JP2002358419A - Financial instrument transaction risk management system, financial instrument transaction risk management method, and financial instrument transaction risk management program - Google Patents

Abstract

(57) [Summary] [Problem] To reduce the risk of replacement in the event of payment default. When an order for securities is received from a terminal, a settlement result determining means for determining whether or not an order is accepted for each order by referring to a past settlement result of an ordering customer; A security balance determining means 22c for determining whether or not an order is accepted for each order with reference to the security balance;
b, when it is determined that an order can be received, an order execution means 22e which issues a contract establishment request to the securities trading system 4 based on the order and outputs the contract result to the terminal 1, and a settlement when the settlement for the contract is completed. Settlement processing means 22f for updating the result.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a financial product transaction risk management system, a financial product transaction risk management method, and a financial product transaction risk management program for avoiding transaction risk when an order for a financial product is received.

[0002]

2. Description of the Related Art At present, settlement of securities is performed on the fourth day after execution. Recently, there is a tendency to shorten the period from execution to settlement in order to avoid various risks caused by long time until settlement of securities.

[0003] If the period until the settlement is shortened, it is expected that the settlement price or the settlement of settlement securities will be delayed depending on the customer, and the number of defaults will be increased. in this case,
The securities company handling the transaction will have to pay for it in some way to avoid confusion in settlement.

[0004]

However, in the event of a payment default, the security company will use the funds that were not anticipated by the securities company, so the cost of performing the reimbursement and the risk that the reimbursement cannot be fulfilled must be addressed. Must.

SUMMARY OF THE INVENTION The present invention has been made to solve the above-mentioned problems, and an object of the present invention is to provide a financial product transaction risk management system and a financial product transaction risk management method for reducing the risk of restitution in the event of default. And a financial instruments transaction risk management program.

[0006]

According to one aspect of the present invention, when an order for a financial product is received, the acceptability of an order is determined for each order by referring to the past settlement performance of the ordering customer. A settlement result determining means for determining, an order processing means for outputting a contract establishment request based on the order when it is determined that the order can be received by the settlement result determining means, and prompting transmission of the contract result; and A contract result output means for outputting,
Means for updating the settlement result when the settlement for the contract has been completed is provided.

According to such a configuration, the settlement result is updated and held for each transaction, and the settlement result is referred to for each order to determine whether or not an order can be accepted. An order from a customer who does not have a good settlement performance such as a customer can be rejected for each order. As a result, the likelihood of a payment default being reduced is reduced, and the cost of redeployment required in the event of a payment default can be avoided, and the risk of the creditworthiness of the securities firm handling the transaction being reduced. Become.

According to another aspect of the present invention, when an order for a financial product is received, a security balance determining means for determining whether or not an order is accepted for each order with reference to the security balance of the order source; When the balance determination means determines that it is possible to receive an order, the order processing means outputs an execution request based on the order and prompts transmission of the execution result, and execution result output means for outputting the execution result. A financial instrument transaction risk management system is provided.

[0009] According to such a configuration, whether or not an order is accepted is determined for each order based on the collateral balance. Therefore, an order is received when the collateral balance is small, and the occurrence of a turnaround caused by the orderer defaulting on settlement is not affected. Can be prevented. In addition, if the order is refused when the balance of the security is small, it is possible to avoid the replacement that occurs when the payment is breached.

According to one embodiment of the present invention, the security balance determination means determines whether or not the order is accepted based on the transaction amount generated by the order and the security balance. This makes it possible to determine the security balance according to the transaction amount.

According to another embodiment of the present invention, the collateral balance determination means includes risk equivalent amount calculation means for calculating a settlement risk equivalent amount based on credit for the order, and the risk equivalent amount It is determined whether or not an order is accepted based on the risk equivalent amount calculated by the calculation means and the security balance.

[0012] Thus, it is possible to secure an order based on the amount corresponding to the settlement risk based on the credit for the order, and to receive the order.

Here, the settlement risk equivalent amount based on the credit means a settlement price calculated based on rating information from a rating agency of a counterparty and / or past settlement results with respect to a settlement amount of an unsettled transaction. Refers to the amount of risk. The settlement risk equivalent amount based on this credit is calculated, for example, in the case of securities transactions, by calculating the price fluctuation risk of unsettled securities from the difference between the contract price included in the order and the expected price on the settlement date. It can be calculated based on the risk evaluation model using the rating information of the order source as a parameter.

Further, according to another embodiment of the present invention, when it is determined that the order cannot be received, the security balance determination means requests the terminal of the order source for additional security.
Preferably, the security balance determination means updates the security balance based on the added security when security is added from the order source in response to the additional security request, and the updated security balance is updated. It is determined whether an order can be accepted based on the collateral balance.
Accordingly, it is possible to determine whether or not an order is accepted based on the security balance including the additional security, and it is possible to prevent occurrence of a transaction in a situation where the security balance is small.

It is desirable that the determination of whether or not an order can be made is executed in real time in response to the order. As a result, it is possible to determine whether or not an order can be received in real time for each order, so that even if there are a large number of orders in a short time or a settlement failure occurs, it is possible to determine whether or not an order can be received each time. Multiple orders that require collateral can be avoided.

It is desirable that the order processing means output a contract establishment request when it is determined that an order can be received by both the settlement performance judgment and the collateral balance judgment.

Further, the present invention relating to an apparatus is also realized as an invention of a method realized by the apparatus. Further, the present invention relating to an apparatus or a method is provided for causing a computer to execute a procedure corresponding to the present invention (or for causing a computer to function as means corresponding to the present invention).
Alternatively, the present invention can be realized as a program for causing a computer to realize a function corresponding to the invention, and a computer-readable recording medium on which the program is recorded.

[0018]

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS An embodiment of the present invention will be described below with reference to the drawings.

FIG. 1 is a diagram showing the overall configuration of a securities transaction risk management system according to one embodiment of the present invention. As shown in FIG. 1, a plurality of institutional investor systems 1 used by an investor who is a customer of a securities company, and a securities company which manages from ordering to settlement of securities from each investor are used. A securities company system 2 is connected via a network 3. Further, the securities company system 2 is connected via a communication line 5 to a securities trading system 4 for establishing a contract (transaction) of securities. In the following embodiments, a “system” refers to a computer system, and is realized by a processor, a memory, and other peripheral devices such as a server and a terminal.

FIG. 2 is a diagram showing a detailed configuration of the securities company system 2. As shown in FIG. 2, an interface 21 for controlling transmission and reception of information to and from an external terminal via the network 3 or the communication line 5, and a processor connected to the interface 21 for performing various securities transaction risk management processing 22 and connected to this processor 22;
Storage means 23a for storing a program for performing various securities transaction risk management processes, transaction information storage means 23b for storing transaction information such as order information and execution results, settlement result storage means 23c for storing settlement results of each investor, It comprises a security balance storage means 23d for storing the security balance of each investor.

The processor 22 includes order receiving means 22a,
It has a settlement performance judgment unit 22b, a security balance judgment unit 22c, a collateral receiving unit 22d, an order processing unit 22e, and a settlement processing unit 22f. Storage means 23 by the processor 22
By reading various programs from a, the processor 22 functions as each unit. The settlement result determination means 22b and the security balance determination means 22c store the settlement result and the security balance for each investor.

Next, a method for managing the transaction risk of securities will be described with reference to the processing steps shown in FIG.

First, an order is received from the institutional investor system 1 that satisfies the conditions for specifying the order (order target specifying information, order source identifying information, and sell / buy specifying information) (s).
1) The order receiving means 22a receives the order and issues a settlement result determination command to the settlement result determining means 22b for each order (s2). If the conditions for specifying the order are not complete, the order receiving means 22a urges the institutional investor system 1 to transmit the necessary information without receiving the order. The order target specifying information is information for specifying an order target such as a quantity, a unit price, and a transaction place. The order source identification information is information for identifying an investor who places an order. The sell / buy specific information is information for identifying either a sell or buy order.

The settlement result judgment means 22b executes the processing of (s3) and (s4) for each order in real time in response to the judgment command. That is, the settlement result determination means 22b
Searches the settlement result storage means 23c and refers to the settlement result of the investor using the orderer identification information as a key. The settlement result determination means 22b determines whether or not to reject the order based on the referred settlement result (s3), and if so, notifies the institutional investor system 1 of the order rejection. This order rejection notice may be transmitted to the institutional investor system 1 indicating that the order is rejected. On the other hand, if there is no problem with the settlement result, the settlement result judging means 22b
A security balance determination command is issued to c (s4).

It should be noted that real-time processing refers to performing processing for each transaction when the computer system confirms that predetermined conditions are satisfied. In the following embodiments, unless otherwise specified, predetermined conditions are set for each transaction. Is determined by the computer system, and real-time processing is executed for each transaction.

In response to the balance determination command, the security balance determination means 22c executes the processing of (s5) and (s6a) or the processing of (s5) and (s6b) for each order in real time. That is, the security balance determination means 22c searches the security balance storage means 23d using the order source identification information as a key, and refers to the security balance of the institutional investor. Then, based on the settlement amount calculated from the order target specifying information, a settlement risk equivalent amount based on credit for the order is calculated, and it is determined whether the collateral balance is sufficient based on the settlement risk equivalent amount and the collateral balance. (S5).

Here, the settlement risk equivalent amount based on the credit refers to the settlement price calculated based on the rating information of the counterparty's rating agency and / or past settlement results with respect to the settlement amount of the unsettled transaction. Refers to the amount of risk. The rating information is obtained by reading the digitized data from storage means (not shown). The settlement risk equivalent amount based on this credit is calculated, for example, in the case of securities transactions, by calculating the price fluctuation risk of the unsettled securities from the difference between the contract price included in the order object identification information and the expected price on the settlement date. It can be calculated based on the risk evaluation model using the fluctuation risk and the rating information of the order source as parameters.

For example, there is a case where an institutional investor and a securities company trade in a bilateral contract, and at the same time, the securities company fully hedges, but the institutional investor cannot settle the securities on the settlement date (cannot prepare). On the trade day, the customer's securities selling price is 10 billion yen and the securities company's own
100 million yen, the selling price when a securities company sells securities to a third party for hedging purposes is 10 billion yen,
Assuming that the purchase is made at 1 billion yen, the securities company will lose 1 billion yen. This 1 billion yen is the price fluctuation risk for securities companies.

If it is determined that the security balance is sufficient, the security balance determination means 22c issues an order processing command to the order processing means 22e (s6a).

If it is determined that the security balance is not sufficient, an additional security amount for determining that the security balance is sufficient is calculated. The determination of the additional collateral amount is obtained by subtracting the collateral balance from the settlement risk equivalent amount based on the credit. Therefore, (additional collateral amount) = (settlement risk equivalent amount based on credit) − (collateral balance). This additional collateral is derived based on the settlement risk and corresponds to the securities firm's replacement costs in the event that the settlement defaults. When the required collateral amount is calculated, the security balance determination means 22
c issues a security acceptance command to the security acceptance means 22d (s6
b).

Security receiving means 22d receiving the security receiving instruction
Responds to this acceptance command in real time (s7
b) to (s10b) are executed for each order. That is, the collateral receiving unit 22d transmits the information on the additional collateral amount calculated by the collateral balance determination unit 22c to the institutional investor system 1, and requests additional collateral (s7b). In response to the request for additional collateral, the institutional investor system 1 transmits information on the amount of additional collateral to the securities company system 2 to provide additional collateral (s8b). With the provision of this additional collateral,
The provided additional security amount is added to the security balance before the additional security, and the security balance is updated (s9b). Then, the security balance determination unit 22c is again instructed to determine the security balance (s
10b).

The security balance determination means 22c, which has received the security balance determination command, executes the same security balance determination processing as in (s5) and (s6a) or (s5) and (s6b) for each order in real time.

Order processing means 22e receiving the order processing instruction
Performs the following processes (s11) to (s15) for each order in real time. That is, order processing means 2
2e stores the order target specifying information, the ordering source identifying information, and the sell / buy specifying information included in the order in the transaction information storage means 23b as order information, and registers the order (s11). Then, the order object specifying information and the sell / buy specifying information are transmitted to the securities trading system 4 to make a contract execution request (s1).
2) urge the securities trading system 4 to transmit the contract result. When the contract is executed in the securities trading system 4, the execution result is transmitted from the securities trading system 4 (s13). The order processing means 22e compares the execution result with the institutional investor system 1
Is transmitted to the investor (s14), and the contract result is stored in the transaction information storage means 23b in association with the order information (s15). Further, order processing means 2
2e issues a settlement processing command to the settlement processing means 22f (s
16).

After performing the settlement processing, the settlement processing means 22f updates the settlement result in the settlement result storage means 23c (s
17). In the case where the settlement has been failed, the settlement processing unit 22f updates the settlement result storage unit 23c by writing information specifying that the contract has been failed in the settlement result storage unit 23c. In the case where the settlement result is updated as described above and the settlement result is not sufficient to receive the subsequent order, and the order is again received from the same investor, in the step (s3), By determining the settlement result, it is possible to take measures such as order rejection.

As described above, according to the present embodiment, the processing from receiving an order from the institutional investor system 1 to the execution of a contract is executed in real time for each order, that is, for each transaction. The risk of conducting transactions that require additional collateral can be avoided. Therefore, when the balance of the collateral is not sufficient or the settlement is defaulted, it is possible to prevent a risk that the securities company itself makes a repurchase. In addition, it is possible to avoid the risk of repurchase caused by receiving an order from an investor who is deemed to be inappropriate for receiving an order. Further, when additional collateral is required, it is possible to request the investor side to provide additional collateral in real time and to receive an order after the additional collateral is obtained, so that the risk of refinancing can be passed on. Further, by accumulating the settlement results for each transaction, it is possible to manage for each investor in accordance with the settlement results, so that it is possible to prevent a decrease in the credit of the securities company due to the replacement.

The present invention is not limited to the above embodiment. Although the example in which the determination of the collateral balance is performed after the determination of the settlement result has been described, the determination of the collateral balance may be performed first. Also,
The determination of the settlement result and the determination of the collateral balance may be combined. For example, the number of payment defaults during a predetermined period until an order is received is stored in the payment result storage unit 23c as a payment result, and a data table or a calculation formula indicating the relationship between the number of payment defaults and the security balance is stored in advance. Separately prepared, it is possible to make a determination by combining both the settlement result and the collateral balance based on this data table or calculation formula. As a data table indicating the relationship between the number of settlement defaults and the balance of collateral, a data table or the like for determining, when the number of defaults of settlement exceeds three, the amount of collateral required for receiving an order by 20% is determined. The calculation formula is a calculation formula or the like for determining (the number of settlement defaults) × 5% (20% if the number of defaults is 4) over the collateral balance required for the order. In this case, the calculation formula is (balance of collateral required for receiving an order) = (transaction amount) × ｛1+ (number of defaults on settlement) × 0.
05｝. The order specifying information used for the determination of the collateral balance is, for example, the transaction value to be traded in the case of stock trading.

FIG. 4 shows an example of the data table shown in the above example. As shown in FIG. 4, when the number of payment defaults is two, the settlement risk equivalent amount is the collateral balance required for the order,
If the number of settlement defaults is 3 to 6, 1.2 times the settlement risk equivalent amount is required for the collateral balance required for the order, and if the default is 7 to 10 times, 1.5 times the settlement risk equivalent amount. Is the collateral balance required for orders and the number of settlement defaults is 11 to 15
Up to the second time, twice the amount of the settlement risk is required for the order, and if the number of defaults is 16 or more, the required order balance is not specified. It is determined to be rejected. Since this data table is only an example, it is needless to say that the necessary collateral balance and the number of payment defaults may be set under different conditions. In addition, for example, the settlement result is stored as a settlement amount or a trading amount, and the settlement amount or the sales amount included in the settlement result is compared with the order amount. It is also possible to set so that the order is rejected if it exceeds a certain amount. Further, it is also possible to compare the order amount with the average amount of the settlement amount or the purchase and sale amount included in the settlement result, and reject the order if the order amount exceeds the average amount by a predetermined amount.

The settlement result is determined by the settlement result judgment means 22b.
In the above, an example in which an order is received after the collateral balance is determined by the collateral balance determination means 22c has been described. Good.

When it is determined whether or not an order can be accepted based on the customer attribute, a customer attribute determining means is provided in the processor 22 and information for identifying "resident" and "non-resident" is stored in the customer attribute storage means, for example. Each customer, that is, each investor is registered in a customer attribute storage unit (not shown), and in the case of an order from a non-resident, the customer attribute determination unit outputs an alarm to a terminal screen (not shown) connected to the securities company system 2. Is output. Further, the same alarm may be output not only at the time of receiving an order but also at the time of settlement processing by the settlement processing means 22f. In addition, a "new customer" who has never dealt with a transaction and an "existing customer" who has dealt with a transaction in the past are identified based on customer attribute storage means. May always request a security as shown in (s7b).

When it is determined whether or not an order can be accepted based on the brand attribute, a brand attribute determining means is provided in the processor 22 and brand characteristics such as a floating rate are registered for each brand in the brand attribute storage means. It may be determined whether or not to receive an order based on the characteristics, or an alarm may be output as in the case of the customer attribute.

The customer attribute and the brand attribute may be used to determine whether or not an order can be accepted in accordance with the settlement result or the security balance. In this case, for example, the settlement result determining means 22b determines whether or not an order can be accepted based on both the settlement result and the customer attribute, or the collateral balance determining means 22c
May determine whether an order can be accepted or not based on both the collateral balance and the brand attribute. When the settlement result, the security balance, the customer attribute, and the brand attribute are individually used to determine whether or not to receive an order, the order in which the determination is performed does not matter.

In the above embodiment, a bond, stock certificate, CP
The case where the present invention is applied to transaction risk management of securities such as (commercial paper) has been described, but the present invention is not limited to this. For example, deposits and savings, time deposits, premiums based on inexhaustible contracts, monetary trust contracts, insurance and mutual aid contracts, trust beneficiary rights, mortgage securities, commodity investment beneficiary rights, small receivables, negotiable deposits, commodity investment contracts, specific Investment unions such as receivables,
Real estate specific joint business agreements, securities futures, securities index futures, securities options, foreign market securities futures, financial futures, securities forwards, securities over-the-counter forwards, securities OTC option trading,
OTC securities swaps, OTC financial futures,
Financial transactions, such as transactions that promise to deliver or receive money calculated based on the difference between the value of the interest rate, currency price and other indicators previously agreed between the parties and the actual value of the indicator at a certain time in the future The present invention can be applied to the transaction risk of financial products specified in the Product Sales Act. Of course, the present invention can also be applied to the management of transaction risk of financial products not defined in the Financial Product Sales Law.

The operating entity of the system 1 does not necessarily need to be an institutional investor, but may be any investor who wishes to trade securities through a securities company. Further, the operating entity of the system 2 does not necessarily need to be a securities company.

Although the exchange of information between the institutional investor system 1 and the securities company system 2 is performed by transmitting and receiving information via the network 3 such as the Internet, the present invention is not limited to this. . For example, the exchange between the institutional investor and the securities company may be performed by telephone, FAX, or the like. Specifically, for example, a terminal (not shown) is provided in the securities company system 2, and the operator receives an order including institutional investor's order or identification information, sale / buy identification information, and order target identification information by telephone or facsimile, Information for identifying these orders is entered using a terminal (not shown),
The same processing as in the above embodiment may be performed based on the input data. Alternatively, information may be exchanged between an institutional investor and a securities company by transmitting and receiving electronic data using a public telephone line or a dedicated communication line.

Further, the above embodiments include inventions at various stages, and various inventions can be extracted by appropriately combining a plurality of disclosed constituent elements. For example, when an invention is extracted by omitting some constituent elements from all constituent elements described in the embodiment, when implementing the extracted invention, the omitted part is appropriately supplemented by well-known conventional techniques. Will be

[0046]

As described above, according to the present invention, by determining the order for each order, the risk of replacement in the event of a payment failure can be reduced.

[Brief description of the drawings]

FIG. 1 is a diagram showing an example of an overall configuration of a securities settlement management system according to an embodiment of the present invention.

FIG. 2 is an exemplary view showing an example of a detailed configuration of the securities company system according to the embodiment.

FIG. 3 is a processing step diagram for explaining the securities settlement management method according to the embodiment;

FIG. 4 is an exemplary view showing an example of a data table used when the collateral balance determination and the settlement result determination according to the embodiment are combined.

[Explanation of symbols]

 DESCRIPTION OF SYMBOLS 1 ... Institutional investor system 2 ... Securities company system 3 ... Network 4 ... Securities trading system 5 ... Communication line 21 ... Interface 22 ... Processor 22a ... Order receiving means 22b ... Settlement performance judgment means 22c ... Collateral balance judgment means 22d ... Receipt of security Means 22e Order processing means 22f Payment processing means 23a Program storage means 23b Transaction information storage means 23c Payment result storage means 23d Collateral balance storage means

 ──────────────────────────────────────────────────の Continued on the front page (72) Inventor Harada Politics 1-3-5 Yaesu, Chuo-ku, Tokyo Daiwa Securities SMBC Co., Ltd.

Claims (17)

[Claims] 1. When a financial product order is received, a settlement result determination unit that determines whether or not an order is accepted for each order by referring to a past settlement result of the customer of the order source; When it is determined that the order can be received, an order processing unit that outputs a contract establishment request based on the order and prompts transmission of the contract result; a contract result output unit that outputs the contract result; and settlement of the contract is completed. Means for updating the settlement result in the event that the transaction has been made. 2. When receiving an order for a financial product, a collateral balance determining means for determining whether or not an order is accepted for each order by referring to the collateral balance of the order source; and determining that the collateral balance can be ordered by the collateral balance determining means. In this case, the order processing means outputs a contract execution request based on the order, and prompts transmission of the contract result, and a contract result output means for outputting the contract result. Commodity trading risk management system. 3. The financial product transaction risk management system according to claim 2, wherein said collateral balance determination means determines whether or not said order is accepted based on a transaction amount generated by said order and said collateral balance. . 4. The security balance determination means includes risk equivalent amount calculation means for calculating a settlement risk equivalent amount based on credit for the order, and the risk equivalent amount calculated by the risk equivalent amount calculation means and the security 3. The financial product transaction risk management system according to claim 2, wherein whether or not an order is accepted is determined based on the balance. 5. The financial product transaction risk according to claim 2, wherein said collateral balance determination means makes a request for additional collateral to said order source terminal when it is determined that the order cannot be received. Management system. 6. The collateral balance determining means, when a collateral is added from the order source in response to the request for additional collateral, updates the collateral balance based on the added collateral,
6. The financial product transaction risk management system according to claim 5, wherein whether or not an order is accepted is determined based on the updated security balance. 7. A collateral balance judging unit for judging whether or not an order is accepted for each order by referring to the collateral balance of the order source, wherein the order processing unit receives an order by the settlement performance judging unit and the collateral balance judging unit. The financial product transaction risk management system according to claim 1, wherein when it is determined that the order is possible, a contract execution request is output based on the order to prompt transmission of the contract result. 8. The financial product transaction risk management system according to claim 7, wherein said security balance determination means determines whether or not an order is accepted based on a transaction amount generated by the order and a security balance. 9. The security balance determination means includes risk equivalent amount calculation means for calculating a settlement risk equivalent amount based on credit for the order, and the risk equivalent amount calculated by the risk equivalent amount calculation means and the security 8. The financial product transaction risk management system according to claim 7, wherein whether or not an order is accepted is determined based on the balance. 10. The financial product transaction risk according to claim 2, wherein said collateral balance determination means makes a request for additional collateral to said order source terminal when it is determined that an order cannot be received. Management system. 11. The collateral balance determining means updates a collateral balance based on the added collateral when collateral is added from the order source in response to the additional collateral request. The financial product transaction risk management system according to claim 10, wherein whether or not an order is accepted is determined based on the collateral balance obtained. 12. The financial product transaction risk management system according to claim 1, wherein the determination as to whether or not the order is accepted is executed in real time in response to the order. 13. The financial product settlement management system according to claim 1, wherein the financial product is a security. 14. When receiving an order for a financial product,
A step of determining whether or not an order can be accepted for each order by referring to the past settlement results of the customer of the order source; and, when it is determined by the settlement result determination means that an order can be received, a contract establishment request is made based on the order. Outputting the execution result, outputting the execution result, and updating the settlement result when the settlement for the execution is completed, a financial product transaction risk management method, comprising: . 15. When receiving an order for a financial product,
Determining whether or not an order can be accepted for each order by referring to the collateral balance of the order source; and outputting a contract establishment request based on the order when the collateral balance determination means determines that the order can be accepted, and A financial product transaction risk management method, comprising: prompting transmission of a result; and outputting the contracted result. 16. A means for, when an order for a financial product is received by a computer, determining whether or not an order is accepted for each order by referring to the past settlement results of the ordering customer; When it is determined that the order can be received, a means for outputting a contract establishment request based on the order and prompting transmission of the contract result, a means for outputting the contract result, and a settlement result when the settlement for the contract is completed Product transaction risk management program to function as a means of updating. 17. When a computer receives an order for a financial product, the computer refers to the collateral balance of the order source to determine whether or not an order can be accepted for each order, and the collateral balance determination unit determines that an order can be received. A means for outputting a contract establishment request based on the order and prompting transmission of the contract result; and a financial product transaction risk management program for functioning as a means for outputting the contract result.