trading system for the direct trading of the stock, comprising. The method of claim 1, Quote offer history means for storing and storing the order history when the offer price of the orders distributed from the order distribution processing means, transaction intention history means for storing the stock transaction history distributed from the order distribution processing means, and the offer price Aggregation processing means for aggregating mutually satisfying details from the receipt history means and transaction intention means and connecting mutual investors, and execution processing means for concluding a stock sale when an investor's execution order is input by the negotiation. And, Transaction history means for storing the concluded transaction history, Aggregate means for storing the accounting book processed by the aggregate processing means and the fastening processing means, And for storing the quotes aggregated by the aggregate book means When trading securities for direct trading of stocks, including quotes System. The method of claim 1, The information server collects and analyzes the price list and the aggregate book processed from the automatic transaction processing means of the trade settlement server and distributes the information to the investors through the first information distribution processing means of the order processing server. And second information processing means for distributing information to investors through the second information distribution processing means of the order processing server by collecting and analyzing the transaction details, the trading book, and the price history of the negotiation trading processing means. And a payment transmission processing means for transmitting to a payment server with the transaction details of a transaction concluded by the transaction processing means of the transaction processing means and the negotiation trade processing means. A securities trading system for direct trading of stocks; Accessing the stock trading system by inputting an ID and password; Inputting order details and an arbitrary ID displayed on a connection screen; Dividing the input order into an automatic trading or negotiation trading means; Retrieving the order history separated by the automatic trading means and entering into a stock transaction if there is an order satisfying each other; Posting order details separated by the negotiation trading means; Searching for the posted order details and selecting a negotiation target; Instructing the conclusion of a trading transaction after preparing a final negotiation proposal through negotiation with the selected negotiation target; Signing a stock transaction by the signing instruction; Processing the result concluded by the automatic trading means or the negotiation trading means into information and transmitting to the investor, and transmitting the conclusion to the settlement server for completion of the conclusion; A method of directly securities trading between investors, comprising the step of finally paying the price of the stock transaction in the settlement server and providing the information to the investor.