KR20100102497A

KR20100102497A - Method and apparatus for transaction in securities

Info

Publication number: KR20100102497A
Application number: KR1020090020930A
Authority: KR
Inventors: 김성훈
Original assignee: (주)한국거래소
Priority date: 2009-03-11
Filing date: 2009-03-11
Publication date: 2010-09-24

Abstract

PURPOSE: A method and an apparatus for transaction in securities are provided to rapidly process the massive sales of securities by using a matching engine. CONSTITUTION: A reception unit(210) classifies the orders received from a member company based on an item group including at least one item, and a matching engine(230) calculates the sum of addition based on the order and induces the agreement on the contract of securities. A transmission unit(260) distributes and transmits the sales agreement result, and the matching engine unit includes a first processing unit and a second processing unit which is for processing the massive transaction of securities. The first processing unit processes the sales in a single price of a regular market.

Description

Method and Apparatus for Trading in Securities Market {Method and Apparatus for transaction in securities}

The present invention relates to a method and system for concluding a sale in a securities market.

In the trading of stocks, etc. in the stock market, it is necessary to calculate an appropriate price every time the market is opened due to a change in the value of a company due to a new listing, after the end of the day, or news of the market. In addition, when a large amount of stocks are to be bought and sold at the request of market participants, a method and apparatus for anonymity guarantee and transaction activation are needed.

In order to determine the appropriate price in the sale of stocks in the stock market, we accept the purchase and sell orders of market participants for a certain period of time, and the reception time is regarded as simultaneous (same time). It is required to carry out a trade execution by calculating the coincident price based on the quoted price and the quantity without a price. In addition, there is a need for an effective way to conclude a sale in the securities market.

To this end, the present invention provides a method and apparatus for concluding a sale in the securities market. In the present invention, the trade setting device includes a receiving unit for receiving orders received from member companies by classifying a group of items including at least one or more items. Matching engine for performing a trading, including, and a transmission unit for distributing and transmitting the trading conclusion.

When calculating the appropriate price, there is no compensation for the price risk inherent in the priority order in the order order, but the current method provides liquidity to the market by compensating the risk by giving priority to pre-orders.

Mass trading ensures the stability of the negotiations by notifying the results of the negotiations online to increase the visibility of the negotiations and confirm whether the order is submitted. In addition, after the end of the market, the transaction was opened to ensure the anonymity required by mass trading, and many securities firms can participate in negotiations to enable activation.

In one preferred embodiment of the present invention, an apparatus for concluding a sale in a securities market includes: a receiving unit for dividing and receiving the order by an item group including at least one item based on an order received from a member company; And a matching engine unit for performing a trade execution including matching calculation, simultaneous distribution and conclusion based on the order for each of the classified item groups; and a transmission unit for distributing and transmitting the trade conclusion result.

Preferably, the matching engine unit is a first processing unit for processing a single sale price that concludes a sale at a single price between a quote price that takes precedence over an order received at a predetermined time according to a price and time priority principle, and a connection sale that is concluded in a regular trading market. And a second processing unit for processing a bulk transaction in which the order received from the receiving unit is 500 times or more of the trading quantity unit, or the amount multiplied by the quantity and the price is more than 100 million won for trading the stock, foreign stock deposit certificate and the ETF. It includes.

Preferably, when the matching engine is designated as a runaway item by the manager, the matching engine processes all orders already received by the matching engine until the designated run time item, and after the specific item is designated as the runaway item The apparatus further includes a congestion processing unit that separates and processes the specific item received from the receiving unit.

In another embodiment of the present invention, a device for closing a sale in the securities market includes a single price trading that concludes a sale at a single price between a quoted price that prioritizes an order received at a predetermined time according to a price and time priority principle. A first processing unit which processes a connection trading concluded in a regular trading market and performs a trading conclusion; A second processing unit for processing a transaction by processing a volume transaction in which a received order is 500 times or more of a trading quantity unit, or a product multiplied by a quantity and a price of 100 million or more stocks, a foreign stock deposit certificate, and an ETF; And when a specific item among the orders of the first processing unit and the second processing unit is designated as a congestion item by the administrator, the order already received by the first processing unit and the second processing unit until the administrator designates the congestion item. And a congestion processing unit for processing all the separate items separately processed by the first processing unit and the second processing unit after the specific item is designated as a congestion item.

In another embodiment of the present invention, a method for performing a trade in a trading system of a securities market is based on the orders received from the member companies to receive the orders classified by item group including at least one or more items step; And performing the conclusion of the trade including the agreement addition, the simultaneous distribution and the conclusion based on the order for each of the classified item groups; and distributing and transmitting the result of the conclusion of the sale.

Hereinafter, embodiments of the present invention will be described in detail with reference to the accompanying drawings. It should be noted that the same elements among the drawings are denoted by the same reference numerals and symbols as much as possible even though they are shown in different drawings.

In the following description of the present invention, detailed descriptions of related known functions or configurations will be omitted when it is determined that the detailed description may unnecessarily obscure the subject matter of the present invention.

In addition, in order to be more faithful to the present invention, it is noted that changes or modifications can be made by those skilled in the art without departing from the spirit of the present invention.

1 shows the intestinal operation according to the long time. 9:00 am to 15:00 pm is the regular hall, and 7:30 am to 8:30 am and 15:00 to 19:00 pm are called after hours markets. Acceptance of the offer is possible from 9:00 am to 60 minutes before the regular opening.

The trading contract can be divided into three types: single price trading, connection trading, and bulk trading.

In view of the long-term, single trade is generally made at 9:00 am (S150) and 15:00 pm (S152), except when CB (Circuit Breakers) occurs in the regular market (S151). ).

Connection trading means a trading made between 9:00 am and 15:00 pm in the regular market (S130). Mass trading can take place during the regular market or after-hours markets.

If a member applies for a bidding price of 500 times or more than 100 million or more than 100 million won, the member shall apply for the sale and purchase price of the same quantity and quantity at the price within the upper and lower limits of the day. It is a system to establish a trading transaction based on price.

2 illustrates a trading system as a preferred embodiment of the present invention.

The trading agreement system includes a receiving unit 210 for receiving an order of a member company, a receiving unit 220 for receiving an order of a member company through a chapter operating program, and a matching engine for performing a trading agreement such as adding, calculating, contributing, and concluding the order based on the order ( 230, a process 240 for processing the same, a distribution unit 250 for distributing the processed result, and a transmitter 260 for transmitting the final result to the securities company, Koscom, the Financial Supervisory Service, and the like.

The matching engine 230 reads the bid price entered by the item group from the corresponding queue (not shown), records and deletes the bid price for each item, and deletes the bid price for each item according to the entered bid price. It provides the function to make a conclusion when there is a quotation of the matching condition by inquiring to the selling book. If congestion event occurs during operation, it will be processed.

The matching engine 230 may be broadly divided into a part 231 for processing a single sale and a connection sale and a part 232 for processing a bulk transaction. If the order received from the receiving unit 220 is 500 times or more of the trading quantity unit, or the amount multiplied by the quantity and price is a volume transaction that sells the stock, foreign stock deposit certificate and the ETF, more than 100 million won. In part 232 it is processed with a mass transaction server (not shown). However, it should be noted that the receiving unit may also be implemented by having a separate mass transaction receiving unit in charge of mass transactions.

The matching engine 230 may classify a specific item as a congestion item and process it separately when a specific item is designated as a congestion item by a manager. The congestion processing unit (not shown) that processes the congestion item is a congestion processing unit that processes the congestion associated with the single sale and the access trade when the congestion event occurs in the part 231 processing the single sale and the connection trade and the part that processes the bulk transaction (232) ) Can be implemented as a congestion processing unit that processes congestion related to mass transactions when congestion events occur. In addition, regardless of the type of trading may be implemented by having a runaway processing unit that processes all if the runaway items.

In the matching engine 230, the manager processes all orders already received by the matching engine 230, and if a specific item is received from the receiving unit 210 and the receiving unit 220 after the manager is designated as a runaway item, this is separately Process separately.

Figure 3 is a preferred embodiment of the present invention, a method of signing a single sale in a trading system.

Single trade is a trading method used when there is a great need for balanced price formation by concentrating supply and demand. A single price trade receives a bid and a bid price for a certain period of time, and a trade is concluded at one price between the bid and ask prices according to the price and time priority principle.

In the case of single trade, in principle, the principle of time priority is followed, except for the simultaneous quotation. Therefore, even in the case of a single quoted bidding price, all prices are quoted between preferred quotes according to the price-priority and time-priority principle. As shown in Fig. 3, the highest bid price and the lowest bid price are concluded sequentially, and the purchase price is concluded by applying the time priority principle even at the same price of 15,250 won.

However, only when the market price is formed at the upper and lower limits, the quantity to be sold shall be distributed only to the bid price for the relevant price band for the upper limit price and to the bid price for the price band for the lower limit price. The reason for this exception is to meet the minimum demand of investors who want to make trades during the day by allocating the quantity at the time of market formation at the upper and lower limits.

4 a) to c) show an example for determining a single price execution price and quantity.

First, the requirements of the single trade fastening method of the present invention are as follows.

[Consistent Price Requirements]

1) All bids exceeding the combined price and bids below the bid price must be fully signed.

2) One side of the agreed price must be concluded in full.

3) The other of the coincidence price shall be concluded more than the minimum tightening unit.

Fastening means that after the conclusion, both ends of the price range must have zero, one on one side and zero on the other side.

[Trading Price Requirements]

1) If only one coincidence price exists as in the example of Fig. 4a, the coincidence price is regarded as the closing price.

2) As shown in the example of FIG. 4B, when there are two or more coincidence prices, the coincidence price is regarded as the nearest price. However, there may be some exceptions, which are treated as a high / low arithmetic mean (raise by bid).

3) Although there is no coincidence price as in the example of FIG. 4C, when two prices exist while satisfying only 1) and 2), the price closes to the previous price among those satisfying only 1) and 2).

Figures 5a) and b) show an example of a fastening method when generating a coincidence price in Figures 4a) to c).

5 is based on the premise that the two-way highest priority price can be reversed and fastened.

Identify the highest bid price in both sell and buy directions. If the price information is a market price, the current price is changed to the market price / buy price. Thereafter, the bidirectional anticipated closing quantity (cumulative bid price) and the anticipated closing price (current price range) are set.

If the cumulative bidirectional quantities differ, as in the example of FIG. 5A, the next quoted price is determined from the smaller quantity. If there is no quotation, or if the price range reverses the current price range, the smaller of the two-way bidding quantity is set as the final bidding quantity. Afterwards, update the amount of self-directed estimates and the estimated prices.

If the two-way cumulative quantity is the same, the next price on the selling side is determined, and if there is no price or the price is reversed, the smaller of the two-way anticipated quantity is set as the final expected quantity. After that, update the bidirectional anticipated quantity and anticipated final price.

[How to determine the closing price]

1. If the two-way cumulative quantity is different, one coincidence price is created as follows.

a) Sell Accumulated Quantity> Buy Accumulated Quantity: Estimated Selling Price (Sell Balance = Sell Price Volume-Settlement Quantity, Buy Balance = 0)

b) Accumulated Amount <Accumulated Amount: Estimated Buying Price (Sell Balance = 0, Buy Balance = Buy Price vs. Amount)

2. When the cumulative quantity of bidirectional tightening is the same and there is no next quotation in both directions

a) Immediate price> Estimated buy price: Estimated buy price (Sell / Amount = 0)

b) Immediate price <Estimated Selling Price: Estimated Selling Price (Sell / Amount = 0)

c) Immediate price, (Arithmetic average of bid price of buy and sell at the time of exception application-bid price increase) (Sell / Remaining amount = 0)

3. If either party has the following prices

If the price is less than the expected bid price, the price is updated to the estimated bid price. See the example of FIG. 5B.

* (Buy Next Quarter + 1 Tick) If the price is greater than the expected selling price, update the selling price.

* Expected to settle selling price> Expected to settle selling price: Swap swap price

a) Immediate price> Estimated buy price: Estimated buy price

b) Immediate price <Estimated selling price: Estimated selling price

c) Immediate price, (Arithmetic mean-raised unit of quoted bid price and bid price)

* Except in the case of SWAP, sell / number remaining = 0.

If the closing price determined by SWAP is Buy, the remaining balance is 0 and the remaining balance is the price of the next house price.

4. Simultaneous distribution

a) If it is the upper limit and the cumulative number of purchases (simultaneous distribution remaining)> the cumulative selling amount is set, the upper limit is allocated.

b) If it is the lower limit price and the accumulated accumulation quantity is less than the accumulated accumulation quantity (simultaneous distribution remaining amount), the lower limit allocation shall be set. Concurrent distribution will be described in more detail with reference to FIG. 5.

6 shows a quantity allocation method for the upper limit value / lower limit value of a single purchase trade. In FIG. 6, S600 represents a bid price situation, and S610 represents a trading result, and S620 represents a bid price situation and a trade execution after market price determination, respectively.

In the case of single trade, the trade is concluded according to the price-priority / time-priority principle, but only when the market price is determined by the upper or lower limit, in accordance with the quantity-first principle, The trade is made in order. Since the simultaneous allocation after the market price is meaningless, if the initial price of the stock price item is determined, if the initial price is determined at the highest / lowest price based on the range of the quotation, the concurrency shall be concluded by simultaneous allocation.

1. 10 times of trading unit

2. 50 times of trading unit

3. 100 times of trading quantity unit

4. 200 times of trading unit

5. One-half of the remaining amount (Quantity under the purchase quantity unit shall be four companies in five units)

6. Remaining amount

However, it should be noted that the above-mentioned trading order is only an embodiment of the present invention, and the trading order may be variously modified.

Referring to FIG. 6, when the upper price is determined to be 20,150 won, the selling price is allocated according to the quantity priority order between the selling prices. Therefore, even if the quotations are received in the order of numbers such as ①, ②, etc. as shown in 610 (610), the quantity is arranged in ascending order (620).

If ⑤ ~ ⑨ is received as in S620 with 3100 shares of the upper limit after the market price determination, ⑤-③2,400 shares, ⑤-④600 shares, ⑦-④100 shares, ⑦-⑥900 shares, ⑨-⑥100 after market determination Note, ⑨-⑧400 shares are concluded. In other words, distribution is made up to the number ④, but the price received after the commencement of the market is concluded according to the principle of time priority.

FIG. 7 illustrates priority setting when cancellation or correction of a quotation is generated when the single sale quantity is distributed as shown in FIG. 6.

In the case of canceling or correcting a quotation, if the total price is canceled, the quotation itself is canceled, so it is not possible to participate in the subsequent trading.In the case of total correction, in the case of remaining settlement of the quotation or partial correction, Since it is changed to the reception time and participates in the trading from then on, it does not matter to the trading priority.

However, in the case of the remaining balance of partial cancellations and the remaining balance of partial corrections, the quotations subject to cancellation / correction were distributed before the quotations with less quantity in accordance with the principle of quantity priority when the quantity of single sale price was allocated when the market price was formed at the upper and lower limits. If the quantity is smaller due to partial correction or partial cancellation, the quantity is allocated by deducting the cancellation and correction quantity from the original price of the original price.

Referring to FIG. 7, when the single market price is determined to be the upper limit, quantity allocation is applied by applying the quantity priority principle. Therefore, 150 shares of No. ① selling price are allocated 100 shares to No. ②, which has a lot of buying prices, and the remaining 50 shares are allocated to No. ③, which is the next largest quantity. If the number of the number of the offer number is 300 (500) is canceled for the 500 shares, the offer price is considered to have been quoted as 200 shares since the initial offer price (the 50 shares already allocated are still valid). The order of priority is to buy stocks in No. ②, 300 in stocks in ④, and 200 in stocks in ③. And when the selling price of No. ⑥ is received 130 weeks, the buying price of No. ② is allocated 100 shares, the basic quantity, and the 100 shares are allocated from the buying price of No. ④, the next priority, and the remaining 30 shares are ranked first. It is allocated to the bid price of subordinate ③.

8 a) to c) illustrate a trading method in the case of connection trading.

In Figures 8a) to c), the numbers 1, 2, 3 and the like indicate the order of acceptance and acceptance.

In connection trading (individual competitive sale based on plural prices), if the lowest selling price and the highest buying price are matched by the competition between the selling price and the selling price during the trading time, the trading price is the price of the preceding quotation, that is, the first quotation received. As a method of trading that establishes a trade-off, the trade is carried out between quoted prices that conform to the principle of price-priority and time-priority.

9 (a) to 9 (c) show a flowchart of a bulk transaction as a preferred embodiment of the present invention.

The mass transaction server 920 provides functions such as user management, negotiation between seller and buyer, quote posting, inquiry and order, and performs interface with related systems. In addition, the negotiation unit 921 of the mass transaction server 920 performs a function to perform negotiation separately from the current price.

The negotiation unit 921 records the negotiation history between the seller and the buyer, and then transfers the negotiation details to the trade conclusion system 930. In the negotiating unit 921, for example, when there is a buyer who wants to make a bulk trade of S shares with a price of 100 million won or more, the negotiation unit 921 may negotiate with at least one seller who wants to sell the shares of S company. .

One buyer is on the wire or online Investors are recruited through selling notice. The person with the selling intention expresses his intention to sell on the wire or online and completes the negotiation if it matches the buyer's quantity. At this time, the buyer's price can be partially adjusted, but the condition must be met at least 100 million won or 500 times the trading volume. When the negotiation is completed, the mass trading system forwards the negotiating document (the seller's negotiation details) and the order form (the buyer's and seller's individual negotiation details) to the reception desk.

In the trading unit 931 of the trade execution system 930, the sum of the order quantities of the negotiation details received from the mass transaction server 920 is equal to the total negotiation quantity, and if the negotiation numbers are the same, the order prices are the same and the total negotiation amount. Check the details of the negotiation, such as whether it is correct or not.

As a result of the check in the aggregation unit 931 of the trade execution system 930, if the negotiation details match the sale or purchase offer price, the transaction is transferred to the execution unit 932. If there is a mismatch, the communication unit 932 refuses to transmit the negotiation details.

In addition, the electronic disclosure system 940 transmits the disclosure transmitted to the information system of Koscom to the mass transaction server 920 so that the investor can recognize the disclosure matter without using a securities company HTS or broadcasting.

The trade execution system 950 notifies the mass transaction server 920 of the conclusion of the transaction. The access system 950 receives the order from the mass transaction server 920 and informs the mass transaction server 920 of the index and the market operation rejection result.

9B illustrates a role for negotiation reception when a large order comes in at a member terminal. Referring to Figure 9b describes the negotiation receiving process as follows.

The negotiation unit 921 receives a negotiation order or a negotiation document from the mass terminal 910 of the member company and receives the negotiation. In addition, the negotiation unit 921 manages negotiation document details, negotiation order documents, and negotiations in addition to negotiation reception management.

The details of the negotiations shall include the total negotiated shares, the total negotiated amount, the total number of negotiated sales documents and the total number of negotiated orders. Negotiation order details include the number of negotiated sell orders, the number of negotiated buy orders, the number of sell negotiated orders and the number of negotiated buy orders.

It is possible to cancel an order if the negotiation is completed between the seller and the buyer, and there is a normal agreement in the negotiating section and the bulk offer for the negotiation is received in the trading system. Canceling the order is carried out by proceeding with the invalidation negotiation through the mass transaction server in the same manner as the negotiation process, and submitting a cancellation order for canceling the normally accepted mass quotation.

However, if the order cancellation process is not necessary, the seller and the buyer can resubmit the order through new negotiations without consultation, without entering a bulk quote for the existing negotiations.

The trading execution system 930 receives negotiation details from the negotiation unit 921 and receives a large number of call requests from the access system 950. After that, a matching engine (ME) of the trading execution system 930 manages bulk order duplicate checks, mass sale price management, mass sale price quotations, mass purchase price quotations, and transaction details.

In addition, if the amount exceeding the negotiated quantity is entered or the amount is exceeded, the trade execution system 930 notifies the negotiation unit 921 of the mass transaction server.

9C illustrates the role of the negotiating unit and the trading execution system when a large number of quotations are received in the access system 950 in the member terminal.

The role of the negotiating unit and the trade execution system is almost similar to that shown in FIG. 3B, but when a large number of quotations is received, the negotiation unit 921 performs order management by negotiation instead of negotiation management, and performs the trade settlement system 930. The matching engine further performs negotiation negotiation price aggregation.

FIG. 10 illustrates a method of counting negotiations received from a mass transaction server in a matching engine according to an exemplary embodiment of the present invention.

When the negotiation is received by the mass transaction server 1010, the aggregation unit 1030 of the matching engine 1020 records the negotiation history. When recording the negotiation history, the negotiations and bulk orders received using the negotiation number system, such as the negotiation details (S1040) and the negotiation quantity management (S1041) sheet (sheet). Through this, it is possible to manage the total quantity of negotiations and the order quantity by sell / buy through negotiation quantity management. However, it should be noted that the examples of the negotiation details (S1040) and the negotiation quantity management (S1041) sheet are just one embodiment of the present invention and may be implemented in various embodiments.

The tallying unit 1030 checks whether the recorded negotiation details S1040 and S1041 and the selling bidding history S1050 and / or the buying bidding history S1051 match. If the check result is matched, the negotiation details are transmitted to the fastening unit 1040 of the matching engine, and if they do not match, the negotiation is rejected. When the accuracy check is finished, the counting unit 1030 may add an order quantity or insert a quotation.

FIG. 11 is a view illustrating a method for concluding a negotiation received from a mass transaction server in a matching engine according to an embodiment of the present invention.

The fastening unit 1140 of the matching engine 1120 performs the fastening when the sell order quantity and the buy order quantity satisfying the total negotiated quantity are input. In the aggregation unit 1130, as shown in S1110, when the sell negotiation quantity and the sell order quantity are the same, and the buy negotiation negotiation quantity and the purchase order quantity are the same, and if it is possible to conclude, the call is made to the fastening unit 1140. In addition, the fastening unit 1140 processes the bidding quotes and the bidding quotes corresponding to the negotiation number.

The invention can also be embodied as computer readable code on a computer readable recording medium. Computer-readable recording media include all kinds of recording devices that store data that can be read by a computer system.

Examples of computer-readable recording media include ROM, RAM, CD-ROM, magnetic tape, floppy disk, optical data storage, and the like, which are also implemented in the form of carrier waves (for example, transmission over the Internet). It also includes. The computer readable recording medium can also be distributed over network coupled computer systems so that the computer readable code is stored and executed in a distributed fashion.

The best embodiments have been disclosed in the drawings and specification above. Although specific terms have been used herein, they are used only for the purpose of describing the present invention and are not used to limit the scope of the present invention as defined in the meaning or claims.

Therefore, those skilled in the art will understand that various modifications and equivalent other embodiments are possible from this. Therefore, the true technical protection scope of the present invention will be defined by the technical spirit of the appended claims.

1 shows the intestinal operation according to the long time.

6 shows a quantity allocation method for the upper limit value / lower limit value of a single purchase trade.

8 a) to c) illustrate a trading method in the case of connection trading.

Claims

As a device for closing sales in the securities market,

Receiving unit for receiving the orders received from the member companies classified by item group including at least one or more items;

Matching engine unit for performing a trade settlement including the agreement of the sum, simultaneous distribution and conclusion based on the order for each of the separated item group; And

And a transmitting unit for distributing and transmitting the result of the trade conclusion.

The method of claim 1, wherein the matching engine unit

A first processing unit for processing a single sale trade that concludes a sale at a single price between a quote price that prevails an order received at a predetermined time according to a price and time priority principle and a connection trade that is concluded in a regular trading market; and

A second processing unit for processing a bulk transaction in which the order received by the receiving unit is 500 times or more of the trading quantity unit or the amount multiplied by the quantity and the price is more than 100 million won for trading the stock, foreign stock deposit certificate and the ETF. Trading connection device, characterized in that.

The method of claim 1, wherein the matching engine unit

If a specific item is designated as a congestion item by the manager, all the orders already received by the matching engine are processed until the congestion item is designated,

And a congestion processing unit for separately classifying and processing the specific item received from the receiving unit after the specific item is designated as a congestion item.

The method of claim 1, wherein the matching engine unit

After reading the quotes for each item group, record and delete the bid and ask price for each item in the item group in the tally.

And inquiring the account book and performing a conclusion when there is a quotation of a condition matching a conclusion condition according to the input quotation.

The method of claim 2, wherein the single trade

A trading execution system characterized in that all prices are concluded between preferred quotations according to a price priority and time priority principle, and no quantity is distributed between the quotations of the same price range.

The method of claim 2, wherein the predetermined time period is

In principle, it is 9:00 am and 15:00 pm, except for the case that the circuit breakers occur in the regular trade (Circuit Breakers).

The method of claim 2, wherein the order is the mass transaction.

The receiving unit receives from the mass trading server a negotiation form in which the bulk transaction negotiation is performed between the seller and the buyer within the upper and lower limits of the current price separately from the current price, and an order document describing the negotiation details of the buyer and the seller,

And the second processing unit concludes a sale when the sell order quantity and the purchase order quantity described in the order document are equal to the sell negotiation negotiation quantity and the purchase order quantity, respectively.

The method of claim 7, wherein the result of the sale of the second processing unit

Trading settlement apparatus, characterized in that transmitted to the mass transaction server through the transmitter.

The method of claim 1,

The transmitting unit transmits a result of a trade conclusion of the first processing unit.

Securities firms, Koscom, the trading arrangement, characterized in that sent to the Financial Supervisory Service.

As a device for closing sales in the securities market,

A first processing unit for processing a single purchase trade that concludes a trade at a single price between a quoted price prior to a predetermined time according to a price and time priority principle, and a connection trade that is concluded in a regular trading market to perform a trade execution;

A second processing unit for processing a transaction by processing a volume transaction in which a received order is 500 times or more of a trading quantity unit, or a product multiplied by a quantity and a price of 100 million or more stocks, a foreign stock deposit certificate, and an ETF; And

When a specific item among the orders of the first processing unit and the second processing unit is designated as a congestion item by the manager, all orders already received by the first processing unit and the second processing unit until the manager designates the congestion item And a congestion processing unit for processing the specific items separately received by the first processing unit and the second processing unit after the specific item is designated as a congestion item.

The method of claim 10, wherein the first processing unit and the second processing unit

After reading the quotes entered for each item group, record and delete the buy and sell quotes for each item in the item group in the account book and inquire the account book to have the quotes with the condition matching the closing condition according to the entered bid price. If the trading fastening apparatus, characterized in that for performing a fastening.

The method of claim 10, wherein the single trade

The method of claim 10, wherein the predetermined time period is

In principle, it is 9:00 am and 15:00 pm, and the trading settlement system is characterized in that the sale and stop trading system occurs in the regular letter.

The method of claim 10, wherein the second processing unit

Receives an order from the bulk transaction server, which is separate from the current price and within the upper and lower limits of the day, for the negotiation of the bulk transaction negotiation between the seller and the buyer, and the order of each buyer and seller.

And if the sell order quantity and the purchase order quantity described in the order are equal to the sell negotiate quantity and the purchase order quantity of the negotiation, respectively.

As a method of performing a trading in the trading system of the securities market,

Receiving the orders received from the member companies by item group including at least one item or more;

Performing a conclusion of a sale, including agreement addition, simultaneous distribution and conclusion, based on the order for each of the separated item groups; and

Distributing and transmitting the result of the trade conclusion.

The method of claim 15, wherein performing the trading

Processing a single trade and a connection trade concluded in a regular trading market, which conclude a sale at a single price between the quotations that prevail the order received at a predetermined time according to the price and time priority principle; and

Processing a bulk transaction in which the order received by the receiving unit is 500 times or more of the trading quantity unit or the amount multiplied by the quantity and the price is more than 100 million won for trading the stock, foreign stock deposit certificate and the ETF. How to make a trade.

The method of claim 15, wherein performing the trading

If a certain item is designated as a congestion item by the manager, all orders already received by the designated congestion item are processed,

And a congestion processing step of separately processing the specific item received after the specific item is designated as a congestion item.

The method of claim 16, wherein the single trade

A trade execution method according to the price priority and time priority principle, which is concluded in the entire price between preferred prices, and the quantity is not distributed between the same price prices.

The method of claim 16, wherein the predetermined time period

In principle, it is 9:00 am and 15:00 pm, except for the case of a trading interruption system in a regular letter.