Pricing device, pricing method, and program

Abstract

To provide a pricing device which provides useful information when a customer conducts an option transaction.SOLUTION: Input of conditions specifying an option transaction of a transaction object is received. A premium of multiple times of the whole execution of rights in a specified period based on the conditions is calculated. Schedule information of the multiple times of right executions and the premium are displayed for the specified period.SELECTED DRAWING: Figure 1

Description

[Technical field]

[0001] The present disclosure relates to a pricing device, a pricing method, and a program. [Background technology]

[0002] In financial option trading, financial institutions and the like carry out operations such as confirming the terms of transactions with customers over the telephone, etc., and presenting premium values ​​under predetermined terms. A related technology is disclosed in Patent Document 1.

[0003] Patent Document 1 discloses a technique for presenting a premium corresponding to order data to a customer in order to improve the convenience of option trading (paragraph 0032, etc.). [Prior art documents] [Patent documents]

[0004] [Patent Document 1] JP 2001-325447 A Summary of the Invention [Problem to be solved by the invention]

[0005] In the technology described above, there is a demand for providing more useful information to clients when they are trading options.

[0006] An object of this disclosure is to provide a pricing device, a pricing method, and a program that solve the above problems. [Means for solving the problem]

[0007] According to a first aspect of this disclosure, a pricing device includes a receiving means for receiving input of conditions specifying an option transaction to be traded, a premium calculation means for calculating a premium for the entirety of multiple exercises of options in a specified period based on the conditions, and a display means for displaying schedule information of the multiple exercises of options in the specified period and the premiums.

[0008] According to a second aspect of this disclosure, a pricing method accepts input of conditions specifying an option transaction to be traded, calculates a premium for the entirety of multiple exercises of options during a specified period based on the conditions, and displays schedule information for the multiple exercises of options during the specified period and the premium.

[0009] According to a third aspect of this disclosure, the program causes a computer of a pricing device to function as: an accepting means for accepting input of conditions specifying an option transaction to be traded; a premium calculation means for calculating a premium for the entire multiple exercises of rights in a specified period based on the conditions; and a display means for displaying schedule information of the multiple exercises of rights in the specified period and the premiums. Effect of the Invention

[0010] It is possible to provide useful information to customers when considering placing an option transaction. [Brief description of the drawings]

[0011] [Figure 1] 1 is a diagram showing a schematic configuration of a pricing system according to one embodiment of the present disclosure. [Diagram 2] FIG. 2 is a hardware configuration diagram of a pricing device according to an embodiment of the present disclosure. [Diagram 3] FIG. 2 is a functional block diagram of a pricing device according to one embodiment of the present disclosure. [Figure 4] FIG. 11 is a first diagram showing an example output of a pricing device according to one embodiment of the present disclosure. [Diagram 5]FIG. 13 is a second diagram showing an example output of a pricing device according to an embodiment of the present disclosure. [Figure 6] FIG. 13 is a third diagram showing an example output of a pricing device according to an embodiment of the present disclosure. [Figure 7] FIG. 4 is a fourth diagram showing an example output of a pricing device according to an embodiment of the present disclosure. [Figure 8] FIG. 2 is a diagram illustrating a processing flow of a pricing device according to one embodiment of the present disclosure. [Figure 9] FIG. 5 is a fifth diagram showing an example output of a pricing device according to an embodiment of the present disclosure. [Figure 10] FIG. 6 is a sixth diagram showing an example output of a pricing device according to an embodiment of the present disclosure. [Figure 11] FIG. 13 is a functional block diagram of a pricing device according to another embodiment of the present disclosure. [Figure 12] FIG. 13 is a functional block diagram of a pricing device according to another embodiment of the present disclosure. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0012] FIG. 1 is a diagram showing a schematic configuration of a pricing system according to one embodiment of the present disclosure. The options trading pricing system 100 according to this disclosure includes at least a pricing device 1. The pricing device 1 is communicatively connected to a terminal 5 used by a user via a communication line such as the Internet. The terminal 5 may be a PC, a smartphone, or the like.

[0013] FIG. 2 is a hardware configuration diagram of a pricing device according to an embodiment of the present disclosure. 2, the pricing device 1 is a computer equipped with various hardware components, such as a CPU (Central Processing Unit) 101, a ROM (Read Only Memory) 102, a RAM (Random Access Memory) 103, other storage devices 104, and a communication module 105. The storage device 104 may be a database. The terminal 2 is also a computer equipped with part or all of the same hardware configuration.

[0014] FIG. 3 is a functional block diagram of a pricing device according to one embodiment of the present disclosure. The CPU 101 of the pricing device 1 executes a program related to pricing of option trading that is stored in advance, whereby the pricing device 1 exerts the functions of a control unit 11, a UI (User Interface) unit 12, a premium calculation unit 13, an exercise price calculation unit 14, a barrier calculation unit 15, a schedule calculation unit 16, a storage unit 17, etc.

[0015] The control unit 11 controls each function of the pricing device 1 . The UI unit 12 has a function as a web server, receives information transmitted from the terminal 2, and outputs the information to the terminal 2. Specifically, the UI unit 12 inputs and outputs information to and from the terminal 2 via a web page. The premium calculation unit 13 calculates the premium for the entire multiple exercises of options during a specified period (the total value of the premiums resulting from the multiple exercises of options) based on the conditions that specify the options transaction to be traded. The exercise price calculation unit 14 calculates the exercise price for each of a plurality of exercises of an option when the premium desired by the user is obtained during a specified period, based on the premium desired by the user and the conditions specifying the option transaction to be traded. The barrier calculation unit 15 calculates a barrier value that maximizes the premium in the scheme type included in the conditions, or a barrier value that provides the best exercise price in the scheme type. The schedule calculation unit 16 calculates each exercise date (schedule) in a specified period determined by the initial settlement date, roll frequency, roll date, number of times, and holiday adjustment included in the conditions. The storage unit 17 associates the conditions specifying the option transaction entered by the user on the web page and accepted, the values ​​calculated by the premium calculation unit 13, the values ​​calculated by the exercise price calculation unit 14, the values ​​calculated by the barrier calculation unit 15, etc. with the user's identifier, etc., and stores them in the memory device 104.

[0016] FIG. 4 is a first diagram illustrating an example output of a pricing device according to one embodiment of the present disclosure. When a user accesses the pricing device 1 using the terminal 2, the UI unit 12 of the pricing device 1 outputs the web page 40 shown in Fig. 4 to the terminal 2 based on the acquired user's login and password information. The terminal 2 displays the web page 40 on a monitor. Note that when the web page 40 shown in Fig. 4 is displayed on the terminal 1, the pricing device 1 may transmit some other web pages to the terminal 1, and the terminal 1 may display those web pages.

[0017] A user can use the web page 40 to set prices for a desired option trading target. In this disclosure, an example will be described in which the currency pair USD (US dollar) / JPY (Japanese yen) is the option trading target. Note that the option trading target is not limited to a currency pair, and may be any trading target that can be an option trading target.

[0018] When the web page 40 is displayed on the terminal 1, the user inputs a number of conditions (indication conditions) in a first condition input field 41. The conditions that can be input in the first condition input field 41 are currency pair (Currency) 411, scheme type (Type) 412, first settlement date (First Del) 413, roll frequency (Roll Day) 414, roll day (Roll Day) 415, number of times (Legs) 416, holiday adjustment (Holiday Adj) 417, put amount (Put Amt) 418, call amount (Call Amt) 419, strike (Strike) 410, and barrier (Barrier) 4111. The first condition input field 41 is provided with input fields for each of these conditions.

[0019] Currency pairs 411 are the subject of trading in this disclosure. In the currency pair 411 of the first condition input field 41, the user can select a currency pair such as USD (US dollar) / JPY (Japanese yen), EUR (Euro) / JPY (Japanese yen), AUD (Australian dollar) / JPY (Japanese yen), etc.

[0020] Scheme type 412 is, for example, import (normal), export (normal), import (AKO), export (AKO), import (EKO), export (EKO), etc. The user can select these scheme types in scheme type 412 of the first condition input field 41. Note that AKO stands for American knockout option. EKO stands for European knockout option. AKO indicates an option that expires when the barrier is reached even once during the period until the option exercise date. EKO indicates an option that expires when the barrier is reached on the option exercise date.

[0021] Initial delivery date 413 indicates the initial delivery date of the option being traded. Roll frequency 414 indicates the frequency of exercise, for example, if the frequency of exercise is monthly, enter 1, and if it is quarterly (every three months), enter 3, with the upper limit being 12. Roll day 415 indicates the second and subsequent delivery dates in a month. Number of times 416 indicates the number of repetitions for each frequency indicated by roll frequency 414 of exercise. Using roll frequency 414 and number of times 416, the user can specify the period of option trading. Holiday adjustment 417 is an identifier indicating whether roll day 415 should be corrected to the previous business day or the next business day if the day indicated by roll day 415 is not a business day.

[0022] The put amount 418 indicates the amount (amount) of a put in a foreign currency. The call amount 419 indicates the amount (amount) of a call in a foreign currency. The strike 410 indicates the exercise price. The barrier 4111 indicates a threshold (barrier) of an amount specified by the user.

[0023] The web page 40 is provided with a second condition input field 42. The second condition input field 42 is provided with input fields for Spot 421, Premium 422, and Calculation target (Seek for) 423. Spot 421 indicates the current price of foreign currency. Premium 422 indicates the premium value desired by the user. Calculation target 423 is an object calculated by the pricing device 1 based on conditions selected or specified by the user, and the user can select a premium, an exercise price, or the like.

[0024] FIG. 5 is a second diagram showing an example output of a pricing device according to one embodiment of the present disclosure. As shown in the example of the second condition input field 42 in Fig. 5, the calculation target (Seek for) 423 is a selection-type input field. Any of premium, premium & KO Best, strike, strike & KO Best, call strike, and put strike can be selected. KO Best (Knockout Best) indicates that the barrier value at which the premium or strike is the best value is calculated.

[0025] The user inputs these conditions and instructs the start of pricing. As a result, the pricing device 1 displays the premium for the entire multiple right exercises during the period specified by the user in the result display field (Result) 43 of the web page 40 according to the conditions, and displays schedule information for the multiple right exercises during that period in the schedule display field (Schedule) 44 of the web page 40.

[0026] Alternatively, the pricing device 1 calculates one exercise price common to each of the multiple exercises of the right when the premium desired by the user is obtained in the period specified in the first condition input field 41 according to the conditions, and displays the value in a result display field (Result) 43 of the web page 40. The pricing device 1 also displays schedule information of the multiple exercises of the right in the specified period in a schedule display field (Schedule) 44 of the web page 40.

[0027] The schedule display field 44 displays a schedule of exercise for each option exercise date (Delivery) 441 determined by the first delivery date 413, roll frequency 414, roll date 415, number of times 416, and holiday adjustment 417 in the first condition input field 41. In addition to the exercise date 441, the schedule of exercise for each option exercise date 441 displays a put type (Put Type) 442, a call type (Call Type) 443, a put amount (Put Amt) 444, a call amount (Call Amt) 445, a put strike (Put Strike) 446, a call strike (Call Strike) 447, a put barrier (Put Barrier) 448, a call barrier (Call Barrier) 449, and the like according to the scheme type input by the user in the first condition input field 41 in a display field that can be modified. The information displayed in the schedule display field 44 can also be defined as order conditions when the user actually places an order for an option transaction for a trading target specified by the conditions.

[0028] FIG. 6 is a third diagram showing an example output of a pricing device according to an embodiment of the present disclosure. As shown in Figure 6, as an example, when a user specifies a premium in the input field for calculation target 423 and presses a button icon 40A to start pricing, the pricing device 1 calculates the premium for the entire multiple exercises of rights during the period specified by the conditions, and displays the premium value in the result display field 43.

[0029] FIG. 7 is a fourth diagram showing an example output of a pricing device according to an embodiment of the present disclosure. 7, for example, the user inputs the value of the desired premium 422, specifies the strike price in the input field for the calculation target 423, and presses the pricing start button icon 40A. The pricing device 1 then calculates one strike price common to multiple exercises of the option when the user's desired premium 422 can be obtained in the period specified by the conditions, and displays the strike price value in the result display field 43.

[0030] FIG. 8 is a diagram showing a process flow of the pricing device according to one embodiment of the present disclosure. Next, the processing flow of the pricing device will be explained step by step. The pricing device 1 generates a web page 40 based on access from the terminal 2 and transmits it to the terminal 2 (step S701). A user using the terminal 2 inputs or specifies various conditions in a first condition input field 41 and a second condition input field 42 of the web page 40. The user presses a pricing start button icon 40A on the web page 40. The terminal 2 transmits a pricing request including the conditions input in the first condition input field 41 and the second condition input field 42 to the pricing device 1.

[0031] The UI unit 12 of the pricing device 1 accepts a pricing request (step S702). The UI unit 12 outputs the pricing request to the control unit 11. The control unit 11 identifies a calculation function based on the information of the calculation target (Seek for) 423 included in the pricing request (step S703). If the calculation target (Seek for) 423 is a premium, the control unit 11 outputs information on each condition included in the pricing request to the premium calculation unit 13.

[0032] When the calculation target (Seek for) 423 is the strike price (Strike), the control unit 11 outputs information on each condition included in the pricing request to the strike price calculation unit 14. When the control unit 11 determines to calculate the barrier value based on the calculation target (Seek for) 423, it outputs information on each condition included in the pricing request to the barrier calculation unit 15. The control unit 11 outputs the initial delivery date 413, roll frequency 414, roll date 415, number of times 416, and holiday adjustment 417 included in the pricing request to the schedule calculation unit 16.

[0033] When Premium or Premium &KO Best is selected as the calculation target 423, the premium calculation unit 13 calculates the premium based on each condition included in the pricing request (step S704). The premium calculation unit 13 outputs the calculation result to the control unit 11. The premium calculation unit 13 calculates the premium according to the conditions entered in the first condition input field 41 and the second condition input field 42 using a known calculation formula. The value of the premium is the total value of the premiums for multiple exercises during the specified period indicated by the conditions. Therefore, the user of the terminal 2 can use this premium value as an index for placing an order for option trading involving multiple exercises over the specified period.

[0034] When strike, strike, strike & KO Best, call strike, or put strike is selected as the calculation target 423, the exercise price calculation unit 14 calculates the exercise price (Strike) based on each condition included in the pricing request (step S705). The exercise price calculation unit 14 outputs the calculation result to the control unit 11. A publicly known method may be used as the calculation method of the exercise price based on each condition included in the pricing request.

[0035] When calculating the exercise price for each of the multiple exercises when the user's desired premium is obtained in the specified period indicated by the conditions, the user inputs the desired premium value in the premium 422 of the second condition input field 42, selects strike as the calculation target 423, and instructs the start of pricing. This causes the exercise price calculation unit 14 of the pricing device 1 to calculate one exercise price common to each of the multiple exercises when the user's desired premium is obtained in the specified period.

[0036] When Premium & KO Best or Strike & KO Best is selected as the calculation target 423, the barrier calculation unit 15 calculates the barrier value based on each condition included in the pricing request (step S706). The barrier calculation unit 15 outputs the calculation result to the control unit 11. A publicly known method may be used to calculate the barrier based on each condition included in the pricing request.

[0037] The schedule calculation unit 16 calculates each exercise date (schedule) in the specified period and order conditions when actually placing an order for the option transaction of the transaction subject specified by the user based on the first delivery date 413, the roll frequency 414, the roll date 415, the number of times 416, and the holiday adjustment 417 (step S707). The schedule calculation unit 16 outputs the calculation result to the control unit 11.

[0038] The control unit 11 outputs the calculation results to the UI unit 12. The UI unit 12 generates a web page 40 in which information is stored in a result display field 43 and a schedule display field 44 based on the calculation results and each condition included in the pricing request (step S708). The UI unit 12 transmits the generated web page 40 to the terminal 2 (step S709). The terminal 2 displays the web page 40. This enables the user to check the premium, exercise price, and barrier values ​​calculated based on the calculation target (Seek for) 423, and also to check each exercise date during the specified period.

[0039] Here, when the calculation target 423 is a premium, the premium calculation unit 13 calculates the value of the premium for all of the exercise of each option during the specified period based on the conditions using a known calculation formula. As an example, the premium calculation unit 13 calculates the value of the premium for all of the exercise of each option during the specified period using the Banna-Borg method, which is known as a model for evaluating the price of an option.

[0040] Furthermore, when the calculation target 423 is the strike price (Strike), the strike price calculation unit 14 calculates the strike price (Strike) that satisfies the nonlinear equation "0=f(Strike)-Premium" using the Newton-Raphson method with the function f as the calculation formula of the Banna-Borga method. The Newton-Raphson method is a numerical analysis method known as an algorithm that calculates an approximate solution to the true solution of a nonlinear equation. The strike price calculation unit 14 may simply obtain the same value for both the call and put strike prices (Strike).

[0041] Furthermore, when the calculation target 423 indicates a put strike, the exercise price calculation unit 14 calculates a put strike 446 by fixing the call strike to the input value.

[0042] Furthermore, when the calculation target 423 indicates a call strike, the exercise price calculation unit 14 calculates a call strike 447 by fixing the put strike to the input value.

[0043] Furthermore, when the calculation target 423 is Premium & KO Best and the scheme type is Import, the barrier calculation unit 15 starts from a barrier rate (barrier rate initial value) obtained by adding a fixed value to the spot rate (spot 421 value), and decreases the barrier rate by 1 yen at a time, moving the barrier rate and sequentially outputting each barrier in the range from the spot rate (spot 421 value) to the barrier rate initial value to the premium calculation unit 13. The premium calculation unit 13 calculates a premium corresponding to each barrier and outputs the largest value as a calculation result. The barrier calculation unit 15 outputs the barrier value used to calculate the largest value among the calculated premium values ​​as a calculation result. In this case, the premium and the barrier may be displayed at the same time. For example, the calculated barrier may be displayed in parallel above the premium value displayed in the result display field (Result) 43 of the web page 40.

[0044] Furthermore, when the calculation target 423 is Strike & KO Best and the scheme type is import, the barrier calculation unit 15 starts from a barrier rate (barrier rate initial value) obtained by adding a fixed value to the spot rate (spot 421 value), and decreases the barrier rate by 1 yen at a time, moving the barrier rate and sequentially outputting each barrier in the range from the spot rate (spot 421 value) to the barrier rate initial value to the premium calculation unit 13. The premium calculation unit 13 calculates the strike price (Strike) corresponding to each barrier by the above-mentioned Newton-Raphson method and outputs the best value as a calculation result. The barrier calculation unit 15 outputs the barrier value used to calculate the best value among the calculated strike prices (Strike) as a calculation result. The best value among the calculated strike prices (Strike) indicates the smallest value in the case of import and the highest value in the case of export. In this case, the strike price and the barrier may be displayed at the same time. For example, the calculated barrier may be displayed in parallel above the strike price value displayed in the result display column (Result) 43 of the web page 40.

[0045] FIG. 9 is a fifth diagram illustrating an example output of a pricing device according to an embodiment of the present disclosure. Each piece of information included in the schedule display field 44 of the web page 40 that the terminal 1 receives from the pricing device 1 and displays as a result of pricing by the pricing device 1 is configured to be changeable by the user. The user can change, for example, any of the exercise dates 441 or any of the put type 442, call type 443, put amount 444 value, call amount 445 value, put strike 446 value, call strike 447 value, put barrier 448 value, and call barrier 449 value displayed corresponding to any of the exercise dates 441 in the schedule display field 44.

[0046] For example, Fig. 9 shows change points 44A, 44B, and 44C. Change point 44A shows an example where a user has changed a put type 442 and a call type 443 linked to two exercise dates 441. Change point 44B shows an example where a user has changed a put amount 444 and a call amount 445 linked to six exercise dates 441. Change point 44C shows an example where a user has changed a put barrier 448 and a call barrier 449 linked to two exercise dates 441.

[0047] When the user presses the pricing start button icon 40A, the terminal 1 transmits a pricing request including each piece of information included in the schedule display field 44 and information specified as the first condition input field 41 and the second condition input field 42 to the pricing device 1. Using each piece of information included in the pricing request and each piece of information included in the schedule display field 44, the pricing device 1 calculates the premium for the entire exercise of each right in the specified period in the same manner as described above, and the exercise price for each of the multiple exercises of the right when the premium desired by the user can be obtained.

[0048] This allows the user to determine information for placing an order while checking and correcting the schedule of multiple option exercises during a specified period, expected order information such as put type 442, call type 443, put amount 444, call amount 445, put strike 446, call strike 447, put barrier 448, and call barrier 449 for each specified period and option transaction exercise date, as well as estimated premium values ​​and exercise price values.

[0049] The process described above using Figure 9 is an example of a process in which the pricing device 1 displays multiple order items included in order information for option trading according to specified conditions in a modifiable manner, and calculates the overall premium for multiple exercises of options in a specified period based on instructions to modify the order items.

[0050] Furthermore, the process described above using Figure 9 is an example of a process in which the pricing device 1 displays multiple order items included in the order information of an option transaction according to conditions in a modifiable manner, and calculates the exercise price for each of multiple exercises of the option in which the user's desired premium can be obtained in a specified period based on instructions to modify the order items and the user's desired premium.

[0051] The user can give instructions to save the conditions entered on the web page 40 displayed on the terminal 2, the displayed premium value, the exercise price value, schedule information, etc. When the terminal 2 detects the pressing of a save instruction button icon or the like, it transmits a save request for the saved information including the conditions entered on the web page 40, the displayed premium value, the exercise price value, schedule information, etc. to the pricing device 1.

[0052] The UI unit 12 of the pricing device 1 receives the save request and outputs the saved information to the control unit 11. The control unit 11 instructs the saving unit 17 to register the saved information. The saving unit 17 links the saved information with the personal ID of the user who uses the terminal 2 and the group ID of the group to which the user belongs, and records them in a database of the storage device 104 or the like.

[0053] The web page 40 may be provided with an order button for actually placing an order for the option transaction displayed in the schedule display field 44. The pricing device 1 may also have a function of performing contract processing based on an order instruction generated by pressing the order button.

[0054] FIG. 10 is a sixth diagram showing an example output of a pricing device according to an embodiment of the present disclosure. A user can view the stored information saved by other users in the group to which the user belongs. For example, the user presses a view button icon displayed on the web page 40. The terminal 2 transmits a view request including at least one of the user's personal ID and group ID. The UI unit 12 transmits to the terminal 2 a web page 40 showing a list of stored information linked to the personal ID and stored in the database. The UI unit 12 may transmit to the terminal 2 a web page 40 showing a list of stored information linked to the group ID and stored in the database. The terminal 2 displays the list of stored information on the monitor. This allows the user to view the premium value, the exercise price value, and schedule information related to option trading based on the conditions previously specified by the user, as well as the premium value, the exercise price value, and schedule information related to option trading based on the conditions previously specified by other users in the same group, and use them for actual ordering. As shown in FIG. 10, the list of stored information may include information such as the group ID, the personal ID, the name of the stored information, the currency pair to be traded, and the storage date.

[0055] According to the above process, the pricing device 1 accepts input of conditions that specify the options transaction to be traded, and calculates the premium for the entire multiple exercises in the specified period based on the conditions.The pricing device 1 then outputs schedule information for the multiple exercises in the specified period and the calculated premium to the terminal.This allows a user to confirm the schedule information for the multiple exercises in the specified period of the options transaction specified by the user and the value of the premium for the entire multiple exercises, and use the confirmed information as an index for placing an order for an options transaction involving multiple exercises over the specified period.

[0056] The pricing device 1 also accepts an input of a premium value desired by the user, and calculates one exercise price common to each of the multiple exercises of the option in a specified period when the premium desired by the user can be obtained, based on the value and the conditions specifying the option transaction.The pricing device 1 then displays schedule information of the multiple exercises of the option in a specified period and the exercise price common to each of the multiple exercises of the option in a specified period in association with each other. This allows the user to confirm schedule information for multiple exercises over a specified period and the exercise price common to each of the multiple exercises if the user's desired premium is obtained, and use the confirmed information as an indicator for placing an order for an options transaction involving multiple exercises over a specified period.

[0057] The pricing device 1 also accepts any modification of information included in the conditions specifying the option transaction to be traded, calculates the premium based on the modification, and outputs the schedule information of the multiple option exercises in the specified period and the calculated premium to the terminal. This allows the user to confirm the change in the premium value for the entire multiple option exercises in the specified period based on the change in any of the conditions, and use the value as an index for placing an option transaction.

[0058] The pricing device 1 also accepts modifications to any of the information included in the conditions that specify the options transaction to be traded, and calculates the strike price for each of the multiple exercises based on the modifications. This allows the user to confirm the change in the strike price for each of the multiple exercises based on the modification of any of the conditions when the user's desired premium is obtained during the specified period, and to use the value as an index for placing an option transaction.

[0059] In addition, the pricing device 1 calculates the barrier value that maximizes the premium in the scheme type and the barrier value that provides the best exercise price in the scheme type, and displays them to the user. This allows the user to place an order with the barrier value that maximizes the premium or the barrier value that provides the best exercise price as a condition.

[0060] The pricing device 1 may calculate only the exercise price of each of the multiple call options exercised in a specified period, or only the exercise price of each of the put options exercised, based on the scheme type, in which a premium desired by the user can be obtained. This allows the user to place an order based on the exercise price of each of the call options exercised or the exercise price of each of the put options exercised, depending on the premium.

[0061] FIG. 11 is a functional block diagram of a pricing device according to another embodiment of the present disclosure. The pricing device 1 may include at least a reception means 301 , a premium calculation means 302 , and a display means 303 . The accepting means 301 accepts input of conditions that specify the options transaction to be traded. The premium calculation means 302 calculates the premium for the entirety of the multiple exercises of the option during the specified period based on the conditions. The display means 303 displays the schedule information of multiple rights exercises during the specified period and the premium.

[0062] FIG. 12 is a functional block diagram of a pricing device according to another embodiment of the present disclosure. The pricing device 1 may include at least a receiving means 401 , an exercise price calculation means 402 , and a display means 403 . The accepting means 401 accepts input of conditions specifying the option transaction to be traded and the premium value desired by the user. The exercise price calculation means 402 calculates the exercise price for each of a plurality of exercises of the option when the premium desired by the user is obtained within a specified period, based on the premium and conditions desired by the user. The display means 403 displays schedule information of the multiple right exercises and the exercise price of each of the multiple right exercises when the premium desired by the user is obtained.

[0063] This disclosure may be defined as set forth in the following appendices. (Appendix 1) A receiving means for receiving input of conditions for specifying an option transaction to be traded; a premium calculation means for calculating a premium for the entirety of multiple exercises of rights during a designated period based on the conditions; a display means for displaying schedule information of the multiple exercises of the option during the specified period and the premium; A pricing device comprising:

[0064] (Appendix 2) The receiving means receives an input of a premium value desired by a user, an exercise price calculation means for calculating an exercise price for each of the multiple exercises of the right when the premium desired by the user is obtained during the specified period, based on the premium desired by the user and the conditions; The display means displays schedule information of the multiple right exercises and the exercise price of each of the multiple right exercises when the premium desired by the user is obtained. 2. A pricing device as described in appendix 1.

[0065] (Appendix 3) The accepting means accepts a correction to any of the information included in the conditions, The premium calculation means calculates the premium based on the correction. 10. The pricing device of claim 1 or 2.

[0066] (Appendix 4) The accepting means accepts a correction to any of the information included in the conditions, The exercise price calculation means calculates an exercise price for each of the multiple exercises based on the correction. 2. A pricing device as described in appendix 2.

[0067] (Appendix 5) a storage means for storing stored information including a relationship between said condition and said premium value; an output means for outputting the stored information in response to a request from any one of the users to a device used by the user; 5. A pricing device according to any one of claims 1 to 4, comprising:

[0068] (Appendix 6) a storage means for storing stored information including a relationship between the conditions and the strike price of each of the multiple exercises of the option; an output means for outputting the stored information in response to a request from any one of the users to a device used by the user; 5. The pricing device according to claim 2 or 4, comprising:

[0069] (Appendix 7) the receiving means receives input of the conditions including at least the trading object, the type of scheme of the options trading, the exercise price of the trading object, the trading volume per exercise, the designated period, and the frequency of exercise during the designated period; the premium calculation means calculates a premium for the entirety of multiple exercises of the option transaction based on the specified period and the frequency; a barrier calculation means for calculating a barrier value that maximizes the premium for the scheme type; The display means displays the premium and a barrier value at which the premium is maximized. The pricing device according to claim 1.

[0070] (Appendix 8) the receiving means receives input of the conditions including at least the trading target, the type of scheme of the option trading, the trading volume per exercise of the option, the designated period, the frequency of the exercise of the option during the designated period, and the premium desired by the user; the exercise price calculation means calculates, based on the conditions, an exercise price for each of the multiple exercises of the option when the premium desired by the user is obtained during the specified period; a barrier calculation means for calculating a barrier value at which the exercise price is optimal for the scheme type; The display means displays the exercise price and the barrier value at which the exercise price is optimal. 10. A pricing device according to any one of claims 2, 4, and 6.

[0071] (Appendix 9) A receiving means for receiving input of conditions for specifying an option transaction to be traded and a premium value desired by a user; an exercise price calculation means for calculating an exercise price for each of a plurality of exercises of a right in a designated period in which the premium desired by the user is obtained based on the premium desired by the user and the conditions; a display means for displaying schedule information of the multiple right exercises and an exercise price for each of the multiple right exercises when the premium desired by the user is obtained; A pricing device comprising:

[0072] (Appendix 10) A receiving means for receiving input of conditions for specifying an option transaction to be traded; a display means for displaying a plurality of order items included in order information for option trading according to the conditions in a modifiable manner; a premium calculation means for calculating a premium for the entirety of a plurality of exercises of rights during a designated period based on the instruction to amend the order items; The display means displays the premium. Pricing device.

[0073] (Appendix 11) A receiving means for receiving input of conditions for specifying an option transaction to be traded; a display means for displaying a plurality of order items included in order information for option trading according to the conditions in a modifiable manner; and an exercise price calculation means for calculating an exercise price for each of a plurality of exercises of the right in a specified period in which the premium desired by the user can be obtained based on the correction instruction for the order item and the premium desired by the user, The display means displays the exercise price. Pricing device. [Explanation of symbols]

[0074] 1. Pricing device 2. Terminal 11. Control section 12...UI section 13 Premium Calculation Department 14. Exercise Price Calculation Section 15. Barrier calculation section 16 Schedule Calculation Section 17...Storage section 40. Web Page

Claims

1. A receiving means for receiving input of conditions for specifying an option transaction to be traded; a premium calculation means for calculating a premium for the entirety of multiple exercises of rights during a designated period based on the conditions; a display means for displaying schedule information of the multiple exercises of the option during the specified period and the premium; A pricing device comprising:

2. The receiving means receives an input of a premium value desired by a user, an exercise price calculation means for calculating an exercise price for each of the multiple exercises of the right when the premium desired by the user is obtained during the specified period, based on the premium desired by the user and the conditions; The display means displays schedule information of the multiple right exercises and the exercise price of each of the multiple right exercises when the premium desired by the user is obtained. The pricing device according to claim 1 .

3. The accepting means accepts a correction to any of the information included in the conditions, The premium calculation means calculates the premium based on the correction. The pricing device according to claim 1 .

4. The accepting means accepts a correction to any of the information included in the conditions, The exercise price calculation means calculates an exercise price for each of the multiple exercises based on the correction. The pricing device according to claim 2 .

5. a storage means for storing stored information including a relationship between said condition and said premium value; an output means for outputting the stored information in response to a request from any one of the users to a device used by the user; The pricing device according to claim 3 .

6. a storage means for storing stored information including a relationship between the conditions and the strike price of each of the multiple exercises of the option; an output means for outputting the stored information in response to a request from any one of the users to a device used by the user; The pricing device according to claim 4 .

7. the receiving means receives input of the conditions including at least the trading object, the type of scheme of the options trading, the exercise price of the trading object, the trading volume per exercise of one option, the designated period, and the frequency of exercise during the designated period; the premium calculation means calculates a premium for the entirety of multiple exercises of the option transaction based on the specified period and the frequency; a barrier calculation means for calculating a barrier value that maximizes the premium for the scheme type; The display means displays the premium and a barrier value at which the premium is maximized. The pricing device according to claim 1 .

8. the receiving means receives input of the conditions including at least the trading target, the type of scheme of the option trading, the trading volume per exercise of the option, the designated period, the frequency of the exercise of the option during the designated period, and the premium desired by the user; the exercise price calculation means calculates, based on the conditions, an exercise price for each of the multiple exercises of the option when the premium desired by the user is obtained during the specified period; a barrier calculation means for calculating a barrier value at which the exercise price is optimal for the scheme type; The display means displays the exercise price and the barrier value at which the exercise price is optimal. The pricing device according to claim 2 .

9. Accepts input of conditions that specify the options transaction to be traded, Calculate the premium for the entire multiple exercise of the option during the specified period based on the above conditions; Displaying schedule information of the multiple exercises of the option during the specified period and the premium. Pricing method.

10. The pricing device computer, A receiving means for receiving input of conditions for specifying an option transaction to be traded; a premium calculation means for calculating a premium for the entirety of multiple exercises of rights during a specified period based on the conditions; a display means for displaying schedule information of the multiple exercises of the option during the specified period and the premium; A program that functions as a

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