Financial product transaction management device, financial product transaction management system, financial product transaction terminal, financial product transaction management method in financial product transaction management system, and program

Abstract

To provide a financial product transaction management device, a system, and a transaction management method which allow a transactor to appropriately operate types of transaction that include partial executions.SOLUTION: An order information generation unit of a first financial product transaction management device generates multiple pieces of first order information for placing multiple first orders at respective first order prices. An execution management unit executes all or part of each first order 72a1 formed based on the respective first order information. An order information generation unit generates multiple pieces of second order information for placing multiple second orders 72ba1, 72bb1 corresponding to the first orders 72a1 formed by the respective first order information at a second order price that has a predetermined profit margin relative to the price executed on the basis of the first price order of the first orders 72a1. An execution management unit executes all or part of the respective second orders 72ba1, 72bb1 formed with the respective second order information.SELECTED DRAWING: Figure 23

Description

[Technical field]

[0001] The present invention relates to a technique for managing and supporting transactions of various financial products. The present invention can be applied to a device or the like for managing and supporting transactions of various financial products. [Background technology]

[0002] Known methods of trading various financial products whose market prices fluctuate, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, and stock price indexes, include market orders (order forms in which trading is performed at the market price at the time of placing the order) and limit orders (forms in which trading is performed when the market price reaches a pre-specified price). Conventionally, there are known inventions that use computer systems to perform transactions using these order forms, such as limit orders (see, for example, Patent Document 1). That is, in this invention, an order for a financial product with a position set at a pre-set price is placed, and when the market price of the financial product reaches this price, the order is contracted, thereby performing the transaction. [Prior art documents] [Patent documents]

[0003] [Patent Document 1] JP 2006-99787 A Summary of the Invention [Problem to be solved by the invention]

[0004] Here, for example, the demand and supply of financial products do not necessarily match. Also, when buying an ordered financial product, the amount of funds may be insufficient for the ordered amount. Therefore, for an ordered financial product, not all the order quantities of the ordered order may be contracted, and only a part of the ordered order may be contracted (such a contract form is called "partial contract"; the same applies hereinafter in this specification). Also, when the market price of a financial product fluctuates around a certain price range, a request may arise to continuously trade around this price range in a chronological order. However, the above Patent Document 1 cannot deal with the case where all orders cannot be contracted, and when continuously trading at a certain price range, the trader must place orders many times, which is a problem in that the trader must put in excessive effort to trade.

[0005] The present invention has been made in consideration of such problems, and has as its objective the provision of a financial instruments transaction management device, a financial instruments transaction management system, and a transaction management method in a financial instruments transaction management system that enable traders to appropriately operate transaction types, including partial agreements, in financial instruments transactions conducted using a computer system. [Means for solving the problem]

[0006] In order to solve the above problem, the invention described in claim 1 is a financial instruments transaction management device for trading financial instruments whose market prices fluctuate, comprising: order information generation means for generating order information for ordering the financial instruments; and execution management means for managing execution of the financial instruments, wherein the order information generation means generates a plurality of first order information for placing a plurality of first orders at respective first order prices; the execution management means executes all or a portion of each of the first orders formed by each of the first order information; the order information generation means generates a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by each of the first order information, at a second order price which is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders; and the execution management means executes all or a portion of each of the second orders formed by each of the second order information.

[0007] The invention described in claim 2 is a financial product transaction management device for trading financial products whose market prices fluctuate, comprising an order information generation means for generating order information for ordering the financial products, and an agreement management means for managing agreements for the financial products, wherein the order information generation means generates a plurality of first order information for placing a plurality of first orders at respective first order prices, the agreement management means executes all or a part of each of the first orders formed by each of the first order information, the order information generation means generates a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by each of the first order information, at a second order price that is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders, and the agreement management means executes all or a part of each of the second orders formed by each of the second order information, The method is characterized in that, when a specific part of the first orders, which are formed based on first order information and can be executed in part or in whole, and the second orders, which are formed based on the second order information and can be executed in part or in whole, and which are executed based on the first orders and cause held positions to be settled by execution, satisfy a condition for execution and a remaining part also satisfies the condition for execution and / or when a specific part of the second orders satisfy a condition for execution and a remaining part also satisfies the condition for execution, the method performs a process of executing the specific part of the first orders that satisfy the condition for execution and the first orders of the remaining part at different timings in the order in which the condition for execution is satisfied, and / or a process of executing the specific part of the second orders that satisfy the condition for execution and the second orders of the remaining part at different timings in the order in which the condition for execution is satisfied.

[0008] The invention described in claim 3 has the configuration described in claim 1 or 2, and is characterized in that, for the first order that holds a position through execution and the second order that settles the position through execution, at any one of the time points when the first order is executed, or a predetermined timing after the first order is executed, or when the second order is executed, or a predetermined timing after the second order is executed, the execution management means splits the second order into a part of second orders that are executed in correspondence with the executed first order and another part of second orders that are not executed in correspondence with the executed first order.

[0009] The invention recited in claim 4 has the configuration recited in any one of claims 1 to 3, and is characterized in that, for the first order, which holds a position through execution, and the second order, which settles the position through execution, the execution management means splits the first order into the executed first order and the unexecuted first order at any of the following points: when the first order is executed, or at a predetermined timing after the first order is executed, or when the second order is executed, or at a predetermined timing after the second order is executed.

[0010] The invention recited in claim 5 has the configuration recited in any one of claims 1 to 4, and is characterized in that, when the order information forms the first orders and the second orders, and only a portion of the first orders is executed to hold a position, the execution management means brings into a state in which the portion of the first orders which held the position, or the first orders before the split in the case where the portion of the first orders is split, correspond to a portion of the second orders which settle the position of the portion of the first orders which held the position by execution.

[0011] The invention described in claim 6 has the configuration described in any one of claims 1 to 5, and is characterized in that the order information generation means generates the order information for placing the first order and the second order, respectively, and repeatedly holds a position based on the order information of the first order and settles the position based on the order information of the second order, and when only a portion of the first order and / or the second order before the repetition is performed is contracted, the contract management means manages the repeated first order and / or second order in a manner that maintains the distinction between the contracted orders and the uncontracted orders before the repetition.

[0012] The invention recited in claim 7 has the configuration recited in claim 6, and is characterized in that the order information generation means generates the first order and the second order as order information for placing each of the first order and the second order at a plurality of prices, and the execution management means sets a plurality of price ranges between the price of the first order and the price of the second order corresponding to the first order, and repeatedly places the first order and the second order in at least any one of the plurality of price ranges.

[0013] The invention described in claim 8 is characterized in that, in addition to the configuration described in claim 7, the order information generation means sets one or more price ranges in a price range formed between a specific upper limit price and a specific lower limit price.

[0014] The invention described in claim 9 is a financial product transaction management system for trading financial products whose market prices fluctuate, comprising an order information generation means for generating order information for ordering the financial products, and an execution management means for managing execution of the financial products, wherein the order information generation means generates a plurality of first order information for placing a plurality of first orders at respective first order prices, the execution management means executes all or a part of each of the first orders formed by each of the first order information, the order information generation means generates a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by each of the first order information, at a second order price which is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders, and the execution management means executes all or a part of each of the second orders formed by each of the second order information.

[0015] The invention described in claim 10 is a financial product transaction management system for trading financial products whose market prices fluctuate, comprising: order information generation means for generating order information for ordering the financial products; and execution management means for managing execution of the financial products, wherein the order information generation means generates a plurality of first order information for placing a plurality of first orders at respective first order prices, the execution management means executes all or a portion of each of the first orders formed by each of the first order information, the order information generation means generates a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by each of the first order information, at a second order price that is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders, the execution management means executes all or a portion of each of the second orders formed by each of the second order information, and the execution management means executes all or a portion of each of the second orders formed by each of the first order information, and and, when a specific part of the first orders and the second orders which can be executed in part or in whole and which are formed by the second order information which can be executed in part or in whole satisfy a condition for execution and a remaining part also satisfies the condition for execution and / or when a specific part of the second orders and the remaining part also satisfies the condition for execution, a process of executing the specific part of the first orders which satisfy the condition for execution and the remaining part of the first orders at different timings in the order in which the condition for execution is satisfied, and / or a process of executing the specific part of the second orders which satisfy the condition for execution and the remaining part of the second orders at different timings in the order in which the condition for execution is satisfied.

[0016] The invention described in claim 11 is a financial instruments transaction terminal used by a user who trades financial instruments, capable of communicating with a financial instruments transaction management device for placing an order for a financial instrument whose market price fluctuates, the financial instruments transaction terminal comprising: an operation means for the user to perform various operations related to the transaction of the financial instrument; and a display means for displaying information regarding the transaction of the financial instrument to the user, the operation means comprising order setting means operated by the user to generate first order information and second order information as information for trading the financial instrument, the order setting means including a price range setting means for inputting information for setting a price range between first orders, and a profit margin setting means for inputting information for setting a predetermined profit margin between the first order and a second order by operation of the user, the display means being configured to display the information for setting the price range and the information for setting the profit margin input by operation of the user, and the financial instruments transaction management device to which buy / sell order application information as information for buying and selling the financial instrument set by the order setting means is transmitted, the financial instruments transaction management device being configured to display the information for setting the price range and the information for setting the profit margin as information for buying and selling the financial instrument, the information for setting the buy / sell order application information as information for buying and selling the financial instrument set by the order setting means, and an execution management means for managing the execution of the financial instruments, wherein the buy / sell order application information includes information for calculating a price spread between the first orders of the financial instruments to be bought and sold, and information for calculating a predetermined profit margin between the first order and the second order set by the user, and the order setting means, in response to an operation by the user, causes the order information generation means to generate a plurality of the first order information for placing a plurality of the first orders at respective first order prices, causes the execution management means to execute all or a portion of each of the first orders formed by the respective first order information, causes the order information generation means to generate a plurality of the second order information for placing a plurality of the second orders corresponding to the first orders formed by the respective first order information, at a second order price which is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders, and causes the execution management means to execute all or a portion of each of the second orders formed by the respective second order information.

[0017] The invention described in claim 12 is a financial instruments transaction terminal used by a user who trades financial instruments, capable of communicating with a financial instruments transaction management device for placing an order for a financial instrument whose market price fluctuates, the financial instruments transaction terminal comprising: an operation means for the user to perform various operations related to the transaction of the financial instrument; and a display means for displaying information regarding the transaction of the financial instrument to the user, the operation means comprising a price range setting means for inputting information for setting a price range between first orders, and a profit margin setting means for inputting information for setting a predetermined profit margin between the first order and a second order by the user's operation, and an order setting means operated by the user to generate first order information and second order information as information for trading the financial instrument, the display means being configured to display the information for setting the price range and the information for setting the profit margin input by the user's operation, and the financial instruments transaction management device to which buy / sell order application information as information for buying and selling the financial instrument set by the order setting means is transmitted generates order information for ordering the financial instrument. and an execution management means for managing the execution of the financial instruments, wherein the buy / sell order application information includes information for calculating a price spread between the first orders of the financial instruments to be bought and sold, and information for calculating a predetermined profit margin between the first order and the second order set by the user, and the order setting means, by operation of the user, causes the order information generation means to generate a plurality of the first order information for placing a plurality of the first orders at respective first order prices, causes the execution management means to execute all or a portion of each of the first orders formed by the respective first order information, causes the order information generation means to generate a plurality of the second order information for placing a plurality of the second orders corresponding to the first orders formed by the respective first order information, at a second order price that is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders, causes the execution management means to execute all or a portion of each of the second orders formed by the respective second order information, and causes the execution management means to execute all or a portion of each of the second orders formed by the respective second order information,When a specific part of the first orders among the second orders which can be fully or partially executed satisfies the conditions for execution and the remaining part also satisfies the conditions for execution, and / or when a specific part of the second orders satisfies the conditions for execution and the remaining part also satisfies the conditions for execution, the specific part of the first orders which satisfies the conditions for execution and the remaining part of the first orders are executed at different times in the order in which the conditions for execution are satisfied, and / or the specific part of the second orders which satisfies the conditions for execution and the remaining part of the second orders are executed at different times in the order in which the conditions for execution are satisfied.

[0018] The invention described in claim 13 is a financial instruments transaction management method in a financial instruments transaction management system for trading financial instruments whose market prices fluctuate, comprising an order information generation procedure for generating order information for ordering the financial instruments, and an execution management procedure for managing execution of the financial instruments, wherein the order information generation procedure generates a plurality of first order information for placing a plurality of first orders at respective first order prices, the execution management procedure executes all or a part of each of the first orders formed by each of the first order information, the order information generation procedure generates a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by each of the first order information at a second order price which is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders, and the execution management procedure executes all or a part of each of the second orders formed by each of the second order information.

[0019] The invention described in claim 14 is a financial product transaction management method in a financial product transaction management system for trading financial products whose market prices fluctuate, comprising an order information generation step of generating order information for ordering the financial product, and an execution management step of managing execution of the financial product, wherein the order information generation step generates a plurality of first order information for placing a plurality of first orders at respective first order prices, the execution management step executes all or a part of each of the first orders formed by each of the first order information, the order information generation step generates a plurality of second order information for placing a plurality of second orders corresponding to each of the first orders formed by each of the first order information at a second order price that is a predetermined profit margin with respect to a price executed based on the first order price of each of the first orders, and the execution management step executes all or a part of each of the second orders formed by each of the second order information, The execution management step is characterized in that, when a specific part of the first orders, which are formed based on the first order information and can be executed in part or in whole, and the second orders, which are formed based on the second order information and can be executed in part or in whole, and which are executed based on the first orders and cause positions held to be settled by execution, satisfy a condition for execution and a remaining part also satisfies the condition for execution and / or when a specific part of the second orders satisfy a condition for execution and a remaining part also satisfies the condition for execution, a process is performed in which the specific part of the first orders that satisfy the condition for execution and the remaining part of the first orders are executed at different timings in the order in which the condition for execution is satisfied, and / or a process is performed in which the specific part of the second orders that satisfy the condition for execution and the remaining part of the second orders are executed at different timings in the order in which the condition for execution is satisfied.

[0020] The invention described in claim 15 is a program for causing a computer to function as the financial product transaction management device described in any one of claims 1 to 8. Effect of the Invention

[0021] According to the inventions described in claims 1, 2, 9, 10, 11, 12, 13, and 14, when only a part of a first order is executed, a specific second order can be split. This allows traders to appropriately operate trading formats including partial execution in financial product trading conducted using a computer system.

[0022] According to the invention described in claim 3, when a specific first order is only partially executed, a specific second order can be split at a timing appropriate to the cause or situation of the partial execution, thereby enabling appropriate management and operation of transactions including partial execution.

[0023] According to the invention described in claim 4, when a specific first order or a second order corresponding to the specific first order is only partially executed, the specific first order can be split at a timing appropriate to the cause or situation of the partial execution. This allows for appropriate management and operation of transactions including partial execution.

[0024] According to the invention described in claim 5, a part of a first order holding a position, or a first order before the split occurs in the case where this part of a first order is split, can be matched with a part of a second order to settle it, thereby allowing traders to appropriately operate a trading form including partial execution.

[0025] According to the invention described in claim 6, by repeating holding of a position and settling the held position, it is possible to provide continuous trading opportunities and opportunities to obtain many profits. In addition, when only a part of the first order and / or the second order is executed in the repetition of the first order and the second order, by maintaining the distinction between executed orders and unexecuted orders before the repetition, it is possible to allow traders to appropriately operate a trading form including partial execution of all of the first order and / or the second order in the case where only a part of the first order and / or the second order is executed in the configuration in which the first order and the second order are executed repeatedly.

[0026] According to the invention described in claim 7, by setting price ranges and repeatedly placing first orders that can only be partially executed and / or second orders that can only be partially executed in each price range, it is possible to provide continuous trading opportunities in a price range and provide an opportunity to earn a large profit, and also to allow traders to appropriately operate a trading style including partial execution for all first orders and / or second orders in the case where only a portion of the first orders and / or second orders are executed in each price range.

[0027] According to the invention described in claim 8, a price range can be set in a price range formed between a specific upper limit price and a specific lower limit price, and a first order which can be executed only in part and / or a second order which can be executed only in part can be repeatedly placed in each price range.

[0028] According to the invention as defined in claim 15, the invention can be implemented on a variety of computers and computer systems. [Brief description of the drawings]

[0029] [Figure 1] 1 is a block diagram conceptually showing configurations of a financial product transaction management system, a first financial product transaction management device, and a second financial product transaction management device in accordance with a first embodiment of the present invention. [Diagram 2]2 is a diagram showing field definitions of an order table stored in the second financial product exchange management device shown in FIG. 1. [Diagram 3] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. FIG. [Figure 4] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Diagram 5] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 6] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 7] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 8] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 9] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 10] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 11] 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 12] 4 is a flowchart showing a processing procedure when placing an order in the financial product transaction management system shown in FIG. [Figure 13]1 is a conceptual diagram illustrating a transaction display screen displayed on a display unit of a client terminal in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. FIG. [Figure 14] 1 is a conceptual diagram illustrating a transaction display screen shown on a display unit of a client terminal in the above financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 15] 1 is a conceptual diagram illustrating a transaction display screen shown on a display unit of a client terminal in the above financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 16] 11 is a table and charts that diagrammatically show order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. [Figure 17] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 18] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 19] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 20] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 21] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 22]4A to 4C are tables and charts that diagrammatically show order information and the placing and execution of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Diagram 23] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 24] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Diagram 25] 11A and 11B are tables and charts that diagrammatically show a first modified example of order information and the placing and contracting of orders when a transaction is conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 26] 13A and 13B are tables and charts that diagrammatically show a second modified example of order information and the placing and contracting of orders when a transaction is conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 27] 13A and 13B are tables and charts that diagrammatically show order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the second embodiment. [Figure 28] 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 29] 13A and 13B are tables and charts that typically show order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the third embodiment. [Diagram 30] 13A and 13B are tables and charts that typically show order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the fourth embodiment. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0030] [First embodiment of the invention] Hereinafter, a first embodiment of the present invention will be described with reference to the drawings.

[0031] [System Configuration] 1 is a system configuration diagram and a functional block diagram of the financial product transaction management system of the embodiment 1. As shown in the figure, the financial product transaction management system 1A includes a first financial product transaction management device 1 as a "financial product transaction management device", a second financial product transaction management device 2 as a "financial product transaction management device", and n (n≧1) client terminals 31-3. n The first financial product transaction management device 1 and the client terminals 31 to 3 n are capable of communicating with each other via the Internet 4 serving as a WAN (Wide Area Network). Furthermore, the first financial product transaction management device 1 and the second financial product transaction management device 2 are capable of communicating with each other via a dedicated line 5. However, the second financial product transaction management device 2 may be connected to the Internet 4, and the first financial product transaction management device 1 and the second financial product transaction management device 2 may be configured to be capable of communicating with each other via the Internet 4. The financial product transaction management system 1A of this embodiment 1 handles various financial products, such as stock price indexes.

[0032] The first financial product transaction management device 1 is a server computer managed and operated by a financial product dealer that trades with a financial product exchange (described later), and has a Web server function and a function for connecting clients to client terminals 31, . . . , 3. n a function of receiving an order for a financial product made using the second financial product transaction management device 2 and exchanging information with the second financial product transaction management device 2 to place the order, and a function of transmitting information of the contracted order to the client terminals 31, . . . , 3 n It also has the function of sending the data to the customer and displaying it.

[0033] Furthermore, the first financial instruments exchange management device 1 associates the first order with the second order, etc., and transmits the associated first order, second order, etc. to the second financial instruments exchange management device 2 in a state suitable for processing by the second financial instruments exchange management device 2. Furthermore, the first financial instruments exchange management device 1 records the placing, contract, information, partial contracts (described below), etc. of the first orders, second orders, etc. received from the second financial instruments exchange management device 2 as the state of the associated first orders, second orders, etc. Furthermore, the first financial instruments exchange management device 1 transmits the associated first orders, second orders, etc. to the client terminals 31,...,3 n The details of the "first order" and "second order" will be described later.

[0034] The second financial instruments transaction management device 2 is a server computer managed and operated by a financial instruments exchange (a financial instruments membership corporation or company that operates a financial instruments market with a license from the Prime Minister, as defined in Article 2, Paragraph 16 of the Financial Instruments and Exchange Act; hereinafter simply referred to as the "financial instruments exchange"), and is equipped with a web server function, a function for executing orders for financial instruments placed, a database function for storing large amounts of data, etc.

[0035] Specifically, the second financial product transaction management device 2 is a device that manages the first financial product transaction management device 1 and client terminals 31, . . . , 3. n The second financial product transaction management device 2 records and manages information on placed orders and contracted orders, and transmits the information on placed orders and contracted orders to the first financial product transaction management device 1 and the client terminals 31, . . . , 3. n etc.

[0036] Both the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may be server computers managed and operated by a financial instruments exchange, or both may be server computers managed and operated by a dealer of financial instruments that does not trade with a financial instruments exchange. In the latter case, the dealer that manages and operates the first financial instruments transaction management device 1 and the dealer that manages and operates the second financial instruments transaction management device 2 may be the same dealer, or different dealers. Also, the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may be configured not via the Internet 4, for example, configured to be provided in the same LAN (Local Area Network) or configured as the same computer system.

[0037] Client terminal 31,...,3 n are communication terminals with data communication capabilities that are owned and used by individuals or corporations who trade financial products, and include personal computers, tablets, smartphones, mobile phone terminals, etc. n 311, 312, 313, 314, 315, 316, 317, 318, 319, 320, 321, 322, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332 ...3, 3 n , LCD (Liquid Crystal Display), etc., and operation unit 311, . . . , 31 n Display units 321, 322, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332 as "information display means" for displaying various instructions and images input from n However, the operation units 311, . . . , 31 n and display unit 321, . . . , 32 n The display device may be configured as a touch panel or the like that is operated by an operator touching or moving a finger, a touch pen, or the like on the screen.

[0038] In addition, the client terminals 31, . . . , 3 n , operation unit 311,...,31 n , display section 321,...,32 n have the same configuration, and therefore will be referred to as the client terminal 3, the operation unit 31, and the display unit 32 hereinafter, unless a distinction needs to be made.

[0039] Although not shown in FIG. 1, the first financial product transaction management device 1, the second financial product transaction management device 2, and the client terminals 31, . . . , 3 n Each of the above includes at least one CPU (Central Processing Unit), a RAM (Random Access Memory) that functions as the working area of ​​the CPU, a ROM (Read Only Memory) in which a startup boot program and the like are recorded, an auxiliary storage device such as a hard disk in which various programs and data are recorded, a communication interface used for sending and receiving data, etc. The auxiliary storage device records programs for the OS (Operating System), various application programs, data recorded in a database, etc., and these programs and data realize various functions through the calculations of the CPU in cooperation with hardware resources.

[0040] The first financial product transaction management device 1 and the second financial product transaction management device 2 may be formed by one server computer or may be formed by a plurality of network computer systems.

[0041] As shown in FIG. 1, the first financial product transaction management device 1 has a data processing unit 10 as functional means realized based on the various programs and hardware resources described above.

[0042] The data processing unit 10 performs processes such as generating and processing various data used in the first financial product transaction management device 1, and further has a front page distribution unit 11, an order input reception unit 12, a deposit / withdrawal information management unit 13, an account information management unit 14 as a "funds management means", an order information generation unit 15 as an "order information generation means", an agreement management unit 16 as an "agreement management means", a database connection base unit 17, and a database 18.

[0043] The front page distribution unit 11 creates data to be displayed on the display unit 32 of the client terminal 3 , and transmits the created data to the client terminal 3 .

[0044] The order input reception unit 12 receives data relating to various orders input from the client terminal 3, and performs various processes required to complete orders for financial products.

[0045] The deposit / withdrawal information management unit 13 receives deposit / withdrawal requests from the client terminal 3, and manages a list of deposits and withdrawals based on the requests.

[0046] The account information management unit 14 has a function of managing the deposit balance information of customers (same as "traders"; the same applies in this specification) as fund information (i.e., information to prove that an order can be concluded). The information on deposit balances generated by the account information management unit 14 is periodically compared with information on actual deposit balances of customers provided by financial institutions such as banks to ensure consistency with the actual deposit balances.

[0047] The order information generating unit 15 generates information about orders for financial products based on the information processed by the order input receiving unit 12. The orders here include so-called market orders, limit orders, stop orders, and if-done orders.

[0048] The contract management unit 16 manages the contract of financial products. Specifically, the contract management unit 16 communicates with the contract information generation unit 25 described later, and causes the contracted order to be displayed on the display unit 32 of the client terminal 3 by the contract information generation unit 25. Specifically, the contract management unit 16 records order information of the contracted order in an order table 181 (described later) of the database 18, or performs various processes such as correction, addition, and deletion of data of the order information recorded in the order table 181, and various processes required for searching, transmitting, receiving, and searching the recorded order information. The contract management unit 16 may also be configured to perform a process of instructing the contract information generation unit 25 on the mode of contract (whether or not to perform a partial contract described later, etc.) based on an input by a trader via the operation unit 31 of the client terminal 3, a predetermined order condition, etc.

[0049] The database connection base unit 17 converts data generated and processed in the data processing unit 10 into data recorded in the database 18 (e.g., converts between logical data structures and physical data structures), and also performs the processing necessary to exchange data between the data processing unit 10 and the database 18.

[0050] The database 18 records data used in the first financial product transaction management device 1. The database 18 in this embodiment 1 is formed by a relational database, but any format suitable for recording and rewriting large amounts of data, such as an object database, may be used. The database 18 records an order table 181 as an "order information recording means", a customer account information table 182 as a "customer account information recording means", a financial product order condition table 183, a sequence number table 184, a contract information table 185, and a position information table 186.

[0051] The customer account information table 182 records information about the account of each customer. The financial product order condition table 183 records the order conditions of financial products for which orders are accepted. The sequence number table 184 records a sequence number that is uniquely assigned to each order information (described later). The contract information table 185 records information about contracted orders. The position information table 186 records information about positions held after a first order is contracted. Details of the order table 181 will be described later.

[0052] 1, the second financial product transaction management device 2 has a data processing unit 20 as functional means realized based on the various programs and hardware resources described above. The data processing unit 20 performs processes such as generating and processing various data used in the second financial product transaction management device 2, and further has, as functional means, a price information reception management unit 21 as a "market price information management unit", a deposit / withdrawal information generation unit 22, an account information generation unit 23, an order information management unit 24, an agreement information generation unit 25 as an "agreement information generation means", a database connection base unit 26, and a database 27.

[0053] The price information reception management unit 21 acquires information on the prices of financial products handled by the second financial product transaction management device 2, and performs the necessary processing and management of the acquired information for use in the data processing unit 20, data processing unit 10, and client terminal 3. In this embodiment 1, the price information reception management unit 21 periodically acquires, records, and manages market price information. The deposit / withdrawal information generation unit 22 generates a list of deposits and withdrawals for each client, and supplies the deposit / withdrawal information to the deposit / withdrawal information management unit 13. The account information generation unit 23 generates deposit balance information for each client, and supplies the account information to the account information management unit 14.

[0054] The order information management unit 24 has the function of generating order information based on information regarding orders for financial products generated by the order information generation unit 15 of the first financial product transaction management device 1, creating an order table 271 in the database 27 based on the generated order information, and managing the data in the order table 271 (creating, modifying, deleting, etc. data).

[0055] The contract information generating unit 25 performs a process for sending information on the contract process based on the order generated by the order information generating unit 15 and the completed contract process to the client terminal 3 of the client. In this case, "contract" refers to various procedures and processes for completing the buying and selling of financial products based on the order of the client. As described later, when a contract is completed in this embodiment 1, the buying and selling of financial products is performed, and as a result, the account information generating unit 23 and the account information managing unit 14 convert the fund information (described later) according to the buying and selling amount, and further, the deposit and withdrawal information generating unit 22 and the deposit and withdrawal information managing unit 13 enter the deposit and withdrawal status in a deposit and withdrawal list. In addition, the contract information generating unit 25 sends information that the contract has been completed and information on the contents of the contract to the contract managing unit 16, and causes the contract managing unit 16 to display the fact that the contract has been completed and the contents of the completed contract on the display unit 32 of the client terminal 3 by text information or the like. In addition, the contract information generating unit 25 performs a deposit / withdrawal process for the account of the client terminal based on the buying / selling price. Note that some or all of these components of the contract information generating unit 25 may be provided by other functional means, for example, the contract management unit 16.

[0056] The database connection base unit 26 performs various processes between the data processing unit 20 and the database 27, similar to the database connection base unit 17 of the first financial product transaction management device 1.

[0057] The database 27 records data used in the second financial product transaction management device 2. The basic configuration of this database 27 is the same as that of the database 18 of the first financial product transaction management device 1. The database 27 also records an order table 271 as an "order information recording means", a client account information table 272 as a "customer account information recording means", a financial product order condition table 273, a sequence number table 274, a contract information table 275, and a position information table 276. The order table 271 has the same configuration as the order table 181, the client account information table 272 has the same configuration as the customer account information table 182, the financial product order condition table 273 has the same configuration as the financial product order condition table 183, the sequence number table 274 has the same configuration as the sequence number table 184, the contract information table 275 has the same configuration as the contract information table 185, and the position information table 276 has the same configuration as the position information table 186.

[0058] Although not shown, the second financial product transaction management device 2 has a timer that acquires and manages date and time information, and a deadline management means that manages the order deadlines of first priority order information, first sell stop order information, and second sell stop order information (all of which will be described later) based on the date and time information acquired from the timer.

[0059] The data processing unit 10, front page distribution unit 11, order input reception unit (order input reception means) 12, deposit / withdrawal information management unit 13, account information management unit 14, order information generation unit 15, contract management unit 16, database connection base unit 17, and database 18 in the first financial product transaction management device 1, and the data processing unit 20, price information reception management unit 21, deposit / withdrawal information generation unit 22, account information generation unit 23, order information management unit 24, contract information generation unit 25, database connection base unit 26, and database 27 in the second financial product transaction management device 2 may be configured in any form. For example, when the first financial product transaction management device 1 and the second financial product transaction management device 2 are formed as a network computer system consisting of a plurality of server computers, each component may be distributed and disposed on a plurality of server computers. Furthermore, these server computers may be distributed across computer systems owned by multiple traders or server administrators (e.g., computer systems owned or managed by a financial securities exchange, another financial instruments transaction management business, a provider, a hosting system provider, etc.) The server computers constituting the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may be formed as a so-called cloud computer system. Furthermore, at least a portion of the components of the data processing unit 10, front page distribution unit 11, order input reception unit 12, deposit / withdrawal information management unit 13, account information management unit 14, order information generation unit 15, contract management unit 16, database connection base unit 17, database 18, and the data processing unit 20, price information reception management unit 21, deposit / withdrawal information generation unit 22, account information generation unit 23, order information management unit 24, contract information generation unit 25, database connection base unit 26, and database 27 may be provided in the client terminal 3 that constitutes the financial instrument transaction management system 1A, rather than in the first financial instrument transaction management device 1 or the second financial instrument transaction management device 2, or may be configured as a program that causes a computer to function as these functional means.

[0060] 2 is a schematic diagram of field definitions of the order table 181 in the first financial product transaction management device 1. As shown in the figure, the order table 181 has fields for the number of items, and specifies the name of the field (field name), data type (type) such as character, numeric value, date and time, data length (length) such as bit length, whether to allow blanks (Not Null), whether there is a default value (default value), data item name (remarks), etc.

[0061] In the above-mentioned first financial product transaction management device 1 and second financial product transaction management device 2, various transactions for the same type of financial product can be realized by one order or multiple orders.

[0062] [Order Processing in the First Financial Instruments Transaction Management Device and the Second Financial Instruments Transaction Management Device] An outline of order processing by the first financial product exchange management device 1 and the second financial product exchange management device 2 of this embodiment 1 will be described with reference to FIG.

[0063] The first financial product transaction management device 1 records sell orders and buy orders as first orders and second orders for each customer in an order table 181 based on financial product orders received from the customer's client terminal 3, and performs various processes (for example, order acceptance and order generation (which refers to the generation of order information for placing an order and the process of placing an order with the second financial product transaction management device 2; the same applies throughout this specification)). The first financial product transaction management device 1 records information from a customer account information table 182, a financial product order condition table 183, a sequence number table 184, a contract information table 185, a position information table 186, etc. as attribute information in the information on the first and second orders recorded in the order table 181.

[0064] On the other hand, the second financial product transaction management device 2 manages information on buy orders and sell orders placed by customers and the first financial product transaction management device 1 (for example, performing various processes required for financial product transactions, such as recording order information in the order table 271 and performing various processes on those buy orders and sell orders (for example, processes for changing various order states such as "not ordered", "ordered", "contracted" etc. according to the transaction situation and processes for recording such changes, etc.; hereinafter simply referred to as "management"). The second financial product transaction management device 2 records information on the trustor account information table 272, financial product order condition table 273, sequence number table 274, contract information table 275, position information table 276 etc. as attribute information in the buy order and sell order information recorded in the order table 181.

[0065] In this embodiment 1, the first financial instrument transaction management device 1 and the second financial instrument transaction management device 2 having such functions work together to process orders for financial instruments. That is, as shown in Fig. 3, for example, an order for a financial instrument placed by a customer from a client terminal 3 is supplied to the first financial instrument transaction management device 1, which records the customer's order information in an order table 181 and also generates an order and supplies it to the second financial instrument transaction management device 2. The second financial instrument transaction management device 2 manages the order generated by the first financial instrument transaction management device 1. When an order for a financial instrument is placed or a contract is made in the second financial instrument transaction management device 2, the information on the order and contract is supplied to the first financial instrument transaction management device 1, recorded in the first financial instrument transaction management device 1, and transmitted to the client terminal 3 of the customer.

[0066] When an order is repeatedly placed (for example, when a first order (e.g., an order to buy a financial product) and a second order (e.g., an order to sell a financial product) are repeated), the first financial product transaction management device 1 generates information for this repetition and transmits it to the financial product transaction management device 2.

[0067] It should be noted that the timing of generating an order in the first financial instruments exchange management device 1 and transmitting the generated order to the second financial instruments exchange management device 2 may be any timing. For example, when a transaction is made using a first order (e.g., a buy order) and a second order (e.g., a sell order) of a financial instrument, the first financial instruments exchange management device 1 may first transmit information to the second financial instruments exchange management device 2 indicating that a buy order will be placed, and the second financial instruments exchange management device 2 may transmit information indicating that the buy order is contracted to the first financial instruments exchange management device 1, and then the first financial instruments exchange management device may transmit information to the second financial instruments exchange management device 2 indicating that a sell order will be placed, and the second financial instruments exchange management device 2 may transmit information indicating that the sell order is contracted to the first financial instruments exchange management device 1. Alternatively, the first financial instruments exchange management device 1 may transmit information on the second order to the second financial instruments exchange management device 2 before acquiring information on the contract of the first order.

[0068] In this way, the first financial product transaction management device 1 and the second financial product transaction management device 2 work in conjunction to process buy orders and sell orders as first orders and second orders, and also process the first orders and second orders repeatedly.

[0069] In this embodiment 1, the orders generated by the first financial product transaction management device 1 and the orders managed by the second financial product transaction management device 2 may be the same or different. Specifically, for example, the orders recorded in the order table 181 and the order table 271, the data recorded in the customer account information table 182 and the data recorded in the client account information table 272, the data recorded in the financial product order condition table 183 and the data recorded in the financial product order condition table 273, the data recorded in the sequence number table 184 and the data recorded in the sequence number table 274, the data recorded in the position information table 186 and the data recorded in the position information table 276, and the data recorded in the contract information table 185 and the data recorded in the contract information table 275 may be the same or different.

[0070] [Basic operation of partial execution] 3 to 11 are conceptual diagrams that show the principle of partial contract processing in the financial product transaction management system 1A of this embodiment 1. Partial contracts of financial products in this embodiment 1 are processed based on the figures and the following [Basic Operation 1] to [Basic Operation 7] that explain the figures. In Figs. 3 to 11, a solid circle in chart 110 indicates an "executed" order, i.e., an order that has been executed, a dashed circle indicates a "partially executed" order, i.e., an order that has been partially executed, a dotted circle with black characters indicates an "order being placed" order, i.e., an order that has been placed but not yet executed, and a dotted circle with white characters indicates a "waiting" order, i.e., an order that has not been placed or an order that is scheduled to be placed repeatedly.

[0071] The processing based on [Basic Operation 1] to [Basic Operation 7] is mainly used for processing in the second financial instrument exchange management device 2, but may also be used for processing in the first financial instrument exchange management device 1, or may be used in both the first financial instrument exchange management device 1 and the second financial instrument exchange management device 2.

[0072] [Basic operation 1: Price priority, time priority principle] When there are multiple orders for the same type of financial product at multiple prices, they will be processed in accordance with the following (Principle 1) and (Principle 2). (Principle 1) When the same financial product has multiple quoted prices (prices at which the buyer and seller wishes to buy or sell), sell orders will be filled in order starting with the buy order with the highest quoted price, and buy orders will be filled in order starting with the sell order with the lowest quoted price (price priority principle). (Principle 2) When there are multiple buy or sell orders for the same financial product at the same quote price, the orders will be executed in the order in which they were placed (time priority principle).

[0073] [Basic operation 2: Processing to change the number of transactions according to supply and demand] For example, consider a case where buy orders and sell orders are placed at multiple prices for a specific financial product (such as stocks) as shown in Figure 3. Suppose the offered rates 101 at this time are 19,402 for the sell order and 19,403 for the buy order.

[0074] Here, if there are 80 orders 102 to sell at 19,401 or more for this offered rate 101, there are 18 buy orders 103 at the quote price of 19,402 (i.e., the quote quantity is 18), and there are 37 buy orders 104 at the quote price of 19,401, based on the above-mentioned price priority principle, first the 18 buy orders 103 at the quote price of 19,402 are filled, and then the 37 buy orders 104 at the quote price of 19,401 are filled.

[0075] Next, suppose that the sell order 105 is priced at 19,400 and the quantity of the sell order 105 is 10. Meanwhile, suppose that there are 21 buy orders 106 with a quote price of 19,400. As shown in FIG. 4, the 21 buy orders 106 are broken down into four buy orders 107 from another trader (different from the specific trader), ten buy orders 108 from the specific trader, and seven buy orders 109 from other traders, and that they were placed at different times in the order of buy orders 107, buy orders 108, and buy orders 109. In this case, based on the principle of time priority, all four buy orders 107 and six buy orders 108a of the buy orders 108 are contracted as shown in FIG. 4.

[0076] As a result, as shown in Figure 5, a buy order 108 of a particular trader is split into a buy order 108a of 6 lots (contracted in Figure 4) and a buy order 108b of 4 lots (uncontracted in Figure 4). In this way, a partial contract occurs when only a portion of an order is contracted.

[0077] [Basic operation 3: Order splitting and the timing of splitting] In this first embodiment, a partial contract causes an order to be split at a predetermined timing.

[0078] Here, the "split" of an order refers to at least one of the following states (State 1) to (State 3), for example.

[0079] (State 1) This refers to a state in which a specific order is split into a executed order and an unexecuted order as a result of a portion of the order being executed. For example, this corresponds to a state in which a portion of the first order 111 shown in Figure 6 (e.g., 6 out of 10 lots) is executed, resulting in the order splitting into a executed first order 111a of 6 lots and an unexecuted first order 111b of 4 lots, as shown in Figure 8.

[0080] (State 2) This refers to a state in which, as a result of a portion of a specific order being executed, another specific order corresponding to that specific order is split into an ordered order and an unordered order. For example, this corresponds to a situation where a portion (e.g., 6 out of 10 lots) of the first order 111 shown in FIG. 6 is executed, and as a result, the second order 112 to settle the position held by the execution of this first order 111 is split into an already placed second order 112a of 6 lots and an unplaced second order 112b of 4 lots, as shown in FIG. 8.

[0081] (State 3) This refers to a state in which, when a specific order is partially executed and then part or all of that specific order is repeatedly placed, the unexecuted original order and the newly placed order coexist. For example, after a portion (e.g., 6 out of 10 lots) of first order 111 for 19,400 yen shown in FIG. 10 is executed, second order 112a for 6 lots which settles the position held by the execution of first order 111 is executed, and then, as shown in FIG. 11, first order 111a for 6 lots for 19,400 yen which corresponds to the portion (6 out of 10 lots) of first order 111 that has already been executed is re-ordered, resulting in a state in which the remaining portion (4 out of 10 lots) of first order 111 that remains unexecuted and the newly placed first order 111a coexist.

[0082] In the above (State 1) to (State 3), the split orders shown in Figs. 8 and 11 show a state in which an order that was one before the split is split into two orders (for example, the state in which the first order 111 shown in Fig. 6 is split into first orders 111a and 111b shown in Fig. 8), but this is not limited thereto and the order may be split into three or more orders after the split. In the above (State 1) to (State 3), the split states shown in Figs. 8 and 11 show a state in which all the orders after the split are at the same price as before the split (for example, the first orders 111a and 111b in Fig. 8 are 19,400 yen, the same as the first order 111 in Fig. 6), but this is not limited thereto and at least one of the orders after the split may be at a different price than before the split. In addition, any state that generates a state similar to the above (State 1) to (State 3) may form a "split".

[0083] In the first embodiment, an order split occurs at least at any one of the following (Timing 1) to (Timing 4).

[0084] (Timing 1) A split of a particular order occurs simultaneously when a portion of that particular order is filled. For example, in the above (state 1), this corresponds to a time when the first order 111 (FIG. 6) is divided into first order 111a and first order 111b (FIG. 8) and a part of the first order 111 is executed.

[0085] (Timing 2) When a portion of a specific order is executed, another specific order corresponding to that specific order splits off. For example, in the above (state 2), this corresponds to the case where the second order 112 (FIG. 6) is split into second order 112a and second order 112b (FIG. 8) and a part of the first order 111 is filled. In addition, for example, in a configuration in which first order 111 and second order 112 are repeatedly placed (see FIG. 8), if a portion of second order 112 (e.g., 6 out of 10 units) is executed, and as a result, first order 111, which is repeatedly placed based on the execution, is divided into first order 111a of 6 units that has been placed and first order 111b of 4 units that has not been placed (waiting) (see FIG. 8), this corresponds to the time when a portion of second order 112 is executed. In addition, for example, in a configuration in which first order 111 and second order 112 are repeatedly placed (see FIG. 8), if a portion of second order 112 (e.g., 6 out of 10 lots) is executed and the repeatedly placed first order 111a of 6 lots is executed, the partially executed second order 112 is divided into second order 112a of 6 lots that has been executed and second order 112b of 4 lots that has not been executed (see FIG. 8), this corresponds to the time when first order 111a is executed.

[0086] (Timing 3) A split occurs when a particular order is partially filled and then part or all of that particular order is repeatedly submitted, resulting in the coexistence of the original unfilled order and the newly submitted order. For example, in the above (State 3), a state is formed in which a portion of the first orders 111 that remain unfilled coexists with the newly placed first order 111a, which corresponds to the time when the second order 112a is filled or when the first order 111a is placed. In addition, for example, when a portion of the second order 112 (e.g., 6 out of 10 units) is executed, and the first order 111 which is repeatedly placed is divided into an already placed first order 111a of 6 units and an unordered (waiting) first order 111b of 4 units (see Figure 8), and as a result of the already placed first order 111a being executed, the remaining unexecuted second order 112 (4 out of 10 units) and the newly placed second order 112a of 6 units (see Figure 8) coexist, this would be the case when second order 112a is placed.

[0087] (Timing 4) A split occurs when a particular order splits into a filled order and an unfilled order at a predetermined time after a portion of the particular order is filled. For example, as shown in FIG. 10, this corresponds to the case where, after a portion of first order 111 (e.g., 6 out of 10 lots) is executed, this first order 111 splits into executed first order 111a and unexecuted first order 111b (see FIG. 8) at a specific time (e.g., while trading of the financial product is suspended).

[0088] The timing of division is not limited to the above (Timing 1) to (Timing 4), and any time point in a state similar to these may be the timing of division.

[0089] Note that the [Basic Action 4] to [Basic Action 7] shown below are based on the split state and timing shown in [Basic Action 3].

[0090] [Basic Operation 4: Partial Execution Pattern 1] For example, as shown in the chart 110 of FIG. 6, consider a case where there is a first order 111 of 10 lots and a second order 112 of 10 lots, and the first order price 113, which is the contract price of the first order 111, is 19,400 yen, and the second order price 114, which is the contract price of the second order, is 19,500 yen. If, for example, only 6 lots of the first order 111 of 10 lots are contracted based on [basic operation 2] or the like due to fluctuations in the market price 115 of the financial product, the first order of 10 lots is split into a contracted first order 111a of 6 lots and an uncontracted first order 111b of 4 lots, as shown in FIG. 7. Note that if the market price does not match the second order price but matches the first order price again, the uncontracted first order 111b will be contracted if the conditions for contract are met. In this case, however, the first order 111a and the first order 111b are not combined again, and thereafter, the first order 111a and the first order 111b are treated as independent orders.

[0091] [Basic Operation 5: Partial Execution Pattern 2] For example, when the first order 111 is partially executed as in "Basic Operation 4" to become first order 111a and first order 111b, the second order 112 (which was scheduled to be placed as a result of the execution of the first order 111 through an if-done order as shown in FIG. 6) is also split into second order 112a of six lots and second order 112b of four lots, as shown in FIG. 7. Of these, second order 112a of six lots has been ordered in response to the execution of first order 111a, and second order 112b of four lots has not been placed.

[0092] In this state, if the market price reverses (that is, for example, the market price changes from falling to rising in FIG. 8) and the market price matches the second order price, the second order 112a for six lots is executed.

[0093] Here, in the case where the first order and the second order are repeated multiple times (described in detail later), as shown in FIG. 8, when the second order 112a of six units is executed, the first order 111a is re-ordered. However, if there remains the first order 111b of four units that has not been executed, the re-ordered first order 111a and the remaining first order 111b will coexist as shown in FIG. 8.

[0094] [Basic Operation 6: Partial Execution Pattern 3] Incidentally, partial execution occurs not only for the first order but also for the second order.

[0095] This partial contract of the second order may occur in the second order after the first order is partially contracted. Specifically, as shown in FIG. 8, for example, when the first order 111 of 10 lots in total and the second order 112 of 10 lots (see FIG. 6) are split into the first order 111a of 6 lots that is contracted and the first order 111b of 4 lots that is not contracted, and then when the market price reverses and the market price matches the second order price, if the second order is in a state where only 4 lots are contracted due to the above-mentioned "basic operation 2" or the like, only 4 lots of the second order 112a of 6 lots are contracted, as shown in FIG. 9. As a result, the second order 112a of 6 lots that was placed is split into the second order 112aa of 4 lots that is contracted and the second order 112ab of 2 lots that is not contracted, and the second order 112b of uncontracted lots also coexists.

[0096] Here, in the case where the first order and the second order are repeated multiple times (described in detail later), when the second order 112aa of four units is executed, the first order 111a of six units is also split, and the first order 111aa of four units is placed, but the unexecuted second order 112ab of two units remains as it is, as shown in Fig. 9. Also, the first order 111ab of two units split from the first order 111a is placed when the second order 112ab of two units is executed.

[0097] [Basic Operation 7: Partial Execution Pattern 4] In addition to the cases shown in [Basic Operation 6] above, partial execution of the second order may occur when a portion of a first order is executed, resulting in the first order not splitting but splitting a second order that settles the position opened by the first order being executed.

[0098] Specifically, as shown in FIG. 10, consider a case where 6 of the 10 first orders 111 are executed. At this time, the executed first order 111 does not split, and continues in a state where some (6) are executed and some (4) are not executed. On the other hand, due to an if-done order, the second order 112 (see FIG. 6) that was to be placed as a result of the execution of the first order 111 is split into a second order 112a of 6 and a second order 112b of 4, as shown in FIG. 10, based on the fact that the first order 111 is partially executed and partially not executed. Of these, the second order 112a of 6 has been ordered in response to the partial execution of the 6 first orders 111, and the second order 112b of 4 has not been placed in response to the partial unexecution of the 4 first orders 111.

[0099] In this state, if the market price reverses (i.e., for example, the market price changes from falling to rising in FIG. 10) and the market price matches the second order price, the placed second order 112a of six lots will be contracted, as shown in FIG.

[0100] Here, in the case where the first order and the second order are repeated multiple times (described in detail later), the partially-contracted first order 111 is split for the first time when the 6-lot second order 112a is contracted and the if-done order is settled. As a result, as shown in FIG. 11, the first order 111, which is partially (6 lots) contracted and partially (4 lots) uncontracted, is split and a newly-ordered 6-lot first order 111a is placed. At this time, the newly-ordered 6-lot first order 111a and the first order 111 (4 lots remaining in an uncontracted state) coexist. Note that, if the first order is further repeated after the remaining first order 111 (4 lots out of 10 lots that are uncontracted) is contracted, a 4-lot first order (not shown in FIG. 11) is placed in place of the first order 111 with 4 lots remaining in an uncontracted state out of 10 lots.

[0101] 10 and 11, partial agreements have been described only for the first order 111 having a first order price 113 of 19,400 yen and the second orders 112a and 112b having a second order agreement price of 114 of 19,500 yen. However, similar partial agreements can also be generated or similar processing can be performed for other first order prices of 19,400 yen and other second order prices of 19,500 yen.

[0102] The processing procedure of this embodiment 1 shown below is performed based on the above [basic operation 1] to [basic operation 7]. It is not necessary to always use all of [basic operation 1] to [basic operation 7] in the processing of this embodiment 1, and any of the basic operations may be replaced with a different basic operation. For example, the principle of price priority and time priority in [basic operation 1] may be configured to use only one of them, or when partial contracts are made in [basic operation 4] to [basic operation 7], in the subsequent processing, the orders that were once split by the partial contract may be recombined.

[0103] [Processing procedure (generating order information)] Next, a processing procedure for generating order information in the financial product transaction management system 1A of this embodiment 1 will be described with reference to Figs.

[0104] Here, generating order information refers to forming data for placing and contracting orders for financial products in the financial product transaction management system 1A of this embodiment 1. Then, as will be described later, in this embodiment 1, orders are placed and contracted based on this order information.

[0105] 12 is a flowchart showing the processing procedure when a buy order (new buy order) at the "first price" and a sell order (new sell order) at the "second price" are accepted in the first financial product transaction management device 1 of this embodiment 1. The processing procedure at the time of acceptance will be described below with reference to the same figure.

[0106] A client using the financial product transaction management system 1A accesses the first financial product transaction management device 1 using a client terminal 3. The front page distribution unit 11 of the first financial product transaction management device 1 displays a transaction display screen 50 shown in Fig. 13 on the display unit 32 of the accessed client terminal 3, and when an order screen display button 51 on the transaction display screen 50 is clicked, an order input screen 52 is popped up on the transaction display screen 50 as shown in Fig. 131. The client inputs the order details into this order input screen 52 (step S1).

[0107] 13, in this order input screen 52, in a configuration in which a first order and a second order are repeated, the customer selects "BUY" indicating that the first order is a buy order in a buy / sell selection field 53 for selecting whether the first order is a buy order or a sell order (select "SELL" to select a first order that is a sell order). Also, in the order type input field 54, the customer selects an order type (here, a "trap repeat if done order" which repeats multiple first orders and multiple second orders each multiple times).

[0108] 13, the customer selects "Nikkei 225" in a product selection field 55 for selecting the type of financial product, indicating that trading will be based on the Nikkei 225 (Nikkei Stock Average). The customer also inputs "1" as the order quantity (for example, 100 times the stock price index is one lot) in an order quantity input field 56, inputs "limit price" in an execution condition input field 57 for selecting the execution condition (what kind of order the first order and / or second order should be executed as, such as a market order or a limit order), and inputs "19200" in a start price input field 58 for inputting the desired execution price of the first order. In addition, "10000" is entered in the profit amount input field 59 as information for calculating the desired contract price of the second order (the order information generating unit 15 described later divides the "10000" yen entered in the profit amount input field 59 by 1 (×100) entered in the order quantity input field 56, i.e., 10000÷100=100 (yen), and adds this to the "19200" yen entered in the start price input field 58 to calculate the contract price of the second order as "19300" yen). In this embodiment 1, instead of the profit amount input field 59, a configuration for inputting a desired contract price of the second order may be provided. In addition, instead of these, any configuration for calculating and setting a "profit margin" due to the contract between the first order and the second order, or for calculating and setting a "price spread" between first orders or between second orders may be provided. Specifically, for example, the type of the selected financial product, the current market price of the financial product, the fluctuation state of the financial product in a predetermined period in the past and future fluctuation predictions (fluctuation range, upward trend, downward trend, etc.), the transaction period, the transaction amount, the margin balance, and other conditions may be converted into predetermined numerical values ​​to calculate the price spread between the first orders or between the second orders, the profit margin between the first order and the second order, the number of first orders or the second orders, the set price range, etc.

[0109] Furthermore, if the client wishes to set a stop loss price, he / she inputs the desired stop loss price in a stop loss price input field 60 (no stop loss price is input in FIG. 13). Note that information to be input in a trap price range input field 61 shown in the same figure will be explained in [Embodiment 2 of the invention].

[0110] When the Confirm button 62 is clicked in this state, the data entered and selected on the order input screen 52 is supplied to the first financial product exchange management device 1. The order input receiving unit 12 of the first financial product exchange management device 1 confirms the contents of the entered orders. Furthermore, the order input receiving unit 12 inspects the prices of each order (step S2).

[0111] Specifically, for example, the order input receiving unit 12 checks whether a profit can be obtained by trading the selected financial product based on the prices input in the start price input field 58 and the profit amount input field 59, based on a predetermined calculation. For example, the order input receiving unit 12 may be configured to compare the current market price of the selected financial product with the reference price of the order input from the order input screen 52, and check whether the reference price is lower (or higher) than the market price at the time when the confirmation button 62 or the order button 66 is clicked. For example, the order input receiving unit 12 may be configured to check whether the desired contract price of the first order is lower than the market price at the time when the confirmation button 62 or the order button 66 is clicked, if the first order is a buy order, or to check whether the desired contract price of the second order is higher than the market price of the first order.

[0112] If the confirmation in step S2 shows that the input price is appropriate (for example, if the order input acceptance unit 12 is set such that the input price is appropriate only if a profit can be made by conducting a transaction based on that input price, and the setting is satisfied), the order input acceptance unit 12 determines that the input price is appropriate.

[0113] If the buy order price is determined to be a fair price ("No" in step S3), the account information management unit 14 obtains the fund information of the client from the client account information table 182.

[0114] The order input receiving unit 12 compares the acquired fund information with the total order amount of the customer, and checks whether the amount of funds is equal to or exceeds the order allowable amount.

[0115] Here, the "allowable order amount" refers to the amount of money required for an order (the same applies throughout this specification).

[0116] The order information generating unit 15 generates "order information" and an "order information group" including the "order information" described below only when the amount of funds is equal to or greater than the order allowable amount ("No" in step S5). This allows the order to be accepted only when the customer is sure that he or she can make payment.

[0117] If the amount of funds is greater than or equal to the order allowance ("No" in step S5), the order input receiving unit 12 checks whether the order conditions satisfy various order conditions other than those described above, based on the data recorded in the financial product order conditions table 183 (step S6).

[0118] If the various conditions of the order are not met ("Yes" in step S7), the order input receiving unit 12 treats the input order as an error and rejects the acceptance of the order (step S10).

[0119] If the various conditions of the order are met ("No" in step S7) and it is determined that the order conditions meet all the conditions necessary for the order described above, the front page distribution unit 11 causes a confirmation screen 65 shown in Fig. 14 to pop up on the display unit 32 of the client terminal 3. In this confirmation screen 65, the contents of the order generated based on the numerical values ​​entered on the order input screen 52, the selected conditions, etc. are displayed.

[0120] When the customer clicks the order button 66 in this state, the order information generation unit 15 generates order information based on the information entered into the order input screen 52 in step S1 and transmitted from the client terminal 3 to the first financial product exchange management device 1 (step S8, order information generation procedure).

[0121] Specifically, the multiple data input in the above procedure are grouped in units of order prices, and each piece of order information is formed by assigning a sequence number to the order recorded in sequence number table 184 for each unit of information. At this time, information for identifying the sequence number used in the order information as an unused number is assigned to sequence number table 184. The multiple order information generated in one procedure of step S8 forms an order information group (hereinafter simply referred to as "order information group") consisting of order information for ordering the same type of financial product at a first order price (described later) and order information for ordering at a second order price (described later). The generated order information and orders based on the order information are displayed on the display unit 32 of the client terminal 3 by the order information generation unit 15 and the contract management unit 16.

[0122] The order information generation unit 15 transmits information of the generated order information group to the second financial product transaction management device 2, and the order information management unit 24 of the second financial product transaction management device 2 records the received order information in the order table 181 (step S9). The order information is recorded in the order table 181 based on the definition of each field shown in FIG.

[0123] For example, the "ord_seq" field 181b of the order table 181 defines the sequence number assigned in step S8 (see "Notes" 181a of the order table 181; the same applies below). The "cust_seq" field 181c defines the customer number uniquely determined for each customer, and the "style_id" field 181d defines the product name. The "com_id" field 181e defines the ID number uniquely determined for each financial product. The combination of this ID number and financial product is recorded in an ID table (not shown) separately provided in the database. The "ord_amnt" field 181f defines the order quantity entered in the order quantity input field 56 (or the quantity of a stock index or the like that is determined based on that quantity). The "buy_sell_id" field 181g defines whether the order is a buy order or a sell order selected in the order type input field 54, the "ord_rate" field 181h defines the order price, and the "limit_time" field 181i defines the order deadline. The "ord_cond" field 181j defines the order type selected in the buy / sell selection section 53. The "trail_range" field 181k defines the trail width (see [Fourth embodiment of the invention]), and the "through_range" field 181m defines the through price range (see [Fourth embodiment of the invention], which is set in advance as a uniform price here). The "new_close" field 181n defines whether it is a new order or a settlement order. Although not shown in FIG. 2, the order table 181 also has fields for defining other data entered on the order entry screen 52. All data entered on the order entry screen 52 is recorded in the order table 181 using these fields. The order acceptance process in this embodiment 1 is completed by the above steps.

[0124] If at least one of the buy order price and the sell order price is judged to be an inappropriate price in step S3 ("Yes" in step S3), or if the amount of funds is less than the total order amount in step S5 ("Yes" in step S5), the order input acceptance unit 12 treats the input order as an error and rejects the order (step S10). In this case, order information (described later) is not generated, and text information or the like indicating that the order has been rejected is displayed on the display unit 32 of the client terminal 3.

[0125] The information entered in the order input screen 52 may be transmitted to the first financial product transaction management device 1 when the confirmation button 62 is clicked as described above, or when the order button 66 is clicked. The information transmitted to the order information generating unit 15 may be any information other than the information entered in each of the input and selection fields 54 to 61, so long as it is information that can be used to generate the first order information and second order information described below by various calculations. Specifically, the information may be, for example, the period during which the order is placed, the amount of profit desired to be obtained within the period, the amount of funds to be used for the transaction, etc.

[0126] In addition, the order information shown in step S8 may be generated in such a way that all of the order information (or a group of order information) is generated at once when the confirmation button 62 or the order button 66 is clicked, or when the first order or the second order is placed, or each time the first order or the second order is repeatedly placed, or when the first order price (described later) or the second order price (described later) is changed, or at any other timing.

[0127] The order of steps S1 to S10 is not limited to that shown in Fig. 12 and may be any order. Furthermore, the timing of clicking the Confirm button 62 or the Order button 66 and the timing of performing the processes of steps S1 to S10 may be any timing, and for example, the order information generating unit 15 may be configured to perform the processes of steps S1 to S10 after the Confirm button 62 or the Order button 66 is clicked.

[0128] Furthermore, at least a part of the processing of steps S1 to S10 may also be performed in the second financial instrument transaction management device 2. For example, in step S9, the order information generation unit 15 may transmit the generated order information to the second financial instrument transaction management device 2, and the order information management unit 24 of the second financial instrument transaction management device 2 may record this order information in the order table 271. Also, for example, the processing of steps S1 to S10 may be performed in the second financial instrument transaction management device 2 based on data in the trustor account information table 272, the financial instrument order condition table 273, the sequence number table 274, etc. of the second financial instrument transaction management device 2, and the order information may be recorded in the order table 271.

[0129] [Order information and order information group configuration] 15 is a diagram showing a typical transaction display screen 50 after order information generation, which is displayed on the display unit 32 of the client terminal 3 in this embodiment 1. This transaction display screen 50 shows order information (first order information and second order information) and order information groups processed by the order information generating unit 15 and the contract management unit 16 (contract management procedure).

[0130] It should be noted that similar order information and order information groups will be managed in the second financial product transaction management device 2 as well, however, for simplicity of explanation, description of the order information and order information groups on the side of the second financial product transaction management device 2 will be omitted here.

[0131] The order information group 71A according to the first embodiment shown in Fig. 15 (and also in Figs. 16 to 25) is composed of first order information 72a constituting a first order (a new order, i.e., an order that holds a position when executed), and second order information 72b constituting a second order (a settlement order, i.e., an order that is placed when the first order is executed and that, when executed, settles the position held by the execution of the first order). Note that the order information group 71A may further include other order information (for example, stop-limit order information constituting a stop-loss order, etc.).

[0132] Note that the order information group 71A shown in FIG. 15 and the order information group 71A shown in FIG. 16 to FIG. 25 differ in the content of the order information that constitutes them (e.g., order number 181A, order acceptance date and time information 181B, and specified price information 181J). However, for simplicity of explanation, they will be described below as being the same unless there is a particular need to distinguish between them.

[0133] As shown in FIG. 15, both the first order information 72a and the second order information 72b include an order number 181A that functions as an ID consisting of a 16-digit order number body and an 8-digit branch number, order acceptance date and time information 181B indicating the date and time the order information was generated, product information 181C indicating the type of financial product (here, "Nikkei 225" indicating that the Nikkei 225 (Nikkei Stock Average) will be traded), and order status information 181D indicating the status of each order, either on order (a state in which the order has been placed but is not yet executed), waiting (a state in which the order has not been placed), or executed (a state in which the order has been executed) (however, these three items may be changed without notice). In some cases, some of the above states may not be displayed, or states other than these three states may be displayed.), order type information 181E indicating the order type (the order type; in this case, the word "Toraripi" is displayed, indicating that it is a "trap repeat if done" in which multiple first orders and multiple second orders are placed at multiple prices and each of the first orders and each of the second orders are repeated), buying / selling information 181F indicating whether each order is a buy order or a sell order, whether each order is a new order, a settlement order (or a stop-loss order), settlement classification information 181G indicating whether each order is a "limit order", "market order", "stop-limit order", "stop-loss order", etc.; designated price information 181J as the desired settlement price for each order (the price at which the customer wishes to execute); order quantity information 181K (shown in FIG. 16, etc.) indicating the quantity of each order (here, 10 lots each); execution quantity information 181L (shown in FIG. 16, etc.) indicating the quantity of the executed (i.e., executed) order; expiration date of each order (here, "GT 15, etc.), expiration date information 181M indicating the number of times the first order and the second order are repeated (information of "unlimited" indicating an unlimited number of times of repetition here), slippage information 181P as the allowable amount of slippage that occurs at the time of contract etc. (shown only in FIG. 15, however the value is not shown), trail information 181Q as the presence or absence of a trail setting and the numerical value of the trail width when a trail is set (shown only in FIG. 15, however the value is not shown), etc.

[0134] In addition, when the first order or the second order is split due to a partial contract described later, the quantities of the first order or the second order constituting one order information group 71A may increase, or one order information group 71A may split into a plurality of order information groups 71A, 71A, etc. In this way, when the order information group 71A is split, the amount of order quantity information 181K of the order information constituting each order information group 71A decreases.

[0135] Furthermore, both the first order information 72a and the second order information 72b may not include any of the information 181A to 181L, or may include other information. Furthermore, in a configuration in which stop order information (not shown) is provided for each order information group 71A, or in a configuration in which one stop order information (not shown) is provided for a plurality (for example, all) of the order information groups 71A, the stop order information (not shown) may be included in addition to the information 181A to 181P.

[0136] Here, one first order is placed and contracted, and one second order is placed and contracted, by the first order information 72a and the second order information 72b constituting one order information group 71A. Specifically, one first order (new order) is placed and contracted by one first order information 72a to hold a position of a financial product, one second order (settlement order) is placed by one second order information 72b based on the contract of the first order, and the held position is settled by the contract of the second order (settlement order). Therefore, when the first order and the second order are repeated, multiple order information groups 71A, 71A, 71A... are required.

[0137] In the first embodiment, when the first order and the second order are repeated by the order information group 71A, a new order information group 71A is generated when the order information group 71A is repeated (for example, when the second order is contracted based on the second order information 72b). However, a configuration may also be adopted in which a plurality of order information groups 71A, 71A, 71A... for repeating the first order and the second order are generated collectively when the confirmation button 62 or the order button 66 is clicked.

[0138] It should be noted that the display unit 32 of the client terminal 3 used by the customer may display a table 73 and a chart 74 of the order information group 71A, first order information 72a, and second order information 72b as shown in FIG. 16 etc. through the processing of the order information generation unit 15 and the execution management unit 16, enabling the customer to easily grasp the generated order information, the state of order placement, execution, and splitting, and the trading state based on the order, etc.

[0139] [Processing procedure (when there is no partial contract)] 16 to 25 show a table 73 showing the state of order information based on the processing in the financial product transaction management system 1A of this embodiment 1, and a chart 74 showing a schematic diagram of market fluctuations and the state of order placement and contract. Below, the transaction state based on the processing of this embodiment 1 will be explained with reference to these figures.

[0140] Note that table 73 shown in Figures 16 to 25 is information constituting the order information or order information group corresponding to this transaction, which is displayed in a part of the transaction display screen 50 shown in Figure 13 when the transaction shown in chart 74 is being carried out.

[0141] Also, in Figures 16 to 25, a solid circle in chart 74 indicates an "executed" order, i.e., an order that has been executed, a dashed circle indicates a "partially executed" order, i.e., an order that has been partially executed, a dotted circle with black text indicates an "order on order", i.e., an order that has been placed but not yet executed, and a dotted circle with white text indicates an "on order", i.e., an order that has not been placed or an order that is scheduled to be placed repeatedly (note that charts 74 in Figures 26 to 29 described below show the same state).

[0142] In the following description, the generation of order information related to the placing of an order is performed by at least one of the order information generating unit 15 and the order information managing unit 24 of the financial product transaction management system 1A. In addition, the rewriting or erasure of order information related to the contract of an order is performed by at least one of the contract information generating unit 25 and the contract managing unit 16 of the financial product transaction management system 1A. However, depending on the state of the system configuration and data configuration, each process can be performed by a function means other than the above (for example, the process related to the contract of an order is performed by the order information generating unit 15 or the order information managing unit 24). In addition, depending on whether the process is to contract the entire order or only a part of the order, it is also possible to distinguish whether the process is performed by the order information generating unit 15 or the order information managing unit 24 or the contract information generating unit 25 or the contract managing unit 16.

[0143] First, consider a case where there is an order information group 71A consisting of first order information 72a with designated price information 181J of 19,200 yen and second order information 72b with designated price information 181J of 19,300 yen, and the first order and the second order are placed and executed without partial execution. In this case, as shown in table 73 of FIG. 16, a first order 72a1 of 10 pieces is placed at 19,200 yen, which is the desired execution price of the first order (hereinafter referred to as the "first order price") 75 set based on the designated price information 181J of the first order information 72a. At this time, the order status information of the first order information 72a is "on order", which indicates a state in which an order has been placed but not yet executed, and the order status information 181D of the second order information 72b is "on hold", which indicates a state in which an order has been placed but not yet executed.

[0144] Then, when the market price 77 falls from the state shown in the chart 74 of FIG. 16 to 19,200 yen as shown in the chart 74 of FIG. 17, the first order 72a1 is contracted and a position is held. When the first order 72a1 is contracted, a second order 72b1 of 10 pieces is placed at 19,300 yen, which is the second order's desired contract price (hereinafter referred to as the "second order price") 76 set based on the designated price information 181J of the second order information 72b, based on the second order information 72b. Then, as shown in FIG. 18, when the market price becomes 19,300 yen, the second order 72b1 is contracted and the held position is settled. Then, from the state shown in the table 73 of FIG. 17, the first order information 72a is erased, and the order status information 181D of the second order information 72b is rewritten from "Waiting" to "Ordering", resulting in the state shown in the table 73 of FIG. 18.

[0145] When the first order 72a1 and the second order 72b1 are placed and contracted based on the first order information group 71A, the second order information 72b shown in table 73 of FIG. 18 is erased on the transaction display screen 50 shown in FIG. 15, and the order information group 71A having the first order information 72a and the second order information 72b (new order information group 71A) is displayed as shown in table 73 of FIG. 19. Based on this order information group 71A, a new first order (first order 72a1 shown by dotted lines in the same figure) and a new second order (not shown) are similarly placed and contracted. Then, when the first order and the second order are placed and contracted, the first order and the second order are placed and generated based on the new order information group 71A, and this procedure is repeated thereafter.

[0146] 16 to 19, the designated price information 181J of the first order information 72a and the designated price information 181J of the second order information 72b of all the order information groups 71A, 71A, 71A, . . . are all the same, and the ordering and execution of the first order 72a1 with a first order price 75 of 19,200 yen and the ordering and execution of the second order 72b1 with a second order price 76 of 19,300 yen are repeated. However, the designated price information 181J of the first order information 72a and the designated price information 181J of the second order information 72b of each order information group 71A, 71A, 71A may be changed. The designated price information 181J of each first order information 72a displayed on the transaction display screen 50 may change sequentially by 1 yen to 19,200 yen, 19,201 yen, 19,202 yen, and the designated price information 181J of each second order information 72b may also change sequentially by 1 yen to 19,300 yen, 19,301 yen, 19,302 yen, and the first order price 75 and the second order price 76 may change correspondingly.

[0147] Alternatively, the execution condition information 181H of specific order information of the specific order information group 71A (for example, the specific first order information 72a of the initial order information group 71A) may be set to "market", and this order (for example, the initial first order 72a1) may be placed and executed as a market order based on the prevailing price at a specific time (for example, the market price at the time when the confirmation button 62 or the order button 66 is clicked is set as the first order price 75). In this case, the designated price information 181J of other limit orders (orders based on the first order information 72a or the second order information 72b whose execution condition information 181H is "limit") may be set based on the prevailing price at a specific time. In this case, the order price of the market order and the order price of the limit order may be set based on different criteria (for example, the market price at the time when the confirmation button 62 is clicked is set as the designated price information 181J of the limit order, and the market price at the time when the order button 66 is clicked is set as the designated price information 181J of the market order).

[0148] The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer, and also record the generation of such order information in an order table 181, and manage the placing and contracting of orders, repetition of orders, etc. by modifying, deleting, or adding to the order information recorded in the order table 181.

[0149] [Processing procedure (Processing in case of partial execution (1))] Next, consider the case where a partial contract occurs based on the above-mentioned [Basic Operation #7].

[0150] For example, as shown in FIG. 17, a first order 72a1 of 10 units and a second order 72b1 of 10 units based on the first order information 72a and the second order information 72b, each of which has a quantity of "10" in the order quantity information 181K, are present, and a part of the 10 units of the first order 72a1, for example, only 6 units as shown in FIG. 20, is filled. In this case, as shown in table 73 in FIG. 20, the filled quantity information 181L of the first order information 72a is rewritten from "0" to "6". As a result, 6 units of the 10 units of the first order 72a1 are filled and 4 units remain unfilled, resulting in a partial fill.

[0151] As a result of the first order 72a1 being partially contracted, the second order information 72b is generated as shown in table 73 of FIG. 20, in which second order information 72ba has been placed (order status information 181D is "ordering" and order quantity information 181K is "6"), and second order information 72bb has order status information 181D is "waiting" and order quantity information 181K is "4". As a result, the second order 72b1 for 10 lots shown in chart 74 of FIG. 17 is split into an placed second order 72ba1 for 6 lots and an unordered second order 72bb1 for 4 lots, as shown in chart 74 of FIG. 20.

[0152] Here, if the unfilled four lots of the first order 72a1, of which four lots are unfilled, are filled before the market price 77 reaches the second order price 76, the filled quantity information 181L of the first order information 72a in table 73 of Fig. 20 is rewritten from "6" to "10." As a result, as shown in table 73 of Fig. 21, the first order information 72a is erased from the display of the display unit 32 of the client terminal 3.

[0153] Then, the order status information 181D of the four pieces of second order information 72bb is rewritten from "Waiting" shown in table 73 of Fig. 20 to "Ordered" shown in table 73 of Fig. 21. As a result, the second order 72bb1 changes from an unordered status shown in chart 74 of Fig. 20 to an ordered status shown in chart 74 of Fig. 21.

[0154] After the state shown in chart 74 in FIG. 21, when market price 77 reaches second order price 76, as shown in chart 74 in FIG. 22, second order information 72ba and second order information 72bb have their order status information 181D changed from “ordering” to “contracted” and are deleted, and second orders 72ba1 and 72bb1 change from an ordered state to a contracted state.

[0155] As shown in chart 74 of Fig. 22, when the second order 72ba1 and the second order 72bb1 are contracted, a new order information group 71A is generated as shown in table 73 of Fig. 22. As shown in Fig. 22, this order information group 71A includes first order information 72aa with order quantity information 181K of "6", first order information 72ab with order quantity information 181K of "4", second order information 72ba with order quantity information 181K of "6", and second order information 72bb with order quantity information 181K of "4", instead of the first order information 72a and the second order information 72b (see Fig. 19), and the order status information 181D of the first order information 72aa and the first order information 72ab is "ordered", and the order status information 181D of the second order information 72ba and the second order information 72bb is "waiting". As a result, a first order 72aa1 for six units and a first order 72ab1 for four units have been placed (see chart 74 in FIG. 22), and second orders 72ba1 and 72bb1 are not yet placed.

[0156] Then, when the market price 77 becomes the first order price 75 after the state shown in chart 74 in Fig. 22, the first order information 72aa and the first order information 72ab shown in table 73 in Fig. 22 are deleted as the order status information 181D changes from "ordering" to "contracted", and the first orders 72aa1 and the first orders 72ab1 change from an ordered state to an contracted state. Then, the order status information 181D of the second order information 72ba and the second order information 72bb changes from "waiting" to "ordering", and the second orders 72ba1 and the second orders 72bb1 change from an unordered state to an ordered state.

[0157] Furthermore, when the market price subsequently reaches the second order price 76, the order status information 181D of the second order information 72ba and the second order information 72bb changes from “ordering” to “contracted”, and the second orders 72ba1 and 72bb1 change from an ordered state to an contracted state. Then, a new order information group 71A is placed.

[0158] On the other hand, from the state shown in chart 74 in FIG. 20, if market price 77 reaches second order price 76 as shown in chart 74 in FIG. 23 while first order 72a1 has four out of ten units still unfilled, then second order ba1 (six units) will be filled while second order 72bb1 (four units) will remain unfilled.

[0159] In this case, the first order information 72aa and the second order information 72ba shown in Table 73 of FIG. 23 are newly generated, and as shown in Chart 74 of FIG. 23, a new first order 72aa1 of six pieces is placed while the first order 72a1 of four pieces not yet executed and the second order 72bb1 of four pieces not yet executed remain as they are (although not shown in Chart 74 of FIG. 23, the new second order of six pieces also exists in an unordered state at this time). In this case, as shown in Table 73 of FIG. 23, the first order information 72a remains in a state where the executed quantity information 181L is "6". As a result, as shown in Chart 74 of FIG. 23, even after the first order 72aa1 of six pieces is placed, the first order 72a1 of six pieces executed out of ten pieces still exists, and the first order 72a1 is in a state of being split after the execution of the second order 72ba1.

[0160] 23, if a first order for four more units is repeatedly placed after the first order 72a1 for six units out of ten units is contracted, first order information 72a with the contracted quantity information 181L of "6" is replaced with first order information 181K with "4" and the contracted quantity information 181L with "0" (not shown in FIG. 23). After that, the ordering and contracting of the first order 72aa1 for six units and the first order for four units (not shown in FIG. 23), and the ordering and contracting of the second order 72ba1 for six units and the second order 72bb1 for four units are repeated. In addition, when the number of repetitions is set to a specific numerical value in the repeat count information 181N (see Figures 16 to 25), the ordering and execution of the first orders 72a1, 72aa1 (including the first order of four lots not shown) and the ordering and execution of the second orders 72b1, 72ba1, 72bb1 will be repeated the set number of times.

[0161] The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, the order information and order splitting, the repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer, and also manage the splitting and repetition of orders by modifying and adding to the order information recorded in the order table 181, etc.

[0162] At this time, when only a portion of the first order 72a1 is executed, the order information generation unit 15 and the execution management unit 16 display the first order information 72a and the second order information 72ba, 72bb on the display unit 32 of the client terminal 3 in a state in which the second order 72b1 is split into a second order 72ba1 corresponding to the executed portion of the first order 72a1 and the other portion of the second order 72bb1 corresponding to the unexecuted portion, and also record and manage the first order information 72a and the second order information 72b recorded in the order table 181 as first order information 72aa, 72ab and second order information 72ba, 72bb. In this embodiment 1, for example, as shown in Fig. 22, the split first order information 72aa, 72ab and the split second order information 72ba, 72bb have the same 16-digit order number body and consecutive 8-digit branch numbers of their respective order numbers 181A, and are recorded as corresponding to each other in the order table 181 and displayed on the transaction display screen 50. Furthermore, they also correspond to the first order information 72a and the second order information 72b before the split, as they are similarly assigned a correspondence relationship with the order number body and branch numbers of the order number 181A.

[0163] Furthermore, when the order information forms a first order 72a1 and a second order 72b1, and only a portion of the first order 72a1 is contracted to hold a position, the order information generation unit 15 and the contract management unit 16 display the first order information 72a and the second order information 72ba on the display unit 32 of the client terminal 3 in a state in which the first order 72a1, which holds a position for a portion, i.e., 6 out of 10 lots, corresponds to the second order 72ba1, which settles the held position of a portion of the first order 72a1 by contract, and also record and manage them in the order table 181.

[0164] 20, the executed quantity information 181L of the first order information 72a is displayed as "6," indicating that a partial contract has occurred, and the order quantity information 181K of the second order information 72ba in the second line is "6." That is, the executed quantity information 181L of the first order information 72a and the order quantity information 181K of the second order information 72ba are the same number, which indicates that the first order 72aa1 related to the first order information (first order information 72a) that is split from the first order information 72a and the second order 72ba1 related to the second order information 72ba are corresponding orders, and they can be managed in a corresponding state.

[0165] In this embodiment 1, in the initial state in which the transaction display screen 50 is displayed, the customer operates the operation unit 31 of the client terminal 3 to display the first order information 72aa and the second order information 72ba in a state in which the first order 72a1 and the second order 72ba1 correspond to each other, but the customer can arbitrarily change the display order and items of each information 181A to 181Q by operating the operation unit 31 of the client terminal 3.

[0166] Any other configuration may be used as long as the order contracted by partial contract and the order placed based on it are displayed on the display unit 32 of the client terminal 3 in correspondence (with the correspondence clearly indicated) or are recorded and managed in the order table 181. Specifically, for example, the second order 72ba1, which is a part of the second order that is contracted in correspondence with the contracted first order 72aa1, or the second order 72bb1, which is not contracted in correspondence with the contracted first order 72aa1, may be displayed in the same or similar color, displayed together with a figure of the same or similar shape, or displayed in the same or similar font. In addition, when recording and managing the order information related to these orders in the order table 181, it is also possible to record and manage them in a corresponding state by adding the same or similar attribute information.

[0167] [Processing procedure (Processing in case of partial contract (2))] Next, consider a case where only a portion of first order 72a1 is executed, resulting in a partial execution (see chart 74 in Figure 20), and then the market price becomes second order price 76, and one or both of second orders 72ba1, 72bb1, for example, second order 72ba1, is partially executed (see chart 74 in Figure 24).

[0168] For example, as shown in chart 74 of FIG. 20, consider a case in which market price 77 becomes first order price 75 and six of a first order of ten lots (not shown) are filled, and then market price 77 becomes second order price 76 and four of the six lots placed in second order 72ba1 are filled.

[0169] In this case, when the market price reaches the first order price 75 due to the contract of four lots of the first order 72a1, the executed quantity information 181L of the first order information 72a (see Table 73 in FIG. 20) changes from "0" to "6." This results in the state of the first order information 72aa in the first row of Table 73 in FIG. 24. Also at this time, the first order information 72ab shown in the fourth row of Table 73 in FIG. 24 is generated.

[0170] Then, as shown in chart 74 of FIG. 24, as a result of six of the ten first orders 72a1 being executed, second order information 72ba in which order status information 181D is "ordering" and order quantity information 181K is "6", and second order information 72bb in which order status information 181D is "waiting" and order quantity information 181K is "4", as shown in table 73 of FIG. 20, are generated and displayed on the transaction display screen 50.

[0171] Furthermore, when only four of the six second orders 72ba1 are contracted, the executed quantity information 181L of the second order information 72ba changes from "0" to "4" as shown in table 73 of FIG.

[0172] As a result of four of the six second orders 72ba1 being contracted, as shown in table 73 of Fig. 24, first order information 72aa with order quantity information 181K of "4" and order status information 181D of "ordering" and second order information 72baa with order quantity information 181K of "4" and order status information 181D of "waiting" are generated as data constituting a new order information group 71A, and these are displayed on the transaction display screen 50. As a result, as shown in chart 74 of Fig. 24, the first order 72aa1 of four lots is placed, and the second order of four lots (not shown in Fig. 24) is placed but waits.

[0173] In addition, the first order 72a1 shown in Figure 24, in which 6 out of 10 lots are executed, is processed in the same manner as described above in "Processing (1) in the event of partial execution," and new first order information is generated.

[0174] Also shown in FIG. 24. When two uncontracted pieces of the second order 72ba1, in which four pieces out of six pieces are contracted, are contracted, second order information (not shown in FIG. 24) with order quantity information 181K being "4" and executed quantity information being "0" and second order information (not shown in FIG. 24) with order quantity information 181K being "2" and executed quantity information being "0" are generated in place of the second order information 72ba shown in FIG. 24. In this case, the corresponding first order information (not shown in FIG. 24) is also generated with order quantity information 181K being "4" and executed quantity information being "0" and first order information (not shown in FIG. 24) with order quantity information 181K being "2" and executed quantity information being "0". Thereafter, if-done orders are repeatedly made for each of the split first orders and each of the split second orders based on these order information.

[0175] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting orders, order information and order splitting, order repetition, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer. Specifically, the order information generation unit 15 and the contract management unit 16 cause the display unit 32 of the client terminal 3 to display, in a state where only a portion of the multiple order information, for example, the second order 72b of 10 sheets related to the second order information 72b having the order quantity information 181K of "10", has been placed, a split order into an placed order, for example, the second order 72ba1 of 6 sheets, and an unplaced order, for example, the second order 72bb1 of 4 sheets, in a state where only a portion of the multiple order information, for example, the second order 72b1 of 10 sheets related to the second order information 72b having the order quantity information 181K of "10", has been contracted, the display unit 32 of the client terminal 3 to display, in a state where the contracted order, for example, the second order 72ba1 of 6 sheets, and an uncontracted order, for example, the second order 72bb1 of 4 sheets, In addition, the order information generating unit 15 and the contract management unit 16 also display, manage, record, and manage the first order 72a1 based on the first order information 72a (see FIG. 24).

[0176] At this time, when only a part of the second orders, for example, the second order 72ba1 corresponding to the first order, for example, the first order 72a1, which has a position of 6 out of 10, settles the position, the order information generating unit 15 and the contract management unit 16 display the first order information, for example, the first order information 72aa, and the second order information, for example, the second order information 72baa, 72bab, on the display unit 32 of the client terminal 3 in a state where the second order, for example, the second order 72baa1, which has settled the position, and the second order, for example, the second order 72bab1, which has not settled the position, are split, and are recorded and managed in the order table 181. In this embodiment 1, as shown in FIG. 24, the second order information 72ba before the split and the second order information 72baa after the split are recorded in the order table 181 and displayed on the transaction display screen 50 in a corresponding state because the 16-digit order number body of the order number 181A is the same and the 8-digit branch number is consecutive. Although not shown, the second order information 72bab after the split also has the same 16-digit order number body of order number 181A, but is assigned an 8-digit sub-number that corresponds to the order number 181A of the second order information 72ba before the split and one of the second order information pieces 72baa after the split.

[0177] [Processing procedure (Processing in case of partial contract (3))] FIG. 25 shows a variation of the above-mentioned "Processing (1) in the case of partial contract."

[0178] This figure is a modified example in which only 6 pieces, which is a part of the 10 pieces of the first order 72a1 shown in FIG. 20, are executed. As shown in this figure, in this modified example, instead of the first order information 72a (see FIG. 20) related to the partially executed first order 72a1, a part (6 pieces out of 10 pieces) of the first order 72a1 is executed, and the placed first order 72a1 of 10 pieces is split into the executed first order 72aa1 of 6 pieces and the unexecuted first order 72ab1 of 4 pieces. At this time, as shown in Table 73 of FIG. 25, the first order information 72ab used for the transaction of the unexecuted first order 72ab1 of 4 pieces is generated. In the first order information 72ab, the order status information 181D is "ordering", the order quantity information 181K is "4", and the executed quantity information 181L is "0".

[0179] As described above, in this modified example, when a portion of the first order 72a1 is contracted, the first order 72aa1 is split into the contracted six-lot first order 72aa1 and the uncontracted first order 72ab1. The configuration and processing of the first orders 72aa1 and 72ab1 are the same as those in the above-mentioned "Processing (1) in the case of partial contract."

[0180] With this configuration, first order information 72ab is generated at the time when only a portion of first order 72a1 is executed, and is split into executed first order 72aa1 and unexecuted first order 72ab1, and the executed and unexecuted portions of first order 72a1 that is only partially executed are recorded and managed as separate and independent information from the time of execution, thereby allowing the executed first order 72aa1 and the unexecuted first order 72ab1 to be processed and managed separately and independently with a high degree of freedom.

[0181] [Processing procedure (Processing in case of partial contract (4))] FIG. 26 shows a variation of the above-mentioned "Processing (2) in the case of partial contract."

[0182] This figure shows a modified example in which only four pieces, which is a part of the six second orders 72ba1 shown in FIG. 24, are contracted. As shown in this figure, in this modified example, two pieces of second order information 72baa and 72bab are generated in place of the second order information 72ba (see FIG. 24) relating to the second order of which only a part is contracted. Of these, the second order information 72baa is used for trading the second order 72baa1 of four pieces that has been placed, with the order status information 181D being "on order", the order quantity information 181K being "4", and the executed quantity information 181L being "0". On the other hand, the second order information 72ba is used for trading the second order 72ba1 of two pieces that has been placed, with the order status information 181D being "on order", the order quantity information 181K being "2", and the executed quantity information 181L being "0". Immediately after the generation of the second order information 72baa, the order status information 181D changes from "ordering" to "contracted," and the second order 72baa1 is processed as having been contracted, and the second order 72baa1 is erased from the display unit 32. As shown in Fig. 24, in this modified example, the first order 72a1 is processed in the same manner as the above-mentioned "Process (3) in the case of partial contract."

[0183] As described above, in this modified example, when a portion of the second order 72baa1 is contracted, the second order 72baa1 is split into the contracted second order 72baa1 of four lots and the uncontracted second order 72bab1.

[0184] By configuring in this manner, second order information 72baa, 72bab is generated at the time when only a portion of second order 72ba1 is executed, and split into executed second order 72baa1 and unexecuted second order 72bab1, and the partially executed second order 72ba1 is recorded and managed as separate and independent information from the time of execution, thereby allowing the executed second order 72baa1 and the unexecuted second order 72bab1 to be processed and managed separately and independently with a high degree of freedom.

[0185] In the modified example shown in FIG. 26, when both the first order 72a1 and the second order 72ba1 are partially executed, second order information 72baa, 72bab separate from the first order information 72aa, 72ab are generated and split. However, this is not limited to the above. For example, the first order 72a1 may be split when only a portion of the first order 72a1 is executed and the corresponding second order 72ba1 is executed, as in the case of "Processing (1) in the event of partial execution", and the second order 72ba1 may be split when only a portion of the first order 72a1 is executed and split into second orders 72baa1, 72bab1.

[0186] [Processing procedure (Processing in case of partial contract (5))] As a modified example, as shown in FIG. 20, when only a portion (six in this figure) of the placed first order 72a1 of 10 pieces is executed, the first order can be split into an executed first order 72aa1 and an unexecuted first order 72ab1 at a predetermined timing after the execution.

[0187] Specifically, for example, the contract management unit 16 may perform a process of splitting the first order 72a1, which was only partially contracted while trading of the financial product was suspended.

[0188] More specifically, for example, for financial products handled by the first financial product transaction management device 1 and the second financial product transaction management device 2, in a specific week, only six of ten first orders 72a1 are contracted as shown in FIG. 20, and then, after a trading suspension period, trading of the financial products is resumed. In this case, the contract management unit 16 generates first order information 72aa and 72ab shown in FIG. 25 instead of the first order information 72a shown in FIG. 20 during the trading suspension period. As a result, during the trading suspension period, the first order 72a1 shown in FIG. 20 is split into first orders 72aa1 and 72ab1 shown in FIG. 25, and when trading starts, the display unit 32 of the client terminal 3 displays the first order information 72ab and the second order information 72ba and 72bb shown in table 73 in FIG. 25, and trading is performed based on the split first orders 72aa1 and ab1.

[0189] Similarly, even if a portion of second order 72ba1 shown in Figure 24 (four out of six lots in this figure) is executed, the execution management unit 16 can be configured to generate second order information 72baa, 72bab shown in Figure 26 during the trading suspension period instead of second order information 72ba, 72bb shown in the same figure, and split it into second orders 72baa1, 72bab1.

[0190] As described above, in the first embodiment, when only a part of the first order 72a1 and / or a part of the second order 72b1 is contracted, the first order 72a1 that is only partially contracted and / or the second order 72ba1 that is only partially contracted are split at a predetermined timing after only a part of the first order 72a1 and / or the second order 72ba1 that is only partially contracted are split at a timing suited to the cause or situation of only a part of the order being contracted, thereby making it possible to appropriately manage and operate transactions including partial contracts. This allows traders to appropriately operate a transaction form including partial contracts in financial product transactions conducted using a computer system.

[0191] In the first embodiment, when a specific second order 72b1 or a first order 72a1 corresponding to the specific second order 72b1 is only partially contracted, the specific second order 72b1 can be split at a timing suited to the cause or situation of only being partially contracted. This allows for appropriate management and operation of transactions including partial contracts.

[0192] In the first embodiment, when a specific first order 72a1 or a second order 72b1 corresponding to the specific first order 72a1 is only partially contracted, the specific first order 72a1 can be split at a timing suited to the cause or situation of only being partially contracted. This allows for appropriate management and operation of transactions including partial contracts.

[0193] In this embodiment 1, the first order 72a1 and the second order 72b1, which are only partially executed and partially unexecuted, are recorded, managed, and processed using the order quantity information 181K and the executed quantity information 181L of the first order information 72a and the second order information 72b, respectively, thereby uniformly recording and managing orders for which partial execution has occurred, thereby simplifying data and achieving consistent processing.

[0194] In this embodiment 1, an order that is executed when a part of the first order 72a1 and second orders 72b1 based on the first order information 72a and the second order information 72b, for example, only the first order 72a1, is executed, is displayed on the display unit 32 of the client terminal 3 as first order information 72aa. By doing so, for an ordered financial product, a transaction in which only a part of the first order 72a1 and second orders 72b1 to be placed or a transaction in which a part of the placed first order 72a1 and second orders 72b1, for example, only the first order 72a1, is executed can be properly managed. In addition, when only a part of the first order 72a1 (for example, 6 out of 10) is executed, the second order 72b1 is split into a second order 72ba1 corresponding to a part of the first order 72a1 that has been executed, and a second order bb1 corresponding to the other part of the first order 72a1 that has been executed, and in this state, the second order information 72ba and 72bb are displayed on the display unit 32 of the client terminal 3, thereby enabling a transaction in which only a part of the first order 72a1 (for example, 6 out of 10) and a part of the second order, for example, the second order 72ba1, are executed can be properly managed. This allows traders to properly manage a transaction form including partial execution in financial product transactions performed using a computer system.

[0195] In this embodiment 1, by splitting a partially executed first order, e.g., first order 72a1, into an placed order, e.g., second order 72ba1 and an unplaced order, e.g., second order 72bb1, and / or into an executed order, e.g., first order 72aa1 and an unexecuted order, e.g., first order ab1, it is possible to enable a trader to appropriately operate a trading form including partial execution in a trading mode in which, for example, only a portion of first order 72a1 (e.g., 6 out of 10 lots) is placed and / or executed.

[0196] In this embodiment 1, by matching a part of the first order 72a1 of an if-done order that holds a position with a part of the second order 72b1 that settles it, such as the second order 72b1, and by displaying order quantity information 181K and executed quantity information 181L of the first order information 72a and order quantity information 181K and executed quantity information 181L of the second order information 72ba on the display unit 32 of the client terminal 3, it is possible for the trader to appropriately operate a trading type including partial execution.

[0197] In this embodiment 1, in the case where a second order 72ba1, which settles a position held by a first order 72a1, which partially holds a position, settles a position only by a part of the second order 72baa1, the second order can be split into a settled second order, for example, second order 72baa1, and an unsettled second order, for example, second order 72bab1, allowing traders to appropriately operate a trading type including partial contracts.

[0198] In this embodiment 1, by repeatedly holding a position through the execution of the first order 72a1 and settling the held position through the execution of the second order 72b1, continuous trading opportunities are created through the repetition of the first order 72a1 and the second order 72b1, making it possible to provide opportunities to make large profits. In addition, in the case where the first order 72a1 and the second order 72b1 are each split and repeated, if only a first order 72aa1 that is a part of the first order 72a1 and / or a second order 72ba1 that is a part of the second order 72b1 is executed, the distinction between the executed orders before the repetition, e.g., the first order 72aa1 and the unexecuted orders, e.g., the first order 72ab1, is maintained, and this is displayed on the display unit 32 of the client terminal 3 as first order information 72aa, 72ab and second order information 72ba, 72bb. In a configuration in which the first and second orders are repeatedly performed, when only a portion of the first order 72a1 and / or the second order 72b1 is executed, all of the first orders 72aa1, 72ab1 and / or the second orders 72ba1, 72bb1 can be displayed, allowing traders to appropriately operate a trading format including partial execution.

[0199] In this embodiment 1, the contract information generation unit 25 contracts orders based on the generated first order information, e.g., first order information 72a, and second order information, e.g., second order information 72b, and the contract status is managed by the contract management unit 16, thereby ensuring the trading of financial products.

[0200] In the above embodiment 1, the first order 72a1 and the second order 72b1 of the first order when partial execution is not performed, and the first orders 72aa1, 72aaa1, 72ab1 and the second orders 72ba1, 72bab1, 72bb1 that are repeated when partial execution is performed are configured to be repeated at the same first order price 75 and the same second order price 76, but this is not limited to the above, and when the first orders 72aa1, 72aaa1, 72ab1 and the second orders 72ba1, 72bab1, 72bb1 are repeated, the first order price 75 and the second order price 76 may be changed under specified conditions.

[0201] Specifically, for example, the first order price 75 and / or the second order price 76 may be configured to fluctuate upward or downward under a predetermined condition (e.g., 1 yen increments) each time first orders 72aa1, 72aaa1, 72ab1 and second orders 72ba1, 72bab1, 72bb1 are repeated a predetermined number of times (e.g., each time they are repeated once), or the first order price 75 and / or the second order price 76 may be configured to fluctuate upward or downward by a predetermined price (e.g., 10 yen in the direction of market fluctuation) when the price difference between the first order price 75 and / or the second order price 76 and the market price becomes a predetermined price difference or more (e.g., when the price difference between the first order price 75 or the second order price 76 and the market price becomes 10 yen or more).

[0202] In addition, in this embodiment 1, when the order information group 71A includes stop order information (not shown), and a stop-loss order is placed and executed based on this stop order information (not shown), when the first order 72a1 or the second order 72b1 is split based on the first order information 72a or the second order information 72b, the stop order information (not shown) and the stop-loss order (not shown) may be similarly split. When the stop-loss order (not shown) is executed, the corresponding first order (e.g., the first order 72aa1) or second order (e.g., the second order 72ba1) is canceled. In this case, only the first order (e.g., the first order 72aa1) or second order (e.g., the second order 72ba1) corresponding to the placed stop-loss order (not shown) may be canceled, or all the first orders or second orders (e.g., the first order 72ab1 or the second order 72bb1) that constituted the first order 72a1 or the second order 72b1 before the split may be canceled. In addition, the first order (e.g., first order 72aa1) and the second order (e.g., second order 72ba1) that are scheduled to be repeatedly placed or executed thereafter may also be canceled. Furthermore, the first orders (e.g., first orders 72aa1, 72ab1) and the second orders (e.g., second order 72ba1) may not be canceled.

[0203] [Embodiment 2 of the invention] 27 and 28 show a second embodiment of the present invention.

[0204] In this second embodiment, the first order and the second order are each placed at a plurality of prices, and a cycle of holding a position through the execution of each of the first orders and then settling the held position through the execution of each of the second orders is repeated.

[0205] In the order input screen 52 shown in Fig. 13, when a numerical value, for example, "10" is input in the trap quantity input field 64 and the confirmation button 62 is clicked, and then the order button 66 in the confirmation screen 65 shown in Fig. 14 is clicked, the number input in the trap quantity input field 64, for example, 10 sets of order information 71A, 71B, ..., 71H, 71J, 71K are generated. As a result, the transaction display screen 50 (see Fig. 15) displays, as shown in table 73 in Fig. 27, 10 pieces of first order information 72a, 72c, ..., 72q, 72s relating to placed orders and 10 pieces of second order information 72b, 72d, ..., 72r, 72t relating to unplaced orders.

[0206] As shown in the charts 74 of FIG. 27 and FIG. 28, when the market price 77 fluctuates and reaches the first order price 75 (19,250 yen), the above-mentioned [basic operation 1] [basic operation 2], etc. are reached, and only 6 orders out of 10 can be contracted. In this case, the contract information generating unit 25 performs a process for partially contracting the first order information 72a and the second order information 72b. As a result, the first order information 72a and the second order information 72b are in the state shown in FIG. 28. Then, one or more first orders, for example, the first order 72a1 shown in FIG. 27, is split into a first order 72aa1 (contracted) and a first order 72ab1 (uncontracted) as shown in FIG. 28, with 6 out of the total 10 being partially contracted. Furthermore, at this time, a corresponding second order, for example, second order 72b1 of 10 pieces shown in FIG. 27, is split into second order 72ba1 (of 6 pieces that have been placed) and second order 72bb1 (of 4 pieces that have not yet been placed).

[0207] Thereafter, the first orders 72aa1 and 72ab1 and the second orders 72ba1 and 72bb1 are repeatedly placed and contracted in accordance with fluctuations in the market price 77. In addition, similar orders and contracts or partial contracts are repeatedly placed and contracted for the other first orders 72c1, . . . , 72q1, and 72s1 and the other second orders 72d1, . . . , 72r1, and 72t1.

[0208] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting orders, order information and order splitting, order repetition, etc. in this processing procedure on the transaction display screen 50 of the display unit 32 of the client terminal 3 used by the customer.

[0209] At this time, the order information generating unit 15 and the contract management unit 16 display the first order information, e.g., the first order information 72a and the second order information, e.g., the second order information 72b, for the first order, e.g., the first order 72a1 and the second order, e.g., the second order 72b1, which are repeatedly generated, on the display unit 32 of the client terminal 3. Furthermore, when only a part of the first order, e.g., the first order 72a1 and / or the second order, e.g., the second order 72b1, before the repetition is performed is contracted, the order information generating unit 15 and the contract management unit 16 display the first order information, e.g., the first order information 72aa, 72ab, and the second order information, e.g., the second order information 72ba, 72bb, for the repeated first order, e.g., the first order 72aa1 and / or the second order, e.g., the second order 72ba1, on the transaction display screen 50 of the display unit 32 of the client terminal 3 in a manner that maintains the distinction between contracted orders and uncontracted orders before the repetition.

[0210] In addition, the order information generation unit 15 and the agreement management unit 16 display first order information, e.g., first order information 72aa and second order information, e.g., second order information 72ba, on the transaction display screen 50 of the display unit 32 of the client terminal 3 for a first order, e.g., first order 72aa1, and a second order, e.g., second order 72ba1, which are repeatedly generated in at least any one of the multiple price ranges.

[0211] The rest of the configuration is the same as in the first embodiment of the invention.

[0212] As described above, in the second embodiment, a plurality of price ranges are set, and the first orders 72a1, 72c1, . . . , 72q1, 72s1, which can only be partially executed, and / or the second orders 72b1, 72d1, . . . , 72r1, 72t1, which can only be partially executed, are repeatedly placed and executed in each price range, thereby providing continuous trading opportunities in a plurality of price ranges and providing an opportunity to obtain a large profit. In the case where only a portion of q1, 72s1, and / or second orders 72b1, 72d1, ···, 72r1, 72t1 is executed, first order information relating to all of the first orders 72a1, 72c1, ···, 72q1, 72s1, for example, first order information 72aa, 72ab, and / or second order information relating to all of the second orders 72b1, 72d1, ···, 72r1, 72t1, for example, second order information 72ba, 72bb, can be displayed to enable traders to appropriately operate a trading type including partial execution.

[0213] In addition, in this embodiment 2, as in the case of embodiment 1, the ordering and execution of first orders 72a1, 72c1, ···, 72q1, 72s1 and the ordering and execution of second orders 72b1, 72d1, ···, 72r1, 72t1 are repeated at the same first order price 75 and the same second order price 76. However, as in embodiment 1, this is not limited to this, and when the ordering and execution of first orders 72a1, 72c1, ···, 72q1, 72s1 and the ordering and execution of second orders 72b1, 72d1, ···, 72r1, 72t1 are repeated, the respective first order prices 75 and respective second order prices 76 may be changed under predetermined conditions.

[0214] In addition, in this embodiment 2, when stop-loss order information (not shown) exists in some or all of the order information groups 71A, 71B, . . . 71H, 71J, 71K and stop-loss orders are placed and executed based on this stop-loss order information (not shown), if the first order 72a1 or the second order 72b1 is split based on the first order information 72a or the second order information 72b, the stop-loss order information (not shown) and the stop-loss order (not shown) may be similarly split. The manner of cancellation of the first order (e.g., first order 72a1) or the second order (e.g., second order 72b1) due to the split stop-loss order is the same as in the case of embodiment 1. In addition, when stop-loss order information exists for each of the order information groups 71A, 71B, ... 71H, 71J, 71K, the first orders 72a1, 72c1, ... , 72q1, 72s1 and second orders 72b1, 72d1, ... , 72r1, 72t1 relating to all of the order information groups 71A, 71B, ... 71H, 71J, 71K may be cancelled by the execution of one stop-loss order (not shown).

[0215] [Embodiment 3 of the invention] FIG. 29 shows a third embodiment of the present invention.

[0216] In this third embodiment, an upper limit price input field (not shown) and a lower limit price input field (not shown) are provided on the order input screen 52 shown in FIG. Then, the order information generating unit 15 performs a predetermined calculation process based on information on the price range 83 (600 yen in FIG. 29, which is the price obtained by subtracting the lower limit price 81 from the upper limit price 82) formed based on the upper limit price information input in the upper limit price input field (not shown) (in this embodiment 3, information on the value of the upper limit price 82 that coincides with the top first order price 75 (19,700 yen) in FIG. 29)) and the lower limit price information input in the lower limit price input field (not shown) (in this embodiment 3, information on the lower limit price 81 (19,250 yen) shown in FIG. 29) and the number of orders input in the trap number input field 64, for example, "10", and sets the order prices of multiple, for example, ten, first orders 72a1, 72c1, ..., 72q1, 72s1 and the order prices of ten second orders 72b1, 72d1, ..., 72r1, 72t1. 28, the order prices are formed as a first order price for a predetermined first order that holds a position through contract and a second order price for a predetermined second order that settles a position held through contract, for example, first order price 75 for first order 72a1 and second order price 76 for second order 72b1. In this third embodiment, the price ranges 84,84,...84,84 of these first and second orders are set to belong to price range 83 (that is, all price ranges 84,84,...84,84 belong in part or in whole to price range 83).

[0217] The multiple first orders and second orders that have been set, for example, first orders 72a1, 72c1, ..., 72q1, 72s1 and second orders 72b1, 72d1, ..., 72r1, 72t1, are split by partial execution as in the second embodiment, and the placing and execution of the corresponding first orders and second orders are repeated.

[0218] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting orders, order information and order splitting, order repetition, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer.

[0219] The other configurations are the same as those in the second embodiment of the present invention.

[0220] As described above, in this embodiment 3, one or more price ranges 84 are set in the price range 83 formed between a specific upper limit price 82 and a specific lower limit price 81, and the ordering and execution of first orders 72a1, 72c1, ···, 72q1, 72s1 which can only be partially executed, and / or the ordering and execution of second orders 72b1, 72d1, ···, 72r1, 72t1 which can only be partially executed, are repeatedly performed in each price range 84, and all first orders and / or second orders in the case where only a portion of the first orders 72a1, 72c1, ···, 72q1, 72s1 and / or the second orders 72b1, 72d1, ···, 72r1, 72t1 are executed in each price range 84, 84, ···, 84, 84 are displayed, thereby allowing traders to appropriately operate a trading style including partial execution.

[0221] [Fourth embodiment of the invention] FIG. 30 shows a fourth embodiment of the present invention.

[0222] In this embodiment 4, the first order and the second order, for example, first orders 72a1, 72c1, ..., 72q1, 72s1 and second orders 72b1, 72d1, ..., 72r1, 72t1, are configured to be contracted when the market price falls or rises above the first order price 75 or the second order price 76, then rises or falls again to the first order price 75 or the second order price 76, and then becomes equal to or higher than the first order price 75, or becomes equal to or higher than the second order price 76.

[0223] Specifically, a through price spread information input field (not shown) and a trail information input field (not shown) are provided on the order input screen 52 shown in Fig. 13. Then, depending on the values ​​entered in these input fields (not shown), through price spread information (not shown) about a predetermined value (hereinafter referred to as "through price spread") related to the price spread between the order price and the market price is set in each piece of first order information, for example, the first order information 72a, and each piece of second order information, for example, the second order information 72b, or in any table of the database 18.

[0224] 30, the first order 72a1 that has already been placed falls below the first order price 75, and the first order 72a1 is placed when the price spread between the first order price 75 and the market price 77 exceeds the value of the through price spread 85, and then when the market price again becomes equal to or higher than the first order price 75, the first order 72a1 is executed as a stop order, and accordingly, the second order 72b1 changes from an unordered state to an ordered state. Then, the second order 72b1 is placed when the market price 77 rises above the second order price 76, and the price spread between the second order price 76 and the market price 77 exceeds the value of the through price spread 85, and then when the market price again becomes equal to or lower than the second order price 76, the second order 72b1 is executed. When the second order 72b1 is executed, the first order 72a1 is placed and executed, and the second order 72b1 is placed and executed again in the same manner based on the first order information 72a and the second order information 72b, and thereafter, the ordering and execution of the first order 72a1, and the second order 72b1 are similarly repeated.

[0225] Also, in this embodiment 4, trail width information (not shown) is set as a specific value related to the price at which the trail is activated (hereinafter referred to as the "trail width." Here, this "trail width" is used both as the price width that triggers the activation of the trail and as the fluctuation width of the order price) in each piece of second order information, for example, trail information 181Q (see FIG. 15) of second order information 72b (or in any table in database 18, etc.) using a specific numerical value. Then, in this embodiment 4, when the market price rises further after exceeding second order price 76, and the price difference between second order price 76 and the market price exceeds trail width 86 as shown in FIG. 30, second order price 76 is newly set to a price in the upward direction by the value of trail width 86. If the market price continues to rise after the second order price 76 is newly set and the price difference between the second order price 76 and the market price exceeds the trailing width 86, the second order price 76 is again newly set to an upward price by the value of the trailing width 86. Such resetting of the second order price 76 based on the trailing width 86 is repeated until the market price 77 falls to the second order price 76 without exceeding the trailing width 86, as shown in Figure 30.

[0226] When the market price reaches the second order price 76 and the second orders, for example, second orders 72ba1 and 72bb1 as shown in FIG. 30, are executed, second order 72b1 is again placed at the original second order price 76 before the second order price 76 is newly set based on the trail width 86 (for example, for second orders 72ba1 and 72bb1 in FIG. 30, the second order price 76 before the trail was activated was 19,350 yen).

[0227] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting orders, order information and order splitting, order repetition, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer.

[0228] The other configurations are the same as those of the first and second embodiments of the present invention.

[0229] As described above, in this fourth embodiment, the first order information 72a, 72c, . . . , 72q, 72s and the second order information 72b, 72d, . . . , 72r, 72t are set to be contracted after the market price falls or rises beyond the first order price 75 and then becomes equal to or less than the first order price 75 again, or after the market price rises or falls beyond the second order price 76 and then becomes equal to or less than the second order price 76 again, so that it is more likely that a transaction can be made at a price at which a falling market price turns into a rising market price or at a price close to a price at which a rising market price turns into a falling market price, and it is possible to have the possibility of making a large profit from the transaction. This provides an opportunity to make many profits in the transaction of financial products using a computer system. In addition, the order information as the second order is provided with trail width information (not shown), and the order information as the second order moves in an upward or downward direction based on the trail width information (not shown), thereby making it possible to increase the profit obtained from a single buying and selling transaction between first orders 72a1, 72c1, ···, 72p1, 72r1 and second orders 72b1, 72d1, ···, 72r1, 72t1.

[0230] In addition, in this embodiment 4, the trail width information may be set in each first order information, for example, first order information 72a, and first order price 75 of first order 72a1 may also be reset in a downward direction by the trail width due to a fall in the market price. Also, in this embodiment 4, the price range as a trigger for the trail width information and the fluctuation range of the order price may be set to different prices. In addition, the first order price 75 and the second order price 76 may be reset almost simultaneously with a change in the market price 77, or the first order prices 75, 75, 75, 75 of the first order information 72a, 72c, . . ., 72q, 72s may be compared with the current market price 77, or the second order prices 76, 76, . . ., 76, 76 of the second order information 72b, 72d, . . ., 72r, 72t may be compared with the current market price 77, and the first order price 75 and the second order price 76 may be reset when the price difference between them becomes equal to or larger than the trailing activation price range.

[0231] In each of the above embodiments, a case has been described in which the first order is a buy order and the second order is a sell order, but this is not limited to this and the present invention can also be applied to a case in which the first order is a sell order and the second order is a buy order.

[0232] In addition, in each of the above embodiments, a configuration has been described in which the first order 72a1, the second order 72b1, etc., are repeatedly placed and executed at one or more prices, and the second order is repeatedly placed and executed. However, the present invention is not limited to this. In addition to the first order information 72a and the second order information 72b, the order information generating unit 15 generates one or more pieces of stop-loss order information (not shown) for placing and executing a stop-loss order for cutting losses (stop losses), and when the first order 72a1 is executed, a stop-loss order (not shown) is placed together with the second order 72b1, and the stop-loss order is executed. When the value order is executed, the ordering and execution of the already placed second order 72b1 and the first order 72a1 and second order 72b1 that were scheduled to be repeated thereafter (which may be only the specific first order 72a1 and the specific second order 72b1, or in the second to fourth embodiments, which may include first orders 72c1, . . . , 72q1, 72s1 other than the specific first order 72a1 and second orders 72d1, . . . , 72r1, 72t1 other than the specific second order 72b1 related to the if-done orders other than the if-done order) may be canceled. Also, a so-called OCO order other than a configuration in which the second order 72b1 and a stop order (not shown) are placed simultaneously (for example, a configuration in which a first buy order 72a1 and a first sell order (not shown) are placed simultaneously, and when, for example, the first buy order 72a1 is executed due to fluctuations in the market price of the financial product, a second sell order 72b1 is placed and the first sell order (not shown) (and the second buy order (not shown) that was scheduled to be placed thereafter) is canceled) may be used. Also, a configuration in which the first order 72a1 and the second order 72b1 are executed using a so-called "itayose method" when the market price resumes after a primary interruption may be used.

[0233] In each of the above embodiments, when a partial execution occurs, the first order 72a1 and the second order 72b1 are split, but this is not limited to this. When a certain condition is met (for example, when a trader inputs an instruction to combine, or when the quantities of all first orders 72a1 and all second orders 72b1 reach the minimum quantity of "1"), multiple first orders that were once split, for example, first orders 72a1 and 72a2, and multiple second orders, for example, second orders 72b1 and 72b2, may be combined to become one first order 72a1 and one second order 72b1.

[0234] In each of the above embodiments, a configuration is adopted in which multiple first orders and multiple second orders are placed at the same order price when a partial contract occurs, but this is not limiting, and the configurations of embodiments 1 to 4 of the invention may be combined with a configuration in which multiple first orders and multiple second orders are always placed at the same order price regardless of whether a partial contract occurs.

[0235] In each of the above embodiments, a stock price index is handled as a financial product, but this is not limited thereto, and the present invention may be applied to a financial product trading system that handles any type of financial product, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, etc.

[0236] In each of the above embodiments, the financial instruments transaction management system 1A is configured by the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2, but the present invention is not limited to this, and all the functional means may be provided in one financial instruments transaction management device. Specifically, for example, the financial instruments transaction management system 1A shown in FIG. 1 may not have the second financial instruments transaction management device 2 managed and operated by a financial instruments exchange or the like, and all the functional means of the second financial instruments transaction management device 2 shown in FIG. 1 may be provided in the first financial instruments transaction management device 1 managed and operated by a financial instruments dealer. Conversely, the financial instruments transaction management system 1A shown in FIG. 1 may not have the second financial instruments transaction management device 2, and all the functional means of the second financial instruments transaction management device 2 shown in FIG. 1 may be provided in the first financial instruments transaction management device 1.

[0237] Furthermore, in each of the above embodiments, the financial instrument transaction management system 1A is realized in a client-server system of a network computer system, but the same functions as the financial instrument transaction management system 1A can also be realized in various computers such as personal computers that do not constitute a client-server system, and various communication terminals and mobile information terminals such as mobile terminals and tablets. In this case, it is also possible to realize the system by configuring at least a part of the system configuration of the first financial instrument transaction management device 1 and the financial instrument transaction management system 1A as a computer program and installing the program in various computers and various communication terminals and mobile information terminals.

[0238] It goes without saying that the above-described embodiments are merely examples of the present invention, and that the present invention is not limited to the above-described embodiments. [Explanation of symbols]

[0239] 1A Financial Instruments Transaction Management System 1. First financial product transaction management device (financial product transaction management device) 2. Second financial instruments transaction management device (financial instruments transaction management device) 14 Account information management unit (funds management means) 15 Order information generation unit (order information generation means) 16...Execution management department (execution management means) 25...Execution information generation unit (execution information generation means) 72a1,72aa1,72ab1,72aaa1···First order 72b1,72ba1,72bb1,72baa1,72bab1...Second order 75...First order price 76...Second order price 77. Market price 81...Lowest price 82. Maximum price 83...Price range 84...Price range 85...Through price range 86 Trail width

Claims

1. A financial product transaction management device for trading financial products whose market prices fluctuate, an order information generating means for generating order information for ordering the financial product; An agreement management means for managing the agreement of the financial product, The order information generating means generating a plurality of first order information for placing a plurality of first orders at respective first order prices; The contract management means includes: Executing all or a part of each of the first orders formed based on each of the first order information; The order information generating means generating a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by the respective first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; The contract management means includes: a financial product transaction management device that executes a contract for all or a part of each of the second orders formed based on each of the second order information.

2. A financial product transaction management device for trading financial products whose market prices fluctuate, an order information generating means for generating order information for ordering the financial product; An agreement management means for managing the agreement of the financial product, The order information generating means generating a plurality of first order information for placing a plurality of first orders at respective first order prices; The contract management means includes: Executing all or a part of each of the first orders formed based on each of the first order information; The order information generating means generating a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by the respective first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; The contract management means includes: Executing all or a part of each of the second orders formed based on each of the second order information; The contract management means includes: a process for executing a process for executing the first orders of the specific part that satisfies the conditions of contract and the first orders of the specific part that satisfies the conditions of contract at different times in the order in which the conditions of contract are satisfied, and / or a process for executing the second orders of the specific part that satisfies the conditions of contract and the second orders of the specific part that satisfies the conditions of contract and the second orders of the specific part that satisfies the conditions of contract, at different times in the order in which the conditions of contract are satisfied, and / or a process for executing the second orders of the specific part that satisfies the conditions of contract and the second orders of the specific part that satisfies the conditions of contract, at different times in the order in which the conditions of contract are satisfied.

3. The contract management means includes:

3. The financial instruments transaction management device according to claim 1 or 2, characterized in that, for the first order, which holds a position through execution, and the second order, which settles the position through execution, at any one of the time points when the first order is executed, or a predetermined timing after the first order is executed, or when the second order is executed, or a predetermined timing after the second order is executed, the second order is split into a part of second orders which are executed in correspondence with the executed first order and another part of second orders which are not executed in correspondence with the executed first order.

4. The contract management means includes:

4. The financial instruments transaction management device according to claim 1, wherein, for the first order, which holds a position through contract, and the second order, which settles the position through contract, the first order is split into the contracted first order and the uncontracted first order at any one of the following points: when the first order is contracted, or at a predetermined timing after the first order is contracted, or when the second order is contracted, or at a predetermined timing after the second order is contracted.

5. 5. The financial instruments transaction management device according to claim 1, wherein the execution management means, when the order information forms the first orders and the second orders, and when only a portion of the first orders is executed to hold a position, brings into correspondence a portion of the first orders which held the position, or a portion of the first orders before the split occurs in the case where the portion of the first orders is split, with a portion of the second orders which settles the position of the portion of the first orders which held the position by execution.

6. the order information generating means generates the order information for placing the first order and the second order, and repeatedly holds a position based on the order information of the first order and settles the position based on the order information of the second order, The contract management means includes: Regarding the first order and the second order, 6. A financial instruments transaction management device as described in any one of claims 1 to 5, characterized in that when only a portion of the first order and / or the second order before the repetition is executed is executed, the repeated first order and / or second order is executed in a manner that maintains the distinction between the executed orders and the unexecuted orders before the repetition.

7. the order information generating means generates order information for placing the first order and the second order at a plurality of prices, 7. The financial product exchange management device according to claim 6, characterized in that the contract management means sets up a plurality of price ranges between the price of the first order and the price of the second order corresponding to the first order, and repeatedly places the first order and the second order in at least one of the plurality of price ranges.

8. 8. The financial product transaction management device according to claim 7, wherein the order information generating means sets one or more of the price ranges in a price range formed between a specific upper limit price and a specific lower limit price.

9. A financial instruments transaction management system for trading financial instruments whose market prices fluctuate, an order information generating means for generating order information for ordering the financial product; An agreement management means for managing the agreement of the financial product, The order information generating means generating a plurality of first order information for placing a plurality of first orders at respective first order prices; The contract management means includes: Executing all or a part of each of the first orders formed based on each of the first order information; The order information generating means generating a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by the respective first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; The contract management means includes:

2. A financial product transaction management system comprising: a trading system for trading a financial product in a trading position that trades a part or a whole of each of the second orders formed based on each of the second order information.

10. A financial instruments transaction management system for trading financial instruments whose market prices fluctuate, an order information generating means for generating order information for ordering the financial product; An agreement management means for managing the agreement of the financial product, The order information generating means generating a plurality of first order information for placing a plurality of first orders at respective first order prices; The contract management means includes: Executing all or a part of each of the first orders formed based on each of the first order information; The order information generating means generating a plurality of second order information for placing a plurality of second orders corresponding to the first orders formed by the respective first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; The contract management means includes: Executing all or a part of each of the second orders formed based on each of the second order information; The contract management means includes: a process for executing, when a specific part of the first orders, which are formed based on the first order information and can be contracted in part or in whole, and a specific part of the second orders, which are formed based on the second order information and can be contracted in part or in whole, and which are contracted based on the first orders and cause held positions to be settled by contract, satisfying a contract condition and / or when a specific part of the second orders, which are formed based on the second order information and can be contracted in part or in whole, satisfy a contract condition and / or when a specific part of the second orders, which are formed based on the second order information and can be contracted in part or in whole, satisfy a contract condition and / or when a specific part of the second orders, which are formed based on the second order information and can be contracted in part or in whole, satisfy a contract condition and / or when a specific part of the second orders, which are formed based on the second order information and can be contracted in part or in whole, satisfy a contract condition and

11. A financial instruments transaction terminal capable of communicating with a financial instruments transaction management device for placing an order for a financial instrument whose market price fluctuates, the financial instruments transaction terminal being used by a user who trades the financial instrument, The financial instruments transaction terminal comprises an operation means for the user to perform various operations related to the transaction of the financial instruments, and a display means for displaying information regarding the transaction of the financial instruments to the user, The operation means includes: an order setting means operated by the user to generate first order information and second order information as information for trading the financial product, the order setting means including a price range setting means for inputting information for setting a price range between first orders and a profit range setting means for inputting information for setting a predetermined profit range between the first order and the second order through an operation by the user; The display means is The information for setting the price range and the information for setting the profit margin, both input by the user's operation, are displayed, the financial product transaction management device to which buy / sell order application information set by the order setting means as information for buying and selling the financial product is transmitted; an order information generating means for generating order information for ordering the financial product; An agreement management means for managing the agreement of the financial product, The buy / sell order application information includes information for calculating a price spread between the first orders of the financial product to be bought and sold, and information for calculating a predetermined profit spread between the first order and the second order set by the user, The order setting means, in response to an operation by the user, The order information generating means generating a plurality of pieces of first order information for placing a plurality of the first orders at respective first order prices; The contract management means: Executing all or a part of each of the first orders formed based on each of the first order information; The order information generating means generating a plurality of pieces of second order information for placing a plurality of the second orders corresponding to the first orders formed by the respective pieces of first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; The contract management means: Executing all or a part of each of the second orders formed based on each of the second order information A financial instruments trading terminal comprising:

12. A financial instruments transaction terminal capable of communicating with a financial instruments transaction management device for placing an order for a financial instrument whose market price fluctuates, the financial instruments transaction terminal being used by a user who trades the financial instrument, The financial instruments transaction terminal comprises an operation means for the user to perform various operations related to the transaction of the financial instruments, and a display means for displaying information regarding the transaction of the financial instruments to the user, The operation means includes: an order setting means operated by the user to generate first order information and second order information as information for trading the financial product, the order setting means including a price range setting means for inputting information for setting a price range between first orders and a profit range setting means for inputting information for setting a predetermined profit range between the first order and the second order through an operation by the user; The display means includes: The information for setting the price range and the information for setting the profit margin, both input by the user's operation, are displayed, the financial product transaction management device to which buy / sell order application information set by the order setting means as information for buying and selling the financial product is transmitted; an order information generating means for generating order information for ordering the financial product; An agreement management means for managing the agreement of the financial product, The buy / sell order application information includes information for calculating a price spread between the first orders of the financial product to be bought and sold, and information for calculating a predetermined profit spread between the first order and the second order set by the user, The order setting means, in response to an operation by the user, The order information generating means generating a plurality of pieces of first order information for placing a plurality of the first orders at respective first order prices; The contract management means: Executing all or a part of each of the first orders formed based on each of the first order information; The order information generating means generating a plurality of pieces of second order information for placing a plurality of the second orders corresponding to the first orders formed by the respective pieces of first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; The contract management means: Executing all or a part of each of the second orders formed based on each of the second order information; The contract management means: a first order formed based on the order information and a second order which can be contracted in part or in whole and which is contracted based on the first order to settle a held position by contract, when a specific part of the first orders satisfies a condition for contract and a remaining part also satisfies the condition for contract and / or when a specific part of the second orders satisfies a condition for contract and a remaining part also satisfies the condition for contract, the financial instruments trading terminal performs a process of contracting the specific part of the first orders which satisfy the condition for contract and the remaining part of the first orders at different times in the order in which the condition for contract is satisfied and / or a process of contracting the specific part of the second orders which satisfy the condition for contract and the remaining part of the second orders at different times in the order in which the condition for contract is satisfied.

13. A financial instruments transaction management method in a financial instruments transaction management system for trading financial instruments whose market prices fluctuate, comprising: an order information generation step for generating order information for ordering the financial product; a contract management procedure for managing the contract of the financial product; In the order information generation procedure, A plurality of first order information pieces are generated to place a plurality of first orders at respective first order prices; In the contract management procedure, A whole or a part of each of the first orders formed by each of the first order information is executed, In the order information generation procedure, a plurality of pieces of second order information are generated to place a plurality of second orders corresponding to the first orders formed by the respective pieces of first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; In the contract management procedure, A financial product transaction management method in a financial product transaction management system, characterized in that all or a part of each of the second orders formed based on each of the second order information is contracted.

14. A financial instruments transaction management method in a financial instruments transaction management system for trading financial instruments whose market prices fluctuate, comprising: an order information generation step for generating order information for ordering the financial product; a contract management procedure for managing the contract of the financial product; In the order information generation procedure, A plurality of first order information pieces are generated to place a plurality of first orders at respective first order prices; In the contract management procedure, A whole or a part of each of the first orders formed by each of the first order information is executed, In the order information generation procedure, a plurality of pieces of second order information are generated to place a plurality of second orders corresponding to the first orders formed by the respective pieces of first order information at second order prices that are a predetermined profit margin with respect to a price that is contracted based on the first order price of each of the first orders; In the contract management procedure, A whole or a part of each of the second orders formed by each of the second order information is executed, In the contract management procedure, a process for executing the process for executing the process for the specific part of the first orders satisfying the conditions of contract and the first orders of the remaining part at different timings in the order in which the conditions of contract are satisfied, and / or a process for executing the process for the specific part of the second orders satisfying the conditions of contract and the second orders of the remaining part at different timings in the order in which the conditions of contract are satisfied, and / or a process for executing the process for the specific part of the second orders satisfying the conditions of contract and the second orders of the remaining part at different timings in the order in which the conditions of contract are satisfied, wherein the process for executing the process for the specific part of the second orders satisfying the conditions of contract and the second orders of the remaining part are executed, wherein the process for executing the process for the specific part of the second orders satisfying the conditions of contract and the second orders of the remaining part are executed, wherein the process for executing the process for the specific part of the second orders satisfying the conditions of contract and the second orders of the remaining part are executed, wherein the process for executing the process for the specific part of the second orders satisfying the conditions of contract and the second orders of the remaining part are executed,

15. A program for causing a computer to function as the financial product transaction management device according to any one of claims 1 to 8.

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