JP2002197281A - Device and method of automatic relative transaction between network - Google Patents

Abstract

PROBLEM TO BE SOLVED: To reduce dealer's economical risk in a trade between the dealer and a customer. SOLUTION: Relative transaction processors are connected through a network. Each of relative transaction processors S1 and S11 has an order accepting part 1 which accepts an order, an order-assign-management part 3 which assigns the accepted order to the other relative transaction processor, and a relative processing part 4 which relates the accepted order. Thus, the relative transaction processors S1 and S11 can hedges the risk each other.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to an apparatus and method for realizing electronic commerce, and a recording medium storing a program therefor.

[0002]

2. Description of the Related Art In recent years, with the development of financial services, various products (mainly, financial products) have been traded. Hereinafter, the financial product transaction will be described using a foreign exchange transaction as an example.
Forex trading is conducted on the forex market. This forex market is not actually located in a physical building, but rather in a Reuters communication line or electronic brokering system (E
A market formed by trading through the BS (Electric Banking System). The meaning of the "market", usually called the Tokyo market or London market, is a symbolic use of the name of the center city that has the highest transaction volume during that time zone, and the geographical location where actual transactions are performed It does not indicate.

[0003] In this foreign exchange market, bilateral trading is performed. “Breakdown transaction” means a transaction conducted directly with a trading partner without going through an exchange, and is referred to as OTC (Over The Counte).
Also called r). In general, exchange rates are formed by bilateral transactions that are established moment by moment.

FIG. 1 shows a conventional exchange transaction form.
6 will be described. FIG. 16A shows a bilateral transaction via a Reuters communication line (Reuters Dealing).
In a bilateral transaction via a Reuters communication line, each trader individually calls a counterparty of the transaction via the Reuters communication line, exchanges the desired price and quantity for trading, and if the two agree, the transaction is established. Banks and foreign exchange companies can be considered as the companies.

FIG. 16 (b) shows a bilateral transaction via EBS. In bilateral transactions via EBS, each trader:
The orders are concentrated on the EBS, and the price and the quantity of each order are combined in the EBS, and a trade of the matched order is completed. FIG. 16C shows a bilateral transaction via a network. Traders handle this transaction mainly for individual customers. Although the amount (currency amount) handled in each order is different, the system for establishing a bilateral transaction is the same as that of EBS. But,
In this case, the trader has an obligation to take orders that could not be matched with each other even though the trade execution conditions were satisfied. For example, a merchant must always take a market order.

[0006]

As described above, the bilateral transaction is not efficient because it is established by exchanges between traders through a trader's dedicated line. Also, as described above, in the case of a transaction between a trader and a customer, if the order price and order quantity of the sell order and the buy order presented by the buyer and seller are not balanced, the trader has an obligation to take the order, You will bear the economic risk. In that case, there may be other merchants who have other orders that can be matched to the order, but there was no way to outsource the order to the other merchants.

[0007] In view of the above problems, it is an object of the present invention to enable efficient processing of a relative transaction and to realize a function of finding a relative partner.

[0008]

The present invention is based on an apparatus or method for receiving an order via a network and processing the order. According to the apparatus according to an aspect of the present invention, in a bilateral transaction processing device for executing bilateral transactions, an order receiving means for receiving an order from a customer or another bilateral transaction processing device via a network; The above problem is solved by providing a consignment order management unit that entrusts a part of the order to the other relative transaction processing device, and a relative processing unit that makes the received order correspond to each other.

[0009] In the above configuration, further comprising working information acquiring means for acquiring information on the order receiving status of the other bilateral transaction processing apparatus, wherein the commissioned order managing means comprises:
The order may be entrusted to the other relative transaction processing device based on information on the order receiving status of the other relative transaction processing device. As a result, when outsourcing an order to another trader (a bilateral transaction processing device), another trader having another order can be found more quickly in order to match the order more advantageously in accordance with the ever-changing trade situation. It is possible to do.

[0010] In the above arrangement, the system further comprises a self-position management means for managing the economic risk borne by the operator of the relative transaction processing apparatus by integrating the execution results of the relative transaction. The means may outsource the order to the other bilateral transaction processing device based on the economic risk managed by the self-position management means. Here, the relative processing means may determine the contract price based on the order reception time (contract time) and the order price.

In the above arrangement, the relative processing means manages the order separately for a sell order side and a buy order side, and in the case of an order having a certain market condition as a transaction condition,
Until the market satisfies the condition, the buy and sell may be managed as the order on the opposite side. Orders that have certain market conditions as trading conditions include STP and MI.
T, SLT, etc. Some of these orders are actually sell orders or buy orders, but in order to automatically perform relative processing, it is better to treat them as reverse trade orders from the viewpoint of market price formation due to the nature of the order. This is because it is considered appropriate.

Further, in the above configuration, a support price which is a price for enhancing the liquidity of the bilateral transaction is generated,
Support price generating means for issuing the order at the support price to the trader (owner's own relative transaction processing device) may be further provided.

[0013] Customers and merchants participating in financial transactions require the market to have adequate liquidity. Otherwise, customers may have difficulty fulfilling orders placed, and merchants may take financial risks by undertaking orders that have not been traded. By providing the support price generation means, it is possible to satisfy such a request. In addition,
When generating the support price, the support price generation means may consider the support price of another trader (relative transaction processing device), or all of the bilateral transactions directly and indirectly connected via the network. Information on the order receiving status in the processing device may be considered. As a result, it is possible to generate an appropriate price as a support price that does not greatly differ from the market price, that is, it is highly likely that a transaction will be made in the market and liquidity can be provided in the market.

Further, the above-mentioned problem can be solved by a method including the steps of the processing performed by each configuration of the present invention. Also, by reading the program from a computer-readable storage medium storing a program for causing a computer to perform the same control as the function performed by each configuration of the present invention described above and causing the computer to execute the program, Can be solved.

[0015]

Embodiments of the present invention will be described below with reference to the drawings. In the following description, as an example, a commodity is a foreign exchange, particularly a dollar / yen foreign exchange, but this is not intended to limit the commodity. That is, any product may be used as long as it is a product for which bilateral transactions are performed. In the following description, the high and low prices of goods are based on dollars. For example, if the dollar is high, the price is high.

FIG. 1 shows a network automatic transaction processor (NetworkAutomatic Over the network) according to this embodiment.
counter station (hereinafter called NAO station)
Is shown. As shown in FIG. 1, NAO stations S1 and S11 are connected via a network N. Hereinafter, a network system connecting a plurality of NAO stations is referred to as an NAO system.

The basic functions of the NAO stations S1 and S11 are almost the same. The difference is that the lower NAO station uses the upper N
That is, the support price of the AO station can be considered. This will be described later. In FIG. 1, two NAO stations are connected via the network N, but more NAO stations may be connected. Hereafter, NAO Station S
The configuration of the NAO station will be described with focus on No. 1.

The NAO station S1 is connected to the terminal of the customer C, the NAO station S2 and the external information providing vendor V via the network N. As a network N, a LAN (Local Are Network
ork), telephone line, Internet, etc.
ea Network). In FIG. 1, the networks N are separately described, but may be the same network. Also, the NAO station S1
It is also connected to an input / output device (not shown) for realizing an interface with the administrator. Examples of the input / output device and the terminal of the customer C include a desktop computer, a portable information terminal such as a mobile phone and a laptop computer, and a facsimile. The terminal of the customer C is a portable information terminal, for example,
In the case of a mobile phone or a simplified mobile phone, an order may be received using an information service for mobile information terminals. The information providing vendor V provides the price information of the product to the NAO station.

The NAO station S1 includes an order receiving unit 1, an order ID issuing unit 2, a consignment order managing unit 3, a relative processing unit 4, a self-position managing unit 5, a contract notification unit 6, an information presenting unit 7, a support price generating unit. 8, a working database (hereinafter referred to as a database) 10, an external order management DB 11, a contract processing DB 12, a board information DB 13, and a working information DB 14.

The order receiving unit 1 receives a sales order from the customer C and another NAO station, and receives the order if the received order is appropriate. Each order has a customer ID,
Information including order type, sale / buy, order price, order quantity, expiration date and the like are included. These information are based on input from customer C or another NAO station that has commissioned the order. In the case where the order is received from another NAO station, the information further includes identification information of the NAO station that has received the order.

The order ID issuing section 2 attaches an order ID, which is information for identifying an order, to an order determined to be valid.
In the case of an order received from another NAO station, this process may be unnecessary because the order ID has already been assigned. Hereinafter, information on an order given an order ID is referred to as order information.

The consigned order management unit 3 is based on the current position of the NAO station managed by the self-position management unit 5, the current order status stored in the working DB 10, and the conditions set by the operator in advance. Process the received order in your NAO station,
It is determined whether to outsource to another NAO station. The consigned order management unit 3 stores the order information in the working DB 10 when determining that the order is processed in the own NAO station. When new order information is stored in the working DB 10, new order information is also stored in the board information DB 13 accordingly.

On the other hand, if it is determined that the order is to be outsourced to another NAO station, the outsourced order management unit 3 determines the outsourced NAO station and stores the outgoing order information in the outsourced order management DB 11. The order is stored and the order is placed to the order receiving unit of the determined NAO station. When the commissioned order is executed, the contractor's NA
A contract notification is sent from the O station. Based on the execution notification, the consigned order management unit 3 deletes the order information related to the executed order from the external order management DB, and executes the execution processing DB1.
2 is stored.

When the working DB 10 is updated, for example, when a new order is stored, the relative processing unit 4 rearranges the order information stored in the working DB 10 in order of priority in order processing, and makes the orders relative to each other. Further, the relative processing unit 4
Working DB 10 stores order information related to opposed orders
Then, the order information is deleted from the board information DB 13 (DB update), and the order date and time and the contract price are added to the order information and stored in the contract processing DB 12. Further, the relative processing unit 4 also manages the expiration date of each order, deletes the order whose expiration date has been reached without completing a transaction from the working DB 10, and stores it in the contract processing DB 12 together with the fact that the order has expired. The contract notification unit 6
Notify the customer C or other NAO station that placed the order of the contract result or the expiration of the order.

The self-position management unit 5 manages the positions taken by its own NAO station by integrating the transaction results from the start of the transaction. More specifically, the self-position management unit adds up the transaction results of its own NAO station and manages how much and how much merchandise is being bought or sold.
The position refers to a risk state that is currently incurred, a state where a product is being bought is called a buy position, and a state where it is sold is called a sell position. In general, the risk increases if the position is heavily biased to one side.

The information presenting section 7 creates board information and working information based on the contents of the working DB 10 and the board information DB 13, and notifies other NAO stations directly connected to the own NAO station. The board information is
All market participants participating in the NAO system are able to view and have the same information in the NAO system. The working information can be viewed by the operator of the NAO station in principle, but a part or all of the working information may be viewed by the customer C.

The support price generation unit 8 generates a support price based on price information provided from an external information providing vendor V, a support price (Support Price) provided from a directly connected upper NAO station, and board information. Is generated, and an order is placed to the own NAO station based on the generated support price. In the case of the highest NAO station, there is no higher NAO station. In this way, an order issued by the NAO station itself with the support price as the order price is called a house order. Since the support price is generated based on the above-described three pieces of information, it is highly possible that an order at this support price will be successfully traded. By generating a house order, it is possible to prevent the liquidity of a transaction from being impaired due to the absence of an order to be opposed, and to allow the system to have an appropriate liquidity.

The working DB 10 stores order information relating to orders valid in its own NAO station. The working DB 10 indicates the order status in the own NAO station. A part of the order information stored in the working DB 10 is transmitted to another NA directly connected to the own NAO station.
The information is presented to the O station as working information.
The external order management DB 11 stores information obtained by adding the station ID of the consignee NAO station and the consignment date and time to the order information on the order consigned to another NAO station. The contract processing DB 12 stores information obtained by adding a contract price and a contract date and time to order information on a contracted order.

The board information DB 13 stores order information on orders valid at all NAO stations connected directly and indirectly via the network N. That is, the board information DB 13 indicates the order status of the entire NAO system.
The contents of the board information DB 13 are basically the same at any NAO station. The board information DB 13 stores its own NA.
The order quantity of the order placed at the O station may be further included. The working information DB 14 stores its own NA
Stores part of the order information regarding orders valid at other NAO stations directly connected to the O station.

FIG. 2 shows a configuration example of an NAO system in which a plurality of NAO stations are connected. It is one of the features of the present invention that the NAO stations are connected, mutually entrust and place orders and present information. The NAO stations incorporated in the NAO system have a hierarchical relationship. According to FIG. 2, for example, the upper NAO station S1 includes lower NAO stations S11 and S12.
Is connected. A lower station S111 is further connected to the lower NAO station S11.
Each NAO station may be connected to a plurality of upper NAO stations and lower NAO stations.

Each NAO station can have customer C directly. However, it is not necessary to have the customer C like the NAO station S12. As the NAO station having the customer C, for example, a trader and an agency / intermediary can be considered, and the NAO station having no customer C
As the O station, for example, a market maker can be considered. The NAO station can form a pseudo-exchange in which orders from customer C are concentrated (trader to customer (B
to C) relationship). And, by connecting (connecting) the NAO stations to each other, the business-to-business (B to B)
Is established. In other words, in the NAO system,
B to B and B to C can be configured to coexist.

N directly connected via a network
AO stations can place orders. That is, the directly connected NAO stations can be mutually customers. Also, the directly connected NAO stations can mutually entrust orders received from the customer C. Then, the directly connected NAO stations are both NAO stations of the other party.
It is possible to obtain working information, which is information on valid orders at the station. NAO stations refer to this working information when placing orders or outsourcing to other NAO stations,
An NAO station that can be traded more advantageously can be selected as an ordering party or a consignee.

The upper NAO station is the lower N
The support price is presented to the AO station, and the lower NAO station can reflect the support price of the upper NAO station on the support price of its own NAO station.

Further, the directly or indirectly connected NAO station has board information common to the NAO system, and the board information is provided to participants participating in the NAO system. The board information can be considered as a list of trading intentions of a participant of the NAO system having a fixed amount or an upper limit amount. NAO built into NAO system
By disclosing the board information of all the stations, this trading intention is provided as a specific numerical value to the participants of the market formed by the NAO system. Market participants can always check the position of the appropriate price in this market and see how the market is changing (price discovery function). Keeping track of the entire market allows market participants to discover and acquire lower cost prices. Further, since more price information can be obtained, the market price can be more accurately predicted. Furthermore, if the market participants are also the operators of NAO stations, more accurate self-trading,
Price determination with the customer and advice to the customer can be performed.
As a result, it is possible to contribute to further activation of the market.

Further, if it is not possible to make the orders of the customers mutually opposite, the operator of each NAO station will
I have to pick up my order. This is an economic risk for the operators of each NAO station.
Since the liquidity is improved by connecting the O station, it is possible to reduce the risk borne by the operator.

Further, in the NAO station alone, it is necessary to individually call an external foreign exchange market participant (risk taker) and place an order for hedging the held position. However, by connecting the NAO station, it becomes possible to order a hedge to another NAO station in the NAO system, and thus the necessity of hedging the position to the outside is reduced. Furthermore, as the number of users of the NAO station increases, it becomes possible for the NAO system to realize a function similar to a foreign exchange. In a NAO system, the top NAO station is the ultimate risk bearer. However, even in this case, there are many options for hedging because there are lower NAO stations that participate in the NAO system other than external currency market participants as hedging destinations of the risk.

The data structure of each DB will be described below with reference to FIGS. FIG. 3 shows an example of the data structure of the working DB 10. FIG. 3 shows a working DB 10 for dollar / yen orders as an example, and the working DB 10 is provided for each type of product. As shown in FIG. 3, the working DB 10 stores order information that is information on each order. The working DB is divided into a BID side (buy order side) and an ASK side (sell order side) according to the type of order, and the BID side and A
The items of the order information stored in each of the SK sides are the same. The BID side and ASK side will be described later. The working DB stores, for each order, the affiliation station ID, customer ID, order ID, reception date and time (year, month, day, hour, minute, second), consignment date and time, order type, sale / buy, order price, order expiration date, order quantity, etc. Store.

The belonging station ID is information for identifying the NAO station that has received the order. If the order is received directly from the customer, its working DB1
It matches the station ID of the NAO station with 0. If the order is a consignment order, the station ID is the station ID of another NAO station. The customer ID is information for identifying a customer who has placed an order. The order ID is information for identifying an order. The reception date and time is the date and time when the NAO station received the order from the customer, and the consignment date and time is the date and time when the NAO station was entrusted when the order was a consignment order from another NAO station. Information other than the order ID is based on the input of the customer C. Order ID
Is determined by the order ID issuing unit 2 after determining the validity of the order.

Here, the order information without the order ID and the customer ID starting with "H" is the order information on the house order. House orders are identified by house order IDs that begin with "H". The order information is rearranged each time new order information is stored, based on a concept (algorithm) described later. This working D
The order information is stored in B10 by the commissioned order management unit 3, and the order information is rearranged and deleted by the relative processing unit 4.

The items of information stored in the external order management DB 11 include, in addition to the same items as in the working DB 10, the station ID and the date and time of the entrusted NAO station. The consigned order management unit 3 stores and deletes information. The items of information stored in the contract processing DB 12 further include a contract price and a contract date and time in addition to the same items as those of the working DB 10.

FIG. 4 shows an example of the data structure of the board information DB 13. The board information DB 13 divides an order currently valid in the NAO system into a BID side and an ASK side, and stores an order type, an order price, and sell / buy for each order. The information stored in the board information DB 13 is also rearranged based on the same concept as the working DB 10. If the order is issued to the own NAO station, the order amount may be further stored in the board information DB 13 (not shown). The information stored in the board information DB 13 is based on the order information stored in the working DB 10 provided in the own NAO station and the board information notified from another directly connected NAO station. In FIG. 1, the board information DB 13 is provided for each NAO station, but a plurality of NAO stations may share the board information DB 13.

FIG. 5 shows an example of the data structure of the working information DB 14. FIG. 4 shows a working information DB 14 created based on the working DB 10 shown in FIG. 3 as an example. The working information DB 14 stores other NAs.
The working information notified from the information presentation unit 7 of the O station is stored. Working information is provided for each NAO station directly connected to its own NAO station.

The working information is obtained by dividing the currently valid order at the NAO station directly connected to the own NAO station into the BID side and the ASK side, and for each order, the belonging station ID, house order flag,
It includes the order type, order price, sell / buy and order quantity. The house order flag is a flag indicating that it is the latest house order of the NAO station that has presented the information, and is “ON (1)” in the case of information on an order that is a house order. .

When the support price generator 8 of the NAO station presenting information stores a new house order in the working DB 10, the information presenter 7 of the NAO station updates the house order flag.
The working information stored in the working information DB 14 is also rearranged based on the same concept as the working DB 10.

FIG. 6 shows the working DB 10 and the board information DB.
13 shows the relationship between the working information DB 13 and the working information DB 14. FIG.
Is the NAO in the NAO system shown in FIG. 2 as an example.
The relationship between the DBs for the station S1 is shown. In FIG. 2, NAO stations S1, S11 and S12 are directly connected via a network. The NAO station S1 updates the board information 13 every time the working DB 10 is updated, and sends the update result to the NAO station S11.
And S12. The NAO stations S11 and S12 update the board information stored in the board information SB13 of the own NAO station based on the presented information.
Similarly, each of the NAO stations S11 and S12 updates the board information in accordance with the update of the working DB 10 of its own NAO station, and presents the communication result to the NAO station S1. Therefore, the board information DB 13 stores
AO stations S1, S11 and S12 have the same contents. The same processing is performed by all the NAO stations connected to the NAO system shown in FIG. 2, so that the board information of the indirectly connected NAO stations can be obtained via the directly connected NAO stations. Therefore, the board information DB 13 of each NAO station
Has the same content throughout the NAO system.

Further, the NAO station S1 stores a part of the contents of the working DB 10 as N as working information.
It is presented to the AO stations S11 and S12. Each NA
The O stations S11 and S12 perform the same processing. Accordingly, the working information DB 14 of the NAO station S1 stores the working information of the NAO stations S11 and S12,
And the working information DB 14 of S12 stores at least the working information of the NAO station S1. That is, the content of the working information DB 14 is linked to the content of the working DB 10 of another NAO station directly connected to the own NAO station. A similar process is performed by all the NAO stations connected to the NAO system shown in FIG.
Each NAO station acquires working information linked to the working DB 10 of another directly connected NAO station.

Hereinafter, a process for receiving an order from the customer C will be described with reference to FIG. First, the order receiving unit 1 of the NAO station receives an order from the customer C and another NAO station (step S1), and determines whether the received order is valid (step S2). For example, when an order is received from the customer C, the order receiving unit 1
Is whether the price entered by the customer C does not greatly deviate from the normal price range, is the transaction amount possible in view of the customer C's funding amount, and whether there is a shortage of surplus for conducting the transaction. Etc. are determined. The determination as to whether this order is valid will be described later. If it is determined that the order is not appropriate (step S2: No), the customer C is notified that the order cannot be accepted (step S3), and the process ends.

If the order is valid (step S2:
Yes), the order ID issuing unit 2 attaches an order ID for identifying the order to the order determined to be valid (step S).
4). The consigned order management unit 3 converts the received order into another NA
Judge whether to outsource to O station (step S
5).

For example, the consignment order management unit 3 inquires the current position of the self-position management unit 5 and
If the position currently taken by the station S1 is more than a certain amount, the order may be entrusted to another NAO station so that the position in that direction does not increase any more. As a result, it is possible to reduce the economic risk borne by the operator of the NAO station S1.

For example, the consigned order management unit 3 may refer to the working DB 10 and consign the order to another NAO station when the sales order has exceeded a certain amount. As a result, the amount of funds handled by the NAO station S1 can be kept constant, and furthermore, the economic risk borne by the operator can be kept constant. In addition, for example, the consigned order management unit 3 sets another N according to the type of order.
The order may be entrusted to the AO station.
Further, for example, when the operator of the NAO station is an agency / intermediary agent, all orders may be entrusted to another NAO station.

When it is determined that the received order is entrusted to another NAO station (step S5: Yes),
Proceed to branch B1. When the consigned order management unit 3 determines that the received order is to be processed in the NAO station S1 (step S5: No), the relative processing unit 4 stores order information related to the order in the working DB 10 (station 6). A relative process is performed (step S7). Details of the relative processing will be described later.

After performing the relative processing, the relative processing unit 4 deletes the corresponding order from the working DB 10 (Step S).
8) The order information on the matched order plus the contract price and the contract date and time are stored in the contract processing DB 12 (step S9). The information presenting unit 7 updates the information of the board information DB 13 along with the update of the information of the working DB 10,
The update result is notified to another directly connected NAO station. Further, the information presentation unit 7 includes a working DB 10
The updated working information is created in accordance with the update of the information of the other N, and the created working information is added to another directly connected N
Notify the AO station.

Based on the customer ID or the station ID included in the information stored in the contract processing DB 12, the relative processing unit 4 sends the contracted customer C or the commissioning N
Notify the AO station of the contract result (step S1
0). Note that the notification of the contract result to the NAO station that has ordered the order includes the order ID, the contract price, and the contract date and time. Further, the relative processing unit 4 includes a self-position management unit 5
Then, the result of the transaction is output (step S11). Self-position management unit 5 updates the information on the current position of the own NAO station based on the transaction result (not shown), and ends the process.

Hereinafter, the order types handled in this system will be described. Order types include, for example,
Limit (hereinafter referred to as LMT), Stop (hereinafter referred to as STP)
Market price (hereinafter referred to as MKT),
Market If Touched (MIT), Stop LimitOr
der, hereafter referred to as SLT).
There are "sell" and "buy".

LMT is a so-called limit order, which is an order to sell at or above the order price or to buy at or below the order price.
The STP is a so-called loss stop order or an order for securing profit, and is an order to sell or buy at the market price immediately after the market price matches the order price. The MKT is a so-called market order, which is an order to sell or buy at a market price that can be traded now. MKT has no order price,
There is no order management due to price restrictions.

STP, MIT and SLT are orders accompanied by market conditions. An MIT is an order that buys at the market price immediately when the market price falls below the order price (that is, becomes a buy MKT) or an order that sells immediately at the market price when the market price rises above the order price. Yes (in other words, sell MKT). With reference to FIG. 8A, as an example, a description will be given of a buy MIT with an order price of 108.50. In FIG. 8A, the horizontal axis represents time, and the vertical axis represents dollar / yen market prices. As shown in FIG.
The market price of dollar / yen at the time of order reception is higher than 108.50 yen,
For example, suppose it is 109.00 yen. After that, when the dollar market price drops to 108.50 yen, buy MIT of 108.50 yen
Is a buy MKT of 108.50 yen. Since the MKT is a market order, the MIT is always contracted, but the contract price is not always 108.50 yen. MIT wants to trade when the market price reaches a certain price, but if it is set to LMT, it may not be executed when the market price fluctuates suddenly, so orders placed to always execute even in such cases You can say that.

When the market price is equal to or higher than the order price, the SLT executes an order to buy at or below the order price (that is, the purchase LMT).
), Or when the market price falls below the order price, an order to sell at or above the order price (that is, a sell LMT)
It is. Referring to FIG. 8B, as an example, the order price 110.
The buy SLT of 00 will be described. The vertical and horizontal axes in FIG. 8B are the same as those in FIG. 8A. As shown in FIG. 8B, it is assumed that the dollar / yen market price at the time of ordering is lower than 110.00 yen, for example, 109.20 yen. After that, when the dollar market price rises to 110.00 yen, buy SL of 110.00 yen
T becomes a buy LMT of 110.00 yen. Since the LMT is a limit order, the execution price of the SLT is always guaranteed to be 110.00 yen or less, but even if the market price becomes 110.00 yen, the execution is not necessarily performed. SLT wants to trade when the market price reaches a certain price. However, if the market price fluctuates rapidly with STP, it may be executed at a price that is disadvantageous to the person who placed the order, so it is over a certain level If the price becomes unfavorable, it can be said that the order is placed without execution.

FIG. 9 shows a case in which the reception of orders is managed by price restrictions. FIG. 9A shows the LM
The order management in the case of T will be described. The support price generation unit 8 of the NAO station generates a support price to increase liquidity. The order receiving unit 1 receives an LMT within a price range in which the order price is a certain value higher than the selling support price as an upper limit and a certain value lower than the buying support price is a lower limit. As an example of the price range of the upper limit and the lower limit, it is conceivable that the price range is 5 to 10 yen in accordance with the magnitude of the fluctuation range of the market centering on the price range of the support price. For example, as of December 2000, the buy LMT for one dollar and one yen is outside the price range of the upper and lower limits, so the order receiving unit 1 does not receive this LMT. The nature of MIT is
Since it is similar to LMT, as shown in FIG.
Order management in the case of IT is the same as in LMT.

FIG. 9B shows order management in the case of STP. The order receiving unit 1 receives an order whose price is equal to or higher than the lower limit and lower than or equal to the sell support price in the case of sell STP, and receives an order whose price is equal to or higher than the buy support price and lower than the upper limit in the case of buy STP. This means that when an STP with an order price higher than the sell support price (the support price is considered to be substantially equivalent to the market price) is accepted on the system (see the relative processing described later), for example, in the case of sell STP, the STP is immediately processed. Will be executed as MKT. However, due to the nature of the STP, it is more reasonable for the customer to issue an MKT than to place such an order, so there is a high possibility that an input error has occurred.
Similarly, in the case of a sell SLT, for example, in the case of a sell SLT, when an SLT with an order price higher than the sell support price is received, the SLT is immediately contracted as the LMT. Such an order is irrational and likely to be a typo. Therefore, the order management of the SLT is the same as the STP as shown in FIG. 9D.

In this way, the order receiving unit 1 determines the validity of the order so as not to receive an order that is unreasonable and highly likely to be an input error.
Hereinafter, a process for issuing a consignment order to another NAO station will be described with reference to FIG. This processing corresponds to the case where the process proceeds to branch B1 in FIG.

First, the consignment order management unit 3 determines the NAO station to which the order is to be consigned (step S2).
1). The NAO station to be outsourced is any one of the NAO stations directly connected to the own NAO station. The consignment order management unit 3 may refer to the working information DB 14 when making the determination.

For example, referring to the working information DB 14, there is an order for which the order can be immediately processed.
Alternatively, the NAO station in which there is an order that can be relatively processed at an advantageous price for the order may be determined as a consignee. Also, for example, an NAO station whose order price (that is, a support price) of an order with a house order flag is advantageous for an order to be entrusted may be determined as a consignee.

When the order volume is large, the order may be divided into a plurality of orders and commissioned. As described above, since it is possible to refer to the working information about the NAO station that is a candidate for the order consignment destination, the most advantageous NAO station can be determined as the consignment destination.

Subsequently, the consignment order management section 3 stores the consigned order in the external order management DB 11 (step S22), and determines the order by the N determined in step S21.
An order is placed from the AO station (step S23), and the process ends. The consignee NAO station that has received the order performs the order receiving process described with reference to FIG.

In the above description, the processing for determining the NAO station to which the order is to be entrusted has been described.
The same applies to the case where a station is determined. In this way, the NAO station consigns an order to another NAO station or orders a hedge,
It is possible to reduce the risk of the O station operator. At that time, risk hedging can be realized in the NAO system. Further, by referring to the working information DB 14, it is possible to select a contractor or an ordering party that is as advantageous as possible.

Hereinafter, the processing of the contracted order that has been executed will be described with reference to FIG. When a consignment order is executed,
The consignment order management unit 3 receives a contract notification from the consignee NAO station (step S31). Upon receiving the execution notice, the consignment order management section 3 deletes information on the executed order from the external order management DB 11 based on the order ID included in the execution notice (station 32), and further adds the execution price and execution date to the order information. Contract information D
It is stored in B12 (step S33). Contract notification section 6
Notifies the contracted result to the customer C who placed the order based on the customer ID included in the stored information (step S34), and ends the process.

Hereinafter, the relative processing performed by the relative processing unit 4 will be described with reference to FIG. This relative processing corresponds to steps S6 and S7 in FIG. The following relative processing is also one of the features of the present invention. First, when storing the new order information in the working DB 10 (step S41), the relative processing unit 4 sorts the orders into two categories and rearranges them (step S42). The concept of sorting and sorting is as follows. First, the relative processing unit 4 newly adds a working DB
The order information to be stored in 10 is divided into either the BID side or the ASK side. BID side and A
The breakdown of orders divided into SK side is as follows. BID side: buy MKT, LMT and MLT and sell STP and SLT. ASK side: sell MKT, LMT and MLT and buy STP and SLT. It will be managed together. This means that the STP and the SLT have a relationship with the support price as shown in FIG. Therefore, if the management is performed on the same side as the actual trading, the relative processing will be immediately performed in the relative processing described later. In other words, due to the nature of these orders, they will receive inappropriate treatment.

Subsequently, the relative processing unit 4 rearranges the orders in the following order. -The MKT sorts it ahead of all other orders so that it precedes it. -Sort the order of the BID side from the order with the highest order price to the order with the lowest order price.・ Sort the order of the ASK side from the order with the lowest order price to the order with the highest order price.・ In the case of the same order type and the same order price, the order with the earlier reception time is sorted in front. If the order price is the same, reorder the LMT so that it is before MIT, STP and SLT.

FIG. 3 shows an example of how the order information is rearranged and stored in the working DB 10. Subsequently, the relative processing unit 4 makes the order relative (Step S4).
3). The basic concept of making them relative is as follows. The relative processing unit 4 sets one of the orders to be opposed to the order stored on the BID side and the other as the order stored on the ASK side. The relative processing unit 4 makes relative order from the order stored at the head of each of the BID side and the ASK side of the working DB 10 in order. -For an order with an order price, there is a pair of orders where (BID side order price)-(ASK side order price) ≥ 0, or at least one of the orders is an order without order price (MKT) , The relative processing unit 4 causes the relative amount by the order amount. If at least one of the orders satisfying the above conditions is an STP, the relative processing unit 4 stores the STP in the working DB
10 and stored as an MKT on the opposite side for processing. At least one of the orders satisfying the above conditions is MI
If it is T, the relative processing unit 4 processes the MIT in the same manner as the MKT. If at least one of the orders satisfying the above condition is an SLT, the relative processing unit 4 deletes the SLT from the working DB 10, stores the SLT at the head of the opposite side as the LMT of the order price, and processes the same. That is, the last form of the order when the relative processing is performed is LMT or MKT.
Will be one of If the MKT is stored, the order is relative to the order of the target side from the beginning until the MKT is exhausted.

The contract price is determined as follows.・ When MKT and LMT are made relative, the contract price is LMT
And the order price of. When the LMTs are set to be opposed to each other, the order price of the order whose reception time (or consignment time) is earlier in time becomes the contract price.
For example, buying 108.00 yen LMT (BID side) and 10
If the 7.80 LMT sell (ASK side) is relative, if the buy is ahead of the sell, then the deal price is 108.00. -When orders with the same reception time (or consignment time) are made relative to each other, the contract price is determined by a simple average of the order prices of the orders to be matched. In addition, since the relative processing is performed each time a new order is stored, it is unlikely that the MKTs will be opposed to each other, but in this case, the central price of the support price, that is, the buy price and the sell price of the support price, The average price is the contract price.

For example, in the case of the working DB 10 shown in FIG.
01, 3Leg (Leg is trading unit) MKT
Are OD021, 1Leg LMT, ASK side
0012, 1Leg LMT and OD020, 5Leg
Of LMTs is 1 Leg. OD05
2, 1 Leg STP changes to 1 Leg MKT of BID side which is the opposite side, OD020, 5 Leg
Of LMTs of 1 Leg.

The contract price is 108.59 yen, which is the order price of the LMT of OD021, and the LMT of H0012 for each 1Leg of 3Leg of MKT of OD001 on the BID side.
The order price is 108.60 yen and the order price of LMT of OD020 is 108.77 yen. OD0 changed to MKT
The contract price of 1Leg of 52 is also 108.77 yen, which is the order price of OD020LMT. The relative processing unit 4 sequentially updates the working DB 10 as the relative processing proceeds. The information presenting unit 7 sequentially presents the board information and the working information to the directly connected NAO stations in accordance with the updating of the working DB 10.

The following can be realized by such relative arrangement.・ Price is given priority. The order information to be stored in the working DB 10 is divided into the BID side and the ASK side, rearranged in the order of the order price, and made relative to each other, thereby promptly executing a contract at a more advantageous price for a person who has placed the order. For example, when the MKT is made to be relative to the LMT, the contract price is the order price of the LMT, so that the customer who has issued the MKT has a contract price that is more advantageous than the support price. -Give priority to time.

The order information stored in the working DB 10 is rearranged in the order of the reception date and time or the contract date and time (excluding MKT) and is made relative to each other. Let it. -Priority is given depending on the type of order.

For example, by storing the MKT at the head of the working DB 10, the MKT is prioritized relative to all other order type orders. Hereinafter, FIG.
3, the support price generation process will be described. The support price generation unit 8 determines the own NAO based on the price information provided by the external information providing vendor V, the board information stored in the board information DB 13 and the support price provided by the directly connected upper NAO station.
Generate support prices for stations.

First, prior to generation of a support price, weights of respective information are set, and a spread of a support price (difference between a buy price and a sell price) and an order amount of a house order are set (not shown). The support price generation unit 8 monitors the price information provided by the external information providing vendor V, the board information stored in the board information DB 13, and the support price provided by the upper NAO station. Here, the support price is the order price of the order with the house order flag added in the working information of the upper NAO station stored in the working information DB 14. If any of the three pieces of information has changed (step S51: Yes), or if all the latest house orders have been filled (station 5)
2: Yes), the support price generation unit 8 generates a new support price (step S53). If none of the three information changes (step S51: No) and the latest house order still remains (step S52: No), no new support price is generated,
The process ends. For example, it is assumed that the following conditions are given as conditions for generating a support price. Price information from information provider V: Buy price 108.40,
Sell price 108.50, weight 30%, Board information: buy price 108.45, sell price 108.55, weight 20
%, Support price of top NAO stations: Buy price
108.42, Selling price 108.55, Weight 50% Spread: 10 sen In this case, the support price is calculated as follows. (108.40 + 108.50) /2*0.3+ (108.45 + 108.55) /2*0.2+ (108.4
2 + 108.56) /2*0.5=108.48 Buy support price = 108.48-0.10 / 2 = 108.43 yen Sell support price = 108.48 + 0.10 / 2 = 108.53 yen LMT with the support price of
Is generated as a house order, stored in the working DB 10 (step S54), and the process is terminated. In addition, as an expiration date of a house order, for example, GTC (Good T
ill Cancel, valid until canceled).

The support price and the house order may be manually generated via an input / output device (not shown) connected to each NAO station. Further, the above-mentioned weight, spread, and order amount can be arbitrarily set. Also, a plurality of support prices may be generated by changing the spread to some.

Further, when there are a plurality of directly connected upper NAO stations, it is possible to arbitrarily set which support price of the upper NAO station is used to generate the support price of the own NAO station. Furthermore, the support price of the own NAO station may be generated based on the support prices of a plurality of upper NAO stations.

In the case of the highest NAO station,
Since there is no support price from the upper NAO station, a support price is generated based on price information, board information provided from an external information providing vendor V, and order information stored in the working DB 10 as necessary. It is good.

Each of the NAO stations S 1, S 2, etc. and the customer terminals, etc. described in the present embodiment can be configured using an information processing device (computer) as shown in FIG. The information processing device 20 of FIG.
21, a memory 22, an input device 23, an output device 24, an external storage device 25, a medium drive device 26, and a network connection device 27, which are connected to one another by a bus 28.

The memory 22 is, for example, a ROM (Read Onl
y Memory), RAM (Random Access Memory), etc., and stores programs and data used for processing.
The CPU 21 performs necessary processing by executing a program using the memory 22.

The NAO stations S1 and S2 shown in FIG.
Each device and each unit constituting the terminal and the like of the customer and the like are stored as programs in specific program code segments of the memory 22, respectively. The input device 23 is, for example, a keyboard, a pointing device, a touch panel, or the like, and is used for inputting an instruction or information from a user. The output device 24 is, for example, a display or a printer, and inquires a user of the information processing device 20;
Used for output of processing results and the like.

The external storage device 25 is, for example, a magnetic disk device, an optical disk device, a magneto-optical disk device, or the like. The programs and data described above can be stored in the external storage device 25, and can be used by loading them into the memory 22 as needed.

The medium driving device 26 drives the portable recording medium 29 and accesses the recorded contents. Portable recording medium 2
9 includes a memory card, a memory stick, a floppy (registered trademark) disk, a CD-ROM (Compact
A recording medium that can be read by any information processing device, such as an sc Read Only Memory, an optical disk, a magneto-optical disk, and a DVD (Digital Versatile Disk), is used. The above-described program and data can be stored in the portable recording medium 29, and can be used by loading them into the memory 22 as needed.

The network connection device 27 is a LAN, W
An external device is communicated via an arbitrary network (line) such as an AN, and data conversion accompanying the communication is performed. Further, if necessary, the program and data described above can be received from an external device, and loaded into the memory 22 for use.

FIG. 15 shows a recording medium and transmission signals which can be read by the information processing apparatus capable of supplying a program and data to the information processing apparatus 20 of FIG.
It is also possible to cause a general-purpose information processing device to perform a function corresponding to each device described in the above embodiment. For this purpose, in the flowcharts shown in FIGS. 7 and 10 to 13 described in the embodiment, the same processing as that performed by each device is performed by the information processing device 2.
0 is stored in a recording medium 29 readable by the information processing apparatus in advance, and the program is read out from the recording medium 29 by the information processing apparatus 20 as shown in FIG. What is necessary is just to temporarily store the program in the memory 22 or the external storage device 25 of the processing device 20 and read and execute the stored program by the CPU 21 of the information processing device 20.

Further, the transmission signal itself transmitted via the line 31 (transmission medium) when the program is downloaded from the database 30 of the program (data) provider to the information processing apparatus 20 is not limited to the above-described embodiment of the present invention. A function corresponding to each device described in the embodiment can be performed by a general-purpose information processing device.

Although the embodiments of the present invention have been described above, the present invention is not limited to the above-described embodiments, and various other modifications are possible. For example, the present invention
The following configuration is also possible. A computer data signal, embodied in a carrier wave, representing a program for causing a computer to perform a control of performing a bilateral transaction, wherein the program causes the computer to execute: And accepting a part of the received order to the other trader and making the rest of the received order relative.

[0089]

As described in detail above, the present invention provides
By automating bilateral transactions, it is possible to process bilateral transactions efficiently. In addition, by connecting a counterparty transaction processing device via a network and outsourcing orders to other counterparty transaction devices, it is possible to reduce the economic risk borne by traders in transactions between traders and customers Becomes In addition, it is possible to improve the liquidity of the market in the system constructed by connecting the bilateral transaction processing device.

Further, the bilateral transaction processing device generates a support price at a price that is highly likely to be executed based on the order status of the entire system, and issues an order at the support price by itself. Market liquidity can be further improved.

[Brief description of the drawings]

FIG. 1 is a configuration diagram of a bilateral transaction processing device.

FIG. 2 is a diagram illustrating a configuration example of a NAO system.

FIG. 3 is a diagram illustrating an example of a data structure of a working database.

FIG. 4 is a diagram showing an example of a data structure of a board information database.

FIG. 5 is a diagram illustrating an example of a data structure of a working information database.

FIG. 6 is a diagram showing a relationship among a working database, a board information database, and a working database;

FIG. 7 is a flowchart showing order processing.

FIG. 8 is a diagram illustrating an order type.

FIG. 9 is a diagram illustrating a case where order reception is managed based on price restrictions.

FIG. 10 is a flowchart showing a consignment order issuance process.

FIG. 11 is a flowchart showing the processing of a contracted outgoing order.

FIG. 12 is a flowchart illustrating relative processing.

FIG. 13 is a flowchart illustrating a process of generating a support price.

FIG. 14 is a configuration diagram of an information processing apparatus.

FIG. 15 is a diagram showing a recording medium and a transmission signal which can be supplied to an information processing apparatus and which can supply a program and data to the information processing apparatus.

FIG. 16 is a diagram illustrating a conventional transaction mode.

[Explanation of symbols]

DESCRIPTION OF SYMBOLS 1 Order reception part 2 Order ID issuing part 3 Consignment order management part 4 Relative processing part 5 Self-position management part 6 Contract notification part 7 Information presentation part 10 Working database 11 External order management database 12 Contract processing database 13 Board information database 14 Working information Database 20 information processing device 21 CPU 22 memory 23 input device 24 output device 25 external storage device 26 medium drive device 27 network connection device 28 bus 29 portable recording medium 30 database 31 line C customer N network S1, S2, S11, S12, S111 Relative transaction processor V Information provider

 ──────────────────────────────────────────────────続 き Continuing from the front page (72) Inventor Narita Sakata 4--11-30 Minamiazabu, Minato-ku, Tokyo Inside Traders Securities Co., Ltd. (72) Inventor Hitoshi Aiba 4--11-30 Minamiazabu, Minato-ku, Tokyo Inside Traders Securities Co., Ltd. (72) Inventor Masayuki Fujiwara 4--11-30 Minamiazabu, Minato-ku, Tokyo Traders Securities Co., Ltd. (72) Toshio Tsugawa 4-11-30 Minamiazabu, Minato-ku, Tokyo Traders Securities Co., Ltd.

Claims (17)

[Claims] 1. A relative transaction processing device for executing a relative transaction, wherein the relative transaction processing device is connected to another relative transaction processing device via a network, and each of the relative transaction processing devices is a customer or the other. Order receiving means for receiving an order from the relative transaction processing device, consignment order management means for entrusting the received order to the other relative transaction processing device, and relative processing means for making the received order relative to each other. A bilateral transaction processor. 2. The system according to claim 1, further comprising a working information acquiring unit for acquiring information on an order receiving status of said another bilateral transaction processing device, wherein said consignment order managing unit is configured to execute a process based on information on an order receiving status of said another bilateral transaction processing device. The bilateral transaction processing device according to claim 1, wherein the order is entrusted to the other bilateral transaction processing device. 3. A self-position management means for managing an economic risk borne by an operator of the relative transaction processing apparatus by integrating execution results of the relative transaction, wherein the consignment order management means includes: 3. The bilateral transaction processing device according to claim 1, wherein the order is entrusted to the other bilateral transaction processing device based on the economic risk managed by the self-position management means. 4. The relative processing unit according to claim 1, wherein the relative processing unit determines a contracted contract price of the order based on a reception time and an order price of the order to be compared. Transaction processing device. 5. The relative processing means manages the order separately for a sell order side and a buy order side, and in the case of an order having a certain market state as a trading condition, a state where the market satisfies the condition. The bilateral transaction processing apparatus according to any one of claims 1 to 4, wherein the order is managed as an order opposite to actual selling and buying until the order becomes. 6. A support price generating means for generating a support price, which is a price that enhances the liquidity of the bilateral transaction, and issuing an order at the support price to the own relative transaction processing device. The bilateral transaction processing device according to claim 1. 7. The support price generation means, wherein the support price of the own relative transaction processing device is generated in consideration of the support price of the other relative transaction processing device. Deal processing equipment. 8. The apparatus according to claim 1, further comprising: board information obtaining means for obtaining board information which is information relating to an order receiving status in all of the bilateral transaction processing apparatuses directly and indirectly connected via the network. The relative transaction processing device according to claim 6 or 7, wherein the support price of the own relative transaction processing device is generated in consideration of the board information. 9. A bilateral transaction processing method for executing bilateral transactions, comprising: receiving an order from a customer or another vendor via a network; entrusting a part of the received order to the other vendor; A method of processing a bilateral transaction, comprising: 10. The information processing apparatus according to claim 9, further comprising: acquiring information on an order receiving status of the other vendor, and entrusting an order to the other vendor based on the information on the order receiving status of the other vendor. Bilateral transaction processing method. 11. The bilateral transaction processing method according to claim 9, wherein a transaction price of the order is determined based on a reception time and an order price of the order to be countered. 12. The order is separately managed by a sell order side and a buy order side. In the case of an order having a certain market condition as a transaction condition, the order is actually processed until the market satisfies the condition. The bilateral transaction processing method according to any one of claims 9 to 11, wherein the order is managed as an order opposite to the selling and buying. 13. The bilateral transaction processing method according to claim 9, further comprising: generating a support price that is a price that enhances the liquidity of the bilateral transaction, and issuing an order at the support price. . 14. The bilateral transaction processing method according to claim 13, wherein the support price is generated in consideration of the support price of the other trader. 15. The relative price according to claim 13 or 14, wherein the support price is generated in consideration of information on order statuses of all traders directly and indirectly connected via the network. Transaction processing method. 16. A computer-readable recording medium having recorded thereon a program for causing a computer to execute a bilateral transaction by causing the computer to execute the transaction. A recording medium that records a program that causes a computer to receive an order, entrust a part of the received order to the other trader, and make the rest of the received order relative to each other. 17. A relative transaction processing device for executing a relative transaction, comprising: an order receiving means for receiving an order; and a relative processing means for causing the received order to be relative, wherein the relative processing means comprises: Is managed separately for the sell order side and the buy order side, and in the case of an order having a certain market condition as a trading condition, until the market satisfies the condition, the order is managed as an order opposite to the actual buy and sell. A bilateral transaction processing device.