An uninterrupted continuous trading system

Abstract

The present invention discloses an uninterrupted continuous trading system, which separates trading from settlement and supports uninterrupted continuous trading. Its technical scheme is as follows: a basic data module, which maintains the parameters required for trading settlement; a silver-futures module, which provides silver-futures transfer data; a clearing module, which performs clearing processing on an exchange after it closes, realizes sub-exchange clearing, and merges the clearing results of each exchange corresponding to the time point of the logical trading day boundary into the final clearing result of the day; a trading initialization module, which supports the trading initialization of sub-exchanges, performs trading initialization on each exchange in turn under the continuous trading state, and dynamically loads incremental data; a reporting module, which reports data to the monitoring center after all exchanges have completed the settlement of the day; and a trading module, which performs trading processing based on a multi-center multi-active mode.

Description

Technical Field

[0001] The present invention relates to a trading system for financial products, and in particular to a 7*24-hour uninterrupted continuous trading system for financial futures trading. Background Art

[0002] Domestic futures market exchanges implement a member-based tiered settlement system and a same-day zero-debt settlement system.

[0003] The exchange settles with its clearing members, the clearing members settle with their entrusted trading members, and the trading members settle with their clients. The exchange conducts daily fund settlement of the trading margin, profit and loss, option premium, handling fee and other relevant funds of both parties to the transaction based on the transaction results and settlement price, and the members settle with investors. At the opening of each trading day, the trading system must check the fund situation based on the accurate settlement data of the previous trading day. This means that trading and settlement can only be in a serial relationship. At the opening, the trading system must wait for the fund data of the settlement system before it can start.

[0004] At present, the national debt closes at 15:15, and the other products close at 15:00. However, the products that have been or will be listed in the domestic futures market, such as foreign exchange, non-ferrous metals, rubber, crude oil and iron ore, have a greater demand for longer trading hours. In particular, the period from 15:00 in the afternoon to 21:00 in the evening is the active trading period of the European financial market, and the spot market of products such as foreign exchange is still trading. With the continuous expansion of market openness, the current futures market trading time may lead to problems such as futures trading stopping during the spot trading period and futures prices opening gaps when the futures market opens, which restricts the ability of the futures market to better serve the real economy and its international competitiveness.

[0005] Therefore, it is imperative to separate trading and settlement and support 7*24 hours continuous trading. Summary of the invention

[0006] A brief summary of one or more aspects is given below to provide a basic understanding of these aspects. This summary is not an exhaustive overview of all conceived aspects, and is neither intended to identify the key or critical elements of all aspects nor to define the scope of any or all aspects. Its only purpose is to give some concepts of one or more aspects in a simplified form as a prelude to a more detailed description that will be given later.

[0007] The purpose of the present invention is to solve the above problems and provide an uninterrupted continuous trading system that can separate trading from settlement and support 7*24 hours of uninterrupted continuous trading.

[0008] The technical solution of the present invention is as follows: The present invention discloses an uninterrupted continuous trading system, which includes a basic data module, a silver futures module, a clearing module, a transaction initialization module, a reporting module, and a transaction module, wherein:

[0009] The basic data module is used to maintain the parameters required for transaction settlement and supports different trading days and statuses for different exchanges;

[0010] Silver futures module, used to provide silver futures transfer data;

[0011] The clearing module performs clearing processing on an exchange after it closes, and combines the clearing results of each exchange corresponding to the logical trading day boundary into the final clearing result of the day;

[0012] The transaction initialization module supports the transaction initialization of sub-exchanges. It initializes transactions for exchanges after settlement is completed, and prepares for the start of transactions on the next trading day. It initializes transactions for each exchange in turn under the continuous trading state, dynamically loads incremental data, and realizes uninterrupted continuous trading.

[0013] The reporting module is configured to report data including the final settlement results of the day to the external monitoring center after all exchanges have completed the settlement of the day;

[0014] The transaction module processes transactions based on a multi-center and multi-active model, allowing multiple transaction centers to work simultaneously, or allowing one transaction center to work while another transaction center is upgrading its system.

[0015] According to an embodiment of the uninterrupted continuous trading system of the present invention, in the silver futures module, in view of the different trading days of various exchanges at the same time, a setting is made to attribute the deposits and withdrawals to the trading day with the smallest trading day among various exchanges.

[0016] According to an embodiment of the uninterrupted continuous trading system of the present invention, the clearing process of the clearing module includes:

[0017] Process the transaction, determine whether to close the position today, calculate the handling fee based on the handling fee rate on day T, take the investor's position on day T-1 as the basis, calculate the position on day T according to the after-hours transactions such as transactions, deliveries, option executions on day T, generate forced liquidation of over-positions, calculate the profit and loss on day T, calculate the margin based on the margin rate on day T, and then summarize the deposits and withdrawals on day T, update the investor's funds based on the changes in funds and trading margin caused by the investor's business on the exchange, where day T is the transaction day.

[0018] According to an embodiment of the uninterrupted continuous trading system of the present invention, the setting of the logical trading day dividing line is: each exchange has the function of independently starting the trading of the next trading day after closing and settling, and the time point when all exchanges complete closing and settlement constitutes the logical dividing line between two trading days.

[0019] According to one embodiment of the uninterrupted continuous trading system of the present invention, the trading initialization module is configured to adopt an overwrite mode for positions and an incremental mode for funds. The uninterrupted continuous trading system loads the investor's position and fund change data in an exchange, replaces the on-site positions with the incremental position data of the exchange, updates the investor's funds according to the changes in each fund item, first calculates the changes in each fund item of the investor in the exchange, and then adjusts the available funds, equity, and market value equity of the investor and member funds according to the changes in each fund item, and recalculates the available funds.

[0020] According to one embodiment of the uninterrupted continuous trading system of the present invention, the data reported by the reporting module to the external monitoring center include: customer basic information, customer code information, customer settlement account information, customer futures options account basic capital data, customer deposit and withdrawal records, futures transaction details, futures position data, sub-item capital data, information or data that needs to be explained, futures liquidation details, futures position details, non-monetary offset details, futures delivery details, futures settlement contracts to be delivered, option transaction details, option position data, option exercise details, option liquidation details, and option position details.

[0021] Compared with the prior art, the present invention has the following beneficial effects: the system of the present invention designs a logical dividing line. The present invention does not pursue that all exchanges complete closing settlement before the physical dividing line and then switch trading days. The closing time of each exchange can be different, and the opening time of the next trading day can also be different. After the closing settlement of each exchange, the transaction of the next trading day can be independently started. The time point when all exchanges complete the closing settlement constitutes the logical dividing line between two trading days. In addition, the present invention also supports dynamic transaction initialization. The trading system supports each exchange to perform transaction initialization in sequence under the continuous trading state, supports dynamic incremental data, and thus supports 7*24 hours continuous trading. BRIEF DESCRIPTION OF THE DRAWINGS

[0022] The above features and advantages of the present invention can be better understood after reading the detailed description of the embodiments of the present disclosure in conjunction with the following drawings. In the drawings, the components are not necessarily drawn to scale, and components with similar related properties or features may have the same or similar reference numerals.

[0023] Figure 1 A schematic diagram showing the physical dividing line between two trading days.

[0024] Figure 2 A schematic diagram showing the setting of logical demarcation lines in the uninterrupted continuous trading system of the present invention is shown.

[0025] Figure 3 A schematic diagram showing an embodiment of the uninterrupted continuous trading system of the present invention. DETAILED DESCRIPTION

[0026] The present invention is described in detail below in conjunction with the accompanying drawings and specific embodiments. Note that the aspects described below in conjunction with the accompanying drawings and specific embodiments are only exemplary and should not be construed as limiting the scope of protection of the present invention in any way.

[0027] Figure 3 The principle of an embodiment of the uninterrupted continuous trading system of the present invention is shown. Figure 3 The system of this embodiment includes: a basic data module, a silver futures module, a clearing module, a transaction initialization module, a reporting module, and a transaction module.

[0028] The basic data module is used to maintain the data required for transaction settlement. Since each exchange can close and settle independently and start trading on the next trading day independently, at a certain point in time, each exchange may be on a different trading day. The basic data module of the system supports different trading days and statuses for different exchanges.

[0029] The silver-futures module is used to provide silver-futures transfer data. Since the trading days of each exchange may be different at the same time, in this embodiment, it is set to attribute the deposits and withdrawals to the trading day with the smallest trading day among each exchange. Assuming that a deposit and withdrawal occurs on November 17, 2021, Exchange A, Exchange B, November 18, 2021, and Exchange C, November 17, 2021, then the deposit and withdrawal will be attributed to November 17, 2021.

[0030] There is a logical trading day boundary in the clearing module. Since the system supports clearing by exchange, when an exchange closes, the clearing of that exchange can begin, and the transaction will be processed. It will determine whether to close today, and the handling fee will be calculated based on the handling fee rate of T day. Based on the T-1 day position of the investors of that exchange, the position of T day will be calculated according to the after-hours transactions such as the transaction, delivery, and option execution of T day, and the forced liquidation of over-position will be generated, and the profit and loss of T day will be calculated. The margin will be calculated based on the margin rate of T day, etc. Then the deposits and withdrawals of T day will be summarized, and the investor funds will be updated according to the changes in funds and trading margin caused by the investors' business in that exchange.

[0031] The logical trading day boundary does not seek to complete the closing settlement of all exchanges before the physical trading day boundary, and then switch trading days. The closing time of each exchange can be different, and the opening time of the next trading day can also be different. Each exchange can start trading on the next trading day after closing and settling. The time point when all exchanges complete closing and settlement constitutes the logical dividing line between two trading days.

[0032] The principle can be found in Figure 1 and Figure 2 The comparison is shown.

[0033] See also Figure 1 As shown, the next trading day can only be started after all exchanges have closed and completed settlement, and the settled data will be reported to the monitoring center. There is a physical dividing line between the two trading days.

[0034] Combination Figure 2 As shown in the figure, the physical dividing line between two trading days is changed into a logical dividing line. For each exchange, it is still necessary to complete the closing settlement of day T before starting the trading of the next trading day. However, the starting of trading on the next trading day by exchange A does not need to rely on the closing and settlement of day T of trading day B. The closing time of each exchange can be different, and the opening time of the next trading day can also be different. Each exchange can start the trading of the next trading day independently after closing and settling, thereby supporting 7*24 hours continuous trading. The time point when all exchanges complete the closing settlement constitutes the logical dividing line between the two trading days. The settlement results of each exchange at this point are combined as the final settlement result of day T and reported to the monitoring center.

[0035] The transaction initialization module supports transaction initialization by exchange. After one exchange closes and completes settlement, other exchanges may still be in a trading state. At this time, the transaction of the exchange that has completed settlement can be initialized to prepare for its launch of transactions on the next trading day.

[0036] In the trading initialization module, the positions are in overwrite mode, and the funds are in incremental mode. The trading system loads the investor's positions and fund change data on the exchange, and replaces the positions on the exchange with the incremental positions on the exchange. The investor's funds are updated according to the changes in each fund item. First, the changes in each fund item of the investor on the exchange are calculated (this time the amount on the exchange - the amount on the exchange). The fund items include: premium income, premium expenditure, delivery payment, closing profit and loss (daily hedging), position profit and loss (daily hedging), delivery profit and loss (daily hedging), option execution profit and loss, transaction fee, delivery fee, settlement fee, option execution fee, transfer fee, other income, other payment, day trading margin, day delivery margin. △ The calculation formula for available funds is as follows:

[0037] △ Available funds =

[0038] -△Day trading margin -△Day delivery margin

[0039] +△Royalty income-△Royalty expenditure

[0040] +△Other income-△Other expenses

[0041] +△ Delivery payment

[0042] +△ Profit and loss of closing position (marked to market) +△ Profit and loss of holding position (marked to market) +△ Profit and loss of delivery (marked to market) +△ Profit and loss of option exercise

[0043] -△Transaction fee-△Delivery fee-△Settlement fee-△Option execution fee-△Position transfer fee

[0044] Adjust the available funds, equity, and market value equity of investors and members’ funds based on changes in various funding items, and recalculate available funds.

[0045] The transaction initialization module supports the initialization of transactions in each exchange in sequence under the continuous trading state, and dynamically loads incremental data, thereby supporting 7*24 hours of uninterrupted continuous trading.

[0046] The reporting module is configured to perform the following processing: After all exchanges have completed T-day settlement, report to the monitoring center the customer's basic information, customer code information, customer settlement account information, customer futures options account basic capital data, customer deposit and withdrawal records, futures transaction details, futures position data, other sub-item capital data, other information or data that needs to be explained, futures liquidation details, futures position details, non-monetary offset details, futures delivery details, futures pending delivery settlement contracts, option transaction details, option position data, option exercise details, option liquidation details, and option position details.

[0047] The trading module configuration performs the following processing: Due to the uninterrupted (7*24 hours) continuous trading, there is no time window to stop all trading systems for system upgrades. Therefore, the trading module needs to support a multi-center multi-active mode to process transactions. Multiple trading centers can work at the same time, and while one trading center is working, the system of another trading center can be upgraded, and the upgraded trading center can be enabled online.

[0048] Although the above methods are illustrated and described as a series of actions for simplicity of explanation, it should be understood and appreciated that these methods are not limited by the order of the actions, because according to one or more embodiments, some actions may occur in a different order and / or concurrently with other actions from those illustrated and described herein or not illustrated and described herein but understandable to those skilled in the art.

[0049] Those skilled in the art will further appreciate that the various illustrative logic blocks, modules, circuits, and algorithm steps described in conjunction with the embodiments disclosed herein may be implemented as electronic hardware, computer software, or a combination of the two. To clearly illustrate this interchangeability of hardware and software, various illustrative components, blocks, modules, circuits, and steps are generally described above in terms of their functionality. Whether such functionality is implemented as hardware or software depends on the specific application and the design constraints imposed on the overall system. The technician may implement the described functionality in different ways for each specific application, but such implementation decisions should not be interpreted as resulting in a departure from the scope of the present invention.

[0050] The various illustrative logic blocks, modules, and circuits described in conjunction with the embodiments disclosed herein may be implemented or performed with a general purpose processor, a digital signal processor (DSP), an application specific integrated circuit (ASIC), a field programmable gate array (FPGA) or other programmable logic device, discrete gate or transistor logic, discrete hardware components, or any combination thereof designed to perform the functions described herein. A general purpose processor may be a microprocessor, but in the alternative, the processor may be any conventional processor, controller, microcontroller, or state machine. The processor may also be implemented as a combination of computing devices, such as a combination of a DSP and a microprocessor, a plurality of microprocessors, one or more microprocessors in cooperation with a DSP core, or any other such configuration.

[0051] The steps of the method or algorithm described in conjunction with the embodiments disclosed herein may be embodied directly in hardware, in a software module executed by a processor, or in a combination of the two. The software module may reside in a RAM memory, a flash memory, a ROM memory, an EPROM memory, an EEPROM memory, a register, a hard disk, a removable disk, a CD-ROM, or any other form of storage medium known in the art. An exemplary storage medium is coupled to a processor so that the processor can read and write information from / to the storage medium. In an alternative, a storage medium may be integrated into a processor. The processor and the storage medium may reside in an ASIC. The ASIC may reside in a user terminal. In an alternative, the processor and the storage medium may reside in a user terminal as discrete components.

[0052] In one or more exemplary embodiments, the functions described may be implemented in hardware, software, firmware, or any combination thereof. If implemented as a computer program product in software, each function may be stored on or transmitted by a computer-readable medium as one or more instructions or codes. Computer-readable media include both computer storage media and communication media, including any medium that facilitates the transfer of a computer program from one place to another. Storage media may be any available medium that can be accessed by a computer. As an example and not limitation, such a computer-readable medium may include RAM, ROM, EEPROM, CD-ROM or other optical disk storage, disk storage or other magnetic storage device, or any other medium that can be used to carry or store the desired program code in the form of an instruction or data structure and can be accessed by a computer. Any connection is also properly referred to as a computer-readable medium. For example, if the software is transmitted from a website, a server, or other remote source using a coaxial cable, a fiber optic cable, a twisted pair, a digital subscriber line (DSL), or wireless technologies such as infrared, radio, and microwaves, the coaxial cable, fiber optic cable, twisted pair, DSL, or wireless technologies such as infrared, radio, and microwaves are included in the definition of the medium. Disk and disc as used herein include compact disc (CD), laser disc, optical disc, digital versatile disc (DVD), floppy disk and Blu-ray disc, wherein disk often reproduces data magnetically, while disc reproduces data optically with lasers. Combinations of the above should also be included within the scope of computer-readable media.

[0053] The previous description of the disclosure is provided to enable any person skilled in the art to make or use the disclosure. Various modifications to the disclosure will be apparent to those skilled in the art, and the general principles defined herein may be applied to other variations without departing from the spirit or scope of the disclosure. Thus, the disclosure is not intended to be limited to the examples and designs described herein, but should be granted the widest scope consistent with the principles and novel features disclosed herein.

Claims

1. An uninterrupted continuous trading system, characterized in that: The system includes basic data module, silver futures module, clearing module, transaction initialization module, reporting module and transaction module, among which: The basic data module is used to maintain the parameters required for transaction settlement and supports different trading days and statuses for different exchanges; Silver futures module, used to provide silver futures transfer data; The clearing module performs clearing processing on an exchange after it closes, realizes clearing by exchange, and combines the clearing results of each exchange corresponding to the time point of the logical trading day dividing line into the final clearing result of the day. The setting of the logical trading day dividing line is: each exchange has the function of independently starting the transaction of the next trading day after closing and settlement, and the time point when all exchanges complete closing and settlement constitutes the logical dividing line between two trading days; The transaction initialization module supports the transaction initialization of sub-exchanges. It initializes transactions for exchanges after settlement is completed, and prepares for the start of transactions on the next trading day. It initializes transactions for each exchange in turn under the continuous trading state, dynamically loads incremental data, and realizes uninterrupted continuous trading. The reporting module reports the final settlement results of the day to the external monitoring center after all exchanges have completed the settlement of the day; The transaction module processes transactions based on a multi-center and multi-active model, allowing multiple transaction centers to work simultaneously, or allowing one transaction center to work while another transaction center is upgrading its system.

2. The uninterrupted continuous trading system according to claim 1, characterized in that: In the silver futures module, in view of the different trading days of various exchanges at the same time, it is set to attribute the deposits and withdrawals to the trading day with the smallest trading day among all exchanges.

3. The uninterrupted continuous trading system according to claim 1, characterized in that: The clearing module's clearing processing includes: Process the transaction, determine whether to close today, calculate the handling fee based on the handling fee rate on T day, take the investor's T-1 day position on the exchange as the basis, calculate the T day position according to the after-hours transactions of T day transactions, deliveries, and option executions, generate forced liquidation of over-positions, calculate T day profit and loss, calculate the margin based on the T day margin rate, and then summarize the deposits and withdrawals on T day, update the investor's funds based on the changes in funds and trading margin caused by the investor's business on the exchange, where T day is the transaction day.

4. The uninterrupted continuous trading system according to claim 1, characterized in that: The transaction initialization module is configured to use an overwrite mode for positions and an incremental mode for funds. The uninterrupted continuous trading system loads investors' positions and fund change data on an exchange, replaces the positions on the exchange with the incremental position data of the exchange, updates investors' funds according to changes in various fund items, first calculates changes in various fund items of investors in the exchange, and then adjusts the available funds, equity, and market value equity of investors and members' funds according to changes in various fund items, and recalculates the available funds.

5. The uninterrupted continuous trading system according to claim 1, characterized in that: The data reported by the reporting module to the external monitoring center include: basic customer information, customer code information, customer settlement account information, basic capital data of customer futures and options accounts, customer deposit and withdrawal records, futures transaction details, futures position data, sub-item capital data, information or data that needs to be explained, futures liquidation details, futures position details, non-monetary offset details, futures delivery details, futures settlement contracts to be delivered, option transaction details, option position data, option exercise details, option liquidation details, and option position details.

Images