JP2004213642A - Storage medium recorded with financial product exchange transaction program, financial product exchange transaction system and product exchange transaction method - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a storage medium recorded with a financial products exchange transaction program matching a cancellation demand with a creation demand of the hold of a customer, a financial products exchange transaction system and a products exchange transaction method by creating an exchange transaction market of financial/quasi-financial products via a computer network, and to provide a new method for asset management saving a commission to be payed to an agent by the customer, minimizing a market risk of a cancellation act-a creation act, improving the fluidity of the products, enabling a new type arbitrage and improving the efficiency of the total management of assets/debt. <P>SOLUTION: This invention is related to the computer readable storage medium recorded with the financial products exchange transaction program, the financial products exchange transaction system and the products exchange transaction method. That is to say, the exchange transaction market of the financial/quasi-financial products is created via the computer network, so that the users can drive the exchange transaction to one another. <P>COPYRIGHT: (C)2004,JPO&NCIPI

Description

  The present invention is to create an exchange market for financial instruments and / or quasi-financial instruments via one or more computer networks, and to match the demand for cancellation of the customer's position with the demand for creation of the position. The present invention relates to a computer-readable storage medium storing a financial product exchange transaction program, a financial product exchange transaction system, and a product exchange transaction method.

  The principle of the monetary economy is that the buying behavior is separated from the selling activity.For example, when a product is sold, if the product to be purchased is not immediately found, people maintain their purchasing power while holding money and save time. A common practice is to search for a product that the user wants to purchase. Traditional financial transactions are based on this principle, so customers have to pay commissions when closing and creating financial instruments, and in today's trading market where volatility is volatile, However, the time lag between dissolving and creation activities increases market risk.

By the way, land, buildings and composite real estate, which is a combination of both, are originally investment products with different characteristics from financial products, but due to the spread of real estate securitization using special purpose companies and investment trusts, It has established itself as a jointly operated product that can be reduced in size. Along with this, in asset management, there is an opportunity for arbitrage between the real estate management product and financial management products such as loans, bonds, stocks, etc., through securitized products such as real estate-backed securities and real estate investment trusts. It is no longer meaningful to discuss real estate and financial products on different grounds.
Indices that show fluctuations in the overall market, such as stock indices, have also been developed in the real estate market. Derivative product transactions based on these real estate investment indices are also expected to grow.

On the other hand, commodity futures, commodity options, commodity futures options, and commodity price swaps based on physical commodities such as precious metals and non-ferrous metals, energy-related products, and primary commodities The status as a quasi-financial product has already been established, and product funds investing in these physical derivatives and financial derivatives are positioned as fund-type financial products similar to securities investment trusts.
However, today's trading markets are heavily segmented into financial products, real estate products and physical derivatives, which are further subdivided by product. As a result, the liquidity of each product is deprived, and the value at the time of eliminating the position is distorted, and the customer is disadvantaged.

The present invention has been made in order to solve the above-described problems, and has established an exchange trading market for financial products and / or quasi-financial products via one or more computer networks, and has provided asset managers and fund raisers. , A computer-readable storage medium for recording a financial product exchange transaction program for matching a demand for cancellation of position of a customer such as a fund trader and a demand for creation of position, and a financial product exchange transaction system, and a product exchange It is an object to provide a transaction method.
The present invention provides an environment in which a solution action and a creation action can be performed at the same time, thereby saving a fee paid by a customer to an intermediary, etc., and eliminating a time lag between the solution action and the creation action, thereby reducing A computer-readable recording of a financial instruments exchange trading program that can minimize the market risk of the market and create liquidity for individual products by creating a cross trading venue that transcends the over-segmented trading market It is an object to provide a possible storage medium, a financial product exchange transaction system and a product exchange transaction method.
Further, the present invention enables new types of arbitrage and leveling of cash flows for asset management products, financing products, and fund transaction products, increasing the efficiency of portfolio restructuring and comprehensive management of assets and liabilities, Another object of the present invention is to provide a new method of asset management involving business control, cross-shareholding, credit provision, and selection of management contractors.

The invention according to claim 1 is a computer-readable storage medium that records a financial product etc. exchange transaction program, and establishes an exchange transaction market for financial products and / or quasi-financial products via one or more computer networks. It is characterized by the fact that users can establish exchange transactions with each other.
In the present invention, an exchange transaction between users or an exchange transaction between customers is an exchange transaction between asset managers, an exchange transaction between financiers, an exchange transaction between financiers, an asset manager and a financier. Exchange transactions, etc., and also include cases in which conduits, such as special purpose companies, trusts, and unions, are involved between users in actual transactions.
In addition, the asset manager of the present invention refers to loans, deposits, stocks and bonds, commercial paper, beneficiary rights, buying and selling of real estate products, transactions of foreign exchange products, financial derivatives, real estate derivatives, physical derivatives, etc. Domestic and foreign individuals and corporations that conduct asset management. Funders are domestic and foreign individuals and corporations that raise funds through borrowings, deposits, the issuance of stocks and bonds, the issuance of commercial paper, and the trading of foreign exchange products and derivatives. In the present invention, domestic and foreign individuals and corporations having both the function as the asset manager and the function as the fund raiser are called fund traders.
Further, in the present invention, a basic product such as a financial management product or a real estate management product which is a target of asset management is referred to as an asset management product, and a basic product such as a financial procurement product which is a target of fund raising is referred to as a fund procurement product. Therefore, bonds, stocks, commercial paper, and the like used as fundraising products by fundraising companies become asset management products from the viewpoint of an asset manager who purchases them. If the funding means is a loan, the basic product for the procurement side, ie, the fund procurement product, is a debt, the basic product for the management side, ie, the asset management product, is a loan receivable, and the fund procurement means is a deposit. The basic product for the funding side, ie, the fund procurement product, is a deposit obligation, and the basic product for the investment side, ie, the asset management product, is a deposit receivable. On the other hand, in the present invention, various products that are used differently from asset management products and financing products, such as foreign exchange products, financial derivative products, real estate derivative products, and physical derivative products, are used as fund transaction products.

  The invention according to claim 2 is the computer-readable storage medium according to claim 1, which records a program for exchanging financial products and the like, wherein one or more computers connected to the computer network and a plurality of user terminals. Transmitting means for transmitting an exchange order to the computer by a terminal of a person who desires the exchange transaction of the financial / quasi-financial product; and transmitting the exchange transmitted by the transmitting means from the terminal of the exchange applicant to the computer. Receiving means for receiving an order, storing means for storing the exchange order of the replacement applicant received by the computer by the receiving means, and specific or unspecified candidates by which the computer can be an exchange partner of the replacement applicant; Means for disclosing the exchange order to the terminal of the exchange candidate, and the terminal of the exchange candidate is transmitted from the computer by the disclosure means. Transmitting means for transmitting an exchange order for the exchange transaction to the computer based on the exchange order disclosed in the above, and the computer transmits the exchange order transmitted from the terminal of the exchange candidate by the transmission means. Receiving means for receiving, storing means for storing the replacement order of the replacement candidate received by the computer by the receiving means, and storing the replacement order for the replacement candidate stored by the storage means and the replacement candidate Matching means for determining whether the condition is met by comparing the exchange order with the exchange order of the user, and when the computer determines that the condition is met by the matching means, establishes an exchange transaction between both exchange orders, and Updating means for updating both orders stored by the matching means, and the computer The transaction results, characterized in that it is possible to realize the exchange traded by providing a notification unit that notifies the terminal of the terminal and the exchange candidates of the exchange seekers.

  According to a third aspect of the present invention, there is provided the storage medium according to the first aspect, wherein the exchange transaction program for a financial product or the like is recorded, wherein at least one computer and a plurality of user terminals connected to the computer network. Transmitting means for transmitting the exchange order of the financial / quasi-financial instrument to the computer, and the computer transmitting the exchange order transmitted by the transmitting means from the plurality of user terminals. Accepting means for accepting, storage means for storing a plurality of exchange orders received by the computer, and matching for judging a condition match by matching the plurality of exchange orders stored by the storage means to the computer; Means, if the computer determines that the condition is met by the matching means, Update means for establishing an exchange transaction between the exchange orders of a number and updating the exchange order stored by the storage means; and the computer further comprising: And the notifying means for notifying the exchange transaction can be realized.

  According to a fourth aspect of the present invention, there is provided the computer-readable storage medium according to the first aspect of the present invention, which records a program for exchanging financial products and the like, wherein at least one computer and a plurality of user terminals are connected to the computer network. Transmitting means for transmitting a relative exchange transaction request to a terminal of a candidate who can be an exchange partner; and a terminal of the relative transaction candidate, Receiving means for receiving the relative exchange transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant, and accepting or rejecting the relative exchange transaction request received by the terminal of the relative transaction candidate received by the receiving means; A reply means for returning a negotiation decision to the terminal of the counterparty candidate; and a terminal of the counterparty candidate, Therefore, receiving means for receiving the returned decision, and notifying means for notifying the computer of the result of the establishment or failure of the relative exchange transaction by the terminal of the relative transaction applicant and / or the terminal of the relative transaction candidate Is characterized in that an exchange transaction can be realized by providing

  According to a fifth aspect of the present invention, there is provided the computer-readable storage medium according to the fourth aspect of the present invention, which records a program for exchanging financial products and the like, wherein the storage medium further comprises further means, and is connected to the computer network. Transmitting means for transmitting the relative exchange transaction request of the financial / quasi-financial instrument to the computer, wherein the computer has a plurality of computers and a plurality of user terminals; Receiving means for receiving the relative exchange transaction request transmitted by the transmitting means from the terminal of the person, and specifying means for identifying a relative transaction candidate that matches the relative exchange transaction request received by the computer, The computer notifies the contact of the counterparty candidate specified by the specifying means to the terminal of the counterparty candidate. Characterized in that it is possible to realize a relative exchange transaction by providing a notification unit further.

  The invention according to claim 6 is the computer-readable storage medium according to any one of claims 1 to 5, which records a financial product exchange transaction program, wherein the exchange transaction target product is a loan receivable, a bond, a commercial paper, It is characterized in that it is a financial management product of at least one of deposit receivables, stocks, investment securities, depositary certificates and beneficiary securities.

  According to a seventh aspect of the present invention, there is provided the storage medium according to any one of the first to fifth aspects of the present invention, wherein a program for exchanging financial products and the like is recorded, wherein the commodities to be exchanged are land, building, composite real estate, and section ownership. It is characterized in that it is one or more real estate management products among buildings, real estate-backed securities and real estate investment trusts.

  The invention according to claim 8 is the computer-readable storage medium according to any one of claims 1 to 5, which records a program for exchanging financial products and the like, wherein the commodities to be exchanged are borrowed debts, bonds, commercial paper, It is characterized in that it is a fund procurement product of at least one of deposit liabilities, stocks and investment securities.

  According to a ninth aspect of the present invention, there is provided the storage medium according to any one of the first to fifth aspects, wherein the exchange transaction program for a financial product or the like is recorded, wherein the exchange transaction target product is a foreign exchange product, an interest rate derivative product, or a stock. It is characterized by at least one of a derivative transaction, a real estate derivative, a physical derivative, a composite derivative, a forward commodity, a future commodity, an option commodity, and a swap commodity.

  The invention according to claim 10 is a computer system for supporting exchange transactions of financial products and / or quasi-financial products between customers such as an asset manager, a fund raiser, and a fund trader. One or more computers having a function as a server and a function as a database server; (b) a plurality of user terminals of the customer; and (c) one connecting the computer and the user terminals. It comprises the above computer network and (d) an exchange product database for storing data relating to the exchange transaction, and (1) data relating to at least one of an exchange contract, a prospectus, a report and a disclosure. Contract management database to store, (2) settlement management database to store data related to fund settlement and / or securities settlement, (3) appraisal evaluation At least one of a self-introduction material and / or an evaluator information database storing reference / suggestion materials relating to the exchange transaction and (4) a client information database storing data relating to users of the system. By providing a bidding mode in which exchange orders are directly matched based on the principle of supply and demand and / or a relative mode in which the customers are provided with a communication channel to establish the exchange transaction by direct negotiations, And

  According to an eleventh aspect of the present invention, there is provided the financial transaction exchange system according to the tenth aspect, wherein a terminal of a person who desires the exchange transaction of the financial / quasi-financial product transmits an exchange order to the computer. Receiving means for receiving the exchange order transmitted by the transmitting means from the terminal of the exchange applicant, and storage means for storing the exchange order of the exchange applicant accepted by the computer by the accepting means And a disclosing means for the computer to disclose the exchange order to a terminal of a specific or unspecified candidate who can be an exchange partner of the exchange candidate, and a terminal of the exchange candidate is transmitted from the computer by the disclosing means. Transmitting means for transmitting, to the computer, an exchange order for the exchange transaction based on the disclosed exchange order, the computer comprising: Receiving means for receiving an exchange order transmitted from the terminal of the candidate by the transmitting means; storage means for storing the exchange order of the candidate candidate received by the computer by the receiving means; and the computer A matching unit that compares the exchange order of the exchange applicant stored by the exchange unit with the exchange order of the exchange candidate to determine whether the conditions match, and a case where the computer determines that the conditions match by the matching unit. Update means for establishing an exchange transaction between the exchange orders and updating the two orders stored in the storage means, and the computer transmits the transaction result derived by the matching means to the terminal of the exchange applicant and the Notification means for notifying the terminal of the exchange candidate.

  The invention according to claim 12 is the financial product exchange transaction system according to claim 10, wherein the plurality of user terminals transmit an exchange order for the financial / quasi-financial product to the computer, Receiving means for receiving the exchange order transmitted by the transmitting means from the plurality of user terminals, storing means for storing the plurality of exchange orders received by the computer; and A matching unit that matches a plurality of exchange orders stored by the storage unit to determine whether the conditions match; and the computer, when the matching unit determines that the conditions match, exchanges a plurality of exchange orders among the plurality of exchange orders. Updating means for establishing the exchange order and updating the exchange order stored by the storage means; Characterized by comprising a notification means for notifying the transaction result led by matching means into a plurality of the user terminals.

  According to a thirteenth aspect of the present invention, there is provided the financial instrument exchange transaction system according to the tenth aspect, wherein a terminal of a person who desires a relative exchange transaction of the financial and quasi-financial products is sent to a terminal of a candidate who can be an exchange partner. Transmitting means for transmitting a relative exchange transaction request, receiving means for receiving the relative exchange transaction request transmitted from the terminal of the relative transaction candidate by the transmitting means, Terminal of the relative transaction request received by the receiving means, reply means for accepting, rejecting or negotiation decision return to the terminal of the relative transaction applicant, the terminal of the relative transaction applicant, A receiving means for receiving a decision returned from the terminal of the counterparty candidate by the replying means, and a terminal of the counterparty candidate and / or a terminal of the counterparty candidate forming or completing a relative exchange transaction; The results of the establishment, characterized by comprising a notification unit that notifies to said computer.

  The invention according to claim 14 is the financial instrument exchange transaction system according to claim 13, further comprising a further unit, wherein the terminal of the counterparty applicant is a terminal for the financial / quasi-financial product. Transmitting means for transmitting a relative exchange transaction request to the computer, receiving means for receiving the relative exchange transaction request transmitted from the terminal of the relative transaction applicant by the transmitting means, and the computer comprising: Means for specifying a relative transaction candidate that matches the relative exchange transaction request received by the computer, and the computer notifies the contact of the relative transaction candidate to the terminal of the relative transaction candidate specified by the specifying means. Means is further provided.

  According to a fifteenth aspect of the present invention, there is provided an exchange transaction system for financial instruments and the like according to the tenth to fourteenth aspects, wherein the exchange transaction is a direct exchange of an asset management product.

According to a sixteenth aspect of the present invention, there is provided an exchange transaction system for financial instruments and the like according to any one of the tenth to fourteenth aspects, wherein the exchange transaction is a cash flow exchange of an asset management product.
The cash flow in the present invention refers to a cash inflow and a cash outflow. Specifically, it refers to the inflow and outflow of the principal portion of asset management products, financing products, and fund transaction products, and the inflow and outflow of the fruit portion such as interest, dividends, rent including rent and rent generated from the principal. .

  The invention according to claim 17 is the financial instruments exchange transaction system according to claims 10 to 14 or 16, wherein the exchange transaction is a cash flow exchange of an asset management product due to a valuation gain or a valuation loss. And

  The invention according to claim 18 is the financial product exchange transaction system according to claims 10 to 17, wherein asset management products can be exchanged by a compromise between the direct exchange and the cash flow exchange.

  The invention according to claim 19 is the exchange transaction system for financial instruments and the like according to claims 10 to 14, wherein the exchange transaction is a cash flow exchange of a fund procurement product.

  According to a twentieth aspect of the present invention, there is provided the financial instrument exchange transaction system according to any one of the tenth to fourteenth aspects, wherein the exchange transaction is a cash flow exchange of a fund transaction product.

  According to a twenty-first aspect of the present invention, there is provided the financial instrument exchange transaction system according to the tenth to fourteenth, sixteenth to seventeenth, or twentieth aspect, wherein a cash flow exchange between an asset management product and a fund transaction product can be performed. .

  The invention according to claim 22 is the financial instrument exchange transaction system according to claim 10 to claim 18, wherein the products to be exchanged are loaned receivables, bonds, commercial paper, deposit receivables, stocks, equity securities, depositary It is characterized by one or more financial management products among certificates and unit certificates.

  The invention according to claim 23 is the financial instrument exchange transaction system according to claim 10 to claim 18, wherein the commodity to be exchanged is a land, a building, a complex real estate, a co-owned building, a real estate-backed security, and a real estate investment trust. And any one or more of the real estate management products.

  The invention according to claim 24 is the financial instrument exchange transaction system according to claim 10 to claim 14 or 19, wherein the products to be exchanged are borrowed debts, bonds, commercial paper, deposit debts, stocks and investment. It is characterized in that at least one of the securities is a fund procurement product.

  The invention according to claim 25 is the financial instruments exchange transaction system according to claims 10 to 14 or 20, wherein the commodity to be exchanged is a foreign exchange commodity, an interest rate derivative commodity, a stock derivative commodity, a real estate derivative commodity. , One or more fund transaction products among physical derivative products, composite derivative products, forward products, future products, option products, and swap products.

The invention according to claim 26 is the financial product exchange transaction system according to claims 10 to 25, wherein one or more exchange transactions among similar products, different types of products, and different types of products are established. It is characterized by being able to be.
In the present invention, similar products refer to products of the same type such as "stock" and "stock", different types of products refer to different types of products such as "stock" and "bonds", and products of different industries refer to "stock". ] And “land” means products of different industries.

  According to a twenty-seventh aspect of the present invention, there is provided an exchange transaction system for financial instruments and the like according to the tenth to twenty-fifth aspects, wherein an exchange transaction by tying a plurality of commodities can be established.

According to a twenty-eighth aspect of the present invention, there is provided the financial instrument exchange transaction system according to the tenth to twenty-fifth aspects, wherein a simultaneous exchange transaction between three or more users can be established.
The simultaneous exchange transaction between three or more users in the present invention refers to the following two forms.
(A) An exchange transaction that is simultaneously established when one exchange applicant and a plurality of exchange applicants are matched, or when a plurality of exchange applicants and a plurality of exchange applicants are matched.
(B) The exchange applicant X wants to provide the product x, the exchange applicant Y wants to offer the product y, the exchange applicant Z wants to offer the product z, and the exchange applicant X gets the product y. In the case where the exchange applicant Y desires to acquire the commodity z and the exchange applicant Z desires to acquire the commodity x, the offer and acquisition desires circulate among three or more exchange applicants. Exchange transaction that is established at the same time.

  The invention according to claim 29 is the financial instrument exchange transaction system according to claims 10 to 25, wherein the direct exchange of the asset management product, the cash flow exchange of the asset management product, the cash flow exchange of the fund procurement product, the fund transaction It is characterized by comprehensive management of assets and liabilities by various combinations of cash flow exchange of products.

  The invention according to claim 30 is the financial product exchange transaction system according to any one of claims 10 to 29, wherein the transaction for exchanging the product is performed 24 hours a day in Japan and abroad, crossing the borders and / or trading time. It can be established.

  The invention according to claim 31 is the exchange transaction system for financial instruments, etc. according to claims 10 to 29, characterized in that the exchange transaction system has a function of examining defects of exchange transaction products and / or a function of appraisal of exchange transaction value. And

  The invention according to claim 32 is the financial product exchange transaction system according to claims 10 to 29, wherein the transaction verification, the signing and transfer of a contract, the settlement of exchange margin, the exchange of the actual product, the exchange of cash flow, It is characterized by the integration of settlement and management functions after the exchange is completed, such as compliance checks.

The invention according to claim 33 is the financial instrument exchange transaction system according to claims 10 to 18, 22 or 23, wherein the transaction relating to business control through the direct exchange of asset management products and / or the cash flow exchange. , Transactions involving cross-shareholding, transactions involving treasury stock, concentration of real estate interests, changes in reimbursement rankings, transactions involving credit provision, portfolio exchange, and transactions involving the selection of management contractors. It is characterized in that it can do the above.
Transactions relating to business control in the present invention refer to strengthening or easing of control over the business, and furthermore, acquisition or sale of business.Transactions involving cross-shareholding refer to the commencement, strengthening, relaxation, or elimination of cross-shareholding. A transaction involving treasury stock means the acquisition or disposal of treasury stock.
Further, the transaction relating to the provision of credit in the present invention refers to the start, expansion, reduction, or suspension of credit provision.
In the present invention, the transaction involving selection of an investment trustee refers to the appointment, concentration, diversification, and dismissal of an investment trustee in a fund-type investment product or an intermediary. Fund-type investment products are asset management products that are generally set up and managed for an unspecified number of asset managers, such as securities investment trusts, real estate investment trusts, product funds, loan trusts, and money trusts in a narrow sense. Point. In addition, intermediaries are generally defined by specified asset managers, such as specified money trusts, designated money trusts, investment securities trusts, stocks of investment subsidiaries, and fund-type private placement bonds, by book value separation, fruit policy, external An asset management product that is set up and used for the purpose of outsourcing.

  The invention according to claim 34 is a commodity exchange transaction method, wherein a commodity exchange transaction market is established through one or more computer networks, and users can complete exchange transactions. .

  The invention according to claim 35 is the commodity exchange transaction method according to claim 34, wherein the commodity exchange in a system including one or more computers and a plurality of user terminals connected to the computer network. A transmitting step of transmitting a replacement order to the computer by a terminal of a person desiring to trade; a receiving step of receiving the exchange order transmitted by the transmitting step from the terminal of the replacing person; Storing the exchange order received by the acceptor in the exchange step, and the computer disclosing the exchange order to a terminal of a specific or unspecified candidate who can be an exchange partner of the exchange applicant. A disclosure step, and the terminal of the exchange candidate is disclosed from the computer by the disclosure step. A transmission step of transmitting an exchange order for the exchange transaction to the computer based on the exchange order received, and the computer receiving an exchange order transmitted by the transmission step from the terminal of the exchange candidate. And a storage step in which the computer stores the replacement order of the replacement candidate received in the receiving step; and the computer stores the replacement order of the replacement candidate stored in the storage step and the replacement candidate. A matching step of determining whether the condition is met by comparing the exchange order with the exchange order; and, if the computer determines that the condition is met by the matching step, establishes an exchange transaction between both exchange orders and stores the exchange transaction in the storage step. Updating step for updating both orders being placed; and the computer , And wherein the transaction result led by the matching step comprises a notification step of notifying the terminal of the exchange seekers terminal and the exchange candidate.

  The invention according to claim 36 is the commodity exchange transaction method according to claim 34, wherein the plurality of uses are in a system including one or more computers connected to the computer network and a plurality of user terminals. A user terminal for transmitting an exchange order for the product to the computer, the computer receiving an exchange order transmitted from the plurality of user terminals by the transmission step, and the computer comprises: A storage step for storing a plurality of exchange orders received by the receiving step, a matching step in which the computer matches the plurality of exchange orders stored in the storage step to determine whether a condition is met, and the computer Multiple if the condition is determined to match An update step of establishing an exchange transaction between exchange orders and updating the exchange order stored in the storage step; and the computer notifying the plurality of user terminals of a transaction result derived by the matching step. And a notifying step.

  The invention according to claim 37 is the commodity exchange transaction method according to claim 34, wherein the relative number of the goods in a system comprising one or more computers and a plurality of user terminals connected to the computer network. A transmitting step of transmitting a relative exchange transaction request to a terminal of a candidate who can be an exchange partner, wherein the terminal of the relative transaction candidate is transmitted from the terminal of the relative transaction applicant; Receiving the relative exchange transaction request transmitted by the terminal, and the terminal of the relative exchange candidate determines whether to accept, reject or negotiate the relative exchange transaction request received by the receiving step. A replying step for replying to the terminal of the counterparty, and the terminal of the counterparty candidate is returned by the replying step from the terminal of the counterparty candidate. Receiving the determined decision, and a notifying step in which the terminal of the counterparty applicant and / or the terminal of the counterparty candidate notifies the computer of the result of establishment or failure of the exchange transaction. It is characterized by the following.

  The invention according to claim 38 is the commodity exchange transaction method according to claim 37, characterized in that further steps are included in a preceding stage, wherein one or more computers connected to the computer network and a plurality of computers are used. Transmitting a request for a relative exchange transaction of the product to the computer, wherein the computer transmits the request for a relative exchange transaction of the product to the computer. A receiving step of receiving the relative exchange transaction request transmitted by the computer, the computer specifies a relative transaction candidate that matches the relative exchange transaction request received by the receiving step, and the computer performs Notify the contact information of the specified counterparty candidate to the terminal of the counterparty candidate And further comprising a knowledge step.

In the present invention, the types of exchange transactions of financial products and quasi-financial products are classified as follows based on the attributes and transaction forms of the target products.
(A) Direct exchange of asset management products (b) Cash flow exchange of asset management products [1] General cash flow exchange of asset management products [2] Cash flow exchange of asset management products due to valuation gains [3] Valuation loss Exchange of asset management products by (c) Exchange of asset management products by eclectic method of direct exchange and cash flow exchange (d) Cash flow exchange of fund procurement products (e) Cash flow exchange of fund transaction products [1] Cash flow exchange of fund transaction products due to valuation gains [2] Cash flow exchange of fund transaction products due to valuation losses (f) Cash flow exchange between asset management products and fund transaction products [1] Asset management products and fund transactions due to valuation gains Exchange of cash flow with products [2] Cash flow between asset management products and fund transaction products due to valuation loss -Exchange (g) Tie-up exchange Various tie-up exchanges (h), which are applications of the above-mentioned exchange transactions (a) to (f). Exchange between three or more parties. Exchange between Three or More Participants In the following, the merits brought by the present invention will be described in themes and in a bulleted list. In order to deepen the understanding of these merits, the mechanism of the exchange transaction in the present invention will be described together. . However, the present invention relates to a storage medium and a computer system which record a computer program for substantially or actually exchanging the whole or a part of an asset management product, a fund procurement product, or a fund transaction product between parties, and a product exchange transaction. It is in the method, and the mechanism for that is not limited to the mechanism described below.

1. According to the present invention, a new kind of arbitrage transaction can be performed through exchange transactions in asset management, fund procurement, and fund transaction.
(1) First, the present invention enables a new kind of arbitrage transaction through direct exchange of asset management products.
As an example, if the asset manager A expects that the value of the asset management product b will increase in the future beyond the value of the asset management product a owned by the asset manager A, in order to achieve a higher investment yield, The asset manager A disposes and temporarily cashes the asset management product a, and attempts to acquire the asset management product b itself or a product equivalent to the asset management product b using the cash. On the other hand, if the asset manager B expects that the value of the asset management product a will increase in the future beyond the value of the asset management product b owned by the asset manager B, the asset manager B is required to achieve a higher yield. Disposes of the asset management product b and cashes it once, and uses the cash to try to acquire the asset management product a itself or a product equivalent to the asset management product a.
The present invention relates to an asset manager A who wants to transfer the ownership of the asset management product b instead of transferring the ownership of the asset management product a, and an ownership of the asset management product a instead of transferring the ownership of the asset management product b. By letting the asset manager B who wants to transfer the right, the asset manager who has a confronting market view, directly exchange the actual goods, arbitrage by both parties is possible.

(2) Next, the present invention enables a new kind of arbitrage transaction through the cash flow exchange of asset management products. In other words, the asset manager can substantially dispose of the desired asset management product by exchanging cash flows while continuing to hold the asset management product, rather than directly exchanging the actual asset management product, You can substantially acquire the asset management products you have requested.
The cash flow exchange of the asset management product in the present invention has, for example, the following transaction forms.
(A) Assuming that asset management products that have a general maturity, such as loans and bonds, commercial paper, some deposit receivables, some fund-type investment products, and some intermediaries, will expire as they are. A form of exchanging cash inflows of principal and fruits, that is, inflows of funds over the life of the product
(B) A form in which a specific period shorter than the remaining period is generally set for the commodity having a maturity, and a cash inflow during that period, that is, a cash flow of only fruits is exchanged.
(C) Assuming that the right to dispose of the commodity having a general maturity is generally exercised, the inflow of funds until the disposal of the commodity, that is, the exchange of principal and fruit cash flows. In this transaction form, the right to freely dispose of the target product is also exchanged when the exchange is completed.
(D) Exercise the right to freely dispose of asset management products that generally do not have a maturity, such as land and buildings, mixed real estate, stocks, some deposit receivables, some fund-type investment products, and some intermediaries. A form of exchanging cash flow of principal and fruits, ie, inflow of funds until the product is disposed of. In this transaction form, the right to freely dispose of the target product is also exchanged when the exchange is completed.
(E) A form in which a specific period is set for the commodity which generally does not have a maturity, and a cash inflow during the period, that is, a cash flow of only fruits is exchanged.
Of the above transaction forms, (c) and (d), which involve the exercise of the right to dispose of free disposal, are based on the case where the “cash flow transferee” of the target product exercises the right of free disposal of the commodity during the exchange period. Since the actor performing the act in the market is the “cash flow transferor” who is the nominal holder of the product, the latter will receive the disposal once, but the latter By paying to the former owner, the transaction for the product is terminated.
On the other hand, (a), (b) and (e), which do not involve the exercise of the free disposal right, cannot currently dispose of the asset management product held by themselves for the following reasons. This is effective when you want to enjoy the cash flow of the asset management products you own.
[1] Due to the business policy for financiers, it is currently not possible to dispose of loans, bonds, and commercial papers held by them.
[2] I want to retain my voting rights and cannot currently dispose of my shares.
[3] Since it is complicated to acquire the counter requirement, it is not possible to transfer the deposit receivable held by the user at present.
[4] Because mortgages have already been established, it is currently impossible to dispose of land, buildings, and complex real estate owned by oneself.
[5] Due to low liquidity, it is currently not possible to dispose of the fund-type investment products owned by oneself.
[6] Due to the policy of the outsourcing company or the management company, or the cost required for resetting, administrative procedures, etc., it is not possible to currently dispose of the vehicle owned by the user.
By the way, according to the present invention, after the payment or receipt of the cash flow of one product is completed, due to the length of the remaining period of the product to be exchanged or the length of time until the exercise of various rights or the fulfillment of various obligations attached to the product. May also continue to receive or pay for the cash flow of the other product. Therefore, the end date of the exchange of the product whose exchange of the cash flow is later can be set as the end date of the exchange transaction. The start date of the exchange transaction is called the beginning of the period, the end date of the exchange transaction is called the end of the period, and both of them are called the exchange period or during the period.

(3) Further, the present invention enables a new kind of arbitrage transaction through the cash flow exchange of the valuation profit portion of the asset management product. That is, the cash flow exchange of the asset management product in the present invention includes, in addition to the exchange transaction based on the valuation value of the entire product, the exchange transaction based on the valuation value of only the valuation profit portion of the product.
As an example, it is assumed that the valuation value of the asset management product c held by the asset manager C is 1000, and the configuration is a book value of 800 and a valuation gain of 200. On the other hand, it is assumed that the valuation value of the asset management product d held by the asset manager D is 1500, and the configuration thereof is a book value of 1300 and a valuation gain of 200. Asset manager C expects that the valuation gain of asset management product d will increase in the future beyond the valuation gain of asset management product c, and asset manager D indicates that asset management product c will exceed the valuation gain of asset management product d. Is expected to increase in the future. In this case, in the present invention, an exchange transaction can be performed between the asset manager C and the asset manager D regarding the valuation gain portion.
Instead of transferring the free disposal right of the entire asset management product c and the ownership of the valuation gain portion of the asset management product c, the asset manager C replaces the free disposal right of the entire asset management product d and the valuation gain of the asset management product d. At the same time, the asset manager D takes over the right to dispose of the entire asset management product d and transfers the ownership of the valuation gain portion of the asset management product d instead of the free disposal right of the entire asset management product c. And the ownership of the valuation gain portion of the asset management product c. At this time, the ownership of the book value portion of the asset management product c still belongs to the asset manager C, and the ownership of the book value portion of the asset management product d still belongs to the asset manager D.
That is, the asset manager C secures the value of the book value of the asset management product c, and then takes the market risk of the increase or decrease in the valuation gain of the asset management product d. After securing the value equivalent to the value, it is possible to take market risk with respect to the increase or decrease in the valuation gain of the asset management product c. In addition, the cash flow of the fruit portion of the asset management product c can be continuously attributed to the asset manager C, and the cash flow of the fruit portion of the asset management product d can be continuously attributed to the asset manager D.
During the exchange period, if asset manager C exercises free disposal rights and disposes of asset management product d, the cash flow for the book value portion owned by asset manager D in the disposal value is determined by the asset management And the cash flow of the valuation gain portion owned by the asset manager C belongs to the asset manager C. Further, when the valuation gain of the asset management product d has turned into a valuation loss at the time of disposal, the valuation loss equivalent of the disposal price belongs to the asset manager C. That is, the asset manager C pays the amount corresponding to the valuation loss to the asset manager D, so that the valuation loss becomes a realized loss, and the asset manager D can secure the book value equivalent.
On the other hand, when the asset manager D exercises the right of free disposal and disposes of the asset management product c, the cash flow of the book value portion owned by the asset manager C in the disposal value is the asset manager C , And the cash flow of the valuation gain portion owned by the asset manager D belongs to the asset manager D. Further, when the valuation gain of the asset management product c has turned into a valuation loss at the time of disposal, the valuation loss equivalent of the disposal price belongs to the asset manager D. That is, the asset manager D pays the amount corresponding to the valuation loss to the asset manager C, so that the valuation loss becomes a realized loss, and the asset manager C can secure the book value equivalent.

(4) Further, the present invention enables a new kind of arbitrage transaction through the cash flow exchange of the valuation loss portion of the asset management product. That is, in the present invention, the valuation loss is regarded as a negative valuation gain, so that the valuation loss portion of the asset management product can be exchanged.
As an example, it is assumed that the valuation value of the asset management product e held by the asset manager E is 1000, and the configuration is book value 1200 and valuation loss 200. On the other hand, it is assumed that the valuation value of the asset management product f held by the asset manager F is 1500, and its configuration is a book value of 1700 and a valuation loss of 200. Asset manager E expects that the valuation loss of asset management product f will decrease in the future beyond the valuation loss of asset management product e, and in some cases the asset management product f will turn into a valuation gain. It is expected that the valuation loss of the asset management product e will decrease in the future beyond the valuation loss of the asset management product f, and that the asset management product e will turn into a valuation profit in some cases. In this case, in the present invention, the exchange transaction between the asset manager E and the asset manager F can be performed with respect to the valuation loss portion.
Instead of transferring the free disposal right of the entire asset management product e and transferring the valuation loss of the asset management product e, the asset manager E receives the free disposal right of the entire asset management product f and loses the valuation loss of the asset management product f. At the same time, instead of transferring the free disposal right of the entire asset management product f and transferring the valuation loss of the asset management product f, the asset manager F receives the free disposal right of the entire asset management product e. It will underwrite the valuation loss of the asset management product e.
As a result, the valuation loss is transferred to the respective counterparty, and in the exchange transaction, the asset manager E recovers the value of the book value of the asset management product e, and the asset manager F changes the book value of the asset management product f. It can be considered that the value has been restored. That is, the asset manager E secures the value of the book value of the asset management product e, and then takes the market risk for the increase or decrease in the valuation loss of the asset management product f. After securing the value equivalent to the value, it is possible to take market risk with respect to an increase or decrease in the valuation loss of the asset management product e. In addition, the cash flow of the fruit portion of the asset management product e can be continuously attributed to the asset manager E, and the cash flow of the fruit portion of the asset management product f can be continuously attributed to the asset manager F.
During the exchange period, if asset manager E exercises the right of free disposal and disposes of asset management product f, conceptually, of the disposal value, the book value portion owned by asset manager F The cash flow belongs to the asset manager F, and the cash flow for the valuation loss portion owned by the asset manager E belongs to the asset manager E. In other words, the asset manager E pays the amount corresponding to the valuation loss to the asset manager F, so that the valuation loss becomes a realized loss, and the asset manager F can secure the book value equivalent. Further, if the valuation loss of the asset management product f has turned into a valuation gain at the time of disposal, the asset manager E can enjoy the realized gain.
On the other hand, when the asset manager F exercises the right of free disposal and disposes of the asset management product e, conceptually, the cash flow of the book value portion owned by the asset manager E in the disposal price is conceptually shown. Belongs to the asset manager E, and the cash flow for the valuation loss portion owned by the asset manager F belongs to the asset manager F. That is, the asset manager F pays the amount corresponding to the valuation loss to the asset manager E, so that the valuation loss becomes a realized loss, and the asset manager E can secure the book value equivalent. Further, if the valuation loss of the asset management product e has turned into a valuation gain at the time of disposal, the asset manager F can enjoy the realized gain.
The valuation gain or loss in the cash flow exchange of the present invention is basically an amount obtained by subtracting the "accounting book value or acquisition price of the product" from the "valuation value of the total of the products held". However, if the exchange trader wants to avoid disclosure due to confidentiality, etc., the amount obtained by subtracting the book value or acquisition price based on self-declaration from the `` valuation of the total value of the products held '' may be used. Absent. That is, the valuation gain and loss in the present invention does not necessarily mean an accounting numerical value.

(5) The present invention enables a new kind of arbitrage of short-selling products through cash flow exchange of the valuation profit / loss portion. That is, the exchange of the valuation gain and loss of the present invention also covers the position of the short-selling asset management product.
As one example, it is assumed that the valuation gain of the asset management product g that is sold short by the asset manager G is 200, and the calculation basis is the selling price 1000 and the valuation 800 of the product. On the other hand, it is assumed that the valuation gain of the asset management product h that is sold short by the asset manager H is also 200, and the calculation basis is the selling price 1300 and the valuation 1100 of the product. Asset manager G expects that the value of asset management product h will fall below asset management product g, that is, the value of asset management product h will increase in the future beyond the value of asset management product g, On the other hand, asset manager H expects that the value of asset management product g will decline in the future beyond asset management product h, that is, the value of asset management product g will increase in the future beyond the value of asset management product h. I have. In this case, according to the present invention, it is possible to exchange transactions between the asset manager G and the asset manager H regarding the valuation gain.
Instead of transferring the right to repurchase the asset management product g and the ownership of the valuation gain of the asset management product g, the asset manager G receives the right to repurchase the asset management product h and the ownership of the valuation gain of the asset management product h. At the same time, instead of transferring the right to repurchase the asset management product h and the ownership of the valuation gain of the asset management product h, the asset manager H replaces the right to buy back the asset management product g and the ownership of the valuation gain of the asset management product g. Hand over. At this time, the asset manager G takes the market risk of the increase or decrease in the valuation gain of the asset management product h after the selling price of the asset management product h is fixed, and the asset manager H sells the asset management product g. After the price is fixed, it is possible to take market risk with respect to an increase or decrease in the valuation gain of the asset management product g.
During the exchange period, if the asset manager G exercises the right and repurchases the asset management product h, the cash flow on the realized gain of the asset management product h belongs to the asset manager G, and the asset manager H acquires the right. When the asset management product g is repurchased by exercising, the cash flow relating to the realized gain of the asset management product g belongs to the asset manager H. Also, if the valuation gain turned into a valuation loss at the time of repurchasing the asset management product h, the realized loss was attributed to the asset manager G, and the valuation gain turned to a valuation loss at the time of repurchasing the asset management product g. In this case, the realized loss will belong to the asset manager H.

(6) As an example, it is assumed that the asset manager I has a short-selling asset management product i with a valuation loss of 200, a calculation basis of a selling price of 1000, and a product valuation of 1200. On the other hand, it is assumed that the valuation loss of the asset management product j that is sold short by the asset manager J is also 200, and the calculation basis is the selling price 1300 and the valuation 1500 of the product. Asset manager I believes that the valuation of asset management product j will decline in the future beyond asset management product i, that is, the valuation loss of asset management product j will decrease in the future beyond the valuation loss of asset management product i, and Asset manager J predicts that investment product j will turn into a valuation gain, while asset manager J believes that the value of asset management product i will fall below asset management product j, i.e. It is expected that the valuation loss of asset management product i will decrease in the future, and in some cases, asset management product i will turn into a valuation gain. In this case, in the present invention, an exchange transaction can be made between the asset manager I and the asset manager J regarding the valuation loss.
Instead of transferring the right to repurchase the asset management product i and transferring the valuation loss of the asset management product i, the asset manager I decides to take over the right to repurchase the asset management product j and assume the valuation loss of the asset management product j. At the same time, instead of transferring the right to repurchase the asset management product j and transferring the valuation loss of the asset management product j, the asset manager J receives the right to repurchase the asset management product i and reduces the valuation loss of the asset management product i. Will undertake. At this time, after the selling price of the asset management product j is fixed, the asset manager I takes the market risk of the increase or decrease in the valuation loss of the asset management product j, and the asset manager J sells the asset management product i. After the price is fixed, it is possible to take market risk with respect to the increase or decrease in the valuation loss of the asset management product i.
During the exchange period, if Asset Manager I exercises its rights and buys back Asset Management Product j, the realized loss of Asset Management Product j belongs to Asset Manager I, and Asset Manager J exercises the rights and When the investment product i is repurchased, the realized loss of the investment product i belongs to the asset manager J. However, if the valuation loss has turned into a valuation gain at the time of repurchasing the asset management product j, the asset manager I can enjoy the realized gain, and the valuation loss has turned into a valuation gain at the time of repurchasing the asset management product i. Thus, the asset manager J can enjoy the realized benefits.
In the present invention, the valuation gain or loss in the cash flow exchange of short-selling products basically means an amount obtained by subtracting the "valuation value of the product" from the "accounting selling price of the product". However, in the case where the exchange trader wants to avoid disclosure due to confidentiality, the amount obtained by subtracting the "valuation value of the product" from the "selling price based on self-declaration of the product" may be used. That is, in the present invention, the valuation gain or loss of a short sale product does not necessarily mean an accounting numerical value.

(7) Further, the present invention enables a new kind of arbitrage transaction between an asset manager who wants to directly exchange products and an asset manager who wants to exchange cash flows of products. That is, the exchange of asset management products of the present invention includes a compromise between direct exchange and cash flow exchange.
As one example, the asset manager K expects that the value of the asset management product l will increase in the future beyond the value of the asset management product k owned by the asset manager K, and directly exchanges the asset management product k with the asset management product l. And the asset manager L expects that the value of the asset management product k will increase in the future beyond the value of the asset management product l owned by the asset manager L, and the cash flow between the asset management product k and the asset management product l If an exchange is desired, the present invention can use a compromise between direct exchange and cash flow exchange.
The asset manager K has received the right to receive the cash flow generated from the asset management product l instead of transferring the cash of the asset management product k, and at the same time, the asset manager L has the right to receive the cash flow generated from the asset management product l. By transferring the asset management product k in place of the transfer, both parties can find a compromise.

(8) The present invention also enables a new kind of arbitrage transaction through cash flow exchange of funding products. In other words, for fund-raising products, asset managers prefer credit risk and the name of the fund raiser, and acquire it as an asset management product, and the fund raiser directly exchanges positions with other fund raisers. It is generally difficult to do. However, the financier in the present invention exchanges the cash flow of the financing product held by the financing product with the cash flow of the financing product held by another financing device, thereby achieving the same economic effect as the direct exchange. You can enjoy the effect.
As one example, if the funder M expects that the value of the funding product n will decrease in the future beyond the value of his position on the funding product m, If funder N expects that the value of the funding product m will decrease in the future beyond the value of his or her funding product n, the two Attempts to achieve lower procurement costs by swapping positions. Or, because of differences in merchantability, such as maturity, length of remaining period, redemption during the period, and the nature of principal and fruit, financier M wants to have a higher level of financing product n. If the financing product m is desired to have a position, the two parties try to create a position that is more preferred by exchanging the positions with each other.
In the present invention, instead of assuming the obligation to pay the cash flow of the financing product n, the funder M who wants to hand over the obligation to pay the cash flow of the financing product m and the undertaking to assume the obligation to pay the cash flow of the financing product m Arbitrage transactions can be made by having the financiers N who want to deliver the obligation to pay the cash flow of the financing product n to the financiers who have opposite demands exchange cash flows. In this case, in the case of a product that can be redeemed or purchased and canceled during the period, the right to execute the redemption and purchase canceled during the period is also exchanged.
The cash flow exchange of the fund procurement product in the present invention has the following transaction form, for example.
(A) Assuming that a fund-raising product that generally has a maturity, such as a debt or bond, commercial paper, or a part of a deposit obligation, has a maturity as it is, the outflow of funds over the remaining life of the product, that is, principal and A form of exchanging fruit cash flow.
(B) A mode in which a specific period shorter than the remaining period is generally set for the commodity having a maturity, and a cash outflow during that period, that is, a cash flow of only fruits is exchanged.
(C) Assuming that the commodity having a maturity is generally redeemed or purchased and canceled during the period, a form of cash outflow during the period until the commodity expires, that is, a form in which principal and fruit cash flows are exchanged.
(D) Assuming that a funding product that does not generally have a maturity, such as stocks or partial deposit obligations, is purchased or canceled, cash outflow during the period until the product disappears, that is, principal and fruit A form in which cash flows are exchanged.
(E) A form in which a specific period is set for the commodity which generally has no maturity, and a cash outflow during that period, that is, a cash flow of only fruits is exchanged.
Of the above transaction types, (c) and (d), which involve redemption or cancellation or purchase cancellation during the period, during the exchange period, the "cash flow underwriter" of the target product exercises its right to redeem the product during the period In the case of cancellation or purchase cancellation, the person who executes this cancellation action in the market is the “cash flow deliverer” who is the nominal funder who used the product, so the redemption price or the purchase price Is paid once by the latter, but when the latter receives it from the former, which is a substantial financing provider using the product, the transaction on the product is terminated.
In the present invention, redemption during the term refers to repayment, cancellation or redemption of a fund-raising product that has a maturity at a predetermined price during the period, and purchase cancellation means whether or not the maturity exists, It refers to purchasing and financing of a fund procurement product at a distribution price or the like.

(9) And the present invention enables a new kind of arbitrage transaction through cash flow exchange of fund transaction products. In other words, fund trading products such as foreign exchange products, forward products, futures products, option products, and swap products can be exchanged by the fund trader directly with the counterparty of the transaction, or through a derivative exchange or a stock exchange. Indirectly, they are creating opposing positions, and it is generally difficult for a fund trader to directly exchange positions with other fund traders. However, the fund trader according to the present invention exchanges the cash flow of the fund traded product held by the fund trader with the cash flow of the fund traded product held by another fund trader, thereby achieving the same economics as the direct exchange. You can enjoy the effect.
Fund transaction products do not require an initial investment or are extremely small compared to the basic products, and can be settled against a difference, secure profits, and determine losses by counter transactions. Even in the case of delivering basic products, since a trading market with high liquidity already exists, purchasing or selling basic products in that market will bring fund traders into a state that is not substantially different from net settlement. Can be placed. That is, the asset value of the fund transaction product is in the valuation gain and the liability value is in the valuation loss, and the cash flow exchange of the fund transaction product in the present invention is an exchange transaction based on the valuation value of the valuation gain or loss.
As one example, the valuation gain of the fund transaction product o held by the fund trader O is 200, while the valuation gain of the fund transaction product p held by the fund trader P is 200. And The fund trader O expects that the valuation profit of the fund transaction product p will increase in the future more than the valuation profit of the fund transaction product o, and the fund trader P will Is expected to increase in the future. In this case, according to the present invention, an exchange transaction between the fund trader O and the fund trader P becomes possible.
The fund trader O receives the position of the fund trading product p instead of transferring the position of the fund trading product o, and at the same time, the fund trader P transfers the position of the fund trading product p instead of transferring the position of the fund trading product p. Take over the position of o. At this time, the rights and obligations associated with the position of the fund transaction product o are transferred to the fund trader P, and the rights and obligations associated with the position of the fund transaction product p are transferred to the fund trader O. The fund trader O can take a market risk for the change in the valuation profit of the fund transaction product p, and the fund trader P can take a market risk for the change in the valuation profit of the fund transaction product o.
During the exchange period, if the fund trader P exercises the transferred rights and realizes the valuation gain of the fund trading product o, or the fund trader P fulfills the obligations undertaken and evaluates the fund trading product o. When the profit is realized, the fund trader P can enjoy the realized profit. On the other hand, if the fund trader O exercises the transferred rights to realize the valuation gain of the fund transaction product p, or the fund trader O fulfills the obligations undertaken, and If realized, the fund trader O can enjoy the realized profit. Also, if the valuation gain of the fund trading product o has turned into a valuation loss at the time of exercising the right or fulfilling the obligation by the fund trader P, the realized loss belongs to the fund trader P and the right of the fund trader O If the valuation gain of the fund transaction product p has turned into a valuation loss at the time of the exercise or fulfillment of the obligation, the realized loss will be attributed to the fund trader O.

(10) As one example, the valuation loss of the fund transaction product q held by the fund trader Q is 200, while the valuation loss of the fund transaction product r held by the fund trader R is 200. Assume that the evaluation value is 200. The fund trader Q expects that the valuation loss of the fund transaction product r will decrease more than the valuation loss of the fund transaction product q, and in some cases, the fund transaction product r will turn into a valuation gain. It is expected that the valuation loss of the fund transaction product q will decrease in the future beyond the valuation loss of the fund transaction product r, and in some cases, the fund transaction product q will turn into a valuation gain. In this case, according to the present invention, an exchange transaction can be made between the fund trader Q and the fund trader R.
The fund trader Q takes over the position of the fund transaction product r instead of delivering the position of the fund transaction product q, and at the same time the fund trader R takes over the position of the fund transaction product q instead of delivering the position of the fund transaction product r. Take on position. At this time, the rights and obligations associated with the position of the fund transaction product q are transferred to the fund trader R, and the rights and obligations associated with the position of the fund transaction product r are transferred to the fund trader Q. The fund trader Q can take a market risk for the change in the valuation loss of the fund transaction product r, and the fund trader R can take a market risk for the change in the valuation loss of the fund transaction product q.
During the exchange period, if the fund trader R exercises the transferred rights to realize the write-down of the fund trading product q, or the fund trader R fulfills the obligations undertaken and evaluates the fund trading product q. When the loss is realized, the realized loss belongs to the fund trader R. On the other hand, if the fund trader Q exercises the transferred rights to realize the write-down of the fund trading product r, or if the fund trader Q fulfills the obligations undertaken and the write-down of the fund If realized, the realized loss belongs to the fund trader Q. However, if the valuation loss of the fund trading product q has turned into a valuation gain at the time of exercising or fulfilling the obligations by the fund trader R, the fund trader R can enjoy the realized gain, and the Alternatively, at the time of fulfillment of the obligation, if the valuation loss of the fund transaction product r has turned into a valuation gain, the fund trader Q can enjoy the realized gain.

(11) Further, the present invention enables a new kind of arbitrage transaction through a cash flow exchange between an asset management product and a fund transaction product based on a valuation gain or loss. That is, in the present invention, the valuation gain / loss portion of the asset management product and the valuation gain / loss of the fund transaction product are exchanged by using both the exchange method of the valuation gain / loss portion of the asset management product and the exchange method of the fund transaction product by the valuation gain / loss. can do.
As an example, it is assumed that the asset management product s held by the asset manager S has a valuation value of 1000, a book value of 800, and a valuation gain of 200. On the other hand, it is assumed that the valuation amount of the valuation profit of the fund transaction product t held by the fund trader T is 200. The asset manager S expects that the valuation gain of the fund transaction product t will increase in the future beyond the valuation gain of the asset management product s. Is expected to increase in the future. In this case, according to the present invention, an exchange transaction based on a valuation gain between the asset manager S and the fund trader T becomes possible.
Instead of transferring the free disposal right of the entire asset management product s and the ownership of the valuation profit portion of the asset management product s, the asset manager S receives the holding amount of the fund transaction product t and the valuation profit thereof, and Instead of transferring the position of the fund transaction product t and the valuation gain thereof, the party T receives the free disposal right of the entire asset management product s and the ownership of the valuation profit portion of the asset management product s. At this time, the ownership of the book value portion of the asset management product s and the cash flow of the fruit portion continue to belong to the asset manager S, and the rights and obligations associated with the holding amount of the fund transaction product t are transferred to the asset manager S. I do. That is, the asset manager S secures the value corresponding to the book value of the asset management product s, and then takes a market risk for the increase or decrease in the valuation gain of the fund transaction product t. It is possible to take market risk for fluctuations in profits.
During the exchange period, if the asset manager S exercises the transferred rights to realize the valuation gain of the fund transaction product t, or the asset manager S fulfills the obligations undertaken and evaluates the fund transaction product t. When the profit is realized, the asset manager S can enjoy the realized profit. Further, when the valuation gain of the fund transaction product t has turned into a valuation loss at the time of exercising the right or fulfilling the obligation, the realized loss is attributed to the asset manager S.
On the other hand, when the fund trader T exercises the right of free disposal and disposes of the asset management product s, the cash flow of the book value portion owned by the asset manager S in the disposal price is the asset manager S , And the cash flow of the valuation gain portion owned by the fund trader T belongs to the fund trader T. Further, when the valuation gain of the asset management product s has turned into a valuation loss at the time of disposal, the valuation loss equivalent of the disposal price belongs to the fund trader T. That is, by paying the valuation loss to the asset manager S, the fund trader T converts the valuation loss into a realized loss, and the asset manager S can secure the book value equivalent.

(12) By way of example, it is assumed that the asset management product u held by the asset manager U has a valuation value of 1000, a book value of 1200, and a valuation loss of 200. On the other hand, it is assumed that the valuation loss of the valuation loss of the fund transaction product v held by the fund trader V is 200. The asset manager U expects that the valuation loss of the fund transaction product v will decrease in the future beyond the valuation loss of the asset management product u, and in some cases, the fund transaction product v will turn into a valuation gain. It is expected that the valuation loss of the asset management product u will decrease in the future beyond the valuation loss of the fund transaction product v, and in some cases, the asset management product u will turn into a valuation gain. In this case, in the present invention, an exchange transaction due to a valuation loss between the asset manager U and the fund trader V becomes possible.
Instead of transferring the free disposal right of the entire asset management product u and transferring the valuation loss of the asset management product u, the asset manager U underwrites the position of the fund transaction product v and the valuation loss thereof, and Means that, instead of transferring the position of the fund transaction product v and the valuation loss thereof, it receives the free disposal right of the entire asset management product u and underwrites the valuation loss of the asset management product u. At this time, the cash flow of the fruit portion of the asset management product u continues to belong to the asset manager U, and the rights and obligations associated with the position of the fund transaction product v are transferred to the asset manager U.
As a result, the valuation losses are transferred to the respective counterparties, and in the exchange transaction, the asset manager U recovers the value of the book value of the asset management product u, and the fund transaction V changes the value of the fund transaction product v to zero. It can be considered recovered. That is, the asset manager U secures the value of the book value of the asset management product u, and then takes the market risk for the increase or decrease in the valuation loss of the fund transaction product v, and the fund manager V evaluates the asset management product u. It is possible to take market risk for the increase or decrease in losses.
During the exchange period, if asset manager U exercises the transferred rights to realize the write-down of fund transaction product v, or asset manager U fulfills the obligations undertaken and evaluates fund transaction product v. When the loss is realized, the realized loss belongs to the asset manager U. However, if the valuation loss of the fund transaction product v has turned into a valuation gain at the time of the exercise or fulfillment of the obligation, the asset manager U can enjoy the realized gain.
On the other hand, when the fund trader V exercises the right of free disposal and disposes of the asset management product u, conceptually, the cash flow of the book value portion owned by the asset manager U in the disposal price Belongs to the asset manager U, and the cash flow for the valuation loss portion owned by the fund transaction V belongs to the fund transaction V. That is, by paying the valuation loss to the asset manager U, the fund trader V converts the valuation loss into a realized loss, and the asset manager U can secure the book value equivalent. In addition, if the valuation loss of the asset management product u has turned into a valuation gain at the time of disposal, the fund trader V can enjoy the realized gain.

  (13) In the present invention, by repeating the arbitrage transaction as described above, the asset manager, the fund raiser, and the fund trader can gradually increase their own position. That is, if the exchange partner's position can be evaluated more appropriately than the exchange partner and a more appropriate view of the future value change of the position can be established than the exchange partner, the exchange transaction will be repeated, and the asset management product It will be possible to achieve progressively higher return on investment, lower funding costs for funding products, more trading profits and more favorable contractual terms for funding products. Even if the exchange transaction in the present system is used for arbitrage transactions with traditional financial and quasi-financial markets, the same economic effect can be enjoyed.

2. By the way, the exchange transaction of the asset management product, the fund procurement product, and the fund transaction product in the present invention improves the certainty, transparency, immediacy, economy, and efficiency of the transaction due to the following features.
(1) First of all, there are products that can be traded 24 hours a day in Japan and abroad among bonds and bilaterally traded funds. Alliances and mergers between exchanges and exchanges in various countries are gradually realizing transactions that transcend borders and trading hours. The present invention keeps pace with this global trend, enables exchange transactions of asset management products, financing products, and fund transaction products to be completed 24 hours a day in Japan and overseas, various relative products and various listed products. Immediate arbitrage transactions with

  (2) Next, the present invention establishes an appraiser who has no conflict of interest with the exchange party in the process up to the signing of the exchange agreement and conducts a defect investigation of the exchange completed product and an appraisal of the exchange establishment value, Confirmed that the value of the position quoted and submitted by the exchange party was fair, and that the exchanged product did not have legal, ethical, economic, physical or environmental problems, etc. And increase the transparency of the transaction itself.

  (3) In addition, various settlement services and management services that occur after the establishment of traditional financial transactions and traditional quasi-financial transactions have different systems that can be used depending on the product or transaction market due to their historical background, and are difficult to integrate. However, it is not convenient for customers who want to trade a variety of products. Accordingly, the present invention facilitates arbitrage transactions with products handled in traditional financial and quasi-financial transactions, such as transaction matching, contract creation / transfer, exchange margin settlement, cash transfer, cash flow transfer. The company has integrated settlement and management functions after the completion of the exchange, including provision of risk management and cash flow management tools, inspection of compliance with laws and regulations, credit enhancement, and preservation and collection of receivables.

  (4) Further, according to the present invention, not only when one exchange applicant and one exchange applicant are matched, but also when one exchange applicant and a plurality of exchange applicants are matched, and There is a case where the exchange applicant and a plurality of exchange applicants are matched. That is, by enabling simultaneous exchange transactions among three or more users, the certainty, immediacy, and efficiency of the exchange are increased.

3. Next, according to the present invention, when swapping the positions of asset management, financing, and fund transactions, in order to eliminate existing positions and to create a new position, sales commissions and fees paid to intermediaries etc. Contract and termination fees, redemption fees, underwriting and sales fees, brokerage and brokerage fees, and other expenses can be saved.
Here, the intermediary refers to a traditional financial institution or a traditional real estate company in transactions of individuals or business corporations, and a broker in transactions between financial institutions or real estate companies. In addition, the fees and various expenses include a fee equivalent and a cost equivalent that the intermediary substantially collects by conducting a self-transaction with the asset manager, the fund raiser, and the fund trader.
(1) When an asset manager replaces an asset management product held by the asset manager with another asset management product, the selling or canceling fee and redemption fee have been used to sell, cancel or redeem the former. Payment of commissions, commissions and brokerage commissions, and other expenses to intermediaries, etc., and in order to purchase or contract the latter, purchase commissions or contract commissions, commissioning and brokerage commissions, and other expenses are paid again to intermediaries, etc. I had to.
According to the present invention, various fees and other expenses generated at the time of disposal or disappearance of the former and at the time of acquisition of the latter can be saved by the exchange transaction, so that the asset manager can achieve a higher investment yield.
Further, since a plurality of asset management products can be exchanged by tying each other, various fees and other costs involved in restructuring the asset portfolio can be saved. For example, if the macro economy is regarded as a recession, the portfolio will be restructured into interest rate products such as loans and bonds, and if the transition to a recovery is considered, replacement with stocks and equity investment trusts will be made. However, demand for replacement of real estate management products and commodity funds will arise during the rise of concerns over inflation when the economy is overheated. In the present invention, however, various asset management products will be By performing the exchange transaction, it becomes possible to efficiently change the asset allocation of the entire portfolio.

(2) When the asset manager securitizes the retained loan receivables and real estate, these assets are transferred directly or as trust beneficiary rights to a special purpose company, and the special purpose company issues asset-backed securities. Generally, it is issued to investors. This system incurs trust fees, underwriting and sales fees, brokerage and brokerage fees, costs and fees for credit and liquidity enhancement, management and collection fees for transferred assets, and other costs, which are the value of the transferred assets. Is causing the loss of If the asset manager who is the original holder of the asset acquires a new asset with the transfer price after securitization, the acquisition fee, contract fee, commission and brokerage fee, and other expenses will be brokered again. Had to be paid to others.
According to the present invention, the transfer of an existing asset and the acquisition of a new asset can be simultaneously performed by the exchange transaction, so that various fees and other expenses can be saved, and the asset manager can achieve a higher investment yield.

(3) In the case of replacing the financing product held by the financing product with another financing product, the repayment fee has been required so far in order to repay the former or redeem during the period, cancel the contract, or cancel the purchase. Alternatively, pay the termination fee, purchase fee, and other expenses to the intermediary, etc., and in order to build the position of the latter, renew the contract fee or underwriting / sales fee related to financing, and other expenses, etc. I had to pay to
In the present invention, various fees and other expenses generated when the former position is canceled and when the latter position is created can be saved by the exchange transaction, so that the fund raiser can achieve lower procurement costs. In addition, multiple funding products can be swapped together, saving on commissions and other costs associated with restructuring the debt portfolio.

(4) In the event that a fund trader replaces his / her fund trading product with another fund trading product, he / she has previously been required to trade, exercise or terminate the former, or exercise or expire the former. After waiting for the arrival, pay the termination fee or brokerage / brokerage fee and other expenses to the intermediary, etc., and renew the contract fee or brokerage / brokerage fee and other expenses to build the position of the latter. I had to pay to
In the present invention, various fees and other costs incurred when the former position is canceled and when the latter position is created can be saved by the exchange transaction, so that the fund trader can obtain more transaction profits and more advantageous contracts. The requirements can be achieved. Further, since it is possible to replace a plurality of fund transaction products by tying, it is possible to save various fees and other expenses involved in restructuring the portfolio.

4. Further, according to the present invention, when swapping the positions of asset management, financing, and fund transactions, there is no need to wait for the cancellation of the existing positions and then create a new position. Market risk can be avoided.
(1) When an asset manager replaces an asset management product held by the asset manager with another asset management product, the asset manager has been selling, canceling or redeeming the former or waiting for the former to expire. Once they had to raise cash, they had to buy or contract a new one.
In the present invention, since the time between the disposal or disappearance of the former and the acquisition of the latter can be saved by the exchange transaction, the market risk that the market level changes during that time can be avoided.
Furthermore, since a plurality of asset management products can be exchanged by tying them together, the market risk associated with the restructuring of the asset portfolio is reduced as compared with the case where individual products are exchanged. For example, by tying and trading various asset management products at a turning point of the economy where market prices are turbulent, it is possible to quickly change the asset allocation of the entire portfolio.
When asset management products to be replaced are large, asset managers often lower their market value in the process of disposing of their products in the market, often resulting in an unwilling average disposal price when disposal is completed. Was. Conversely, in the process of acquiring the desired product in the market, the market price was increased by itself, and when the acquisition was completed, the average acquisition price was often reluctant. In the present invention, since asset managers exchange positions by exchange transactions, it is possible to avoid that their own disposing and acquisition activities affect the market supply-demand balance and lower the investment yield.

(2) In the case of replacing a financing product owned by the financing product with another financing product, the financing party has so far repaid, redeemed, redeemed, canceled or purchased the former, or Waiting for the maturity of the first time, the position had to disappear, and then the latter had to be renewed.
In the present invention, since the time between the elimination of the former and the creation of the latter can be saved by the exchange transaction, the market risk that the market level changes during that time can be avoided. Furthermore, since multiple financing products can be swapped together, market risk associated with restructuring the liability portfolio is reduced compared to swapping products individually.
If the financing product to be replaced is large, the financier often raises the procurement costs for the next and subsequent times at the stage of refinancing. According to the present invention, since the fund raiser exchanges the position by the exchange transaction, it is possible to avoid an increase in the procurement cost due to the influence of his own re-procurement on the supply-demand balance in the market.

(3) When a fund trader replaces his or her own fund trading product with another fund trading product, the fund trader has been required to trade, exercise or cancel the former, or exercise or expire the former. Waiting for their arrival once required their positions to disappear, and then the latter had to be rebuilt.
In the present invention, since the time between the elimination of the former and the creation of the latter can be saved by the exchange transaction, the market risk that the market level changes during that time can be avoided. Further, since it is possible to replace a plurality of fund trading products by tying them together, the market risk associated with the restructuring of the portfolio is reduced as compared with the case where the products are replaced individually.
If the fund trading product to be replaced is large, the fund trader will affect the market value by himself in the process of closing his holdings in the market, and will have an unwilling average cancellation price when the cancellation is completed There were many. Also, in the process of creating the desired position in the market, the market value itself was affected, and when the creation was completed, the average creation price was often unwilling. In the present invention, since the fund trader exchanges the position by exchange transaction, it is necessary to consider that the self-elimination and creation actions affect the market supply-demand balance and reduce the transaction profit, and the contract terms become disadvantageous. Can be avoided.

  5. Further, in the present invention, the exchange of intermediate products, such as specified money trusts, designated money trusts, investment securities trusts, investment subsidiary stocks, and fund-type private placement bonds, allows the asset portfolio including asset management products and fund transaction products to be exchanged. The whole can be exchanged. Unlike replacing individual components, intermediary exchanges save the commissions and other costs associated with a complete restructuring of the asset portfolio, and reduce the time required to do so. Risks can be reduced.

6. According to the present invention, the efficiency of comprehensive management of assets and liabilities is increased. That is, by exchanging various types of asset management products, financing products, and fund transaction products by tying them together, direct exchange and cash flow exchange of asset management products, cash flow exchange of fund procurement products, and cash flow exchange of fund transaction products In various ways can reduce various fees and other costs associated with the restructuring of assets, liabilities and capital structures on the balance sheet, and reduce the time required for the restructuring, thereby reducing market risk. It becomes possible to do. Exchange transactions for comprehensive management of assets and liabilities according to the present invention include, for example, the following combinations.
(A) Exchange transaction between “tied asset management product and fund transaction product” and “asset management product”.
(B) Exchange transaction between “tied fund-raising product and fund-trading product” and “financing product”.
(C) Exchange transaction between “tied asset management product and financing product” and “asset management product”.
(D) Exchange transaction between “tied asset management product and financing product” and “financing product”.
(E) Exchange transaction between “tied asset management product and financing product” and “fund transaction product”.
(F) Exchange transaction between “tying of asset management product, fund transaction product, and fund procurement product” and “asset management product”.
(G) Exchange transactions between “tied asset management products, fund transaction products, and financing products” and “financing products”.
(H) Exchange transaction between “tied asset management product, fund transaction product, and fund procurement product” and “fund transaction product”.
(I) Exchange transaction between “tied asset management product and fund transaction product and fund procurement product” and “tied asset management product and fund transaction product”.
(J) Exchange transaction between “tying of asset management product, fund trading product and fund raising product” and “tying of fund raising product and fund trading product”.
(K) Exchange transaction between “tied asset management product and fund transaction product and financing product” and “tied asset management product and financing product”.

7. The present invention then provides a substantial secondary market for illiquid products. That is, liquidity can be substantially improved by exchanging the positions of asset management products, financing products, and fund transaction products by exchange transactions.
(1) In asset management products, the trading market is largely segmented into financial management products and real estate management products, which are further subdivided for each product. Equilibrium occurred and liquidity of the product was likely to be insufficient. The market value of bonds issued by business corporations, shares of SMEs and private companies, loans receivable, land and buildings, etc. can be kept low even if they are acquired once and disposed of, and unreasonable disposal reduces the investment yield. The tendency to invite was strong. In the present invention, since asset management products can be directly exchanged not only between products of the same type, but also between products of different types, and between products of different industries, the imbalance between disposal demand and acquisition demand is corrected by expanding options, and investment It is possible to dispose of the product without reducing the yield.
In addition, even if it is difficult to dispose of the asset management products currently held due to business policies and business policies, the complexity of administrative procedures and costs, etc., the present invention uses cash flow exchange to Like the direct exchange, the fluidity can be substantially improved.

  (2) Fund-raising products basically do not have liquidity except for those with advance repayment clauses and interim repayment clauses, and there is a strong tendency for excessive cancellation of positions to raise funding costs. Was. In the present invention, the funding product is substantially liquid by exchanging the cash flow held by oneself with the cash flow held by another financier, thereby raising the funding cost. Can be eliminated without raising the price.

  (3) Funds trading products have basically no liquidity except for some foreign exchange products, futures products and futures option products. For funds trading products related to non-core currencies, various forward products, various over-the-counter option products, various swap products, various synthetic products, etc., it is highly likely that forcible cancellation of holdings will result in a decrease in transaction profits or unfavorable termination conditions. Was. In the present invention, by exchanging cash flows of positions not only between products of the same kind, but also between products of different types, and between products of different types of industry, the fund trading product has substantially liquidity, thereby reducing the trading profit. Thus, it is possible to cancel the position without incurring disadvantageous termination conditions.

8. The present invention is effective in strengthening or easing the control of the business, and in acquiring or selling the business.
(1) When the asset manager wants to strengthen the control over a specific financier in accordance with the review of the management policy, the direct exchange in the present invention can be used to replace the “any of the asset management products” that the asset manager already owns. In place of the transfer, by transferring the “voting rights-issued shares” already owned by other asset managers, it is possible to efficiently control the funders without losing liquidity at hand. Can be strengthened.

  (2) If the asset manager wishes to ease the control over a specific funder in accordance with the review of the management policy, the asset manager can obtain the “voting rights issued by the funder by the direct exchange in the present invention. Instead of transferring `` shares with capital '', by transferring the `` any of the asset management products '' already held by another asset manager, control over the funder can be achieved without affecting the liquidity at hand. Efficient relaxation can be achieved.

(3) With the review of the management policy, the asset manager W plans to strengthen the control over the fund raiser Y and ease the control over the fund raiser Z, and conversely, the asset manager X If you plan to increase control over Z and ease control over funder Y, the direct exchange in the present invention allows both parties to achieve their goals simultaneously.
In other words, instead of transferring the “shares with voting rights issued by the fund raiser Z that the asset manager W already owns”, the asset manager W replaces the “voting rights issued by the fund manager Y that the asset manager X already holds. At the same time, the asset manager X replaces the "owned stock with voting rights issued by the fundraiser Y" with the "capitalization already held by the asset manager W" Transferring the Shares with Voting Rights Issued by Producer Z "to effectively strengthen and ease control over Funder Y and ease and strengthen control over Funder Z without affecting the liquidity at hand. Can be realized.

  (4) If the asset manager wants to acquire a specific funder in accordance with the review of the management policy, he or she transfers “any of the asset management products” that he or she already has by direct exchange in the present invention. Instead, by transferring the “voting rights-issued shares” already owned by other asset managers, to efficiently acquire the relevant funders without losing liquidity on hand Can be.

  (5) When the asset manager wishes to sell a specific subsidiary in accordance with the review of the management policy, the "owner-owned voting stock issued by the said subsidiary" is transferred by the direct exchange in the present invention. Alternatively, by transferring “any of the asset management products” already owned by another asset manager, the subsidiary can be efficiently sold without affecting the liquidity at hand.

(6) Following the review of management policies, the asset manager (A) plans to sell its own subsidiary (C) and to acquire the subsidiary (D) of the asset manager (B). If the asset manager (B) plans to sell his subsidiary (D) and to acquire the subsidiary (C) of the asset manager (A), the direct exchange in the present invention will accomplish both at the same time. be able to.
In other words, the asset manager (A) receives the "share with voting rights issued by the subsidiary (D) of the asset manager (B)" instead of transferring the "share with voting rights issued by his own subsidiary (C)", At the same time, the asset manager (B) should receive "voting rights issued by the subsidiary (C) of the asset manager (A)" instead of transferring "shares with voting rights issued by his own subsidiary (D)". Thus, the acquisition and sale of the subsidiary (D) and the sale and acquisition of the subsidiary (C) can be efficiently realized without affecting the liquidity at hand.

9. Further, the present invention is effective in starting, strengthening, relaxing, and canceling cross-shareholdings, and acquiring and disposing of treasury stock.
(1) In the case where the fund trader (E) and the fund trader (F) agree to share the shares according to the management policy, the fund trader (E) is able to make himself or herself by the direct exchange in the present invention. Instead of transferring any of the “asset management products” held by other asset managers, transfer “shares with voting rights issued by fund managers (F)” already held by other asset managers, and (F), instead of transferring “any of the asset management products” that he / she already owns, has “voting rights (F) issued by a fund trader (E)” already owned by another asset manager. By transferring the shares, you can efficiently share each other without losing liquidity on hand.
And, by the same exchange transaction, it becomes possible to strengthen cross-shareholding.

(2) If the fund trader (G) and the fund trader (H) agree to ease the cross-shareholding from the business policy, the fund trader (G) will be Instead of transferring your own “voting rights (H) issued shares with voting rights” that you already own, you can also transfer “any of the asset management products” that other asset managers already own Instead of transferring the “stock with voting rights issued by the fund trader (G)”, the fund trader (H) transfers the “asset management” that other asset managers already hold. By handing over any of the products, it is possible to effectively alleviate cross-shareholdings without affecting each hand's liquidity.
Then, by the same exchange transaction, it becomes possible to cancel cross-shareholding.

(3) If the fund trader (I) plans to purchase treasury stock in order to control its own stock price, operate an employee stock ownership association, introduce a stock option plan, etc., Instead of transferring "any of the asset management products" that you already own to the asset manager, replace the "voting rights (I) issued voting stock" that the asset manager already holds. By acquiring the shares, it is possible to repurchase treasury stock without losing liquidity at hand and achieve the same effect as purchasing from the secondary market.
In the reverse exchange transaction, it becomes possible to dispose of treasury shares that have been held policy-wise.

  (4) The fund trader (J) and the fund trader (K) have agreed to eliminate the cross-shareholding from the management policy, and both sides have their own stock price measures, run the employee stockholding association, and have stock options. When each company is planning to buy back treasury stock due to the introduction of a system or the like, both parties can achieve their objectives simultaneously by the direct exchange in the present invention. That is, instead of transferring the “stock with voting rights issued by the fund trader (K)” that the fund trader (J) already owns, the fund trader (K) already holds “the stock with the voting right”. Transfer of the shares with voting rights issued by the fund trader (J), and at the same time, transfer the shares of voting rights issued by the fund trader (J) that they already own Instead, by transferring the “shares with voting rights issued by the fund trader (K)” that the fund trader (J) already holds, the cross-shareholding of each without canceling the liquidity at hand In addition, the acquisition of treasury stock can be achieved efficiently, and the same effect as release / purchase in the secondary market can be achieved.

10. The present invention enables the leveling of cash flows in the future by concentrating or dispersing the inflow and outflow of funds through various exchange transactions.
(1) If the asset manager predicts that the medium-term capital inflow is too small, for example, compared to the short-term or long-term capital inflow, the direct exchange of the asset management product in the present invention will Instead of transferring "short-term asset management products owned by you," transfer "medium-term asset management products held by other asset managers," and then "long-term asset management products held by you." Transfer short-term and long-term capital inflows to part of the medium-term by taking over "medium-term asset management products held by other asset managers" instead of transferring, and smooth out capital inflows from short-term to long-term be able to.

  In addition, by exchanging the cash flow of the asset management product according to the present invention, instead of transferring the “cash flow from the short-term asset management product held by oneself”, “the medium-term asset management product held by another asset manager” Instead of transferring cash flow from long-term asset management products that you own, and instead transferring cash flows from medium-term asset management products held by other asset managers. The same economic effect can be expected by taking over.

  (2) Conversely, if the asset manager predicts that short-term and long-term capital inflows will be too small, for example, compared to medium-term capital inflows, By directly exchanging products, instead of transferring "medium-term asset management products owned by you," you receive "short-term asset management products held by other asset managers," By transferring "long-term asset management products held by other asset managers" instead of transferring "other mid-term asset management products," some medium-term inflows of funds are diversified into short-term and long-term, Can smooth out the inflow of funds.

  In addition, by exchanging the cash flow of the asset management product in the present invention, instead of transferring the “cash flow from the medium-term asset management product held by oneself,” the “short-term asset management product held by another asset manager” Cash flow from long-term asset management products held by other asset managers instead of transferring cash flows from other medium-term asset management products The same economic effect can be expected by taking over Flow.

  (3) In the case where the fund raiser predicts that the short-term and long-term outflows are too large, for example, compared to the medium-term outflow, , Instead of taking on the cash flows of other financiers' medium-term financing products, deliver the cash flows of their short-term financing products By transferring the cash flow of long-term financing products you own instead of taking on the cash flows of other medium-term financing products, you can concentrate short- and long-term cash outflows in some The outflow of funds can be leveled out over a long period.

  (4) Conversely, if the financing party predicts that the medium-term outflow will be too large, for example, compared to short-term or long-term outflows, By exchanging cash flows for products, instead of taking on cash flows for short-term financing products held by other financiers, deliver cash flows for medium-term financing products held by Deliver short-term and long-term cash outflows in some medium-term by transferring "cash flows of other medium-term financing products that you own" instead of taking on "cash flows of long-term financing products held by financiers" And outflows can be smoothed over the short to long term.

11. The present invention then enables revenue to be determined by a substantial counter-trading of the same asset management product through a direct exchange. That is, in the present invention, by performing two direct exchanges using a specific asset management product as an intermediary, an economic effect similar to that of acquisition and disposal is generated for the specific product, and the asset manager can determine the capital gain. it can.
The asset manager (L) expects that the value of the asset management product (m) will increase in the future beyond the value of the asset management product (l) owned by the asset manager (L), and the asset manager (M) If the value of the asset management product (l) is expected to increase in the future beyond the value of the asset management product (m), the exchange transaction is established in the present invention. As a result, the asset manager (L), who has acquired the asset management product (m), develops the market as expected, and then disposes of the asset management product (m) when the value of the asset management product (m) increases. If the traditional trading market has problems such as liquidity, but the value of different asset management products (n) can be expected to increase in the future, holding the asset management products (n) Performing an exchange transaction with a certain asset manager (N) is the best option. Then, when the asset manager (N) expects that the value of the asset management product (m) will further increase in the future from a different market view than that of the asset manager (L), the asset manager according to the present invention An exchange transaction between the asset management product (m) and the asset management product (n) is established between (L) and the asset manager (N). At this point, the asset manager (L) has disposed of the asset management product (m) once obtained from the asset manager (M) through substantial counter-trading, and has a capital The gain can be determined.

12. In addition, the present invention enables the determination of the profit of the fruit portion through the cash flow exchange of the asset management product and the financing product. In other words, if the fund trader has the position of the asset management product and the position of the fund procurement product at the same time, the income gain for the specific period is determined by exchanging the cash flow of the asset management product and the fund procurement product in the present invention. can do.
(1) If the cash flow of the asset management product held is exchanged for the cash flow of another asset management product that has the same remaining life as the funding product held, If the inflow of asset management products is offset and the former is lower than the latter, it is possible to determine the income gain for the period.

  (2) Conversely, if the cash flow of the financing product you own is exchanged with the cash flow of another financing product with the same remaining life as the asset management product you hold, This will offset the outflow of funds from the financing product after the exchange and allow the income gain to be determined for the relevant period in the situation where the former exceeds the latter.

  (3) Exchange the cash flow of the asset management product held by the cash flow of the other asset management product for a specific period, and change the cash flow of the fund procurement product held by the other When the cash flow of the procured product is exchanged, the inflow of funds from the asset management product after the exchange and the outflow of funds from the procured product after the exchange are offset, and the income of the former・ The gain can be determined.

(4) The present invention also enables the determination of the profit of the fruit portion through the exchange of cash flows based on the valuation gain or loss. That is, when the fund trader has multiple valuation gains and losses of the asset management product or multiple valuation gains and losses of the fund transaction product, in the present invention, these positions are exchanged with the positions of a plurality of swap products to obtain a specific period. Can be determined.
First, the “valuation gain and loss of the asset management product” that you own or the “valuation gain and loss of the fund transaction product” that you hold Cash flow exchange with the valuation gain and loss of the swap product for the specified remaining period to be paid. Next, the “valuation gain / loss of other asset management products” held by you or the “valuation gain / loss of other fund trading products” Cash flow exchange with the valuation gain or loss of a swap product that receives fixed fruits and receives variable fruits with the same principal amount and remaining period, the fund trader must determine the income gain for the period in the following cases: Becomes possible.
(A) A case where both variable fruits are offset and the former fixed fruits are higher than the latter fixed fruits.
(B) When both fixed fruits are offset, and the former variable fruit is lower than the latter variable fruit.
(C) When the former fixed fruit exceeds the latter fixed fruit, and the former variable fruit is lower than the latter variable fruit.
(D) A case where the former variable fruit exceeds the latter variable fruit, but the former fixed fruit exceeds the latter fixed fruit by more than the difference.
(E) When the former fixed fruit is lower than the latter fixed fruit, but the former variable fruit is lower than the latter by more than the difference.

13. And the present invention enables efficient change of use of fund transaction products.
(1) If a fund transaction product that has been used for hedging the position of an asset management product held by the company becomes unnecessary with the disposal or disappearance of the asset management product, the asset manager As a result of cash flow exchange, by subscribing to “Height of cash transaction products that can be used for trading” from another person instead of transferring A quick transition from hedging to trading is possible.

  (2) Contrary to this, when it becomes necessary to newly hold an asset management product and to hedge the position, the asset manager exchanges the cash flow according to the present invention so that the asset manager may have another " By subscribing “Height of funds trading products that can be used for hedging” from others instead of transferring “Equity of funds trading products for trading purposes”, it is possible to quickly shift from trading use of fund trading products to hedging applications. Will be possible.

  (3) If the fund transaction product that has been used for hedging the position of the fund procurement product is no longer required due to the disappearance or delivery of the fund procurement product, the fund raiser By exchanging the "Height of funds trading products used for hedging" that has been used by the flow exchange, "Height of funds trading products that can be used for buying and selling" is underwritten by others, so that hedging of funds trading products A quick transition from usage to trading is possible.

  (4) Contrary to this, when it is necessary to hedge the position by newly holding a fund-raising product, the fund raiser uses the cash flow exchange according to the present invention to exchange “trading and selling” that he or she has. By subscribing to “Height of funds trading products that can be used for hedging” from other parties instead of delivering “Equity of funds trading products of interest”, it is possible to quickly shift from trading use of fund trading products to hedging applications become.

14． Next, the present invention provides a new method of asset management in connection with credit provision.
(1) Regarding asset management products owned by asset managers in connection with specific financing units, credit risk held by lower investment yields may be reduced by reviewing investment policies and management goals. If you want to increase the investment risk, or conversely, increase your credit risk to pursue higher investment yields, By substituting asset management products, such as subordinated stocks, related to the financing unit within these ranges by direct exchange or cash flow exchange in the present invention, the reimbursement ranking can be efficiently changed without affecting the liquidity at hand. Can be changed. Further, even if a direct exchange or a cash flow exchange is performed between an asset management product related to another funder with the same level of credit risk and the above-mentioned product group related to the funder, a substantial compensation is required. You can change the order.

(2) When the asset manager establishes a new credit line for a specific funder in accordance with the establishment of an investment policy and an investment target, the direct exchange and the cash flow exchange in the present invention may be applied to the case where “owner already owns the credit. Instead of transferring any of the asset management products that are being used, use credit risk products, such as loans and bonds, commercial paper, deposit receivables, etc. By taking over the transfer, it is possible to efficiently start providing credit to the financing party without destroying the liquidity at hand.
Then, the same exchange transaction makes it possible to expand credit provision.

(3) When the asset manager reduces the credit line for a specific funder in accordance with the review of the investment policy and the management target, the direct exchange or the cash flow exchange in the present invention will be used to explain "the connection with the relevant funder. By transferring "any of the asset management products already owned by other asset managers" instead of transferring the "credit risk products that you already own", without affecting the liquidity at hand, It is possible to effectively reduce credit to the financier.
Then, by the same exchange transaction, it is possible to stop providing credit.

15. Further, the present invention provides a new method of asset management in connection with the selection of a fund-type investment product management contractor.
(1) The asset manager identifies the investment trust management organization for its fund-type investment products, such as securities investment trusts, real estate investment trusts, product funds, loan trusts, and money trusts, based on its strong performance and reputation. If you want to concentrate on investment trust trust companies or trust banks, etc., instead of transferring your own `` fund-type investment products of an investment trust organization you want to exclude '' by direct exchange or cash flow exchange in the present invention, By transferring the “fund-type investment products of preferred investment trust institutions” owned by other asset managers, the investment trustees can be efficiently concentrated on a specific institution without affecting the liquidity on hand be able to.

  (2) If the asset manager wishes to diversify the specific trustees of the fund-type investment products it owns to other investment trust management companies or trust banks, etc. in accordance with the review of the asset allocation policies and targets, In the present invention, instead of transferring the “fund-type investment products of a specific investment management institution” owned by the direct exchange or cash flow exchange in the present invention, “various investment management By transferring the institution's fund-type investment product, it is possible to efficiently diversify the investment trustees without affecting the liquidity on hand.

16. In addition, the present invention provides a new method of asset management, involving the selection of the management outsourcee of the intermediary.
(1) In the case where the asset manager has appointed a specific investment advisory company, insurance company, trust bank, etc. as an investment trustee in an intermediary in accordance with the establishment of investment management policies and goals, direct exchange and cash in the present invention Transfer of "any of the asset management products" that you already own by flow exchange, instead of "an intermediary whose preferred investment management institution is in charge of management" owned by another asset manager Thus, it is possible to efficiently start outsourcing to a specific institution without building a portfolio from cash holdings.

  (2) In the case where the asset manager wants to narrow down the trustees of the owned brokerage to a specific investment advisory company, insurance company, trust bank, etc. in accordance with the review of the policy and target of the investment trust, the present invention By direct exchange or cash flow exchange, instead of transferring the “intermediary that is managed by the investment management institution that you want to dispel” that you own, you can use “preferred investment management institution owned by another asset manager” By transferring the intermediary that is in charge of the company, it is possible to efficiently narrow down the investment trustees to specific institutions without having to temporarily raise the portfolio to cash holdings.

  (3) If the asset manager wants to open a specific investment trust management agency in the owned brokerage to another investment advisory company, insurance company, trust bank, etc. in accordance with the review of investment management policies and targets, Instead of transferring the "intermediary that a specific investment management institution is in charge of" by own exchange or cash flow exchange in the invention, "various investment management institutions owned by other asset managers" By transferring the intermediary that is in charge of investment, it is possible to efficiently open investment trustees without temporarily increasing the portfolio to cash holdings.

  (4) If the asset manager wishes to remove a specific investment management institution from the intermediary owned by the asset manager in accordance with the review of investment management policies and targets, the asset manager owns the asset by direct exchange or cash flow exchange in the present invention. Instead of transferring an “intermediary that is managed by a specific trustee,” transfer any of the asset management products held by other asset managers to increase the portfolio to cash holdings Without returning, the operation consignment can be stopped efficiently.

17. The present invention provides a new method of asset management in connection with real estate management products.
In other words, if the asset manager wants to acquire land for a specific area as a whole or a specific complex real estate as a whole for the purpose of future development or redevelopment, the direct exchange in the present invention, Instead of transferring any of the investment products, transfer "all properties owned by individual landowners in the relevant area" or "all properties owned by individual section owners in the composite real estate" By transferring the total amount of real estate-backed securities or real estate investment trusts that are securitized products of the target real estate instead of transferring any of the asset management products that you own, It is possible to acquire, directly or indirectly, the land for a particular entire region or the aggregate of a particular complex real estate without destroying the liquidity at hand.

18. Further, the present invention enables simultaneous exchange transactions among three or more users regarding direct exchange and cash flow exchange of asset management products, cash flow exchange of fund procurement products, and cash flow exchange of fund transaction products.
(1) The asset manager (O) wishes to dispose of the owned asset management product (o), and the asset manager (P) decides to dispose of the owned asset management product (p). Assume that the manager (Q) wants to dispose of the asset management product (q) held by the manager. At this time, the asset manager (O) wants to acquire the asset management product (p), the asset manager (P) has the asset management product (q), and the asset manager (Q) has the asset management product (o). If the acquisition is desired, and the disposal request and the acquisition request are circulating among the three parties, the operator of this system determines the asset manager (O), the asset manager (P), and the asset manager (Q ), The direct exchange of asset management products can be simultaneously established. Further, the present invention enables simultaneous and direct exchange of asset management products between four or more asset managers when disposal and acquisition are circulating.

  (2) The asset manager (R) wishes to transfer the “cash flow from the owned asset management product (r)” and the asset manager (S) selects the “owned asset management product (s) It is assumed that the asset manager (T) desires to transfer the "cash flow from the owned asset management product (t)". At this time, the asset manager (R) desires to transfer the “cash flow from the asset management product (s)”, and the asset manager (S) selects the “cash flow from the asset management product (t)” If the customer (T) wishes to transfer the “cash flow from the asset management product (r)” and the transfer request and the transfer request circulate among the three parties, the operator of the system The cash flow exchange of asset management products can be simultaneously established between the manager (R), the asset manager (S), and the asset manager (T). In addition, the present invention enables simultaneous cash flow exchange of asset management products between four or more asset managers, when a transfer request and a transfer request are circulating.

  (3) The financier (U) wishes to deliver the “cash flow of the financing product (u) held” and the financier (V) selects the “cash flow of the financing product (v) held” It is assumed that the fund raiser (W) desires the delivery of the “cash flow of the financing product (w) held”. At this time, the fund raiser (U) desires to underwrite the “cash flow of the fund raising product (v)”, and the fund raiser (V) selects the “cash flow of the fund raising product (w)”, W) wishes to underwrite "cash flow of fundraising product (u)", and if the delivery and underwriting are circulating among the three parties, the operator of this system U) and the cash flow exchange of the fund procurement product can be simultaneously established between the fund raiser (V) and the fund raiser (W). In addition, the present invention enables simultaneous cash flow exchange of financing products between four or more financiers when the desire for delivery and the desire for underwriting are circulating.

  (4) The fund trader (X) wishes to deliver the “valuation gain / loss of the funded transaction product (x)”, and the fund trader (Y) writes “the valuation gain / loss of the funded transaction product (y)”. It is assumed that the fund trader (Z) desires the delivery of the “valuation gain and loss of the funded transaction product (z) held”. At this time, the fund trader (X) desires to underwrite “valuation profit and loss of the fund transaction product (y)”, and the fund trader (Y) decides “underwriting valuation gain and loss of the fund transaction product (z)”. Z) wishes to underwrite the “valuation gain and loss of the fund transaction product (x)”, respectively, and if the delivery request and the underwriting request are circulating among the three parties, the operator of the present system X) and the cash traders (Y) and (Z) can simultaneously establish a cash flow exchange of fund traded products. In addition, the present invention enables simultaneous cash flow exchange of fund transaction products between four or more fund transactors when the desire for delivery and the desire for underwriting are circulating.

  (5) The present invention also relates to a tying exchange of an asset management product, a tying exchange of a fund procurement product, a tying exchange of a fund transaction product, a tying exchange of an asset management product and a fund transaction product, and Simultaneous exchange transactions between three or more users in a tying exchange, a tying exchange between an asset management product and a financing product, and a tying exchange of an asset management product, a financing product, and a fund transaction product are enabled.

  The present invention relates to a computer-readable storage medium having recorded therein a financial product etc. exchange transaction program, a financial product etc. exchange transaction system and a product exchange transaction method. That is, an exchange transaction market for financial products, quasi-financial products and / or other products can be created through one or more computer networks, and users can complete exchange transactions.

  Hereinafter, as an embodiment of the present invention, an example of a bidding method in which an exchange transaction is established through a process from exhibition to bidding and bidding will be described. However, the present invention relates to a storage medium and a computer system which record a computer program for matching a demand for eliminating a position and a demand for creating a position of an asset management product, a fund procurement product, and a fund transaction product, and a product exchange. The mechanism in the transaction method and the product for that purpose are not limited to the mechanism described in the present embodiment and the products described in the present embodiment. It should be noted that, depending on the type and attribute of the product desired to be exchanged, the relative method makes it easier to match the cancellation demand with the creation demand, and an example thereof will be described later.

First, the operator of the system specifies an asset manager, a fund raiser, and a fund trader who want to use the service. These users will be able to participate in exhibitions, bidding, successful bids, transaction matching, creation and signing of basic agreements, exchange with the appraiser for defect inspection of exchange traded products and appraisal of exchange transaction value, creation of exchange agreements, Signing, settlement of exchange margin, exchange of cash, exchange of cash flow during the exchange period, receipt and payment of various service charges, etc. can be performed on this system.
There are two types of exchange applicants in the trading market: exhibitors and bidders. The exhibitor presents the desired product at the same time as listing the desired product on the system. On the other hand, the bidder confirms that the seller's desired product is his / her desired product, and confirms that the seller's desired product is his / her desired product. When it is established, it is called the successful bidder.
In various exchange transactions, the exhibitor or the bidder may use the existing money as a product to be provided, or may use the money to be newly created for the exchange transaction as a product to be provided.

At the stage where the seller's desired offer matches the bidder's desired offer and the seller's desired offer matches the bidder's desired offer and the exchange is established, The difference between the prices of the two products is settled in the form of an exchange margin.
In other words, if the exchange of cash or cash flows of the asset management product is realized, the exchange of the valuation profit of the asset management product is completed, and the exchange of the valuation The side that has received the product of the above, that is, the side that has transferred the lower-priced product ”pays the difference to the“ the side that has received the lower-priced product, that is, the side that has transferred the higher-priced product ”as an exchange difference. Is balanced. If the latter agrees, the former can substitute the exchange margin for another product of equal valuation.
On the other hand, when the exchange of the fund procurement product is completed, the exchange of the valuation loss of the asset management product is completed, and the exchange of the valuation loss of the fund transaction product is completed, The side receiving the lower-priced product "pays the difference as an exchange difference to the" side delivering the lower-priced product, ie, the side receiving the higher-priced product ", so that the two parties are balanced. If the latter agrees, the former can substitute the exchange margin for another product of equal valuation.

Competition will occur if more than one bidder appears for one exhibit of the cash flow of the asset management product or one item, one valuation gain of the asset management product, or one valuation gain of the fund transaction product As the principle works, the desired offer price of the exhibitor increases and / or the desired acquisition price decreases. As a result, the exchange is established with the desired offer price after the rise and / or the desired offer price after the fall, and the exchange difference is settled between the successful bidder and the exhibitor who allow the desired offer price and / or the desired offer price. The balance between the two parties is balanced.
On the other hand, if one bidder appears for one listing of a fund-raising product, one listing of a valuation loss of an asset management product, or one listing of a valuation loss of a fund-trading product, the competition principle works. The desired offer price of the exhibitor falls and / or the desired acquisition price increases. As a result, the exchange is established with the desired offer price after the fall and / or the desired offer price after the increase, and the exchange difference is settled between the successful bidder and the exhibitor who allow the desired offer price and / or the desired offer price. The balance between the two parties is balanced.

The basic agreement in the embodiment of the present invention is a contract in which the operator of the system and the exhibitor tentatively exchange, and the operator and the successful bidder are provisionally exchanged at the stage when the transaction matching of the successful bid is completed. The exchange agreement refers to the contract exchanged between the operator and the seller, and the operator and the successful bidder, at the stage when the defect inspection of the product and the appraisal of the transaction value have been completed. Refers to the contract that is ultimately exchanged. The reason why the operator exchanges the basic agreement and the exchange agreement separately with the exhibitor and the successful bidder is to maintain the anonymity of the exchange transaction between the exhibitor and the successful bidder.
If both parties reach an agreement, the exhibitor and the successful bidder can directly exchange a basic agreement and exchange agreement, and can omit the process of exchanging the basic agreement and omit the defect inspection and appraisal, It is also possible to exchange an exchange contract immediately after the transaction matching.

The operator provides the following sections for each transaction type on the screen displayed on the client terminal.
(A) Section for direct exchange of asset management products This section covers financial management products such as loan receivables, stocks, bonds, monetary trusts, deposit receivables, land and buildings, complex real estate, real estate secured securities, real estate investment trusts, etc. Bidding is carried out for the listing of asset management products such as real estate management products, and the actual products are exchanged between the seller and the successful bidder.
(B) Section of Cash Flow Exchange of Asset Management Products In this section, bidding is performed for the listing of the asset management products, and the cash flows of the products are exchanged between the exhibitor and the successful bidder.
(C) Comprehensive section of direct exchange and cash flow exchange of asset management products In this section, bidding is conducted for the exhibition of the asset management product, and direct exchange and cash flow exchange are performed between the seller and the successful bidder. The products are exchanged by an eclectic method.
(D) Cash flow exchange section for financing products In this section, bidding is conducted for the listing of financing products such as debts, stocks, bonds, commercial paper, deposit liabilities, etc. The cash flow of goods is exchanged between.
(E) Cash flow exchange section for fund trading products In this section, bidding is conducted for the listing of fund trading products such as foreign exchange products, financial derivatives, real estate derivatives, and physical derivatives, and bidding is conducted with the seller. The cash flow of the goods is exchanged between the parties.
(F) Section of cash flow exchange between asset management product and fund transaction product In this section, bidding is conducted for the listing of the asset management product and the listing of the fund transaction product, and the bidding is conducted between the seller and the successful bidder. Then, the cash flows of the products are exchanged based on the valuation gain / loss.
(G) Integrated asset and liability management section This section presents various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of financing products, and cash flow exchange of fund transaction products. , And the actual goods and cash flow of the goods are exchanged between the exhibitor and the successful bidder.

The operator will provide information on the names, brands, types and attributes of various products that have recently been concluded in exchange transactions, terms and conditions, exchange periods, exchange consumable prices, and exchanged consumables in the case of unit price products. The summary or details of the product being sold are displayed in real time in the section for each transaction type. Based on this information, asset managers, fund raisers and fund traders grasp the market level and supply / demand balance of various exchange transactions, and look at the timing of participating in bidding. The details of the exchange transaction that has been made will be disclosed for the purpose of showing users of this system the market level and supply / demand balance of the exchange transaction. Proprietary information such as clauses is basically not disclosed.
In addition, the operator shall provide the reference price, quote price, theoretical price, etc. of various financial and quasi-financial products as reference data for users to make arbitrage transactions between this system and traditional financial / quasi-financial markets. Also, it may be displayed in real time.

The system user who confirms the exchange transaction price level on the screen and decides to exhibit is the name / brand / type / attribute of the desired product, various conditions, the name / brand / type / attribute of the desired product, various conditions The operator, the acceptable creditworthiness of the exchange partner, the desired exchange price, in the case of a unit price product, the desired exchange quantity, the desired exchange period, the desired exhibition period, whether it can be automatically extended or terminated early, and the requirements for the bidder, etc. Tell In the present invention, information disclosure at this stage of the product desired to be provided is referred to as primary information disclosure by the exhibitor.
The operator confirms that there is no problem in the creditworthiness of the seller, that there is no false notice in the product to be offered, and that the desired exchange price is a fair valuation based on the optimal valuation method. Consent. The merchandise information is displayed in a section for each transaction type with the individual name and corporate name of the seller hidden. There is confidential information that the seller wants to avoid disclosing to the last minute among the information related to the product desired to be offered, but basically, the more the primary information disclosure, the more reassuring the bidder, Many bidders can be invited. When an exhibitor invites a bidder using a prospectus, the individual name and corporate name of the exhibitor will be disclosed from the beginning.
The seller transfers the transaction margin to the operator, and the operator stores it in an account established for each seller. The amount of the transaction margin is determined by the operator in consideration of the exchange desired product in this exchange transaction, the desired exchange price, the desired exchange period, the creditworthiness of the exhibitor, the past transaction performance with the exhibitor, and the like.

The system user who confirmed the exhibition on the screen and decided to bid, the name, brand, type, attribute, various conditions, the desired exchange price, the desired exchange price, and the unit price product of the product to be offered Informs the operator of the desired exchange quantity, the desired exchange period, the desired timing of bid participation, and the demands on the exhibitor. In the present invention, information disclosure at this stage of the product desired to be provided is referred to as primary information disclosure by a bidder.
The operator confirms that there is no problem in the creditworthiness of the bidder, that there is no false notice in the offer product, and that the desired exchange price is a fair value based on the optimal valuation method before bidding. Consent. The bidder's personal name and corporate name are hidden, and the merchandise information is fed back to the seller. There is confidential information among bidders who want to avoid disclosing some of the information related to the products they want to offer, but basically, the more the primary information disclosure, the more the seller will feel secure and exchange. Is more likely to hold.
The bidder transfers the transaction margin to the operator, and the operator stores it in an account established for each bidder. The amount of the transaction margin is determined by the operator in consideration of the exchange desired product in the exchange transaction, the desired exchange price, the desired exchange period, the creditworthiness of the bidder, the past transaction performance with the bidder, and the like.

According to the present invention, when a plurality of bidders are matched for one seller according to the size, type, attribute, etc. of the evaluation value of the product desired for exchange, one bidder is matched for multiple sellers. There may be a case where there is a match and a case where a plurality of bidders are matched against a plurality of sellers. That is, in these cases, exchange transactions are simultaneously established among three or more users.
In addition, if the product to be exchanged is a plurality of asset management products, a plurality of fund procurement products, a plurality of fund transaction products, or a combination of an asset management product and a fund transaction product, In the case of tying a product with a fund transaction product, tying an asset management product with a financing product, or tying an asset management product, a financing product, or a fund transaction product, And a method of bidding using a net-based cash flow obtained by combining cash flows of a plurality of products.

  The exchange applicant [A] wants to provide the product [a], the exchange applicant [B] wants to offer the product [b], and the exchange applicant [C] wants to offer the product [c]. The exchange applicant [A] wants to obtain the product [b], the exchange applicant [B] wants to obtain the product [c], and the exchange applicant [C] wants to obtain the product [a]. In the event that and the desire to circulate are circulating between those who wish to exchange, the operator of the system may arrange a simultaneous exchange transaction between the three parties. In addition, simultaneous exchange transactions may be performed even when there is a circulating desire to provide and obtain an exchange among four or more exchange applicants.

  In the bidding method, the seller-bid regarding the calculation method of the desired exchange price, the amount of the exchange difference, the desired exchange period, the synthesis and disassembly of the exchange desired product, the additional conditions for the establishment of the exchange, the exhibition period and the timing of bid participation, etc. If negotiations between the sellers are required, negotiations between the seller and the operator and negotiations between the bidder and the operator take the place of this, and basically the anonymity of the transaction is maintained.

  If the exchange transaction is not established, the seller can relist the same desired offer item at a different time. In that case, the amount of information of the primary information disclosure, the creditworthiness of the exchange partner that can be accepted, the desired exchange price, in the case of unit price products, the desired exchange quantity, the desired exchange period, the method of synthesis and disassembly of the offered products, the exchange The conditions for establishment, the name, brand, type, attributes, conditions, etc. of the desired product to be obtained will be reviewed in advance.

When an exchange transaction is established, the operator performs transaction matching on both the exhibitor and the successful bidder. At the stage where the collation is completed, the operator creates a basic agreement between the operator and the exhibitor and a basic agreement between the operator and the successful bidder. Each signs. The operator holds a master agreement for each transaction type, corrects the master agreement according to the exchange transaction that has been established, and uses it as an actual basic agreement.
The basic agreement includes the names, brands, types, attributes, terms and conditions of the exchanged products, terms and conditions of the exchange, the special terms of the exchange contract, the exchange period, the exchange closing price, and the exchange completed in the case of unit price products. Depending on the quantity, the amount of the exchange margin, the schedule until the conclusion of the exchange contract, the method of inspection of the defect of the product and the appraisal of the transaction value, the information on the appraiser who is in charge of the inspection and appraisal of the defect, and the result of the inspection and the appraisal of the defect Includes that the exchange agreement will be changed or invalidated and the expiration date of the basic agreement.

After signing the basic agreement, a defect inspection of the exchanged product and an appraisal of the exchanged value are performed. This is because the appraiser who has no conflict of interest with the exhibitor or the successful bidder is in charge, and the desired exchange price of both parties, which was the starting point of the bidding, was fair, and the exchanged product was legally and ethically It is confirmed that there are no economic, physical and environmental problems. In order to increase the accuracy of defect inspection and appraisal, the exchange concessor must submit to the appraiser all information related to the product he / she provided, including the basis for calculating the desired exchange price and the existing contract. In the present invention, disclosure of information on exchanged products at this stage is referred to as secondary information disclosure by exhibitors and successful bidders. If the exchanged product is a general product and the fair value of the exchanged value can be easily recognized, the operator of this system will also serve as an appraiser, and the defect inspection and appraisal process itself will be omitted. Sometimes.
As a result of the defect investigation and appraisal based on the secondary information disclosure, when it is confirmed that no defect is recognized in the exchanged product and that the desired exchange price is a fair valuation, the operator-exhibitor And an exchange contract between the operator and the successful bidder are concluded. At that time, the exhibitor and the successful bidder pledge that they will not manage the goods carefully until the actual exchange of the exchanged goods, the settlement of the exchange difference, and the cash flow exchange during the period are completed. The exchange agreement is used after amending the signed basic agreement.
As a result of the defect investigation and appraisal, if the exchanged product is found to be defective, or if the desired replacement price is found to be an unfair valuation, the appraiser is the original provider of the product. The original provider and the operator, and the exchange partner and the operator, respectively, provide the exchange completion price and the exchange difference amount to the exchange partner and the operator of the system with feedback of the content of the defect or the result of the appraisal. Review the exchange period, special provisions of the exchange contract, etc. As a result, if the provider and the exchange partner reach an agreement with the operator as an intermediary, the exchange agreement is concluded after correcting the contents of the basic agreement, and if both parties do not reach an agreement, the exchange is completed It will be replaced with a blank sheet.

After the signing of the exchange agreement, the operator will carry out management work on the following matters.
(A) Intervening in the exchange of the actual exchanged goods.
(B) Settlement of the exchange difference between those who have completed the exchange is performed by the account transfer process on the present system.
(C) During the exchange period, the transfer of cash flows between those who have completed the exchange is performed by the account transfer process on this system.
In addition, the service provision fee and line usage fee that the operator himself receives from the exchange completed party is deducted in the process when the cash flow is exchanged between the exchange completed parties through this system, and separately collected from the exchange completed party There is a way to do it. Further, when the cash flow reception and payment coincide with each other between the parties who have completed the exchange, the operator cancels them and then performs the account transfer processing.
(D) In the exercise of various rights, such as the right of free disposal, and the fulfillment of various obligations based on the exchange agreement, perform the administrative procedures that occur between the parties who have completed the exchange.
(E) Involvement of the exchange agreement, it is examined whether the parties who have completed the exchange have properly performed laws and regulations, reported transactions to the authorities, disclosed information to the public, etc. as appropriate. The operator also reports to the authorities and discloses it to the public as necessary.
(F) Provide tools, such as software, that can be used for risk management and cash flow management to exchange successors in connection with exchange transactions.
(G) During the exchange period, the parties involved in the exchange will directly or indirectly share credit risk, and therefore the operators intervening between the parties will be required to provide credit rating, various financial indicators, business scale and future prospects. The creditworthiness of the parties based on market recognition, etc., and, if the creditworthiness is insufficient, in order to supplement this, depending on the form of the exchange transaction and the amount of the collected margin, You can claim collateral or securities, such as bonds, stocks, shares, certificates of deposit, commercial paper, etc., or request guarantees from banks, insurance companies, or other guarantors.
During the period, if the exposure of the credit risk to the exchange partner increases or decreases due to fluctuations in the valuation value of the exchanged products or the progress of the transfer of principal and fruits, the operator will be required to request additional collateral and request additional guarantees. In each case, by returning surplus collateral or canceling surplus guarantee, the degree of security or guarantee is adjusted to maintain appropriate creditworthiness. In some cases, the shortfall in creditworthiness may be reflected in the amount of cash flows to be transferred.
Nevertheless, in the event that the successful party defaults on the contract, the operator plays a leading role in the security and collection of receivables and legal proceedings for the counterparty.
(H) Carry out the administrative procedures that occur when the party who has completed the exchange cancels the exchange contract or transfers the contract to a third party.
(I) If the user of this system posts banner advertisements and pop-up advertisements related to exchange transactions on this system for other users, payment and payment of advertising fees and appraisal fees are It is performed by the account transfer processing between.

In order for the exchange to be completed smoothly, the desired exchange price that the seller or bidder tells the operator must be a fair valuation. In the case of liquid price products, the fair valuation refers to the market value, such as the contracted price and price announced on stock exchanges and derivative exchanges, over-the-counter markets, markets between financial institutions, and markets between real estate companies. The quote price.
On the other hand, in the case of illiquid priced products and non-priced products, the fair valuation is the theoretical value that is rationally calculated without arbitrariness. Reasonable methods of calculating the theoretical value include calculating the market value of similar products by taking into account fluctuation factors such as interest rates, maturities, and credit risks, and the characteristics of individual products. There are a method of calculating the present value by rebates by a rate, etc., and a method of using a theoretical value model recognized in the market. In the case of a composite product or the like in which each component has a market value, there is a method of calculating by combining those market values.

If there is more than one fair value for one product, regardless of whether it is a price product or a non-price product, use a combination of these multiple valuation methods to calculate a weighted average value, etc. The desired exchange price is determined by using only the value determined to be fairest among the above.
In order to make it easier to compare multiple offered exchange prices offered, the operator of the system will instruct sellers and bidders to use an equal-based valuation method, and the exchange paid to the operator during the exchange transaction Unification of calculation base such as whether transaction fees, expenses required for maintaining position, exercising rights, fulfilling obligations during exchange period, expenses required at the end of exchange, etc. are included in the desired exchange price in advance. Again, operators play a leading role. In addition, the operator can provide tools, such as software, which can be used for calculating the valuation amount to the exchange applicant via this system.

In the exchange transaction in the present system, it is required to recognize or calculate a desired exchange price of each financial instrument or quasi-financial instrument by, for example, the following method.
When a loan is bought and sold in a secondary market like a bond, its market value is used as the desired exchange price. For illiquid loans, the desired exchange price can be used as the acquisition price. The estimated exchange loss is calculated based on the estimated exchange price, and the desired exchange price is the amount obtained by subtracting the estimated loan loss from the acquisition price.

  Various deposits such as ordinary deposits, time deposits, and negotiable deposits can be set to the desired exchange price by deposit amount. However, if the amount of the deposit exceeds the upper limit of the principal and interest guarantee and there is a problem with the business situation or financial condition of the financial institution to which the deposit is made, the deposit is determined based on the credit risk ranking and future cash flow forecast. An estimated amount to be a bankruptcy receivable is calculated, and an amount obtained by subtracting the estimated bankruptcy receivable from the deposit price is set as a desired exchange price.

  If the fund-type investment product is a price product found in securities investment trusts, real estate investment trusts, commodity funds, etc., the market price is used as the desired exchange price. In the case of a loan trust, a money trust in a narrow sense, a bond investment trust, etc., in the case of a product that can be called a quasi-deposit product due to principal guarantee, investment policy, and the like, the desired exchange price can be obtained from the acquisition price of the beneficiary right. In addition, the broker basically discloses the product composition of the portfolio and the valuation value of each product, and then uses the sum of the valuation values of the assets under management as the desired exchange price.

For non-liquid stocks, the contract price or quote price announced by a trading system that can be bought and sold at any time is used as the desired exchange price for stocks with liquidity, and for non-liquid stocks, the net asset value method or earnings are used. The theoretical exchange price, which can be calculated using the power method, market price comparison method, etc., is set as the desired exchange price.
Net asset value method includes book value net asset method using booked net asset value, replacement cost net asset method that deducts liability from total current replacement cost of assets, and liability based on total current available sale price of assets. Liquidation value net asset method. In addition, the profitability method includes a profit return method that divides the expected future profit by the capital return rate, a dividend return method that divides the expected future dividend by the capital return rate, etc. There is a discounted cash flow method that deducts debt from the sum total revalued to value. The market share price comparison method is based on the similar industry comparison method that calculates the target company's stock price from the average stock price of multiple listed companies belonging to similar industries by comparing dividends, profits, and net asset values, sales and profits, There is a similar company comparison method that calculates the target company's stock price from the average stock price of a plurality of similar companies by comparing the net asset value.

The desired exchange price of land, buildings, composite real estate and co-owned buildings, which are a combination of both, is calculated by valuation methods such as the cost method, transaction case comparison method, and profit return method. The cost method is a method in which the repurchase cost of real estate is evaluated, and the transaction case comparison method is a method in which the value seen in a transaction example of another property is used as a basis for the evaluation value. In addition, the profit return method here is a method in which a future cash flow such as a rent or a sale price is revalued to its present value and the sum is used as a valuation value.
On the other hand, for loan receivables, real estate-backed securities, beneficiary interests in real estate investment trusts, and investment securities and investment corporation bonds issued by real estate investment corporations, the desired exchange price can be calculated according to financial management products. it can.

  The financing product can calculate the present value by recalculating the future cash flow at an interest rate that takes credit risk into account, and use it as the desired exchange price.

  For foreign exchange products, financial derivatives, real estate derivatives, and physical derivatives, in the case of listed products, valuation gains and losses are calculated using quoted prices and quotes published on derivative stock exchanges and stock exchanges. The desired exchange price. In the case of unlisted products, the method of using contract prices and quotes published in the market between financial institutions and real estate companies, and the future cash flows of products are rebated using interest rates that take credit risk into account. The valuation gain or loss is calculated by the method of calculating the present value, the method using a theoretical value model recognized in the market, etc., and is used as the desired exchange price.

Hereinafter, embodiments of the present invention will be described with reference to the drawings.
First, FIG. 1 shows an embodiment of the direct exchange of asset management products, and shows a case where the same type of financial management product is to be exchanged.
Here, the asset manager 1 holds the loan receivable 12, and the asset manager 2 holds the loan receivable 11, but as a result of the direct exchange, the asset manager 1 replaces the transfer of the loan receivable 12. At the same time, the asset manager 2 was able to transfer the loan receivable 12 instead of transferring the loan receivable 11.
Similarly, asset manager 3 and asset manager 4 share stock 14 and stock 13, asset manager 5 and asset manager 6 combine bond 16 and bond 15, asset manager 7 and asset manager 8 Are directly exchanging the securities investment trust 18 and the securities investment trust 17, and the asset manager 9 and the asset manager 10 are directly exchanging the deposit receivable 20 and the deposit receivable 19, respectively.

FIG. 2 shows another embodiment of the direct exchange of asset management products, in which different types of financial management products are exchange targets.
Here, the asset manager 1 holds the bond 15 and the asset manager 2 holds the loan 11, but as a result of the direct exchange, the asset manager 1 replaces the loan 15 with the loan. At the same time, the asset manager 2 was able to transfer the bond 15 instead of transferring the loan receivable 11.
Similarly, the asset manager 3 and the asset manager 4 exchange the securities investment trust 17 and the stock 13, the asset manager 5 and the asset manager 6 exchange the stock 14 and the bond 16, and the asset manager 7 and the asset manager 7. The client 8 directly exchanges a deposit claim 19 and a securities investment trust 18, and the asset manager 9 and the asset manager 10 directly exchanges a loan claim 12 and a deposit claim 20.

FIG. 3 shows another embodiment of the direct exchange of asset management products, and shows a case where financial management products of different deposit types are to be exchanged.
Here, the asset manager 1 holds the loan trust 23, and the asset manager 2 holds the time deposit 21, but as a result of the direct exchange, the asset manager 1 replaces the transfer of the loan trust 23. The time deposit 21 was transferred, and at the same time, the asset manager 2 was able to transfer the loan trust 23 instead of transferring the time deposit 21.
Similarly, the asset manager 3 and the asset manager 4 use the bond investment trust 27 and the negotiable deposit 25, and the asset manager 5 and the asset manager 6 use the money trust 29 and the bond investment trust 28 to perform the asset management. The client 7 and the asset manager 8 directly exchange the time deposit 22 and the money trust 30, and the asset manager 9 and the asset manager 10 directly exchange the negotiable deposit 26 and the loan trust 24, respectively.

FIG. 4 shows another embodiment of the direct exchange of asset management products, and shows a case where financial management products of different stock types are exchange targets.
Here, the asset manager 1 holds the beneficiary right 33 of the stock investment trust and the asset manager 2 holds the stock 31 of the private company. However, as a result of the direct exchange, the asset manager 1 Instead of transferring the beneficiary interests 33 of the investment trust, the shares 31 of the private company can be transferred, and at the same time, the asset manager 2 can transfer the beneficiary rights 33 of the stock investment trust instead of transferring the shares 31 of the private company. Was.
Similarly, the asset manager 3 and the asset manager 4 transfer the asset-backed investment securities 37 and the project finance investment securities 35, and the asset manager 5 and the asset manager 6 transmit the investment securities 39 and the assets of the company-type investment trust. Asset manager 7 and asset manager 8 project private equity securities 32 and company-type investment trust investment securities 40, and asset manager 9 and asset manager 10 project • Directly exchanges finance investment securities 36 and beneficiary rights 34 of stock investment trusts.

FIG. 5 shows another embodiment of the direct exchange of asset management products, and shows a case in which different types of stock-linked investment products from the same funder are exchangeable.
Here, the asset manager 1 holds the convertible stock 43 and the asset manager 2 holds the redeemed stock 41. However, as a result of the direct exchange, the asset manager 1 replaces the transfer of the convertible stock 43. At the same time, the asset manager 2 was able to receive the converted shares 43 instead of transferring the redeemed shares 41.
Similarly, the asset manager 3 and the asset manager 4 exchange the convertible bond 45 and the convertible stock 44, the asset manager 5 and the asset manager 6 exchange the redeemed stock 42 and the stock depositary deed 47, and the asset manager 7 The asset manager 8 directly exchanges the warrant bond 49 and the convertible bond 46, and the asset manager 9 and the asset manager 10 directly exchange the stock depositary certificate 48 and the warrant bond 50.

FIG. 6 shows another embodiment of the direct exchange of asset management products, and shows a case where financial management products of different reimbursement ranks from the same funder are to be exchanged.
Here, the asset manager 1 has the subordinated loan 53 and the asset manager 2 has the priority bond 51. As a result of the direct exchange, the asset manager 1 transfers the subordinated loan 53. Instead, the preferred bond 51 was transferred, and at the same time, the asset manager 2 was able to transfer the subordinated loan 53 instead of transferring the preferred bond 51.
Similarly, the asset manager 3 and the asset manager 4 transfer the subordinated stock 55 and the subordinated loan receivable 54, the asset manager 5 and the asset manager 6 transfer the common stock 59 and the preferred stock 57, and the asset manager 7 And the asset manager 8 directly exchanges the preferred bond 52 and the common stock 60, and the asset manager 9 and the asset manager 10 directly exchange the preferred stock 58 and the subordinate stock 56, respectively.

FIG. 7 shows another embodiment of the direct exchange of asset management products, and shows a case where the same type of real estate management product is to be exchanged.
Here, the asset manager 1 has the land 62 and the asset manager 2 has the land 61. As a result of the direct exchange, the asset manager 1 obtains the land 61 instead of transferring the land 62. At the same time, the asset manager 2 was able to transfer the land 62 instead of transferring the land 61.
Similarly, the asset manager 3 and the asset manager 4 use the building 64 and the building 63, the asset manager 5 and the asset manager 6 use the complex real estate 66 and the complex real estate 65, and the asset manager 7 and the asset management And the asset manager 9 and the asset manager 10 directly exchange the real estate investment trust 70 and the real estate investment trust 69, respectively.

FIG. 8 shows another embodiment of the direct exchange of asset management products, in which different types of real estate management products are to be exchanged.
Here, the asset manager 1 has the building 63 and the asset manager 2 has the land 61. However, as a result of the direct exchange, the asset manager 1 obtains the land 61 instead of transferring the building 63. At the same time, the asset manager 2 was able to transfer the building 63 instead of transferring the land 61.
Similarly, the asset manager 3 and the asset manager 4 transfer the real estate investment trust 69 and the building 64, the asset manager 5 and the asset manager 6 transfer the real estate-backed securities 67 and the composite real estate 65, and the asset manager 7 And the asset manager 8 directly exchanges the land 62 and the real estate-backed securities 68, and the asset manager 9 and the asset manager 10 directly exchange the composite real estate 66 and the real estate investment trust 70, respectively.

FIG. 9 shows another embodiment of the direct exchange of asset management products, and shows a case where different types of real estate secured products from the same special purpose company are to be exchanged.
Here, the asset manager 1 holds the specific-purpose priority loan 73 and the asset manager 2 holds the specific subordinated debt 71, but as a result of the direct exchange, the asset manager 1 Instead of transferring the receivables 73, the specific subordinated bonds 71 were transferred, and at the same time, the asset manager 2 was able to transfer the specific subordinated bonds 73 in place of transferring the specified subordinated bonds 71.
Similarly, the asset manager 3 and the asset manager 4 convert the specified bond 77 and the specified common stock 75, and the asset manager 5 and the asset manager 6 transfer the warrant specified bond 79 and the converted specified bond 78 to the asset. The manager 7 and the asset manager 8 specify the specified subordinated bonds 72 and the warrant specified bonds 80, and the asset manager 9 and the asset manager 10 specify the specified common stock 76 and the specified-purpose priority loan 74, respectively. Replaced directly.

FIG. 10 shows another embodiment of the direct exchange of asset management products, and shows a case where products of different types of business are to be exchanged.
Here, the asset manager 1 has the building 63 and the asset manager 2 has the loan receivable 11, but as a result of the direct exchange, the asset manager 1 replaces the loan 63 with the loan receivable. At the same time, the asset manager 2 was able to transfer the building 63 instead of transferring the loan receivable 11.
Similarly, the asset manager 3 and the asset manager 4 transfer the land 61 and the stock 13, the asset manager 5 and the asset manager 6 transfer the composite real estate 65 and the bond 15, and the asset manager 7 and the asset manager. 8 directly exchanges the real estate investment trust 69 and the securities investment trust 17, and the asset manager 9 and the asset manager 10 directly exchange the real estate-backed securities 67 and the deposit receivable 19.

FIG. 11 shows another embodiment of the direct exchange of asset management products, and shows a case where fund-type investment products or mediators of different or different business types are to be exchanged.
Here, the asset manager 1 has the designated money trust 83 and the asset manager 2 has the specified money trust 81. However, as a result of the direct exchange, the asset manager 1 has the designated money trust 83. Instead of transferring the specified money trust 81, the asset manager 2 was able to transfer the specified money trust 81 instead of transferring the specified money trust 81.
Similarly, the asset manager 3 and the asset manager 4 transfer the real estate investment trust 69 and the non-designated trust 84, the asset manager 5 and the asset manager 6 transfer the specified money trust 82 and the commodity fund 85, The manager 7 and the asset manager 8 directly transfer the fund-type private bond 87 and the real estate investment trust 70, and the asset manager 9 and the asset manager 10 directly transfer the commodity fund 86 and the fund-type private bond 88. Have been replaced.

FIG. 12 shows another embodiment of the direct exchange of the asset management product, and shows a case where the product is exchanged by tying.
Here, the asset manager 1 has “loan receivables 11 and bonds 15” and the asset manager 2 has “stock 13 and securities investment trust 17”. In place of transferring “Loan receivables 11 and bonds 15” by tying, “Equity 13 and securities investment trust 17” are tied together, and at the same time, asset manager 2 receives “Stock 13 and securities investment trust 17”. Instead of transferring by tying, "Loan receivable 11 and bond 15" could be transferred by tying.
Similarly, the asset manager 3 and the asset manager 4 execute the “combined real estate 65 alone” and “the tying of the real estate-backed securities 67 and the real estate investment trust 69”, and the asset manager 5 and the asset manager 6 "Tying together securities investment trust 18 and real estate investment trust 70" and "tiing stock 14 and land 61 and building 63" are directly exchanged, respectively.

FIG. 13 shows another embodiment of the direct exchange of the asset management product, and shows a case where the product is exchanged by three parties.
In the figure on the left, the asset manager 1 has the bond 15 and the asset manager 2 has the bond 16. However, as a result of the direct exchange, the asset manager 1 replaces the bond 15 with the bond 16. At the same time, the asset manager 2 was able to transfer the bond 15 instead of transferring the bond 16.
Next, the asset manager 1 who has received the bond 16 makes a direct exchange with the asset manager 3 who holds the bond 89. As a result, the asset manager 1 receives the bond 89 instead of transferring the bond 16, and at the same time, The asset manager 3 was able to transfer the bond 16 instead of transferring the bond 89.
In the figure on the left, direct exchange by three parties has been established through two stages, but in the present invention, it is also possible to establish them simultaneously. In the figure on the right, the asset manager 4 has the bond 90, the asset manager 5 has the bond 91, and the asset manager 6 has the bond 92. As a result of the simultaneous direct exchange by the three parties, the asset manager The manager 4 transfers the bond 92 instead of transferring the bond 90, the asset manager 5 transfers the bond 90 instead of transferring the bond 91, and the asset manager 6 transfers the bond 91 instead of transferring the bond 92. I was able to take over.

FIG. 14 shows an embodiment of a flow of funds and a charging mechanism in the direct exchange of asset management products.
In [1] in the figure, as a result of the direct exchange being established, the seller 94 as the asset manager pays the exchange difference to the successful bidder 95 as the asset manager.
In [2], the exhibitor 94, the successful bidder 95, the bidder 96, the exchange applicant 97, and the appraiser 98 pay a service providing fee, a line use fee, and the like to the operator 93 of the present system.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal evaluator 98 an appraisal fee.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.

Next, FIG. 15 shows an embodiment of the cash flow exchange of asset management products, and shows a case where different types of financial management products are exchange targets.
Here, the asset manager 1 holds the loan receivable 11, and the asset manager 2 holds the bond 15, but as a result of the cash flow exchange, the asset manager 1 Instead of transferring "cash flow from bond 15", the asset manager 2 may also receive "cash flow from loan receivable 11" instead of transferring "cash flow from bond 15". did it.
Similarly, the asset manager 3 and the asset manager 4 describe “cash flow from the stock 13” and “cash flow from the securities investment trust 17”, and the asset manager 5 and the asset manager 6 “ , And "Cash flow from stock 14". Asset managers 7 and 8 report "Cash flow from securities investment trust 18" and "Cash flow from deposit receivables 19." Further, the asset manager 9 and the asset manager 10 exchange “cash flow from the deposit receivable 20” and “cash flow from the loan receivable 12,” respectively.

FIG. 16 shows another embodiment of the cash flow exchange of asset management products, and shows a case where different types of real estate management products are to be exchanged.
Here, the asset manager 1 owns the land 61 and the asset manager 2 owns the building 63. As a result of the cash flow exchange, the asset manager 1 outputs “cash flow from the land 61”. Instead of transferring, "cash flow from building 63" was transferred, and at the same time, asset manager 2 was able to transfer "cash flow from land 61" instead of transferring "cash flow from building 63".
Similarly, the asset manager 3 and the asset manager 4 describe “cash flow from the building 64” and “cash flow from the real estate investment trust 69”, and the asset manager 5 and the asset manager 6 The cash flow from 65 and the cash flow from the mortgage-backed securities 67, the asset manager 7 and the asset manager 8 read the "cash flow from the mortgage-backed securities 68" and the "cash flow from the land 62." And the asset manager 9 and the asset manager 10 exchange "cash flow from the real estate investment trust 70" and "cash flow from the composite real estate 66", respectively.

FIG. 17 shows another embodiment of the cash flow exchange of asset management products, and shows a case where products of different industries are exchange targets.
Here, the asset manager 1 holds the loan receivable 11, and the asset manager 2 owns the building 63. As a result of the cash flow exchange, the asset manager 1 indicates “the cash flow from the loan receivable 11. Instead of transferring “cash flow from building 63”, the asset manager 2 may also receive “cash flow from loan receivable 11” instead of transferring “cash flow from building 63”. did it.
Similarly, the asset manager 3 and the asset manager 4 describe “cash flow from the stock 13” and “cash flow from the land 61”, and the asset manager 5 and the asset manager 6 describe “cash flow from the bond 15”. The “Cash Flow” and “Cash Flow from Composite Real Estate 65”, and the Asset Manager 7 and the Asset Manager 8 describe “Cash Flow from the Securities Investment Trust 17” and “Cash Flow from the Real Estate Investment Trust 69”. In addition, the asset manager 9 and the asset manager 10 exchange "cash flow from the deposit receivable 19" and "cash flow from the real estate-backed securities 67", respectively.

FIG. 18 shows another embodiment of the cash flow exchange of asset management products, and shows a case where fund type management products or mediators of different or different business types are to be exchanged.
Here, the asset manager 1 holds the specified money trust 81 and the asset manager 2 holds the non-designated trust 83, but as a result of the cash flow exchange, the asset manager 1 becomes “specified money trust 81”. In place of transferring the “cash flow from designated money trust 83”, the asset manager 2 receives “cash flow from the designated money trust 83” and at the same time, instead of transferring “cash flow from the designated money trust 83,” Cash flow from the money trust 81].
Similarly, the asset manager 3 and the asset manager 4 exchange the “cash flow from the non-designated trust 84” and the “cash flow from the real estate investment trust 69” with the asset manager 5 and the asset manager 6. The asset manager 7 and the asset manager 8 use the "cash flow from the real estate investment trust 70" and the "cash flow from the real estate investment trust 70" 87, and the asset manager 9 and the asset manager 10 exchange "cash flow from the fund-type private placement bond 88" and "cash flow from the commodity fund 86", respectively. I have.

FIG. 19 shows another embodiment of the cash flow exchange of the asset management product, in which the cash flow of the product is exchanged by tying.
Here, asset manager 1 holds “stock 13 and securities investment trust 17” and asset manager 2 holds “loan receivables 11 and bonds 15”. Instead of transferring “cash flows from stocks 13 and securities investment trusts 17” by tying, “manager 1” receives “cash flows from loans 11 and bonds 15” by tying, and at the same time, asset manager 2 Instead of transferring the cash flows from the receivables 11 and the bonds 15 by binding, the cash flows from the stocks 13 and the securities investment trusts 17 could be transferred by binding.
Similarly, the asset manager 3 and the asset manager 4 define the “cash flow from the combined real estate 65 alone” and the “cash flow from the tying of the real estate-backed securities 67 and the real estate investment trust 69” 5 and asset manager 6 exchange “cash flow from tying stock 14 and land 61 and building 63” and “cash flow from tying security investment trust 18 and real estate investment trust 70”, respectively. ing.

FIG. 20 shows another embodiment of the cash flow exchange of the asset management product, in which the cash flow of the product is exchanged by three parties.
In the figure on the left, the asset manager 1 has the bond 15 and the asset manager 2 has the bond 16. As a result of the cash flow exchange, the asset manager 1 obtains "cash flow from the bond 15". Instead of transferring "cash flow from bond 16," asset manager 2 was able to transfer "cash flow from bond 15" instead of transferring "cash flow from bond 16." .
Next, the asset manager 1 who has received the “cash flow from the bond 16” establishes a cash flow exchange with the asset manager 3 holding the bond 89, and as a result, the asset manager 1 Instead of transferring "cash flow", transfer "cash flow from bond 89", and at the same time, asset manager 3 transfer "cash flow from bond 16" instead of transferring "cash flow from bond 89" Was completed.
In the figure on the left, cash flow exchange by three parties has been completed through two stages, but in the present invention, it is also possible to achieve this at the same time. In the figure on the right, the asset manager 4 has the bond 90, the asset manager 5 has the bond 91, and the asset manager 6 has the bond 92. The result of the simultaneous exchange of cash flows by the three parties. The asset manager 4 receives the “cash flow from the bond 92” instead of transferring the “cash flow from the bond 90”, and the asset manager 5 reads “cash flow from the bond 91” instead of transferring the “cash flow from the bond 91”. 90, and the asset manager 6 was able to transfer "cash flow from bond 91" instead of transferring "cash flow from bond 92".

FIG. 21 shows another embodiment of the cash flow exchange of asset management products, and shows a case where valuation gains and losses of products of different types or different industries are exchanged.
Here, the asset manager 1 holds the loan receivable 11, and the asset manager 2 holds the real estate-backed securities 67. However, as a result of the cash flow exchange of the valuation gain portion, the asset manager 1 obtains the loan receivable. Instead of transferring the valuation gain of 11, the valuation gain of the real estate-backed securities 67 was transferred, and at the same time, the asset manager 2 was able to transfer the valuation gain of the loan receivable 11 instead of transferring the valuation profit of the real estate-backed securities 67. .
Similarly, the asset manager 3 and the asset manager 4 report the valuation loss of the stock 13 and the valuation loss of the composite real estate 65, and the asset manager 5 and the asset manager 6 report the valuation gain of the securities investment trust 17 and the real estate investment. The asset manager 7 and the asset manager 8 report the valuation loss of the specified money trust 81 and the valuation loss of the non-designated trust 83, and the asset manager 9 and the asset manager 10 Exchanges the cash flow between the valuation gain of the fund-type private placement bond 87 and the valuation gain of the commodity fund 85.

FIG. 22 shows an embodiment of a flow of funds and a charging mechanism in the cash flow exchange of the asset management product.
In the figure, [2] indicates that the seller 94 as the asset manager, the successful bidder 95 as the asset manager, the bidder 96, the exchange applicant 97, and the appraiser 98 provide the operator 93 of the present system with a service provision fee. Pay the line usage fee.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal evaluator 98 an appraisal fee.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, an exchange difference and a cash flow of an asset management product are exchanged between the exhibitor 94 and the successful bidder 95.
[6] is an existing cash flow that the exhibitor 94 and the successful bidder 95 have received from the asset management product.

Further, FIG. 23 shows an embodiment of the exchange of asset management products by an eclectic system of direct exchange and cash flow exchange, and shows a case in which products of different industries are exchange targets.
Here, the asset manager 1 has the loan receivable 11, and the asset manager 2 has the building 63, but as a result of the exchange between the cash flow exchange and the direct exchange being established, the asset manager 1 Has directly transferred the building 63 instead of transferring the cash flow from the loan receivable 11, and at the same time, the asset manager 2 has been able to transfer the cash flow from the loan receivable 11 instead of directly transferring the building 63.
Similarly, the asset manager 3 and the asset manager 4 report the cash flow from the land 61 and the actual stock 13, and the asset manager 5 and the asset manager 6 report the cash flow from the bond 15 and the composite real estate 65. The asset manager 7 and the asset manager 8 report the cash flow from the real estate investment trust 69 and the spot of the securities investment trust 17, and the asset manager 9 and the asset manager 10 report the deposit claim 19. Is exchanged for the cash flow of the real estate-backed securities 67 and the actual cash of the real estate-backed securities 67 by an eclectic system of cash flow exchange and direct exchange.

FIG. 24 shows an embodiment of a flow of funds and a charging mechanism in the exchange of asset management products by a compromise between direct exchange and cash flow exchange.
In [1] in the figure, as a result of the conclusion of the exchange transaction, the successful bidder 95 as the asset manager pays the exchange difference to the seller 94 as the asset manager.
In [2], the exhibitor 94, the successful bidder 95, the bidder 96, the exchange applicant 97, and the appraiser 98 pay a service providing fee, a line use fee, and the like to the operator 93 of the present system.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal evaluator 98 an appraisal fee.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the exchange transaction being completed, the exhibitor 94 provides the cash flow of the asset management product to the successful bidder 95.
[6] is an existing cash flow that the seller 94 has received from the asset management product.

FIG. 25 shows an example of the cash flow exchange of the fund procurement product, and shows a case where the same type of financial procurement product is to be exchanged.
Here, the fund raiser 100 has a debt 110 from the asset manager 1, and the fund raiser 101 has a debt 111 from the asset manager 2, but as a result of the cash flow exchange, 100 delivers “cash flow of debt 110” instead of assuming “cash flow of debt 111”, and at the same time, funder 101 delivers “cash flow of debt 110” instead of “cash flow of debt 110”. Cash flow].
Similarly, the fund raisers 102 and 103 exchange the “cash flow of the stock 112 held by the asset manager 3” and “the cash flow of the stock 113 held by the asset manager 4” with the fund raiser 104. The fund raiser 105 and “the cash flow of the bond 114 held by the asset manager 5” and “the cash flow of the bond 115 held by the asset manager 6” The cash flow of the commercial paper 116 held by the asset manager 7 and the “cash flow of the commercial paper 117 held by the asset manager 8”, and the fund raisers 108 and 109 Exchange of the cash flow of the deposit liability 118 from the depositor 9 and the cash flow of the deposit liability 119 from the asset manager 10. There.
In the drawings of the present invention, there may be one or more asset managers acting as counterparties in the existing position of the financing party to be the exchange party depending on the actual product.

FIG. 26 shows another embodiment of the cash flow exchange of financing products, in which different types of financing products are to be exchanged.
Here, the financing company 100 holds the commercial paper 116 held by the asset manager 1, and the financing company 101 holds the debt 110 from the asset manager 2, but the cash flow exchange is completed. Instead of taking on the "cash flow of debt 110", the funder 100 hands over "cash flow of commercial paper 116" and at the same time, the funder 101 takes on the "cash flow of commercial paper 116". "Cash flow of debt 110" was delivered.
Similarly, the financing unit 102 and the financing unit 103 transmit the “cash flow of the debt 111 from the asset manager 3” and the “cash flow of the stock 112 held by the asset manager 4” to the financing unit 104. And the fund raiser 105 exchanges “the cash flow of the stock 113 held by the asset manager 5” and “the cash flow of the bond 114 held by the asset manager 6” with the fund raiser 106 and the fund raiser 107. The “cash flow of the deposit liability 118 from the asset manager 7” and the “cash flow of the commercial paper 117 held by the asset manager 8” and the “financer 108 and the And the "cash flow of the bond 115 held by the asset manager 10" and "the cash flow of the deposit obligation 119 from the asset manager 10."

FIG. 27 shows another embodiment of the cash flow exchange of the fund procurement product, in which the cash flow of the product is exchanged by tying.
Here, the fund raiser 100 holds the “preferred borrowed debt 122 from the asset manager 1 and the priority bond 123 held by the asset manager 2”, and the fund raiser 101 sets “the subordinated debt 124 from the asset manager 3 and As a result of the cash flow exchange, the financing unit 100 holds “the cash flow of the subordinated debt 124 and the subordinated bond 125” in place of the “subordinated bond 125 held by the asset manager 4”. The cash flow of the preferred debt 122 and the preferred bond 123 is delivered in a tied manner, and at the same time, the financing unit 101 substitutes the "cash flow of the preferred debt 122 and the preferred debt 123" in place of the "subordinated debt 124 and Cash flow of subordinated bond 125 ".
Similarly, the financing unit 102 and the financing unit 103 define “the cash flow of the medium-term bond 126 held by the asset manager 5 alone” and “the long-term bond 127 held by the asset manager 6 and the short-term bond held by the asset manager 7”. 128, and the financing unit 104 and the financing unit 105 determine that the term deposit 129 from the asset manager 8, the negotiable deposit 130 from the asset manager 9, the asset manager 10 And "Cash flow of tying call money 131" and "Cash flow of tying long-term debt 132 from asset manager 120 and commercial paper 116 held by asset manager 121", respectively.

FIG. 28 shows another embodiment of the cash flow exchange of the fund procurement product, in which the cash flow of the product is exchanged by three parties.
In the figure on the left, the funder 100 has a debt 110 from the asset manager 1 and the funder 101 has a debt 111 from the asset manager 2, but as a result of the cash flow exchange, The raiser 100 delivers the “cash flow of the debt 110” instead of assuming the “cash flow of the debt 111”, and at the same time, the funder 101 replaces the “cash flow of the debt 110” with the “debt 111 Cash flow] was able to be delivered.
Next, the financing unit 100 that has assumed the “cash flow of the debt 111” establishes a cash flow exchange with the financing unit 102 having the borrowing 133 from the asset manager 3, and as a result, the financing unit 100 Delivers the “cash flow of the debt 111” instead of accepting the “cash flow of the debt 133”, and at the same time, the funder 102 replaces the “cash flow of the debt 133” with the “cash flow of the debt 133”. Was delivered.
In the figure on the left, cash flow exchange by three parties has been completed through two stages, but in the present invention, it is also possible to achieve this at the same time. In the right figure, the fund raiser 103 has a debt 134 from the asset manager 4, the fund raiser 104 has a debt 135 from the asset manager 5, and the fund raiser 105 has a debt 136 from the asset manager 6. As a result of the simultaneous exchange of cash flows by the three parties, the fund raiser 103 hands over the "cash flow of the debt 134" instead of accepting the "cash flow of the debt 136", and raises funds. The provider 104 delivers the “cash flow of the debt 135” instead of assuming the “cash flow of the debt 134”, and the funder 105 substitutes the “cash flow of the debt 135” instead of accepting the “cash flow of the debt 135”. Cash flow].

FIG. 29 shows an embodiment of a flow of funds and a charging mechanism in the cash flow exchange of a fund procurement product.
In the figure, [2] indicates that the seller 137 as the fund raiser, the successful bidder 138 as the fund raiser, the bidder 96, the exchange applicant 97, and the appraiser 98 provide the operator 93 of the present system with a service provision fee, Pay the line usage fee.
In [3], the exhibitor 137 and the successful bidder 138 pay the appraisal evaluator 98 an appraisal fee.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, the seller 137 and the successful bidder 138 exchange the exchange difference and the cash flow of the fund procurement product.
[6] is an existing cash flow paid by the exhibitor 137 and the successful bidder 138 to the asset manager.

FIG. 30 shows an embodiment of the cash flow exchange of fund transaction products, in which the same type of foreign exchange product, financial derivative product, real estate derivative product, and physical derivative product are exchanged.
Here, the fund trader 139 holds a valuation profit in a foreign exchange spot transaction 159 with the fund trader 141, and the fund trader 140 holds a valuation gain in a foreign exchange spot transaction 160 with the fund trader 142. However, as a result of the cash flow exchange, the fund trader 139 receives the valuation gain of the currency spot transaction 160 instead of transferring the valuation gain of the currency spot transaction 159, and at the same time, the fund trader 140 Instead of transferring 160 valuation gains, we were able to transfer the valuation gains on exchange spot transactions 159.
Similarly, the fund trader 143 and the fund trader 144 hold “valuation loss held in the forward interest rate transaction 161 with the fund trader 145” and “hold down in the interest rate forward trade 162 with the fund trader 146. The valuation loss held by the fund traders 147 and 148 in the real estate investment index futures transaction 163 with the fund trader 149 and the real estate investment with the fund trader 150 The valuation gains held in the index futures transaction 164 ”and the“ valuation loss held by the stockholders 151 and 152 in the stock index option transaction 165 with the cashier 153 ”and“ Loss on Stock Index Option Trading 166 with the Trader 154 "and the Fund Transactions 155 and 156 in the" Commodity Futures Option Transaction 167 with the Fund Trader 157. " The price gains "and a" cash transaction's 158 and the appreciation held for commodity futures options trading 168 ", has been cash flow exchange, respectively.
In the drawings of the present invention, there may be one or more other fund transactors acting as counterparties in the existing position of the fund transactor serving as the exchange party depending on the actual product. In the case of funds trading products listed on derivative stock exchanges and stock exchanges, each exchange acts as a counterparty to the fund trader. Since the position is confronted with one or more other fund traders via the office, the other party is displayed as another fund trader in each drawing in this embodiment.

FIG. 31 shows another embodiment of the cash flow exchange of the fund transaction product, and shows a case where the same type of swap product is to be exchanged.
Here, the fund trader 139 holds a valuation gain in the interest rate swap transaction 169 with the fund trader 141, and the fund trader 140 holds a valuation gain in the interest rate swap transaction 170 with the fund trader 142. As a result of the cash flow exchange, the fund trader 139 receives the valuation gain of the interest rate swap transaction 170 instead of transferring the valuation gain of the interest rate swap transaction 169, and at the same time, the fund trader 140 Instead of the transfer, the valuation gain of the interest rate swap transaction 169 could be transferred.
Similarly, the fund traders 143 and 144 have “valuation losses in the currency swap transaction 171 with the fund trader 145” and “valuation losses in the currency swap transaction 172 with the fund trader 146”. Loss ", the valuation gain held by the fund traders 147 and 148 in the interest rate currency swap transaction 173 with the fund trader 149 and the" interest rate currency swap transaction 174 with the fund trader 150 ". Of the valuation gain held by the fund trader 151 and the fund trader 152 by the "valuation loss held by the stock swap transaction 175 with the fund trader 153" and "the stock price of the fund trader 154." And the valuation loss held by the fund traders 155 and 156 in the commodity price swap transaction 177 with the fund trader 157. And commodity price swap gains that are held for trading 178 "of the fund transaction's 158, and cash flow exchange, respectively.

FIG. 32 shows another embodiment of the cash flow exchange of a fund transaction product, and shows a case where products of different types or different types of business are to be exchanged.
Here, the fund trader 139 holds a valuation profit in the interest rate currency swap transaction 173 with the fund trader 141, and the fund trader 140 holds a valuation gain in the foreign exchange spot transaction 159 with the fund trader 142. However, as a result of the cash flow exchange, the fund trader 139 receives the valuation gain of the foreign exchange spot transaction 159 instead of transferring the valuation gain of the interest rate currency swap transaction 173, and at the same time, the fund trader 140 Instead of transferring 159 valuation gains, we were able to transfer valuation gains from interest rate and currency swap transactions 173.
Similarly, the fund traders 143 and 144 have “valuation losses held in the interest rate swap transaction 169 with the fund trader 145” and “interest rate forward transactions 161 with the fund trader 146”. The "valuation loss" is defined as "valuation gain held by currency traders 147 and 148 in currency swap transaction 171 with capital trader 149" and "real estate investment index futures transaction with capital trader 150." The valuation gain held by the fund trader 151 and the fund trader 152 between the “valuation loss held by the stock swap transaction 175 with the fund trader 153” and the “ "Valuation loss held by stock index option trading 165" and "valuation gain held by commodity traders 155 and 156 in commodity price swap transactions 177 with And commodity futures options trading 167 appreciation that are held in "with cash transactions's 158, and cash flow exchange, respectively.

FIG. 33 shows another embodiment of the cash flow exchange of the fund transaction product, in which the cash flow of the product is exchanged by tying.
In the left figure, the fund trader 139 has a valuation loss in the stock swap transaction 175 with the fund trader 141, the fund trader 140 has a valuation gain in the stock index option trade 165 with the fund trader 142, and the fund trader 143 Has a valuation loss in interest rate futures transactions 179, respectively, resulting in a total valuation loss. However, as a result of the cash flow exchange, the fund trader 139 transfers “valuation loss on stock price swap transaction 175” instead of “ Funder 140 underwrites “valuation gains on stock index option trading 165 and write-downs on interest rate futures trades 179”, and at the same time, the fund trader 140 combines “valuation gains on stock index option trading 165 and write-downs on interest rate futures trades 179”. Instead of the delivery, the company will underwrite “valuation loss on stock swap transaction 175”.
In the figure on the right, the fund trader 144 evaluates a valuation gain in a foreign exchange futures trade 180 with the fund trader 146, a valuation gain in an interest rate swap transaction 169 with the fund trader 147, and a valuation gain in a bond futures option trade 181 with the fund trader 148. The total amount of the valuation gains is due to the loss, and the fund trader 145 has a valuation loss in the currency option transaction 182 with the fund trader 149 and has a valuation gain in the currency swap transaction 171 with the fund trader 150 and has a total valuation. However, as a result of the cash flow exchange, the fund trader 144 transfers “valuation gains on foreign exchange futures transactions 180, interest rate swap transactions 169, and write-downs on bond futures option transactions 181”. Instead, transfer "valuation loss of currency option transaction 182 and valuation gain of currency swap transaction 171" At the same time, instead of transferring the “valuation loss of the currency option transaction 182 and the valuation gain of the currency swap transaction 171” in a cross-linked manner, the fund transactor 145 replaces the “valuation gain of the foreign exchange forward transaction 180 and the valuation gain of the interest rate swap transaction 169, Loss on bond futures option transaction 181 ”.

FIG. 34 shows another embodiment of the cash flow exchange of the fund transaction product, in which the cash flow of the product is exchanged by three parties.
In the left figure, the fund trader 139 holds a valuation gain in the interest rate currency swap transaction 173 with the fund trader 142, and the fund trader 140 holds a valuation gain in the swaption transaction 183 with the fund trader 143. However, as a result of the cash flow exchange being completed, the fund trader 139 receives the valuation gain of the swaption transaction 183 instead of transferring the valuation gain of the interest rate currency swap transaction 173, and at the same time, the fund trader 140 Instead of transferring the valuation gain, we were able to transfer the valuation gain of interest rate currency swap transaction 173.
Next, the fund trader 139 that has received the valuation gain of the swaption transaction 183 establishes a cash flow exchange with the fund trader 141 that holds the valuation gain in the swaption transaction 184 with the fund trader 144. The fund trader 139 receives the valuation gain of the swaption transaction 184 instead of transferring the valuation gain of the swaption transaction 183, and at the same time, the fund trader 141 transfers the valuation gain of the swaption transaction 184 instead. Was able to take over the valuation gains.
In the figure on the left, cash flow exchange by three parties has been completed through two stages, but in the present invention, it is also possible to achieve this at the same time. In the right figure, the fund trader 145 holds a valuation gain in the interest rate and currency swap transaction 174 with the fund trader 148, and the fund trader 146 has a valuation gain in the swaption transaction 185 with the fund trader 149, and the fund trader 147. Owns the valuation gain in the swaption transaction 186 with the fund trader 150, but as a result of the simultaneous exchange of cash flows by the three parties, the fund trader 145 transfers the valuation gain of the interest rate currency swap transaction 174. Instead of transferring the valuation gain of the swaption transaction 186, the fund trader 146 receives the valuation gain of the interest rate currency swap transaction 174 instead of transferring the valuation gain of the swaption transaction 185, and the fund trader 147 Instead of transferring the valuation gain of transaction 186, the valuation gain of swaption transaction 185 can be transferred. It was.

FIG. 35 shows an embodiment of the flow of funds and the mechanism of charging in the cash flow exchange of the fund transaction product.
In the figure, [2] indicates that the seller 187 as the fund trader, the successful bidder 188 as the fund trader, the bidder 96, the exchange applicant 97, and the appraiser 98 provide the operator 93 of the present system with a service provision fee, Pay line usage fees.
In [3], the exhibitor 187 and the successful bidder 188 pay an appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, an exchange difference and a cash flow of a fund transaction product are exchanged between the exhibitor 187 and the successful bidder 188.
[6] is an existing position in which the exhibitor 187 and the successful bidder 188 face another fund trader.

Next, FIG. 36 shows one embodiment of the cash flow exchange between the asset management product and the fund transaction product, and shows a case where valuation gains and losses of products of different types or different industries are exchanged.
Here, the asset manager 1 has a valuation gain on the stock 13 and the fund trader 139 has a valuation gain on the stock swap transaction 175 with the fund trader 140. As a result of the cash flow exchange, Asset Manager 1 receives the valuation gain on stock swap 175 instead of transferring the valuation gain on stock 13, while fund trader 139 transfers the valuation gain on stock 13 instead of transferring the valuation gain on stock swap 175. I was able to take over.
Similarly, the asset manager 2 and the fund trader 141 compare the “valuation loss of the composite real estate 65” and the “valuation loss held in the real estate investment index futures transaction 163 with the fund trader 142” by the asset manager. 3 and the fund trader 143 compare the “valuation gain on the loan receivable 11” and the “valuation gain held in the interest rate forward transaction 161 with the fund trader 144” by the asset manager 4 and the fund trader 145. Describes the “valuation loss of bond 15” and “valuation loss in currency swap transaction 171 with fund trader 146”, and asset manager 5 and fund trader 147 report “commodity fund 85”. And the "valuation gain held in the foreign exchange spot transaction 159 with the fund trader 148" are exchanged for cash flows.

FIG. 37 shows an embodiment of a flow of funds and a charging mechanism in a cash flow exchange between an asset management product and a fund transaction product based on a valuation gain or loss.
In the figure, [2] indicates that the seller 94 as an asset manager and the successful bidder 188, bidder 96, exchange applicant 97 and appraisal evaluator 98 as fund managers provide a service provision fee to an operator 93 of the system. Pay the line usage fee.
In [3], the exhibitor 94 and the successful bidder 188 pay an appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, an exchange difference and a cash flow are exchanged between the exhibitor 94 and the successful bidder 188.
[6] is the existing cash flow that the exhibitor 94 has received from the asset management product, and the existing position where the winning bidder 188 is facing another fund trader.

Further, FIG. 38 shows an example of cash flow exchange by tying an asset management product and a fund transaction product. In this case, asset managers tie the total or valuation gain / loss of the asset management product and the valuation gain / loss of the fund transaction product. This shows the case of replacement.
In the figure on the left, the asset manager 1 holds “loan receivable 11” and “valuation gain in interest rate swap transaction 169 with fund trader 139”, and asset manager 2 holds “complex real estate 65” and “ Asset Management 1 has realized the “valuation gain on the real estate investment index futures transaction 163” and the cash flow exchange. Instead of transferring the “Cash flow from the composite real estate 65” and the “valuation gain of the real estate investment index futures transaction 163”, and at the same time, the asset manager 2 "Cash flow from loan receivables 11" instead of transferring "cash flow" and "valuation gain of real estate investment index futures transaction 163" I was able to taking over flow "and in the tying and" appreciation of the interest rate swap transactions 169 ".
In the figure on the right, asset manager 3 has “valuation gain on stock 13” and “valuation loss on individual stock option transaction 189 with fund trader 141”, and asset manager 4 has “valuation loss on deposit receivable 19” and Despite having “valuation gain on currency swap transaction 171 with fund trader 142”, as a result of the cash flow exchange, asset manager 3 has “valuation gain on stock 13” and “valuation of individual stock option transaction 189”. Instead of passing on the “loss”, “underwriting loss on deposit 19” and “valuation gain on currency swap transaction 171” are underwritten, and at the same time, the asset manager 4 receives “devaluation loss on deposit 19”. Instead of handing over the “valuation gains on currency swap transactions 171”, underwriting the “valuation gains on stock 13” and “valuation losses on individual stock option transactions 189” It became Rukoto.

FIG. 39 shows an embodiment of a flow of funds and a charging mechanism in cash flow exchange by tying an asset management product and a fund transaction product.
In the figure, [2] indicates that the seller 94 as the asset manager, the successful bidder 95 as the asset manager, the bidder 96, the exchange applicant 97, and the appraiser 98 provide the operator 93 of the present system with a service provision fee. Pay the line usage fee.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal evaluator 98 an appraisal fee.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, an exchange difference and a cash flow are exchanged between the exhibitor 94 and the successful bidder 95.
[6] is the existing cash flow that the exhibitor 94 and the successful bidder 95 are receiving from the asset management product and the existing position that is confronting the fund trader.

FIG. 40 shows an example of a cash flow exchange by tying a fund procurement product and a fund transaction product, and shows a case where financing parties exchange a financing product and a valuation gain / loss of the fund transaction product by tying. .
In the figure on the left, the fund raiser 100 holds “bond 114 held by asset manager 1” and “valuation gain in interest rate currency swap transaction 173 with fund trader 139”, and fund raiser 101 reads “from asset manager 2”. Borrower 110 "and" valuation gain in color transaction 190 with fund trader 140 ", but as a result of the cash flow exchange, funder 100 takes on" cash flow of borrower 110 ". Instead of transferring the “valuation gain of interest rate currency swap transaction 173”, the “cash flow of bond 114” is delivered and “valuation gain of color transaction 190” is transferred, and at the same time, the fund raiser 101 “cash flow of bond 114”. Instead of transferring “valuation gains on color transactions 190” and subscribing “cash flow of debt 110” I was able to taking over the "appreciation of the interest rate currency swaps 173" to pass.
In the figure on the right, the fund raiser 102 has “deposit liability 118 from the asset manager 3” and “valuation loss in the cap transaction 191 with the fund trader 141”, and the fund raiser 103 Despite having “commercial paper 116” and “valuation loss on interest rate swap transaction 169 with fund trader 142”, as a result of the cash flow exchange, Instead of underwriting and delivering the “valuation loss of the cap transaction 191”, the “cash flow of the deposit liability 118” is delivered and the “valuation loss of the interest rate swap transaction 169” is underwritten. Instead of underwriting "cash flow" and delivering "valuation loss on interest rate swap transaction 169" It was supposed to take over the "write-downs of the cap transactions 191" by passing a "cash flow of commercial paper 116".

FIG. 41 shows an embodiment of a flow of funds and a charging mechanism in cash flow exchange by tying a fund procurement product and a fund transaction product.
In the figure, [2] indicates that the seller 137 as the fund raiser, the successful bidder 138 as the fund raiser, the bidder 96, the exchange applicant 97, and the appraiser 98 provide the operator 93 of the present system with a service provision fee, Pay the line usage fee.
In [3], the exhibitor 137 and the successful bidder 138 pay the appraisal evaluator 98 an appraisal fee.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, an exchange difference and a cash flow are exchanged between the exhibitor 137 and the successful bidder 138.
[6] is an existing cash flow paid by the exhibitor 137 and the successful bidder 138 to the asset manager and an existing position facing the fund trader.

FIG. 42 shows an example of cash flow exchange by tying an asset management product and a fund procurement product, and shows a case where fund traders exchange a total of a fund procurement product and an asset management product with each other.
In the figure on the left, the fund trader 139 holds the “loan receivable 11” with “the debt 110 from the asset manager 1” and the fund trader 140 holds the “bond 114 held by the asset manager 2”. Despite holding “Real Estate Investment Trust 69”, as a result of the cash flow exchange, the fund trader 139 takes over “Cash Flow of Bond 114” and transfers “Cash Flow from Loan Receivable 11”. , Handing over the “cash flow from the real estate investment trust 69” and handing over the “cash flow from the real estate investment trust 69”; Instead of transferring the “cash flow”, the “cash flow of the bond 114” is delivered and the “cash flow from the loan I was able to taking over the flow ".
In the figure on the right, the fund trader 141 holds “stock 13” with “commercial paper 116 held by asset manager 3” and the fund trader 142 holds “deposit liability 118 from asset manager 4”. As a result of the cash flow exchange, the fund trader 141 takes over the “cash flow from the deposit liability 118” and transfers the “cash flow from the stock 13”. The cash flow from the commercial paper 116 and the cash flow from the call loan 192, and at the same time, the fund trader 142 undertakes the cash flow from the commercial paper 116 and Instead of transferring the cash flow from 192, I was able to taking over the "cash flow from the stock 13" by passing the Yufuro ".

FIG. 43 shows an embodiment of a flow of funds and a charging mechanism in a cash flow exchange by tying an asset management product and a fund procurement product.
In the figure, [2] indicates that the seller 187 as the fund trader, the successful bidder 188 as the fund trader, the bidder 96, the exchange applicant 97, and the appraiser 98 provide the operator 93 of the present system with a service provision fee, Pay line usage fees.
In [3], the exhibitor 187 and the successful bidder 188 pay an appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, an exchange difference and a cash flow are exchanged between the exhibitor 187 and the successful bidder 188.
[6] is an existing cash flow paid by the exhibitor 187 and the successful bidder 188 to the asset manager and an existing cash flow received from the asset management product.

Next, FIG. 44 shows an example of a cash flow exchange by tying an asset management product, a fund procurement product, and a fund transaction product. The case where profit and loss are exchanged by combining them is shown.
Here, the fund trader 139 holds the “stock 13” with the “bond 114 held by the asset manager 1” and the “valuation loss in the interest rate currency swap transaction 173 with the fund manager 141”. 140 owns “composite real estate 65” with “borrowing debt 110 from asset manager 2” and “valuation loss in real estate investment index futures transaction 163 with fund trader 142”.
As a result of the cash flow exchange, the fund trader 139 substitutes “bonds 114 for cash flows of the debts 110, handovers of the interest rate and currency swap transactions 173, and transfers cash flows from the stock 13”. The cash flow of the real estate investment index futures transaction 163 and the cash flow from the composite real estate 65 ”, and at the same time, the fund trader 140“ underwrites the cash flow of the bond 114 and executes the real estate investment index futures transaction. Instead of delivering the valuation loss of 163 and transferring the cash flow from the complex real estate 65, "delivering the cash flow of the debt 110, underwriting the interest rate and currency swap transaction 173, and receiving the cash flow from the stock 13""is what happened.

FIG. 45 shows an embodiment of a flow of funds and a charging mechanism in cash flow exchange by tying an asset management product, a fund procurement product, and a fund transaction product.
In the figure, [2] indicates that the seller 187 as the fund trader, the successful bidder 188 as the fund trader, the bidder 96, the exchange applicant 97, and the appraiser 98 provide the operator 93 of the present system with a service provision fee, Pay line usage fees.
In [3], the exhibitor 187 and the successful bidder 188 pay an appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertisement fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of the present system.
In [5], as a result of the cash flow exchange being established, an exchange difference and a cash flow are exchanged between the exhibitor 187 and the successful bidder 188.
[6] is the existing cash flow that the seller 187 and the successful bidder 188 are paying to the asset manager, the existing position facing the other fund transaction, and the existing cash received from the asset management product. It is a flow.

Further, FIG. 46 shows a case where exchange transactions are performed on a net basis by various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of financing products, and cash flow exchange of fund transaction products. This is the main form of transaction.
In the figure, (a) exchanges “tied asset management product and fund transaction product” with “asset management product”.
(B) trades “tied fund-raising products and fund-trading products” with “financing products”.
(C) trades “tied asset management product and financing product” with “asset management product”.
(D) trades the “tied asset management product and financing product” for the “financing product”.
(E) trades “tied asset management product and fund procurement product” for “fund transaction product”.
(F) exchanges “tied asset management product, fund transaction product, and fund procurement product” with “asset management product”.
(G) exchanges “tied asset management product, fund transaction product, and fund procurement product” with “fund procurement product”.
(H) exchanges “tied asset management product, fund transaction product, and fund procurement product” with “fund transaction product”.
(I) exchanges "tied asset management product and fund transaction product and fund procurement product" with "tied asset management product and fund transaction product".
(J) exchanges “tied asset management product, fund transaction product, and fund procurement product” with “tied fund procurement product and fund transaction product”.
(K) exchanges “tied asset management product, fund transaction product, and financing product” with “tied asset management product, financing product”.

By the way, the information technology aspect of the embodiment described so far will be described in more detail with reference to a block diagram of FIG.
First, the system is arranged on the Internet 193 and provides an exchange transaction site 194 (hereinafter, site 194) for providing various exchange markets for financial products and quasi-financial products. And a plurality of client terminals 195 for conducting various exchange transactions for fund transactions.
The client terminal 195 is used by an asset manager, a fund raiser, a fund trader, and the like, and these system users access various types of exchange transactions by accessing the site 194 from their client terminal 195. It can be established on a matching basis and can perform various tasks associated with those exchange transactions.
This site 194 is for sequentially processing orders of various exchange-desired products from the client terminal 195, sequentially performing settlement and management operations relating to exchange transactions, and appropriately distributing various data necessary for exchange transactions to the client terminals 195. And one or more financial product etc. exchange transaction server 196 (hereinafter, server 196), support terminal 197, client information database 198, exchange product database 199, contract management database 200, settlement management database 201, evaluator information database 202 and a bus connecting them.
In this system, the process from execution of various exchange transactions to transaction matching and settlement is processed seamlessly and electronically 24 hours a day, both in Japan and overseas. ISO6166 and ISO9362 are used for the institution identification code, for example, FIX is used for the communication protocol, and Extensible Markup Language (XML) is used for describing the message.

The server 196 is realized by executing one or more central processing units in one or more workstations or executing one or more programs stored in a memory, etc., and functions as a web server and as a database server. It has functions. The former accepts access from each client terminal 195 via the Internet 193, performs authentication processing, provides various web pages forming an interface screen for the user to the client terminal 195, and further communicates with the client terminal 195. Web control function for exchanging information. The latter is a database control function for accessing the client information database 198, the exchange product database 199, the contract management database 200, the settlement management database 201, and the evaluator information database 202 to search, read, and further write data. These databases are stored in a memory in the workstation, one or more hard disk devices, or the like.
The support terminal 197 is a terminal for an operator of the present system to manage the server 196 and each database. The operator uses the support terminal 197 to monitor the exchange transaction of all the client terminals 195 and the execution status of the associated work, and exchanges messages with each client terminal 195 using the e-mail function of the support terminal 197. be able to.
The client terminal 195 is a device such as a personal computer or a mobile phone equipped with a liquid crystal display device, a portable information terminal, or a pager, and includes a control unit 203, a display unit 204, an input unit 205, a communication unit 206, and the like. . The control unit 203 stores an operation program including a browser for exchange transactions, including a processing device and a storage device. The display unit 204 and the input unit 205 display and input various data and various requests, respectively, and the communication unit 206 communicates with other devices on the Internet 193. The user can exchange messages with the operator and other client terminals 195 by using the e-mail function of the client terminal 195.

The exchange product database 199 registers the names, brands, types, attributes, conditions, etc. of asset management products, financing products, and fund transaction products that are the targets of exchange transactions, and details of exchange orders for each product and the results of matching. Further, event information during the period related to exchange transactions such as the exercise of various rights and the fulfillment of various obligations is registered together with the history.
The contract management database 200 stores various contracts with electronic signatures and electronic master contracts as prototypes thereof, prospectuses with electronic signatures and electronic master prospectuses as prototypes, and reports to authorities. It stores various reports, various disclosures to the general public, and electronic master reports and disclosures serving as prototypes thereof, and stores various data generated along with the progress of the document creation process together with a history.
The settlement management database 201 registers a fund account number or a securities account number of a user of the present system, and registers various data generated according to a fund account transfer process between users or a securities account transfer process along with a history.
The evaluator information database 202 stores self-introduction materials regarding their profiles and evaluation fee systems collected from the appraisal evaluators, and reference / suggestion materials created by the appraisal evaluators and related to individual exchangeable products. The profile contains information about the appraiser's shareholder structure, affiliates, and human resources.
Then, the client information database 198 stores the following information.
(A) The personal name and / or corporate name of the user of the system, in the case of a corporate, the department name of the individual, the contact information including the e-mail address, the identifier, and the password.
(B) Credit rating, stock price, various financial statements and financial indicators of exchange traders.
(C) The management policy / management target if the exchange trader is an asset manager, the procurement policy / goal target if the exchange trader is a fund raiser, and the transaction policy / goal target if the exchange trader is a fund trader.
(D) The type and attributes of the appraiser that the exchange trader wants to use.
(E) Types and attributes of reference / proposal materials that the exchange trader wants to receive.
The identifier is a code number / name assigned to each user, and the password is authentication information required when accessing the server 196. The server 196 identifies the accessor by the identifier, and authenticates the accessor by a combination of the identifier and the password.

By the way, there are a bidding method and a relative method in the exchange demand matching method in the present system.
In the bidding method, if the asset manager, financing party or fund transaction partner to be exchanged is not specified from the beginning, and the order is basically matched based on the supply and demand principle, the name of the seller and the listing act Is disclosed from the beginning, but the bidding side is not specified from the beginning, and is used when orders are basically matched based on the principle of supply and demand based on provisional conditions. The bidding method is effective when a product with a high degree of recognition is to be exchanged. In the present invention, the former bidding method is referred to as a "matching method in which both ends are unspecified", and the latter bidding method is referred to as a "matching method in which one end is specified".
On the other hand, the relative method specifies or limits the counterparties of the exchange transaction from the beginning, and is used, for example, when orders are matched in an environment where the principle of supply and demand does not directly work. This method is effective when tying multiple products or when financing products or cash transaction products with complicated cash flows are to be exchanged. In the present invention, this relative method is referred to as a "matching method specific to both ends".

In the case of the "one-end specific matching method", an exchange applicant (hereinafter referred to as an "exhibitor") who wishes to exhibit first activates an operation program in the control unit 203 of his / her client terminal 195, and establishes a connection with the site 194. Establish a connection between Next, the server 196 transmits a top page for log-in to the client terminal 195 of the exhibitor. The exhibitor inputs the identifier and the password here and transmits them to the server 196.
Then, upon receiving this, the server 196 accesses the client information database 198 and determines whether or not the combination of the identifier and the password is registered. If it has been registered, "Participate in Exchange Transactions", "Negotiate Exchange Transactions", "Check Contracts", "Check Fund Accounts", "Check Securities Accounts", "View Evaluator Data", "View Market Information" or Send a menu page where you can select "Event Notification" to the seller. Here, the seller selects "participation in exchange transaction", and the server 196 transmits an order page for inputting details of the exchange order to the seller.
Next, the exhibitor, on the received order page, the name / brand, type / attribute, various conditions, desired offer price of the asset management product, financing product or fund transaction product (hereinafter, “exhibited product”) that he / she wants to provide. , And if the exhibited product is a unit price product, the desired offer quantity, the name / brand, type / attribute of the asset management product, financing product or fund transaction product (hereinafter referred to as “bid product”) that you want to obtain through bidding , Terms and conditions, desired acquisition price, and, if the bidding product is a unit price product, the desired acquisition quantity, desired exchange period, acceptable creditworthiness of the exchange partner, various requirements for the exchange partner, and the desired exhibition period and its automatic extension Alternatively, input or specify whether early termination is possible, and specify the difference between the desired offer price and the desired acquisition price, that is, the desired amount (temporary condition) of the exchange difference. After confirming the contents of the order, the order is transmitted to the server 196. The provisional condition may be a display using a specific single value or a range display indicating the upper and lower limits, and is arbitrary for the exhibitor.
The server 196 receives the exchange order from the exhibitor, registers it in the exhibition table on the exchange product database 199, and transmits an order page notifying the registered contents to the exhibitor. The seller confirms his or her order details on this order page.

Here, the server 196 accesses the client information database 198, and stores therein the policies and targets regarding asset management, fund procurement or transaction of the system user, or the type of business, credit rating, stock price, financial Search user attribute information such as data. Identify the exchange applicants according to the order details of the seller. Then, the operator of this system creates a provisional prospectus based on the contents of the order, converts the prospectus into an electronic document format file or the like, and distributes it to the specified exchange applicant via the support terminal 197 at once. . If it is not necessary to narrow down the distribution destination, the provisional prospectus is distributed to all exchange applicants.
Next, the exchange applicant who received this provisional prospectus and confirmed that the exhibited product was the product he / she wanted to obtain and that the bid product was the product he / she wanted to offer, and decided to participate in the bidding (Hereinafter referred to as “bidder”) designates both products on its own order page, requests for the seller, whether it is a limit order or a market order, and if the bid product is a unit price product, its bid quantity and limit price When placing an order, enter and specify the desired amount of the exchange margin by referring to the above provisional conditions. After confirming the contents of the order, the order is transmitted to the server 196.
The server 196 receives the exchange order from the bidder, registers the exchange order in the bidding table on the exchange product database 199, and transmits an order page notifying the registered contents to the bidder. The bidder confirms his or her order details on this order page.
The exchange margin here is not the money that each successful bidder receives and pays with the seller at the stage when the exchange transaction is completed, but the money that the entire successful bidder receives and pays with the seller. Refers to Therefore, in the case where there are a plurality of successful bidders, the determined exchange difference amount is prorated according to the successful bidder's individual successful bid quantity, and then paid and received with the exhibitor. By the way, the desired amount of the exchange difference designated by the bidder may be at a level ignoring the provisional conditions, but generally, the higher the level according to the provisional conditions, the higher the possibility of a successful bid.

The server 196 matches the exchange demand of the exhibitor with the exchange demand of the bidder by the following processing.
First, regarding a market order of a bidder, all of the bidder's desired offer quantity is awarded within the seller's desired acquisition quantity range. Regarding the bidder's limit order, orders where the desired amount of the exchange margin is within the range of the provisional condition and orders where the desired amount of the exchange margin is outside the provisional condition because the desired amount is closer to the seller. They are extracted and they are awarded in the order in which the desired amount of the exchange margin is closer to the seller.
Next, the server 196 registers the contents of the successful bid in the exchange product database 199, and updates the remaining quantities of the exhibition table and the bidding table based on this data. Then, the server 196 further accumulates the successful bid quantity of the bid product, and when the total quantity reaches the desired acquisition quantity of the seller, desires the exchange difference that is closest to the bidder among the ordered bids. The exchange amount is settled, and the exchange transaction is concluded accordingly.
When the exchange transaction is completed, the operator of the system prepares a notice of the successful bid that describes the details of the successful bid including the finalized amount of the exchange difference by correcting the provisional prospectus. The information is transmitted to the exhibitor and the successful bidder via the support terminal 197, and when both parties finally confirm this, the transaction matching ends. At this time, if there are a plurality of successful bidders, the determined amount of the exchange difference is prorated according to the individual successful bid quantity of the successful bidder, and this amount is notified to each successful bidder. If the exhibited product is a unit price product, the exhibited quantity is prorated according to the individual successful bid quantity of the successful bidder regarding the bid product, and this quantity is notified to each successful bidder.
Thereafter, when the appraisal evaluator is not used, the notice of the successful bid serves as a final prospectus, and when the appraiser is used, the evaluator investigates the defect of the exchanged product and checks the exchange difference. After the appraisal of the fixed amount, the notice of the successful bid is corrected to the final prospectus.
Note that the above description describes an exchange transaction in which the exchange difference between the exhibitor and the successful bidder is finally one value. However, if both the exhibited product and the bid product are unit price products, In addition, a method of pre-determining the exchange ratio between the two products in terms of quantity and making the amount of the exchange difference different for each successful bidder at each match, such as making more successful bids from orders closer to the seller. It is possible.

In the case of the above-mentioned “matching method with unspecified both ends”, the exchange applicant, on the order page, the name / brand, type / attribute, terms and conditions of the asset management product, financing product or fund transaction product that he / she wants to provide The offer price and, if the product is a unit price product, the desired offer quantity, the name / brand, type / attribute, terms and conditions, and the desired acquisition price of the asset management product, financing product or fund transaction product that you want to obtain If the product is a unit price product, the desired quantity to be obtained, if both the product to be offered and the product to be obtained are unit price products, the exchange ratio between the products, the desired replacement period, the requirements for the exchange partner, the limit order And the market order, and the validity period of the order and whether it can be automatically extended or terminated early, and in the case of a limit order, the difference between the desired offer price and the desired offer price That is to specify the desired amount of exchange discounts, to send to the server 196 after confirming the order details.
The server 196 receives the order from the exchange applicant and registers it in the exchange order table on the exchange product database 199. Then, an order page for notifying these registered contents is transmitted to the exchange applicant, and the exchange applicant confirms his / her order details on this order page.

The server 196 matches the exchange demands confronted by the following processing.
First, regardless of whether the order is a market order or a limit order, the desired offer item and the desired offer item registered in the exchange order table match the exchange order, which is the desired offer item and the offer desired product, respectively. If both products are unit-price products, not only matching between offer and acquisition but also exchange orders with matching exchange ratios are matched.
Next, if the registered exchange order is a market order, the desired supply quantity and the desired supply quantity of other orders that match the desired supply quantity and the desired supply quantity are respectively matched. If the registered exchange order is a limit order, the exchange order with the desired amount of the exchange difference closest to the exchange partner is extracted to determine whether or not an exchange transaction is established. If it is possible, an exchange is established between the two orders. If there is a divergence between the desired amounts of the exchange difference and it is not possible to directly establish an exchange transaction, it is possible to set the intermediate value of the two as the contracted amount of the exchange difference.
Next, the server 196 registers the content of the completed transaction in the exchange product database 199, and updates the remaining quantity in the exchange order table based on this data. In other words, if the exchange transaction for all quantities is completed, both exchange orders are deleted from the exchange order table, and if the exchange transaction is partially completed, the remaining quantity of the exchange order must be kept on the exchange order table. become.
Further, when the exchange transaction is completed, the server 196 transmits a contract notice containing the details of the exchange product including the contracted amount of the exchange difference to the exchange-successors via the support terminal 197. When both parties finally confirm this, the transaction matching ends.

By the way, in the case of the relative method, that is, the above-mentioned “both ends specific match method”, an asset manager, a fund raiser or a fund trader (hereinafter, requester) who desires an exchange transaction with a specific system user is referred to a menu page. Upon selecting “Exchange Transaction Negotiation”, the server 196 transmits a relative negotiation page for inputting the details of the relative negotiation to the requester.
Next, the requester specifies on the received relative negotiation page information identifying one of the asset managers, financiers or fund traders to be negotiated (hereinafter referred to as the requestee), or the type of business, credit rating, stock price, etc. Information that narrows down the request to specific persons based on ratings, financial data, etc., and specific conditions desired by the request, such as the name / brand, type / attribute, various conditions, and conditions of the product you want to provide The offer price, the desired offer quantity if the product is a unit price product, the name / brand, type / attribute, various conditions, the desired acquisition price of the product you want to obtain, and the case where the product is a unit price product The desired quantity, the desired exchange period, various requests to the requestee, and the difference between the desired offer price and the desired acquisition price, that is, the desired amount of the exchange difference, are designated and input, and transmitted to the server 196.

When the requester has individually specified the requester, the server 196 transmits the relative negotiation page received from the requester to the electronic mail address of the requester with the identifier of the requester added. On the other hand, if the requester has specified conditions regarding the selection of the requestee, the server 196 stores information such as the type of business of the system user, credit rating, stock price, financial data, etc. stored in the client information database 198. Based on the above, the relative negotiation page is distributed by assigning the requester identifier to the e-mail addresses of all the system users satisfying the above conditions. Further, when the requester wants to individually select the request destination from the candidates satisfying the above conditions, the server 196 feeds back the names of all the candidates to the requester and makes the request source select the request destination. Then, the relative negotiation page is transmitted to the request destination.
Next, the requestee receives the relative negotiation page and confirms the request contents of the requestor. One of “established”, “unestablished”, and “negotiation” is selected as a stance against it, and this is returned to the requester.
If the requestee selects “not established” from these options, the exchange transaction is not naturally established. On the other hand, when the requestee selects “successful”, the fact that the exchange transaction has been completed is notified to the server 196 in addition to the requester. If you select "Negotiation", the requestee will receive the name / brand, type / attribute, conditions, desired offer price of the product you want to provide, and the desired offer quantity if the product is a unit price product. Reverse proposal of the desired name, brand, type / attribute, terms and conditions, desired acquisition price, and, if the product is a unit price item, the desired acquisition quantity, desired exchange period, and the desired amount of exchange margin be able to. At this time, the requestee (hereinafter, new requester) converts the received relative negotiation page for reply, and corrects the desired exchange content on this page. Reply to the request source (hereinafter, new request destination) as a new request. In this way, the new requestee and the new requestor seek a contact point of the bilateral exchange transaction.
In the above-described embodiment, the server 196 is involved in the process up to the establishment of the contact between both parties. However, the requester starts direct negotiations with the requestee using the e-mail function, Both or one of them may notify the server 196 of the result alone.

The contract management database 200 includes direct exchange for asset management products, general cash flow exchange, cash flow exchange with valuation gain, cash flow exchange with valuation loss, and exchange with direct exchange and cash flow exchange. , Cash flow exchange for financing products, cash flow exchange for valuation gains for cash transaction products and cash flow exchange for valuation losses, cash flow exchange and valuation for valuation gains between asset management products and fund transaction products Stores an electronic master contract for each product corresponding to cash flow exchange due to loss, various tying exchanges which are an application form of these exchange transactions, and transfer of the exchange contract to a third party and termination during the term.
The term "electronic master contract" as used herein refers to input data that describes general items (hereinafter, general items) and conditions (hereinafter, general conditions) that are common in each transaction form and type and attribute of a transaction product. , An electronic document created in combination with an electronic form. An electronic form is an electronic form of a normal paper-based contract form, and is provided with an area for inputting specific contract details, a contractor's address and name, and a contractor's electronic signature. It consists of an area for
In the electronic master contract in this system, various items (hereinafter referred to as "additional items") and various conditions (hereinafter referred to as "additional items") differ depending on the individual exchange contract, while the general items and general conditions are entered in a predetermined entry frame in the electronic form. An area for inputting a condition) and an area for an exchange / transaction partner who is a contracting party and an operator of the present system to input an address / name and give an electronic signature are blank.

According to the basic agreement in the present invention, the server 196 accesses the exchange commodity database 199 at the stage when the transaction matching is completed, and the name / brand and various conditions of the commodity registered therein, the exchange period, the exchange settlement price, and the like. , In the case of unit price products, the number of exchanges completed, the amount of the exchange difference, the schedule until the conclusion of the exchange agreement, the method of appraisal of the defect of the product and the appraisal of the transaction value, information on the appraiser who is in charge of the defect investigation and appraisal Then, additional items and additional conditions such as the expiration date of the basic agreement are read out and written in a blank area of the electronic master contract.
After that, in the exchange transaction established by the bidding method, the address and name are entered in blank areas in the basic agreement between the operator and the seller and in the basic agreement between the operator and the successful bidder, and an electronic signature is attached. By doing so, two agreements come into effect. In practice, the server 196 sends a basic agreement, in which additional items and additional conditions are written and signed electronically by the operator, to the exhibitor and the successful bidder via the support terminal 197, respectively. Next, the exhibitor and the successful bidder who have completed the electronic signature return the basic agreement to the server 196, respectively, and the server 196 stores this in the contract management database 200.
On the other hand, in the exchange transaction established by the relative method, the agreement is valid when both parties enter an address and a name in a blank area in the basic agreement between the exchange successful parties and add an electronic signature. In practice, the server 196 transmits a basic agreement in which additional items and additional conditions are written to one of the exchange successful parties via the support terminal 197, and the exchange successful party receiving the basic agreement writes an electronic signature. Reply to this server 196. Next, the server 196 transmits this to the other party who has made the exchange, and the party who has received the exchange gives an electronic signature and returns it to the server 196. Then, the server 196 stores the signed basic agreement in the contract management database 200.

The exchange agreement, which is the final agreement between the parties, will be used to amend this basic agreement. In other words, based on the results of the defect inspection and appraisal, the operator of this system corrects the additional items and additional conditions entered in the blank area of the electronic master contract, and the parties to the corrected contract respectively By entering the address and name and adding an electronic signature, the contract is effective. Then, the server 196 stores the signed contract in the contract management database 200.
By the way, the procedures for the parties to transfer their own exchange agreement to a third party during the exchange period and the procedures for canceling their own exchange agreement are performed in the same way using the electronic master agreement for transfer and cancellation. Is In addition, it is difficult to involve special purpose companies, trusts, unions and other conduits for small-lot transactions in the direct exchange of non-securities such as deposits and loans other than negotiable deposits, land, buildings and complex real estate. In some cases, the provider will need to transfer the existing contract for these non-securities to the acquirer. The transfer procedure in such a case is also performed using the electronic master contract.

In the contract management database 200, in addition to the basic agreement and the exchange agreement itself, creation of the basic agreement, such as an identifier and an electronic signature assigned to each contract, and history data of procedures performed by the contracting party and the server 196, etc. Various data generated between the start of the contract and the end of the signing of the exchange contract are sequentially stored as the contract processing proceeds. Therefore, the originality of the document can be confirmed by comparing the document before the electronic signature is applied and the document after the electronic signature is applied.
Further, the electronic signature attached to the basic agreement and the exchange agreement is created using, for example, a secret key existing in the IC card held by the exchange party or inside the client terminal 195. Therefore, the signer can be authenticated by decrypting and verifying the assigned electronic signature.
Incidentally, the exchange party can check his / her basic agreement or exchange agreement stored in the agreement management database 200 at any time by selecting “Contract Inquiry” on the menu page.

For exchange transactions that require the delivery of a prospectus, the contract management database 200 also stores an electronic master prospectus that describes general items and general conditions corresponding to each transaction form and type / attribute of the transaction product. ing. At the stage of delivering the provisional prospectus, the server 196 accesses the replacement product database 199, and registers the name / brand / conditions of the product desired to be provided registered therein, the name / brand / conditions of the product desired to be obtained, and the permission. Read out additional items and conditions such as the creditworthiness of the exchange partner who can be exchanged, the desired exhibition period and whether it can be automatically extended or terminated early, the desired exchange price (temporary condition), in the case of unit price products, the desired exchange quantity, the desired exchange period, etc. , And write it to a blank area of the electronic master prospectus and send it to the seller.
Next, the exhibitor who has received it inputs his / her address and name in a blank area in the prospectus, attaches an electronic signature, and returns it to the server 196. Then, the server 196 assigns an identifier of the exhibitor to the e-mail address of the specified or unspecified system user, and distributes the electronic provisional prospectus to the address. Thereafter, this is stored in the contract management database 200. On the other hand, for exchange transactions in which the operator of this system is obliged to issue a prospectus, the operator himself / herself inputs the address and name, gives an electronic signature, and distributes the electronic provisional prospectus to the relevant system users. I do.
When the conditions of the exchange transaction are determined, the server 196 corrects some of the additional conditions in the electronic provisional prospectus and prepares a notice of successful bid or an electronic final prospectus. After the exhibitor has been given an electronic signature, or the operator has been given an electronic signature, it is distributed to the corresponding system user.
By the way, the user of the present system can check the electronic prospectus stored in the contract management database 200 at any time by selecting “Contract Form Inquiry” on the menu page. Therefore, as a method for issuing a prospectus, in addition to the above-described distribution, the system operator notifies the corresponding system user only of the fact that the prospectus has been delivered via the support terminal 197, and There is a method in which the system user who is notified of the fact actively accesses the contract management database 200 and draws out the completed electronic provisional prospectus or electronic final prospectus.

For exchange transactions that need to be reported to the authorities or disclosed to the public, the contract management database 200 contains general items corresponding to each transaction type, transaction product type / attribute, report destination and disclosure destination. An electronic master report and an electronic master disclosure document describing general conditions are also stored. At the stage when the exchange contract is signed, the server 196 accesses the exchange product database 199, and the name / brand and various conditions of the corresponding product registered there, the exchange period, the exchange completion price, the unit price In this case, additional items and additional conditions such as the number of exchanges completed, the amount of the exchange difference, information on defect inspection and appraisal, and the like are read out, written in a blank area of the electronic master report / disclosure document, and transmitted to the exchange party.
Upon receiving this, the exchange party inputs the address and name in a blank area in the report / disclosure, attaches an electronic signature, and returns it to the server 196. Next, the server 196 assigns an identifier of the exchange party to the e-mail address of the authority or mass media specified by the exchange party, and transmits this report / disclosure to the address. Thereafter, this is stored in the contract management database 200. On the other hand, for exchange transactions for which the operator of this system is obliged to report and disclose, the operator himself / herself inputs the address and name, gives an electronic signature, and transmits the report and disclosure to the authorities and the mass media.
Incidentally, the exchange party can check his / her own report document or disclosure document stored in the contract management database 200 at any time by selecting “contract inquiry” on the menu page.

  By the way, when a new reporting obligation or a disclosure obligation arises due to an event between the exchange parties such as the transfer of cash flow, the exercise of various rights such as the right of free disposal, and the fulfillment of various obligations, the server 196 is also used. Is performed. In addition, the operator assists in the event of the event, etc. to check whether the exchange party complies with the exchange contract, the prospectus, the applicable law of the report / disclosure document, and other related laws and regulations. Via the terminal 197, a letter of inquiry or the like is transmitted to the exchange party for communication.

The settlement management database 201 includes funds of users of the system, that is, exchange parties, exchange applicants who want to participate in the transaction depending on the market level, advertisers who post advertisements related to the exchange transaction on the system, and appraisal evaluators. Information such as account number, deposit / withdrawal history, and fund account balance is registered.
If the user selects “fund account inquiry” on the above-mentioned menu page, the server 196 accesses the settlement management database 201 and obtains the current fund account balance of the user and the fund in which the past deposit / withdrawal history is described. An account confirmation page is transmitted to the client terminal 195. It should be noted that the operator of this system also has a fund account and a fund account number, and uses it to transfer money to and from the user's fund account.

The transfer of cash flows between the exchange parties from the establishment to the end of the exchange transaction is performed by fund account transfer on this system. The server 196 accesses the exchange product database 199 at regular intervals, and recognizes the date of transfer of the cash flow of the registered exchange-completed product. Then, on the corresponding day, for example, the day before, a fund settlement notice stating that the fund account transfer is to be executed is transmitted to the client terminal 195 of the exchange party via the support terminal 197.
In the exchange transaction of the present invention, the exchange party may be a payer or a recipient depending on the actual cash flow, but in the exchange transaction established by the bidding method, in order to maintain anonymity, If the party is the payer, the operator of the system is the payee, and if the party is the payee, the operator is the payer. On the other hand, in an exchange transaction established by the relative method, one of the parties is a payer and the other is a payee, and the operator does not directly intervene.
In the fund settlement notice, the personal name and / or corporation name of the payer or payee, the fund account number, the identifier of the exchange agreement, the amount of payment or receipt, the date of execution of fund settlement, and the like are displayed. Then, the payer or the payee notifies the server 196 that the fund settlement information has been confirmed.
Next, in accordance with the fund settlement information, the server 196 performs a fund account transfer for transferring a predetermined amount of money from the payer's fund account to the payee's fund account. Then, the information registered in the settlement management database 201, such as the balances of the payer and the payee, such as the account balance and the deposit / withdrawal history, is updated to the information after the money transfer.

In this system, the fund transfer using the fund settlement notice is performed also in the following money transfer. However, if the payer-recipient agrees on the timing of the cash flow and various service charges for the exchanged product, the operator will write off the offset amount in the fund settlement notice and write the net amount on a net basis. We may transfer funds.
(A) During the period, in response to an increase or decrease in the exposure of credit risk between the swapping parties, the operator requests additional margin from the swapping party or refunds the excess margin. Transfer funds between the exchange party and the operator or between the exchange parties by the fund transfer of the above.
(B) Service provision fees and line usage fees received by the operator from the exchange party.
(C) Line usage fees received by the operator from applicants for exchange and appraisers.
(D) Advertising fees received by the operator from advertisers.
(E) Appraisal fees received by the appraiser from the trading party.
(F) The occurrence of an event during the period as described above, that is, the transfer of cash flows generated when the exchange party exercises various rights related to exchange transactions or fulfills various obligations. The exchanging party uses the “event notification” on the menu page to notify the operator of the exercise of the right or the fulfillment of the obligation.

By the way, if the target products in the direct exchange of asset management products are securities such as bonds, stocks, beneficiary certificates, negotiable certificates, commercial paper, etc., it is necessary to settle securities for transfer in kind after the exchange is completed. Come up. Therefore, the settlement management database 201 according to the present invention also registers information such as the securities account numbers, securities transfer histories, and securities account balances of exchange-successors and exchange applicants for the purpose of securities settlement.
When these system users select "inquiry of securities account" on the above-mentioned menu page, the server 196 accesses the settlement management database 201 to record the current securities account balance and the past securities transfer history of the user. The transmitted security account confirmation page is transmitted to the client terminal 195. It should be noted that the operator of this system also has a securities account and a securities account number, and is used to exchange securities with the user's securities account.

From the establishment to the end of the exchange transaction, the exchange of securities between the exchange parties is performed by securities account transfer on this system. However, in the exchange transaction established by the bidding method, the operator of the system is the transferee for the securities whose parties are the transferor, and conversely, the operator is the transferor for the securities whose parties are the transferee. On the other hand, in an exchange transaction concluded by the bilateral method, in the case of securities in which one of the parties is a transferor, the other is a transferor, in the case of a security in which one of the parties is a transferee, the other is a transferor, and the operator directly Does not intervene. The securities subject to the securities account transfer may be immobilized securities or unsecured securities.
After the signing of the exchange contract is completed, the server 196 transmits a security settlement notice stating that the securities account transfer will be executed to the client terminal 195 of the exchange party via the support terminal 197. The securities settlement notice shows the individual name and / or corporate name of the exchange party, the securities account number, the identifier of the exchange agreement, the number of securities to be transferred, the security settlement execution date, and the like. Then, the exchange party notifies the server 196 that the security settlement information has been confirmed.
Next, the server 196, according to the securities settlement information, transmits a predetermined account from the securities account of one exchange party to the securities account of the other exchange party and from the securities account of the other exchange party to the securities account of the one exchange party, respectively. Perform a securities account transfer to transfer a quantity of securities. Then, the information such as the balance of both securities accounts and the history of securities transfer registered in the settlement management database 201 is updated to the information after the transfer.
During the period, the operator requests the exchange party for additional margin or refunds the surplus margin, but if securities are used instead of this margin, the server 196 will execute the above-mentioned securities account transfer. Transfer the subject security between the exchange party and the operator or between the exchange parties. Similar securities account transfer is performed even when securities of the same valuation value are substituted instead of money for settlement of the exchange difference.

By the way, reception and delivery of materials used when the exchange applicant selects an appraisal evaluator is performed as follows.
First, using a form such as a text or an electronic document format, the appraiser sends to the server 196 self-introduction materials describing his / her profile and evaluation fee system, and reference / suggestions related to individual exchange target products. . Next, upon receiving these, the server 196 sequentially stores them in the evaluator information database 202 together with the received date and time.
Then, the server 196 searches the client information database 198, compares the desired received content of the exchange applicant stored in the database with the type / attribute of the actually received evaluator-related information, and Identify exchange applicants to whom introduction materials and reference / suggestions are distributed. Based on the search result, these materials are simultaneously distributed to the client terminal 195 of the corresponding exchange applicant using a form such as a text or an electronic document format. The exchange applicant who receives the materials uses them as judgment materials for selecting an appraisal evaluator.
The exchange applicant can browse various materials stored in the evaluator information database 202 at any time by selecting "view evaluator materials" on the menu page.
Since the evaluator information database 202 also stores information on the shareholder composition, affiliated companies, and human resources of the appraiser, the operator of this system determines which appraiser the exchange applicant wants to use. The conflicting interests that exist between the applicant and the exchange applicant, or the conflicting interests that exist between the appraiser and the exchange applicant who wish to use the exchange applicant, and the affected party The result can be fed back.
The exchange between the exchange applicant and the appraiser and the exchange of various data can be performed by using the e-mail function provided in the client terminal 195 of each user, or between the appraiser and a website separately established by the appraiser. This is done, for example, via a hypertext link.

The server 196 accesses the exchange product database 199 at regular intervals, sequentially tabulates or statistically processes various registered data, and a user of the system can browse the data from the client terminal 195. .
When the user selects “market information overview” on the above-described menu page, the server 196 determines the market situation of various exchange transaction products that have been subjected to aggregation processing and statistical processing, that is, the names of the products for which exchange transactions have been established so far. -Brand, type / attribute, various conditions, exchange price, unit price, exchange volume, exchange difference amount, exchange period, details and provisional conditions of the exchange transaction currently being bid, exchange Creates market information for the market page by processing the status of bids from applicants and the outline of exchange transactions that are scheduled for bidding in the future into lists and graphs. The market condition page is transmitted to the user.
With this information, exchange applicants can grasp the market level and supply-demand balance of various exchange transactions, and appraisers can appropriately distribute self-introduction materials and reference / suggestion materials created in connection with exchange transactions. .

The server 196 and the client terminal 195 are connected via a computer network using a dedicated communication line in addition to the configuration connected to the Internet 193, and are connected via a computer network using other communication lines. And a configuration connected via a computer network capable of wireless communication.
In addition, the server 196 and the client terminal 195 can use the present system by transmitting and receiving information between the server 196 and the user's broadcast receiving terminal via a radio or cable broadcast network. It may be. For example, the data created by the server 196 is converted into broadcast data by a predetermined broadcast server, and transmitted to a broadcast receiving terminal having a predetermined tuner via radio waves or a communication line. By decrypting the data, the user can use the data. Further, the user can transmit data to be transmitted from the broadcast receiving terminal to the server 196 via the broadcast server or directly to the server 196 via a radio wave or a communication line.
In the present invention, a storage medium storing a program for executing the operations described above, such as a magneto-optical disk, a read-only digital versatile disk, a read-only compact disk, a flexible disk cartridge, and the like, is distributed. The server 196 and the like can also be configured by installing the program on a computer.

The financial product etc. exchange transaction server 196, the client terminal 195, and the support terminal 197 in FIG. 47 can be implemented by a method well known to those skilled in the art. FIG. 48 shows an example.
In the configuration in FIG. 48, a processing device 207 that performs an arithmetic operation is provided. The processing device 207 is connected to a plurality of storage components, such as a hard disk 208, a read-only storage device (ROM) 209, and an electrically erasable / programmable read-only storage device (EEPROM) 210. , A read / write storage device (RAM) 211, and a tape device 212. Note that not all of these types of storage devices are necessarily required. In addition, these storage components do not need to be disposed physically close to the processing device 207, and may be disposed separately from the processing device 207.
The processing device 207 is connected to means for the user to input commands, data, and the like, for example, the keyboard device 213 and the mouse 214. Further, other input means known to those skilled in the art, for example, a touch screen, a position input device, and a voice converter may be provided.
The reading device 215 is also connected to the processing device 207. The reading device 215 is configured to read data from a data carrier, such as a flexible disk cartridge 216 or a read-only compact disk 217, and to write data to the data carrier if possible. Other data carriers known to those skilled in the art include tapes, digital versatile discs, and the like.
Further, the processing device 207 is also connected to a printing device 218 and a display device 219 for outputting data to paper, and the display device 219 may be, for example, a monitor, a liquid crystal display screen, or another type known to those skilled in the art. Display device.
By the way, the processing device 207 may be connected to a communication network 220 via an input / output means (I / O) 221. The communication network 220 may be a public switched telephone network (PSTN), a private network (LAN), A wide area network (WAN), the Internet, and the like can be given. Further, the processing device 207 can be configured to communicate with another communication facility via the communication network 220.
The processing device 207 can be implemented as a stand-alone system. It can also be implemented as an aggregate of a plurality of processing units operating in parallel (each processing unit is configured to execute a child task of a larger-scale computer program). It can also be implemented as a combination with some sub-processing units. Some portions of the functionality of the present invention may also be implemented by a remote processing facility communicating with processing unit 207 via communication network 220.

  Further, in the present invention, various production goods including physical goods such as precious metals and non-ferrous metals, energy-related products, primary products, arts and goods, etc., by the method of matching exchange demand described above for financial products and quasi-financial products. Exchange transactions of various consumer goods including antiques can also be realized.

  The present invention is implemented in the form described above, and has the following effects.

  The computer-readable storage medium, the financial product exchange transaction system, and the product exchange transaction method according to the present invention, which record a financial product exchange transaction program, provide a financial product, a quasi-financial product, and / or a financial product via one or more computer networks. By creating an exchange market for other commodities, it is possible to match the demand for cancellation of position and the demand for creation of position of customers including asset managers, financiers, and fund traders.

  The computer-readable storage medium storing the financial product exchange transaction program according to the present invention, the financial product exchange transaction system, and the product exchange transaction method provide an environment in which a solution action and a creation action can be performed at the same time. It saves commissions paid by customers to intermediaries, etc., eliminates the time lag between dissolution and creation activities, thereby minimizing market risk in the meantime and crossing over segmented trading markets. Creating a place for trading can improve the liquidity of individual products.

  In addition, the present invention enables new types of arbitrage and leveling of cash flows, increases the efficiency of portfolio restructuring and comprehensive management of assets and liabilities, and provides business control, cross-shareholding, credit provision and investment management. It can provide a new method of asset management related to selection of contractors.

FIG. 4 is a diagram illustrating direct exchange of asset management products according to an embodiment of the present invention. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. FIG. 14 is a diagram illustrating another example of the present invention, illustrating direct exchange of asset management products. It is a figure showing an embodiment of a flow of funds and a charging mechanism in the direct exchange of asset management products. FIG. 14 is a diagram illustrating cash flow exchange of asset management products according to another embodiment of the present invention. It is another example of this invention and is the figure which showed the cash flow exchange of the asset management product. It is another example of this invention and is the figure which showed the cash flow exchange of the asset management product. It is another example of this invention and is the figure which showed the cash flow exchange of the asset management product. It is another example of this invention and is the figure which showed the cash flow exchange of the asset management product. It is another example of this invention and is the figure which showed the cash flow exchange of the asset management product. It is another example of this invention and is the figure which showed the cash flow exchange of the asset management product. It is a figure showing an embodiment of a mechanism of a flow of money and a charge in cash flow exchange of an asset management product. FIG. 14 is a diagram showing an exchange transaction of an asset management product by an eclectic method according to another embodiment of the present invention. It is a figure showing an embodiment of a flow of funds and a charging mechanism in an exchange transaction of asset management products by an eclectic system. FIG. 14 is a diagram illustrating cash flow exchange of an asset procurement product according to another embodiment of the present invention. FIG. 13 is a diagram showing cash flow exchange of a fund procurement product according to another embodiment of the present invention. FIG. 13 is a diagram showing cash flow exchange of a fund procurement product according to another embodiment of the present invention. FIG. 13 is a diagram showing cash flow exchange of a fund procurement product according to another embodiment of the present invention. It is a figure showing an example of a mechanism of a flow of money and a billing in cash flow exchange of a fund procurement product. FIG. 14 is a diagram showing cash flow exchange of a fund transaction product according to another embodiment of the present invention. FIG. 13 is a diagram illustrating cash flow exchange of a fund transaction product according to another embodiment of the present invention. FIG. 13 is a diagram illustrating cash flow exchange of a fund transaction product according to another embodiment of the present invention. FIG. 13 is a diagram illustrating cash flow exchange of a fund transaction product according to another embodiment of the present invention. FIG. 13 is a diagram illustrating cash flow exchange of a fund transaction product according to another embodiment of the present invention. It is a figure showing an example of a mechanism of a flow of money and a billing in cash flow exchange of a fund transaction product. FIG. 13 is a diagram illustrating cash flow exchange between an asset management product and a fund transaction product according to another embodiment of the present invention. It is a figure showing an embodiment of the mechanism of the flow of money and the billing in the cash flow exchange of the asset management product and the fund transaction product. FIG. 13 is a diagram showing an exchange transaction by tying an asset management product and a fund transaction product according to another embodiment of the present invention. FIG. 4 is a diagram showing an embodiment of a flow of funds and a charging mechanism in an exchange transaction by tying an asset management product and a fund transaction product. FIG. 13 is a diagram showing an exchange transaction by tying a fund procurement product and a fund transaction product according to another embodiment of the present invention. FIG. 4 is a diagram showing an embodiment of a flow of funds and a charging mechanism in an exchange transaction by tying a fund procurement product and a fund transaction product. FIG. 13 is a diagram showing an exchange transaction by tying an asset management product and a fund procurement product according to another embodiment of the present invention. FIG. 4 is a diagram showing an embodiment of a flow of funds and a charging mechanism in an exchange transaction by tying an asset management product and a financing product. FIG. 13 is a diagram showing an exchange transaction by tying an asset management product, a fund procurement product, and a fund transaction product according to another embodiment of the present invention. FIG. 4 is a diagram showing an embodiment of a flow of funds and a charging mechanism in an exchange transaction by tying an asset management product, a fund procurement product, and a fund transaction product. FIG. 6 is a diagram showing a net-based exchange transaction according to another embodiment of the present invention. FIG. 9 is a block diagram showing another embodiment of the present invention. FIG. 14 is a diagram showing a hardware configuration according to another embodiment of the present invention.

Explanation of reference numerals

1-10 Asset Manager 11-12 Loan Receivable 13-14 Stock (Asset Management Product)
15-16 Bonds (asset management products)
17-18 Securities investment trusts 19-20 Deposits and claims 21-22 Time deposits (asset management products)
23-24 Loan trusts 25-26 Negotiable certificates of deposit (asset management products)
27-28 Public bond investment trust 29-30 Money trust 31-32 Private company stock 33-34 Stock investment trust 35-36 Project finance investment securities 37-38 Asset-backed investment securities 39-40 Corporate investment trusts 41-42 Redemption Stocks 43-44 Converted stocks 45-46 Convertible bonds 47-48 Depositary receipts 49-50 Warrant bonds 51-52 Priority bonds (asset management products)
53-54 Subordinated loans 55-56 Subordinated stocks 57-58 Preferred stocks 59-60 Common stocks 61-62 Lands 63-64 Buildings 65-66 Complex real estate 67-68 Real estate-backed securities 69-70 Real estate investment trusts 71-72 Subordinated bonds 73-74 Special purpose loan loans 75-76 Specified common stock 77-78 Convertible bonds 79-80 Warrant specified bonds 81-82 Specified money trusts 83-84 Specified money trusts 85-86 Commodity funds 87-88 Funds Type Private Placement Bonds 89-92 Bonds (Asset Management Products)
93 Operator of this system 94 Seller (asset manager)
95 Successful bidder (asset manager)
96 Bidder 97 Exchange candidate 98 Appraisal evaluator 99 Advertiser 100-109 Funder 110-111 Debt 112-113 Stock (financing product)
114-115 Bonds (financing products)
116-117 Commercial Paper (Funding Product)
118-119 Deposits and deposits 120-121 Asset manager 122 Preferred borrowings 123 Preferred bonds (financing products)
124 Subordinated debts 125 Subordinated bonds 126 Medium-term bonds 127 Long-term bonds 128 Short-term bonds 129 Time deposits (financing products)
130 Negotiable Deposit (financing product)
131 Call money 132 Long-term debt 133-136 Debt 137 Exhibitor (fund raiser)
138 Successful bidder (fund raiser)
139-158 Fund traders 159-160 Foreign exchange spots 161-162 Interest rate forwards 163-164 Real estate investment index futures 165-166 Stock index options 167-168 Commodity futures options 169-170 Interest rate swaps 171-172 Currency swaps 173-174 Interest rate currency swaps 175-176 Stock price swaps 177-178 Commodity price swaps 179 Interest rate futures 180 Foreign exchange futures 181 Bond futures options 182 Currency options 183-186 Swaptions 187 Sellers (funds traders)
188 Successful bidder (fund trader)
189 Individual stock option 190 Color 191 Cap 192 Call loan 193 Internet 194 Financial trading exchange site 195 Client terminal 196 Financial trading exchange server 197 Support terminal 198 Client information database 199 Exchange product database 200 Contract management database 201 Payment management database 202 Evaluator information database 203 Control unit 204 Display unit 205 Input unit 206 Communication unit 207 Processing device 208 Hard disk 209 Read-only storage device 210 Electrically erasable / programmable read-only storage device 211 Read-write storage device 212 Tape device 213 Keyboard device 214 Mouse 215 reader 216 flexible disk cartridge 217 read-only compact Disk 218 Printing device 219 Display device 220 Communication network 221 I / O means [1] Exchange margin payment [2] Service provision fee and line usage fee payment [3] Appraisal evaluation fee payment [4] Advertising fee payment [5] ] Exchange transaction cash flow [6] Existing transaction cash flow or position

Claims (38)

  A financial product and / or quasi-financial product exchange trading market is established through one or more computer networks, and a financial product exchange transaction program characterized in that users can complete exchange transactions. Computer readable storage medium. The method according to claim 1, wherein the at least one computer and the plurality of user terminals connected to the computer network include:
(A) transmitting means for transmitting a replacement order to the computer by a terminal of a person who wants to exchange the financial / quasi-financial instrument;
(B) receiving means for receiving the exchange order transmitted by the transmitting means from the terminal of the exchange applicant;
(C) storage means for storing, by the computer, a replacement order of the replacement applicant received by the receiving means;
(D) a means for the computer to disclose the exchange order to a terminal of a specific or unspecified candidate who can be an exchange partner of the exchange applicant;
(E) transmitting means for transmitting, to the computer, an exchange order intended for the exchange transaction, based on the exchange order disclosed by the disclosure means from the computer;
(F) receiving means for receiving the exchange order transmitted by the transmitting means from the terminal of the exchange candidate;
(G) storage means for storing, by the computer, an exchange order of the exchange candidate accepted by the accepting means;
(H) matching means for the computer to match the exchange order of the candidate for exchange stored by the storage means with the exchange order of the candidate for exchange to determine whether the condition is met;
(I) updating means for establishing an exchange transaction between both exchange orders when the computer determines that the condition is satisfied by the matching means, and updating both orders stored by the storage means;
(J) notification means for notifying the terminal of the exchange applicant and the terminal of the exchange candidate the transaction result derived by the matching means,
A computer-readable storage medium that records an exchange transaction program such as a financial product, wherein the exchange transaction can be realized by being provided. The method according to claim 1, wherein the at least one computer and the plurality of user terminals connected to the computer network include:
(A) transmitting means for transmitting, to the computer, an order for exchanging the financial / quasi-financial instrument, wherein the plurality of user terminals;
(B) receiving means for receiving the exchange order transmitted from the plurality of user terminals by the transmitting means;
(C) storage means for storing a plurality of exchange orders received by the receiving means,
(D) a matching means for the computer to match a plurality of exchange orders stored by the storage means to determine whether the conditions are met;
(E) updating means for establishing an exchange transaction among a plurality of exchange orders when the computer determines that the condition is satisfied by the matching means, and updating the exchange order stored by the storage means;
(F) a notifying means for notifying the plurality of user terminals of a transaction result derived by the matching means,
A computer-readable storage medium that records an exchange transaction program such as a financial product, wherein the exchange transaction can be realized by being provided. The method according to claim 1, wherein the at least one computer and the plurality of user terminals connected to the computer network include:
(A) a transmitting means for transmitting a relative exchange transaction request to a terminal of a candidate who wishes to perform a relative exchange transaction of the financial or quasi-financial product to a terminal of a candidate who can be an exchange partner;
(B) receiving means for receiving the relative exchange transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate from the terminal of the relative transaction candidate;
(C) return means for returning, to the terminal of the relative transaction applicant, the terminal of the relative transaction candidate in response to the relative exchange transaction request received by the receiving means, the decision of acceptance, rejection or negotiation;
(D) receiving means for receiving the decision made by the terminal of the counterparty candidate from the terminal of the counterparty candidate by the reply unit;
(E) the terminal of the counterparty applicant and / or the terminal of the counterparty candidate notifies the computer of the result of establishment or failure of the exchange transaction;
A computer-readable storage medium that records an exchange transaction program such as a financial product, wherein the exchange transaction can be realized by being provided. 5. The storage medium according to claim 4, further comprising an exchange transaction program for financial instruments and the like, further comprising: at least one computer and a plurality of user terminals connected to the computer network;
(A) transmitting means for transmitting, to the computer, a request for a relative exchange transaction of the financial / quasi-financial instrument, wherein the terminal of the relative transaction applicant;
(B) receiving means for receiving the relative exchange transaction request transmitted from the terminal of the relative transaction applicant by the transmitting means;
(C) specifying means for specifying a relative transaction candidate matching the relative exchange transaction request received by the receiving means,
(D) a notifying means for notifying the terminal of the relative transaction applicant of the contact information of the relative transaction candidate specified by the specifying means,
A computer-readable storage medium on which a program for realizing a bilateral exchange transaction is further provided.   6. The method according to claim 1, wherein the target product of the exchange transaction is any one or more of a loan receivable, a bond, a commercial paper, a deposit receivable, a stock, an investment securities, a depositary deed, and a beneficiary certificate. A computer-readable storage medium on which a program for exchanging financial products etc. is recorded.   6. The method according to claim 1, wherein the commodity to be exchanged is any one or more of a land, a building, a complex real estate, a co-owned building, a real estate-backed securities and a real estate investment trust. A computer-readable storage medium on which is recorded an exchange transaction program for financial products and the like.   6. The financial system according to claim 1, wherein the product to be exchanged is a financing product of at least one of a debt, a bond, a commercial paper, a deposit, a stock and an investment securities. A computer-readable storage medium that stores a commodity exchange program.   6. The method according to claim 1, wherein the exchange transaction includes a foreign exchange product, an interest rate derivative product, a stock derivative product, a real estate derivative product, a physical derivative product, a compound derivative product, a forward commodity, a future commodity, an option commodity, and a swap commodity. A computer-readable storage medium storing a program for exchanging financial products and the like, wherein the program is any one or more of funds transaction products. A computer system for supporting exchange transactions of financial products and / or quasi-financial products between clients such as asset managers, financiers, and fund traders,
(A) one or more computers having a function as a web server and a function as a database server;
(B) a plurality of user terminals of the customer;
(C) one or more computer networks connecting the computer and the user terminal;
(D) an exchange merchandise database storing data on the exchange transaction,
(1) a contract management database that stores data on at least one of an exchange contract, a prospectus, a report, and a disclosure;
(2) a settlement management database that stores data related to fund settlement and / or securities settlement;
(3) an evaluator information database that stores the self-introduction material of the appraiser and / or reference / suggestion materials regarding the exchange transaction;
(4) By providing any one or more databases among client information databases that store data on users of the system,
Bidding mode to match exchange orders directly on the principle of supply and demand balance and / or
An exchange transaction system for financial products and the like, wherein a relative mode in which the exchange transaction is established by direct negotiation between the customers by providing a communication path can be realized. In claim 10,
(A) transmitting means for transmitting a replacement order to the computer by a terminal of a person who wants to exchange the financial / quasi-financial instrument;
(B) receiving means for receiving the exchange order transmitted by the transmitting means from the terminal of the exchange applicant;
(C) storage means for storing, by the computer, a replacement order of the replacement applicant received by the receiving means;
(D) a means for the computer to disclose the exchange order to a terminal of a specific or unspecified candidate who can be an exchange partner of the exchange applicant;
(E) transmitting means for transmitting, to the computer, an exchange order intended for the exchange transaction, based on the exchange order disclosed by the disclosure means from the computer;
(F) receiving means for receiving the exchange order transmitted by the transmitting means from the terminal of the exchange candidate;
(G) storage means for storing, by the computer, an exchange order of the exchange candidate accepted by the accepting means;
(H) matching means for the computer to match the exchange order of the candidate for exchange stored by the storage means with the exchange order of the candidate for exchange to determine whether the condition is met;
(I) updating means for establishing an exchange transaction between both exchange orders when the computer determines that the condition is satisfied by the matching means, and updating both orders stored by the storage means;
(J) notification means for notifying the terminal of the exchange applicant and the terminal of the exchange candidate the transaction result derived by the matching means,
An exchange transaction system for financial products, etc., comprising: In claim 10,
(A) transmitting means for transmitting, to the computer, an order for exchanging the financial / quasi-financial instruments, wherein the plurality of user terminals;
(B) receiving means for receiving the exchange order transmitted from the plurality of user terminals by the transmitting means;
(C) storage means for storing a plurality of exchange orders received by the receiving means,
(D) a matching means for the computer to match a plurality of exchange orders stored by the storage means to determine whether the conditions are met;
(E) updating means for establishing an exchange transaction among a plurality of exchange orders when the computer determines that the condition is satisfied by the matching means, and updating the exchange order stored by the storage means;
(F) a notifying means for notifying the plurality of user terminals of a transaction result derived by the matching means,
An exchange transaction system for financial products, etc., comprising: In claim 10,
(A) a transmitting means for transmitting a relative exchange transaction request to a terminal of a candidate who desires a relative exchange transaction of the financial or quasi-financial instrument to a terminal of a candidate who can be an exchange partner;
(B) receiving means for receiving the relative exchange transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate from the terminal of the relative transaction candidate;
(C) return means for returning, to the terminal of the relative transaction applicant, the terminal of the relative transaction candidate in response to the relative exchange transaction request received by the receiving means, the decision of acceptance, rejection or negotiation;
(D) receiving means for receiving the decision made by the terminal of the counterparty candidate from the terminal of the counterparty candidate by the reply unit;
(E) the terminal of the counterparty applicant and / or the terminal of the counterparty candidate notifies the computer of the result of establishment or failure of the exchange transaction;
An exchange transaction system for financial products, etc., comprising: The financial instrument exchange transaction system according to claim 13, further comprising:
(A) transmitting means for transmitting, to the computer, a request for a relative exchange transaction of the financial / semi-financial instrument, wherein the terminal of the relative transaction applicant;
(B) receiving means for receiving the relative exchange transaction request transmitted from the terminal of the relative transaction applicant by the transmitting means;
(C) specifying means for specifying a relative transaction candidate matching the relative exchange transaction request received by the receiving means,
(D) a notifying means for notifying the terminal of the relative transaction applicant of the contact information of the relative transaction candidate specified by the specifying means,
An exchange transaction system for financial products, etc., further comprising:   15. The system according to claim 10, wherein the exchange transaction is a direct exchange of asset management products.   15. The financial product exchange transaction system according to claim 10, wherein the exchange transaction is a cash flow exchange of an asset management product.   17. The system according to claim 10, wherein the exchange transaction is a cash flow exchange of an asset management product due to a valuation gain or a valuation loss.   18. The system according to claim 10, wherein the asset management products can be exchanged by a compromise between the direct exchange and the cash flow exchange.   15. The system according to claim 10, wherein the exchange transaction is a cash flow exchange of a fund procurement product.   15. The system according to claim 10, wherein said exchange transaction is a cash flow exchange of a fund transaction product.   21. The financial product exchange transaction system according to claim 10, wherein a cash flow exchange between the asset management product and the fund transaction product can be performed.   Claims 10 to 18, wherein the target product of the exchange transaction is one or more financial management products among loans, bonds, commercial paper, deposit receivables, shares, investment securities, depositary certificates, and beneficiary certificates. An exchange transaction system for financial products, etc., characterized in that:   19. The method according to claim 10, wherein the commodity to be exchanged is any one or more of real estate management products among land, a building, a complex real estate, a co-owned building, a real estate-backed securities and a real estate investment trust. Trading system for financial products.   20. The method according to claim 10, wherein the product to be exchanged is a financing product of at least one of borrowings, bonds, commercial paper, deposit liabilities, stocks and equity securities. Trading system for financial products.   21. The product according to claim 10, wherein the exchange transaction includes a foreign exchange product, an interest rate derivative product, a stock derivative product, a real estate derivative product, a physical derivative product, a compound derivative product, a forward derivative product, a futures product, and an option product. A financial product exchange transaction system, wherein at least one of the swap products is a fund transaction product.   26. The financial product exchange transaction system according to claim 10, wherein any one or more exchange transactions can be established among similar products, different types of products, and different types of products.   26. The system for exchanging financial products and the like according to claim 10, wherein an exchange transaction by tying a plurality of products together can be established.   26. The system for exchanging financial products and the like according to claim 10, wherein a simultaneous exchange transaction between three or more users can be established.   In Claims 10 to 25, comprehensive management of assets and liabilities is achieved by various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of financing products, and cash flow exchange of fund transaction products. An exchange transaction system for financial products, etc.   30. The financial product exchange transaction system according to claim 10, wherein the exchange transaction of the product can be completed 24 hours a day in Japan and abroad, beyond the borders and / or the transaction time.   30. The financial product exchange transaction system according to claim 10, further comprising a defect inspection function of exchange transaction products and / or a function of appraisal of exchange transaction value.   In Claims 10 to 29, the settlement and management functions after the exchange is completed, such as transaction matching, contract signing / transfer, settlement of exchange margin, exchange of cash, exchange of cash flow, inspection of legal compliance, etc. Characteristic exchange system for financial products etc.   24. The method according to claim 10, wherein the direct exchange of asset management products and / or the cash flow exchange includes transactions relating to business control, transactions relating to cross-shareholding, transactions relating to treasury stock, and interests in real estate. A financial instruments exchange transaction system characterized in that one or more of transactions involving concentration, change of reimbursement order, transactions related to credit provision, exchange of portfolios and selection of investment trustees can be performed.   A commodity exchange transaction method, wherein an exchange transaction market for commodities is created via one or more computer networks, and users can complete exchange transactions. 35. The system according to claim 34, wherein the system comprises one or more computers connected to the computer network and a plurality of user terminals.
(A) a step of transmitting a replacement order to the computer by a terminal of a person who wants to exchange the commodity;
(B) an accepting step in which the computer accepts an exchange order transmitted from the terminal of the exchange applicant in the transmitting step;
(C) a storage step in which the computer stores an exchange order of the exchange applicant received in the reception step;
(D) a step in which the computer discloses the exchange order to a terminal of a specific or unspecified candidate who can be an exchange partner of the exchange applicant;
(E) transmitting, from the computer, an exchange order targeted for the exchange transaction to the computer based on the exchange order disclosed by the disclosure step from the computer;
(F) an accepting step in which the computer accepts an exchange order transmitted from the exchange candidate terminal in the transmitting step;
(G) a storage step in which the computer stores the replacement order of the replacement candidate received in the receiving step;
(H) a matching step in which the computer compares the exchange order of the exchange applicant stored in the storage step with the exchange order of the exchange candidate to determine whether the condition is met;
(I) when the computer determines that the condition is satisfied by the matching step, establishes an exchange transaction between both exchange orders, and updates the stored two orders by the storage step;
(J) a step in which the computer notifies the terminal of the exchange applicant and the terminal of the exchange candidate the transaction result derived in the matching step,
A commodity exchange transaction method comprising: 35. The system according to claim 34, wherein the system comprises one or more computers connected to the computer network and a plurality of user terminals.
(A) a transmitting step in which the plurality of user terminals transmit an exchange order for the product to the computer;
(B) a receiving step in which the computer receives an exchange order transmitted from the plurality of user terminals in the transmitting step;
(C) a storing step in which the computer stores a plurality of exchange orders received in the receiving step;
(D) a matching step in which the computer matches a plurality of exchange orders stored in the storage step to determine whether a condition is met;
(E) when the computer determines that the condition is satisfied in the matching step, establishes an exchange transaction among the plurality of exchange orders, and updates the exchange order stored in the storage step;
(F) the computer notifying the plurality of user terminals of the transaction result derived by the matching step,
A commodity exchange transaction method comprising: 35. The system according to claim 34, wherein the system comprises one or more computers connected to the computer network and a plurality of user terminals.
(A) a transmitting step in which a terminal of a person who desires a relative exchange transaction of the product transmits a relative exchange transaction request to a terminal of a candidate who can be an exchange partner;
(B) a step of receiving the relative exchange transaction request transmitted from the terminal of the relative transaction candidate by the transmitting step from the terminal of the relative transaction candidate;
(C) a reply step in which the terminal of the counterparty candidate returns a decision on acceptance, rejection, or negotiation to the terminal of the counterparty in response to the relative exchange transaction request received in the receiving step;
(D) a step of receiving the decision made by the terminal of the counterparty candidate from the terminal of the counterparty candidate in the reply step;
(E) a step in which the terminal of the counterparty applicant and / or the terminal of the counterparty candidate notifies the computer of the result of establishment or failure of the exchange transaction;
A commodity exchange transaction method comprising: 38. The method according to claim 37, further comprising a further step in a preceding stage, wherein the system comprises one or more computers and a plurality of user terminals connected to the computer network. ,
(A) a step of transmitting a request for a relative exchange transaction of the product to the computer, wherein the terminal of the counterparty applicant;
(B) an accepting step in which the computer accepts a relative exchange transaction request transmitted from the terminal of the relative transaction applicant in the transmitting step;
(C) a step in which the computer specifies a relative transaction candidate that matches the relative exchange transaction request received in the receiving step;
(D) a step in which the computer notifies the contact of the counterparty candidate specified in the specifying step to the terminal of the counterparty candidate;
A commodity exchange transaction method, further comprising:

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