Order information acquisition system, pricing determination system, and financial instrument trading management device.

Abstract

To provide an order information acquisition system and pricing determination system capable of realizing transaction of financial products with a low risk regardless of a volume of transaction.SOLUTION: An order information acquisition system for acquiring customer order information includes: acquisition means 451 for acquiring current-version customer order information, the customer order information currently on record; storage means 43 for storing market price information from a specific time point in the past to the present; and estimation means 452 for comparing the acquired current-version customer order information with the market price information from the specific time point in the past to the present, specifying and excluding customer order information awaiting confirmation, presumed to be awaiting contract confirmation, and creating advance-version customer order information, the customer order information for which contract processing has not yet started, where the estimation means 452 checks the market price information from the specific time point in the past to the present stored in the storage means 43, and specifies customer order information corresponding to the market price of the market price information from the specific time point in the past to the present as the customer order information awaiting confirmation.SELECTED DRAWING: Figure 1

Description

[Technical Field]

[0001] The present invention relates to a technology for obtaining order information in the trading of various financial products, a technology for determining pricing, and a technology for managing and supporting the trading of various financial products. The present invention can be applied to devices that manage and support the trading of various financial products. [Background technology]

[0002] Known methods for trading various financial products with fluctuating market prices, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, stock indexes, crypto assets, and virtual currencies, include market orders (orders in which a transaction is made at the market price at the time the order is placed) and limit orders (orders in which a transaction is made when the market price reaches a pre-specified price). When a financial instruments dealer (hereinafter referred to as a "financial instruments dealer") uses these trading methods to trade with a customer or financial institution such as a bank, the financial instruments dealer may conduct a cover transaction. This cover transaction is a transaction that offsets a position that arises in a financial instruments transaction concluded between a bank or other institution and a customer. By conducting a cover transaction with a bank or other institution that is the opposite of the transaction that the financial instruments dealer has undertaken for the customer, it is possible to hedge against the risk of exchange rate fluctuations.

[0003] Conventionally, there is known an invention that uses a computer system to perform transactions using these order types, such as limit orders, including cover transactions (see, for example, Patent Document 1). In this invention, in currency transactions such as foreign exchange transactions, the current market value of a currency trading index is periodically acquired, and a provisional decision is made as to whether or not to execute a currency transaction at the current market value based on a designated value for the currency trading index that has been accepted in advance and the acquired current market value. Then, if it is provisionally decided that a currency transaction should be executed at the current market value, it is confirmed whether or not a cover transaction for the currency transaction can be executed, and if it is confirmed that a cover transaction can be executed, the cover transaction is executed and the provisionally determined currency transaction is executed. [Prior art documents] [Patent documents]

[0004] [Patent Document 1] Japanese Patent Application Laid-Open No. 2017-167820 Summary of the Invention [Problem to be solved by the invention]

[0005] Here, when a financial instruments business operator trades financial instruments in accordance with the invention described in Patent Document 1, the financial instruments business operator must first trade with a customer who will enter into a financial instrument that matches the market price, and then perform a cover trade with a bank, etc. based on the contract. In this case, a trade with a customer is first conducted, and then a cover trade is performed based on the result of the trade.

[0006] However, since it takes a certain amount of time for the execution of order information (customer order information) received from a customer to be finalized after execution processing begins, and since the customer order information is often not deleted until execution processing is finalized, even if an attempt is made to reference currently received customer order information for various transactions, the information will contain customer order information for which execution processing has begun but whose execution processing has not yet been finalized. Ideally, such customer order information for which execution processing has already begun should be excluded from currently received customer order information. However, in the past, this was not possible in systems, resulting in the problem of being unable to reference accurate customer order information. As a result, it became difficult to perform various transactions based on accurate information, and financial instruments business operators were at risk of suffering substantial losses.

[0007] The present invention has been made in view of the above-mentioned problems, and aims to provide an order information acquisition system, a pricing determination system, and a financial product transaction management device that can realize low-risk financial product transactions regardless of the trading volume when trading financial products using a computer system. [Means for solving the problem]

[0008] In order to solve such problems, the present invention is an order information acquisition system that acquires customer order information for placing orders for financial products based on customer instructions, characterized in that the order information acquisition system has an acquisition means that acquires current customer order information, which is customer order information recorded at the present time, a storage means that stores past market price information, and an estimation means that compares the acquired current customer order information with the past market price information, identifies and excludes customer order information awaiting confirmation that is estimated to be awaiting contract confirmation, and creates advance customer order information, which is customer order information for which contract processing has not yet begun.

[0009] Furthermore, in addition to the above configuration, the present invention is characterized in that the order information acquisition system is configured such that the estimation means checks the past market price information and current market price information stored in the storage means, and identifies customer order information for a most recent market price among the past market price information and / or a price between the most recent market price and the current market price as customer order information awaiting confirmation.

[0010] The present invention is also a pricing determination system that shows customers a price that has been corrected from a market price presented in the market, and includes a price determination means that sets the price to be presented as a price obtained by correcting the market price by a predicted execution volume, and the price determination means includes market price information acquisition means that acquires the market price and customer order information reference means that references customer order information in which orders from customers are summarized, and the system determines the presented price by correcting the market price acquired by the market price information acquisition means in accordance with a predicted execution volume based on the customer order information acquired by the customer order information reference means, and the system is characterized in that the system is configured to use advance customer order information acquired using the order information acquisition system as the customer order information and change the correction range of the presented price shown to customers from the market price presented in the market.

[0011] The present invention is also characterized in that the financial instruments transaction management device for trading financial instruments comprises: order information generation means for generating order information for placing an order for a financial instrument; existing order information recording means for recording existing order information generated by the order information generation means as existing order information for trading an existing order as an existing order that satisfies predetermined conditions; market price information acquisition means for acquiring information on the market price of the financial instrument; and risk assessment means for evaluating whether or not it is necessary to perform predetermined processing for a predetermined risk, which is a risk that a financial instruments business operator trading the financial instrument will incur a loss due to trading of the predetermined order of the financial instrument and fluctuations in the market price, and which can be limited by performing predetermined processing using the existing order information, and the risk assessment means is a financial instruments transaction management device configured to evaluate risk using advance customer order information acquired using the order information acquisition system as the existing order information. [Effects of the Invention]

[0012] According to the present invention, for orders traded based on customer order information, by obtaining more recent customer order information as the customer order information, it is possible to trade based on more accurate information, and as a result, it is possible to trade financial products using a computer system with low risk regardless of the trading volume.

[0013] Furthermore, according to the present invention, customer order information for the most recent market price or a price between the most recent market price and the current market price is identified as customer order information awaiting confirmation to create advance customer order information, so that in financial product transactions conducted using a computer system, low-risk financial product transactions can be more reliably realized regardless of the trading volume.

[0014] Furthermore, according to the present invention, when determining the price offered to the customer, more appropriate pricing can be determined by using the advance customer order information acquired by the order information acquisition system as customer order information, and as a result, financial product transactions using a computer system can be realized with low risk regardless of the trading volume.

[0015] Furthermore, according to the present invention, when a financial instruments business operator who trades financial instruments assesses the risk of incurring losses, the use of prior customer order information acquired by the order information acquisition system as existing order information enables a more appropriate assessment of risk, and as a result, financial instruments transactions conducted using a computer system can be realized with low risk regardless of the trading volume. [Brief explanation of the drawings]

[0016] [Figure 1] 1 is a system configuration diagram and a functional block diagram of an order information acquisition system and a pricing determination system according to a first embodiment of the present invention. [Figure 2] 10 is an explanatory diagram showing the spread offered to a customer relative to the amount of liquidity offered by a financial institution in the pricing determination system of the embodiment. FIG. [Figure 3] 10 is a flowchart showing a processing procedure in the pricing determination system according to the embodiment. [Figure 4] 3 is an explanatory diagram of customer order information in the order information acquisition system according to the embodiment. FIG. [Figure 5] 10 is an explanatory diagram of market price information of the order information acquisition system according to the embodiment. FIG. [Figure 6] 10 is a flowchart showing a processing procedure in the order information acquisition system according to the embodiment. [Figure 7] 10 is a system configuration diagram and a functional block diagram of a financial product transaction management system and a financial product transaction management device, which include an account status display device according to a second embodiment of the present invention. FIG. [Figure 8]3 is a flowchart showing a processing procedure in the financial product transaction management device. [Figure 9] 10 is a flowchart showing the detailed procedure of step S1003 of the financial product transaction management device. [Figure 10] 10A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order is executed and a position is created in the financial product transaction management device, and FIG. 10B is a time chart. [Figure 11] 10A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order position is held in the financial product transaction management device, and FIG. 10B is a time chart. [Figure 12] 10A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order position is settled in the financial product transaction management device, and FIG. 10B is a time chart. [Figure 13] 10A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order position is settled in the financial product transaction management device, and FIG. 10B is a time chart. DETAILED DESCRIPTION OF THE INVENTION

[0017] [First embodiment of the invention] A first embodiment of the present invention will be described below with reference to the drawings.

[0018] [System Configuration] 1 to 6 show a first embodiment of the present invention.

[0019] 1 is a system configuration diagram and a functional block diagram of an order information acquisition system and a pricing determination system according to the present embodiment. As shown in the figure, the pricing determination system 1A includes a financial product transaction management device 1 as a price determination means, and n (n≧1) client terminals 21, 22, . . . 2. n and a bank system 3. The financial product transaction management device 1 and client terminals 21, 22, . . . 2 nand the bank system 3 can communicate with each other via a network 4 serving as a WAN (Wide Area Network). The pricing determination system 1A of this embodiment handles foreign exchange as a financial product.

[0020] The financial instruments transaction management device 1 is a server computer managed and operated by a financial instruments business operator whose business is trading financial instruments, and is equipped with a web server function and a database function for storing large amounts of data. Note that the "financial instruments" referred to here are financial products whose market prices fluctuate and can be bought and sold, such as foreign exchange. However, the financial instruments handled by the financial instruments transaction management device 1 may be any type other than foreign exchange.

[0021] Client terminals 21, 22, . . . , 2 n are communication terminals with data communication capabilities that are owned and used by individuals or corporations as "customers" who buy and sell financial products. For example, client terminals 21, 22, . . . , 2 n refers to personal computers, mobile phone terminals, etc. "Customers" are individuals or corporations who primarily trade financial products with dealers.

[0022] Although not shown in FIG. 1, the financial product transaction management device 1, the client terminals 21, 22, . . . , 2 n, bank system 3, each have a hardware configuration. This hardware configuration is, for example, at least one CPU (Central Processing Unit), RAM (Random Access Memory) that functions as the CPU's working area, and ROM (Read Only Memory) that stores a startup boot program, etc. Furthermore, for example, this hardware configuration is also an auxiliary storage device such as a hard disk on which various programs and data are stored, and a communication interface used for sending and receiving data, etc. The auxiliary storage device stores programs for the OS (Operating System), various application programs, data stored in a database, etc., and these programs and data work together with hardware resources to realize various functions through the calculations of the CPU.

[0023] The financial product transaction management device 1 and the bank system 3 may be formed by one server computer or by multiple network computer systems. Also, the financial product transaction management device 1 and the bank system 3 may be configured by multiple pieces of hardware distributed over the network 4, such as a cloud computer system.

[0024] As shown in Fig. 1, the client terminal 21 has an operation unit 21 such as a mouse or keyboard used to input various instructions, and a display unit 22 consisting of an LCD (Liquid Crystal Display) or the like, which displays various instructions and images input from the operation unit 21. The operation unit 21 and display unit 22 of the client terminal 21 may be configured as a touch panel 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,... n The client terminals 21, 22, . . . 2 are also provided with a similar operation unit and display unit. n have the same configuration, and will be referred to as client terminal 2 hereinafter unless a distinction is required.

[0025] The banking system 3 is a computer system operated by a bank or other financial instruments business operator that performs cover transactions, and has the functions of a network server and a database server. The banking system 3 has, as a functional means, a transaction execution unit 31 that serves as a "transaction execution means" that performs cover transactions with the financial instruments transaction management device 1.

[0026] [Details of the financial instruments transaction management device (means for determining the offered price)] As shown in Figure 1, the financial product transaction management device 1, which serves as a means for determining an offered price, comprises 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 orders from customers who use the client terminal 2 and reporting executed orders to customers. The dealing device 50 mainly transmits and receives data and signals to and from the bank system 3, and performs processes such as conducting cover transactions associated with the execution of financial product contracts with 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.

[0027] The order management device 40 also functions as the order information acquisition system of the present invention.

[0028] The order management device 40 includes functional means realized based on the various programs and hardware resources described above. These functional means are, for example, a customer order information generation unit 41 as a "customer order information generation unit," an offered price correction unit 42 as an "offered price correction unit," a market price information acquisition unit 43 as a "market price information acquisition unit" and a "storage unit," and a contract information processing unit 44 as an "contract information processing unit," and a customer order information recording unit 45 as a "customer order information reference unit," an "acquisition unit," and an "estimation unit," as shown in Fig. 1.

[0029] The customer order information generating unit 41 generates customer order information for placing an order for the financial product based on the customer's instructions.

[0030] The market price information acquisition unit 43 acquires information on the current and past market prices (market prices) of financial instruments handled by the financial instrument transaction management device 1. The market price information acquisition unit 43 performs the necessary processing and management of the acquired market price information for use in the order management device 40. The market price information acquisition unit 43 continuously and periodically acquires market price information of financial instruments by continuously acquiring market price information via the network 4, and records and manages the acquired market price information. The market price information acquisition unit 43 also acquires the liquidity of the most recent market price (ease of exchanging trading currencies). For example, as shown in FIG. 5, market price information for each predetermined time period and a graph of the information are acquired to obtain the most recent trend of the market price.

[0031] The contract information processing unit 44 performs processing to contract the order based on the customer order information. Specifically, the contract information processing unit 44 performs processing to contract the customer order based on the customer order information generated by the customer order information generation unit 41, and processing to send information about the contracted customer order to the customer's client terminal 2. Note that "contract" here refers to various procedures and processes for completing the sale and purchase of financial products based on the customer's order. In this embodiment, when a contract is completed, foreign exchange is bought and sold. Furthermore, when a contract is completed, the contract information processing unit 44 displays text information, etc., indicating that a contract has been completed on the display unit 22 of the client terminal 2, and also performs processing to deposit and withdraw money from the bank account of the client terminal based on the purchase and sale price.

[0032] The customer order information recording unit 45 is a database that records data used in the financial product transaction management device 1. In this embodiment, the customer order information recording unit 45 is formed by a relational database, but any format, such as an object database, may be used as long as it is suitable for recording and rewriting large amounts of data.

[0033] The customer order information recording unit 45 stores an order table, a customer account information table that defines information such as the financial institution where the trader's account is located, the account name, and the balance, a currency pair order condition table that defines information such as the combination of currencies to be traded, and a sequence number table (each table is not shown).

[0034] As shown in FIG. 1, the customer order information recording unit 45 has an acquisition means 451 for acquiring and recording current customer order information, which is customer order information recorded at the present time, and further has an estimation means 452 for comparing the acquired current customer order information with past market price information (market price information from a specific point in the past to the present) acquired by the market price information acquisition unit (storage means) 43, identifying and excluding customer order information awaiting confirmation that is estimated to be waiting for contract confirmation, and creating advance customer order information, which is customer order information for which contract processing has not yet begun.

[0035] Furthermore, in this embodiment, the estimation means 452 checks the past market price information and the current market price information stored in the market price information acquisition unit (storage means) 43, identifies the most recent market price (a predetermined specific period or an appropriate period such as the period from the time when a specific price movement occurred in the past market price information at that time) from the past market price information and / or a price between the most recent market price and the current market price as customer order information awaiting confirmation, and creates advance version customer order information by excluding the customer order information awaiting confirmation.

[0036] For example, when current customer order information (current customer order information) such as that shown in Figure 4 is recorded, if historical market price information such as that shown in Figure 5 is acquired and the current market price is 130.0 yen, and if recent market price information (e.g., the past two seconds) is referenced and it is found that the price has fluctuated between 129.6 yen and 130.0 yen, it is presumed that the customer order information recorded in the current customer order information between 129.6 yen and 129.9 yen is undergoing execution processing. Therefore, since it is presumed that the customer order information will be deleted once execution processing is completed, the customer order information at that price is identified as customer order information awaiting confirmation from the customer order information, and customer order information excluding this customer order information awaiting confirmation is created as advance customer order information. This advance customer order information is then used to determine pricing and perform cover trades. In this way, by using advance customer order information that excludes unnecessary information and consists only of necessary information, processing and trading can be performed based on more accurate information.

[0037] The offered price correction unit 42 corrects the market price (market price) acquired by the market price information acquisition unit 43 in accordance with the contract volume predicted based on the customer order information recorded in the customer order information recording unit 45, and determines the offered price to be shown to the customer. Here, the offered price correction unit 42 corrects the market price acquired by the market price information acquisition unit 43 in accordance with the difference between the contract volume predicted based on the customer order information and the liquidity of the market price offered by the market (mainly financial institutions such as banks), and determines the offered price.

[0038] At that time, the estimation means 452 compares the current customer order information acquired by the acquisition means 451 with the past market price information acquired by the market price information acquisition unit (storage means) 43, identifies and excludes customer order information awaiting confirmation that is estimated to be waiting for contract confirmation, and acquires and uses advanced customer order information, which is customer order information for which contract processing has not yet begun. By using the advanced customer order information, which excludes unnecessary information and is composed only of necessary information, in this way, prices are corrected and the quoted price is determined, allowing transactions to be conducted based on more accurate information.

[0039] Further, to explain in detail the price correction by the offered price corrector 42, based on the liquidity (liquidity volume) of the market price offered by the market, acquired by the market price information acquirer 43, the spread difference (= offered price to customer - market price), which is the difference between the buy price Ask and sell price Bid of the price offered to customers relative to the market price, is increased or decreased depending on whether the volume of customer order information (buy orders, sell orders) is large or small relative to the liquidity volume, i.e., the liquidity difference (= customer order information volume - liquidity volume offered by the market), In this way, price correction is performed according to the difference between the execution volume based on the customer order information and the liquidity of the market price.

[0040] For example, as shown in Figure 2A, when the amount of customer order information is large relative to the amount of liquidity presented by the market, a price adjustment is made so that the spread presented to the customer is wider than the market price. This makes it possible to conduct transactions (execution transactions, cover transactions) that compensate for the large amount of customer order information relative to the amount of liquidity.

[0041] Conversely, as shown in Figure 2B, when the amount of customer order information is low relative to the amount of liquidity presented by the market, price adjustments are made so that the spread offered to customers is narrower than the market price. This makes it possible to conduct transactions (execution transactions, cover transactions) that take into account the low amount of customer order information relative to the amount of liquidity.

[0042] The above corrections are applied not only to limit buy orders and limit sell orders, but also to stop buy orders and stop sell orders and the liquidity of the market price. Furthermore, price corrections may be performed with reference to the execution quantity of orders determined on the spot, such as market orders, in addition to limit orders and stop orders, whose order information is recorded in advance. In this case, although the exact quantity of a market order is not determined in advance, the order quantity near the price in question is predicted based on market liquidity and past records, and is reflected in the price correction.

[0043] The dealing device 50 includes a summary information management unit 51 and a cover trading unit 52 as functional means realized based on the above-mentioned various programs and hardware resources.

[0044] 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 contract processing has been performed. Note that, in some cases, the 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 contract processing.

[0045] The cover transaction unit 52 performs various processes for executing a cover transaction with the bank system 3 based on the summary information 511 acquired and recorded by the summary information management unit 51.

[0046] In this embodiment, the order management device 40 is configured to use information from the market price information acquisition unit 43 and customer order information recording unit 45 to calculate the price in the offered price correction unit 42, also in the order management device 40, and display the offered price, but the present invention is not limited to this configuration and processing.

[0047] For example, any or all of the market price information acquisition unit 43, customer order information recording unit 45, and offered price correction unit 42 may be disposed in a device other than the order management device 40. Also, among the market price information acquisition unit 43 and the customer order information recording unit 45, only the functions related to price correction may be disposed in a separate device. For example, the above devices may be configured to be disposed within the dealing device 50.

[0048] The buy customer order information and sell customer order information are primarily information for conducting limit order transactions. However, orders other than limit orders, such as trigger market orders that are placed and executed when the market price reaches a specific price, or regular market orders may also be used.

[0049] [Processing Procedure] Fig. 3 is a flowchart showing the processing procedure in the pricing determination system of this embodiment, and Fig. 6 is a flowchart showing the processing procedure in the order information acquisition system of this embodiment. The processing procedure in this embodiment will be explained below based on these flowcharts.

[0050] First, the acquisition means 451 of the customer order information recording unit 45 of the order management device 40 in the financial product transaction management device 1 acquires the current version of customer order information currently recorded in the database (step S11 in FIG. 6).

[0051] Next, the most recent (predetermined or specified period each time) market price information is obtained from the market price information obtaining unit 43 of the order management device 40 in the financial product transaction management device 1 (step S12 in FIG. 6).

[0052] Thereafter, the estimation means 452 of the customer order information recording unit 45 of the order management device 40 in the financial product transaction management device 1 identifies customer order information awaiting confirmation that is estimated to be in the process of being executed based on the acquired current customer order information and market price information (step S13 in Figure 6).

[0053] Then, the estimation means 452 of the customer order information recording unit 45 of the order management device 40 in the financial product transaction management device 1 creates advanced customer order information by excluding customer order information awaiting confirmation from the current customer order information (step S14 in FIG. 6).

[0054] By creating advance customer order information in this manner and using this advance customer order information to determine pricing, processing and transactions can be carried out based on more accurate information.

[0055] Then, using this advanced customer order information, the customer order information generation unit 41 of the order management device 40 in the financial instruments transaction management device 1 generates buy and sell order information for conducting buy and sell transactions of financial instruments in accordance with instructions from the customer, and records this as buy customer order information and sell customer order information in the customer order information recording unit 45. In this state, financial instrument transactions are started by the financial instruments transaction management device 1, and the processing procedure shown in Figure 3 begins.

[0056] The market price information acquisition unit 43 of the order management device 40 in the financial product transaction management device 1 continuously acquires market price information of financial products (step S1). The contract information processing unit 44 continuously monitors the market prices of financial products acquired by the market price information acquisition unit 43. The market price information acquisition unit 43 also acquires information on the liquidity (liquidity amount) of market prices in the market.

[0057] Next, the customer order information recording unit 45 of the order management device 40 in the financial product transaction management device 1 acquires customer order information at a price corresponding to the market price, and acquires the contract amount at that market price (step S2).

[0058] Then, the offered price correction unit 42 of the order management device 40 in the financial instruments transaction management device 1 takes in the information from S1 and S2 and performs price correction according to the contract volume relative to the market price (step S3). As a result, for example, based on the liquidity (liquidity volume) of the market price offered by the market, the spread difference (= offered price to customer - market price), which is the difference between the buy price Ask and sell price Bid of the price offered to customers relative to the market price, is increased or decreased depending on whether the volume of customer order information (buy orders, sell orders) is large or small relative to the liquidity volume, i.e., the liquidity difference (= customer order information volume - liquidity volume offered by the market). As a result, price correction is performed according to the difference between the contract volume based on the customer order information and the liquidity of the market price.

[0059] As shown in Figure 2A, when the amount of customer order information is large relative to the amount of liquidity provided by the market, the price is adjusted so that the spread offered to customers is wider than the market price. This makes it possible to carry out transactions (execution transactions, cover transactions) that compensate for the large amount of customer order information relative to the amount of liquidity. Conversely, as shown in Figure 2B, when the amount of customer order information is small relative to the amount of liquidity provided by the market, the price is adjusted so that the spread offered to customers is narrower than the market price. This makes it possible to carry out transactions (execution transactions, cover transactions) that take into account the small amount of customer order information relative to the amount of liquidity.

[0060] Thereafter, the system performs a process to display the corrected proposed price (step S4).

[0061] [Example of transaction form to which the embodiment is applied (1: Overview)] The pricing determination system 1A and financial product transaction management device (offering price determination means) 1 of this embodiment are considered to be applied to transactions in which customer order information for buying and selling is recorded in the customer order information recording unit 45. For example, this embodiment is considered to be applied when the financial product transaction management device 1 is used to trade limit orders, stop order transactions, or trigger market orders.

[0062] When a limit order, stop order, or trigger market order is placed using the financial instruments transaction management device 1, the spread of the offered price is corrected according to the difference between the contract quantity of the customer order information and the liquidity (liquidity quantity) of the market price, so that when the amount of customer order information relative to the liquidity quantity is large, transactions (contract transactions, cover transactions) can be carried out to compensate for this large amount. Also, when the amount of customer order information relative to the liquidity quantity is small, transactions (contract transactions, cover transactions) can be carried out taking this small amount into consideration. This makes it possible to reduce the risk in cover transactions of orders to be executed.

[0063] [Example of transaction form to which the embodiment is applied (2: Specific example)] As outlined in (1) above, limit order transactions and trigger market order transactions in the financial instruments transaction management device 1 may be, for example, transactions such as those shown in [Specific Example 1] to [Specific Example 3] below. [Specific Example 1] to [Specific Example 3] may all be limit orders, all may be trigger market orders, or may be a mixture of limit orders and trigger market orders. Furthermore, when multiple pieces of customer order information are generated for a transaction, all of the customer order information may be generated before all of the transactions begin, or at least some of the customer order information may be generated at a predetermined timing or at any timing after the transaction begins.

[0064] [Example 1: Trap trade] This is a trading method in which orders are placed and executed by placing multiple buy orders at multiple order prices at once for multiple financial products of the same type, or multiple sell orders at multiple order prices at once. It is conceivable that the multiple buy orders or sell orders placed at once will each have the same order amount and the same price spread between the orders, but at least some of the order amounts or price spreads between the orders may differ from the others. At least some of these buy orders or sell orders may be configured to be a single if-done order, consisting of a first order and a second order placed upon execution of the first order (if-done orders; hereinafter simply referred to as "if-done orders").

[0065] [Example 2: Trap Repeat If Done] This is a method of trading by setting multiple combinations of if-done orders consisting of a first order and a second order for multiple financial products of the same type. Here, when a first order and its corresponding second order are executed, if-done orders are repeatedly executed with a new first order corresponding to the executed first order and a new second order corresponding to the executed second order. The price spreads between the first orders and the second orders that are set are, in principle, constant, and the profit spreads between each first order and each corresponding second order that are set are also, in principle, constant. However, at least some price spreads or at least some price spreads may be set to differ from other price spreads or other profit spreads.

[0066] [Example 3: Rakutora] This is a trading method in which first and second orders for "trap repeat if done" transactions are set between a predetermined upper limit price and a predetermined lower limit price. When multiple first and second orders are set between the upper and lower limit prices, the highest price among the first and second orders may be set to the upper limit price, or the lowest price may be set to the lower limit price. Alternatively, the lowest price among the first and second orders may be set to the lower limit price, and conversely, the highest price among the second and first orders may be set to the upper limit price. Furthermore, the price midway between the upper and lower limit prices may be set to the average order price of all first orders, the average order price of all second orders, or the average order price of all first and second orders.

[0067] Note that the above [Specific Example 1] to [Specific Example 3] are examples of application of this embodiment, and the financial product transaction management device 1 of this embodiment can be applied to any transaction form other than the above [Specific Example 1] to [Specific Example 3].

[0068] Furthermore, in the above [Specific Example 1] to [Specific Example 3], we have explained the case where the first order of the if-done order is a buy order and the second order is a sell order, but this is not limited to this and the case where the first order of the if-done order is a sell order and the second order is a buy order can also be applied.

[0069] [Action and effect] As described above, according to this embodiment, for orders that are traded based on customer order information, by obtaining more recent customer order information as the customer order information, it is possible to conduct transactions based on more accurate information, and as a result, it is possible to realize low-risk financial product transactions regardless of the trading volume when trading financial products using a computer system.

[0070] Furthermore, according to this embodiment, customer order information for the most recent market price or a price between the most recent market price and the current market price is identified as customer order information awaiting confirmation to create advance customer order information, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize low-risk financial product transactions regardless of the trading volume.

[0071] Furthermore, according to this embodiment, when determining the price to be presented to the customer, more appropriate pricing can be determined by using the advance customer order information acquired by the order information acquisition system as customer order information, and as a result, financial product transactions using a computer system can be realized with low risk regardless of the trading volume.

[0072] [others] In the above embodiment, a so-called OCO order may be used. Furthermore, when the market resumes after a temporary halt, a so-called "Itayose method" may be used. In other words, if a second order (or a first order) of an if-done order exists in the price range from the market halt to the resumption, the first order (or a second order corresponding to the first order) corresponding to the second order may be used to execute the customer's buy / sell order information. This "Itayose method" is applied when a second order (or a first order) of an if-done order exists in the price range from the market halt to the resumption. In this case, the first order (or the second order corresponding to the first order) corresponding to the second order is changed from the order price at the time of the market halt to the order price at the time of the market resumption, and the transaction is carried out.

[0073] In the above embodiment, foreign exchange is handled as the financial product, but this is not limited to this, and the present invention may be applied to a financial product trading system that handles any financial product, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, crypto assets, virtual currencies, etc.

[0074] In the above embodiment, the pricing determination system 1A has been described as having one financial product transaction management device 1. However, the present invention is not limited to this, and the pricing determination system 1A may be configured with a plurality of financial product transaction management devices, at least some of which are provided at so-called exchanges.

[0075] In the above embodiment, the "information on contract volume" and the "information on order volume" are the information on order volume and the offset information 512 included in the summary information 511, but are not limited to this. For example, the "information on contract volume" may be the volume or measurement unit of the contract target of a financial product other than the information on order volume.

[0076] In the above embodiment, all of the functional means are configured to be provided in the financial product transaction management device 1, but at least a part of these components may be configured to be provided in the client terminal 2.

[0077] In the above embodiment, the pricing determination system 1A is realized in a client-server system of a network computer system. However, the same functions as the pricing determination system 1A can also be realized in various computers such as personal computers that do not constitute a client-server system, or various communication terminals and mobile information terminals such as mobile terminals and tablets. In this case, it is also possible to realize the system by configuring at least a part of the system configuration of the financial instrument transaction management device 1 and the pricing determination system 1A as a computer program and installing the program in various computers, communication terminals, and mobile information terminals.

[0078] The above-described embodiments are merely examples of the present invention, and it goes without saying that the present invention is not limited to the above-described embodiments.

[0079] [Embodiment 2 of the Invention] A second embodiment of the present invention will now be described with reference to the drawings.

[0080] In the above first embodiment, an example was described in which the order information acquisition system of the present invention is applied to a pricing determination system. In this embodiment, however, an example in which the order information acquisition system of the present invention is applied to the following financial product transaction management device (system) will be described.

[0081] Here, a financial instruments transaction management device for trading financial instruments, comprising: order information generation means for generating order information for placing an order for a financial instrument; existing order information recording means for recording existing order information generated by the order information generation means as existing order information for trading an existing order as an existing order that satisfies predetermined conditions; market price information acquisition means for acquiring information on the market price of the financial instrument; and risk evaluation means for evaluating whether or not it is necessary to perform predetermined processing for a predetermined risk, which is a risk that a financial instruments business operator trading the financial instrument will incur a loss due to trading of a predetermined order of the financial instrument and fluctuations in the market price, and which can be limited by performing predetermined processing using the existing order information. In the financial instruments transaction management device, advance version customer order information of the first embodiment may be acquired and used as the existing order information instead of the current existing order information (equivalent to current version customer order information of the first embodiment).

[0082] In this case, the risk assessment means may be configured to define the possibility that the position held by the financial instruments business operator will cause a disadvantage to the financial instruments business operator as the specified risk, and to assess whether the specified risk held is of a size that can be limited.

[0083] In this case, the risk assessment means may be configured to assess the magnitude of the predetermined risk that can be held depending on the order volume of the existing order recorded in the existing order information recording means.

[0084] The risk assessment means may be configured to assess whether the predetermined risk is large enough to be sustained, when the market price fluctuates in a specific direction, using the existing order information existing in the direction of fluctuation.

[0085] The risk assessment means may be configured to assess whether or not it is necessary to perform the predetermined process by using the existing order information in order starting from the existing order information that is closest to the market price at the time of the transaction of the specific order.

[0086] The predetermined process may be configured to be a process for the financial instruments business operator to conduct a cover transaction with a financial institution in accordance with the execution of the predetermined order.

[0087] The predetermined order may be a market order.

[0088] The system may also be configured to include a risk hedge execution means for performing risk hedge processing to limit the risk by executing the predetermined processing.

[0089] In addition, the risk hedge execution means may be configured to process a cover transaction associated with the execution of the specified order to a financial institution system managed by a financial institution that conducts transactions with the dealer, as the execution of the specified processing for the risk hedge.

[0090] The computer may also be configured to have a program that causes the computer to function as such a financial product transaction management device.

[0091] When a financial instruments transaction management device and program configured as described above acquire and use advanced customer order information instead of current customer order information, the following advantages are realized. For example, when attempting to specify order information that can eliminate or reduce risk from existing order information that is close to the market price at the time of the transaction of a specific order, the current customer order information may find that the order information is actually in the process of being executed and should be deleted from the existing order information and therefore cannot be used. This situation may cause confusion in the system, leading to processing delays and malfunctions. In contrast, when order information that can eliminate or reduce risk from existing order information that is close to the market price at the time of the transaction of a specific order is specified from the advanced customer order information, the order information that is in the process of being executed and therefore cannot be used for the specification has been removed, resulting in newer advanced data. This allows the order information that can eliminate or reduce risk to be specified reliably and quickly, ensuring proper and rapid system operation. The financial instruments transaction management device will be described in detail below.

[0092] [System Configuration] 7 to 13 show a second embodiment of the present invention.

[0093] 7 is a system configuration diagram and a functional block diagram of the financial product transaction management system and financial product transaction management device of this embodiment. As shown in the figure, the financial product transaction management system 1001A includes a financial product transaction management device 1001 and n (n≧1) client terminals 10021, 10022, . . . 1002. n and a bank system 1003 as a "financial institution system." The financial product transaction management device 1001 and client terminals 10021, 10022, . . . 1002 n and bank system 1003 can communicate with each other via a WAN (Wide Area Network) 1004. Financial product transaction management system 1001A of this embodiment handles foreign exchange as a financial product.

[0094] The financial instruments transaction management device 1001 is a server computer managed and operated by a financial instruments business operator whose business is trading financial instruments, and is equipped with a web server function and a database function for storing large amounts of data. Note that the "financial instruments" referred to here are financial products whose market prices fluctuate and can be bought and sold, such as foreign exchange. However, the financial instruments handled by the financial instruments transaction management device 1001 may be any type of financial instrument other than foreign exchange.

[0095] Client terminals 10021, 10022, , 1002 n are communication terminals with data communication capabilities that are owned and used by individuals or corporations as "customers" who buy and sell financial products. For example, client terminals 10021, 10022, . . . , 1002 n refers to personal computers, mobile phone terminals, etc. "Customers" are individuals or corporations who primarily trade financial products with dealers.

[0096] Although not shown in FIG. 7, the financial product transaction management device 1001, client terminals 10021, 10022, . . . , 1002 n , bank system 1003, each have a hardware configuration. This hardware configuration is, for example, at least one CPU (Central Processing Unit), RAM (Random Access Memory) that functions as the CPU's work area, and ROM (Read Only Memory) that stores a startup boot program, etc. Furthermore, for example, this hardware configuration is also an auxiliary storage device such as a hard disk on which various programs and data, etc. are stored, and a communication interface used for sending and receiving data, etc. The auxiliary storage device stores programs for the OS (Operating System), various application programs, data stored in a database, etc., and these programs and data work together with hardware resources to realize various functions through the calculations of the CPU.

[0097] The financial product transaction management device 1001 and the bank system 1003 may be formed by a single server computer or by multiple network computer systems. Also, the financial product transaction management device 1001 and the bank system 1003 may be configured by multiple pieces of hardware distributed over the network 1004, such as a cloud computer system.

[0098] 7, the client terminal 10021 has an operation unit 1021 such as a mouse or keyboard used to input various instructions, and a display unit 1022 such as an LCD (Liquid Crystal Display) that displays various instructions and images input from the operation unit 1021. The operation unit 1021 and display unit 1022 of the client terminal 10021 may be configured as a touch panel 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 10022, . . . 1002 n The client terminals 10021, 10022, . . . 1002 also have the same operation unit and display unit. n have the same configuration, and will be referred to as the client terminal 1002 hereinafter unless a distinction is required.

[0099] The bank system 1003 is a computer system operated by a financial institution, such as a bank, with which a financial instruments business operator performs cover transactions, and has the functions of a network server and a database server. The bank system 1003 has, as a functional means, a transaction execution unit 1031 as a transaction execution means for performing cover transactions with the financial instruments transaction management device 1001.

[0100] [Financial Instruments Transaction Management Device Details] As shown in Fig. 7, financial product transaction management device 1001 includes customer order management device 1040 and dealing device 1050. Customer order management device 1040 mainly transmits and receives data and signals to and from client terminal 1002, and performs processes such as receiving orders from customers using client terminal 1002 and reporting executed orders to customers. Dealing device 1050 mainly transmits and receives data and signals to and from bank system 1003, and performs processes such as conducting cover transactions associated with the execution of financial product contracts with bank system 1003. Customer order management device 1040 and dealing device 1050 may be formed by separate computer systems or may be formed by the same computer system.

[0101] The customer order management device 1040 includes functional means implemented based on the various programs and hardware resources described above. These functional means are, for example, an order information generation unit 1041 as an "order information generation unit," a market price information acquisition unit 1042 as a "market price information acquisition unit," an agreement information processing unit 1043, and an existing order information recording unit 1044 as an "existing order information recording unit," as shown in Fig. 7 .

[0102] The order information generating unit 1041 generates order information for placing an order for the financial product based on the client's instructions.

[0103] The market price information acquisition unit 1042 acquires market price information of financial products handled by the financial product transaction management device 1001. The market price information acquisition unit 1042 performs the processing and management required for the acquired market price information to be used in the customer order management device 1040. The market price information acquisition unit 1042 continuously and periodically acquires market price information of financial products by continuously acquiring market price information via the network 1004, and records and manages the acquired market price information.

[0104] The contract information processing unit 1043 performs processing to contract the order based on the order information. Specifically, the contract information processing unit 1043 performs processing to contract the customer order based on the order information generated by the order information generation unit 1041, and processing to send information on the contracted customer order to the client terminal 1002 of the customer. Note that "contract" here refers to various procedures and processes for completing the sale and purchase of financial products based on the customer order. In this embodiment, when a contract is completed, foreign exchange is bought and sold. Furthermore, when a contract is completed, the contract information processing unit 1043 displays text information, etc., indicating that a contract has been completed on the display unit 1022 of the client terminal 1002, and also performs processing to deposit and withdraw money from the bank account of the client terminal based on the purchase and sale price.

[0105] The existing order information recording unit 1044 is a database that records data on "existing order information" used by the financial product transaction management device 1001. This "existing order information" will be described later.

[0106] In this embodiment, the existing order information recording unit 1044 is formed by a relational database, but any format suitable for recording and rewriting large amounts of data, such as an object database, may be used. In addition to "existing order information," the existing order information recording unit 1044 also records an order table, a customer account information table that defines information such as the financial institution where the trader's account is located, the account name, and the balance, a currency pair order condition table that defines information such as the combination of currencies to be traded, and a sequence number table (each table is not shown).

[0107] The dealing device 1050 includes, as functional means realized based on the various programs and hardware resources described above, a cover trading unit 1051, a risk assessment unit 1052 as a "risk assessment means", and a risk hedge execution unit 1053 as a "risk hedge execution means".

[0108] The cover transaction unit 1051 performs various processes for executing a cover transaction with the bank system 1003 .

[0109] The risk assessment unit 1052 assesses whether or not it is necessary to perform a predetermined process for a predetermined risk. The "predetermined risk" and "predetermined process" will be described later.

[0110] The risk hedge execution unit 1053 performs predetermined processing for orders that are evaluated by the risk evaluation unit 1052 as requiring risk hedging.

[0111] [Existing order information] The "existing order information" in this embodiment is information for trading currently executed orders and orders scheduled to be executed in the future, which have been placed by customers, in the financial product transaction management device 1001.

[0112] FIG. 7 and FIGS. 10 to 13(a) schematically show existing order information recorded in the existing order information recording unit 1044 in the financial product transaction management device 1001 of this embodiment.

[0113] In this embodiment, existing order information is order information for financial products that are placed by a customer and that are to be placed or executed after the time of placing the order. The existing order information is, for example, order information for a limit order. However, the existing order information may also be a stop order or a market order. Furthermore, the market order that constitutes the existing order information may be a so-called "trigger market order," which is a market order that is set to be placed when the financial product reaches a specific market price.

[0114] 7, existing order information recording unit 1044 records a plurality of pieces of existing order information, for example, existing buy order information 1441 and existing sell order information 1442. Both existing buy order information 1441 and existing sell order information 1442 are data for electronically carrying out transactions such as placing and executing orders at a plurality of order prices (for example, in the case of US dollar / Japanese yen, 90.90 yen per dollar, 91.00 yen per dollar, 99.90 yen per dollar, 100.00 yen per dollar, etc.).

[0115] The existing buy order information 1441 and the existing sell order information 1442 are each information relating to multiple orders for financial products received from multiple clients by the financial product transaction management device 1001. However, one or both of the existing buy order information 1441 and the existing sell order information 1442 may only be orders from one client. Also, one or both of the existing buy order information 1441 and the existing sell order information 1442 may only be orders from one client.

[0116] The existing buy order information 1441 and the existing sell order information 1442 may include, in addition to order price information, attribute information such as information identifying the customer who placed the order, information indicating the order date and time and the contract date and time, information indicating the order status and the contract status, etc.

[0117] In this embodiment, existing buy and sell order information 1441, 1442 is presented to the customer as a two-way price (relative to a specific market price) consisting of a buy order price (Ask) and a sell order price (Bid). This two-way price indicates both the current buy price (Ask) and the current sell price (Bid) of the financial product being traded.

[0118] This 2-way price is shown as a market price of 99.00 yen - 100.00 yen per dollar (bid-ask), for example. In actual operation, this is set as multiple price ranges, such as 100.01 yen - 101.00 yen per dollar, 101.01 yen - 102.00 yen per dollar, and 102.01 yen - 103.00 yen per dollar (all bid-ask).

[0119] In principle, the buy prices and sell prices of the multiple 2-way prices are all expected to have the same price range, but this is not necessarily limited to this. For example, the buy prices and sell prices of the multiple 2-way prices may be configured to fluctuate individually after the start of trading, depending on information on the trail width that fluctuates the contract price set in the existing buy order information 1441 and the existing sell order information 1442, information on slippage at the time of contract, and the like.

[0120] 10 to 13(a), for the sake of simplicity, only the existing sell order information 1442 is shown out of the existing buy order information 1441 and the existing sell order information 1442.

[0121] [New Order] In this embodiment, the financial product transaction management device 1001 carries out transactions of new orders (hereinafter referred to as "new orders") as "predetermined orders."

[0122] A new order in this embodiment is an order for a financial product newly placed by a customer after trading has commenced, and may be a buy order or a sell order. The type of financial product in the new order is basically the same as the type of financial product in the existing order (for example, a currency pair of the US dollar and the Japanese yen), but it may also be a different type of financial product from the existing order. A new order may be a market order. However, a new order may also be a limit order or a stop order, or a market order such as the "trigger market order" described above.

[0123] [Risk hedging] In this embodiment, the risk assessment unit 1052 performs risk hedging using existing order information. When processing to execute a new order, the risk assessment unit 1052 performs risk hedging by evaluating the risk arising from the execution of the new order by performing a "predetermined assessment" of the "predetermined risk" and determining the subsequent processing.

[0124] [Prescribed Risk] In this embodiment, the risk assessment unit 1052 assesses the "predetermined risk." This "predetermined risk" refers to the risk of loss incurred by a financial instruments business operator when the financial instruments business operator holds a position by executing a new order from a customer. The "predetermined risk" occurs when the financial instruments business operator continues to hold the executed new order while not conducting a cover transaction with a financial institution, etc.

[0125] However, the risk assessment unit 1052 may treat the risk of a transaction occurring in an order other than a new order as a "predetermined risk" if it is a risk occurring in a transaction of a financial product in the financial product transaction management device 1001.

[0126] For example, the risk assessment unit 1052 may treat, as a "predetermined risk," an order other than a new order, such as a position arising from the execution of an order that is traded based on "existing order information," or a position arising from the execution of another order. Furthermore, the risk assessment unit 1052 may treat the risk of any transaction other than a position arising from the execution of an order, as a "predetermined risk." Furthermore, for example, the risk assessment unit 1052 may treat a transaction other than the execution of a new order, such as a risk arising from the placement of an order, as a "predetermined risk."

[0127] [Prescribed evaluation] In this embodiment, the risk assessment unit 1052 performs a "predetermined assessment." This "predetermined assessment" is an assessment of the possibility of hedging (avoiding) risks that arise when a financial instruments business operator trades financial instruments.

[0128] For example, as a "predetermined evaluation," the risk assessment unit 1052 assesses the magnitude of the risk that a financial instruments business operator will incur a loss due to a position held by the financial instruments business operator that arises from the execution of a specific new order, and the possibility that the financial instruments business operator will be able to avoid incurring a loss.

[0129] For example, in performing the "predetermined evaluation," the risk evaluation unit 1052 acquires, in real time, market price information for financial products acquired by the market price information acquisition unit 1042. Then, the risk evaluation unit 1052 compares the order price and contract price of the new order with the real-time market price of the financial product after the contract. Furthermore, if the real-time market price fluctuates in the "direction of a loss" from the order price and contract price of the new order, the risk evaluation unit 1052 checks whether existing order information 1441, 1442 exists.

[0130] This "direction of loss occurrence" refers to the direction in which a financial instruments business operator will incur a loss when it deducts the market price of the financial instruments at the time of placing or executing a new order from the market price of the financial instruments business operator when it conducts a cover transaction with a bank, etc. in connection with the execution of the new order (hereinafter simply referred to as the "direction of loss occurrence").

[0131] The loss occurrence direction is determined by the buying and selling conditions of the new order. For example, if the new order is a buy order, the loss occurrence direction is a fluctuation in the market price toward the lower price at an arbitrary time (time t2 in FIGS. 11-13) after the execution of the new order (time t1 in FIGS. 10-13), and if the new order is a sell order, the loss occurrence direction is a fluctuation in the market price toward the higher price. In this embodiment, the direction of fluctuation in the market price from one time point to another time point is collectively referred to as the "loss occurrence direction" or the "opposite direction to the loss occurrence direction," including cases where a time point other than the execution of the new order is the reference time. For example, from time t2 (not the time of execution of the new order) to time t3 in FIGS. 12 and 13, similar to the period from time t1 to time t2, if the new order is a buy order, the loss occurrence direction is a fluctuation in the market price toward the lower price, and if the new order is a sell order, the loss occurrence direction is a fluctuation in the market price toward the higher price.

[0132] In performing the "predetermined evaluation," if the "new order" is a buy order, the risk evaluation unit 1052 checks the existence of existing sell order information 1442. Conversely, if the "new order" is a sell order, the risk evaluation unit 1052 checks the existence of existing buy order information 1441. This is because, if an existing sell order is executed, a position held by a financial instruments business operator as a result of a contract of a new buy order will eliminate or reduce the actual loss, thereby eliminating or reducing the risk of the financial instruments business operator (see (b) of Figure 12). Similarly, if an existing buy order is executed, a position held by a financial instruments business operator as a result of a contract of a new sell order will eliminate or reduce the actual loss, thereby eliminating or reducing the risk of the financial instruments business operator.

[0133] In the "predetermined evaluation", the risk evaluation unit 1052 checks whether or not there is existing order information 1441, 1442 in the direction of fluctuation of the market price of the financial product. If there is existing order information 1441, 1442 in the direction of fluctuation, the existing order information 1441, 1442 will be contracted, and the new order will be contracted, thereby avoiding or reducing the occurrence of losses due to the positions held by the financial products business operator.

[0134] In addition, in the "predetermined evaluation", the risk assessment unit 1052 may check whether existing order information 1441, 1442 exists up to the higher or lower price side of a predetermined range (for example, up to the higher or lower price side by 0.1 yen) than the price range of the market price fluctuation.

[0135] In the "predetermined evaluation", the risk evaluation unit 1052 compares the order volume of the new order with the order volumes of the existing order information 1441, 1442 to evaluate whether the position can be maintained and the order volume of the new order that can maintain the position.

[0136] For example, assume that the order volume of existing order information 1441, 1442 that can eliminate or reduce risk and the order volume of a new order that has established a position are set to the same value in the risk evaluation unit 1052. In this case, if existing order information 1442 of a sell order is recorded in the existing order information recording unit 1044 for 30,000 currencies, the risk evaluation unit 1052 evaluates that "a new order position can be maintained up to 30,000 currencies." In this case, if the order volume of the new order exceeds the order volume of existing order information 1441, 1442, the excess position maintained upon contract of the new order (for example, in the above example, if the position of the new order is 32,000 currencies, then 2,000 currencies) is used for cover trading. Meanwhile, the position of the new order that does not exceed the order volume of existing order information 1441, 1442 (30,000 currencies) is maintained.

[0137] The allowable amount of position holding for a new order may be greater or less than the order amount of existing order information 1441, 1442 recorded in existing order information recording unit 1044, as long as the risk of the new order can be eliminated or reduced.

[0138] The risk evaluation unit 1052 may be set with a price range and a time period for performing the "predetermined evaluation." For example, the risk evaluation unit 1052 may set a predetermined price (for example, within 0.2 yen toward the occurrence of a loss) as the price range for performing the "predetermined evaluation" based on the order prices of existing orders in the existing order information 1441, 1442. The risk evaluation unit 1052 may then process new orders that fall outside this price range or time period as not subject to evaluation. The risk evaluation unit 1052 may be configured to vary the price range and time period for performing the "predetermined evaluation" depending on the type of financial product (for example, the creditworthiness of each financial product) and the order volume.

[0139] If the risk assessment unit 1052 confirms as a result of the "predetermined assessment" that there is existing order information 1441, 1442 that can eliminate or reduce the "predetermined risk," the risk hedge execution unit 1053 continues to hold the position resulting from the execution of the new order.

[0140] On the other hand, if it is confirmed as a result of the "predetermined evaluation" by the risk evaluation unit 1052 that there is no existing order information 1441, 1442 that can avoid or reduce the "predetermined risk," the risk hedge execution unit 1053 performs a cover transaction for the new order. This is because, when there is no existing order information 1441 to be used for risk hedging, it is better to close the position that has arisen due to the execution of the specific order as soon as possible, as this will prevent losses from increasing and will lead to risk hedging.

[0141] Furthermore, if the result of the "predetermined evaluation" by the risk evaluation unit 1052 shows that the market price of the financial product fluctuates in the opposite direction to the "loss occurrence direction" (toward the higher price if the new order is a buy order, or toward the lower price if the new order is a sell order) from the contract price of the new order, the risk hedge execution unit 1053 will execute the new order or perform a cover transaction. This is because there is a high possibility of obtaining an opportunity to make a profit by quickly unwinding the position that has arisen from the contract of the new order.

[0142] [Processing Procedure] 8 and 9 are flowcharts showing the processing procedure in this embodiment, which will be described below with reference to the drawings.

[0143] [Record existing order information] In this embodiment, existing order information 1441 and 1442 are recorded in existing order information recording unit 1044. The existing order information 1441 and 1442 may be recorded in existing order information recording unit 1044 either before or after a client starts trading financial products using financial products transaction management device 1001.

[0144] 10 to 13(a) schematically show the existing order information recording unit 1044. As mentioned above, for the sake of simplicity, the figures only show the recorded existing sell order information 1442.

[0145] [After trading begins] As shown in FIG. 8, after the financial instruments transaction management device 1001 starts trading financial instruments, when a customer places a new order, the order information generation unit 1041 acquires the order information of the new order (step S1001). As an example of this case, (b) of FIG. 10 schematically shows a state in which a new order 1061, a market order, has been placed at 130.00 yen per dollar. In this case, the contract information processing unit 1043 performs processing for this order information to contract the new order 1061 at time t1. This contract creates a position for the new order 1061 (hereinafter simply referred to as "position"). The financial instruments business operator holds the position from the time the new order 1061 is contracted until the position is settled by conducting a cover transaction or the like with a bank or the like for the new order 1061.

[0146] The market price information acquisition unit 1042 continues to acquire market price information for financial products thereafter, based on the time when the new order 1061 is placed or contracted (step S1002). For the sake of simplicity, the following description will be given of a case where processing is performed based on the time when the new order 1061 is contracted.

[0147] The risk assessment unit 1052 performs a "predetermined assessment" using real-time market price information acquired by the market price information acquisition unit 1042. The risk assessment unit 1052 performs a risk assessment to determine whether or not it is possible to hedge the risk of holding a position for the new order, based on fluctuations in the market price after the new order is executed (step S1003).

[0148] Details of the evaluation procedure in step S1003 are shown in Fig. 9. The risk evaluation by the risk evaluation unit 1052 is basically performed based on the principles described above in [Risk Hedge]. Details of the risk evaluation by the risk evaluation unit 1052 shown in Fig. 9 will be described below.

[0149] If there is a possibility that a financial instruments business operator will incur a loss by holding a position for a new order (hereinafter referred to as "loss possibility"), the risk assessment unit 1052 assesses whether there is a way to mitigate the loss. Furthermore, if there is a way to mitigate the loss, the risk assessment unit 1052 assesses whether the risk arising from holding the position is so high that immediate risk hedging is necessary.

[0150] Consider a case where the risk evaluation unit 1052 evaluates that the market price 1062 after the execution of the new order 1061 has fluctuated in the direction opposite to the direction of the occurrence of a loss. Specifically, if the new order is a buy order, the market price 1062 fluctuates toward the higher price side, transitioning from time t1 shown in (b) of Figure 10 to time t3 shown in (b) of Figure 13, and if the new order is a sell order, the market price 1062 fluctuates toward the lower price side (not shown).

[0151] In this case, the risk evaluation unit 1052 immediately causes the cover trading unit 1051 to carry out a cover trade for the position held by the new order 1061 (step S1005), because risk hedging is not required.

[0152] On the other hand, consider a case where the risk assessment unit 1052 assesses that the market price 1062 after the execution of the new order 1061 has fluctuated in the direction of causing a loss. Specifically, if the new order 1061 is a buy order, the fluctuation is toward the lower price side, such as transitioning from (b) in Figure 10 to (b) in Figure 11, and if it is a sell order, the fluctuation is toward the higher price side (not shown).

[0153] In this case, the risk assessment unit 1052 assesses whether or not it is possible to hedge the risk of holding a position resulting from the execution of the new order 1061 .

[0154] Specifically, for example, the risk assessment unit 1052 assesses whether risk hedging is possible by assessing whether existing order information 1441, 1442 exists in the direction of loss occurrence of the new order 1061 (step S1031).

[0155] As shown at time t2 in Figure 12(b), if existing order information 1441, 1442 exists in the loss occurrence direction of the new order 1061 ("Yes" in step S1031), the risk evaluation unit 1052 performs the processing of step S1032, which will be described later. On the other hand, if existing order information 1441, 1442 does not exist in the loss occurrence direction of the new order ("No" in step S1031), the risk evaluation unit 1052 causes the cover trading unit 1051 to perform a cover trade for the position held by the new order 1061 (step S1035 → step S1005). This is because risk hedging is not possible.

[0156] If existing order information 1441, 1442 exists in the direction of the loss occurrence of the new order 1061 ("Yes" in step S1031), the risk assessment unit 1052 obtains information such as the contract price of the new order 1061 and the prices of the existing order information 1441, 1442, and compares these prices.

[0157] For example, the risk assessment unit 1052 verifies whether the following (Condition 1) or (Condition 2) is met. (Condition 1) [If the new order is a buy order] Execution price of new order ≥ order price of existing order (1) (Condition 2) [If the new order is a sell order] Execution price of new order ≦ order price of existing order (2) If (Condition 1) (1) or (Condition 2) (2) is met ("Yes" in step S1032), the risk assessment unit 1052 performs the processing of step S1033, which will be described later. On the other hand, if (Condition 1) or (Condition 2) is not met ("No" in step S1032), the risk assessment unit 1052 causes the cover trading unit 1051 to carry out a cover trade for the position held by the new order 1061 (step S1035 → step S1005). This is because risk hedging is not possible.

[0158] If (Condition 1)(1) or (Condition 2)(2) is met (“Yes” in step S1032), the risk assessment unit 1052 verifies whether the order volume of the new order 1061 is less than or equal to the order volume of the existing order.

[0159] The process of step S1033 when the new order 1061 is a buy order will be described.

[0160] If the new order 1061 is a buy order and the order volume of the held position is equal to or less than the order volume of the existing sell order based on the existing sell order information 1442 ("Yes" in step S1033), the risk evaluation unit 1052 performs the process of step S1004, which will be described later, for all new orders 1061 (step S1034 → step S1004). On the other hand, if the order volume of the held position of the new order 1061, which is a buy order, is greater than the order volume of the existing sell order ("No" in step S1033), the risk evaluation unit 1052 subjects the held position of the new order 1061, whose order volume is the same as the order volume of the existing sell order, to step S1004, which will be described later. Furthermore, the risk evaluation unit 1052 causes a cover transaction to be performed for the held position of the new order 1061, whose order volume exceeds the order volume of the existing sell order (step S1035 → step S1005). This is because the amount exceeding the order volume of the existing sell order cannot hedge the risk of the position held by new order 1061.

[0161] On the other hand, if the order volume of the position held by the new order 1061 is greater than the order volume of the existing sell order based on the existing sell order information 1442 ("No" in step S1033), the risk assessment unit 1052 can also make all positions held by the new order 1061 the subject of a cover transaction (step S1035 → step S1005).

[0162] The process of step S1033 when the new order 1061 is a sell order will be described.

[0163] If the new order 1061 is a sell order and the order volume of the held position is equal to or less than the order volume of the existing buy order based on the existing buy order information 1441 ("Yes" in step S1033), the risk evaluation unit 1052 performs the process of step S1004, which will be described later, for all new orders 1061 (step S1034 → step S1004). Also, if the order volume of the held position of the new order 1061 is greater than the order volume of the existing buy order ("No" in step S1033), the risk evaluation unit 1052 subjects the held position of the new order 1061, a sell order with an order volume equal to the order volume of the existing buy order, to step S1004, which will be described later. Furthermore, the risk evaluation unit 1052 performs a cover transaction for the held position of the new order 1061, a sell order with an order volume exceeding the order volume of the existing buy order (step S1035 → step S1005). Also, although not shown, whether the new order 1061 is a buy order or a sell order, if the answer to "Yes" in step S1033 above is met, the risk assessment unit 1033 can also assess whether the risk is within an acceptable range.

[0164] For example, if the new order 1061 is a buy order, the risk assessment unit 1033 can assess whether the risk is within an acceptable range by checking whether the price difference between the order price of the existing sell order based on the existing sell order information 1442 and the market price 1062 is within a preset price range in the above (Condition 1) and (Condition 2). This is because if the real-time market price 1062 significantly deviates from the order price of the existing sell order, the risk of holding a position resulting from the execution of the new order 1061 increases. Note that the assessment of whether the risk is within an acceptable range may be any assessment other than the above.

[0165] When the order volume of the position held by the new order 1061 for buying is equal to or less than the order volume of the existing sell order based on the existing sell order information 1442, for example, if the risk is evaluated to be within the acceptable range ("Yes" in step S1033 of FIG. 9), the risk hedging unit 1053 maintains the position held by the contract of the new order 1061 (step S1004), as shown in FIG. 8. This is because the risk of holding the position is small. (b) of FIG. 11 shows a state in which the position of the new order 1061 is maintained. In this case, as shown in (b) of FIG. 11, the risk hedging unit 1053 does not conduct a cover transaction for the position held by the contracted new order 1061. Then, the risk evaluation unit 1052 returns to step S1002 and repeats the process.

[0166] On the other hand, if the risk of the position held by the new order 61 is evaluated to be outside the acceptable range ("No" in step S1032 in Fig. 9), the risk hedge execution unit 1053 causes the cover transaction unit 1051 to carry out a cover transaction for the position held by the new order 1061 (step S1005), as shown in Fig. 8. This can occur, for example, when the market price makes a large downward transition from the state shown in Fig. 10(b) to the state shown in Fig. 12(b), and the risk of holding the position becomes large.

[0167] When the market price reaches a price corresponding to the order price of the existing order information 1441, 1442, the contract information processing unit 1043 processes the existing order information 1441, 1442 to execute a contract.

[0168] For example, consider a case where the market price changes to 129.90 yen per dollar and then to 129.80 yen per dollar, as shown at time t2 in FIG. 10(b) and then at time t3 in FIG. 11(b). In this case, the contract information processing unit 1043 executes a process to contract the existing orders, separately from the evaluation by the risk evaluation unit 1052. Specifically, the contract information processing unit 1043 first contracts the existing order for 129.90 yen per dollar, and then contracts the existing order for 129.80 yen per dollar (see FIG. 12(b)). With this contract, the order quantities of the existing order information 1442 for selling at 129.90 yen per dollar and 128.80 yen per dollar, which were recorded in the existing order information recording unit 1044 in FIG. 10(a) and FIG. 11(a), change to "2 (10,000 units) → 0" and "1 (10,000 units) → 0," as shown in FIG. 12(a).

[0169] When an existing order is executed, if there is a new order 1061 that can be risk hedged ("Yes" in step S1032 -> "Yes" in step S1033), the risk evaluation unit 1052 can evaluate whether the executed existing order will settle the position held by the new order 1061. If evaluated in this way, the risk hedge execution unit 1053 can settle the executed existing order and the new order 1061 that holds the position.

[0170] 11 to 13, the order volume of new order 1061 (30,000 units) and the order volume of the existing orders (30,000 units in total) are the same. Therefore, when settlement is carried out between the executed existing order and the position held by new order 1061, neither a position is created by the execution of the existing order nor a position remains held by new order 1061, and therefore no cover transaction is carried out.

[0171] On the other hand, when the existing order is executed and a new order 1061 that can be risk-hedged exists ("Yes" in step S1032 -> "Yes" in step S1033), the risk evaluation unit 1052 can also evaluate not to settle the position held by the new order 1061 due to the executed existing order. This can be the case, for example, when the risk evaluation unit 1052 evaluates that the risk of continuing to hold the position held by the new order 1061 is within an acceptable range (for example, when the market price of the financial product is evaluated as having a high tendency to fluctuate in the opposite direction to the direction of loss occurrence).

[0172] In addition, when the cover trading unit 1051 sends order information, etc. for trading the new order 1061 that is the subject of the cover trading to the bank system 1003, the transaction execution unit 1031 of the bank system 1003 performs processing to execute the cover trading based on the received order information, etc. of the new order 1061 (step S1005).

[0173] [Action and effect] As described above, in this embodiment, the financial product transaction management device 1001 acquires market price information and evaluates whether or not it is necessary to perform a predetermined process for a predetermined risk that can be limited by performing a predetermined process using the existing order information 1442, based on the trading of a new order 1061 of a financial product and fluctuations in the market price 1062. The financial product transaction management device 1001 then recognizes the direction of fluctuation in the market price 1062, which changes over time, and can determine whether or not to perform a process that can limit the risk based on the results of this recognition.

[0174] For example, in this embodiment, as shown in (b) of Figure 10, when a new order 1061, which is a market order for buying, is executed after trading of a financial product has started and a financial instruments business operator holds a position, the risk evaluation unit 1052 evaluates the risk of the position, which changes depending on fluctuations in the market price 1062. The risk evaluation unit 1052 checks the order volume of the existing sell orders (30,000 units in total) in the existing sell order information 1442 recorded in the existing order information recording unit 1044 shown in (a) of Figure 10, and compares it with the order volume (30,000 units) of the new order 1061. Furthermore, the risk evaluation unit 1052 acquires and compares the executed price of the new order 1061 (130.00 yen per dollar) with the order prices of the existing sell orders (129.90 yen, 129.80 yen per dollar) in the existing sell order information 1442, and information on the real-time market price 1062.

[0175] Then, if the market price moves in the direction of a loss with a small fluctuation range as shown from (b) of Figure 10 to (b) of Figure 11, there is existing sell order information 1442 that can be used for settlement, and the risk of holding the position is small, the risk assessment unit 1052 maintains the holding of the position of the new order 1061.

[0176] Then, if the market price further shifts in the direction of a loss as shown from Figure 11(b) to Figure 12(b) and the risk of holding the position becomes large compared with the market price 1062 of the existing sell order that can be used for settlement and the order volume, the risk evaluation unit 1052 settles the position of the new order 1061. By settling the position of the new order 1061 using the contract of the existing sell order based on the existing sell order information 1442, it is possible to reduce the actual loss 1063 shown in Figure 12(b) compared to when the position is settled only by the contract of the new order 1061.

[0177] On the other hand, when the market price transitions in the opposite direction to the loss direction as shown in Figure 11(b) to Figure 13(b), the risk evaluation unit 1052 settles the position only by contracting the new order 1061, as shown in Figure 13(a), without using the existing sell order in the existing sell order information 1442. By settling this position, the financial instruments business operator can earn a profit 1064 as shown in Figure 13(b).

[0178] That is, in this embodiment, by using the existing sell order information 1442 for risk assessment of the position held by the contract of the new order 1061, it is possible to reduce the risk of a loss-making fluctuation in the market price 1062 while reliably obtaining a profit 1064 from the fluctuation in the market price 1062. This makes it possible to reduce the risk of a loss occurring in response to fluctuations in market conditions in financial product transactions conducted using a computer system.

[0179] In this embodiment, the possibility that a position held by a financial instruments business operator will cause a disadvantage to the financial instruments business operator is treated as a predetermined risk. The risk assessment unit 1052 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 1052 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 1052 can then determine whether to perform processing to reduce the predetermined risk, depending on the possibility of holding a position that will result in a high loss. This allows the risk of loss to be reduced with a high degree of certainty.

[0180] In this embodiment, the risk assessment unit 1052 assesses the magnitude of a predetermined risk that can be held depending on the order volume of existing orders based on the existing order information 1441, 1442 recorded in the existing order information recording unit 1044. Then, depending on the order volume of a financial product that has a high correlation with the occurrence of the risk, it can determine whether or not to perform processing to reduce the predetermined risk. This makes it possible to reduce the risk of loss occurrence with a high degree of certainty.

[0181] In this embodiment, the risk assessment unit 1052 assesses whether a predetermined risk arising from fluctuations in the market price 1062 is bearable or not, using the existing order information 1441, 1442. This makes it possible to reduce the risk of loss occurrence with a high degree of certainty by using orders that already exist and are recorded.

[0182] In this embodiment, the risk assessment unit 1052 evaluates whether or not it is necessary to perform a predetermined process by using the existing order information 1442 in order starting from the market price 1062 at the time of the order transaction, and then the predetermined process can be performed at a price close to the transaction price of the order. This prevents a divergence between the market price 1062 and the price at which the predetermined process is performed, and reduces the risk of loss occurrence with a high degree of certainty.

[0183] In this embodiment, the risk of loss can be reduced with a high degree of certainty based on the specific transaction processing in which a financial instruments trader conducts a cover transaction with a financial institution in conjunction with the execution of a new order 1061.

[0184] In this embodiment, in a market order transaction in which the risk of loss due to fluctuations in the market price 1062 is high, the risk of loss can be reduced with high certainty.

[0185] In this embodiment, the risk of loss occurrence can be reduced in actual transaction processing by executing a process that limits risk.

[0186] In this embodiment, the accuracy of reducing a predetermined risk caused by fluctuations in the market price 1062 is increased by using the existing order information 1442, and a process of reducing the risk of occurrence of losses with high accuracy in accordance with fluctuations in market conditions can be realized in actual trading processes.

[0187] The risk assessment in steps S1032 and S1033 in this embodiment is merely an example, and risk assessment may be performed in any manner other than the assessment exemplified in the above embodiment. Furthermore, any standard may be set for the extent of loss that a financial instruments business operator may suffer as a result of risk assessment, to be tolerated or avoided, and any changes or modifications may be made during the course of trading.

[0188] For example, in step S1032 above, the risk assessment unit 1052 can apply the following formula (3) instead of formula (1) or the following formula (4) instead of formula (2) depending on the relationship between the held position and the existing order. [If the new order is a buy order] New order execution price < existing order order price (3) (Condition 2) [If the new order is a sell order] New order execution price > existing order order price (4) Furthermore, for example, if the order volume of the position held by the execution of the new order 1061 is greater than the order volume of the existing order ("No" in step S1033), the risk assessment unit 1052 can also make an assessment different from the above assessment (step S1035 → step S1005). Specifically, in this case, the risk assessment unit 1052 can also make an assessment to continue holding a position with an order volume that exceeds the order volume of the existing order (step S1034 → step S1004).

[0189] Furthermore, the risk assessment unit 1052 can also assess the position of the executed new order 1061 by setting a limit on the amount of time that the position can be held.

[0190] Furthermore, the risk assessment unit 1052 can change the assessments in steps S1032 and S1033 sequentially or sequentially based on the type of financial product or changes in the market value of the financial product.

[0191] Furthermore, in the above embodiment, the present invention is applied to one type of foreign exchange, but is not limited to this and can be applied to various types of financial products. For example, if the financial product is foreign exchange, the present invention can be applied to multiple different currency pairs, such as the Japanese yen and the US dollar, or the European euro and the Australian dollar. It is also possible to apply the present invention to multiple different financial products, such as foreign exchange and stocks, or bonds and crypto assets.

[0192] The above-described embodiments are merely examples of the present invention, and it goes without saying that the present invention is not limited to the above-described embodiments. [Explanation of symbols]

[0193] 1A Pricing Decision System 1. Financial product transaction management device (offering price determination means) 2. Client terminal 3. Banking System 4. Network 21...Operation unit 22...Display section 31. Transaction Execution Department 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, storage means) 44 Contract information processing unit (contract information processing means) 45 Customer order information recording section (customer order information reference means) 50 Dealing device 51 Summary Information Management Section 52 Cover Trading Department 451...Method of acquisition 452...means of guessing 511 Summary information (information on contract volume, information on order quantity) 512. Offsetting information (information on contract quantity, information on order quantity) 1001A Financial Instruments Transaction Management System 1001 Financial Instruments Transaction Management Device 1041: Order information generation unit (order information generation means) 1042 Market price information acquisition unit (market price information acquisition means) 1044: Existing order information recording unit (existing order information recording means) 1052 Risk Assessment Section (Risk Assessment Means) 1053 Risk Hedge Execution Unit (Risk Hedge Execution Means) 1061··New Order (Predetermined Order) 1062··Market price 1441,1442·Existing order information

Claims

1. An order information acquisition system that acquires customer order information for placing orders for financial products based on customer instructions, A means for obtaining customer order information recorded at a given time, which is customer order information at a given time, A storage means for storing market price information from a specific point in the past to the given point in time, An estimation means for creating a preliminary version of customer order information by excluding specific customer order information that corresponds to the market price of the market price information from a specific past point in time to the given point in time, based on the assumption that such information is scheduled to be deleted, from the acquired customer order information at a given point in time; An order information acquisition system characterized by having the following features.

2. An order information acquisition system for acquiring customer order information for placing orders for financial products based on customer instructions, A means for obtaining customer order information recorded at a given point in time, which is customer order information at a given point in time, A memory device for storing past market price information, An estimation means for creating a preliminary version of customer order information by excluding specific customer order information that falls between the most recent market price among the past market price information and the market price at the given time, based on the customer order information obtained at a given time; An order information acquisition system characterized by having the following features.

3. An order information acquisition system for acquiring customer order information for placing orders for financial products based on customer instructions, A means of obtaining the current customer order information, which is the customer order information recorded at the present time, A memory device for storing market price information from a specific point in the past to the present, An estimation means for creating a preliminary version of customer order information by excluding specific customer order information that corresponds to the market price of the market price information from a specific point in the past to the present, based on the acquisition of the current version of customer order information, and estimating that such information is scheduled to be deleted. An order information acquisition system characterized by having the following features.

4. An order information acquisition system for acquiring customer order information for placing orders for financial products based on customer instructions, A means of obtaining the current customer order information, which is the customer order information recorded at the present time, A memory device for storing past market price information, An estimation means for creating a preliminary version of customer order information by excluding specific customer order information from the acquired current version of customer order information that falls between the most recent market price and the current market price among the past market price information, assuming that such information is scheduled to be deleted. An order information acquisition system characterized by having the following features.

5. An order information acquisition system for acquiring customer order information for placing orders for financial products based on customer instructions, A means for obtaining customer order information recorded at a given point in time, which is customer order information at a given point in time, A storage means for storing market price information from a specific point in the past to the given point in time, An estimation means that compares the acquired customer order information at a given time point with market price information from a specific past point in time to the given time point in time, identifies and excludes customer order information that is presumed to be awaiting execution confirmation, and creates preliminary customer order information that is customer order information for which execution processing has not yet begun. It has, An order information acquisition system characterized in that the estimation means is configured to check market price information stored in the storage means from a specific past point in time to a given point in time, and to identify customer order information corresponding to the market price of the market price information from the specific past point in time to the given point in time as customer order information awaiting confirmation.

6. An order information acquisition system for acquiring customer order information for placing orders for financial products based on customer instructions, A means for obtaining customer order information recorded at a given point in time, which is customer order information at a given point in time, A memory device for storing past market price information, An estimation means that compares the acquired customer order information at a given time with the historical market price information to identify and exclude customer order information that is presumed to be awaiting execution confirmation, and creates preliminary customer order information that is customer order information for which execution processing has not yet begun. It has, An order information acquisition system characterized in that the estimation means is configured to check the past market price information stored in the storage means with the market price information at a given time, and to identify customer order information for the most recent market price among the past market price information and / or the price between the most recent market price and the market price at a given time as customer order information awaiting confirmation.

7. A pricing determination system that shows the customer a quoted price adjusted from the market price offered in the market, The system has a price determination means that sets the price obtained by correcting the market price by the expected contracted quantity to be the offered price. The aforementioned price determination means includes a market price information acquisition means for acquiring the market price and a customer order information reference means for referencing customer order information which is a compilation of orders from customers. The system determines the quoted price by correcting the market price obtained by the market price information acquisition means according to the predicted contracted quantity based on the customer order information obtained by the customer order information reference means. A pricing determination system characterized in that, as customer order information, it is configured to change the adjustment range of the quoted price shown to the customer from the market price presented in the market, using the pre-release customer order information obtained using the order information acquisition system described in any one of claims 1 to 6.

8. A financial instrument trading management device for conducting transactions of financial instruments, An order information generation means for generating order information for placing an order for the aforementioned financial product, An existing order information recording means records existing order information generated by the order information generation means, which includes orders that are currently executed or orders that are scheduled to be executed in the future, and which are existing orders for trading in the financial instruments trading management device, as existing order information for trading existing orders. A means for acquiring market price information for the aforementioned financial instruments, The system includes a risk assessment means for evaluating whether it is possible to continue holding all or part of a position with respect to a predetermined risk that the financial instruments business operator will incur losses due to the trading of predetermined orders as orders for the financial instruments newly placed after the commencement of trading and fluctuations in the market price, and the position held by the financial instruments business operator trading the financial instruments. The risk assessment means is Information on the position held by the financial instruments business operator through the trading of the aforementioned predetermined order for the aforementioned financial instruments, When the position is held based on the market price information acquired by the market price information acquisition means, the market price information of the financial instrument acquired by the market price information acquisition means and Whether or not there is existing order information for the position valuation price, which is the valuation price of the position that arises from the transaction of the predetermined order, and the order price corresponding to the position valuation price, Check, If existing order information exists for an order price corresponding to the position valuation price, the system evaluates whether or not to continue holding the position, thereby performing the assessment of the predetermined risk. The financial instrument transaction management device is characterized in that the risk assessment means is configured to perform a risk assessment using, as the existing order information, prior customer order information obtained using the order information acquisition system described in any one of claims 1 to 6.

9. A financial instrument trading management device for conducting transactions of financial instruments, An order information generation means for generating order information for placing an order for the aforementioned financial product, An existing order information recording means records existing order information generated by the order information generation means as existing orders for trading in the financial instruments trading management device from a predetermined time onward, The system includes a risk assessment means for evaluating whether it is necessary to adjust the quantity of all or part of a position with respect to a predetermined risk that a financial instruments business operator will incur losses due to a position held by the financial instruments business operator trading the financial instruments, resulting from the trading of a predetermined order as an order for the financial instruments different from the existing order and fluctuations in the market price, The risk assessment means is Information on the position held by the financial instruments business operator through the trading of the aforementioned predetermined order for the aforementioned financial instruments, When the position is held based on the market price information, the market price information of the financial instrument and, Whether or not there is existing order information for the position valuation price, which is the valuation price of the position that arises from the transaction of the predetermined order, and the order price corresponding to the position valuation price, Check, If existing order information exists for an order price corresponding to the position valuation price, the system evaluates whether or not it is necessary to adjust the quantity of the position, thereby performing the assessment of the predetermined risk. The financial instrument transaction management device is characterized in that the risk assessment means is configured to perform a risk assessment using, as the existing order information, prior customer order information obtained using the order information acquisition system described in any one of claims 1 to 6.

10. A financial instrument trading management device for conducting transactions of financial instruments, An order information generation means for generating order information for placing an order for the aforementioned financial product, An existing order information recording means records existing order information generated by the order information generation means, which includes orders that are currently executed or orders that are scheduled to be executed in the future, and which are existing orders for trading in the financial instruments trading management device, as existing order information for trading existing orders. A means for acquiring the current customer order information, which is the existing order information recorded at the present time, A means for acquiring market price information for the aforementioned financial instruments, A storage means for storing the aforementioned market price information from a specific point in the past to the present, An estimation means that compares the acquired current customer order information with the market price information from a specific point in the past to the present, identifies and excludes customer order information that is presumed to be awaiting execution confirmation, and creates a preliminary version of customer order information which is existing order information for which execution processing has not yet begun. It has, The estimation means is configured to check the market price information stored in the storage means from a specific point in the past to the present, and to identify the existing order information corresponding to the market price in the market price information from a specific point in the past to the present as the pending customer order information. The system includes a risk assessment means for evaluating whether it is possible to continue holding all or part of a position with respect to a predetermined risk that the financial instruments business operator will incur losses due to the trading of predetermined orders as orders for the financial instruments newly placed after the commencement of trading and fluctuations in the market price, and the position held by the financial instruments business operator trading the financial instruments. The risk assessment means is Information on the position held by the financial instruments business operator through the trading of the aforementioned predetermined order for the aforementioned financial instruments, When the position is held based on the market price information acquired by the market price information acquisition means, the market price information of the financial instrument acquired by the market price information acquisition means and Whether or not there is existing order information for the position valuation price, which is the valuation price of the position that arises from the transaction of the predetermined order, and the order price corresponding to the position valuation price, Check, If existing order information exists for an order price corresponding to the position valuation price, the system evaluates whether or not to continue holding the position, thereby performing the assessment of the predetermined risk. The financial instrument transaction management device is characterized in that the risk assessment means is configured to use the pre-release customer order information as the existing order information.

11. A financial instrument trading management device for conducting transactions of financial instruments, An order information generation means for generating order information for placing an order for the aforementioned financial product, An existing order information recording means records existing order information generated by the order information generation means, which includes orders that are currently executed or orders that are scheduled to be executed in the future, and which are existing orders for trading in the financial instruments trading management device, as existing order information for trading existing orders. A means for acquiring the current customer order information, which is the existing order information recorded at the present time, A means for acquiring market price information to acquire past market price information of the aforementioned financial product, An estimation means that compares the acquired current customer order information with the past market price information to identify and exclude customer order information that is presumed to be awaiting execution confirmation, and creates a preliminary version of customer order information which is the existing order information for which execution processing has not yet begun. It has, The estimation means is configured to check the past market price information and the current market price information obtained by the market price information acquisition means, and to identify the most recent market price among the past market price information and / or the existing order information for the price between the most recent market price and the current market price as the pending customer order information. The system includes a risk assessment means for evaluating whether it is possible to continue holding all or part of a position with respect to a predetermined risk that the financial instruments business operator will incur losses due to the trading of predetermined orders as orders for the financial instruments newly placed after the commencement of trading and fluctuations in the market price, and the position held by the financial instruments business operator trading the financial instruments. The risk assessment means is Information on the position held by the financial instruments business operator through the trading of the aforementioned predetermined order for the aforementioned financial instruments, When the position is held based on the market price information acquired by the market price information acquisition means, the market price information of the financial instrument acquired by the market price information acquisition means and Whether or not there is existing order information for the position valuation price, which is the valuation price of the position that arises from the transaction of the predetermined order, and the order price corresponding to the position valuation price, Check, If existing order information exists for an order price corresponding to the position valuation price, the system evaluates whether or not to continue holding the position, thereby performing the assessment of the predetermined risk. The financial instrument transaction management device is characterized in that the risk assessment means is configured to use the pre-release customer order information as the existing order information.

12. A financial instrument trading management device for conducting transactions of financial instruments, An order information generation means for generating order information for placing an order for the aforementioned financial product, An existing order information recording means records existing order information generated by the order information generation means as existing orders for trading in the financial instruments trading management device from a predetermined time onward, A means for acquiring the current customer order information, which is the existing order information recorded at the present time, A memory device for storing market price information from a specific point in the past to the present, An estimation means that compares the acquired current customer order information with the market price information from a specific point in the past to the present, identifies and excludes customer order information that is presumed to be awaiting execution confirmation, and creates a preliminary version of customer order information which is existing order information for which execution processing has not yet begun. It has, The estimation means is configured to check the market price information stored in the storage means from a specific point in the past to the present, and to identify the existing order information corresponding to the market price in the market price information from a specific point in the past to the present as the pending customer order information. The system includes a risk assessment means for evaluating whether it is necessary to adjust the quantity of all or part of a position with respect to a predetermined risk that a financial instruments business operator will incur losses due to a position held by the financial instruments business operator trading the financial instruments, resulting from the trading of a predetermined order as an order for the financial instruments different from the existing order and fluctuations in the market price, The risk assessment means is Information on the position held by the financial instruments business operator through the trading of the aforementioned predetermined order for the aforementioned financial instruments, When the position is held based on the market price information, the market price information of the financial instrument and, Whether or not there is existing order information for the position valuation price, which is the valuation price of the position that arises from the transaction of the predetermined order, and the order price corresponding to the position valuation price, Check, If existing order information exists for an order price corresponding to the position valuation price, the system evaluates whether or not it is necessary to adjust the quantity of the position, thereby performing the assessment of the predetermined risk. The financial instrument transaction management device is characterized in that the risk assessment means is configured to use the pre-release customer order information as the existing order information.

13. A financial instrument trading management device for conducting transactions of financial instruments, An order information generation means for generating order information for placing an order for the aforementioned financial product, An existing order information recording means records existing order information generated by the order information generation means as existing orders for trading in the financial instruments trading management device from a predetermined time onward, A means for acquiring the current customer order information, which is the existing order information recorded at the present time, An estimation means that compares the acquired current customer order information with the past market price information to identify and exclude customer order information that is presumed to be awaiting execution confirmation, and creates a preliminary version of customer order information which is the existing order information for which execution processing has not yet begun. It has, The estimation means is configured to check the past market price information and the current market price information obtained by the market price information acquisition means, and to identify the most recent market price among the past market price information and / or the existing order information for the price between the most recent market price and the current market price as the pending customer order information. The system includes a risk assessment means for evaluating whether it is necessary to adjust the quantity of all or part of a position with respect to a predetermined risk that a financial instruments business operator will incur losses due to a position held by the financial instruments business operator trading the financial instruments, resulting from the trading of a predetermined order as an order for the financial instruments different from the existing order and fluctuations in the market price, The risk assessment means is Information on the position held by the financial instruments business operator through the trading of the aforementioned predetermined order for the aforementioned financial instruments, When the position is held based on the market price information, the market price information of the financial instrument and, Whether or not there is existing order information for the position valuation price, which is the valuation price of the position that arises from the transaction of the predetermined order, and the order price corresponding to the position valuation price, Check, If existing order information exists for an order price corresponding to the position valuation price, the system evaluates whether or not it is necessary to adjust the quantity of the position, thereby performing the assessment of the predetermined risk. The financial instrument transaction management device is characterized in that the risk assessment means is configured to use the pre-release customer order information as the existing order information.

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