JP2006146960A - Storage medium recorded with exchange transaction program of financial products and so forth, exchange transaction system of financial product and so forth, and article exchange transaction method - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide a storage medium recorded with an exchange transaction program of a financial product etc. which creates an exchange transaction market for financial/semi-financial products etc. through a computer network, and makes position resolving demand and position creation demand of a customer match mutually, an exchange transaction system of a financial product etc. and an article exchange transaction method thereof, and to provide a new method of asset management to enable a customer to save a service charge to be paid to a mediater, minimizing a market risk between a resolving act and a creation act, improving liquidity of articles, and further carrying out a new type of arbitrage, and raising efficiency in the consolidated management of asset/liabilities. <P>SOLUTION: The present invention comprises a computer readable storage medium recorded with the exchange transaction program of a financial product etc., the exchange transaction system of a financial product etc. and an article exchange transaction method. In other words, an exchange transaction market for financial products and/or semi-financial products is founded through a computer network, and users can effect an exchange transaction. <P>COPYRIGHT: (C)2006,JPO&NCIPI

Description

  The present invention creates a market for exchange of financial products and / or quasi-financial products through one or more computer networks, and matches the demand for eliminating the position of the customer and the demand for creating the position mutually. The present invention relates to a computer-readable storage medium recording 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 purchase act is separated from the sale act.For example, when a product that you want to buy is not found immediately when you sell a product, people maintain their purchasing power while holding money and spend time. It is common to search for products that you want to purchase. Since traditional financial transactions are based on this principle, customers must pay a commission each time a financial instrument is released and created, and in today's trading market, The time lag between elimination and creation has increased market risk.

By the way, complex real estate, which is a combination of land, building, and both, is originally an investment product that is different in nature from financial products, but with the spread of securitization of real estate using special purpose companies and investment trusts, The position as a joint operation product that can be reduced in size has been established. As a result, in asset management, there is an opportunity for arbitrage between the real estate management products and financial management products such as loans, bonds and stocks through securitized products such as real estate-backed securities and real estate investment trusts. At first, the meaning of discussing real estate management products and financial management products in different ways has faded.
In addition, an index that shows vertical fluctuations in the overall market, such as the stock price index, has been developed in the real estate market, and derivative product transactions based on these real estate investment indices are also expected to grow.

On the other hand, product futures, product options, product futures options, product price swaps, etc. based on physical products such as precious metals, non-ferrous metals, energy-related products, and primary products are essentially due to the nature of transactions that enable differential settlement. The position as a quasi-financial product has already been established, and product funds that invest in these physical derivatives and financial derivatives are positioned as fund-type financial products similar to securities investment trusts.
However, today's trading market is largely segmented into financial products, real estate products and in-kind products, which are further segmented by product. For this reason, the liquidity of individual commodities is deprived and the price at the time of eliminating the position is distorted, and the customer suffers a disadvantage.

Therefore, the present invention has been made to solve the above-described problems, and has created an exchange transaction market for financial products and / or quasi-financial products via one or more computer networks, and is an asset manager or fundraiser. , A computer-readable storage medium, a financial product exchange transaction system, and a product exchange recording a financial product exchange transaction program that mutually matches the demand for eliminating positions of clients such as fund traders and the demand for creation of positions It is an object to provide a transaction method.
The present invention provides an environment in which the cancellation action and the creation action can be performed at the same time, thereby saving the fee paid by the customer to the intermediary, etc., and eliminating the time lag between the cancellation action and the creation action. A computer-readable recording of exchange trading programs for financial products that can improve the liquidity of individual products by creating a cross-transaction venue that can transcend the market segment that has been over-segmented. It is an object of the present invention to provide a possible storage medium, a financial product exchange transaction system, and a product exchange transaction method.
Furthermore, the present invention enables a new kind of arbitrage transaction and cash flow leveling for asset management products, fund procurement products, and fund transaction products, and improves the efficiency of portfolio restructuring and comprehensive management of assets and liabilities. Another objective is to provide a new method of asset management related to business control, stock holdings, credit provision, and selection of asset management partners.

The invention described in claim 1 is a computer-readable storage medium storing a financial product exchange transaction program, and an exchange transaction market for financial products and / or quasi-financial products via one or more computer networks. It is founded and is characterized in that users can establish exchange transactions.
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 fundraisers, an exchange transaction between fund traders, an asset manager and a fund trader. This includes the case where conduits such as special purpose companies, trusts, and unions are involved among users in actual transactions.
In addition, the asset manager in the present invention refers to loans, deposits, stocks and bonds, commercial paper, beneficiary rights, buying and selling of real estate products, foreign exchange products, financial derivatives, real estate derivatives, physical derivative products, etc. Refers to individuals and corporations in Japan and overseas that manage assets. Fundraiser refers to individuals and corporations in Japan and overseas that raise funds through borrowings, deposits, stocks and bonds, issuance of commercial paper, transactions of foreign exchange products and financial derivatives. In the present invention, individuals and corporations in Japan and overseas that have both the function as the asset manager and the function as the fundraiser are referred to as fund traders.
Furthermore, in the present invention, basic products such as financial management products and real estate management products subject to asset management are referred to as asset management products, and basic products such as financial procurement products subject to fund procurement are referred to as fund procurement products. Thus, bonds, stocks, commercial paper, etc. used by fundraisers as fundraising products are asset management products from the perspective of the asset manager who purchases them. In addition, when the funding method is a loan, the basic product for the procurement side, ie, the funding product, is a debt, the basic product for the management side, ie, the asset management product, is a loan receivable, and the funding method is a deposit. The basic product for the procurement side, that is, the fund procurement product, is a deposit liability, and the basic product for the management side, that is, the asset management product, is a deposit claim. On the other hand, in the present invention, various products that are used differently from asset management products and fund-raising 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 described in claim 2 is a computer-readable storage medium in which a financial product exchange transaction program is recorded. The storage medium is one or more computers connected to the computer network and a plurality of user terminals. The terminal of the person who desires the exchange transaction of the financial / quasi-financial product transmits the exchange order to the computer, and the exchange transmitted by the computer from the terminal of the exchange applicant to the computer. Receiving means for receiving an order; storage means for storing the exchange order of the exchange applicant accepted by the accepting means; and specific or unspecified candidates that the computer can serve as an exchange partner of the exchange applicant Disclosing means for disclosing the replacement order to the terminal of the user, and the terminal of the candidate for replacement by the disclosing means from the computer. A transmission means for transmitting the 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 by the transmission means from the terminal of the exchange candidate. An accepting means for accepting, a storage means for storing the exchange order of the exchange candidate accepted by the accepting means, and an exchange order for the exchange applicant and the exchange candidate stored by the storage means by the computer. Matching means for matching a replacement order of a person and determining whether the condition is met; and when the computer determines that the condition is met by the matching means, the exchange means is established between both exchange orders, and the storage means Updating means for updating both orders stored by the computer, and the computer introduces the matching means by the matching means. 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.

  The invention according to claim 3 is a computer-readable storage medium recording the exchange transaction program for financial products, etc., and one or more computers and a plurality of user terminals connected to the computer network A plurality of user terminals transmitting a replacement order of the financial / quasi-financial product to the computer; and the computer transmits a replacement order transmitted from the plurality of user terminals by the transmitting unit. A receiving unit for receiving, a storage unit for storing a plurality of replacement orders received by the receiving unit by the computer, and a matching in which the computer matches a plurality of replacement orders stored by the storing unit to determine a match of conditions And the computer determine that the condition is met by the matching means Updating means for establishing an exchange transaction among a plurality of exchange orders and updating the exchange order stored in the storage means; and a plurality of user terminals that receive the transaction results derived by the matching means by the computer It is possible to realize an exchange transaction by providing a notification means for notifying to.

  The invention described in claim 4 is a computer-readable storage medium in which a financial product exchange transaction program is recorded, wherein the storage medium includes one or more computers connected to the computer network and a plurality of user terminals. The terminal of the person who desires the relative exchange transaction of the financial / quasi-financial product transmits a relative exchange transaction request to the candidate terminal that can be the exchange partner, and the terminal of the relative transaction candidate includes the Receiving means for receiving the relative exchange transaction request transmitted from the terminal of the relative transaction applicant by the transmitting means, and accepting or rejecting the relative exchange transaction request received by the relative transaction candidate terminal by the receiving means Or reply means for returning the decision of negotiation to the terminal of the relative transaction applicant, and the terminal of the relative transaction candidate from the terminal of the relative transaction candidate to the reply means Therefore, receiving means for receiving the returned decision and notifying means for notifying the computer of the result of establishment or non-establishment of the relative exchange transaction by the terminal of the relative transaction candidate and / or the terminal of the relative transaction candidate It is possible to realize an exchange transaction by providing

  The invention described in claim 5 is a computer-readable storage medium according to claim 4 in which a financial product exchange transaction program is recorded. The storage medium further comprises means, and is connected to the computer network. A plurality of computers and a plurality of user terminals, wherein the terminal of the relative transaction applicant transmits a request for the relative exchange transaction of the financial / quasi-financial product to the computer; Receiving means for receiving a relative exchange transaction request transmitted from the terminal of the person by the transmitting means, identifying means for identifying a relative transaction candidate that matches the relative exchange transaction request received by the receiving means, The computer notifies the contact of the relative transaction candidate specified by the specifying means to the terminal of the relative transaction 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 a computer-readable storage medium according to any one of claims 1 to 5 in which a financial product exchange transaction program is recorded, wherein the exchange target product is a loan receivable, a bond, a commercial paper, One or more financial management products among deposit claims, stocks, investment securities, deposit certificates, and beneficiary certificates are characterized.

  The invention described in claim 7 is a computer-readable storage medium recording the exchange transaction program for financial products, etc., wherein the target product of the exchange transaction is land, building, complex real estate, sectional ownership One or more real estate management products among buildings, real estate-backed securities and real estate investment trusts are used.

  The invention according to claim 8 is a computer-readable storage medium according to claims 1 to 5 in which a financial product etc. exchange transaction program is recorded, wherein the product subject to the exchange transaction is a debt, bond, commercial paper, It is characterized by being one or more fund raising products among deposit obligations, stocks and investment securities.

  The invention according to claim 9 is a computer-readable storage medium recording the exchange transaction program for financial products, etc., wherein the exchange transaction target product is a foreign exchange product, interest rate derivative product, stock One or more fund transaction products are selected from derivative products, real estate derivative products, physical derivative products, composite derivative products, forward products, future products, option products, and swap products.

  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 asset managers, fundraisers, and money traders. 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. (D) The exchange product database that stores data relating to the exchange transaction, and (1) data relating to any one or more of the exchange contract, prospectus, report, and disclosure. Contract management database to store, (2) Payment management database to store data related to fund settlement and / or securities settlement, (3) appraisal Any one or more of: an evaluator information database for storing self-introduction materials and / or reference / suggestion materials for the exchange transaction; and (4) a client information database for storing data about users of the system. By providing a bidding mode that directly matches exchange orders on the principle of supply and demand balance and / or a relative mode in which the customer can establish the exchange transaction through direct negotiation by providing a communication channel. And

  The invention according to claim 11 is the financial product exchange transaction system according to claim 10, wherein a terminal of a person who desires an 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 transmission means from the terminal of the exchange applicant, and storage means for storing the exchange order of the exchange applicant received by the reception means by the computer And a disclosure means for disclosing the exchange order to a terminal of a specific or unspecified candidate that the computer can serve as a replacement partner of the replacement applicant, and a terminal of the replacement candidate from the computer by the disclosure means Based on the disclosed exchange order, transmission means for transmitting an exchange order for the exchange transaction to the computer, and the computer Receiving means for receiving the exchange order transmitted from the candidate terminal by the transmitting means; storage means for storing the exchange candidate's exchange order received by the receiving means; and the computer storing the storage order Matching means for comparing the exchange order of the exchange applicant stored by the means with the exchange order of the exchange candidate to determine whether the condition is met, and both when the computer determines that the condition is met by the matching means Updating means for establishing an exchange transaction between the exchange orders and updating both orders stored by the storage means, and the computer displays the transaction result derived by the matching means as the terminal of the exchange applicant and the exchange And a 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 the exchange order of the financial / quasi-financial products to the computer, Receiving means for accepting exchange orders transmitted by the sending means from a plurality of user terminals; storage means for storing a plurality of exchange orders accepted by the accepting means; and A matching unit that matches a plurality of exchange orders stored by the storage unit and determines whether the condition is met; and when the computer determines that the condition is met by the matching unit, the exchange transaction is performed between the plurality of exchange orders. An update means for establishing 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.

  The invention described in claim 13 is the financial product exchange transaction system according to claim 10, wherein a terminal of a person who desires a relative exchange transaction of the financial / quasi-financial product is a candidate's terminal that can be an exchange partner. A transmitting means for transmitting a relative exchange transaction request; a receiving means for receiving a relative exchange transaction request transmitted from the terminal of the relative transaction candidate by the transmitting means; and a relative transaction candidate. In response to the relative exchange transaction request received by the receiving means, the terminal of the responder returns a decision to accept, reject or negotiate to the terminal of the relative transaction applicant, and the terminal of the relative transaction applicant The receiving means for receiving the decision made by the reply means from the terminal of the relative transaction candidate, the terminal of the relative transaction candidate, and / or the terminal of the relative transaction candidate, 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 product exchange transaction system according to claim 13, further comprising means, and the terminal of the relative transaction candidate is the financial / quasi-financial product. Transmitting means for transmitting a relative exchange transaction request to the computer, receiving means for receiving a relative exchange transaction request transmitted by the transmitting means from the terminal of the relative transaction applicant, and the computer comprising the receiving means Specifying means for identifying a candidate for a relative transaction that matches the request for a relative exchange transaction received by the computer, and a notification for notifying a contact of the candidate for a relative transaction specified by the specifying means to the terminal of the candidate for the relative transaction And a means.

  A fifteenth aspect of the invention is the financial product exchange transaction system according to the tenth to fourteenth aspects, wherein the exchange transaction is a direct exchange of asset management products.

A sixteenth aspect of the invention is the financial product exchange transaction system according to the tenth to fourteenth aspects, wherein the exchange transaction is a cash flow exchange of asset management products.
In the present invention, cash flow refers to inflow and outflow of funds. Specifically, this refers to the outflow / inflow of the principal portion of asset management products, fund procurement products, and fund transaction products, and the outflow / inflow of fruit portions such as interest, dividends, rent including land rent and rent generated from the principal. .

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

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

  A nineteenth aspect of the present invention is the financial product exchange transaction system according to the tenth to fourteenth aspects, wherein the exchange transaction is a cash flow exchange of a funded product.

  According to a twentieth aspect of the present invention, in the financial product exchange transaction system according to the tenth to fourteenth aspects, the exchange transaction is a cash flow exchange of a fund transaction product.

  A twenty-first aspect of the invention is the financial product exchange transaction system according to the tenth to fourteenth, sixteenth to seventeenth or twentieth aspects, wherein the cash flow exchange between the asset management product and the fund transaction product can be performed. .

  The invention according to claim 22 is the financial product exchange transaction system according to claims 10 to 18, wherein the exchange target product is a loan receivable, bond, commercial paper, deposit receivable, stock, investment securities, deposit It is characterized by being one or more financial management products among certificates and beneficiary certificates.

  The invention according to claim 23 is the financial product exchange transaction system according to claims 10 to 18, wherein the product subject to the exchange transaction is a land, a building, a complex real estate, a section owned building, a real estate collateralized security and a real estate investment trust. Of these, any one or more real estate management products are used.

  The invention described in claim 24 is the financial product exchange transaction system according to claim 10 to 14, or 19, wherein the product subject to the exchange transaction is a borrowing debt, a bond, a commercial paper, a deposit debt, a stock and an investment. One or more of the securities is a fund raising product.

  The invention described in claim 25 is the exchange system for financial products, etc. according to claim 10 to 14, or 20, wherein the target product of the exchange transaction is a foreign exchange product, an interest rate derivative product, a stock derivative product, a real estate derivative product. The cash transaction product is any one or more of a physical derivative product, a composite derivative product, a forward product, a future product, an option product, and a swap product.

The invention described in claim 26 is the financial product exchange transaction system according to claims 10 to 25, wherein one or more exchange transactions are established among similar products, between different products, and between different industries. It can be made to be characterized.
In the present invention, the same type of product refers to the same type of product such as “stock” and “stock”, the different type of product refers to different types of product such as “stock” and “bond”, and the product of different industries refers to “stock”. "And" land "means products of different industries.

  A twenty-seventh aspect of the present invention is the financial product exchange transaction system according to the tenth to twenty-fifth aspects, and is characterized in that an exchange transaction can be established by tying together a plurality of products.

A twenty-eighth aspect of the present invention is the financial product exchange transaction system according to any of the tenth to twenty-fifth aspects, characterized in that 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 established simultaneously 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) Exchanger X wants to provide product x, Exchanger Y wants to provide product y, Exchanger Z wants to provide product z, and Exchanger X gets product y. If the exchange requester Y wants to obtain the product z and the exchange applicant Z wants to obtain the product x, the offer request and the acquisition request are circulated among three or more exchange applicants. Exchange transactions that are established at the same time.

  A twenty-ninth aspect of the invention is the financial product exchange transaction system according to the tenth to twenty-fifth aspects, wherein the asset management product is directly exchanged, the asset management product is cash flow exchange, the funding product is cash flow exchange, and the money transaction It is characterized by comprehensive management of assets and liabilities through various combinations of commodity cash flow exchange.

  A thirty-third aspect of the invention is the financial product exchange transaction system according to the tenth to thirty-ninth aspects of the present invention. It can be established.

  The invention described in claim 31 is the exchange transaction system for financial products according to claims 10 to 29, and has a function of checking the exchange transaction product and / or an appraisal value of the exchange transaction value. And

  The invention described in claim 32 is the financial product exchange transaction system according to claims 10 to 29, wherein transaction verification, contract signing / transfer, exchange difference settlement, physical exchange, cash flow exchange, legal regulations It is characterized by the settlement and management functions after the exchange is established, such as compliance inspection.

The invention according to claim 33 is the financial product exchange transaction system according to claim 10 to 18, 22 or 23, wherein the transaction involves business control through the direct exchange of asset management products and / or the cash flow exchange. , Transactions related to stock holdings, transactions related to treasury stock, concentration of real estate interests, change in compensation order, transactions related to credit provision, transactions related to portfolio exchange and selection of asset management partners It is possible to do the above.
Transactions related to business control in the present invention refer to strengthening and relaxation of control over business, as well as business acquisitions and sales. Transactions related to stock holdings start, strengthen, relax and eliminate stock holdings. A transaction involving treasury stock means acquisition or disposal of treasury stock.
Further, the transaction involving credit provision in the present invention refers to the start, expansion, reduction, or stop of credit provision.
In the present invention, the transaction involving the selection of the management contractor means the appointment, concentration, decentralization, and dismissal of the fund management contractor in the fund-type management product or the mediator. Fund-type investment products are asset management products that are generally set and operated for an unspecified number of asset managers, such as securities investment trusts, real estate investment trusts, product funds, loan trusts, and narrow money trusts. Point to. Mediators generally include specified money trusts, non-designated trusts, investment securities trusts, investment subsidiary stocks, fund-type private placement bonds, etc. Asset management products that are set and used for the purpose of asset management.

  The invention described in claim 34 is a commodity exchange transaction method, characterized in that a commodity exchange transaction market is created via one or more computer networks, and users can establish an exchange transaction. .

  A thirty-fifth aspect of the present invention is the commodity exchange transaction method according to the thirty-fourth aspect, in which the commodity is exchanged in a system including one or more computers connected to the computer network and a plurality of user terminals. A transmission step in which a terminal of a person who desires a transaction transmits a replacement order to the computer; a reception step in which the computer receives a replacement order transmitted in the transmission step from the terminal of the replacement applicant; A storage step of storing the exchange order of the exchange applicant accepted by the acceptance 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 by the disclosure step from the computer A transmission step for transmitting an exchange order for the exchange transaction to the computer based on the exchange order received, and an acceptance for accepting the exchange order transmitted from the exchange candidate terminal by the transmission step. A storage step in which the computer stores the exchange order of the exchange candidate accepted in the acceptance step, and the exchange order of the exchange candidate and the exchange candidate stored in the storage step by the computer A matching step for matching the exchange order to determine whether the condition is met, and if the computer determines that the condition is met by the matching step, an exchange transaction is established between both exchange orders and stored by the storing step An update 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.

  A thirty-sixth aspect of the present invention is the commodity exchange transaction method according to the thirty-fourth aspect, wherein the plurality of uses in a system comprising one or more computers connected to the computer network and a plurality of user terminals. A transmission step in which a user terminal transmits a replacement order for the product to the computer, a reception step in which the computer receives a replacement order transmitted by the transmission step from a plurality of the user terminals, and the computer includes: A storage step for storing a plurality of exchange orders received in the reception step; a matching step in which the computer matches a plurality of exchange orders stored in the storage step to determine a match of conditions; and the computer includes the matching step If it is determined that the condition is met by An update step for establishing an exchange transaction between exchange orders and updating the exchange order stored in the storing step, and the computer notifying a plurality of user terminals of the transaction result derived by the matching step And a notification step.

  The invention according to claim 37 is the commodity exchange transaction method according to claim 34, wherein the relative of the goods in a system comprising one or more computers connected to the computer network and a plurality of user terminals. A transmission step in which a terminal of a person who desires an exchange transaction transmits 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 is transmitted from the terminal of the relative transaction candidate. Receiving the relative exchange transaction request transmitted by the terminal, and the relative transaction candidate terminal accepts, rejects, or negotiates a decision to accept the relative exchange transaction request received by the reception step. A reply step to reply to the terminal of the person in question, and the terminal of the candidate for relative transaction to reply from the terminal of the candidate for relative transaction by the reply step Receiving the received decision, and a notification step in which the terminal of the relative transaction candidate and / or the terminal of the relative transaction candidate notifies the computer of the result of establishment or non-establishment of the relative exchange transaction. It is characterized by that.

  The invention according to claim 38 is the commodity exchange transaction method according to claim 37, further comprising a further step in the previous stage, and one or more computers connected to the computer network and a plurality of uses A transmission step in which the terminal of the relative transaction applicant transmits a request for a relative exchange transaction of the product to the computer, and the transmission step from the terminal of the relative transaction applicant Receiving a relative exchange transaction request transmitted by the computer, a specifying step in which the computer specifies a relative transaction candidate that matches the relative exchange transaction request received in the receiving step, and the computer by the specifying step Notify the contact of the specified relative transaction candidate to the terminal of the relative transaction candidate And further comprising a knowledge step.

Now, in the present invention, the types of exchange transactions for financial products and semi-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 by valuation gain [3] Valuation loss (C) Exchange of asset management products based on a compromise between direct exchange and cash flow exchange (d) Exchange of cash flows of funded products (e) Exchange of cash flows of fund transaction products [1] Cash flow exchange of cash transaction products with valuation gains [2] Cash flow exchange of capital transaction products with valuation losses (f) Cash flow exchange between asset management products and cash transaction products [1] Asset management products and money transactions with valuation gains Cash flow exchange with products [2] Cash flow between asset management products and fund transaction products due to valuation loss -Exchange (g) Tie-off exchange Various tie-up exchanges that are applications of the exchange transactions (a) to (f) (h) Exchange among three or more parties Application of the exchange transactions (a) to (f) above Exchanges between three or more parties The following explains the benefits brought about by the present invention by theme and itemized list, but in order to deepen the understanding of these benefits, the mechanism of exchange transactions in the present invention is also explained. . However, the present invention relates to a storage medium and a computer system for recording a computer program for substantially or actually exchanging all or part of an asset management product, a fund procurement product, or a fund transaction product between parties, and a product exchange transaction. There is a method, and the mechanism for this is not limited to the mechanism described below.

1. In the present invention, a new kind of arbitrage transaction can be performed through asset transactions, fund procurement, and exchange transactions in fund transactions.
(1) First, the present invention enables a new type of arbitrage transaction through direct exchange of asset management products.
As an example, if asset manager A expects the value of asset management product b to rise in the future beyond the value of asset management product a that he owns, in order to achieve a higher investment yield, Asset manager A disposes of asset management product a, cashes it once, and uses that cash to try to acquire asset management product b itself or a product equivalent to asset management product b. On the other hand, if the asset manager B expects the value of the asset management product a to rise beyond the value of the asset management product b owned by the asset manager B, in order to achieve a higher yield, the asset manager B Disposes of the asset management product b, converts it into cash, 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 ownership of the asset management product b instead of transferring ownership of the asset management product a, and ownership of the asset management product a instead of transferring ownership of the asset management product b. By allowing the asset manager B who wants to transfer the rights, the asset manager with the opposite market view, to exchange the actual thing directly, arbitrage between both parties becomes possible.

(2) Next, the present invention enables a new kind of arbitrage transaction through cash flow exchange of asset management products. In other words, instead of directly exchanging the actual asset management product, the asset manager can substantially dispose of the asset management product he wishes to dispose of by replacing the cash flow while continuing to hold the asset management product. You can effectively acquire asset management products that you wanted to acquire.
Examples of the cash flow exchange of asset management products in the present invention include the following transaction forms.
(A) Assuming that asset management products that generally have maturities, such as loan receivables and bonds, commercial paper, some deposits, some fund-type management products, and some intermediaries, will mature as they are. Inflow of funds during the remaining period of the product, that is, a cash flow of principal and fruit.
(B) A form in which a specific period shorter than the remaining period is set for the commodity that generally has a maturity, and the inflow of funds during that period, that is, the cash flow of only fruits is exchanged.
(C) On the premise of exercising the right of free disposal with respect to the commodity that generally has a maturity, a form of exchanging the cash inflow for the period until the commodity is disposed, that is, the cash flow of principal and fruit. In this transaction form, the right to free disposal of the target product is also exchanged when the exchange is established.
(D) Assuming that the right of free disposal is exercised for asset management products that generally do not have a maturity, such as land, buildings, complex real estate, stocks, partial deposit claims, some fund-type investment products, and some intermediaries. As a form of exchanging the cash inflow of principal and fruit during the period until the product is disposed of. In this transaction form, the right to free disposal of the target product is also exchanged when the exchange is established.
(E) A form in which a specific period is generally set for the commodity that does not have a maturity, and a cash inflow during that period, that is, a cash flow of only fruit is exchanged.
(C) and (d) with the exercise of the right of free disposal in the above transaction form, if the “cash flow assignee” of the target product exercises the right of free disposal of the product during the exchange period Since the person who executes the act in the market is the “cash flow transferor” who is the nominal holder of the product, the latter will receive the disposal fee once, but the latter will substantiate this in substance. By paying to the former who is the right owner, the transaction for the product is terminated.
On the other hand, (a), (b) and (e), which do not involve the exercise of free disposal rights, are currently unable to dispose of the actual asset management products held for the following reasons. This is useful when you want to enjoy the cash flow of your asset management products.
[1] Due to the business policy for fundraisers, it is currently impossible to dispose of loans, bonds, and commercial papers held by the fundraiser.
[2] Because you want to retain your voting rights, you cannot currently dispose of your shares.
[3] Since it is complicated to acquire the competition requirements, the deposit receivables I own cannot be transferred at present.
[4] Because the mortgage has already been established, the land, buildings, and complex real estate that you own cannot be disposed of.
[5] Due to low liquidity, it is currently impossible to dispose of fund-type investment products that I own.
[6] We cannot currently dispose of our own mediators for reasons such as the policy for subcontractors and management companies, or the costs and administrative procedures required for resetting.
By the way, in the present invention, after the payment or receipt of the cash flow of one product is finished due to the length of the remaining period of the product to be exchanged, the length of time until the exercise of various rights attached to the product and the fulfillment of various obligations, etc. However, the receipt or payment of the cash flow of the other product may continue. Therefore, the transfer end date of the product with the later end of cash flow transfer can be set as the end date of the exchange transaction. The exchange transaction start date is referred to as the beginning, and the exchange transaction end date is referred to as the end of the term.

(3) Furthermore, the present invention enables a new kind of arbitrage transaction through 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 an exchange transaction based on the evaluation value of only the valuation profit portion of the product in addition to the exchange transaction based on the evaluation value of the entire product.
As an example, it is assumed that the evaluation value of the asset management product c held by the asset manager C is 1000, and the configuration is a book value 800 and an evaluation gain 200. On the other hand, it is assumed that the value of the asset management product d held by the asset manager D is 1500, and the structure is a book value 1300 and a valuation gain 200. The asset manager C expects the valuation profit of the asset management product d to increase beyond the valuation profit of the asset management product c, and the asset manager D will exceed the valuation profit of the asset management product d. The valuation profit 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 with respect to the evaluation profit portion.
Instead of transferring the right of free disposal of the entire asset management product c and the valuation profit portion of the asset management product c, the asset manager C transfers the right of free disposal of the entire asset management product d and the valuation gain of the asset management product d. At the same time, asset manager D, instead of transferring the right of free disposal of the entire asset management product d and the ownership of the valuation profit portion of the asset management product d, the right of free disposal of the entire asset management product c And take over ownership of the valuation profit portion of asset management product c. At this time, ownership of the book value portion of the asset management product c still belongs to the asset manager C, and 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 equivalent to the book value of the asset management product c and then takes a market risk regarding the increase or decrease in the valuation profit of the asset management product d. It is possible to take a market risk for the increase or decrease of the valuation profit of the asset management product c while securing the value equivalent to the value. Note that the cash flow of the fruit portion of the asset management product c can continue to belong to the asset manager C, and the cash flow of the fruit portion of the asset management product d can continue to belong to the asset manager D.
When asset manager C exercises the right of free disposal and disposes of asset management product d during the exchange period, the cash flow for the book value portion owned by asset manager D is the asset management. The cash flow for the valuation profit portion belonging to the manager D and 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 amount corresponding to the valuation loss belongs to the asset manager C in the disposal price. In other words, the asset manager C pays the valuation loss equivalent amount to the asset manager D, so that the valuation loss changes to the realized loss, and the asset manager D can secure the book value equivalent amount.
On the other hand, when asset manager D exercises the right of free disposal and disposes of asset management product c, the cash flow for the book value portion owned by asset manager C is the asset manager C. The cash flow for the valuation profit portion owned by asset manager D belongs to 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 amount corresponding to the valuation loss belongs to the asset manager D in the disposal price. In other words, the asset manager D pays the valuation loss equivalent amount to the asset manager C, so that the valuation loss is changed to the realized loss, and the asset manager C can secure the book value equivalent amount.

(4) The present invention also enables a new kind of arbitrage transaction through cash flow exchange of the valuation loss part of asset management products. That is, in the present invention, the valuation loss part of the asset management product can be exchanged by regarding the valuation loss as a negative valuation gain.
As an example, it is assumed that the evaluation value of the asset management product e held by the asset manager E is 1000, and the configuration is a book value 1200 and a valuation loss 200. On the other hand, it is assumed that the valuation amount of the asset management product f held by the asset manager F is 1500, and the configuration is a book value 1700 and a valuation loss 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 asset management product f will turn into a valuation profit. The valuation loss of asset management product e is expected to decrease in the future beyond the valuation loss of asset management product f, and in some cases, asset management product e is expected to turn into valuation profit. In this case, in the present invention, an exchange transaction is possible between the asset manager E and the asset manager F with respect to the valuation loss part.
Instead of transferring the disposal right of the entire asset management product e and handing over the valuation loss of the asset management product e, the asset manager E takes over the free disposal right of the entire asset management product f and valuation loss of the asset management product f At the same time, instead of transferring the disposal right for the entire asset management product f and handing over the valuation loss of the asset management product f, the asset manager F takes over the disposal right for the entire asset management product e. The loss on valuation of the asset management product e is assumed.
As a result, the valuation loss is transferred to the other party, and in the exchange transaction, asset manager E recovers the value equivalent to the book value of asset management product e, and asset manager F uses the book value equivalent to asset management product f. It can be considered that the value has been restored. That is, asset manager E secures a value equivalent to the book value of asset management product e and then takes market risk regarding the increase or decrease in valuation loss of asset management product f. It is possible to take a market risk for increase / decrease in the valuation loss of the asset management product e after securing the value equivalent to the value. Note that the cash flow of the fruit portion of the asset management product e can continue to belong to the asset manager E, and the cash flow of the fruit portion of the asset management product f can continue to belong to the asset manager F.
If asset manager E exercises the right of free disposal and disposes of asset management product f during the exchange period, conceptually, of the disposal value, the book value portion owned by asset manager F The cash flow belongs to asset manager F, and the cash flow for the valuation loss owned by asset manager E belongs to asset manager E. In other words, the asset manager E pays the valuation loss equivalent amount to the asset manager F, so that the valuation loss changes to the realized loss, and the asset manager F can secure the book value equivalent amount. Further, if the valuation loss of the asset management product f turns into valuation profit at the time of disposal, the asset manager E can enjoy the realized profit.
On the other hand, when asset manager F exercises the right of free disposal and disposes of asset management product e, conceptually, the cash flow for the book value portion owned by asset manager E of the disposal price Belongs to asset manager E, and the cash flow for the valuation loss owned by asset manager F belongs to asset manager F. That is, the asset manager F pays the valuation loss equivalent amount to the asset manager E, so that the valuation loss changes to the realized loss, and the asset manager E can secure the book value equivalent amount. Further, if the valuation loss of the asset management product e has turned into valuation profit at the time of disposal, the asset manager F can enjoy the realized profit.
Note that the valuation profit / loss in the cash flow exchange of the present invention basically means an amount obtained by subtracting “the book value or acquisition price in accounting of the product” from the “total evaluation value of the product held”. However, if the exchange trader wants to avoid disclosure for reasons of confidentiality, the amount obtained by subtracting “book value or acquisition price based on self-assessment” from “total value of products held” may be used. Absent. That is, the valuation profit / loss in the present invention does not necessarily mean an accounting value.

(5) The present invention enables a new kind of arbitrage transaction for short-selling commodities through cash flow exchange of the valuation profit / loss portion. That is, the exchange of valuation profits and losses according to the present invention also covers the positions of asset management products that are sold short.
As an example, it is assumed that the valuation gain of the asset management product g that is short sold by the asset manager G is 200, and the basis for the calculation is the selling price 1000 and the valuation value 800 of the product. On the other hand, it is assumed that the valuation gain of the asset management product h sold by the asset manager H is 200, and the basis for the calculation is the selling price 1300 and the valuation value 1100 of the product. The asset manager G expects the valuation value of the asset management product h to fall below the asset management product g, that is, the valuation profit of the asset management product h will increase beyond the valuation gain of the asset management product g. On the other hand, the asset manager H expects that the valuation value of the asset management product g will drop in the future over the asset management product h, that is, the valuation profit of the asset management product g will increase beyond the valuation gain of the asset management product h. Yes. In this case, in the present invention, an exchange transaction can be performed between the asset manager G and the asset manager H with respect to the valuation profit.
Instead of transferring the right to buy back asset management product g and the ownership of valuation profit of asset management product g, asset manager G takes over the right to buy back asset management product h and the ownership of valuation profit of asset management product h. At the same time, instead of transferring the right to buy back asset management product h and the ownership of valuation profit of asset management product h, asset manager H has the right to buy back asset management product g and the ownership of valuation profit of asset management product g. Take over. At this time, the asset manager G takes market risk regarding the increase or decrease in the valuation profit 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 becomes possible to take a market risk regarding the increase or decrease of the valuation profit of the asset management product g.
If asset manager G exercises the rights and buys back asset management product h during the exchange period, the cash flow for realized gain of asset management product h belongs to asset manager G, and asset manager H When the asset management product g is repurchased by exercising, the cash flow of the realized gain of the asset management product g belongs to the asset manager H. Also, if the valuation profit turned into an valuation loss when the asset management product h was repurchased, the realized loss belonged to the asset manager G, and the valuation profit turned into an valuation loss when the asset management product g was bought back. In that case, the realized loss belongs to the asset manager H.

(6) As an example, it is assumed that the valuation loss of the asset management product i sold short by the asset manager I is 200, and the basis for the calculation is the selling price 1000 and the valuation value 1200 of the product. On the other hand, it is assumed that the valuation loss of the asset management product j sold by the asset manager J is 200, and the basis for the calculation is the selling price 1300 and the valuation value 1500 of the product. In the future, asset manager I will see a decline in the value of asset management product j over asset management product i, that is, asset management product j will have a lower valuation loss than asset management product i in the future. We expect asset management product j to turn into valuation gains, while asset manager J will have a lower valuation of asset management product i than asset management product j, that is, more than the valuation loss of asset management product j. We expect that valuation losses on asset management product i will decrease in the future, and in some cases asset management product i will turn into valuation gains. In this case, in the present invention, an exchange transaction can be performed between the asset manager I and the asset manager J with respect to the valuation loss.
Instead of transferring the right to buy back asset management product i and handing over the valuation loss of asset management product i, asset manager I takes over the right to buy back asset management product j and assumes the valuation loss of asset management product j. At the same time, instead of transferring the right to buy back asset management product j and handing over the valuation loss of asset management product j, asset manager J takes over the right to buy back asset management product i and returns the valuation loss of asset management product i. Will take over. At this time, asset manager I takes the market risk regarding the increase or decrease in valuation loss of asset management product j after the selling price of asset management product j is fixed, and asset manager J sells asset management product i. After the price is fixed, it is possible to take a market risk for increase / decrease in valuation loss of asset management product i.
If asset manager I exercises the rights and buys back asset management product j during the exchange period, the realized loss of asset management product j belongs to asset manager I, and asset manager J exercises the rights to When the managed product i is bought back, the realized loss of the asset managed product i belongs to the asset manager J. However, if valuation loss has turned into valuation profit when asset management product j is repurchased, asset manager I can enjoy realized gain, and valuation loss has turned into valuation profit when asset management product i is repurchased The asset manager J can enjoy the realized profit.
In the present invention, the valuation profit / loss in the cash flow exchange of short-selling products basically means an amount obtained by subtracting the “evaluation value of the product” from the “sale price of the product”. However, if the exchange trader wants to avoid disclosure for reasons of confidentiality, the amount obtained by subtracting the “valuation value of the product” from the “sale price based on the self-declaration of the product” may be used. That is, in the present invention, the valuation profit / loss of short-selling products does not necessarily mean an accounting value.

(7) Further, the present invention enables a new kind of arbitrage between an asset manager who wants to exchange merchandise directly and an asset manager who wants to exchange cash flow of the merchandise. That is, the exchange of the asset management product of the present invention includes a compromise method of direct exchange and cash flow exchange.
As an 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 that it owns, and the asset management product k and the asset management product l are exchanged directly. Cash flow between asset management product k and asset management product l, and asset manager L expects that the value of asset management product k will rise in the future beyond the value of asset management product l If exchange is desired, the present invention can use a compromise between direct exchange and cash flow exchange.
The asset manager K receives the right to receive cash flows generated from the asset management product l instead of transferring the actual asset management product k, and at the same time the asset manager L has the right to receive cash flows generated from the asset management product l. By transferring the actual asset management product k instead of transferring, both parties can find a compromise.

(8) The present invention also enables a new kind of arbitrage transaction through cash flow exchange of a funded product. In other words, fundraising products are acquired as asset management products after the asset manager prefers credit risk and the name of the fundraiser, and the fundraiser directly exchanges positions with other fundraisers. It is generally difficult to do. However, the fundraiser in the present invention exchanges the cash flow of the fundraising product he / she has with the cash flow of the fundraising product the other fundraiser has / You can enjoy the effect.
As an example, if fundraiser M anticipates that the position of fundraising product n will be reduced in the future beyond the amount of position of fundraising product m he owns, If the fundraiser N predicts that the fundraising value of the fundraising product m will decrease in the future beyond the value of the fundraising product n's position, Try to achieve lower procurement costs by exchanging positions. Or, due to differences in merchandise such as the presence or absence of maturity, the length of the remaining period, the presence or absence of redemption during the term, the nature of the principal or fruit, If they want the position of the fundraising product m, they try to create a more favorable position by exchanging their positions.
In the present invention, instead of undertaking the obligation to pay the cash flow of the fundraising product n, instead of undertaking the obligation to pay the cash flow of the fundraising product m and the fundraiser M who wants to hand over the obligation to pay the cashflow of the funding product m. Arbitrary transactions can be made by exchanging cash flows with a fundraiser N who wants to hand over the obligation to pay the cash flow of the fundraising product n, such as a fundraiser N who has the opposite demand. At this time, in the case of a product that can be redeemed or canceled during the period, the right to redeem during the period or cancel the purchase is also exchanged.
For example, there are the following transaction forms for cash flow exchange of fund-raising products in the present invention.
(A) Funding products that generally have maturities, such as debt, bonds, commercial papers, and partial deposit obligations, generally assume their maturity as they are. A form in which the cash flow of fruits is exchanged.
(B) A form in which a specific period shorter than the remaining period is set for the commodity that generally has a maturity, and the cash outflow during that period, that is, the cash flow of only the fruit is exchanged.
(C) A form in which cash outflows of principal and fruits are exchanged for the period until the commodity disappears, on the premise that the commodity having a maturity generally is redeemed or canceled for purchase.
(D) Assuming that funding products that generally do not have maturity, such as stocks and partial deposit obligations, are purchased or canceled or canceled, the outflow of funds until the products disappear, A form of exchanging cash flow.
(E) A form in which a specific period is generally set for the commodity that does not have a 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 during the period or cancellation of purchase, will be redeemed during the exchange period by the “cash flow underwriter” of the target product exercising the rights. Alternatively, if the cancellation or purchase cancellation is made, the person who executes this cancellation in the market is the “cash flow surrender” who is the nominal fundraiser using the product, so the redemption price or purchase price The latter pays once, but when the latter receives it from the former who is a substantial fundraiser using the product, the transaction for the product ends.
In the present invention, the term redemption means that a funded product that has a maturity is repaid, canceled, or redeemed at a predetermined price during the term. This refers to the purchase and extinguishment of fund-raising products at a distribution price.

(9) The present invention enables a new kind of arbitrage transaction through cash flow exchange of funds transaction products. In other words, fund exchange products such as foreign exchange products, forward products, futures products, option products, and swap products are exchanged directly with the counterparty of the transaction, or via a derivative product exchange or stock exchange. It is generally difficult for money traders to exchange positions directly with other money traders because they are creating indirect positions. However, the fund trader in the present invention exchanges the cash flow of the money transaction product that he / she owns with the cash flow of the fund transaction product which other fund traders have, so that the same economics as the direct exchange can be achieved. You can enjoy the effect.
Funds trading products do not require the initial investment amount or are extremely small compared to the basic products, and it is possible to settle the difference or secure profits and determine the losses by counter trading. Even if the basic product is delivered, there is already a highly liquid trading market, so purchasing or selling the basic product in that market will make the funding transaction substantially different from the settlement. Can be put. In other words, the asset value of the fund transaction product is in the valuation profit and the liability value is in the valuation loss, and the cash flow exchange of the money transaction product in the present invention is an exchange transaction based on the valuation profit / loss.
As an example, the evaluation value of the valuation profit of the money transaction product o held by the money trader O is 200, while the evaluation value of the valuation gain of the money transaction product p held by the money trader P is 200. Suppose that The fund trader O expects that the valuation profit of the fund transaction product p will increase beyond the valuation gain of the fund transaction product o, and the fund trader P will exceed the valuation gain of the fund transaction product p. The valuation profit is expected to increase in the future. In this case, in the present invention, an exchange transaction can be performed between the fund trader O and the fund trader P.
Instead of transferring the position of the fund transaction product o, the fund trader O receives the position of the fund transaction product p. At the same time, the fund trader P transfers the position of the fund transaction product p instead of transferring the position of the fund transaction 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 money trader O can take a market risk regarding increase / decrease in the valuation profit of the money transaction product p, and the money trader P can take a market risk regarding increase / decrease in the valuation profit of the money transaction product o.
During the exchange period, when the financial trader P exercises the transferred right and realizes the valuation profit of the financial trade product o, or the financial trader P performs the assumed obligation and evaluates the financial transaction product o When the profit is realized, the money trader P can enjoy the realized profit. On the other hand, when the fund trader O exercises the right that has been transferred and realizes the valuation profit of the fund transaction product p, or the fund trader O fulfills the assumed obligation and the valuation gain of the fund transaction product p is increased. If realized, the fund trader O can enjoy the realized profit. In addition, if the valuation gain of the fund transaction product o turns into a valuation loss at the time of exercising the rights or fulfilling the obligation by the fund trader P, the realized loss belongs to the fund trader P, and the rights of the fund trader O If the valuation gain of the fund transaction product p turns into a valuation loss at the time of exercising or fulfilling the obligation, the realized loss will be attributed to the fund trader O.

(10) As an example, the valuation loss of the money transaction product q held by the money trader Q is 200, while the valuation loss of the money transaction product r held by the money trader R is Assume that the evaluation amount 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 profit. It is expected that the valuation loss of the fund transaction product q will decrease more than the valuation loss of the fund transaction product r in the future, and in some cases, the fund transaction product q will turn into a valuation profit. In this case, according to the present invention, an exchange transaction is possible between the fund trader Q and the fund trader R.
The fund trader Q accepts the position of the fund transaction product r instead of handing over the position of the money transaction product q. At the same time, the fund trader R replaces the position of the money transaction product r with the position of the money transaction product q. Take the 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 regarding increase / decrease in the valuation loss of the fund transaction product r, and the fund trader R can take a market risk regarding increase / decrease in the valuation loss of the fund transaction product q.
During the exchange period, when the fund trader R exercises the transferred right and realizes the valuation loss of the fund trade product q, or the fund trader R fulfills the assumed obligation and evaluates the fund trade product q When a loss is realized, the realized loss belongs to the fund trader R. On the other hand, when the financial trader Q exercises the right that has been transferred and realizes the valuation loss of the financial transaction product r, or the financial trader Q fulfills the assumed obligation and the valuation loss of the financial transaction product r If realized, the realized loss is attributed to the fund trader Q. However, if the loss on valuation of the fund transaction product q turns into a valuation profit at the time of exercise of the right or the performance of the obligation by the fund trader R, the fund trader R can enjoy the realized gain and the exercise of the right by the fund trader Q. Or, at the time of fulfilling the obligation, if the valuation loss of the fund transaction product r turns into a valuation profit, the money trader Q can enjoy the realized profit.

(11) Further, the present invention enables a new kind of arbitrage transaction through cash flow exchange between an asset management product and a capital transaction product by valuation profit / loss. In other words, according to the present invention, the valuation profit / loss part of the asset management product and the valuation profit / loss of the fund transaction product are exchanged by using the exchange method of the valuation profit / loss part of the asset management product and the exchange method of the capital transaction product by valuation profit / loss. can do.
As one example, it is assumed that the evaluation value of the asset management product s held by the asset manager S is 1000, and the configuration is a book value 800 and an evaluation gain 200. On the other hand, it is assumed that the evaluation value of the valuation profit of the money transaction product t held by the money trader T is 200. The asset manager S expects the valuation profit of the fund transaction product t to increase in the future beyond the valuation gain of the asset management product s. The valuation profit is expected to increase in the future. In this case, according to the present invention, an exchange transaction with an evaluation gain can be performed between the asset manager S and the fund trader T.
Instead of transferring the right of free disposal of the entire asset management product s and ownership of the valuation profit part of the asset management product s, the asset manager S takes over the position of the money transaction product t and its valuation gain, Instead of transferring the position of the money transaction product t and its valuation profit, the person T takes over the right of free disposal 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 and the cash flow of the fruit portion of the asset management product s still belong to the asset manager S, and the rights and obligations associated with the position of the fund transaction product t are transferred to the asset manager S. To do. That is, the asset manager S secures a value equivalent to the book value of the asset management product s and then takes a market risk regarding the increase or decrease in the valuation gain of the fund transaction product t. It is possible to take market risk on the increase or decrease of profit.
During the exchange period, the asset manager S exercises the transferred right and realizes the valuation gain of the fund transaction product t, or the asset manager S fulfills the assumed obligation and evaluates the money transaction product t. When the profit is realized, the asset manager S can enjoy the realized profit. Further, when the valuation profit of the fund transaction product t turns into a valuation loss at the time of exercising the rights 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 free disposal right and disposes of the asset management product s, the cash flow for the book value portion owned by the asset manager S out of the disposal price is the asset manager S. The cash flow of the valuation profit portion owned by the fund trader T belongs to the fund trader T. Further, when the valuation profit of the asset management product s has turned into a valuation loss at the time of disposal, the amount corresponding to the valuation loss of the disposal price belongs to the fund trader T. That is, when the money trader T pays the asset manager S an amount equivalent to the valuation loss, the valuation loss is changed to the realized loss, and the asset manager S can secure the book value equivalent.

(12) As an example, it is assumed that the value of the asset management product u held by the asset manager U is 1000, and that the configuration is a book value 1200 and a valuation loss 200. On the other hand, it is assumed that the evaluation value of the valuation loss of the money transaction product v held by the money trader V is 200. The asset manager U expects that the valuation loss of the fund transaction product v will decrease more than the valuation loss of the asset management product u, and that in some cases, the fund transaction product v will turn into a valuation profit. The valuation loss of the asset management product u is expected to decrease in the future beyond the valuation loss of the fund transaction product v, and in some cases, the asset management product u is expected to turn into a valuation profit. In this case, according to the present invention, an exchange transaction due to valuation loss is possible between the asset manager U and the money trader V.
Instead of transferring the right of free disposal of the entire asset management product u and handing over the valuation loss of the asset management product u, the asset manager U accepts the position of the money transaction product v and the valuation loss, Instead of handing over the position of the money transaction product v and its valuation loss, it will take over the right to free disposal of the entire asset management product u and assume 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.
In this way, the valuation loss is transferred to the other party, and in the exchange transaction, the asset manager U recovers the value equivalent to the book value of the asset management product u, and the fund trader V returns the value equivalent to zero of the fund transaction product v. Can be considered recovered. That is, the asset manager U secures a value equivalent to the book value of the asset management product u and then takes market risk regarding the increase or decrease in the valuation loss of the fund transaction product v. It is possible to take market risk on the increase or decrease of losses.
During the exchange period, when asset manager U exercises the transferred right and realizes a loss on valuation of fund transaction product v, or asset manager U performs an assumed obligation and evaluates money transaction product v When a loss is realized, the realized loss belongs to asset manager U. However, if the loss on valuation of the fund transaction product v has turned into a valuation profit at the time of exercising the rights or fulfilling the obligation, the asset manager U can enjoy the realized profit.
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 of the disposal price Belongs to the asset manager U, and the cash flow for the portion of the valuation loss owned by the fund trader V belongs to the fund trader V. That is, the money trader V pays the valuation loss equivalent amount to the asset manager U, so that the valuation loss changes to the realized loss, and the asset manager U can secure the book value equivalent amount. Further, if the valuation loss of the asset management product u has turned into a valuation profit at the time of disposal, the fund trader V can enjoy the realized profit.

  (13) In the present invention, by repeating the arbitration transaction as described above, the asset manager, the fundraiser, and the fund trader can gradually make their positions more advantageous. In other words, if you can properly evaluate the position of the exchange partner over the exchange partner and build an appropriate market view over the exchange partner regarding the change in the future value of the position, by exchanging exchange transactions, It is possible to gradually achieve higher investment yields, lower procurement costs for funding products, more transaction gains and more favorable contract terms for funding products. The same economic effect can be enjoyed even if the exchange transaction in this system is used for an arbitrage transaction with a traditional financial / quasi-financial market.

2. By the way, the certainty, transparency, immediacy, economic efficiency, and efficiency of the transaction are improved by the following features that are combined in the asset management product, the fund procurement product, and the fund transaction product in the present invention.
(1) First of all, there are products that can be traded 24 hours a day domestically and abroad, among bonds and relative funds trading products. Stocks and listed capital trading products are also developed in information technology. As a result of alliances and mergers between exchanges in various countries, transactions that cross borders and trading time barriers have been gradually realized. In accordance with the global trend, the present invention makes it possible to establish exchange transactions for asset management products, fund procurement products, and fund transaction products 24 hours a day in Japan and overseas, and various relative products and various listed products. Immediate in arbitrage transactions with

  (2) Next, the present invention establishes an appraiser who does not have a conflict of interest with the exchange party in the process up to the signing of the exchange contract, and conducts a flaw investigation of the exchange establishment product and an appraisal evaluation of the exchange establishment price. Confirmed that the value of the position that the exchange party exhibited / bidding was fair, and that the exchanged product did not have any legal, ethical, economic, physical or environmental problems. This increases the transparency of the transaction itself.

  (3) Also, various settlement operations and management operations that take place after traditional financial transactions and traditional quasi-financial transactions have been established are difficult to integrate due to their historical background and the systems that can be used differ depending on the product or transaction market. It is not convenient for customers who want to trade a wide variety of products. Therefore, in order to facilitate arbitrage transactions with products handled in traditional financial / quasi-financial transactions, the present invention provides transaction verification, contract creation / transfer, exchange settlement settlement, physical exchange, cash flow exchange. In addition, the company integrated the settlement and management functions after the exchange was completed, such as providing tools for risk management and cash flow management, inspection of legal compliance, credit enhancement, and maintenance and collection of receivables.

  (4) Further, in 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, There is a case where an exchange applicant and a plurality of exchange applicants are matched. That is, by enabling simultaneous exchange transactions between three or more users, the certainty, immediacy and efficiency of the exchange increase.

3. Next, in the present invention, when swapping positions of asset management, fund procurement, and fund transactions, in order to eliminate the existing positions, or to buy or sell brokerage fees to brokers to create new positions. Contract / cancellation fees, redemption fees, underwriting / sales fees, consignment / brokerage fees, and other expenses can be saved.
The intermediary here refers to a traditional financial institution or a traditional real estate company in a transaction such as an individual or a business corporation, and a broker in a transaction between a financial institution or a real estate company. In addition, the fee and various expenses include an amount equivalent to a fee or an amount equivalent to an expense that the intermediary substantially collects through self-transactions with the asset manager, the fundraiser, or the fund trader.
(1) When an asset manager replaces an asset management product he owns with another asset management product, until now the sales manager or cancellation fee, redemption in order to sell, cancel or redeem the former Fees, commission / brokerage fees, and other expenses are paid to intermediaries, etc., and purchase or contract fees, brokerage / brokerage charges, and other expenses are paid to intermediaries, etc. in order to purchase or contract the latter. I had to.
In the present invention, since various fees and other expenses incurred at the time of disposal or extinction of the former and at the time of acquisition of the latter can be saved by exchange transactions, the asset manager can achieve a higher investment yield.
Furthermore, since it is possible to replace a plurality of asset management products by tying them together, various fees and other expenses associated with the reconstruction of the asset portfolio can be saved. For example, if the macro economy is regarded as a recession period, the portfolio will be restructured into interest rate products such as loans and bonds, and if it is considered a transition period to economic recovery, it will be replaced with stocks and stock investment trusts. Demand for replacement with real estate management products and product funds, etc., arises during the rise of inflation concerns during economic overheating, but in the present invention, various asset management products are tied together at these economic moments where the market view is confused. This makes it possible to efficiently change the asset allocation of the entire portfolio.

(2) When the asset manager securitizes loan assets, real estate, etc. that are held, these assets are transferred directly or to trust beneficiary rights and transferred to a special purpose company. A method for issuing to investors is common. This mechanism generates trust fees, underwriting / sales fees, brokerage and brokerage fees, costs and fees for credit enhancement and liquidity enhancement, management and collection fees for transferred assets, and other expenses, which are the value of transferred assets. Is causing the loss of eyes. In addition, when the asset manager, who is the original owner of the asset, acquires a new asset with the transfer price after securitization, the brokerage fee, contract fee, consignment / brokerage fee, and other various expenses will be brokered again. I had to pay to the people.
In the present invention, since an existing asset can be transferred and a new asset can be acquired at the same time by an exchange transaction, various fees and other expenses can be saved, and the asset manager can achieve a higher investment yield.

(3) When a fundraiser replaces a fundraising product he or she owns with another fundraising product, so far, the former has been reimbursed to redeem the former or redeem it during the period, cancel during the term, or cancel the purchase. Or, to cancel the cancellation fee, the purchase fee, and other expenses to the intermediary, etc., and to build the latter position, the intermediary etc. revises the contract fee or underwriting / sales fee related to financing, and other various expenses. Had to pay to.
In the present invention, since 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, the fundraiser can achieve a lower procurement cost. In addition, since multiple funding products can be swapped together, various fees and other expenses associated with restructuring the debt portfolio can be saved.

(4) When a fund trader replaces his / her own fund trading product with another fund trading product, so far, the former has been engaged in the counter-transaction, exercise or cancellation of the former, or the former exercise or deadline. After waiting for arrival, the cancellation fee or commission / brokerage fee, and other expenses are paid to the broker, etc., and the contractor commission, brokerage / brokerage fee, and other expenses are renewed to create a position for the latter. I had to pay to.
In the present invention, since 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, the fund trader has more transaction profits and more advantageous contracts. The condition can be achieved. Furthermore, since it is possible to replace a plurality of fund transaction products by tying them together, various fees and other expenses associated with portfolio reconstruction can be saved.

4). Furthermore, in the present invention, when replacing positions of asset management, fund procurement, and capital transactions, it is not necessary to create a new position after waiting for the dissolution of the existing position. Market risk can be avoided.
(1) When an asset manager replaces an asset management product that he owns with another asset management product, until now, the asset manager has sold, canceled or redeemed the former, or waited for the former to expire Once he had a cash position, he had to purchase or contract a new one.
In the present invention, since the time generated between the disposal or disappearance of the former and the acquisition of the latter can be saved by the exchange transaction, it is possible to avoid the market risk that the market level changes during that time.
Furthermore, since it is possible to replace a plurality of asset management products by tying them together, the market risk associated with restructuring the asset portfolio is reduced compared to the case where products are replaced individually. For example, it is possible to quickly change the asset allocation of the entire portfolio by tying various asset management products together in an economic milestone when the market view is confused.
If the asset management product to be replaced is large, the asset manager often lowers the market value in the process of disposing of the product he owns in the market, resulting in an unwilling average disposal price when the disposal is completed. It was. On the other hand, in the process of acquiring the desired product in the market, the market price was raised by itself, and the average acquisition price was often unwilling when the acquisition was completed. In the present invention, since the asset manager exchanges positions through exchange transactions, it is possible to avoid that the disposal yield and the acquisition act affect the supply and demand balance in the market and the investment yield decreases.

(2) When a fundraiser replaces a fundraising product he has with other fundraising products, the former has previously been reimbursed, redeemed during the period, canceled in the middle or canceled, or the former It was necessary to extinguish the position temporarily by waiting for the maturity of, and then create a new position for the latter.
In the present invention, since the time generated between the cancellation of the former and the creation of the latter can be saved by exchange transactions, the market risk that the market level changes during that time can be avoided. Furthermore, since it is possible to replace a plurality of fund-raising products by tying them together, the market risk associated with restructuring the debt portfolio is reduced compared to when individual products are replaced.
When the funding product to be replaced is large, the fundraiser often raises the procurement cost after the next time when he raises the funding again. In the present invention, since the fundraiser replaces the position through the exchange transaction, it is possible to avoid an increase in procurement cost due to an influence of his own re-procurement on the supply and demand balance in the market.

(3) When a money trader replaces his / her money trading product with another money trading product, until now, the former traded in the opposite trade, exercised or terminated the right, or exercised or expired the former We had to eliminate the position once by waiting for the arrival, and then create a new position for the latter.
In the present invention, since the time generated between the cancellation of the former and the creation of the latter can be saved by exchange transactions, the market risk that the market level changes during that time can be avoided. Furthermore, since it is possible to replace a plurality of funds trading products by tying them together, the market risk associated with portfolio restructuring is reduced compared to the case where products are replaced individually.
If the money trading product to be replaced is large, the fund trader will affect the market value in the process of resolving the holdings in the market, and will have an unwilling average settlement price when the settlement is completed. There were many. In addition, in the process of creating the desired amount 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 money trader replaces the position through the exchange transaction, his / her cancellation action or creation action affects the supply and demand balance of the market, and the transaction profit decreases, and the contract condition becomes disadvantageous. Can be avoided.

  5. In addition, in the present invention, asset portfolios including asset management products and funds trading products can be exchanged through intermediates such as specified money trusts, non-designated trusts, investment securities trusts, investment subsidiary stocks, and fund-type private placement bonds. The whole can be exchanged. Unlike when individual components are replaced, broker exchange transactions can save fees and other costs associated with the full restructuring of the asset portfolio, and can reduce the time required to do so. Risk can be reduced.

6). In the present invention, the efficiency of comprehensive management of assets and liabilities is increased. In other words, by exchanging various asset management products, fund procurement products, and fund transaction products in combination, direct exchange of asset management products, cash flow exchange, cash flow exchange of fund procurement products, cash flow exchange of fund transaction products By combining various combinations of, the various fees and other expenses associated with the reorganization of assets, liabilities and capital structure in the balance sheet can be saved, and the time required for the reorganization can be shortened, thereby reducing market risk. It becomes possible to make it. For example, there are the following combinations in exchange transactions for comprehensive management of assets and liabilities in the present invention.
(A) Exchange transactions between “a combination of asset management products and fund transaction products” and “asset management products”.
(B) Exchange transactions between “Funding Products and Funding Products” and “Funding Products”.
(C) Exchange transactions between “Massage of Asset Management Products and Fundraising Products” and “Asset Management Products”.
(D) Exchange transaction between “Massage of Asset Management Product and Fundraising Product” and “Funding Product”.
(E) Exchange transactions between “Massage of Asset Management Products and Fundraising Products” and “Funding Transaction Products”.
(F) Exchange transaction between “Association of asset management products, fund transaction products and fund procurement products” and “asset management products”.
(G) Exchange transactions between “combination of asset management products, fund transaction products and fund procurement products” and “funding products”.
(H) Exchange transactions between “combination of asset management products, fund transaction products and fund procurement products” and “fund transaction products”.
(I) Exchange transaction between “a combination of asset management products and fund transaction products, fund procurement products” and “a combination of asset management products and fund transaction products”.
(J) Exchange transaction between “a combination of asset management products, fund transaction products and fund procurement products” and “a combination of fund procurement products and funds transaction products”.
(K) Exchange transaction between “a combination of asset management products and funding products and funding products” and “a combination of asset management products and funding products”.

7). The present invention then provides a substantial secondary market for non-liquid products. That is, the liquidity can be substantially improved by exchanging the positions of asset management products, fund procurement products, and fund transaction products by exchange transactions.
(1) Asset management products are largely segmented into financial management products and real estate management products in the transaction market, and these are further subdivided by product. Equilibrium occurred and the product liquidity was likely to be insufficient. Bonds issued by business corporations, stocks of SMEs and private companies, loan receivables, land and buildings, etc. can be acquired and then disposed of, and the market value is kept low. The tendency to invite was strong. In the present invention, asset management products can be directly exchanged not only between similar products but also between different types of products and between different types of products, so that the choices are widened to correct the imbalance between disposal demand and acquisition demand. It becomes possible to dispose of the product without reducing the yield.
In addition, even if it is difficult to dispose of the asset management product currently held due to the complexity of the sales policy, management policy, clerical procedures, and the cost thereof, the present invention uses the cash flow exchange, As with direct exchange, fluidity can be substantially improved.

  (2) Funding products are basically not liquid except for products with provisional repayment clauses or redemption clauses during the period, and there is a strong tendency for excessive cancellation of positions to raise procurement costs. It was. In the present invention, the funding product is substantially liquid by exchanging the cash flow of the position held by itself with the cash flow of the position held by another fundraiser. It is possible to eliminate the holding height without raising.

  (3) Funds trading products are basically not liquid except for some foreign exchange products, futures products and futures option products. Fund trading products related to non-core currencies, various forward products, various over-the-counter option products, various swap products, various synthetic products, etc., tend to cause excessive reductions in trading positions to reduce transaction profits and adverse cancellation conditions. It was. In the present invention, by exchanging cash flows between not only similar products, but also between different types of products and between different types of products, the funds trading products have substantial liquidity, so that transaction profits can be reduced. It becomes possible to eliminate the position without suffering from an unfavorable cancellation condition.

8). The present invention is effective in strengthening or relaxing control over the business, and in acquiring or selling the business.
(1) When an asset manager wants to strengthen control over a specific fundraiser in accordance with a review of management policy, he or she can replace any of the “asset management products” he / she already owns through direct exchange in the present invention. Instead of transferring, by transferring “voting shares issued by the fundraiser” already owned by other asset managers, it is possible to efficiently control the fundraiser without losing liquidity on hand. Can be strengthened.

  (2) If the asset manager wants to relieve control over a specific fundraiser as a result of a review of management policy, he / she already owns the “voting rights issued by the fundraiser” by direct exchange in the present invention. Instead of transferring the `` shares with stock '', by taking over `` any of the asset management products '' already owned by other asset managers, control over the fundraiser without affecting the liquidity at hand Can be effectively mitigated.

(3) Along with the revision of management policy, asset manager W plans to strengthen control over fundraiser Y and relax control over funder Z. On the contrary, asset manager X is the fundraiser. When planning to reinforce control over Z and relax 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 stock with voting rights issued by the fundraiser Z” that the asset manager W already owns, “the voting rights issued by the fundraiser Y already owned by the asset manager X” At the same time, Asset Manager X will be able to raise “Funds already owned by Asset Manager W” instead of transferring “Shares with voting rights issued by Fundraiser Y”. By transferring the voting stock issued by Investor Z, it is possible to efficiently strengthen and relax control over Fundraiser Y and ease and strengthen control over Fundraiser Z without affecting the liquidity at hand. Can be realized.

  (4) When an asset manager wants to acquire a specific fundraiser in accordance with a review of management policy, he or she transfers “any of the asset management products” he / she already owns through direct exchange in the present invention. Instead, by acquiring “voting shares issued by the fundraiser” already owned by other asset managers, the fundraiser can be efficiently acquired without losing liquidity on hand. Can do.

  (5) When the asset manager wants to sell a specific subsidiary in accordance with the review of management policy, the company will transfer the “voted shares issued by the subsidiary” by direct exchange in the present invention. Instead, by taking over “any asset management product” already owned by another asset manager, the subsidiary can be sold efficiently without affecting the liquidity at hand.

(6) With the review of management policy, the asset manager (A) plans to sell his subsidiary (C) and acquire the asset manager (B) subsidiary (D). If the asset manager (B) plans to sell his subsidiary (D) and acquire the asset manager (A) subsidiary (C), the direct exchange in the present invention allows both parties to achieve their goals simultaneously. be able to.
In other words, the asset manager (A) takes over the “voting stock issued by the subsidiary (D) of the asset manager (B)” instead of transferring the “voting stock issued by his subsidiary (C)”. At the same time, the asset manager (B) will receive “voting shares issued by the subsidiary (C) of the asset manager (A)” instead of transferring “shares issued by the 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. In addition, the present invention is effective in starting, strengthening, easing, eliminating, and acquiring or disposing of treasury stock.
(1) If the fund trader (E) and the fund trader (F) agree to share stocks from the management policy, the fund trader (E) is already in charge by the direct exchange in the present invention. Instead of transferring any “Asset Management Products”, the “Voting Stock (F) Issued Shares” issued by other asset managers will be transferred, and the same transaction (F) instead of transferring “any of the asset management products” that he / she already has, with the voting rights issued by “fund trader (E)” already owned by other asset managers By taking over "shares", each share can be held efficiently without losing liquidity on hand.
And it becomes possible to strengthen stock holdings through similar exchange transactions.

(2) If the fund trader (G) and the fund trader (H) agree to ease stock holdings from the management policy, the fund trader (G) Instead of transferring the voting stock issued by the fund trader (H) that you already own, you will receive one of the asset management products already owned by other asset managers. Instead of transferring the voting stock issued by the fund trader (G), the fund trader (H) will transfer the asset management already owned by another asset manager. By taking over “any of the products”, it is possible to ease the stock holdings efficiently without affecting the liquidity at hand.
And it becomes possible to cancel the stock holding by the same exchange transaction.

(3) When the fund trader (I) is planning to purchase treasury stock from the company's stock price countermeasures, the operation of the employee shareholding association, the introduction of the stock option system, etc., by direct exchange in the present invention, Instead of transferring any of the asset management products that you already own to the asset manager, you can use the voting stock issued by the fund manager (I). By taking over, it will be possible to acquire treasury stock without losing liquidity on hand and achieve the same effect as buying from the secondary market.
In addition, it is possible to dispose of the treasury stock that has been held by policy through exchange transactions opposite to this.

  (4) The fund trader (J) and the fund trader (K) have agreed to cancel the stockholding based on the management policy, and both sides will manage their own stock price, operate the employee shareholding association, stock options If the purchase of treasury stock is planned due to the introduction of the system, etc., both parties can achieve the purpose simultaneously by the direct exchange in the present invention. That is, instead of transferring the “voting stock issued by the fund trader (K)” that the fund trader (J) already owns, the fund trader (K) already holds “ The stockholder with voting rights issued by the fund trader (J) is transferred, and at the same time, the fund trader (K) transfers the stock with voting rights issued by the fund trader (J). Instead, by taking over the “voting shares issued by the fund trader (K)” already held by the fund trader (J), the stock holdings will be resolved without affecting the liquidity at hand. The acquisition of treasury stock can be achieved efficiently, and the same effect as the release / purchase in the secondary market can be achieved.

10. The present invention makes it possible to equalize cash flows in the future by concentrating or distributing funds inflows and outflows through various exchange transactions.
(1) If the asset manager has predicted that there will be too little inflow in the medium term compared to short-term or long-term inflow, for example, by direct exchange of asset management products in the present invention, Instead of transferring "short-term asset management products that I own", I will receive "medium-term asset management products held by other asset managers" and "long-term asset management products I own" Instead of transferring, by taking over “medium-term asset management products held by other asset managers”, the inflow of short-term and long-term funds is partially concentrated in the medium-term, and the inflow of funds from the short-term to the long-term is leveled. be able to.

  In addition, by exchanging cash flow of asset management products in the present invention, instead of transferring “cash flow from short-term asset management products that I own”, “medium-term asset management products held by other asset managers” "Cash flow from the medium-term asset management products held by other asset managers" instead of transferring "Cash flow from the long-term asset management products that I own" The same economic effect can be expected by taking over.

  (2) On the contrary, if the asset manager makes a prediction that there will be too little short-term or long-term fund inflow compared to, for example, medium-term fund inflow, asset management in the present invention By directly exchanging products, instead of transferring "the medium-term asset management products that I own", I will receive "short-term asset management products held by other asset managers", and then "I own By transferring “long-term asset management products held by other asset managers” instead of transferring “other medium-term asset management products,” some inflows of funds in the medium-term are dispersed into short-term and long-term. It is possible to level the inflow of funds over

  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 that I own”, the “short-term asset management product held by another asset manager” Instead of transferring cash flow from other medium-term asset management products that you own, instead of transferring cash flow from other long-term asset management products held by other asset managers. The same economic effect can be expected by taking over "Flow".

  (3) If the fundraiser predicts that there will be too many short-term or long-term outflows compared to, for example, medium-term outflows, the cash flow exchange of the funding product in the present invention , Instead of undertaking "cash flow of medium-term funding products held by other fundraisers", hand over "cash flow of short-term funding products that I have" and " Instead of undertaking the cash flow of other medium-term funding products, the short-term and long-term cash outflows are partially concentrated in the medium-term by delivering The outflow of funds can be leveled over a long period of time.

  (4) On the contrary, if the fundraiser is expecting that there will be too much medium-term outflow compared to short-term outflow or long-term outflow, for example, funding in the present invention By exchanging cash flows of products, instead of undertaking "cash flows of short-term funding products held by other fundraisers", we will deliver "cash flows of medium-term funding products that I have" and " Instead of undertaking the cash flow of long-term funding products held by the fundraiser, by delivering "cash flow of other medium-term funding products that I have" some short-term and long-term cash outflows It is possible to level out the outflow of funds from short to long term.

11. The present invention then enables revenue to be determined by substantially counter-selling the same asset management product through direct exchange. In other words, in the present invention, by performing the direct exchange twice through a specific asset management product, an economic effect that is the same as acquisition and disposal of the specific product is produced, 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 rise in the future beyond the value of the asset management product (l) that he owns, and the asset manager (M) When it is predicted that the value of the asset management product (l) will increase in the future beyond the value of the asset management product (m) being operated, an exchange transaction is established in the present invention. As a result, the asset manager (L) who acquired the asset management product (m) disposes of the asset management product (m) when the value of the asset management product (m) increases after the expected market development. If you try to do so, but the traditional trading market has problems such as liquidity, but you can expect the value of different asset management products (n) to rise in the future, you should own the asset management product (n) The best option is to do an exchange transaction with an existing asset manager (N). In the present invention, when the asset manager (N) predicts that the value of the asset management product (m) will further increase from the perspective of the market different from that of the asset manager (L), in 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 acquired from the asset manager (M) by substantial counter-trading, and the capital Gain can be determined.

12 Furthermore, the present invention makes it possible to determine the profits of the fruit portion through cash flow exchange of asset management products and fund procurement products. In other words, if the fund trader has both the position of the asset management product and the position of the funding product, the income gain for a specific period is determined by the cash flow exchange of the asset management product and the funding product in the present invention. can do.
(1) When the cash flow of the asset management product held is exchanged with the cash flow of another asset management product with the same remaining period as the funding product that is held, In the situation where the inflow of funds of asset management products is offset and the former is less than the latter, the income gain for the period can be determined.

  (2) Conversely, if the cash flow of the funding product you have is exchanged for the cash flow of another funding product that has the same remaining period as the asset management product you have, the asset management product The inflow of the current period and the outflow of the funded product after the exchange are offset, and the income gain for the period can be determined in the situation where the former exceeds the latter.

  (3) The cash flow of the asset management product held is exchanged with the cash flow of another asset management product for a certain period, and the cash flow of the fund raising product held is exchanged for other funds for a period equal to the above. When the cash flow of the procured product is exchanged, the inflow of the asset management product after the exchange is offset by the outflow of the funded product after the exchange.・ The gain can be determined.

(4) In addition, the present invention makes it possible to determine the profit of the fruit portion through cash flow exchange by valuation profit / loss. In other words, when a fund trader has multiple valuation gains / losses of asset management products or valuation gains / losses of fund transaction products, in the present invention, these positions are exchanged for positions of a plurality of swap products. The income gain can be determined.
First of all, you have the “valuation gains / losses of asset management products” you own or the “valuation gains / losses of money trading products” that you have. Exchange cash flows with valuation gains / losses of swap products with specified remaining periods to be paid. Next, the “valuation gain / loss of other asset management products” you own or the “valuation gain / loss of other fund trading products” When the cash flow is exchanged for `` valuation gains and losses on swap products that pay fixed fruits and receive variable fruits '' with the same principal amount and remaining period, the fund trader shall determine the income gain for that period in the following cases: Is possible.
(A) The case where both of the fluctuation fruits are offset and the former fixed fruit exceeds the latter fixed fruit.
(B) The case where both fixed fruits are offset and the former variation fruits are less than the latter variation fruits.
(C) The former fixed fruit exceeds the latter fixed fruit, and the former fluctuation fruit is less than the latter fluctuation fruit.
(D) The former fluctuation fruit exceeds the latter fluctuation fruit, but the former fixed fruit exceeds the latter fixed fruit more than the difference.
(E) The former fixed fruit is lower than the latter fixed fruit, but the former fluctuation fruit is less than the latter fluctuation fruit more than the disparity.

13. And this invention enables the efficient use change of money transaction goods.
(1) When a fund transaction product that has been used for the purpose of hedging the position of a held asset management product becomes unnecessary due to the disposal or disappearance of the asset management product, the asset manager By exchanging cash flow exchanges with other companies, instead of handing over the amount of money trading products used for hedging, the funds trading products Enables a quick transition from hedging to trading.

  (2) On the other hand, when a new asset management product is held and it is necessary to hedge the position, the asset manager will have other cash exchanges according to the present invention. Instead of handing over the amount of money trading products for trading purposes, by accepting from other parties the amount of money trading products that can be used for hedging, it is possible to make a quick transition from buying and selling funds trading products to hedging It becomes possible.

  (3) When a fund transaction product that has been used for hedging the position of a fund raising product is no longer needed due to the disappearance or delivery of the fund raising product, Instead of handing over the amount of money trading products used for hedging that has been used by the flow exchange, by taking over the amount of money trading products that can be used for trading from other parties, hedging the money trading products Quick transition from usage to buying and selling is possible.

  (4) On the other hand, when a new fund raising product is held and a hedging of the position becomes necessary, the fundraiser will exchange the cash flow in the present invention, Instead of handing over the desired amount of funds trading product, by accepting from other parties the position of a money trading product that can be used for hedging, it is possible to quickly shift from the trading use of the money trading product to the hedging use. become.

14 Next, the present invention relates to credit provision and provides a new method of asset management.
(1) Regarding asset management products held by asset managers in relation to specific fundraisers, the credit risk held by the asset manager is reduced by a correspondingly lower investment yield due to the revision of the investment policy and objectives. If you want to increase the credit risk that you want to pursue higher investment yields, or if you want to increase the credit risk, the preferred loan or preferred bond, subordinated loan or subordinated bond, preferred stock, common stock, By substituting asset management products such as subordinated stock within the scope of the present invention through direct exchange or cash flow exchange in the present invention, the reimbursement order can be efficiently adjusted without affecting the liquidity on hand. Can be changed. In addition, even if a direct exchange or cash flow exchange is made between an asset management product involving other fundraisers with similar credit risk and the above-mentioned product group involving the fundraiser, there will be substantial compensation. You can change the order.

(2) When the asset manager newly establishes a credit facility for a specific fundraiser in accordance with the establishment of the management policy and objectives, a direct exchange or a cash flow exchange in the present invention will be Instead of transferring any of the asset management products that have been held, the credit risk products already owned by other asset managers, such as loan receivables, bonds, commercial paper, and deposit receivables. By taking over, it is possible to efficiently start providing credit to the fundraiser without losing liquidity on hand.
And it becomes possible to expand the credit provision through similar exchange transactions.

(3) When the asset manager reduces the credit facility for a specific fundraiser in accordance with the review of the management policy and objectives, the direct change or cash flow exchange in the present invention will Instead of transferring the credit risk product you already own, you can transfer any of the asset management products already owned by other asset managers without affecting the liquidity at hand. Credit provision to the fundraiser can be effectively reduced.
It is also possible to stop providing credit through similar exchange transactions.

15. Furthermore, the present invention provides a new method for asset management in connection with selection of asset management contractors for fund-type investment products.
(1) Asset managers identify asset management contractors for fund-type investment products, such as securities investment trusts, real estate investment trusts, product funds, loan trusts, and money trusts, based on strong investment performance and reputation If you want to concentrate on investment trust consignment companies or trust banks, instead of transferring your own `` fund management product of the investment trust organization you want to exclude '' by direct exchange or cash flow exchange in the present invention, By consigning “fund-type investment products of preferred asset management organizations” held by other asset managers, we can efficiently concentrate asset management partners to specific organizations without affecting the liquidity at hand. be able to.

  (2) When the asset manager wants to decentralize specific asset management agencies of fund-type investment products to other investment trust management companies, trust banks, etc. in accordance with the review of asset allocation policies and targets. Instead of transferring the “fund-type investment product of a specific investment trust organization” by direct exchange or cash flow exchange in the present invention, “various investment trust management” held by other asset managers. By taking over the institutional fund-type investment product, it is possible to efficiently distribute asset management partners without affecting the liquidity at hand.

16. In addition, the present invention provides a new method for asset management in connection with the selection of the management contractor of the mediator.
(1) When the asset manager appoints a specific investment advisory company, insurance company, trust bank, etc. as an asset management agency in the intermediary in accordance with the establishment of policy and objectives for asset management, direct exchange and cash in the present invention Instead of transferring "any asset management product" that you already own by flow exchange, you will receive "an intermediary that is managed by the preferred asset management organization" that other asset managers hold. Therefore, it is possible to efficiently start outsourcing to a specific institution without building a portfolio from cash balance.

  (2) When the asset manager wants to narrow down the asset management agency in the intermediary to a specific investment advisory company, insurance company, trust bank, etc. in accordance with the review of the policy and objectives of asset management. Instead of transferring the `` mediator in charge of the management contractor that wants to be excluded '' by direct exchange or cash flow exchange, it is operated by the preferred asset management agency held by other asset managers. By taking over the intermediary that is in charge of, it is possible to efficiently narrow down the outsourcing contractor to a specific institution without temporarily raising the portfolio's cash position.

  (3) If the asset manager wants to open a specific asset management agency in the intermediary he / she has to other investment advisory companies, insurance companies, trust banks, etc. in accordance with the review of the policy and objectives of asset management. Instead of transferring the “media that the specific management contractor is in charge of” through direct exchange or cash flow exchange in the invention, “various management contractors” held by other asset managers By taking over the intermediary that is in charge of management, it is possible to efficiently open up the management contractor without having to make the portfolio once a cash position.

  (4) If the asset manager wants to dismiss a specific asset management agency in the mediator that he / she has reviewed in accordance with the policy and objectives of asset management, he / she owns it through direct exchange or cash flow exchange in the present invention. Instead of transferring the “mediate that is managed by a specific asset management organization”, the portfolio can be raised in cash by taking over “any of the asset management products” held by other asset managers. It is possible to efficiently stop operation commissioning without returning.

17. The present invention relates to real estate management products and provides a new method for asset management.
In other words, if the asset manager wants to acquire the land of a specific region or the aggregate of a specific complex property for the purpose of future development or redevelopment, the asset management Instead of transferring “any of the managed products”, “all properties owned by individual land owners in the area” or “all properties owned by individual section owners in the complex real estate” will be transferred. Or, instead of transferring “one of the asset management products that I own,” by transferring “the total amount of real estate-backed securities or real estate investment trusts that are securitized products of the target property” It is possible to directly or indirectly acquire land of a specific region or a total of a specific complex property without losing liquidity on hand.

18. Furthermore, the present invention enables simultaneous exchange transactions between three or more users regarding direct exchange of asset management products, cash flow exchange, 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 asset management product (o) held by the asset manager (P), and the asset manager (P) disposes of the asset management product (p) held by the asset Assume that the manager (Q) wishes to dispose of the asset management product (q) that he / she owns. At this time, the asset manager (O) wishes to acquire the asset management product (p), the asset manager (P) is the asset management product (q), and the asset manager (Q) is the asset management product (o). If each person wishes to acquire and the disposal request and the acquisition request are circulated among the three parties, the operator of this system is the asset manager (O), asset manager (P), asset manager (Q ) Can be established simultaneously for direct exchange of asset management products. Further, the present invention enables simultaneous direct exchange of asset management products when disposal requests and acquisition requests are circulating among four or more asset managers.

  (2) The asset manager (R) wishes to transfer the “cash flow from the asset management product (r) held” and the asset manager (S) “the asset management product (s) Assume that the asset manager (T) wants to transfer “cash flow from the asset management product (t)”. At this time, the asset manager (R) wishes to transfer the “cash flow from the asset management product (s)”, and the asset manager (S) “the cash flow from the asset management product (t)” If the operator (T) wishes to transfer “cash flow from the asset management product (r)” and the transfer request and transfer request are circulated among the three parties, the operator of this system Cash flow exchange of asset management products can be simultaneously established among 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 when transfer requests and transfer requests are circulating among four or more asset managers.

  (3) The fundraiser (U) wishes to deliver the “cash flow of the fundraising product (u) he / she holds” and the fundraiser (V) “cashflow of the fundraising product (v) he / she holds” ”And the fundraiser (W) each wish to deliver“ cash flow of the fundraising product (w) ”. At this time, the fundraiser (U) wishes to accept the “cash flow of the fundraising product (v)”, and the fundraiser (V) is the “cashflow of the fundraising product (w)” and the fundraiser ( If W) wants to accept “cash flow of fundraising product (u)” and the request for delivery and the request for acceptance circulate among the three parties, the operator of this system shall U), the fundraiser (V), and the fundraiser (W) can simultaneously establish a cash flow exchange for the fundraising product. In addition, the present invention enables simultaneous cash flow exchange of fund-raising products even between four or more fundraisers when there is a circulation of delivery wishes and acceptance wishes.

  (4) The fund trader (X) wishes to deliver the “valuation gain / loss of the fund transaction product (x) possessed”, and the fund trader (Y) “valued profit / loss of the fund transaction product (y) possessed” ”, And the money trader (Z) wants to hand over the“ valuation gain / loss of the fund transaction product (z) ”. At this time, the fund trader (X) wishes to underwrite the “valuation gain / loss of the fund transaction product (y)”, and the fund trader (Y) If Z) wants to underwrite “valuation gain / loss of money transaction product (x)” and the request for delivery and the request for acceptance circulate among the three parties, the operator of this system shall X), a money trader (Y), and a money trader (Z) can simultaneously establish a cash flow exchange of a money transaction product. In addition, the present invention enables the simultaneous cash flow exchange of the fund transaction product even when the transfer request and the transfer request are circulated among the four or more fund traders.

  (5) In addition, the present invention provides a tie exchange for asset management products, a tie exchange for fund procurement products, a tie exchange for fund transaction products, a tie exchange between asset management products and fund transaction products, It enables simultaneous exchange transactions between three or more users in tying exchanges, tying exchanges between asset management products and fund raising products, and tying exchanges of asset management products, fund raising products and fund transaction products.

  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. That is, an exchange transaction market for financial products, quasi-financial products, and / or other products can be created via one or more computer networks, and users can establish an exchange transaction.

  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 successful bid will be described. However, the present invention relates to a storage medium and a computer system in which a computer program for reciprocally matching the demand for eliminating the position of the asset management product, the fund-raising product, and the money transaction product and the creation demand of the position, and a product exchange. There is a transaction method, and the mechanism for that purpose and the target product are not limited to the mechanism described in the present embodiment and the products listed in the present embodiment. Note that, depending on the type and attribute of the desired replacement product, the relative method can easily match the cancellation demand and the creation demand to each other, and an example will be described later.

First, the operator of this system specifies an asset manager, a fundraiser, and a capital transaction operator who wants to use the service. These users can submit listings, bids, successful bids, transaction verifications, creation and signing of basic agreements, exchanges with appraisers regarding appraisal of exchange transaction products and appraisals of exchange transaction values, creation of exchange contracts Signing, exchange difference settlement, physical delivery, cash flow exchange during the exchange period, and various service charges can be received and paid on this system.
There are two types of exchange applicants in this 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 participates in the bid after confirming that the seller's desired product is his / her desired product and that the seller's desired product is his / her desired product. Called the winning bidder when established.
In various exchange transactions, exhibitors and bidders may use the positions they already have as the products they wish to provide, or the positions they plan to create for exchange transactions as the products they want to provide.

At the stage where the seller's desired product matches the bidder's desired product and the seller's desired product matches the bidder's desired product and the exchange is established, The difference between the prices of both products is settled in the form of exchange differences.
In other words, if the exchange of cash flows of the asset management product or the cash flow of the asset management product is established, if the exchange of the valuation profit of the asset management product is established, or if the exchange of the valuation gain of the fund transaction product is established, The side that received the product of the product, that is, the side that transferred the lower product, paid the difference as the exchange difference to the side that received the lower product, that is, the side that transferred the higher product. Is balanced. If the latter agrees, the former can substitute the exchange margin with other products of the same value.
On the other hand, when the exchange of funding products is established, the exchange of valuation losses of asset management products is established, and the exchange of valuation losses of funds trading products is established, The side that accepts the lower priced product pays the difference as an exchange difference to the side that delivers the lower priced product, that is, the side that accepts the higher priced product, so that both exchanges are balanced. If the latter agrees, the former can substitute the exchange margin with other products of the same value.

If multiple bidders appear for one listing of the actual or total cash flow of the asset management product, one listing of the valuation gain of the asset management product, or one listing of the valuation gain of the fund transaction product, competition As the principle works, the desired offer price on the exhibitor side rises and / or the desired acquisition price falls. As a result, the exchange is established with the desired offer price after the increase and / or the desired acquisition price after the fall, and the exchange difference is settled between the successful bidder and the exhibitor who allows the desired offer price and / or the desired acquisition price. Therefore, both exchanges are balanced.
On the other hand, if there are multiple bidders for one fundraising product listing, one asset management product valuation loss listing, or one fund trading product valuation loss listing, the competitive principle will work. The desired offer price on the exhibitor side decreases and / or the desired acquisition price increases. As a result, the exchange is established with the desired offer price after the decline and / or the desired acquisition price after the rise, and the exchange difference is settled between the successful bidder and the exhibitor who allows the desired offer price and / or the desired obtainment price. Therefore, both exchanges are balanced.

The basic agreement in the embodiment of the present invention refers to a contract that the operator of the system and the exhibitor tentatively exchange at the stage where the transaction comparison of the successful bid is completed, and the operator and the successful bidder An exchange contract is a contract between the operator and the seller, and the operator and the successful bidder. Refers to the contract to be finally exchanged. The reason why the operator exchanges the basic agreement and the exchange contract 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 have reached an agreement, the seller and the successful bidder can exchange the basic agreement and exchange agreement directly, omit the process of exchanging the basic agreement and the flaw survey and appraisal, It is also possible to exchange exchange contracts immediately after transaction verification.

The operator provides a section for each transaction type as follows on the screen displayed on the client terminal.
(A) Direct exchange section of asset management products This section includes loan management assets such as loans, stocks, bonds, money trusts, deposit receivables, land and buildings, complex real estate, real estate-backed securities, real estate investment trusts, etc. Bidding is conducted for listings of asset management products such as real estate management products, and the actual product is exchanged between the exhibitor and the successful bidder.
(B) Cash flow exchange section of asset management products In this section, bids are made for listings of the asset management products, and cash flows of products are exchanged between exhibitors and successful bidders.
(C) Equilibrium section for direct exchange / cash flow exchange of asset management products In this section, a bid is placed for the listing of the asset management product, and direct exchange and cash flow exchange between the seller and the successful bidder Goods are exchanged by a compromise method.
(D) Cash Flow Exchange Section for Funding Products In this section, bids are placed on listings for funding products such as debt, stocks, bonds, commercial paper, and deposit obligations. Product cash flow is exchanged between
(E) Cash flow exchange section for fund transaction products In this section, bids are made for the listing of money transaction products such as foreign exchange products, financial derivatives, real estate derivatives, and physical derivatives. The cash flow of the product is exchanged with the person.
(F) Cash flow exchange section between asset management products and fund transaction products In this section, bids are made for the listing of the asset management products and the listing of the money transaction products. Thus, the cash flow of the product is exchanged based on the valuation profit / loss.
(G) General Asset and Liability Management Section In this section, various combinations of direct asset management product exchanges, asset management product cash flow exchanges, funding product cash flow exchanges, and cash transaction product cash flow exchanges are listed. Bidding is performed on the product, and the actual goods and cash flow are exchanged between the exhibitor and the successful bidder.

Operators are expected to list the names, brands, types and attributes of various products for which exchange transactions have recently been completed, terms, conditions, exchange period, exchange establishment price, exchange completion quantity in the case of unit price products, etc. A summary or details of the current product is displayed in real time in the section by transaction type. Asset managers, fundraisers, and fund traders know the market level and supply / demand balance of various exchange transactions based on this information, and ask them when to participate in bidding. The details of the exchange transactions that have been established will be disclosed for the purpose of showing users of the system the market level and supply / demand balance of the exchange transactions. Confidential information such as clauses is basically not disclosed.
In addition, as reference data for users to conduct arbitrage transactions between this system and traditional financial and quasi-financial markets, the operator can use the contract prices, quotes, theoretical values, etc. of various financial and quasi-financial products. In addition, it may be displayed in real time.

The system user who confirms the market price level of exchange transactions on the screen and decides to exhibit, the name / brand / type / attribute / conditions of the desired product to be provided, the name / brand / type / attribute / condition of the desired product , Creditworthiness of acceptable exchange partner, desired exchange price, in the case of unit price products, desired exchange quantity, desired exchange period, desired exhibition period and whether it can be automatically extended or terminated early, various requests for bidders, etc. To tell. In the present invention, information disclosure at this stage of a desired product to be provided is called primary information disclosure by an exhibitor.
The operator confirms that there is no problem with the seller's creditworthiness, that there are no false announcements about the desired product, and that the desired exchange price is a fair value based on the optimal valuation method. Consent. The seller's personal name / corporate name is hidden and the product information is displayed in the section by transaction type. Among the information related to the products you want to provide, there is confidential information that the exhibitor wants to avoid disclosure until the last minute.Basically, the more primary information disclosure is, the more secure the bidder is. Many bidders can be invited. When the exhibitor invites bidders using the prospectus, the individual name / corporate name of the exhibitor is disclosed from the beginning.
The seller transfers the transaction margin to the operator, and the operator stores it in an account opened 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 record with the exhibitor, and the like.

The system user who confirms the above-mentioned listing on the screen and decides to bid is the name / brand / type / attribute of the product he / she wishes to offer, various conditions, desired exchange price, desired exchange price, unit price product Informs the operator of the desired exchange quantity, desired exchange period, desired bid participation timing, various requests to the exhibitor, etc. In the present invention, information disclosure at this stage of a desired product to be provided is referred to as primary information disclosure by a bidder.
The operator confirms that there is no problem with the bidder's creditworthiness, that there are no false announcements about the products he wants to offer, and that the desired exchange price is a fair value based on the optimal valuation method. Consent. The bidder's personal name / corporate name is hidden and the product information is fed back to the seller. Some of the information related to the products you want to offer is confidential information that bidders want to avoid disclosure until the last minute. Basically, the better the primary information disclosure, the more secure the seller and exchange. The possibility of establishment of increases.
The bidder transfers the transaction margin to the operator, and the operator stores it in an account opened for each bidder. The amount of the transaction margin is determined by the operator in consideration of the exchange desired product in the current exchange transaction, the desired exchange price, the desired exchange period, the bidder's creditworthiness, past transaction results with the bidder, and the like.

In the present invention, when a plurality of bidders are matched with respect to one seller according to the size, type, and attribute of the evaluation value of the exchange desired product, When matched, multiple bidders may be matched against multiple sellers. That is, in these cases, an exchange transaction is simultaneously established between three or more users.
In addition, if the desired exchange product is multiple asset management products, multiple fund raising products, multiple fund transaction products, or a combination of asset management products and fund transaction products, fund procurement If the product is a tie-up between a product and a fund-traded product, a product-funded product and a fund-raising product, or a product-funded product, a fund-raising product, and a fund-traded product, There are a method for bidding once and a method for bidding using a net 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 provide the product [b], the exchange applicant [C] wants to provide the product [c], and 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]. When the exchange request is circulated among exchange applicants, the system operator may arrange simultaneous exchange transactions between the three parties. A simultaneous exchange transaction may also be carried out when there is a circulation of provision and acquisition requests among four or more exchange applicants.

  In the bidding method, the seller-bid for the calculation method of the desired exchange price, the amount of the exchange difference, the desired exchange period, the composition and disassembly of the exchange desired product, the additional conditions for completing the exchange, the exhibition period and the bid participation timing, etc. When negotiation between the sellers is necessary, the negotiation between the seller and the operator and the negotiation between the bidder and the operator are replaced with this, and the anonymity of the transaction is basically maintained.

  If the exchange transaction is not successful, the exhibitor can re-list the same desired product at different times. In that case, the amount of information disclosed in the primary information, the creditworthiness of the exchange partner allowed, the desired exchange price, in the case of unit price products, the desired exchange quantity, the desired exchange period, the method of synthesizing and disassembling the desired products, the exchange The conditions for establishment, the name / brand / type / attribute of the desired product, the conditions, etc. will be reviewed in advance.

When an exchange transaction is established, the operator performs transaction verification for both the exhibitor and the successful bidder. When verification 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 is signed. The operator has a master agreement for each transaction form, and corrects the master agreement in accordance with the established exchange transaction, and makes it an actual basic agreement.
In the basic agreement, the name / brand / type / attribute of the two exchanged products, terms and conditions, the form of the exchange transaction, the special provisions of the exchange contract, the exchange period, the exchange formation price, and the exchange establishment in the case of the unit price product Depending on the quantity, amount of exchange margin, schedule until the conclusion of the exchange contract, method of appraisal of products and appraisal of transaction value, information on appraisers in charge of appraisal and appraisal, results of appraisal and appraisal Includes the fact that the exchange contract will be changed or invalidated, and the expiration date of the basic agreement.

After the signing of the basic agreement, a defect inspection of the exchange-completed product and an appraisal value of the exchange formation price are performed. This is because the appraisers who are not in conflict of interest with the seller or the successful bidder were in charge, and the desired exchange price of both sides, which was the starting point of bidding, was fair, and the exchanged products were legal and ethical It is confirmed that there is no concern for economic, physical and environmental problems.上 げ る In order to improve the accuracy of the survey and appraisal, the exchange winner must submit all information related to the products he / she provided, such as the basis for calculating the desired exchange price and existing contracts, to the appraiser. In the present invention, the information disclosure at this stage of the exchange completed product is referred to as secondary information disclosure by the exhibitor and the successful bidder. In addition, if the exchange-completed product is a general product and the fairness of the exchange-established value can be easily recognized, the operator of this system can also serve as an appraiser, or the process of flaw survey and appraisal can be omitted. Sometimes.
The operator-exhibitor at the stage where, as a result of flaw survey and appraisal based on the second disclosure, it is confirmed that no flaws are found in the exchanged products and the preferred exchange price is a fair value. Exchange contracts and operator-successful bidder exchange contracts are concluded. At that time, the exhibitor and the successful bidder pledge that the merchandise will not be managed until the actual exchange of the exchange completed product, the settlement of the exchange difference, and the cash flow exchange during the period are completed. The exchange contract is used after correcting the signed basic agreement.
瑕疵 If the result of the survey / appraisal evaluation shows that the exchange-confirmed product has a defect, or if the desired exchange price is found to be an unfair value, the appraisal evaluator shall be the original provider of the product The exchange partner and the operator of this system are fed back the contents of the defect or the result of the appraisal, and the original provider and operator, and the exchange partner and operator, respectively, exchange exchange price and exchange difference amount Review the exchange period, special terms of the exchange contract, etc. As a result, if the provider and the exchange partner have reached 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 the agreement, the exchange is established It will be returned to a blank sheet.

After signing the exchange contract, the operator will perform management work on the following matters.
(A) Intervene in the exchange of the actual exchange-completed product.
(B) Settlement of exchange differences between exchange establishments is performed by an account transfer process on this system.
(C) During the exchange period, exchange of cash flow between exchange establishments is performed by an account transfer process on this system.
In addition, the service provision fee and line usage fee received by the operator itself from the exchange establishment party are deducted in the process when cash flows are exchanged between the exchange establishment parties via this system, and separately collected from the exchange establishment party. There is a way to do it. In addition, when the cash flow reception and payment coincide with each other between the exchange establishment parties, the operator performs account transfer processing after offsetting these.
(D) Perform administrative procedures that occur between exchange establishment parties in the exercise of various rights such as the right of free disposal based on the exchange contract and the performance of various obligations.
(E) Check whether the exchange contractors involved in the exchange contract appropriately comply with laws and regulations, report transactions to authorities, and disclose information to the general public. In addition, the operator will report to the authorities and disclose to the public as necessary.
(F) Provide tools such as software that can be used for risk management and cash flow management to the exchange entrants.
(G) During the exchange period, the exchange party will be directly or indirectly engaged in credit risk, so the operator intervening between the parties will have a credit rating, various financial indicators, and the scale and future potential of the business. In order to compensate for the creditworthiness of the parties based on market recognition and other factors, and if the creditworthiness is insufficient, cash will be compensated depending on the form of exchange transactions and the amount of transaction margin collected. You can request security collateral such as collateral or bonds, stocks, beneficiary certificates, negotiable deposits, commercial paper, or request guarantees from banks, insurance companies or other guarantors.
In addition, during the period, if the exposure of credit risk to the exchange partner increases or decreases due to changes in the evaluation value of exchange transaction products or the progress of exchange of principal and fruit, the operator will request additional collateral or request additional guarantee In order to maintain proper creditworthiness, the degree of collateral and guarantees is adjusted each time by returning surplus collateral and releasing surplus guarantees. In some cases, the shortage of creditworthiness may be reflected in the amount of cash flow to be exchanged.
Nevertheless, in the event that an exchange winner falls into default, the operator will play a leading role in the maintenance and collection of receivables and legal procedures for the exchange partner.
(H) Perform administrative procedures that occur when the exchange establishment party cancels the exchange contract or transfers the contract to a third party.
(I) If the user of this system posted banner advertisements or pop-up advertisements related to exchange transactions on this system for other users, the party shall receive payment of advertising fees, appraisal evaluation fees, etc. It is done by direct debit processing.

In order to facilitate the establishment of the exchange, the desired exchange price that the exhibitor or bidder tells the operator must be a fair value. In the case of priced products with liquidity, the fair value refers to the market value, such as the contract price published on the stock exchange, derivative products exchange, over-the-counter market, inter-financial institution market, real estate company market, etc. Refers to the quote price.
On the other hand, in the case of non-liquid priced products and non-price products, the fair value is the theoretical value that is reasonably calculated by eliminating arbitraryness. The rational calculation method of the theoretical value includes a method that calculates the market value of similar products by taking into account fluctuation factors such as interest rate, maturity, credit risk, and individual product characteristics, as well as the future cash flows generated from the products. There are a method of calculating the present value by rebating by a rate, and a method of using a theoretical value model recognized in the market. Further, in the case of a composite product or the like whose component parts each have a market value, there is a method of calculating by combining the market values.

Regardless of price products or non-price products, if there are multiple fair evaluation values for one product, a method of calculating the weighted average value etc. after combining these multiple evaluation methods, or these multiple evaluation values The preferred exchange price is determined by using only the most fair value.
In order to make it easier to compare multiple suggested exchange prices presented, the operator of this system will instruct sellers and bidders to adopt an equal valuation method and exchanges will be paid to the operator during exchange transactions. Unification of calculation bases such as whether transaction fees, maintenance of position, exercise of rights, expenses required to fulfill obligations, expenses required at the end of the exchange, etc. are included in the desired exchange price in advance during the exchange period But the operator plays a leading role. In addition, the operator can provide tools such as software that can be used to calculate the evaluation amount to those who wish to exchange via this system.

In the exchange transaction in this system, it is required to recognize or calculate the desired exchange price of each financial product or quasi-financial product by the following method, for example.
When loan receivables are bought and sold in the secondary market like bonds, the market value is the preferred exchange price. For non-liquid loan receivables, the acquisition price can be used as the preferred exchange price.However, if there is a problem with the business condition or financial status of the borrower, the credit risk ranking and future cash flow predictions can be made. Based on this, the estimated bad debt amount is calculated, and the desired exchange price is obtained by subtracting the estimated bad debt amount from the acquisition price.

  Various deposits such as savings deposits, time deposits, and negotiable deposits can be used as the desired exchange price. However, if the deposit amount exceeds the upper limit of the principal and interest guarantee and there is a problem with the management status and financial content of the financial institution that is the deposit destination, the deposit is determined based on the credit risk ranking and the prediction of future cash flows. The estimated amount of bankruptcy receivables is calculated, and the amount obtained by deducting the estimated amount of bankruptcy receivables from the deposit value is set as the desired exchange price.

  For fund-type investment products, the market price is the preferred exchange price for price products found in securities investment trusts, real estate investment trusts, and product funds. In the case of products that can be called quasi-deposit products, such as loan trusts, narrow money trusts, and public and corporate bond investment trusts, depending on principal guarantees and investment policies, the acquisition price of the beneficial interest can be used as the desired exchange price. In addition, the mediator basically discloses the product composition of the portfolio and the valuation value of each product, and then makes the desired exchange price the sum of the valuation values of the assets under management.

In the case of privately held stocks, the preferred exchange price is the contract price or quote price announced in a trading system that can be traded as needed, and in the case of non-liquid stocks, the net asset value method or revenue The theoretical value that can be calculated by the force method, market price comparison method, etc. is the desired exchange price.
The net asset value method includes the book value net asset method using the net asset value in the book, the repurchased current net asset method by subtracting the liability from the total current repurchase price of the asset, and the liability from the total current sellable price of the asset. There is a liquidation value net asset method. In addition, the profitability method includes a profit return method that divides expected future profits by the capital return ratio, a dividend return method that divides future expected dividends by the capital return ratio, etc. There is a discounted cash flow method in which debt is deducted from the sum rebated to value. The market share price comparison method compares the dividends, profits, and net asset value, and calculates the share price of the target company from the average share price of listed companies belonging to similar industries. There is a similar company comparison method in which the target company's stock price is calculated from the average stock price of multiple similar companies by comparing the net asset value.

For land, buildings, complex real estate that is a combination of both, and compartmentalized ownership buildings, the preferred exchange price is calculated using a cost method, a transaction case comparison method, a profit sharing method, or the like. The cost method is a method in which the real estate replacement cost is used as an evaluation value, and the transaction example comparison method is a method in which a value found 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 the sum of the future cash flows, such as rent and sale price, discounted to the present value is used as the evaluation value.
On the other hand, for real estate-backed loans, real estate-backed securities, real estate investment trust beneficiary rights, investment securities issued by real estate investment corporations and investment corporation bonds, the preferred exchange price may be calculated according to the financial management product. it can.

  For fund-raising products, the present value can be calculated by rebating the future cash flow by the interest rate taking into account credit risk, etc., and can be used as the desired exchange price.

  For foreign exchange products, financial derivatives, real estate derivatives, and in-kind products, in the case of listed products, the valuation profit / loss is calculated using the contract price and quote price announced on the derivative products exchange and stock exchange. The desired exchange price. In the case of unlisted products, the method of using contracts and quotes published in the inter-financial institution market and the real estate company market, and the future cash flow of the product is rebated by the interest rate taking into account credit risk. The valuation gain / loss is calculated by the method of calculating the present value, the method of using the theoretical value model recognized in the market, etc., and it is set as the desired exchange price.

Embodiments of the present invention will be described below with reference to the drawings.
First, FIG. 1 shows an example of direct exchange of asset management products, and shows a case where the same type of financial management product is a replacement target.
Here, the asset manager 1 has the loan receivable 12 and the asset manager 2 has the loan receivable 11. However, as a result of the direct exchange being established, the asset manager 1 instead of transferring the loan receivable 12. At the same time, the asset manager 2 was able to acquire 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 bond 16 and bond 15, asset manager 7 and asset manager 8 and so on. 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 claims 20 and 19 respectively.

FIG. 2 shows another embodiment of direct exchange of asset management products, and shows a case where different types of financial management products are to be exchanged.
Here, the asset manager 1 has the bond 15 and the asset manager 2 has the loan receivable 11. However, as a result of the direct exchange, the asset manager 1 instead of transferring the bond 15 has the loan receivable. At the same time, asset manager 2 was able to transfer bond 15 instead of transferring loan receivable 11.
Similarly, asset manager 3 and asset manager 4 are securities investment trust 17 and stock 13, asset manager 5 and asset manager 6 are stock 14 and bond 16, asset manager 7 and asset manager. The person 8 exchanges the deposit receivable 19 and the securities investment trust 18, and the asset manager 9 and the asset manager 10 directly exchange the loan receivable 12 and the deposit receivable 20, respectively.

FIG. 3 shows another embodiment of 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 has the loan trust 23 and the asset manager 2 has the term deposit 21, but as a result of the direct exchange being established, the asset manager 1 instead of transferring the loan trust 23. 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 manage the public and corporate bond investment trust 27 and the transferable deposit 25, the asset manager 5 and the asset manager 6 manage the money trust 29 and the public and corporate bond investment trust 28, and manage the asset. 7 and the asset manager 8 exchange the time deposit 22 and the money trust 30 directly, and the asset manager 9 and the asset manager 10 exchange the negotiable deposit 26 and the loan trust 24 directly.

FIG. 4 shows another embodiment of direct exchange of asset management products, and shows a case where financial management products of different stock types are to be exchanged.
Here, asset manager 1 has beneficiary rights 33 of a stock investment trust and asset manager 2 has shares 31 of a private company, but as a result of the direct exchange, asset manager 1 Instead of transferring the beneficiary right 33 of the investment trust, the stockholder 31 of the private company can be transferred. At the same time, the asset manager 2 can transfer the beneficiary right 33 of the stock investment trust instead of transferring the share 31 of the private company. It was.
Similarly, asset manager 3 and asset manager 4 are asset-backed investment securities 37 and project finance investment securities 35, and asset manager 5 and asset manager 6 are investment securities 39 and assets of company-type investment trusts. Secured investment securities 38, asset manager 7 and asset manager 8 project private company shares 32 and company-type investment trust investment securities 40, and asset manager 9 and asset manager 10 -Directly exchange the finance investment securities 36 and the beneficiary rights 34 of the stock investment trust.

FIG. 5 shows another embodiment of direct exchange of asset management products, and shows a case where different types of stock-related management products from the same fundraiser are to be exchanged.
Here, the asset manager 1 has the convertible stock 43 and the asset manager 2 has the redeemed stock 41. However, as a result of the direct exchange, the asset manager 1 transfers the convertible stock 43 instead. At the same time, asset manager 2 was able to acquire convertible shares 43 instead of transferring redeemed shares 41.
Similarly, asset manager 3 and asset manager 4 convert convertible bonds 45 and convertible shares 44, asset manager 5 and asset manager 6 exchange redeemed shares 42 and stock deposit notes 47, and asset manager 7 And the asset manager 8 exchange the warrant bonds 49 and the convertible bonds 46 directly, and the asset manager 9 and the asset manager 10 exchange the stock deposit documents 48 and the warrant bonds 50 directly.

FIG. 6 shows another embodiment of direct exchange of asset management products, and shows a case where financial management products having different order of reimbursement from the same fundraiser are exchange targets.
Here, the asset manager 1 has the subordinated loan receivable 53 and the asset manager 2 has the preferred bond 51. However, as a result of the direct exchange, the asset manager 1 transfers the subordinated loan receivable 53. Instead, the asset manager 2 was able to acquire the subordinated loan receivable 53 instead of transferring the priority bond 51.
Similarly, asset manager 3 and asset manager 4 have subordinated stock 55 and subordinated loan receivable 54, asset manager 5 and asset manager 6 have common stock 59 and preferred stock 57, and asset manager 7 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 exchange the preferred stock 58 and the subordinate stock 56 directly.

FIG. 7 shows another embodiment of direct exchange of asset management products, and shows a case where real estate management products of the same type are to be exchanged.
Here, asset manager 1 owns land 62 and asset manager 2 owns land 61. As a result of the direct exchange, asset manager 1 uses land 61 instead of transferring land 62. At the same time, asset manager 2 was able to transfer land 62 instead of transferring land 61.
Similarly, asset manager 3 and asset manager 4 are building 64 and building 63, asset manager 5 and asset manager 6 are complex property 66 and complex property 65, asset manager 7 and asset management. The person 8 directly exchanges the real estate collateral securities 68 and the real estate collateral securities 67, 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 direct exchange of asset management products, and shows a case where different types of real estate management products are to be exchanged.
Here, asset manager 1 owns building 63 and asset manager 2 owns land 61. As a result of the direct exchange, asset manager 1 uses land 61 instead of transferring building 63. At the same time, the asset manager 2 was able to acquire the building 63 instead of transferring the land 61.
Similarly, the asset manager 3 and the asset manager 4 are the real estate investment trust 69 and the building 64, the asset manager 5 and the asset manager 6 are the real estate-backed securities 67 and the complex real estate 65, and the asset manager 7. And asset manager 8 directly exchange land 62 and real estate collateral securities 68, and asset manager 9 and asset manager 10 directly exchange complex real estate 66 and real estate investment trust 70, respectively.

FIG. 9 is another embodiment of direct exchange of asset management products, and shows a case where different types of real estate collateral products from the same special purpose company are to be exchanged.
Here, the asset manager 1 holds the specific purpose priority loan receivable 73 and the asset manager 2 holds the specified subordinated corporate bond 71. As a result of the direct exchange, the asset manager 1 Instead of transferring the receivable 73, the specific subordinated corporate bond 71 was transferred. At the same time, the asset manager 2 was able to transfer the special purpose priority loan receivable 73 instead of transferring the specified subordinated corporate bond 71.
Similarly, asset manager 3 and asset manager 4 will convert convertible bonds 77 and specified common stock 75, asset manager 5 and asset manager 6 will convert warrant specified bonds 79 and convertible specified bonds 78, and assets. The manager 7 and the asset manager 8 are the specified subordinated corporate bonds 72 and the warrant specified corporate bonds 80, and the asset manager 9 and the asset manager 10 are the specified common stock 76 and the specified purpose priority loan claims 74, respectively. Direct exchange.

FIG. 10 shows another embodiment of direct exchange of asset management products, and shows a case where products of different industries are to be exchanged.
Here, the asset manager 1 owns the building 63 and the asset manager 2 owns the loan receivable 11. However, as a result of the direct exchange, the asset manager 1 replaces the building 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, asset manager 3 and asset manager 4 are land 61 and stock 13, asset manager 5 and asset manager 6 are complex real estate 65 and bond 15, asset manager 7 and 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 receivables 19, respectively.

FIG. 11 shows another embodiment of direct exchange of asset management products, and shows a case where fund-type management products or mediators of different or different industries are exchange targets.
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 designated money trust 83 instead of transferring the specified money trust 81.
Similarly, the asset manager 3 and the asset manager 4 are the real estate investment trust 69 and the non-designated trust 84, the asset manager 5 and the asset manager 6 are the specified money trust 82 and the commodity fund 85, The manager 7 and the asset manager 8 directly receive the fund-type private placement bond 87 and the real estate investment trust 70, and the asset manager 9 and the asset manager 10 directly the product fund 86 and the fund-type private placement bond 88, respectively. We are exchanging.

FIG. 12 shows another embodiment of direct exchange of asset management products, and shows a case where products are exchanged by tying them together.
Here, asset manager 1 has “loan receivable 11 and bond 15”, and asset manager 2 has “stock 13 and securities investment trust 17”. Instead of transferring “Loan Claim 11 and Bond 15” together, Party 1 receives “Stock 13 and Securities Investment Trust 17” 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 make “the complex real estate 65 alone” and “the tie of the real estate collateral securities 67 and the real estate investment trust 69”, and the asset manager 5 and the asset manager 6 “The tie of the securities investment trust 18 and the real estate investment trust 70” and “the tie of the stock 14 and the land 61 and the building 63” are directly exchanged respectively.

FIG. 13 shows another embodiment of direct exchange of asset management products, and shows a case where products are exchanged by three parties.
In the left figure, 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 instead of transferring the bond 15, the bond 16 At the same time, asset manager 2 was able to acquire bond 15 instead of transferring bond 16.
Next, the asset manager 1 who has transferred the bond 16 directly establishes an exchange with the asset manager 3 holding 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 Instead of transferring the bond 89, the asset manager 3 was able to transfer the bond 16.
In the left figure, the direct exchange by the three parties is established through two stages, but in the present invention, this can be established at the same time. In the figure on the right, asset manager 4 owns bond 90, asset manager 5 owns bond 91, and asset manager 6 owns bond 92. As a result of the simultaneous exchange between the three parties, Manager 4 receives bond 92 instead of transferring bond 90, asset manager 5 receives bond 90 instead of transferring bond 91, and asset manager 6 receives bond 91 instead of transferring bond 92. I was able to take over.

FIG. 14 is an example of a fund flow and billing mechanism for direct exchange of asset management products.
In [1] in the figure, as a result of the direct exchange being established, the seller 94 who is the asset manager pays the exchange margin to the successful bidder 95 who is the asset manager.
In [2], the exhibitor 94, the successful bidder 95, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 pay the service providing fee, the line usage fee, etc. to the operator 93 of this system.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.

Next, FIG. 15 shows an embodiment of 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. However, as a result of the cash flow exchange, the asset manager 1 ”Instead of transferring“ cash flow from bond 15 ”, and at the same time asset manager 2 may transfer“ cash flow from loan 15 ”instead of transferring“ cash flow from bond 15 ” did it.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from stock 13” and “cash flow from securities investment trust 17”, and asset manager 5 and asset manager 6 “bond 16 "Cash flow from stock" and "Cash flow from stock 14", asset manager 7 and asset manager 8 perform "cash flow from securities investment trust 18" and "cash flow from deposit receivable 19" 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 is another example 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, asset manager 1 owns land 61 and asset manager 2 owns building 63. However, as a result of the cash flow exchange, asset manager 1 receives “cash flow from 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, asset manager 3 and asset manager 4 perform “cash flow from building 64” and “cash flow from real estate investment trust 69”, and asset manager 5 and asset manager 6 “composite real estate "Cash flow from 65" and "Cash flow from real estate collateral securities 67", asset manager 7 and asset manager 8 "Cash flow from real estate collateral securities 68" and "Cash flow from land 62" And asset manager 9 and asset manager 10 exchange “cash flow from real estate investment trust 70” and “cash flow from composite real estate 66” respectively.

FIG. 17 shows another embodiment of cash flow exchange of asset management products, and shows a case where 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. As a result of the cash flow exchange, ”Instead of transferring“ Cash flow from building 63 ”, and at the same time, asset manager 2 may receive“ Cash flow from loan receivable 11 ”instead of transferring“ Cash flow from building 63 ” did it.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from stock 13” and “cash flow from land 61”, and asset manager 5 and asset manager 6 perform “cash flow from bond 15”. “Cash Flow” and “Cash Flow from Complex Real Estate 65”, Asset Manager 7 and Asset Manager 8 “Cash Flow from Securities Investment Trust 17” and “Cash Flow from 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 collateral securities 67” respectively.

FIG. 18 shows another embodiment of cash flow exchange of asset management products, and shows a case where fund-type management products and mediators of different types or different industries are exchange targets.
Here, the asset manager 1 has the specified money trust 81 and the asset manager 2 has the designated non-designated trust 83. As a result of the cash flow exchange, the asset manager 1 Instead of transferring “Cash Flow from 81”, “Cash Flow from Designated Non-Gold Trust 83” is received, and at the same time, Asset Manager 2 “Specify Cash Flow from Designated Non-Gold Trust 83” "Cash flow from money trust 81" was succeeded.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from non-designated trust 84” and “cash flow from real estate investment trust 69”, and asset manager 5 and asset manager 6 “Cash flow from commodity fund 85” and “cash flow from specified money trust 82”, asset manager 7 and asset manager 8 “cash flow from real estate investment trust 70” and “fund-type private placement bonds” “Cash flow from 87” and asset manager 9 and asset manager 10 exchange “cash flow from fund-type private placement bond 88” and “cash flow from commodity fund 86” respectively. Yes.

FIG. 19 shows another embodiment of cash flow exchange for asset management products, and shows a case where cash flows of products are exchanged together.
Here, asset manager 1 has “stock 13 and securities investment trust 17”, and asset manager 2 has “loan receivable 11 and bond 15”. Instead of transferring the cash flow from the stock 13 and the securities investment trust 17 together, the manager 1 takes over the cash flow from the loan receivable 11 and the bond 15 and, at the same time, the asset manager 2 Instead of transferring “cash flow from loan receivable 11 and bond 15” in combination, “cash flow from stock 13 and securities investment trust 17” was transferred in combination.
Similarly, asset manager 3 and asset manager 4 perform “cash flow from composite real estate 65 alone” and “cash flow from real estate collateralized securities 67 and real estate investment trust 69” and asset management. 5 and asset manager 6 exchange “cash flow from tying stock 14 and land 61 and building 63” and “cash flow from tying securities investment trust 18 and real estate investment trust 70” respectively. ing.

FIG. 20 shows another example of the cash flow exchange of asset management products, and shows the case where the cash flows of products are exchanged by three parties.
In the figure on the left, asset manager 1 holds bond 15 and asset manager 2 holds bond 16. However, as a result of the cash flow exchange, asset manager 1 has “cash flow from 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. As a result, the asset manager 1 Instead of transferring “cash flow”, “cash flow from bond 89” is transferred, and at the same time, asset manager 3 receives “cash flow from bond 16” instead of transferring “cash flow from bond 89”. I was able to.
In the left figure, cash flow exchange by three parties is established through two stages, but in the present invention, it is also possible to establish these simultaneously. In the figure on the right, asset manager 4 holds bond 90, asset manager 5 holds bond 91, and asset manager 6 holds bond 92. The result of the simultaneous exchange of cash flows by the three parties , Asset manager 4 receives "cash flow from bond 92" instead of transferring "cash flow from bond 90", and asset manager 5 transfers "cash bond from bond 91" instead of transferring "cash flow from bond 91" “Cash flow from 90” was transferred, and asset manager 6 was able to transfer “cash flow from bond 91” instead of “cash flow from bond 92”.

FIG. 21 shows another embodiment of cash flow exchange for asset management products, and shows a case where valuation gains and losses of products of different types or different industries are exchanged.
Here, asset manager 1 owns loan receivable 11 and asset manager 2 owns real estate-backed securities 67. As a result of the cash flow exchange of the valuation profit portion, asset manager 1 Instead of transferring 11 valuation gains, the asset manager 2 was able to transfer the valuation gain of the loan receivables 11 instead of transferring the valuation gain of the real estate collateralized securities 67. .
Similarly, the asset manager 3 and the asset manager 4 write down the valuation loss of the stock 13 and the valuation loss of the composite property 65, and the asset manager 5 and the asset manager 6 write down the valuation gain of the securities investment trust 17 and the real estate investment. The valuation gain of the trust 69, the asset manager 7 and the asset manager 8, 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 cash flow for the valuation gain of fund-type private placement bond 87 and the valuation gain of commodity fund 85, respectively.

FIG. 22 is an example of a fund flow and billing mechanism in the cash flow exchange of asset management products.
In the figure, [2] indicates that the seller 94 who is the asset manager, the successful bidder 95 who is the asset manager, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay line usage fees.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
As for [5], as a result of the establishment of the cash flow exchange, exchange flows and cash flows of asset management products are exchanged between the exhibitor 94 and the successful bidder 95.
[6] is an existing cash flow that the seller 94 and the successful bidder 95 have received from the asset management product.

Further, FIG. 23 shows an example of the exchange of asset management products by a compromise method of direct exchange and cash flow exchange, and shows a case where products of different industries are to be exchanged.
Here, the asset manager 1 has the loan receivable 11 and the asset manager 2 has the building 63. However, as a result of the exchange between the cash flow exchange and the direct exchange, the asset manager 1 Instead of directly transferring the cash flow from the loan receivable 11, the asset manager 2 was 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 perform the cash flow from the land 61 and the actual stock 13, and the asset manager 5 and the asset manager 6 perform the cash flow from the bond 15 and the composite real estate 65. The asset manager 7 and the asset manager 8 are responsible for the cash flow from the real estate investment trust 69 and the actual asset of the securities investment trust 17, and the asset manager 9 and the asset manager 10 are associated with the deposit receivable 19. The cash flow and the actual real estate collateral securities 67 are exchanged by a compromise method of cash flow exchange and direct exchange, respectively.

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

FIG. 25 shows an example of cash flow exchange of fund-raising products, and shows a case where the same kind of financial procurement products are exchange targets.
Here, fundraiser 100 has borrowing debt 110 from asset manager 1, and fundraiser 101 has borrowing debt 111 from asset manager 2, but as a result of the cash flow exchange, fund raising Instead of undertaking “cash flow of borrowing debt 111”, buyer 100 delivers “cash flow of borrowing debt 110”, and at the same time, fundraiser 101 takes over “cash flow of borrowing debt 110” instead of “cash flow of borrowing debt 110”. We were able to deliver cash flow.
Similarly, the fundraiser 102 and the fundraiser 103 perform “cash flow of the stock 112 held by the asset manager 3” and “cash flow of the stock 113 held by the asset manager 4” with the fundraiser 104. The fundraiser 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” and the fundraiser 106 and the fundraiser 107 “ “Cash flow of commercial paper 116 held by asset manager 7” and “Cash flow of commercial paper 117 held by asset manager 8”, and fundraiser 108 and fundraiser 109 Exchanged “cash flow of deposit obligation 118 from asset manager 9” and “cash flow of deposit obligation 119 from asset manager 10” respectively. There.
In the drawings of the present invention, there may be one or more asset managers who act as counterparts in the existing positions of the fundraiser who is the exchange party depending on the actual product.

FIG. 26 shows another embodiment of the cash flow exchange of the fund procurement product, and shows a case where different types of financial procurement products are exchange targets.
Here, fundraiser 100 has commercial paper 116 owned by asset manager 1, and fundraiser 101 has borrowing debt 110 from asset manager 2, but the result of the cash flow exchange is established. , Instead of undertaking “cash flow of debt 110”, the fundraiser 100 delivers “cash flow of commercial paper 116”, and at the same time, the fundraiser 101 undertakes “cash flow of commercial paper 116”. We were able to deliver the “cash flow of debt 110”.
Similarly, the fundraiser 102 and the fundraiser 103 exchange 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” with the fundraiser 104. And the fundraiser 105, “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”, and the fundraiser 106 and the fundraiser 107 “Cash flow of deposit liability 118 from asset manager 7” and “cash flow of commercial paper 117 held by asset manager 8”, and fundraiser 108 and fundraiser 109 The cash flow of the bond 115 held by the operator 9 and the cash flow of the deposit liability 119 from the asset manager 10 are exchanged.

FIG. 27 shows another embodiment of the cash flow exchange of the funded product, and shows a case where the cash flow of the product is exchanged by tying together.
Here, the fundraiser 100 has “the preferred debt 122 from the asset manager 1 and the preferred bond 123 held by the asset manager 2”, and the fundraiser 101 “the subordinated debt 124 from the asset manager 3 and As a result of the cash flow exchange, the fundraiser 100 instead of undertaking “cash flows of the subordinated debt 124 and subordinated debt 125” in combination, The cash flow from the preferred borrowing 122 and the preferred bond 123 is transferred in combination, and at the same time, the fundraiser 101 accepts the “cash flow from the preferred borrowing 122 and preferred bond 123” in combination. We were able to hand over the cash flow of subordinated bonds 125 ”.
Similarly, the fundraiser 102 and the fundraiser 103 divide “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 cash flows ", and the fundraiser 104 and the fundraiser 105" the fixed deposit 129 from the asset manager 8, the negotiable deposit 130 from the asset manager 9, the asset manager 10 ""Cash flow of tying call money 131 from" and "Cash flow of tying long-term debt 132 from asset manager 120 and commercial paper 116 held by asset manager 121".

FIG. 28 shows another embodiment of the cash flow exchange of the funded product, and shows a case where the cash flow of the product is exchanged by three parties.
In the left figure, fundraiser 100 has borrowing debt 110 from asset manager 1, and fundraiser 101 has borrowing debt 111 from asset manager 2, but as a result of the cash flow exchange, The fundraiser 100 delivers “cash flow of borrowing debt 110” instead of undertaking “cash flow of borrowing debt 111”. Of cash flow ”.
Next, the fundraiser 100 who has assumed the “cash flow of the borrowing debt 111” establishes a cash flow exchange with the fundraiser 102 holding the borrowing debt 133 from the asset manager 3, and as a result, the fundraiser 100 Instead of undertaking “cash flow of borrowing debt 133”, instead of delivering “cash flow of borrowing debt 111”, fundraiser 102 instead of undertaking “cash flow of borrowing debt 111” I was able to hand over.
In the left figure, cash flow exchange by three parties is established through two stages, but in the present invention, it is also possible to establish these simultaneously. In the right figure, the fundraiser 103 holds the borrowing debt 134 from the asset manager 4, the fundraiser 104 borrows from the asset manager 5, the fundraiser 105 borrows from the asset manager 6, and the borrowing debt 136. However, as a result of the simultaneous exchange of cash flow by the three parties, the fundraiser 103 delivers “cash flow of borrowing debt 134” instead of undertaking “cash flow of borrowing debt 136” to raise funds. Instead of undertaking “cash flow of borrowing debt 134”, party 104 delivers “cash flow of borrowing debt 135”, and fundraiser 105 takes over “cash flow of borrowing debt 135” instead of “cash flow of borrowing debt 135”. We were able to deliver cash flow.

FIG. 29 shows an embodiment of the fund flow and billing mechanism in the cash flow exchange of the fund raising product.
In the figure, [2] indicates an exhibitor 137 that is a fundraiser, a successful bidder 138 that is a fundraiser, a bidder 96, an exchange applicant 97, and an appraisal evaluator 98 to the service operator 93 of the system. Pay line usage fees.
In [3], the exhibitor 137 and the successful bidder 138 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
In [5], as a result of the establishment of the cash flow exchange, exchange flow and cash flow of the fund raising product are exchanged between the exhibitor 137 and the successful bidder 138.
[6] is an existing cash flow paid by the seller 137 and the successful bidder 138 to the asset manager.

FIG. 30 shows an example of the cash flow exchange of the fund transaction product, and shows a case where the same kind of foreign exchange product, financial derivative product, real estate derivative product, and physical derivative product are exchange targets.
Here, the fund trader 139 holds a valuation gain in the exchange spot transaction 159 with the fund trader 141, and the fund trader 140 holds a valuation gain in the exchange spot transaction 160 with the fund trader 142. However, as a result of the cash flow exchange, instead of transferring the valuation gain of the currency spot transaction 159, the fund trader 139 receives the valuation gain of the currency spot transaction 160. Instead of transferring 160 valuation gains, we were able to transfer the valuation gains of the spot currency transaction 159.
Similarly, the fund trader 143 and the fund trader 144 have the “valuation loss held in the interest rate forward transaction 161 with the fund trader 145” and the “interest rate forward deal 162 with the fund trader 146”. Valuation loss held by the fund trader 147 and the fund trader 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 gain held in the index futures transaction 164 "is calculated by the fund trader 151 and the fund trader 152 as" valuation loss held in the stock index option trade 165 with the fund trader 153 " Valuation loss held in stock index option trading 166 with the trader 154 ”, and the fund trader 155 and the fund trader 156 hold“ the commodity futures option trade 167 with the fund trader 157 ” The price gains "and a" cash transactions have 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 are cases where there are one or more other fund traders serving as counterparties in the existing positions of the fund traders serving as exchange parties depending on the actual product. In addition, among the funds trading products that are listed on derivative commodity exchanges and stock exchanges, each exchange serves as the counterparty to the fund trader. Since the holding amount is confronted with one or more other money traders via the office, the other party is displayed as another money trader in each drawing in this embodiment.

FIG. 31 shows another embodiment of the cash flow exchange of the fund transaction product, and shows the case where the same kind of swap product is the exchange target.
Here, the fund trader 139 holds the valuation profit in the interest rate swap transaction 169 with the fund trader 141, and the fund trader 140 holds the valuation profit in the interest rate swap transaction 170 with the fund trader 142. As a result of the cash flow exchange, instead of transferring the valuation gain of the interest rate swap transaction 169, the fund trader 139 receives the valuation gain of the interest rate swap transaction 170. Instead of transferring, I was able to transfer the valuation gain of interest rate swap transaction 169.
Similarly, the fund trader 143 and the fund trader 144 have “valuation loss held in the currency swap transaction 171 with the fund trader 145” and “evaluation held in the currency swap transaction 172 with the fund trader 146”. Loss ”,“ valuation gain held in interest rate currency swap transaction 173 with fund trader 149 ”by fund trader 147 and fund trader 148 and“ interest rate currency swap transaction 174 with fund trader 150 ” The valuation gain held by the fund trader 151 and the fund trader 152, the “valuation loss held in the stock swap 175 with the fund trader 153” and the “stock price of the fund trader 154”. “Valuation loss held in swap transaction 176”, and “the valuation gain held by the fund trader 155 and the fund trader 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 cash flow exchange of funds transaction products, and shows a case where products of different types or different industries are exchange targets.
Here, the fund trader 139 holds a valuation gain in the interest rate currency swap transaction 173 with the fund trader 141, and the fund trader 140 holds the valuation gain in the currency spot transaction 159 with the fund trader 142. However, as a result of the cash flow exchange, instead of transferring the valuation gain of the interest rate currency swap transaction 173, the fund trader 139 receives the valuation gain of the foreign exchange spot transaction 159. Instead of transferring 159 valuation gains, we were able to transfer the valuation gains of interest rate currency swap transaction 173.
Similarly, the fund trader 143 and the fund trader 144 have the “valuation loss in the interest rate swap transaction 169 with the fund trader 145” and the interest rate forward transaction 161 with the fund trader 146. “Valuation loss”, “valuation gain held in currency swap transaction 171 with fund trader 149” by fund trader 147 and fund trader 148 and “real estate investment index futures trade with fund trader 150” The valuation profit held at 163 ”is obtained by the fund trader 151 and the fund trader 152 between the“ valuation loss held in the stock price swap transaction 175 with the fund trader 153 ”and the“ fund trader 154 ”. “Evaluation loss held in stock index option transaction 165” and “the valuation profit held by fund trader 155 and fund trader 156 in product price swap transaction 177 with fund trader 157” 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, and shows a case where the cash flow of the product is exchanged by tying together.
In the left figure, the fund trader 139 has suffered a valuation loss in the stock swap transaction 175 with the fund trader 141, the fund trader 140 has gained valuation gain in the stock index option trade 165 with the fund trader 142, However, as a result of the establishment of cash flow exchange, the fund trader 139 instead of handing over the “valuation loss of the stock price swap transaction 175”, Underwriting valuation gain of stock index option transaction 165 and valuation loss of interest rate futures transaction 179 ”, and at the same time, fund trader 140 combines valuation gain of stock index option transaction 165 and valuation loss of interest rate futures transaction 179”. Instead of handing over, it was decided to underwrite “valuation loss of stock swap transaction 175”.
In the right figure, fund trader 144 gains valuation gain on exchange futures transaction 180 with fund trader 146, valuation gain on interest rate swap transaction 169 with fund trader 147, and evaluates on bond futures option trade 181 with fund trader 148. The total is a valuation gain with each loss, the fund trader 145 holds a valuation loss in the currency option transaction 182 with the fund trader 149, and the valuation gain is held in the currency swap transaction 171 with the fund trader 150. However, as a result of the cash flow exchange, the fund trader 144 transferred the “valuation gain of the exchange futures transaction 180 and the valuation gain of the interest rate swap transaction 169 and the valuation loss of the bond futures option transaction 181” in combination. Instead, transfer the “valuation loss of currency option transaction 182 and gain on valuation of currency swap transaction 171” together. 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, the fund trader 145 transfers the valuation gain of the foreign exchange forward transaction 180 and the valuation gain of the interest rate swap transaction 169. "Devaluation loss on bond futures option trading 181" was decided to be taken over.

FIG. 34 shows another embodiment of the cash flow exchange of the fund transaction product, and shows a case where 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 the valuation gain in the swaption transaction 183 with the fund trader 143. However, as a result of the cash flow exchange, instead of transferring the valuation gain of the interest rate currency swap transaction 173, the fund trader 139 receives the valuation gain of the swaption transaction 183. Instead of transferring the valuation profit, the valuation profit of the interest rate currency swap transaction 173 could be acquired.
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, and as a result, Instead of transferring the valuation profit of the swaption transaction 183, the fund trader 139 receives the valuation profit of the swaption transaction 184, and at the same time, the fund trader 141 instead of transferring the valuation profit of the swaption transaction 184 We were able to take over the valuation gain.
In the left figure, cash flow exchange by three parties is established through two stages, but in the present invention, it is also possible to establish these simultaneously. In the right figure, the fund trader 145 holds the valuation gain in the interest rate currency swap transaction 174 with the fund trader 148, and the fund trader 146 gains the valuation gain in the swaption transaction 185 with the fund trader 149. Owns valuation gains in swaption transaction 186 with fund trader 150, but as a result of the simultaneous exchange of cash flows by the three parties, fund trader 145 transfers the valuation gain in interest rate currency swap transaction 174 Instead, the valuation gain of the swaption transaction 186 is transferred, 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, you can transfer the valuation gain of swaption transaction 185. It was.

FIG. 35 shows an embodiment of a fund flow and billing mechanism in cash flow exchange of a fund transaction product.
In the figure, [2] indicates that the seller 187 who is a fund trader, the successful bidder 188 who is a fund trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay line usage fees.
In [3], the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
In [5], as a result of the establishment of the cash flow exchange, the exchange flow and the cash flow of the capital transaction product are exchanged between the exhibitor 187 and the successful bidder 188.
[6] is an existing position where the seller 187 and the successful bidder 188 face each other.

Next, FIG. 36 shows an example of cash flow exchange between asset management products and fund transaction 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 valuation gain of the stock 13, and the fund trader 139 holds the valuation gain in the stock price swap transaction 175 with the fund trader 140. As a result of the cash flow exchange being established, The asset manager 1 receives the valuation gain of the stock price swap transaction 175 instead of transferring the valuation gain of the stock 13, and at the same time, the fund trader 139 receives the valuation gain of the stock 13 instead of transferring the valuation gain of the stock swap transaction 175. I was able to take over.
Similarly, the asset manager 2 and the fund trader 141 determine that the “valuation loss of the composite property 65” and the “valuation loss held in the real estate investment index futures transaction 163 with the fund trader 142” 3 and the fund trader 143 obtain the “valuation gain of the loan receivable 11” and the “valuation gain held in the interest rate forward transaction 161 with the fund trader 144” as the asset manager 4 and the fund trader 145. Are “valuation loss of bond 15” and “valuation loss held in currency swap transaction 171 with fund trader 146”, and asset manager 5 and fund trader 147 are “commodity fund 85 Valuation gain ”and“ valuation gain held in exchange spot transaction 159 with fund trader 148 ”are exchanged for cash flow.

FIG. 37 is an example of a cash flow and billing mechanism in cash flow exchange between an asset management product and a capital transaction product based on valuation profit / loss.
[2] in the figure indicates that the seller 94 who is the asset manager, the successful bidder 188 who is the money trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the system operator 93. Pay line usage fees.
In [3], the exhibitor 94 and the successful bidder 188 pay the appraisal evaluation fee to the appraisal evaluator 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
In [5], exchange cash and cash flow are exchanged between the exhibitor 94 and the winning bidder 188 as a result of the cash flow exchange.
[6] is the existing cash flow that the seller 94 has received from the asset management product, and the existing position that the winning bidder 188 is confronting with another fund trader.

Furthermore, FIG. 38 shows an example of cash flow exchange by merging asset management products and fund transaction products, where asset managers tie together the total or valuation gains / losses of asset management products and valuation gains / losses of capital transaction products. Indicates the case of replacement.
In the left figure, asset manager 1 holds “loan receivable 11” and “valuation gain in interest rate swap transaction 169 with fund trader 139”, while asset manager 2 holds “composite real estate 65” and “fund trader 140 Valuation gain on real estate investment index futures transaction 163 ”, but as a result of the cash flow exchange, asset manager 1 has gained“ cash flow from loan receivable 11 ”and“ valuation gain on interest rate swap transaction 169 ” ”And‘ Cash Flow from Complex Real Estate 65 ’and‘ Evaluation Gain of Real Estate Investment Index Futures ’163’ are transferred in tandem. Instead of transferring “cash flow” and “valuation gain of real estate investment index futures transaction 163” together, “cash from loan receivable 11” I was able to taking over flow "and in the tying and" appreciation of the interest rate swap transactions 169 ".
In the right figure, asset manager 3 has “valuation gain on stock 13” and “valuation loss in individual stock option transaction 189 with fund trader 141”, and asset manager 4 has “valuation loss on deposit receivable 19” and Although it has “valuation gain in currency swap transaction 171 with fund trader 142”, as a result of the cash flow exchange, asset manager 3 has evaluated “valuation gain on stock 13” and “valuation of individual stock option transaction 189” In lieu of handing over the “loss”, the “valuation loss of the deposit receivable 19” and the “valuation gain of the currency swap transaction 171” are combined, and at the same time, the asset manager 4 says “valuation loss of the deposit receivable 19” Instead of handing over “valuation gain of currency swap transaction 171”, underwriting “valuation gain of stock 13” and “valuation loss of individual stock option transaction 189” It became Rukoto.

FIG. 39 shows an embodiment of a cash flow and billing mechanism in cash flow exchange by tying together asset management products and fund transaction products.
In the figure, [2] indicates that the seller 94 who is the asset manager, the successful bidder 95 who is the asset manager, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay line usage fees.
In [3], the exhibitor 94 and the successful bidder 95 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
In [5], exchange cash and cash flow are exchanged between the exhibitor 94 and the successful bidder 95 as a result of the establishment of cash flow exchange.
[6] is the existing cash flow received by the exhibitor 94 and the successful bidder 95 from the asset management product and the existing position facing the fund trader.

FIG. 40 is an example of cash flow exchange by tying a fundraising product and a funding transaction product, and shows a case in which fundraisers exchange valuation profit / loss of the funding product and the funding transaction product by tying them together. .
In the left figure, fundraiser 100 has “bond 114 held by asset manager 1” and “valuation gain in interest rate currency swap transaction 173 with fund trader 139”, and fundraiser 101 “from asset manager 2” Borrower 110 ”and“ valuation gain in color transaction 190 with fund trader 140 ”, but as a result of the exchange of cash flow, fundraiser 100 has assumed“ cash flow of debt 110 ” Instead of transferring “valuation gain of interest rate currency swap transaction 173”, “cash flow of bond 114” is handed over and “valuation gain of color transaction 190” is transferred. ”And instead of transferring“ valuation gain of color transaction 190 ”, undertake“ cash flow of debt 110 ” I was able to taking over the "appreciation of the interest rate currency swaps 173" to pass.
In the right figure, the fundraiser 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 fundraiser 103 Commercial Paper 116 ”and“ Valuation Loss in Interest Rate Swap Transaction 169 with Fund Trader 142 ”, but as a result of the cash flow exchange, Fundraiser 102 has issued“ Cash Flow of Commercial Paper 116 ” Instead of accepting the “valuation loss of cap transaction 191”, the “cash flow of deposit liability 118” is delivered and the “valuation loss of interest rate swap transaction 169” is accepted. Instead of undertaking "Cash Flow" and handing over "Impairment loss of 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 is an example of a fund flow and billing mechanism in cash flow exchange by tying together fund raising products and fund transaction products.
In the figure, [2] indicates an exhibitor 137 that is a fundraiser, a successful bidder 138 that is a fundraiser, a bidder 96, an exchange applicant 97, and an appraisal evaluator 98 to the service operator 93 of the system. Pay line usage fees.
In [3], the exhibitor 137 and the successful bidder 138 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
In [5], exchange cash and cash flow are exchanged between the exhibitor 137 and the successful bidder 138 as a result of the establishment of cash flow exchange.
[6] is the existing cash flow paid by the seller 137 and the successful bidder 138 to the asset manager and the existing position facing the fund trader.

FIG. 42 shows an example of cash flow exchange by tying asset management products and fund procurement products, and shows a case where the fund traders exchange procuring funds and asset management products together.
In the figure on the left, the fund trader 139 holds the “loan receivable 11” with the “borrowing debt 110 from the asset manager 1”, and the fund trader 140 holds the “bond 114 held by the asset manager 2”. As a result of the realization of the “Real Estate Investment Trust 69” but the exchange of cash flows, the fund trader 139 takes over the “Cash Flow of Bond 114” and transfers “Cash Flow from Loan Claim 11” instead. , Handing over "cash flow from debt obligation 110" and taking over "cash flow from real estate investment trust 69", and at the same time, fund trader 140 accepting "cash flow from debt debt 110" and "from real estate investment trust 69" Instead of transferring “cash flow”, “cash flow of bond 114” is delivered and “cash from loan receivable 11” is transferred. I was able to taking over the flow ".
In the figure on the right, the fund trader 141 holds the “stock 13” holding the “commercial paper 116 owned by the asset manager 3”, and the fund trader 142 holds the “deposit liability 118 from the asset manager 4”. As a result of the cash flow exchange being established, the fund trader 141 accepts the “cash flow of deposit obligation 118” and transfers the “cash flow from the stock 13”. In addition, “Cash flow from commercial paper 116” was handed over and “Cash flow from call loan 192” was handed over. At the same time, fund trader 142 took over “Cash flow from commercial paper 116” and “Call loan” Instead of transferring "Cash Flow from 192", I was able to taking over the "cash flow from the stock 13" by passing the Yufuro ".

FIG. 43 is an example of a fund flow and billing mechanism in cash flow exchange by tying together asset management products and fund procurement products.
In the figure, [2] indicates that the seller 187 who is a fund trader, the successful bidder 188 who is a fund trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay line usage fees.
In [3], the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
In [5], exchange cash and cash flow are exchanged between the exhibitor 187 and the successful bidder 188 as a result of the establishment of cash flow exchange.
[6] is an existing cash flow paid by the seller 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 cash flow exchange by merging asset management products, fund procurement products, and fund transaction products. The case where profit and loss are exchanged by tying them together is shown.
Here, the fund trader 139 holds “stock 13” with “devaluation loss in interest rate currency swap transaction 173 with the fund trader 141” and “bond 13 held by asset manager 1”, and the fund trader 140 holds “composite real estate 65” with “debts 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 establishment of the cash flow exchange, the fund trader 139 instead of “assumes the cash flow of the debt 110, delivers the valuation loss of the interest rate currency swap transaction 173, and transfers the cash flow from the stock 13” The cash flow from the real estate investment index futures transaction 163 and take over the cash flow from the composite property 65 ”. At the same time, the fund trader 140“ undertakes the cash flow of the bond 114 and the real estate investment index futures transaction ” Instead of delivering the 163 valuation loss and transferring the cash flow from the complex real estate 65, “delivering the cash flow of the debt 110, accepting the valuation loss of the interest rate currency swap transaction 173, and taking the cash flow from the stock 13 "is what happened.

FIG. 45 shows an embodiment of a cash flow and billing mechanism in cash flow exchange by merging asset management products, fund procurement products, and fund transaction products.
In the figure, [2] indicates that the seller 187 who is a fund trader, the successful bidder 188 who is a fund trader, the bidder 96, the exchange applicant 97, and the appraisal evaluator 98 to the operator 93 of this system. Pay line usage fees.
In [3], the seller 187 and the successful bidder 188 pay the appraisal fee to the appraiser 98.
In [4], the advertiser 99 pays an advertising fee for posting a banner advertisement or a pop-up advertisement to the operator 93 of this system.
In [5], exchange cash and cash flow are exchanged between the exhibitor 187 and the successful bidder 188 as a result of the establishment of cash flow exchange.
[6] is the existing cash flow that the seller 187 and the successful bidder 188 are paying to the asset manager, and the existing cash that is received from the existing position and asset management products that are confronted with other fund traders. 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 fund raising products, and cash flow exchange of fund transaction products. It is the main form of transaction.
In the figure, (a) exchanges “a combination of an asset management product and a fund transaction product” with an “asset management product”.
(B) exchanges “the tie-up of the fund raising product and the fund transaction product” with the “funding product”.
(C) exchanges “a combination of asset management products and fund procurement products” with “asset management products”.
(D) exchanges “a combination of asset management products and fund raising products” for “funding products”.
(E) exchanges “a combination of asset management products and fund procurement products” with “fund transaction products”.
(F) exchanges “a combination of asset management product, fund transaction product and fund procurement product” with “asset management product”.
(G) exchanges “a combination of asset management products, fund transaction products, and fund procurement products” with “funding products”.
In (h), “a combination of asset management products, fund transaction products and fund procurement products” is exchanged for “cash transaction products”.
(I) exchanges “the combination of the asset management product and the fund transaction product” with the “the combination of the asset management product and the fund transaction product”.
(J) exchanges “a combination of asset management product, fund transaction product, and fund procurement product” with “a combination of fund procurement product and a fund transaction product”.
(K) exchanges “a combination of asset management products, fund transaction products and fund procurement products” with “a combination of asset management products and fund procurement products”.

By the way, the information technical aspect of the embodiment described so far will be described in more detail with reference to FIG. 47 which is a block diagram.
First, this system is located on the Internet 193, and provides a financial product exchange transaction site 194 (hereinafter referred to as a site 194) that provides various exchange transaction markets for financial products and quasi-financial products, and asset management and financing in these markets. , And a plurality of client terminals 195 for performing various exchange transactions for the purpose of fund transactions.
The client terminal 195 is used by asset managers, fundraisers, fund traders, etc., and these system users can access various exchange transactions by accessing the site 194 from their client terminals 195. It can be established on a matching basis and can perform various tasks associated with those exchange transactions.
This site 194 sequentially processes orders for various exchange desired products from the client terminal 195, sequentially performs settlement / management operations related to the exchange transaction, and appropriately distributes various data necessary for the exchange transaction to the client terminal 195. One or more financial product exchange transaction server 196 (hereinafter referred to as 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 for connecting them.
In this system, the processes from execution of various exchange transactions to transaction verification and settlement are seamlessly processed electronically 24 hours a day regardless of domestic or overseas, and ISO15022, securities identification code and financial For the institution identification code, ISO 6166 and ISO 9362 are used, respectively, FIX is used for the communication protocol, and extensible markup language (XML) is used as the description language of the message.

The server 196 is realized by executing one or more central processing units in one or more workstations or one or more programs stored in a memory, and functions as a web server and a database server. It has a function. The former accepts access from each client terminal 195 via the Internet 193, performs authentication processing, provides various web pages that form 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 that accesses the client information database 198, exchange product database 199, contract management database 200, settlement management database 201, and evaluator information database 202 to search, read, and write data. These databases are stored in a memory or one or more hard disk devices in the workstation.
The support terminal 197 is a terminal for the operator of the system to manage the server 196 and each database. The operator uses the support terminal 197 to monitor the exchange transactions of all the client terminals 195 and the implementation status of the accompanying 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 mobile phone, a personal digital assistant, and a pager equipped with a personal computer and a liquid crystal display device, 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 includes a processing device, a storage device, and the like, and stores an operation program including a browser for exchange transactions. 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 use the e-mail function of the client terminal 195 to exchange messages with the operator and other client terminals 195.

The exchange product database 199 registers asset management products, fund procurement products, names, brands, types / attributes, conditions, etc. of the fund transaction products that are the subject of exchange transactions, and details of exchange orders and matching results for each product. In addition, event information related to exchange transactions such as the exercise of various rights and the fulfillment of various obligations is registered along with the history.
The contract management database 200 includes various contracts with electronic signatures and electronic master contracts as prototypes thereof, various prospectus with electronic signatures and electronic master prospectuses as prototypes, and Various reports, various disclosures to the general public, and electronic master reports / disclosures that serve as prototypes are stored, and various data generated as the document creation process progresses are stored along with the history.
The settlement management database 201 registers a fund account number, a securities account number, and the like of a user of this system, and registers various data generated according to a fund account transfer process and a securities account transfer process between users together with a history.
The evaluator information database 202 stores self-introduction materials relating to their profiles and evaluation fee systems collected from the appraisers, and reference / suggestion materials related to individual exchangeable products created by the appraisers. The profile includes information on the appraiser's shareholder composition, affiliates, and human resources.
The client information database 198 stores the following information.
(A) The personal name and / or corporate name of the user of this system, in the case of a legal entity, the personal department name, contact information including the e-mail address, identifier, and secret.
(B) Exchanger's credit rating, stock price rating, various financial statements and financial indicators.
(C) The management policy / target when the exchange trader is an asset manager, the procurement policy / target when it is a fundraiser, and the trade policy / target when it is a fund trader.
(D) The type / attribute of the appraisers that the exchange trader wishes to use.
(E) The type / attribute of the reference / proposed material that the exchange trader wishes to receive.
The identifier is a code number / name assigned to each user, and the secret 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 this system.
In the bidding method, if the asset manager, fundraiser or fund trader that is the counterparty of the exchange transaction is not specified from the beginning, and the order is basically matched based on the principle of supply and demand balance, the name and act of the exhibitor Although it is disclosed from the beginning, the bidding side is not specified from the beginning, and is used when orders are matched based on the principle of supply-demand balance 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 non-end-specific match method”, and the latter bidding method is referred to as a “one-end specific match method”.
On the other hand, the relative method is used when, for example, orders are matched in an environment where the counterparty of the exchange transaction is specified or limited from the beginning and the principle of supply and demand balance does not directly act. This method is effective when a combination of a plurality of products and a fund procurement product or a fund transaction product having a complicated cash flow are exchangeable. In the present invention, this relative method is referred to as “both end specific match method”.

In the case of the above-mentioned “one-end specific match method”, an exchange applicant (hereinafter referred to as an exhibitor) who desires to exhibit first starts an operation program in the control unit 203 of his / her client terminal 195, and Establish a connection between. Next, the server 196 transmits a log-in top page to the client terminal 195 of the exhibitor. The exhibitor inputs the identifier and the secret word here and transmits them to the server 196.
Then, the server 196 that has received this accesses the client information database 198 and determines whether or not a combination of an identifier and a secret word is registered. If registered, "Exchange Transaction Participation", "Exchange Transaction Negotiation", "Contract Contract Inquiry", "Fund Account Inquiry", "Securities Account Inquiry", "Evaluator Document Reading", "Market Information Overview" or Send a menu page where you can select “Event Notification” to the seller. Here, the exhibitor selects “participation in exchange transaction”, and the server 196 transmits an ordering page for inputting details of the exchange order to the exhibitor.
Next, the seller, on the received order page, the name / brand, type / attribute, various conditions, desired offer price of the asset management product, fund raising product or fund transaction product (hereinafter referred to as the exhibition product) that he / she wishes to provide , And if the product is a unit price product, the desired offer quantity, the name / brand, type / attribute of the asset management product, fund raising product or fund transaction product (hereinafter referred to as the bid product) that the customer wishes to obtain after bidding , Conditions, desired acquisition price, and if the bid product is a unit price product, desired quantity, desired exchange period, acceptable exchange partner's creditworthiness, various requirements for the exchange partner, and desired exhibition period and its automatic extension Or, input / designate whether or not early termination is possible, and designate the difference between the desired offer price and the desired acquisition price, that is, the desired price (provisional condition) of the exchange difference. After confirming the contents of the order, it is transmitted to the server 196. The provisional condition may be a specific single value display or a range display with 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 receiving page notifying the registered content to the exhibitor. The exhibitor confirms his / her order contents on this order page.

Here, the server 196 accesses the client information database 198 and stores policies and targets for asset management, fund procurement or fund transaction of the system user stored therein, or business type, credit rating, stock pricing, financial Search user attribute information such as data. The exchange applicant according to the order contents of the exhibitor is specified. The operator of this system creates a provisional prospectus based on the contents of the order, converts it into an electronic document format / file, etc., and distributes it to the specified exchange applicants all at once via the support terminal 197. . When it is not necessary to narrow down the distribution destination, the provisional prospectus is distributed to all exchange applicants.
Next, the exchange applicant who has received this tentative prospectus and confirmed that the item being exhibited is the item he / she wants to obtain and that the bid item is his / her desired item and has decided to participate in the bid. (Hereinafter referred to as “Bidder”) specifies both products on their ordering page, requests from the seller, whether they are limit orders and market orders, if the bid product is a unit price product, its bid quantity and limit When placing an order, enter and specify the desired amount of the exchange difference with reference to the provisional conditions. After confirming the contents of the order, it is transmitted to the server 196.
The server 196 receives the exchange order from the bidder, registers it in the bid table on the exchange product database 199, and transmits an order receiving page notifying the registration contents to the bidder. The bidder confirms his / her order contents on this order page.
The exchange difference here is not the money that each successful bidder receives or pays with the seller when the exchange transaction is established, but the money that the entire winning bidder receives or pays with the seller. Refers to that. Therefore, when there are a plurality of successful bidders, the determined exchange difference amount is apportioned according to each successful bidder's individual successful bid quantity and then paid to and received from the seller. 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 is in accordance with the provisional conditions, the higher the possibility that a successful bid can be made.

The server 196 matches the seller's exchange demand with the bidder's exchange demand by the following processing.
First, regarding the bidder's market order, all bidder's desired offer quantity is awarded within the range of the seller's desired acquisition quantity. In addition, regarding bidders' limit orders, orders where the desired amount of exchange margin is within the provisional condition range and orders where the desired amount of exchange margin is close to the seller and therefore out of the provisional condition range. Extract them and make a successful bid for them in the order in which the desired amount of exchange difference is closer to the seller.
Next, the server 196 registers the content of the successful bid in the exchange product database 199, and updates the remaining quantity of the exhibition table and the bid table based on this data. The server 196 further accumulates the successful bid quantity of the bid product, and when the total quantity reaches the desired quantity obtained by the seller, the exchange margin request that is closest to the bidder in the successful bid order. The amount of money is set as a definite condition, and this exchange transaction is established.
When the exchange transaction is completed, the operator of this system creates a successful bid notice describing the contents of the successful bid including the fixed 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 the transaction verification is completed when both parties finally confirm this. At this time, if there are a plurality of winning bidders, the determined exchange difference amount is prorated according to the individual winning bidder's individual winning quantity, and this amount is notified to each winning bidder. In addition, when the exhibited product is a unit price product, the exhibited quantity is prorated according to the individual successful bid quantity of the winning bidder regarding the bid product, and this quantity is notified to each winning bidder.
Thereafter, if the appraisal evaluator is not used, the notice of successful bid will function as a final prospectus. After the appraisal evaluation of the fixed amount, the notice of successful bid is corrected to the final prospectus.
In addition, the above describes the exchange transaction in which the amount of the exchange difference between the seller side and the successful bidder side is finally one value. However, when both the exhibition item and the bid item are unit price items, There is also a method of making a successful bid from an order closer to the seller, such as by predetermining the exchange ratio between both products in terms of quantity and making the amount of exchange difference different for each successful bidder for each match Is possible.

In the case of the above-mentioned “non-end-specific match method”, the applicant for exchange, on the ordering page, the name / brand, type / attribute, various conditions, request, etc. Offer price, and if the product is a unit price product, the desired offer quantity, the name / brand, type / attribute, terms and conditions, desired purchase price of the asset management product, fund raising product or fund transaction product that the customer wishes to obtain , And if the product is a unit price product, the desired quantity to be obtained; if both the desired product and the desired product are unit price products, the exchange ratio between products, the desired exchange period, various requirements for the exchange partner, limit orders Specify and enter the order of the market order, the validity period of the order and whether it can be automatically extended or terminated, and in the case of a limit order, the difference between the desired offer price and the desired acquisition 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 receiving page for notifying these registered contents is transmitted to the exchange applicant, and the exchange applicant confirms his / her order contents on the order receiving page.

The server 196 matches the exchange demands confronted by the following processing.
First, regardless of whether it is a market order or a limit order, the offer desired product and the obtain desired product registered in the exchange order table collate exchange orders that are the desired obtain product and the desired offer product, respectively. In addition, when both products are unit price products, the exchange orders that match not only the offer-acquisition match but also the exchange ratio are matched.
Next, when the registered exchange order is a market order, the desired acquisition quantity and the desired provision quantity of other orders that match the desired provision quantity and the desired acquisition quantity are matched. When the registered exchange order is a limit order, it is determined whether or not an exchange transaction is established by extracting exchange orders with the desired exchange amount closest to the exchange partner. If it can be established, an exchange is established between both orders. In addition, when there is a divergence between the desired amounts of exchange differences and an exchange transaction cannot be directly established, it is possible to set the intermediate value between the two as the contract amount of the exchange difference.
Next, the server 196 registers the contents of the established 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 the entire quantity is completed, both exchange orders will be deleted from the exchange order table, and if the exchange transaction is partially completed, the remaining quantity of the exchange order will continue to be posted in the exchange order table. become.
Further, when the exchange transaction is established, the server 196 transmits an agreement notice describing details of the exchange product including the exchange amount of the exchange difference to both exchange establishment parties via the support terminal 197. The transaction verification ends when both sides finally confirm this.

By the way, in the case of the relative method, that is, the above-mentioned “both-end specific match method”, an asset manager, a fundraiser, or a fund trader (hereinafter referred to as a requester) who desires an exchange transaction with a specific system user When “exchange transaction negotiation” is selected, the server 196 transmits a relative negotiation page for inputting details of the relative negotiation to the request source.
Next, the requester, in the received relative negotiation page, information that identifies the asset manager, fundraiser or funding transaction partner (hereinafter referred to as the client) as the negotiating partner, or the industry, credit rating, stock price, etc. Information that narrows down the request to specific parties based on ratings, financial data, etc. In addition, as specific conditions desired by the request, the name / brand, type / attribute, various conditions, and hopes of the product you want to offer Offer price, and if the product is a unit price product, the desired offer quantity, the name / brand of the product you want to obtain, the type / attribute, terms and conditions, the desired acquisition price, and if the product is a unit price product A desired quantity, a desired exchange period, various requests to the client, and a difference between the desired offer price and the desired acquisition price, that is, a desired price of the exchange difference are designated and input, and are transmitted to the server 196.

When the request source individually designates the request destination, the server 196 transmits the relative negotiation page received from the request source to the request destination electronic mail address with the identifier of the request source. On the other hand, if the requester has specified conditions regarding the selection of the requestee, the server 196 stores information such as the business type, credit rating, stock pricing, financial data, etc. of the system user stored in the client information database 198. Based on the above, the identifier of the request source is assigned to the e-mail addresses of all system users that satisfy the above conditions, and the relative negotiation page is distributed. In addition, when the request source wants to individually select a request destination from candidates satisfying the above condition, the server 196 feeds back the names of all candidates to the request source and allows the request source to select the request destination. The relative negotiation page is transmitted to the request destination.
Next, the requester receives the relative negotiation page and confirms the requester's request. As the stance for the selection, either “established”, “not established”, or “negotiation” is selected, and this is returned to the requester.
Of course, if the request destination selects “not established” from these options, the exchange transaction is not established. On the other hand, when the request destination selects “confirmed”, the fact that the exchange transaction has been established is notified to the server 196 in addition to the request source. If “Negotiation” is selected, the client will request the name / brand, type / attribute, terms and conditions of the product he / she wishes to offer, desired offer price, and the desired offer quantity if the product is a unit price product. Proposal for the name / brand, type / attribute, terms and conditions, desired acquisition price, and if the product is a unit price product, the desired acquisition quantity, the desired exchange period, and the desired exchange amount be able to. At this time, the requester (hereinafter referred to as the new requester) converts the received relative negotiation page into a reply, and modifies the desired exchange content on this page. A new request is returned to the request source (hereinafter referred to as the new request destination). In this way, the new client and the new client seek the contact point for the relative exchange transaction.
In the above-described embodiment, the server 196 is involved in the process until both contact points are established. However, the requester uses the e-mail function to start direct relative negotiation with the requestee, Only one or both of the results may be notified to the server 196.

The contract management database 200 includes a direct exchange for asset management products, a general cash flow exchange, a cash flow exchange by valuation gain, a cash flow exchange by valuation loss, and an exchange based on a compromise between direct exchange and cash flow exchange. , Cash flow exchange for fund raising 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 It stores cash flow exchanges due to losses, various tying exchanges, which are application forms of these exchange transactions, and electronic master contracts for each product corresponding to transfer of exchange contracts to third parties and cancellation during the period.
The electronic master contract here refers to input data that describes various items (hereinafter referred to as general items) and conditions (hereinafter referred to as general conditions) that are general in each transaction form and transaction product type / attribute. An electronic document created in combination with an electronic form. The electronic form is a standard paper-based form for contracts that is converted into electronic data, and is given an area for entering specific contract details, the contractor's address and name, and the contractor's electronic signature. It consists of areas for
In the electronic master contract in this system, the general items and general conditions are entered in the prescribed description box in the electronic form, but the various items (hereinafter referred to as additional items) and conditions (hereinafter referred to as additional items) differ depending on the individual exchange contract. The area for entering the (conditions), and the area for the exchange trader who is the contracting party and the operator of the system to input the address and name and give the electronic signature are blank.

In the basic agreement in the present invention, the server 196 accesses the exchange product database 199 at the stage where the transaction verification is completed, and the name / brand and conditions of the corresponding product registered there, the exchange period, the exchange formation price. In the case of unit price products, exchange completion quantity, exchange difference amount, schedule until conclusion of exchange contract, method of product defect check and transaction price appraisal, information on appraisers in charge of defect check and appraisal The additional items such as the expiration date of the basic agreement and additional conditions are read out and written in the blank area of the electronic master contract.
After that, in the exchange transaction established by the bidding method, an electronic signature is given to the blank area in the basic agreement between the operator and the seller and the basic agreement between the operator and the successful bidder. By doing so, the two agreements come into effect. In practice, the server 196 transmits the basic agreement signed by the operator with additional items and additional conditions written to the exhibitor and the successful bidder via the support terminal 197. Next, the exhibitor who has completed the electronic signature and the successful bidder return the basic agreement to the server 196, and the server 196 stores it in the contract management database 200.
On the other hand, in an exchange transaction established by a relative method, both parties enter an address and name in a blank area in a basic agreement between exchange establishment parties, and give an electronic signature to the agreement. Actually, the server 196 sends a basic agreement written with additional items and additional conditions to one exchange establishment person via the support terminal 197, and the exchange establishment person who received it sends an electronic signature. Reply to this server 196. Next, the server 196 transmits this to the other exchange establishment party, and the exchange establishment party that has received it transmits an electronic signature and returns it to the server 196. Then, this signed basic agreement is stored in the contract management database 200 by the server 196.

The exchange agreement, which is the final agreement between the parties, is used by amending this basic agreement. In other words, based on the results of the survey and appraisal evaluation, the operator of this system will make corrections for additional items and additional conditions entered in the blank area of the electronic master contract, and the parties will be able to Enter the address and name and give an electronic signature to make the contract effective. Then, the server 196 stores the signed contract in the contract management database 200.
By the way, the procedure for transferring the exchange contract to a third party during the exchange period and the procedure for canceling the exchange contract are similarly performed using the electronic master contract for transfer or cancellation. Is called. In addition, it is difficult to involve conduits such as special purpose companies, trusts, and unions for the purpose of direct exchange of non-marketable securities such as deposit claims and loan claims other than negotiable deposits, land, buildings, and complex real estate. In some cases, it will be necessary to transfer existing contracts for these non-securities by the provider to the acquirer. The transfer procedure at this time is also performed using the electronic master contract.

In the contract management database 200, in addition to the basic agreement and the exchange contract itself, the creation of a basic agreement such as an identifier and an electronic signature assigned to each contract, history data of procedures performed by the contracting party and the server 196, etc. Various data generated during the period from the start to the end of the signing of the exchange contract are sequentially stored as the contract process proceeds. Therefore, the originality of the document can be confirmed by comparing the document before the electronic signature is given with the document after the digital signature is given.
In addition, the electronic signature given to the basic agreement or the exchange contract is created using, for example, a secret key that exists 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 attached electronic signature.
The exchange party can check his / her basic agreement and exchange contract stored in the contract management database 200 at any time by selecting “contract inquiry” on the menu page.

For exchange transactions that require a prospectus to be issued, the contract management database 200 also stores an electronic master prospectus that describes general items and general conditions corresponding to each transaction form and transaction product type / attribute. ing. At the stage of issuing the provisional prospectus, the server 196 accesses the exchange product database 199, and the name / brand and conditions of the desired product to be registered, the name / brand and conditions of the desired product, and the tolerance Read out additional items and additional conditions such as creditworthiness of the exchange partner that can be exchanged, desired exhibition period and whether it can be automatically extended or early terminated, desired exchange price (provisional condition), desired exchange quantity in case of unit price products, desired exchange period , Write it in the blank area of the electronic master prospectus and send it to the seller.
Next, the exhibitor who has received the message inputs the address / name in the blank area in the prospectus, gives an electronic signature, and sends it back to the server 196. The server 196 adds the identifier of the exhibitor to the specified or unspecified system user's e-mail address, 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 for which the operator of this system is required to issue a prospectus, the operator himself / herself enters the address and name and gives an electronic signature, and then distributes the electronic provisional prospectus to the relevant system users. To do.
At the stage where the conditions for the exchange transaction are confirmed, the server 196 corrects a part of the additional conditions in the electronic provisional prospectus and creates a successful bid notice or an electronic final prospectus. After giving an electronic signature to an exhibitor or giving an operator's electronic signature, it is distributed to the corresponding system user.
By the way, the user of this system can check the electronic prospectus stored in the contract management database 200 at any time by selecting “Contract Contract Inquiry” on the menu page. Therefore, as a method for delivering the prospectus, in addition to the above-mentioned distribution, the operator of this system only notifies the relevant system user that the prospectus has been issued via the support terminal 197, There is a method in which a system user who has been notified of this actively accesses the contract management database 200 and draws out a completed electronic provisional prospectus or electronic final prospectus.

For exchange transactions that require reporting to the authorities and disclosure to the general public, the contract management database 200 includes 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 conditions of the corresponding product registered there, the exchange period, the exchange formation price, the unit price product In this case, additional items and additional conditions such as exchange completion quantity, exchange difference amount, information on flaw investigation and appraisal are read, written in the blank area of the electronic master report / disclosure, and transmitted to the exchange party.
Upon receiving this, the exchange party inputs the address / name in the blank area in the report / disclosure form, gives an electronic signature, and sends it back to the server 196. Next, the server 196 assigns the 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 document 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 obligated to report / disclosure, the operator himself / herself inputs the address / name and gives an electronic signature, and then sends the report / disclosure document to the authorities and mass media.
The exchange party can check his / her report document and disclosure document stored in the contract management database 200 at any time by selecting “Contract Contract Inquiry” on the menu page.

  By the way, this server 196 is the same even when new reporting obligations and disclosure obligations occur due to the occurrence of events between exchange parties such as cash flow transfer, exercise of various rights such as free disposal rights, and fulfillment of various obligations. Perform the process. In addition, the operator will assist in the event of the event to check whether the exchange party complies with other relevant laws and regulations in addition to the governing law of the exchange contract, the prospectus and the report / disclosure. Through the terminal 197, a questionnaire 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 price level, advertisers who place advertisements related to the exchange transaction on the system, and appraisers. Information such as account number, deposit / withdrawal history, fund account balance is registered.
When the user selects “Fund Account Inquiry” on the aforementioned menu page, the server 196 accesses the settlement management database 201 and stores the current fund account balance and past deposit / withdrawal history of the user. An account confirmation page is transmitted to the client terminal 195. The operator of this system also has a fund account and a fund account number, which is used to exchange money with the user's fund account.

The exchange of cash flow between the exchange parties from the establishment to the end of the exchange transaction is performed by funds account transfer on this system. The server 196 accesses the exchange product database 199 at regular intervals, and recognizes the cash flow transfer date of the registered exchange completed product. Then, for example, on the previous day of the corresponding day, 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 in the present invention, there are cases where the exchange party becomes a payer and 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 a payer, the operator of the system is the payee. Conversely, if the party is the payee, the operator is the payer. On the other hand, in an exchange transaction established by a relative method, one of the parties is a payer and the other is a payee, and no operator is directly involved.
In the fund settlement notice, the payer or recipient's personal name and / or corporation name, fund account number, exchange contract identifier, payment amount or receipt amount, fund settlement execution date, and the like are displayed. Then, the payer or 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 fund account transfer for transferring a predetermined amount of money from the payer's fund account to the payee's fund account. Then, information such as the payer and payee funds account balances and deposit / withdrawal history registered in the settlement management database 201 is updated to information after the money transfer.

In this system, even in the following money transfer, funds account transfer is performed using the funds settlement notice. However, if the payer-recipient matches the cash flow related to the exchanged product and the delivery of various service charges in a timely manner, the operator will write the amount that offsets them in the fund settlement notice and fund on a net basis. There may be a direct debit.
(A) During the period, the operator requests additional margin from the exchange party or refunds surplus margin according to the increase or decrease in the exposure of credit risk between the exchange parties. In these cases, the operator The money is transferred between the exchange party and the operator or between the exchange parties.
(B) Service provision fee and line usage fee received by the operator from the exchange party.
(C) Line usage fee received by the operator from the exchange applicant or appraiser.
(D) Advertising fee received by the operator from the advertiser.
(E) Evaluation fee received by the appraiser from the exchange party.
(F) Occurrence of an event during the above-mentioned period, that is, exchange of cash flow that occurs when the exchange party exercises various rights related to the exchange transaction or fulfills various obligations. The exchange party uses the “event notification” on the menu page to notify the operator of the exercise of rights or fulfillment of obligations.

By the way, if the target product in the direct exchange of asset management products is securities such as bonds, stocks, beneficiary certificates, negotiable deposits, commercial paper, etc., it is necessary to perform securities settlement for physical transfer after the exchange is established Will arise. Therefore, the settlement management database 201 in the present invention also registers information such as the securities account number, securities transfer history, securities account balance, etc. of the exchange establishment and the exchange applicant for the purpose of this securities settlement.
When these system users select “Securities Account Inquiry” on the aforementioned menu page, the server 196 accesses the settlement management database 201 to record the current securities account balance and past securities transfer history of the user. The confirmed securities account confirmation page is transmitted to the client terminal 195. Note 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 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 assignee for the securities whose party is the transferor, and conversely, the operator is the transferor for the securities whose transferee is the transferee. On the other hand, in exchange transactions established by the relative method, in securities where one of the parties is the transferor, the other is the transferor, and in securities where one of the parties is the transferor, the other is the transferor, and the operator directly Does not intervene. The securities subject to securities account transfer may be either immobilized securities or non-faced securities.
When the exchange contract has been signed, the server 196 transmits a securities settlement notice indicating that the securities account transfer is to be performed to the client terminal 195 of the exchange party via the support terminal 197. In the securities settlement notice, the individual name and / or corporate name of the exchange party, the securities account number, the identifier of the exchange agreement, the quantity of securities to be transferred, the date of securities settlement, etc. are displayed. Then, the exchange party notifies the server 196 that the securities settlement information has been confirmed.
Next, in accordance with the securities settlement information, the server 196 performs predetermined operations 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 one exchange party. Perform a securities account transfer to transfer a quantity of securities. Then, information such as both the securities account balance and the securities transfer history registered in the settlement management database 201 is updated to the information after the transfer.
In addition, the operator during the period charges additional margin to the exchange party or refunds surplus margin. If securities are used instead of this margin, this server 196 will transfer the above securities account transfer. Transfer the subject securities between the exchange party and the operator or between the exchange parties. The same securities account transfer is also performed when securities with an equal value instead of money are used for settlement of exchange differences.

By the way, the receiving and distribution of materials used when the exchange applicant selects an appraisal evaluator is performed as follows.
First, using a form such as text or electronic document format, the appraisal evaluator sends self-introduction materials describing their profile and evaluation fee system, and reference / suggestion materials related to individual exchangeable products to the server 196. . Next, upon receiving these, the server 196 sequentially stores the received date and time in the evaluator information database 202.
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 received evaluator related information, and Identifies exchange applicants who are to receive introduction materials and reference / proposal materials. Based on the search result, these materials are delivered simultaneously to the client terminal 195 of the corresponding exchange applicant using a form such as text or an electronic document format. Then, the exchange applicant who has received the materials uses them as judgment materials for selecting the appraiser.
Also, 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 appraiser's shareholder composition, affiliated companies, and human resources, the operator of this system determines the appraisers that the exchange applicant wishes to use and the relevant information. Recognize conflicts of interest that exist with the exchange applicant, or conflicts of interest that exist between the appraisal evaluator that the exchange applicant wants to use and the exchange applicant, and are affected The result can be fed back.
In addition, exchange between the exchange applicant and the appraisal evaluator and the exchange of various data can be performed using the e-mail function of each client terminal 195 or with a web site separately established by the appraisal evaluator. For example, via a hypertext link.

The server 196 accesses the exchange product database 199 at regular intervals, sequentially counts or statistically processes various registered data, and the user of the system can view the data from the client terminal 195. .
When the user selects “Market Information Overview” on the menu page described above, the server 196 displays the market situation of various exchange transaction products that have been subjected to tabulation processing and statistical processing, that is, the names of products for which exchange transactions have been established so far. -Brands, types / attributes, conditions, exchange formation price, in the case of unit price products, exchange establishment quantity, exchange difference amount, exchange period, details and provisional conditions of exchange transactions currently under bidding, exchange Creates market price information for the market information page by processing the bid status from applicants and the summary of exchange transactions scheduled for bidding into a list or graph. Send the market information page to users.
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 / proposal materials created in connection with exchange transactions. .

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

The financial product exchange transaction server 196, the client terminal 195, and the support terminal 197 in FIG. 47 can be implemented by methods well known to those skilled in the art. FIG. 48 shows an example.
In the configuration in FIG. 48, a processing device 207 that executes arithmetic operations is provided. The processing device 207 is connected to a plurality of storage components. These storage components include 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 are included. Note that not all types of these storage devices are necessarily required. Further, these storage components do not need to be physically close to the processing device 207 and may be disposed away from the processing device 207.
The processing device 207 is connected to means for the user to input commands, data, and the like, such as a keyboard device 213 and a mouse 214. Moreover, you may provide the other input means known to those skilled in the art, for example, a contact screen, a position input device, and a voice converter.
A reading device 215 is also connected to the processing device 207. The reader 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 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 connected to a printing device 218 and a display device 219 for outputting data on paper, such as a monitor, a liquid crystal display screen, or other types known to those skilled in the art. Display device.
By the way, the processing device 207 may be connected to the communication network 220 via an input / output means (I / O) 221. As the communication network 220, a public switched telephone network (PSTN), a private network (LAN), A wide area communication network (WAN), the Internet, etc. are mentioned. The processing device 207 can also be configured to communicate with other communication facilities via the communication network 220.
The processing device 207 can be implemented as a stand-alone system. It can also be implemented as a collection of a plurality of processing units operating in parallel (each processing unit is configured to execute a child task of a larger computer program), and further includes one or more main processing units It can also be implemented as a combination with several sub-processing units. Some portions of the functionality of the present invention can also be implemented by remote processing equipment communicating with the processing device 207 via the communication network 220.

  Furthermore, in the present invention, by the exchange demand matching method described so far for financial products and quasi-financial products, various production goods including art goods such as precious metals, non-ferrous metals, energy-related products, primary products, Exchange transactions for various consumer goods including antiques can also be realized.

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

  A computer-readable storage medium, a financial product exchange transaction system, and a product exchange transaction method in which a financial product exchange transaction program according to the present invention is recorded are provided via one or more computer networks. It is possible to create an exchange trading market for other commodities, and to match the demands for eliminating positions of clients, including asset managers, fundraisers, and money traders, with demands for creating positions.

  And the computer-readable storage medium, the financial product exchange transaction system, and the product exchange transaction method that record the exchange program for financial products according to the present invention provide an environment in which the cancellation action and the creation action can be performed simultaneously, Customers can save commissions paid to intermediaries, etc., eliminate the time lag between elimination and creation, minimize the market risk between them, and cross over the over-segmented trading market Creating a trading venue can improve the liquidity of individual products.

  Furthermore, the present invention enables a new kind of arbitrage transaction and cash flow leveling, improves the efficiency of portfolio restructuring and overall asset / liability management, business control, stock holdings, credit provision, management It is possible to provide a new method of asset management related to selection of contractors.

FIG. 5 is a diagram illustrating direct exchange of asset management products according to an embodiment of the present invention. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed the direct exchange of the asset management goods. It is the figure which showed one Example of the flow of the fund in the direct exchange of asset management goods, and the structure of charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset management goods. It is the figure which showed one Example of the mechanism of the flow of the fund in the cash flow exchange of asset management goods, and a charge. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction of the asset management goods by a compromise method. It is the figure which showed one Example of the flow of the fund in the exchange transaction of the asset management goods by a compromise method, and the structure of charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the asset procurement goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund raising goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund raising goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund raising goods. It is the figure which showed one Example of the flow of the fund in the cash flow exchange of fund raising goods, and the structure of charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange of the fund transaction goods. It is the figure which showed one Example of the mechanism of the flow of the fund in the cash flow exchange of money transaction goods, and a charge. It is the other Example of this invention, Comprising: It is the figure which showed cash flow exchange with an asset management product and a fund transaction product. It is the figure which showed one Example of the mechanism of the flow of the fund in the cash flow exchange of an asset management product, and a fund transaction product, and a charge. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by the tying-up of asset management goods and fund transaction goods. It is the figure which showed one Example of the structure of the flow of the fund in the exchange transaction by the tying-in of the asset management product and the fund transaction product, and the billing. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by tying a fund procurement product and a fund transaction product. It is the figure which showed one Example of the mechanism of the flow of money and the charge in the exchange transaction by tying a fund procurement product and a money transaction product. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by the tying | mixing of asset management goods and fund procurement goods. It is the figure which showed one Example of the mechanism of the flow of money and the charge in the exchange transaction by tying | stocking an asset management product and a fund raising product. It is the other Example of this invention, Comprising: It is the figure which showed the exchange transaction by tying together asset management goods, fund procurement goods, and money transaction goods. It is the figure which showed one Example of the structure of the flow of the fund in the exchange transaction by tying together the asset management product, the fund procurement product, and the fund transaction product, and the billing mechanism. FIG. 6 is a diagram showing a net-based exchange transaction according to another embodiment of the present invention. It is a block diagram which shows the other Example of this invention. It is the other Example of this invention, Comprising: It is the figure which showed the structure of the hardware.

Explanation of symbols

1-10 Asset Manager 11-12 Loan Claim 13-14 Stock (Asset Management Product)
15-16 bonds (asset management products)
17-18 Securities investment trust 19-20 Deposit claims 21-22 Time deposits (asset management products)
23-24 Loan trust 25-26 Transferable deposits (asset management products)
27-28 Public Bond Investment Trusts 29-30 Money Trusts 31-32 Private Company Stocks 33-34 Stock Investment Trusts 35-36 Project Finance Investment Securities 37-38 Asset-backed Investment Securities 39-40 Corporate Investment Trusts 41-42 Redemption Stock 43-44 Convertible Stock 45-46 Convertible Bonds 47-48 Stock Deposits 49-50 Warrant Bonds 51-52 Preferred Bonds (Asset Management Products)
53-54 Subordinated loan claims 55-56 Subordinated shares 57-58 Preferred shares 59-60 Common shares 61-62 Land 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 Claims 75-76 Specified Common Stock 77-78 Converted Specified Bonds 79-80 Warrant Specified Bonds 81-82 Specified Money Trusts 83-84 Designated Non-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 Exhibitor (asset manager)
95 Successful bidder (asset manager)
96 Bidder 97 Exchange applicant 98 Appraiser 99 Advertiser 100-109 Fundraiser 110-111 Borrowing debt 112-113 Stock (Funding product)
114-115 bonds (fund raising products)
116-117 Commercial paper (fund raising products)
118-119 Deposit obligations 120-121 Asset manager 122 Preferred borrowings 123 Preferred bonds (funding products)
124 Subordinated debt 125 Subordinated bonds 126 Medium-term bonds 127 Long-term bonds 128 Short-term bonds 129 Time deposits (funding products)
130 Transferable deposits (fund raising products)
131 Call Money 132 Long-term Debt 133-136 Debt 137 Exhibitor (Fund Raiser)
138 Successful bidder (funder)
139-158 Funds traders 159-160 Foreign exchange spot 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 to 176 Stock price swaps 177 to 178 Commodity price swaps 179 Interest rate futures 180 Exchange futures 181 Bond futures options 182 Currency options 183 to 186 Swaption 187 Exhibitors (fund traders)
188 Successful bidder (fund trader)
189 Individual stock option 190 Color 191 Cap 192 Call loan 193 Internet 194 Financial product exchange transaction site 195 Client terminal 196 Financial product exchange transaction server 197 Support terminal 198 Client information database 199 Exchange product database 200 Contract management database 201 Settlement management database 201 202 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 Electrical erasure / programmable read-only storage device 211 Read / write storage device 212 Tape device 213 Keyboard device 214 Mouse 215 Reading device 216 Flexible disk cartridge 217 Read only compact Disk 218 Printing device 219 Display device 220 Communication network 221 Input / output means [1] Payment of exchange difference [2] Payment of service provision fee and line usage fee [3] Payment of appraisal evaluation fee [4] Payment of advertising fee [5] ] Cash flow of exchange transaction [6] Cash flow or position of existing transaction

Claims (38)

  A financial product exchange transaction program characterized by the fact that an exchange transaction market for financial products and / or quasi-financial products can be established via one or more computer networks, and users can establish exchange transactions. Computer-readable storage medium. In claim 1, one or more computers and a plurality of user terminals connected to the computer network,
(A) a transmission means for a terminal of a person who desires an exchange transaction of the financial / quasi-financial product to send an exchange order to the computer;
(B) receiving means for receiving a replacement order transmitted by the transmitting means from the terminal of the replacement applicant;
(C) storage means for storing the exchange order of the exchange applicant accepted by the acceptance means by the computer;
(D) Disclosure means for disclosing the exchange order to a terminal of a specific or non-specific candidate that the computer can serve as an exchange partner of the exchange applicant;
(E) a transmission means for the exchange candidate's terminal to send an exchange order for the exchange transaction to the computer based on the exchange order disclosed by the disclosure means from the computer;
(F) receiving means for receiving a replacement order transmitted from the terminal of the replacement candidate by the transmitting means;
(G) storage means for storing the exchange order of the exchange candidate accepted by the accepting means by the computer;
(H) a matching means for the computer to match the exchange order of the exchange candidate stored by the storage means with the exchange order of the exchange candidate and determine whether the condition matches;
(I) an updating means for establishing an exchange transaction between both exchange orders when the computer determines that the condition is met by the matching means, and updating both orders stored by the storage means;
(J) a notification means for notifying the exchange requester's terminal and the exchange candidate's terminal of the transaction result derived by the matching means;
A computer-readable storage medium storing an exchange transaction program for financial products, etc., characterized in that an exchange transaction can be realized by providing. In claim 1, one or more computers and a plurality of user terminals connected to the computer network,
(A) a plurality of user terminals, a transmission means for transmitting an exchange order for the financial / quasi-financial product to the computer;
(B) a receiving unit for receiving a replacement order transmitted from the plurality of user terminals by the transmitting unit;
(C) storage means for storing a plurality of replacement orders accepted by the acceptance means by the computer;
(D) matching means for the computer to match a plurality of replacement orders stored by the storage means and determine whether the condition is met;
(E) an update unit that establishes an exchange transaction between a plurality of exchange orders when the computer determines that the condition is met by the matching unit, and updates the exchange order stored by the storage unit;
(F) Notification means for notifying the plurality of user terminals of transaction results derived by the matching means;
A computer-readable storage medium storing an exchange transaction program for financial products, etc., characterized in that an exchange transaction can be realized by providing. In claim 1, one or more computers and a plurality of user terminals connected to the computer network,
(A) a transmission means for transmitting a request for relative exchange transaction to a terminal of a candidate that can be exchanged by a terminal of a person who desires a relative exchange transaction of the financial / quasi-financial product;
(B) receiving means for receiving a relative exchange transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate, the terminal of the relative transaction candidate;
(C) In response to the relative exchange transaction request received by the receiving means, the terminal of the relative transaction candidate returns a decision to accept, reject or negotiate to the terminal of the relative transaction applicant,
(D) receiving means for receiving a decision made by the reply means from the terminal of the relative transaction candidate by the terminal of the relative transaction candidate;
(E) a notification means for notifying the computer of the result of establishment or non-establishment of a relative exchange transaction by the terminal of the relative transaction candidate and / or the terminal of the relative transaction candidate;
A computer-readable storage medium storing an exchange transaction program for financial products, etc., characterized in that an exchange transaction can be realized by providing. In Claim 4, it is a storage medium which recorded an exchange transaction program, such as a financial product characterized by providing further means, Comprising: In one or more computers and a plurality of user terminals connected to the computer network,
(A) a transmitting means for transmitting a request for a relative exchange transaction of the financial / quasi-financial product to a terminal of the relative transaction applicant,
(B) the computer accepting a relative exchange transaction request transmitted from the terminal of the relative transaction applicant by the transmission unit;
(C) identifying means for identifying a relative transaction candidate that matches the relative exchange transaction request accepted by the accepting means;
(D) notification means for notifying the relative transaction candidate's terminal of the contact information of the relative transaction candidate specified by the specifying means;
A computer-readable storage medium having a program recorded thereon for realizing a relative exchange transaction.   6. The product subject to the exchange transaction according to any one of claims 1 to 5, wherein the product is one or more of loan receivables, bonds, commercial paper, deposit receivables, stocks, investment securities, deposit documents and beneficiary certificates. A computer-readable storage medium storing a financial product exchange transaction program.   In any one of Claims 1 to 5, the product subject to the exchange transaction is any one or more real estate management products among land, building, complex real estate, sectioned property building, real estate collateral securities, and real estate investment trust. A computer-readable storage medium storing a financial product exchange transaction program.   The financial product according to any one of claims 1 to 5, wherein the product subject to the exchange transaction is any one or more funding products of debt, bonds, commercial paper, deposit debt, stocks, and investment securities. A computer-readable storage medium on which a commodity exchange transaction program is recorded.   6. The product subject to the exchange transaction according to claim 1 is a foreign exchange product, interest rate derivative product, stock derivative product, real estate derivative product, physical derivative product, composite derivative product, forward product, future product, option product, swap product. A computer-readable storage medium storing an exchange transaction program for financial products, etc., characterized in that any one or more of these is a financial transaction product. A computer system for supporting exchange transactions of financial products and / or quasi-financial products between customers such as asset managers, fundraisers, and money 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) comprising an exchange product database storing data relating to the exchange transaction,
(1) Contract management database that stores data related to any one or more of exchange contracts, prospectus, reports and disclosures;
(2) a settlement management database for storing data relating to fund settlement and / or securities settlement;
(3) Evaluator information database for storing self-introduction materials of appraisers and / or reference / suggestion materials related to the exchange transaction
(4) By providing any one or more of the client information databases that store data related to users of the system,
A bidding mode in which exchange orders are matched directly on the principle of supply and demand balance and / or
An exchange transaction system for financial products, etc., characterized in that a relative mode in which the customer can establish the exchange transaction through direct negotiation can be realized by providing a communication path. In claim 10,
(A) a transmission means for a terminal of a person who desires an exchange transaction of the financial / quasi-financial product to send an exchange order to the computer;
(B) receiving means for receiving a replacement order transmitted by the transmitting means from the terminal of the replacement applicant;
(C) storage means for storing the exchange order of the exchange applicant accepted by the acceptance means by the computer;
(D) Disclosure means for disclosing the exchange order to a terminal of a specific or non-specific candidate that the computer can serve as an exchange partner of the exchange applicant;
(E) a transmission means for the exchange candidate's terminal to send an exchange order for the exchange transaction to the computer based on the exchange order disclosed by the disclosure means from the computer;
(F) receiving means for receiving a replacement order transmitted from the terminal of the replacement candidate by the transmitting means;
(G) storage means for storing the exchange order of the exchange candidate accepted by the accepting means by the computer;
(H) a matching means for the computer to match the exchange order of the exchange candidate stored by the storage means with the exchange order of the exchange candidate and determine whether the condition matches;
(I) an updating means for establishing an exchange transaction between both exchange orders when the computer determines that the condition is met by the matching means, and updating both orders stored by the storage means;
(J) a notification means for notifying the exchange requester's terminal and the exchange candidate's terminal of the transaction result derived by the matching means;
A financial product exchange transaction system characterized by comprising: In claim 10,
(A) a plurality of user terminals, transmitting means for transmitting exchange orders for the financial / quasi-financial products to the computer;
(B) a receiving unit for receiving a replacement order transmitted from the plurality of user terminals by the transmitting unit;
(C) storage means for storing a plurality of replacement orders accepted by the acceptance means by the computer;
(D) matching means for the computer to match a plurality of replacement orders stored by the storage means and determine whether the condition is met;
(E) an update unit that establishes an exchange transaction between a plurality of exchange orders when the computer determines that the condition is met by the matching unit, and updates the exchange order stored by the storage unit;
(F) Notification means for notifying the plurality of user terminals of transaction results derived by the matching means;
A financial product exchange transaction system characterized by comprising: In claim 10,
(A) a transmission means for transmitting a request for relative exchange transaction to a terminal of a candidate that can be exchanged by a terminal of a person who desires a relative exchange transaction of the financial / quasi-financial product;
(B) receiving means for receiving a relative exchange transaction request transmitted by the transmitting means from the terminal of the relative transaction candidate, the terminal of the relative transaction candidate;
(C) In response to the relative exchange transaction request received by the receiving means, the terminal of the relative transaction candidate returns a decision to accept, reject or negotiate to the terminal of the relative transaction applicant,
(D) receiving means for receiving a decision made by the reply means from the terminal of the relative transaction candidate by the terminal of the relative transaction candidate;
(E) a notification means for notifying the computer of the result of establishment or non-establishment of a relative exchange transaction by the terminal of the relative transaction candidate and / or the terminal of the relative transaction candidate;
A financial product exchange transaction system characterized by comprising: The financial product exchange transaction system according to claim 13, further comprising:
(A) a transmission means for transmitting a request for a relative exchange transaction of the financial / quasi-financial product to the computer by the terminal of the relative transaction applicant;
(B) the computer accepting a relative exchange transaction request transmitted from the terminal of the relative transaction applicant by the transmission unit;
(C) identifying means for identifying a relative transaction candidate that matches the relative exchange transaction request accepted by the accepting means;
(D) notification means for notifying the relative transaction candidate's terminal of the contact information of the relative transaction candidate specified by the specifying means;
The system further comprises an exchange transaction system for financial products.   15. The financial product exchange transaction system according to claim 10, wherein the exchange transaction is a direct exchange of an asset management product.   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 financial product exchange transaction system according to claim 10, wherein the exchange transaction is a cash flow exchange of an asset management product based on valuation gain or loss.   18. The financial product exchange transaction system according to claim 10, wherein the asset management product can be exchanged by a compromise method between the direct exchange and the cash flow exchange.   15. The financial product exchange transaction system according to claim 10, wherein the exchange transaction is a cash flow exchange of a funded product.   15. The financial product exchange transaction system according to claim 10, wherein the exchange transaction is a cash flow exchange of a capital transaction product.   21. The financial product exchange transaction system according to claim 10, wherein the cash flow exchange between the asset management product and the fund transaction product can be performed.   19. The product subject to the exchange transaction according to any one of claims 10 to 18, wherein the product is one or more of a loan receivable, a bond, a commercial paper, a deposit receivable, a stock, an investment security, a deposit certificate and a beneficiary certificate. An exchange transaction system for financial products.   The product according to any one of claims 10 to 18, wherein the target product of the exchange transaction is any one or more real estate management products among land, building, complex real estate, sectioned property building, real estate collateral securities and real estate investment trust. Exchange system for financial products.   20. The exchange product according to claim 10, wherein the product subject to the exchange transaction is any one or more of fund raising products among debt, bonds, commercial paper, deposit debt, stock and investment securities. And exchange system for financial products.   21. The product of the exchange transaction according to claim 10, wherein the exchange target product is a foreign exchange product, an interest rate derivative product, a stock derivative product, a real estate derivative product, a physical derivative product, a composite derivative product, a forward product, a future product, or an option product. An exchange transaction system for financial products, characterized in that one or more of the swap products is a fund transaction product.   26. The exchange system for financial products and the like according to claim 10, wherein any one or more exchange transactions can be established among similar products, different products, and products of different industries.   26. The financial product exchange transaction system according to claim 10, wherein an exchange transaction can be established by tying a plurality of commodities.   26. The financial product exchange transaction system according to claim 10, wherein simultaneous exchange transactions between three or more users can be established.   Claims 10 to 25 enable comprehensive management of assets and liabilities through various combinations of direct exchange of asset management products, cash flow exchange of asset management products, cash flow exchange of fund raising products, and cash flow exchange of fund transaction products. An exchange transaction system for financial products characterized by being able to.   30. An exchange transaction system for financial products, etc. according to claim 10, wherein the exchange transaction for the commodity can be established for 24 hours a day domestically and abroad over the border and / or the transaction time barrier.   30. The financial product exchange transaction system according to claim 10, further comprising a function of checking a replacement transaction product and / or a function of appraisal evaluation of the exchange transaction value.   Claims 10 to 29 that the settlement and management functions after the exchange is established, such as transaction verification, contract signing / transfer, exchange difference settlement, physical delivery, cash flow exchange, legal compliance inspection, etc. A featured exchange system for financial products.   Claims 10 to 18, 22 or 23, through the direct exchange of asset management products and / or the cash flow exchange, transactions involving business control, transactions involving shareholding, transactions involving treasury stock, real estate equity A financial product exchange transaction system characterized in that it can perform any one or more of concentration, change in order of remuneration, transaction related to credit provision, portfolio exchange, and transaction related to selection of management contractors.   A product exchange transaction method characterized in that a product exchange transaction market is created via one or more computer networks, and users can establish an exchange transaction. In the system according to claim 34, comprising 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 replacement transaction of the product transmits a replacement order to the computer;
(B) the computer accepting the exchange order transmitted by the transmission step from the exchange applicant's terminal;
(C) a storage step in which the computer stores the exchange order of the exchange applicant accepted in the acceptance step;
(D) a disclosure step in which the computer discloses the replacement order to a terminal of a specific or unspecified candidate who can be a replacement partner of the replacement applicant;
(E) a transmission step in which the exchange candidate's terminal transmits an exchange order for the exchange transaction to the computer based on the exchange order disclosed in the disclosure step from the computer;
(F) a receiving step in which the computer accepts the exchange order transmitted from the exchange candidate's terminal in the transmission step;
(G) a storage step in which the computer stores the exchange order of the exchange candidate accepted in the acceptance step;
(H) a matching step in which the computer matches the exchange order of the exchange candidate stored in the storage step with the exchange order of the exchange candidate to determine whether the condition is satisfied;
(I) an update step for establishing an exchange transaction between both exchange orders when the computer determines that the condition is met by the matching step, and updating both orders stored in the storage step;
(J) a notification step in which the computer notifies the exchange candidate's terminal and the exchange candidate's terminal of the transaction result derived by the matching step;
A product exchange transaction method comprising: In the system according to claim 34, comprising one or more computers connected to the computer network and a plurality of user terminals.
(A) a plurality of user terminals transmitting a replacement order for the product to the computer;
(B) the computer accepting a replacement order transmitted by the transmitting step from a plurality of the user terminals;
(C) a storage step in which the computer stores a plurality of replacement orders received in the receiving step;
(D) a matching step in which the computer matches a plurality of replacement orders stored in the storing step to determine a match of the conditions;
(E) an updating step of establishing an exchange transaction between a plurality of exchange orders when the computer determines that the condition is met by the matching step, and updating the exchange order stored in the storage step;
(F) a notification step in which the computer notifies the plurality of user terminals of the transaction result derived by the matching step;
A product exchange transaction method comprising: In the system according to claim 34, comprising one or more computers connected to the computer network and a plurality of user terminals.
(A) a transmission 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 candidate terminal that can be an exchange partner;
(B) a receiving step in which the terminal of the relative transaction candidate receives the relative exchange transaction request transmitted by the transmission step from the terminal of the relative transaction candidate;
(C) a reply step in which the terminal of the relative transaction candidate returns a decision to accept, reject or negotiate to the terminal of the relative transaction candidate in response to the relative exchange transaction request received in the reception step;
(D) a receiving step in which the terminal of the candidate for relative transaction receives the decision returned by the reply step from the terminal of the candidate for relative transaction;
(E) a notification step in which the terminal of the relative transaction applicant and / or the terminal of the relative transaction candidate notifies the computer of the result of establishment or non-establishment of the relative exchange transaction;
A product exchange transaction method comprising: 38. The merchandise exchange transaction method according to claim 37, further comprising a further step in the previous stage, wherein the system comprises one or more computers connected to the computer network and a plurality of user terminals. ,
(A) a transmission step in which the terminal of the relative transaction applicant transmits a relative exchange transaction request for the product to the computer;
(B) the computer accepting a relative exchange transaction request transmitted by the transmission step from the terminal of the relative transaction applicant;
(C) a specifying step in which the computer specifies a relative transaction candidate that matches the relative exchange transaction request received in the receiving step;
(D) a notification step in which the computer notifies the relative transaction candidate's terminal of the contact information of the relative transaction candidate identified in the identification step;
A merchandise exchange transaction method further comprising:

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