Pricing determination system

Abstract

To provide a pricing determination system enabling low-risk financial product transactions regardless of a volume of transactions.SOLUTION: A pricing determination system 1A for presenting to a customer, an asking price corrected from a market price quoted on a market, comprises asking price determination means 1 for determining a price obtained by correcting the market price based on an estimated contract quantity, as an asking price, where the asking price determination means 1 includes market price information acquisition means 43 for acquiring the market price, and customer order information reference means 45 for referring to customer order information 451 and 452, the summary of orders from customers. The pricing determination system corrects the market price acquired by the market price information acquisition means 43 according to a contract quantity estimated on the basis of the customer order information 451 and 452 acquired by the customer order information reference means 45, and determines the asking price.SELECTED DRAWING: Figure 1

Description

Technical Field

[0001] The present invention relates to a technique for determining the pricing of transactions of various financial products. The present invention can be applied to devices and the like for managing and supporting transactions of various financial products.

Background Art

[0002] As trading methods for various financial products whose market prices fluctuate, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, stock price indices, cryptographic assets, virtual currencies, etc., market orders (an order form in which transactions are conducted at the market price at the time of order placement) and limit orders (a form in which transactions are conducted when the market price reaches a pre-specified price) are known. When conducting transactions between customers and financial institutions such as banks through this trading method by a financial product trader (hereinafter referred to as "trader"), the trader may conduct a cover transaction. This cover transaction refers to a transaction that offsets the position generated in the financial product transaction concluded between a bank or the like and a customer. By the trader conducting a transaction opposite to the transaction received from the customer as a cover transaction with a bank or the like, it becomes possible to hedge the risk of exchange rate fluctuations.

[0003] Conventionally, an invention is known in which these order forms, for example, transactions by limit orders, are conducted using a computer system in a form including a cover transaction (see, for example, Patent Document 1). In this invention, in currency transactions such as foreign exchange transactions, the actual value of a currency trading indicator is periodically acquired, and based on the specified value regarding the currency trading indicator received in advance and the acquired actual value, it is tentatively determined whether to conclude a currency transaction at the actual value. Then, when it is tentatively determined to conclude a currency transaction at the actual value, it is confirmed whether a cover transaction regarding the currency transaction can be concluded. When it is confirmed that the cover transaction can be concluded, the cover transaction is concluded and the tentatively determined currency transaction is concluded.

Prior Art Documents

Patent Documents

[0004]

Patent Document 1

Summary of the Invention

Problems to be Solved by the Invention

[0005] Here, when a trader conducts a transaction of financial products as described in Patent Document 1, the trader needs to conduct a transaction with a customer to conclude a financial product that matches the market price and a cover transaction with a bank or the like based on the conclusion. In this case, the transaction is first conducted with the customer, and then the cover transaction is conducted based on the result of that transaction.

[0006] However, if the quantity to be concluded at one time exceeds the liquidity quantity provided by the market of a bank or the like, the risk cannot be eliminated at once by the cover transaction, and a large amount of positions (open positions) exposed to price fluctuations will be held, resulting in a risk that the trader will suffer a substantial loss. Therefore, such a situation is to be avoided.

[0007] There is also an objective of considering the market impact that will be generated by the customer's order quantity.

[0008] The present invention has been made in view of such problems, and in the transaction of financial products performed using a computer system, it is an object to provide a pricing determination system that can realize a transaction of financial products with low risk regardless of the amount of the transaction volume.

Means for Solving the Problems

[0009] In order to solve such problems, the present invention is a pricing determination system that shows a customer a presented price corrected from the market price presented in the market, and has a presented price determination means for setting, as the presented price, a price corrected by an estimated transaction quantity for the market price, wherein the presented price determination means has a market price information acquisition means for acquiring the market price and a customer order information reference means for referring to customer order information in which orders from customers are aggregated, and corrects the price according to the estimated transaction quantity predicted based on the customer order information acquired by the customer order information reference means for the market price acquired by the market price information acquisition means, and is characterized in that it is a pricing determination system configured to determine the presented price.

[0010] Further, in addition to the above configuration, the present invention is characterized in that the presented price determination means corrects the price according to the difference between the estimated transaction quantity predicted based on the customer order information acquired by the customer order information reference means for the market price and the liquidity presented from the market, and is a pricing determination system configured to determine the presented price.

[0011] Further, in addition to the above configuration, the present invention is characterized in that the presented price determination means is configured to change the correction width of the presented price according to the estimated transaction quantity of the limit order in the customer order information acquired by the customer order information reference means.

[0012] Further, in addition to the above configuration, the present invention is characterized in that the presented price determination means is configured to change the correction width of the presented price according to the estimated transaction quantity of the reverse limit order in the customer order information acquired by the customer order information reference means.

[0013] Further, in addition to the above configuration, the present invention is characterized in that the presented price determination means is configured to change the correction width of the presented price according to the estimated transaction quantity of the market order in the customer order information acquired by the customer order information reference means.

Advantages of the Invention

[0014] According to the present invention, for an order in which a transaction is made based on customer order information, pricing determination is performed so that the presented price shown to the customer side is corrected from the market price for the predicted contract quantity and presented. Therefore, in the transaction of financial products carried out using a computer system, it is possible to realize the transaction of financial products with low risk regardless of the amount of the transaction volume.

[0015] Further, according to the present invention, the presented price is determined by correcting the price according to the difference between the predicted contract quantity predicted based on the acquired customer order information and the liquidity presented from the market with respect to the market price. Therefore, in the transaction of financial products carried out using a computer system, it is possible to more surely realize the transaction of financial products with low risk regardless of the amount of the transaction volume.

[0016] Further, according to the present invention, since the correction width of the presented price is changed according to the predicted contract quantity of the limit order in the acquired customer order information, in the transaction of financial products carried out using a computer system, it is possible to more surely realize the transaction of financial products with low risk regardless of the amount of the transaction volume.

[0017] Further, according to the present invention, since the correction width of the presented price is changed according to the predicted contract quantity of the short limit order in the acquired customer order information, in the transaction of financial products carried out using a computer system, it is possible to more surely realize the transaction of financial products with low risk regardless of the amount of the transaction volume.

[0018] Further, according to the present invention, since the correction width of the presented price is changed according to the predicted contract quantity of the market order in the acquired customer order information, in the transaction of financial products carried out using a computer system, it is possible to more surely realize the transaction of financial products with low risk regardless of the amount of the transaction volume.

Brief Description of the Drawings

[0019]

Figure 1

Figure 2

Figure 3

Embodiments for Carrying Out the Invention

[0020] [Embodiments of the Invention] Hereinafter, embodiments of the present invention will be described with reference to the drawings.

[0021] [System Configuration] Embodiments of the present invention are shown in FIGS. 1 to 3.

[0022] FIG. 1 is a system configuration diagram and a functional block diagram of the pricing determination system of the present embodiment. As shown in the figure, the pricing determination system 1A includes a financial product trading management device 1 as a presented price determination means, and n (n ≧ 1) client terminals 21, 22, ··· 2 n and a bank system 3. The financial product trading management device 1, the client terminals 21, 22, ··· 2 n and the bank system 3 can communicate with each other via a network 4 as a WAN (Wide Area Network). The pricing determination system 1A of the present embodiment deals with foreign exchange as a financial product.

[0023] The financial product trading management device 1 is a server computer managed and operated by a financial product trading firm (hereinafter simply referred to as the "trading firm") that conducts financial product trading as its business, and is equipped with a Web server function and a database function for storing a large amount of data. Here, the "financial product" is a product related to finance whose market price fluctuates and is subject to buying and selling transactions. For example, foreign exchange falls under this category. However, the financial products handled by the financial product trading management device 1 may be any products other than foreign exchange.

[0024] Client terminals 21, 22, ···, 2 n are communication terminals with a data communication function owned and used by individuals or corporations as "customers" who conduct buying and selling of financial products. For example, client terminals 21, 22, ···, 2 n correspond to personal computers, mobile phone terminals, etc. Here, a "customer" is mainly an individual or corporation that conducts buying and selling transactions of financial products with the handling firm.

[0025] Although not shown in FIG. 1, the financial product trading management device 1, client terminals 21, 22, ···, 2 n , and the bank system 3 each have a hardware configuration. This hardware configuration is, for example, at least one CPU (Central Processing Unit), and a RAM (Random Access Memory) that functions as the working area of the CPU, and a ROM (Read Only Memory) in which a startup boot program, etc. are recorded. Also, for example, this hardware configuration is an auxiliary storage device such as a hard disk in which various programs and data, etc. are recorded, and a communication interface used for sending and receiving data. The auxiliary storage device records programs for the OS (Operating System), various application programs, data recorded in the database, etc. These programs and data cooperate with the hardware resources through the arithmetic processing of the CPU to realize various functions.

[0026] Note that the financial product trading management device 1 and the bank system 3 may be formed by a single server computer or by a plurality of network computer systems. Further, the financial product trading management device 1 and the bank system 3 may be configured by a plurality of hardware devices distributed on the network 4, such as a cloud computer system.

[0027] As shown in FIG. 1, the client terminal 21 has an operation unit 21 used for inputting various instructions such as a mouse and a keyboard, and a display unit 22 composed of an LCD (Liquid Crystal Display) or the like for displaying various instructions and various images input from the operation unit 21. The operation unit 21 and the display unit 22 of the client terminal 21 may be configured as a touch panel type display that performs various inputs based on coordinate information of the contact position of a pointing device such as a finger or a touch pen. Although not shown, the client terminals 22,... 2 n also include similar operation units and display units. Note that since the client terminals 21, 22,... 2 n have the same configuration, hereinafter, unless there is a need to distinguish, they will be referred to as the client terminal 2.

[0028] The bank system 3 is a computer system of a trader who conducts a cover transaction with a trader such as a bank, and has the functions of a network server and a database server. As a functional means, the bank system 3 includes a transaction execution unit 31 as a "transaction execution means" for conducting a cover transaction with the financial product trading management device 1.

[0029] [Details of the Financial Product Trading Management Device (Offer Price Determination Means)] As shown in FIG. 1, the financial product trading management device 1 as the offered price determination means includes an order management device 40 and a dealing device 50. The order management device 40 mainly transmits and receives data and signals to and from the client terminal 2, and performs processes such as receiving an order from a customer using the client terminal 2 and reporting the agreed order to the customer. The dealing device 50 mainly transmits and receives data and signals to and from the bank system 3, and performs processes such as performing a covering transaction associated with the settlement of a financial product between the dealing device 50 and the bank system 3. The order management device 40 and the dealing device 50 may be formed by separate computer systems or may be formed by the same computer system.

[0030] The order management device 40 includes functional means realized based on the various programs and hardware resources described above. This functional means includes, for example, a customer order information generation unit 41 as the "customer order information generation means", a offered price correction unit 42 as the "offered price correction means", a market price information acquisition unit 43 as the "market price information acquisition means", a settlement information processing unit 44 as the "settlement information processing means", and a customer order information recording unit 45 as the "customer order information reference means" shown in FIG. 1.

[0031] The customer order information generation unit 41 generates customer order information for placing an order for the financial product based on a customer's instruction.

[0032] The market price information acquisition unit 43 acquires information on the market price (market price) of the financial product handled by the financial product trading management device 1. The market price information acquisition unit 43 performs the necessary processing and management on the acquired market price information for use in the order management device 40. The market price information acquisition unit 43 continuously and periodically acquires information on the market price of the financial product by continuously acquiring market information via the network 4, and records and manages the acquired market price information. In addition, the market price information acquisition unit 43 is also configured to acquire information on the liquidity of the most recent market price (the ease of exchange of the trading currency).

[0033] The execution information processing unit 44 performs processing to execute the order based on the customer order information. Specifically, the execution information processing unit 44 performs processing to execute the customer order based on the customer order information generated by the customer order information generation unit 41, and processing to send the information of the executed customer order to the customer's client terminal 2. Here, "execution" refers to various procedures and processes for concluding the sale and purchase of financial products based on the customer's order. In this embodiment, when an execution is concluded, foreign exchange trading is conducted. Further, when an execution is concluded, the execution information processing unit 44 causes the display unit 22 of the client terminal 2 to display character information or the like indicating that the execution has been concluded, and also performs deposit and withdrawal processing on the bank account of the client terminal based on the trading price.

[0034] The customer order information recording unit 45 is a database that records data used in the financial product trading management apparatus 1. The customer order information recording unit 45 in this embodiment is formed by a relational database, but any form may be used as long as it is suitable for recording and rewriting a large amount of data, such as an object database or the like.

[0035] The customer order information recording unit 45 records an order table, a financial institution where the trader's account exists, an account name, a customer account information table that defines information such as the balance, a currency pair order condition table that defines information regarding the combination of currencies to be traded, etc., and a sequence number table (each table is not shown).

[0036] The displayed price correction unit 42 corrects the price according to the predicted execution quantity based on the customer order information recorded in the customer order information recording unit 45 with respect to the market price (market price) acquired by the market price information acquisition unit 43, and determines the displayed price to be shown to the customer side. Here, the displayed price correction unit 42 corrects the price according to the difference between the predicted execution quantity based on the customer order information and the liquidity of the market price presented from the market (mainly financial institutions such as banks) with respect to the market price acquired by the market price information acquisition unit 43, and determines the displayed price.

[0037] Specifically, based on the liquidity (liquidity volume) of the market price presented by the market and acquired by the market price information acquisition unit 43, it is determined whether the volume of customer order information (buy order, sell order) is large or small relative to the liquidity volume, that is, the spread difference (= the price presented to the customer - the market price), which is the difference between the ask price and the bid price of the price presented to the customer for the market price, is expanded or reduced according to the liquidity difference (= the volume of customer order information - the liquidity volume presented by the market). Thereby, price correction is performed according to the difference between the contracted quantity based on customer order information and the liquidity of the market price.

[0038] For example, as shown in A of FIG. 2, when the volume of customer order information is large relative to the liquidity volume presented by the market, price correction is performed so that the spread presented to the customer expands compared to the market price. Thereby, transactions (contract transactions, cover transactions) can be performed to compensate for the large volume of customer order information relative to the liquidity volume.

[0039] Conversely, as shown in B of FIG. 2, when the volume of customer order information is small relative to the liquidity volume presented by the market, price correction is performed so that the spread presented to the customer shrinks compared to the market price. Thereby, transactions (contract transactions, cover transactions) can be performed considering the small volume of customer order information relative to the liquidity volume.

[0040] Note that the above correction is also applicable between the reverse limit buy order, reverse limit sell order and the market price liquidity in addition to the limit buy order and limit sell order. Also, in addition to those in which order information is recorded in advance such as limit orders and reverse limit orders, price correction may be performed by referring to the contracted quantity of those in which the order is determined on the spot such as market orders. In this case, although the exact quantity of the market order is not determined in advance, the order quantity near the price is predicted from the market liquidity and past records and reflected in the price correction.

[0041] The dealing device 50 includes a summary information management unit 51 and a cover transaction unit 52 as functional means realized based on the various programs and hardware resources described above.

[0042] The summary information management unit 51 acquires and records summary information 511 generated from customer order information (including limit orders, stop orders, and market orders) for which a deal process has been performed. In some cases, customer order information (including limit orders, stop orders, and market orders) may be sent to the summary information management unit 51 of the dealing device 50 before or in parallel with the deal process.

[0043] Based on the summary information 511 acquired and recorded by the summary information management unit 51, the cover transaction unit 52 performs various processes for executing a cover transaction with the bank system 3.

[0044] In this embodiment, price control is performed by the presented price correction unit 42 in the order management device 40 using the information of the market price information acquisition unit 43 and the customer order information recording unit 45 in the order management device 40, and the presented price is displayed. However, it is not limited to only this configuration and process.

[0045] For example, any one or all of the above-described market price information acquisition unit 43, customer order information recording unit 45, and presented price correction unit 42 may be arranged in a device other than the order management device 40. Also, only the functions related to price correction in the market price information acquisition unit 43 and the customer order information recording unit 45 may be arranged in another device. As an example, the above devices may be arranged in the dealing device 50.

[0046] Note that the customer buy order information 451 and the customer sell order information 452 are mainly information for performing limit order transactions. However, orders other than limit orders, for example, trigger market orders that place and execute market orders when the market price reaches a specific price, or normal market orders, may also be used.

[0047] [Processing Procedure] FIG. 3 is a flowchart showing the processing procedure in the pricing determination system of the present embodiment. Hereinafter, the processing procedure in the present embodiment will be described based on this flowchart.

[0048] First, the customer order information generation unit 41 of the order management device 40 in the financial product trading management device 1 generates buy and sell order information for conducting buy and sell transactions of financial products according to an instruction from a customer, and records the buy customer order information 451 and the sell customer order information 452 in the customer order information recording unit 45. In this state, the trading of financial products by the financial product trading management device 1 is started, and the processing procedure shown in FIG. 3 is started.

[0049] The market price information acquisition unit 43 of the order management device 40 in the financial product trading management device 1 continuously acquires market price information of financial products (step S1). The trade information processing unit 44 continuously monitors the market price of the financial products acquired by the market price information acquisition unit 43. In addition, the market price information acquisition unit 43 also acquires information on the liquidity (liquidity volume) of the market price in the market.

[0050] Next, the customer order information recording unit 45 of the order management device 40 in the financial product trading management device 1 acquires customer order information at a price corresponding to the market price, and acquires the trading volume at the market price (step S2).

[0051] Then, the price correction unit 42 of the order management device 40 in the financial product trading management device 1 takes in the information of S1 and S2 respectively, and performs price correction according to the transaction volume corresponding to the market price (step S3). Thereby, for example, based on the liquidity (liquidity volume) of the market price presented from the market, whether the volume of customer order information (buy order, sell order) is large or small with respect to the liquidity volume, that is, the liquidity difference (= volume of customer order information - liquidity volume presented by the market), the spread difference (= price presented to the customer - market price), which is the difference between the asking price Ask and the bid price Bid of the price presented to the customer for the market price, is enlarged or reduced. Thus, price correction is performed according to the difference between the transaction volume based on customer order information and the liquidity of the market price.

[0052] As the variation range of the price correction at this time, as shown in A of FIG. 2, when the volume of customer order information is large with respect to the liquidity volume presented from the market, price correction is performed so that the spread presented to the customer expands compared to the market price. Thereby, transactions (transaction transactions, cover transactions) can be performed so as to compensate for the large volume of customer order information with respect to the liquidity volume. Conversely, as shown in B of FIG. 2, when the volume of customer order information is small with respect to the liquidity volume presented from the market, price correction is performed so that the spread presented to the customer shrinks compared to the market price. Thereby, transactions (transaction transactions, cover transactions) can be performed in consideration of the small volume of customer order information with respect to the liquidity volume.

[0053] After that, a process of displaying the price-corrected presented price on the system is performed (step S4).

[0054] [Example of trading form to which the embodiment is applied (1: Overview)] The pricing determination system 1A and the financial product trading management device (offer price determination means) 1 of the present embodiment can be applied to transactions in a form in which the customer order information recording unit 45 records the customer buy order information 451 and the customer sell order information 452. For example, in the financial product trading management device 1, it is conceivable to apply the present embodiment when conducting transactions such as market order transactions, reverse market order transactions, and trigger market order transactions.

[0055] When conducting a market order, a reverse market order, or a trigger market order using the financial product trading management device 1, the spread of the offer price is corrected according to the difference between the contract quantity of the customer order information and the liquidity (liquidity volume) of the market price. Therefore, when the amount of customer order information relative to the liquidity volume is large, transactions (contract transactions, cover transactions) can be conducted to make up for the large amount. Also, when the amount of customer order information relative to the liquidity volume is small, transactions (contract transactions, cover transactions) can be conducted considering the small amount. As a result, the risk in the cover transaction of the order to be contracted can be reduced.

[0056] [Examples of transaction forms to which the embodiment is applied (2: Specific examples)] As cases where market order transactions or trigger market order transactions are conducted in the financial product trading management device 1 outlined in (1) above, for example, transactions such as the following [Specific Example 1] - [Specific Example 3] can be considered. [Specific Example 1] - [Specific Example 3] may all be market orders, may all be trigger market orders, or may be a mixture of market orders and trigger market orders. Also, when a plurality of customer order information for conducting transactions is generated, all the customer order information may be generated before starting all the transactions, or at least a part of the customer order information may be generated at a predetermined timing or an arbitrary timing after the start of the transaction.

[0057] [Specific Example 1: Trap trade] This is a trading method for placing orders and executing trades for multiple financial instruments of the same type, using multiple buy orders set at multiple order prices at once, or multiple sell orders set at multiple order prices at once. It is conceivable that the multiple buy orders or multiple sell orders set at once have the same order amount and the same price range is set between the orders. However, at least some of the order amounts or at least some of the price ranges between the orders may be different from others. At least some of those buy orders or sell orders may constitute a first order and a second order (if-dan order. hereinafter simply referred to as "if-dan order") issued by the execution of the first order, and may be configured to place one if-dan order at a time.

[0058] [Specific Example 2: Trap Repeat If-Dan] This is a method of conducting transactions by setting multiple combinations of if-dan orders for a first order and a second order for multiple financial instruments of the same type. Here, when the first order and the corresponding second order are executed, if-dan orders are repeatedly placed using a new first order corresponding to the executed first order and a new second order corresponding to the executed second order. The price ranges between the first orders to be set are generally constant, and the spreads between each of the first orders to be set and the corresponding second orders are also generally constant. However, at least some of the price ranges or at least some of the spreads may be set to be different from other price ranges or other spreads.

[0059] [Specific Example 3: Rakutora] This is a trading method for setting a first order or a second order for conducting a transaction as a "trap repeat if-dan" between a predetermined upper limit price and a predetermined lower limit price. When setting a plurality of first orders and a plurality of second orders between the upper limit price and the lower limit price, the highest value among the first orders and the second orders may be made to match the upper limit price, or the lowest value may be set to the lower limit price. Also, the lowest value among the first orders and the second orders may be made to match the lower limit price, and conversely, the highest value among the second orders and the first orders may be made to match the upper limit price. Further, the average value of the order prices of all the first orders, the average value of the order prices of all the second orders, or the average value of the order prices of all the first orders and all the second orders may be made to match a price intermediate between the upper limit price and the lower limit price.

[0060] Note that the above [Specific Example 1]-[Specific Example 3] are examples of the application of this embodiment, and the financial product trading management device 1 of this embodiment can be applied to any trading form other than the above [Specific Example 1]-[Specific Example 3].

[0061] Also, in the above [Specific Example 1]-[Specific Example 3], although the case where the first order of the if-dan order is a buy order and the second order is a sell order has been described, it is not limited thereto, and it is also applicable when the first order of the if-dan order is a sell order and the second order is a buy order.

[0062] [Operational Effects] As described above, according to this embodiment, for an order in which a transaction is conducted based on customer order information, pricing determination is performed so that the presented price shown to the customer side is corrected from the market price presented in the market for the predicted quantity of contracts and then presented. Therefore, in the trading of financial products using a computer system, it is possible to realize the trading of financial products with low risk regardless of the amount of trading volume.

[0063] Further, according to the present embodiment, since the presentation price is determined by correcting the price according to the difference between the agreed quantity predicted based on the acquired customer order information and the liquidity presented from the market with respect to the market price, in the trading of financial products performed using a computer system, it is possible to more reliably realize the trading of financial products with low risk regardless of the amount of trading volume.

[0064] Further, according to the present embodiment, since the correction width of the presentation price is changed according to the expected agreed quantity of the limit order in the acquired customer order information, in the trading of financial products performed using a computer system, it is possible to more reliably realize the trading of financial products with low risk regardless of the amount of trading volume.

[0065] Further, according to the present embodiment, since the correction width of the presentation price is changed according to the expected agreed quantity of the short sale order in the acquired customer order information, in the trading of financial products performed using a computer system, it is possible to more reliably realize the trading of financial products with low risk regardless of the amount of trading volume.

[0066] Further, according to the present embodiment, since the correction width of the presentation price is changed according to the expected agreed quantity of the market order in the acquired customer order information, in the trading of financial products performed using a computer system, it is possible to more reliably realize the trading of financial products with low risk regardless of the amount of trading volume.

[0067] [Others] In the above embodiment, a so-called OCO order may be used. Also, when the market resumes after a primary interruption, in the so-called "price approaching method", that is, when a second order (or a first order) of an If-Dan order exists within the price range from the market interruption to the resumption, the first order corresponding to the second order (or the second order corresponding to the first order) may be configured to match the customer order information 451 and 452 for buying and selling. This "price approaching method" is applied when a second order (or a first order) of an If-Dan order exists within the price range from the market interruption to the resumption. In this case, the first order corresponding to the second order (or the second order corresponding to the first order) is changed from the order price at the time of market interruption to the order price at the time of market resumption for trading.

[0068] In the above embodiment, foreign exchange is handled as a financial product, but it is not limited to this. For example, the present invention may be applied to a financial product trading system that handles any financial products such as stocks, bonds, investment trusts, real estate investment trusts, commodities, cryptocurrency, virtual currency, etc.

[0069] In the above embodiment, the financial product trading management system 1A has been described as having a configuration including one financial product trading management device 1. However, it is not limited to this, and it may be configured by a plurality of financial product trading management devices, and at least some of the financial product trading management devices may be provided in a so-called exchange.

[0070] In the above embodiment, the "information on the quantity of the contract" and the "information on the quantity of the order" are the information on the quantity of the order included in the summary information 511 and the offset information 512, etc., but it is not limited to this. For example, the "information on the quantity of the contract" may be the quantity of the subject of the contract of the financial product other than the information on the quantity of the order, the measurement unit, etc.

[0071] In the above embodiment, all the functional means are configured to be provided in the financial product trading management device 1, but at least some of these configurations may be provided in the client terminal 2.

[0072] In the above embodiment, the financial product trading management system 1A was implemented in a client-server system of a network computer system. However, the same functions as those of the financial product trading management system 1A can also be realized in various computers such as personal computers that do not constitute a client-server system, and various communication terminals and portable information terminals such as mobile terminals and tablets. At this time, at least a part of the system configuration of the financial product trading management device 1 and the financial product trading management system 1A is configured as a computer program, and it is also possible to realize it by installing the program in various computers and various communication terminals and portable information terminals.

[0073] Needless to say, the above embodiment is an exemplification of the present invention, and it does not mean that the present invention is limited only to the above embodiment.

Explanation of Signs

[0074] 1A ··· Pricing Decision System 1 ··· Financial Product Trading Management Device (Offer Price Determination Means) 2 ··· Client Terminal 3 ··· Bank System 4 ··· Network 21 ··· Operation Unit 22 ··· Display Unit 31 ··· Transaction Execution Unit 40 ··· Order Management Device 41 ··· Customer Order Information Generation Unit (Customer Order Information Generation Means) 42 ··· Offer Price Correction Unit (Offer Price Correction Means) 43 ··· Market Price Information Acquisition Unit (Market Price Information Acquisition Means) 44 ··· Settlement Information Processing Unit (Settlement Information Processing Means) 45 ··· Customer Order Information Recording Unit (Customer Order Information Reference Means) 50 ··· Dealing Device 51 ··· Summary Information Management Unit 52 ··· Cover Transaction Unit 451 ··· Customer Order Information for Buying (Customer Order Information for Buying Orders) 452 ·· Customer order information for selling (Customer order information for selling orders) 511 ·· Summary information (Information on the agreed quantity, Information on the order quantity) 512 ·· Offsetting information (Information on the agreed quantity, Information on the order quantity)

Claims

1. A pricing determination system that shows a corrected offering price to the customer side from the market price presented in the market, having offering price determination means that sets as the offering price a price corrected by the predicted volume of transactions for the market price, wherein the offering price determination means has market price information acquisition means for acquiring the market price and customer order information reference means for referring to customer order information in which orders from customers are aggregated, and corrects the price according to the predicted volume of transactions based on the customer order information acquired by the customer order information reference means with respect to the market price acquired by the market price information acquisition means, and determines the offering price. A pricing determination system characterized by this.

2. The pricing determination system according to claim 1, wherein the offering price determination means corrects the price according to the difference between the predicted volume of transactions predicted based on the customer order information acquired by the customer order information reference means and the liquidity presented from the market with respect to the market price, and determines the offering price.

3. The pricing determination system according to claim 1, wherein the offering price determination means is configured to change the correction range of the offering price according to the predicted volume of transactions of limit orders in the customer order information acquired by the customer order information reference means.

4. The pricing determination system according to claim 1, wherein the offering price determination means is configured to change the correction range of the offering price according to the predicted volume of transactions of reverse limit orders in the customer order information acquired by the customer order information reference means.

5. The pricing determination system according to claim 1, wherein the offering price determination means is configured to change the correction range of the offering price according to the predicted volume of transactions of market orders in the customer order information acquired by the customer order information reference means.

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