St transaction processing system

Abstract

To provide a system capable of efficiently processing a transaction between a first transaction side and a second transaction side by improving flowability of STs.SOLUTION: An ST transaction processing system has flowability adjustment means 2. The system is configured to: let a flowability adjuster purchase and stock STs, issued in large quantities by an issuing body, together as an own position, have loan on a purchase fund and provide the purchase STs as a security; make a short hedge contract of commodity spot trading as much as an amount of the purchase fund with the issuing body; perform opposition processing on respective orders of a second transaction side and a first transaction side through self-justification of the flowability adjuster; return the contract to the second transaction side, return an intention presentation of hedge cancel of a corresponding amount thereof to the first transaction side; cause the short hedge contract to be deleted while sending purchase orders to an outside to receive the contract; receive cash and the like from the second transaction side and pass it to the first transaction side and receive STs as many as the contract from the first transaction side and pass the STs to the second transaction side; and reduce an amount of the position.SELECTED DRAWING: Figure 1

Description

[Technical field]

[0001] The present invention is a method for investing in commodity assets (precious metals (gold, etc.), CO 2 This relates to a transaction processing system for bond-type STs (Structured Bond Security Tokens) that have securities characteristics and are tokenized using emission credits and energy (crude oil, electricity, etc.) as collateral. In this specification, the term "system" refers to a computer system that is configured by combining elements such as computers, other electronic devices, software, communication networks, and data, and that concretely realizes software-based information processing using hardware resources. [Background technology]

[0002] When a securities company underwrites (purchases in bulk) and sells securities issued by an issuer, the securities company that underwrites the securities bears the risk of sales (losses if the securities cannot be sold). For this reason, securities issued by issuers may be sold through a simple public offering method rather than through underwriting by a securities company. However, when selling through a simple public offering method, the issuer of the securities bears the risk of selling (the occurrence of losses if the securities cannot be sold). Summary of the Invention [Problem to be solved by the invention]

[0003] In principle, the sales risks that may arise for issuers and underwriters in the issuance of such securities are thought to arise from the issuance of a large amount of securities at one time. Therefore, as a measure to reduce this risk, the inventors considered having the underwriters sell STs (Structured Bond Security Tokens), which have securities characteristics and are backed by commodities issued in large quantities at once by issuers, in small increments.

[0004] By the way, one method of issuing STs that use commodities as their underlying assets is the "ETF (Exchange Traded Funds)" type, which holds commodities in a "trust." However, the method of issuing trust-type STs has disadvantages such as incurring trust costs and the amount of ST held being reduced annually by an amount equivalent to the trust costs relative to the amount of commodity held, so there are inherent risks associated with holding STs and they are not desirable as securities.

[0005] One way to issue ST without a trust would be for a general trading company that deals in commodities to issue ST as a "corporate bond." However, in the case of corporate bonds, the issuance amount is fixed, and the issue amount must be decided and sold immediately. Therefore, there are concerns that the price of the gold tokenized corporate bond token will not be linked to the market price, making it difficult to ensure liquidity.

[0006] Therefore, the inventors of the present invention have considered and considered the idea of ​​having the bond token seller (such as a securities company that sells corporate bond tokens) sell the bond tokens in small increments, which would make the apparent issuance amount of the bond tokens variable, and enable the selling price of the bond tokens to be linked to the market price, thereby enabling adjustment of liquidity.

[0007] However, if one does so, the underwriter of the corporate bond tokens (securities company, etc.) will have to underwrite all the corporate bond tokens issued at once, which is likely to give rise to underwriting risk (the risk of a decline in the market price of the underwritten corporate bond tokens during the holding period of the corporate bond tokens).

[0008] In order to avoid the risk of market price fluctuations of corporate bond tokens, it is considered necessary for the underwriters of the corporate bond tokens (securities companies, etc.) to enter into an OTC (Over The Center: over-the-counter, bilateral transaction) hedging contract for selling commodities in an amount equivalent to the underwriting amount of the corporate bond tokens with the general trading company that is the issuer of the corporate bond tokens. After concluding the hedge agreement, the seller of the corporate bond tokens (such as a securities company selling corporate bond tokens) will periodically sell the corporate bond tokens that it has underwritten in bulk from the general trading company that issued the corporate bond tokens. However, when selling the corporate bond tokens, it will need to liquidate the commodities sold (buy back the commodities sold) equivalent to the amount of the sell hedge. However, performing these processes is very tedious.

[0009] In addition, when processing orders from the second trading side (such as securities companies that trade corporate bond tokens with customers) and orders from the first trading side (ST issuers consisting of general trading companies that issue corporate bond tokens and act as hedge providers that act as the buyers of the hedge in the secondary trading stage after the issuance of the ST, or LPs (liquidity providers) and MMs (market makers) that provide liquidity in the secondary trading stage after the issuance of the ST), the following points are thought to be obstacles to ensuring liquidity. Orders from the second trading side, which mainly sells corporate bond tokens to general customers (such as securities companies that trade corporate bond tokens with customers), are basically retail orders from customers, so most of the orders are small and the minimum trading unit is small, whereas orders from the first trading side, which supplies liquidity (ST issuers consisting of general trading companies that issue corporate bond tokens, ST issuers that act as hedge providers that are the buyers of the hedge in the secondary trading stage after ST issuance, LPs (liquidity providers) and MMs (market makers) that provide liquidity in the secondary trading stage after ST issuance, etc.), are wholesale orders, most of which are large orders, and the minimum trading unit is large (such as 100 to 10,000 times the minimum trading unit for small orders).

[0010] In addition, when an order from the first transaction side (such as a general trading company that issues corporate bond tokens) is related to the "issuance" of corporate bond tokens, and the issued corporate bond tokens are sold to the second transaction side (such as a securities company that trades corporate bond tokens with customers), the issuer of the corporate bond tokens (the first transaction side) must submit an issuance application to the Financial Supervisory Agency for each unit of issue of the corporate bond tokens, and the underwriter who underwrites the corporate bond tokens issued by the issuer must submit an underwriting report. However, doing this on a regular basis is a lot of work. For this reason, it is considered desirable to have a large issue unit for corporate bond tokens and for the underwriters to sell the corporate bond tokens issued by the issuer in small increments. However, as mentioned above, issuing a large amount of securities at once involves risks for both the issuer and the underwriter.

[0011] The present invention has been made in consideration of the above-mentioned conventional problems, and aims to provide an ST transaction processing system that can improve the liquidity of large-scale ST issued by a first trading side while minimizing the risks to the issuers and underwriters associated with the issuance of a large amount of ST from a first trading side at one time, and can efficiently and quickly process transactions between a first trading side and a second trading side where there is a gap in the trading unit. [Means for solving the problem]

[0012] In order to achieve the above object, the ST transaction processing system according to the first aspect of the present invention is a transaction processing system for commodity assets (precious metals (gold, etc.), CO2, etc.) that is constructed with a distributed ledger in a distributed technology such as a blockchain and a smart contract or a server application for performing a predetermined process using data managed in the distributed ledger. 2A transaction processing system for bond-type STs (Structured Bond Security Tokens) that have securities characteristics and are tokenized using emission rights, energy (crude oil, electricity, etc.) as the asset source (essentially treated as collateral), and the like, in which the first transaction side (ST issuers consisting of general trading companies dealing in commodities, which act as hedge providers that are the buyers of the hedge in the secondary trading stage after ST issuance, LPs (liquidity providers) and MMs (market makers) that provide liquidity in the secondary trading stage after ST issuance, etc.) The liquidity adjustment means has a function of acting as a liquidity adjuster between the first trading side (wholesale processing side) and the second trading side (retail processing side such as a securities company that trades the issued ST with customers) and adjusting the liquidity of ST transactions on both the first trading side and the second trading side by absorbing the gap in transaction units (orders or hedging cancellation, additional intention, etc.) between the second trading side and the first trading side through the liquidity adjuster's own ST positioning, and the liquidity adjustment means has a function of purchasing and underwriting in bulk ST issued in large quantities at one time by the ST issuer to the liquidity adjuster. the ST underwriting instrument having the function of stocking the ST underwritten by the liquidity adjuster as the liquidity adjuster's own position; the ST underwriting fund borrowing instrument having the function of having the ST issuer borrow purchase funds for the underwriting of the ST from the liquidity adjuster; the ST collateral provision instrument having the function of having the ST issuer provide the purchased ST as collateral to the liquidity adjuster; the hedge conclusion instrument having the function of having the liquidity adjuster conclude a selling hedge contract for physical commodities for the amount of funds for the ST purchase with the ST issuer; and a stock ST trading means having a function of conducting trading according to the trading contents (orders or hedge cancellation / additional intentions, etc.) desired by traders on the first trading side and the second trading side for ST stocked via the ST position stock means in the secondary trading stage of the above, the stock ST trading means having a function of conducting matching processing via the liquidity adjuster's own counter-balancing for each of the orders from the second trading side and the orders or hedge cancellation / additional IOIs (bilateral trading type trading intentions) from the first trading side,A first contract notification means has a function of returning a contract to the second trading side and returning a message of a hedge cancellation instruction for the corresponding amount to the ST issuer constituting the hedge provider of the first trading side when a hedge cancellation IOI (a bilateral transaction-based trading intention indication for confirming an intention regarding a hedge contract) from an ST issuer constituting a hedge provider of the first trading side and the liquidity adjuster's own buying and selling standards corresponding to the IOI and a buy order from a second trading side satisfy a matching condition, and a first contract notification means has a function of returning a contract to the second trading side and returning a message of a hedge cancellation instruction for the corresponding amount to the ST issuer constituting the hedge provider of the first trading side in response to the hedge cancellation IOI (a bilateral transaction-based trading intention indication for confirming an intention regarding a hedge contract) from the ST issuer constituting the hedge provider of the first trading side to the liquidity adjuster, The system is characterized by having a hedge resolution means having a function of, when receiving a telegram of hedge resolution instructions from the above, placing a buy order for the hedge resolution instruction amount with an external liquidity supplier in an ST issuer serving as a hedge provider on the first trading side and receiving the contract, and at the same time reducing the hedge resolution instruction amount of the sell hedge contract; a first clearing processing intermediation means having a function of receiving cash from the second trading side and delivering it to the first trading side, and receiving the ST of the contracted amount of ST provided as collateral from the first trading side and delivering it to the second trading side; and a stock ST position amount reduction means having a function of reducing the position amount of ST of the contracted amount of ST from the stocked ST positions. In this specification, a "smart contract" refers to a program that runs on a blockchain or the like and automatically executes data processing of transactions in the blockchain when triggered by information imported from outside the blockchain, and can be processed in parallel in a distributed environment called a node.

[0013] In the ST transaction processing system of the first embodiment of the present invention, the stock ST transaction means includes a second contract notification means having a function of returning a contract to the second trading side and returning a message of an instruction to add a hedge of a corresponding amount to the ST issuer serving as a hedge provider on the first trading side when the liquidity adjuster's own buying and selling standard, which is the counterpart of the IOI of additional hedging from the ST issuer serving as a hedge provider on the first trading side (indication of trading intention in a bilateral trading manner to confirm intention regarding a hedge contract), and the liquidity adjuster's own buying and selling standard, which is the counterpart of the sell order from the second trading side, satisfy a matching condition; It is preferable that the system further comprises a hedge addition means having a function of, when receiving a telegram of hedge addition instructions from the liquidity adjuster, placing a sell order for the hedge addition instruction amount to an external liquidity supplier in the ST issuer serving as a hedge provider among the first trading side and having it executed, while adding the hedge addition instruction amount to the sell hedge contract; a second clearing processing intermediation means having a function of receiving cash from the first trading side and delivering it to the second trading side, as well as receiving the ST for the executed amount from the second trading side and delivering it to the first trading side; and a stock ST position amount increasing means having a function of increasing the position amount of the ST for the executed amount to the stocked ST position.

[0014] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the stock ST trading means further has a rate calculation means having a function of calculating a liquidity adjuster rate based on indicative buy and sell IOI (bilateral transaction type indication of transaction intention) information received as a market price from an ST issuer serving as a hedge provider among the first trading side, and a rate providing means having a function of providing the liquidity adjuster rate calculated by the rate calculation means to the second trading side.

[0015] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the stock ST trading means further has a reference rate calculation means having a function of calculating a reference rate based on IOI (bilateral indication of intention to trade) information of buys and sells indicative of market prices received from outside as market prices, or information similar to the IOI information, or information obtained by combining the IOI information and information similar to the IOI information, and a matching order search means having a function of privately searching for orders on the second trading side that satisfy the matching conditions using the IOI (bilateral indication of intention to trade) method, using orders based on the reference rate calculated by the reference rate calculation means as deemed orders.

[0016] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the first clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the second trading side delivers cash or the like as payment to the ST issuer acting as the hedge provider on the first trading side to receive the ST for the relevant contract out of the ST provided as collateral, and at the same time, delivers the ST to the second trading side, when clearing is to be effected by delivering the relevant amount of cash or the like from the second trading side.

[0017] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the second clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the ST issuer acting as a hedge provider on the first trading side delivers cash or other equivalent as payment to the second trading side to receive the ST for the relevant contract, and at the same time, delivers the ST to the ST issuer acting as a hedge provider on the first trading side.

[0018] In addition, in the first form of the ST transaction processing system of the present invention, it is preferable that the second clearing processing intermediary means further has a function of canceling the ST when performing an RTGS-like clearing process in which the second clearing processing intermediary means delivers the relevant amount of cash to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to the ST issuer that is the hedge provider on the first trading side.

[0019] Furthermore, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the second clearing processing intermediary means further has a function of borrowing cash from an ST issuer that is a hedge provider on the first trading side and paying the corresponding amount of cash to the second trading side, while at the same time receiving the ST for the corresponding contract from the second trading side and delivering the received ST as collateral to the ST issuer that is a hedge provider on the first trading side.

[0020] In addition, in the first form of the ST transaction processing system of the present invention, it is preferable that the first clearing processing intermediary means periodically calculates on a net basis each of the cash and ST used in the clearing processing and performs DVP processing for the ST issuer that is a hedge provider on the first trading side, and further has a function of performing DVP processing or RTGS processing in a lump sum for each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side, at the option of the securities company, etc.

[0021] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the second clearing processing intermediary means further has a function of periodically calculating on a net basis each of the cash and ST used in the clearing processing and performing DVP processing for the ST issuer that is a hedge provider on the first trading side, and for the securities company, etc., performing DVP processing or RTGS processing in a lump sum for each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side, at the option of the securities company, etc.

[0022] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the stock ST trading means further has a first stock remaining amount adjustment means having a function of entering into a new issuance and underwriting contract for additional ST to cover the shortfall from the basic stock amount with an ST issuer serving as a hedge provider on the first trading side when the remaining stock amount of the ST position held falls short of the basic stock amount by more than a predetermined amount due to an overpurchase of ST on the second trading side, thereby adjusting the remaining stock amount of the ST position.

[0023] In addition, in the ST transaction processing system of the first form of the present invention, it is preferable that the stock ST trading means further has a second stock remaining amount adjustment means having a function of entering into a contract with an ST issuer serving as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when the remaining stock amount of the ST position held exceeds a predetermined amount due to an overselling of ST on the second trading side.

[0024] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the stock ST trading means further has a third stock remaining amount adjustment means having a function of controlling the liquidity adjuster to purchase and hold the ST that satisfies the matching condition in response to a sell order of ST from the second trading side, and not to instruct the ST issuer that is the hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position.

[0025] Furthermore, in the first form of the ST transaction processing system of the present invention, it is preferable to have a rights management book and an address (wallet) for holding the ST as the management body for the ST, and the underwriter of the ST who borrows cash from the issuer, purchases the ST to be underwritten with the borrowed cash, and provides the purchased ST to the issuer as collateral is recorded in the rights management book as the holder of the ST, and the ST received by the issuer as collateral exists in the address (wallet) on the issuer side, the address (wallet) for holding the ST and the rights management book are linked, ST can be generated as a token based on the amount of ST as a digital asset recorded in the rights management book, and the ST management structure unit can process the holder of ST as a digital asset recorded in the rights management book as being different from the holder who actually holds ST as a token in an address (wallet).

[0026] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the liquidity adjustment means further has a smart contract for managing collateral ST, and that the smart contract for managing collateral ST has a function of storing the ST provided as collateral by the liquidity adjuster, who is the underwriter of the ST, to the issuer of the ST without changing the name of the holder in the rights management ledger.

[0027] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the liquidity adjustment means further has a collateral ST lending means having a function of using the ST stocked as collateral for the purchase price lent by the issuer in the underwriting of the liquidity adjuster from the ST issuer, as a lending token in lending.

[0028] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the secured ST lending means has a smart contract for lending management, and the smart contract for lending management has a function of setting a specified secured object to be provided by the borrower, a function of lending the ST stocked as secured object as a lending token in exchange for the secured object when the specified secured object is provided by the borrower, and a function of controlling transactions regarding the ST lent as a lending token during the lending contract period and changes to the name of the ST holder in the rights management ledger when a transaction is made.

[0029] In addition, in the ST transaction processing system of the first embodiment of the present invention, the secured ST lending means further has a control means for processing change of the ST holder's name in the rights management ledger, and it is preferable that the control means for processing change of the ST holder's name in the rights management ledger has a function of periodically, such as on a daily or weekly basis, performing transactions for the ST lent out as a lending token during the lending contract period, and changing the name of the ST holder in the rights management ledger when a transaction is made.

[0030] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the secured ST lending means has a function of being able to provide ST lending for purposes such as clearing (ultra-short-term transactions such as repo transactions with a borrowing period of the next day or several days) and short selling (transactions assuming a longer borrowing period).

[0031] Furthermore, in the ST transaction processing system of the first embodiment of the present invention, the self-opposed matching processing means normally accepts buy and sell orders of ST with respect to the second trading side, and performs matching processing via the self-opposed of the liquidity coordinator using the PTS method or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity coordinator, it is preferable that the means has a function of performing matching processing via the self-opposed of the liquidity coordinator with an ST issuer serving as a hedge provider among the first trading side as an indirect counterparty of the order.

[0032] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the self-versus-pair processing means further has a function of causing a specific connected trading firm (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading partner of the order to accept the order as an order concept for buying or selling ST, and causing another specific connected trading firm (an ST issuer that serves as a hedge provider) to accept the order as an indication of intent to enter into or terminate a hedge contract.

[0033] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the stock ST transaction means further has a combination setting receiving means for ST buying / selling and hedge conclusion / cancellation, which has a function of accepting settings of various combinations of ST buying / selling orders by the self-counterpart processing means and expressions of intent to conclude / cancel a hedge contract.

[0034] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the self-versus-counterbalancing processing means further has a function of, for a specified trading company (ST issuer serving as a hedge provider) on the first trading side, matching an expression of intent to cancel a sell hedge from the ST issuer serving as a hedge provider on the first trading side against a buy order from the second trading side.

[0035] In addition, in the first form of the ST transaction processing system of the present invention, it is preferable that the self-versus-counter matching processing means further has a function of matching an expression of intention to enter into a sell hedge of a specified trading company (ST issuer acting as a hedge provider) on the first trading side against a sell order of spot ST from the second trading side.

[0036] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the self-versus-pairing processing means further has a function of matching a simple buy order of a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side against a sell order of the spot token from the second trading side.

[0037] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the stock ST transaction means further has a first trading side connection unit and an order type setting reception means having a function of receiving settings of order types such as connection units of trading companies (ST issuers that serve as hedge providers, trading company types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the selling and buying sides, and indications of hedging type, in cases where, for a specified trading company on the first trading side, both the selling and buying sides are selling / buying orders, where both the selling and buying sides are indicating an intention to set up / cancele a hedge, or where a combination of an indication of an intention to cancel a hedge (effectively selling) by the selling side and a buying order by the buying side is present.

[0038] In addition, the ST transaction processing system of the first embodiment of the present invention further comprises: collateral parameters indicating the collateral status of the ST provided as collateral; a collateral status setting means having a function of selectively accepting the setting of multiple types of collateral status for the collateral parameters, such as a state in which the sale, lending, or re-pledge of the ST cannot be processed, or a state in which the lending or re-pledge of the ST can be processed; a collateral ST processing control means having a function of controlling the processing of the sale, lending, or re-pledge of the collateral ST based on the collateral status set in the collateral parameters; and a collateral parameter setting content change means or a collateral parameter setting content change smart contract having a function of manually or automatically canceling the setting content of the collateral status set in the collateral parameters via the collateral status setting means in the event of a default at the time of expiration of the loan agreement concluded with the lender at the time of collateral setting, and it is preferable that the collateral ST processing control means further has a function of controlling the sale of the ST provided as collateral and the change of the name of the ST holder in the rights management ledger when the setting content of the collateral parameters is canceled by the collateral parameter setting content change means or the collateral parameter setting content change smart contract.

[0039] In addition, in the ST transaction processing system of the first embodiment of the present invention, the bond-type ST tokenized using the commodity asset as the asset source is issued periodically by the ST issuer, and has securities characteristics in which the contents corresponding to the redemption period and interest rate are all the same each time it is issued, and in the secondary trading stage, the ST is a structured bond-type security token in which transactions of ST as tokens are carried out by aggregating STs of different series into one issue, and the ST management structure preferably has a series number-added rights information recording means having the function of adding and recording the series number as part of the securities-like digital rights information of the ST holder each time the ST is issued in the rights management book, a series number-added rights information management means having the function of managing the rights information of the ST to which the series number has been added on a series number basis in the rights management book, and a series number-aggregated token management means having the function of managing all STs of different series as tokens of the same issue in the address (target of wallet processing) of the ST as a token.

[0040] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the ST management structure unit further has a management means on a per-issue basis having a function of processing all STs with different series numbers at the liquidity adjuster or the second trading side at the secondary trading stage as the same series number without processing them on a per-issue basis, in terms of asset management of documents and accounts, and management of order / contract information.

[0041] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the ST management structure unit further has a name change means having a function of changing the name in the rights management book after an order for the ST as a token is executed in a lump sum after tallying up all transactions for the ST as a token up to the previous day at the time of the date change.

[0042] In addition, in the ST transaction processing system of the first embodiment of the present invention, the ST management structure unit includes a selling data sorting means having a function of sorting the selling data of the ST in the security-like digital right information recorded in the right management ledger in ascending order by individual identification information (original ledger ID), and in the selling data of the ST sorted by the selling data sorting means, when there are multiple types of series in the security-like digital right information of the ST held by the holder of the ST identified by the identification information (original ledger ID), the selling data of the ST of the series with the fewer number of data held is prioritized as the target for sale, and the selling data of the ST of different series held by the holder of the ST identified by the identification information (original ledger ID) is stored. In the case where the number of data items is the same, it is preferable to further have a sales priority information sorting and stocking means having a function of sorting the selling data of the ST with the smaller serial number so that it is given priority as the selling target and temporarily storing the sorted selling data as the selling priority information of the ST, a buying data sorting means having a function of sorting the buying data of the ST on the day of the transaction in the rights management book in ascending order by personal identification information (original ledger ID), and a buying data allocation means having a function of assigning the buying data of the ST sorted by the buying data sorting means to the selling data of the ST sorted in descending order in the selling priority information of the ST via the selling priority information sorting and stocking means.

[0043] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the buying data allocation means further has a function of, when there are multiple types of series numbers of the buying data of the ST that can be allocated, giving priority to the buying data of the ST with a smaller series number, and allocating it in descending order to the selling data of the ST that has been sorted in the selling priority information of the ST via the selling priority information sorting and stocking means.

[0044] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the system further has a viewing and display control means having a function of controlling the output and display of transaction data for only the ST series involved in the transaction as a party to the transaction when the token trader performs a viewing operation on the rights management book.

[0045] In addition, in the ST trading processing system of the first embodiment of the present invention, it is preferable that the viewing and display control means further has a function of controlling a trader performing a viewing operation of the rights management book to output and display only the identification information (original book ID) of the top 10 traders of each issue of the ST trading data of the relevant stock and the identification information (original book ID) of the trader performing the viewing operation himself / herself.

[0046] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the viewing and display control means further has a function of limiting the output display of addresses constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards.

[0047] In addition, in the ST transaction processing system of the first embodiment of the present invention, it is preferable that the viewing and display control means further has a function of limiting the output display of names constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only the surname.

[0048] In addition, the ST transaction processing system according to the second embodiment of the present invention is a transaction processing system for commodity assets (precious metals (gold, etc.), CO2, etc.) that is constructed with a distributed ledger in a distributed technology such as a block chain and a smart contract or a server application for performing a predetermined process using data managed in the distributed ledger. 2A transaction processing system for bond-type ST (Structured Bond Security Token) with securities characteristics, which is tokenized using emission rights, energy (crude oil, electricity, etc.) as the asset source (essentially treated as collateral), and the like, in which the first transaction side (ST issuers consisting of general trading companies dealing in commodities, ST issuers acting as hedge providers that will be the buyers of the hedge at the secondary trading stage after ST issuance, lead underwriters that underwrite ST from ST issuers acting as hedge providers, secondary - At the trading stage, it acts as a liquidity adjuster between the wholesale processing side (LPs (liquidity providers) and MMs (market makers) that supply liquidity) and the second trading side (retail processing side (securities firms and other companies that trade the issued ST with customers)) and has the function of adjusting the liquidity of ST transactions on both the first and second trading sides by absorbing the gap in transaction units (orders, hedging cancellation, additional intentions, etc.) between the second trading side and the first trading side through the liquidity adjuster's own ST positioning. the liquidity adjustment means comprises: an ST underwriting means having a function of having a lead underwriter purchase and underwrite a large amount of ST issued at one time from an ST issuer, in a lump sum; an ST position stocking means having a function of stocking the ST underwritten by the lead underwriter as the liquidity adjuster's own position; an ST underwriting fund borrowing means having a function of having the lead underwriter borrow purchase funds for the ST underwriting from the ST issuer; an ST collateral provision means having the ST issuer provide the purchased ST as collateral to the lead underwriter; a hedge conclusion means having the lead underwriter conclude a commodity spot selling hedge contract with the ST issuer for the amount of funds for ST purchase; and a stock ST trading means having a function of trading the ST stocked via the ST position stocking means in accordance with the trading details (orders or indications of intention to cancel hedges, add, etc.) desired by traders on the first trading side and the second trading side at the secondary trading stage after ST issuance,a first contract notification means having a function of performing a contract processing via the liquidity coordinator's own counterparty for each of an order from a second trading side and an order or an IOI (indication of intent in a bilateral trading manner to confirm an intention regarding a hedge contract) from a first trading side, and a first contract notification means having a function of returning a contract to the second trading side and returning a message of a hedge contract cancellation instruction for the corresponding amount to the ST issuer constituting the hedge provider of the first trading side when the liquidity coordinator's own buying and selling standard which is the counterpart of the IOI (indication of intent in a bilateral trading manner to confirm an intention regarding a hedge contract) of the hedge cancellation from an ST issuer constituting the hedge provider of the first trading side and a message of a hedge contract cancellation instruction for the corresponding amount to the ST issuer constituting the hedge provider of the first trading side, when the matching condition is satisfied between the liquidity coordinator's own buying and selling standard which is the counterpart of the IOI of the hedge cancellation from an ST issuer constituting the hedge provider of the first trading side and the liquidity coordinator's own buying and selling standard which is the counterpart of the buy order from the second trading side, and The system is characterized by having a hedge resolution means having a function of, when a bank receives a telegram of a hedge resolution instruction from a liquidity adjuster in response to an IOI (a bilateral transaction-type transaction intention indication for confirming the intention regarding the hedge contract) of hedge resolution to the liquidity adjuster, placing a buy order for the hedge resolution instruction amount with an external liquidity supplier in an ST issuer serving as a hedge provider among the first trading side and receiving the contract, and at the same time reducing the hedge resolution instruction amount of the sell hedge contract; a first clearing processing intermediation means for receiving cash or the like from the second trading side and delivering it to the first trading side, and receiving from the first trading side the ST for the contracted amount out of the ST provided as collateral and delivering it to the second trading side; and a stock ST position amount reduction means for reducing the amount of the ST for the contracted amount out of the stocked ST positions.

[0049] In addition, in the ST transaction processing system of the second embodiment of the present invention, the stock ST transaction means includes a second contract notification means having a function of returning a contract to the second trading side and returning a message of a hedge addition instruction for the corresponding amount by the lead underwriter to the ST issuer serving as the hedge provider on the first trading side when the liquidity adjuster's own buying and selling standard, which is the counterpart of the IOI (indication of intention to trade in a bilateral trading manner to confirm the intention regarding the hedge contract) of the hedge addition from the ST issuer serving as the hedge provider on the first trading side, and a message of a hedge addition instruction by the lead underwriter to the ST issuer serving as the hedge provider on the first trading side when the IOI (indication of intention to trade in a bilateral trading manner to confirm the intention regarding the hedge contract) of the hedge addition from the ST issuer serving as the hedge provider on the first trading side and the liquidity adjuster's own buying and selling standard, which is the counterpart of the sell order from the second trading side, satisfy the matching condition, and It is preferable that the system further comprises a hedge addition means having a function of, when receiving a telegram of hedge addition instructions from a lead underwriter in response to a bilateral transaction-based indication of trading intent to confirm the intention of the hedge provider, placing a sell order for the amount of the hedge addition instructions with an external liquidity provider and having it executed at the ST issuer serving as a hedge provider among the first trading side, and adding the amount of the hedge addition instructions to the sell hedge contract, a second clearing processing intermediation means having a function of receiving cash from the first trading side and delivering it to the second trading side, as well as receiving the ST for the executed amount from the second trading side and delivering it to the first trading side, and a stock ST position amount increasing means having a function of increasing the position amount of the ST for the executed amount to the stocked ST position.

[0050] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the stock ST trading means further has a rate calculation means having a function of calculating a liquidity adjuster rate based on indicative buy and sell IOI (bilateral transaction type indication of transaction intention) information received as a market price from an ST issuer serving as a hedge provider among the first trading side, and a rate providing means having a function of providing the liquidity adjuster rate calculated by the rate calculation providing means to the second trading side.

[0051] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the stock ST trading means further has a reference rate calculation means having a function of calculating a reference rate based on IOI (bilateral indication of intention to trade) information of buys and sells indicative of market prices received from outside as market prices, or information similar to the IOI information, or information obtained by combining the IOI information and information similar to the IOI information, and a matching order search means having a function of privately searching for orders on the second trading side that satisfy the matching conditions using the IOI (bilateral indication of intention to trade) method, using orders based on the reference rate calculated by the reference rate calculation means as deemed orders.

[0052] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the first clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the second trading side delivers cash or the like as payment to the ST issuer acting as the hedge provider on the first trading side to receive the ST for the relevant contract out of the ST provided as collateral, and at the same time, delivers the ST to the second trading side, when clearing is to be effected by delivering the relevant amount of cash or the like from the second trading side.

[0053] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the second clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the ST issuer acting as a hedge provider on the first trading side delivers cash or other equivalent as payment to the second trading side to receive the ST for the relevant contract, and at the same time, delivers the ST to the ST issuer acting as a hedge provider on the first trading side.

[0054] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the second clearing processing intermediary means further has a function of canceling the ST when performing an RTGS-like clearing process in which the second clearing processing intermediary means delivers the relevant amount of cash to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to the ST issuer that is the hedge provider on the first trading side.

[0055] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the second clearing processing intermediary means further has a function of borrowing cash from an ST issuer that is a hedge provider on the first trading side and paying the corresponding amount of cash to the second trading side, while at the same time receiving the ST for the corresponding contract from the second trading side and delivering the received ST as collateral to the ST issuer that is a hedge provider on the first trading side.

[0056] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the first clearing processing intermediary means periodically calculates on a net basis each of the cash and ST used in the clearing processing and performs DVP processing for the ST issuer that is a hedge provider on the first trading side, and further has a function of performing DVP processing or RTGS processing in a lump sum for each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side, at the option of the securities company, etc.

[0057] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the second clearing processing intermediary means periodically calculates on a net basis each of the cash and ST used in the clearing processing and performs DVP processing for the ST issuer that is a hedge provider on the first trading side, and further has a function of performing DVP processing or RTGS processing in a lump sum for each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side, at the option of the securities company, etc.

[0058] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the stock ST trading means further has a first stock remaining amount adjustment means which has the function of adjusting the remaining amount of stock of the ST position by having an ST issuer acting as a hedge provider on the first trading side enter into a new issuance and underwriting contract with a lead underwriter for additional ST to make up the shortfall from the basic stock amount when the second trading side overbuys ST and the remaining amount of stock of the ST position held falls short of the basic stock amount by more than a predetermined amount.

[0059] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the stock ST trading means further has a second stock remaining amount adjustment means having a function of entering into a contract with an ST issuer serving as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when the remaining stock amount of the ST position held exceeds a predetermined amount due to an overselling of ST on the second trading side.

[0060] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the stock ST trading means further has a third stock remaining amount adjustment means having a function of controlling the liquidity adjuster to purchase and hold the ST that satisfies the matching condition in response to a sell order of ST from the second trading side, and not to instruct the ST issuer that is the hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position.

[0061] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable to have a rights management book and an address (wallet) for holding the ST as the management body for the ST, and the underwriter of the ST who borrows cash from the issuer, purchases the ST to be underwritten with the borrowed cash, and provides the purchased ST to the issuer as collateral is recorded in the rights management book as the holder of the ST, and the ST received by the issuer as collateral exists in the address (wallet) on the issuer side, the address (wallet) for holding the ST and the rights management book are linked, ST can be generated as a token based on the amount of ST as a digital asset recorded in the rights management book, and the ST management structure unit can process the holder of ST as a digital asset recorded in the rights management book as being different from the holder who actually holds the ST as a token in an address (wallet).

[0062] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the liquidity adjustment means further has a smart contract for managing collateral ST, and that the smart contract for managing collateral ST has a function of storing the ST provided as collateral by the liquidity adjuster, who is the underwriter of the ST, to the issuer of the ST without changing the name of the holder in the rights management ledger.

[0063] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the liquidity adjustment means further has a collateral ST lending means having a function of using the ST stocked as collateral for the purchase price lent by the issuer in the underwriting by the lead underwriter from the ST issuer, as a lending token in lending.

[0064] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the secured ST lending means has a smart contract for lending management, and the smart contract for lending management has a function of setting a specified secured object to be provided by the borrower, a function of lending the ST stocked as secured object as a lending token in exchange for the secured object when the specified secured object is provided by the borrower, and a function of controlling transactions regarding the ST lent as a lending token during the lending contract period and changes to the name of the ST holder in the rights management ledger when a transaction is made.

[0065] In addition, in the second form of the ST transaction processing system of the present invention, the secured ST lending means further has a control means for processing change of the ST holder's name in the rights management ledger, and it is preferable that the control means for processing change of the ST holder's name in the rights management ledger has a function of periodically, such as on a daily or weekly basis, performing transactions for the ST lent out as a lending token during the lending contract period, and changing the name of the ST holder in the rights management ledger when a transaction is made.

[0066] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the secured ST lending means has a function of being able to provide ST lending for purposes such as clearing (ultra-short-term transactions such as repo transactions with a borrowing period of the next day or several days) and short selling (transactions assuming a longer borrowing period).

[0067] In addition, in the ST transaction processing system of the second embodiment of the present invention, the self-opposed matching processing means normally accepts buy and sell orders of ST with respect to the second trading side, and performs matching processing via the self-opposed of the liquidity coordinator using the PTS method or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity coordinator, it is preferable that the means has a function of performing matching processing via the self-opposed of the liquidity coordinator with an ST issuer that is a hedge provider among the first trading side as an indirect counterparty of the order.

[0068] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the self-versus-pair processing means further has a function of causing a specific connected trading firm (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading counterparty of the order to accept the order as an order concept for buying or selling ST, and causing another specific connected trading firm (an ST issuer that serves as a hedge provider) to accept the order as an indication of intent to enter into or terminate a hedge contract.

[0069] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the stock ST transaction means further has a combination setting receiving means for ST buy / sell and hedge conclusion / cancellation, which has a function of accepting settings of various combinations of ST buy / sell orders by the self-counterpart processing means and expressions of intent to conclude / cancel a hedge contract.

[0070] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the self-versus-counter processing means further has a function of, for a specified trading company (ST issuer serving as a hedge provider) on the first trading side, matching an expression of intent to cancel a sell hedge from the ST issuer serving as a hedge provider on the first trading side against a buy order from the second trading side.

[0071] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the self-versus-counterbalancing processing means further has a function of counterbalancing a sell order of spot ST from the second trading side with an expression of intention to enter into a sell hedge by a specified trading company (ST issuer acting as a hedge provider) on the first trading side.

[0072] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the self-versus-pairing processing means further has a function of matching a simple buy order of a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side against a sell order of the spot token from the second trading side.

[0073] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the stock ST transaction means further has a first trading side connection unit and an order type setting reception means having a function of receiving settings of order types such as connection units of trading companies (ST issuers that provide a hedge, trading company types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the selling and buying sides, and indications of hedging type, in cases where, for a specified trading company on the first trading side, both the selling and buying sides are selling / buying orders, where both the selling and buying sides are indicating an intention to set up / cancele a hedge, or where a combination of an indication of an intention to cancel a hedge (effectively selling) by the selling side and a buying order by the buying side is present.

[0074] In addition, the ST transaction processing system of the second embodiment of the present invention further comprises: collateral parameters indicating the collateral status of the ST provided as collateral; a collateral status setting means having a function of selectively accepting the setting of multiple types of collateral status for the collateral parameters, such as a state in which the sale, lending, or re-pledge of the ST cannot be processed, or a state in which the lending or re-pledge of the ST can be processed; a collateral ST processing control means having a function of controlling the processing of the sale, lending, or re-pledge of the collateral ST based on the collateral status set in the collateral parameters; and a collateral parameter setting content change means or a collateral parameter setting content change smart contract having a function of manually or automatically canceling the setting content of the collateral status set in the collateral parameters via the collateral status setting means in the event of a default at the time of expiration of the loan agreement concluded with the lender at the time of collateral setting, and it is preferable that the collateral ST processing control means further has a function of controlling the sale of the ST provided as collateral and the change of the name of the ST holder in the rights management ledger when the setting content of the collateral parameters is canceled by the collateral parameter setting content change means or the collateral parameter setting content change smart contract.

[0075] In addition, in the second form of the ST transaction processing system of the present invention, the bond-type ST tokenized using the commodity asset as the asset source is issued periodically by the ST issuer and has securities characteristics in which the contents corresponding to the redemption period and interest rate are all the same each time it is issued, and in the secondary trading stage, the ST is a structured bond-type security token in which transactions of ST as tokens are carried out by aggregating STs of different series into one issue, and the ST management structure unit preferably has a series number-added rights information recording means having the function of adding and recording the series number as part of the securities-like digital rights information of the holder of the ST each time the ST is issued in the rights management book, a series number-added rights information management means having the function of managing the rights information of the ST to which the series number has been added on a series number basis in the rights management book, and a series number-aggregated token management means having the function of managing all the STs of different series as tokens of the same issue in the address (target of wallet processing) of the ST as a token.

[0076] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the ST management structure unit further has a management means on a per-issue basis having a function of processing all STs with different series numbers at the liquidity adjuster or the second trading side at the secondary trading stage as the same series rather than processing them on a per-serial number basis, in terms of asset management of documents and accounts, and management of order / contract information.

[0077] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the ST management structure unit further has a name change means having a function of changing the name in the rights management book after an order for the ST as a token is executed in a lump sum after tallying up all transactions for the ST as a token up to the previous day at the time of the date change.

[0078] In addition, in the ST transaction processing system of the second embodiment of the present invention, the ST management structure unit includes a selling data sorting means having a function of sorting the selling data of the ST in the security-like digital right information recorded in the right management ledger in ascending order by individual identification information (original ledger ID), and in the selling data of the ST sorted by the selling data sorting means, when there are multiple types of series in the security-like digital right information of the ST held by the holder of the ST identified by the identification information (original ledger ID), the selling data of the ST of the series with the fewer number of data held is prioritized as the target for sale, and the selling data of the ST of different series held by the holder of the ST identified by the identification information (original ledger ID) is stored. In the case where the number of data items is the same, it is preferable to further have a sales priority information sorting and stocking means having a function of sorting the selling data of the ST with the smaller serial number so that it is given priority as the selling target and temporarily storing the sorted selling data as the selling priority information of the ST, a buying data sorting means having a function of sorting the buying data of the ST on the day of the transaction in the rights management book in ascending order by personal identification information (original ledger ID), and a buying data allocation means having a function of assigning the buying data of the ST sorted by the buying data sorting means to the selling data of the ST sorted in descending order in the selling priority information of the ST via the selling priority information sorting and stocking means.

[0079] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the buying data allocation means further has a function of, when there are multiple types of series numbers of the buying data of the ST that can be allocated, giving priority to the buying data of the ST with smaller series numbers and allocating them in descending order to the selling data of the ST that has been sorted in the selling priority information of the ST via the selling priority information sorting and stocking means.

[0080] In addition, in the second form of the ST transaction processing system of the present invention, it is preferable that the system further has a viewing and display control means having a function of controlling the output and display of transaction data for only the ST series involved in the transaction as a party to the transaction when the token trader performs a viewing operation on the rights management book.

[0081] In addition, in the ST trading processing system of the second embodiment of the present invention, it is preferable that the viewing and display control means further has a function of controlling a trader performing a viewing operation of the rights management book to output and display only the identification information (original book ID) of the top 10 traders of each issue of the ST trading data of the relevant stock and the identification information (original book ID) of the trader performing the viewing operation himself / herself.

[0082] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the viewing and display control means further has a function of limiting the output display of addresses constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards.

[0083] In addition, in the ST transaction processing system of the second embodiment of the present invention, it is preferable that the viewing and display control means further has a function of limiting the output display of names constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only the surname. Effect of the Invention

[0084] According to the present invention, it is possible to obtain an ST transaction processing system that can improve the liquidity of large-scale ST issued by a first trading side while minimizing the risks to the issuers and underwriters associated with the issuance of a large amount of ST from a first trading side at one time, and can efficiently and quickly process transactions between a first trading side and a second trading side that have a gap in the transaction unit. [Brief description of the drawings]

[0085] [Figure 1] FIG. 1 is an explanatory diagram showing the configuration of an ST transaction processing system for the first embodiment of the present invention, where (a) is a diagram showing the overall configuration, and (b) is a conceptual diagram of the liquidity adjustment function based on the configuration of (a). [Diagram 2] 2 is an explanatory diagram showing an overview of functions of a liquidity adjustment means in the ST transaction processing system of FIG. 1. [Diagram 3] 2 is an explanatory diagram illustrating components of a liquidity adjustment means in the ST transaction processing system of FIG. 1. [Figure 4] 4 is an explanatory diagram showing an overview of the functions of the ST underwriting means in the liquidity adjustment means of FIG. 3. [Diagram 5] 4 is an explanatory diagram showing an overview of the functions of the ST position stock means in the liquidity adjustment means of FIG. 3. [Figure 6] 4 is an explanatory diagram showing an overview of the functions of the ST underwriting fund borrowing means in the liquidity adjustment means of FIG. 3. [Figure 7] 4 is an explanatory diagram showing an overview of the functions of the ST collateral provision means in the liquidity adjustment means of FIG. 3. [Figure 8] 4 is an explanatory diagram showing an overview of functions provided in a hedge fastening means in the liquidity adjustment means of FIG. 3. [Figure 9] 4 is an explanatory diagram showing an overview of functions of a stock ST trading means in the liquidity adjustment means of FIG. 3. [Figure 10] 4 is an explanatory diagram illustrating components of a stock ST trading means in the liquidity adjustment means of FIG. 3. [Figure 11] 11 is an explanatory diagram showing an overview of some of the functions of the self-opposition processing means in the stock ST trading means of FIG. 10. [Figure 12] 11 is an explanatory diagram showing an overview of other functions of the self-opposition processing means in the stock ST trading means of FIG. 10. [Figure 13] 11 is an explanatory diagram showing an overview of functions of a first contract notification means in the stock ST trading means of FIG. 10. [Figure 14] 11 is an explanatory diagram showing an overview of functions of a hedge cancellation means in the stock ST trading means of FIG. 10. [Figure 15] 11 is an explanatory diagram showing an overview of functions provided in a first clearing processing intermediary means in the stock ST trading means of FIG. 10. [Figure 16] 11 is an explanatory diagram showing an overview of functions of a stock ST position amount reducing means in the stock ST trading means of FIG. 10. [Figure 17] 11 is an explanatory diagram showing an overview of the functions of a second contract notification means in the stock ST trading means of FIG. 10. [Figure 18] 11 is an explanatory diagram showing an overview of functions of a hedge adding means in the stock ST trading means of FIG. 10. [Figure 19] 11 is an explanatory diagram showing an overview of some of the functions of the second clearing processing intermediary means in the stock ST trading means of FIG. 10. [Figure 20] 11 is an explanatory diagram showing an overview of other functions of the second clearing processing intermediary means in the stock ST trading means of FIG. 10. [Figure 21] 11 is an explanatory diagram showing an overview of functions of a stock ST position amount increasing means in the stock ST trading means of FIG. 10. [Figure 22] 11 is an explanatory diagram showing an overview of functions of a rate calculation means in the stock ST trading means of FIG. 10. [Diagram 23] 11 is an explanatory diagram showing an overview of functions of a rate providing means in the stock ST trading means of FIG. 10. [Figure 24] 11 is an explanatory diagram showing an overview of the functions of the reference rate production means in the stock ST trading means of FIG. 10. [Diagram 25] 11 is an explanatory diagram showing an overview of functions of a matching order search means in the stock ST trading means of FIG. 10. [Figure 26] 11 is an explanatory diagram showing an overview of functions of a first stock remaining amount adjusting means in the stock ST transaction means of FIG. 10. [Figure 27]11 is an explanatory diagram showing an overview of functions of a second stock remaining amount adjusting means in the stock ST trading means of FIG. 10. [Figure 28] 11 is an explanatory diagram showing an overview of functions of a third stock remaining amount adjusting means in the stock ST trading means of FIG. 10. [Figure 29] 11 is an explanatory diagram showing an overview of functions provided in a combination setting receiving means for ST buying / selling and hedge entering / cancelling in the stock ST trading means of FIG. 10. [Diagram 30] 11 is an explanatory diagram showing an overview of the functions of the first transaction side connection unit and the order type setting receiving means in the stock ST transaction means of FIG. 10. [Diagram 31] An explanatory diagram showing an overview of the functions of the smart contract for collateral ST management in the liquidity adjustment means of Figure 3. [Diagram 32] An explanatory diagram showing an overview of the functions of the secured ST lending means in the liquidity adjustment means of Figure 3. [Diagram 33] FIG. 4 is an explanatory diagram illustrating the components of a secured ST lending vehicle in the liquidity adjustment vehicle of FIG. 3. [Diagram 34] An explanatory diagram showing an overview of the functions of the smart contract for lending management in the secured ST lending vehicle of Figure 32. [Diagram 35] 33 is an explanatory diagram showing an overview of the functions of the ST holder name change processing control means on the rights management register in the secured ST lending means of FIG. 32. [Diagram 36] 2 is an explanatory diagram showing an overview of functions provided in an ST management structure unit in the ST transaction processing system of FIG. 1. [Figure 37] 2 is an explanatory diagram illustrating in outline the components of an ST management structure in the ST transaction processing system of FIG. 1. [Figure 38] 38 is an explanatory diagram showing an overview of functions provided in a serial number added right information recording means in the ST management structure unit in FIG. 37. [Figure 39] 38 is an explanatory diagram showing an overview of functions provided in serial number added rights information management means in the ST management structure unit in FIG. 37. [Diagram 40]38 is an explanatory diagram showing an overview of the functions of the serial number aggregation token management means in the ST management structure unit of FIG. 37. [Diagram 41] 38 is an explanatory diagram showing an overview of functions provided in the issue-by-issue management means in the ST management structure unit of FIG. 37. [Diagram 42] 38 is an explanatory diagram showing an overview of functions of a name change means in the ST management structure unit of FIG. 37. [Diagram 43] FIG. 38 is an explanatory diagram showing an outline of functions provided in a selling method data sorting means in the ST management structure unit in FIG. 37. [Diagram 44] 38 is an explanatory diagram showing an overview of the functions of the selling priority information sorting and stocking means in the ST management structure section of FIG. 37. [Diagram 45] FIG. 38 is an explanatory diagram showing an outline of functions provided in a purchase data sorting means in the ST management structure unit in FIG. 37. [Diagram 46] 38 is an explanatory diagram showing an outline of functions provided in a purchase data allocation means in the ST management structure unit in FIG. 37. [Figure 47] 2 is an explanatory diagram showing an overview of functions of a security status setting means in the ST transaction processing system of FIG. 1. [Figure 48] 2 is an explanatory diagram showing an overview of the functions of a security ST processing control means in the ST transaction processing system of FIG. 1. [Figure 49] FIG. 2 is an explanatory diagram showing an overview of the functions of the collateral parameter setting content change means (or the smart contract for changing the collateral parameter setting content) in the ST transaction processing system of FIG. 1. [Figure 50] 2 is an explanatory diagram showing an overview of some of the functions of a browsing and display control means in the ST transaction processing system of FIG. 1. [Figure 51] 1. FIG. 4 is an explanatory diagram showing an overview of other functions of the browsing and display control means in the ST transaction processing system of FIG. [Figure 52] FIG. 2 is an explanatory diagram showing the flow of processing when an ST is accepted from an issuer using the ST transaction processing system of the first embodiment. [Figure 53]FIG. 1 is an explanatory diagram showing the flow of processing when buying and selling ST underwritten from an issuer using the ST transaction processing system of the first embodiment. [Figure 54] FIG. 2 is an explanatory diagram showing a part of the processing flow at the time of ST contract using the ST transaction processing system of the first embodiment. [Figure 55] FIG. 11 is an explanatory diagram showing another part of the processing flow at the time of ST contract using the ST transaction processing system of the first embodiment. [Figure 56] 1 is an explanatory diagram showing the flow of adjustment processing of ST stock amount using the ST transaction processing system of the first embodiment. FIG. [Figure 57] FIG. 1 is an explanatory diagram showing the flow of processing utilizing ST lending using the ST transaction processing system of the first embodiment. [Figure 58] 1 is an explanatory diagram showing the flow of the setting acceptance process for ST liquidity adjustment using the ST transaction processing system of the first embodiment. FIG. [Figure 59] FIG. 11 is an explanatory diagram showing the flow of processing based on the setting state of collateral parameters using the ST transaction processing system of the first embodiment. [Figure 60] 1 is an explanatory diagram showing the flow of processing related to the management of STs with serial numbers associated with ST transactions using the ST transaction processing system 1 of the first embodiment. [Figure 61] 1 is an explanatory diagram showing the flow of processing related to the allocation of serial numbered STs recorded in a rights management book during matching processing in ST transactions using the ST transaction processing system 1 of the first embodiment. FIG. [Figure 62] This is an explanatory diagram showing a specific example of the allocation process of serial numbered STs recorded in the rights management book during matching processing in ST transactions using the ST transaction processing system 1 of the first embodiment, using data recorded in the rights management book. [Figure 63] This is an explanatory diagram conceptually showing the viewing and display process of STs with serial numbers recorded in a rights management book for a trader performing a viewing operation on the rights management book using the ST transaction processing system 1 of the first embodiment. [Figure 64]FIG. 11 is an explanatory diagram showing the configuration of an ST transaction processing system for a second embodiment of the present invention, where (a) is a diagram showing the overall configuration, and (b) is a conceptual diagram of the liquidity adjustment function based on the configuration of (a). [Figure 65] FIG. 65 is an explanatory diagram showing an overview of the functions of the liquidity adjustment means in the ST transaction processing system of FIG. 64. [Figure 66] FIG. 65 is an explanatory diagram illustrating the components of the liquidity adjustment means in the ST transaction processing system of FIG. 64. [Figure 67] An explanatory diagram showing an overview of the functions of the ST underwriting means in the liquidity adjustment means of Figure 66. [Figure 68] An explanatory diagram showing an overview of the functions of the ST position stock means in the liquidity adjustment means of Figure 66. [Figure 69] An explanatory diagram showing an overview of the functions provided in the ST underwriting fund borrowing means in the liquidity adjustment means of Figure 66. [Figure 70] An explanatory diagram showing an overview of the functions of the ST collateral provision means in the liquidity adjustment means of Figure 66. [Figure 71] FIG. 67 is an explanatory diagram showing an overview of the functions of the hedge fastening means in the liquidity adjustment means of FIG. 66. [Figure 72] An explanatory diagram showing an overview of the functions of the stock ST trading means in the liquidity adjustment means of Figure 66. [Figure 73] FIG. 67 is an explanatory diagram illustrating the components of the stock ST trading means in the liquidity adjustment means of FIG. 66. [Figure 74] FIG. 74 is an explanatory diagram showing an overview of the functions of the second contract notification means in the stock ST trading means of FIG. 73. [Figure 75] FIG. 74 is an explanatory diagram showing an overview of functions provided in a hedge adding means in the stock ST trading means of FIG. 73. [Figure 76] FIG. 74 is an explanatory diagram showing an overview of functions provided in a first stock remaining amount adjusting means in the stock ST transaction means of FIG. 73. [Figure 77] An explanatory diagram showing an overview of the functions of the secured ST lending means in the liquidity adjustment means of Figure 66. [Figure 78] An explanatory diagram showing in outline the components of the collateral ST lending means in the liquidity adjustment means of Figure 66. [Figure 79] FIG. 11 is an explanatory diagram showing the flow of processing when an ST is accepted from an issuer using the ST transaction processing system of the second embodiment. [Figure 80] FIG. 11 is an explanatory diagram showing the flow of processing when buying and selling ST underwritten from an issuer using the ST transaction processing system of the second embodiment. [Figure 81] FIG. 11 is an explanatory diagram showing a part of the processing flow at the time of ST contract using the ST transaction processing system of the second embodiment. [Figure 82] FIG. 11 is an explanatory diagram showing another part of the processing flow at the time of ST contract using the ST transaction processing system of the second embodiment. [Figure 83] 13 is an explanatory diagram showing the flow of the ST stock amount adjustment process using the ST transaction processing system of the second embodiment. FIG. [Figure 84] An explanatory diagram showing the flow of processing utilizing ST lending using the ST transaction processing system of the second embodiment. [Figure 85] FIG. 1 is an explanatory diagram showing the characteristic functions of the ST transaction processing system of the present invention in comparison with normal crossing processing, where (a) is a conceptual diagram of normal crossing processing, and (b) is a conceptual diagram of the liquidity adjustment function in the ST transaction processing of the present invention. [Figure 86] FIG. 2 is an explanatory diagram illustrating an example of processing involving a liquidity adjustment function using the ST transaction processing system of the first embodiment. [Figure 87] FIG. 11 is an explanatory diagram illustrating an example of processing involving a liquidity adjustment function using the ST transaction processing system of the second embodiment. [Figure 88] FIG. 1 is an explanatory diagram showing an example of an ST management form in processing involving a liquidity adjustment function using the ST transaction processing system of the first embodiment. [Figure 89]FIG. 1 is an explanatory diagram showing the amortization form of ST in the ST management form in processing that involves a liquidity adjustment function using the ST transaction processing system of the first embodiment, where (a) is a diagram showing an example of occasional amortization, and (b) is a diagram showing an example of lump-sum amortization. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0086] Prior to describing the embodiments, the circumstances under which the present invention was derived and the effects of the present invention will be described.

[0087] Risks for underwriters and issuers that may arise in connection with the issuance of securities When a securities company underwrites (purchases in bulk) and sells securities issued by an issuer, the securities company that underwrites the securities bears the risk of sales (losses if the securities cannot be sold). For this reason, securities issued by issuers may be sold through a simple public offering method rather than through underwriting by a securities company. However, when selling through a simple public offering method, the issuer of the securities bears the risk of selling (the occurrence of losses if the securities cannot be sold).

[0088] Consideration and consideration of measures to mitigate sales risks that may arise with the issuance of securities In principle, the sales risks that may arise for issuers and underwriters in the issuance of such securities are thought to arise from the issuance of a large amount of securities at one time. Therefore, the inventors of the present invention came up with the idea of ​​having the underwriters sell securities in small increments rather than in large quantities issued at once by the issuer, as a measure to reduce the risk.

[0089] The inventors of the present invention have considered that selling securities in small increments rather than issuing a large amount at once is particularly effective when issuing securities with commodities as the underlying asset. In this case, it is considered that securities that are issued in large quantities at one time will be sold in small increments through automated processing, and the subject of issuance, sale, etc. will be digitized rights, etc. or coins (hereinafter referred to as "tokens").

[0090] A method of issuing securities using commodities as the underlying asset (essentially treated as collateral) By the way, there are two possible methods for issuing securities using commodities as the underlying asset:

[0091] The securities to be issued in this case will be STs (Structured Bond Security Tokens) and other securities that have securities characteristics and are intended to tokenize commodity assets and link them to commodity market prices. In this case, it is cumbersome to generate ST using commodities as the asset source, and if a large amount of ST is issued at once, the sales risk is high. In this case, "commodity" refers to all commodities, but it does not include precious metals (gold, etc.), CO 2 Emissions rights and energy (crude oil, electricity, etc.) are thought to be the main items. The inventor of the present invention has considered a method of issuing ST using a commodity as the underlying asset, using gold as an example of a commodity.

[0092] (Type 1) How to issue ST by entrusting commodities The first method of issuing ST is through "ETF (Exchange Traded Funds)" type issues, in which gold is "trusted." However, the method of issuing trust-type ST has disadvantages, such as incurring trust costs and the amount of ST held each year equivalent to the trust costs being deducted from the amount of gold held. As such, the method of issuing trust-type STs entails inherent risks in holding the STs and is not desirable as a security.

[0093] (Type 2) Issuing ST as a corporate bond Therefore, in order to reduce the trust costs, the inventor of the present invention devised a second method of issuing ST, which is to issue ST without entrusting gold. In this case, a general trading company that deals in commodities could issue ST as a "corporate bond." However, in the case of corporate bonds, the issuance amount is fixed, and the issue amount must be decided and sold immediately. Therefore, there are concerns that the price of the gold tokenized corporate bond token will not be linked to the market price, making it difficult to ensure liquidity.

[0094] Consideration and consideration of measures for selling corporate bond tokens with fixed issuance amounts and large amounts issued at once Therefore, the inventors of the present invention have considered and considered the idea of ​​having the bond token seller (a securities company selling corporate bond tokens) sell the corporate bond tokens, which are issued all at once by the issuer of the corporate bond tokens (a general trading company that deals in commodities), in small increments, making the apparent issuance amount of the corporate bond tokens variable and enabling the selling price of the corporate bond tokens to be linked to the market price, thereby enabling adjustment of liquidity.

[0095] However, if one does so, the underwriter of the corporate bond tokens (securities company) will have to underwrite all the corporate bond tokens issued at once, which is likely to give rise to underwriting risk (the risk of a decline in the market price of the underwritten corporate bond tokens during the holding period of the corporate bond tokens).

[0096] Examination and consideration of measures to avoid the risk of downward fluctuations in the market price of bond tokens underwritten by the underwriters of bond tokens, and the issues inherent in such measures In order to avoid the risk of market price fluctuations of corporate bond tokens, it is thought that the underwriters of the corporate bond tokens (securities companies) will need to enter into an OTC hedging contract for a sale of gold in an amount equal to the underwriting amount of the corporate bond tokens with the general trading company that issues the corporate bond tokens. After the hedge agreement is concluded, the seller of the corporate bond tokens (the securities company selling the corporate bond tokens) will periodically sell the corporate bond tokens that it has underwritten in bulk from the general trading company, which is the issuer of the corporate bond tokens. However, when the corporate bond tokens are sold, it will need to cancel the short hedge of gold equivalent to the amount sold (buy back the gold equivalent to the short hedge). However, performing these processes is very tedious.

[0097] Examination and consideration of methods for efficiently avoiding the risk of market price fluctuations for bond tokens underwritten by the underwriters of bond tokens The inventors of the present invention therefore considered and considered ways to make these processes more efficient, and came up with a trading system equipped with a liquidity adjustment function. For normal order transactions, there is the PTS (Proprietary Trading System) method, which is a trading-type transaction in which customer buy and sell orders are entered into an order book and executed when the buy and sell orders match. First, the inventor considered having himself, the liquidity adjuster, act as an intermediary between the commissioned orders (intermediation) from the securities companies selling the corporate bond tokens in PTS-based transactions. In trading of corporate bond tokens, transactions can be considered on the "second trading side" (such as securities companies that trade corporate bond tokens with customers) which mainly sells corporate bond tokens to general customers, and on the "first trading side" which supplies liquidity (ST issuers consisting of general trading companies that issue corporate bond tokens, ST issuers that act as hedge providers that act as the buyers of the hedge in the secondary trading stage after ST issuance, and LPs (liquidity providers) and MMs (market makers) that supply liquidity in the secondary trading stage after ST issuance). Next, the inventors of the present invention came up with the idea of ​​interposing themselves, as a liquidity adjuster that receives entrusted orders (agency) from the sellers of corporate bond tokens (such as securities companies that sell corporate bond tokens to customers), between the second trading side (such as securities companies that trade corporate bond tokens with customers) and the first trading side (such as an issuer of ST consisting of a general trading company that issues corporate bond tokens and acts as a hedge provider that becomes the buyer of the hedge at the secondary trading stage after the issuance of the ST), and adjusting the liquidity of both sides through their own position taking.

[0098] The types of orders that the liquidity adjuster will receive from the second trading side (such as securities firms trading corporate bond tokens with their clients) The following orders may be received by the liquidity adjuster from financial institutions (such as securities firms) that are connected to the second trading side, which mainly sells corporate bond tokens to general customers: An order in which a securities firm acts as the counterparty to an order placed by its customer, executes the transaction as a bilateral transaction, and covers the risk amount with the liquidity adjuster. An order where a securities firm itself forwards (entrusts) an order from its client to a liquidity adjuster.

[0099] Consideration and consideration of how to handle cases where the liquidity adjuster receives orders from the second trading side (such as securities firms that trade corporate bond tokens with customers) The inventor of the present invention considered the following regarding the processing when the liquidity adjuster receives an order from the second trading side (such as a securities company that trades corporate bond tokens with customers). The liquidity adjuster itself receives orders from these connected securities firms on a bilateral basis and processes them automatically. The liquidity adjuster then acts as a counterparty for the securities companies' own and their agent orders and executes the orders. In addition, the liquidity adjuster is allowed to set and provide to each securities company the buying and selling rates (quotes) for transactions on a securities company basis.

[0100] Each securities company may execute immediate contracts in a streaming manner at the rate provided by the liquidity adjuster, or may leave orders and have the liquidity adjuster temporarily manage the orders. When buy and sell orders between securities firms conditionally match, the liquidity adjuster can formally act as the counterparty and process the two orders. In processing such matching, a spread is set between the buy and sell orders, and the orders can be executed when the matching conditions, including the spread, are met.

[0101] The second trading side (a securities company that trades corporate bond tokens with customers) and the first trading side (a general trading company that issues corporate bond tokens) etc. ) and the transaction processing for liquidity adjustment between the In addition, the inventor of the present invention considered the following regarding the transaction processing of a liquidity adjuster between the second trading side (such as a securities company that trades corporate bond tokens with customers) and the first trading side (an issuer of ST consisting of a general trading company that issues corporate bond tokens, and which serves as a hedge provider that acts as the buyer of the hedge in the secondary trading stage after the issuance of the ST, or an LP (liquidity provider) or MM (market maker) that provides liquidity in the secondary trading stage after the issuance of the ST). The trading functions in the digital asset trading systems that the inventor has considered and examined thus far have mostly been functions aimed at the second trading side, which mainly involves selling tokens to general customers in normal trading. However, after further consideration and deliberation, the inventors of the present invention decided to link the functions aimed at the first trading side with functions aimed at the second trading side, which is primarily focused on selling tokens to general customers.

[0102] In the trading system considered and contemplated by the inventor of the present invention, the first trading side is the part that connects to the business entity that issues the corporate bond token and the entity that manages the corporate bond token, etc., and the connected party is the liquidity adjuster itself. The first trading side can be composed of multiple companies, but we have considered not directly matching between the companies on the first trading side. However, we have considered making it possible to execute matching processing based on the liquidity adjuster's self-matching between the companies on the first trading side through matching with the companies on the first trading side (setting a spread and satisfying the matching condition by adding the spread).

[0103] Liquidity coordinators process first and second side orders The inventor of the present invention then came up with the idea of ​​making a contract be executed when the liquidity adjuster serving as the counterpart on the first trading side and the liquidity adjuster serving as the counterpart on the second trading side internally meet the matching conditions (setting a spread and satisfying the matching conditions by adding the spread).

[0104] The difference in trading size between orders from the second trading side and orders from the first trading side However, when an order from a second trading side and an order from a first trading side are matched through a liquidity adjuster's own bilateral trade, the following differences in trading units are thought to be an obstacle to ensuring liquidity. In other words, orders from the second trading side (such as securities companies that trade corporate bond tokens with customers), which mainly sells corporate bond tokens to general customers, are basically retail orders from customers, so most of the orders are small orders and the minimum trading unit is small, whereas orders from the first trading side (such as general trading companies that issue corporate bond tokens), which supplies liquidity, are wholesale orders, most of the orders are large orders and the minimum trading unit is large (such as 100 to 10,000 times the minimum trading unit for small orders).

[0105] A study and consideration of the adjustment of liquidity through the positioning of a liquidity adjuster who is interposed between the first trading side and the second trading side However, the inventor of the present invention has come up with the idea of ​​the liquidity adjuster taking charge of the gap between the order unit of the second trading side and the order unit of the first trading side, and adjusting the liquidity of both sides by taking his / her own position. The inventors of the present invention have considered the following two types of positioning of the liquidity adjuster intervening between the first trading side and the second trading side. - A type where a transaction is executed when the total quantity of orders on the second trading side matches the amount of bond tokens issued on the first trading side. A type in which the spread is set to a certain extent, and even if there is a difference in quantity between the issuance quantity of corporate bond tokens on the first trading side and the total quantity of orders on the second trading side, the liquidity adjuster holds that difference in quantity as a position and adjusts liquidity with the retail side (the second trading side: securities companies, etc. that trade corporate bond tokens with customers).

[0106] The inherent challenges of issuing bond tokens by the first transaction side and underwriting the issued bond tokens by underwriters If the processing function as a liquidity adjuster in the trading system is always related to the "issuance" of bond tokens in response to orders from the first trading side (general trading companies that issue corporate bond tokens, etc.) and the function is to sell the issued bond tokens to the second trading side (securities companies that trade corporate bond tokens with customers, etc.), then it is necessary for the issuer of the corporate bond token, which is the first trading side, to submit an issuance application to the Financial Supervisory Agency in units of the bond token issue, and for the underwriter who underwrites the bond tokens issued by the issuer to report the underwriting. However, doing this on an ongoing basis is a lot of work. For this reason, it is considered desirable to have a large issue unit for corporate bond tokens and for the underwriters to sell the corporate bond tokens issued by the issuer in small increments. However, as mentioned above, issuing a large amount of securities at once involves risks for both the issuer and the underwriter.

[0107] Examination and consideration of measures to eliminate risks associated with underwriting of corporate bond tokens by liquidity adjusters Therefore, the inventors of the present invention came up with the idea that, in relation to the issuance amount of corporate bond tokens, the liquidity adjuster would underwrite the corporate bond tokens and hold a position in that amount, but would then enter into an OTC contract with the first trading side, the issuer of the corporate bond tokens (a general trading company that issues corporate bond tokens), to hedge (sell) an amount (of physical commodities) equal to the amount of the corporate bond token position it has underwritten, thereby making the liquidity adjuster's position delta = risk amount zero.

[0108] When the liquidity adjuster sells the bond tokens received from the first transaction side to the second transaction side, it calculates and provides a liquidity adjuster rate based on the market price. This liquidity adjuster rate is based on the base rate of indicative IOI (over-the-counter transaction indication of intent) information received as the market price from the first transaction side, such as the issuer of the bond token. This IOI (overt order indication of intent) information includes buy and sell indications. The liquidity adjuster treats these buy and sell indications as deemed orders and searches for orders on the second trading side that meet the matching conditions.

[0109] When the deemed order from the first trading side and the order from the second trading side satisfy the matching conditions, a contract is returned to the second trading side, and a message is returned to the first trading side indicating the intention to undo the hedge for the corresponding amount (to buy back the amount of the order contract that is part of the sell hedge).

[0110] When the first trading side receives a message of repurchase of the order contract of the selling hedge, it places an order with an external liquidity supplier as a buy order for the repurchase of the order contract of the selling hedge, receives the contract, and at the same time reduces the order contract of the selling hedge received from the liquidity adjuster.

[0111] Specific examples of measures to eliminate risks associated with underwriting bond tokens by liquidity adjusters Below are practical examples of measures considered and examined by the inventor to eliminate the risks associated with the underwriting of corporate bond tokens by liquidity adjusters. For example, assume that the liquidity adjuster purchases 10 billion yen worth of Gold Bonds ST from a general trading company (which issues Gold Bonds ST), which is the first transaction side. Since it would be difficult to actually raise the necessary funds to purchase 10 billion yen, the liquidity adjuster will borrow 10 billion yen in cash or other assets from the first trading party, the general trading company, within the scope of its credit, and will pledge all of the purchased Gold Corporate Bonds ST to the first trading party, the general trading company, as collateral. At the same time, the liquidity adjuster will enter into an OTC contract with a general trading company, the first trading side, to hedge gold sales for 10 billion yen.

[0112] The first trading side, the general trading company, receives collateral (10 billion yen worth of Gold Corporate Bonds ST) from the liquidity adjuster equal to the loan amount (10 billion yen), so no risk arises. Furthermore, when issuing the Gold Corporate Bonds ST, the company will receive a (selling) hedge of 10 billion yen worth of gold from the liquidity adjuster, and by having a contract to buy the same amount of gold (10 billion yen), it will be able to issue the same amount of Gold Corporate Bonds ST (10 billion yen).

[0113] The liquidity adjuster periodically sells 10 billion yen worth of gold corporate bonds ST purchased from the general trading companies, which are the first trading side, to the second trading side (securities companies, etc. that trade gold corporate bonds ST with their customers). The IOI (over-the-counter indication of intent) information from the general trading companies is the same as the buying and selling information at the market price. The liquidity adjuster adds a spread according to the creditworthiness of each securities company on the second trading side to the base rate in the IOI (over-the-counter indication of intent) information, and generates and provides a liquidity adjuster rate for each securities company on the second trading side. A customer places an order to the liquidity coordinator via a securities firm (or its own) against the liquidity coordinator rate. Then, in a private search process using IOI (over-the-counter indication of intent), when the matching conditions between the liquidity coordinator rate and the customer order match, the liquidity coordinator has the second trading side connected customer (orderer) enter into a contract as a over-the-counter transaction with the liquidity coordinator. At the same time, the liquidity coordinator places a hedge write-off order (a buy-back instruction for the sold hedge amount of gold) using IOI (over-the-counter indication of intent to confirm intention regarding the hedge contract) information with a general trading firm, which is the first trading side that provides IOI (over-the-counter indication of intent to confirm intention regarding the hedge contract).

[0114] The general trading company, which is on the first trading side, covers the repurchase to eliminate the hedge with other connected LPs (liquidity providers), thereby eliminating the hedge of the first trading side, the general trading company, against the order of the corresponding second trading side. At the same time, when the second trading side hands over the cash equivalent to the liquidity adjuster for settlement, the corresponding amount of cash will be handed over to the first trading side, the general trading company, and the liquidity adjuster will receive the corresponding amount of gold corporate bonds ST that were used as collateral, and at the same time, will hand over the gold corporate bonds ST to the second trading side, which is the purchasing side, thereby enabling an RTGS-style settlement process.

[0115] It is desirable that the cash used in this clearing process be tokens, and that the clearing function be processed in real time in an RTGS manner via a smart contract. In addition, if RTGS-like immediate processing is not possible via a smart contract, it will be possible to calculate the cash and bond tokens (in this example, Gold Corporate Bond ST) in the transaction on a net basis once a day, and process the remainder as a lump sum via DVP (in this case, cash will be handed over using a bank's account transfer API, etc.). In this way, in the liquidity adjustment process, at the time of agreement, the hedge amount is automatically reduced and the amount of bond tokens (in this example, Gold Bond ST) used as collateral for the relevant agreement is automatically reduced.

[0116] In addition, the inventors of the present invention have come up with a concept for the liquidity adjustment process in which the first trading side receives a hedge from the liquidity adjuster for the issuance of corporate bond tokens and takes an opposite position to the liquidity adjuster in terms of buying and selling, and therefore combines spot gold on the external market with unhedged futures, etc.

[0117] As an expanded concept of this liquidity adjustment process, it is also possible for the first trading side to actually purchase spot gold, and for the general trading company to sell the spot gold it purchased without receiving a hedge from the liquidity adjuster in futures on an external market (such as an overseas commodity exchange) to hedge the position delta of the first trading side.

[0118] Either approach is possible, but the former is more efficient. In the latter case, logic would be run to undo futures hedges made to external markets along with orders from the second trading side (such as a securities firm trading corporate bond tokens with customers), but this would be an inefficient process. It should be noted that the above-mentioned liquidity adjustment process is for purchase orders of corporate bond tokens from clients on the second trading side, but when processing sell orders, the process is reversed.

[0119] liquidity adjustment Consideration and consideration of adjusting the stock amount of corporate bond token positions held by the parties In addition, the inventors have devised the idea that when the basic stock amount of the corporate bond token position held by the liquidity adjuster is 10 billion yen, and the second trading side overbuys the corporate bond tokens, for example, causing the remaining stock amount of the corporate bond token position held by the liquidity adjuster to decrease, for example, when the remaining stock amount becomes approximately 500 million yen, the liquidity adjuster can enter into a new issuance and underwriting agreement for an additional 5 billion yen of corporate bond tokens with the first trading side, thereby dealing with the decrease in the remaining stock amount of the corporate bond token position. In addition, the inventors of the present invention have considered the opposite to the above, that when the second trading side oversells the corporate bond tokens, for example, causing the remaining stock of the corporate bond token position to become too large, for example, when the remaining stock held by the liquidity adjuster reaches approximately 14 billion yen, the liquidity adjuster will enter into a contract with the first trading side (the general trading company that issues the corporate bond tokens) to write off the corporate bond token position for 5 billion yen.

[0120] In addition, the inventors of the present invention have also considered the possibility of performing processing other than that described above, in which, in response to a sell order for corporate bond tokens from the second trading side, the liquidity adjuster may choose to purchase the corporate bond tokens that satisfy the matching conditions and hold them as is, without instructing the first trading side to take any processing. In that case, the liquidity adjuster's own held positions will simply be added up, and whether or not to hedge the corresponding amount in this case will be handled according to the position amount of the corporate bond tokens held by the liquidity adjuster (hedge when the position amount of the corporate bond tokens held exceeds the range of the expected risk amount).

[0121] Consideration and consideration of the digital management of ST (linking the rights management register to bond tokens) Furthermore, the present inventors have further conceived of performing digital management of the ST in the following manner when carrying out the above-mentioned processing. In the case of digital assets, the rights basically lie in the digital data itself, and changes to that digital data transfer the rights. In other words, it is a simple concept of barter for digital data.

[0122] However, STs (structured bond-type security tokens) and the like have securities-like characteristics, making it difficult to manage the third-party assertion requirements. From the issuer (primary trading stage) side, the digital data rights management ledger is the management body of the ST, and from the liquidity adjustment (secondary trading stage) side, the token holding address itself is the management body of the ST, so ST is managed by two types of management bodies, which are linked.

[0123] However, when a liquidity adjuster borrows cash from an issuer (a general trading company that issues ST as a corporate bond token), uses the borrowed cash to purchase the ST to be underwritten, and submits the purchased ST to the issuer as collateral, the liquidity adjuster will be recorded as the holder of the ST in the rights management ledger, but the ST itself will be received by the issuer as collateral and will therefore exist in the issuer's address (wallet). In this way, there are two types of management bodies for ST as collateral, and although they are linked, the idea is to allow management to be carried out by different holders.

[0124] In more detail, the bond token and the rights management ledger are linked, child tokens can be generated based on the amount of ST recorded in the rights management ledger, and the name of the holder of the ST on the rights management ledger is the liquidity adjuster, but in reality the ST as a bond token exists at the address of a different holder, providing a management structure that allows it to be processed. We then envisioned using this management structure to enable a process in which, when the liquidity adjuster repays the purchase funds of the corporate bond tokens to the issuer, the issuer will transfer to the liquidity adjuster an amount of ST that was pledged as collateral, equivalent to the repayment amount.

[0125] Consideration and consideration of lending treatment of ST pledged as collateral The inventors of the present invention also examined and considered the lending process of ST posted as collateral in the liquidity adjustment process function.

[0126] Token Lending A party wishing to borrow cash (transaction) provides the token as collateral to the cash lender. The lender of cash can lend (use for lending) the tokens provided as collateral. In other words, since the tokens are in the address of the lender of cash, the lender of cash (the party accepting the tokens as collateral) can freely use the tokens, make profits, etc., until the repayment date of the lent cash provided as collateral.

[0127] Cash lending In addition, a party (transaction) who wishes to borrow and sell tokens can provide cash as collateral to the token lender. The token lender can use the cash provided as collateral for the loan.

[0128] Lending of ST held by issuers as collateral Therefore, the inventors of the present invention have conceived of making it possible for the ST stocked by the issuer as collateral for the purchase price lent by the issuer to be basically used as a loan token for lending when the above-mentioned liquidity adjuster underwrites the ST as a corporate bond token from the issuer.

[0129] Examination and consideration of the effect of lending ST that issuers have stocked as collateral Wholesale transactions on the first trading side (general trading companies that issue corporate bond tokens, etc.) are mainly DVP and cleared on T+2, while retail transactions on the second trading side (securities companies that trade corporate bond tokens with customers, etc.) are mainly RTGS and settled in real time. For this reason, there is a gap in the settlement due date between the first trading side and the second trading side. However, it is believed that the gap in settlement dates can be eliminated by allowing issuers to use the ST they have stocked as collateral for lending.

[0130] In addition, the inventors of this invention considered that by making it possible to offer the lending of ST that issuers have stocked as collateral not only for clearing purposes but also for short selling (credit trading of securities), it would be possible to provide an environment for selling ST and increase liquidity.

[0131] Therefore, by lending ST that issuers have stocked as collateral, it is possible to efficiently process sales on the issuer's side (primary trading stage) while at the same time increasing liquidity on the secondary trading stage, thereby making both processes more efficient.

[0132] The above-mentioned measures considered and examined by the inventor of the present invention are measures in the case of a bulk underwriting of securities. The reason for underwriting in one lump sum is that each time an underwriter (in this case, the intermediary) underwrites securities issued by an issuer, the issuer must submit a securities registration statement to the authorities and the underwriter (in this case, the intermediary) must submit a securities underwriting document, and the preparation of these documents and approval procedures are extremely cumbersome. For this reason, in light of current Japanese law, it is considered desirable to underwrite all issued securities in one lump sum.

[0133] However, it is possible that in the future, the submission of the relevant reports to the authorities will no longer be necessary for the cancellation of ST. In that case, the inventor considered that the cancellation side would be cancelled on a case-by-case basis, i.e., would follow the existing ordering method. In normal order processing at the secondary trading stage, the PTS method known as trading is the norm, in which customer (consignment) orders are matched and executed when matching conditions are met. In contrast, in the order processing at the secondary trading stage that the inventor of the present invention is considering and examining, the basic concept is to separate the second trading side (such as securities companies that trade corporate bond tokens with customers) from the first trading side (such as general trading companies that issue corporate bond tokens), with the inventor acting as a liquidity adjuster intervening between them, holding positions and adjusting the held positions to mutually supply liquidity.

[0134] Consideration and consideration of liquidity adjustment by combining multiple types of orders Furthermore, the inventor of the present invention considered having the liquidity adjuster adjust the liquidity between second trading sides and between first trading sides, and also considered having the liquidity adjuster adjust the liquidity within the second trading side and the first trading side by combining different order methods in "multiple forms" other than simple orders.

[0135] For example, in addition to ordinary buy and sell orders for corporate bond tokens, we considered combining orders to set up and cancel hedge contracts for those corporate bond tokens, making it possible to adjust liquidity between the two.

[0136] Examples A specific example will be given below for explanation. The liquidity coordinator normally accepts buy and sell orders for corporate bond tokens from the second trading side (such as securities firms that trade corporate bond tokens with customers), but if there are no matching orders between the second trading sides, the liquidity coordinator will make the first trading side (such as general trading companies that issue corporate bond tokens) the trading counterparty for the order.

[0137] A specific connected trading firm on the first trading side designated by the liquidity adjuster as the counterparty to the order will accept the order as an order to buy or sell the corporate bond token, and another specific connected trading firm will receive a transactional (i.e., order-like) indication of intent to establish or terminate the hedge agreement via electronic message. It will be possible to set up various combinations of buying and selling of these tokens and the establishment and cancellation of hedge contracts. A short hedge is when a contract to sell one unit of a token (or the corresponding spot commodity) is concluded over-the-counter. In this case, hedging means that a contract to buy and sell a token (or the corresponding spot commodity) has been concluded.

[0138] For a specified trading company on the first trading side, a buy order from the second trading side can be matched with an intention to unwind a sell hedge from the first trading side (delivery of a buy position paired with the sell hedge). At the time of liquidation, the first trading side will receive the cash and give the bond tokens to the second trading side, so although the order forms are different, the books will balance.

[0139] Conversely, if a physical token (sell order) from the second trading side is matched by a willingness of a given dealer on the first trading side to set up a sell hedge (i.e., have a buy position), then both will be matched. In addition, a specified trading company on the first trading side may simply place a buy order against a physical token (sell order) on the second trading side. At the time of settlement, the second trading party will receive the cash and deliver the physical tokens to the first trading party, so although the order structure is different, the books will balance.

[0140] For a given trading company on the first trading side, various settings will be possible, such as when both the sell and buy sides are in order format, when both the sell and buy sides indicate an intention to set up / cancele a hedge, or when the sell side indicates an intention to cancele a hedge (effectively the sell side) and the buy side is in order format. In other words, it will be possible to set the connection unit of traders, etc., and whether buying and selling is order-based or hedge-based.

[0141] While the above example was given from the perspective of securities, the inventors envisaged that this method could be applied to all transactions of digital rights, including transactions of crypto assets. In other words, the idea was to combine spot transactions and derivative transactions within this liquidity adjustment function so that the accounts would balance at the time of settlement.

[0142] As an extension of the special concept of securities trading mentioned above, we will provide additional explanation on post-underwriting offerings. The inventors contemplate and expect that a liquidity adjuster's sale of underwritten bond tokens to a second trading party is not a sale. In the case of underwriting in which a securities company purchases securities issued by an issuer in bulk and sells them in bulk, there is a fixed offering price. However, in the case of underwriting by a liquidity adjuster, which the inventors have considered and considered, the securities underwritten by the issuer are sold in small increments, so they must be sold at the market price in the secondary trading stage, rather than the offering price in the primary trading stage. In other words, when underwriting tokens issued by an issuer, the underwriter underwrites them himself, but the underwriting account is basically an account dedicated to underwriting (own first account), which is different from the account used when buying and selling on one's own account at the secondary trading stage (own second account). However, as the inventor has considered and considered, when a liquidity adjuster underwrites, it sells the shares it has underwritten from the issuer in small increments, so in reality it transfers what it has underwritten in its own first account to its own second account for processing.

[0143] However, if the liquidity adjuster collectively underwrites a large amount of corporate bond tokens issued by the issuer, it may be interpreted as being the lead manager. If interpreted as being the lead manager, it may be necessary for the liquidity adjuster to strengthen its financial condition, etc., which corresponds to the underwriting risk of the lead manager. In order to avoid such risks, it would be practical to have the lead manager be a different securities firm that is not the liquidity adjuster, and have that lead manager carry out the above-mentioned hedging and underwriting for the issuer, while the liquidity adjuster would treat the lead manager as part of the LP (liquidity provider) on the first trading side.

[0144] In other words, the liquidity adjuster's own processing would be replaced by that of the lead underwriter's securities company, and the liquidity adjuster's own processing for specified trading firms on the first trading side would be linked to the position management function of the lead underwriter's securities company, thereby automatically writing off positions.

[0145] In addition, in the case of setting up a pledge to an issuer or setting up a pledge in lending, as mentioned above, the holder of the digital rights recorded in the rights management ledger is different from the holder of the actual tokens. Therefore, the inventors of the present invention came up with the idea of ​​attaching a management flag to a token when the digital rights holder in the rights management ledger is not changed and only the token is submitted as collateral. In other words, the person listed in the rights management ledger is recorded as a provisional owner and the collateral parameter is turned on.

[0146] The collateral parameters are designed to allow the setting of several different states, for example: (1) Sales, lending, or re-pledges cannot be processed. (2) Available for lending and re-pledging. However, temporary sales are possible at the lending destination.

[0147] When setting up as collateral, it is necessary to conclude an NFT contract (managed by smart contract) regarding borrowing cash, etc., but in the event of default on the maturity date of the contract (such as failure to repay cash), the parameter settings (1) and (2) above will be undone by automatic processing of the smart contract or manual operation, making it possible to change the holder on the rights management ledger (i.e. sell).

[0148] As a result of repeated consideration and investigation, the inventors of the present invention have come up with an ST transaction processing system of the present invention that can efficiently and quickly process transactions between a first trading side and a second trading side where there is a gap in the transaction unit, while minimizing the risks to the issuers and underwriters associated with the issuance of a large amount of ST from a first trading side at one time, and improving the liquidity of large-scale ST issued from a first trading side.

[0149] The ST transaction processing system of the first embodiment of the present invention is a transaction processing system for commodity assets (precious metals (gold, etc.), CO2, etc.) that is constructed with a distributed ledger in distributed technology such as blockchain and a smart contract or a server application for performing predetermined processing using data managed in the distributed ledger. 2A transaction processing system for bond-type STs (Structured Bond Security Tokens) that have securities characteristics and are tokenized using emission rights, energy (crude oil, electricity, etc.) as the asset source (essentially treated as collateral), and the like, in which the first transaction side (ST issuers consisting of general trading companies dealing in commodities, which act as hedge providers that are the buyers of the hedge in the secondary trading stage after ST issuance, LPs (liquidity providers) and MMs (market makers) that provide liquidity in the secondary trading stage after ST issuance, etc.) The liquidity adjustment means has a function of acting as a liquidity adjuster between the first trading side (wholesale processing side) and the second trading side (retail processing side such as a securities company that trades the issued ST with customers) and adjusting the liquidity of ST transactions on both the first trading side and the second trading side by absorbing the gap in transaction units (orders or hedging cancellation, additional intention, etc.) between the second trading side and the first trading side through the liquidity adjuster's own ST positioning, and the liquidity adjustment means has a function of purchasing and underwriting in bulk ST issued in large quantities at one time by the ST issuer to the liquidity adjuster. the ST underwriting instrument having the function of stocking the ST underwritten by the liquidity adjuster as the liquidity adjuster's own position; the ST underwriting fund borrowing instrument having the function of having the ST issuer borrow purchase funds for the underwriting of the ST from the liquidity adjuster; the ST collateral provision instrument having the function of having the ST issuer provide the purchased ST as collateral to the liquidity adjuster; the hedge conclusion instrument having the function of having the liquidity adjuster conclude a selling hedge contract for physical commodities for the amount of funds for the ST purchase with the ST issuer; and a stock ST trading means having a function of conducting trading according to the trading contents (orders or hedge cancellation / additional intentions, etc.) desired by traders on the first trading side and the second trading side for ST stocked via the ST position stock means in the secondary trading stage of the above, the stock ST trading means having a function of conducting matching processing via the liquidity adjuster's own counter-balancing for each of the orders from the second trading side and the orders or hedge cancellation / additional IOIs (bilateral trading type trading intentions) from the first trading side,a first contract notification means having a function of returning a contract to the second trading side and returning a message of a hedge cancellation instruction for the corresponding amount to the ST issuer constituting the hedge provider of the first trading side when a liquidity adjuster's own buying and selling standard corresponding to an IOI of hedge cancellation (a bilateral transaction-based trading intention indication for confirming an intention regarding a hedge contract) from an ST issuer constituting a hedge provider of the first trading side and a liquidity adjuster's own buying and selling standard corresponding to a buy order from the second trading side satisfy a matching condition; The system has a hedge resolution means having a function of, when receiving a telegram of hedge resolution instructions from the adjuster, placing a buy order for the hedge resolution instruction amount with an external liquidity supplier in an ST issuer serving as a hedge provider in the first trading side and receiving the execution, and at the same time reducing the hedge resolution instruction amount in the sell hedge contract, a first clearing processing intermediation means having a function of receiving cash from the second trading side and delivering it to the first trading side, and receiving the ST of the execution amount out of the ST provided as collateral from the first trading side and delivering it to the second trading side, and a stock ST position amount reduction means having a function of reducing the position amount of the ST of the execution amount out of the stocked ST positions.

[0150] As in the first embodiment of the ST transaction processing system of the present invention, "a liquidity adjuster is interposed between a first transaction side (an issuer of ST consisting of a general trading company dealing in commodities, which is a hedge provider that becomes the buying side of the hedge in the secondary transaction stage after the issuance of ST, and a wholesale processing side such as LP (liquidity provider) and MM (market maker) that supplies liquidity in the secondary transaction stage after the issuance of ST) and a second transaction side (a retail processing side such as a securities company that trades the issued ST with a customer), and the second transaction side and the first transaction side are adjusted (order If the configuration is such that it has a "liquidity adjustment means having the function of absorbing gaps in the transaction unit (such as hedging or additional indications of intent) and adjusting the liquidity of ST transactions on both the first trading side and the second trading side," then the corporate bond tokens issued all at once by the issuer of the corporate bond tokens (a general trading company that deals in commodities) will be sold in small increments by the seller of the corporate bond tokens (a securities company that sells the corporate bond tokens), making it possible to make the issuance amount of the corporate bond tokens variable and to adjust the liquidity by linking the selling price of the corporate bond tokens to the market price, thereby making it possible to smoothly carry out transactions between the first trading side and the second trading side where there is a gap in the transaction unit.

[0151] Furthermore, if the liquidity adjustment means is configured to have an "ST underwriting means having the function of having the liquidity adjuster purchase and underwrite a large amount of ST issued at one time by an ST issuer," as in the first form of the ST transaction processing system of the present invention, it becomes possible to significantly reduce the complexity of the paperwork and approval procedures required for the issuer to submit a securities registration statement and the underwriter (here, the intermediary) to the authorities each time the underwriter (here, the intermediary) underwrites securities issued by the issuer.

[0152] Furthermore, if the liquidity adjustment means is configured to have an "ST underwriting fund borrowing means having the function of allowing ST issuers to borrow purchase funds for the underwriting of ST" as in the first form of the ST transaction processing system of the present invention, it will be possible to reduce the liquidity adjuster's burden of raising funds for ST underwriting.

[0153] Furthermore, if the liquidity adjustment means is configured to have an "ST collateral provision means having the function of having ST issuers provide the purchased ST to the liquidity adjuster as collateral," as in the first form of ST transaction processing system of the present invention, the general trading company, which is the first trading side, will receive collateral (corporate bond ST) equivalent to the loan amount from the liquidity adjuster, thereby making it possible to reduce risk.

[0154] Also, as in the first embodiment of the ST transaction processing system of the present invention, if the liquidity adjustment means has a "hedge contracting means having a function of making the liquidity adjuster conclude a sell hedge contract for spot commodities for the ST purchase funds with the issuer of the ST", the underwriting side of the bond token (liquidity adjuster) can avoid the risk of downward fluctuation in the market price of the bond token by concluding an OTC sell hedge contract for spot commodities equivalent to the underwriting amount of the bond token with the general trading company that is the issuer of the bond token. Also, for the issuance amount of the bond token, the liquidity adjuster underwrites the bond token and has a position for that amount, but by concluding an OTC contract to hedge (sell) the same amount (of spot commodities) as the position of the underwritten bond token with the first transaction side, the issuer of the bond token (the general trading company that issues the bond token), it becomes possible to make the liquidity adjuster's position delta = risk amount zero. In addition, when issuing corporate ST bonds, the issuer of ST receives a commodity spot hedge from the liquidity adjuster, which enables the issuer to issue the same amount of corporate ST bonds by having a contract to buy the same amount of commodity spot.

[0155] Furthermore, as in the first form of the ST transaction processing system of the present invention, if the liquidity adjustment means is configured to have "a stock ST transaction means having a function of conducting transactions according to the transaction contents (orders or hedging cancellation, additional intentions, etc.) desired by traders on the first trading side and the second trading side for the ST stored via the ST position storage means at the secondary trading stage after ST issuance," it will be possible to smoothly conduct transactions between the first trading side and the second trading side, which have a gap in the transaction unit, while adjusting liquidity using the stored ST according to the transaction contents (orders or hedging cancellation, additional intentions, etc.) desired by traders on the first trading side and the second trading side.

[0156] Furthermore, as in the first form of the ST transaction processing system of the present invention, if the stock ST trading means is configured to have "a self-versal matching processing means having a function of performing matching processing via the liquidity adjuster's self-versal for each order from the second trading side and each order from the first trading side or an IOI (bilateral trading-type trading intention indication) for hedging cancellation and additional trading," then it becomes possible to separate the second trading side (such as a securities company that sells corporate bond tokens to customers) from the first trading side (such as a general trading company that issues corporate bond tokens), with the liquidity adjuster acting as an intermediary between them, holding positions as the liquidity adjuster, and mutually supplying liquidity by adjusting the held positions.

[0157] Furthermore, as in the first form of the ST transaction processing system of the present invention, if the stock ST transaction means is configured to have "a first agreement notification means having a function of returning an agreement to the second trading side and returning a message of an instruction to cancel the hedge for the corresponding amount to the ST issuer that is the hedge provider on the first trading side when the liquidity adjuster's own buying and selling standards, which are the counterpart of the IOI (indication of intention to cancel a hedge in a bilateral trading manner to confirm the intention regarding the hedge contract) of the ST issuer that is the hedge provider on the first trading side, and the liquidity adjuster's own buying and selling standards, which are the counterpart of the buy order from the second trading side, satisfy the matching conditions," it will be possible to match and process the indication of intention to cancel the hedge from the ST issuer on the first trading side and the buy order on the second trading side while separating them with the liquidity adjuster's own buying and selling.

[0158] Furthermore, as in the first form of the ST transaction processing system of the present invention, if the stock ST transaction means is configured to have "a hedge resolution means having a function of, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of a hedge resolution instruction from the liquidity adjuster in response to an IOI (a bilateral transaction-based indication of intent to trade to confirm the intent regarding the hedge contract) of hedge resolution to the liquidity adjuster, placing a buy order for the hedge resolution instruction amount with an external liquidity supplier in the ST issuer serving as a hedge provider on the first trading side and having it executed, at the same time reducing the hedge resolution instruction amount of the sell hedge contract," it will be possible to perform hedge resolution processing smoothly.

[0159] Furthermore, as in the first form of ST transaction processing system of the present invention, if the stock ST transaction means is configured to have "a first liquidation processing intermediary means having the function of receiving cash from the second trading side and passing it to the first trading side, and receiving the ST of the ST provided as collateral for the relevant contract from the first trading side and passing it to the second trading side," it will be possible to smoothly carry out liquidation processing after the contract between the first trading side and the second trading side.

[0160] Furthermore, if the stock ST trading means is configured to have a "stock ST position amount reduction means having a function of reducing the ST position amount for the relevant contract among the stocked ST positions" as in the first form of ST transaction processing system of the present invention, the hedge amount will be reduced and the corporate bond tokens for the relevant contract among those used as collateral will be automatically reduced at the time of contract, making it possible to speed up and streamline complicated processing.

[0161] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the stock ST transaction means includes a second contract notification means having a function of returning a contract to the second trading side and returning a message of a corresponding amount of hedge addition instruction to the ST issuer that is a hedge provider on the first trading side when the liquidity adjuster's own buying and selling standard, which is the counterpart of the IOI of hedge addition from the ST issuer that is a hedge provider on the first trading side (a bilateral trading-type transaction intention indication for confirming the intention regarding the hedge contract), and the liquidity adjuster's own buying and selling standard, which is the counterpart of the sell order from the second trading side, satisfy the matching condition, and a second contract notification means having a function of returning a message of a corresponding amount of hedge addition instruction to the ST issuer that is a hedge provider on the first trading side when the ST issuer that is a hedge provider on the first trading side notifies the liquidity adjuster of the IOI of hedge addition (indication of intention regarding the hedge contract) to the liquidity adjuster. The liquidity adjustment unit further has a hedge addition means having a function of, when receiving a telegram of hedge addition instructions from a liquidity adjuster in response to a bilateral transaction-based indication of trading intent to confirm the intention of the liquidity adjuster, placing a sell order for the hedge addition instruction amount with an external liquidity supplier in the ST issuer serving as a hedge provider among the first trading side and having it executed, and at the same time adding the hedge addition instruction amount to the sell hedge contract, a second clearing processing intermediation means having a function of receiving cash from the first trading side and delivering it to the second trading side, and receiving the ST for the executed amount from the second trading side and delivering it to the first trading side, and a stock ST position amount increasing means having a function of increasing the position amount of the ST for the executed amount to the stocked ST position. With this configuration, the hedge amount is automatically added at the time of agreement, and the number of corporate bond tokens used as collateral for the relevant agreement is automatically increased, making it possible to speed up and streamline complicated processing.

[0162] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the stock ST trading means further includes a rate calculation means having a function of calculating a liquidity adjuster rate based on indicative buy and sell IOI (bilateral transaction type indication of transaction intention) information received as a market price from an ST issuer serving as a hedge provider among the first trading side, and a rate providing means having a function of providing the liquidity adjuster rate calculated by the rate calculation means to the second trading side. By configuring it in this manner, there will be no need for the second trading side securities company (or its system) to create rates or distribute them on a 1:many basis, which will in turn reduce the load on the system used to conduct small-scale ST-type transactions at the second trading side securities company (or its system).

[0163] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the stock ST transaction means further has a reference rate calculation means having a function of calculating a reference rate based on IOI (bilateral indication of intention to trade) information of indicative buys and sells received from the outside as market prices, or information similar to the IOI information, or information obtained by combining the IOI information and information similar to the IOI information, and a matching order search means having a function of privately searching for orders on the second trading side that satisfy the matching conditions using the IOI (bilateral indication of intention to trade) method, using orders based on the reference rate calculated by the reference rate calculation means as deemed orders. With this configuration, it becomes possible to process transactions between the first trading side and the second trading side via self-counter transactions without using the PTS method.

[0164] In addition, in the ST transaction processing system of the first embodiment of the present invention, the first clearing processing intermediary means preferably has a function of performing RTGS-like clearing processing, when the second trading side delivers cash or the like as payment to the ST issuer acting as the hedge provider on the first trading side to receive the ST for the relevant contract out of the ST provided as collateral, and at the same time delivering the ST to the second trading side, when clearing is to be effected by delivering the said amount of cash or the like from the second trading side to the ST issuer acting as the hedge provider on the first trading side, thereby receiving the ST for the relevant contract out of the ST provided as collateral, and at the same time delivering the ST to the second trading side. With this configuration, clearing processing for transactions between a first trading side and a second trading side can be carried out quickly and efficiently via a smart contract.

[0165] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the second clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the ST issuer acting as a hedge provider on the first trading side delivers cash or other equivalent as payment to the second trading side to receive the ST for the relevant contract, and at the same time, delivers the ST to the ST issuer acting as the hedge provider on the first trading side. With this configuration, clearing processing for transactions between a first trading side and a second trading side can be carried out quickly and efficiently via a smart contract.

[0166] In addition, in the first form of the ST transaction processing system of the present invention, preferably, the second clearing processing intermediary means further has a function of canceling the ST when performing RTGS-like clearing processing in which the second clearing processing intermediary means delivers the relevant amount of cash to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to the ST issuer that is the hedge provider on the first trading side. By configuring it in this way, it is possible to reduce the amount of ST stocked.

[0167] Furthermore, in the first form of the ST transaction processing system of the present invention, preferably, the second clearing processing intermediary means further has a function of borrowing cash from an ST issuer that is a hedge provider on the first trading side and paying the corresponding amount of cash to the second trading side, while at the same time receiving the ST for the corresponding contract from the second trading side and delivering the received ST as collateral to the ST issuer that is a hedge provider on the first trading side. By configuring it in this manner, the stock of ST will not decrease, but a sell hedge against the issuer will be accumulated, and the trouble of reissuing ST after canceling it will be eliminated, thereby reducing the complexity of management that would otherwise occur when the number of series increases each time ST is issued.

[0168] In addition, in the first form of the ST transaction processing system of the present invention, preferably, the first clearing processing intermediary means periodically calculates on a net basis each of the cash and ST used in the clearing processing and performs DVP processing for the ST issuer that is a hedge provider on the first trading side, and further has a function of performing DVP processing or RTGS processing in a lump sum for each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side, at the selection of the securities company, etc. This configuration makes it possible to carry out a variety of liquidation processes when real-time processing via smart contracts is not possible.

[0169] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the second clearing processing intermediary means periodically calculates on a net basis each of the cash and ST used in the clearing processing for the ST issuer that is a hedge provider on the first trading side and performs DVP processing, and for securities companies, etc., at the option of the securities companies, etc., performs DVP processing or RTGS processing in a lump sum of each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side. This configuration makes it possible to carry out a variety of liquidation processes when real-time processing via smart contracts is not possible.

[0170] In addition, in the first form of the ST transaction processing system of the present invention, preferably, the stock ST trading means further has a first stock remaining amount adjustment means which has the function of, when the second trading side overbuys ST and the remaining amount of stock in the ST position held falls below the basic amount of stock by more than a predetermined amount, entering into a new issuance and underwriting contract for additional ST to an ST issuer acting as a hedge provider on the first trading side to make up for the shortfall from the basic amount of stock, thereby adjusting the remaining amount of stock in the ST position. By configuring in this manner, it becomes possible to deal with a decrease in the remaining stock of the corporate bond token position held by the liquidity adjuster, and to adjust the stock amount of the corporate bond token position held by the liquidity adjuster to an amount suitable for performing liquidity adjustment within the range of the expected risk amount.

[0171] Furthermore, in the first form of the ST transaction processing system of the present invention, preferably, the stock ST trading means further has a second stock remaining amount adjustment means having a function of entering into a contract with an ST issuer acting as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when the remaining stock amount of the ST position held exceeds a predetermined amount due to an overselling of ST on the second trading side. By configuring in this manner, it becomes possible to deal with an increase in the remaining stock of the corporate bond token position held by the liquidity adjuster, and to adjust the stock amount of the corporate bond token position held by the liquidity adjuster to an amount suitable for performing liquidity adjustment within the range of the expected risk amount.

[0172] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the stock ST trading means further has a third stock remaining amount adjustment means having a function of controlling the liquidity adjuster to purchase and hold the ST that satisfies the matching condition in response to a sell order of ST from the second trading side, and not to instruct the ST issuer that is the hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position. By configuring in this manner, it becomes possible to maintain the stock amount of the corporate bond token positions held by the liquidity adjuster within a range that is suitable for performing liquidity adjustment within the range of the expected risk amount.

[0173] Furthermore, in the first form of the ST transaction processing system of the present invention, preferably, the ST management body has a rights management book and an address (wallet) for holding the ST, and the ST underwriter who borrows cash from the issuer, purchases the ST to be underwritten with the borrowed cash, and provides the purchased ST to the issuer as collateral is recorded in the rights management book as the holder of the ST, and the ST received by the issuer as collateral exists in the issuer's address (wallet), the address (wallet) for holding the ST is linked to the rights management book, and an ST can be generated as a token based on the amount of ST as a digital asset recorded in the rights management book, and an ST management structure unit is provided that can process the holder of ST as a digital asset recorded in the rights management book as being different from the holder who actually holds the ST as a token in an address (wallet). With this configuration, while retaining the characteristics of a security in that third-party protection requirements are managed by two types of management bodies, it will be possible to smoothly barter digital data when trading large amounts of ST as digital assets in small amounts as tokens.

[0174] In addition, in the first form of the ST transaction processing system of the present invention, preferably, the liquidity adjustment means further has a smart contract for managing collateral ST, and the smart contract for managing collateral ST has a function of storing the ST provided as collateral by the liquidity adjuster, who is the underwriter of the ST, to the issuer of the ST without changing the name of the holder in the rights management ledger. Such a configuration makes it possible to appropriately manage ST that is held as actual collateral and is not intended for trading in lending.

[0175] In addition, in the first form of the ST transaction processing system of the present invention, preferably, the liquidity adjustment means further has a collateral ST lending means having a function of using the ST stocked as collateral for the purchase price lent by the issuer in the underwriting of the liquidity adjuster from the ST issuer, as a lending token in lending. Wholesale transactions on the first trading side (general trading companies that issue corporate bond tokens, etc.) are mainly DVP and cleared on T+2, while retail transactions on the second trading side (securities companies that trade corporate bond tokens with customers, etc.) are mainly RTGS and settled in real time. For this reason, there is a gap in the settlement due date between the first trading side and the second trading side. However, if the ST transaction processing system of the first embodiment of the present invention is configured, the ST stocked by the issuer as collateral can be used for lending, thereby eliminating the gap in the settlement date. In addition, it is possible to carry out efficient sales processing on the issuer side (primary transaction stage) while simultaneously increasing liquidity on the secondary transaction stage, making it possible to streamline both processes.

[0176] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the secured ST lending means has a smart contract for lending management, which has a function of setting a specified secured object to be provided by the borrower, a function of lending the ST stocked as secured object as a lending token in exchange for the secured object when the set specified secured object is provided by the borrower, and a function of controlling transactions regarding the ST lent as a lending token during the lending contract period, and a function of controlling the change of the name of the ST holder in the rights management ledger when a transaction is made. With this configuration, borrowers will be able to freely buy and sell the ST they borrowed through lending.

[0177] In addition, in the first form of the ST transaction processing system of the present invention, preferably, the secured ST lending means further has a control means for processing change of the ST holder's name in the rights management ledger, and the control means for processing change of the ST holder's name in the rights management ledger has a function of periodically, such as on a daily or weekly basis, performing transactions for the ST lent out as a lending token during the lending contract period, and changing the name of the ST holder in the rights management ledger when a transaction is made. With this configuration, it is possible to avoid the cumbersome process of changing the name on the rights management register each time a transaction is made.

[0178] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the secured ST lending means has a function of being able to provide ST lending for purposes such as clearing (ultra-short-term transactions such as repo transactions, where the borrowing period is the next day or a few days) and short selling (transactions assuming a longer borrowing period). With this configuration, the lending of ST that issuers have stocked as collateral can be made available not only for clearing purposes but also for short selling (credit trading of securities), thereby providing a selling environment for ST and increasing liquidity.

[0179] Furthermore, in the ST transaction processing system of the first embodiment of the present invention, preferably, the self-opposed matching processing means normally accepts buy and sell orders of ST with respect to the second trading side, performs matching processing via the self-opposed of the liquidity coordinator using the PTS method or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity coordinator, has a function of performing matching processing via the self-opposed of the liquidity coordinator with an ST issuer that is a hedge provider among the first trading side as an indirect counterparty of the order. With this configuration, it is possible to adjust the liquidity between the second trading side and the first trading side while ensuring the liquidity of transactions between the second trading sides.

[0180] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the self-versus-pair processing means further has a function of causing a specific connected trading firm (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading counterparty of the order to accept the order as an order concept for buying or selling ST, and causing another specific connected trading firm (an ST issuer that serves as a hedge provider) to accept the order as an indication of intent to enter into or terminate a hedge contract. With this configuration, it becomes possible to carry out transactions that combine token buying and selling and hedging setup and cancellation in a variety of ways.

[0181] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the stock ST transaction means further has a combination setting receiving means for ST buy / sell and hedge conclusion / cancellation, which has a function of accepting settings of various combinations of ST buy / sell orders by the self-counterpart processing means and expressions of intent to conclude / cancel a hedge contract. With this configuration, it becomes possible to set up transactions that combine token buying and selling and hedging setup and cancellation in a variety of ways.

[0182] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the self-versus-counter processing means further has a function of, for a specified trading company (ST issuer acting as a hedge provider) on the first trading side, matching an expression of intent to cancel a sell hedge from the ST issuer acting as a hedge provider on the first trading side against a buy order from the second trading side. This arrangement allows for a transaction that combines buying tokens on the second trading side with unwinding a hedge on the first trading side.

[0183] In addition, in the first form of the ST transaction processing system of the present invention, preferably, the self-versus-counter matching processing means further has a function of matching an indication of intention to enter into a sell hedge of a specified trading company (ST issuer acting as a hedge provider) on the first trading side against a sell order of spot ST from the second trading side. This arrangement allows for a transaction to be conducted that combines the sale of tokens on the second trading side with the entry of a hedge on the first trading side.

[0184] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the self-versus-pairing processing means further has a function of matching a simple buy order of a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side against a sell order of the spot token from the second trading side. This configuration allows for transactions that combine selling tokens on the second trading side with buying orders on the first trading side.

[0185] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the stock ST transaction means further has a first trading side connection unit and order type setting receiving means having a function of receiving settings of order types such as connection units of trading companies (ST issuers that serve as hedge providers, trading company types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the selling and buying sides, and indications of hedging type, in cases where, for a specified trading company on the first trading side, both the selling and buying sides are selling / buying orders, where both the selling and buying sides are indicating an intention to set up / cancele a hedge, or where a combination of an indication of an intention to cancele a hedge (effectively selling) by the selling side and a buying order by the buying side is present, etc. With this configuration, the first trading side can set various order types regardless of whether it is the selling side or the buying side.

[0186] Furthermore, the ST transaction processing system of the first embodiment of the present invention preferably further comprises: collateral parameters indicating the collateral status of the ST provided as collateral; a collateral status setting means having a function of selectively accepting the setting of multiple types of collateral status for the collateral parameters, such as a state in which the sale, lending, or re-pledge of the ST cannot be processed, or a state in which the lending or re-pledge of the ST can be processed; a collateral ST processing control means having a function of controlling the processing of the sale, lending, or re-pledge of the collateral ST based on the collateral status set in the collateral parameters; and a collateral parameter setting content change means or a collateral parameter setting content change smart contract having a function of manually or automatically canceling the setting content of the collateral status set in the collateral parameters via the collateral status setting means in the event of a default at the time of expiration of the loan agreement concluded with the lender at the time of collateral setting, and the collateral ST processing control means further has a function of controlling so that the ST provided as collateral can be sold and the name of the ST holder in the rights management ledger can be changed when the setting content of the collateral parameters is canceled by the collateral parameter setting content change means or the collateral parameter setting content change smart contract. By configuring it in this way, it will be possible to control the sale, lending, re-pledgement, and other processing of the ST that is used as collateral during the contract period, and it will also be possible to change the holder of the ST on the rights management ledger in the event of default at the time the contract expires.

[0187] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the bond-type ST tokenized using the commodity asset as the asset source is issued periodically by the ST issuer and has securities characteristics in which the contents corresponding to the redemption period and interest rate are all the same each time it is issued, and in the secondary trading stage, the ST is a structured bond-type security token in which transactions of ST as tokens are carried out by aggregating STs of different series into one issue, and the ST management structure unit has a series number-added rights information recording means having the function of adding and recording the series number as part of the securities-like digital rights information of the holder of the ST each time the ST is issued in the rights management book, a series number-added rights information management means having the function of managing the rights information of the ST to which the series number has been added on a series number basis in the rights management book, and a series number-aggregated token management means having the function of managing all the STs of different series as tokens of the same issue in the address (target of wallet processing) of the ST as a token. Commodity-type structured bonds are issued periodically, but many of them have the same maturity date and interest rate each time they are issued. Therefore, in the rights management book, it becomes necessary to manage the series number each time a corporate bond is issued. On the other hand, in transactions at the secondary trading stage, since the characteristics of each series, such as the redemption date and the interest rate, are all the same, it is desirable to aggregate transactions into one issue rather than by series number. However, with this configuration, the rights management book can be managed by series number, while tokens at the secondary trading stage can be managed as if each series was the same, which makes it possible to eliminate the problem of inefficiency due to dispersed liquidity that occurs when trading is done by series number at the secondary trading stage, as well as the hassle of management that occurs when there are many series numbers.

[0188] In addition, in the ST transaction processing system of the first embodiment of the present invention, the ST management structure unit preferably further has a management means on a per-issue basis having a function of processing all STs with different series numbers at the liquidity adjuster or the second trading side at the secondary trading stage as the same series rather than processing them on a per-serial number basis, in terms of asset management of documents and accounts, and management of order / contract information. Such a configuration makes it possible to eliminate the hassle of managing a large number of serial numbers.

[0189] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the ST management structure unit further has a name change means having a function of changing the name of the ST as a token in the rights management book after an order is executed, in a lump sum after tallying up all transactions for the ST as a token up to the previous day at the time of the date change. This configuration makes it possible to eliminate the complexity of the name change process.

[0190] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the ST management structure unit includes a selling data sorting means having a function of sorting the selling data of the ST in the security-like digital right information recorded in the right management ledger in ascending order by individual identification information (original ledger ID), and in the selling data of the ST sorted by the selling data sorting means, when there are multiple types of series in the security-like digital right information of the ST held by the holder of the ST identified by the identification information (original ledger ID), the selling data of the ST of the series with the fewer number of data held is prioritized as the target for sale, and sales of the STs of different series held by the holder of the ST identified by the identification information (original ledger ID) are prioritized. The system further includes a sales priority information sorting and stocking means having a function of sorting the selling data of the ST on the day of the transaction in the rights management ledger in ascending order by individual identification information (original ledger ID) in the case where the number of data held by the selling data is the same, so that the selling data of the ST with the smaller serial number is given priority as the target for sale, and temporarily storing the sorted selling data as the selling priority information of the ST, a buying data sorting means having a function of sorting the buying data of the ST on the day of the transaction in the rights management ledger in ascending order by individual identification information (original ledger ID), and a buying data allocation means having a function of assigning the buying data of the ST sorted by the buying data sorting means to the selling data of the ST sorted in descending order in the selling priority information of the ST via the selling priority information sorting and stocking means. By configuring in this manner, it becomes possible to efficiently identify STs with different series as targets for sale by sellers, and to efficiently allocate them to buyers.

[0191] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, when there are multiple types of serial numbers of the ST's purchasing data that can be assigned, the purchasing data allocation means further has a function of prioritizing the purchasing data of the ST with a smaller serial number and assigning it in descending order to the selling data of the ST that has been sorted in the selling priority information of the ST via the selling priority information sorting and stocking means. By configuring it in this way, it becomes possible to efficiently allocate STs with different series to purchasers.

[0192] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, when a token trader performs a viewing operation on the rights management book, the ST transaction data of only the series involved in the transaction as a party to the transaction is output and displayed on a series number basis. If the viewing rights are misused by a purchaser of a token, there is a concern that a large amount of personal information recorded in the rights management register may be obtained and leaked to the outside. With this configuration, it is possible to reduce the amount of personal information acquired through the misuse of viewing rights.

[0193] In addition, in the ST trading processing system of the first embodiment of the present invention, preferably, the viewing and display control means further has a function of controlling a trader performing a viewing operation on the rights management ledger to output and display only the identification information (ledger ID) of the top 10 traders of each issue of the ST trading data for the relevant stock and the identification information (ledger ID) of the trader performing the viewing operation himself / herself. With this configuration, it is possible to reduce the acquisition of personal information through the misuse of viewing rights.

[0194] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the viewing and display control means further has a function of limiting the output display of addresses constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards. With this configuration, even if the viewing right is misused to obtain personal information, it is possible to prevent the misuser of the viewing right from identifying the specific address of the individual.

[0195] In addition, in the ST transaction processing system of the first embodiment of the present invention, preferably, the viewing display control means further has a function of limiting the output display of names constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only the surname. With this configuration, even if the viewing right is misused to obtain personal information, it is possible to prevent the misuser of the viewing right from identifying the specific name of the individual.

[0196] The second embodiment of the present invention provides an ST transaction processing system that is equipped with a distributed ledger in a distributed technology such as a blockchain and a smart contract or a server application for performing a predetermined process using data managed in the distributed ledger. 2A transaction processing system for bond-type ST (Structured Bond Security Token) with securities characteristics, which is tokenized using emission rights, energy (crude oil, electricity, etc.) as the asset source (essentially treated as collateral), and the like, in which the first transaction side (ST issuers consisting of general trading companies dealing in commodities, ST issuers acting as hedge providers that will be the buyers of the hedge at the secondary trading stage after ST issuance, lead underwriters that underwrite ST from ST issuers acting as hedge providers, secondary - At the trading stage, it acts as a liquidity adjuster between the wholesale processing side (LPs (liquidity providers) and MMs (market makers) that supply liquidity) and the second trading side (retail processing side (securities firms and other companies that trade the issued ST with customers)) and has the function of adjusting the liquidity of ST transactions on both the first and second trading sides by absorbing the gap in transaction units (orders, hedging cancellation, additional intentions, etc.) between the second trading side and the first trading side through the liquidity adjuster's own ST positioning. the liquidity adjustment means comprises: an ST underwriting means having a function of having a lead underwriter purchase and underwrite a large amount of ST issued at one time from an ST issuer, in a lump sum; an ST position stocking means having a function of stocking the ST underwritten by the lead underwriter as the liquidity adjuster's own position; an ST underwriting fund borrowing means having a function of having the lead underwriter borrow purchase funds for the ST underwriting from the ST issuer; an ST collateral provision means having the ST issuer provide the purchased ST as collateral to the lead underwriter; a hedge conclusion means having the lead underwriter conclude a commodity spot selling hedge contract with the ST issuer for the amount of funds for ST purchase; and a stock ST trading means having a function of trading the ST stocked via the ST position stocking means in accordance with the trading details (orders or indications of intention to cancel hedges, add, etc.) desired by traders on the first trading side and the second trading side at the secondary trading stage after ST issuance,a first contract notification means for notifying the liquidity coordinator of a contract for a purchase order from the second trading side and a liquidity coordinator of a contract for a purchase order from the second trading side when the liquidity coordinator's own trading standard, which is the counterpart of the IOI for hedging (indication of intent in a bilateral trading manner for confirming intent regarding a hedge contract) of the hedging contract from the ST issuer serving as a hedge provider in the first trading side, and the liquidity coordinator's own trading standard, which is the counterpart of the buy order from the second trading side, satisfy a contract condition; a hedge resolution means having a function of, when receiving a telegram of a hedge resolution instruction from a liquidity adjuster in response to an IOI (a bilateral transaction-type transaction intention indication for confirming the intention regarding the hedge contract) of hedge resolution to the liquidity adjuster, placing a buy order for the hedge resolution instruction amount with an external liquidity supplier in an ST issuer serving as a hedge provider among the first trading side and receiving the contract, and at the same time reducing the hedge resolution instruction amount of the sell hedge contract; a first clearing processing intermediation means for receiving cash from the second trading side and delivering it to the first trading side, and receiving the ST of the contracted amount of ST provided as collateral from the first trading side and delivering it to the second trading side; and a stock ST position amount reduction means for reducing the position amount of ST of the contracted amount of ST among the stocked ST positions.

[0197] If the liquidity adjuster were to collectively underwrite a large amount of corporate bond tokens issued by an issuer, it could be interpreted as being the lead manager. If interpreted as being the lead manager, the liquidity adjuster would likely have to strengthen its financial standing, etc., which would be in line with the underwriting risk of the lead manager. In the second form of the ST transaction processing system of the present invention, such risks can be avoided by having the lead manager be a different securities company other than the liquidity adjuster, and having that lead manager perform the above-mentioned hedging and underwriting for the issuer, and by having the liquidity adjuster treat the lead manager securities company as part of the LP (liquidity provider) on the first transaction side.

[0198] Also, as in the second embodiment of the ST transaction processing system of the present invention, "a liquidity adjuster is interposed between the first transaction side (an ST issuer consisting of a general trading company dealing in commodities, which serves as a hedge provider that will be the buyer of the hedge in the secondary transaction stage after ST issuance, a lead underwriter that underwrites ST from the ST issuer that serves as a hedge provider, an LP (liquidity provider) or MM (market maker) that provides liquidity in the secondary transaction stage after ST issuance, etc.) and the second transaction side (a securities company that trades the issued ST with a customer), and the second transaction side and the first transaction side are adjusted by the liquidity adjuster's own ST positioning. If the system is configured to have a "liquidity adjustment means having the function of absorbing the gap in the transaction unit (orders or hedging cancellation, additional intention, etc.) in the first transaction side and adjusting the liquidity of ST transactions on both the first transaction side and the second transaction side," then the bond tokens issued all at once by the issuer of the bond tokens (a general trading company that deals in commodities) will be sold in small increments by the seller of the bond tokens (a securities company that sells the bond tokens), making it appear that the amount of bond tokens issued is variable, and it will be possible to adjust the liquidity by linking the selling price of the bond tokens to the market price, making it possible to smoothly carry out transactions between the first transaction side and the second transaction side where there is a gap in the transaction unit.

[0199] Furthermore, if the liquidity adjustment means is configured to have an "ST underwriting means having the function of having a lead underwriter purchase and underwrite a large amount of ST issued at one time by an ST issuer," as in the second form of the ST transaction processing system of the present invention, it will be possible to significantly reduce the complexity of the paperwork and approval procedures required for the issuer to submit a securities registration statement and the underwriter (here, the lead underwriter) to submit a securities underwriting statement to the authorities each time an underwriter (here, the lead underwriter) underwrites securities issued by an issuer.

[0200] Furthermore, if the liquidity adjustment means is configured to have an "ST underwriting fund borrowing means having the function of having the ST issuer borrow purchase funds for underwriting the ST from the lead underwriter securities company," as in the second form of ST transaction processing system of the present invention, it will be possible to reduce the burden of fundraising for ST underwriting on the lead underwriter securities company.

[0201] Furthermore, if the liquidity adjustment means is configured to have an "ST collateral provision means having the function of having the ST issuer provide the ST it has purchased as collateral to the lead underwriter securities company," as in the second form of ST transaction processing system of the present invention, the general trading company, which is the first trading side, will receive collateral (corporate bond ST) equivalent to the loan amount from the lead underwriter securities company, thereby making it possible to reduce risk.

[0202] Also, as in the second embodiment of the ST transaction processing system of the present invention, if the liquidity adjustment means has a "hedge conclusion means having a function of having the lead underwriter conclude a sell hedge contract for the commodity spot of the ST purchase funds with the issuer of the ST", the underwriting side of the bond token (the lead underwriter) can avoid the risk of a downward fluctuation in the market price of the bond token by concluding an OTC sell hedge contract for the commodity spot of the same amount as the underwriting amount of the bond token with the general trading company that is the issuer of the bond token. In addition, for the issuance amount of the bond token, the liquidity adjuster has a position of the lead underwriter that has underwritten the bond token, but by having the lead underwriter conclude an OTC contract to hedge (sell) the same amount (of commodity spot) as the position of the underwritten bond token with the first trading side, which is the issuer of the bond token (the general trading company that issues the bond token), it becomes possible to make the liquidity adjuster's position delta = risk amount zero. In addition, the issuer of the ST, the first trading side, receives a commodity spot hedge (sale) from the lead underwriter when issuing the corporate bond ST, and therefore is able to issue the same amount of corporate bond ST by having a contract to buy the same amount of commodity spot.

[0203] Furthermore, as in the second form of the ST transaction processing system of the present invention, if the liquidity adjustment means is configured to have "a stock ST transaction means having a function of conducting transactions in accordance with the transaction contents (orders or hedging cancellation, additional intentions, etc.) desired by traders on the first trading side and the second trading side for the ST stored via the ST position storage means at the secondary trading stage after ST issuance," it will be possible to smoothly conduct transactions between the first trading side and the second trading side, which have a gap in the transaction unit, while adjusting liquidity using the stored ST in accordance with the transaction contents (orders or hedging cancellation, additional intentions, etc.) desired by traders on the first trading side and the second trading side.

[0204] Furthermore, as in the second form of the ST transaction processing system of the present invention, if the stock ST trading means is configured to have "a self-versal matching processing means having a function of performing matching processing via the liquidity adjuster's self-versal for each of orders from the second trading side and orders from the first trading side or IOIs (bilateral trading-type trading intention indications to confirm intentions regarding hedging contracts) for hedging cancellation and addition," it becomes possible to divide the second trading side (such as a securities company that trades corporate bond tokens with customers) and the first trading side (such as a general trading company that issues corporate bond tokens) and a lead underwriter that has taken over from the general trading company, etc., with the liquidity adjuster acting as an intermediary between them, holding positions as the liquidity adjuster, and mutually supplying liquidity by adjusting the held positions.

[0205] Furthermore, as in the second form of the ST transaction processing system of the present invention, if the stock ST transaction means is configured to have "a first agreement notification means having a function of returning an agreement to the second trading side and returning a message of an instruction to cancel the hedge for the corresponding amount to the ST issuer that is the hedge provider on the first trading side when the liquidity adjuster's own buying and selling standards, which are the counterpart of the IOI (indication of intention to cancel a hedge in a bilateral trading manner to confirm the intention regarding the hedge contract) of the ST issuer that is the hedge provider on the first trading side, and the liquidity adjuster's own buying and selling standards, which are the counterpart of the buy order from the second trading side, satisfy the matching conditions," it will be possible to match and process the indication of intention to cancel the hedge from the ST issuer on the first trading side and the buy order on the second trading side while separating them with the liquidity adjuster's own buying and selling.

[0206] Furthermore, as in the second form of the ST transaction processing system of the present invention, if the stock ST transaction means is configured to have "a hedge resolution means having a function of, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of a hedge resolution instruction from the liquidity adjuster in response to an IOI (a bilateral transaction-type indication of intent to trade to confirm the intent regarding the hedge contract) of hedge resolution to the liquidity adjuster, placing a buy order for the hedge resolution instruction amount with an external liquidity supplier in the ST issuer serving as a hedge provider on the first trading side and having it executed, at the same time reducing the hedge resolution instruction amount of the sell hedge contract," it will be possible to perform hedge resolution processing smoothly.

[0207] Furthermore, as in the second form of the ST transaction processing system of the present invention, if the stock ST transaction means is configured to have "a first liquidation processing intermediary means which receives cash from the second trading side and passes it to the first trading side, and receives the ST of the ST provided as collateral for the relevant contract from the first trading side and passes it to the second trading side," it will be possible to smoothly carry out liquidation processing after the contract between the first trading side and the second trading side.

[0208] Furthermore, if the stock ST trading means is configured to have a "stock ST position amount reduction means for reducing the ST position amount for the relevant contract from among the stocked ST positions" as in the second form of ST trading processing system of the present invention, then at the time of contract, the hedge amount will be reduced and the corporate bond tokens for the relevant contract that were used as collateral will be automatically reduced, making it possible to speed up and streamline complicated processing.

[0209] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the stock ST transaction means includes a second contract notification means having a function of returning a contract to the second trading side and returning a message of a hedge addition instruction by the lead underwriter to the ST issuer serving as the hedge provider on the first trading side when the liquidity adjuster's own buying and selling standard corresponding to the IOI (indication of trading intention in a bilateral trading manner to confirm the intention regarding the hedge contract) of the hedge addition from the ST issuer serving as the hedge provider on the first trading side and the liquidity adjuster's own buying and selling standard corresponding to the sell order from the second trading side satisfy the matching condition, and a second contract notification means having a function of returning a message of a hedge addition instruction by the lead underwriter to the ST issuer serving as the hedge provider on the first trading side when the ST issuer serving as the hedge provider on the first trading side notifies the lead underwriter of the IOI (indication of trading intention in a bilateral trading manner to confirm the intention regarding the hedge contract) of the hedge addition to ... hedge contract from the ST issuer serving as the hedge provider on the first trading side. The transaction side further comprises a hedge addition means having a function of, when receiving a telegram of hedge addition instructions from a lead underwriter in response to a bilateral transaction-type indication of trading intention to confirm the intention regarding the hedge, placing a sell order for the hedge addition instruction amount with an external liquidity provider at an ST issuer serving as a hedge provider among the first trading side and having it executed, and at the same time adding the hedge addition instruction amount to the sell hedge contract; a second clearing processing intermediation means having a function of receiving cash or the like from the first trading side and delivering it to the second trading side, and receiving the ST for the executed amount from the second trading side and delivering it to the first trading side; and a stock ST position amount increasing means having a function of increasing the position amount of the ST for the executed amount to the stocked ST position. With this configuration, the hedge amount is automatically added at the time of agreement, and the number of corporate bond tokens used as collateral for the relevant agreement is automatically increased, making it possible to speed up and streamline complicated processing.

[0210] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the stock ST transaction means includes a rate calculation means having a function of calculating a liquidity adjuster rate based on indicative buy and sell IOI (bilateral transaction type indication of transaction intention) information received as a market price from an ST issuer serving as a hedge provider among the first trading side, and a rate providing means having a function of providing the liquidity adjuster rate calculated by the rate calculation providing means to the second trading side. It further has: By configuring it in this manner, there will be no need for the second trading side securities company (or its system) to create rates or distribute them on a 1:many basis, which will in turn reduce the load on the system used to conduct small-scale ST-type transactions at the second trading side securities company (or its system).

[0211] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the stock ST trading means further has a reference rate calculation means having a function of calculating a reference rate based on IOI (bilateral indication of intention to trade) information of indicative buys and sells received from the outside as market prices, or information similar to the IOI information, or information obtained by combining the IOI information and information similar to the IOI information, and a matching order search means having a function of privately searching for orders on the second trading side that satisfy the matching conditions using the IOI (bilateral indication of intention to trade) method, using orders based on the reference rate calculated by the reference rate calculation means as deemed orders. With this configuration, it becomes possible to process transactions between the first trading side and the second trading side via self-counter transactions without using the PTS method.

[0212] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the first clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the second trading side delivers cash or the like as payment to the ST issuer acting as the hedge provider on the first trading side to receive the ST for the relevant contract out of the ST provided as collateral, and at the same time delivering the ST to the second trading side, when clearing is to be effected by delivering the said amount of cash or the like from the second trading side to the ST issuer acting as the hedge provider on the first trading side, thereby receiving the ST for the relevant contract out of the ST provided as collateral, and at the same time delivering the ST to the second trading side. With this configuration, clearing processing for transactions between a first trading side and a second trading side can be carried out quickly and efficiently via a smart contract.

[0213] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the second clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the ST issuer acting as a hedge provider on the first trading side delivers cash or other equivalent as payment to the second trading side to receive the ST for the relevant contract, and at the same time, delivers the ST to the ST issuer acting as the hedge provider on the first trading side. With this configuration, clearing processing for transactions between a first trading side and a second trading side can be carried out quickly and efficiently via a smart contract.

[0214] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the second clearing processing intermediary means further has a function of canceling the ST when performing RTGS-like clearing processing in which the second clearing processing intermediary means delivers the relevant amount of cash to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to the ST issuer that is the hedge provider on the first trading side. By configuring it in this way, it is possible to reduce the amount of ST stocked.

[0215] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the second clearing processing intermediary means further has a function of borrowing cash from an ST issuer that is a hedge provider on the first trading side and paying the corresponding amount of cash to the second trading side, while at the same time receiving the ST for the corresponding contract from the second trading side and delivering the received ST as collateral to the ST issuer that is a hedge provider on the first trading side. By configuring it in this manner, the stock of ST will not decrease, but a sell hedge against the issuer will be accumulated, and the trouble of reissuing ST after canceling it will be eliminated, thereby reducing the complexity of management that would otherwise occur when the number of series increases each time ST is issued.

[0216] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the first clearing processing intermediary means periodically calculates on a net basis each of the cash and ST used in the clearing processing for the ST issuer that is a hedge provider on the first trading side and performs DVP processing, and for securities companies, etc., at the option of the securities companies, etc., performs DVP processing or RTGS processing in a lump sum of each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side. This configuration makes it possible to carry out a variety of liquidation processes when real-time processing via smart contracts is not possible.

[0217] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the second clearing processing intermediary means periodically calculates on a net basis each of the cash and ST used in the clearing processing for the ST issuer that is a hedge provider on the first trading side and performs DVP processing, and for securities companies, etc., at the option of the securities companies, etc., performs DVP processing or RTGS processing in a lump sum of each of the remaining cash and ST in the periodic DVP processing for the ST issuer that is a hedge provider on the first trading side. This configuration makes it possible to carry out a variety of liquidation processes when real-time processing via smart contracts is not possible.

[0218] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the stock ST trading means further has a first stock remaining amount adjustment means which has the function of adjusting the remaining amount of stock of the ST position when the second trading side overbuys ST and the remaining amount of stock of the ST position held falls below the basic amount of stock by more than a predetermined amount, by having the ST issuer acting as a hedge provider on the first trading side enter into a new issuance and underwriting contract with the lead underwriter for additional ST to make up the shortfall from the basic amount of stock. By configuring in this manner, it becomes possible to deal with a decrease in the remaining stock of the corporate bond token position held by the liquidity adjuster, and to adjust the stock amount of the corporate bond token position held by the liquidity adjuster to an amount suitable for performing liquidity adjustment within the range of the expected risk amount.

[0219] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the stock ST trading means further has a second stock remaining amount adjustment means having a function of entering into a contract with an ST issuer acting as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when the remaining stock amount of the ST position held exceeds a predetermined amount due to an overselling of ST on the second trading side. By configuring in this manner, it becomes possible to deal with an increase in the remaining stock of the corporate bond token position held by the liquidity adjuster, and to adjust the stock amount of the corporate bond token position held by the liquidity adjuster to an amount suitable for performing liquidity adjustment within the range of the expected risk amount.

[0220] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the stock ST trading means further has a third stock remaining amount adjustment means having a function of controlling the liquidity adjuster to purchase and hold the ST that satisfies the matching condition in response to a sell order of ST from the second trading side, and not to instruct the ST issuer that is the hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position. By configuring in this manner, it becomes possible to maintain the stock amount of the corporate bond token positions held by the liquidity adjuster within a range that is suitable for performing liquidity adjustment within the range of the expected risk amount.

[0221] Furthermore, in the second form of the ST transaction processing system of the present invention, preferably, the ST management body has a rights management book and an address (wallet) for holding the ST, and the ST underwriter who borrows cash from the issuer, purchases the ST to be underwritten with the borrowed cash, and provides the purchased ST to the issuer as collateral is recorded in the rights management book as the holder of the ST, and the ST received by the issuer as collateral exists in the issuer's address (wallet), the address (wallet) for holding the ST is linked to the rights management book, and an ST can be generated as a token based on the amount of ST as a digital asset recorded in the rights management book, and an ST management structure unit is provided that can process the holder of ST as a digital asset recorded in the rights management book as being different from the holder who actually holds the ST as a token in an address (wallet). With this configuration, while retaining the characteristics of a security in that third-party protection requirements are managed by two types of management bodies, it will be possible to smoothly barter digital data when trading large amounts of ST as digital assets in small amounts as tokens.

[0222] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the liquidity adjustment means further has a smart contract for managing collateral ST, and the smart contract for managing collateral ST has a function of storing the ST provided as collateral by the liquidity adjuster, who is the underwriter of the ST, to the issuer of the ST without changing the name of the holder in the rights management ledger. Such a configuration makes it possible to appropriately manage ST that is held as actual collateral and is not intended for trading in lending.

[0223] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the liquidity adjustment means further has a collateral ST lending means having a function of using the ST stocked as collateral for the purchase price lent by the issuer in the underwriting by the lead underwriter from the ST issuer, as a lending token in lending. Wholesale transactions on the first trading side (general trading companies that issue corporate bond tokens, etc.) are mainly DVP and cleared on T+2, while retail transactions on the second trading side (securities companies that trade corporate bond tokens with customers, etc.) are mainly RTGS and settled in real time. For this reason, there is a gap in the settlement due date between the first trading side and the second trading side. However, if the ST transaction processing system of the second embodiment of the present invention is configured, it is possible to eliminate the gap in settlement dates by allowing the issuer to use the ST that it has stocked as collateral for lending. In addition, it will be possible to carry out efficient sales processing on the issuer side (primary trading stage) while at the same time increasing liquidity on the secondary trading stage, making it possible to streamline both processes.

[0224] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the secured ST lending means has a smart contract for lending management, which has a function of setting a specified collateral object to be provided by the borrower, a function of lending the ST stocked as collateral as a lending token in exchange for the collateral object when the set specified collateral object is provided by the borrower, and a function of controlling transactions regarding the ST lent as a lending token during the lending contract period, and a function of controlling the change of the name of the ST holder in the rights management ledger when a transaction is made. With this configuration, borrowers will be able to freely buy and sell the ST they borrowed through lending.

[0225] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the secured ST lending means further has a control means for processing change of the ST holder's name in the rights management ledger, and the control means for processing change of the ST holder's name in the rights management ledger has a function of periodically, for example, on a daily or weekly basis, performing transactions for the ST lent out as a lending token during the lending contract period, and changing the name of the ST holder in the rights management ledger when a transaction is made. With this configuration, it is possible to avoid the cumbersome process of changing the name on the rights management register each time a transaction is made.

[0226] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the secured ST lending means has a function of being able to provide ST lending for purposes such as clearing (ultra-short-term transactions such as repo transactions, where the borrowing period is the next day or a few days) and short selling (transactions assuming a longer borrowing period). With this configuration, the lending of ST that issuers have stocked as collateral can be made available not only for clearing purposes but also for short selling (credit trading of securities), thereby providing a selling environment for ST and increasing liquidity.

[0227] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the self-opposed matching processing means normally accepts buy and sell orders of ST with respect to the second trading side, performs matching processing via the self-opposed of the liquidity coordinator using the PTS method or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity coordinator, has a function of performing matching processing via the self-opposed of the liquidity coordinator with an ST issuer that is a hedge provider among the first trading side as an indirect counterparty of the order. With this configuration, it is possible to adjust the liquidity between the second trading side and the first trading side while ensuring the liquidity of transactions between the second trading sides.

[0228] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the self-versus-pair processing means further has a function of causing a specific connected trading firm (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading counterparty of the order to accept the order as an order concept for buying or selling ST, and causing another specific connected trading firm (an ST issuer that serves as a hedge provider) to accept the order as an indication of intent to enter into or terminate a hedge contract. With this configuration, it becomes possible to carry out transactions that combine token buying and selling and hedging setup and cancellation in a variety of ways.

[0229] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the stock ST transaction means further has a combination setting receiving means for ST buy / sell and hedge conclusion / cancellation, which has a function of accepting settings of various combinations of ST buy / sell orders by the self-counterpart processing means and expressions of intent to conclude / cancel a hedge contract. With this configuration, it becomes possible to set up transactions that combine token buying and selling and hedging setup and cancellation in a variety of ways.

[0230] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the self-versus-counter-matching processing means further has a function of matching, for a specified trading company (ST issuer serving as a hedge provider) on the first trading side, an expression of intent to cancel a sell hedge from the ST issuer serving as a hedge provider on the first trading side against a buy order from the second trading side. This arrangement allows for a transaction that combines buying tokens on the second trading side with unwinding a hedge on the first trading side.

[0231] In addition, in the second form of the ST transaction processing system of the present invention, preferably, the self-versus-counterbalancing processing means further has a function of counterbalancing a sell order of spot ST from the second trading side with an expression of intention to enter into a sell hedge by a specified trading company (ST issuer acting as a hedge provider) on the first trading side. This configuration allows for a transaction that combines the sale of tokens on the second trading side with the unwinding of a hedge on the first trading side.

[0232] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the self-versus-pairing processing means further has a function of matching a sell order of the spot token from the second trading side with a simple buy order of a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side. This configuration allows for transactions that combine selling tokens on the second trading side with buying orders on the first trading side.

[0233] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the stock ST transaction means further has a first trading side connection unit and an order type setting receiving means having a function of receiving settings of order types such as connection units of trading companies (ST issuers that provide a hedge, trading company types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the selling and buying sides, and indications of hedging type, in cases where, for a specified trading company on the first trading side, both the selling and buying sides are selling / buying orders, where both the selling and buying sides are indicating an intention to set up / cancele a hedge, or where a combination of an indication of an intention to cancel a hedge (effectively selling) by the selling side and a buying order by the buying side is present, etc. With this configuration, the first trading side can set various order types regardless of whether it is the selling side or the buying side.

[0234] In addition, the ST transaction processing system of the second embodiment of the present invention preferably further comprises: collateral parameters indicating the collateral status of the ST provided as collateral; a collateral status setting means having a function of selectively accepting the setting of multiple types of collateral status for the collateral parameters, such as a state in which the sale, lending, or re-pledge of the ST cannot be processed, and a state in which the lending or re-pledge of the ST can be processed; a collateral ST processing control means having a function of controlling the processing of the sale, lending, or re-pledge of the collateral ST based on the collateral status set in the collateral parameters; and a collateral parameter setting content change means or a collateral parameter setting content change smart contract having a function of manually or automatically canceling the setting content of the collateral status set in the collateral parameters via the collateral status setting means in the event of a default at the time of expiration of the loan agreement concluded with the lender at the time of collateral setting, and the collateral ST processing control means further has a function of controlling so that the ST provided as collateral can be sold and the name of the ST holder in the rights management ledger can be changed when the setting content of the collateral parameters is canceled by the collateral parameter setting content change means or the collateral parameter setting content change smart contract. By configuring it in this way, it will be possible to control the sale, lending, re-pledgement, and other processing of the ST that is used as collateral during the contract period, and it will also be possible to change the holder of the ST on the rights management ledger in the event of default at the time the contract expires.

[0235] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the bond-type ST tokenized using the commodity asset as the asset source is a structured bond-type security token that is issued periodically by the ST issuer and has securities characteristics in which the contents corresponding to the redemption period and interest rate are all the same each time it is issued, and in the secondary trading stage, trading of the ST as a token is carried out by aggregating STs of different series into one issue, and the ST management structure unit has a series number-added right information recording means having the function of adding and recording the series number as part of the securities-like digital right information of the holder of the ST each time the ST is issued in the rights management book, a series number-added right information management means having the function of managing the right information of the ST to which the series number has been added on a series number basis in the rights management book, and a series number-aggregated token management means having the function of managing all the STs of different series as tokens of the same issue in the address (target of wallet processing) of the ST as a token. Commodity-type structured bonds are issued periodically, but many of them have the same maturity date and interest rate each time they are issued. Therefore, in the rights management book, it becomes necessary to manage the series number each time a corporate bond is issued. On the other hand, in transactions at the secondary trading stage, since the characteristics of each series, such as the redemption date and the interest rate, are all the same, it is desirable to aggregate transactions into one issue rather than by series number. However, with this configuration, the rights management book can be managed by series number, while tokens at the secondary trading stage can be managed as if each series was the same, which makes it possible to eliminate the problem of inefficiency due to dispersed liquidity that occurs when trading is done by series number at the secondary trading stage, as well as the hassle of management that occurs when there are many series numbers.

[0236] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the ST management structure unit further has a management means on a per-issue basis having a function of processing, at the secondary trading stage, the liquidity adjuster or the second trading side, all STs with different series numbers as the same issue, without processing them on a per-issue basis, for managing documents, account assets, and order / contract information. Such a configuration makes it possible to eliminate the hassle of managing a large number of serial numbers.

[0237] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the ST management structure unit further has a name change means having a function of changing the name of the ST as a token in the rights management book after an order is executed, in a lump sum after tallying up all transactions for the ST as a token up to the previous day at the time of the date change. This configuration makes it possible to eliminate the complexity of the name change process.

[0238] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the ST management structure unit includes a selling data sorting means having a function of sorting the selling data of the ST in the security-like digital right information recorded in the right management ledger in ascending order by individual identification information (original ledger ID), and in the selling data of the ST sorted by the selling data sorting means, when there are multiple types of series in the security-like digital right information of the ST held by the holder of the ST identified by the identification information (original ledger ID), the selling data of the ST of the series with the fewer number of data held is given priority as the target for sale, and when the selling data of the ST of different series held by the holder of the ST identified by the identification information (original ledger ID) is not included in the selling data of the ST, The system further includes a sales priority information sorting and stocking means having a function of sorting the selling data of the ST on the day of the transaction in the rights management ledger in ascending order by individual identification information (original ledger ID) in the case where the number of data held by the selling data is the same, so that the selling data of the ST with the smaller serial number is given priority as the target for sale, and temporarily storing the sorted selling data as the selling priority information of the ST, a buying data sorting means having a function of sorting the buying data of the ST on the day of the transaction in the rights management ledger in ascending order by individual identification information (original ledger ID), and a buying data allocation means having a function of assigning the buying data of the ST sorted by the buying data sorting means to the selling data of the ST sorted in descending order in the selling priority information of the ST via the selling priority information sorting and stocking means. By configuring in this manner, it becomes possible to efficiently identify STs with different series as targets for sale by sellers, and to efficiently allocate them to buyers.

[0239] In addition, in the second form of the ST transaction processing system of the present invention, preferably, when there are multiple types of serial numbers of the ST's purchasing data that can be assigned, the purchasing data allocation means further has a function of prioritizing the purchasing data of the ST with a smaller serial number and assigning it in descending order to the selling data of the ST that has been sorted in the selling priority information of the ST via the selling priority information sorting and stocking means. By configuring it in this way, it becomes possible to efficiently allocate STs with different series to purchasers.

[0240] In addition, in the second form of the ST transaction processing system of the present invention, preferably, when a token trader performs a viewing operation on the rights management book, the ST transaction data of only the series involved in the transaction as a party to the transaction is output and displayed on a series basis. If the viewing rights are misused by a purchaser of a token, there is a concern that a large amount of personal information recorded in the rights management register may be obtained and leaked to the outside. With this configuration, it is possible to reduce the amount of personal information acquired through the misuse of viewing rights.

[0241] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the viewing and display control means further has a function of controlling a trader performing a viewing operation of the rights management ledger to output and display only the identification information (ledger ID) of the top 10 traders of each issue of the ST transaction data of the relevant stock and the identification information (ledger ID) of the trader performing the viewing operation himself / herself. With this configuration, it is possible to reduce the acquisition of personal information through the misuse of viewing rights.

[0242] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the viewing and display control means further has a function of limiting the output display of addresses constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards. With this configuration, even if the viewing right is misused to obtain personal information, it is possible to prevent the misuser of the viewing right from identifying the specific address of the individual.

[0243] In addition, in the ST transaction processing system of the second embodiment of the present invention, preferably, the viewing display control means further has a function of limiting the output display of names constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only the surname. With this configuration, even if the viewing right is misused to obtain personal information, it is possible to prevent the misuser of the viewing right from identifying the specific name of the individual.

[0244] Therefore, according to the present invention, it is possible to obtain an ST transaction processing system that can improve the liquidity of large-scale ST issued by a first trading side while minimizing the risks to the issuers and underwriters associated with the issuance of a large amount of ST from a first trading side at one time, and efficiently and quickly process transactions between a first trading side and a second trading side where there is a gap in the trading unit. Hereinafter, an embodiment of the present invention will be described with reference to the drawings.

[0245] First embodiment FIG. 1 is an explanatory diagram showing in outline the overall configuration of an ST transaction processing system according to a first embodiment of the present invention. The ST transaction processing system 1 of this embodiment is a transaction processing system for commodity assets (precious metals (gold, etc.), CO2, etc.) that is constructed with a distributed ledger in distributed technology such as a blockchain and a smart contract or a server application for performing predetermined processing using data managed in the distributed ledger. 2 This is a transaction processing system for bond-type STs (Structured Bond Security Tokens) that have securities characteristics and are tokenized using emission rights and energy (crude oil, electricity, etc.) as asset resources (essentially treated as collateral), and has a liquidity adjustment means 2, as shown in Figure 1, for example.

[0246] Liquidity adjustment means 2 As shown in FIG. 2, for example, the liquidity adjustment means 2 acts as a liquidity adjuster between a first trading side (an issuer of ST consisting of a general trading company dealing in commodities, which is a hedge provider that becomes the buyer of the hedge in the secondary trading stage after the issuance of the ST, and a wholesale processing side such as LPs (liquidity providers) and MMs (market makers) that supply liquidity in the secondary trading stage after the issuance of the ST) and a second trading side (a retail processing side such as a securities company that trades the issued ST with customers), and has the function of adjusting the liquidity of ST transactions on both the first and second trading sides by absorbing the gap in transaction units (orders or hedge cancellation / additional intentions, etc.) between the second trading side and the first trading side by taking the liquidity adjuster's own ST position.

[0247] More specifically, the liquidity adjustment means 2 is configured to include, for example, an ST underwriting means 11, an ST position stock means 12, an ST underwriting fund borrowing means 13, an ST collateral provision means 14, a hedge conclusion means 15, a stock ST trading means 16, a smart contract for collateral ST management 34, and a collateral ST lending means 31, as shown in FIG. 3.

[0248] ST acceptance method 11 The ST underwriting means 11, as shown in FIG. 4, for example, is configured to have the function of having the liquidity adjuster purchase and underwrite a large amount of ST issued at one time by an ST issuer in a lump sum.

[0249] ST Position Stock Means 12 The ST position stocking means 12 is configured to have a function of stocking the ST that has been undertaken by the liquidity adjuster as the liquidity adjuster's own position, for example, as shown in FIG.

[0250] ST Underwriting Fund Borrowing Instruments 13 The ST underwriting fund borrowing means 13 is configured to have a function of allowing an ST issuer to borrow purchase funds for underwriting the ST from the liquidity adjuster, for example, as shown in FIG.

[0251] ST collateral provision method 14 The ST collateral provision means 14 is configured to have a function of having an ST issuer provide the purchased ST to the liquidity adjuster as collateral, for example, as shown in FIG.

[0252] Hedge fastening means15 The hedge conclusion means 15 is configured to have a function of having the liquidity coordinator conclude a selling hedge contract for the spot commodity equivalent to the funds for purchasing the ST with the issuer of the ST, for example, as shown in FIG. 8 .

[0253] Stock ST Trading Instruments 16 The stock ST trading means 16 is configured to have the function of conducting transactions according to the transaction contents (orders or indications of intention to unwind hedges, add, etc.) desired by traders on the first trading side and the second trading side for ST stocked via the ST position stock means 12 at the secondary trading stage after ST issuance, as shown in, for example, FIG. 9. More specifically, as shown in FIG. 10, the stock ST trading means 16 is configured to include a self-versus-counterpart processing means 17, a first contract notification means 18, a hedge cancellation means 19, a first clearing processing intermediation means 20, a stock ST position amount reduction means 21, a second contract notification means 22, a hedge addition means 23, a second clearing processing intermediation means 24, a stock ST position amount increase means 25, a rate calculation means 26, a rate provision means 35, a reference rate calculation means 36, a counter order search means 27, a first stock remaining amount adjustment means 28, a second stock remaining amount adjustment means 29, a third stock remaining amount adjustment means 30, a combination setting reception means 32 for ST buy / sell and hedge conclusion / cancellation, and a first transaction side connection unit, order type setting reception means 33.

[0254] Self-relative matching processing means 17 The self-versus-pair matching processing means 17 is configured to have a function of performing matching processing via the self-versus-pair of the liquidity adjuster for each of an order from the second trading side and an order or an IOI (bilateral trading-type trading intention indication for confirming the intention regarding the hedge contract) for undoing or adding a hedge from the first trading side, as shown in, for example, FIG. 11 . In detail, the self-opposed matching processing means 17 is configured to have a function of normally accepting buy and sell orders of ST for the second trading side, and performing matching processing via the self-opposed of the liquidity coordinator using the PTS method or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity coordinator, performing matching processing via the self-opposed of the liquidity coordinator with an ST issuer that is a hedge provider among the first trading side as an indirect counterparty of the order. In addition, the self-versus-pair processing means 17 is further configured to have the function of having a specific connected trading firm (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading counterparty of the order accept the order as an order concept for buying or selling ST, and having another specific connected trading firm (an ST issuer that serves as a hedge provider) accept the order as an indication of intent to conclude or terminate a hedge contract.

[0255] In addition, the self-versus-counterbalancing processing means 17 is further configured to have a function of matching, for example, as shown in FIG. 12, for a specified trading company (ST issuer serving as a hedge provider) on the first trading side, an expression of intent to cancel a sell hedge from the ST issuer serving as a hedge provider on the first trading side against a buy order from the second trading side. In addition, the self-versus-counterbalancing processing means 17 is further configured to have a function of enabling a specified trading company (ST issuer acting as a hedge provider) on the first trading side to counter a sell order for spot ST from the second trading side with an expression of intent to enter into a sell hedge. In addition, the self-versus-counter matching processing means 17 is further configured to have a function of matching a simple buy order of a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side against a sell order of the actual token from the second trading side.

[0256] First contract notification means 18 The first agreement notification means 18 is configured to have the function of, for example, as shown in FIG. 13, when the liquidity adjuster's own buying and selling criteria, which is the counterpart of the IOI (bilateral transaction-based indication of intent to trade to confirm the intent regarding the hedge contract) of hedge cancellation from the ST issuer constituting the hedge provider on the first trading side, and the liquidity adjuster's own buying and selling criteria, which is the counterpart of the buy order from the second trading side, satisfy the matching conditions. The first agreement notification means 18 is configured to have the function of, for example, returning an agreement to the second trading side and returning a telegram of an instruction to cancel the hedge for the corresponding amount to the ST issuer constituting the hedge provider on the first trading side.

[0257] De-hedging methods19 The hedge resolution means 19 is configured to have the function of, for example, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of a hedge resolution instruction from the liquidity coordinator in response to an IOI (a bilateral transaction-based indication of intent to trade to confirm the intention regarding the hedge contract) of hedge resolution to the liquidity coordinator, placing a buy order for the hedge resolution instruction amount with an external liquidity supplier in the ST issuer serving as a hedge provider on the first trading side and having the buy order executed, while at the same time reducing the hedge resolution instruction amount of the sell hedge contract, as shown in FIG. 14.

[0258] First clearing intermediary means 20 The first clearing processing intermediary means 20 is configured to have the function of receiving cash or the like from the second trading side and passing it to the first trading side, as well as receiving the ST of the agreed amount of ST provided as collateral from the first trading side and passing it to the second trading side, for example, as shown in Figure 15. In detail, the first clearing processing intermediary means 20 is configured to have the function of performing RTGS-like clearing processing when the second trading side delivers cash or other equivalents as payment for clearing, by delivering the relevant amount of cash or other equivalents to the ST issuer acting as the hedge provider on the first trading side, receiving the ST for the relevant contract that was provided as collateral, and at the same time delivering the ST to the second trading side. In addition, the first clearing processing intermediary means 20 is further configured to have the function of periodically calculating the net amount of each of the cash and ST used in the clearing processing and performing DVP processing for ST issuers that are hedge providers on the first trading side, and, for securities companies, etc., performing DVP processing or RTGS processing in a lump sum for each of the remaining cash and ST from the periodic DVP processing for ST issuers that are hedge providers on the first trading side, at the option of the securities companies, etc.

[0259] Stock ST position amount reduction method 21 The stock ST position amount reduction means 21 is configured to have a function of reducing the ST position amount of the contract among the stocked ST positions, for example, as shown in FIG.

[0260] Second contract notification means 22 The second agreement notification means 22 is configured to have the function of returning an agreement to the second trading side and returning a message of an instruction to add a hedge for the corresponding amount to the ST issuer serving as the hedge provider on the first trading side, for example, as shown in FIG. 17, when the liquidity adjuster's own buying and selling criteria, which is the counterpart of the IOI (bilateral transaction-based indication of trading intention to confirm the intention regarding the hedge contract) of an additional hedge from the ST issuer serving as the hedge provider on the first trading side, and the liquidity adjuster's own buying and selling criteria, which is the counterpart of the sell order from the second trading side, satisfy the matching conditions.

[0261] Additional hedging methods23 The hedge addition means 23 is configured to have the function of, for example, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of hedge addition instructions from the liquidity coordinator in response to an IOI (a bilateral transaction-based indication of intent to confirm the intent regarding the hedge contract) of adding a hedge to the liquidity coordinator, placing a sell order for the amount of the hedge addition instruction with an external liquidity supplier in the ST issuer serving as a hedge provider on the first trading side and having it executed, while at the same time adding the amount of the hedge addition instruction to the sell hedge contract, as shown in FIG. 18.

[0262] Second Clearing Intermediary 24 The second clearing processing intermediary means 24 is configured to have the function of receiving cash or the like from the first trading side and passing it to the second trading side, as well as receiving the ST for the relevant contract from the second trading side and passing it to the first trading side, for example, as shown in FIG. 19. In detail, the second clearing processing intermediary means 24 is configured to have the function of performing RTGS-like clearing processing, in which, when the ST issuer acting as the hedge provider on the first trading side delivers cash or other equivalent as payment for clearing, the second clearing processing intermediary means 24 delivers the relevant amount of cash or other equivalent to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to the ST issuer acting as the hedge provider on the first trading side. In addition, the second clearing processing intermediary means 24 is further configured to have the function of canceling the ST when performing RTGS-like clearing processing, for example, as shown in Figure 20, by delivering the relevant amount of cash to the second trading side, receiving the ST for the relevant contract, and at the same time delivering the ST to the ST issuer that is the hedge provider on the first trading side. In addition, when the third stock remaining amount adjustment means 30 described later is functioning, the second liquidation processing intermediary means 24 is configured to function such that when the above-mentioned RTGS-like liquidation processing is performed, the function of canceling ST does not operate, and the liquidity adjuster retains the ST itself. In addition, the second clearing processing intermediary means 24 is further configured to have the function of borrowing cash from an ST issuer that is a hedge provider on the first trading side and paying the corresponding amount of cash to the second trading side, while at the same time receiving the ST for the corresponding contract from the second trading side and handing the received ST as collateral to the ST issuer that is a hedge provider on the first trading side. In addition, the second clearing processing intermediary means 24 is further configured to have the function of periodically calculating the net amount of each of the cash and ST used in the clearing processing and performing DVP processing for ST issuers that are hedge providers on the first trading side, and to perform DVP processing in a lump sum for the remainder of the periodic DVP processing for ST issuers that are hedge providers on the first trading side, at the option of the securities companies, etc.

[0263] Stock ST position amount increase method 25 The stock ST position amount increasing means 25 is configured to have a function of increasing the ST position amount of the contracted amount for the stocked ST position, for example, as shown in FIG.

[0264] Rate calculation means 26 The rate calculation means 26 is configured to have a function of calculating a liquidity adjuster rate based on indicative buy and sell IOI (bilateral transaction-type indication of intention to trade) information received as a market price from an ST issuer that is a hedge provider on the first trading side, for example, as shown in FIG. 22.

[0265] Rate providing means 35 The rate providing means 35 is configured to have a function of providing the liquidity adjuster rate calculated by the rate calculation means 26 to the second trading side, for example, as shown in FIG.

[0266] Reference rate calculation means 36 The reference rate calculation means 36 is configured to have the function of calculating a reference rate based on indicative buy and sell IOI (bilateral transaction-based indication of intention to trade) information received from outside as market prices, for example, as shown in Figure 24, or information similar to the IOI information, or information that is a combination of the IOI information and information similar to the IOI information.

[0267] Matching order search means 27 The matching order search means 27 is configured to have a function of, for example, as shown in FIG. 25, treating orders based on the reference rate calculated by the reference rate calculation means 36 as deemed orders and privately searching for orders on the second trading side that satisfy the matching conditions using an IOI (bilateral indication of intent) method.

[0268] First stock remaining amount adjusting means 28 The first stock remaining adjustment means 28 is configured to have the function of, for example, when the second trading side overbuys ST and the remaining stock of the ST position held falls short of the basic stock amount by more than a predetermined amount, by entering into a new issuance and underwriting contract with an ST issuer acting as a hedge provider on the first trading side to make up the shortfall from the basic stock amount, thereby adjusting the remaining stock of the ST position.

[0269] Second stock remaining amount adjustment means 29 The second stock remaining amount adjustment means 29 is configured to have the function of entering into a contract with an ST issuer acting as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when, for example, as shown in Figure 27, there is an excess of ST sold on the second trading side and the remaining stock amount of the ST position held exceeds a predetermined amount from the basic stock amount.

[0270] Third stock remaining amount adjustment means 30 The third stock remaining amount adjustment means 30 is configured to have a function of controlling, for example, as shown in Figure 28, in response to a sell order of ST from the second trading side, for the liquidity adjuster to purchase and hold the ST that satisfies the matching conditions, and not to instruct the ST issuer that serves as the hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position.

[0271] ST Buy / Sell and Hedge Enter / Undo Combination Setting Acceptance Method 32 The ST buy / sell and hedge conclusion / cancellation combination setting receiving means 32 is configured to have a function of receiving settings of various combinations of ST buy / sell orders by the self-versus-pair processing means 17 and expressions of intent to conclude / cancel hedge contracts, as shown in, for example, FIG. 29.

[0272] First transaction side connection unit, order type setting reception means 33 The first trading side connection unit and order type setting receiving means 33 is configured to have a function of accepting settings of order types such as connection units of trading companies (ST issuers that provide a hedge, trading company types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the sell side and the buy side, and indications of hedging intentions, for example, as shown in FIG. 30, in a specified trading company on the first trading side, when both the sell side and the buy side are sell / buy orders, when both the sell side and the buy side are indicating an intention to set up / cancele a hedge, or when the sell side indicates an intention to cancel a hedge (effectively the sell side) and the buy side places a buy order.

[0273] Smart contract for collateral ST management34 The smart contract 34 for managing collateral ST is configured to have the function of storing the ST provided as collateral by the liquidity adjuster, who is the underwriter of the ST, to the issuer of the ST without changing the name of the holder in the rights management ledger, for example, as shown in Figure 31.

[0274] Secured ST Lending Instruments31 The collateral ST lending means 31 is configured to have the function of being able to use ST stocked as collateral for the purchase price lent by an issuer of ST in the underwriting of a liquidity adjuster from the issuer of ST, as a lending token for lending, for example, as shown in FIG. 32. In detail, the collateral ST lending means 31 is configured to include, for example, a lending management smart contract 37 and an ST holder name change processing control means 38 on the rights management register, as shown in FIG. 33. The secured ST lending means 31 is configured with the functionality to provide ST lending for purposes of clearing and short selling.

[0275] Lending Management Smart Contract37 The lending management smart contract 37 is configured to have the following functions, for example as shown in FIG. 34: a function for setting a specified collateral object to be provided by a borrower; a function for lending out the ST stocked as collateral as a loan token in exchange for the collateral object when the specified collateral object is provided by the borrower; and a function for controlling transactions regarding the ST lent out as a loan token during the lending contract period, and a function for controlling the change of the name of the ST holder in the rights management ledger when a transaction is made.

[0276] Control means 38 for changing the name of ST holder in the rights management book The ST holder name change processing control means 38 in the rights management ledger is configured to have the function of periodically, such as on a daily or weekly basis, changing the name of the ST holder in the rights management ledger when a transaction is made regarding the ST lent out as a lending token during the lending contract period, as shown in Figure 35.

[0277] ST management structure section 8 Moreover, the ST transaction processing system 1 of this embodiment has a rights management book 3 and an ST holding address (wallet) 4 as a management body for STs. For example, as shown in Figure 36, an underwriter of ST who borrows cash from an issuer, purchases the ST to be underwritten with the borrowed cash, and provides the purchased ST to the issuer as collateral is recorded in the rights management book 3 as the holder of the ST, and the ST received by the issuer as collateral exists in the issuer's address (wallet) 4, the address (wallet) 4 holding the ST is linked to the rights management book 3, and an ST management structure unit 8 is provided that can generate ST as a token based on the amount of ST as a digital asset recorded in the rights management book 3 and can process the holder of ST as a digital asset recorded in the rights management book 3 as a different person from the holder who actually holds the ST as a token in the address (wallet) 4.

[0278] More specifically, the ST management structure unit 8 is configured to have, for example, as shown in FIG. 37, a serial number added right information recording means 41, a serial number added right information management means 42, a serial number aggregated token management means 43, a stock unit management means 44, a name change means 45, a selling data sorting means 46, a selling priority information rearrangement and stocking means 47, a buying data sorting means 48, and a buying data allocation means 49.

[0279] Series number additional right information recording means 41 The series number-added right information recording means 41 is configured to have the function of adding and recording the series number as part of the securities-like digital right information of the holder of the ST each time the ST is issued in the rights management book 3, for example, as shown in FIG. 38, in the case of a structured bond-type security token in which a bond-type ST tokenized using commodity assets as the asset source is issued periodically by the ST issuer and has the same securities characteristics each time it is issued, and in which STs with different series numbers are aggregated into one issue and traded as tokens at the secondary trading stage.

[0280] Series number additional rights information management means 42 The serial number added rights information management means 42 is configured to have a function of managing the rights information of the ST to which a serial number is added in units of serial numbers on the rights management book 3, for example, as shown in FIG.

[0281] Token serial number management means 43 The serial number aggregation token management means 43 is configured to have the function of managing all STs with different serial numbers as tokens of the same brand in the address (subject of wallet processing) 4 of the ST as a token, for example, as shown in Figure 40.

[0282] Stock-by-stock management method 44 The issue-by-issue management means 44 is configured to have the function of processing, for example as shown in FIG. 41, the documents, account asset management, and order / contract information for all STs with different issue numbers at the liquidity adjuster or the second trading side at the secondary trading stage as if they were the same issue, rather than processing them by issue number.

[0283] Change of name method45 The name change means 45 is configured to have the function of performing a name change in the rights management book 3 after an order is executed for the ST as a token, in a lump sum at the time of the date change, after tallying up all transactions for the ST as a token up to the previous day, as shown in FIG. 42, for example.

[0284] Selling data sorting method 46 The sales data sorting means 46 is configured to have the function of sorting the sales data of the ST in the securities-like digital rights information recorded in the rights management book 3 in ascending order by personal identification information (original book ID), for example, as shown in Figure 43.

[0285] Sales priority information sorting and stocking method 47 The selling priority information sorting and stocking means 47 is configured to have the function of, for example, as shown in Figure 44, when there are multiple series numbers in the securities-like digital rights information of the ST held by the holder of the ST identified by the identification information (ledger ID), sorting the selling data of the ST with the series number of held data as the priority target for sale, and when the number of held data of different series numbers of the ST held by the holder of the ST identified by the identification information (ledger ID) is the same, sorting so that the selling data of the ST with the smaller series number is prioritized as the priority target for sale, and temporarily storing the sorted selling data as selling priority information for the ST.

[0286] Buying data sorting methods 48 The purchase data sorting means 48 is configured to have the function of sorting the purchase data of the ST on the day of the transaction in the rights management book 3 in ascending order by personal identification information (original book ID), for example, as shown in Figure 45.

[0287] Buying data allocation means 49 The buying data allocation means 49 is configured to have the function of assigning, for example, as shown in Figure 46, the buying data of the ST sorted by the buying data sorting means 48 in descending order to the selling data of the ST sorted in the selling priority information of the ST via the selling priority information sorting and stocking means 47. In addition, when there are multiple series numbers of the purchasing data of the ST that can be assigned, the purchasing data assignment means 49 is further configured to have the function of prioritizing the purchasing data of the ST with the smaller series number and assigning it in descending order to the selling data of the ST that has been rearranged in the selling priority information of the ST via the selling priority information rearrangement and stock means 47.

[0288] In addition, the ST transaction processing system 1 of the first embodiment further has a collateral parameter (not shown) indicating the collateral status of the ST serving as collateral, a collateral status setting means 5, a collateral ST processing control means 6, and a collateral parameter setting content change means (or a smart contract for changing the collateral parameter setting content) 7.

[0289] The collateral status setting means 5 is configured to have the function of selectively accepting the setting of multiple types of collateral status in the collateral parameters (not shown), such as a state in which sale, lending / re-pledgement cannot be processed, and a state in which lending / re-pledgement can be processed, as shown in Figure 47, for example.

[0290] The collateral ST processing control means 6 is configured to have the function of controlling processes such as selling, lending, and re-collateralization of the collateral ST based on the collateral status set in the collateral parameters (not shown), for example, as shown in Figure 48. In addition, the collateral ST processing control means 6 is configured to have a control function to enable the sale of the ST provided as collateral and the change of the holder of the ST in the rights management book 3 when the setting contents of the collateral parameters (not shown) are released by the collateral parameter setting content change means (or a smart contract for changing the collateral parameter setting content) 7.

[0291] The collateral parameter setting content change means (or smart contract for changing collateral parameter setting content) 7 is configured to have the function of (manually or automatically) canceling the collateral status setting content set in the collateral parameters (not shown) via the collateral status setting means 5 in the event of a default upon expiration of the loan agreement concluded with the lender at the time of collateral setting, as shown in Figure 49, for example.

[0292] Further, the ST transaction processing system 1 of the present embodiment is configured to include a browsing display control means 50.

[0293] Viewing and display control means 50 The viewing and display control means 50 is configured to have a function of controlling, for example, when a token trader performs a viewing operation on the rights management book 3, so that the transaction data of the ST of the token trader involved in the transaction as a party to the transaction is output and displayed on a serial number basis, as shown in FIG. In addition, the viewing and display control means 50 is further configured to have a function of controlling, for example, as shown in Figure 51, to output and display, to a trader performing a viewing operation on the rights management book 3, the trading data of the ST of the relevant stock, including only the identification information (original book ID) of the top 10 traders of each issue and the identification information (original book ID) of the trader performing the viewing operation himself / herself. In addition, the viewing and display control means 50 is further configured to have a function of limiting the output display of addresses constituting personal identification information linked to each identification information in the trading data, which is only the identification information (ledger ID) of the top 10 people for each issue in the trading data that corresponds to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards. In addition, the viewing and display control means 50 is further configured to have a function of limiting the output display of names constituting personal identification information linked to each identification information in the trading data, which is only the identification information (ledger ID) of the top 10 people for each issue in the trading data that corresponds to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only the surname.

[0294] Processing flow using the ST transaction processing system of the first embodiment The flow of processing using ST transaction processing system 1 of the first embodiment thus configured will be described with reference to the drawings.

[0295] (Processing flow - Part 1) Processing flow when accepting ST from the issuer (Figure 52) FIG. 52 is an explanatory diagram showing the flow of processing when ST is accepted from an issuer using the ST transaction processing system 1 of the first embodiment. ST underwriting fund borrowing means 13 allows the issuer of the ST to borrow purchase funds for underwriting the ST from the liquidity adjuster. The ST underwriting means 11 purchases ST issued in large quantities at one time from ST issuers in a lump sum and has the liquidity adjuster underwrite it. The ST position stocking means 12 stocks the ST that has been accepted by the liquidity adjuster as the liquidity adjuster's own position. The ST collateral provision means 14 causes the issuer of the ST to provide the purchased ST as collateral to the liquidity adjuster. Hedge conclusion means 15 causes the liquidity coordinator to conclude a selling hedge contract for the spot commodity equivalent to the funds for purchasing ST with the issuer of ST.

[0296] (Processing flow - Part 2) Processing flow when buying and selling ST accepted from an issuer (Figure 53) FIG. 53 is an explanatory diagram showing the flow of processing when buying and selling ST underwritten from an issuer, using the ST transaction processing system 1 of the first embodiment. The stock ST trading means 16 carries out trading in the secondary trading stage after ST issuance, for the ST stocked via the ST position stock means 12, according to the trading contents (orders or indications of intention to unwind hedges, additions, etc.) desired by the traders on the first trading side and the second trading side. More specifically, the rate calculation means 26 calculates a liquidity adjuster rate based on indicative buy and sell IOI (bilateral indication of intent) information received as market prices from ST issuers that are hedge providers on the first trading side. The rate providing means 35 provides the liquidity coordinator rate calculated by the rate calculation means 26 to the second trading side. As a result, trading is conducted between the liquidity coordinator and the second trading side using the PTS method. In addition, the reference rate calculation means 36 calculates a reference rate based on IOI (over-the-counter transaction indication of intent) information of buys and sells received from outside as a market price, or information similar to the IOI information, or information obtained by combining the IOI information and information similar to the IOI information. This allows transactions to be conducted in the dark pool between the liquidity adjuster and the second trading side. In addition, the counter order search means 27 treats orders based on the reference rate calculated by the reference rate calculation means 36 as deemed orders and confidentially searches for orders on the second trading side that satisfy the counter condition using an IOI (indication of intent in a bilateral transaction) method. The self-versus-pair matching processing means 17 performs matching processing via the self-versus-pair of the liquidity adjuster for each of an order from the second trading side and an order from the first trading side or an IOI (a bilateral trading-type trading intention indication for confirming the intention regarding the hedge contract) for undoing a hedge or adding a hedge. In detail, the self-opposed matching processing means 17 normally accepts buy and sell orders of ST for the second trading side and performs matching processing via the self-opposed of the liquidity coordinator using the PTS method or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity coordinator, it performs matching processing via the self-opposed of the liquidity coordinator with an ST issuer that is a hedge provider on the first trading side as an indirect counterparty of the order. In addition, the self-versus-pair processing means 17 causes a specific connected trading firm (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading counterparty of the order to accept it as an order concept for buying or selling ST, and causes another specific connected trading firm (an ST issuer that serves as a hedge provider) to accept it as an indication of intent to enter into or terminate a hedge contract. In addition, for a specified trading company (ST issuer acting as a hedge provider) on the first trading side, the self-versus-counter processing means 17 can counter a buy order from the second trading side with an expression of intent to cancel a sell hedge from the ST issuer acting as a hedge provider on the first trading side. In addition, the self-versus-counterbalancing processing means 17 can counter a sell order for spot ST from the second trading side with an expression of intent to enter into a sell hedge by a specified trading company (ST issuer acting as a hedge provider) on the first trading side. In addition, the self-versus-pair processing means 17 can match a sell order for a spot token from the second trading side with a simple buy order from a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side.

[0297] (Processing flow - Part 3) Processing flow when ST is contracted (Figure 54, Figure 55) 54 and 55 are explanatory diagrams showing the flow of processing at the time of contracting an ST using the ST transaction processing system 1 of the first embodiment. When the liquidity adjuster's own buying and selling standards, which are the counterpart of the IOI (bilateral transaction-based indication of intent to trade to confirm the intent regarding the hedge contract) for hedging from the ST issuer that constitutes the hedge provider on the first trading side, and the liquidity adjuster's own buying and selling standards, which are the counterpart of the buy order from the second trading side, satisfy the matching conditions, the first agreement notification means 18 returns an agreement to the second trading side and returns a telegram of an instruction to hedge unwind for the corresponding amount to the ST issuer that constitutes the hedge provider on the first trading side. When the ST issuer, which is a hedge provider on the first trading side, receives a telegram of a hedge dissolution instruction from the liquidity coordinator in response to an IOI (a bilateral transaction-based indication of intent to trade to confirm the intent regarding the hedge contract) of hedge dissolution to the liquidity coordinator, the hedge dissolution means 19 places a buy order for the hedge dissolution instruction amount to an external liquidity supplier in the ST issuer, which is a hedge provider on the first trading side, and has the buy order executed, while simultaneously reducing the hedge dissolution instruction amount of the sell hedge contract. The stock ST position amount reduction means 21 reduces the ST position amount of the contract among the stocked ST positions. The first clearing processing intermediary means 20 receives cash from the second trading side and passes it to the first trading side, and also receives the ST provided as collateral for the relevant contract from the first trading side and passes it to the second trading side. In detail, when the second trading side delivers cash or other equivalents as payment for settlement, the first clearing processing intermediary means 20 delivers the relevant amount of cash or other equivalents to the ST issuer acting as the hedge provider on the first trading side, receives the ST for the relevant contract out of the collateral provided, and at the same time delivers the ST to the second trading side, thereby performing an RTGS-like clearing process. In addition, the first clearing processing intermediary means 20 periodically calculates the net amount of each of the cash and ST used in the clearing processing for the ST issuer that is the hedge provider on the first trading side and performs DVP processing, and for the securities company etc., depending on the selection of the securities company etc., performs DVP processing or RTGS processing in a lump sum for the remainder of the periodic DVP processing for the ST issuer that is the hedge provider on the first trading side.

[0298] When the liquidity adjuster's own buying and selling criteria, which is the counterpart of the IOI (bilateral transaction-based indication of intention to trade to confirm the intention regarding the hedge contract) of additional hedging from the ST issuer that constitutes the hedge provider on the first trading side, and the liquidity adjuster's own buying and selling criteria, which is the counterpart of the sell order from the second trading side, satisfy the matching conditions, the second agreement notification means 22 returns an agreement to the second trading side and returns a telegram of an instruction to add a hedge of the corresponding amount to the ST issuer that constitutes the hedge provider on the first trading side. When the ST issuer, which is a hedge provider on the first trading side, receives a telegram of an instruction to add a hedge from the liquidity coordinator in response to an IOI (a bilateral transaction-based indication of intent to confirm the intent regarding the hedge contract) of adding a hedge to the liquidity coordinator, the hedge addition means 23 places a sell order for the amount of the hedge addition instruction to an external liquidity supplier in the ST issuer, which is a hedge provider on the first trading side, and has the sell order executed, while at the same time adding the amount of the hedge addition instruction to the sell hedge contract. The stock ST position amount increasing means 25 increases the ST position amount of the stocked ST position by the contracted amount. The second clearing process intermediary means 24 receives cash from the first trading side and passes it to the second trading side, and also receives the ST for the contract from the second trading side and passes it to the first trading side. In detail, when the second clearing processing intermediary means 24 receives cash or other equivalents as payment from the ST issuer acting as a hedge provider on the first trading side and settles the transaction, it performs an RTGS-like clearing process by delivering the relevant amount of cash or other equivalents to the second trading side, receiving the ST for the relevant contract, and at the same time delivering the ST to the ST issuer acting as the hedge provider on the first trading side. In addition, the second clearing processing intermediary means 24 delivers the relevant amount of cash to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to the ST issuer that serves as the hedge provider on the first trading side. In addition, the second clearing processing intermediary means 24 borrows cash from the ST issuer that is the hedge provider on the first trading side and pays the corresponding amount of cash to the second trading side, and at the same time receives the ST for the corresponding contract from the second trading side and passes the received ST as collateral to the ST issuer that is the hedge provider on the first trading side. In addition, the second clearing processing intermediary means 24 periodically calculates the net amount of each of the cash and ST used in the clearing processing for the ST issuer that is the hedge provider on the first trading side and performs DVP processing, and for the securities company etc., at the option of the securities company etc., performs DVP processing in a lump sum for the remaining periodic DVP processing for the ST issuer that is the hedge provider on the first trading side.

[0299] (Processing flow - Part 4) ST stock amount adjustment processing flow (Figure 56) FIG. 56 is an explanatory diagram showing the flow of ST stock amount adjustment processing using the ST transaction processing system 1 of the first embodiment. When the second trading side overbuys ST and the remaining stock of the ST position held by the first trading side falls short of the basic stock amount by more than a predetermined amount, the first stock remaining adjustment means 28 concludes a new issuance and underwriting contract with an ST issuer acting as a hedge provider on the first trading side to make up the shortfall from the basic stock amount, thereby adjusting the remaining stock of the ST position. The second stock remaining amount adjustment means 29 concludes a contract with the ST issuer acting as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when the second trading side oversells ST and the remaining stock amount of the ST position held exceeds a predetermined amount from the basic stock amount. The third stock remaining amount adjustment means 30 controls the liquidity adjuster to purchase and hold the ST that satisfies the matching conditions in response to a sell order of ST from the second trading side, and not to instruct the ST issuer acting as a hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position.

[0300] (Processing flow-part 5) Processing flow using ST lending (Figure 57) FIG. 57 is an explanatory diagram showing the flow of processing utilizing ST lending using the ST transaction processing system 1 of the first embodiment. The secured ST lending instrument 31 can provide ST, which is stocked as collateral for the purchase price lent by the issuer of ST in the underwriting of the liquidity adjuster from the issuer of ST, as a lending token in lending. In detail, the secured ST lending instrument 31 can provide ST lending for the purpose of clearing and short selling. In detail, the lending management smart contract 37 sets a specified collateral object to be provided by the borrower. When the specified collateral object is provided by the borrower, the lending management smart contract 37 lends the ST stocked as collateral as a loan token in exchange for the collateral object. The lending management smart contract 37 also controls transactions regarding the ST lent as a loan token during the lending contract period, and changes to the name of the ST holder in the rights management ledger when a transaction is made. The control means 38 for processing changes to the name of the ST holder in the rights management ledger periodically, such as on a daily or weekly basis, changes the name of the ST holder in the rights management ledger when transactions for the ST lent out as a lending token are conducted during the lending contract period, and when transactions are conducted. By allowing issuers to offer the ST they have stocked as collateral for clearing purposes, the gap in settlement dates between the first and second trading sides can be eliminated. In addition, by making it available for short selling (margin trading of securities), it will be possible to provide a selling environment for ST and increase liquidity.

[0301] (Processing flow - Part 6) Flow of setting acceptance processing for ST liquidity adjustment (Figure 58) FIG. 58 is an explanatory diagram showing the flow of the setting acceptance process for ST liquidity adjustment using the ST transaction processing system 1 of the first embodiment. The ST buy / sell and hedge conclusion / cancellation combination setting receiving means 32 receives various combinations of ST buy / sell orders by the self-versus-pair processing means 17 and indications of intent to conclude / cancel a hedge contract. The first trading side connection unit and order type setting receiving means 33 accepts settings of order types such as connection units of trading companies (ST issuers that serve as hedge providers, trading company types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the sell and buy sides, and indications of hedging intent, in cases where, for a specified trading company on the first trading side, both the sell and buy sides are sell / buy orders, where both the sell and buy sides are indications of intent to set up / cancele a hedge, or where a combination of an indication of intent by the sell side to cancel a hedge (effectively a sell side) and a buy side to buy, etc. These settings can be accepted at any time when ordering.

[0302] (Processing flow - Part 7) Processing flow based on the setting status of collateral parameters (Figure 59) FIG. 59 is an explanatory diagram showing the flow of processing based on the setting state of the collateral parameters, using the ST transaction processing system 1 of the first embodiment. The collateral status setting means 5 selectively accepts the setting of multiple types of collateral status in the collateral parameters (not shown), such as a status in which sale, lending / re-pledge processing is not possible, and a status in which lending / re-pledge processing is possible. The secured ST processing control means 6 controls processing such as selling, lending, and re-pledging of secured ST based on the secured status set in the secured parameters (not shown). In addition, the collateral ST processing control means 6 controls so that when the setting contents of the collateral parameters (not shown) are released by the collateral parameter setting content change means (or smart contract for changing the collateral parameter setting content) 7, the ST provided as collateral can be sold and the holder of the ST in the rights management book 4 can be changed. The collateral parameter setting content change means (or smart contract for changing collateral parameter setting content) 7 cancels (manually or automatically) the collateral status setting content set in the collateral parameters (not shown) via the collateral status setting means 5 in the event of default at the expiration of the loan agreement concluded with the lender at the time of collateral setting.

[0303] (Processing flow - Part 8) ST management processing flow associated with the transaction of ST with serial number (Figure 60) FIG. 60 is an explanatory diagram showing the flow of processing related to management of STs with serial numbers associated with ST transactions, using the ST transaction processing system 1 of the first embodiment. The series number-added rights information recording means 41 adds and records the series number in the rights management book 3 as part of the securities-like digital rights information of the holder of a bond each time the ST is issued, in the case of a structured bond-type security token in which a bond-type ST tokenized using commodity assets as the asset source is issued periodically by the ST issuer and has the characteristics of a security in which the details corresponding to the redemption period and interest rate are all the same each time it is issued, and in the secondary trading stage, trading of the ST as a token is carried out by aggregating STs with different series numbers into a single issue. The serial number added rights information management means 42 manages the rights information of the ST to which the serial number is added in the rights management book 3 for each serial number. The serial number aggregated token management means 43 manages all STs with different serial numbers as tokens of the same issue in the address (target of wallet processing) 4 of the ST as a token. The issue-by-issue management means 44 processes all STs with different issue numbers at the liquidity adjuster or the second trading side as if they were the same issue, without processing them by issue number, in terms of document management, account asset management, and order / contract information, at the secondary trading stage. The name change means 45 performs the name change in the rights management book 3 after an order is executed for the ST as a token in a lump sum after tallying up all transactions for the ST as a token up to the previous day at the time of the date change.

[0304] (Processing flow - Part 9) Processing flow for the allocation of STs with serial numbers recorded in the rights management book at the time of matching processing in ST transactions (Figure 61) FIG. 61 is an explanatory diagram showing the flow of processing related to the allocation of serial numbered STs recorded in the rights management book at the time of matching processing in ST transactions, using the ST transaction processing system 1 of the first embodiment. The selling data sorting means 46 sorts the selling data of the ST in the securities-like digital right information recorded in the right management book 3 in ascending order by individual identification information (original book ID). The selling priority information sorting and stocking means 47 sorts the selling data of the ST sorted by the selling data sorting means 46 so that, if there are multiple series in the securities-like digital rights information of the ST held by the holder of the ST identified by the identification information (ledger ID), the selling data of the ST with the series number of held data is given priority as the target for sale, and if the number of held data of different series of the ST held by the holder of the ST identified by the identification information (ledger ID) is the same, the selling data of the ST with the smaller series number is given priority as the target for sale, and temporarily stores the sorted selling data as selling priority information for the ST. The purchase data sorting means 48 sorts the purchase data of the ST in question on the day of the transaction in the right management book 3 in ascending order by individual identification information (original book ID). The purchase data allocation means 49 allocates the purchase data of the ST sorted by the purchase data sorting means 48 in descending order to the selling data of the ST sorted in the selling priority information of the ST via the selling priority information sorting and stocking means 47. In addition, when there are multiple series numbers of the purchasing data of the ST that can be assigned, the purchasing data assignment means 49 prioritizes the purchasing data of the ST with the smaller series number and assigns it in descending order to the selling data of the ST that has been rearranged in the selling priority information of the ST via the selling priority information rearrangement and stock means 47.

[0305] Example of allocation process Figure 62 is an explanatory diagram showing a specific example of the allocation process of a serial numbered ST recorded in the rights management book during matching processing in an ST transaction using the ST transaction processing system 1 of the first embodiment, using data recorded in the rights management book. In this example, with regard to the amount of ST held by the seller for a given stock, trader A holds 60 ST of issue number 1 and 100 ST of issue number 2, trader B holds 20 ST of issue number 1 and 30 ST of issue number 2, and trader C holds 100 ST of issue number 1 and 100 ST of issue number 2. In addition, with regard to the amount of ST held by buyers for the relevant stock, trader D holds 30 ST of series 2, trader E holds 30 ST of series 1, and trader F holds 10 ST of series 2. In addition, trader A sells 50, trader B sells 40, and trader C sells 100 ST of the same stock, and trader D purchases 50, trader E purchases 80, and trader F purchases 60 ST of the same stock. The selling data sorting means 46 sorts the selling data of the ST in the securities-like digital right information recorded in the right management book 3 in ascending order by individual identification information (original ledger ID). Also, the buying data sorting means 48 sorts the buying data of the ST on the day of the transaction in the right management book 3 in ascending order by individual identification information (original ledger ID).

[0306] The means for sorting and storing sales priority information 47, when there are multiple series in the securities-like digital rights information of the ST held by the holder of the ST identified by the identification information (ledger ID), sorts the selling data of the ST with the series with the fewer number of data held as the priority for sale, and when the number of data held by the holder of the ST identified by the identification information (ledger ID) for different series of the ST is the same, sorts the selling data of the ST with the smaller series number as the priority for sale, and temporarily stores the sorted selling data as sales priority information for the ST. In this example, there are two series numbers, series 1 and series 2. For trader A's ST for sale of 50, the ST of series 1, which has the fewest number of shares held, will be sold first. Here, because the number of series 1 held is 60, all of trader A's sales of 50 will be ST of series 1. In addition, for trader B's sale of 40 STs, between series 1 (20 held) and series 2 (30 held), the series 1 STs held in smaller numbers will be the first to be sold. Since the series 1 held is 20, trader B's sale of 40 units will include 20 STs of series 1 and 20 STs of series 2. In addition, for trader C's ST with a quantity of 100 to sell, since he holds the same number of series 1 (100) and series 2 (100), the ST with the smaller series number, series 1, will be sold first. Here, since the number of series 1 held is 100, all of trader C's ST with a quantity of 100 to sell will be series 1 ST.

[0307] The system will tally up the number of STs sold on that day by series code. In this example, the number of STs sold for series 1 is 170 (=50+20+100), and the number of STs sold for series 2 is 20. Next, the number of sales on that day is tallied, and the STs with the smallest serial numbers are assigned in order, starting with the purchasers with the smallest ledger IDs (D → E → F). That is, the buying data allocation means 49 allocates in descending order the buying data of the ST sorted by the buying data sorting means 48 to the selling data of the ST sorted in the selling priority information of the ST via the selling priority information sorting and stocking means 47. At that time, if there are multiple series numbers of the buying data of the ST that can be allocated, the buying data allocation means 49 prioritizes the buying data of the ST with the smaller series number and allocates it in descending order to the selling data of the ST sorted in the selling priority information of the ST via the selling priority information sorting and stocking means 47. In this example, there are two series numbers for the seller's ST, series 1 and series 2. First, trader D's ST is allocated. For the 50 ST purchased by trader D, 50 STs out of the 170 STs sold in series 1 are allocated in descending order as the sale target. As a result, the amount of ST held by trader D after the purchase will be 50 for series 1 (=0+50) and 30 for series 2. Additionally, the remaining number of STs sold for the seller, series 1, will be 120 (=170-50). Next, trader E's STs are allocated. For trader E's purchase of 80 STs, 80 STs out of the series 1 STs with a remaining sale quantity of 120 are allocated in descending order as the sale target. As a result, the amount of ST held by trader E after purchase will be 110 (=30+80) series 1. In addition, the remaining quantity of ST in series 1 for the seller will be 40 (=120-80). Next, trader F's STs are allocated. For trader F's purchase of 60 STs, all STs in series 1 with a remaining ST selling quantity of 40 and all STs in series 2 with a remaining ST selling quantity of 20 are allocated in descending order as items for sale. As a result, the amount of ST held by trader F after the purchase will be 40 for series 1 (=0+40) and 30 for series 2 (=10+20). Additionally, the remaining amount of ST for the seller in series 1 will be 0 for series 1 (=40-40) and 0 for series 2 (=20-20).

[0308] Viewing and displaying ST with serial number Figure 63 is an explanatory diagram conceptually showing the viewing and display process of STs with serial numbers recorded in a rights management book for a trader performing a viewing operation on the rights management book using the ST transaction processing system 1 of the first embodiment. When a token trader performs a viewing operation on the rights management book, the viewing and display control means 50 controls the display so that the transaction data of the ST only for the series involved in the transaction as a party to the transaction is output and displayed on a series basis. The system is configured so that a person exercising the viewing right can select and input the viewing target person via a selection screen (not shown). For example, when a viewing right exerciser selects "all holders of ST" as the viewing target, the viewing display control means 50 outputs the information of the rights management book for all holders of the designated stock. Also, for example, if a viewing right exerciser selects "Top ST holders" as the viewing target, the viewing display control means 50 outputs information from the rights management book targeting holders who exceed the top XX% (setting) of the issuance quantity of the designated stock. Also, for example, if a viewing right holder selects "only information related to the specified ID" as the viewing target, the viewing display control means 50 outputs information from the rights management book only for targets who hold the same serial number (serial number code) as the serial number (serial number code) held by the trader of the specified rights management book ID.

[0309] For example, if the viewing right holder only holds stock with "serial number code 1 (issue 1)", the viewing display control means 50 outputs only the holding information of the stock with "serial number code 1 (issue 1)" for all holders. In this case, even if the holder to be viewed holds stocks with "serial number code 1 (issue 1)" and "serial number code 2 (issue 2)", only the holding information of the stock with serial number code 1 (issue 1) is output. Also, for example, if a viewing right holder holds stocks with "serial number code 1 (serial number 1)" and "serial number code 2 (serial number 2)", the viewing display control means 50 outputs only the holding information of stocks with "serial number code 1 (serial number 1)" and "serial number code 2 (serial number 2)" for all holders.

[0310] In addition, the viewing and display control means 50 controls the trader viewing the rights management book 3 to output and display only the identification information (original book ID) of the top 10 traders for each issue of the ST trading data for the relevant stock and the trader's own identification information (original book ID) performing the viewing operation. In addition, the viewing and display control means 50 limits the output display of addresses constituting personal identification information linked to each identification information in the trading data that corresponds to the output display target, which is the identification information (ledger ID) of the top 10 people for each issue and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards. In addition, the viewing and display control means 50 limits the output display of names constituting personal identification information linked to each identification information in the trading data, which is only the identification information (ledger ID) of the top 10 people for each issue in the trading data that corresponds to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to surnames only.

[0311] Effects of the ST transaction processing system 1 of the first embodiment According to the ST transaction processing system 1 of the first embodiment, the system has a liquidity adjustment means 2, and "intervenes as a liquidity adjuster between a first transaction side (an issuer of ST consisting of a general trading company dealing in commodities, which is a hedge provider that becomes the buying side of the hedge in the secondary transaction stage after the ST is issued, and a wholesale processing side such as LP (liquidity provider) and MM (market maker) that supplies liquidity in the secondary transaction stage after the ST is issued) and a second transaction side (a retail processing side such as a securities company that trades the issued ST with a customer), and adjusts the liquidity between the second transaction side and the first transaction side by taking the position of the ST of the liquidity adjuster. The system is designed to "absorb the gap in the transaction unit (orders, hedging cancellation, additional intentions, etc.) between the borrowing side and the issuing side, and adjust the liquidity of ST transactions on both the first and second trading sides." This allows bond tokens to be issued all at once by the issuer of the bond tokens (a general trading company that deals in commodities) and then sold in small increments by the seller of the bond tokens (the securities company selling the bond tokens), making it appear that the amount of bond tokens issued is variable, and it is possible to adjust liquidity by linking the selling price of the bond tokens to the market price, allowing smooth transactions between the first and second trading sides, which have a gap in the transaction unit.

[0312] Furthermore, according to the first embodiment of the ST transaction processing system 1, the liquidity adjustment means 2 has an ST underwriting means 11 and is configured to "have the liquidity adjuster purchase and underwrite large quantities of ST issued at one time from ST issuers in a lump sum." This makes it possible to significantly reduce the complexity of the paperwork and approval procedures required for the issuer to submit a securities registration statement and the underwriter (here, the intermediary) to the authorities each time the underwriter (here, the intermediary) underwrites securities issued by the issuer.

[0313] Furthermore, according to the first embodiment of the ST transaction processing system 1, the liquidity adjustment means 2 has an ST underwriting fund borrowing means 13 and is configured to "have the ST issuer borrow purchase funds for the underwriting of the ST from the liquidity adjuster," thereby reducing the liquidity adjuster's burden of raising funds for the underwriting of the ST.

[0314] Furthermore, according to the first embodiment of the ST transaction processing system 1, the liquidity adjustment means 2 has an ST collateral provision means 14 and is configured to "have the ST issuer provide the purchased ST to the liquidity adjuster as collateral." Therefore, the general trading company, which is the first trading side, can reduce risk by receiving collateral (corporate bond ST) equivalent to the loan amount from the liquidity adjuster.

[0315] According to the ST transaction processing system 1 of the first embodiment, the liquidity adjustment means 2 has a hedge contracting means 15 and is configured to "make the liquidity adjuster conclude a sell hedge contract for spot commodities for the ST purchase funds with the issuer of the ST", so that the underwriting side of the bond token (liquidity adjuster) can avoid the risk of a downward fluctuation in the market price of the bond token by concluding an OTC sell hedge contract ...

Claims

1. A commodity asset (precious metals (gold, etc.), CO) transaction system that is constructed with a distributed ledger in distributed technology such as blockchain and a smart contract or server application for performing predetermined processing using the data managed in the distributed ledger. ２ A transaction processing system for bond-type ST (structured bond-type security token) with securities characteristics, in which emission rights and energy (crude oil, electricity, etc.) are tokenized as asset resources (essentially treated as collateral), a liquidity adjustment means that acts as a liquidity adjuster between a first trading side (an issuer of ST consisting of a general trading company dealing in commodities, which is a hedge provider that becomes the buyer of the hedge in the secondary trading stage after the issuance of the ST, and a wholesale processing side such as LPs (liquidity providers) and MMs (market makers) that supply liquidity in the secondary trading stage after the issuance of the ST) and a second trading side (a retail processing side such as a securities company that trades the issued ST with customers), and has a function of adjusting the liquidity of ST transactions on both the first trading side and the second trading side by absorbing the gap in transaction units (orders or hedge cancellation / additional intentions, etc.) between the second trading side and the first trading side through the liquidity adjuster's own ST positioning; The liquidity adjusting means is an ST underwriting means having a function of having a liquidity adjuster purchase and underwrite a large amount of ST issued at one time from an ST issuer; a ST position stocking means having a function of stocking the ST that the liquidity adjuster has undertaken as the liquidity adjuster's own position; a ST underwriting fund borrowing means having a function of allowing an issuer of the ST to borrow purchase funds for underwriting the ST from a liquidity adjuster; a ST collateral provision means having a function of causing an issuer of ST to provide the purchased ST to a liquidity adjuster as collateral; a hedge contracting means having a function of having the liquidity adjuster conclude a selling hedge contract for the spot commodity for the amount of funds to be purchased by the ST with an issuer of the ST; a stock ST trading means having a function of conducting trading in the secondary trading stage after ST issuance according to trading contents (orders or hedge cancellation / additional intentions, etc.) desired by traders on the first trading side and the second trading side for the ST stocked via the ST position stock means; having The stock ST trading means is a self-opposed matching processing means having a function of performing matching processing via the self-opposed of the liquidity adjuster for each of an order from the second trading side and an order from the first trading side or an IOI (indication of intent in a bilateral trading format) for undoing a hedge or adding an IOI; a first contract notification means having a function of returning a contract to the second trading side and returning a message of a hedge cancellation instruction for the corresponding amount to the ST issuer serving as the hedge provider on the first trading side when a liquidity adjuster's own buying and selling standard corresponding to an IOI (a bilateral trading-type transaction intention indication for confirming an intention regarding a hedge contract) of a hedge cancellation from an ST issuer serving as a hedge provider on the first trading side and a liquidity adjuster's own buying and selling standard corresponding to a buy order from the second trading side satisfy a matching condition; a hedge dissolution means having a function of, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of a hedge dissolution instruction from a liquidity adjuster in response to an IOI (a bilateral transaction-based transaction intention indication for confirming an intention regarding a hedge contract) of hedge dissolution to the liquidity adjuster, placing a buy order for the hedge dissolution instruction amount with an external liquidity supplier in the ST issuer serving as a hedge provider on the first trading side and having the order executed, and at the same time reducing the hedge dissolution instruction amount of the sell hedge contract; a first clearing process intermediary means having a function of receiving cash or the like from the second trading side and delivering it to the first trading side, and also receiving the ST of the contract among the ST provided as collateral from the first trading side and delivering it to the second trading side; A stock ST position amount reduction means having a function of reducing the amount of the ST position of the contract among the stocked ST positions; An ST transaction processing system comprising:

2. The stock ST trading means is a second contract notification means having a function of returning a contract to the second trading side and returning a message of an instruction to add a hedge of the corresponding amount to the ST issuer serving as the hedge provider on the first trading side when a liquidity adjuster's own buying and selling standard corresponding to an IOI (a bilateral trading-type transaction intention indication for confirming an intention regarding a hedge contract) of an additional hedge from an ST issuer serving as a hedge provider on the first trading side and a liquidity adjuster's own buying and selling standard corresponding to a sell order from the second trading side satisfy a matching condition; a hedge addition means having a function of, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of hedge addition instructions from a liquidity coordinator in response to an IOI (a bilateral transaction-based transaction intention indication for confirming intention regarding a hedge contract) of a hedge addition to the liquidity coordinator, placing a sell order for the hedge addition instruction amount with an external liquidity provider in the ST issuer serving as a hedge provider on the first trading side and having the sell order executed, and at the same time adding the hedge addition instruction amount to the sell hedge contract; a second clearing process intermediary means having a function of receiving cash or the like from the first trading side and transferring it to the second trading side, and receiving the contracted amount of ST from the second trading side and transferring it to the first trading side; A stock ST position amount increasing means having a function of increasing the ST position amount of the contracted ST for the stocked ST position; 2. The ST transaction processing system according to claim 1, further comprising:

3. The stock ST trading means is A rate calculation means having a function of calculating a liquidity adjuster rate based on indicative buy and sell IOI (over-the-counter indication of intention to trade) information received as a market price from a ST issuer that is a hedge provider on the first trading side; a rate providing means for providing the liquidity adjuster rate calculated by the rate calculation means to a second trading side; 3. The ST transaction processing system according to claim 1, further comprising:

4. The stock ST trading means is a reference rate calculation means having a function of calculating a reference rate based on bid-and-ask IOI (over-the-counter indication of intention to trade) information of buys and sells received from outside as a market price, or information similar to said IOI information, or information obtained by combining said IOI information and information similar to said IOI information; a matching order search means having a function of searching for orders on the second trading side that satisfy matching conditions in a private manner using an IOI (indication of intent in a bilateral transaction) method, with the order based on the reference rate calculated by the reference rate calculation means as a deemed order; 3. The ST transaction processing system according to claim 1, further comprising:

5. The ST transaction processing system described in claim 1, characterized in that the first clearing processing intermediary means has a function of performing RTGS-like clearing processing, in which, when the second trading side delivers cash as payment and clearing is to occur, the first clearing processing intermediary means delivers the relevant amount of cash to the ST issuer acting as a hedge provider on the first trading side, receives the relevant contracted amount of ST from the collateral provided, and at the same time delivers the ST to the second trading side.

6. The ST transaction processing system described in claim 2, characterized in that the second clearing processing intermediary means has a function of performing RTGS-like clearing processing, in which, when the ST issuer acting as a hedge provider on the first trading side delivers cash or other equivalent as payment to the second trading side to effect clearing, the second clearing processing intermediary means delivers the relevant amount of cash or other equivalent to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to the ST issuer acting as the hedge provider on the first trading side.

7. The ST transaction processing system described in claim 6, characterized in that the second clearing processing intermediary means further has a function of canceling the ST when performing an RTGS-like clearing process in which the second clearing processing intermediary means delivers the relevant amount of cash to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to an ST issuer that constitutes a hedge provider on the first trading side.

8. The ST transaction processing system described in claim 6, characterized in that the second clearing processing intermediation means further has the function of borrowing cash from an ST issuer that is a hedge provider on the first trading side and paying the corresponding amount of cash to the second trading side, while at the same time receiving the corresponding amount of ST from the second trading side and handing over the received ST as collateral to the ST issuer that is a hedge provider on the first trading side.

9. The ST transaction processing system described in claim 5, characterized in that the first clearing processing intermediation means periodically calculates the net amount of cash and ST used in the clearing processing for ST issuers that are hedge providers on the first trading side and performs DVP processing, and for securities companies, etc., at the option of the securities companies, etc., performs DVP processing or RTGS processing in a lump sum on each of the remaining cash and ST from the periodic DVP processing for ST issuers that are hedge providers on the first trading side.

10. The ST transaction processing system described in claim 6, characterized in that the second clearing processing intermediation means periodically calculates the cash and ST used in the clearing processing on a net basis and performs DVP processing for ST issuers that are hedge providers on the first trading side, and further has the function of performing DVP processing or RTGS processing in a lump sum for each of the remaining cash and ST from the periodic DVP processing for ST issuers that are hedge providers on the first trading side, at the option of the securities company, etc.

11. The ST transaction processing system described in claim 1, characterized in that the stock ST trading means further has a first stock remaining amount adjustment means which has the function of entering into a new issuance and underwriting contract with an ST issuer acting as a hedge provider on the first trading side to make up for the shortfall in the basic stock amount when the second trading side overbuys ST and the remaining stock amount of the ST position held by the means falls short of the basic stock amount by more than a predetermined amount.

12. The ST transaction processing system described in claim 2, characterized in that the stock ST trading means further has a second stock remaining amount adjustment means having the function of entering into a contract with an ST issuer acting as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when the remaining stock amount of the ST position held exceeds a predetermined amount due to an oversell of ST on the second trading side.

13. The ST transaction processing system described in claim 1, characterized in that the stock ST trading means further has a third stock remaining amount adjustment means having a function of controlling the liquidity adjuster to purchase and hold the ST that satisfies the matching conditions in response to a sell order of ST from the second trading side, and not to instruct the ST issuer that is a hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position.

14. As the management body of ST, it has a rights management book and an address (wallet) for holding ST, The underwriter of ST borrows cash from the issuer, purchases ST with the borrowed cash, and provides the purchased ST to the issuer as collateral. The underwriter is recorded as the holder of ST in the rights management book, and the ST that the issuer receives as collateral exists in the issuer's address (wallet). The ST transaction processing system described in claim 1, characterized in that it is equipped with an ST management structure unit in which the ST holding address (wallet) and the rights management book are linked, ST as a token can be generated based on the amount of ST as a digital asset recorded in the rights management book, and the holder of ST as a digital asset recorded in the rights management book can be processed by differentiating between the holder who actually holds ST as a token in an address (wallet).

15. The liquidity adjustment means further includes a smart contract for managing collateral ST, The ST transaction processing system described in claim 14, characterized in that the smart contract for managing collateral ST has the function of storing ST provided as collateral by a liquidity adjuster, who is an ST underwriter, to an ST issuer without changing the name of the holder in the rights management ledger.

16. The ST transaction processing system described in claim 1, characterized in that the liquidity adjustment means further has a collateral ST lending means having a function of using ST stocked as collateral for the purchase price lent by the issuer in the underwriting of the liquidity adjuster from the ST issuer, as a lending token in lending.

17. The secured ST lending instrument has a smart contract for lending management, The lending management smart contract comprises: The ability to set out the required security interests to be provided by the borrower; A function of lending ST stocked as collateral as a loan token in exchange for a specified collateral object provided by a borrower when the specified collateral object is provided by a borrower; A function to control transactions of ST lent as a lending token during the lending contract period and to enable the name of the ST holder in the rights management ledger to be changed when a transaction is made; 17. The ST transaction processing system according to claim 16, further comprising:

18. The secured ST lending means further includes a ST holder name change processing control means in the rights management book, The ST holder name change control means in the rights management book has a function of periodically, such as on a daily or weekly basis, changing the name of the ST holder in the rights management book when a transaction is made regarding the ST lent as a lending token during the lending contract period.

20. The ST transaction processing system according to claim 17.

19. The ST transaction processing system described in claim 16, characterized in that the secured ST lending means has the function of providing ST lending for purposes of clearing (ultra-short-term transactions similar to repo transactions in which the borrowing period is the next day or a few days) and short selling (transactions assuming a longer borrowing period).

20. The ST transaction processing system according to claim 1, characterized in that the self-opposed matching processing means normally accepts orders for buying and selling ST with the second trading side, performs matching processing via the self-opposed of the liquidity adjuster using a PTS system or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity adjuster, has a function of performing matching processing via the self-opposed of the liquidity adjuster with an ST issuer that is a hedge provider among the first trading side as an indirect trading counterparty of the order.

21. The ST transaction processing system according to claim 20, characterized in that the self-counter matching processing means further has a function of causing a specific connected trading firm (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading partner of the order to accept the order as an order concept for buying or selling ST, and causing another specific connected trading firm (an ST issuer that is a hedge provider) to accept the order as an indication of intention to enter into or terminate a hedge contract.

22. The ST transaction processing system according to claim 1, characterized in that the stock ST trading means further has a combination setting acceptance means for ST selling / buying and hedge conclusion / cancellation, which has the function of accepting various combinations of ST selling / buying orders by the self-counterpart processing means and expressions of intent to conclude / cancel hedge contracts.

23. The ST transaction processing system described in claim 20, characterized in that the self-versus-pairing processing means further has a function of enabling a buy order from a second trading side to be matched with an expression of intention to cancel a sell hedge from an ST issuer serving as a hedge provider on the first trading side, for a specified trading company (ST issuer serving as a hedge provider) on the first trading side.

24. The ST transaction processing system according to claim 20, characterized in that the self-counter matching processing means further has a function of matching a sell order for spot ST from the second trading side with an expression of intention to enter into a sell hedge by a specified trading company (ST issuer acting as a hedge provider) on the first trading side.

25. The ST transaction processing system according to claim 20, characterized in that the self-versus-matching processing means further has a function of matching a simple buy order of a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side against a sell order of the actual token from the second trading side.

26. The ST transaction processing system according to claim 1, characterized in that the stock ST transaction means further has a first trading side connection unit and an order type setting reception means that has the function of accepting settings of order types such as connection units such as traders (ST issuers that serve as hedge providers, trader types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the sell side and the buy side, and expressions of intent to hedge, in cases where, for a specified trader on the first trading side, both the sell side and the buy side are sell / buy orders, where both the sell side and the buy side are expressions of intent to set up / cancele a hedge, or where a combination of an intent by the sell side to cancel a hedge (effectively the sell side) and a buy side to buy, etc.

27. A collateral parameter indicating the collateral status of the ST to be collateralized; a security status setting means having a function of selectively accepting the setting of a plurality of types of security statuses, such as a status in which the sale of ST, lending / re-pledge processing is not possible, and a status in which lending / re-pledge processing is possible, for the security parameters; A collateral ST processing control means having a function of controlling processing such as selling, lending, re-collateralization, etc. of the collateral ST based on the collateral status set in the collateral parameters; A collateral parameter setting content change means or a collateral parameter setting content change smart contract having a function of manually or automatically canceling the collateral status setting content set in the collateral parameters via the collateral status setting means in the event of a default at the time of expiration of a loan agreement concluded with a lender at the time of collateral setting; and The security ST processing control means further has a function of controlling so that when the security parameter setting contents are released by the security parameter setting contents changing means or the smart contract for changing the security parameter setting contents, the ST provided as security can be sold and the name of the ST holder on the rights management book can be changed.

15. The ST transaction processing system according to claim 14.

28. The bond-type ST tokenized using the commodity assets as the asset source is issued periodically by the ST issuer, and has the characteristics of a security in which the contents corresponding to the redemption date and interest rate are all the same each time it is issued. In the secondary trading stage, the ST is traded as a token by aggregating STs of different series into one issue. This is a structured bond-type security token, The ST management structure unit includes: A serial number-added right information recording means having a function of adding and recording a serial number as part of the securities-like digital right information of the holder of the ST every time the ST is issued in the right management book; A serial number-added rights information management means having a function of managing the rights information of the ST to which a serial number is added in a serial number unit in a rights management book; A serial number aggregation token management means having a function of managing all STs with different serial numbers as tokens of the same issue in the address of the ST as a token (subject to wallet processing); 15. The ST transaction processing system according to claim 14, further comprising:

29. The ST management structure unit further has a stock-by-stock management means having a function of processing all STs with different series numbers at the liquidity adjuster or second trading side at the secondary trading stage as the same stock, rather than processing them on a series number basis, for asset management of documents and accounts, and management of order / contract information. The ST transaction processing system described in claim 28.

30. The ST transaction processing system described in claim 28, characterized in that the ST management structure unit further has a name change means having a function of changing the name in the rights management book after an order is executed for the ST as a token in a lump sum after tallying up all transactions for the ST as a token up to the previous day at the time of the date change.

31. The ST management structure unit includes: A selling data sorting means having a function of sorting the selling data of the ST in the securities-like digital right information recorded in the right management book in ascending order by individual identification information (original book ID); a sales priority information sorting and storage means having a function of, in the selling data of the ST sorted by the selling data sorting means, when there are multiple series numbers in the securities-like digital right information of the ST held by the holder of the ST identified by the identification information (original ledger ID), sorting the selling data of the ST with the series number with the fewer number of data held as the priority target for sale, and, when the number of data held by the holder of the ST identified by the identification information (original ledger ID) of different series numbers of the ST is the same, sorting the selling data of the ST with the smaller series number as the priority target for sale, and temporarily storing the sorted selling data as the selling priority information of the ST; A purchasing data sorting means having a function of sorting the purchasing data of the ST on the day of the transaction in the right management ledger in ascending order by individual identification information (original ledger ID); A purchasing data allocation means having a function of allocating, in descending order, the purchasing data of the ST sorted by the purchasing data sorting means to the selling data of the ST sorted in the selling priority information of the ST via the selling priority information sorting and stocking means; 30. The ST transaction processing system of claim 28, further comprising:

32. The ST transaction processing system described in claim 31, characterized in that when there are multiple types of series numbers of the ST's purchasing data that can be assigned, the purchasing data assignment means gives priority to the ST's purchasing data with smaller series numbers and assigns them in descending order to the ST's selling data that has been sorted in the ST's selling priority information via the selling priority information sorting and stocking means.

33. The ST transaction processing system described in claim 28 further comprises a viewing and display control means having a function of controlling, when a token trader performs a viewing operation on the rights management book, to output and display the transaction data of the ST in question on a series number basis only for the series number involved in the transaction as a party to the transaction.

34. The ST trading processing system described in claim 33, characterized in that the viewing and display control means further has a function of controlling the output and display of trading data for a trader viewing the rights management book, including only the identification information (original ledger ID) of the top 10 traders of each issue and the identification information (original ledger ID) of the trader performing the viewing operation, of the ST trading data for the relevant issue.

35. The ST transaction processing system described in claim 34, characterized in that the viewing and display control means further has a function of limiting the output display of addresses constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards.

36. The ST transaction processing system described in claim 34, characterized in that the viewing and display control means further has a function of limiting the output display of names constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only the surname.

37. A commodity asset (precious metals (gold, etc.), CO) transaction system that is constructed with a distributed ledger in distributed technology such as blockchain and a smart contract or server application for performing predetermined processing using the data managed in the distributed ledger. ２ A transaction processing system for bond-type ST (structured bond-type security token) with securities characteristics, in which emission rights and energy (crude oil, electricity, etc.) are tokenized as asset resources (essentially treated as collateral), a liquidity adjustment means that acts as a liquidity adjuster between a first trading side (an issuer of ST consisting of a general trading company dealing in commodities, which is a wholesale processing side such as ST issuers that act as hedge providers and become the buyers of hedges in the secondary trading stage after ST issuance, a lead underwriter that underwrites ST from ST issuers that act as hedge providers, and LPs (liquidity providers) and MMs (market makers) that supply liquidity in the secondary trading stage after ST issuance) and a second trading side (a retail processing side such as securities companies that trade issued ST with customers), and has a function of adjusting the liquidity of ST transactions on both the first trading side and the second trading side by absorbing the gap in transaction units (orders or hedge cancellation / additional intentions, etc.) between the second trading side and the first trading side through the liquidity adjuster's own ST positioning; The liquidity adjusting means is a ST underwriting means having a function of having a lead underwriter purchase and underwrite a large amount of ST issued at one time from an issuer of ST; a ST position stocking means having a function of stocking the ST that has been underwritten by the lead underwriter as the liquidity adjuster's own position; a ST underwriting fund borrowing means having a function of allowing an issuer of the ST to borrow purchase funds for underwriting the ST from a lead underwriter; a ST collateral provision means having a function of causing an issuer of the ST to provide the ST purchased as collateral to a lead underwriter; a hedge contracting means having a function of having a lead underwriter conclude a selling hedge contract for the spot commodity equivalent to the purchase funds of the ST with an issuer of the ST; a stock ST trading means having a function of conducting trading in the secondary trading stage after ST issuance according to trading contents (orders or hedge cancellation / additional intentions, etc.) desired by traders on the first trading side and the second trading side for the ST stocked via the ST position stock means; having The stock ST trading means is a self-opposed matching processing means having a function of performing matching processing via the self-opposed of the liquidity adjuster for each of an order from the second trading side and an order from the first trading side or an IOI (indication of intent in a bilateral trading format) for undoing a hedge or adding an IOI; a first contract notification means having a function of returning a contract to the second trading side and returning a message of a hedge cancellation instruction for the corresponding amount to the ST issuer serving as the hedge provider on the first trading side when a liquidity adjuster's own buying and selling standard corresponding to an IOI (a bilateral trading-type transaction intention indication for confirming an intention regarding a hedge contract) of a hedge cancellation from an ST issuer serving as a hedge provider on the first trading side and a liquidity adjuster's own buying and selling standard corresponding to a buy order from the second trading side satisfy a matching condition; a hedge dissolution means having a function of, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of a hedge dissolution instruction from a liquidity adjuster in response to an IOI (a bilateral transaction-based transaction intention indication for confirming an intention regarding a hedge contract) of hedge dissolution to the liquidity adjuster, placing a buy order for the hedge dissolution instruction amount with an external liquidity supplier in the ST issuer serving as a hedge provider on the first trading side and having the order executed, and at the same time reducing the hedge dissolution instruction amount of the sell hedge contract; a first clearing process intermediary means for receiving cash or the like from the second trading side and delivering it to the first trading side, and for receiving the ST of the contract among the ST provided as collateral from the first trading side and delivering it to the second trading side; A stock ST position amount reduction means for reducing the amount of the ST position of the contract among the stocked ST positions; An ST transaction processing system comprising:

38. The stock ST trading means is a second contract notification means having a function of returning a contract to the second trading side and returning a message of an instruction to add a hedge of the relevant amount by the lead underwriter to the ST issuer serving as the hedge provider on the first trading side when the liquidity adjuster's own buying and selling criteria, which is the counterpart of an IOI (a bilateral trading-type indication of intention to confirm an intention regarding a hedge contract) of an additional hedge from the ST issuer serving as the hedge provider on the first trading side, and the liquidity adjuster's own buying and selling criteria, which is the counterpart of a sell order from the second trading side, satisfy a matching condition; a hedge addition means having a function of, when an ST issuer serving as a hedge provider on the first trading side receives a telegram of hedge addition instructions from a lead underwriter in response to an IOI (a bilateral transaction-based indication of intent to trade to confirm intent regarding a hedge contract) of a hedge addition to the lead underwriter, placing a sell order for the hedge addition instruction amount with an external liquidity provider in the ST issuer serving as a hedge provider on the first trading side and having the sell order executed, and at the same time adding the hedge addition instruction amount to the sell hedge contract; a second clearing process intermediary means having a function of receiving cash or the like from the first trading side and transferring it to the second trading side, and receiving the contracted amount of ST from the second trading side and transferring it to the first trading side; A stock ST position amount increasing means having a function of increasing the ST position amount of the contracted ST for the stocked ST position; 38. The ST transaction processing system of claim 37, further comprising:

39. The stock ST trading means is A rate calculation means having a function of calculating a liquidity adjuster rate based on indicative buy and sell IOI (over-the-counter indication of intention to trade) information received as a market price from a ST issuer that is a hedge provider on the first trading side; a rate providing means for providing the liquidity adjuster rate calculated by the rate calculating and providing means to a second trading side; 39. The ST transaction processing system according to claim 37 or 38, further comprising:

40. The stock ST trading means is a reference rate calculation means having a function of calculating a reference rate based on bid-and-ask IOI (over-the-counter indication of intention to trade) information of buys and sells received from outside as a market price, or information similar to said IOI information, or information obtained by combining said IOI information and information similar to said IOI information; a matching order search means having a function of searching for orders on the second trading side that satisfy matching conditions in a private manner using an IOI (indication of intent in a bilateral transaction) method, with the order based on the reference rate calculated by the reference rate calculation means as a deemed order; 39. The ST transaction processing system according to claim 37 or 38, further comprising:

41. The ST transaction processing system described in claim 37, characterized in that the first clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the second trading side delivers cash as payment and clearing is to occur, by delivering the relevant amount of cash to the ST issuer acting as a hedge provider on the first trading side, receiving the relevant contracted amount of ST from the collateral provided, and at the same time delivering the ST to the second trading side.

42. The ST transaction processing system described in claim 38, characterized in that the second clearing processing intermediary means has a function of performing RTGS-like clearing processing, when the ST issuer that is a hedge provider on the first trading side delivers cash or other equivalent as payment to the second trading side to receive the ST for the corresponding contract, and at the same time, delivers the ST to the ST issuer that is a hedge provider on the first trading side.

43. The ST transaction processing system described in claim 42, characterized in that the second clearing processing intermediary means further has a function of canceling the ST when performing an RTGS-like clearing process in which the second clearing processing intermediary means delivers the relevant amount of cash to the second trading side, receives the ST for the relevant contract, and at the same time delivers the ST to an ST issuer that constitutes a hedge provider on the first trading side.

44. The ST transaction processing system described in claim 42, characterized in that the second clearing processing intermediation means further has the function of borrowing cash from an ST issuer that is a hedge provider on the first trading side and paying the corresponding amount of cash to the second trading side, while at the same time receiving the corresponding amount of ST from the second trading side and handing the received ST as collateral to the ST issuer that is a hedge provider on the first trading side.

45. The ST transaction processing system described in claim 41, characterized in that the first clearing processing intermediation means periodically calculates the net amount of cash and ST used in the clearing processing for ST issuers that are hedge providers on the first trading side and performs DVP processing, and for securities companies, etc., at the option of the securities companies, etc., performs DVP processing or RTGS processing in a lump sum on each of the remaining cash and ST from the periodic DVP processing for ST issuers that are hedge providers on the first trading side.

46. The ST transaction processing system described in claim 42, characterized in that the second clearing processing intermediation means periodically calculates the net amount of cash and ST used in the clearing processing for ST issuers that are hedge providers on the first trading side and performs DVP processing, and for securities companies, etc., at the option of the securities companies, etc., performs DVP processing or RTGS processing in a lump sum on each of the remaining cash and ST from the periodic DVP processing for ST issuers that are hedge providers on the first trading side.

47. The ST transaction processing system described in claim 46, characterized in that the stock ST trading means further has a first stock remaining amount adjustment means which has the function of, when the second trading side overbuys ST and the remaining stock amount of the ST position held falls below the basic stock amount by more than a predetermined amount, having an ST issuer acting as a hedge provider on the first trading side enter into a new issuance / underwriting contract with a lead underwriter for additional ST to make up the shortfall from the basic stock amount, thereby adjusting the remaining stock amount of the ST position.

48. The ST transaction processing system described in claim 47, characterized in that the stock ST trading means further has a second stock remaining amount adjustment means having the function of entering into a contract with an ST issuer acting as a hedge provider on the first trading side to cancel the excess ST position from the basic stock amount (reducing the remaining stock amount of the issued ST position) when the stock remaining amount of the ST position held exceeds a predetermined amount due to an oversell of ST on the second trading side.

49. The ST transaction processing system described in claim 46, characterized in that the stock ST trading means further has a third stock remaining amount adjustment means having a function of controlling the liquidity adjuster to purchase and hold the ST that satisfies the matching conditions in response to a sell order of ST from the second trading side, and not to instruct the ST issuer that is a hedge provider on the first trading side to perform processing to adjust the remaining stock amount of the ST position.

50. As the management body of ST, it has a rights management book and an address (wallet) for holding ST, The underwriter of ST borrows cash from the issuer, purchases ST with the borrowed cash, and provides the purchased ST to the issuer as collateral. The underwriter is recorded as the holder of ST in the rights management book, and the ST that the issuer receives as collateral exists in the issuer's address (wallet). The ST transaction processing system of claim 41, characterized in that it is provided with an ST management structure unit that links the ST holding address (wallet) and the rights management book, can generate ST as a token based on the amount of ST as a digital asset recorded in the rights management book, and can process the holder of ST as a digital asset recorded in the rights management book differently from the holder who actually holds ST as a token in an address (wallet).

51. The liquidity adjustment means further includes a smart contract for managing collateral ST, The ST transaction processing system described in claim 50, characterized in that the smart contract for managing collateral ST has the function of storing ST provided as collateral by a liquidity adjuster, who is an ST underwriter, to an ST issuer without changing the name of the holder in the rights management ledger.

52. The ST transaction processing system described in claim 41, characterized in that the liquidity adjustment means further has a collateral ST lending means having a function of using ST stocked as collateral for the purchase price lent by an issuer in the underwriting of the lead underwriter from the ST issuer, as a lending token in lending.

53. The secured ST lending instrument has a smart contract for lending management, The lending management smart contract comprises: The ability to set out the required security interests to be provided by the borrower; A function of lending ST stocked as collateral as a loan token in exchange for a specified collateral object provided by a borrower when the specified collateral object is provided by a borrower; A function to control transactions of ST lent as a lending token during the lending contract period and to enable the name of the ST holder in the rights management ledger to be changed when a transaction is made; 53. The ST transaction processing system according to claim 52, further comprising:

54. The secured ST lending means further includes a ST holder name change processing control means in the rights management book, The ST holder name change control means in the rights management book has a function of periodically, such as on a daily or weekly basis, changing the name of the ST holder in the rights management book when a transaction is made regarding the ST lent as a lending token during the lending contract period.

54. The ST transaction processing system of claim 53.

55. The ST transaction processing system described in claim 54, characterized in that the secured ST lending means has the function of providing ST lending for purposes of clearing (ultra-short-term transactions similar to repo transactions with a borrowing period of the next day or a few days) and short selling (transactions assuming a longer borrowing period).

56. The ST transaction processing system according to claim 37, characterized in that the self-opposed matching processing means normally accepts orders to buy and sell ST with the second trading side, performs matching processing via the self-opposed of the liquidity adjuster using the PTS method or the like, and when orders between the second trading sides are not matched through matching processing via the self-opposed of the liquidity adjuster, has a function of performing matching processing via the self-opposed of the liquidity adjuster with an ST issuer that is a hedge provider among the first trading side as an indirect trading counterparty of the order.

57. The ST transaction processing system described in claim 56, characterized in that the self-counter matching processing means further has a function of having a specific connected trading company (such as an LP (liquidity provider) or MM (market maker) that supplies liquidity) on the first trading side that is the trading partner of the order accept the order as an order concept for buying or selling ST, and having another specific connected trading company (an ST issuer that serves as a hedge provider) accept the order as an indication of intention to enter into or terminate a hedge contract.

58. The ST transaction processing system described in claim 37, characterized in that the stock ST trading means further has a combination setting acceptance means for ST selling / buying and hedge conclusion / cancellation, which has the function of accepting various combinations of ST selling / buying orders by the self-counterpart processing means and expressions of intent to conclude / cancel hedge contracts.

59. The ST transaction processing system described in claim 56, characterized in that the self-versus-counter-matching processing means further has a function of matching, for a specified trading company (ST issuer acting as a hedge provider) on the first trading side, an expression of intention to cancel a sell hedge from the ST issuer acting as a hedge provider on the first trading side against a buy order from the second trading side.

60. The ST transaction processing system described in claim 56, characterized in that the self-versus-counter-matching processing means further has a function of matching a sell order for spot ST from the second trading side with an expression of intention to enter into a sell hedge by a specified trading company (ST issuer acting as a hedge provider) on the first trading side.

61. The ST transaction processing system described in claim 56, characterized in that the self-versus-matching processing means further has a function of matching a simple buy order of a specified trading company (such as an LP (liquidity provider) or MM (market maker) that provides liquidity) on the first trading side against a sell order of a spot token from the second trading side.

62. The ST transaction processing system of claim 37, characterized in that the stock ST transaction means further has a first trading side connection unit and an order type setting reception means that has the function of accepting settings of order types such as connection units of traders (ST issuers that serve as hedge providers, trader types such as LPs (liquidity providers) and MMs (market makers) that provide liquidity), order types for orders from the sell side and the buy side, and expressions of intent to hedge, in cases where, for a specified trader on the first trading side, both the sell side and the buy side are sell / buy orders, where both the sell side and the buy side are expressions of intent to set up / cancele a hedge, or where a combination of an intent by the sell side to cancel a hedge (effectively the sell side) and a buy side to buy, etc.

63. A collateral parameter indicating the collateral status of the ST to be collateralized; a security status setting means having a function of selectively accepting the setting of a plurality of types of security statuses, such as a status in which the sale of ST, lending / re-pledge processing is not possible, and a status in which lending / re-pledge processing is possible, for the security parameters; A collateral ST processing control means having a function of controlling processing such as selling, lending, re-collateralization, etc. of the collateral ST based on the collateral status set in the collateral parameters; A collateral parameter setting content change means or a collateral parameter setting content change smart contract having a function of manually or automatically canceling the collateral status setting content set in the collateral parameters via the collateral status setting means in the event of a default at the time of expiration of a loan agreement concluded with a lender at the time of collateral setting; and The security ST processing control means further has a function of controlling so that when the security parameter setting contents are released by the security parameter setting contents changing means or the smart contract for changing the security parameter setting contents, the ST provided as security can be sold and the name of the ST holder on the rights management book can be changed.

51. The ST transaction processing system of claim 50.

64. The bond-type ST tokenized using the commodity assets as the asset source is issued periodically by the ST issuer, and has the characteristics of a security in which the contents corresponding to the redemption date and interest rate are all the same each time it is issued. In the secondary trading stage, the ST is traded as a token by aggregating STs of different series into one issue. This is a structured bond-type security token, The ST management structure unit includes: A serial number-added right information recording means having a function of adding and recording a serial number as part of the securities-like digital right information of the holder of the ST every time the ST is issued in the right management book; A serial number-added rights information management means having a function of managing the rights information of the ST to which a serial number is added in a serial number unit in a rights management book; A serial number aggregation token management means having a function of managing all STs with different serial numbers as tokens of the same issue in the address of the ST as a token (subject to wallet processing); 51. The ST transaction processing system according to claim 50, further comprising:

65. The ST management structure unit further has a stock-by-stock management means having the function of processing all STs with different series numbers at the liquidity adjuster or second trading side at the secondary trading stage as the same stock, rather than processing them on a series number basis, for asset management of documents and accounts, and management of order / contract information. The ST transaction processing system described in claim 64.

66. The ST transaction processing system described in claim 64, characterized in that the ST management structure unit further has a name change means having a function of changing the name in the rights management book after an order is executed for the ST as a token in a lump sum after tallying up all transactions for the ST as a token up to the previous day at the time of the date change.

67. The ST management structure unit includes: A selling data sorting means having a function of sorting the selling data of the ST in the securities-like digital right information recorded in the right management book in ascending order by individual identification information (original book ID); a sales priority information sorting and storage means having a function of, in the selling data of the ST sorted by the selling data sorting means, when there are multiple series numbers in the securities-like digital right information of the ST held by the holder of the ST identified by the identification information (original ledger ID), sorting the selling data of the ST with the series number with the fewer number of data held as the priority target for sale, and, when the number of data held by the holder of the ST identified by the identification information (original ledger ID) of different series numbers of the ST is the same, sorting the selling data of the ST with the smaller series number as the priority target for sale, and temporarily storing the sorted selling data as the selling priority information of the ST; A purchasing data sorting means having a function of sorting the purchasing data of the ST on the day of the transaction in the right management ledger in ascending order by individual identification information (original ledger ID); A purchasing data allocation means having a function of allocating, in descending order, the purchasing data of the ST sorted by the purchasing data sorting means to the selling data of the ST sorted in the selling priority information of the ST via the selling priority information sorting and stocking means; 65. The ST transaction processing system of claim 64, further comprising:

68. The ST transaction processing system described in claim 67, characterized in that when there are multiple types of series of the ST's purchasing data that can be assigned, the purchasing data assignment means gives priority to the ST's purchasing data with smaller series numbers and assigns them in descending order to the selling data of the ST that has been sorted in the selling priority information of the ST via the selling priority information sorting and stocking means.

69. The ST transaction processing system described in claim 64, further comprising a viewing and display control means having a function of controlling, when a token trader performs a viewing operation on the rights management book, to output and display the transaction data of the ST in question on a series number basis only for the series number involved in the transaction as a party to the transaction.

70. The ST trading processing system described in claim 69, characterized in that the viewing and display control means further has a function of controlling the output and display of trading data for a trader viewing the rights management book, including only the identification information (original ledger ID) of the top 10 traders of each issue and the identification information (original ledger ID) of the trader performing the viewing operation, of the ST trading data for the relevant issue.

71. The ST transaction processing system described in claim 70, characterized in that the viewing and display control means further has a function of limiting the output display of addresses constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only cities and wards.

72. The ST transaction processing system described in claim 70, characterized in that the viewing and display control means further has a function of limiting the output display of names constituting personal identification information linked to each identification information in the transaction data, which is only the identification information (ledger ID) of the top 10 people for each issue in the transaction data corresponding to the output display target and the identification information (ledger ID) of the trader performing the viewing operation, to only the surname.

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