Financial instrument transaction management apparatus and program

Abstract

To provide a financial instrument transaction management apparatus capable of reducing the loss risk in accordance with market fluctuation, in transactions of financial instruments using a computer system.SOLUTION: A financial instrument transaction management apparatus 1 includes: an order information generation unit 41 which generates order information for placing an order for a financial instrument; an existing order information recording unit 44 which records existing order information 441, 442 for transactions of existing orders out of the generated order information; a market price information acquisition unit 42 which acquires information on market prices; and a risk assessment unit 52 which assesses as to whether to perform predetermined processing on a predetermined risk which can be limited by the predetermined processing using the existing order information, the risk being born by a financial instruments business operator for the financial instrument due to the transaction of a predetermined order for the financial instrument and market price fluctuation.SELECTED DRAWING: Figure 1

Description

[Technical Field]

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

[0002] Known methods for trading various financial instruments 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 of order placement) and limit orders (orders in which a transaction is made when the market price reaches a pre-specified price). Financial instruments trades between customers and financial institutions, such as banks, using these trading methods may be intervened by financial instruments business operators (hereinafter referred to as "financial instruments business operators") that trade various financial instruments. Financial instruments business operators may engage in cover transactions for financial instruments. A cover transaction is a transaction that a financial instruments business operator conducts with a financial institution to settle a position held by the financial instruments business operator when a customer's order is executed. By conducting a cover transaction with a bank or other institution that is the opposite of the transaction undertaken by the customer, the financial instruments business operator can hedge against the risk of currency 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 trade with a customer who executes a contract for a financial instrument that matches the market price, and then perform a cover transaction with a bank or the like based on the contract. In this case, a transaction with a customer is first executed, and a cover transaction is then executed based on the result of the trade. Here, since the market price changes from moment to moment, the time difference between the transaction with the customer and the cover transaction creates a price difference between the contract price of the financial instrument and the transaction price at the time of the cover transaction, creating a risk that the financial instruments business operator will suffer a substantial loss.

[0006] However, in the invention described in Patent Document 1, data on each financial product traded with a customer is sequentially sent to a dealing device that constitutes a computer system. The dealing device then sequentially performs cover trades based on the data on the financial products. Therefore, when a large number of trades are made, the amount of data on the financial products to be processed becomes enormous. For this reason, the invention described in Patent Document 1 has the problem that the risk of financial instruments traders suffering substantial losses increases as the trading volume increases.

[0007] Meanwhile, whether or not a financial instruments business operator will incur substantial losses depends on fluctuations in market prices after a transaction is concluded with a customer. However, in the invention described in Patent Document 1, processing when a transaction is concluded with a customer is carried out regardless of fluctuations in market prices. Therefore, the invention described in Patent Document 1 has the problem that financial instruments business operators cannot avoid risks in response to fluctuations in market conditions.

[0008] The present invention has been made in consideration of such problems, and aims to provide a financial product transaction management device that can reduce the risk of incurring losses in response to fluctuations in market conditions when trading financial products using a computer system. [Means for solving the problem]

[0009] In order to achieve this object, the invention described in claim 1 is 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 as existing order information for trading an existing order that satisfies predetermined conditions from the order information generated by the order information generation means; market price information acquisition means for acquiring market price information for the financial instrument; and risk assessment means for assessing 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 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.

[0010] The invention described in claim 2 is characterized in that, in addition to the configuration described in claim 1, the risk assessment means defines the possibility that a position held by the financial instruments business operator will cause a disadvantage to the financial instruments business operator as the specified risk, and evaluates whether the specified risk held is of a size that can be limited.

[0011] The invention described in claim 3 is characterized in that, in addition to the configuration described in claim 2, the risk assessment means assesses 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.

[0012] The invention described in claim 4 is characterized in that, in addition to the configuration described in claim 1, the risk assessment means assesses whether the predetermined risk is of a size that can be sustained by using the existing order information that exists in the direction of fluctuation when the market price fluctuates in a specific direction.

[0013] The invention recited in claim 5 is characterized in that, in addition to the configuration recited in claim 4, the risk assessment means assesses whether or not it is necessary to perform the predetermined process by using, from the existing order information, the existing order information closest to the market price at the time of the transaction of the specific order in order order.

[0014] The invention described in claim 6 is characterized in that, in addition to the configuration described in claim 1, the predetermined processing is processing for the financial instruments business operator to conduct a cover transaction with a financial institution in connection with the execution of the predetermined order.

[0015] The invention described in claim 7 is characterized in that, in addition to the configuration described in claim 1, the predetermined order is a market order.

[0016] The invention described in claim 8 is characterized in that, in addition to the configuration described in claim 1, it is provided with a risk hedging execution means that performs risk hedging processing to limit the risk by executing the specified processing.

[0017] The invention described in claim 9 is characterized in that, in addition to the configuration described in claim 8, the risk hedge execution means, as the execution of the specified processing for the risk hedge, processes 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 financial instruments business operator.

[0018] The invention described in claim 10 is a program that causes a computer to function as the financial product transaction management device described in any one of claims 1 to 9. [Effects of the Invention]

[0019] According to the invention of claim 1, market price information is acquired, and based on the trading of a specified order for a financial product and fluctuations in the market price, an evaluation is made as to whether or not it is necessary to perform a specified process for a specified risk that can be limited by performing a specified process using existing order information.Then, the direction of fluctuations in the market price that changes over time can be recognized, and based on the results of this recognition, it is possible to determine whether or not to perform a process that can limit the risk.This makes it possible to reduce the risk of losses in response to fluctuations in market conditions when trading financial products using a computer system.

[0020] According to the invention of claim 2, 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. In addition, an evaluation is made as to whether the predetermined risk held is of a size that can be limited. Then, it is possible to determine whether or not to take action to reduce the predetermined risk depending on the possibility of holding a position that will result in a high risk of loss. This makes it possible to reduce the risk of loss occurrence with a high degree of certainty.

[0021] According to the invention of claim 3, the magnitude of a predetermined risk that can be held is evaluated depending on the order volume of recorded existing orders. Then, it is possible to determine whether or not to take action to reduce the predetermined risk depending on the order volume of a financial product that has a high correlation with the occurrence of the risk. This makes it possible to reduce the risk of loss occurrence with a high degree of certainty.

[0022] According to the invention of claim 4, by using existing order information to evaluate whether a certain risk arising from fluctuations in market prices is of a manageable size, it is possible to reduce the risk of loss occurrence with a high degree of certainty by using orders that already exist and are recorded.

[0023] According to the invention of claim 5, by evaluating whether or not a predetermined process needs to be performed using existing order information in order from the market price closest to the market price at the time of the order transaction, the predetermined process can be performed at a price close to the transaction price of the order. This prevents a gap between the market price and the price at which the predetermined process is performed, and reduces the risk of loss occurrence with high accuracy.

[0024] According to the invention described in claim 6, the risk of loss can be reduced with a high degree of certainty based on the specific transaction processing in which a financial instruments business operator conducts a cover transaction with a financial institution in conjunction with the execution of a specified order.

[0025] According to the invention of claim 7, in market order transactions in which the risk of loss due to fluctuations in market prices is high, the risk of loss can be reduced with high certainty.

[0026] According to the invention of claim 8, the risk of loss occurrence can be reduced in actual transaction processing by executing a process that limits risk.

[0027] According to the invention described in claim 9, it is possible to increase the accuracy of reducing a predetermined risk caused by fluctuations in market prices by using existing order information, and to realize processing in actual trading that reduces the risk of occurrence of losses with high accuracy in response to fluctuations in market conditions.

[0028] According to the invention as set forth in claim 10, the present invention can be realized on a variety of computer systems. [Brief explanation of the drawings]

[0029] [Figure 1] 1 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 first embodiment of the present invention. [Figure 2] 10 is a schematic diagram of target order information in the financial product transaction management device. FIG. [Figure 3] 10 is a schematic diagram of target order information in the financial product transaction management device. FIG. [Figure 4] 3 is a flowchart showing a processing procedure in the financial product transaction management device. [Figure 5] 10 is a flowchart showing the detailed procedure of step S3 of the financial product transaction management device. [Figure 6]10 is a flowchart showing a processing procedure in the financial product transaction management device in accordance with Embodiment 2 of the present invention. [Figure 7] 10 is a flowchart showing the detailed procedure of step S3 of the financial product transaction management device. [Figure 8] 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 9] 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 10] 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 11] 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

[0030] [First embodiment of the invention] 1 to 5 show a first embodiment of the present invention.

[0031] [System Configuration] 1 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 1. As shown in the figure, the financial product transaction management system 1A includes a financial product transaction management device 1 and n (n≧1) client terminals 21, 22, . n and a bank system 3 as a "financial institution system." 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 financial product transaction management system 1A of this embodiment 1 handles foreign exchange as a financial product.

[0032] 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.

[0033] 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.

[0034] Although not shown in FIG. 1, the financial product transaction management device 1, the client terminals 21, 22, . . . , 2 n , bank system 3, each of which has a hardware configuration. This hardware configuration includes, for example, at least one CPU (Central Processing Unit), a RAM (Random Access Memory) which functions as a working area for the CPU, and a ROM (Read Only Memory) in which a boot program for startup and the like are recorded. The hardware configuration is, for example, an auxiliary storage device such as a hard disk on which various programs and data are recorded, and a communication interface used for sending and receiving data. The auxiliary storage device stores programs for the OS (Operating System), various application programs, data recorded in a database, etc. These programs and data are processed by the CPU, and work in cooperation with the hardware resources to realize various functions.

[0035] 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.

[0036] 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.

[0037] The banking system 3 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 banking system 3 has, as a functional means, a transaction execution unit 31 as a transaction execution means for performing cover transactions with the financial instruments transaction management device 1.

[0038] [Financial Instruments Transaction Management Device Details] As shown in FIG. 1, the financial product transaction management device 1 comprises a customer order management device 40 and a dealing device 50. The customer 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 customer 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.

[0039] The customer order management device 40 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 41 as an "order information generation unit," a market price information acquisition unit 42 as a "market price information acquisition unit," an agreement information processing unit 43, and an existing order information recording unit 44 as an "existing order information recording unit," as shown in Fig. 1.

[0040] The order information generating unit 41 generates order information for placing an order for the financial product based on the client's instructions.

[0041] The market price information acquisition unit 42 acquires market price information of financial products handled by the financial product transaction management device 1. The market price information acquisition unit 42 performs the processing and management required for the acquired market price information to be used by the customer order management device 40. The market price information acquisition unit 42 continuously and periodically acquires market price information of financial products by continuously acquiring market price information via the network 4, and records and manages the acquired market price information.

[0042] The contract information processing unit 43 performs processing to contract the order based on the order information. Specifically, the contract information processing unit 43 performs processing to contract the customer order based on the order information generated by the order information generation unit 41, and processing to send information about the contracted customer order to the client terminal 2 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 1, when a contract is completed, foreign exchange is bought and sold. Furthermore, when a contract is completed, the contract information processing unit 43 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 2 based on the purchase and sale price.

[0043] The existing order information recording unit 44 is a database that records data on "existing order information" used by the financial product transaction management device 1. This "existing order information" will be described later.

[0044] The existing order information recording unit 44 in this embodiment 1 is formed by a relational database, but any format suitable for recording and rewriting large amounts of data, such as an object database, may be used. In addition to "existing order information," the existing order information recording unit 44 also records an order table, a customer account information table that defines information such as the financial institution where the customer'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).

[0045] The dealing device 50 includes, as functional means realized based on the various programs and hardware resources described above, a cover trading unit 51, a risk assessment unit 52 as a "risk assessment means", and a risk hedge execution unit 53 as a "risk hedge execution means".

[0046] The cover transaction unit 51 performs various processes for executing a cover transaction for the bank system 3.

[0047] The risk assessment unit 52 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.

[0048] The risk hedge execution unit 53 performs predetermined processing for orders that are evaluated by the risk evaluation unit 52 as requiring risk hedging.

[0049] [Existing order information (1. Overview)] The "existing order information" in this embodiment 1 is information for trading currently executed orders and orders scheduled to be executed in the future, which are placed by customers, in the financial instruments transaction management device 1. Also, the "existing order" in this embodiment 1 refers to an order that is traded based on the above-mentioned "existing order information."

[0050] For example, the existing order information in this first embodiment is order information for a financial product that is placed by a customer and will be placed or executed after the time of order placement. The existing order information is, for example, order information for a limit order or a stop order. However, the existing order information may also be order information for a market order. Furthermore, a market order that is traded based on the existing order information may be a so-called "trigger market order," which is set to be placed when the financial product reaches a specific market price. In this case, the "existing order" is a limit order, stop order, market order, etc. that is traded based on this order information. As schematically shown in FIG. 1, the existing order information recording unit 44 stores multiple existing order information, such as buy existing order information 441 and sell existing order information 442. Both the existing buy order information 441 and the existing sell order information 442 are data for electronically placing and executing transactions such as orders at multiple order prices (for example, in the case of US dollar / Japanese yen, 1 dollar = 90.90 yen, 1 dollar = 91.00 yen, 1 dollar = 99.90 yen, 1 dollar = 100.00 yen, etc.).

[0051] The existing buy order information 441 and the existing sell order information 442 are information relating to multiple orders for financial products received from multiple clients by the financial product transaction management device 1. However, one or both of the existing buy order information 441 and the existing sell order information 442 may be orders from only one client. Also, one or both of the existing buy order information 441 and the existing sell order information 442 may be orders from only one client.

[0052] The existing buy order information 441 and the existing sell order information 442 may include, in addition to information on the order price, 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.

[0053] [Existing Order Information (2. Function as Different Execution Conditions)] In addition, a buy order based on existing buy order information 441 and a sell order based on existing sell order information 442 in this embodiment 1 function as individual buy orders and individual sell orders, and in addition, they also function as orders with two different execution conditions when executing a specific order.

[0054] For example, when a customer's order results in the holding of a position (for example, the holding of a position by a financial instruments business operator), based on whether the held position is a buy position or a sell position, the financial instruments transaction management device 1 can function the buy order based on existing buy order information 441 and the sell order based on existing sell order information 442 as orders with two different execution conditions when executing a specific order, and can use them for risk hedging by the risk hedge execution unit 53. This is because, when a position is held due to the execution of a specific order, the existing buy order and the existing sell order can each be used for risk hedging as orders with different execution conditions, such as one being a limit order and the other being a stop order, for the position that has arisen.

[0055] For example, consider a case where a financial instruments business operator holds a sell position in a customer's transaction using the financial instruments transaction management device 1 of this embodiment 1. In this case, the risk hedge execution unit 53 functions the existing buy order information 441 as a buy limit order and the existing sell order information 442 as sell stop order information, thereby making it possible to determine whether or not to continue holding the risk.

[0056] Also, for example, consider a case where a financial instruments business operator holds a buy position in a customer's transaction using the financial instruments transaction management device 1 of this embodiment 1. In this case, the risk hedge execution unit 53 executes a sell limit order based on the existing sell order information 442, and executes a buy stop order information based on the existing buy order information 441, thereby determining whether or not to continue holding the risk.

[0057] In this first embodiment, the financial product transaction management device 1 can use a buy order based on existing buy order information 441 and a sell order based on existing sell order information 442 as orders with two different types of execution conditions in the process of identifying a "target order" described below. This process will be described later in [Target Order and Target Order Information].

[0058] In the above example, the existing buy order information 441 and the existing sell order information 442 have been described as having execution conditions of limit orders and stop orders, respectively, but this is not limited to a combination of limit orders and stop orders. For example, one or both of the existing buy order information 441 and the existing sell order information 442 may be set to execution conditions different from limit orders or stop orders, such as the above-mentioned market order or "trigger market order."

[0059] [Existing order information · Existing orders and target order information · Target orders] In this first embodiment, some or all of the existing buy orders traded based on the existing buy order information 441 and the existing sell orders traded based on the existing sell order information 442 constitute "target orders." These "target orders" refer to the above-mentioned existing orders that can be used to hedge against "predetermined risks."

[0060] For example, in this embodiment 1, a "target order" refers to an existing order that satisfies predetermined conditions set in advance among existing orders that are traded based on existing buy order information 441 and existing sell order information 442.

[0061] The process for identifying a "target order" from existing buy and sell orders will be explained below with examples in [Risk Assessment (3...)]-[Risk Assessment (6...)].

[0062] [New Order] In this first embodiment, the financial product transaction management device 1 carries out transactions of new orders (hereinafter referred to as "new orders") as "predetermined orders."

[0063] A new order in this embodiment 1 is a new order for a financial product 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 target 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 target order. The new order may be a market order. However, the new order may also be a limit order or a stop order, or a market order such as the "trigger market order" described above.

[0064] [Risk hedging] In this first embodiment, the risk assessment unit 52 performs risk hedging using the target order information. When processing to execute a new order, the risk assessment unit 52 performs risk hedging by assessing the risk arising from the execution of the new order by performing a "predetermined assessment" of the "predetermined risk" and determining the subsequent processing.

[0065] [Prescribed Risk] In this first embodiment, the risk assessment unit 52 assesses the "predetermined risk." This "predetermined risk" refers to the risk of losses 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 the financial instruments business operator does not conduct a cover transaction with a financial institution, etc.

[0066] However, the risk assessment unit 52 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 1.

[0067] For example, the risk assessment unit 52 may treat, as a "predetermined risk," the holding of a position arising from the execution of an order other than a new order, such as an order executed based on "existing order information," or the holding of a position arising from the execution of another order. Furthermore, the risk assessment unit 52 may treat, as a "predetermined risk," the risk of any transaction other than the holding of a position arising from the execution of an order. Furthermore, for example, the risk assessment unit 52 may treat, as a "predetermined risk," the risk arising from a transaction other than the execution of a new order, such as the placing of an order. Furthermore, the risk assessment unit 52 may treat, as a "predetermined risk," the risk of a transaction other than the holding of a position in a transaction between a customer and a financial instruments business operator, such as a position in a transaction between a financial institution such as a bank and a financial instruments business operator.

[0068] [Prescribed evaluation] In this first embodiment, the risk assessment unit 52 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.

[0069] For example, as a "predetermined evaluation," the risk assessment unit 52 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.

[0070] For example, in performing the "predetermined evaluation," the risk assessment unit 52 acquires, in real time, market price information for the financial product acquired by the market price information acquisition unit 42. Then, the risk assessment unit 52 compares the order placement 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 occurrence of a loss" from the order placement price and contract price of the new order, the risk assessment unit 52 checks whether existing buy order information 441 or existing sell order information 442 (see FIG. 1) exists.

[0071] 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").

[0072] 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 (see time t2 in Figures 8 to 11) after the new order is executed (see time t1 in Figures 8 to 11), 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 first 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 time of 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 Figures 10 and 11, if the new order is a buy order, the loss occurrence direction is a fluctuation in the market price toward the lower price, similar to the period from time t1 to time t2.

[0073] In performing the "predetermined evaluation," if the "new order" is a buy order, the risk evaluation unit 52 checks the existence of existing sell order information 442. Conversely, if the "new order" is a sell order, the risk evaluation unit 52 checks the existence of existing buy order information 441. This is because a position held by a financial instruments business operator as a result of a contract of a new buy order can eliminate or reduce the actual loss if an existing sell order is contracted, thereby eliminating or reducing the risk of the financial instruments business operator (see (b) of Figure 10). Similarly, if an existing buy order is contracted, a position held by a financial instruments business operator as a result of a contract of a new sell order can eliminate or reduce the actual loss if an existing buy order is contracted, thereby eliminating or reducing the risk of the financial instruments business operator.

[0074] In performing the "predetermined evaluation," the risk evaluation unit 52 checks whether there is existing buy order information 441 or existing sell order information 442 in the direction of fluctuation of the market price of the financial product. If there is existing buy order information 441 or existing sell order information 442 in the direction of fluctuation, the existing buy order information 441 or existing sell order information 442 will be executed, thereby making it possible to avoid or reduce losses arising from positions held by the financial instruments business operator due to the execution of new orders, etc.

[0075] In addition, in the "predetermined evaluation", the risk assessment unit 52 may check whether existing buy order information 441 or existing sell order information 442 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 market price fluctuations.

[0076] In the "predetermined evaluation", the risk evaluation unit 52 compares the order volume of the new order with the order volume of existing buy order information 441 and the order volume of existing sell order information 442 to evaluate whether or not a position can be held and the order volume of the new order that allows the position to be held.

[0077] For example, the risk evaluation unit 52 is set so that the order volume of the existing buy order information 441 or the existing sell order information 442, which can eliminate or reduce risk, is equal to the order volume of the new order that maintains a position. In this case, if the existing sell order information 442 is recorded for 30,000 currencies in the existing order information recording unit 44, the risk evaluation unit 52 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 the existing buy order information 441 or the existing sell order information 442, the excess position maintained upon the execution of the new order (for example, in the above example, if the position of the new order is 32,000 currencies, 2,000 currencies) is used for cover trading. Meanwhile, the position of the new order that does not exceed the order volume of the existing buy order information 441 or the existing sell order information 442 (30,000 currencies) is maintained.

[0078] As long as the risk of the new order can be eliminated or reduced, the allowable amount of position holding for the new order may be greater or less than the order volume of the existing buy order information 441 or the order volume of the existing sell order information 442 recorded in the existing order information recording unit 44.

[0079] The risk assessment unit 52 may be set with a price range for making a "predetermined assessment." For example, the risk assessment unit 52 may set a predetermined price (for example, within 0.2 yen toward the occurrence of a loss) as the price range for making a "predetermined assessment" based on the order price of the existing buy order information 441 or the order price of the existing sell order information 442. The risk assessment unit 52 may then process new orders that fall outside this price range as being outside the scope of assessment. The risk assessment unit 52 may be configured to vary the price range for making a "predetermined assessment" depending on the type of financial product (for example, the creditworthiness of each financial product) and the order volume.

[0080] If it is confirmed as a result of the "predetermined evaluation" by the risk evaluation unit 52 that there is existing buy order information 441 or existing sell order information 442 that can eliminate or reduce the "predetermined risk," the risk hedge execution unit 53 continues to hold the position resulting from the execution of the new order.

[0081] On the other hand, if it is confirmed as a result of the "predetermined evaluation" by the risk evaluation unit 52 that there is no existing buy order information 441 or existing sell order information 442 that can avoid or reduce the "predetermined risk," the risk hedge execution unit 53 performs a cover transaction for the new order. This is because, when there is no existing buy order information 441 or existing sell order information 442 that can 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.

[0082] Furthermore, if the result of the "predetermined evaluation" by the risk evaluation unit 52 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) than the contract price of the new order, the risk hedge execution unit 53 will execute the new order or perform a cover transaction. This is because the position created by the contract of the new order is likely to provide an opportunity to make a profit.

[0083] [Position evaluation price] In this first embodiment, the risk assessment unit 52 determines the above-mentioned "predetermined risk" based on the position assessment price. This "position assessment price" refers to the assessment price of a position arising from a transaction of a financial product, etc.

[0084] For example, the position evaluation price in this first embodiment is a weighted average price of a plurality of positions held through one or more transactions in one brand of financial product or one currency pair.

[0085] The weighted average here is, for example, the price obtained by adding up the prices and quantities of each of the multiple positions held and dividing by the added quantities. For example, if there are 1,000 units of currency at 100 yen and 3,000 units of currency at 90 yen, the result is {100 (yen) x 1,000 (currency) + 90 (yen) x 3,000 (currency)} ÷ (1,000 (currency) + 3,000 (currency)) = 92.5 (yen), and this price is the position valuation price. Note that in this first embodiment, the position valuation price may be calculated using any items or weighted average calculations other than those exemplified above, and the position valuation price may be calculated using any calculation other than the weighted average.

[0086] In the following description, as an example, a position held by a financial instruments business operator in a transaction between a customer and the financial instruments business operator is used as the subject of setting a position valuation price. However, any other position (for example, a position held by a financial instruments business operator in a transaction between a financial institution such as a bank and the financial instruments business operator as described above) may also be used as the subject of setting a position valuation price.

[0087] [Risk Assessment (1. Overview)] In this first embodiment, the risk assessment unit 52 assesses the above-mentioned "predetermined risk" based on the held position and the "target order."

[0088] 2 and 3 are conceptual diagrams of tables of existing order information in this embodiment 1. Figures 2 and 3 illustrate the relationship between existing order information and target order information, thereby also showing the relationship between existing orders and target orders.

[0089] Buy target order information 451 for buy limit orders and stop orders (hereinafter referred to as "buy target order information 451") shown in Figures 2 and 3 is extracted by a predetermined calculation from existing buy order information 441. Sell target order information 452 for sell stop order and limit order (hereinafter referred to as "sell target order information 452") shown in Figures 2 and 3 is extracted by a predetermined calculation from existing sell order information 442. This buy target order information 451 and sell target order information 452 are formed, for example, when a financial instruments business operator holds a buy position, and buy target order information 451 functions as information for trading as a buy limit order, and sell target order information 452 functions as information for trading as a sell stop order.

[0090] Conversely to the above example, when a financial instruments business operator holds a selling position in a transaction with a customer, the buy target order information 451 functions as information for trading as a buy stop order, and the sell target order information 452 functions as information for trading as a sell limit order.

[0091] [Risk Assessment (2. Overview of Assessment Cases)] For example, consider the case where a financial instruments business operator holds a buying position in a transaction with a customer.

[0092] In this case, the risk assessment unit 52 of the financial product transaction management device 1 performs the calculations of the following (Equation 1) and (Equation 2). Then, it extracts target buy orders based on target buy order information 451, which are limit orders, that satisfy (Equation 1), and target sell orders based on target sell order information 452, which are stop orders, that satisfy (Equation 2), and sets these as "target orders."

[0093] These limit orders and stop orders are used to hedge risk against positions that arise and are held when a customer's "new order" to sell is executed (that is, to hedge risk against a buying position that a financial instruments business operator holds in a transaction with a customer). This is because, when a customer holds a selling position in a transaction with a financial instruments business operator, the financial instruments business operator conversely holds a buying position in a transaction with the customer, and such positions held by the financial instruments business operator are subject to risk hedging in this first embodiment.

[0094] In this first embodiment, it is determined whether risk hedging is possible or not based on the above-mentioned "position evaluation price" and the value of the existing order price.

[0095] For example, consider the case where a financial instruments business operator holds a buying position in a transaction with a customer in financial instruments trading. For example, this would apply to a case where the customer holds a selling position with the financial instruments business operator by entering into a "new order" to sell, and conversely, the financial instruments business operator holds a buying position with the customer.

[0096] The risk assessment unit 52 assesses whether risk hedging is possible for this buy position held by the financial instruments business operator based on the calculation of the following (Equation 1). If there is existing buy order information 441 or existing sell order information 442 with an existing order price that satisfies the following (Equation 1) for the position assessed price, the risk assessment unit 52 assesses that risk hedging is possible and maintains the position. Position evaluation price ± α ≦ existing order price (Equation 1) Note that "α" in "±α" in the above (Equation 1) is an arbitrary parameter, a value for arbitrarily correcting or changing the value of the position evaluation price. This "α" may be a positive value, a negative value, or 0. This "α" may be a specific value of 1, or may be a predetermined price range.

[0097] For example, the above-mentioned "α" may be set as a specific numerical value preset in the financial instruments transaction management device 1. Alternatively, for example, the above-mentioned "α" may be a numerical value arbitrarily set by a financial instruments business operator or a customer through numerical input, etc. Alternatively, for example, the above-mentioned "α" may be a numerical value automatically set by the financial instruments transaction management device 1 depending on the market price of the financial instrument, the order price and order quantity of the placed / contracted order, etc. Alternatively, the above-mentioned "α" may be set by any operation or process other than those described above. Hereinafter, in this specification, "α" in "±α" is considered to be an arbitrary parameter as described above.

[0098] Also, for example, in the case of financial product trading, consider a case where a financial instruments business operator holds a short position in a transaction with a customer. This corresponds to the opposite of the above example, where the customer holds a long position with the financial instruments business operator by entering into a "new order" to buy, and conversely, the financial instruments business operator holds a short position with the customer.

[0099] The risk assessment unit 52 assesses whether risk hedging is possible for this short position held by the financial instruments business operator based on the calculation of the following (Equation 1). If there is existing buy order information 441 or existing sell order information 442 with an existing order price that satisfies the following (Equation 1) for the position assessed price, the risk assessment unit 52 assesses that risk hedging is possible and maintains the position. Position evaluation price ± α ≧ existing order price (Equation 2) "±α" in the above (Equation 2) is an arbitrary parameter, just like "±α" in the above (Equation 1).

[0100] In this (Formula 2), as in the case of (Formula 1), it is desirable to set information on the range of tolerable losses in the "position evaluation price." For example, in accordance with the actual circumstances of actual transactions, values ​​can be corrected, terms can be added or changed, etc., as information on the range of tolerable losses can be added as appropriate to the calculation of the above (Formula 1).

[0101] [Risk Assessment (3. Detailed Case Study 1: Buy Orders from the Perspective of Financial Instruments Business Operators)] As described above, when the risk assessment unit 52 assesses the risk of a buying position held by a financial instruments business operator, the risk assessment is performed by using existing order information to determine whether or not to continue holding the position.

[0102] As described above in [Existing Order Information (2. Function as Different Execution Conditions)], in this embodiment 1, the existing order information includes existing buy order information 441 for placing a buy order and existing sell order information 442 for placing a sell order, with one of the buy order and the other functioning as a limit order and a stop order, respectively. In this embodiment 1, the risk evaluation unit 52 treats the buy order in the existing buy order information 441 as a limit order and the sell order in the existing sell order information 442 as a stop order, and performs the calculations of the following (Equation 11) and (Equation 12) using these orders. Based on the results of these calculations, the risk evaluation unit 52 identifies target buy and sell orders to be used for risk evaluation from the existing buy orders and the existing sell orders, respectively. The risk evaluation unit 52 sums up the identified target buy and sell orders and evaluates whether risk hedging is possible using the result of this summation. (eligible buy order) Position evaluation price ± α ≦ Order price of existing order (Equation 11) This (Equation 11) is the same as the above (Equation 1), and "±α" in the above (Equation 11) is an arbitrary parameter, just like the above (Equation 1).

[0103] The risk assessment unit 52 determines whether or not there is an existing buy order that satisfies the above (equation 11) among the existing buy orders that are "existing orders" for which transactions are to be made based on the existing buy order information 441, and if there is an existing buy order that satisfies the above (equation 11), then that existing buy order is designated as the target buy order. For example, in FIG. 2, if the position evaluation price is 130 yen and α=0, then existing buy order information 441 of 130 yen or more (on the high side) becomes target buy order information 451a that satisfies (equation 11), as shown in FIG. 2. Then, existing buy orders of 130 yen or more become the target buy orders. (eligible sell order) Position evaluation price ± α - spread setting value ≦ order price of existing order (Equation 12) "±α" in the above (Equation 12) is an arbitrary parameter, just like in the above (Equation 1). Furthermore, the "spread setting value" in the above (Equation 12) is the value of the difference between the buy and sell prices presented by the financial instruments business operator. The "spread setting value" in this embodiment 1 is a value that is set automatically or manually depending on the difference between buy orders and sell orders, such as the difference in risk that arises when existing buy order information 441 is used and when existing sell order information 442 is used for a held position. Hereinafter in this specification, this value will be simply referred to as the "spread setting value."

[0104] The risk assessment unit 52 determines whether or not there is an existing sell order that satisfies the above (equation 12) among the existing sell orders that are "existing orders" for which a transaction is to be made based on the existing sell order information 442, and if there is an existing sell order that satisfies the above (equation 12), the existing sell order is designated as the target order for selling. For example, in FIG. 2, if the position evaluation price is 130 yen, α=0, and the "spread setting value" is 0.3 yen, then existing sell order information 442 of 129.7 yen or more (on the high side) becomes target sell order information 452a that satisfies (equation 12), as shown in FIG. 2. Then, existing sell orders of 129.7 yen or more become target sell orders.

[0105] [Risk Assessment (4. Detailed Case Study 2: Sell Orders from the Perspective of Financial Instruments Business Operators)] When the risk assessment unit 52 assesses the risk of a short position held by a financial instruments business operator, the risk assessment unit 52 also assesses the risk by using existing order information to determine whether or not to continue holding the position.

[0106] As described above in [Existing Order Information (2. Function as Different Execution Conditions)], in this embodiment 1, the existing order information includes existing sell order information 442 for placing a sell order and existing buy order information 441 for placing a buy order, with one of the sell order and the buy order functioning as a limit order and the other as a stop order. In this embodiment 1, the risk evaluation unit 52 treats the sell order in the existing sell order information 442 as a limit order and the buy order in the existing buy order information 441 as a stop order, and performs the calculations of the following (Equation 21) and (Equation 22) using these orders. Based on the results of these calculations, the risk evaluation unit 52 identifies target buy and sell orders to be used for risk evaluation from the existing sell orders and the existing buy orders, respectively. The risk evaluation unit 52 sums up the identified target buy and sell orders and evaluates whether risk hedging is possible using the result of this summation. (eligible sell order) Position evaluation price ± α ≧ Order price of existing order (Equation 21) This (Equation 21) is the same as the above (Equation 2), and "±α" in the above (Equation 21) is an arbitrary parameter, just like the above (Equation 2).

[0107] The risk assessment unit 52 determines whether or not there is an existing sell order that satisfies the above (equation 21) among the existing sell orders that are "existing orders" for which a transaction is to be made based on the existing sell order information 442, and if there is an existing sell order that satisfies the above (equation 22), that existing sell order is designated as the target order for selling. For example, in FIG. 3, if the position evaluation price is 129.7 yen and α=0, then existing sell order information 442 that is 129.7 yen or less (the lower price side) becomes target sell order information 452a that satisfies (equation 21), as shown in FIG. 3. Then, existing sell orders that are 129.7 yen or less become target sell orders. (eligible buy order) Position evaluation price ± α + spread setting value ≧ order price of existing order (Equation 22) The "±α" in the above (Equation 22) is an arbitrary parameter, just like in the above (Equation 2).

[0108] The risk assessment unit 52 determines whether or not there is an existing buy order that satisfies the above (equation 22) among the existing buy orders that are "existing orders" for which a transaction is to be made based on the existing buy order information 441, and if there is an existing buy order that satisfies the above (equation 22), the existing buy order is designated as the target order for buying. For example, in FIG. 3, if the position evaluation price is 129.7 yen, α=0, and the "spread setting value" is 0.3 yen, then, as shown in FIG. 3, existing buy order information 441 for 130 yen or less (the lower price side) becomes target buy order information 451a that satisfies (equation 22). Then, existing buy orders for 130 yen or less become the target buy orders.

[0109] [Risk Assessment (5. Detailed Assessment Case 3: Example of Calculation of Target Orders 1)] The above-mentioned [Risk Assessment (3. Detailed Example of Assessment Calculation 1...)] will be explained in detail based on a specific example.

[0110] Fig. 2 is a diagram that schematically shows existing buy order information 441 and existing sell order information 442 as customer order information. Fig. 2 shows a transaction between a customer and a financial instruments business operator as viewed from the customer's perspective. Therefore, Fig. 2 shows existing buy order information 441 as a buy limit order (from the customer's perspective), and existing sell order information 442 as a sell stop order (from the customer's perspective).

[0111] In the following description, an example will be shown in which existing buy order information 441 and existing sell order information 442 shown in FIG. 2 are calculated by applying the above (Equation 11) and (Equation 12).

[0112] First, assume that the position valuation price of a financial instruments business operator's long position at a particular point in time is 130.2. Furthermore, it is assumed that the value of "±α" in the above (Equation 11) and (Equation 12) set in the financial product transaction management device 1 is 0.2. Also, it is assumed that the spread setting value in the above (Equation 12) set in the financial product transaction management device 1 is 0.3.

[0113] At this time, the target sell order of the financial instruments business operator (=target buy order of the customer) is calculated as shown in the following (Equation 11') based on the above (Equation 11). 130.2-0.2=130.0 (Equation 11') This (Equation 11') satisfies the relationship of (Equation 11). In Figure 2, the order volume corresponding to the price of 130.0 calculated by (Equation 11') is 20,000 units. Therefore, the target order as a buy limit order is Price: 130.0 (Price 01) Order amount: 20,000 units (Order amount 01) The limit buy order for the above (price 01) is traded using the buy target order information 451a for price 130 shown in FIG.

[0114] At this time, the target buy order of the financial instruments business operator (=target sell order of the customer) is calculated as shown in the following (Equation 12') based on the above (Equation 12). 130.2-0.2-0.3=129.7 (Equation 12') This (Equation 12') satisfies the relationship of (Equation 12). In Figure 2, the order volume corresponding to the price of 127.7 calculated by (Equation 12') is 10,000 units. Therefore, the target order as a sell stop order is Price: 129.7 (Price 02) Order amount: 10,000 units (Order amount 02) The sell limit order (price 02) is traded according to sell target order information 452a at a price of 129.7, as shown in FIG.

[0115] Here, the above (Order volume 01) is the order volume for limit orders, and (Order volume 02) is the order volume for stop orders, so the combined order volume for both is calculated as the value obtained by subtracting (Order volume 02) from (Order volume 01).

[0116] Therefore, the total order quantity of the above-mentioned target orders is calculated by the following calculation (Order quantity 03). (Order volume of the target order) 20,000 (Currency: Limit Order) - 10,000 (Currency: Stop Order) = 10,000 (Currency)... (Order Amount 03) The risk assessment unit 52 of this embodiment 1 calculates (order volume 03) by the above-mentioned calculation and sets this as an order that can be risk-hedged. That is, in the above case, the risk assessment unit 52 sets the order volume that can be risk-hedged as 10,000 units based on the calculated value of (order volume 03), and treats this order volume value as the range in which a position can be maintained.

[0117] The above example is merely an example. Even if the position evaluation price, the value of "±α", the spread setting value, etc. are other than those described above, the risk evaluation unit 52 uses the same calculations as those described above to evaluate whether it is possible to place a risk-hedgeable order or maintain a held position.

[0118] [Risk Assessment (6. Detailed Case Study 4: Example of Calculation of Target Order 2)] The above-mentioned [Risk Assessment (4. Detailed Example of Assessment Calculation 2...)] will be explained in detail based on a specific example.

[0119] Fig. 3 is a diagram that schematically shows existing buy order information 441 and existing sell order information 442 as "customer order information." Fig. 3 shows a transaction between a customer and a financial instruments business operator as viewed from the customer's perspective. Therefore, Fig. 3 shows existing sell order information 442 as a sell limit order (from the customer's perspective), and existing buy order information 441 as a buy stop order (from the customer's perspective).

[0120] In the following description, an example will be shown in which existing buy order information 441 and existing sell order information 442 shown in FIG. 3 are calculated by applying the above (Equation 21) and (Equation 22).

[0121] First, assume that the position valuation price of a financial instruments business operator's short position at a particular point in time is 129.5. Furthermore, it is assumed that the value of "±α" in the above (Equation 21) and (Equation 22) set in the financial product transaction management device 1 is 0.2. Also, it is assumed that the spread setting value in the above (Equation 22) set in the financial product transaction management device 1 is 0.3.

[0122] At this time, the target buy order of the financial instruments business operator (=target sell order of the customer) is calculated as shown in the following (Equation 21') based on the above (Equation 21). 129.5+0.2=129.7...(Equation 21') This (Equation 21') satisfies the relationship of (Equation 21). In Figure 3, the order volume corresponding to the price of 129.7 calculated by (Equation 21') is 20,000 units. Therefore, the target order as a sell limit order is Price: 129.7 (Price 11) Order quantity: 20,000 units (order quantity 11) The sell limit order (price 11) is traded using sell target order information 452a at a price of 129.7, as shown in FIG.

[0123] At this time, the target sell order of the financial instruments business operator (=target buy order of the customer) is calculated as shown in the following (Equation 22') based on the above (Equation 22). 129.5+0.2+0.3=130.0...(Formula 22') This (Equation 22') satisfies the relationship of (Equation 22). In Figure 3, the order volume corresponding to the price of 130.0 calculated by (Equation 22') is 10,000 units. Therefore, the target order as a buy stop order is Price: 130.0 (Price 12) Order quantity: 10,000 units (order quantity 12) The stop order for buying at the above price (12) is traded using the buy target order information 451a at price 130 shown in FIG.

[0124] Here, the above (Order volume 11) is the order volume of a limit order, and (Order volume 12) is the order volume of a stop order, so the combined order volume of both is calculated as the value obtained by subtracting (Order volume 12) from (Order volume 11).

[0125] Therefore, the total order quantity of the above-mentioned target orders is calculated by the following calculation (Order quantity 13). (Order volume of the target order) 20,000 (currency: limit order) - 10,000 (currency: stop order) = 10,000 (currency)... (order amount 13) The risk assessment unit 52 of this embodiment 1 calculates (order volume 13) by the above-mentioned calculation and sets this as an order that can be risk-hedged. That is, in the above-mentioned case, the risk assessment unit 52 sets the order volume that can be risk-hedged as 10,000 units based on the calculated value of (order volume 13), and treats this order volume value as the range in which a position can be maintained.

[0126] The above calculations are only a part of the examples. Even if the position evaluation price, the value of "±α", the spread setting value, etc. are other than those described above, the risk evaluation unit 52 uses the same calculations as above or similar calculations to determine whether it is possible to place a risk-hedgeable order or maintain a held position.

[0127] [Processing Procedure] 4 and 5 are flowcharts showing the processing procedure in this embodiment 1. The processing procedure in this embodiment 1 will be explained below with reference to these figures.

[0128] [Record existing order information] In this first embodiment, existing buy order information 441 and existing sell order information 442 are recorded in the existing order information recording unit 44. The existing buy order information 441 and existing sell order information 442 may be recorded in the existing order information recording unit 44 either before or after the client starts trading financial products using the financial products transaction management device 1.

[0129] [After trading begins] As shown in Fig. 4, after the financial product transaction management device 1 starts trading a financial product, when a customer places a new order, the order information generation unit 41 acquires the order information of the new order. If a position is opened due to a transaction of a financial product (e.g., a contract of a financial product) based on the order information generated by the order information generation unit 41 ("Yes" in step S1), the process proceeds to step S2. If a position is not opened ("No" in step S1), step S1 continues until a position is opened.

[0130] If a position is held in the trading of a financial product ("Yes" in step S1), the market price information acquisition unit 42 acquires market price information of the financial product (step S2).

[0131] The risk assessment unit 52 evaluates whether risk hedging is possible or not using the market price information acquired in step S2 (step S3). Specifically, the risk assessment unit 52 calculates a position evaluation price using the acquired market price information, and evaluates whether risk hedging is possible or not using the calculated position evaluation price.

[0132] FIG. 5 shows the details of step S3 in FIG.

[0133] The risk assessment unit 52 performs a predetermined calculation based on the market price information acquired by the market price information acquisition unit 42 and the positions held based on the transactions of financial products at each market price, and acquires the position evaluation price (step S31). The position evaluation price is acquired using the calculation method described in the above-mentioned item [Position evaluation price].

[0134] The risk assessment unit 52 uses the acquired position assessment price to confirm whether risk hedging is possible using the above (Equation 1), (Equation 2), (Equation 11), (Equation 12), (Equation 21), (Equation 22), etc. (step S32).

[0135] Specifically, for example, the risk evaluation unit 52 evaluates the holding of a position by using the overview described above in [Risk Evaluation (1...)], applying the calculation theory described above in [Risk Evaluation (2...)] to [Risk Evaluation (6...)] to individual cases, or substituting the calculation examples for the numerical values ​​and information of individual cases. In this way, the risk evaluation unit 52 evaluates whether there is existing buy order information 441 or existing sell order information 442 with an existing order price that can be risk-hedged for the position evaluation price. The risk evaluation unit 52 also evaluates whether the order volume of the existing buy order information 441 or existing sell order information 442 is an order volume that can be risk-hedged.

[0136] If the risk assessment unit 52 assesses in the above evaluation that the held position is one that can be risk-hedged ("Yes" in step S32), the risk assessment unit 52 continues to hold the position (step S4), and the process returns to step S2. On the other hand, if the risk assessment unit 52 assesses in the above evaluation that the held position is not one that can be risk-hedged ("No" in step S32), the cover trading unit 51 carries out a cover trade for the transaction that holds the position (e.g., a executed order) (step S5), and if all processing has not been completed ("No" in step S6), the process returns to step S1. The above procedure is repeated until all processing is completed ("Yes" in step S6).

[0137] [Action and effect] As described above, in this first embodiment, the financial product transaction management device 1 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 existing buy order information 441 and existing sell order information 442, depending on the trading of new orders for financial products and fluctuations in market prices. The financial product transaction management device 1 then recognizes the direction of fluctuations in market prices that change over time, and can determine whether or not to perform a process that can limit the risk based on the results of this recognition.

[0138] For example, in this first embodiment, as shown in Fig. 2, when a financial instruments business operator holds a position through a financial instrument transaction (for example, a new order contract), the risk assessment unit 52 acquires market price information (step S2). Then, the risk assessment unit 52 calculates the position evaluation price, and calculates the price and order volume of the buy target order corresponding to the buy target order information 451, 451a and the price and order volume of the sell target order corresponding to the sell target order information 452, 452a from the existing buy order information 441 and the existing sell order information 442, and evaluates whether or not the position can be continued ("Yes" or "No" in step S3). If the risk assessment unit 52 evaluates that the position can be maintained ("Yes" in step S3), it performs processing to continue holding the position (step S4).

[0139] That is, in this first embodiment, the risk of continuing to hold a position held by a financial instruments business operator, etc., through a financial instruments transaction such as the execution of a new order is automatically evaluated. This makes it possible to increase the profits that can be obtained from trading financial instruments, while preventing the risk of continuing to hold a position that arises from trading financial instruments, which arises from trading financial instruments, from becoming excessive. This makes it possible to reduce the risk of incurring losses in response to fluctuations in market conditions in financial instruments trading conducted using a computer system. In this first 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 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 can then determine whether to perform processing to reduce the predetermined risk, depending on the possibility of holding a position that is likely to result in a loss. This allows the risk of loss occurrence to be reduced with a high degree of certainty.

[0140] In this first embodiment, the risk assessment unit 52 assesses the magnitude of a predetermined risk that can be held depending on the order volume of existing orders based on existing buy order information 441 and existing sell order information 442 recorded in the existing order information recording unit 44. 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.

[0141] In this first embodiment, the risk assessment unit 52 assesses whether a predetermined risk, such as the risk of maintaining a position that arises due to fluctuations in the market price of a financial product, is manageable or not, using existing buy order information 441 and existing sell order information 442. This makes it possible to reduce the risk of incurring losses with a high degree of certainty by using orders that already exist and are recorded.

[0142] In this first embodiment, the risk of loss can be reduced with a high degree of certainty based on the specific transaction process in which a financial instruments business operator conducts a cover transaction with a financial institution in conjunction with the execution of a new order.

[0143] In the first embodiment, in market order transactions, which involve a high risk of loss due to fluctuations in market prices, the risk of loss can be reduced with high certainty.

[0144] In this first embodiment, the risk of loss occurrence can be reduced in actual transaction processing by implementing a process that limits risk.

[0145] In this embodiment 1, the accuracy of reducing a predetermined risk caused by fluctuations in market price is increased by using existing buy order information 441 and existing sell order information 442, and processing that reduces the risk of loss occurrence with high accuracy in accordance with fluctuations in market conditions can be realized in actual trading processing.

[0146] [Embodiment 2 of the Invention] 6 to 11 show a second embodiment of the present invention.

[0147] This embodiment 2 is implemented in the financial product transaction management system 1A used in embodiment 1, shown in Fig. 1. The financial product transaction management device 1, client terminal 2, bank system 3, and network 4 used in this embodiment 2 have the same configurations as those in embodiment 1.

[0148] In this embodiment 2, the manner of the "predetermined evaluation" by the risk evaluation unit 52 and the processing procedure based on the "predetermined evaluation" are different from those in embodiment 1. The following describes embodiment 2, focusing on the differences from embodiment 1.

[0149] [Prescribed evaluation] In this second embodiment, the risk assessment unit 52 performs a "predetermined assessment." The concept of the "predetermined assessment" in this second embodiment is the same as the "predetermined assessment" in this first embodiment.

[0150] In this second embodiment, the risk assessment unit 52 acquires, in real time, market price information for the financial product acquired by the market price information acquisition unit 42 in performing the "predetermined assessment." The risk assessment unit 52 then compares the order placement 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 placement price and contract price of the new order, the risk assessment unit 52 checks whether existing buy order information 441 or existing sell order information 442 (see FIG. 1) exists.

[0151] 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").

[0152] The direction of loss occurrence is determined by the buying and selling conditions of the new order. For example, if the new order is a buy order, the direction of loss occurrence is a downward movement in the market price at a given time (time t2 in Figures 9 and 11) after the new order is executed (time t1 in Figures 8 and 11), and if the new order is a sell order, the direction of loss occurrence is a upward movement in the market price.

[0153] In this second embodiment, the direction of fluctuation in the market price from one point in time to another point in time, including cases where a point in time other than the time of execution of the new order is the reference point, is collectively referred to as the "loss occurrence direction" or the "opposite direction to the loss occurrence direction." For example, from point in time t2 (not the time of execution of the new order) to point in time t3 in Figures 10 and 11, similar to the period from point in time t1 to point in time t2, if the new order is a buy order, a fluctuation in the market price toward the lower price side is the loss occurrence direction, and if the new order is a sell order, a fluctuation in the market price toward the higher price side is the loss occurrence direction.

[0154] In performing the "predetermined evaluation," if the "new order" is a buy order, the risk evaluation unit 52 checks the existence of existing sell order information 442. Conversely, if the "new order" is a sell order, the risk evaluation unit 52 checks the existence of existing buy order information 441. This is because a position held by a financial instruments business operator as a result of a contract of a new buy order can eliminate or reduce the actual loss if an existing sell order is contracted, thereby eliminating or reducing the risk of the financial instruments business operator (see (b) of Figure 10). Similarly, if an existing buy order is contracted, a position held by a financial instruments business operator as a result of a contract of a new sell order can eliminate or reduce the actual loss if an existing buy order is contracted, thereby eliminating or reducing the risk of the financial instruments business operator.

[0155] In performing the "predetermined evaluation," the risk evaluation unit 52 checks whether there is existing buy order information 441 or existing sell order information 442 in the direction of fluctuation of the market price of the financial product. If there is existing buy order information 441 or existing sell order information 442 in the direction of fluctuation, the existing buy order information 441 or existing sell order information 442 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 instruments business operator.

[0156] In addition, in the "predetermined evaluation", the risk assessment unit 52 may check whether existing buy order information 441 or existing sell order information 442 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 market price fluctuations.

[0157] In the "predetermined evaluation", the risk evaluation unit 52 compares the order volume of the new order with the order volumes of existing buy order information 441 and existing sell order information 442 to evaluate whether a position can be held and the order volume of the new order that allows the position to be held.

[0158] For example, assume that the order volume of existing buy order information 441 or existing sell order information 442, which can eliminate or reduce risk, is set equal to the order volume of a new order that maintains a position in the risk evaluation unit 52. In this case, if existing sell order information 442 is recorded for 30,000 units of currency in the existing order information recording unit 44, the risk evaluation unit 52 evaluates that "a new order position can be maintained up to 30,000 units of currency." In this case, if the order volume of the new order exceeds the order volume of existing buy order information 441 or existing sell order information 442, 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 units of currency, 2,000 units of currency) is used for cover trading. Meanwhile, the position of the new order that does not exceed the order volume of existing buy order information 441 or existing sell order information 442 (30,000 units of currency) is maintained.

[0159] As long as the risk of the new order can be eliminated or reduced, the allowable amount of position holding for the new order may be greater or less than at least one of the order amounts of the existing buy order information 441 and the existing sell order information 442 recorded in the existing order information recording unit 44.

[0160] The risk assessment unit 52 may be set with a price range for making a "predetermined assessment." For example, the risk assessment unit 52 may set a predetermined price (for example, within 0.2 yen toward the occurrence of a loss) as the price range for making a "predetermined assessment" based on the order prices of existing orders in the existing buy order information 441 and the existing sell order information 442. The risk assessment unit 52 may then process new orders that fall outside this price range as being outside the scope of assessment. The risk assessment unit 52 may be configured to vary the price range for making a "predetermined assessment" depending on the type of financial product (for example, the creditworthiness of each financial product) and the order volume.

[0161] If it is confirmed as a result of the "predetermined evaluation" by the risk evaluation unit 52 that there is existing buy order information 441 or existing sell order information 442 that can eliminate or reduce the "predetermined risk," the risk hedge execution unit 53 continues to hold the position resulting from the execution of the new order.

[0162] On the other hand, if it is confirmed as a result of the "predetermined evaluation" by the risk evaluation unit 52 that there is no existing buy order information 441 or existing sell order information 442 that can avoid or reduce the "predetermined risk," the risk hedge execution unit 53 performs a cover transaction for the new order. This is because, when there is no existing buy order information 441 or existing sell order information 442 that can 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.

[0163] Furthermore, if the result of the "predetermined evaluation" by the risk evaluation unit 52 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) than the contract price of the new order, the risk hedge execution unit 53 will execute the new order or perform a cover transaction. This is because the position created by the contract of the new order is likely to provide an opportunity to make a profit.

[0164] [Processing Procedure] 6 and 7 are flowcharts showing the processing procedure in this embodiment 2. The processing procedure in this embodiment 2 will be explained below with reference to these figures.

[0165] [Record existing order information] In this second embodiment, existing buy order information 441 and existing sell order information 442 are recorded in the existing order information recording unit 44. The existing buy order information 441 and existing sell order information 442 may be recorded in the existing order information recording unit 44 before or after the client starts trading financial products using the financial products transaction management device 1.

[0166] 8(a) to 11(a) schematically show the existing order information recording unit 44. As mentioned above, for the sake of simplicity, the figures only show recorded existing sell order information 442.

[0167] [After trading begins] 8, after the start of trading of financial products by the financial product transaction management device 1, when a customer places a new order, the order information generation unit 41 acquires the order information of the new order. A position is held by trading financial products based on the order information generated by the order information generation unit 41 (step S11).

[0168] As an example of this case, (b) of Figure 8 schematically shows a state in which a new market order 61 has been placed at 130.00 yen per dollar. In this case, the contract information processing unit 43 processes this order information to contract the new order 61 at time t1. This contract creates a position for the new order 61 (hereinafter simply referred to as "position"). The financial instruments business operator holds the position from the time the new order 61 is contracted until the position is settled by conducting a cover transaction or the like for the new order 61 with a bank or the like.

[0169] The market price information acquisition unit 42 continues to acquire market price information of the financial product from the time when the new order 61 is placed or when it is executed (step S12).

[0170] For the sake of simplicity, the following description will be given assuming that processing is performed based on the time of contract of the new order 61.

[0171] The risk assessment unit 52 performs a "predetermined assessment" using the real-time market price information acquired by the market price information acquisition unit 42. The risk assessment unit 52 performs a risk assessment to determine whether or not it is possible to hedge the risk of holding a position through the new order 61, based on fluctuations in the market price after the new order 61 is executed (step S13).

[0172] Details of the evaluation procedure in step S13 are shown in Fig. 7. The risk evaluation by the risk evaluation unit 52 is basically performed based on the principles described above in [Risk Hedge]. Details of the risk evaluation by the risk evaluation unit 52 shown in Fig. 7 will be described below.

[0173] The risk assessment unit 52 assesses whether there is a way to mitigate the loss if there is a possibility that a loss will occur (hereinafter referred to as "loss possibility") as a result of the financial instruments business operator holding the position of the new order 61. Furthermore, if there is a way to mitigate the loss, the risk assessment unit 52 assesses whether the risk arising from holding the position is so high that immediate risk hedging is required.

[0174] Consider a case where the risk assessment unit 52 assesses that the market price 62 after the execution of the new order 61 has fluctuated in the direction opposite to the direction of the occurrence of a loss. Specifically, if the new order 61 is a buy order, the market price 62 fluctuates toward the higher price side, transitioning from time t1 shown in (b) of Figure 8 to time t3 shown in (b) of Figure 11, and if the new order 61 is a sell order, the market price 62 fluctuates toward the lower price side (not shown).

[0175] In this case, the risk assessment unit 52 immediately causes the cover trading unit 51 to carry out a cover trade for the position held by the new order 61 (step S17), because risk hedging is not required.

[0176] On the other hand, consider a case where the risk assessment unit 52 assesses that the market price 62 after the execution of the new order 61 has fluctuated in the direction of incurring a loss. Specifically, if the new order 61 is a buy order, the fluctuation is toward the lower price side, such as transitioning from (b) in Figure 8 to (b) in Figure 9, and if the new order 61 is a sell order, the fluctuation is toward the higher price side (not shown).

[0177] In this case, the risk assessment unit 52 assesses whether or not it is possible to hedge the risk of holding a position resulting from the execution of the new order 61 .

[0178] Specifically, for example, the risk assessment unit 52 assesses whether risk hedging is possible by assessing whether there is existing buy order information 441 or existing sell order information 442 in the direction of the new order 61 causing a loss (step S131).

[0179] As shown at time t2 in (b) of FIG. 10, if there is existing buy order information 441 or existing sell order information 442 in the direction of the loss of the new order 61 ("Yes" in step S131), the risk evaluation unit 52 performs the processing of step S132, which will be described later. On the other hand, if there is no existing buy order information 441 or existing sell order information 442 in the direction of the loss of the new order 61 ("No" in step S131), the risk evaluation unit 52 causes the cover trading unit 51 to perform a cover trade for the position held by the new order 61 (step S135 → step S15). This is because risk hedging is not possible. If there is existing buy order information 441 or existing sell order information 442 in the direction of the loss of the new order 61 ("Yes" in step S131), the risk evaluation unit 52 obtains information such as the contract price of the new order 61 and the prices of the existing buy order information 441 or existing sell order information 442, and compares these prices.

[0180] For example, the risk assessment unit 52 verifies whether the following (Condition 1) or (Condition 2) is met. (Condition 1) [If the new order is a buy order (for the customer)] Execution price of new order ≥ order price of existing order (1) (Condition 2) [If the new order is a sell order (for the customer)] Execution price of new order ≦ order price of existing order (2) If (Condition 1)(1) or (Condition 2)(2) is met ("Yes" in step S132), the risk assessment unit 52 performs the process of step S133, which will be described later. On the other hand, if (Condition 1) or (Condition 2) is not met ("No" in step S132), the risk assessment unit 52 causes the cover trading unit 51 to carry out a cover trade for the position held by the new order 61 (step S135 → step S15). This is because risk hedging is not possible.

[0181] If (Condition 1)(1) or (Condition 2)(2) is met (“Yes” in step S132), the risk assessment unit 52 verifies whether the order volume of the new order 61 is less than or equal to the order volume of the existing order.

[0182] The process of step S133 when the new order 61 is a buy order will be described.

[0183] If the new order 61 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 442 ("Yes" in step S133), the risk evaluation unit 52 performs the process of step S14, described below, for all new orders 61 (step S134 → step S14). On the other hand, if the order volume of the held position of the new order 61 for a buy order is greater than the order volume of the existing sell order ("No" in step S133), the risk evaluation unit 52 subjects the held position of the new order 61, whose order volume is the same as the order volume of the existing sell order, to step S14, described below. Furthermore, the risk evaluation unit 52 performs a cover transaction for the held position of the new order 61 for a buy order whose order volume exceeds the order volume of the existing sell order (step S135 → step S15). This is because the risk of the held position of the new order 61 cannot be hedged for the amount exceeding the order volume of the existing sell order.

[0184] On the other hand, if the order volume of the position held by the new order 61 is greater than the order volume of the existing sell order based on the existing sell order information 442 ("No" in step S133), the risk assessment unit 52 can also make all positions held by the new order 61 the subject of a cover transaction (step S135 → step S15).

[0185] The process of step S133 when the new order 61 is a sell order will be described.

[0186] If the new order 61 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 441 ("Yes" in step S133), the risk evaluation unit 52 performs the process of step S14, which will be described later, for all new orders 61 (step S134 → step S14). Also, if the order volume of the held position of the new order 61 is greater than the order volume of the existing buy order ("No" in step S133), the risk evaluation unit 52 subjects the held position of the new order 61, a sell order with an order volume equal to the order volume of the existing buy order, to step S14, which will be described later. Furthermore, the risk evaluation unit 52 causes a cover transaction to be carried out for the held position of the new order 61, a sell order with an order volume exceeding the order volume of the existing buy order (step S135 → step S15).

[0187] Furthermore, although not shown, whether the new order 61 is a buy order or a sell order, if the result of step S133 above is "Yes," the risk assessment unit 52 can also assess whether the risk is within an acceptable range.

[0188] For example, if the new order 61 is a buy order, the risk assessment unit 52 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 442 and the market price 62 is within a preset price range in the above (Condition 1) and (Condition 2). This is because if the real-time market price 62 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 61 increases. Note that the assessment of whether the risk is within an acceptable range may be any assessment other than the above.

[0189] When the risk is evaluated to be within the acceptable range ("Yes" in step S133 of FIG. 7), such as when the order volume of the position held by the new buy order 61 is equal to or less than the order volume of the existing sell order based on the existing sell order information 442, the risk hedging execution unit 53 maintains the holding of the position resulting from the execution of the new order 61 (step S14), as shown in FIG. 6. This is because the risk of holding the position is small. (b) of FIG. 9 shows a state in which the holding of the position of the new order 61 is maintained. In this case, as shown in (b) of FIG. 9, the risk hedging execution unit 53 does not conduct a cover transaction for the position held by the executed new order 61. Then, the risk evaluation unit 52 returns to step S12 and repeats the process.

[0190] 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 S132 in Fig. 7), the risk hedge execution unit 53 causes the cover transaction unit 51 to carry out a cover transaction for the position held by the new order 61 (step S15), as shown in Fig. 7. This can be the case, for example, when the market price 62 makes a large downward transition from the state in Fig. 8(b) to the state in Fig. 9(b), and the risk of holding the position becomes large.

[0191] When the market price 62 becomes a price corresponding to the order price of the existing buy order information 441 or the existing sell order information 442, the execution information processing unit 43 executes execution processing of the existing buy order information 441 or the existing sell order information 442.

[0192] For example, consider a case where the market price 62 changes from 129.90 yen to 1 dollar to 129.80 yen to 1 dollar, as shown at time t2 in FIG. 9(b) and then at time t3 in FIG. 10(b). In this case, the contract information processing unit 43 executes a process of contracting the existing orders, independently of the evaluation by the risk evaluation unit 52. Specifically, the contract information processing unit 43 first contracts the existing order for 129.90 yen to 1 dollar, and then contracts the existing order for 129.80 yen to 1 dollar (see FIG. 10(a)). With this contract, the order quantities of the existing order information 442 for selling at 129.90 yen to 1 dollar and 129.80 yen, which were recorded in the existing order information recording unit 44 in FIG. 8(a) and FIG. 9(a), change to "2 (10,000 units) → 0" and "1 (10,000 units) → 0," as shown in FIG. 10(a).

[0193] When the existing order is contracted and a new order 61 that can be risk-hedged exists ("Yes" in step S132 → "Yes" in step S133), the risk assessment unit 52 can assess whether the contracted existing order should be used to settle the position held by the new order 61. When assessed in this way, the risk hedge execution unit 53 can settle the contracted existing order and the new order 61 that holds the position.

[0194] 9 to 11, the order volume of new order 61 (30,000 units) and the order volume of the existing orders (a total of 30,000 units) are the same. Therefore, when settlement is made between the executed existing order and the position held by new order 61, neither a position is created by the execution of the existing order nor a position remains held by new order 61, and therefore no cover transaction is carried out.

[0195] On the other hand, when the existing order is executed and a new order 61 that can hedge the risk exists ("Yes" in step S132 -> "Yes" in step S133), the risk assessment unit 52 can also assess not to settle the position held by the new order 61 due to the executed existing order. This can be the case, for example, when the risk assessment unit 52 assesses that the risk of continuing to hold the position held by the new order 61 is within an acceptable range (for example, when the market price 62 of the financial product is assessed to have a high tendency to fluctuate in the direction opposite to the direction of loss occurrence).

[0196] In addition, when the cover trading unit 51 sends order information, etc. for trading the new order 61 that is the subject of the cover trading to the bank system 3, the transaction execution unit 31 of the bank system 3 performs processing to execute the cover trading based on the received order information, etc. of the new order 61 (step S15).

[0197] [Action and effect] As described above, in this second embodiment, the financial product transaction management device 1 acquires information on the market price 62, 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 buy order information 441 and the existing sell order information 442, depending on the transaction of the new order 61 of the financial product and fluctuations in the market price 62. The financial product transaction management device 1 then recognizes the direction of fluctuation in the market price 62, which changes over time, and can decide whether or not to perform a process that can limit the risk based on the results of this recognition.

[0198] For example, in this second embodiment, as shown in (b) of Figure 8, when a new order 61, 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 52 evaluates the risk of the position, which changes depending on fluctuations in market price 62. The risk evaluation unit 52 checks the order volume of the existing sell orders (30,000 currency units in total) in the existing sell order information 442 recorded in the existing order information recording unit 44 shown in (a) of Figure 8, and compares it with the order volume (30,000 currency units) of the new order 61. Furthermore, the risk evaluation unit 52 acquires and compares the executed price of the new order 61 (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 442, and information on the real-time market price 62.

[0199] Then, if the market price 62 moves in the direction of a loss with a small fluctuation range as shown from (b) of Figure 8 to (b) of Figure 9, there is existing sell order information 442 that can be used for settlement, and the risk of holding the position is small, the risk assessment unit 52 maintains the holding of the position of the new order 61.

[0200] Then, if the market price 62 further transitions in the direction of a loss as shown in Figure 9(b) to Figure 9(b) and the risk of holding the position becomes large compared with the market price 62 and order volume of the existing sell order that can be used for settlement, the risk assessment unit 52 settles the position of the new order 61. By settling the position of the new order 61 using the contract of the existing sell order based on the existing sell order information 442, it is possible to reduce the actual loss 63 shown in Figure 10(b) compared to when the position is settled only by the contract of the new order 61.

[0201] On the other hand, if the market price 62 transitions in the opposite direction to the loss direction as shown in Figure 9(b) to Figure 11(b), the risk assessment unit 52 settles the position by only executing the new order 61, as shown in Figure 11(a), without using the existing sell order in the existing sell order information 442. By settling this position, the financial instruments business operator can earn a profit 64 as shown in Figure 11(b).

[0202] That is, in this second embodiment, by using the existing sell order information 442 in risk assessment of the position held by the execution of the new order 61, it is possible to reduce the risk of a loss-making fluctuation in the market price 62 while reliably obtaining a profit 64 from the fluctuation in the market price 62. 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. In this second 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 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 can then determine whether to perform processing to reduce the predetermined risk, depending on the possibility of holding a position that is likely to result in a loss. This makes it possible to reduce the risk of loss occurrence with a high degree of certainty.

[0203] In this second embodiment, the risk assessment unit 52 assesses the magnitude of a predetermined risk that can be held depending on the order volume of existing orders based on existing buy order information 441 and existing sell order information 442 recorded in the existing order information recording unit 44. 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.

[0204] In this second embodiment, the risk assessment unit 52 assesses whether a predetermined risk arising from fluctuations in the market price 62 is of a tolerable magnitude, using existing buy order information 441 and existing sell order information 442. 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.

[0205] In this second embodiment, the risk assessment unit 52 evaluates whether or not it is necessary to perform a predetermined process by using the existing buy order information 441 and existing sell order information 442, in order, which are closest to the market price 62 at the time of the order transaction. Then, the predetermined process can be performed at a price close to the transaction price of the order. This prevents a deviation between the market price 62 and the price at which the predetermined process is performed, and reduces the risk of loss occurrence with high accuracy.

[0206] In the second embodiment, the risk of loss occurrence can be reduced with a high degree of certainty based on the specific transaction processing in which a financial instruments business operator carries out a cover transaction with a financial institution in association with the execution of a new order 61.

[0207] In the second embodiment, in a market order transaction in which the risk of loss arising from fluctuations in the market price 62 is high, the risk of loss can be reduced with high certainty.

[0208] In the second embodiment, the risk of loss occurrence can be reduced in actual transaction processing by implementing a process that limits risk.

[0209] In this second embodiment, the accuracy of reducing a predetermined risk caused by fluctuations in market price 62 is increased by using existing buy order information 441 and existing sell order information 442, and processing that reduces the risk of loss occurrence with high accuracy in accordance with fluctuations in market conditions can be realized in actual trading processing.

[0210] The risk assessment in steps S132 and S133 in the second embodiment is merely an example, and risk assessment may be performed in any manner other than the assessments exemplified in the above embodiments. 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.

[0211] For example, in step S132 above, the risk assessment unit 52 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 (for the customer)] New order execution price > existing order order price (3) (Condition 2) [If the new order is a sell order (for the customer)] 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 61 is greater than the order volume of the existing order ("No" in step S133), the risk assessment unit 52 can also make an assessment different from the above assessment (step S135 → step S15). Specifically, in this case, the risk assessment unit 52 can also make an assessment to continue holding a position with an order volume that exceeds the order volume of the existing order (step S134 → step S14).

[0212] Furthermore, the risk assessment unit 52 can assess the position of the executed new order 61 by setting a limit on the amount of time that the position can be held.

[0213] Furthermore, the risk assessment unit 52 can change the assessments made in steps S132 and S133 sequentially or sequentially based on the type of financial product or changes in the market value of the financial product.

[0214] Furthermore, in each of the above embodiments, 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, when the financial product is foreign exchange, the present invention can be applied to a plurality of different currency pairs, such as the Japanese yen and the US dollar, or the European euro and the Australian dollar. The present invention can also be applied to a plurality of different financial products, such as foreign exchange and stocks, or bonds and crypto assets.

[0215] Although the above-mentioned Embodiment 1 and Embodiment 2 have been described as separate embodiments, they may also be used together in an embodiment. For example, in the financial instruments transaction management device 1 of this embodiment, the risk assessment unit 52 may be configured to assess the risk of maintaining a held position using the calculations of (Equation 1), (Equation 2), (Equation 11), (Equation 12), (Equation 21), and (Equation 22) of this Embodiment 1, and to perform risk hedging processing by performing the processing of the above-mentioned Steps S11 to S15 (including Steps S131 to S135).

[0216] 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]

[0217] 1. Financial Instruments Transaction Management Device 41 Order information generation unit (order information generation means) 42 Market price information acquisition unit (market price information acquisition means) 44: Existing order information recording unit (existing order information recording means) 441,442···Existing order information 52 Risk assessment section (risk assessment means) 53 Risk Hedge Execution Unit (Risk Hedge Execution Means) 61 New Order (Predetermined Order) 62···Market price

Claims

1. A financial product transaction management device for trading financial products, an order information generating means for generating order information for placing an order for a financial product; existing order information recording means for recording existing order information generated as the existing order information for trading existing orders that satisfy predetermined conditions, among the order information generated by the order information generating means; market price information acquisition means for acquiring market price information of the financial product; a risk assessment means for assessing whether or not it is necessary to carry out predetermined processing for a predetermined risk, which is a risk that a financial instruments trader who trades the financial instruments will incur a loss due to the trading of a predetermined order for the financial instruments and fluctuations in the market price, and which can be limited by carrying out predetermined processing using the existing order information.

2. 2. The financial instruments transaction management device according to claim 1, wherein the risk assessment means defines the possibility that a position held by the financial instruments business operator will cause a disadvantage to the financial instruments business operator as the specified risk, and evaluates whether the specified risk held is of a size that can be limited.

3. 3. The financial instruments transaction management device according to claim 2, wherein the risk assessment means assesses 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.

4. 2. The financial instruments transaction management device according to claim 1, wherein the risk assessment means assesses whether the predetermined risk is large enough to be tolerated when the market price fluctuates in a specific direction, using the existing order information that exists in the direction of the fluctuation.

5. 5. The financial instruments transaction management device according to claim 4, wherein the risk assessment means assesses whether or not it is necessary to perform the predetermined processing by using, among the existing order information, the existing order information in order starting from the existing order information closest to the market price at the time of the transaction of the specific order.

6. 2. The financial instruments transaction management device according to claim 1, wherein the predetermined process is a process for the financial instruments business operator to carry out a cover transaction with a financial institution in association with the execution of the predetermined order.

7. 2. The financial product transaction management device according to claim 1, wherein the predetermined order is a market order.

8. 2. The financial product transaction management device according to claim 1, further comprising a risk hedge execution means for performing risk hedge processing to limit the risk by executing the predetermined processing.

9. The financial instruments transaction management device according to claim 8, characterized in that the risk hedge execution means, as the execution of the specified processing for the risk hedge, processes 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 financial instruments business operator.

10. 10. A program that causes a computer to function as the financial product transaction management device according to any one of claims 1 to 9.

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