WO2009125726A1

WO2009125726A1 - Real-time payment and credit transaction system

Info

Publication number: WO2009125726A1
Application number: PCT/JP2009/056961
Authority: WO
Inventors: 隆士森部; 亮松井; 知暁村野; 大輔木代; 有砂高橋; 晃代五木田
Original assignee: 松井証券株式会社
Priority date: 2008-04-08
Filing date: 2009-04-03
Publication date: 2009-10-15
Also published as: JPWO2009125726A1; JP2012155738A; JP5017372B2

Abstract

Real-time payment and credit system (1) is a system with which a securities company carries out real-time payment with investors and real-time lending and borrowing transactions with lending financial institutions. A securities company management server (2) calculates the reserve amount for short-term commitments and repayments and stores them in a database DB. A financing and stock loan management server (3) manages the balances of funds and equities for lending financial institutions, while also managing the status of new credit transaction orders from investors from order acceptance to financing or until receipt of the stock loan is complete. A securities transaction system (4) receives transaction orders from investor terminals (6) and transfers orders for real-time spot commodity payment transactions to a real-time payment transaction system (5). The real-time payment transaction system (5) receives and processes orders from the real-time payment and credit transaction system (1) and returns contract results. The investor terminal (6) is a terminal with which an investor can order a transaction from a securities company. Lending financial institution terminal (7) is a terminal with which a lending financial institution can confirm the status of funds and equities entrusted to a securities company.

Description

Immediate settlement credit transaction system

The present invention relates to a system for carrying out immediate settlement margin transactions and lending transactions.

Recently, a system has been proposed that aims to complete settlement of stock transactions only between a securities company and a customer, and to perform immediate settlement with reduced settlement risk. Patent Document 1 discloses a system that performs immediate settlement of stock (actual) transactions.

JP 2007-200310 A

However, a system that performs immediate settlement is not realized for a credit transaction that is not a spot product but a securities company that buys and sells securities by providing credit to a customer.

In view of the above problems, an object of the present invention is to realize an immediate settlement system for margin transactions.

In order to solve the above-mentioned problems, the present invention is an immediate settlement credit transaction system, which accepts a credit order from a first storage unit that stores a balance of funds and stocks and an investor terminal used by an investor as needed. A means for comparing and referring to the balance of funds and stocks stored in the first storage unit and the contents of the credit order, and determining whether or not the credit order can be traded within the balance. And means for performing an order receiving / ordering process related to the credit order when the transaction is possible.
According to this configuration, the balance of the lender financial institution's funds and stock used for the settlement of the margin transaction is grasped in advance, so that the immediate settlement margin transaction can be performed without transferring or transferring money to the outside during the transaction. Can be realized.

Further, the present invention is an immediate settlement credit transaction system, wherein the second storage unit stores a maximum expected contract price (maximum expected loan unit price) using a closing price and a limit price upper limit price for each stock brand, When the order price information indicates a limit order when a limit order and unit price of the limit price, or a new credit buy order including a market price, order price information indicating the market order, and the number of stocks ordered are received from the investor terminal In addition, it is determined whether or not a maximum expected loan amount obtained by adding the number of shares to be ordered to the unit price of the limit is equal to or less than the balance of the funds stored in the first storage unit, and the order price information is a market order Is stored in the first storage unit, the maximum expected loan amount obtained by adding the number of shares to be ordered to the maximum expected contract price of the issues included in the credit buying order stored in the second storage unit. Said funds made A means for determining whether or not the balance is equal to or less than the balance; and a means for performing an order receiving / ordering process related to the credit buying order when the maximum expected loan amount is equal to or less than the balance of the funds, To do.
According to this configuration, it is possible to accept a loan application associated with a credit purchase order within a finite amount of loan available before an actual loan unit price (contract unit price) is determined.

Further, the present invention is an immediate settlement credit transaction system, wherein a second limit is stored from a second storage unit that stores a maximum expected contract price using a closing price and a limit price range upper limit price for each stock issue, and a limit price from the investor terminal. When a new credit buying order including an order and unit price of the limit price, order price information indicating a market order, brand name and number of stocks received is accepted, the credit buying order stored in the second storage unit Means for determining whether or not a maximum expected loan amount obtained by adding the number of shares to be ordered to a maximum expected contract price of an included issue is equal to or less than a balance of the funds stored in the first storage unit; And a means for performing an ordering / ordering process related to the credit buying order when the loan amount is equal to or less than the balance of the funds.

According to this configuration, even for a limit buy order, the funds balance is confirmed using the maximum expected contract price of the stock in the same way as a market buy order. According to this, once it is confirmed that the funds balance is sufficient, even if there is a correction order that raises the limit later, the ordering / ordering process can be continued without confirming the funds balance again. No correction order will be accepted.

In addition, the present invention is an immediate settlement credit transaction system, and for each stock issue, stores the closing price, the maximum expected contract price using the limit price upper limit price and the minimum expected contract price using the limit price lower limit price, When receiving a new credit selling order including the order price information, the brand and the number of stocks ordered from the investor terminal, a third storage unit that stores a self-finance balance possessed by the securities company that takes the credit order, When the order price information indicates a limit order, the unit price of the limit is subtracted from the maximum estimated contract price (maximum expected loan repayment unit price) of the stock, and the value obtained by adding the order stock is replaced with the subtracted value. When the order price information indicates a market order, the minimum expected contract price (minimum expected loan unit price) is calculated from the maximum expected contract price (maximum expected loan repayment unit price) of the stock. Means for storing the value obtained by multiplying the subtracted value by the number of the ordered shares as a reserve preparation amount, and whether or not the replacement preparation amount is equal to or less than the own funds balance stored in the third storage unit And a means for performing an ordering / ordering process related to the credit selling order when the advance reserve amount is equal to or less than the self-funding balance.

In addition, the present invention is an immediate settlement credit transaction system, and for each stock issue, stores the closing price, the maximum expected contract price using the limit price upper limit price and the minimum expected contract price using the limit price lower limit price, A third storage unit that stores a self-finance balance possessed by the securities company that receives the credit order, and a limit order and a unit price of the limit price, or order price information indicating a market order, a brand and an order from the investor terminal Means for subtracting the minimum expected contract price from the maximum expected contract price of the stock when a new margin selling order including the number of shares is accepted, and storing the value obtained by adding the order stock to the subtracted value as a reserve reserve And means for determining whether or not the advance reserve amount is less than or equal to the own funds balance stored in the third storage unit, and when the advance reserve amount is less than or equal to the own funds balance And further comprising a means for performing an order-ordering process according to the credit sell orders.

According to this configuration, even if it is a limit selling order, the self-funded balance is confirmed using the maximum expected contract price and the minimum expected contract price of the stock in the same manner as the market order. According to this, once it can be confirmed that the self-funding balance is sufficient, even if there is a correction order that will increase the maximum loss amount of the sold order later, it will remain as it is without confirming the funds balance again. The ordering / ordering process can be continued and the corrected order is not accepted.

Moreover, the present invention is an immediate settlement credit transaction system, further comprising means for receiving in advance a cash guarantee amount transfer instruction from the investor terminal, and a fourth storage unit for storing the received cash guarantee amount. When storing the advance reserve amount, storing a value obtained by subtracting the cash guarantee amount stored in the fourth storage unit from the advance reserve amount as the advance reserve amount after considering the cash guarantee amount. Features.

According to this configuration, it is necessary for the securities company to actually make a replacement in order to calculate the advance payment amount so that the maximum settlement loss that can occur at the time of receiving a new margin sale order is replaced at the time of repayment (repurchase). It is possible to calculate the reserve amount exceeding the cash deposit of the investor.

The present invention is also an immediate settlement credit transaction system, in which a second storage unit that stores a maximum expected contract price using a closing price and a limit price upper limit price for each stock issue, and a new credit selling order is executed. The contracted unit price and the number of contracted shares are memorized, and the contracted unit price is subtracted from the maximum expected contracted price of the stock for each open item every business day between the contracted date and the repayment. And means for storing, as a replacement reserve, a value obtained by adding the number of contracted shares to the subtracted value when the calculated value is a positive value.

According to this configuration, even if a repayment that results in a settlement loss is made on the same day before a new credit selling order is received, the funds that can replace the maximum settlement loss that can occur on the day are not guaranteed. If the company does not have an order, it will not receive an order, and even after the brokerage firm has sufficient funds and a new credit sales order is received and executed, the maximum settlement loss that can always occur for the open position can be replaced at the time of repayment. Since the reserve amount is stored in the system and the securities company secures funds, the purchase price cannot be delivered to the seller for the loss of settlement for the repayment (repurchase) of the sale established in the immediate settlement transaction system. The default of payment can be avoided.

Moreover, the present invention is an immediate settlement credit transaction system, further comprising means for receiving in advance a cash guarantee amount transfer instruction from the investor terminal, and a fourth storage unit for storing the received cash guarantee amount. When storing the advance reserve amount, storing a value obtained by subtracting the cash guarantee amount stored in the fourth storage unit from the advance reserve amount as the advance reserve amount after considering the cash guarantee amount. Features.
According to this configuration, when calculating the above-mentioned reserve preparation amount for the open position after a new credit selling order has been executed, it is necessary for the securities company to actually replace the deposit exceeding the investor's cash guarantee deposit. It is possible to calculate the reserve amount.

In addition, the present invention is an immediate settlement credit transaction system, and when the credit selling order is executed, from the date of execution to the repayment, every business day, every open item, from the contract price. The apparatus further comprises means for subtracting the closing price, and storing the value obtained by adding the number of contracted shares to the subtracted value as the current delivery reserve when the subtracted value is a positive value.
According to this configuration, when the lending price (collateral accepted in return for lending stock) is marketed between the lender financial institution and the securities company at the closing price every business day after the building date, The brokerage pools the funds according to the memorized reserve price (the difference between the stock price and the stock lending price after the mark-up), so that the stock price is determined regardless of the amount of the stock lending price after the mark-up. It is always possible to carry out the present delivery to the investors with immediate settlement.

In addition, the present invention is an immediate settlement credit transaction system, further comprising means for storing, as the reserve repayment reserve amount, the larger one of the advance reserve amount and the present delivery reserve amount for each sold ball. And
According to this configuration, the securities company secures funds according to the reserve repayment reserve stored in the system, so that any repayment method can be instantly executed against either sold back (buy-back) or current delivery. And failure to settle in the immediate settlement transaction system can be prevented.

Further, the present invention is an immediate settlement margin transaction system, wherein a means for receiving in advance a transfer instruction for a cash guarantee amount used for a margin transaction from the investor terminal, and a cash guarantee amount included in the received transfer instruction. A fifth storage unit for storing, a sixth storage unit for storing a contract amount when the order is executed, and a contract amount for the new order when the new order for the margin transaction is executed, When the repayment order of the credit transaction is executed, the credit transaction is executed from the means stored in the storage unit and the execution amount of the repayment order and the execution amount of the new order stored in the sixth storage unit. Means for calculating a settlement profit / loss according to the above and means for updating the cash guarantee amount stored in the fifth storage unit based on the settlement profit / loss.
According to this configuration, it is possible to settle the cash guarantee amount related to the settlement profit and loss, which is the premise of the immediate settlement credit transaction, at the same time as the contract. In particular, when repurchasing sold positions, if the loss appropriated for the purchase price cannot be withdrawn immediately from the cash deposit, default will occur in the fund settlement related to the purchase established in the immediate settlement transaction system. In the configuration, the cash deposit is received from the investor in advance, and the deposit is immediately transferred based on the notice of the repayment order, so that it is possible to prevent the failure of the fund settlement. In addition, even if a settlement profit is generated by the repurchase of a purchased ball, the amount of profit can be immediately reflected in the deposit from the sale price immediately settled through the immediate settlement transaction system.

In addition, the present invention is an instant settlement credit transaction system, and when a new order for a credit transaction is executed for funds and stocks credited by a lender financial institution, a repayment order corresponding to the new order is executed. Until each business day, for each open interest, subtracting the closing price from the contracted unit price, and adding the number of contracts to the subtracted value, thereby calculating the unsettled bid amount, A seventh storage unit that stores the funds, and the funds stored in the first storage unit based on the unsettled washing price stored in the seventh storage unit when the repayment order is executed And a means for updating the balance.
According to this configuration, as the value of the stock fluctuates, the appropriate evaluation is reflected in the loan amount or the lending price that is collateral for the lending stock by means of price washing. At the time of repayment, an unsettled washing amount between the lender financial institution and the securities company can be settled immediately upon execution. In addition, by combining this feature with the feature that the profit and loss amount is settled between the securities company and the investor at the same time as the repayment of the margin transaction, when the repayment order for the immediate settlement margin transaction is executed, It is possible to simultaneously settle the unsettled market value and the settlement profit / loss amount between the securities company and the investor. According to this, the lender financial institution can immediately deliver the purchase price of the repurchase transaction established in the immediate settlement transaction, regardless of the market price or profit / loss situation, and the securities company invests the settlement profit / loss. It can be immediately reflected in the home deposit.

As for the relationship between the “current reserve amount” in claim 9 and the “unsettled bid amount” in claim 12, the present reserve amount is a form of unsettled bid amount, This refers to the part of the securities bid that is pooled by securities firms in response to a decline in stock lending (situation where the most recent closing price, which is the unit price for washing, is lower than the initial unit price for stock lending). In addition, the problems disclosed in the present application and the solutions thereof will be clarified by the column of the best mode for carrying out the invention and the drawings.

<Cross-reference with related applications>
The present application claims priority based on Japanese Patent Application No. 2008-1000071, filed on April 8, 2008. The application specification is incorporated herein by reference.

It is a figure which shows the structure of the system for performing the immediate settlement credit transaction and the immediate loan transaction which concern on the 1st Embodiment of this invention. 2 is a diagram illustrating a hardware configuration of a securities company management server 2. FIG. 2 is a diagram illustrating a hardware configuration of a loan / stock lending management server 3. FIG. 2 is a diagram showing a functional configuration of a securities company management server 2. FIG. It is a figure which shows the function structure of the loan and stock management server 3. It is a figure which shows the data structure of common DB of the securities company management server 2 and the loan and stock lending management server 3, (a) shows the data structure of order information DB45A, (b) shows the data structure of contract information DB45B. , (C) shows the data structure of the stock price DB 45C, (d) shows the data structure of the reserve repayment reserve amount DB 45D, (e) shows the data structure of the mark-up information DB 45E, and (f) shows the borrowing / borrowing. The data structure of stock balance DB45F is shown. FIG. 7D shows the data structure of the investor stock balance DB 25D. It is a figure which shows the data structure of DB intrinsic | native to the memory | storage part 25 of the securities company management server 2, (a) shows the data structure of securities company self-financing DB25A, (b) shows the data structure of investor deposit DB25B (C) shows the data configuration of the investor open balance DB 25C, and (d) shows the data configuration of the investor stock balance DB 25D. It is a figure which shows the data structure of DB intrinsic | native to the memory | storage part 35 of loan and stock-lending management server 3, (a) shows data structure of lender financial institution fund balance DB35A, (b) is lender financial institution stock balance DB35B. The data structure of is shown. It is a flowchart which shows the process of the immediate settlement credit transaction system 1 in case the credit order from the investor terminal 6 is a purchase. It is a flowchart which shows the process of the immediate settlement credit transaction system 1 when the credit order from the investor terminal 6 is a sell. It is a flowchart which shows the update process of the reserve repayment reserve amount by the immediate settlement credit transaction system 1. It is a figure which shows the structure of the system for performing only the immediate settlement credit transaction which concerns on the 2nd Embodiment of this invention.

Hereinafter, the best mode for carrying out the present invention will be described with reference to the drawings.

≪Overview of lender financial institution customer account system≫
The lender financial institution customer account system (first embodiment) is applied to the immediate settlement credit transaction system according to the embodiment of the present invention. Therefore, an overview of the lender financial institution customer account system will be given.

First, a securities company asks a financial institution that is a lender to open an account, and pre-receives stock of loans and stocks (funds and stocks). The pre-payment is performed in accordance with funds and stock transfer instructions from the lender financial institution to the securities company, and the transfer instructions are made online from the terminal of the lender financial institution to the server of the securities company. The balance of funds and stocks received from the lender financial institution is managed by a securities company.

Also, the securities company will have investors open an account, and will receive funds (guaranteed money) and shares in advance. The pre-payment is performed in accordance with an instruction for transferring funds and stocks from the investor to the securities company, and the transfer instruction is performed online from the terminal of the investor to the server of the securities company. Then, a credit transaction order from an investor is accepted and credit related to the order is made. The immediate settlement credit transaction system is a system that realizes a margin transaction with an investor and a lending transaction with a lender financial institution by an immediate settlement by a securities company managing accounts of both the lender financial institution and the investor.

On the other hand, the lender financial institution, when depositing the balance with the securities company in advance, when the credit order that accepted the loan or the stock of the loan is executed in the immediate settlement transaction system, It will be possible to deliver properties that are credited in between and accept properties that are collateralized. For example, in the case of a new credit purchase order, the purchase price (financing funds to a securities company that has been entrusted with the credit purchase order) is handed over to the seller investor immediately after the contract is executed, and the purchased shares are also purchased from the seller investor. (Loan collateral stock for loan to securities company) is delivered. Transfer instructions between the investor who placed the credit order in the securities company for the settlement of stock and funds accompanying the contract and the account of the lender financial institution that credited the credit order are issued by the immediate settlement transaction system. It is done. The immediate settlement transaction system recognizes the subject of credit order settlement as the investor who actually placed the credit order, not as the investor who placed the credit order, so this transfer is possible. . As far as the transfer instruction is concerned, the behavior of the immediate settlement transaction system is the same as when the lender financial institution processes the ordering party. However, since it is explicitly placed as a margin transaction, the immediate settlement transaction system is not confused with a physical order placed by a lender financial institution.

The embodiment of the present invention is not necessarily limited to the lender financial institution customer account system (first embodiment), and the securities company also serves as the lender financial institution. It is also possible to conduct transactions only between two parties (second embodiment).

≪Functional overview of immediate settlement credit transaction system≫
Next, an overview of the functions realized by the immediate settlement credit transaction system is shown.
(1) Realize margin transactions (to investors) and lending transactions (to lender financial institutions) by immediate settlement transactions.
(2) Within a securities company, both the investor account and the lender financial institution account are managed and the balance is deposited in advance. As a result, it is not necessary to transfer funds or stocks via an external organization such as a bank or a securities custody transfer organization each time a contract is made.
(3) In order to support immediate repayment, loans and shares are not gross (offset the balance between the loan and the loan balance, and only the excess portion is financed or loaned), but in gross (transaction units) Do.
(4) “1. Investor credit order order → 2. Order after order from brokerage firm → 3. Immediate settlement transaction system after comparing with loan / lending available balance” is performed in real time. , Order execution is a series of transactions.)

(5) Along with loans and stock lending, transfer and control of the collateral (finance collateral stock and lending price).
(6) Manage real-time loans and stock lending balances of financial institutions that change each time an order is received or executed.
(7) Before accepting a new credit order, it is examined whether there is a balance sufficient for lending and lending.
(8) Make a provisional loan application to a lender financial institution at the time of order receipt, and bind the balance available for lending and lending before actual credit is provided by the contract.
(9) The priority order of loans and stock lending is managed according to the order reception time and amount, and the priority order is changed every time a correction order or cancellation order is made. Even for orders with the same reception time, priority is determined based on the order amount.
(10) If there is a shortage of loan / lending available balance at the time of order, do not accept the order, wait for the loan / stock lending, and wait for the balance to increase (use this function (If you don't have enough balance, you can cancel the order.)

(11) Every time a money is transferred from a lender financial institution or a stock is transferred, it is reflected in the balance of lending and lending available in the account of the lender financial institution in the securities company. (The lender financial institution can grasp the balance in real time, but when the balance is more than a certain amount, it sends an alert, a transfer request, etc.)
(12) There can be a plurality of lender financial institutions capable of lending transactions, and the securities company itself can provide loans and lending stocks. (If there are multiple lenders, it may be possible to borrow from a lender who presents the best rate, terms, etc.)
(13) Perform order control such as stopping orders for new orders before the maximum loan / shareable limit is exceeded. (There are multiple investors who can perform margin transactions, and securities companies themselves can be eligible for loans and stocks.)
(14) Settlement of profit and loss cash deposits between securities companies and investors at the same time as repayment promises.
(15) At the same time as the repayment agreement, the settlement price is settled between the securities company and the lender financial institution.

In the embodiment of the present invention, it is also possible for a securities company to serve as a lender financial institution, so that a transaction can be conducted only between two parties, an investor and a securities company (second embodiment).

<< First Embodiment >>
≪System configuration and overview≫
FIG. 1 is a diagram showing a configuration of a system for performing an immediate settlement credit transaction and an immediate lending transaction according to the first embodiment of the present invention. The system includes an immediate settlement credit transaction and an immediate lending transaction system (hereinafter referred to as an immediate settlement credit transaction system) 1, a securities transaction system 4, an immediate settlement transaction system 5, an investor terminal 6, and a lender financial institution terminal 7. The immediate settlement credit transaction system 1, the securities transaction system 4, and the immediate settlement transaction system 5 are computer systems installed in a securities company that provides an immediate settlement credit transaction to investors.

The immediate settlement credit transaction system 1 is a system for a securities company to perform an immediate settlement credit transaction with an investor and an immediate loan transaction with a lender financial institution. A stock lending management server 3 is provided. The securities company management server 2 mainly calculates the reserve amount for sale repayment and stores it in a DB (Data Base). The reserve repayment reserve is to cover the losses that may be incurred at the time of the repayment (repurchase) of shares when short-lending stock is sold to an investor who has made a credit selling order to sell shares. This is the amount of funds that the securities firm should prepare to fulfill the settlement. In addition, the securities company management server 2 issues a transfer instruction for the deposit at the time of repayment and the unsettled washing amount. The lending / lending management server 3 mainly manages the balance of funds and stocks of the lender financial institution, and manages the state from the order received to the acceptance of the lending or lending for the new credit transaction order from the investor. . Details of the securities company management server 2 and the loan / stock lending management server 3 will be described later.

The securities trading system 4 receives a trading order from the investor terminal 6 through the Internet or the like, processes a conventional spot transaction (for example, settlement [T + 3] after three business days [T + 3]) and a margin trading order, and an immediate settlement spot transaction. Are delivered to the immediate settlement transaction system 5 and the immediate settlement credit transaction order is delivered to the immediate settlement credit transaction system 1. Further, an order settlement result of an immediate settlement credit order is acquired from the immediate settlement credit transaction system 1 and a contract result of an immediate settlement transaction (both physical and credit) is acquired from the immediate settlement transaction system 5 and transmitted to the investor terminal 6. The securities trading system 4 is realized by, for example, a server computer.

The immediate settlement transaction system 5 receives and processes an immediate settlement spot transaction order from the securities transaction system 4 through a communication line or the like, returns a contract result, and receives an immediate settlement margin transaction order from the immediate settlement credit transaction system 1. Accepts, processes, and returns the execution result. The immediate settlement transaction system 5 is realized by a server computer, for example.

The investor terminal 6 is a terminal used when the investor instructs the securities company to transfer funds and stocks, and when ordering transactions. The lender financial institution terminal 7 is a terminal used when a person in charge of the lender financial institution instructs the securities company to transfer funds and stocks and confirms the status of the funds and stocks provided. . The investor terminal 6 and the lender financial institution terminal 7 are realized by a PC (Personal Computer), a mobile terminal (for example, a mobile phone or a PDA [Personal Digital Assistants]) or the like.

<< Server configuration >>
FIG. 2 is a diagram illustrating a hardware configuration of the securities company management server 2. The securities company management server 2 includes a communication unit 21, a display unit 22, an input unit 23, a processing unit 24, and a storage unit 25. The communication unit 21 is a part that communicates with other systems and servers via a network, and is realized by a NIC (Network Interface Card) or the like. The display unit 22 is a part that displays data in accordance with an instruction from the processing unit 24, and is realized by, for example, a liquid crystal display (LCD). The input unit 23 is a part where an operator inputs data, and is realized by a keyboard, a mouse, or the like. The processing unit 24 exchanges data between other units and controls the entire securities company management server 2, and a CPU (Central Processing Unit) executes a program stored in a predetermined memory. Is realized. The storage unit 25 stores data from the processing unit 24 and reads the stored data, and is realized by a nonvolatile storage device such as a flash memory or a hard disk device.

FIG. 3 is a diagram showing a hardware configuration of the loan / stock lending management server 3. The loan / stock lending management server 3 includes a communication unit 31, a display unit 32, an input unit 33, a processing unit 34, and a storage unit 35. The communication unit 31 is a part that communicates with other systems and servers via a network, and is realized by a NIC or the like. The display unit 32 is a part that displays data according to an instruction from the processing unit 34, and is realized by, for example, a liquid crystal display. The input unit 33 is a part where an operator inputs data, and is realized by a keyboard, a mouse, or the like. The processing unit 34 exchanges data between other units and controls the entire loan / stock lending management server 3 and is realized by the CPU executing a program stored in a predetermined memory. Is done. The storage unit 35 stores data from the processing unit 34 and reads the stored data, and is realized by a nonvolatile storage device such as a flash memory or a hard disk device.

2 and 3, each part exists as hardware for each of two servers, but a hardware configuration in which an input unit, a display unit, and the like are shared may be used.

FIG. 4 is a diagram showing a functional configuration of the securities company management server 2. In detail, the relationship between each means which comprises the process part 24 of the securities company management server 2, and each DB which comprises the memory | storage part 25 is shown. The processing unit 24 includes a sold repayment preparation amount calculation unit 241, a replacement preparation amount calculation unit 242, a current delivery preparation amount calculation unit 243, a bid price calculation / instruction unit 244, and a repayment time transfer unit 245. The storage unit 25 includes a securities company self-financing DB 25A, an investor deposit DB 25B, an investor open balance DB 25C, and an investor stock balance DB 25D. Further, as a common DB of the securities company management server 2 and the loan / lending management server 3, the order information DB 45A, the contract information DB 45B, the stock price DB 45C, the reserve repayment reserve DB 45D, the mark-up information DB 45E, and the borrowing / loan balance DB 45F Prepare. The common DB may be realized by a DB that can be accessed by both the securities company management server 2 and the loan / stock lending management server 3 (for example, a shared server DB that can communicate with both servers). In addition, each storage unit of the loan / stock lending management server 3 may be provided so that the update content on one side is reflected in a timely manner on the other side. The DB in the immediate settlement credit transaction system 1 may be referred to and updated by the securities transaction system 4 and the immediate settlement transaction system 5. For example, a configuration in which the order information DB 45A is updated by the securities trading system 4 can be considered.

FIG. 5 is a diagram showing a functional configuration of the loan / stock lending management server 3. In detail, the relationship between each means which comprises the process part 34 of the loan and stock-lending management server 3, and each DB which comprises the memory | storage part 35 is shown. The processing unit 34 includes a lender financial institution balance management unit 341, an uncommitted order management unit 342, a loan judgment unit 343, a stock lending judgment unit 344, and an order instruction unit 345. The storage unit 35 includes a lender financial institution fund balance DB 35A and a lender financial institution stock balance DB 35B. Further, as a common DB of the securities company management server 2 and the loan / lending management server 3, the order information DB 45A, the contract information DB 45B, the stock price DB 45C, the reserve repayment reserve DB 45D, the mark-up information DB 45E, and the borrowing / loan balance DB 45F Prepare. The implementation form of the common DB is as already described in the functional configuration of the securities company management server 2.

<< Data structure >>
FIG. 6 is a diagram showing a data configuration of a common DB of the securities company management server 2 and the loan / stock lending management server 3.

FIG. 6A shows the data structure of the order information DB 45A. The order information DB 45A includes an order number 45A1, an investor number 45A2, a stock number 45A3, an order stock number 45A4, an order price 45A5, a trade category 45A6, a trade category 45A7, an order condition 45A8, an unsettled order loan / share status 45A9, a loan / loan It consists of records including stock priority 45A10 and order date 45A11. The order number 45A1 is a number unique to the stock order received from the investor terminal 6. The investor number 45A2 is a number unique to the investor who owns the investor terminal 6. The brand 45A3 is a brand of a stock to be ordered. The order stock number 45A4 is the number of stocks to be ordered. The order price 45A5 indicates a limit order and a unit price of the limit price, or a market order. The trade section 45A6 indicates a sell order or a buy order. Buy will be set for the current cash, which will be described later, and sell will be set for the current cash. The transaction classification 45A7 indicates a new construction transaction or a repayment transaction, a current delivery or a current discount. A new transaction is a transaction in which an investor first buys or sells shares in a margin transaction, and involves a loan to buy or sell shares to investors, or a loan to sell. is there. A repayment transaction refers to a reverse transaction (sale / repurchase) in the market (immediate settlement transaction system) to repay a loan or stock in a new construction transaction and complete a series of transactions. Cash withdrawal means repayment of the loan by handing over the funds initially purchased to the securities company, and instead of receiving the original purchased shares (finance-backed shares) and closing the purchased items. The current delivery is to repay the loaned stock by delivering the same type and same amount of stock to the securities company to the initial sale, and instead receive the amount equivalent to the initial sale price (the loan price). It means to finish by hand.

The order condition 45A8 indicates whether it is a new order, a cancellation order or a correction order. A new order is a trade order originally placed and is different from the above-mentioned new construction transaction. A cancel order is an order for canceling an ordered order. A correction order is an order for correcting the contents of an ordered order. The unfilled order loan / stock lending status 45A9 indicates that the loan or stock is being examined, the reimbursement screen is being examined, the loan or stock has been accepted (ordered), and the like. “Lending under review” corresponds to “Lending Expectation” in the balance status 35A2 of the lender financial institution fund balance DB 35A. “Under stock lending” and “Under reimbursement” correspond to “Expected stock lending” in the balance status 35B3 of the stock balance DB 35B of the lender financial institution. The loan / stock lending priority 45A10 is a priority of transaction processing determined by the order acceptance order, the transaction amount, and the like. Since the balance that can be lent and lent is limited, the order is executed from the highest priority order. The order date 45A11 is the date when the order is received from the investor terminal 6.

FIG. 6B shows the data structure of the contract information DB 45B. The contract information DB 45B is a DB that is updated by a contract notification by the immediate settlement transaction system 5 and a cash order or current order notification by the securities transaction system 4, and includes an order number 45B1, a contract number 45B2, an investor number 45B3, and a stock 45B4. , The number of contract shares 45B5, contract price 45B6, trade classification 45B7, transaction classification 45B8, contract date 45B9, position number 45B10, and settlement profit / loss 45B11. The order number 45B1 is a number unique to the order. The contract number 45B2 is a number unique to the contract in the immediate settlement transaction system 5. The investor number 45B3 is a number unique to the investor who has placed the contracted order. The brand 45B4 is a brand of stock related to the executed order. The number of contracts 45B5 is the number of contracts of the order. The contract price 45B6 is a contracted unit price of the order. The trade section 45B7 indicates a sell order or a buy order. The transaction classification 45B8 indicates a new construction transaction or a repayment transaction, a current delivery or a current discount. The contract date and time 45B9 is the date and time when the order is contracted. The open interest number 45B10 is a number unique to the open interest relating to the repayment order. The settlement profit / loss 45B11 is a profit / loss in a series of transactions determined by the contract for the repayment order, and is calculated from the contract amount of the new order and the contract amount of the repayment order. However, the open interest number 45B10 and the settlement profit / loss 45B11 are effective in the case of a contract for a repayment order. In addition, you may memorize | store in the contract information DB45B as a contract amount as the value which integrated | accumulated the contract price 45B6 to the contract stock number 45B5.

FIG. 6C shows a data structure of the stock price DB 45C. The stock price DB 45C is composed of records including a brand 45C1, a market price 45C2, a high stop price 45C3, and a low stop price 45C4. The brand 45C1 indicates a stock brand. The mark-up price 45C2 is a unit price used for the mark-up performed daily between the securities company and the lender financial institution for the loan balance and the lending price, and the most recent closing price (final price) is usually used. The stop high price 45C3 is the upper limit price of the limit price range, and is used as the maximum expected price of the contract price of a newly purchased order or the estimated price of the contract price at which the maximum loss occurs in the repayment order of the sold position. The stop cheap price 45C4 is a lower limit price of the limit price range, and is used as an estimated price of the minimum contract price of a new order for sale.

FIG. 6D shows the data structure of the reserve repayment reserve DB 45D. The selling repayment preparation amount DB 45D is a DB that manages the repayment preparation amount of the securities company for the selling position (lending stock). The position number 45D1, the investor number 45D2, the position status 45D3, the advance preparation amount 45D4, and the current delivery amount 45D5, a record including a cash guarantee amount 45D6 and a repayment preparation required amount 45D7, and a record including a repayment preparation total amount 45D8, a securities company preparation amount 45D9 and a repayment preparation allowance 45D10. For each open position, open position number 45D1, investor number 45D2, open position status 45D3, advance preparation amount 45D4, current delivery amount 45D5, cash guarantee amount 45D6 and repayment preparation required amount 45D7 are set. Then, a repayment preparation total amount 45D8, a securities company preparation amount 45D9, and a repayment preparation allowance amount 45D10 are set for all sold positions.

The open interest number 45D1 is a number unique to the open interest and corresponds to the open interest number 25C1 of the investor open interest balance DB 25C. The investor number 45D2 is a number unique to the investor and corresponds to the investor number 25C3 of the investor position balance DB25C and the investor number 25B1 of the investor deposit DB25B. The open interest status 45D3 indicates the status of the open interest, and “uncommitted”, “unpaid” and “repayed” are sequentially set according to the transaction phase.

The advance preparation amount 45D4 is an amount of funds provided by the securities company so that the settlement loss can be replaced before receiving a repayment order (repurchase) that causes settlement loss. Although the advance preparation amount itself is set in the advance preparation amount 45D4, a value obtained by subtracting the cash guarantee amount from the advance preparation amount may be set. The amount of advance reserve is that if a settlement loss occurs in a repurchase order, the purchase price may not be delivered to the seller, so that the securities company will immediately reset the settlement in order to prevent failure of settlement in the immediate settlement transaction. However, payment default actually occurs when a settlement loss exceeding the investor's cash guarantee amount occurs, so the cash guarantee amount may be taken into consideration for the advancement reserve amount. When considering the cash guarantee amount as the reserve amount, the decrease in the cash guarantee amount after the order will result in an increase in the reserve amount. Only the minimum required cash guarantee amount determined by the contract between the investor and securities company is taken into account, or certain restrictions are placed on withdrawal of cash guarantee money when there is a loss on valuation of open interest in the securities trading system 4 Although it is conceivable that management such as spending is used together, the cash guarantee amount may not be considered as the advance reserve amount. If the same investor holds multiple immediate credit open positions, the cash guarantee amount 45D6 for each open position may be allocated from the open position or the open position with a large reserve reserve. Regardless of the method, it is set so that it can be replaced when all the open positions are repaid.

The current delivery reserve 45D5 is the difference between the building price and the stock lending price after the market price that must be pooled by the securities company in order to make a current delivery with immediate settlement. The construction price is the sale price at the time of lending and selling the stock for the first time, and is the money to be delivered to the investor when the present delivery is made. The lending price is the money managed in the lender financial institution's account as collateral for the lending stock, and is the amount equivalent to the selling price at the beginning of a new sale. The stock-lending price after the market price is the latest stock-lending price after the price market between the securities company and the lender financial institution at the market price of the stock for each business day.

The cash guarantee amount 45D6 is the amount of cash guarantee money that the investor inserts into the securities company, and corresponds to the cash guarantee amount 25B2 of the investor guarantee money DB 25B. The repayment preparation necessary amount 45D7 is an amount necessary as a repayment preparation amount for the open position, and indicates a larger amount of the advance preparation amount 45D4 and the current delivery preparation amount 45D5 in consideration of the cash guarantee amount 45D6. Specifically, a larger amount is set among the value obtained by subtracting the cash guarantee amount 45D6 from the advance preparation amount 45D4 and the current delivery amount 45D5.

The total prepayment required amount 45D8 is the total amount of the required repayment amount 45D7 for each open position, and is the total amount of repayment required for all open positions. The securities company reserve 45D9 is an amount that the securities company prepares from its own funds, and corresponds to a part of the securities company funds balance 25A1 of the securities company own funds DB 25A. The repayment reserve allowance 45D10 is a difference amount as a positive value when the repayment preparation required total amount 45D8 is subtracted from the securities company reserve 45D9, and indicates a reserve that can be allocated to a new open position. Accordingly, the initial value of the repayment reserve allowance 45D10 is the same as the securities company reserve 45D9. When there is not enough repayment reserve allowance 45D10, control is performed in which it is not possible to receive an order for a new open position even if the stock lending balance is sufficient.

FIG. 6 (e) shows the data structure of the bid information DB 45E. The mark-up information DB 45E is a DB related to mark-up performed every business day between the lender financial institution and the securities company with respect to the loan balance of the buy-back balls and the loan price of the sell-off balls. 45E2, a loan / lending classification 45E3, a position number 45E4, a building unit price 45E5, a current day washing unit price 45E6, a previous day washing unit price 45E7, and an unsettled washing unit price 45E8. The brand 45E1 is a brand of a stock that is a target of price washing. The number of shares 45E2 is the number of loan stocks and the number of stock shares to be marketed. The loan / lending category 45E3 indicates whether the loan or the lending stock. The open interest number 45E4 is a number unique to the open interest relating to the loan or stock lending. The building unit price 45E5 is a contract unit price at the time of new construction. The daily price washing price 45E6 is the closing price (final price) of the stock on that day. The previous day washing price 45E7 is the closing price (final price) of the stock on the previous business day. The unsettled washing amount 45E8 is the unsettled washing amount between the securities company and the lender financial institution, and is calculated by (building unit price 45E5−day sale unit price 45E6) × number of shares 45E2.

FIG. 6 (f) shows the data structure of the borrowing / borrowing balance DB 45F. The borrowing / borrowing balance DB 45F is a DB that manages the balance of funds and stocks borrowed from a lender financial institution for crediting an investor's credit order. The position number 45F1, borrower information 45F2, stock 45F3 , Stock number 45F4, loan / share unit price 45F5, and loan condition 45F6. The open interest number 45F1 is a number unique to one open interest among one or more open interests related to a lending transaction with a lender financial institution. The borrower information 45F2 is information related to a lender financial institution that borrowed funds and stocks. The brand 45F3 is a stock brand. The number of shares 45F4 is the number of shares that have received loans or loaned shares. The brand 45F3 and the number of shares 45F4 are effective data when borrowing stock. The loan / share unit price 45F5 is a contract price for buying or selling at the time of new construction, and is a unit price after the most recent market price after the price market starts. The borrowing condition 45F6 is a condition when borrowing funds or stocks from a lender financial institution, such as an interest rate or a repayment date. Since the borrowing / borrowing balance of the securities company is paired with the lending / borrowing balance of the lender financial institution, the borrowing / borrowing balance DB 45F is associated by a later-described lender financial institution fund balance DB 35A and a lender financial institution stock balance DB 35B.

In addition, regarding the relationship between the present reserve amount 45D5 in FIG. 6D and the unsettled washing amount 45E8 in FIG. 6E, the present preparation amount 45D5 is one form of the unsettled washing amount 45E8. In the unsettled washing amount 45E8, it refers to a portion pooled by a securities company in response to a fall in stock lending.

The reason for the present delivery amount separately from the unsettled bid wash amount is shown below. In other words, the “declining stock price” is a state in which the most recent bid price has fallen compared to the quoted price, resulting in unrealized gains on the sold interest, and when the sold interest is repaid through repurchase, the investor immediately In order to reflect the settlement profit, it is necessary to pool the unsettled mark-up amount paid to the securities company by the mark-to-market with the lender financial institution. However, even if the repayment method is not repurchase and the investor repays the stock of the newly sold stock with the same type and amount of shares, the securities company will build the investor who made the present delivery. Since it is necessary to deliver the price immediately, the securities company pools the unsettled mark-up amount due to the “devaluation of lending stock” as the reserve amount in preparation for the present delivery as well as the repurchase.

Next, the unsettled washing price will be described in detail.
After lending from a lender financial institution to a securities company, if the closing price, which is the bid price, is higher than the quoted price, which is the contracted unit price of a new purchase order (“loan increase”), it is held in the lender financial institution account The market value is transferred from the lender financial institution account to the securities company account by the rise in the value of the loan collateral stock, and the securities company continues to hold the funds as an unsettled market price until the purchase is repaid. Due to the “increase in loan prices,” the lending amount of the lender financial institution to the securities company was increased by the mark-up amount.

On the other hand, in the case of “loan reduction”, the amount of the mark-up is transferred from the securities company account to the lender financial institution account, and the loan balance is reduced accordingly. The market price paid out from the securities company account is a negative unsettled market price from the perspective of the securities company, and is settled upon repayment.

After lending from a lender financial institution to a securities company, if the closing price, which is the bid price, is higher than the quoted price, which is the contracted unit price of a new selling order (“Rising stock price”), the lender financial institution will credit The securities company needs to add collateral by the increase in the value of the stocks that are in stock, and the market price is transferred from the securities company account to the lender's financial institution account, and the balance of the lending stock increases accordingly. The market price paid out by this securities company is also liquidated at the time of repayment.

On the other hand, in the case of “declining stock lending”, the market value is transferred from the lender financial institution account to the securities company account by the decrease in the stock lending value, and the securities company repays the open position as unsettled market value. Keep holding until This bid price will also be settled when the open interest is repaid. As described above, the unsettled mark-up amount due to the “devaluation of stock lending” is the same as the current reserve amount.

The sum of the lending balance of the lender financial institution calculated at the mark-up unit price or the lending price of the lending and the net amount of the outstanding settlement of the open interest securities company is always the price multiplied by the number of shares. . For example, in the case of “loan increase”, the loan balance of the lender's financial institution has increased by the increase from the quote price, but the increased portion is held by the securities company as unsettled mark-off price, The total net settlement amount is the loan price for the new construction. Then, at the time of repayment of the open interest, the balance between the repayment unit price and the most recent bid price is settled, so that the lending balance of the lender financial institution or the stock lending price and the unsettled washing amount of the securities company are all zero. become. Taking a loan as an example, the difference between the loan amount at the time of new construction and the repayment amount belongs to the investor who performed the margin transaction, and the deposit is transferred as a settlement profit and loss. Since liquidation is performed at the repayment unit price, there is no profit or loss for the lender financial institution or securities company due to the price washing.

The characteristics of margin trading compared to index futures trading, where the deposit balance increases or decreases due to daily market cleaning, is that the results of the market cleaning are reflected in the investor's deposit while the credit open interest continues. Rather, only the lending transaction between the lender financial institution and the securities company is being marketed. Investor's security deposits are not affected by daily bids, and settlement gains and losses are transferred when the open interest is repaid.

FIG. 7 is a diagram illustrating a data structure of a DB unique to the storage unit 25 of the securities company management server 2.
FIG. 7A shows the data structure of the securities company self-financing DB 25A. The securities company self-financing DB 25A is composed of records including the securities company fund balance 25A1. The securities company fund balance 25A1 is a balance of funds that the securities company has for the settlement of settlement losses. FIG. 7B shows the data structure of the investor deposit DB 25B. The investor deposit DB 25B includes a record including an investor number 25B1 and a cash guarantee amount 25B2. The investor number 25B1 is a number unique to the investor. The cash guarantee amount 25B2 is the amount of cash guarantee money that the investor has put in the securities company.

FIG. 7C shows the data structure of the investor position balance DB 25C. The Investor Open Interest Balance DB 25C is a DB related to the open interest balance that has not yet been closed (reverse sales or cash on delivery or repayment by cash delivery) after a new margin transaction. 25C1, open interest classification 25C2, investor number 25C3, brand 25C4, number of shares 25C5, building unit price 25C6, building date 25C7, repayment unit price 25C8 and repayment date 25C9. The open interest number 25C1 is a number unique to the open interest. The open interest classification 25C2 indicates a sale or a purchase. The investor number 25C3 is a number unique to the investor. The brand 25C4 is a stock brand. The number of shares 25C5 is the number of open shares. The construction unit price 25C6 is a contract unit price of a new construction order. Open date 25C7 is a trade date for a new open order. The repayment unit price 25C8 is a contract unit price of the repayment order. The repayment date 25C9 is a trade date of the repayment order.

FIG. 7D shows the data structure of the investor stock balance DB 25D. The investor stock balance DB 25D includes a record including an investor number 25D1, a brand 25D2, and a stock number 25D3. The investor number 25D1 is a number unique to the investor. The brand 25D2 is a brand of stock that the investor has put into the securities company. The number of shares 25D3 is the number of shares corresponding to the stock 25D2 that the investor has put in the securities company. The record specified by the investor number 25D1 may include a plurality of combinations of the brand 25D2 and the number of shares 25D3.

FIG. 8 is a diagram showing a data structure of a DB unique to the storage unit 35 of the loan / stock lending management server 3.
FIG. 8A shows the data structure of the lender financial institution fund balance DB 35A. The lender financial institution fund balance DB 35A is a DB that manages the status of each balance of funds deposited by the securities company from the lender financial institution, and includes records including an amount 35A1 and a balance status 35A2. The amount 35A1 is an amount corresponding to the balance state. The balance status 35A2 indicates the status (status, purpose of use, etc.) of the amount of money. Other than lending transactions, it is possible to lend, loan prospects, loan allowance (collateral for lending stock), loan accepted, and lending is there.

“Non-loan transaction” indicates use other than the lending transaction. “Finable” indicates that the amount can be lent. “Lending Prospect” indicates that the maximum possible loan amount for a new purchase order that is in a loan waiting state due to insufficient loan available balance, and “Understanding Loan Review / Loan Status 45A9” in the order information DB 45A. Corresponds to “medium”. “Lending price (collateral for lending stock)” is the selling price of stock when a new credit selling order is executed, and is pooled in the account of the lender financial institution as collateral for lending stock. Show. In this case, as additional data, the position number 45F1 of the corresponding borrowing / borrowing balance DB 45F and the balance information of “in stock lending” of the lender financial institution stock balance DB 35B are retained, and the lending price and the lending balance as collateral Are linked and managed. “Loan accepted” indicates that the credit buy order is not yet confirmed (loan has not been executed) and the loan has been accepted (a new purchase order has been accepted). The unfilled order in the order information DB 45A. The loan / stock lending status 45A9 corresponds to the record for which the loan has been accepted. “Lending” indicates that a credit buying order has been executed and is actually financed. As additional data, a position number 45F1 of the borrowing / borrowing balance DB 45F corresponding to the order, and “ The balance information and loan number of the “finance collateral stock” are held, and the collateral loan collateral stock and the loan balance are managed in association with each other.

FIG. 8B shows a data structure of the lender financial institution stock balance DB 35B. The lender financial institution stock balance DB 35B is a DB that manages the status of each balance of stocks deposited by the securities company from the lender financial institution, and includes records including the brand 35B1, the number of shares 35B2, and the balance status 35B3. The brand 35B1 is a brand of stock corresponding to the balance state. The number of shares 35B2 is the number of shares of the stock. The balance status 35B3 indicates the status (state, purpose of use, etc.) of the stock. In addition to the lending transaction, the stock status 35B3 includes possible stock lending, expected stock lending, stock collateralized loan, accepted stock lending, and stock lending.

“Non-loan transaction” indicates use other than the lending transaction. “Stock lending” indicates that stock lending is possible. “Expected stock lending” is the number of stocks expected to be placed on new sales orders that are currently under review for stock lending due to insufficient balance available for lending, or under review for reimbursement due to insufficient repayment reserve 45D10 of the securities company This corresponds to “under stock loan screening” and “under replacement screening” in the unfilled order loan / stock loan status 45A9 of the order information DB 45A. “Loan collateral stock” indicates that the acquired stock when the credit buying order is executed is pooled in the account of the lender financial institution as collateral for the loan. In this case, as additional data, the position number 45F1 of the corresponding borrowing / borrowing balance DB 45F and the balance information of “under loan” of the lender financial institution fund balance DB 35A are retained, and the loan collateral stock and the loan balance are linked. Are managed accordingly. "Stock loan accepted" indicates that the credit selling order is uncommitted (lending stock has not been executed) and the stock is accepted (a new selling order has been accepted). The unfilled order loan / lending status 45A9 corresponds to a record for which lending has been accepted. “In stock lending” indicates that the credit selling order has been executed and is actually lending, and as additional data, the open position number 45F1 of the borrowing / borrowing balance DB 45F corresponding to the order, the lender financial institution fund balance DB 35A The balance information and stock number of the “stock lending money” are stored, and the stock lending money as collateral and the stock lending balance are managed in association with each other.

<< Functions of each means of server >>
Next, functions of the respective means of the securities company management server 2 and the loan / stock lending management server 3 will be described with reference to FIGS.

<Means of securities company management server 2>
As described above, the processing unit 24 of the securities company management server 2 includes the selling repayment preparation amount calculation means 241, the replacement preparation amount calculation means 242, the current delivery preparation amount calculation means 243, the market price calculation / instruction means 244, and A repayment transfer means 245 is provided.

The selling repayment preparation amount calculation means 241 compares the advance preparation amount calculated by the advance preparation amount calculation means 242 with the present delivery preparation amount calculated by the present delivery preparation amount calculation means 243 for each outstanding position, and the larger one is calculated. Is calculated as the reserve for sale repayment. It also calculates the total reserve for all open positions. And those data are stored in the selling repayment preparation amount DB 45D. In addition, if the securities company's own funds DB25A holds the fund information of the securities company, which is the actual reserve amount, and the securities company's funds are below the required reserve amount, a notice to that effect (display, voice output, etc.) For the operator in charge of the company.

The advance preparation amount calculation means 242 calculates the advance preparation amount, which is an amount necessary for the securities company to make a change when a settlement loss occurs in a repayment order (repurchase) of a sold investor. At the time of a new construction order, the construction unit price and repayment unit price are undecided. Therefore, with regard to the construction unit price, the order price 45A5 of the order information DB 45A is used for limit orders, and the stop low price 45C4 of the stock price DB 45C is used for market orders. Is calculated using the stop high price 45C3 of the stock price DB 45C as the reserve amount for the maximum loss (= [repayment unit price−unit unit price] × number of shares) when repayment is made during the day of new construction. Further, in order to be able to always accept a correction order in which the maximum loss amount increases, it is also possible to calculate the advance preparation amount in the limit order in the same manner as the market order.

After the new open order is closed, the reserve information is recalculated using the open unit price in response to the update of the contract information DB 45B and the investor open balance DB 25C.

As long as the open interest continues, the advance amount using the stop high price 45C3 of the next day of the stock price DB 45C updated at the time of the daily change (when the stock transaction is completed on the business day) is recalculated. In addition, it is necessary to replace the securities company when a loss exceeding the investor's cash guarantee amount occurs. Therefore, when calculating the advance reserve, the cash guarantee amount 25B2 of the investor deposit DB 25B may be considered. Make it possible. The consideration of the cash guarantee amount 25B2 at the time of the replacement preparation amount calculation is not limited to the sold position after the new construction order is executed, but may be performed at the time of the replacement preparation amount calculation at the time of the new construction order reception.

The present delivery amount calculation means 243 is the difference between the construction money that the securities company needs to pay to the investor when the sold position is delivered and the stock lending price held by the lender financial institution. Calculate the delivery amount. Actually, the number of shares loaned 45F4 in the borrowing / borrowing balance DB45F, the most recent loan / lending unit price 45F5 after the mark-up, the market price 45C2 in the share price DB 45C, which is the current mark-off price, and the investor open interest Calculation is performed using the open unit price 25C6 for each open ball in the balance DB 25C. In addition, as long as the open interest continues, recalculates at the time of the price washing every business day.

Price washing amount calculation / instruction means 244 performs price washing at the closing price of every day of the brand on the loan balance of the purchased position and the stock lending price of the position. Specifically, in the bid wash on the day of the open day, the bid price 25C6 of the open interest in the investor open balance DB 25C is compared with the bid price (closing price) 45C2 of the stock 45C1 in the stock price DB 45C. In the next-business-day mark-up, the loan / lending balance DB45F holds the closing price on the previous business day, which is the closing price on the previous business day, and the closing price on that day, and the increase in the loan balance and lending price Depending on (Buy price or the closing price of the previous business day <closing price) or price drop (Bid price or the closing price of the previous business day> closing price) The difference between the closing price and the closing price on the day is paid to the lender financial institution, or processing for receiving the price from the lender financial institution is performed. Details of this processing will be described later.

The transfer means 245 at the time of repayment is used to make a settlement for the unsettled washing amount and deposit when the repayment order is established, and also for the stock held by the investor at the time of cash on delivery / delivery. And the investor stock balance DB25D is also updated in addition to the cash on delivery / current delivery. Specifically, when the contract information DB 45B is updated in accordance with the repayment agreement in the securities company management server 2, the repayment time transfer means 245 applies from the open interest number 45B10 of the contract information DB 45B to the corresponding in the price information DB 45E. With reference to open balance price 45E8 of open interest number 45E4, the unsettled mark price in bid information DB 45E is set so that the outstanding bid price is settled between the securities company and the lender financial institution. Update 45E8 to zero. This process is the same regardless of the difference between the counter-trading and the repayment method for cash on delivery or cash on delivery. In this case, in the lending / stock lending server 3, the lender financial institution balance management means 341 is lending out of the lender financial institution fund balance DB 35A based on the unsettled mark wash amount 45E8 of the updated bid information DB 45E. Or, the amount 35A1 of the balance status 35A2 of the lending money is updated. Further, the transfer means 245 at the time of repayment refers to the investor number 45B3 in the contract information DB 45B and the investor's cash guarantee amount 25B2 corresponding to the investor number 25B1 in the investor deposit DB 25B at the time of the counter-sales contract. The cash guarantee amount 25B2 is updated in accordance with the settlement profit / loss 45B11 of the contract information DB 45B so that the deposit is settled by the profit / loss amount between the company and the investor. Moreover, the transfer means 245 at the time of repayment, when the cash on delivery or current delivery is established, the investor's cash guarantee amount 25B2 and the investment corresponding to the investor number 45B3 in the contract information DB 45B and the investor number 25B1 in the investor deposit DB 25B. With reference to the stock 25D2 and the number 25D3 of the stock that the investor number 25D1 in the home stock balance DB25D corresponds to the current or current delivery of the investor, the deposit and the stock held by the securities company and the investor are Alternatively, the investor deposit DB 25B and the investor stock balance DB 25D are updated so that the current delivery state is obtained. In the case of cash on delivery, the cash guarantee amount 25B2 is subtracted by the amount of the current deposit and the number of shares 25D3 is added by the number of the current stock, and in the case of current delivery, the cash guarantee amount 25B2 is added by the amount of the current stock. The number of shares 25D3 is subtracted by the number of shares transferred. The open interest number 45B10 of the contract information DB 45B is an item that only the repayment order has, and is not included in the order message transmitted to the immediate settlement transaction system 5, but is held only on the DB side. This item makes it possible to identify the open interest that will be repaid when the repayment promise is established.

<Means of loan / share management server 3>
As already described, the processing unit 34 of the loan / stock lending management server 3 includes the lender financial institution balance management means 341, the unsettled order management means 342, the loan judgment means 343, the stock lending judgment means 344, and the order instruction means 345. Prepare.
The lender financial institution balance management means 341 manages both the funds and the stock balance of the lender financial institution and has the following functions.

◇ Balance transfer instruction function ◇
[Overview]
The lessor financial institution balance management means 341 updates the balance amount and balance status (finance accepted, available for loan, etc.) of funds and stocks of the lessor financial institution. The balance quantity and balance status are updated by instructions on balance insertion / withdrawal from the lender financial institution terminal 7, execution of credit transaction orders from the immediate settlement transaction system 5 and the securities transaction system 4 (in the case of current withdrawal / present delivery). This is performed based on the order information of the margin trading order included in the information DB 45B and the order information DB 45A and the price information DB 45E from the price calculation / instruction means 244.

[Renewal of balance quantity by instructions for insertion / withdrawal of lenders]
The person in charge of the lender financial institution inputs instructions for depositing / withdrawing funds and stocks deposited in the securities company through the lender financial institution terminal 7 connected to the immediate settlement credit transaction system 1 via the Internet. When there is an instruction for insertion, the lender financial institution balance management means 341 confirms the remittance / stock transfer from the lender financial institution and then sends the details to the lender financial institution fund balance DB 35A or the lender financial institution stock balance DB 35B. To reflect. When there is a withdrawal instruction, the lender financial institution balance management means 341 reflects the details of the remittance / stock transfer to the lender financial institution in the lender financial institution fund balance DB 35A or the lender financial institution stock balance DB 35B.

[Updating balance quantity by execution]
In a margin transaction, a lender financial institution accepts shares, which are settlements of purchases made by granting credits, when lending to investors, and also lends shares to investors. The sale price, which is the settlement of the sale made by granting credit to, is accepted as collateral (lending price). In addition, upon repayment of open interest, the accepted collateral is handed over and the repayment of the credited property is received. For this reason, it is necessary to manage both stocks and funds as credit and collateral for new and repayment transactions for loans and stocks.

Therefore, for the funds whose balance status 35A2 is “in loan” in the lender financial institution fund balance DB 35A, the corresponding loan collateral stock is managed in the lender financial institution stock balance DB 35B. On the other hand, for stocks whose balance status 35B3 is “under lending” in the lender financial institution stock balance DB 35B, the corresponding lending price is managed in the lender financial institution fund balance DB 35A. Then, the lender financial institution balance management means 341 receives the contract information DB 45B of the margin transaction order from the immediate settlement transaction system 5 and the securities transaction system 4 (in the case of cash on delivery / cash on delivery), and receives the lender financial institution fund balance DB 35A and the lender. The balance information is updated in synchronization with both the financial institution stock balance DB 35B.

[Update balance status by order]
The lender financial institution balance management means 341 receives the update of the undetermined order loan / stock lending status 45A9 in the order information DB 45A, and updates the balance states of the lender financial institution fund balance DB 35A and the lender financial institution stock balance DB 35B. For example, when the unfilled order loan / stock lending status 45A9 is updated to “loan accepted”, the amount 35A1 corresponding to the balance status 35A2 of “loan available” and “loan accepted” in the lender financial institution fund balance DB 35A. Are updated respectively. More specifically, the amount 35A1 of “finance accepted” increases by the amount by which the amount 35A1 of “loanable” decreases by the amount of accepted loan. For an order for “loan accepted”, if the unsettled order loan / lending status 45A9 is updated to “cancelled” due to the cancellation order, the loan accepted amount is only “finance accepted” in the lender financial institution fund balance DB 35A. ”Will decrease, and“ Loans available ”will increase by the same amount. In addition, when the unfinished order loan / lending status 45A9 is updated to “Lending accepted”, it corresponds to the balance status 35B3 of “Lending available” and “Lending accepted” in the lender financial institution stock balance DB 35B. The number of stocks 35B2 to be updated is updated. Specifically, the number of shares 35B2 of “lending accepted” is increased by the amount by which the number of shares available for lending 35B2 decreases by the number of lending acceptance. For orders with “Stock Accepted”, if the unsettled order loan / stock lending status 45A9 is updated to “Cancelled” due to the cancellation order, the number of accepted stocks in the lessor financial institution's stock balance DB 35B The number of shares accepted has decreased, and the number of shares available for lending increased by the same number.

[Updating the balance quantity by bid-washing]
The lender financial institution balance management means 341 determines the amount to be marketed between the securities company and the lender financial institution based on the price information DB 45E from the price calculation / instruction means 244, and the lender financial institution fund balance DB 35A. The amount 35A1 of the balance status 35A2 is “in lending” and “the price for lending (collateral for lending stock)” is updated.

In addition, at the time of repayment of open interest, the balance in the lender financial institution fund balance DB 35A for the unsettled wash price to be settled between the securities company and the lender financial institution based on the market information DB 45E from the repayment transfer means 245 The status 35A2 updates the amount 35A1 of “in loan”, “capable of loan”, and “lending stock (collateral for lending stock)”.

◇ Balance information notification / inquiry function ◇
The lender financial institution balance management means 341 notifies the person in charge of the securities company and the lender financial institution terminal 7 regarding the information in the lender financial institution fund balance DB 35A and the lender financial institution stock balance DB 35B, or accepts an inquiry from them. .

◇ Lending balance management function ◇
The lender financial institution balance management means 341 has a function of storing lending information such as a borrower and collateral, a function of storing lending conditions such as a lending rate and a lending period inputted through a lender financial institution terminal 7 connected via the Internet, and interest. A function for calculating the amount and the like is provided, and the loan balance is managed using these functions.

Next, the undetermined order management means 342 manages the status from the expected loan / stock lending to the received loan / stock lending (ordering) regarding the new credit transaction order received from the investor terminal 6. Specifically, in response to an update notification of the status of uncommitted orders by the loan judging means 343 and the stock lending judging means 344, the uncommitted order loan / stock lending status 45A9 and the loan / stock lending priority 45A10 in the order information DB 45A are set. Has the ability to update. In addition, it has a function of notifying that it is possible to place an order to the ordering instruction means 345 upon receiving a notice of accepting a loan from the loan judging means 343 or receiving a notice of accepting a loan from the stock lending judging means 344.

The loan determination unit 343 refers to the lender financial institution fund balance DB 35A and the stock price DB 45C, determines whether or not a new credit buying order can be financed, and notifies the uncommitted order management unit 342 of the result.

The stock lending judgment unit 344 refers to the lender financial institution stock balance DB 35B and the reserve repayment reserve DB 45D to judge whether or not stock lending is possible for a new credit selling order, and the result is undetermined order management. The means 342 is notified.

The ordering instruction unit 345 receives a notification that the order is available from the unsettled order management unit 342 and transmits a message instructing the ordering of the credit transaction order to the immediate settlement transaction system 5.

Further, as described above, the balance status (35A2, 35B3) of the lender financial institution fund balance DB 35A and the lender financial institution stock balance DB 35B is updated in response to the update of the undetermined order loan / stock lending status 45A9 in the order information DB 45A. Is done.

≪System processing≫
FIG. 9 is a flowchart showing processing of the immediate settlement credit transaction system 1 when the credit order from the investor terminal 6 is a buy order (in the case of a credit buy order). This processing is executed by instructing the immediate settlement credit transaction system 1 to process the order after the securities transaction system 4 receives the credit order data of the purchase from the investor terminal 6 and stores it in the order information DB 45A. Is done.

First, the undetermined order management means 342 refers to the transaction classification 45A7 of the order information DB 45A and determines whether or not the order is a new construction (S901). In the case of a new building (Y in S901), it is determined with reference to the order condition 45A8 in the order information DB 45A whether or not the order is a cancellation order (S902). In the case of a cancel order (Y in S902), it is determined whether or not the loan has been accepted with reference to the uncommitted order loan / stock lending status 45A9 in the order information DB 45A (S903). When the loan has been accepted (Y in S903), the uncommitted order management unit 342 updates the record for which the loan has been accepted in the order information DB 45A as a cancel order, and is not managed by the uncommitted order management unit 342 ( S910). Then, the order instruction unit 345 instructs the immediate settlement transaction system 5 to cancel the order according to the order contents (order number 45A1) in the order information DB 45A (S912). In S903, if the loan has not been accepted, that is, if the loan is being reviewed (N in S903), the record for which the unfilled order management means 342 has the unfilled order loan / lending status 45A9 in the order information DB 45A is under loan review The canceled order is updated and is not managed by the unfilled order management means 342 (S916). In this case, the process is terminated as it is.

Next, when the order is other than a cancellation order (N in S902), the loan determination unit 343 refers to the order condition 45A8 in the order information DB 45A and determines whether or not it is a new order (S904). In the case of a new order (Y in S904), the maximum expected loan amount is calculated (S906). Specifically, when the order price 45A5 of the order information DB 45A is a limit price, the maximum expected loan amount = the amount of the limit price × the number of ordered shares 45A4. When the order price 45A5 is a market, the stop high price 45C3 of the stock in the stock price DB 45C is acquired, and the maximum expected loan amount = stop high price 45C3 × order stock number 45A4. Then, the calculated maximum expected loan amount is stored in an amount 35A1 corresponding to the balance status 35A2 of “expected loan” in the lender financial institution fund balance DB 35A.

If the order is not a new order, that is, a corrected order (N in S904), it is determined whether or not a loan has been accepted for the order by referring to the uncommitted order loan / stock lending status 45A9 in the order information DB 45A (S905). ). When the loan has been accepted (Y in S905), the unconfirmed order management means 342 updates the record for which the loan has been accepted in the order information DB 45A to the content indicated by the corrected order (S910). In the case of accepting a corrected order that increases the loan amount, it is necessary to recalculate the maximum expected loan amount (S906) and to determine whether or not the loan will be described later for an order that has already received a loan. I'll omit the explanation here. Then, the ordering instruction unit 345 instructs the immediate settlement transaction system 5 to place an order for correction according to the ordering contents in the order information DB 45A (S912). If the loan has not been accepted, i.e., in the waiting state (N in S905), the maximum expected loan amount is recalculated according to the contents indicated by the correction order (S906). The specific calculation contents are as described above. A form in which the loan / stock lending priority 45A10 of the corrected order is updated or a form in which the order is not updated is also possible. For example, the priority order does not change for corrections that reduce the loan amount, but the order of priority increases for orders that increase.

Subsequently, the loan decision process is performed. First, the unordered order management means 342 updates the order information DB 45A (S907). Specifically, in the order information DB 45A, the uncommitted order loan / stock lending status 45A9 of the record is updated to “financing under review”. Next, it is periodically determined whether or not the loanable balance is updated (S908). Specifically, in the lender financial institution fund balance DB 35A, it is determined whether or not the amount 35A1 corresponding to the balance status 35A2 of “loanable” has increased. In addition, the update of the information is separately performed in another task.

If it has been updated (Y in S908), the loan determination means 343 determines whether or not the loan is possible (S909). Specifically, in the lender financial institution fund balance DB 35A, an amount 35A1 corresponding to the balance status 35A2 of “available for loan” and “expected loan” is acquired, respectively, and the available loan balance is equal to the expected loan balance, If it is larger, it is determined that financing is possible. If the loan available balance is smaller than the expected loan balance, it is determined that the loan is not possible. If the loan is not possible (N in S909), the determination of updating the loanable balance (S908) is repeated periodically. Even if it is not updated in S908 (N in S908), the determination of update is repeated periodically.

If the loan is possible (Y in S909), the unfilled order management means 342 updates the unfilled order loan / stock lending status 45A9 in the order information DB 45A from “financing under review” to “loan accepted” (S910). Then, the ordering instruction unit 345 instructs the immediate settlement transaction system 5 to place an order for a new credit purchase order in accordance with the ordering contents in the order information DB 45A (S912).

In response to this, the immediate settlement transaction system 5 registers the order instructed by the immediate settlement credit transaction system 1 and performs stock execution processing (S913). When the contract is made, the contract information DB 45B reflecting the contents of the contract is transferred to the immediate settlement credit transaction system 1.

The immediate settlement credit transaction system 1 receives the contract information DB 45B from the immediate settlement transaction system 5 (S914), and performs a loan execution process (S915). Specifically, the unfilled order loan / stock lending status 45A9 in the order information DB 45A is updated to “confirmed”, and the amount 35A1 of “loan accepted” in the lender financial institution fund balance DB 35A is only the maximum expected loan amount. The amount 35A1 of “under loan” is added by the loan amount, and the amount 35A1 of “available for loan” is updated by the difference between the maximum expected loan amount and the actual loan amount. In addition, “loan collateral stock” in the lender financial institution stock balance DB 35B is added by the number of contracted shares. Note that the loan amount = contracted stock number 45B5 × contract price 45B6 (refer to the record in the contract information DB 45B).

In S901, if the order is not a new construction order, that is, if it is a repayment order (N in S901), it is determined whether or not the repayment order is a current delivery (S911). In the case of cash on delivery (Y in S911), loan repayment processing is performed (S915). Specifically, in order to collect the initial loan amount (construction fee) from the investor and deliver the loan-backed stock certificate to the investor, the loan amount of 35A1 of “under loan” in the lender financial institution fund balance DB 35A Only the loan amount is added to the amount 35A1 of “available for loan”. The amount of “under loan” to be subtracted is the number of shares 45B5 × the loan / lending unit price 45F5, and the amount of “financing available” to be added is the number of shares 45B5 × the unit price 25C6. The difference between the amount to be subtracted and the amount to be added is because settlement of the unsettled washing price is performed between the lender financial institution and the securities company at the time of repayment. In the information DB 45E, the open settlement amount 45E8 of the same position number 45E4 as the position position number 45B10 is updated to zero. Further, the lender financial institution balance management means 341 sets the balance of “loan collateralized stock” of the stock in the lender financial institution stock balance DB 35B to zero. Further, the transfer means 245 at the time of repayment subtracts the current cash price from the corresponding cash guarantee amount 25B2 in the investor deposit DB 25B, while in the investor stock balance DB 25D, the stock number 25D3 corresponding to the stock 25D2 of the stock. Add the number of shares delivered to investors.

In the case of non-cash, i.e., repayment by counter-trading (sale back) (N in S911), the ordering instruction means 345 sets the loan collateral stock as a settlement to the immediate settlement transaction system 5 in accordance with the order contents of the order information DB 45A. The sales order is instructed (S912).

The immediate settlement credit transaction system 1 receives the contract information DB 45B from the immediate settlement transaction system 5 (S914), and performs loan repayment processing (S915). Specifically, the open trade number 45B10 and the settlement profit / loss 45B11 are set in the contract information DB 45B by the securities transaction system 4 that has received the contract notification from the immediate settlement transaction system 5. Next, the repayment transfer means 245 updates the corresponding cash guarantee amount 25B2 in the investor guarantee DB 25B in accordance with the settlement profit / loss 45B11. Then, the lender financial institution balance management means 341 subtracts the amount 35A1 of “under loan” from the lender financial institution fund balance DB 35A by the loan amount (number of shares 45B5 × loan / stock unit price 45F5) and updates it to zero. Then, the amount 35A1 of “loanable” is added by the amount of the number of shares 45B5 × the building unit price 25C6. Furthermore, the transfer means 245 at the time of repayment updates the unsettled washing amount 45E8 having the same position number 45E4 as the position price number 45B10 in the price information DB 45E to zero. Further, the number 35B2 of “loan collateral stock” of the stock in the lender financial institution stock balance DB 35B is set to zero.

Note that when calculating the maximum expected loan amount in S906, even if the order price 45A5 in the purchase order information DB 45A is the limit price, the stop high price 45C3 of the stock in the stock price DB 45C is acquired and the maximum Expected loan amount = stop high price 45C3 × order stock number 45A4. In this case, the maximum value is calculated in advance in order to always accept orders even if there is a correction order that increases the maximum expected loan amount of the purchased order. In this case, once the loan has been accepted, the recalculation of the maximum expected loan amount for the corrected order and the determination process for loan availability (S906 to S909) are not required.

FIG. 10 is a flowchart showing the processing of the immediate settlement credit transaction system 1 when the credit order from the investor terminal 6 is a sell order (in the case of a credit sell order). This processing is executed when the securities trading system 4 receives the credit order data for the sale from the investor terminal 6 and stores it in the order information DB 45A, and then instructs the immediate settlement credit transaction system 1 to process the order. Is done.

First, the undetermined order management means 342 refers to the transaction classification 45A7 of the order information DB 45A and determines whether or not the order is new (S1001). In the case of a new building (Y in S1001), it is determined whether or not the order is a cancellation order with reference to the order condition 45A8 in the order information DB 45A (S1002). In the case of a cancellation order (Y in S1002), it is determined whether or not the status of the order is a stock lending acceptance (S1003) with reference to the uncommitted order loan / stock lending status 45A9 in the order information DB 45A. When the order status is stock acceptance (Y in S1003), the uncommitted order management unit 342 updates the record of stock acceptance accepted in the order information DB 45A as a cancel order, and the management of the uncommitted order management unit 342 It is excluded (S1013). Then, the ordering instruction unit 345 instructs the immediate settlement transaction system 5 to cancel the order according to the order contents (order number 45A1) in the order information DB 45A (S1015). If the order status is not accepted for stock lending, that is, during lending screening or replacement screening (N in S1003), the record is updated as a cancellation order and is not managed by the unfilled order management means 342 ( S1019). Then, the process is finished as it is.

Next, when the order is not a cancellation order (N in S1002), it is determined whether or not it is a new order with reference to the order condition 45A8 (S1004). In the case of a new order (Y in S1004), the process proceeds to the stock lending permission determination process (S1006 and subsequent steps). If it is not a new order, that is, if it is a corrected order (N in S1004), the status of the order is specified with reference to the unfilled order loan / stock lending status 45A9 in the order information DB 45A (S1005). When the order status is the stock acceptance accepted (“stock acceptance accepted” in S1005), the unordered order management means 342 indicates the content (number of shares or Price) (S1013). In addition, when taking the form of accepting a correction order that increases the number of stocks to be loaned or the total amount required for repayment 45D8, a stock lending decision (S1008) and a reserve for reimbursement described later are also applied to the orders for which stocks have been accepted. The examination (S1012) is necessary again, but the explanation is omitted here. Then, the ordering instruction unit 345 instructs the immediate settlement transaction system 5 to place an order for the corrected order according to the ordering contents in the order information DB 45A (S1015). If the order status is currently undergoing replacement examination (“under examination in advance” in S1005), the process proceeds to the maximum loss calculation process (S1009). If the order status is under stock lending examination (“in stock lending under examination” in S1005), the process proceeds to stock lending availability determination processing (after S1006). A form in which the loan / stock lending priority 45A10 of the corrected order is updated or a form in which the order is not updated is also possible. For example, the priority order does not change for corrections that also reduce the number of stocks for lending and the reserve for sale repayment, but the order of priority may increase for orders that increase.

Subsequently, a stock lending decision process is performed. First, the unordered order management means 342 updates the order information DB 45A (S1006). Specifically, in the order information DB 45A, the uncommitted order loan / stock lending status 45A9 of the record is updated to “under stock lending examination”. Next, it is periodically determined whether or not the stock lending balance is updated (S1007). Specifically, in the lender financial institution loan balance DB 35B, it is determined whether or not the number of shares 35B2 corresponding to the balance status 35B3 of “lending possible” has increased. In addition, the update of the information is separately performed in another task.

If it has been updated (Y in S1007), the stock lending judgment means 344 judges whether or not stock lending is possible (S1008). Specifically, in the lender financial institution's stock balance DB 35B, the number of shares 35B2 corresponding to the balance status 35B3 of the “stock is available for lending” and “estimated stock lending” is acquired, respectively, If it is equal to or larger than the balance, it is determined that stock lending is possible. If the lent lending balance is smaller than the expected lending balance, it is determined that lending is not possible.

If stock lending is not possible (N in S1008), the determination of updating the stock lending balance (S1007) is repeated periodically. Even if it is not updated in S1007 (N in S1007), the update determination (S1007) is periodically repeated. When stock lending is possible (Y in S1008), the maximum loss amount for each order is calculated (S1009). Specifically, if the order price 45A5 in the order information DB 45A is a market, the stop high price 45C3 and the stop low price 45C4 of the stock are acquired from the stock price DB 45C, and the number of stocks ordered from the stock 45A4 in the order information DB 45A is acquired. The maximum loss amount = (stop high price-stop low price) x number of stocks ordered. If the order price 45A5 is the limit price, the maximum loss amount is calculated using the unit price of the limit price, not the stop price. Then, the calculated maximum loss amount is stored in the advance preparation amount 45D4 in which the open interest status 45D3 is “uncommitted” in the selling repayment preparation amount DB 45D.

Next, the advance preparation amount examination will be processed. First, the uncommitted order management means 342 updates the record in the order information DB 45A that is being examined for stock lending (S1010). Specifically, in the record of the order information DB 45A, the unfinished order loan / stock lending status 45A9 is changed from “under stock loan screening” to “under replacement screening”. Next, it is periodically determined whether or not the repayment preparation allowance 45D10 has been updated (S1011). Since the repayment reserve allowance 45D10 increases due to an event such as payment by a securities company, it is possible to make a change, so the update of the repayment reserve allowance 45D10 is periodically determined. Note that the update of the information is performed separately in another task.

If it has been updated (Y in S1011), the stock lending judgment unit 344 judges whether or not the securities company can replace the maximum loss amount for each order (S1012). Specifically, the previously stored maximum loss amount (repayment preparation amount 45D4 of “uncommitted”) is compared with the repayment preparation allowance amount 45D10. If the change is impossible (N in S1012), the determination of updating the repayment preparation allowance (S1011) is repeated periodically. Even if it is not updated in S1011 (N in S1011), the update determination (S1011) is periodically repeated.

If the change is possible (Y in S1012), the unfilled order management means 342 updates the unfilled order loan / stock lending status 45A9 in the order information DB 45A from “under review” to “stock accepted” ( S1013). Then, the ordering instruction unit 345 instructs the immediate settlement transaction system 5 to place an order for a new margin sale order in accordance with the ordering contents in the order information DB 45A (S1015). As described above, before a new selling order with immediate credit is placed, both the stock lending judgment and the replacement amount examination must be passed. In addition, the form which performs the advance preparation amount examination prior to the stock lending permission / inhibition determination is also conceivable.

In response to the ordering instruction, the immediate settlement transaction system 5 registers the order instructed from the immediate settlement credit transaction system 1 and performs stock execution processing (S1016). When the contract is made, the contract information DB 45B reflecting the contents of the contract is transferred to the immediate settlement credit transaction system 1.

The immediate settlement credit transaction system 1 receives the contract information DB 45B from the immediate settlement transaction system 5 (S1017), and performs stock lending execution processing (S1018). Specifically, the unfilled order loan / stock lending status 45A9 in the order information DB 45A is updated to “confirmed”, the number of contract shares 45B5 is acquired from the contract information DB 45B, and “ The number of accepted shares 35B2 is subtracted by the number of contracted shares, and the number of stocks 35B2 of “in stock for lending” is added by the number of contracted shares. Further, the “lending price” in the lender financial institution fund balance DB 35A is added by the selling price.

In S1001, if the order is not a newly built order, that is, if it is a repayment order (N in S1001), it is determined whether or not the repayment order is current (S1014). In the case of current delivery (Y in S1014), stock repayment processing is performed (S1018). Specifically, in order to collect shares of the same type as the shares to be sold from the investor and deliver the original lending price (sale price) to the investor, “Lending” The number of stocks 35B2 of “middle stock” is subtracted by the current number of shares, and the number of shares 35B2 of “lending available” is added by the same number of shares. Furthermore, the transfer means 245 at the time of repayment updates the corresponding unsettled washing amount 45E8 in the washing information DB 45E to zero. Also, the balance of the “lending price” for the corresponding open interest is set to zero in the lender financial institution fund balance DB 35A. Furthermore, the transfer means 245 at the time of repayment adds the current delivery price to the corresponding cash guarantee amount 25B2 in the investor deposit DB 25B, and the stock 25D2 of the relevant investor in the investor stock balance DB 25D. Subtract the current number of shares from the corresponding number of shares 25D3.

In the case of non-current delivery, that is, reverse trade (repurchase) (N in S1014), the ordering instruction means 345 buys the stock payment as a settlement for the immediate settlement transaction system 5 in accordance with the order contents in the order information DB 45A. The attached ordering instruction is performed (S1015).

In response to this, the immediate settlement transaction system 5 registers the order instructed from the immediate settlement credit transaction system 1 and performs stock execution processing (S1016). When the contract is made, the contract information DB 45B reflecting the contents of the contract is transferred to the immediate settlement credit transaction system 1.

The immediate settlement credit transaction system 1 receives the contract information DB 45B from the immediate settlement transaction system 5 (S1017), and performs stock lending repayment processing (S1018). Specifically, the open trade number 45B10 and the settlement profit / loss 45B11 are set in the contract information DB 45B by the securities transaction system 4 that has received the contract notification from the immediate settlement transaction system 5. Next, the repayment transfer means 245 updates the corresponding cash guarantee amount 25B2 in the investor guarantee DB 25B in accordance with the settlement profit / loss 45B11. Then, the lender financial institution balance management means 341 acquires the contracted number of shares 45B5 from the contract information DB 45B, subtracts the number of shares in the lending financial institution stock balance DB 35B from the number 35B2 of “in stock for lending” by the contracted number of shares. ”Is added to the number of contracts. In addition, the balance of the “loan for lending” of the open interest in the lender financial institution fund balance DB 35A is set to zero. Furthermore, the transfer means 245 at the time of repayment updates the unsettled washing amount 45E8 having the same position number 45E4 as the position price number 45B10 in the price information DB 45E to zero.

Note that when calculating the maximum loss amount for each order in S1009, even if the order price 45A5 of the sales order information DB 45A is the limit price, the stop high price 45C3 of the stock in the stock price DB 45C is similar to the market price. The stop low price 45C4 is acquired, and the order stock number 45A4 of the stock is acquired from the order information DB 45A, and the maximum loss amount = (stop high price−stop low price) × order stock number. This is to calculate a maximum value in advance so that a correct order that increases the maximum loss amount of a sold order can be received at any time. In this case, once the stock lending has been accepted, the recalculation of the maximum loss amount for the corrected order and the process for determining whether or not to change (S1009 to S1012) become unnecessary.

The difference between the stock lending price after the current market value at the time of present delivery and the initial construction price (sale price) and settlement of settlement losses exceeding the cash guarantee amount of the open position will be described with reference to FIG.

FIG. 11 is a flowchart showing the processing for updating the reserve for reserve repayment by the immediate settlement credit transaction system 1. This process is used when a new sell order is accepted, when the sell order is executed, when the closing price of the stock and the stop high price of the next business day are determined on each business day, and when the sell order is repaid The selling repayment reserve amount DB 45D corresponding to each is updated separately when processing is performed.

First, when the securities trading system 4 receives the selling credit order data (credit selling order) from the investor terminal 6, the data is stored in the order information DB 45A (S1101). Then, in the securities company management server 2 of the immediate settlement credit transaction system 1, the advance preparation amount calculation means 242 receives an instruction from the securities transaction system 4 and refers to the order price 45A5 of the order information DB 45A, and the credit order. Is determined to be a market order (S1102). If it is a market order (Y in S1102), a loss amount is calculated when it is assumed that the selling unit price (contracted unit price) is expected to be a low stop and further bought back at a high stop (S1103). Specifically, the advance preparation amount calculation means 242 specifies the record of the stock 45C1 in the stock price DB 45C, and the value obtained by subtracting the stop low price 45C4 from the stop high price 45C3 in the record × the order stock number 45A4 of the order information DB 45A. Is the amount of loss. This loss amount (= [stop high price-low stop price] x number of shares ordered) is the maximum expected loss on the day of the market order, and is prepared by a securities company to prevent non-performance of payment due to insufficient repurchase price at the time of repayment It will be the amount of advance preparation. At this time, “uncommitted” is set in the open interest status 45D3 of the reserve repayment reserve DB 45D.

On the other hand, if it is not a market order, that is, if it is a limit order (N in S1102), the selling price is assumed to be the limit price, and further, the loss amount is calculated assuming that it is bought back at a high stop (S1104). Specifically, the advance preparation amount calculation means 242 specifies the record of the stock 45C1 in the stock price DB 45C, extracts the stop high price 45C3 in the record, and specifies the record of the credit order in the order information DB 45A. Then, the order price (limit price) 45A5 in the record is extracted. Then, the value obtained by subtracting the order price 45A5 from the stop high price 45C3 × the order stock number 45A4 in the order information DB 45A is the loss amount. This loss amount (= [stop high price−order price] × number of stocks ordered) is the maximum expected loss amount on the day of the limit order, and is the reserve amount. At this time, “uncommitted” is set in the open interest status 45D3 of the reserve repayment reserve DB 45D.

The amount of advance reserve is that if a settlement loss occurs in a repurchase order, the purchase price may not be delivered to the seller, so that the securities company will immediately reset the settlement in order to prevent failure of settlement in the immediate settlement transaction. Set to By setting the estimated amount of loss at the time of receiving an order for the advance payment amount and preparing that amount, it is possible to reliably prevent failure of settlement.

It should be noted that, even for limit orders, as with market orders, it is possible to calculate the amount of loss when it is assumed that the selling unit price (contracted unit price) is expected to be low and further bought back at high stop. This is to calculate a maximum value in advance so that a correct order that increases the maximum loss amount of a sold order can be received at any time.

In addition, the advance preparation amount may be set to a value obtained by subtracting the investor's cash guarantee amount from the maximum expected loss amount. Actually, the settlement loss exceeding the investor's cash guarantee amount is replaced by the advance reserve amount. Therefore, the advance guarantee amount may be taken into consideration in advance when the order is received.

Next, when a sold credit order is executed in the immediate settlement transaction system 5 (S1106), the immediate settlement credit transaction system 1 determines the actual selling unit price according to an instruction from the immediate settlement transaction system 5. Then, the loss amount is calculated when it is assumed that the buyback is made at the stop amount (S1107). Specifically, the advance preparation amount calculation means 242 identifies the record of the stock 45C1 in the stock price DB 45C, extracts the high stop price 45C3 in the record, and stores the record of the order number 45B1 in the contract information DB 45B. The specified number of contracts 45B5 and contract price 45B6 in the record are extracted. Then, the value obtained by subtracting the contract price 45B6 from the stop high price 45C3 × the number of contract shares 45B5 is the loss amount. This amount of loss ([stop high price-contract price] x number of contracts) is the maximum expected loss on the day when the sell order is executed, and is the advance preparation amount that the securities company should have. At this time, the open interest status 45D3 of the selling repayment preparation amount DB 45D is updated from “not promised” to “not paid”.

The period from execution to repayment is calculated based on the closing price (price price) of the stock on each business day and the high stop price on the next business day. Calculated as reserve for reserve repayment. When the closing price of the stock is determined on the business day, first, the market price calculation / instruction means 244 performs price washing of the stock lending (S1111). The loan balance is also being marketed, but it is not described here because it is not related to the reserve for sale repayment. Specifically, in the mark-up on the day of the open day, the open unit price 25C6 of the open position in the investor open position balance DB 25C is compared with the close price 45C2 of the stock 45C1 in the stock price DB 45C. During the next business day and after the next business day, the loan / lending unit price 45F5, which is the unit price of the previous business day held by the borrowing / borrowing balance DB45F, is compared with the closing price on the current day, and the rise in the stock lending price (building date) On the day, the closing unit price <the closing price, the next business day and after, the closing price of the previous business day <the closing price) or the price drop (on the day of construction day, the closing unit price> the closing price, and after the next business day, the closing price on the previous business day > In accordance with the closing price, the brokerage firm pays the lender financial institution when the price rises and receives the price from the lender financial institution when the price falls. Do. Specifically, the lender financial institution balance management means 341 updates (adds or subtracts) the amount 35A1 corresponding to the balance status 35A2 of the “lending price” in the lender financial institution fund balance DB 35A by the amount of the mark-up. .

Next, the present reserve amount calculation means 243 calculates the number of shares of the open interest 25C5 in the investor open interest balance DB 25C × the open unit price 25C6 (= the open money) and the “loan price” in the lender financial institution fund balance DB 35A. Calculate the difference between the balance status 35A2 and the amount 35A1, and if the stock lending price is less than the stock price, Store in the current delivery reserve 45D5 of the sale repayment reserve reserve DB 45D (S1112). If the stock lending price is greater than the stock lending price, the current delivery is possible within the range of the stock lending money pooled by the lender's financial institution.

On the other hand, the advance preparation amount calculation means 242 calculates the advance preparation amount assuming a settlement loss exceeding the investor deposit when the repayment is made by counter-trading (repurchase). First, the high stop price and low stop price of the next business day are stored in the high stop price 45C3 and low stop price 45C4 of the stock price DB 45C (S1113). Next, the reserve preparation amount calculation means 242 calculates the maximum loss amount (replacement reserve amount = [stop high price-unit price] x number of shares) that occurs when traded against the next business day. It memorize | stores in the advance preparation amount 45D4 of DB45D (S1114). If the next business day stop high value ≤ building unit price, there is no possibility of settlement loss due to the repayment of the next business day, so there is no need for advance payment and it is calculated as 0 yen. In addition, the advance preparation amount may be set to a value obtained by subtracting the investor's cash guarantee amount from the maximum expected loss amount. Actually, the settlement loss exceeding the investor's cash guarantee amount is replaced by the advance reserve amount, so the cash guarantee amount may be taken into consideration in the calculation of the daily advance reserve amount. Then, the selling repayment preparation amount calculation means 241 compares the present preparation amount with the advance preparation amount, and uses the larger amount as the selling repayment preparation amount for the next business day. The preparation required amount 45D7 is stored (S1115). Then, the processing of S1111 to S1115 is repeated every business day (S1116).

Furthermore, when the securities trading system 4 receives the credit order data for sale repayment from the investor terminal 6, the data is stored in the order information DB 45A (S1121). In response to an instruction from the securities transaction system 4, the reserve repayment reserve amount calculation means 241 of the immediate settlement credit transaction system 1 refers to the transaction classification 45A7 of the order information DB 45A, and whether the repayment of the sale is current delivery or not. Is determined (S1122). If it is present delivery (Y of S1122), the processing of S1125 is performed. If the repayment is not actual delivery, that is, if it is a buyback (N in S1122), it is determined whether or not there is a settlement loss exceeding the investor's cash guarantee amount (S1123). Specifically, when the contract amount for repurchase (= the number of contracts 45B5 × the contract price 45B6) is larger than the price, it is determined whether or not the difference is greater than the cash guarantee amount 45D6. If there is no settlement loss (N in S1123), the process of S1125 is performed.

If there is a settlement loss (Y in S1123), the securities company reserve amount 45D9 is used to immediately replace settlement with a loss exceeding the cash guarantee amount 45D6, thereby preventing settlement failure in the immediate settlement transaction system 5 (S1124). ). Then, the reserve repayment reserve for the open interest is released (S1125). Specifically, by updating the open interest status 45D3 from “unpaid” to “repayed” in the selling repayment reserve amount DB 45D, the record (45D1 to 45D7) of the open interest is invalidated. Also, in S1125, the securities company may pay a part of the current delivery price (construction price-latest stock lending price) to the investor using the repayment preparation required amount 45D7. In this case, together with the lending price in the lender financial institution fund balance DB 35A, the entire amount is immediately transferred to the investor account. At this time, the repayment preparation required amount 45D7 of the open interest and the repayment preparation total amount 45D8 of all open interests are subtracted by the corresponding open interest, and the repayment preparation allowance 45D10 increases.

And the selling repayment preparation amount calculation means 241 updates the selling repayment preparation amount DB 45D according to the processing result of each aspect (S1131). Specifically, the advance preparation amount 45D4, the current delivery preparation amount 45D5, the repayment preparation required amount 45D7, the repayment preparation required amount 45D8, the securities company preparation amount 45D9, and the repayment preparation allowance 45D10 are updated according to the processing result.

<< Second Embodiment >>
Next, an immediate settlement credit transaction system based on the assumption that the lender financial institution is the same as the securities company will be described. In this system, the brokerage firm also serves as a lender financial institution and only performs immediate settlement credit transactions with investors, and does not perform immediate settlement lending transactions between lender financial institutions other than brokerage firms and securities firms. Will be completed between the securities company and the investor.

FIG. 12 is a diagram showing a configuration of a system for performing only an immediate settlement credit transaction according to the second embodiment of the present invention. This system includes an immediate settlement credit transaction system 1a, a securities transaction system 4, an immediate settlement transaction system 5, and an investor terminal 6, and is configured so as not to include a lender financial institution terminal 7 as compared with the system of FIG. . The immediate settlement credit transaction system 1a includes a securities company management server 2a and a loan / stock lending management server 3a. The securities company management server 2a and the loan / lending management server 3a do not perform processing related to lending / lending from the lender financial institution terminal 7 as in the system of FIG. Do not process the reserve amount.

Therefore, when compared with the securities company management server 2 in FIG. 4, the securities company management server 2a stores the current delivery amount calculation means 243, the mark price calculation / instruction means 244, the mark price information DB 45E, and the borrowing / lending balance DB 45F. The configuration does not include. Then, the loan / stock lending management server 3a does not include the price washing information DB 45E and the borrowing / lending balance DB 45F, as compared with the loan / stock lending management server 3 of FIG. Moreover, the present delivery reserve 45D5 is unnecessary among the selling repayment reserve DB 45D of FIG.

In the purchase order processing flow of FIG. 9, the processing related to the bid information DB 45 </ b> E becomes unnecessary in the loan repayment processing of S <b> 915.

In the processing flow for the sell order in FIG. 10, the processing related to the price information DB 45E is not necessary in the stock repayment processing in S1018.

In the repayment processing flow for the reserve repayment amount in FIG. 11, the processing of the price washing in S1111 and the calculation and storage processing of the present delivery amount in S1112 are not required, so the advance preparation amount is unconditionally used for the next business day in S1115. It is memorized as the reserve amount for sale repayment. In addition, the present delivery reserve 45D5 is not updated by updating the sell repayment reserve DB 45D in S1125.

As described above, the embodiment of the present invention has been described. In order to cause the securities management server 2 and the loan / lending management server 3 constituting the immediate settlement margin transaction system 1 shown in FIG. The instant settlement credit transaction system according to the embodiment of the present invention is recorded on a computer-readable recording medium, and the recorded program is read and executed by the computer. It shall be realized. Note that the program may be provided to the computer via a network such as the Internet, or a semiconductor chip or the like in which the program is written may be incorporated in the computer. The same applies to the securities management server 2a and the loan / stock lending management server 3a constituting the immediate settlement margin transaction system 1a shown in FIG.

The best mode for carrying out the present invention has been described above. However, the above embodiment is intended to facilitate understanding of the present invention and is not intended to limit the present invention. The present invention can be changed and improved without departing from the gist thereof, and equivalents thereof are also included in the present invention.

According to the present invention, since the balance of funds and stocks used in the transaction is grasped and managed in advance, an instant settlement credit transaction can be realized without performing transfer or remittance to the outside during the transaction. Can do.

Also, before the actual loan unit price (contracted unit price) is determined, it is possible to accept a loan application accompanying a new credit purchase order within the finite loan amount.

In addition, even if a repayment that results in a settlement loss occurs on the day before a new credit selling order is received, if the securities company does not have sufficient funds to replace the maximum settlement loss that can occur on the day, Even after receiving an order for a new margin sales order without placing an order, the reserve amount is stored in the system so that the maximum settlement loss that can always occur can be replaced at the time of repayment. Since the funds are secured, it is possible to avoid non-performance of settlement in which the purchase price cannot be transferred to the counterparty due to loss of settlement in relation to the repayment (repurchase) of the sale established in the immediate settlement transaction system.

In addition, when calculating the above-mentioned advance reserve amount, it becomes possible to calculate the reserve amount exceeding the cash guarantee amount of the investor that the securities company actually needs to change.

Also, when the stock lending price is washed at the closing price every business day between the lender financial institution and the securities company from the founding date, the current delivery reserve (the building price and the after-market price) stored in the system In accordance with the difference in the stock lending price, the securities company pools the funds, so that the present price is always delivered immediately to the investor regardless of the amount of the lending price after the mark-up. Can do.

In addition, if a securities company secures funds in accordance with the reserve repayment reserve stored in the system, it can immediately perform any of the repayment methods of counter-buying (repurchase) and current delivery to the sold item. It is possible to prevent payment failure in the immediate payment transaction system.

Also, it is possible to settle the cash guarantee amount related to the settlement profit and loss, which is the premise of the immediate settlement credit transaction, at the same time as the contract. In particular, when repurchasing sold positions, if the loss appropriated for the purchase price cannot be withdrawn immediately from the cash deposit, the settlement of funds related to the purchase established in the immediate settlement transaction system will fail. According to the embodiment of the present invention, cash deposit is received from an investor in advance, and the deposit is immediately transferred based on the notice of the repayment order, so that it is possible to prevent failure of fund settlement. In addition, even if a settlement profit is generated by the repurchase of a purchased ball, the amount of profit can be immediately reflected in the deposit from the sale price immediately settled through the immediate settlement transaction system.

In addition, as the value of the stock changes, the appropriate evaluation is reflected in the loan amount or the lending price that is the collateral for the lending stock by washing the price, while maintaining the credit of the lender financial institution, At the same time as the execution of the contract, it is possible to immediately settle the unsettled washing amount between the lender financial institution and the securities company. In addition, by combining this feature with the feature that the profit and loss amount is settled between the securities company and the investor at the same time as the repayment of the margin transaction, when the repayment order for the immediate settlement margin transaction is executed, It is possible to simultaneously settle the unsettled market value and the settlement profit / loss amount between the securities company and the investor. According to this, the lender financial institution can immediately deliver the purchase price of the repurchase transaction established in the immediate settlement transaction, regardless of the market price or profit / loss situation, and the securities company invests the settlement profit / loss. It can be immediately reflected in the home deposit.

1 Immediate settlement credit transaction and immediate lending transaction system (immediate settlement credit transaction system)
1a Immediate settlement

credit transaction system

2, 2a Securities company management server 24 Processing unit 25 Storage unit 25A Securities company own funds DB (third storage unit)
25B Investor deposit DB (4th storage part, 5th storage part)
25B1 Investor No. 25B2 Cash guarantee amount (balance of deposit)
3, 3a Loan / share management server 34 Processing unit 35 Storage unit 35A Lender financial institution fund balance DB (first storage unit)
35B Lender financial institution stock balance DB (first storage unit)
45A Order Information DB
45A3 Stock 45A4 Number of shares ordered 45A5 Order price (order price information)
45B Contract information DB (sixth storage unit)
45B4 Brand 45B5 Number of shares 45B6 Contract price 45B11 Settlement profit / loss 45C Stock price DB (second storage)
45C1 Brand 45C2 Price (close price)
45C3 stop high price (maximum expected contract price)
45C4 stop low price (minimum expected contract price)
45D sales repayment reserve DB
45D4 Advance preparation amount 45D5 Current delivery amount 45D6 Cash guarantee amount 45D7 Required repayment preparation amount
45E Value Washing Information DB (Seventh Storage Unit)
45E8 Unsettled bid amount 4 Securities transaction system 5 Instant settlement transaction system 6 Investor terminal 7 Lender financial institution terminal

Claims

A first storage unit for storing a balance of funds and stocks;
A means of accepting credit orders from time to time from investor terminals used by investors;
Means for comparing and referring to the balance of funds and stocks stored in the first storage unit and the content of the credit order, and determining whether the credit order can be traded within the range of the balance;
Means for performing an ordering / ordering process related to the credit order when the transaction is possible;
An instant settlement credit transaction system characterized by comprising:
The instant settlement margin transaction system according to claim 1,
A second storage unit that stores a maximum expected contract price using a closing price and a limit price upper limit price for each stock issue;
The order price information indicates a limit order when a new limit buy order including a limit order and unit price of the limit price, or order price information indicating a market order, a brand and the number of stocks ordered is received from the investor terminal. And determining whether or not a maximum expected loan amount obtained by multiplying the order stock by the unit price of the limit is less than or equal to a balance of the funds stored in the first storage unit, and the order price information is When indicating an order, a maximum expected loan amount obtained by adding the number of shares to be ordered to a maximum expected contract price of a brand included in the credit buying order stored in the second storage unit is stored in the first storage unit. Means for determining whether or not the balance of the stored funds is less than or equal to;
Means for performing an ordering / ordering process related to the credit buying order when the maximum expected loan amount is equal to or less than a balance of the funds;
An instant settlement credit transaction system characterized by further comprising:
The instant settlement margin transaction system according to claim 1,
A second storage unit that stores a maximum expected contract price using a closing price and a limit price upper limit price for each stock issue;
When a new credit buy order including a limit order and unit price of the limit price, order price information indicating a market order, brand name and number of shares in order is received from the investor terminal, it is stored in the second storage unit. In addition, it is determined whether or not a maximum expected loan amount obtained by adding the number of shares to be ordered to a maximum expected contract price of a brand included in the credit buying order is equal to or less than a balance of the funds stored in the first storage unit. Means to
Means for performing an ordering / ordering process related to the credit buying order when the maximum expected loan amount is equal to or less than a balance of the funds;
An instant settlement credit transaction system characterized by further comprising:
The instant settlement margin transaction system according to claim 1,
Stores the maximum expected contract price using the closing price, upper limit price limit price, and the minimum expected contract price using the lower limit price limit price for each stock issue, as well as the own funds balance of the brokerage firm that receives the credit order. A third storage unit,
The order price information indicates a limit order when a limit order and a unit price of the limit price, or a new margin selling order including a market order, a brand price and an order number of shares, are accepted from the investor terminal. When subtracting the unit price of the limit price from the maximum expected contract price of the stock, and storing the value obtained by adding the number of shares of the order to the subtracted value as a reserve preparation amount, when the order price information indicates a market order , Means for subtracting the minimum expected contract price from the maximum expected contract price of the stock, and storing the value obtained by adding the number of stocks ordered as the subtracted value as a reserve preparation amount;
Means for determining whether or not the advance preparation amount is equal to or less than a self-funding balance stored in the third storage unit;
Means for performing an ordering / ordering process related to the credit selling order when the advance preparation amount is equal to or less than the self-funding balance;
An instant settlement credit transaction system characterized by further comprising:
The instant settlement margin transaction system according to claim 1,
Stores the maximum expected contract price using the closing price, upper limit price limit price, and the minimum expected contract price using the lower limit price limit price for each stock issue, as well as the own funds balance of the brokerage firm that receives the credit order. A third storage unit,
When a new margin sale order including a limit order and unit price of the limit order, order price information indicating a market order, a brand and the number of shares to be ordered is received from the investor terminal, the minimum from the maximum expected contract price of the brand Means for subtracting the expected contract price and storing the value obtained by adding the number of stocks ordered as the subtracted value as the advance reserve amount;
Means for determining whether or not the advance preparation amount is equal to or less than a self-funding balance stored in the third storage unit;
Means for performing an ordering / ordering process related to the credit selling order when the advance preparation amount is equal to or less than the self-funding balance;
An instant settlement credit transaction system characterized by further comprising:
The instant settlement credit transaction system according to claim 4 or claim 5,
Means for receiving in advance a cash guarantee amount transfer instruction from the investor terminal;
A fourth storage unit for storing the accepted cash guarantee amount;
Further comprising
When storing the advance reserve amount, a value obtained by subtracting the cash guarantee amount stored in the fourth storage unit from the advance reserve amount is stored as the advance reserve amount after considering the cash guarantee amount. Immediate settlement credit transaction system.
The instant settlement margin transaction system according to claim 1,
A second storage unit that stores a maximum expected contract price using a closing price and a limit price upper limit price for each stock issue;
When a new credit selling order is executed, the contracted unit price and the number of contracted shares are memorized. Between the date of execution and the repayment, the contract is executed from the maximum expected contracted price of the issue for each open business day and every open position. Means for subtracting the unit price and storing the value obtained by adding the number of contracted shares to the subtracted value when the subtracted value is a positive value;
An instant settlement credit transaction system characterized by further comprising:
The instant settlement credit transaction system according to claim 7,
Means for receiving in advance a cash guarantee amount transfer instruction from the investor terminal;
A fourth storage unit for storing the accepted cash guarantee amount;
Further comprising
When storing the advance reserve amount, a value obtained by subtracting the cash guarantee amount stored in the fourth storage unit from the advance reserve amount is stored as the advance reserve amount after considering the cash guarantee amount. Immediate settlement credit transaction system.
The instant settlement margin transaction system according to claim 7 or claim 8,
When the credit selling order is executed, when the closing price is subtracted from the contracted unit price for each open item, every business day, between the date of execution and the repayment, and the subtracted value is a positive value And a means for storing a value obtained by adding the number of contracted shares to the subtracted value as a current reserve amount.
The instant settlement credit transaction system according to claim 9,
An instant settlement credit transaction system, further comprising means for storing, as the reserve repayment reserve amount, a larger one of the reserve reserve amount and the current delivery reserve amount for each sold ball.
The instant settlement margin transaction system according to claim 1,
Means for accepting in advance a transfer instruction of a cash guarantee amount used for a margin transaction from the investor terminal;
A fifth storage unit for storing a cash guarantee amount included in the accepted transfer instruction;
A sixth storage unit for storing a contract amount when the order is executed;
Means for storing the contract amount of the new order in the sixth storage unit when the new order of the margin transaction is executed;
Means for calculating settlement gains and losses related to the margin transaction from the contract amount of the repayment order and the contract amount of the new order stored in the sixth storage unit when the repayment order of the margin transaction is executed When,
A means for updating the cash guarantee amount stored in the fifth storage unit simultaneously with a repayment agreement based on the settlement profit and loss;
An instant settlement credit transaction system characterized by further comprising:
The instant settlement credit transaction system according to claim 1 or 11,
When new orders for margin transactions are executed for funds and shares credited by lenders, until the repayment order corresponding to the new order is executed, the closing price from the contracted unit price for each open position is closed every business day. And calculating the unsettled washing amount by adding the number of contracts to the subtracted value,
A seventh storage unit for storing the unsettled washing amount;
When the repayment order is executed, the balance of the funds stored in the first storage unit is updated at the same time as the repayment execution based on the unsettled bid amount stored in the seventh storage unit. Means,
An instant settlement credit transaction system characterized by further comprising: