Financial product transaction management device, financial product transaction management system, financial product transaction terminal, financial product transaction management method in financial product transaction management system, and program

Abstract

To provide a financial product transaction management device, system, and transaction management method capable of allowing a trader to properly operate a transaction form including a partial contract.SOLUTION: An order information generation unit of a first financial product transaction management device generates a plurality of pieces of first order information for performing a plurality of first orders at respective first order prices, an execution management unit executes the first order satisfying an execution condition on the basis of a fluctuation in a market price in the plurality of first orders 72a1 formed by the respective pieces of the first order information by one execution process, an order information generation unit generates a plurality of pieces of second order information for performing a plurality of second orders 72ba1, 72bb1 corresponding to the first orders 72a1 formed by the respective pieces of the first order information at a second order price that has a prescribed profit margin relative to the price executed based on the first order price of the respective pieces of first orders 72a1, and the execution management unit executes the second order satisfying an execution condition based on a fluctuation in a market price in the plurality of second orders 72ba1, 72bb1 formed by the respective pieces of the second order information by one execution process.SELECTED DRAWING: Figure 23

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 of trading various financial instruments with fluctuating market prices, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, and stock price indices, include market orders (orders in which a transaction is made at the market price at the time of placing the order) and limit orders (orders in which a transaction is made when the market price reaches a pre-specified price). Conventionally, there have been known inventions that use computer systems to perform transactions using these order types, such as limit orders (see, for example, Patent Document 1). That is, in this invention, an order for a financial instrument with a position set at a pre-set price is placed, and when the market price of the financial instrument reaches this price, the order is executed, thereby performing the transaction. [Prior art documents] [Patent documents]

[0003] [Patent Document 1] Japanese Patent Application Laid-Open No. 2006-99787 Summary of the Invention [Problem to be solved by the invention]

[0004] Here, for example, the demand and supply for buying and selling financial products do not necessarily match. Furthermore, when purchasing an ordered financial product, there may be a shortage of funds for the ordered quantity. Therefore, when an order for a financial product is placed, it is not necessarily possible to execute the entire order quantity, and only a portion of the ordered quantity may be executed (this type of execution is referred to as a "partial execution"; the same applies hereinafter in this specification). Furthermore, when the market price of a financial product fluctuates around a certain price range, there may be a demand for continuous trading centered around this price range in a chronological order. However, the above-mentioned Patent Document 1 cannot handle cases where all orders cannot be executed. Furthermore, when continuous trading is performed around a certain price range, traders must place orders multiple times, which causes problems such as excessive effort required for trading.

[0005] The present invention has been made in consideration of such problems, and aims to provide a financial instruments transaction management device, a financial instruments transaction management system, and a transaction management method in a financial instruments transaction management system that enable traders to appropriately manage transaction types including partial agreements in financial instruments transactions conducted using a computer system. [Means for solving the problem]

[0006] In order to solve the above problem, the invention described in claim 1 is a financial instruments transaction management device for trading financial instruments whose market prices fluctuate, comprising: order information generation means for generating order information for ordering the financial instruments; and execution management means for managing execution of the financial instruments, wherein the order information generation means generates a plurality of first order information for placing a plurality of first orders at respective first order prices; the execution management means executes, through a single execution process, those first orders formed by the respective first order information that satisfy the execution conditions based on the fluctuations in the market price; the order information generation means generates a plurality of second order information for placing transactions of second orders corresponding to the first orders formed by the respective first order information, with the same order quantity as the executed first order, and at a second order price that provides a predetermined profit margin on the price at which the order is executed based on the first order price of each of the first orders; and the execution management means executes, through a single execution process, those second orders formed by the respective second order information that satisfy the execution conditions based on the fluctuations in the market price.

[0007] The invention recited in claim 2 is characterized in that, in addition to the configuration recited in claim 1, the execution management means splits the second order, which holds a position through execution and the second order which settles the position through execution, into a portion of second orders which correspond to the executed first order and are executed and another portion of second orders which do not correspond to the executed first order, at either the time when the first order is executed or a predetermined timing after the first order is executed, or the time when the second order is executed or a predetermined timing after the second order is executed.

[0008] The invention recited in claim 3 is characterized in that, in addition to the configuration recited in claim 1 or 2, the execution management means splits the first order, which holds a position through execution, and the second order, which settles the position through execution, into the executed first order and the unexecuted first order at any of the following points: when the first order is executed, or at a predetermined timing after the first order is executed, or when the second order is executed, or at a predetermined timing after the second order is executed.

[0009] The invention recited in claim 4 is characterized in that, in addition to the configuration recited in any one of claims 1 to 3, the execution management means, when the order information forms the first orders and the second orders, and only a portion of the first orders is executed to hold a position, brings into correspondence a state where the portion of the first orders that held the position, or the first orders before the split in the case where the portion of the first orders splits, corresponds to a portion of the second orders that settle the position of the portion of the first orders that held the position by execution.

[0010] The invention recited in claim 5 is characterized in that, in addition to the configuration recited in any one of claims 1 to 4, the order information generation means generates the order information for placing the first order and the second order, and repeatedly holds a position based on the order information of the first order and settles the position based on the order information of the second order, and the execution management means, with respect to the first order and the second order, when only a portion of the first order and / or the second order before the repetition is performed is executed, executes the repeated first order and / or second order in a mode in which the distinction between the executed orders and the unexecuted orders before the repetition is maintained.

[0011] The invention described in claim 6 is characterized in that, in addition to the configuration described in claim 5, the order information generation means generates the first order and the second order as order information for placing each of the first order and the second order at a plurality of prices, and the execution management means sets a plurality of price ranges between the price of the first order and the price of the second order corresponding to the first order, and repeatedly places the first order and the second order in at least any one of the plurality of price ranges.

[0012] The invention described in claim 7 is characterized in that, in addition to the configuration described in claim 6, the order information generation means sets one or more price ranges in a price range formed between a specific upper limit price and a specific lower limit price.

[0013] The invention described in claim 8 is a financial instruments transaction management system for trading financial instruments whose market prices fluctuate, comprising: order information generation means for generating order information for ordering the financial instruments; and execution management means for managing execution of the financial instruments, wherein the order information generation means generates a plurality of first order information for placing a plurality of first orders at respective first order prices; the execution management means executes, through a single execution process, those first orders formed by the respective first order information that satisfy an execution condition based on fluctuations in the market price; the order information generation means generates a plurality of second order information for placing transactions of second orders corresponding to the first orders formed by the respective first order information, with the same order quantity as the executed first order, and at a second order price that provides a predetermined profit margin on the price at which the order is executed based on the first order price of each of the first orders; and the execution management means executes, through a single execution process, those second orders formed by the respective second order information that satisfy the execution condition based on fluctuations in the market price.

[0014] The invention described in claim 9 is a financial instruments trading terminal capable of communicating with a financial instruments trading management device for placing orders for financial instruments whose market prices fluctuate, and used by a user who trades the financial instruments, the financial instruments trading terminal comprising: operation means through which the user performs various operations related to the trading of the financial instruments; and display means for displaying information about the trading of the financial instruments to the user; the operation means comprising order setting means operated by the user to generate first order information and second order information as information for trading the financial instruments, the order setting means including price range setting means through which information for setting a price range between first orders is input, and profit margin setting means through which information for setting a predetermined profit margin between the first order and the second order is input by operation of the user; and the display means is configured to display the information for setting the price range and the information for setting the profit margin input by operation of the user; and the financial instruments trading management device to which buy / sell order application information set by the order setting means as information for buying and selling the financial instruments is transmitted is an order information generator that generates order information for ordering the financial instruments. and an execution management means for managing the execution of the financial instruments, wherein the buy / sell order application information includes information for calculating the price spread between the first orders of the financial instruments to be bought and sold, and information for calculating a predetermined profit margin between the first order and the second order set by the user, and the order setting means, in response to an operation by the user, causes the order information generation means to generate a plurality of first order information for placing a plurality of the first orders at respective first order prices, causes the execution management means to execute, through a single execution process, those of the first orders formed by the respective first order information that satisfy the conditions for execution based on fluctuations in the market price, and causes the order information generation means to generate a plurality of second order information for trading the second orders corresponding to the first orders formed by the respective first order information, with the same order quantity as the executed first order, and at a second order price that provides a predetermined profit margin for the price executed based on the first order price of each of the first orders, and causes the execution management means toThe method is characterized in that the contract that satisfies the conditions for the contract based on fluctuations in the market price is concluded through a single contract process.

[0015] The invention described in claim 10 is a financial instruments transaction management method in a financial instruments transaction management system for trading financial instruments whose market prices fluctuate, comprising: an order information generation procedure for generating order information for ordering the financial instruments; and an execution management procedure for managing execution of the financial instruments, wherein the order information generation procedure generates a plurality of first order information for placing a plurality of first orders at respective first order prices; the execution management procedure executes, in a single execution process, those of the first orders formed by the respective first order information that satisfy an execution condition based on fluctuations in the market price; the order information generation procedure generates a plurality of second order information for trading second orders corresponding to the first orders formed by the respective first order information, with the same order quantity as the executed first order, and at a second order price that provides a predetermined profit margin with respect to the price at which the order is executed based on the first order price of each of the first orders; and the execution management procedure executes, in a single execution process, those of the second orders formed by the respective second order information that satisfy the execution condition based on fluctuations in the market price.

[0016] The invention described in claim 11 is a program that causes a computer to function as the financial product transaction management device described in any one of claims 1 to 7. [Effects of the Invention]

[0017] According to the inventions set forth in claims 1, 8, 9, and 10, when only a portion of a first order is executed, a specific second order can be split. This allows traders to appropriately operate trading styles including partial execution in financial product trading conducted using a computer system.

[0018] According to the invention described in claim 2, when a specific first order is only partially executed, a specific second order can be split at a timing that suits the cause and circumstances of the partial execution, thereby enabling appropriate management and operation of transactions including partial execution.

[0019] According to the invention of claim 3, when a specific first order or a second order corresponding to the specific first order is only partially executed, the specific first order can be split at a timing that suits the cause and situation of the partial execution. This allows for appropriate management and operation of transactions including partial execution.

[0020] According to the invention of claim 4, by matching a partial first order that holds a position, or a first order before the split in the case where this partial first order is split, with a partial second order that settles it, traders can appropriately operate a trading style that includes partial execution.

[0021] According to the invention of claim 5, by repeatedly holding a position and settling the held position, it is possible to provide continuous trading opportunities and opportunities to make many profits. Furthermore, when the first order and the second order are repeated and only a portion of the first order and / or the second order is executed, the distinction between executed and unexecuted orders before the repetition is maintained, thereby allowing traders to appropriately operate a trading style including partial execution of all of the first order and / or the second order in a configuration in which the first order and the second order are repeatedly executed when only a portion of the first order and / or the second order is executed.

[0022] According to the invention of claim 6, by setting price ranges and repeatedly placing first orders that can only be partially executed and / or second orders that can only be partially executed in each price range, continuous trading opportunities are created in the price range, providing opportunities to earn large profits, and allowing traders to appropriately operate trading formats that include partial execution for all first orders and / or second orders in each price range in cases where only a portion of the first orders and / or second orders are executed.

[0023] According to the invention of claim 7, one or more price ranges can be set in the price range formed between a specific upper limit price and a specific lower limit price, and a first order that can be executed only in part and / or a second order that can be executed only in part can be repeatedly placed in each price range.

[0024] According to the invention as defined in claim 11, the present invention can be implemented on a variety of computers and computer systems. [Brief explanation of the drawings]

[0025] [Figure 1] 1 is a block diagram conceptually showing the configurations of a financial product transaction management system, a first financial product transaction management device, and a second financial product transaction management device in accordance with Embodiment 1 of the present invention. [Figure 2] FIG. 2 is a diagram showing field definitions of an order table stored in the second financial product transaction management device shown in FIG. 1. [Figure 3] 1 is a conceptual diagram schematically illustrating the basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. FIG. [Figure 4] 1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 5] 1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 6]1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 7] 1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 8] 1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 9] 1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 10] 1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 11] 1 is a conceptual diagram showing a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 12] 2 is a flowchart showing a processing procedure when placing an order in the financial product transaction management system shown in FIG. 1. [Figure 13] 1 is a conceptual diagram schematically illustrating a transaction display screen displayed on a display unit of a client terminal in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. FIG. [Figure 14] 10 is a conceptual diagram schematically illustrating a transaction display screen displayed on the display unit of a client terminal in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 15] 10 is a conceptual diagram schematically illustrating a transaction display screen displayed on the display unit of a client terminal in the financial product transaction management system and the first and second financial product transaction management devices. FIG. [Figure 16] 10 is a table and charts schematically showing order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. [Figure 17] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 18] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 19] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 20] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 21] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 22] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 23] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 24] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 25] 10 is a table and charts schematically showing a first modified example of order information and order placement and execution when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 26]10 is a table and chart schematically showing a second modified example of order information and order placement and execution when a transaction is conducted in the financial product transaction management system and the first and second financial product transaction management devices. [Figure 27] 10 is a table and charts schematically showing order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the second embodiment. [Figure 28] 10A and 10B are tables and charts that schematically show order information and the placement and execution of orders when transactions are conducted in the financial instruments transaction management system and the first and second financial instruments transaction management devices. [Figure 29] 10 is a table and charts that schematically show order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the third embodiment. [Figure 30] 10 is a table and charts schematically showing order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the fourth embodiment. DETAILED DESCRIPTION OF THE INVENTION

[0026] [First embodiment of the invention] A first embodiment of the present invention will be described below with reference to the drawings.

[0027] [System Configuration] 1 is a system configuration diagram and a functional block diagram of the financial instruments transaction management system of this embodiment 1. As shown in the figure, the financial instruments transaction management system 1A includes a first financial instruments transaction management device 1 as a "financial instruments transaction management device", a second financial instruments transaction management device 2 as a "financial instruments transaction management device", and n (n≧1) client terminals 31 to 3 n The first financial product transaction management device 1 and the client terminals 31 to 3 nare able to communicate with each other via the Internet 4 which serves as a WAN (Wide Area Network). Furthermore, the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 are able to communicate with each other via a dedicated line 5. However, the second financial instruments transaction management device 2 may be connected to the Internet 4, and the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may be configured to be able to communicate with each other via the Internet 4. The financial instruments transaction management system 1A of this first embodiment handles various financial instruments, such as stock price indices.

[0028] The first financial product transaction management device 1 is a server computer managed and operated by a financial product dealer that trades with a financial product exchange (described later), and has a web server function and a client terminal 31, . . . , 3 n and a function of receiving orders for financial products made using the second financial product transaction management device 2 and exchanging information with the second financial product transaction management device 2 to place the orders, and a function of transmitting information of the executed orders to the client terminals 31, . . . , 3 n It has functions such as sending the data to the server and displaying it to the customer.

[0029] Furthermore, the first financial instruments transaction management device 1 associates the first order with the second order, etc., and transmits the associated first order, second order, etc. to the second financial instruments transaction management device 2 in a state suitable for processing by the second financial instruments transaction management device 2. Furthermore, the first financial instruments transaction management device 1 records the placement, contract, information, partial contracts (described later), etc. of the first order, second order, etc. received from the second financial instruments transaction management device 2 as the state of the associated first order, second order, etc. Furthermore, the first financial instruments transaction management device 1 transmits the associated first order, second order, etc. to the client terminals 31,...,3 n The details of the "first order" and "second order" mentioned here will be explained later.

[0030] The second financial instruments transaction management device 2 is a server computer managed and operated by a financial instruments exchange (a financial instruments membership corporation or joint stock company that operates a financial instruments market with a license from the Prime Minister, as defined in Article 2, Paragraph 16 of the Financial Instruments and Exchange Act; hereinafter simply referred to as the "financial instruments exchange"), and is equipped with a web server function, a function to execute orders for financial instruments placed, a database function to store large amounts of data, etc.

[0031] Specifically, the second financial product transaction management device 2 is a device that manages the financial product transaction of the first financial product transaction management device 1 and the client terminals 31, . . . , 3. n The second financial product transaction management device 2 records and manages information on placed orders and executed orders, and also transmits the information on placed orders and executed orders to the first financial product transaction management device 1 and the client terminals 31, . . . , 3. n etc.

[0032] Note that the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may both be server computers managed and operated by a financial instruments exchange, or may both be server computers managed and operated by a dealer of financial instruments that does not transact with a financial instruments exchange. In the latter case, the dealer that manages and operates the first financial instruments transaction management device 1 and the dealer that manages and operates the second financial instruments transaction management device 2 may be the same dealer, or different dealers. Furthermore, the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may be configured not via the Internet 4, for example, configured to be located within the same LAN (Local Area Network), configured as the same computer system, etc.

[0033] Client terminal 31,...,3 n are communication terminals with data communication functions that are owned and used by individuals or corporations who buy and sell financial products, and include personal computers, tablets, smartphones, mobile phone terminals, etc. Client terminals 31, 3n are operation units 311, . . . , 31 such as a mouse and keyboard used to input various instructions. n , LCD (Liquid Crystal Display), etc., and operation units 311, . . . , 31 n Display units 321, 322, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332, 333, 334, 335, 336, 337, 338, 339, 340, 341, 342, 343, 344, 345, n However, the operation units 311, . . . , 31 n and display units 321, 32 n The display device may be configured as a touch panel or the like that is operated by the operator touching or moving a finger, a touch pen, or the like on the screen.

[0034] In addition, the client terminals 31, . . . , 3 n , operation unit 311,...,31 n , display section 321,...,32 n have the same configuration, and therefore will be referred to as the client terminal 3, the operation unit 31, and the display unit 32 hereinafter unless a distinction is required.

[0035] Although not shown in FIG. 1, the first financial product transaction management device 1, the second financial product transaction management device 2, and the client terminals 31, . . . , 3 n Each of these consists of at least one CPU (Central Processing Unit), a RAM (Random Access Memory) that functions as the CPU's work area, and a ROM (Read Only Memory) that stores boot programs and other information. The computer is equipped with a central processing unit (CPU), auxiliary storage devices such as a hard disk on which various programs and data are stored, and a communication interface used to send and receive data. The auxiliary storage devices store programs for the OS (Operating System), various application programs, data stored in databases, etc. These programs and data are processed by the CPU and work in cooperation with hardware resources to realize various functions.

[0036] The first financial product transaction management device 1 and the second financial product transaction management device 2 may be formed by one server computer or by a plurality of network computer systems.

[0037] As shown in FIG. 1, the first financial product transaction management device 1 has a data processing unit 10 as functional means realized based on the various programs and hardware resources described above.

[0038] The data processing unit 10 performs processes such as generating and processing various data used in the first financial product transaction management device 1, and further includes a front page distribution unit 11, an order input reception unit 12, a deposit / withdrawal information management unit 13, an account information management unit 14 as a "funds management means", an order information generation unit 15 as an "order information generation means", an agreement management unit 16 as an "agreement management means", a database connection base unit 17, and a database 18, all of which are functional means.

[0039] The front page distribution unit 11 creates data to be displayed on the display unit 32 of the client terminal 3 and transmits the created data to the client terminal 3.

[0040] The order input receiving unit 12 receives data relating to various orders input from the client terminal 3 and performs various processes required to execute orders for financial products.

[0041] The deposit / withdrawal information management unit 13 receives deposit / withdrawal requests from the client terminal 3 and manages a list of deposits and withdrawals based on the requests.

[0042] The account information management unit 14 has the function of managing the deposit balance information of customers (equivalent to "traders"; the same applies in this specification) as fund information (i.e., information to prove that an order can be executed). The information on deposit balances generated by the account information management unit 14 is periodically checked against information on the actual deposit balances of customers provided by financial institutions such as banks to ensure consistency with the actual deposit balances.

[0043] The order information generation unit 15 generates information about orders for financial products based on the information processed by the order input reception unit 12. The orders here include so-called market orders, limit orders, stop orders, as well as if-done orders.

[0044] The contract management unit 16 manages contracts of financial products. Specifically, the contract management unit 16 communicates with the contract information generation unit 25 (described later) and causes the contracted orders to be displayed on the display unit 32 of the client terminal 3 by the contract information generation unit 25. Specifically, the contract management unit 16 records order information of contracted orders in an order table 181 (described later) of the database 18, or performs various processes such as modifying, adding, or deleting data of the order information recorded in the order table 181, and various processes required for searching, transmitting, receiving, and retrieving recorded order information. The contract management unit 16 may also be configured to perform processes such as issuing instructions to the contract information generation unit 25 regarding the type of contract (such as whether or not to perform a partial contract (described later)) based on input by the trader via the operation unit 31 of the client terminal 3, predetermined order conditions, etc.

[0045] The database connection base unit 17 converts data generated and processed in the data processing unit 10 to data recorded in the database 18 (for example, converts between logical data structure and physical data structure), and also performs the processing necessary to exchange data between the data processing unit 10 and the database 18.

[0046] The database 18 records data used in the first financial product transaction management device 1. The database 18 in this first embodiment 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. The database 18 records an order table 181 as an "order information recording means," a customer account information table 182 as a "customer account information recording means," a financial product order condition table 183, a sequence number table 184, a contract information table 185, and a position information table 186.

[0047] The customer account information table 182 records information about the account of each customer. The financial product order conditions table 183 records order conditions for financial products for which orders are accepted. The sequence number table 184 records a sequence number that is uniquely assigned to each piece of order information (described later). The contract information table 185 records information about contracted orders. The position information table 186 records information about positions held after a first order is contracted. Details of the order table 181 will be described later.

[0048] 1, the second financial instruments transaction management device 2 has a data processing unit 20 as functional means realized based on the various programs and hardware resources described above. The data processing unit 20 performs processes such as generating and modifying various data used in the second financial instruments transaction management device 2, and also has, as functional means, a price information reception management unit 21 as a "market price information management unit," a deposit / withdrawal information generation unit 22, an account information generation unit 23, an order information management unit 24, an agreement information generation unit 25 as an "agreement information generation unit," a database connection base unit 26, and a database 27.

[0049] The price information reception management unit 21 acquires information about the prices of financial products handled by the second financial product transaction management device 2, and performs the necessary processing and management of the acquired information for use in the data processing unit 20, data processing unit 10, and client terminal 3. In this embodiment 1, the price information reception management unit 21 periodically acquires, records, and manages market price information. The deposit / withdrawal information generation unit 22 generates a list of deposits and withdrawals for each client, and supplies the deposit / withdrawal information to the deposit / withdrawal information management unit 13. The account information generation unit 23 generates deposit balance information for each client, and supplies the account information to the account information management unit 14.

[0050] The order information management unit 24 has the function of generating order information based on information regarding orders for financial products generated by the order information generation unit 15 of the first financial product transaction management device 1, creating an order table 271 in the database 27 based on the generated order information, and managing the data in the order table 271 (creating, modifying, deleting, etc. data).

[0051] The contract information generation unit 25 performs contract processing based on the order generated by the order information generation unit 15, and processing for sending information regarding the completed contract processing to the client terminal 3 of the customer. Note that "contract" here refers to various procedures and processes for completing a trade of a financial product based on a customer's order. As will be described later, when a contract is completed in this embodiment 1, the financial product is traded. As a result, the account information generation unit 23 and the account information management unit 14 convert fund information (described below) according to the trade amount, and further, the deposit / withdrawal information generation unit 22 and the deposit / withdrawal information management unit 13 enter the deposit and withdrawal status in a deposit / withdrawal list. The contract information generation unit 25 also sends information indicating that a contract has been completed and information regarding the details of the contract to the contract management unit 16, which then causes the contract management unit 16 to display, on the display unit 32 of the client terminal 3, the fact that a contract has been completed and the details of the completed contract, etc., using text information or the like. The contract information generating unit 25 also processes deposits and withdrawals from the account of the client terminal based on the buying and selling prices. Note that some or all of these components of the contract information generating unit 25 may be included in other functional means, for example, the contract management unit 16.

[0052] The database connection base unit 26 performs various processes between the data processing unit 20 and the database 27, similar to the database connection base unit 17 of the first financial product transaction management device 1.

[0053] The database 27 records data used in the second financial instruments transaction management device 2. The basic configuration of this database 27 is the same as that of the database 18 of the first financial instruments transaction management device 1. The database 27 also records an order table 271 as an "order information recording means", a client account information table 272 as a "customer account information recording means", a financial instruments order conditions table 273, a sequence number table 274, a contract information table 275, and a position information table 276. The order table 271 has the same configuration as the order table 181, the client account information table 272 has the same configuration as the customer account information table 182, the financial instruments order conditions table 273 has the same configuration as the financial instruments order conditions table 183, the sequence number table 274 has the same configuration as the sequence number table 184, the contract information table 275 has the same configuration as the contract information table 185, and the position information table 276 has the same configuration as the position information table 186.

[0054] Although not shown, the second financial product transaction management device 2 has a timer that acquires and manages date and time information, and a deadline management means that manages the order deadlines for first-priority order information, first sell stop order information, and second sell stop order information (all of which will be described later) based on the date and time information acquired from the timer.

[0055] The data processing unit 10, front page distribution unit 11, order input reception unit (order input reception means) 12, deposit / withdrawal information management unit 13, account information management unit 14, order information generation unit 15, contract management unit 16, database connection base unit 17, and database 18 in the first financial instrument transaction management device 1, and the data processing unit 20, price information reception management unit 21, deposit / withdrawal information generation unit 22, account information generation unit 23, order information management unit 24, contract information generation unit 25, database connection base unit 26, and database 27 in the second financial instrument transaction management device 2 may be configured in any form. For example, when the first financial instrument transaction management device 1 and the second financial instrument transaction management device 2 are configured as a network computer system consisting of multiple server computers, each component may be distributed across the multiple server computers. Furthermore, these server computers may be distributed across computer systems owned by multiple traders or server administrators (for example, computer systems owned or managed by a financial securities exchange, another financial instruments transaction management business, an internet provider, a hosting system provider, etc.) The server computers constituting the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may be formed as a so-called cloud computer system. Furthermore, at least some of the components of the data processing unit 10, front page distribution unit 11, order input reception unit 12, deposit / withdrawal information management unit 13, account information management unit 14, order information generation unit 15, contract management unit 16, database connection base unit 17, database 18, and the data processing unit 20, price information reception management unit 21, deposit / withdrawal information generation unit 22, account information generation unit 23, order information management unit 24, contract information generation unit 25, database connection base unit 26, and database 27 may be provided in the client terminal 3 that constitutes the financial instruments transaction management system 1A, rather than in the first financial instruments transaction management device 1 or the second financial instruments transaction management device 2, or may be configured as a program that causes a computer to function as these functional means.

[0056] 2 is a schematic diagram of field definitions of the order table 181 in the first financial product transaction management device 1. As shown in the diagram, the order table 181 has fields for the number of items, and defines the field name (field name), data type (type) such as character, numeric value, date and time, data length (length) such as bit length, whether to not leave the field blank (Not Null), whether there is a default value (default value), data item name (remarks), etc.

[0057] In the above-mentioned first financial product transaction management device 1 and second financial product transaction management device 2, various transactions for the same type of financial product can be realized by one order or multiple orders.

[0058] [Order Processing in the First Financial Instruments Transaction Management Device and the Second Financial Instruments Transaction Management Device] An outline of order processing by the first financial product transaction management device 1 and the second financial product transaction management device 2 of this first embodiment will be described based on FIG.

[0059] The first financial instruments transaction management device 1 records sell orders and buy orders as first orders and second orders for each customer in an order table 181 based on the orders for financial instruments received from the customer's client terminal 3, and performs various processes (for example, accepting orders and generating orders (generating order information for placing an order and processing of placing an order with the second financial instruments transaction management device 2; the same applies throughout this specification)). The first financial instruments transaction management device 1 records information from a customer account information table 182, a financial instruments order condition table 183, a sequence number table 184, a contract information table 185, a position information table 186, etc. as attribute information in the information of the first order and second order recorded in the order table 181.

[0060] On the other hand, the second financial instruments transaction management device 2 manages information on buy orders and sell orders placed by customers and the first financial instruments transaction management device 1 (for example, recording order information in the order table 271, and performing various processes required for financial instrument transactions, such as processing the buy orders and sell orders (for example, processing to change the order status such as "not ordered," "ordered," "contracted," etc. depending on the transaction situation, and processing to record such changes); hereinafter simply referred to as "management"). The second financial instruments transaction management device 2 records information from the client account information table 272, financial instruments order condition table 273, sequence number table 274, contract information table 275, position information table 276, etc., as attribute information in the buy order and sell order information recorded in the order table 181.

[0061] In this first embodiment, the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2, which have such functions, work together to process orders for financial instruments. That is, as shown in Fig. 3, for example, an order for a financial instrument placed by a customer from a client terminal 3 is supplied to the first financial instruments transaction management device 1, which records information about the customer's order in an order table 181 and also generates an order and supplies it to the second financial instruments transaction management device 2. The second financial instruments transaction management device 2 manages the orders generated by the first financial instruments transaction management device 1. When an order for a financial instrument is placed or a contract is made in the second financial instruments transaction management device 2, information about the order and contract is supplied to the first financial instruments transaction management device 1, recorded in the first financial instruments transaction management device 1, and also transmitted to the customer's client terminal 3.

[0062] When an order is repeatedly placed (for example, when a first order (e.g., an order to buy a financial product) and a second order (e.g., an order to sell a financial product) are repeated), the first financial product transaction management device 1 generates information for this repetition and transmits it to the financial product transaction management device 2.

[0063] Note that the timing of generating an order in the first financial instruments transaction management device 1 and transmitting the generated order to the second financial instruments transaction management device 2 may be arbitrary. For example, when a transaction is conducted using a first order (e.g., a buy order) and a second order (e.g., a sell order) for a financial instrument, the first financial instruments transaction management device 1 may first transmit information to the second financial instruments transaction management device 2 indicating that a buy order will be placed, and the second financial instruments transaction management device 2 may transmit information indicating that the buy order is executed when the buy order is executed to the first financial instruments transaction management device 1, and then the first financial instruments transaction management device may transmit information to the second financial instruments transaction management device 2 indicating that a sell order will be placed, and the second financial instruments transaction management device 2 may transmit information indicating that the sell order is executed when the sell order is executed to the first financial instruments transaction management device 1. Alternatively, the first financial instruments transaction management device 1 may transmit information about the second order to the second financial instruments transaction management device 2 before obtaining information about the execution of the first order.

[0064] In this way, the first financial product transaction management device 1 and the second financial product transaction management device 2 work together to process buy orders and sell orders as first orders and second orders, and also process them by repeating the first orders and second orders.

[0065] In this first embodiment, the orders generated by the first financial instrument transaction management device 1 may be the same as or different from the orders managed by the second financial instrument transaction management device 2. Specifically, for example, the orders recorded in the order table 181 and the order table 271, the data recorded in the customer account information table 182 and the data recorded in the client account information table 272, the data recorded in the financial instrument order condition table 183 and the data recorded in the financial instrument order condition table 273, the data recorded in the sequence number table 184 and the data recorded in the sequence number table 274, the data recorded in the position information table 186 and the data recorded in the position information table 276, and the data recorded in the contract information table 185 and the data recorded in the contract information table 275 may be the same as or different from each other.

[0066] [Basic operation of partial execution] 3 to 11 are conceptual diagrams that schematically show the principles of partial contract processing in the financial product transaction management system 1A of this embodiment 1. Partial contracts of financial products in this embodiment 1 are processed based on these figures and the following [Basic Operation 1] to [Basic Operation 7] that explain these figures. In Figs. 3 to 11, a solid circle in chart 110 indicates an "executed" order, i.e., an executed order, a dashed circle indicates a "partially executed" order, i.e., a partially executed order, a dotted circle with black text indicates an "on order" order, i.e., an order that has been placed but not yet executed, and a dotted circle with white text indicates a "waiting" order, i.e., an order that has not yet been placed or an order that is scheduled to be placed repeatedly.

[0067] Note that the processing based on [Basic Operation 1] to [Basic Operation 7] is mainly used for processing in the second financial instrument transaction management device 2, but may also be used for processing in the first financial instrument transaction management device 1, or may be used in both the first financial instrument transaction management device 1 and the second financial instrument transaction management device 2.

[0068] [Basic Operation 1: Price Priority, Time Priority Principle] When there are multiple orders for the same type of financial product at multiple prices, they will be processed in accordance with the following (Principle 1) and (Principle 2). (Principle 1) When the same financial product has multiple quote prices (prices at which the buyer or seller wishes to buy or sell), sell orders will be executed in order of the highest quote price, and buy orders will be executed in order of the lowest quote price (price priority principle). (Principle 2) When there are multiple buy or sell orders for the same financial product at the same quote price, the orders will be executed in the order in which they were placed (time priority principle).

[0069] [Basic operation 2: Varying the number of successful matches based on supply and demand] For example, consider the case where buy and sell orders are placed at multiple prices for a specific financial product (e.g., stocks) as shown in Figure 3. Suppose the offered rates 101 at this time are 19,402 for sell orders and 19,403 for buy orders.

[0070] Here, if there are 80 orders 102 to sell at a price above 19,401 for this offered rate 101, 18 buy orders 103 at the quote price of 19,402 (i.e., the quote quantity is 18), and 37 buy orders 104 at the quote price of 19,401, based on the above-mentioned price priority principle, first, the 18 buy orders 103 at the quote price of 19,402 are executed, and then the 37 buy orders 104 at the quote price of 19,401 are executed.

[0071] Next, suppose that sell order 105 is priced at 19,400 and the quantity of sell order 105 is 10 lots. Meanwhile, suppose that there are 21 buy orders 106 with a quote price of 19,400. As shown in FIG. 4, these 21 buy orders 106 are broken down into four buy orders 107 from another trader (different from the specific trader), ten buy orders 108 from the specific trader, and seven buy orders 109 from other traders, and that they were placed at different times in the order of buy orders 107, buy orders 108, and buy orders 109. In this case, based on the principle of time priority, all four buy orders 107 and six buy orders 108a of buy orders 108 are executed, as shown in FIG. 4.

[0072] As a result, as shown in Figure 5, the specific trader's buy order 108 for 10 lots is split into a buy order 108a for 6 lots (contracted in Figure 4) and a buy order 108b for 4 lots (uncontracted in Figure 4). In this way, a partial contract occurs when only a portion of an ordered order is contracted.

[0073] [Basic Operation 3: Order Splitting and the Timing of Splitting] In this first embodiment, a partial contract causes an order to split at a predetermined timing.

[0074] Here, the "splitting" of an order refers to, for example, at least one of the following states (State 1) to (State 3).

[0075] (State 1) This refers to a situation where a specific order is partially executed, resulting in the specific order being divided into executed orders and unexecuted orders. For example, this corresponds to a situation where a portion of the first order 111 shown in Figure 6 (for example, 6 out of 10 lots) is executed, resulting in the order being split into a first order 111a of 6 lots that has been executed and a first order 111b of 4 lots that has not been executed, as shown in Figure 8.

[0076] (State 2) This refers to a situation where, as a result of a part of a specific order being executed, another specific order corresponding to that specific order is split into an ordered order and an unordered order. For example, this corresponds to a situation where a portion (e.g., 6 out of 10 lots) of the first order 111 shown in Figure 6 is executed, and as a result, the second order 112 that settles the position held by the execution of this first order 111 is split into an already placed second order 112a of 6 lots and an unplaced second order 112b of 4 lots, as shown in Figure 8.

[0077] (State 3) This refers to the situation when a specific order is partially executed and then part or all of that specific order is repeatedly placed, resulting in the unexecuted original order and the newly placed order coexisting. For example, after a portion (e.g., six out of ten lots) of first order 111 for 19,400 yen shown in FIG. 10 is executed, second order 112a for six lots that settles the position held by the execution of first order 111 is executed, and then, as shown in FIG. 11, first order 111a for six lots for 19,400 yen, which corresponds to the portion of first order 111 that has already been executed (six out of ten lots), is placed again, and the remaining portion of first order 111 (four out of ten lots) that has not been executed and the newly placed first order 111a coexist.

[0078] In the above (State 1) to (State 3), the split orders shown in Figures 8 and 11 indicate a state in which a single order before the split has split into two orders (for example, first order 111 shown in Figure 6 has split into first orders 111a and 111b shown in Figure 8), but this is not limited to this and the order may split into three or more orders after the split. Also, in the above (State 1) to (State 3), the split states shown in Figures 8 and 11 indicate a state in which all of the split orders have the same price as before the split (for example, first orders 111a and 111b in Figure 8 are priced at 19,400 yen, the same as first order 111 in Figure 6), but this is not limited to this and at least one of the split orders may have a different price than before the split. Also, any state that generates a state similar to the above (State 1) to (State 3) may constitute a "split."

[0079] In addition, in this first embodiment, an order split occurs at at least one of the following (Timing 1) to (Timing 4).

[0080] (Timing 1) A split of a particular order occurs at the same time that a portion of that particular order is executed. For example, in the above (state 1), this corresponds to the case where the first order 111 (FIG. 6) is divided into first order 111a and first order 111b (FIG. 8) and a part of the first order 111 is executed.

[0081] (Timing 2) When a part of a specific order is executed, another specific order corresponding to that specific order splits off. For example, in the above (state 2), this corresponds to the case where the second order 112 (FIG. 6) is divided into second orders 112a and 112b (FIG. 8) and a part of the first order 111 is executed. Also, for example, in a configuration in which first order 111 and second order 112 are repeatedly placed (see Figure 8), if a portion of second order 112 (for example, 6 out of 10 units) is executed, and as a result the first order 111 that is repeatedly placed based on that execution is divided into first order 111a of 6 units that has been placed and first order 111b of 4 units that has not yet been placed (waiting) (see Figure 8), this corresponds to the time when a portion of second order 112 is executed. Also, for example, in a configuration in which first order 111 and second order 112 are repeatedly placed (see Figure 8), if a portion of second order 112 (for example, 6 out of 10 lots) is executed and the repeatedly placed first order 111a of 6 lots is executed, the partially executed second order 112 is divided into second order 112a of 6 lots that has been executed and second order 112b of 4 lots that has not been executed (see Figure 8), this would be the case when first order 111a is executed.

[0082] (Timing 3) A split occurs when a particular order is partially executed and then part or all of that particular order is repeatedly placed, resulting in a situation where the unexecuted original order and the newly placed order coexist. For example, in the above (State 3), a state is formed in which some of the remaining unfilled first orders 111 coexist with the newly placed first order 111a, which occurs when the second order 112a is filled or when the first order 111a is placed. In addition, for example, when a portion of the second order 112 (for example, 6 out of 10 lots) is executed, and the repeatedly placed first order 111 is divided into an already placed first order 111a of 6 lots and an unordered (waiting) first order 111b of 4 lots (see Figure 8), and as a result of the already placed first order 111a being executed, the remaining unexecuted second order 112 (4 out of 10 lots) and the newly placed second order 112a of 6 lots (see Figure 8) coexist, this would be the case when second order 112a is placed.

[0083] (Timing 4) A split occurs when a particular order splits into a filled order and an unfilled order at a predetermined time after a portion of the particular order is filled. For example, as shown in Figure 10, this applies when, after a portion of first order 111 (e.g., 6 out of 10 lots) has been executed, this first order 111 splits into executed first order 111a and unexecuted first order 111b (see Figure 8) at a specific time (e.g., while trading of the financial product is suspended).

[0084] The timing of division is not limited to the above (Timing 1) to (Timing 4), and any time point in a state similar to these may be the timing of division.

[0085] The following [Basic Action 4] to [Basic Action 7] are based on the split state and timing shown in [Basic Action 3].

[0086] [Basic Operation 4: Partial Execution Pattern 1] For example, as shown in chart 110 of FIG. 6, consider a case where there is a first order 111 for a total of 10 lots and a second order 112 for a total of 10 lots, and the first order price 113, which is the execution price of first order 111, is 19,400 yen, and the second order price 114, which is the execution price of the second order, is 19,500 yen. If, due to a fluctuation in market price 115 of the financial product, based on [Basic Operation 2] or the like, for example, only six of the ten lots of first order 111 are executed, as shown in FIG. 7, the ten lots of first order will be split into executed first order 111a for six lots and unexecuted first order 111b for four lots. Note that if the market price does not match the second order price but matches the first order price again, the unexecuted first order 111b will be executed if the execution conditions are met. In this case, however, the first order 111a and the first order 111b are not combined again, and thereafter the first order 111a and the first order 111b are treated as independent orders.

[0087] [Basic Operation 5: Partial Execution Pattern 2] For example, when first order 111 is partially executed as in "Basic Operation 4" and becomes first order 111a and first order 111b, second order 112 (which was scheduled to be placed as a result of the execution of first order 111 through an if-done order as shown in Figure 6) also splits into second order 112a for six lots and second order 112b for four lots, as shown in Figure 7. Of these, second order 112a for six lots has been placed in response to the execution of first order 111a, and second order 112b for four lots has not yet been placed.

[0088] If the market price reverses in this state (that is, for example, the market price changes from falling to rising in FIG. 8) and the market price matches the second order price, the second order 112a for six lots will be executed.

[0089] Here, in the case where the first order and the second order are repeated multiple times (described in detail later), as shown in FIG. 8, when the second order 112a for six lots is executed, the first order 111a is re-ordered. However, if there are four unexecuted first orders 111b remaining, the re-ordered first order 111a and the remaining first order 111b will coexist, as shown in FIG. 8.

[0090] [Basic Operation 6: Partial Execution Pattern 3] Note that partial execution occurs not only for the first order but also for the second order.

[0091] This partial execution of the second order may occur in the second order after the first order is partially executed. Specifically, as shown in Figure 8, for example, if a first order 111 for a total of 10 lots and a second order 112 for a total of 10 lots (see Figure 6) are split into a first order 111a for six executed lots and a first order 111b for four unexecuted lots, and then, when the market price reverses and the market price matches the second order price, if an event such as the "Basic Operation 2" described above occurs in the second order, resulting in only four lots being executed, then, as shown in Figure 9, only four of the six second order 112a are executed. As a result, the placed six second order 112a is split into a second order 112aa for four executed lots and a second order 112ab for two unexecuted lots, and the unexecuted second order 112b also coexists.

[0092] Here, in the case where the first order and the second order are repeated multiple times (described in detail later), when the second order 112aa for four lots is executed, the first order 111a for six lots is also split, and four first orders 111aa are placed, but the unexecuted second order 112ab for two lots remains as is, as shown in Figure 9. Also, the two first orders 111ab that were split from the first order 111a will be placed when the two second orders 112ab are executed.

[0093] [Basic Operation 7: Partial Execution Pattern 4] In addition to the cases shown in [Basic Operation 6] above, there are also cases where a partial execution of a second order occurs. As a result of a partial execution of a first order, the first order does not split, but a second order that settles the position held by the first order due to the execution of the first order splits.

[0094] Specifically, as shown in Figure 10, consider the case where six of a total of ten first orders 111 are executed. At this time, the executed first order 111 does not split, but continues in a state where some (six) are executed and some (four) are not executed. Meanwhile, due to an if-done order, the second order 112 (see Figure 6), which was scheduled to be placed as a result of the execution of first order 111, splits into second order 112a for six units and second order 112b for four units, as shown in Figure 10, based on the partial execution and partial unexecution of first order 111. Of these, second order 112a for six units has been placed in response to the partial execution of six units of first order 111, and second order 112b for four units has not been placed in response to the partial unexecution of four units of first order 111.

[0095] In this state, if the market price reverses (i.e., for example, the market price changes from falling to rising in FIG. 10) and the market price matches the second order price, the placed second order 112a for six lots will be executed, as shown in FIG. 11.

[0096] Here, in the case where the first order and the second order are repeated multiple times (described in detail below), the partially executed first order 111 splits for the first time when the second order 112a for six lots is executed and the if-done order is settled. As a result, as shown in FIG. 11 , the first order 111, which is partially executed (six lots) and partially unexecuted (four lots), splits and a new executed first order 111a for six lots is placed. At this time, the newly placed first order 111a for six lots and the first order 111 (four lots remaining unexecuted) coexist. Note that if the remaining first order 111 (four lots out of ten lots) after the repetition is executed and the first order is repeated again, a first order for four lots (not shown in FIG. 11 ) is placed in place of the first order 111 with four unexecuted lots out of ten lots remaining.

[0097] 10 and 11, partial execution has been described only for the first order 111 whose first order price 113 is 19,400 yen and the second orders 112a and 112b whose second order execution price is 19,500 yen and whose second order price 114 is 19,500 yen. However, similar partial executions can also be generated or processed for other first order prices of 19,400 yen or other second order prices of 19,500 yen.

[0098] The processing procedure of this embodiment 1 described below is performed based on the above [Basic Operation 1] to [Basic Operation 7]. It is not necessary that all of [Basic Operation 1] to [Basic Operation 7] are always used in the processing of this embodiment 1, and any of the basic operations may be replaced with a different basic operation. For example, the principles of price priority and time priority in [Basic Operation 1] may be configured to use only one of them, or if partial execution is performed in [Basic Operation 4] to [Basic Operation 7], in subsequent processing, the orders that were once separated by the partial execution may be recombined.

[0099] [Processing procedure (generating order information)] Next, the processing procedure for generating order information in the financial product transaction management system 1A of this first embodiment will be described with reference to FIGS.

[0100] Here, generating order information refers to forming data for placing and executing orders for financial products in the financial product transaction management system 1A of this embodiment 1. Then, as will be described later, in this embodiment 1, orders are placed and executed based on this order information.

[0101] 12 is a flowchart showing the processing steps when a buy order (new buy order) at the "first price" and a sell order (new sell order) at the "second price" are accepted in the first financial product transaction management device 1 of this embodiment 1. The processing steps at the time of acceptance will be explained below with reference to this figure.

[0102] A customer using the financial product transaction management system 1A accesses the first financial product transaction management device 1 using a client terminal 3. The front page distribution unit 11 of the first financial product transaction management device 1 displays a transaction display screen 50 shown in FIG. 13 on the display unit 32 of the accessed client terminal 3, and when the order screen display button 51 on the transaction display screen 50 is clicked, an order input screen 52 pops up and is displayed on the transaction display screen 50, as shown in FIG. 131. The customer inputs the order details into this order input screen 52 (step S1).

[0103] 13, in this order input screen 52, in a configuration in which a first order and a second order are repeated, the customer selects "BUY" in buy / sell selection field 53, which selects whether the first order is a buy order or a sell order, indicating that the first order is a buy order ("SELL" is selected to select a sell order for the first order). In addition, the customer selects the order type in order type input field 54 (here, a "trap repeat if done order," which repeats multiple first orders and multiple second orders, respectively, multiple times).

[0104] 13, the customer selects "Nikkei 225" in product selection field 55 for selecting the type of financial product, indicating that trading will be based on the Nikkei 225 (Nikkei Stock Average). The customer also enters "1" as the order quantity in order quantity input field 56 (for example, 100 times the stock price index is considered as one lot), enters "limit price" in execution condition input field 57 for selecting the execution condition (as what order the first order and / or second order should be executed, such as a market order or a limit order), and enters "19200" in start price input field 58 for entering the desired execution price for the first order. Furthermore, "10000" is entered in the profit amount input field 59 as information for calculating the desired contract price of the second order (the order information generation unit 15, which will be described later, divides the "10000" yen entered in the profit amount input field 59 by 1 (×100) entered in the order quantity input field 56, i.e., 10000 ÷ 100 = 100 (yen), and adds this to the "19200" yen entered in the start price input field 58, resulting in "19300" yen, which is the contract price of the second order). In this first embodiment, instead of the profit amount input field 59, a configuration for inputting a desired contract price for the second order may be provided. Alternatively, any configuration for calculating and setting a "profit margin" resulting from the contract between the first order and the second order, or for calculating and setting a "price spread" between first orders or between second orders may be provided. Specifically, for example, a configuration may be provided in which conditions such as the type of selected financial product, the current market price of the financial product, the fluctuation state of the financial product over a predetermined period in the past and a forecast of future fluctuations (fluctuation range, upward or downward trend, etc.), the trading period, the trading amount, the margin balance, etc. are converted into predetermined numerical values ​​to calculate the price spread between the first orders or between the second orders, the profit margin between the first order and the second order, the number of first orders or the second order, the set price range, etc.

[0105] Furthermore, if the client wishes to set a stop loss price, the client inputs the desired stop loss price in the stop loss price input field 60 (no stop loss price is input in FIG. 13). The information to be input in the trap price range input field 61 shown in the same figure will be explained in [Embodiment 2 of the Invention].

[0106] When the confirmation button 62 is clicked in this state, the data entered and selected on the order input screen 52 is supplied to the first financial product transaction management device 1. The order input acceptance unit 12 of the first financial product transaction management device 1 confirms the contents of the entered orders. Furthermore, the order input acceptance unit 12 inspects the prices of each order (step S2).

[0107] Specifically, for example, the order input acceptance unit 12 confirms, based on a predetermined calculation, whether a profit will be obtained if a transaction is made for the selected financial instrument based on the prices entered in the start price input field 58 and the profit amount input field 59. Alternatively, for example, the order input acceptance unit 12 may be configured to compare the current market price of the selected financial instrument with the reference price for the order entered through the order input screen 52, and confirm whether this reference price is lower (or higher) than the prevailing price at the time the Confirm button 62 or the Order button 66 is clicked. Alternatively, for example, if the first order is a buy order, the order input acceptance unit 12 may be configured to confirm whether the desired execution price of the first order is lower than the prevailing price at the time the Confirm button 62 or the Order button 66 is clicked, or to confirm whether the desired execution price of the second order is higher than the prevailing execution price of the first order.

[0108] If the confirmation in step S2 shows that the input price is appropriate (for example, if the order input acceptance unit 12 is set such that a price is appropriate only if a profit can be made by conducting a transaction based on that input price, and this setting is met), the order input acceptance unit 12 determines that the input price is appropriate.

[0109] If the price of the buy order is determined to be a fair price ("No" in step S3), the account information management unit 14 obtains the fund information of the customer in the customer account information table 182.

[0110] The order input receiving unit 12 compares the acquired fund information with the total order amount of the customer, and checks whether the amount of fund is equal to or exceeds the order allowance amount.

[0111] Here, the "allowable order amount" refers to the amount of money required for an order (the same applies throughout this specification).

[0112] The order information generation unit 15 generates "order information" and an "order information group" including the "order information" described below only when the amount of funds is equal to or greater than the order allowance amount ("No" in step S5). This allows the order to be accepted only when the customer is sure that they can make the payment.

[0113] If the amount of funds is greater than or equal to the order allowance ("No" in step S5), the order input receiving unit 12 checks whether the order conditions satisfy various order conditions other than those described above, based on the data recorded in the financial product order conditions table 183 (step S6).

[0114] If the various conditions of the order are not met ("Yes" in step S7), the order input receiving unit 12 treats the input order as an error and rejects the order (step S10).

[0115] If the various conditions for the order are met ("No" in step S7), and it is determined that the order conditions meet all of the conditions necessary for the order described above, the front page distribution unit 11 causes a confirmation screen 65 shown in Fig. 14 to pop up on the display unit 32 of the client terminal 3. This confirmation screen 65 displays the contents of the order generated based on the numerical values ​​entered on the order input screen 52, the selected conditions, etc.

[0116] In this state, when the customer clicks the order button 66, the order information generation unit 15 generates order information based on the information entered into the order input screen 52 in step S1 and transmitted from the client terminal 3 to the first financial product transaction management device 1 (step S8, order information generation procedure).

[0117] Specifically, the multiple pieces of data input in the above procedure are grouped in units of order prices, and each piece of order information is formed by assigning a sequence number to the order recorded in sequence number table 184 for each unit of information. At this time, information for distinguishing the sequence number used in the order information from unused numbers is added to sequence number table 184. The multiple pieces of order information generated in one procedure of step S8 form an order information group (hereinafter simply referred to as an "order information group") consisting of order information for ordering the same type of financial product at a first order price (described below) and order information for ordering at a second order price (described below). The generated order information and orders based on the order information are displayed on the display unit 32 of the client terminal 3 by the order information generation unit 15 and the contract management unit 16.

[0118] The order information generation unit 15 transmits the information of the generated order information group to the second financial product transaction management device 2, and the order information management unit 24 of the second financial product transaction management device 2 records the received order information in the order table 181 (step S9). The order information is recorded in the order table 181 based on the definition of each field shown in FIG. 2.

[0119] For example, the "ord_seq" field 181b in the order table 181 defines the sequence number assigned in step S8 (see "Notes" 181a in the order table 181; the same applies below). The "cust_seq" field 181c defines the customer number uniquely assigned to each customer, and the "style_id" field 181d defines the product name. The "com_id" field 181e defines the ID number uniquely assigned to each financial product. The combination of this ID number and financial product is recorded in a separate ID table (not shown) in the database. The "ord_amnt" field 181f defines the order quantity entered in the order quantity input field 56 (or the quantity of a stock index or other item determined based on that quantity). The "buy_sell_id" field 181g defines whether the order is a sell order or a buy order selected in the order type input field 54, the "ord_rate" field 181h defines the order price, and the "limit_time" field 181i defines the order deadline. The "ord_cond" field 181j defines the order type selected in the buy / sell selection field 53. The "trail_range" field 181k defines the trail range (see [Fourth embodiment of the invention]), and the "through_range" field 181m defines the through price range (see [Fourth embodiment of the invention], here set as a uniform price in advance). The "new_close" field 181n defines whether the order is a new order or a settlement order. Although not shown in FIG. 2, the order table 181 also has fields for defining other data entered on the order entry screen 52. All data entered on the order entry screen 52 is recorded in the order table 181 using these fields. The order acceptance process in this first embodiment is completed through the above steps.

[0120] If at least one of the buy order price and the sell order price is determined to be an inappropriate price in step S3 ("Yes" in step S3), or if the amount of funds is less than the total order amount in step S5 ("Yes" in step S5), the order input acceptance unit 12 treats the input order as an error and rejects the order (step S10). In this case, order information (described below) is not generated, and text information or the like indicating that the order has been rejected is displayed on the display unit 32 of the client terminal 3.

[0121] The information entered on the order input screen 52 may be transmitted to the first financial instrument transaction management device 1 when the confirmation button 62 is clicked as described above, or when the order button 66 is clicked. Furthermore, the information transmitted to the order information generation unit 15 may be any information other than the information entered in the input and selection fields 54 to 61, as long as it is information that can be used to generate the first order information and second order information (described later) through various calculations. Specifically, the information may include, for example, the period during which the order is placed, the amount of profit desired to be earned within the period, the amount of funds to be used for the transaction, etc.

[0122] Furthermore, the order information shown in step S8 may be generated such that all order information (or a group of order information) is generated at once when the confirmation button 62 or the order button 66 is clicked, or may be generated when the first order or the second order is placed, or may be generated each time the first order or the second order is repeatedly placed, or may be generated when the first order price (described later) or the second order price (described later) is changed, or may be generated at any other timing.

[0123] The order of steps S1 to S10 is not limited to that shown in Fig. 12 and may be any order. Furthermore, the timing at which the confirmation button 62 or the order button 66 is clicked and the timing at which the processes of steps S1 to S10 are performed may be any timing, and for example, the order information generation unit 15 may be configured to perform the processes of steps S1 to S10 after the confirmation button 62 or the order button 66 is clicked.

[0124] Furthermore, at least a part of the processing of steps S1 to S10 may also be performed in the second financial instruments transaction management device 2. For example, a configuration may be adopted in which, in step S9, the order information generation unit 15 transmits the generated order information to the second financial instruments transaction management device 2, and the order information management unit 24 of the second financial instruments transaction management device 2 records this order information in the order table 271. Also, for example, a configuration may be adopted in which the processing of steps S1 to S10 is performed in the second financial instruments transaction management device 2 based on data in the client account information table 272, financial instruments order condition table 273, sequence number table 274, etc. of the second financial instruments transaction management device 2, and the order information is recorded in the order table 271.

[0125] [Order information and order information group configuration] 15 is a diagram schematically illustrating a transaction display screen 50 after order information generation, which is displayed on the display unit 32 of the client terminal 3 in this embodiment 1. This transaction display screen 50 displays order information (first order information and second order information) and order information groups processed by the order information generation unit 15 and the contract management unit 16 (contract management procedure).

[0126] Note that similar order information and order information groups will also be managed in the second financial product transaction management device 2, but for simplicity of explanation, the description of the order information and order information groups on the second financial product transaction management device 2 side will be omitted here.

[0127] 15 (and also FIGS. 16 to 25), the order information group 71A according to this embodiment 1 is made up of first order information 72a constituting a first order (a new order, i.e., an order that will hold a position when executed), and second order information 72b constituting a second order (a settlement order, i.e., an order that is placed when the first order is executed and that will close the position that was held when the first order was executed when executed). Note that the order information group 71A may further include other order information (for example, stop-loss order information constituting a stop-loss order, etc.).

[0128] Note that the order information group 71A shown in Figure 15 and the order information group 71A shown in Figures 16 to 25 differ in the content of the order information that constitutes them (for example, order number 181A, order acceptance date and time information 181B, and specified price information 181J), but for simplicity of explanation, they will be described below as being the same unless there is a particular need to distinguish between them.

[0129] As shown in FIG. 15, both the first order information 72a and the second order information 72b include an order number 181A that functions as an ID consisting of a 16-digit order number body and an 8-digit subnumber, order acceptance date and time information 181B that indicates the date and time the order information was generated, product information 181C that indicates the type of financial product (here, "Nikkei 225" is displayed, indicating that the Nikkei 225 (Nikkei Stock Average) will be traded), and order status information 181D that indicates the status of each order: on order (a state in which an order has been placed but is not yet executed), waiting (a state in which an order has not yet been placed), or executed (a state in which an order has been executed). Some of the above states may not be displayed, or states other than these three states may be displayed.), order type information 181E indicating the order type (the order type, in this case, a state in which multiple first orders and multiple second orders are placed at multiple prices, and the word "Toraripi" is displayed indicating that it is a "Trap Repeat If Done" in which each first order and each second order are repeated), buying / selling information 181F indicating whether each order is a buy order or a sell order, and whether each order is a new order, a settlement order (or a stop loss order) settlement classification information 181G indicating whether each order is a "limit order," "market order," "stop-loss order," or the like; execution condition information 181H indicating whether each order is a "limit order," "market order," "stop-loss order," or the like; designated price information 181J as the desired settlement price for each order (the price at which the customer wishes to execute the order); order quantity information 181K (shown in FIG. 16, etc.) indicating the quantity of each order (here, 10 lots for each); execution quantity information 181L (shown in FIG. 16, etc.) indicating the quantity of executed (i.e., executed) orders; expiration date of each order (here, "GT 15, etc.), expiration date information 181M (shown in FIG. 16, etc.) indicating the number of times the first order and the second order are repeated (here, information of "unlimited" indicating an unlimited number of repetitions), slippage information 181P (shown only in FIG. 15, but the value is not shown) as the allowable amount of slippage that occurs at the time of execution, etc., trail information 181Q (shown only in FIG. 15, but the value is not shown) as whether a trail is set and the numerical value of the trail width if a trail is set, etc.

[0130] Note that, if the first order or the second order splits due to a partial contract, which will be described later, the quantities of the first order or the second order constituting one order information group 71A may increase, or one order information group 71A may split into multiple order information groups 71A, 71A, etc. In this way, when an order information group 71A splits, the amount of order quantity information 181K of the order information constituting each order information group 71A will decrease.

[0131] Furthermore, both first order information 72a and second order information 72b may not include any of information 181A to 181L, or may include other information. Furthermore, in a configuration in which stop order information (not shown) is provided for each order information group 71A, or in a configuration in which one stop order information (not shown) is provided for multiple (for example, all) order information groups 71A, stop order information (not shown) may be included in addition to information 181A to 181P.

[0132] Here, one first order is placed and executed, and one second order is placed and executed, based on the first order information 72a and the second order information 72b that constitute one order information group 71A. Specifically, one first order (new order) is placed and executed based on one first order information 72a to hold a position in a financial product, one second order (settlement order) is placed based on the execution of the first order, and the held position is settled by the execution of the second order (settlement order). Therefore, if first orders and second orders are repeatedly placed, multiple order information groups 71A, 71A, 71A... are required.

[0133] In the first embodiment, when the first order and the second order are repeated by the order information group 71A, a new order information group 71A is generated at the time of the repetition (for example, when the second order is executed based on the second order information 72b). However, a configuration may also be adopted in which, when the confirmation button 62 or the order button 66 is clicked, a plurality of order information groups 71A, 71A, 71A... for repeating the first order and the second order are generated all at once.

[0134] In addition, the display unit 32 of the client terminal 3 used by the customer may display a table 73 and a chart 74 of the order information group 71A, first order information 72a, and second order information 72b as shown in FIG. 16 etc., through the processing of the order information generation unit 15 and the execution management unit 16, so that the customer can easily grasp the generated order information, the status of order placement, execution, and splitting, and the trading status based on the order, etc.

[0135] [Processing procedure (when there is no partial contract)] 16 to 25 show a table 73 showing the state of order information based on the processing in the financial product transaction management system 1A of this embodiment 1, and a chart 74 showing market fluctuations and the state of order placement and execution. Below, with reference to these figures, we will explain the trading state based on the processing of this embodiment 1.

[0136] Note that table 73 shown in Figures 16 to 25 is information constituting the order information or order information group corresponding to this transaction, which is displayed in part of the transaction display screen 50 shown in Figure 13 when the transaction shown in chart 74 is being carried out.

[0137] Also, in Figures 16 to 25, a solid circle in chart 74 indicates an "executed" order, i.e., an order that has been executed, a dashed circle indicates a "partially executed" order, i.e., an order that has been partially executed, a dotted circle with black text indicates an "on order" order, i.e., an order that has been placed but not yet executed, and a dotted circle with white text indicates an "on hold" order, i.e., an order that has not yet been placed or an order that is scheduled to be placed repeatedly (note that charts 74 in Figures 26 to 29, which will be described later, show the same state).

[0138] In the following description, the generation of order information related to the placing of an order is performed by the processing of at least one of the order information generation unit 15 and the order information management unit 24 of the financial instruments transaction management system 1A. Furthermore, the rewriting or deletion of order information related to the execution of an order is performed by the processing of at least one of the execution information generation unit 25 and the execution management unit 16 of the financial instruments transaction management system 1A. However, depending on the system configuration, the state of the data configuration, etc., each process may be performed by a functional means other than those described above (for example, the process related to the execution of an order may be performed by the order information generation unit 15 or the order information management unit 24). Furthermore, depending on whether the process is to execute the entire order or only a portion of the order, it is also possible to distinguish between the process being performed by the order information generation unit 15 or the order information management unit 24 and the process being performed by the execution information generation unit 25 or the execution management unit 16.

[0139] First, consider a case where order information group 71A exists, consisting of first order information 72a with designated price information 181J of 19,200 yen and second order information 72b with designated price information 181J of 19,300 yen, and where the first order and the second order are placed and executed without partial execution. In this case, as shown in Table 73 of Figure 16, a first order 72a1 for 10 lots is placed at 19,200 yen, which is the desired execution price of the first order (hereinafter referred to as the "first order price") 75 set based on the designated price information 181J of the first order information 72a. At this time, the order status information of the first order information 72a is "on order," indicating that the order has been placed but not yet executed, and the order status information 181D of the second order information 72b is "on hold," indicating that the order has not yet been placed.

[0140] Then, when the market price 77 falls from the state shown in chart 74 in FIG. 16 to 19,200 yen as shown in chart 74 in FIG. 17, the first order 72a1 is executed, and a position is held. When the first order 72a1 is executed, a second order 72b1 for 10 lots is placed based on the second order information 72b at 19,300 yen, which is the desired execution price (hereinafter referred to as the "second order price") 76 for the second order set based on the specified price information 181J of the second order information 72b. Then, as shown in FIG. 18, when the market price reaches 19,300 yen, the second order 72b1 is executed, and the held position is settled. Then, from the state shown in table 73 in FIG. 17, the first order information 72a is deleted, and the order status information 181D of the second order information 72b is rewritten from "waiting" to "ordering," resulting in the state shown in table 73 in FIG. 18.

[0141] When a first order 72a1 and a second order 72b1 are placed and executed based on one order information group 71A, the second order information 72b shown in Table 73 of FIG. 18 is erased on the transaction display screen 50 shown in FIG. 15, and an order information group 71A having the first order information 72a and the second order information 72b (a new order information group 71A) is displayed as shown in Table 73 of FIG. 19. Based on this order information group 71A, a new first order (first order 72a1 shown by a dotted line in the same figure) and a new second order (not shown) are similarly placed and executed. Then, once the first order and the second order are placed and executed, the first order and the second order are placed and executed based on the new order information group 71A, and this procedure is repeated thereafter.

[0142] 16 to 19, the designated price information 181J of the first order information 72a and the designated price information 181J of the second order information 72b of all the order information groups 71A, 71A, 71A,... are all the same, and the ordering and execution of the first order 72a1 with the first order price 75 of 19,200 yen and the ordering and execution of the second order 72b1 with the second order price 76 of 19,300 yen are repeated. However, if the designated price information 181J of the first order information 72a and the designated price information 181J of the second order information 72b of each order information group 71A, 71A, 71A are the same, the ordering and execution of the first order 72a1 with the first order price 75 of 19,200 yen and the second order 72b1 with the second order price 76 of 19,300 yen are repeated. The first order price 75 and the second order price 76 may be configured to change sequentially as a result of the difference in price between the first order information 72a and the second order information 72b (for example, the designated price information 181J of each first order information 72a displayed on the transaction display screen 50 changes sequentially by 1 yen to 19,200 yen, 19,201 yen, 19,202 yen, etc., and the designated price information 181J of each second order information 72b also changes sequentially by 1 yen to 19,300 yen, 19,301 yen, 19,302 yen, etc., and the first order price 75 and the second order price 76 change correspondingly).

[0143] Alternatively, the execution condition information 181H of specific order information in a specific order information group 71A (e.g., specific first order information 72a in the initial order information group 71A) may be set to "market," and this order (e.g., the initial first order 72a1) may be placed and executed as a market order based on the prevailing price at a specific time (e.g., the market price at the time the Confirm button 62 or the Order button 66 is clicked may be set as the first order price 75). In this case, the designated price information 181J of other limit orders (orders based on the first order information 72a or the second order information 72b whose execution condition information 181H is "limit") may be set based on the prevailing price at the specific time. In this case, the order prices of market orders and limit orders may be set based on different criteria (e.g., the market price at the time the Confirm button 62 is clicked may be set as the designated price information 181J for limit orders, and the market price at the time the Order button 66 is clicked may be set as the designated price information 181J for market orders).

[0144] The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, the repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer, and also record the generation of such order information in the order table 181, and manage the placing and contracting of orders, the repetition of orders, etc. by modifying, deleting, or adding the order information recorded in the order table 181.

[0145] [Processing Procedure (Partial Transaction Processing (1))] Next, let us consider the case where a partial contract occurs based on the above-mentioned [Basic Operation 7].

[0146] For example, as shown in FIG. 17, consider a case where there are a first order 72a1 for 10 lots and a second order 72b1 for 10 lots based on first order information 72a and second order information 72b, each of which has a quantity of "10" in order quantity information 181K, and where only a portion of the 10 lots of the first order 72a1 placed, for example, 6 lots as shown in FIG. 20, is executed. In this case, as shown in Table 73 in FIG. 20, the executed quantity information 181L of the first order information 72a is rewritten from "0" to "6." As a result, 6 lots of the 10 lots of the first order 72a1 are executed and 4 lots remain unexecuted, resulting in a partial execution.

[0147] As a result of the first order 72a1 being partially executed, second order information 72b is generated as shown in table 73 of FIG. 20, with second order information 72ba being placed (order status information 181D being "ordering" and order quantity information 181K being "6") and second order information 72bb being placed (order status information 181D being "waiting" and order quantity information 181K being "4"). As a result, second order 72b1 for 10 lots shown in chart 74 of FIG. 17 is split into placed second order 72ba1 for 6 lots and unplaced second order 72bb1 for 4 lots shown in chart 74 of FIG. 20.

[0148] Here, if the four unexecuted lots of the first order 72a1, of which four lots are unexecuted, are executed before the market price 77 reaches the second order price 76, the executed quantity information 181L of the first order information 72a in table 73 of Fig. 20 is rewritten from "6" to "10." As a result, the first order information 72a is erased from the display unit 32 of the client terminal 3, as shown in table 73 of Fig. 21.

[0149] Then, the order status information 181D of the four pieces of second order information 72bb is rewritten from "Waiting" shown in Table 73 of Fig. 20 to "Ordering" shown in Table 73 of Fig. 21. As a result, the second order 72bb1 changes from the unordered state shown in Chart 74 of Fig. 20 to the ordered state shown in Chart 74 of Fig. 21.

[0150] After the state shown in chart 74 in FIG. 21, when market price 77 reaches second order price 76 as shown in chart 74 in FIG. 22, second order information 72ba and second order information 72bb are deleted, and order status information 181D changes from "ordering" to "contracted," and second orders 72ba1 and 72bb1 change from an ordered state to a contracted state.

[0151] As shown in chart 74 in Fig. 22, when second order 72ba1 and second order 72bb1 are executed, a new order information group 71A is generated as shown in table 73 in Fig. 22. As shown in Fig. 22, this order information group 71A replaces the first order information 72a and the second order information 72b (see Fig. 19) with first order information 72aa whose order quantity information 181K is "6", first order information 72ab whose order quantity information 181K is "4", second order information 72ba whose order quantity information 181K is "6", and second order information 72bb whose order quantity information 181K is "4", and the order status information 181D of the first order information 72aa and the first order information 72ab is "ordering", and the order status information 181D of the second order information 72ba and the second order information 72bb is "waiting". As a result, a first order 72aa1 for six units and a first order 72ab1 for four units have been placed (see chart 74 in FIG. 22), and second orders 72ba1 and 72bb1 are in an unplaced state.

[0152] Then, when market price 77 reaches first order price 75 after the state shown in chart 74 in Fig. 22, first order information 72aa and first order information 72ab shown in table 73 in Fig. 22 change their order status information 181D from "ordering" to "contracted" and are deleted, and first orders 72aa1 and 72ab1 change from an ordered state to a contracted state. Then, order status information 181D for second order information 72ba and second order information 72bb change from "waiting" to "ordering," and second orders 72ba1 and 72bb1 change from an unordered state to an ordered state.

[0153] Furthermore, when the market price subsequently reaches the second order price 76, the order status information 181D of the second order information 72ba and the second order information 72bb changes from "ordering" to "contracted," and the second orders 72ba1 and 72bb1 change from an placed state to a contracted state. Then, a new order information group 71A is placed.

[0154] On the other hand, if the market price 77 reaches the second order price 76 while first order 72a1, with four out of ten lots remaining unexecuted, changes from the state shown in chart 74 in Figure 20 to chart 74 in Figure 23, then second order ba1, with six lots, will be executed while second order 72bb1, with four lots, remains unexecuted.

[0155] In this case, first order information 72aa and second order information 72ba shown in Table 73 of FIG. 23 are newly generated, and a new first order 72aa1 for six lots is placed, as shown in Chart 74 of FIG. 23, with first order 72a1 (four lots) unfilled and second order 72bb1 (four lots) unplaced remaining (although not shown in Chart 74 of FIG. 23, a new second order for six lots also exists unplaced). Note that in this case, as shown in Table 73 of FIG. 23, first order information 72a remains with executed quantity information 181L set to "6." As a result, as shown in Chart 74 of FIG. 23, even after first order 72aa1 for six lots is placed, first order 72a1 (six lots filled) still exists, and first order 72a1 is subsequently split when second order 72ba1 is filled.

[0156] 23, if a first order for four more lots is repeatedly placed after the first order 72a1 for six out of ten lots is executed, first order information 72a with executed quantity information 181L of "6" is replaced with first order information 72a with order quantity information 181K of "4" and executed quantity information 181L of "0" (not shown in FIG. 23). Thereafter, the placing and execution of the first order 72aa1 for six lots and the first order (not shown in FIG. 23) for four lots, and the placing and execution of the second order 72ba1 for six lots and the second order 72bb1 for four lots are repeated. In addition, if the number of repetitions is set as a specific numerical value in the repeat count information 181N (see Figures 16 to 25), the ordering and execution of the first orders 72a1, 72aa1 (including the first order of four lots not shown) and the ordering and execution of the second orders 72b1, 72ba1, 72bb1 will be repeated the set number of times.

[0157] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting of orders, order information and order splitting, order repetition, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer, and also manage order splitting, order repetition, etc. by modifying or adding the order information recorded in the order table 181.

[0158] At this time, when only a portion of the first order 72a1 is executed, the order information generation unit 15 and the execution management unit 16 split the second order 72b1 into a partial second order 72ba1 corresponding to the executed portion of the first order 72a1 and another partial second order 72bb1 corresponding to the unexecuted portion, and display the first order information 72a and the second order information 72ba, 72bb on the display unit 32 of the client terminal 3, and also record and manage the first order information 72a and the second order information 72b recorded in the order table 181 as first order information 72aa, 72ab and second order information 72ba, 72bb. In this first embodiment, as shown in Fig. 22, for example, the split first order information 72aa, 72ab and the split second order information 72ba, 72bb have the same 16-digit main order number and consecutive 8-digit sub-numbers of their respective order numbers 181A, and are therefore recorded as corresponding to each other in the order table 181 and displayed on the transaction display screen 50. Furthermore, they are also corresponding to the first order information 72a and the second order information 72b before the split, as they are similarly assigned a correspondence relationship with the main order number and sub-numbers of order number 181A.

[0159] Furthermore, when the order information forms a first order 72a1 and a second order 72b1, and only a portion of the first order 72a1 is executed to hold a position, the order information generation unit 15 and the execution management unit 16 display the first order information 72a and the second order information 72ba on the display unit 32 of the client terminal 3 in a state where the first order 72a1, which holds a position for a portion, i.e., 6 out of 10 lots, corresponds to the second order 72ba1, which settles the position held by a portion of the first order 72a1 through execution, and also record and manage them in the order table 181.

[0160] 20, executed quantity information 181L of the first order information 72a is displayed as "6," indicating that a partial contract has occurred, and order quantity information 181K of the second order information 72ba on the second line is "6." That is, executed quantity information 181L of the first order information 72a and order quantity information 181K of the second order information 72ba are the same number, which indicates that the first order 72aa1 related to the first order information (first order information 72a) that was split from the first order information 72a and the second order 72ba1 related to the second order information 72ba are corresponding orders, and they can be managed in a corresponding state.

[0161] In this embodiment 1, in the initial state in which the transaction display screen 50 is displayed, the customer operates the operation unit 31 of the client terminal 3 to display the first order information 72aa and the second order information 72ba in a state in which the first order 72a1 and the second order 72ba1 correspond to each other, but the customer can arbitrarily change the display order and items of each information 181A to 181Q by operating the operation unit 31 of the client terminal 3.

[0162] Any other configuration may be used as long as the order executed by partial execution and the order placed based on it are associated (the correspondence is clearly indicated) and displayed on the display unit 32 of the client terminal 3, or recorded and managed in the order table 181. Specifically, for example, a partial second order 72ba1 that is executed in correspondence with the executed first order 72aa1, or a partial second order 72bb1 that is not executed in correspondence with the executed first order 72aa1, may be displayed in the same or similar colors, displayed together with graphics of the same or similar shapes, or displayed in the same or similar fonts. Furthermore, when recording and managing the order information related to these orders in the order table 181, it is also possible to record and manage them in a corresponding state by assigning the same or similar attribute information.

[0163] [Processing Procedure (Partial Transaction Processing (2))] Next, consider the case where only a portion of first order 72a1 is executed, resulting in a partial execution (see chart 74 in Figure 20), and then the market price becomes second order price 76, and one or both of second orders 72ba1 and 72bb1, for example, second order 72ba1, is partially executed (see chart 74 in Figure 24).

[0164] For example, as shown in chart 74 of FIG. 20, consider a case where market price 77 becomes first order price 75 and six of a first order (not shown) of ten lots are executed, and then market price 77 becomes second order price 76 and four of six lots of a second order 72ba1 placed are executed.

[0165] In this case, when four lots of the first order 72a1 are executed and the market price reaches the first order price 75, the executed quantity information 181L of the first order information 72a (see Table 73 in FIG. 20) changes from "0" to "6." This results in the state of first order information 72aa in the first row of Table 73 in FIG. 24. At this time, first order information 72ab shown in the fourth row of Table 73 in FIG. 24 is generated.

[0166] Then, as shown in chart 74 of FIG. 24, as six of the ten first orders 72a1 are executed, second order information 72ba, in which order status information 181D is "on order" and order quantity information 181K is "6", and second order information 72bb, in which order status information 181D is "waiting" and order quantity information 181K is "4", are generated as shown in table 73 of FIG. 20 and displayed on the transaction display screen 50.

[0167] Furthermore, when only four of the six second orders 72ba1 are executed, the executed quantity information 181L of the second order information 72ba changes from "0" to "4" as shown in Table 73 of FIG.

[0168] As a result of four of the six second orders 72ba1 being executed, as shown in Table 73 of Fig. 24, first order information 72aa in which order quantity information 181K is "4" and order status information 181D is "on order" and second order information 72baa in which order quantity information 181K is "4" and order status information 181D is "waiting" are generated as data constituting a new order information group 71A, and these are displayed on the transaction display screen 50. As a result, as shown in chart 74 of Fig. 24, the first order 72aa1 for four lots has been placed, and the second order for four lots (not shown in Fig. 24) is placed and waits.

[0169] In addition, the first order 72a1 shown in Figure 24, in which 6 out of 10 lots are executed, is processed in the same manner as described above in ``Processing (1) in the event of partial execution,'' and new first order information is generated.

[0170] Also shown in FIG. 24. When two unexecuted lots of the second order 72ba1, in which four out of six lots are executed, are executed, second order information (not shown in FIG. 24) in which order quantity information 181K is "4" and executed quantity information is "0" and second order information (not shown in FIG. 24) in which order quantity information 181K is "2" and executed quantity information is "0" are generated in place of the second order information 72ba shown in FIG. 24. In this case, corresponding first order information (not shown in FIG. 24) is also generated, with first order information (not shown in FIG. 24) in which order quantity information 181K is "4" and executed quantity information is "0" and first order information (not shown in FIG. 24) in which order quantity information 181K is "2" and executed quantity information is "0". Thereafter, if-done orders are repeatedly placed for each of the split first orders and each of the split second orders based on this order information.

[0171] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting of orders, order information and order splitting, repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer. Specifically, the order information generation unit 15 and the execution management unit 16 cause the display unit 32 of the client terminal 3 to display, in a split state, the placed order, e.g., the second order 72ba1 for 6 copies, and the unplaced order, e.g., the second order 72bb1 for 4 copies, when only a portion of the multiple order information, e.g., the second order information 72b for 10 copies related to the second order information 72b having the order quantity information 181K of "10", has been placed; and / or cause the display unit 32 of the client terminal 3 to display, in a split state, the executed order, e.g., the second order 72ba, 72bb, when only a portion of the multiple order information, e.g., the second order 72b1 for 10 copies related to the second order information 72b having the order quantity information 181K of "10", has been executed; and also record and manage the same in the order table 181. In addition, the order information generation unit 15 and the contract management unit 16 also display, manage, record, and manage the first order 72a1 based on the first order information 72a (see FIG. 24).

[0172] In this case, when only a portion of a second order, for example, second order 72ba1, corresponding to a first order, for example, first order 72a1, for which a position is held for a portion, for example, 6 out of 10 contracts, such as second order 72baa1, settles the position, the order information generation unit 15 and the contract management unit 16 display the first order information, for example, first order information 72aa, and the second order information, for example, second order information 72baa and 72bab, on the display unit 32 of the client terminal 3 in a state where the second order that settled the position, for example, second order 72baa1, and the second order that did not settle the position, for example, second order 72bab1, are split, and are recorded and managed in the order table 181. In this embodiment 1, as shown in FIG. 24 , the second order information 72ba before the split and the second order information 72baa after the split are recorded in the order table 181 and displayed on the transaction display screen 50 in a corresponding state because the 16-digit main order number of the order number 181A is the same and the 8-digit sub-numbers are consecutive. Also, although not shown in the figure, the second order information 72bab after the split also has the same 16-digit order number body of the order number 181A, but is assigned an 8-digit sub-number that corresponds to the order number 181A of the second order information 72ba before the split and one of the second order information 72baa after the split.

[0173] [Processing Procedure (Processing in the Case of Partial Contract (3))] FIG. 25 shows a modified example of the above-mentioned "Process (1) in the case of partial contract."

[0174] This figure shows a modified example in which only six lots, a portion of the ten first orders 72a1 shown in FIG. 20, are executed. As shown in the figure, in this modified example, instead of the first order information 72a (see FIG. 20) relating to the partially executed first order 72a1, a portion (six of the ten lots) of the first order 72a1 is executed, and the placed first order 72a1 for ten lots is split into a first order 72aa1 for six executed lots and a first order 72ab1 for four unexecuted lots. At this time, as shown in Table 73 of FIG. 25, first order information 72ab to be used for the transaction of the four unexecuted first orders 72ab1 is generated. For the first order information 72ab, the order status information 181D is "on order," the order quantity information 181K is "4," and the executed quantity information 181L is "0."

[0175] As described above, in this modified example, when a portion of first order 72a1 is executed, it is split into executed first order 72aa1 of six lots and unexecuted first order 72ab1. The configuration and processing of first orders 72aa1 and 72ab1 are the same as those in "Processing (1) in the event of partial execution" above.

[0176] With this configuration, first order information 72ab is generated at the time when only a portion of first order 72a1 is executed, and is split into executed first order 72aa1 and unexecuted first order 72ab1, and the executed and unexecuted portions of first order 72a1 that is only partially executed are recorded and managed as separate and independent information from the time of execution, thereby allowing the executed first order 72aa1 and the unexecuted first order 72ab1 to be processed and managed separately and independently with a high degree of freedom.

[0177] [Processing Procedure (Processing in the Case of Partial Contract (4))] FIG. 26 shows a modified example of the above-mentioned "Process (2) in the case of partial contract."

[0178] This figure shows a modified example in which only four lots, a portion of the six second orders 72ba1 shown in FIG. 24, have been executed. As shown in the figure, in this modified example, two pieces of second order information 72baa and 72bab are generated in place of second order information 72ba (see FIG. 24) relating to the partially executed second order. Of these, second order information 72baa has order status information 181D of "on order," order quantity information 181K of "4," and executed quantity information 181L of "0," and is used for trading an already placed second order 72baa1 for four lots. Meanwhile, second order information 72ba has order status information 181D of "on order," order quantity information 181K of "2," and executed quantity information 181L of "0," and is used for trading an already placed second order 72ba1 for two lots. Immediately after the second order information 72baa is generated, the order status information 181D changes from "ordering" to "contracted," and the second order 72baa1 is processed as if it had been contracted, and the second order 72baa1 is erased from the display unit 32. As shown in Fig. 24, in this modified example, the first order 72a1 is processed in the same manner as the above-mentioned "processing (3) in the case of partial contract."

[0179] As described above, in this modified example, when a portion of the second order 72baa1 is executed, the second order 72baa1 is split into the executed second order 72baa1 of four lots and the unexecuted second order 72bab1.

[0180] By configuring in this manner, second order information 72baa, 72bab is generated at the time when only a portion of second order 72ba1 is executed, and the second order is split into executed second order 72baa1 and unexecuted second order 72bab1, and the partially executed second order 72ba1 is recorded and managed as separate and independent information from the time of execution, allowing the executed second order 72baa1 and the unexecuted second order 72bab1 to be processed and managed separately and independently with a high degree of freedom.

[0181] In the modified example shown in Figure 26, when both the first order 72a1 and the second order 72ba1 are partially executed, second order information 72baa and 72bab separate from the first order information 72aa and 72ab are generated and split, but this is not limited to this. For example, the first order 72a1 may be split when only a portion of the first order is executed and the corresponding second order 72ba1 is executed, as in the case of ``Processing (1) when partial execution occurs,'' and the second order 72ba1 may be split when only a portion of the first order is executed and become second orders 72baa1 and 72bab1.

[0182] [Processing Procedure (Processing in the Case of Partial Contract (5))] As a variant, as shown in Figure 20, when only a portion (six in this figure) of the placed 10 first orders 72a1 is executed, the first order can be split into an executed first order 72aa1 and an unexecuted first order 72ab1 at a predetermined timing after execution.

[0183] Specifically, for example, the contract management unit 16 may perform processing to split the first order 72a1, which was only partially contracted while trading of the financial product was suspended.

[0184] More specifically, for example, consider a case where, for a financial instrument handled by the first financial instrument transaction management device 1 and the second financial instrument transaction management device 2, only six of ten first orders 72a1 are executed in a particular week as shown in FIG. 20, and then a trading suspension period is inserted before trading of the financial instrument resumes. In this case, the execution management unit 16 generates first order information 72aa and 72ab shown in FIG. 25 instead of first order information 72a shown in FIG. 20 during the trading suspension period. As a result, during the trading suspension period, the first order 72a1 shown in FIG. 20 is split into first orders 72aa1 and 72ab1 shown in FIG. 25, and when trading begins, the display unit 32 of the client terminal 3 displays first order information 72ab and second order information 72ba and 72bb shown in Table 73 of FIG. 25, and trading is carried out based on the split first orders 72aa1 and 72ab1.

[0185] Similarly, even if a portion of the second order 72ba1 shown in Figure 24 (four out of six lots in the figure) is executed, the execution management unit 16 can be configured to generate second order information 72baa and 72bab shown in Figure 26 during the trading suspension period instead of second order information 72ba and 72bb shown in the figure, and split them into second orders 72baa1 and 72bab1.

[0186] As described above, in this first embodiment, when only a portion of the first order 72a1 and / or only a portion of the second order 72b1 is executed, the partially executed first order 72a1 and / or the partially executed second order 72ba1 are split at a predetermined timing after only a portion of the order is executed, thereby splitting the partially executed first order 72a1 and / or the partially executed second order 72b1 at a timing appropriate to the cause and circumstances of only a portion of the order being executed, thereby enabling appropriate management and operation of transactions including partial execution. This allows traders to appropriately operate trading styles including partial execution in financial product trading conducted using a computer system.

[0187] In the first embodiment, when a specific second order 72b1 or a first order 72a1 corresponding to the specific second order 72b1 is only partially executed, the specific second order 72b1 can be split at a timing that suits the cause and circumstances of only being partially executed. This allows for appropriate management and operation of transactions including partial executions.

[0188] In the first embodiment, when a specific first order 72a1 or a second order 72b1 corresponding to the specific first order 72a1 is only partially executed, the specific first order 72a1 can be split at a timing that suits the cause and situation of only being partially executed. This allows for appropriate management and operation of transactions including partial execution.

[0189] In this first embodiment, first orders 72a1 and second orders 72b1 that are only partially executed and partially unexecuted are recorded, managed, and processed using the order quantity information 181K and executed quantity information 181L of the first order information 72a and the second order information 72b, respectively, thereby uniformly recording and managing orders that are partially executed, thereby simplifying data and achieving consistent processing.

[0190] In this embodiment 1, an order that is executed when only a portion of the first order 72a1 and second order 72b1 based on the first order information 72a and second order information 72b, for example, the first order 72a1, is executed, is displayed as first order information 72aa on the display unit 32 of the client terminal 3. This makes it possible to correctly manage orders for financial products in which only a portion of the first order 72a1 and second order 72b1 to be placed are placed, or in which a portion of the first order 72a1 and second order 72b1 that have been placed, for example, only the first order 72a1, is executed. Furthermore, when only a portion of the first order 72a1 (for example, 6 out of 10 lots) is executed, the second order 72b1 is split into a second order 72ba1 corresponding to the executed portion of the first order 72a1 and a second order bb1 corresponding to the other portion of the executed portion of the first order 72a1, and these are displayed in this state as second order information 72ba and 72bb on the display unit 32 of the client terminal 3, thereby enabling a transaction in which only a portion of the first order 72a1 (for example, 6 out of 10 lots) and a portion of the second order, such as second order 72ba1, are executed can be properly managed. This allows traders to properly manage transaction types including partial execution in financial product transactions conducted using a computer system.

[0191] In this embodiment 1, a partially executed first order, for example, first order 72a1, is split into an placed order, for example, second order 72ba1, and an unplaced order, for example, second order 72bb1, and / or is split into an executed order, for example, first order 72aa1, and an unexecuted order, for example, first order ab1, thereby enabling traders to appropriately operate a trading format including partial execution in a trading mode in which, for example, only a portion of first order 72a1 (for example, 6 out of 10 lots) is placed and / or executed.

[0192] In this embodiment 1, by matching a portion of the first order 72a1 of an if-done order that holds a position with a portion of the second order 72b1 that settles it, such as second order 72b1, and by displaying the order quantity information 181K and executed quantity information 181L of the first order information 72a and the order quantity information 181K and executed quantity information 181L of the second order information 72ba on the display unit 32 of the client terminal 3, traders can appropriately operate trading formats that include partial execution.

[0193] In this embodiment 1, in the case where a second order 72ba1, which settles a position held by a first order 72a1, partially holding a position, settles only a portion of the position held by the second order 72baa1, the second order is split into a settled second order, for example, second order 72baa1, and an unsettled second order, for example, second order 72bab1, allowing traders to appropriately operate a trading format including partial execution.

[0194] In this embodiment 1, by repeatedly holding a position through the execution of the first order 72a1 and settling the held position through the execution of the second order 72b1, continuous trading opportunities are created through the repetition of the first order 72a1 and the second order 72b1, making it possible to provide opportunities to make large profits. Furthermore, in the case where the first order 72a1 and the second order 72b1 are each split and repeated, if only a part of the first order 72a1, i.e., first order 72aa1, and / or a part of the second order 72b1, i.e., second order 72ba1, is executed, the distinction between the executed orders before the repetition, e.g., first order 72aa1, and the unexecuted orders, e.g., first order 72ab1, is maintained, and this is displayed on the display unit 32 of the client terminal 3 as first order information 72aa, 72ab and second order information 72ba, 72bb. In a configuration in which the first and second orders are repeated, if only a part of the first order 72a1 and / or second order 72b1 is executed, all of the first orders 72aa1, 72ab1, and / or second orders 72ba1, 72bb1 can be displayed, allowing traders to appropriately operate a trading style including partial execution.

[0195] In this embodiment 1, the contract information generation unit 25 contracts orders based on the generated first order information, e.g., first order information 72a, and second order information, e.g., second order information 72b, and the contract management unit 16 manages the contract status, thereby ensuring the trading of financial products.

[0196] In the above-mentioned first embodiment, the first order 72a1 and the second order 72b1 of the first order when partial execution is not performed, and the first orders 72aa1, 72aaa1, 72ab1 and second orders 72ba1, 72bab1, 72bb1 that are repeated when partial execution is performed are configured to be repeated at the same first order price 75 and the same second order price 76, but this is not limited to this, and the first order price 75 and the second order price 76 may be configured to change under predetermined conditions when the first orders 72aa1, 72aaa1, 72ab1 and the second orders 72ba1, 72bab1, 72bb1 are repeated.

[0197] Specifically, for example, the first order price 75 and / or the second order price 76 may be configured to fluctuate upward or downward according to a predetermined condition (for example, by 1 yen) each time the first orders 72aa1, 72aaa1, 72ab1 and the second orders 72ba1, 72bab1, 72bb1 are repeated a predetermined number of times (for example, each time they are repeated once), or when the price difference between the first order price 75 and / or the second order price 76 and the market price becomes a predetermined price difference or more (for example, when the price difference between the first order price 75 or the second order price 76 and the market price becomes 10 yen or more), the first order price 75 and / or the second order price 76 may be configured to fluctuate upward or downward by a predetermined price amount (for example, by 10 yen in the direction of market fluctuations).

[0198] Furthermore, in this first embodiment, if stop-loss order information (not shown) is present in the order information group 71A and a stop-loss order is placed and executed based on this stop-loss order information (not shown), when the first order 72a1 or the second order 72b1 is split based on the first order information 72a or the second order information 72b, the stop-loss order information (not shown) and the stop-loss order (not shown) may also be split. When the stop-loss order (not shown) is executed, the corresponding first order (e.g., first order 72aa1) or second order (e.g., second order 72ba1) is canceled. In this case, only the first order (e.g., first order 72aa1) or second order (e.g., second order 72ba1) corresponding to the placed stop-loss order (not shown) may be canceled, or all of the first orders or second orders (e.g., first order 72ab1 and second order 72bb1) that constituted the first order 72a1 or second order 72b1 before the split may also be canceled. In addition, a first order (e.g., first order 72aa1) or a second order (e.g., second order 72ba1) that is scheduled to be repeatedly placed or executed thereafter may also be canceled. Furthermore, a configuration may be adopted in which the first orders (e.g., first orders 72aa1, 72ab1) or second orders (e.g., second order 72ba1) are not canceled.

[0199] [Embodiment 2 of the Invention] 27 and 28 show a second embodiment of the present invention.

[0200] In this second embodiment, first orders and second orders are each placed at a plurality of prices, and the process of holding a position through the execution of each first order and then settling the held position through the execution of each second order is repeated.

[0201] On the order input screen 52 shown in Fig. 13, when a number, for example, "10," is entered in the trap quantity input field 64 and the confirmation button 62 is clicked, and then the order button 66 on the confirmation screen 65 shown in Fig. 14 is clicked, the number entered in the trap quantity input field 64, for example, 10 sets of order information 71A, 71B, ..., 71H, 71J, 71K, are generated. As a result, the transaction display screen 50 (see Fig. 15) displays, as shown in table 73 in Fig. 27, ten pieces of first order information 72a, 72c, ..., 72q, 72s relating to placed orders and ten pieces of second order information 72b, 72d, ..., 72r, 72t relating to unplaced orders.

[0202] As shown in charts 74 of FIGS. 27 and 28, when market price 77 fluctuates and reaches first order price 75 (19,250 yen), consider a case where the above-described [Basic Operation 1] or [Basic Operation 2] is reached and only six out of ten orders can be executed. In this case, the execution information generation unit 25 performs processing to partially execute the first order information 72a and the second order information 72b. As a result, the first order information 72a and the second order information 72b are in the state shown in FIG. 28. One or more first orders, for example, first order 72a1 shown in FIG. 27, are split into (executed) first order 72aa1 and (unexecuted) first order 72ab1, as shown in FIG. 28, with six out of the total ten orders being partially executed. Furthermore, at this time, the corresponding second order, for example, the second order 72b1 of 10 pieces shown in FIG. 27, is split into a second order 72ba1 (of 6 pieces that have been placed) and a second order 72bb1 (of 4 pieces that have not yet been placed).

[0203] Thereafter, the first orders 72aa1 and 72ab1 and the second orders 72ba1 and 72bb1 are repeatedly placed and executed in accordance with fluctuations in the market price 77. In addition, similar placing and execution or partial execution is repeatedly performed for the other first orders 72c1, . . . , 72q1, and 72s1 and the other second orders 72d1, . . . , 72r1, and 72t1.

[0204] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting of orders, splitting of order information and orders, repetition of orders, etc. in this processing procedure on the transaction display screen 50 of the display unit 32 of the client terminal 3 used by the customer.

[0205] At this time, the order information generation unit 15 and the contract management unit 16 display first order information, e.g., first order information 72a, and second order information, e.g., second order information 72b, for the repeatedly generated first order, e.g., first order 72a1, and second order, e.g., second order 72b1, on the display unit 32 of the client terminal 3. Furthermore, when only a portion of the first order, e.g., first order 72a1, and / or second order, e.g., second order 72b1, before the repetition is executed is executed, the order information generation unit 15 and the contract management unit 16 display the first order information, e.g., first order information 72aa, 72ab, and second order information, e.g., second order information 72ba, 72bb, for the repeated first order, e.g., first order 72aa1, and / or second order, e.g., second order 72ba1, on the transaction display screen 50 of the display unit 32 of the client terminal 3, in a manner that maintains the distinction between executed and unexecuted orders before the repetition.

[0206] In addition, the order information generation unit 15 and the contract management unit 16 display the first order information, e.g., first order information 72aa, and the second order information, e.g., second order information 72ba, on the transaction display screen 50 of the display unit 32 of the client terminal 3 for a first order, e.g., first order 72aa1, and a second order, e.g., second order 72ba1, which are repeatedly generated in at least one price range out of the multiple price ranges.

[0207] The rest of the configuration is the same as in the first embodiment of the invention.

[0208] As described above, in the second embodiment, a plurality of price ranges are set, and the first orders 72a1, 72c1, . . . , 72q1, 72s1, which can only be partially executed, are repeatedly placed and executed in each price range, and / or the second orders 72b1, 72d1, . . . , 72r1, 72t1, which can only be partially executed, are repeatedly placed and executed. This provides continuous trading opportunities in a plurality of price ranges, and provides an opportunity to make a large profit. In the case where only a portion of first orders 72a1, 72c1, ···, 72q1, 72s1 and / or second orders 72b1, 72d1, ···, 72r1, 72t1 is executed, first order information relating to all first orders 72a1, 72c1, ···, 72q1, 72s1, for example, first order information 72aa, 72ab, and / or second order information relating to all second orders 72b1, 72d1, ···, 72r1, 72t1, for example, second order information 72ba, 72bb can be displayed, allowing traders to appropriately operate trading formats including partial execution.

[0209] In addition, in this second embodiment, as in the first embodiment, the ordering and execution of first orders 72a1, 72c1, ···, 72q1, 72s1 and the ordering and execution of second orders 72b1, 72d1, ···, 72r1, 72t1 are repeated at the same first order price 75 and the same second order price 76. However, as in the first embodiment, this is not limited to this, and the configuration may be such that when the ordering and execution of first orders 72a1, 72c1, ···, 72q1, 72s1 and the ordering and execution of second orders 72b1, 72d1, ···, 72r1, 72t1 are repeated, the respective first order prices 75 and the respective second order prices 76 change under predetermined conditions.

[0210] Furthermore, in this second embodiment, when stop order information (not shown) exists in some or all of the order information groups 71A, 71B, . . . 71H, 71J, and 71K and stop-loss orders are placed and executed based on this stop order information (not shown), if the first order 72a1 and the second order 72b1 are split based on the first order information 72a and the second order information 72b, the stop order information (not shown) and the stop-loss orders (not shown) may also be similarly split. The manner in which the first order (e.g., first order 72a1) and the second order (e.g., second order 72b1) are canceled due to the split stop-loss orders is the same as in the first embodiment. Furthermore, when stop order information exists for each of order information groups 71A, 71B, ···, 71H, 71J, 71K, the execution of one stop-loss order (not shown) may result in cancellation of first orders 72a1, 72c1, ···, 72q1, 72s1 and second orders 72b1, 72d1, ···, 72r1, 72t1 relating to all of order information groups 71A, 71B, ···, 71H, 71J, 71K.

[0211] Third Embodiment FIG. 29 shows a third embodiment of the present invention.

[0212] In this third embodiment, an upper limit price input field (not shown) and a lower limit price input field (not shown) are provided on the order input screen 52 shown in FIG. Then, the order information generation unit 15 performs a predetermined calculation process based on information on the price range 83 (600 yen in FIG. 29, which is the price obtained by subtracting the minimum price 81 from the maximum price 82) formed based on the upper limit price information input in the upper limit price input field (not shown) (in this embodiment 3, information on the value of the upper limit price 82 that coincides with the top first order price 75 (19,700 yen) in FIG. 29)) and the lower limit price information input in the lower limit price input field (not shown) (in this embodiment 3, information on the minimum price 81 (19,250 yen) shown in FIG. 29), and the number of orders input in the trap number input field 64, for example, "10", and sets the order prices of multiple, for example, ten, first orders 72a1, 72c1, ···, 72q1, 72s1 and ten second orders 72b1, 72d1, ···, 72r1, 72t1. 28, the order prices are formed as a first order price for a predetermined first order that holds a position through execution, and a second order price for a predetermined second order that settles a position held through execution, for example, first order price 75 for first order 72a1 and second order price 76 for second order 72b1. In this third embodiment, the price ranges 84, 84, . . . 84, 84 of these first and second orders are set to belong to price range 83 (that is, all or some of the price ranges 84, 84, . . . 84, 84 belong to price range 83).

[0213] The multiple first orders and second orders that have been set, for example, first orders 72a1, 72c1, ···, 72q1, 72s1 and second orders 72b1, 72d1, ···, 72r1, 72t1, are split by partial execution as in the second embodiment, and the ordering and execution of the corresponding first orders and second orders are repeated.

[0214] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting of orders, order information and order splitting, repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer.

[0215] The other configurations are the same as those in the second embodiment of the present invention.

[0216] As described above, in this third embodiment, one or more price ranges 84 are set in a price range 83 formed between a specific upper limit price 82 and a specific lower limit price 81, and first orders 72a1, 72c1, ···, 72q1, 72s1, which can only be partially executed, and / or second orders 72b1, 72d1, ···, 72r1, 72t1, which can only be partially executed, are repeatedly placed and executed in each price range 84, and all first orders and / or second orders are displayed in the cases where first orders 72a1, 72c1, ···, 72q1, 72s1 and / or second orders 72b1, 72d1, ···, 72r1, 72t1 are only partially executed in each price range 84, 84, ···, 84, 84, thereby allowing traders to appropriately operate trading formats including partial execution.

[0217] [Fourth embodiment of the invention] FIG. 30 shows a fourth embodiment of the present invention.

[0218] In this embodiment 4, the first order and the second order, for example, first orders 72a1, 72c1, ···, 72q1, 72s1 and second orders 72b1, 72d1, ···, 72r1, 72t1, are configured to be executed when the market price falls or rises above first order price 75 or second order price 76, then rises or falls again to first order price 75 or second order price 76, and then becomes equal to or greater than first order price 75, or becomes equal to or greater than second order price 76.

[0219] Specifically, a through price spread information input field (not shown) and a trail information input field (not shown) are provided on the order input screen 52 shown in Fig. 13. Then, based on the values ​​input in these input fields (not shown), through price spread information (not shown) about a predetermined value related to the spread between the order price and the market price (hereinafter referred to as "through price spread") is set in each piece of first order information, for example, first order information 72a, and each piece of second order information, for example, second order information 72b, or in any table of the database 18.

[0220] 30, the first order 72a1 that has been placed falls below the first order price 75, and the first order 72a1 is placed when the price spread between the first order price 75 and the market price 77 exceeds the value of the through price range 85. Thereafter, when the market price again becomes equal to or higher than the first order price 75, the first order 72a1 is executed as a stop order, and accordingly, the second order 72b1 changes from an unordered state to an ordered state. Then, when the market price 77 rises above the second order price 76, and the price spread between the second order price 76 and the market price 77 exceeds the value of the through price range 85, the second order 72b1 is placed, and thereafter, when the market price again becomes equal to or lower than the second order price 76, the second order 72b1 is executed. When the second order 72b1 is executed, the first order 72a1 is placed and executed, and the second order 72b1 is placed and executed again in the same manner based on the first order information 72a and the second order information 72b, and thereafter, the ordering and execution of the first order 72a1 and the second order 72b1 are repeated in the same manner.

[0221] Furthermore, in this fourth embodiment, trail information (not shown) is set as a specific numerical value in each piece of second order information, for example, trail information 181Q (see FIG. 15) of second order information 72b (or in any table in database 18, etc.), as a predetermined value related to the price at which trailing is activated (hereinafter referred to as the "trail." Here, this "trail" is used both as the price range that triggers the activation of trailing and as the fluctuation range of the order price). Then, in this fourth embodiment, when the market price rises further after exceeding second order price 76, and the price difference between second order price 76 and the market price exceeds trail 86 as shown in FIG. 30, second order price 76 is newly set to a price in an upward direction by the value of trail 86. If the market price continues to rise after the new second order price 76 is set and the price difference between the second order price 76 and the market price exceeds the trailing width 86, the second order price 76 is again set to a new price in an upward direction by the value of the trailing width 86. This resetting of the second order price 76 based on the trailing width 86 is repeated until the market price 77 falls to the second order price 76 without exceeding the trailing width 86, as shown in Figure 30.

[0222] When the market price reaches the second order price 76 and the second orders, for example, second orders 72ba1 and 72bb1 in the state shown in Figure 30, are executed, second order 72b1 is again placed at the original second order price 76 before the new second order price 76 was set based on the trail width 86 (for example, for second orders 72ba1 and 72bb1 in Figure 30, the second order price 76 before the trail was activated was 19,350 yen).

[0223] The order information generation unit 15 and the contract management unit 16 display the generation of order information, placing and contracting of orders, order information and order splitting, repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer.

[0224] The other configurations are the same as those in the first and second embodiments of the present invention.

[0225] As described above, in this fourth embodiment, first order information 72a, 72c, . . . , 72q, 72s and second order information 72b, 72d, . . . , 72r, 72t are set to be executed after the market price falls or rises above first order price 75 and then returns to above or below first order price 75, or after it rises or falls above second order price 76 and then returns to below or above second order price 76, respectively. This increases the possibility of trading at a price at which a falling market price turns to a rising market or a price close to a price at which a rising market price turns to a falling market, making it possible to obtain greater profits from trading. This provides opportunities to obtain greater profits in trading financial products using a computer system. In addition, the order information as the second order is provided with trailing edge information (not shown), and the order information as the second order moves in an upward or downward direction based on the trailing edge information (not shown), thereby increasing the profit obtained from a single buying and selling transaction between first orders 72a1, 72c1, ···, 72p1, 72r1 and second orders 72b1, 72d1, ···, 72r1, 72t1.

[0226] In this fourth embodiment, trail information may be set in each piece of first order information, for example, first order information 72a, and first order price 75 of first order 72a1 may also be reset downward by the trail due to a fall in the market price. Also, in this fourth embodiment, the price range serving as a trigger for trail information and the fluctuation range of the order price may be set to different prices. Furthermore, the first order price 75 and the second order price 76 may be reset almost simultaneously with a change in market price 77, or the first order prices 75, 75, 75, 75 of the first order information 72a, 72c, . . ., 72q, 72s may be compared with the current market price 77, or the second order prices 76, 76, . . ., 76, 76 of the second order information 72b, 72d, . . ., 72r, 72t with the current market price 77, and when the price difference between them becomes equal to or greater than the trailing activation price range, the first order price 75 and the second order price 76 may be reset.

[0227] In the above embodiments, the case where the first order is a buy order and the second order is a sell order has been described, but this is not limited to this and the present invention can also be applied to the case where the first order is a sell order and the second order is a buy order.

[0228] Furthermore, in each of the above embodiments, a configuration has been described in which the placing and execution of first orders and the placing and execution of second orders at one or more prices, such as the first order 72a1 and the second order 72b1, are repeated. However, the present invention is not limited to this. In addition to the first order information 72a and the second order information 72b, the order information generating unit 15 may generate one or more pieces of stop-loss order information (not shown) for placing and executing stop-loss orders for cutting losses (stop-losses). When the first order 72a1 is executed, a stop-loss order (not shown) is placed together with the second order 72b1, and the stop-loss order is executed. When a value order is executed, the ordering and execution of the already placed second order 72b1 and the first order 72a1 and second order 72b1 that were scheduled to be repeated thereafter (this may be only the specific first order 72a1 and the specific second order 72b1, or in the second to fourth embodiments, it may also include first orders 72c1,...,72q1,72s1 other than the specific first order 72a1 and second orders 72d1,...,72r1,72t1 other than the specific second order 72b1 related to the if-done order other than the if-done order) may be canceled. Also, a so-called OCO order other than a configuration in which the second order 72b1 and a stop order (not shown) are placed simultaneously may be used (for example, a configuration in which a first buy order 72a1 and a first sell order (not shown) are placed simultaneously, and if, for example, the first buy order 72a1 is executed due to fluctuations in the market price of the financial product, a second sell order 72b1 is placed and the first sell order (not shown) (and the second buy order (not shown) that was scheduled to be placed thereafter) is canceled). Also, a configuration in which the first order 72a1 and the second order 72b1 are executed using a so-called "itayose method" when the market resumes after a temporary suspension may be used.

[0229] In each of the above embodiments, when a partial execution occurs, the first order 72a1 and the second order 72b1 are configured to split, but this is not limited to this. If a predetermined condition is met (for example, when a trader inputs an instruction to combine, or when the quantity of all first orders 72a1 and all second orders 72b1 reaches the minimum quantity of "1"), multiple first orders that have split, for example, first orders 72a1 and 72a2, and multiple second orders, for example, second orders 72b1 and 72b2, may be configured to combine into one first order 72a1 and one second order 72b1.

[0230] In each of the above embodiments, a configuration is used in which multiple first orders or multiple second orders are placed at the same order price when a partial contract occurs, but this is not limiting, and the configurations of embodiments 1 to 4 of the invention may be combined with a configuration in which multiple first orders or multiple second orders are always placed at the same order price regardless of whether a partial contract occurs.

[0231] In each of the above embodiments, stock price indices are handled as financial products, but the present invention is not limited to this and may be applied to a financial product trading system that handles any type of financial product, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, etc.

[0232] In each of the above embodiments, the financial instruments transaction management system 1A is configured with a first financial instruments transaction management device 1 and a second financial instruments transaction management device 2, but this is not limited thereto, and all of the functional means may be provided in a single financial instruments transaction management device. Specifically, for example, the financial instruments transaction management system 1A shown in FIG. 1 may not include a second financial instruments transaction management device 2 managed and operated by a financial instruments exchange or the like, and all of the functional means possessed by the second financial instruments transaction management device 2 shown in FIG. 1 may be provided in the first financial instruments transaction management device 1 managed and operated by a financial instruments dealer. Conversely, the financial instruments transaction management system 1A shown in FIG. 1 may not include a second financial instruments transaction management device 2, and all of the functional means possessed by the second financial instruments transaction management device 2 shown in FIG. 1 may be provided in the first financial instruments transaction management device 1.

[0233] Furthermore, in each of the above embodiments, the financial instruments transaction management system 1A is realized in a client-server system of a network computer system, but the same functions as the financial instruments transaction management system 1A can also be realized in various computers such as personal computers that do not constitute a client-server system, and various communication terminals and mobile information terminals such as mobile terminals and tablets. In this case, it is also possible to realize the system by configuring at least a part of the system configuration of the first financial instruments transaction management device 1 and the financial instruments transaction management system 1A as a computer program and installing the program in various computers, communication terminals and mobile information terminals.

[0234] 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]

[0235] 1A Financial Instruments Transaction Management System 1. First financial instruments transaction management device (financial instruments transaction management device) 2. Second financial instruments transaction management device (financial instruments transaction management device) 14. Account information management unit (fund management means) 15. Order information generation unit (order information generation means) 16...Execution management department (execution management means) 25...Execution information generation unit (execution information generation means) 72a1,72aa1,72ab1,72aaa1···First Order 72b1,72ba1,72bb1,72baa1,72bab1···Second order 75... First order price 76···Second order price 77···Market price 81···Lowest Price 82···Maximum Price 83...Price Range 84... Price range 85...Through price range 86 Trail width

Claims

1. A financial product transaction management device for trading financial products whose market prices fluctuate, an order information generating means for generating order information for ordering the financial product; a contract management means for managing the contract of the financial product; The order information generating means generating a plurality of first order information for placing a plurality of first orders at respective first order prices; The contract management means Among the first orders formed based on the respective first order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through one contract process; The order information generating means generating a plurality of second order information items for trading second orders corresponding to the first orders formed by the respective first order information items in the same order quantity as the executed first order and at second order prices that provide a predetermined profit margin with respect to the price executed based on the first order price of each of the first orders; The contract management means A financial product transaction management device characterized in that, among the respective second orders formed by the respective second order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through a single contract processing.

2. The contract management means 2. The financial instruments transaction management device according to claim 1, wherein, for the first order, which holds a position through execution, and the second order, which settles the position through execution, at any of the time points when the first order is executed, or a predetermined timing after the first order is executed, or when the second order is executed, or a predetermined timing after the second order is executed, the second order is split into a portion of the second orders that are executed in correspondence with the executed first order and another portion of the second orders that are not executed in correspondence with the executed first order.

3. The contract management means 3. The financial instruments transaction management device according to claim 1 or 2, wherein, for the first order, which holds a position through execution, and the second order, which settles the position through execution, the first order is split into the executed first order and the unexecuted first order at any of the following points: when the first order is executed, or at a predetermined timing after the first order is executed, or when the second order is executed, or at a predetermined timing after the second order is executed.

4. 4. The financial instruments transaction management device according to claim 1, wherein, when the order information forms the first orders and the second orders, and when only a portion of the first orders is executed to hold a position, the execution management means associates the portion of the first orders that held the position, or the first orders before the split in the case where the portion of the first orders splits, with the portion of the second orders that settle the positions of the portion of the first orders that held the positions by execution.

5. the order information generation means generates the order information for placing the first order and the second order, and repeatedly holds a position based on the order information of the first order and settles the position based on the order information of the second order; The contract management means Regarding the first order and the second order, 5. A financial instruments transaction management device according to claim 1, wherein, when only a portion of the first order and / or the second order before the repetition is executed is executed, the repeated first order and / or second order is executed in a manner that maintains the distinction between the executed orders and the unexecuted orders before the repetition.

6. the order information generation means generates order information for placing the first order and the second order at a plurality of prices, 6. The financial instruments transaction management device according to claim 5, wherein the contract management means sets a plurality of price ranges between the price of the first order and the price of the second order corresponding to the first order, and repeatedly places the first order and the second order in at least one of the plurality of price ranges.

7. 7. The financial product transaction management device according to claim 6, wherein the order information generating means sets one or more price ranges within a price range formed between a specific upper limit price and a specific lower limit price.

8. A financial instruments transaction management system for trading financial instruments whose market prices fluctuate, an order information generating means for generating order information for ordering the financial product; a contract management means for managing the contract of the financial product; The order information generating means generating a plurality of first order information for placing a plurality of first orders at respective first order prices; The contract management means Among the first orders formed based on the respective first order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through one contract process; The order information generating means generating a plurality of second order information items for trading second orders corresponding to the first orders formed by the respective first order information items in the same order quantity as the executed first order and at second order prices that provide a predetermined profit margin with respect to the price executed based on the first order price of each of the first orders; The contract management means A financial product transaction management system characterized in that, of the respective second orders formed by the respective second order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through a single contract processing.

9. A financial instruments trading terminal used by a user who trades financial instruments, capable of communicating with a financial instruments trading management device for placing orders for financial instruments whose market prices fluctuate, comprising: The financial instruments transaction terminal comprises an operation means for the user to perform various operations related to the transaction of the financial instruments, and a display means for displaying information related to the transaction of the financial instruments to the user, The operating means is an order setting means operated by the user to generate first order information and second order information as information for trading the financial product, the order setting means including a price range setting means into which information for setting a price range between first orders is input, and a profit margin setting means into which information for setting a predetermined profit margin between the first order and the second order is input by operation of the user; The display means The information for setting the price range and the information for setting the profit margin input by the user's operation are displayed, the financial product transaction management device to which buy / sell order application information set by the order setting means as information for buying and selling the financial product is transmitted; an order information generating means for generating order information for ordering the financial product; a contract management means for managing the contract of the financial product; The buy / sell order application information includes information for calculating a price spread between the first orders of the financial product to be bought or sold, and information for calculating a predetermined profit spread between the first order and the second order set by the user, The order setting means, in response to an operation by the user, The order information generating means generating a plurality of pieces of first order information for placing a plurality of the first orders at respective first order prices; The contract management means: Among the first orders formed based on the respective first order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through one contract process; The order information generating means generating a plurality of second order information items for trading the second orders corresponding to the first orders formed by the respective first order information items in the same order quantity as the executed first order and at second order prices that provide a predetermined profit margin with respect to the price executed based on the first order price of each of the first orders; The contract management means: A financial instruments trading terminal characterized in that, among the respective second orders formed by the respective second order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through a single contract processing.

10. A financial instruments transaction management method in a financial instruments transaction management system for trading financial instruments whose market prices fluctuate, comprising: an order information generation step for generating order information for ordering the financial product; a contract management procedure for managing the contract of the financial product; In the order information generation procedure, A plurality of pieces of first order information for placing a plurality of first orders at respective first order prices is generated; In the contract management procedure, Among the first orders formed based on the respective first order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through one contract process; In the order information generation procedure, a plurality of pieces of second order information are generated in which transactions of second orders corresponding to the first orders formed by the respective pieces of first order information are carried out in the same order quantity as the executed first orders, and at second order prices that are a predetermined profit margin with respect to the prices executed based on the first order prices of the respective first orders; In the contract management procedure, A financial instruments transaction management method in a financial instruments transaction management system, characterized in that, of the respective second orders formed by the respective second order information, those that satisfy the conditions for contract based on fluctuations in the market price are contracted through a single contract processing.

11. A program that causes a computer to function as the financial product transaction management device according to any one of claims 1 to 7.

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