KR20100102498A - Method and apparatus for massive transaction - Google Patents

Abstract

PURPOSE: A method and an apparatus for massive transaction are provided to allow the massive transaction in a single price by enabling the inquiry of the agreement in advance. CONSTITUTION: A massive transaction server(810) transmits not only an agreement for which the massive transaction negotiation is performed between a seller and a buyer but also an order sheet which records the negotiation history of the seller and buyer. The sales and purchase order quantities indicated in the order sheet are compared with those in the agreement by using a negotiation number system. If the quantities are identical to each other, the contract for the sales is agreed on. The sale contract result is transmitted to the massive transaction server.

Description

Mass trading method and method {Method and Apparatus for massive transaction}

The present invention relates to a mass trading method and apparatus in the securities market.

In the past, the securities firm's corporate sales department negotiated by contacting its branches and other companies by wire. In this case, in order to complete the negotiations, a number of securities firms had to work to match stocks and quantity by wire. Even if the negotiation is completed, trade between investors involved in the negotiation should be established, but there is a problem that it is difficult to guarantee this.

In other words, it is not possible to know whether an investor who has participated in negotiations until the end of the market has submitted an order to KRX. There was a problem that can not be confirmed.

Therefore, if some participants do not send an order, it is impossible to contact the other party to encourage submission of the order or to break the negotiation and proceed with other negotiations to determine whether the order has not been sent.

The present invention is to solve the above conventional problems.

To this end, the negotiation participants express their intentions online to complete the negotiation, guaranteeing the execution of the negotiation, and confirming whether the order is submitted in real time, and encouraging renegotiation and order submission after the negotiation breakdown.

The mass trading method proposed in the present invention enables the negotiation contents to be viewed online in advance, thereby enabling mass trading at a single price. In addition, there is an advantage of ensuring anonymity because the securities firm acts as a guarantee of trading stability through the market system and even if an order is submitted to an investor's account. In addition, since the trading information is not immediately published in the market, it is effective in minimizing the impact of the trading.

In addition, KRX has the advantage of satisfying the desire of the market to buy a large amount of stock, such as institutional investors by opening a mass trading market using the mass trading method proposed in the present invention.

In a preferred embodiment of the present invention, the apparatus for performing a bulk transaction in the securities market is a negotiation and a buyer and seller each of the negotiating between the seller and the buyer, the mass transaction between the buyer and the buyer within the upper and lower limits of the current price from the mass trading server Receiving unit for receiving an order written negotiation details; Matching engine unit for performing the sale if the sale order quantity and the purchase order quantity described in the order is equal to the sale negotiation quantity and the purchase order quantity of each of the negotiations by using the negotiation number system and the same; And a transmitting unit for transmitting the trading conclusion result to the mass transaction server after performing the trading conclusion.

As another preferred embodiment of the present invention, a method for performing a bulk transaction in the securities market is a negotiation agreement and a buyer and seller in which a bulk transaction is negotiated between the seller and the buyer within the upper and lower limits of the day separately from the current price from the mass transaction server. Receiving an order in which each negotiation is described; Confirming whether the sell order quantity and the purchase order quantity described in the order document are the same as the negotiating sell quantity and the purchase order quantity of the negotiating document, respectively, using the negotiation number system, and then conducting a trade execution if they are the same; And transmitting the trading conclusion result to the mass transaction server after performing the trading conclusion.

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, if it is determined that a detailed description of a related known function or configuration may unnecessarily obscure the subject matter of the present invention, the detailed description thereof will be omitted.

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 18:00 pm are called after hours markets. Acceptance of the offer is possible from 9:00 am to 60 minutes before the regular opening.

Mass trading is divided into long-term mass trading and overtime bulk trading according to long time.

Mass trading refers to the sale of stocks, foreign securities certificates, and ETFs, which are at least 500 times the quantity sold or multiplied by quantity and price. Mass transactions shall be executed within the negotiated price between investors within the upper and lower limits of the day, and will be concluded at the order price between the bid and ask prices of both sellers and buyers. In other words, it can be negotiated within the upper and lower limits of the day separately from the market price. In addition, there is a difference in that it is difficult to influence the market because the price of negotiation is not disclosed.

Long-term mass trading is a method of establishing a trading transaction of a relevant item when a member applies to an exchange to establish a trading price with a bid price and a bid price with the same item, quantity and price during the trading period of the regular market (S130). Is performed. However, if a trading transaction is not established in the regular market until just before the quotation is received, the trading transaction is not established. The price that can be quoted by applying for intraday bulk trade shall be the price within the lowest price and the highest price formed in the regular market until immediately before the quotation is received.

Overtime volume trading is more than 500 times or more than 100 million won of trading volume during the trading time (S110: S30, 8:30 AM and 15:10: 18:00 PM) of the overtime market (S110, S120) (A) If a member applies for a sale or purchase bid with the same item and quantity in order to establish a trading transaction at a price within the upper and lower limits of the day, the trading transaction is established at that price. In addition, either bid or ask shall be the bid of a single member. However, if a trading transaction is not established during the trading hours of the regular market on the same day (in case of the after-hours market before opening), the trading transaction shall not be established. The price that can be quoted by applying for overtime bulk trading shall be the price within the price limit of the day.

Figure 2 shows a trading system for trading in the securities market 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 collection 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.

3A-3C show a flow diagram of a bulk transaction as one preferred embodiment of the present invention.

The mass transaction server 320 provides functions such as user management, negotiation between seller and buyer, quote posting, inquiry and ordering, and performs an interface with related systems. In addition, the negotiating unit 321 of the mass transaction server 320 performs a function to negotiate separately from the current price.

The negotiation unit 321 records the negotiation details between the seller and the buyer, and then transfers the negotiation details to the trading system 330. In the negotiating unit 321, for example, if there is a buyer who wants to make a bulk trade of S company's stock with a price of 100 million won or more, the negotiation unit 321 may negotiate with at least one seller who wants to sell the company's stock. .

One buyer is on the wire or online Investors are recruited through a sell announcement. 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 aggregation unit 331 of the trade execution system 330, the sum of the order quantities of the negotiation details received from the mass transaction server 320 is equal to the total negotiation quantity, and if the negotiation number is the same, the order price is the same and the total negotiation amount. Check the details of the negotiation, such as whether it is correct or not. See FIG. 6 for more details.

If the result of the check in the aggregation unit 331 of the trade execution system 330 matches the sale history or the bid price, the transfer unit 332 transmits the result. If it does not match, it refuses to deliver the negotiation details to the fastening unit 232. See FIG. 7 for more details.

In addition, the electronic disclosure system 340 transmits the disclosure transmitted to the information system of Koscom to the mass transaction server 320 so that the investor can recognize the disclosure matter without going through a separate securities company HTS or broadcasting.

The trade conclusion system 350 notifies the mass transaction server 320 of the conclusion result. The access system 350 receives the order from the mass transaction server 320 and informs the mass transaction server 320 of the index and the market operation rejection result.

Figure 3b shows the role for negotiation reception when a large order comes in the member terminal. Referring to Figure 3b describes the negotiation receiving process as follows.

The negotiation unit 321 receives a negotiation order or a negotiation document from the mass terminal 310 of the member company and receives the negotiation. In addition, the negotiation unit 321 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.

In the trade settlement system 330, the negotiation details are received from the negotiation unit 321, and a large number of call requests are received from the access system 350. After that, the matching engine (Matching Engine, ME) of the trading execution system 330 manages bulk order duplicate checks, mass sale price management, mass sale price quotations, mass purchase price quotations, and transaction details.

In addition, when the amount exceeding the negotiated quantity is entered or the amount is exceeded, the trade execution system 330 notifies the negotiation unit 321 of the mass transaction server.

3C illustrates the role of the negotiating unit and the trade settlement system when a large number of quotations are received from the access system 350 in the member terminal.

The role of the negotiating unit and the trading system is almost similar to that shown in FIG. 3B, but when a large number of quotations is received, the negotiation unit 321 performs order management by negotiation instead of the negotiation management, and performs the trading of the trading system 330. The matching engine further performs negotiation negotiation price aggregation.

Figure 4 shows a flow diagram of a mass transaction as one preferred embodiment of the present invention. 4 illustrates an example of a role performed in each of the mass transaction terminal 410, the mass transaction server 420, and the related system 430 when the mass transaction task is implemented.

5 illustrates a system configuration for performing a bulk transaction as one preferred embodiment of the present invention. FIG. 5 illustrates an example of a hardware implementation for performing the role shown in FIG. 4.

FIG. 6 illustrates a method for aggregating 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 610, the aggregation unit 630 of the matching engine 620 records the negotiation details. When recording the negotiation details, such as negotiation details (640) and the negotiation quantity management (641) sheet (sheet), the negotiations and bulk orders received using the number management system. 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 example of the negotiation details 640 and the negotiation quantity management 641 sheet is just one embodiment of the present invention and may be implemented in various embodiments.

The counting unit 630 checks whether the recorded negotiation details 640 and 641 and the selling bidding history 650 and / or the buying bidding history 651 match. If the result of the check is matched, the negotiation details are transmitted to the fastening unit 640 of the matching engine, and if they do not match, the negotiation is rejected. After completing the accuracy check, the counting unit 630 may add an order quantity or insert a quotation.

FIG. 7 illustrates a method for concluding a negotiation received from a mass transaction server in a matching engine as an embodiment of the present invention.

The fastening unit 740 of the matching engine 720 performs the fastening when the sell order quantity and the buy order quantity satisfying the total negotiated quantity are input. In the aggregation unit 730, as shown in S710, the sale negotiation quantity and the purchase order quantity are the same, and the purchase negotiation negotiation quantity and the purchase order quantity are the same, and if it can be concluded, the call is made to the engagement unit 740. The fastening unit 740 processes the bidding quotes and the bidding quotes corresponding to the negotiation number.

8 is a diagram illustrating an internal configuration of an apparatus for performing a bulk transaction in the securities market as a preferred embodiment of the present invention.

The mass transaction apparatus includes a receiver 821, a matching engine 822, and a transmitter 823.

Receiving unit 821 receives from the mass transaction server separate from the current market price, the negotiating agreement for the mass transaction negotiation between the seller and the buyer within the upper and lower limits of the day, and the order document describing the negotiation details of the buyer and the seller.

The matching engine unit 822 confirms using the negotiation number system whether the sell order quantity and the purchase order quantity described in the order received from the receiving unit are the same as the sell negotiation negotiation quantity and the purchase order quantity, respectively. If it is determined that the result is the same, then the trade is concluded and the result of the trade is transmitted to the mass transaction server 810. If it is determined that they are not the same, the mass transaction server 810 notifies that the order has been rejected.

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.

Figure 2 shows a trading system for trading in the securities market as a preferred embodiment of the present invention.

3A-3C show a flow diagram of a bulk transaction as one preferred embodiment of the present invention.

Figure 4 shows a flow diagram of a mass transaction as one preferred embodiment of the present invention.

5 illustrates a system configuration for performing a bulk transaction as one preferred embodiment of the present invention.

FIG. 6 illustrates a method for aggregating negotiations received from a mass transaction server in a matching engine according to an exemplary embodiment of the present invention.

FIG. 7 illustrates a method for concluding a negotiation received from a mass transaction server in a matching engine as an embodiment of the present invention.

8 is a diagram illustrating an internal configuration of an apparatus for performing a bulk transaction in the securities market as a preferred embodiment of the present invention.

Claims (8)

As a device for conducting bulk transactions in the securities market, Receiving unit for receiving from the mass transaction server separates the current price and the negotiation agreement that the bulk transaction negotiation between the seller and the buyer has been carried out within the current upper and lower limits and the order of each of the buyer and seller negotiation details; Matching engine unit for performing the sale if the sale order quantity and the purchase order quantity described in the order is equal to the sale negotiation quantity and the purchase order quantity of each of the negotiations by using the negotiation number system and the same; And And a transmitting unit for transmitting the trading conclusion result to the mass trading server after performing the trading conclusion. The method of claim 1, The mass trading device is a mass trading device, characterized in that the trading amount of 500 times or more, or the amount multiplied by the price and the price is more than 100 million won sold stock, foreign stock deposit certificate and listed index funds. The method of claim 1, wherein the matching engine The order book and the negotiation document are arranged in the order of the negotiation number, the mass transaction device characterized in that for processing the selling price quotes and purchase price quotes corresponding to the negotiation number. The method of claim 1, When the negotiation is completed between the seller and the buyer at the receiving unit and the negotiation and the order are normally received, the mass trading party may submit an order to cancel the normally received order through the mass trading server. Mass trading device. The method of claim 1, wherein the transmission unit If the amount exceeding the negotiated quantity or the amount exceeding the negotiated amount is entered in the negotiation document, the mass transaction apparatus, characterized in that notifying the mass transaction server. The method of claim 1, wherein the transmission unit If the matching engine unit determines that the sell order quantity and the purchase order quantity described in the order document are not the same as the sale negotiation quantity and the purchase order quantity, respectively, the mass transaction server is notified that the order was rejected. Mass trading device. The method of claim 1, The negotiating document shall include the total negotiated share, the total negotiated amount, the total number of negotiated sell documents and the total number of negotiated buy orders; The order is a mass trading device, characterized in that it includes the number of negotiable sell orders, the number of negotiated buy orders, the number of negotiable sell documents and the number of negotiated buy documents. As a way to conduct mass transactions in the securities market, Receiving an order from the mass transaction server separately from the current price and the negotiation agreement for the mass transaction negotiation between the seller and the buyer within the upper and lower limits of the day and the details of the negotiations of the buyer and the seller; Confirming whether the sell order quantity and the purchase order quantity described in the order document are the same as the negotiating sell quantity and the purchase order quantity of the negotiating document, respectively, using the negotiation number system, and then conducting a trade execution if they are the same; And And transmitting the transaction conclusion result to the mass transaction server after performing the transaction conclusion.

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