CN1973295A - Debt reduction method and device thereof - Google Patents

Abstract

There is provided a method using a derivative for reducing a debt such as a housing loan debt, a load debt, a bond debt, a lease debt or an obligation of payment including insurance benefit via a communication network. Actual things such as bond, stock, currency, exchange, interest, commodity and/or index, price are used solely or in combination to build a derivative corresponding to the debt period and condition. When necessary, the derivative is divided into small lots so as to match with the debt quantity and condition. The debtor of the aforementioned debts are made to purchase this with a comparatively small premium. When an advantage is generated in the derivative, it is sold to realize the advantage or the current price of the debt is referenced and swap is performed when an advantage is generated in the debt so as to realize the advantage. By using these advantages, it is possible to reduce the aforementioned debts.

Description

Debt reduction method and its equipment

technical field

The present invention relates to a contract in which, in a contract with risks due to fluctuations in the economic environment produced by various factors, for the use of loans or contracts for financing in relatively medium and long term Obligors' debts (such as housing acquisitions, commercial equipment funds or working capital, or debts of issuers of national bonds, public bonds, and corporate bonds (hereinafter referred to as national bonds/bonds/corporate bonds), and such issues as include life insurance and non-life insurance insurance (hereinafter referred to as insurance) of the payment obligation of the insured person (hereinafter referred to as debt)), to reduce or pay off such debt, or to collect a part or all of credit or investment and obtain income, in addition, the present invention Concerning a social invention in which creditors (such as financial institutions, purchasers of government bonds/bonds/corporate bonds, contract traders, or lenders of insured persons, etc.) are enabled to perform risk prevention so that safe Long-term credit and debt rights and responsibilities.

Incidentally, any of the following financial terms used in the present invention are described in the corresponding pages of "KINYUU JITSUMU DAIJITEN" (edited by KINZAIINSTITUTE FOR FINANCIAL AFFAIRS, INC., published on September 19, 2000), and these financial terms are Widely used in the financial industry. For example, payments (p.353), present value (p.476), loans (p.1775), home loans (p.802), options (p.163), swaps (p.944), volatility rate (p.1587), risk (p.1731), etc.

Background technique

Looking back at the 20th century, there were instances where both creditors and debtors went bankrupt due to dramatic changes in the macroeconomy. In good times (inflationary periods), although there is a fear of gradual depression (deflationary periods), in the current situation, when, for example, housing funds are borrowed, there is no method for taking measures against risks on the part of the debtor . The same is true when deflationary periods change into inflationary ones.

As for the risk when the macroeconomic environment changes, when the macroeconomy changes drastically due to reasons such as If there are many debtors, there will be problems. These reasons are: long-term depression, declining international payment balances, financial bankruptcy due to excessive issuance of national debt or public debt, collapse of monetary credit due to failure of economic and monetary policies, extreme Failure to allocate resources, etc.

In the event of a change in the microeconomic environment and an increase in interest rates, the following situations exist for debtors and creditors:

(a) In an inflationary economy, where prices of all kinds rise sharply, and incomes in proportion to these prices are not followed, for example, debtors such as housing fund loan debtors will have trouble repaying their debts. In particular, debtors adopting variable interest rates are required to pay high interest, so payment of loans becomes difficult.

(b) In a deflationary economy, where overall demand is reduced, many businesses are in difficulty or go bankrupt, causing employment to fall or incomes to fall, making loan debtors such as housing fund debtors insolvent. For example, under the financial crisis in New York in 1929, the unemployment rate reached 25%. In addition, when the value of collateral decreases sharply due to deflation, in the event that the debtor becomes unable to repay the principal and/or interest, there will be a situation where the collateral cannot be exchanged for money, and thus excessive liabilities will arise. In addition, it is conceivable that the loan obligor who has adopted a fixed interest rate continues to repay high interest, and eventually becomes unable to repay the principal and interest, so that the agreed repayment becomes impossible.

In addition, in a deflationary economy, as debtors delay payment, become bankrupt, or become insolvent, bad debts increase extremely, and not only interest but also principal cannot be recovered, so there is concern that creditors may also go bankrupt. In addition, the value of the staked assets is also reduced, so it becomes difficult to exchange the staked assets for currency.

Japan experienced these situations in the 1990s. The bad debts of financial institutions exceeded 100 trillion yen, and the problem of bankruptcies of financial institutions expanded. On the other hand, since the government has to take government investment measures to stimulate the economy, it is difficult to avoid the resulting increase in interest rates, and there is a high risk of future interest rate increases in housing loans for 20 to 30 years.

Although there are many derivative products (financial derivative products) that avoid such economic risks, there are no patent documents in which, in the case of financing by common people (consumers) Comprehensive or fractional derivatives corresponding to the amount of debt to protect against the risk of rising interest rates to finance debtors. In addition, at present, in the investment, credit, debt, or conditional credit and debt of the common people, derivative products have not been used for risk prevention.

Prior to the filing of the present invention (February 9, 2004), in "NEW FINANCIAL SYSTEM-PREPARATION FORFUTURE HUGE RISK" issued by Nihon Keizai Shinbun, Inc. (written by Professor Robert J. A new insurance method to protect housing purchasers (housing loan debtors) from the risk of falling house prices by insurance, disclosed settlement of insurance claims based on the house price index (p. measure social needs. Although its direction is quite in common with the present invention, the concept and specific method described therein are based on risk protection with insurance and its method is to deal with future declines in housing prices, which is different from the present invention.

In addition, although the following Patent Documents 1 and 2 describe methods of avoiding financial risks associated with debt repayment, they do not target the risk of the loan obligor, and furthermore, for avoiding the creditor's proceeds due to the loan obligor's Change the method of making a return or reduce the risk due to paying off before the cut-off time, using subrogation such as a trust, so there is no way to reduce or pay off the loan debtor by using the present value of the debt discounted along the yield curve the concept of.

In addition, credit is created due to debt, and creditors are also required to maintain credit with risk. The creditor's credit includes housing loan lending credit, leasing credit, relatively long-term lending credit to legal persons, and insurance company's reinsurance credit.

[Patent Document 1] JP-A-2002-342579

[Patent Document 2] JP-A-2002-358428

Contents of the invention

[Problems to be Solved by the Invention]

The present invention has been made in view of the above problems, and the present invention provides a method for avoiding large fluctuations in the economic situation during the period in which the payment of debts such as loans, leases or insurances is agreed. The risk, or increase in that risk, of a debtor in the purchase and sale of goods or credit. In addition, since taxes, commissions, usage fees for the present invention, etc. are not considered for the following benefits in the present invention, the amounts of these costs are subtracted from the benefits. However, in the case of selling or distributing goods by using the present invention, the usage fee for the present invention may be included in the selling price, or when specified, these various costs may be included in the purchase price for derivative products, and No major changes to the methods and apparatus of the present invention are necessary. Just make small numerical changes to the premium purchase amount and credit reduction ratio.

[way of solving the problem]

The inventors have found that in the past 5 to 30 years (equal period of time for housing loans or national bonds/bonds/corporate bonds) agricultural products, gold, etc.) or indexes (including forward delivery) fluctuate significantly, and when derivatives are established through these stocks, etc., in view of the volatility, in the actual actual results, when the debtor pays with the debt (such as loans, contracts, National bonds/bonds/corporate bonds or payment obligations including payment of insurance that will appear in the future or have the possibility of appearing) is a small premium compared to the amount of debt, and the purchase corresponds to the amount of long-term debt such as housing loans When there is a small portion (reduction of creditor's rights), the debt issued by national bonds/bonds/corporate bonds or the payment obligation including the payment of insurance that will appear in the future or have the possibility of appearing can be reduced at a relatively high frequency, and The present invention has been accomplished.

That is, the present invention according to claim 1 is a debt reduction method executed using a communication network that uses derivative products to reduce monetary debts (hereinafter referred to as debts) such as housing loan debts , loan debt, treasury bond/government bond/corporate bond debt, contractual debt or payment obligation including insurance compensation, the method is characterized in that: through spot and/or index of bond, stock, currency, exchange rate, interest rate, commodity, etc. and separate or a combination of them, create derivatives corresponding to the terms and terms of said debt, and, where necessary, divide said derivatives into tranches consistent with the amount of said debt and said condition, the obligor of said debt purchases the small portion at a relatively small premium, sells the derivative to realize said gain when said derivative yields a gain, or with reference to the present value of said debt, when at When a yield is generated in the monetary obligation, a swap is performed to realize the yield and reduce the debt by the yield.

In the present invention, in the case where a fund for reducing said debt is obtained, the case where an increase in premium is expected mainly using an option as a derivative product, and for debts such as loan debt, treasury bonds/government bonds/corporate bonds , in the case of remaining debts of contractual debts or monetary debts including payment obligations of insurance indemnities, the present value is calculated by discounting the future cash flows by the interest rates of the respective periods, and when this amount is less than the balance of said debts, Execute a swap as a derivative and receive the unrealized gain as a realized gain. Typically the yield curve is used as the future discount rate. While the debt in the case of a swap is preferably a loan with a fixed rate or covenant contract, it is not limited thereto.

Claim 2 of the present invention is the debt reduction method according to claim 1, which is characterized in that the following steps are performed:

(I) at or before or after the said obligation is agreed upon, or during the liquidation period (in the case of insurance, during the period of the payment obligation including payment), by payment of a relatively small premium, using the balance with said obligation, Principal and interest payments, interest payments, or a portion thereof, or monetary amounts corresponding to payment obligations including payment of insurance that will arise or have the possibility of occurring in the future to purchase a composite or fractional derivative products (less debts), and

(II) When the income is generated from the derivative product, part or all of the debt is paid off through the income.

Claim 3 of the present invention is the debt reduction method according to claim 1 or 2. The debt reduction method is characterized in that: the interest rate of the payment arrangement, the principal of the settlement arrangement, the principal and interest of the settlement arrangement, and the settlement period for the debt , or an obligation to pay that includes payment of insurance that will arise or have the possibility of occurring in the future, according to the payment or discharge of these conditions, interest rates, currency, notes of value, commodities with prices, each of them spot and/or forward delivery indices alone or in combination to determine the debt reduction rate in relation to the premium payment in compliance with said debt amount and said condition or premium payment expected by said obligor A derivative of these elements is set, and the debtor purchases the derivative.

A system is constructed that reduces the cost of contracts for loans, contracts, and insurance, etc. risk, and can give debtors or debtors a sense of security, which has the effect of promoting purchase intentions. The relatively small derivative premium mentioned above is about 5% of the debt in terms of other financial burdens of the debtor. However, the invention includes the situation where the debtor pays a greater premium and increases the likelihood of reducing the debt.

For example, in housing loans, long-term derivative products are preferably selected because a long-term repayment plan of 20 to 35 years is usually formulated and creditors (banks, etc.) are repaid. The trading unit of long-term derivatives is usually a unit of 100 million yen, and since the usual obligor at the time cannot handle it, a system or a financial support company that divides it into small lots and handles or sells it is required. A home loan borrower (ie, a debtor) enters into a derivatives contract with a financial institution or a financial support company that has a small derivatives (credit-less) sales system. Accordingly, the right to settle derivatives is vested in the debtor, and the proceeds from such settlement may be used to pay off the loan balance, principal and interest payments, interest payments, or a portion of the interest payments, and therefore, in this In the invention it is called the debt reduction.

There are the following modes A to D for setting the debt reduction.

A. The option of borrowing from a housing loan company + reducing claims.

B. The option of borrowing from a bank + reducing creditor's rights (in the case of the same bank, there are also cases of structured lending)

C. Option to deduct claims on loans from home loan companies + banks.

D. Only buy less debt (existing loans can also be processed)

Incidentally, a bank is a general financial institution or a financial company, and a financial support company is a stock company, a housing company, or a dealer including a general related company including a branch office other than the above financial institutions or financial companies, and the financial support company supports The loan obligor adopts the present invention.

In the case of mode A, the amount of money for reducing claims is newly borrowed from a bank (which can lend a small loan for new goods), or its own funds are used.

In the case of Mode B, since it is handled as a structured loan, the price minus the claim and the loan amount are associated with each other.

In the case of the D mode, the amount of money for reducing the claim is newly borrowed from a bank (which can lend a small loan for a new product), or its own funds are used.

For the settlement of the creditor's right, the following method is adopted.

The debtor previously determined the loan reduction amount through the credit reduction settlement, and reached a contract to perform automatic settlement through a financial institution or a financial support company. In the case where the debtor does not perform the above automatic settlement, the debtor obtains from a financial institution or a financial support company in relation to the debt reduction ratio achieved through the debt reduction settlement through conversation, document, telephone, fax, telecommunication means such as a home page or e-mail information, and when necessary, according to the debtor's judgment, use the above method and settle the creditor's right by a financial institution or a financial support company. In the case where there is a remaining loan balance after settlement of the credit reduction, the loan debtor can newly purchase the credit reduction from a financial institution or a financial support company when the debtor desires, and settlement can be performed as long as necessary.

In the present invention, although derivatives are purchased at a premium of about 5% of the amount borrowed, derivatives are purchased at a premium of 5% of the amount borrowed about 5% or more.

By the way, at the beginning of the loan borrowing, before purchasing the short-term debt reduction corresponding to the loan repayment period or the relative medium term or the long-term loan repayment period, the short-term credit reduction is purchased, and the proceeds of this credit reduction can be applied to the medium term or Long-term debt-reduced purchase funds.

For example, when a debt reduction is established through the use of options, in the case of a loan period exceeding 20 years, the temporary value occupies almost all price. This is the basic scheme of options, also known as the so-called time decay theory, where the temporary value is paid off on the expiration date.

Therefore, in order to suppress the purchase price per unit of options, a relatively large number of short-term options are purchased, each of which is, for example, purchased at a purchase price of 3 yen per page (one page is an option of one unit, and one unit is A call option or a put option for forward delivery of the stock price of 1,000 yen). In the case where the stock price rises due to the fluctuation of the stock price, since it is not uncommon for the call option to become 30 yen even if the 3 yen of the put option becomes 0 yen, although the expectation is made every month, but It is expected that the price will rise due to economic fluctuations at that time, and at the point in time when the income is obtained, the income will be used as capital to purchase the creditor's right corresponding to the loan repayment period or a relatively medium or long period.

Thereby, debtors who are not familiar with debt reduction can be made aware of the advantages of debt reduction, and it is also possible to eliminate the burden of debt reduction corresponding to a loan repayment period or a relatively medium or long period.

Claim 4 of the present invention is characterized in that, in the debt reduction method according to claim 1, at least the following steps are included:

(1) Compare A with B,

A: Debt balance,

B: By using the interest rate in each period represented by the yield curve corresponding to each period, when said interest rate changes or includes payment obligations for the payment of insurance that will occur in the future or have the possibility of occurring where the present value is obtained by discounting all or a portion of the future principal and interest payments on said debt.

(2) Under the situation that said B is much cheaper than said A or said B is equivalent to said A, perform the following multiple sub-steps:

(2-1) Provide actual currency equal to said B or a part of said B and/or a negotiable instrument (hereinafter referred to as C) equal to said B or a part of said B to a financial institution directly or indirectly ,

(2-2) Acquiring the right to obtain the cash flow corresponding to said C and occurring for many years from the counterparty of the swap by using the swap,

(2-3) By using all or part of the right to obtain the cash flow to pay the creditor, or directly or indirectly giving or conferring all or a part of the right to obtain the cash flow as securities said creditor.

For example, for a debtor who has entered into a housing loan contract at a fixed rate, in order to obtain an actual benefit from an unrealized gain in the debt due to a subsequent increase in the interest rate, the debt is valued by the present value, and the All or a portion of future principal and interest payments are reduced by an amount of money that is less than the debt balance at this point in time. For example, in the event that market interest rates become higher than the rate at which the loan was made, the obligor of a loan using a fixed rate executes a swap so that the surplus value (unrealized gain) generated on the fixed rate debt can be used to help Debt reduction. The present invention uses a present value B obtained by discounting all or a portion of the future principal and interest payments on the debt using a yield curve in which interest rates over various periods are plotted. When the increase in interest rates becomes significant, the present value B becomes cheaper than the debt balance A.

Although all or part of future principal and interest payments can be reduced by swapping and by an amount smaller than the debt balance at this point in time, there is the possibility that even a financial institution as the central presence of the present invention or The financial support company recommends each debtor to use the swap, but the understanding of the debtor cannot be obtained.

Therefore, the financial institution or financial support company explains the swap to the debtor in advance, and the debtor concludes a swap forward contract with the financial institution or financial support company and provides a contract for comparing the debt balance A with the current value B, and the conclusion of the contract is reached A financial institution or a financial support company provides the debtor (client) with information on the comparison of the debt balance A and the present value B at regular intervals or at any time according to the debtor's (customer's) needs, and concludes such a preliminary contract that, by using the rate of return the point in time when the present value B of the discounted curve reaches a level previously agreed between the debtor and the financial institution or financial support company (for example, substantially half of the debt is liquidated by executing the swap) at the point in time when the swap is automatically executed, or the debtor, if necessary Performing swaps based on information provisioning is also included in the present invention.

Claim 5 of the present invention is characterized in that, in the debt reduction method described in claim 4, the following multiple steps are additionally performed:

(3) by paying said relatively small premium either before or after the time of agreement or during a payment period based on said debt, using the balance of said debt, said principal and interest payments, said interest payments, The monetary amount corresponding to said payment obligation, or a part of said monetary amount, to purchase said composite or fractional derivative product to form said C ;and

(4) When the profit of the derivative product is obtained, apply the profit to the C.

Incidentally, it is preferable to buy derivatives with limited losses since derivatives have an infinite possibility of loss.

Claim 6 of the present invention is characterized in that, in the debt reduction method described in any one of claims 1 to 3 and 5, the derivative product uses spot, forward delivery, option, swap and swap option At least one of, moreover, use suitable derivatives developed in the future. The derivative product is selected by the financial institution or financial support company (as described in the embodiment), and the derivative product is divided into a plurality of small parts that all meet the debt reduction amount (income) expected by the debtor (customer) and are used as a credit reduction to supply. As derivative products, for example, in options, it is preferable to purchase out-of-the-money long-term options with a volatility of 25% or less, and guarantee the debt reduction amount through a sudden increase in volatility and a rise/fall of the underlying asset. Next, the characteristics of forward delivery, options, swaps, and derivatives of swap options are described.

The forward delivery is a transaction in which, with respect to a certain underlying asset, trading conditions at a future point in time are specified at the current point in time, and has a movement similar to the rise and fall of the price of the underlying asset. Typical forward delivery includes stock forward delivery of Nikkei 225, TOPIX, etc., bond forward delivery of treasury bonds, interest rate forward delivery of interest rates, commodity forward delivery of agricultural products, oil, gold, etc., and exchange of foreign exchange forward delivery. In addition, the present invention includes: Derivative products using stocks of New York Dow Jones, NASDAQ, London (FT), Paris (CAC), Frankfurt (DAX), Seoul (KOSPI), Taipei (KAROHOSU), Singapore (SIMEX) etc. or Spot and/or forward delivery indices in the note market, in addition, spot and/or forwards in international exchange markets such as London's LME (financial exchange market), CRB, Chicago's CMB (grain exchange market) are also used Delivery indices, and long-term prime rates in various countries including Japan (for example, Lombard rates).

An option is the right to buy an underlying asset at the strike price on the expiration date (a call option), or the right to sell it (a put option), with a call option having a movement similar to fluctuations in the price of the underlying asset and a put option having The movement in the opposite direction of the volatility of the underlying asset.

Swaps are transactions in which different currencies, debt principal or interest payments with different base rates are exchanged among mutually agreed parties, and are based on the exchange of various parameters such as currency amount, period, currency and interest rate. The idea of recombining various elements into an optimal combination.

A swap option is an option transaction intended to be swapped, in which the right to execute a swap transaction for a fixed period (swap period) after a fixed period (option period) is dealt with, and includes call options and put options.

Use the above 4 derivatives individually or combine them and use them to create the debt reduction of the present invention. Follow the procedure described below to perform this build step:

1. Choose the derivative that most closely depends on the risk to be spread. For example, for an interest rate, select Interest Rate Forward, Bond Forward, Interest Rate Option, or Swap Option. Also, for raw materials, choose a forward delivery or option on the raw material and use it as a single unit or divide it into multiple small lots and get less debt.

2. In the case that derivative products are not marketable, use forward delivery and underlying assets to establish derivative products to obtain the same effect as the above derivative products, and divide it into multiple small shares to obtain creditor's rights reduction. At this time, in order to reduce the cost of debt reduction, for example, the following method can be adopted: using derivative products, giving up the loan reduction amount that is not lower than the loan balance, principal and interest payments, interest payments or a part of the interest payments, so as to reduce costs; or execute derivative trades based on monthly/annual debt balances and reduce costs according to a settlement plan.

Incidentally, in order to prevent maintaining the non-sale portion of the credit reduction and causing losses in the future, it is preferable that the financial institution or financial support company executes a hedge transaction on the non-sale portion of the credit reduction in the market, and, for example, in the derivative In the case where the minimum component/transaction unit of the product is 100 million yen (notional principal) and the loan debtor sells 40 million yen (notional principal) minus the claim, for the outstanding amount of 60 million yen (notional principal) (equivalent to minus the non-sale part of the claim), sell all or part of it to another customer (loan obligor), or execute a guard transaction in the forward delivery market related to all or part of it .

Claim 7 of the present invention is characterized in that, in the debt reduction method described in claim 6, when the previously agreed unrealized income is generated or as long as necessary, the spot, the forward delivery, the at least one of the option, the swap, and the swap option, and in the system structure described later, when unrealized gains are generated in the debt reduction obtained by the debtor, the debt reduction amount information is provided, and in the After the debtor reaches an agreement, or when the previously assumed predetermined debt reduction amount is reached, the debt reduction rights are sold and the debt reduction amount is guaranteed.

Claim 8 of the present invention is characterized in that, in the debt reduction method described in one of claims 4 and 5, when the debtor substantially repays a part of the debt to the creditor by using the swap or after all, the rights left to the debtor and based on the swap contract are retained by the debtor, or the rights are vested in the creditor or a third party.

The situation where the debtor holds the right based on the swap contract means that the debtor holds the right to obtain cash flow, and means that the debtor pays the debtor by using, for example, from the counterparty of the swap and is related to the amount of principal and interest payments, interest The cash flow corresponding to part of the payment or interest payment is used to repay the creditor. In addition, the case of granting the right based on the swap contract to the creditor means, for example, in the case of a housing loan, the case of granting the right to obtain cash flow held by the loan obligor to the loan creditor, and refers to the case where the lending destination of the creditor is changed from the loan A situation where the debtor essentially changes to be the counterparty to the swap (such as a financial institution).

In the case of assigning the rights based on the swap contract to the creditor, as will be described later, there is an advantage that contributes to improving the equity ratio of the creditor.

On the other hand, in the case where the obligor maintains the rights based on the swap contract, there is an advantage that according to the fluctuation of the interest rate after the swap contract, an unrealized gain is generated in the cash flow, and the obligor can obtain other benefits. That is, there is an unrealized gain through the decline in interest rates under the right to access the cash flows received through the swap. Thus, when the present value of the right to obtain the cash flow discounted through the yield curve at this point in time exceeds the debt balance at this point in time, the debtor sells the right to a third party at the present value, through Proceeds from this sale settle the debt balance to creditors and may receive the surplus as proceeds.

The invention of claim 9 is characterized in that said derivative product including said swap is implemented in shares, subscribers' share of capital, units of contributions, bonds, benefit certificates or insurance to reduce said debt, and In cases where it is not possible to sell the swap or derivative directly to the customer (obligor), for example, establish an SPC (special purpose company) that executes the swap or executes the purchase and settlement of the derivative and acts as an ordinary customer It is a purpose for the debtor to sell or buy subscribers' share of the SPC's capital, making indirect use of the swap or derivative.

In addition, when the debtor is an individual and it is troublesome to understand the contents of the details of the swap or derivative as in a housing loan, or when it is difficult to directly sell or purchase the swap or derivative to the debtor due to legal restrictions, Implementing swaps or derivatives in other financial commodities (for example, shares, subscribers' shares of capital, units of contribution, bonds, benefit certificates or insurance) has the advantage of accelerating their circulation.

Claim 10 of the present invention is characterized in that it is specified in a contract, a note, an agreement document agreed between said creditor of said debt, said debtor and its interested parties, or a returned bond such as a signed memorandum. said obligor or its assignees may enforce the method as a right, and at least one company (personnel) among financial institutions, financial support companies, housing builders and/or sales companies, branches, insurance companies and their related parties and The contract content of the present invention is stated in the contract, written guarantee, contract text, memorandum, etc. between the debtor and/or the debtor's guarantor.

For example, adding clauses such as the swap contract, the current price provision contract for derivative products, the current price provision contract for debt, and the creditor’s right contract to the housing loan and its repayment plan, thereby incorporating the contract as a whole into the item of purchases and sales. Furthermore, it is stated in the stated contract that the creditor is not liable under the contract in the event that the proceeds are not received due to the economic situation or the failure of the operation.

Claim 11 of the present invention is characterized in that the method is explained or advertised by using at least one of printing, broadcasting, and electronic communication media, and widely publicized to consumers after signing a loan contract etc. The system of the debtor's burden caused by fluctuations in the economic situation has the effect of arousing demand and promoting economic support for the debtor.

Claim 12 of the present invention is an apparatus for reducing debts, which especially includes an integrated or network-type electric communication device and which is used for reducing said debts, and is characterized in that it includes at least the following structural elements.

(i) Balance calculation means for calculating the debt balance A.

(ii) present value calculation means for calculating all or part of the principal and interest payments through said debt or including future Calculate the present value B obtained by discounting the payment obligation of the insurance payment that will occur or has the possibility of occurrence.

(iii) Debt value judgment means for comparing the value read from said balance calculation means with the value read from said present value calculation means and for notifying a result.

(iv) swap means, when the debt balance A read from the debt value judging means and the present value B satisfy the condition A>B, B's equivalent negotiable note (hereinafter referred to as C) and the creditor or a third party perform a swap between A and B, and by using the swap, obtain and obtain from the counterparty of the swap C corresponds to the right to cash flow generated over the years.

The calculation method of the present value will be clarified in the embodiment. A yield curve is a curve that is usually obtained by calculating the final interest for each remaining period of the debt, and since the interest rates for each period can be read, the present value for each period can be calculated, these present values can be summed, The present value can be calculated.

Claim 13 of the present invention is a device for debt reduction, which can use existing communication means (oral expression, document, fax, email, telephone, telegram, etc.), or can use integrated or networked electronic equipment of the communication means, and the equipment is used to reduce said debt. In this case, the device is characterized by including at least the following structural elements.

(a) Lot forming means for creating a derivative product suitable for the amount of the debt and its conditions by dividing the derivative product into a plurality of small lots or by using the derivative product in its entirety.

(b) a contract device for entering into a contract with a debtor for said fractional or comprehensive derivatives.

(c) a personal communication device, to said obligor after said contract for said derivative product has been concluded.

(d) settlement means for said derivative products.

(e) Delivery device, used to deliver currency, negotiable notes, etc. equivalent to the income obtained through the settlement device.

Furthermore, the device according to claim 13 may include at least the following structural elements.

(f) notification means for advertising said derivative product (minus debt) created by said portion forming means.

(g) An information providing device for diagnosing the total risk amount and providing information.

(h) settlement support means for supporting settlement opportunities for said agreed derivative products.

The role of each device is as follows, and these devices are generally applied to monetary obligations (such as loan obligations, treasury/bond/corporate debt obligations, contractual obligations, and payment obligations including payment of insurance that will arise in the future or have the possibility of occurrence) , and, here, description is made using a housing loan as an example.

(a) tranches forming means for creating tranches (minus claims) by dividing a derivative product into a plurality of tranches or by using said derivative product in its entirety

The unit of the notional principal of a long-term derivative transaction is 100 million yen. In the case of housing loans, detached houses or condominiums are usually tens of millions of yen. Therefore, long-term derivatives Divide into multiple small shares, and sell these derivative products (less creditor's rights) to multiple interested parties. In the case of high construction costs such as condominiums including multi-unit condominiums, derivatives (minus claims) are contracted for the entire lot.

(b) contract device for entering into a contract with the loan obligor for said small derivative (minus claims)

A written contract or contract text is concluded with the debtor (customer) for the purchase of goods (condition setting in the case of an integrated type of goods accompanied by another purchase or the like).

(c) personal communication device, to said debtor after said contract for said derivative product (minus claims) has been concluded

A personal site is set up on the homepage of the financial support company, and derivative product price information, etc. can be seen through the personal identification number of the loan debtor.

(d) Settlement device for derivative products (minus claims)

Settle funds against debtors who have sold small derivatives (minus claims).

(e) Delivery device, used to deliver currency, negotiable notes, etc. equivalent to the income obtained through the settlement device

When signing a loan contract, in order to prevent the risk of loan debt, a derivative product (minus creditor’s right) contract is signed, and the economic situation changes during the repayment process and a loan reduction (income) occurs in the derivative product (minus creditor’s right) Under the contract, the debt balance is automatically paid off through the contract. At this time, the proceeds are received once through currency, negotiable notes, etc., and the debt balance is paid off. Also, when there is a surplus gain, that gain is earned.

(f) Notification means for booking swaps, provision of comparative information between loan balance A and present value B, and for advertising said small lot (minus debt) created by said small lot forming means

The computer obtains price information from various markets related to the commodity, and provides a commodity price list for displaying commodity prices in a timely manner according to the characteristics and conditions of commodity prices. In addition, a simulation page is created based on the commodity price list (the simulation page is a system such that, for example, when a certain amount of money is paid at the time of home loan and when the interest rate becomes to have a certain percentage value after a certain number of years, the simulation page system indicates how much principal can be reduced), and, with respect to the device and features of the present invention, make the public aware of the debt reduction method and system.

(g) Information providing means for diagnosing and providing information on the total risk

Electronically manage the goods purchased by the debtor and the conditions of the debtor, diagnose the total amount of risk of the debtor, and whenever necessary through electronic communication media such as the homepage or email, or by printing such as direct mail every predetermined date The media, to provide subsequent commodity price information and information appropriate to the debtor's situation and situation. Additionally, create an advisory system that can respond to inquiries, request information, and appeal. In addition, among this product or a product similar to this product, a product that is not developed to the public in the exchange market is developed to the public, and the product is inserted in media such as newspapers.

(h) Settlement support means for supporting settlement opportunities for said agreed derivatives (minus claims)

Properly notify the person who expects to settle the product of the settlement price of the derivative product (minus the creditor's right) through the telecommunications medium or the telephone medium such as a call center, and the information required by the debtor as a customer (such as at the current point in time) Notification of the cash flow received in the case of settlement of derivatives (minus claims) to support the debtor (client) in making a decision to settle a small amount of derivatives (minus claims). However, in the case where conditions previously determined in a contract or the like are satisfied, settlement is automatically performed.

Claim 15 of the present invention is a method for reducing debt by using a computer, the method being characterized in that said computer receives debtor information transmitted from a debtor terminal of a debtor, said computer having received said debtor information Calculate the debt balance of the debtor at the current point in time based on the debtor information, and calculate the remaining principal and sum of the debtor at the current point in time by using the interest rate data and present value calculation rules stored in the computer the present value of interest payments or payment obligations including payments for insurance that will occur or have the possibility of occurring in the future, and where said calculated debt balance is greater than said calculated present value, said The computer notifies or transmits information indicating that the debt of the debtor has unrealized proceeds to the debtor terminal, receives a signal instructing swap processing notified or transmitted from the debtor terminal of the debtor, and executes the The swap transaction processing described above.

The present invention of claim 16 is a method for reducing debt by using a computer, the method being characterized in that the computer receives an input of information related to a large derivative product, processes the large derivative product or Divide the large derivative product into a plurality of small parts as required, store it as derivative product (credit-minus) data, and the computer receives the purchase of the derivative product (credit-minus) notified or sent from the debtor’s terminal applying an order or receiving an input of said purchase application order, inputting to said computer or receiving by said computer a notification from said debtor or a settlement signal sent from said debtor's terminal indicating settlement of said derivative product, And the computer which has received the input of the settlement signal or has received the settlement signal executes settlement processing directly or by using a network.

Claim 17 of the present invention is characterized in that: in the debt reduction method of claim 16, said computer receives information related to said derivative product (debt reduction) from a terminal of an external information providing company directly or by using a network, and storing said information as price index data, and notifying said debtor (client) of advertisement data and said price index data created based on said composite or fractional derivative product data or communicating said advertisement data and said Price index data is sent to the debtor (client) terminal.

Claim 18 of the present invention is characterized in that, in any one of claims 1 to 17, the debt reduction method and equipment described in any one of claims 1 to 17, the commodity is sold, and at the same time the premium of the derivative product (including commission, contribution to the present invention) Fees for use, etc.) are included in the price of goods handled by housing providers, construction companies, estate agents, leasing companies, financial institutions, financial support companies, etc., and are paid to those who have rights to the invention regardless of the success of the derivative product Commissions, fees for use of the invention, etc. As a result, the buyer of the commodity purchases the derivative product, and when the derivative product generates income, there is an advantage that the debt can be reduced through the income.

Claim 19 of the present invention is characterized in that, in the debt reduction method and device described in any one of claims 1 to 17, the issuer of national bonds/bonds/corporate bonds or their dealers in order to reduce the debt directly or indirectly purchase the derivative product for the purpose of purchasing, or incorporate the purchased derivative product into the commodity and sell (issue) it directly or indirectly.

Since treasury bonds, government bonds, and corporate bonds are circulated as bonds, and many and uncertain people invest in them, the price of bonds fluctuates according to the creditworthiness of bonds, and thus interest rates also fluctuate. For example, the issuer of Japanese government bonds is Japan, and various economic phenomena occur when Japan's credit status is lowered due to ratings by international rating agencies.

By taking advantage of various phenomena, derivatives are used to redeem some or all of the national debt. Specifically, when the credit status of the issuer of Japanese government bonds (Japan) deteriorates, all yen, government bonds, and stocks are sold immediately. Therefore, when you previously purchased derivative products that wanted to gain income when the exchange rate of the yen appeared cheap, derivative products that wanted to gain income when the price of government bonds fell sharply, and derivative products that wanted to gain income when the Nikkei stock average index fell sharply, In the event of a derivative product gaining yield, redemptions were executed in the event of a sharp credit decline in Japan.

As a recent concrete example, Argentine government bonds suffered when the price of Argentine government bonds (100 yen or more per share) fell below the 30 yen level. When Argentina pre-purchases the above derivatives, it works very well when Argentina's national debt suddenly falls and the economy is contracting.

Furthermore, in public bonds, corporate bonds, etc., when a bond with this derivative product is issued, investors can easily invest in the bond, and furthermore, when the investor is notified that the derivative product as described above has been purchased, the bond The credit of the issuer is enhanced.

Claim 20 of the present invention is characterized in that, in any one of claims 1 to 17, the debt reduction method and device, the insurance company directly or indirectly for the purpose of preventing or reducing the risk of payment to the insured Purchase the derivative product, or incorporate the derivative product into a commodity and sell (issue) the commodity directly or indirectly.

Insurance companies pay a premium to reinsure against the risk of insurance premium payments. As a result, relatively high reinsurance premiums are paid to reinsurance recipients or traders (e.g., Lloyd, etc.), however, in addition to paying premiums or in combination with reinsurance, derivative products are also purchased directly or indirectly, making it possible to prevent or reduce the risk of Payment by the insured. It is conceivable that the insurance category includes life insurance, various non-life insurances, marine insurance (a kind of non-life insurance) and the like. Currently, there are cases where reinsurance is carried out in addition to reinsurance.

In insurance, it is possible to estimate payment obligations (future liabilities) including future insurance benefits.

Thus, in the event of a rise in interest rates, future debt is discounted through the yield curve to obtain a present value, and where the amount of present value is less than or equal to the amount of future debt, financial institutions are provided real money and and/or a negotiable instrument equivalent to real money to swap future liabilities, or to swap future liabilities against future cash flows generated in the insurance company.

Claim 21 of the present invention is characterized in that, in the debt reduction method and apparatus described in any one of claims 1 to 17, housing providers, construction companies, real estate agents, leasing companies, financial institutions, financial support companies , the issuer of treasury bonds/government bonds/corporate bonds or their dealers are obliged to pay the applicant, assignor or successor of the invention the fee for the intended use of the invention according to the price of the commodity to be processed, and no matter in the premium of derivative products Whether it includes the commission or use fee of the present invention, the use fee of the present invention is obtained according to the price of the commodity, and the interests of the legal person of the present invention are ensured. On the other hand, the seller of the commodity has a risk until the long-term collection of the commodity bill is completed, and has the advantage of preventing this risk.

Claim 22 of the present invention is the debt reduction method and device according to any one of claims 1 to 17, the debt reduction method and device are characterized in that: the creditor of the debt uses the small amount of derivative products to protect credit, and use derivatives in addition to the commission usually levied by financial institutions, so that even if unexpected circumstances arise for the debtor, losses can be compensated by the proceeds of derivatives. In this case, the position of the right to obtain the proceeds of the derivative varies depending on which of the creditor and the debtor pays the premium of the derivative, so this is an item to be determined through negotiation among stakeholders. In any case, the invention includes creditor's use of the invention.

The possibility that the debt reduction can be settled advantageously can be judged as follows. For example, when using an interest rate option as an example, in the corrected Black-Scholes model as a theory of determination of the option price, since the determination is made under the assumption that the volatility of the forward interest rate follows a normal distribution of the probability distribution function , so this is a price system under the assumption that there is a low probability that interest rates will suddenly rise or fall due to sharp economic fluctuations. However, the following rule of thumb should be recognized: the actual economic environment changes drastically, and creditors and loan obligors are exposed to the risk of drastic changes.

Thus, the basis of the present invention is this: using a price system determined by the corrected Black-Scholes model, and in the case of applications to lending rates, effective interest rate options such as very expensive and long lasting effective rate options and interest rate swaps Combination and purchase of derivatives of options reduces the risk of creditors and ordinary housing loan debtors, and can ensure stable economic activities.

For example, in the case of interest rate options, when there are sharp fluctuations in interest rates, the option prices corrected for the Black-Scholes model rise exponentially sharply because the main indices "gamma" and "vega" that make up the model sharply elevated. This implies that a large unrealized gain has been generated in a very short period of time, and by returning this unrealized gain to the loan debtor an object of the invention is achieved. Incidentally, gamma is a numerical value representing the sensitivity of delta when the interest rate fluctuates by 1%, and delta is a numerical value representing the sensitivity of the option price when the interest rate fluctuates by 1%. In addition, vega is a numerical value representing the sensitivity of the volatility when the interest rate fluctuates by 1%, and the volatility is an index representing the variability of the underlying asset price at the current point in time and the average value of the fluctuation of the underlying asset price . When the value of volatility increases, the premium becomes higher. Here, when the relationship between the subscription premium C and the volatility σ is expressed by the corrected Black-Scholes model, the relationship is expressed by the following formula:

C=SN(d ₁ )-Ke ^-rT N(d ₂ ), where d ₁ and d ₂ are

d ₁ =(log(S/K)+(r+σ ² /2)T)/σT ^1/2 , d ₂ =d ₁ -σT ^1/2 ,

And the relationship is this: when the volatility increases, the premium C becomes larger. Incidentally, S denotes an asset price, K denotes an exercise price, r denotes an interest rate, T denotes an exercise period, N(d) denotes a cumulative density function of a normal distribution, and denotes a bell diagram.

The economy has a history of repeated business booms and busts, and in the (corrected) Black-Scholes model at the time of the business boom, since a further business boom is assumed to have the same probability as the next occurrence of a business bust, from the actual probability From the perspective of low interest rates in times of business boom, interest rate options become cheap. For example, in the late 1980s and 1990s, Japan suffered from the so-called bubble economy, however, the subsequent contraction of the economy was very large, and then the economy repeated the circulation process. For example, when the economy grows by 10%, assuming a 15% growth rate minus a 5% growth rate (10±5%) has the same probability = same price for subsequent growth rates according to the Black-Scholes model. According to this concept, since the combination of credit and debt (underlying assets) and various derivative commodities become possible, a wide application of safer options for credit and debt becomes possible.

By the way, the "debt" described in this specification includes all monetary debts of the debtor (such as housing loan debts of legal persons, other ordinary loan debts, contractual debts, ordinary borrowed debts), treasury bonds, public bonds/corporate bonds ( Debts arising from public bonds issued by local governments, corporate bonds (including corresponding guaranteed bonds) issued by corporations, etc., and payment obligation debts including payment for insurance.

In addition, housing loans are mainly for individuals, and in order to facilitate the acquisition of housing, although lending is made while providing housing as security, but according to countries including our country, there is a preference that it can be returned at any time without any fee, and upon signing It is well known to the present inventor that the contract clarifies provisions in the case of midway retirement, and that it differs from ordinary loans in that penalties are required in the event of cancellation of the contract, or that refunds can be made at any time. However, since the present invention helps to reduce both types of loan obligations, in this specification they are treated as loans that serve the same purpose.

Furthermore, the "reduction" of debt is a concept that includes not only paying off a part of the debt to reduce the debt but also paying off all the debt.

[Advantages of the present invention]

According to the invention, the obligor has an obligation to pay future principal and interest payments on the debt or including payments for insurance that will arise in the future using actual currency and/or negotiable instruments that are equivalent to the present value discounted through the yield curve All or part of the swap, so that the debt is largely paid off.

In particular, in the case where the commoner is the debtor as in a housing loan, after the debtor assigns the post-swap rights to the creditor, the debtor changes into a financial institution or a financial support company and receives settlement of the outstanding credit based on the initial contract , therefore, creditors such as financial institutions can fully obtain the benefits originally planned, and when the creditor is a bank, it also has the effect of increasing the net worth ratio.

Furthermore, according to the present invention, the following advantages are obtained.

1. Remediation of bankruptcy due to macroeconomic changes

(A) In the event of rising interest rates (including hyperinflation)

(a) the debtor

In an inflationary economy, because many businesses have management difficulties due to the sharp rise in interest rates and raw materials, employment rates will drop sharply, and there is a possibility that debtors will become insolvent, however, using the method and apparatus of the present invention A debtor performs a swap or settlement of a reduced claim so that the debt balance, principal and interest payments, interest payments, or a portion of the interest payments are reduced and insolvency can be prevented. For example, a debtor with a variable rate is required to pay high interest. Eventually, there is a possibility that the payment of interest becomes impossible, however, when settlement is made on a previously purchased reduced claim, reducing the debt balance, principal and interest Payments, interest payments, or a portion of interest payments, thereby preventing insolvency. Additionally, the debtor has a doubling effect as the asset value rises due to the rise in value of the pledged assets.

(b) Creditors

Bad debts increase sharply due to the debtor's commercial bankruptcy or insolvency. The creditor cannot recover not only the interest but also the principal, and there is a possibility of financial difficulties or bankruptcy. However, debtors using the method and apparatus of the present invention perform swaps or settlements on reduced claims such that debt balances, principal and interest payments, interest payments, or a portion of interest payments are reduced and insolvency can be prevented The emergence, therefore, of creditors such as credit holders can prevent credit from turning into bad debts, and can prevent financial difficulties or bankruptcy.

The implications for creditors, especially financial institutions, are significant. For example, when raising funds, due to the reduced risk of raising funds in which the goods based on the present invention are directly or indirectly conferred on the debtor, there is a significant reduction in loans assessed as substandard or bankruptcy anxiety compared to the prior art Loan possibility. As a result, the required reserve fund becomes smaller than the current reserve fund, and bank management is stabilized so that the bank has financial surplus and contributes greatly to revitalizing the economy. In addition, credit can be paid off when it is agreed with the debtor that the creditor can settle the reduced claim.

Furthermore, in a housing loan in which ordinary individuals are debtors, the influence on financial institutions such as banks due to swap is very large.

There are two advantages for creditors. One is that it greatly reduces the expected risk, and the other is that it helps to increase the net worth ratio.

That is, the creditor always has a risk (loan repayment risk) in which the loan obligor is full of expectations in a period of low interest rate, and in the present case, guidance on the risk is performed. However, regardless of the future fluctuation of the interest rate, the financial institution or the financial support company of the counterparty to the swap as in the present invention has the principal and interest payment amount, the interest payment amount, or a part of the interest payment amount according to the original loan contract (i.e., The cash flow generated in the loan obligor for many years and payable to the loan creditor) The obligation to pay the loan balance to the loan creditor makes the credit of the loan after the swap have no expected risk. This effect is significant in the case of one rate increase and then a rate decrease. That is, the loan obligor performs a swap while the interest rate rises once, and guarantees the repayment of the agreement on the loan, so that the loan after the swap becomes a loan credit in which no expectation is made even if the interest rate falls after the rise in the interest rate, Therefore, it becomes a credit in which no risk protection against a fall in interest rates is required.

In addition, creditors end up with a great benefit to investors who have purchased loan credits secured against risk since no expectation of credit will arise as described above. For example, an investor who has purchased a product secured by loan credit can obtain stable investment income without being affected by interest rate trends.

Another advantage to the creditor is that, needless to say, the present value of future principal and interest payments is less than the debt balance, even in the case where the present value of future principal and interest payments is equal to the debt balance. When all or part of the right to obtain the cash flow obtained by the loan debtor through the swap contract is granted from the debtor to the loan creditor, the creditor's net worth ratio increases.

The creditor of the loan is usually a bank, and in the bank, there is a BIS (Bank for International Settlements) equity ratio regulation, and when the equity ratio calculated by the BIS regulation is less than 8%, the bank cannot conduct international business. The net worth ratio is calculated by net worth / (asset amount × risk weight of each asset class), and its mechanism is as follows: the smaller the risk weight of each asset class, the greater the net worth ratio.

Although the risk weight of each asset class varies between countries, in Japan, for example, in the case of housing loans, the loan balance must be multiplied by 50%, while in the case of lending and lending between banks, only the loan The balance is multiplied by 20%, and in the case of the same equity and the same loan balance, for example, in the case of a housing loan with equity of 10 and loan equity of 100, the equity ratio is 20% (10/100×50% ), while in lending and lending between banks, the equity ratio becomes 50% (10/100×20%), and in this comparison, the equity ratio increases by 2.5 times. By the way, since the risk weight of raising capital for the company is 100%, in the above calculation of the net worth ratio, the net worth ratio is 10% (10/100×100%), when it is transformed into the loan between British Airways When , the net worth ratio increased by 5 times, so the impact is very large.

This effect occurs when the loan obligor gives the right to the swap to the creditor after performing the swap, because the borrower changes from the loan obligor to the bank.

Therefore, in the judgment of the creditor, in order to improve the net worth ratio, even if the present value of the future principal and interest payment is higher than the debt balance, in the case of economic rationality, the following situation may exist: the loan creditor gives the debtor some economic supply, and advises the debtor to execute the swap and award it to the creditor of the loan.

(B) Cases of falling interest rates (including hyperinflation)

(a) the debtor

In a deflationary economy, demand is reduced and many businesses have management difficulties, so debtors become difficult to pay, however, when debtors use this invention to settle their claims, they reduce loan balances, principal and interest payments, interest part of the payment or interest payment and protects against insolvency. Furthermore, even with reduced safety values, large amounts of over-indebtedness can be avoided due to debt reduction or liquidation. In addition, although debtors on fixed-rate loans continue to pay high interest, insolvency can be prevented when the debt reduction is used because the home borrowing principal is reduced through the marginal return between the fixed agreed rate and the reduced market rate. appear.

(b) Creditors

When debtors become bankrupt or insolvent, bad debts increase, not only interest but also principal cannot be recovered, and creditors also have management difficulties. However, when the debtor settles the reduced claim, the creditor suffers no loss due to the reduction or liquidation of the debt balance, principal and interest payments, interest payments, or a portion of the interest payments.

In addition, although the value of the pledged assets is also reduced, when the debtor settles the creditor's rights, due to the reduction of the debt balance, principal and interest payments, interest payments or part of the interest payments, the creditor's assets It is assessed as healthy and normal credit in the assessment of the Bank, therefore, there will be no shortage of reserve funds and no financial difficulties. The same effects as those described in (A) the above column (b) creditors in the case of rising interest rates (including hyperinflation) are obtained.

2. The increase in purchase intention due to the absence of risk of drastic changes in the macro economy

Since the loan obligors using the lending method endowed with debt reduction can avoid the risk of drastic changes in the macroeconomy, they become able to bear higher debts and become able to enjoy more affluent consumption than the loan obligors using the conventional lending method Or invest in life. In addition, opening up to consumption or investment the usual excess deposits (so-called padding money) performed when preparing for drastic changes in the microeconomy, allows the fund's velocity to increase and, as a result, the creation of credits for the currency that usually works effect, and activated the economy itself.

3. Reduce the risk of sudden macroeconomic changes

In the case of extending the debt reduction described in the present invention to a wide range of credits and debts other than housing loans, in order to resist the force that causes sudden changes in interest rates, customers such as debtors who have purchased the debt reduction of the present invention are The commodity settles, allowing the opposing forces to act on changes in interest rates and mitigating one-way sudden increases or decreases in interest rates. Through this counter force, troubles due to inflationary or deflationary instability of the economy can be avoided.

4. Improved economic efficiency

It reduces the excessive risks currently borne by debtors, and enables the circulation of money saved at one level in appropriate risks to more efficient investment and consumption, which improves the efficiency of the entire economic society. This is similar to the fact that the Internet increases the efficiency of information, so this mechanism has economic value.

Since the loan product using the present invention has not been put on the market so far, the loan obligor bears all the loan risk as a result, however, when the loan obligor widely uses the present invention, the market is opened and the loan risk is greatly reduced.

Previously, since the commodity of the present invention was not placed on the market as a sales tool for home sales, etc., the price of forward delivery, option, swap or swap option was set very high, and in the current situation However, according to the invention which makes common people such as housing loan debtors usable, a new circulation market is created and expanded, forward delivery, option , swap or swap option prices converge to an appropriate price and the invention can be used at low cost.

Description of drawings

[Figure 1] Housing Loan Principal and Interest Equal Repayment Details List (Example 1)

[FIG. 2] (a) is a price table of 20-year swap rate option, in which the current price amount 10 years later is calculated, and (b) is a table in which the increase rate of the option price is calculated (Example 1).

[Fig. 3] (a) is a table in the case of dividing the 20-year swap rate option and calculating the current price of the premium after 10 years, and (b) is a table showing the principal repayment ratio (Example 1 ).

[Figure 4] (a) is a table in the case of purchasing two 20-year swap rate options and calculating the current price 10 years later, and (b) is a table showing the principal repayment ratio (Example 1) .

[FIG. 5] A graph plotting the actual results of the 20-year swap rate (Example 1).

[Fig. 6] (a) is a table for calculating the current price amount five years later using a 10-year swap rate option, and (b) is a table for calculating a premium increase rate (Example 2).

[Fig. 7] (a) is a table in the case of dividing the 10-year swap rate option and calculating the current price five years later, and (b) is a table in which the principal repayment ratio is calculated (Example 2).

[Fig. 8] (a) is a table in the case of purchasing two 10-year swap rate options and calculating the current price after 5 years, and (b) is a table for calculating the principal repayment ratio (Example 2) .

[FIG. 9] A graph plotting the actual results of the 10-year swap rate (Example 2).

[ Fig. 10 ] A graph showing actual result values of the premium of the 25-year treasury bond interest rate option, the loan balance, and the ratio of the premium to the loan balance (Example 3).

[Fig. 11] (a) is a table for calculating the exchange option (U.S. dollar subscription) using the exchange rate between the yen and the U.S. dollar when the yen depreciates, and (b) is a table for calculating the rate of increase of the premium (Example 5) .

[FIG. 12] (a) is the table which calculated the current price amount of the exchange option 10 years later, and (b) is the table which calculated the principal repayment ratio (Example 5).

[Fig. 13] (a) is a table in which two exchange options are purchased and the current price 10 years later is calculated, and (b) is a table in which the principal repayment rate is calculated (Example 5).

[ Fig. 14 ] A graph in which the actual result value of the exchange rate of yen/dollar is plotted (Example 5).

[Fig. 15] (a) is a table that uses the New York Dow Jones stock price and calculates the current price amount 10 years later when the price falls in the future, and (b) is a table that calculates the increase rate of the option price (executed Example 6).

[FIG. 16] (a) is the table which calculated the current price amount 10 years later when dividing the New York Dow Jones stock price option, and (b) is the table which calculated the principal repayment ratio (Example 6).

[Fig. 17] (a) is a table in which two New York Dow Jones stock price options are purchased and the current price amount 10 years later is calculated, and (b) is a table in which the principal repayment ratio is calculated (Example 6).

[FIG. 18] (a) is a graph of Dow Jones stock price in New York, and (b) is a graph in which actual result values of volatility for 24 years are plotted (Example 6).

[FIG. 19] A table of actual result values of the New York Dow Jones index and volatility for 24 years (Example 6).

[ Fig. 20 ] A table showing the return of options using the New York Dow Jones Index, (a) shows a call option, and (b) shows a case of a put option (Example 6).

[FIG. 21] (a) is a price table of New York Dow Jones stock price options, and (b) is a table in which an increase rate of an option price is calculated (Example 7).

[FIG. 22] (a) is a price list of a small New York Dow Jones stock price option, and (b) is a table showing a liquidation rate to a contract debt balance (Example 7).

[FIG. 23] (a) The table which shows the calculation result to the present value of a loan obligation (Example 8).

[ Fig. 24 ] A graph showing a yield curve (Example 8).

[FIG. 25] Page for nominal calculation of interest rate options (embodiment 8).

[FIG. 26] A list of equal payment statement of principal and interest of contract debt (Example 9).

[ Fig. 27 ] A table (Example 9) showing the results of calculation of the present value of contractual obligations.

[ Fig. 28 ] A functional block diagram showing the structure of an apparatus of Embodiment 10 of the present invention.

[ Fig. 29 ] A flowchart showing a processing procedure in the device of Embodiment 10 of the present invention.

[ Fig. 30 ] A functional block diagram showing the structure of an apparatus of Embodiment 11 of the present invention.

[ Fig. 31 ] A flowchart showing a processing procedure in the device of Embodiment 11 of the present invention.

[Explanation of designations and symbols]

50 Internet

80 Client (debtor) terminal

100, 300 systems

102 Small portion forming department

104, 304 Market Information Input Department

106 Notification Department

108 Contract Department

110 Personal Communications Department

112 information providing device

114 Settlement Department

112 Submission Department

302 Loan Balance Calculation Department

306 Present Value Calculation Department

308 Debt Value Judgment Department

310 swap department

Detailed ways

In the case of preparing to purchase a fund by using a loan that becomes the object of option purchase and has real rights or claims (such as housing) with underlying asset prices, options are set at the same time, thereby avoiding risks due to fluctuations in the economy and realizing Repayment of principal borrowed.

In addition, issuers of government bonds/government bonds/corporate bonds have long-term debts and have large risks depending on the economic situation and interest rate situation, however, when using the present invention, it is possible to prevent some or all of the risks due to changes in the situation and play a good role International and social influence, so applicability is strong.

(Example 1)

This embodiment relates to a method for reducing housing loan debt, and will describe an example of purchasing a house worth 40 million yen. Fig. 1 shows a part of the list of equal repayment of principal and interest in the case of borrowing a housing loan of 40 million yen at a fixed rate of 3% as a purchase fund. The payoff period is 25 years (300 months). The borrower's total debt including agreed interest is 56,905,358 yen, and risks such as difficulty in repayment by the loan obligor due to economic fluctuations for 25 years are not considered.

Here, a case is considered in which the housing loan interest rate is raised from 0% to 3% from a fixed rate of 3% at the current point of time (loan point of time) after 10 years from the start of repayment. Fig. 2 shows the Black-Shuttle swap rate at the corresponding exercise price in the case of the "20-year swap rate" (here, the swap rate is an interest rate obtained by subtracting about 1% from the housing loan) as an object. The current purchase price of the call option of the interest rate calculated by the Erles model, the asset price (principal) is 10 million yen, the volatility is 15%, the exercise period is 25 years corresponding to the loan period, and the swap rate The price of the option changes from 0% to 3% after 10 years, and the volatility is elevated. In the Black-Scholes model, when the out-of-the-money option is close to the in-the-money option, the factors that affect the option price (such as volatility) increase, and the current price of the option rises sharply. In an in-split option, when it is close to in-the-money, then the price amount has risen, so big gains can be won with a small purchase price.

The method of looking at FIG. 2( a ) is exemplified. While the 5.0%, 6.0%...15% strikes are well separated from the current (at the time the option was bought) rate of 1.865%, 4.8655% is in the money when the swap rate is 3% higher , and 5% of the strikes are close to in-the-money. As mentioned above, the strike price represents the level of getting in-the-money.

The purchase price is the option purchase price (premium) at each strike price, and as it becomes closer to in-the-money, the price becomes higher. For an asset price (principal) of 10 million yen, the option purchase price at an exercise price of 5% is 4,660 thousand yen, which is 4.7% of the principal. For volatility, as shown in Figure 5, in the actual results in the past 4 years in the 20-year swap rate market, 6 times of volatility of 15% or higher were achieved, and 2 times of 50% or higher were achieved Volatility of 50% or more can be fully realized after purchasing options. Thus, in Figure 2, it is assumed that after 10 years, the volatility changes from 15% (which is the value at the time of the options contract) to 50% or 75%.

For each case during which the swap rate increases from the current swap rate of 0% to 3% at 0.5% intervals, the then-price amount to purchase the option is calculated and listed. Graph (b) shows the increase rate of the current price amount and the purchase price of the purchase option 10 years later. For example, in the case where the exercise price is 5.0%, the purchase price is 4,660 thousand yen. After 10 years, when When the increase in the swap rate is 0%, the volatility is 50%, the current price of the option is 14,713 thousand yen, and the increase rate is 3.16 (times), and these increase rates are shown in the corresponding positions.

Here, it should be noted that in the graph (b), in the column where the strike price is 5.0%, in the case where the interest rate rises by 3% and thus becomes 4.8655%, when the volatility is 50%, the increase rate of the purchase price is It is 14.96 times. Although the principal balance borrowed at this point in time is not shown, the principal balance borrowed is 68,365 thousand yen in the case of a fixed interest rate of 3% and equal repayment of principal and interest for 25 years. On the other hand, the current price amount of the swap rate option purchased by the loan obligor through the housing loan principal reduction contract according to the present invention is 69,698 thousand yen and exceeds the borrowed principal, so the entire amount can be paid off by selling the option . Similarly, when the volatility is 75%, the interest rate is 17.22 times, and the price amount at that time is 80,255 thousand yen. This shows that despite the low interest rate compared to other exercise prices, the invention has real benefits for loan obligors. Since it becomes close to in-the-money, the price amount at the time of purchasing the option increases, however, the option rate immediately before being in-the-money becomes stagnant. This is characteristic of the Black-Scholes model using the lognormal distribution.

Needless to say, the benefit of the purchased option becomes larger as the degree of separation from the in-the-money becomes greater, and it varies according to the amount of principal reduction expected by the debtor of the purchase loan and the sense of burden on the purchase price when purchasing the option Variety. The details are described in the next paragraph.

FIG. 3 shows the case of an option equivalent to an asset price of 40 million yen obtained by dividing the above 20-year swap rate option by 10 million yen. Similarly, let the exercise period be 25 years, the swap rate at option purchase is 1.865%, and the volatility is 15%. According to the detailed list of equal repayment of principal and interest shown in Figure 1, the principal balance after 10 years is 27,346,000 yen. In order to reduce this balance, referring to Figure 3(a), when the purchase price of the option that the debtor of the housing loan does not feel burdened is about 10 million yen, he can only choose the option with an exercise price of 6% (the purchase price of the option is 1,156 thousand yen Yuan). When the swap rate rises by 3% and the volatility is 50%, the current price amount of the option with an exercise price of 6% after 10 years is 25,758 thousand yen, and as shown in Figure (b), the current price amount The ratio to the loan balance is 94%, and it can be understood that most of the loan interest can be paid off. When the exercise price is 5%, the option purchase price is 1,864 thousand yen and is relatively high, although the liquidation rate is 102% and is sufficient, but it is not a very large expansion compared with 94%. Instead, it may be better to buy 7% of the exercise price at 748 thousand yen and get an 87% liquidation rate through the purchase price increase. It is left to the home loan debtor to make that choice.

While the above example shows the case of purchasing one option, FIG. 4 shows an example of purchasing two options. In the graph (a), although the purchase conditions are the same as the options shown in Fig. 3, since two options are purchased, the option purchase price becomes double. Therefore, when the exercise price is 6%, the purchase price is 2,313 thousand yen, so the burden on the loan obligor is heavy, so an exercise price of 8% is selected. The option purchase price is 1,000,000 yen, and the ratio to the borrowed principal is 2.5%. The borrowing (loan) balance after 10 years is 27,346 thousand yen, and in the case where the swap rate rises by 2% and the volatility is 50%, the current price amount of the purchased premium is 28,699 thousand yen, so it can be repaid Clear (pay off) all loan balances. In addition, in the case of the same purchase conditions, the swap rate is increased by 1% and the volatility is 50%, and the price amount at that time is 17,034 thousand yen, so it is possible to reduce 62% of the outstanding amount of the principal. This condition appears to be fulfilled with a fairly high probability, the reason for which is described in the next paragraph.

Examine the past actual results of the 20-year swap rate for how the swap rate has changed. The graph of Figure 5 shows this result. This period is about 4 years from October 1999 to April 2004. While interest rates range from 2.7% to 1%, volatility ranges from 10% to 75%. Volatility is the index that has a large impact on the premium of swap rate options, and it is advantageous to buy options with volatility below 20%. As mentioned above, the calculations are performed under the assumption that the target 20-year swap rate is 1.865% and the volatilities are 50% and 75%, which seems to be sufficient based on the actual results of the past ~4 years.

In the above example, although the case where the swap rate rises is described, in the case where the rate falls, although not specifically shown, when the 20-year swap rate is about 6% and the volatility is 20% , and when the strike price in the 25-year interest rate put option is 3%, the purchase price for the principal amount of 40 million yen is 154 thousand yen. In the case where the interest rate becomes 3% and the volatility becomes 70% in the 10th year, the current price amount of the purchase price becomes 6,600 thousand yen, and the current price amount of the purchase price becomes almost 43 times higher. As a result, when buying 5 options (154,000 yen × 5 = 770,000 yen), the current price amount of the purchase price becomes 6,600,000 yen × 5 = 33,000,000 yen, and the housing after 10 years can be paid off The loan balance is 27,346 thousand yen.

<Example 2>

This embodiment relates to a method of reducing home loan debt through the use of swap rate options.

Figure 6 shows the options in the case where the 10-year swap rate option is used. The exercise period is 25 years, the target swap rate is 1.32%, the asset price (principal) as the trading unit is 100 million yen, and the exercise price is set at 5% to 15% when the volatility rate is 20%, And calculate the corresponding premium (purchase price). In graph (a), the increase in volatility is 70% and 130% due to reference to past actual results. The graph shown in Figure 9 was obtained by plotting the actual resulting values of the 10-year swap rate from January 2002 to March 2004. Swap rates show swings of 0.5d to 1.6%, while volatility swings heavily in the range of 15% to 130%. Fluctuations in volatility have a big impact on premiums and create opportunities to secure gains. In the case of comparing Figure 2(a) showing the 20-year swap rate with Figure 6(a) showing the 10-year swap rate, for example, when the rise in interest rates is 0%, at At an exercise price of 5%, the current price amount of the 10-year swap rate is 26,750 thousand yen, and the current price amount of the 20-year swap rate is 14,713 thousand yen, and the ratio is 1.8. The reason for this is the difference in the rise rate of the set volatility. When similar comparisons are made for other strike prices, it should be understood that there is a 1.7 to 2.0 times difference.

Fig. 7(a) shows that after purchasing a 10-year interest rate swap option with an asset price of 100 million yen into a plurality of fractions each having an asset price of 40 million yen (divided into a plurality of fractions ) in the case of the option acquired by the current price amount of each exercise price after 5 years. Figure (b) shows that when a loan obligor of a housing loan (principal borrowed is 40 million yen, fixed interest rate is 3%, repayment period is 25 years) similar to the loan obligor of Embodiment 1 purchases a small The option is how much the loan balance of 34,202 thousand yen can be paid off after 5 years. While a liquidation (reduction) of about 50% is desired, it should be understood that it can be achieved with a fairly high probability. When the economic situation fluctuated and interest rates increased by 3% and the volatility increased to 130%, it became possible to make a 96% liquidation. When the loan obligor expects an option purchase price of several million yen or less, choosing an exercise price of 7% of Figure 7(a), when purchasing an option with an exercise price (premium) of 933,000 yen, in 5 years There is a high probability that about 50% of the loan balance can be paid off afterwards, and the burden on the loan debtor is greatly reduced.

FIG. 8( a ) shows a case where the number of options to be purchased is two when options are purchased. When the option purchase price is one million yen or less, a purchase price of 690,000 yen (of which the exercise price is 11%) is selected. When the swap rate rises by 1% and the volatility is 70%, the current price amount is 18,704 thousand yen, and when referring to Figure (b), the repayment rate of the loan balance is 55%.

<Example 3>

This example relates to a method of reducing housing loan debt, and will describe the following example based on the actual results from January 1, 1995 to October 1, 2004: Applying an interest rate option based on the interest rate of the national bond with an exercise period of 25 years Similar to the housing loan debt reduction method in Embodiment 1. Incidentally, it is assumed that the time of loan borrowing is January 1, 1995, and the interest rate option is purchased all at once at the start of loan borrowing.

Figure 10 is as follows: For the premium of the interest rate option in the period, the asset price is 40 million yen corresponding to the principal amount borrowed by the loan, and the strike price (exercise price) is 3.83, and is based on the national debt in each period The interest rate and volatility of the Treasury bond, using the Black-Scholes formula to calculate and plot the premium over time.

For the 25-year government bond interest rate option, the principal amount is 40 million yen, the volatility on January 1, 1995 is 8.182%, and the premium of the strike price of 3.83 is calculated as 1,387,172 yen. In this way, premiums in each period are calculated. In this figure, the horizontal axis represents the period, and the vertical axis represents the loan balance, premium (yen) and the ratio (%) of the premium to the loan balance. The ratios of 30%, 40% and 50% are represented by dotted lines in the table, and for example, in the portion of the solid line representing ratios above the dotted line representing 40%, the loan balance can be reduced by 40% or more. In the period after January 1, 1998, most of the segments correspond to the solid-line segment. In this example, the volatility was as low as 8.182% at the start of the period, and the premium had a rather low price, which produced a lucky outcome.

<Example 4>

In the case of the borrowing period of the 25-year housing loan, for the purchase of the options in the above Embodiments 1 and 2, the options are purchased all at once at the beginning of the loan borrowing, and the options are made for the period before the expiration date ( Exercise period) is 25 years corresponding to the borrowing period of the housing loan, so the temporary value occupies almost the entire purchase price amount. This is the basic mechanism of options and obeys the so-called time decay theory, in which the temporary value of the purchased option is paid off on the expiry date. Therefore, in order to keep the option purchase price low, in this embodiment, the term is made short and the purchase price per unit is kept low. In this case, although it is difficult to pay off (reduce) all or most of the borrowed principal at one time, the proceeds from the sale of short-term options can be applied to a fund that is used to purchase long-term reduced claims to be subsequently purchased.

As an example, in the case of Nikkei 255 options purchased, 1000 put options were purchased with an exercise period of 6 months and at 3 yen/option (each put option in the delivery month of September 2004 In the case where both options have an exercise price of 7500 yen), the purchase price is 3 yen x 1000 = 3000 yen. (The Nikkei average price at the time of March 2004 was 11,500 yen with a volatility of 25%). In the case where this purchase is repeated every month, the number of options for 6 months becomes 6,000 (18,000 yen liquidation), and when it is assumed that the macro economy has changed after March, it is reduced by 2,000 days on average in Nikkei Yuan and the volatility rises to 80%, as a result, the option purchased above becomes 500 yen/option, the price amount at that time becomes 500 yen×3000=1,500 thousand yen, and it can be obtained. The 1,500,000 yen is funded, and the purchase of a long-term option for obtaining a subsequent credit reduction can be made to have been paid for. In the case of the beginning of borrowing a housing loan, the funds for purchasing the options as described in Examples 1 and 2 are not enough, or in the case of buying options of about 1 million yen due to unfamiliarity with options In situations where a sense of burden arises and the purchase of options is avoided, this advice is useful for understanding the advantages of options by recommending the purchase of options with very cheap purchase prices, and in demonstrating the options trading of this example After being successful, a long-term option corresponding to the repayment period of the loan can be agreed.

Specifically, a constant amount (3,000 yen, 5,000 yen, or 10,000 yen) is paid every month as a fund for purchasing options. That is, although the option purchase price changes daily due to fluctuations in volatility, the constant amount is determined every month, and the option quantity is changed according to the purchase price each time, and the option is purchased. Since the remaining borrowing period of 25 years shortens with the lapse of time, long-term options corresponding to the repayment period of the loan can be purchased sequentially and cheaply. In addition, among the above methods, a method may be considered in which, for example, among indices of exchange rates, interest rates, stocks, etc., one with a low volatility is given priority, and this one is purchased by a constant amount every month. In this case, as described above, at half the time period, where the investment volume can be collected from the change in the volatility, a part of the collected volume is used for the subsequent investment volume, so that it is possible to make the already The loan obligor pays for the subsequent investment amount.

<Example 5>

An example will be described below under the assumption that the yen will depreciate in the future: an option using the exchange rate of the yen and the dollar is applied to a housing loan debt reduction method similar to Embodiment 1. Figure 11(a) shows the results of USD exchange option subscription with an exercise period of 25 years. The purpose is: the exchange rate of Japanese yen to USD (109.65 yen/USD), the interest rate of Japanese yen is 2.443%, and the interest rate of USD is 9.049%. Gold is 1 million U.S. dollars, the volatility is 9%, the exercise price is set between 110 yen and 170 yen, and an attempt is made to calculate the current price amount represented by the premium of each exercise price 10 years later. Graph (b) shows the rising rate of the current price amount and the premium at the time of initial purchase 10 years later.

In Figure 12, graph (a) shows the calculation result of the price represented by the current price amount (premium) of the exchange option USD call option 10 years later, and graph (b) shows the calculation result at the time point of the calculation The ratio of the current price amount to the loan balance after 10 years from the start of the redemption period. When looking at a 10-year horizon, it's worth looking forward to JPY/USD becoming around 110 to 130 JPY. For example, when the loan obligor expects an option purchase price of one million yen or less, when the exercise price of the option to be purchased is made 120 yen, the purchase price can be suppressed to 814 not exceeding one million yen thousand yen. For this option, in the case where the exchange rate rises 20% after 10 years and becomes 131.58 yen and the volatility at this time is 13%, the price amount at that time becomes 5,952 thousand yen and is 7.3 times higher than the option purchase price . When the loan obligor sells the option, as shown in figure (b), 25% of the loan balance of 27,346 thousand yen after 10 years can be paid off (decreased).

Figure 13 shows an example in which two such exchange options are purchased. Since two options are purchased, the premium becomes double, and in the event that the purchase price is suppressed to one million yen or less, the exercise price of option 130 yen (purchase price of 816 thousand yen) is suitable. After 10 years, when the exchange rate increased by 20% and the volatility was 13%, the option price amount at that time became 8,368 thousand yen, which was almost 10 times higher than the purchase amount. The repayment ratio of the loan balance at this point in time is 31%, and even after deducting the purchased option fee, a profit of 7,552 thousand yen can be secured. In Figure 14, past actual results for the JPY/USD exchange rate and volatility are plotted. This period is about 4 years from October 1999 to February 2004. The JPY/USD price ranges from 102 JPY to 130 JPY and the volatility ranges from 2% to 16%. Thus, the above example would actually occur where an option is purchased when the volatility is 9%, and settled when it is 13%.

(Example 6)

The following describes an example in which an option using the New York Dow Jones Index is applied to a home loan debt reduction method under the assumption that the New York Dow Jones Index will decrease in the future. Figure 15(a) shows the purchase price (premium) of a stock price option (put) with an exercise period of 25 years, target: New York Dow ($10,240), asset price (principal) is a Volatility in the $1 million case is 12% and sets the strike price (in USD) at $9,000 to $4,000 for a case where the Dow is lower and the volatility fluctuates to 30% to 50% after 10 years Figure 15(b) shows the increase rate of the exercise price at this time.

Fig. 16(a) shows that in the case of purchasing options obtained by dividing a New York Dow Jones stock option with an asset price of $1 million into multiple fractions each with an asset price of $400,000 After the current price amount, Figure (b) shows: the housing loan principal is 400,000 US dollars, the term is 25 years, the interest rate is 4.5%, and when the loan debtor who executes the equal repayment of principal and interest purchases a small option, at 10 How much the loan balance of $290,634 can be paid off after 2 years. In the case of purchasing an option with a strike price of $7,000 at a premium of $4,240, when the decline in the Dow is 0% and a volatility value of 30 after 10 years, the price amount at that time becomes $54,280 and is less than the option purchase amount About 13 times higher, however, as shown in Figure (b), the repayment rate of the loan balance is 19%. Furthermore, even if the Dow Jones Index fell by 10%, the current price value of the option was $61,240, an increase of about 14 times, and a liquidation rate of 21%. In this case, the liquidation rate can be improved when two such options are purchased. Figure 17(a) shows an example of buying two options. Although the option purchase price doubles, the purchase price is a reasonable $8,480 at an exercise price of $7,000. When referring to Figure (b), even if the Dow Jones Index falls by 0%, the payoff rate on the loan balance is It reached 37%. Furthermore, when the Dow Jones Index fell by 10%, the liquidation ratio became 42%.

In Figures 18(a) and 18(b), the changes in the New York Dow Jones stock price and volatility are plotted against past actual result values. The period is 24 years from January 1980 to October 2004. During the period, the New York Dow Jones stock price fluctuated in the range of $810 to $11,200, and the volatility showed considerable swings between roughly 3% and 46%. As mentioned above, in addition to the volatility of the stock price, the premium of the option becomes higher as the volatility value becomes higher. Then, options that are easy to buy are set, and on the basis of Figures 19 and 20, it is verified how much profit can be obtained based on actual results. Figure 19 shows the extraction of past actual outcome values for New York Dow Jones stock price and volatility of Figure 18, Figure 20(a) shows a set of calls, and Figure 20(b) shows a set of put options.

First, the call option is described.

As shown in Figure 19(a), the actual outcome values for November 1996 are as follows: The New York Dow is $6.521 and the volatility value is 9.67%. Assume that at this point in time, a loan obligor who has borrowed a loan access amount (notional principal) of USD 250,000 purchases two (purchase price is USD 11,000) with an exercise period of 25 years and a performance price (exercise price) of USD 15,000 Put options (both purchase prices are $5,500). This amount is 2.2% of the notional principal. For the option purchased, at the time point of November 1998, two years after the purchase, the Dow Jones Index was $9116, and the volatility value was 40.08%. Due to the increase in the Dow Jones Index and the volatility value, the price at that time The amount becomes 17.6 times higher than the purchase price ($96,700). When the loan obligor sells the purchased options at this point in time, $193,400 ($96,700 x 2) can be collected. This amount corresponds to 77% of the notional principal, and the loan obligor obtains a fund that greatly reduces the debt (see Figure 20(a)).

Next, the case of purchasing put options will be described. Let the notional principal be $250,000.

As shown in Figure 19(b), the actual outcome values for August 2000 are as follows: The New York Dow is $11,215 and the volatility value is 12.78%. Assume that at this point in time, a loan obligor who has borrowed a loan borrowing amount (notional principal) of USD 250,000 similar to the above situation purchases 10 (purchase amount is $12,675) put options (each with a purchase price of $1,267,5). Then, the Dow fell due to the influence of international terrorist actions (911) etc., and it became $8,341 in December 2002 with a volatility of 37.26%. The current price amount of the option purchased at the strike price (exercise price) of $8,000 at that point in time is $44,075. Thus, $440,750 ($44,075 x 10) can be collected by selling all 10 purchased options (see Figure 20(b)), and needless to say, all notional principal can be paid off. In the US dollar example, investment trust balances exceed nationwide deposit balances, and stock price fluctuations have a large direct impact on home loan principal and interest repayment scenarios, so the invention is very useful.

(Example 7)

Figure 21 illustrates the use of New York Dow Jones stock price options. When the New York Dow Jones Index is $10,045 and the volatility value is 12%, the financial backing company purchases a 10-year stock price option (USD put) with a principal amount of $10,000 and creates the Initial exercise price list. Set the strike price at $1,000 intervals between $9,000 and $4,000, and show the purchase price for each strike price, for example, when the strike price is $9,000, the option purchase price is $210, compared to the principal is 2.10%. For the current price of the option three years later, suppose the New York Dow Jones Index falls by 0%, 10%, and 20%, and the volatility value at this time increases by 18% to become an increase of 30%, and an increase of 38% becomes an increase 50%, calculated the current price amount of the purchase price. For example, a purchase price of $210 rises to $1,739 when the New York Dow is down 10% and the volatility value is 30%. This rising rate is shown in figure (b). Figure (b) shows the ratio of the purchase price after 3 years to the current price amount, 1,739 US dollars is 8.28 times higher than the 210 US dollars at the time of purchase. The New York Dow at the time of purchase was $10,045, and the strike price of $9,000 was around par, and it should be understood that the rise in the purchase price of the strike price alone (eg, $8,000 or $7,000) is not that great. The rate is quite large.

FIG. 22 shows a case where the 10-year contractual debt of a lease object of $200,000 is reduced by using the New York Dow Jones stock price option described above. The New York Dow is at $10,045 with a volatility of 12%. A description is given below of the transition of the option purchase price in the following case: First, the leased object price is 200 thousand dollars, a 10-year contract is signed, and the contract debt balance after 3 years is 140 thousand dollars. Under the assumption that the stock price falls, choose the stock price option (USD put). In the structure of Fig. 22(a), the exercise price is set in the range of $9,000 to $4,000 at intervals of $1,000, and the ratio of each purchase price to the principal (that is, the price of the leased object) is shown . Shows the number of options that can be purchased when the covenant obligor expects a purchase price below $10,000. The following is an example of how to view this table. The option purchase price of an exercise price of USD 9,000 is USD 4,200, and its ratio to a lease object of USD 200,000 is 1.05%, so the burden is light. The purchase quantity is 2 and buy them for $8,400. When calculating the current price amount of the purchased option 3 years later, in the case where the Dow Jones Index fell by 10% and the volatility value at that time increased by 30%, the current price amount is 69,560 US dollars. In addition, when referring to In Fig. 22(b), relative to the contract balance of USD 140,000 after 3 years, the current price reaches 50%. In the case of a sharply changing economic situation in the Dow Jones index, the volatility value further increased and became 50%, and in the case of a 10% decline in the Dow Jones index, when the ratio of the price amount to the balance of contractual obligations rose to 87%, So the contract debtor can stay out of trouble.

The exercise price of USD 9,000 above is close to the par price when the New York Dow Jones Index is USD 10,045 and there is a downward trend, and the increase rate of the price amount at that time is not so high. When looking at the $8,000 strike price column, the purchase price is $2,120 and the covenant obligor buys 4 options. In the case of a 10% decline in the Dow after 1 year and a volatility value of 30%, the then price amount is $106,160, which actually amounts to 76% of the contract balance of $140,000 when referring to Figure (b). With the volatility value rising to 50%, it reaches 144% of the contract balance, allowing the contract debt to be fully paid off when the economic situation is unstable.

(Embodiment 8)

A method is described below with reference to FIGS. 23 and 24 : when the interest rate rises in the mid-payoff period, the loan obligor who has entered into a loan contract at a fixed rate uses the unrealized income generated in the loan obligation, and advantageously executes the payment of the loan obligation. pay off.

Assume that the loan obligor first borrows $250,000 at a fixed interest rate of 4.65% with equal repayment of principal and interest over 25 years. In this case, the loan balance after 5 years is $220,195. Considering the interest rate at this point in time, etc., based on the yield curve obtained according to the predetermined calculation formula previously determined for the swap dealer, the discount rate for each month after 5 years from the loan contract was calculated and shown in Fig. 23 shows the present value of loan repayments. In detail, the monthly loan repayment amount is calculated by [monthly loan repayment amount/(1+discount rate/12) ^months ], and the monthly loan repayment amount is calculated from the fifth year of the loan contract to the due date The loan discharges are summed to calculate the total loan discharges (ie, the present value of the cash flow from the loan obligor to the loan creditor).

Here, in this example, for the purpose of simplifying the description, as shown in FIG. 24, the 1-year interest rate, the 10-year interest rate, and the 20-year interest rate are set to 8.00%, 12.00%, and 12.00% as the base interest rates, assuming that the rate of return The curve is this: During the first 10 years (from the 5th year of the loan contract to the 15th year of the loan contract), the interest rate increases at a constant rate from 8% to 12%, and then (after the 15th year of the loan contract) the interest rate is constant 12%, the calculated present value of the remaining cash flows after 5 years from the loan contract is $134,837.

When the present value of the cash flow is less than the loan balance at this time (that is, the fifth year from the loan contract), the loan obligor will exchange (exchange) the actual currency, negotiable notes, etc. An amount equivalent to the cash flow present value of the cash flow (in this example, $134,837), so that the liquidation can be performed using the unrealized gain accrued in the loan obligation to obtain the isolated liquidation benefit.

Specifically, in order for the loan obligor to swap his/her own cash flow, real currency, negotiable notes, etc. equivalent to the present value of the cash flow must be offered as swap when considering the credit rating of the loan obligor The higher-level financial institution of the other party, therefore, it is preferable to use a national bond or the like as a negotiable instrument. Therefore, the actual currency and negotiable notes provided by the loan obligor and equivalent to the present value are exchanged for the cash flow that the loan obligor pays off to the loan creditor every month, and the counterparty to the exchange has the obligation to pay the cash flow, and The loan obligor obtains the cash flow from the counterparty to the swap, ie, the right to receive payment of the loan obligor's remaining principal and interest payments.

In addition, a loan obligor who purchases a derivative at the inception of the loan contract can also apply the proceeds to the real currency equivalent of the present value.

In addition, the right of the loan obligor to receive payment of the remaining principal and interest payments when the interest rate falls after the swap is performed is a right that the investment management agency can enforce at this point in time at a higher interest rate and has an unfulfilled income, and the loan obligor has the right to receive the unrealized income.

Figure 25 shows the interest rate call option calculated using the corrected Black-Scholes model under the following conditions: when the loan obligor signs a housing loan contract, the interest rate is 4.65%, and the asset price (nominal principal) is 250,000 In US dollars, the exercise period is 25 years, the volatility is 10%, and the option purchase price at the strike price (strike price) of 9% is $3,488 per option. Buy 3 of these options for $10,463. In the case where the interest rate rises to 9.65% and the volatility is 10% after 5 years, the current price amount of the option is $95,181 and the payoff is $84,717. When the proceeds are used as actual money provided at the time of swapping, the burden on the loan obligor is reduced. In addition, when the volatility is 20%, since $149,507 can be obtained, the total amount of the present value is paid, and the surplus balance can be obtained.

Usually, in repayment of the loan before the due date, there is created a risk that the creditor will not receive the interest to be received in the following year. In particular, in the case where the loan obligor is an individual as in a housing loan, it is difficult to demand punishment. Also in this case, when the swap is established, the creditor has the advantage of being able to collect the full amount of the arranged cash flow. In addition, as described above, when the creditor is given the right to receive payment of future cash flows that the loan obligor possesses, the creditor can also capture the unrealized benefits of the cash flows generated in the event of falling interest rates.

(Example 9)

A method is described below with reference to FIGS. 26 and 27 : a contractual debtor with $200,000 of imported equipment through a 10-year contract uses unrealized gains in the loan obligation due to an increase in the interest rate in the middle of the settlement and executes favorably on the loan discharge of debt.

A deed contract is a contract in which the lender (contractual obligee) who is the owner of a specific item (equipment) confers the right to use and obtain the proceeds of the item within a predetermined lease period to the borrower (contractual obligor) of the item, and The borrower (contract obligor) pays the lender (contract obligee) a rental fee as a scheduled usage fee. In addition to the item price and management fee, the rental fee includes the lender's (contractual obligee's) profit, etc., a fixed rate of the cost of the item at the time of signing the lease contract (item supply cost as a lender (contractual obligee)) , and the monthly lease payment obtained by dividing the total of these charges by the number of months in the lease term. Thus, the leasing contract is considered to be substantially equivalent to financing obtained by equalizing the repayment of principal and interest at a fixed rate while the monetary amount equivalent to the price of the item is the borrowed principal.

FIG. 26 is a repayment list of equal repayment of principal and interest when the borrowed principal is 200 thousand dollars and the fixed interest rate is 3.0%. The liquidation balance including interest after 5 years from the lease contract is US$115,873. In the case where the present value of the lease settlement amount is obtained, in order to simplify the explanation, the interest rate suddenly rises after 5 years due to a change in the economic situation, and the result calculated by using the above-mentioned yield curve is shown in Fig. 27 . The present value is $89,780. When the introduced equipment works and the profit due to the production is obtained, the profit is used, or real money is prepared separately, and the real money equivalent to the present value is prepared, and then the swap can be performed. That can be reduced by $26,000 when the swap is established.

(Example 10)

This embodiment relates to reduction of fixed-rate loan debt such as housing loan debt, and will be described with reference to the drawings. FIG. 28 is a block diagram showing the structure of this embodiment. The loan debt reduction contract system (hereinafter referred to as the system) 300 of the present embodiment is installed in the above-mentioned financial support company, and is connected to the terminal (hereinafter referred to as the client terminal) 80 (such as the fixed rate loan debtor) through the Internet 50 , a server computer of a customer or potential customer (hereinafter referred to as the customer) who will become a fixed-rate loan obligor in the future.

In the system 300 , a predetermined program controls the computer so that the elements shown in the system 300 are realized. Among these elements, the loan balance calculation section 302 is a device for receiving customer information (such as customer name, address of each customer, telephone number, e-mail address, fixed interest rate conditions (loan book) from the customer terminal 80 through the Internet 50. deposit, borrowing fixed rate, loan contract date, repayment period, repayment frequency, repayment method (equal repayment of principal and interest, equal repayment of principal, repayment of dividends, etc.))), store this information as customer data 400 in a predetermined storage unit, and Based on this customer data 400, the customer's existing loan balance A (ie, the loan balance excluding the remaining interest payment) is calculated as needed.

The market information input section 304 is a device for receiving interest rate data 402 such as interest rate (variable rate, fixed interest rate, swap rate, etc.), and store the interest rate data 402 in a predetermined storage unit.

The present value calculation section 306 is means for calculating the remaining value by, for example, the following formula as needed based on the interest rate data 402, the yield curve obtained according to a predetermined calculation formula previously determined by the swap dealer, and the customer data 400. Present value B of principal and interest payments (principal and interest payment balance).

[numerical formula 1]

$\mathrm{<span\; class="notranslate">\; B</span>}<span\; class="notranslate">\; =</span>\underset{\mathrm{<span\; class="notranslate">\; no</span>}<span\; class="notranslate">\; =</span>\mathrm{<span\; class="notranslate">\; 1</span>}}{\overset{\mathrm{<span\; class="notranslate">\; T</span>}<span\; class="notranslate">\; -</span>\mathrm{<span\; class="notranslate">\; t</span>}}{\mathrm{<span\; class="notranslate">\; \&Sigma;</span>}}}<span\; class="notranslate">\; [</span>\frac{\mathrm{<span\; class="notranslate">\; S</span>}}{{<span\; class="notranslate">\; (</span>\mathrm{<span\; class="notranslate">\; 1</span>}<span\; class="notranslate">\; +</span>\frac{{\mathrm{<span\; class="notranslate">\; r</span>}}_{\mathrm{<span\; class="notranslate">\; no</span>}}}{\mathrm{<span\; class="notranslate">\; 12</span>}}<span\; class="notranslate">\; )</span>}^{\mathrm{<span\; class="notranslate">\; no</span>}}}<span\; class="notranslate">\; ]</span>$

Among them, Tt represents the remaining term of the loan (number of months), S represents the monthly loan repayment amount, r _n represents the discount rate calculated based on the yield curve n months from now.

The debt value determination unit 308 is means for comparing the existing loan balance A calculated by the loan balance calculation unit 302 with the present value B calculated by the present value calculation unit 306 .

The swap unit 310 is a device that queries the customer data 400 when the loan balance A and the present value B satisfy the condition A>B in the debt value judging unit 308, and notifies the customer that an unrealized loan has occurred in the fixed-rate loan debt. In return, a swap signal instructing swap processing input from the client terminal 80 via the Internet 50 is received, and the swap dealer executes the swap.

The system 300 is connected to a computer terminal 190 of a swap dealer or the like, which executes swap processing, through a communication line, and has a function of sending various data related to a swap order and the like to the computer 190 . When receiving a swap signal instructing swap processing from a customer, the swap unit 310 of the system 300 transmits information on the customer's loan balance A to a computer 190 such as a swap dealer, and executes the swap using the information. period transaction processing.

The system 300 as described above reduces the debt of a fixed rate loan obligor through the process shown in FIG. 29 .

Execute the visit to the website that is provided by system 300 from client terminal 80, carry out the application that uses this system 300, when inputting reservation items on the reservation input screen and sending these reservation items to system 300 (step S600), system 300 registers the information sent from the loan balance calculation section 302 as customer data 400 in a storage section such as a database (step S602). The customer's existing loan balance A is calculated based on the registered customer data 400 (step S604), and the interest rate data 402 is obtained from the external information providing company (step S606), and based on the interest rate data 402 and by the previous determination by the swap dealer Calculate the present value B of the customer's principal and interest payment balance using the yield curve calculated by the system (step S608). Next, compare the existing loan balance with the current value B (step S610), when A<B is established, repeat steps S604 to S610 again, and when A>B is established, create a notification email and send it to the customer (step S612). Incidentally, in addition to the notification mail, it is also possible to notify by telephone, fax, mail, etc. that the present value B of the principal and interest payment balance has become lower than the existing loan balance A and an unrealized gain has been generated in the fixed-rate loan obligation .

A swap signal instructing swap processing is input from the customer (step S614), and when the swap unit 310 of the system 300 receives the swap signal, information related to the loan balance A is sent to a computer such as a swap dealer Terminal 190 (step S616), and then the swap dealer executes the swap transaction process (step S618).

Thus, the customer (fixed rate loan obligor) can receive cash flow from the swap dealer to be generated in future years ( That is, the entitlement to the payment of principal and interest on the balance) and can advantageously discharge fixed-rate loan obligations.

(Example 11)

This embodiment relates to reducing housing loan debts, and will be described with reference to the accompanying drawings. FIG. 30 is a block diagram showing the structure of this embodiment. The loan debt reduction contract system (hereinafter referred to as the system) 100 of the present embodiment is installed in the above-mentioned financial support company, and is connected to the terminal (hereinafter referred to as the client terminal) 80 (such as the loan debtor, the future customer terminal) 80 through the Internet 50 A server computer that becomes a personal computer or a cellular phone of a customer or potential customer (hereinafter referred to as the customer) of the loan debtor.

In the system 100 , each element shown in the system 100 is realized by controlling the computer with a predetermined program.

Among these elements, the small lot forming section 102 is a device for receiving from a financial institution such as a market, a bank, a subscription loan dealer, or a stock company, the type, purchase price, and purchase price of a large derivative product purchased by a financial support company. , volatility, etc., and divide the large derivative product into a plurality of small parts (for example, when the derivative product purchased by a financial support company is an interest rate option intended to have a swap rate of an asset price of one billion yen, Divide it into 100 shares, each with 10 million yen), and store the information on the small share (hereinafter referred to as the small derivative (minus claim)) as the small derivative (minus claim) data 202 in the scheduled storage.

The market information input section 104 is a device for receiving and storing price index data 204 such as interest rate, currency, The value of a marketable instrument, or the price or index of a spot such as a commodity, the price or index of a derivative such as a forward, an option, a swap or a swap, and a volatility.

The notification section 106 is notification means that prepares advertisement data 206 based on the small derivative (minus credit) data 202 and the price index data 204 as an indication that the price of the small derivative (minus credit) will increase in the future. A simulation page (for example, as shown in FIGS. The principal has been paid to a certain extent and how much the principal can be reduced when the interest rate becomes a certain percentage value after a certain number of years), the advertisement data 206 is stored in a predetermined storage unit, and the simulation page is sent to the electronic media ( Such as a home page based on advertising data 206), and advertises a small derivative product (minus creditor's rights).

The contract section 108 is a contract device that receives customer information (name, address, telephone number, email address, etc.), customer loan contract conditions (loan principal, loan fixed interest rate, loan contract date, repayment period, repayment frequency, repayment method, etc.), contract conditions (such as purchase conditions related to the type and quantity of small options that are expected to be purchased), and small derivative products to be purchased (minus creditor's right) and store it in a predetermined storage unit as customer data (application instruction) 208, and execute the contract based on the customer data 208.

The personal communication section 110 is a personal communication device that issues each customer's ID number and password when notified from the contract section 108 that the contract has been established, stores them (so that they correspond to the customer data 208), and prepares a data file such as HTML for Site display is performed individually so that desired information can be sent/received for each customer.

The information providing unit 112 is an information providing device that transmits various information related to a small amount of derivative products (credit reduction) purchased by the customer from the personal communication unit 110 to the customer terminal 80 via the Internet 50, and provides the various information. Information is provided to the customer, and based on the price index data 204 and customer data 208 stored in the predetermined storage unit, the profit and loss status of the small derivative product (minus the claim) purchased by the customer is derived and displayed to the customer terminal 80 .

The settlement unit 114 is a settlement device that receives a settlement signal input from the client terminal 80 to the personal communication unit 110 via the Internet 50, and settles (sells) a small amount of derivative products (minus claims); and the delivery unit 116 is a delivery unit as follows: Device: It transfers the currency of the income generated by the settlement (sale) of small derivative products (minus creditor's rights) to the customer's transaction account, and notifies the completion of the settlement (sale) of small derivative products (minus creditor's rights) .

In addition, the system 100 is connected to a computer 180 of a financial institution or the like (which executes derivative product transaction processing) through a communication line, and has a function of sending various data related to transaction orders and the like to the computer 180 and receiving such data from the computer 180 . For example, the settlement unit 114 of the system 100 transmits settlement information of a small derivative product (credit reduction) that the customer desires to settle (sell) to a computer 180 such as a financial institution, and executes settlement processing.

The system 100 as described above reduces the debt of the loan obligor through the process shown in FIG. 31 .

The system 100 receives predetermined information related to a large derivative product purchased by a financial support company from a financial institution (step S500), divides the derivative product into a plurality of small shares (step S502), and obtains price index data 204 from an external information providing company ( Step S503), based on the price index data 204 and the small derivative product (minus creditor's rights) data 202, prepare a simulation page of small derivative products (minus creditor's rights) (step S504), and advertise on the homepage, etc. (step S505). Incidentally, this simulated page is transmitted to electronic media such as a homepage, and furthermore, printouts, etc. are performed, and the simulated page is used in print media such as pamphlets, catalogs, or newspapers, broadcast media such as radio or television, or other advertising media. Simulation page, which makes it possible to notify the public of small derivative products (minus creditor's rights).

A loan debtor (customer) who desires to purchase a small amount of derivative products (minus creditor's rights) inputs a predetermined item (application instruction) (step S506), and receives and registers (stores) the predetermined item, thereby executing the contract (step S508). For each customer who has signed a contract, distribute ID numbers and passwords (step S510), provide personal websites (step S512) on the homepage of the financial support company, when customers input ID numbers and passwords (step S514), he/ She can see consulting information, such as the current price, price history, principal and interest of the small derivative product (minus debt) purchased by the customer at the current point in time (sell) the small derivative product (minus debt) The reduction ratio of the payment balance (step S516). Incidentally, in addition to providing a personal website on a homepage of a financial support company, transmission of consultation information can also be performed by e-mail, telephone, fax, mail, or the like.

When a sell signal indicating settlement (sale) of a small derivative product (minus creditor's right) is input from the client (step S518), settlement (sale) of the small derivative product (minus creditor's right) is performed (step S520), and the The generated currency is transferred to the client's transaction account and notified of the completion of the settlement (sale) of the small derivative product (minus the creditor's right) (step S522).

The customer (loan obligor) who has received the money applies the received money to loan debt settlement, making it possible to reduce the debt. When the client is a user of the system 300 of Embodiment 7, the received currency can be applied to actual currency (C) equivalent to the present value or a portion of the present value. Incidentally, at the time of signing the contract (step S508), in the case of a small amount of derivative product (minus claims) with a predetermined unrealized return or more, the small amount of derivatives can be executed without inputting sales data from the customer. Sale of products (minus claims) (step S520).

[Industry Applicability]

The debt reduction method of the present invention is used in various existing contracts and transactions and can be used to avoid risks. The main items are as follows:

Move-in guaranteed currency, fixed-term land lease, fixed-term housing lease, home insurance, pension insurance (401K defined contribution), covenant debt, auto loan, equipment borrowing, guarantee for payment of inheritance tax, treasury/corporate bond (rated Change risk protection)/public debt, consumer financing, line of commitment, future liabilities such as management fees, golf course memberships, security deposits related to building deposits, and education loans.

Claims (22)

1, a kind of debt reduction method, use communication network to carry out this debt reduction method, this debt reduction method uses derived product to reduce monetary liability (hereinafter referred to as debt), as housing loan debt, liability on loans, national debt/bonds/corporate bond debt, contract debt or comprise the payment obligation of insurance indemnity, the method is characterized in that:

Pass through bond, stock, currency, exchange, interest rate, such as the stock of commodity and/or index and price independent or that they are combined, set up time limit and the corresponding derived product of condition with described debt, in the case of necessary, described derived product is divided into the amount of money and the described condition of a plurality of aliquots to meet described debt, debtor by described debt buys this aliquot by relatively little premium, when described derived product has produced income, sell this derived product to realize described income

Alternatively,, when in described monetary liability, having produced income, carry out changing over realizing described income with reference to the present worth of described debt, and

Reduce described debt by described income.

2, debt reduction method according to claim 1, this debt reduction method is characterised in that the execution following steps:

(I) when the described debt of agreement or before or after this, perhaps in the amortization period (the insurance situation under, interim in the payment obligation), by the relatively little premium of payment, use buy comprehensive with surplus, principal and interest amount paid, interest payment volume or the corresponding amount of currency of their part of described debt or the aliquot derived product and

(II) when having produced described income, discharge part or all of described debt by described income by described derived product.

3, debt reduction method according to claim 1 and 2, this debt reduction method is characterised in that: at the arrangement of payment interest rate of described debt, capital is arranged in liquidation, principal and interest and amortization period are arranged in liquidation, or comprise the payment obligation of payment of insurance of the possibility of appearance occurring in the future or have, according to amount paid or liquidation volume to these conditions, interest rate, currency, valuable bills, commodity with price, the stock of each in them and/or use the index of forward delivery separately or they are combined, determine to subtract the debt rate, set the derived product of these key elements explicitly with the described conditioned disjunction premium amount paid of the premium amount paid that meets the described amount of debt and described debtor expectation, described then debtor buys this derived product.

4, debt reduction method according to claim 1, this debt reduction method are characterised in that and comprise following steps at least:

(1) A and B are compared,

A: the debt surplus,

B: by use by with each period, corresponding yield curve was represented each the time interim interest rate, change or include under the situation to the payment obligation of the payment of the insurance of the possibility that occurs in the future or have appearance at described interest rate, by to described debt future the principal and interest amount paid all or part of discount the present worth that obtains;

With

(2) described B is equivalent to the situation of described A than the big big advantages of described A or described B under, carry out below a plurality of substeps:

(2-1) will equal the real money of a part of described B or described B and/or the valuable bills (hereinafter referred to as C) that equals the part of described B or described B and offer financial institution directly or indirectly,

(2-2) by the adversary who uses changing over from changing over obtain obtain corresponding and the right of cash flow for many years occurs with described C;

(2-3) by using based on all or part of of the described right that obtains described cash flow obligee is paid, all or part of of described right that perhaps will obtain described cash flow gives or gives described obligee directly or indirectly as security.

5, debt reduction method according to claim 4, this debt reduction method are characterised in that additionally carries out following a plurality of steps:

(3) by the described relatively little premium of payment before or after reaching when agreement or in based on the pay period of described debt, use with described debt surplus, described principal and interest amount paid, described interest payment volume, comprise the voluntary corresponding amount of currency of described payment of the payment of the described insurance of the possibility of appearance or existence appearance in the future or the part of described amount of currency are bought described comprehensive or aliquot derived product, to form described C; With

(4) when having obtained the income of described derived product, described income is applied to described C.

6, according to any one the described debt reduction method in claim 1 to 3 and 5, this debt reduction method is characterised in that: described derived product makes at least one in upon the spot, forward delivery, option, changing over and the Swaption.

7, debt reduction method according to claim 6, this debt reduction method is characterised in that: as long as when having produced previous agreed unrealized revenue or be necessary, sell or exercise at least one in described stock, described forward delivery, described option, described changing over and the described Swaption.

8, according to a described debt reduction method in claim 4 and 5, this debt reduction method is characterised in that: described debtor by using described changing over after described obligee has discharged part or all of described debt basically, by described debtor keep leaving for described the debtor's and based on the right of contract changing over, perhaps give described obligee or third party with described right.

9, according to any one the described debt reduction method in the claim 1 to 8, wherein, the described derived product that will comprise described changing over is implemented in stock, subscriber in the unit of sharing, paying in, the bond of capital, be benefited voucher or the insurance, to reduce described debt.

10, according to the described debt reduction method of claim 1 to 9, this debt reduction method is characterised in that: the agreement document of between contract, notes, described obligee, described debtor and shareholder thereof, reaching an agreement in described debt or such as signed p.m.entry return in the bond the described debtor of regulation or its assignee can carry out this method as right.

11, according to the described debt reduction method of claim 1 to 10, this debt reduction method is characterised in that: by using in printing, broadcasting and the electronic communication medium at least one that this method is described or advertising.

12, a kind of equipment that is used to reduce debt, this equipment comprise that especially integrated-type or network-type communication means and this equipment are used to reduce described debt, and this equipment is characterised in that and comprises following textural element at least:

(i) surplus calculation element is used to calculate debt surplus A;

(ii) present worth calculation element, be used for by use by with each period, corresponding yield curve was represented each the time interim interest rate, to the principal and interest amount paid by described debt all or part of or comprise and calculating occurring in the future or existing the payment obligation of payment of the insurance of the possibility that occurs to discount the present worth B that obtains;

(iii) debt value judgment means is used for value of reading from described surplus calculation element and the value of reading from described present worth calculation element are compared and be used for advise fate; And

Device (iv) extends bill, when the described debt surplus A that reads from described debt value judgment means and described present worth B satisfy condition A＞B, described debtor extends bill to described A and described B with obligee or third party by real money and/or with the valuable bills (hereinafter referred to as C) of described present worth B equivalence, and obtains the right corresponding and cash flow of generation for many years with described C by the adversary who uses described changing over from described changing over.

13, a kind of equipment that is used to reduce debt, this equipment comprise that especially integrated-type or network-type communication means and this equipment are used to reduce described debt, and this equipment is characterised in that and comprises following textural element at least:

(a) aliquot forms device, is used for by derived product being divided into a plurality of aliquots or by using described derived product to create to be suitable for the derived product of the amount of debt and the condition thereof of described debt en bloc;

(b) contract device is used for reaching contract to described aliquot or comprehensive derived product with the debtor;

(c) personal communicator, after having reached to the described contract of described derived product to described debtor;

(d) to the checkout apparatus of described derived product; And

(e) complete a business transaction device, be used to complete a business transaction and the currency of income equivalence by the acquisition of described checkout apparatus, valuable bills etc.

14, the equipment that is used to reduce debt according to claim 13, this equipment are characterised in that and comprise following textural element at least:

(f) notifying device is used for formed described derived product (the subtracting credits) advertisement that device is created by described aliquot

(g) information provider unit is used for diagnosing and provide information to the overall risk amount; And

(h) the clearing supportive device is used to support the accounting machine meeting to the derived product of described agreement.

15, a kind of debt reduction method that is used for reducing debt by using a computer, this debt reduction method is characterised in that:

Described computing machine receives debtor's information that secondary liability obligatio personalis people terminal sends;

Received the debt surplus of described computer based when described debtor's information is calculated described debtor at current point in time of described debtor's information, and use the interest rate data be stored in the described computing machine and present worth computation rule to calculate described debtor remaining principal and interest amount paid or comprise when current point in time to occurring or exist the present worth of payment obligation of payment of the insurance of the possibility that occurs in the future, and

Under the described situation of debt surplus that calculates greater than the described present worth that calculates, described computing machine is to described debtor's terminal notice or send the information that the described debt of representing described debtor has unconsummated income, the signal that reception is extended bill and handled from described debtor's terminal notice of described debtor or the indication that sends, and carry out described swap transaction and handle.

16, a kind of method that is used for reducing by using a computer debt the method is characterized in that:

Described computing machine receives the input to the information relevant with big derived product, handles described big derived product en bloc or as required described big derived product is divided into a plurality of aliquots, and it is stored as derived product (subtracting credits) data,

Described computing machine receive secondary liability obligatio personalis people terminal notice or send to the purchase application instruction of described derived product (subtracting credits) or receive input to described purchase application instruction,

Receive from described debtor's notice or the clearing signal of described derived product being settled accounts from the indication that described debtor's terminal sends to described computing machine input or by described computing machine, and

Received the input of described clearing signal or the described computing machine that receives described clearing signal directly or by using network to carry out settlement process.

17, debt reduction method according to claim 16, this debt reduction method is characterised in that: described computing machine directly or by the use network provides the terminal of company to receive the information relevant with described derived product from external information, and be the price index data with described information stores, and ad data and the described price index data notification that will create based on described comprehensive or aliquot derived product data are given described debtor (client) or described ad data and described price index data are sent to described debtor (client) terminal.

18, according to any one described debt reduction method and equipment in the claim 1 to 17, this debt reduction method and equipment are characterised in that: commodity are sold, simultaneously the premium of described derived product (comprise commission, to cost of use of the present invention etc.) is included in the commodity price of being handled by housing supply merchant, building constructor, estate agent, leasing company, financial institution, financial support company etc.

19, according to any one described debt reduction method and equipment in the claim 1 to 17, this debt reduction method and equipment are characterised in that: the publisher of national debt/bonds/corporate bond or their deal maker buy described derived product directly or indirectly for the purpose that reduces described debt, perhaps the derived product of described purchase is incorporated in the described commodity and sell directly or indirectly (distribution) it.

20, according to any one described debt reduction method and equipment in the claim 1 to 17, this debt reduction method and equipment are characterised in that: insurance company is for taking precautions against or reducing the purpose of insured person's payment risk is bought described derived product directly or indirectly, perhaps described derived product incorporated in the commodity and sold (distribution) these commodity directly or indirectly.

21, according to any one described debt reduction method and equipment in the claim 1 to 18, this debt reduction method and equipment are characterised in that: the publisher of housing supply merchant, building constructor, estate agent, leasing company, financial institution, financial support company, national debt/bonds/corporate bond or its deal maker have a responsibility for price according to pending commodity to applicant of the present invention, seller or inheritor's payment to predetermined cost of use of the present invention.

22, according to any one described debt reduction method and equipment in the claim 1 to 17, this debt reduction method and equipment are characterised in that: the obligee of described debt uses described aliquot derived product to protect credit.

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