Trading methods, trading intermediation methods, and trading intermediation programs

Abstract

This will allow users to request securities transactions using online prices. [Solution] When the intermediary system 1 receives a first transaction request from the investor system on the investor's side, which is a request for either a buy or sell transaction of securities, and which specifies a net price obtained by adding the securities company's commission to the gross price provided by the market maker 4, the intermediary system 1 sends order information 5a for placing one of the transactions using the gross price and order information 5b for placing the other transaction using the net price to the securities company system 2 of the securities company where investor 3 has opened a securities account.

Description

Technical Field

[0001] The present invention relates to a trading method, a trading intermediation method, and a trading intermediation program.

Background Art

[0002] In recent years, transactions of securities such as stocks and bonds are often conducted electronically, and various services for such electronic trading are provided. For example, a trading intermediation service that provides a function of soliciting and negotiating securities transactions using RFQ (Request For Quote) between investors and market makers has been started.

[0003] Also, as another example of an electronic trading service, a system that enables securities transactions to be requested from a store terminal such as a convenience store has been proposed.

Prior Art Documents

Patent Documents

[0004]

Patent Document 1

Summary of the Invention

Problems to be Solved by the Invention

[0005] In the above trading intermediation service, on the investor side, although it is possible to request a transaction at a gross price that does not include the brokerage fee of the securities company, there are some cases where it is not possible to request a transaction at a net price that includes the brokerage fee.

[0006] In one aspect, an object of the present invention is to provide a trading method, a trading intermediation method, and a trading intermediation program that enable a transaction of securities to be requested using a net price.

Means for Solving the Problems

[0007] One proposal provides a trading method within a securities trading system that includes an intermediary system for mediating securities transactions between investors and market makers, and a securities company system of the securities company where the investor has opened a securities account. In this trading method, when the intermediary system receives a first transaction request from the investor's system requesting either a buy or sell transaction of securities, specifying a net price which is the gross price provided by the market maker plus the securities company's commission, it transmits a first order information for placing one transaction using the gross price and a second order information for placing the other transaction using the net price to the securities company system. The securities company system executes order processing based on the received first order information, generates a third order information for placing the other transaction of buying or selling securities using the net price based on the received second order information, and executes order processing based on the second and third order information.

[0008] Another proposal offers a trading intermediation method for brokering securities transactions between investors and market makers. In this method, a computer receives a first trading request from the investor's system, which is a request to either buy or sell a security, specifying a net price that is the gross price provided by the market maker plus the commission charged by the securities company where the investor has an account. The computer then transmits a first order to the securities company's system, which places an order for one of the transactions using the gross price, and a second order to the securities company's system, which places an order for the other transaction using the net price.

[0009] Furthermore, one proposal provides a trading intermediary program that causes a computer to perform the same processing as the trading intermediary method described above. [Effects of the Invention]

[0010] One aspect of this is that it allows you to request securities transactions using online prices. [Brief explanation of the drawing]

[0011] [Figure 1] This figure shows an example configuration and processing example of a securities trading system according to the first embodiment. [Figure 2] This figure shows an example of the overall configuration of a securities trading system according to the second embodiment. [Figure 3] This figure shows an example of the hardware configuration of an intermediary server. [Figure 4] This diagram shows an example of the transaction flow when using gross prices. [Figure 5] This is a diagram (part 1) illustrating an example of the transaction flow when using net pricing. [Figure 6] This is a diagram (part 2) illustrating an example of the transaction flow when using net pricing. [Figure 7] This diagram shows examples of the configurations of processing functions provided by the intermediary system and the securities company system used by the securities company. [Figure 8] This figure shows an example of a screen display for registering a securities company's commission rate with an intermediary service. [Figure 9] This figure shows an example of a screen display for investors to specify price types. [Figure 10] This figure shows an example of a screen display used by a securities company representative to confirm the details of an order request from an investor. [Figure 11] This figure shows an example of order request message data sent from an intermediary system to the securities company system used by investors. [Figure 12] This is a sequence diagram illustrating an example of the process when a transaction using gross price is requested. [Figure 13] Figure 12 is a sequence diagram showing an example of the process when the requested transaction is executed. [Figure 14] This is a sequence diagram illustrating an example of the process when a transaction using net pricing is requested. [Figure 15] Figure 14 is a sequence diagram (part 1) showing an example of the process when the requested transaction is executed. [Figure 16]It is a sequence diagram (Part 2) showing a processing example when the transaction requested in FIG. 14 is executed.

Mode for Carrying Out the Invention

[0012] Hereinafter, embodiments of the present invention will be described with reference to the drawings. 〔First Embodiment〕 FIG. 1 is a diagram showing a configuration example and a processing example of a securities trading system according to the first embodiment. The securities trading system shown in FIG. 1 includes an intermediary system 1 and a securities company system 2.

[0013] The intermediary system 1 mediates securities transactions between an investor 3 and a market maker 4. For example, the intermediary system 1 makes inquiries and conducts negotiations regarding securities transactions between them. As an example, when the intermediary system 1 notifies the investor 3 of the indicative price presented by the market maker 4 and receives a transaction request from the investor 3 at the notified indicative price, it transmits an order request based on the transaction request to the securities company system 2 or the like.

[0014] The securities company system 2 is a system of the securities company where the investor 3 has opened a securities account. The securities company system 2 executes an order processing for a transaction based on an order request from the intermediary system 1. In this order processing, for example, when the securities company is selected, the intermediary system 1 may request the execution of the transaction to an order function of a securities exchange (not shown) different from the securities company system 2.

[0015] Hereinafter, the processing procedure when the investor 3 designates a net display price (net price) and requests the intermediary system 1 to mediate a securities transaction will be described. The net price is a price including the commission of the securities company corresponding to the securities company system 2. On the other hand, the gross display price (gross price) is a price not including the commission. In the following description, both the net price and the gross price indicate the price per lot of securities. Also, here, as an example, the case where the investor 3 requests a buy transaction among sell or buy transactions of securities will be described.

[0016] Intermediary system 1 receives, for example, a quote from market maker 4 for the securities to be traded. Then, intermediary system 1 calculates the net price by adding a commission to the quoted quote (gross price). Here, as an example, let's assume that the quoted quote (gross price) is 10,000 yen. The commission rate is 0.02%, so the net price when the gross price is 10,000 yen is 10,002 yen. The commission rate is pre-stored in a memory device (not shown in the diagram) included in intermediary system 1, linked to, for example, investor 3 and securities company (corresponding to securities company system 2).

[0017] The intermediary system 1 presents the calculated net price to investor 3 (step S1). In practice, the net price is transmitted to investor 3's information processing system (investor system, not shown in the diagram), and the net price is displayed on the investor system's display device (not shown in the diagram).

[0018] When investor 3 requests a trade at the offered net price (10,002 yen), a trade request specifying this net price is sent from the investor system. When the intermediary system 1 receives the sent trade request (step S2), it generates order information 5a and 5b based on the trade request. Order information 5a is information for placing a "buy" trade using the gross price (10,000 yen). Order information 5b is information for placing a "buy" trade using the net price (10,002 yen). The intermediary system 1 sends the generated order information 5a and 5b to the securities company system 2 and requests that the trades indicated by order information 5a and 5b be placed (step S3).

[0019] When the securities company system 2 receives order information 5a and 5b from the intermediary system 1, it performs the following processing. First, the securities company system 2 executes order placement processing based on the received order information 5a (step S4). For example, the securities company system 2 sends the contents of order information 5a to the information processing system of the stock exchange (stock exchange system, not shown in the diagram) to place the order and execute the transaction.

[0020] Next, based on the order information 5b, the securities company system 2 generates order information 5c for placing the other transaction (in this case, "sell") of the buy or sell transaction using the above net price (10,002 yen) (step S5). The securities company system 2 executes the order processing based on the order information 5b and 5c (step S6). That is, the securities bought based on order information 5a are sold at the net price based on order information 5c, and those securities are bought at the net price based on order information 5b.

[0021] The order processing in step S6 is executed after the completion of the transaction corresponding to the order processing in step S4. The generation of order information 5c in step S5 may be executed either after or before the completion of the transaction.

[0022] Furthermore, in the order processing of step S6, the securities company system 2 may send the contents of order information 5b and 5c to the stock exchange system to place the order. Alternatively, the transaction corresponding to the order processing of step S6 may be carried out internally by the securities company corresponding to the securities company system 2.

[0023] Furthermore, while the above explanation uses the example of investor 3 requesting a "buy" transaction, it is also possible for investor 3 to request a "sell" transaction. In this case, the "sell" transaction request is received in step S2, and in step S3, order information 5a and 5b for the "sell" transaction is generated and sent. In step S5, order information 5c for the "buy" transaction is generated.

[0024] According to the securities trading system of the first embodiment described above, investor 3 can request the intermediary system 1 to trade securities using the net price. Upon receiving such a trading request, the intermediary system 1 generates order information 5b corresponding to the trade agreed upon at the net price and transmits it to the securities company system 2. On the other hand, since the intermediary system 1 has agreed on the gross price with the market maker 4, it also generates order information 5a corresponding to the trade agreed upon at the gross price and transmits it to the securities company system 2.

[0025] As a result, the securities company system 2 can use order information 5a to process an order for a gross price transaction with the market maker 4 (step S4). Furthermore, the securities company system 2 can use order information 5b and order information 5c based on this order information 5b to process an order for a net price transaction requested by investor 3 (step S6). Consequently, the securities trading system can execute the transaction between investor 3 and market maker 4 without any problems, even when investor 3 requests the intermediary system 1 to execute a net price transaction.

[0026] [Second Embodiment] Figure 2 shows an example of the overall configuration of a securities trading system according to the second embodiment. The securities trading system shown in Figure 2 includes an intermediary system 100, an investor system 210, a trading firm system 220, a market maker (MM) system 230, securities company systems 240 and 250, and a stock exchange system 260. Note that the intermediary system 100 is an example of intermediary system 1 in Figure 1, and the securities company system 240 is an example of securities company system 2 in Figure 1.

[0027] The intermediary system 100 is a server system operated by an intermediary that provides securities trading intermediary services 10. The intermediary service 10 is a service that mediates inquiries and negotiations for buying and selling securities using RFQs between investors 21 and market makers 23, and is sometimes called an "RFQ platform". The intermediary service 10 receives an RFQ from investors 21 specifying the securities to be bought and sold and the quantity (number of units or amount), and transmits it to multiple market makers 23. The intermediary service 10 displays the best price among the prices offered by each market maker 23 to the investor 21, enabling the investor 21 to buy or sell those securities.

[0028] The securities (financial instruments) being traded are, for example, ETFs (Exchange Traded Funds). In this case, the investors 21 to whom the intermediary service 10 is provided are institutional investors such as financial institutions and insurance companies.

[0029] The investor system 210 is a computer system for investors 21 who utilize the intermediary service 10. The investor system 210 includes, for example, terminal devices operated by an operator. Furthermore, if the investor 21 is an institutional investor (corporation or organization), the investor system 210 may also include a server computer.

[0030] The trading company system 220 is a server system operated by a trading company that provides securities trading services 22. The trading service 22, for example, displays a GUI (Graphical User Interface) screen on the terminal device of the investor system 210 and accepts operations from an operator on the investor 21 side via the GUI screen, thereby executing processes related to the buying and selling of securities. In this embodiment, the trading company system 220 displays a GUI screen for generating an RFQ on the terminal device of the investor system 210, and is capable of generating an RFQ based on the input information to the GUI screen and sending it to the intermediary system 100.

[0031] Furthermore, investors 21 can also use the intermediary service 10 directly without going through the trading service 22. The market maker system 230 is a server system operated by market maker 23. Market maker 23 is a financial company that provides buy and sell bid prices for market making. There are multiple market maker 23s, and each market maker 23's market maker system 230 is connected to the intermediary system 100.

[0032] The securities company system 240 is a server system operated by the securities company 24 used by investors 21 (specifically, the securities company 24 where investors 21 have opened a securities account). The securities company system 240 can receive transaction requests from investors 21 via the intermediary system 100 and execute transactions.

[0033] The securities company system 250 is a server system operated by the securities company 25 used by the market maker 23 (specifically, the securities company 25 in which the market maker 23 has opened a securities account). The securities company system 250 can receive trade requests agreed upon by the market maker 23 with the investor 21 via the intermediary system 100 and execute the trades.

[0034] As mentioned above, there are multiple market makers 23, so there is also a separate securities company system 250 for each securities company 25 used by the market maker 23. Since multiple market makers 23 may use the same securities company 25, in practice, it is sufficient for one or more securities company systems 250 to be connected to the intermediary server 110.

[0035] The stock exchange system 260 is a server system operated by the stock exchange 26, which executes securities transactions based on orders from securities companies 24, 25. The stock exchange system 260 provides, for example, electronic trading services for off-exchange transactions.

[0036] Next, we will describe an example of a computer included in a securities trading system. Figure 3 shows an example of the hardware configuration of an intermediary server. The intermediary server 110 is an example of a server computer included in the intermediary system 100. This intermediary server 110 includes a processor 111, RAM (Random Access Memory) 112, HDD (Hard Disk Drive) 113, GPU (Graphics Processing Unit) 114, input interface (I / F) 115, read device 116, and communication interface (I / F) 117.

[0037] The processor 111 provides comprehensive control over the entire intermediary server 110. The processor 111 may be, for example, a CPU (Central Processing Unit), an MPU (Micro Processing Unit), a DSP (Digital Signal Processor), an ASIC (Application Specific Integrated Circuit), or a PLD (Programmable Logic Device). Alternatively, the processor 111 may be a combination of two or more elements from among the CPU, MPU, DSP, ASIC, and PLD.

[0038] The intermediary server 110 may have multiple processors 111. Among the multiple processes performed by the intermediary server 110, the processor that performs one process may be different from the processor that performs a different process. The processors 111 may also be called processor circuitry.

[0039] RAM112 is used as the main memory of the intermediary server 110. At least a portion of the OS (Operating System) program and application programs to be executed by the processor 111 are temporarily stored in RAM112. Additionally, various data necessary for processing by the processor 111 are stored in RAM112.

[0040] HDD113 is used as auxiliary storage for the intermediary server 110. HDD113 stores the OS program, application programs, and various data. Other types of non-volatile storage devices, such as SSDs (Solid State Drives), can also be used as auxiliary storage.

[0041] A display device 121 is connected to the GPU 114. The GPU 114 displays images on the display device 121 according to instructions from the processor 111. The display device 121 can be an LCD display or an OLED (Electro-Luminescence) display, among others.

[0042] An input device 122 is connected to the input interface 115. The input interface 115 transmits signals output from the input device 122 to the processor 111. The input device 122 can be a keyboard or a pointing device. Examples of pointing devices include a mouse, touch panel, tablet, touchpad, and trackball.

[0043] A portable recording medium 123 is attached to and detached from the reading device 116. The reading device 116 reads the data recorded on the portable recording medium 123 and transmits it to the processor 111. The portable recording medium 123 can be an optical disc, a semiconductor memory, or the like.

[0044] The communication interface 117 transmits and receives data with other devices via the network 124. The processing functions of the intermediary server 110 can be realized with the hardware configuration described above. The intermediary system 100 may include multiple computers with the configuration shown in Figure 3. The investor system 210, trading firm system 220, market maker system 230, securities company systems 240, 250, and stock exchange system 260 may also include one or more computers with the configuration shown in Figure 3.

[0045] Incidentally, in the above securities trading system, when an investor 21 requests a securities transaction from the intermediary service 10, they can request a transaction using either a gross price or a net price. The gross price includes only the price of the securities. The net price is the gross price plus the commission of the securities company 24.

[0046] The following examples illustrate the flow of transactions in a securities trading system using Figures 4 to 6. The following explanation uses the case where investor 21 requests a "buy" transaction of securities as an example.

[0047] Figure 4 shows an example of the transaction flow when using gross prices. Investor 21 requests the brokerage service 10 to provide a bid price for a certain security (let's call it "Security X") (step S11). At this time, an RFQ is generated specifying "buy" as the type of transaction, "gross" as the price type, and the amount or number of units the investor wishes to buy, and this RFQ is sent to the brokerage service 10.

[0048] The intermediary service 10 forwards the RFQ to multiple market makers 23, requesting them to submit their ask prices (step S12). Each market maker 23 submits a ask price (limit order) to the intermediary service 10 (step S13). At this time, the intermediary service 10 selects the best (in this case, the cheapest) ask price from among the submitted ask prices. In the example in Figure 4, suppose a ask price of 10,000 yen per unit for 1,000 units submitted by a market maker 23 is selected as the best ask price. In this case, the intermediary service 10 presents the selected ask price to the investor 21 as is (i.e., in gross terms) (step S14).

[0049] Suppose investor 21 requests the intermediary service 10 to execute a trade at the above asking price (step S15). The intermediary service 10 then generates order information 301 for a buy order of 1,000 units of stock X at a gross price of 10,000 yen. The intermediary service 10 forwards the order request information, including the generated order information 301, to the securities company 24 used by investor 21 and requests the order to be placed (step S16a). At the same time, the intermediary service 10 generates order information 302 for a sell order of 1,000 units of stock X at a gross price of 10,000 yen. The intermediary service 10 forwards the order request information, including the generated order information 302, to the securities company 25 used by market maker 23 and requests the order to be placed (step S16b).

[0050] When securities company 24 receives order request information including order information 301, it generates order information 301a based on this order request information to place a buy order for 1,000 shares of stock X at a gross price of 10,000 yen. Securities company 24 then passes the generated order information 301a to the stock exchange 26 to place the order (step S17a).

[0051] Securities company 24 includes a commissioned trading department 24a and a proprietary trading department 24b. Commissioned trading department 24a is the department that conducts trading using funds commissioned by customers. Proprietary trading department 24b is the department that conducts trading using the securities company 24's own funds. As shown in Figure 4, when a trade is requested using gross prices, commissioned trading department 24a places an order based on order information 301a using funds commissioned by investor 21.

[0052] Furthermore, when the securities company 25 receives order request information including order information 302, it generates order information 302a based on this order request information to place a sell order for 1,000 shares of stock X at a gross price of 10,000 yen. The securities company 25 then passes the generated order information 302a to the stock exchange 26 to place the order (step S17b).

[0053] The stock exchange 26 executes the trade based on the order information 301a, 302a, and the buy and sell transactions are concluded (step S17c). As described above, when an investor 21 requests a transaction using gross prices, the intermediary service 10 only needs to send order information 301 for placing a buy order at gross prices and order information 302 for placing a sell order at gross prices to the securities companies 24 and 25, respectively. This enables the transaction to be completed between investor 21 and market maker 23 using gross prices.

[0054] Figures 5 and 6 show examples of transaction flows when using net prices. Investor 21 requests the brokerage service 10 to provide a bid price for securities of stock X (step S21). At this time, an RFQ is generated specifying "buy" as the transaction type, "net" as the price type, and the amount or number of units for which the investor wishes to buy, and this RFQ is sent to the brokerage service 10.

[0055] The intermediary service 10 forwards an RFQ to several market makers 23, requesting them to submit their bid prices (step S22). Each market maker 23 submits a bid price (limit order) to the intermediary service 10 (step S23). At this time, the intermediary service 10 selects the best (in this case, the cheapest) bid price from among the submitted bid prices. In the example in Figure 5, it is assumed that a bid price of 10,000 yen per unit for 1,000 units submitted by a certain market maker 23 is selected as the best bid price.

[0056] The brokerage service 10 calculates the net price by adding the brokerage firm 24's commission to the selected asking price. For example, let's assume the commission rate is 0.02%. In this case, the net price is calculated to be 10,002 yen. The commission rate is pre-set for the brokerage service 10, linked to the investor 21 and the brokerage firm 24. The brokerage service 10 then presents the calculated net price of 10,002 yen to the investor 21 (step S24).

[0057] Suppose investor 21 requests the intermediary service 10 to execute the above-mentioned trade at the net price (step S25). In this case, the intermediary service 10 generates order information 311 for placing a buy order of 1,000 units of stock X at a gross price of 10,000 yen, and order information 312 for placing a buy order of 1,000 units of stock X at a net price of 10,002 yen. The intermediary service 10 forwards the order request information, including order information 311, and the order request information, including order information 312, to the securities company 24 used by investor 21, and requests the order to be placed (step S26a). The former order request information is sent to the proprietary trading department 24b via the brokerage trading department 24a of the securities company 24, and the latter order request information is sent to the brokerage trading department 24a of the securities company 24.

[0058] Along with this, the intermediary service 10 generates order information 313 for placing a sell order for 1,000 units of stock X at a gross price of 10,000 yen. The intermediary service 10 passes the order request information, including the generated order information 313, to the securities company 25 used by the market maker 23 and requests the order to be placed (step S26b).

[0059] At securities company 24, the commissioned trading department 24a receives order request information, which includes order information 311 and 312, respectively. The commissioned trading department 24a first generates order information 311a based on the order request information, which includes order information 311, to place a buy order for 1,000 shares of stock X at a gross price of 10,000 yen. The commissioned trading department 24a then passes the generated order information 311a to the proprietary trading department 24b and requests that the order be placed. The proprietary trading department 24b then passes the order information 311a to the stock exchange 26 and places the order (step S27a).

[0060] Meanwhile, when the securities company 25 receives order request information including order information 313, it generates order information 313a based on this order request information to place a sell order for 1,000 shares of stock X at a gross price of 10,000 yen. The securities company 25 then passes the generated order information 313a to the stock exchange 26 to place the order (step S27b).

[0061] The stock exchange 26 executes the transaction based on the order information 311a and 313a, and the buy and sell is settled (step S27c). In this transaction, securities of stock X are purchased with the securities company 24's own funds.

[0062] Next, the commissioned trading department 24a of securities company 24 generates order information 312b to place a sell order for 1,000 shares of stock X at a net price of 10,002 yen, based on the order request information including order information 312. This order information 312b is information for placing an order with the buy / sell side (type of buy / sell) reversed compared to the order information 312a described later. The commissioned trading department 24a passes the generated order information 312b to the proprietary trading department 24b and requests the order to be placed.

[0063] Furthermore, the commissioned trading department 24a of securities company 24 generates order information 312a to place a buy order for 1,000 shares of stock X at a net price of 10,002 yen, based on the order request information including order information 312. The commissioned trading department 24a then forwards the generated order information 312a to the stock exchange 26 to place the order (step S28a). Simultaneously, the proprietary trading department 24b forwards the order information 312b to the stock exchange 26 to place the order (step S28b). As a result, a cross transaction is executed between the commissioned trading department 24a and the proprietary trading department 24b, and the buy and sell transactions are concluded (step S28c).

[0064] In addition, in steps S28a to S28c, transactions may be executed between the commissioned trading department 24a and the proprietary trading department 24b without using the stock exchange 26. For example, transactions may be executed using a Proprietary Trading System (PTS) or over-the-counter (OTC). Furthermore, the processing of the securities company 24 shown in Figure 6 is merely an example.

[0065] In step S25, when investor 21 requests the execution of a transaction using the net price, the intermediary service 10 reaches an agreement with investor 21 on the net price and with market maker 23 on the gross price. At this time, the intermediary service 10 generates order information 311 and 313 for the transaction agreed upon at the gross price and sends them to securities companies 24 and 25, respectively. Simultaneously, the intermediary service 10 generates order information 312 for the transaction agreed upon at the net price and sends it to securities company 24.

[0066] Between securities companies 24 and 25, first, transactions are executed at gross price using order information 311a and 313a, respectively, which are generated based on order information 311 and 313 (steps S27a and S27b). As a result, on the securities company 25 side, the "sell" transaction by market maker 4 is completed, similar to the case in Figure 4. On the other hand, on the securities company 24 side, the "buy" transaction using gross price is temporarily completed. Securities company 24 then executes an order processing to execute a transaction at net price using order information 312a and 312b based on order information 312 (steps S28a and S28b).

[0067] Through this procedure, the securities trading system of this embodiment can execute transactions between investor 21 and market maker 23 without problems, even when investor 21 requests the intermediary service 10 to conduct transactions using net prices.

[0068] Through the processes shown in Figures 4 to 6 above, investor 21 can request transactions using either gross price or net price from the intermediary service 10. Regardless of whether investor 21 requests a transaction using gross price or net price, the intermediary service 10 can send the necessary order request information to securities companies 24 and 25 so that the transaction between investor 21 and market maker 23 is executed without any problems.

[0069] Next, we will explain the details of the processing in the securities trading system when the transactions shown in Figures 4 to 6 are executed. Figure 7 shows an example of the configuration of processing functions provided by the intermediary system and the securities company system used by the securities company.

[0070] The intermediary system 100 includes a storage unit 130, a price quotation processing unit 141, and a transaction request processing unit 142. The memory unit 130 is a memory area reserved in the memory device included in the intermediary system 100. The memory unit 130 stores a client information database (DB) 131 and a client information database (DB) 132. The client information database 131 registers information about investors 21 who use the intermediary service 10 and information about securities companies 24 used by investors 21. Commission rates are registered in this client information database 131, linked to investors 21 and securities companies 24. The client information database 132 registers information about market makers 23 who are the recipients of quote requests and information about securities companies 25 used by market makers 23.

[0071] The processing of the price quotation processing unit 141 and the transaction request processing unit 142 is realized, for example, by the processor of a server computer included in the intermediary system 100 (for example, processor 111 in Figure 3) executing predetermined processes. The processing of the price quotation processing unit 141 and the transaction request processing unit 142 may be executed by different server computers.

[0072] When the price bid processing unit 141 receives an RFQ from the investor 21, it forwards the RFQ to the market maker systems 230 of multiple market makers 23 and requests them to provide bid prices. The price bid processing unit 141 selects the best bid price from the submitted bid prices and presents the selected bid price to the investor 21.

[0073] When the trade request processing unit 142 receives a request from the investor 21 to execute a trade based on the quoted price, it sends an order request to the securities company system 240 corresponding to the investor 21 and the securities company system 250 corresponding to the market maker 23. This causes the trade request processing unit 142 to execute the requested trade.

[0074] The securities company system 240 includes a commissioned trading processing unit 241 and a proprietary trading processing unit 242. The processing of the commissioned trading processing unit 241 and the proprietary trading processing unit 242 is realized, for example, by the processor of a server computer included in the securities company system 240 executing predetermined processes. The processing of the commissioned trading processing unit 241 and the proprietary trading processing unit 242 may be executed by different server computers.

[0075] The consignment trading processing unit 241 executes processing in the consignment trading department 24a. The proprietary trading processing unit 242 executes processing in the proprietary trading department 24b. Figure 8 shows an example of a screen display for registering a securities company's commission rate for the brokerage service. The screen 400 shown in Figure 8 is a user setting screen displayed from the brokerage system 100 to the display device of the securities company system 240, and includes setting units 401 and 402.

[0076] The settings section 401 is a display area for setting account information for the securities company 24 to use the brokerage service 10. In the example in Figure 8, the settings section 401 is set with "YY Securities" as the organization name, indicating the name of the securities company 24, and "AA BB" as the username, indicating the name of the person in charge at the securities company 24.

[0077] The settings section 402 is a display area for setting the commission rate when a transaction is requested at the net price. In the example in Figure 8, "CCC Bank," which represents the name of investor 21, is set as a registered investor, and "2.0bps" (0.02%, bps: basis points) is set as the commission rate corresponding to this investor 21.

[0078] Based on the input operations of the securities company 24's representative, a commission rate is set for this setting unit 402, and the set commission rate is transmitted to the intermediary system 100. As a result, the commission rate is registered in the requester information database 131, linked to the investor 21 and the securities company 24.

[0079] Figure 9 shows an example of a screen display for an investor to specify a price type. The screen 410 shown in Figure 9 is an input screen for an investor 21 to generate an RFQ. In this example, screen 410 is a screen displayed on the display device of the investor system 210 from the trading company system 220. This screen 410 includes setting sections 411 to 416 and a send button 417.

[0080] The setting unit 411 is set with the name of the financial product to be traded. The setting unit 412 is set with the number of units to be traded. The setting unit 413 is set with the amount of the trade. When generating an RFQ, values ​​are set in only one of the setting units 412 or 413. The setting unit 414 is set with the side (buy or sell type) indicating whether it is a "buy" or "sell". The setting unit 415 is set with the price type indicating whether it is net or gross. The setting unit 416 is set with the settlement date and time. When the send button 417 is pressed, an RFQ containing the information set on screen 410 is sent to the broker system 220. The broker system 220 receives this RFQ and forwards it to the intermediary system 100.

[0081] Furthermore, after the send button 417 is pressed, the screen 410 may display the best bid price among those offered by the market maker 23. Furthermore, the investor 21 can also use the intermediary service 10 without going through the trading service 22. In this case, the investor system 210 and the intermediary system 100 are directly connected. In this configuration, a screen similar to that in Figure 9 may be displayed on the display device of the investor system 210 from the intermediary system 100, and an RFQ including the price type setting value may be sent from the investor system 210 to the intermediary system 100.

[0082] Figure 10 shows an example of a screen display used by a securities company employee to confirm the contents of an order request. When the investor 21 requests the execution of a transaction from the intermediary service 10 (step S15 or step S25), the intermediary service 10 sends the order request information to the securities company 24 (step S16a or step S26a). At this time, the intermediary system 100 notifies the securities company system 240 that the order request information has been sent. The employee of the commissioned trading department 24a of the securities company 24 can access the intermediary system 100 from the securities company system 240 and display a screen 420 like the one in Figure 10 on the display device of the securities company system 240 to confirm the contents of the order request information.

[0083] When an investor 21 requests the execution of a transaction using the net price, the intermediary system 100 sends order request information, including order information 311 and 312, to the securities company system 240. Screen 420 in Figure 10 illustrates the screen displayed in this case. In this case, screen 420 includes display units 421 to 426.

[0084] Display unit 421 displays the name of the investor 21 who made the transaction request, and display unit 422 displays the name of the financial instrument being traded. Display unit 423 displays the contents of order information 311 using the gross price, and display unit 424 displays the contents of order information 312 using the net price. Display unit 425 displays information instructing the system to generate order information 313 based on the contents of order information 312 displayed in display unit 424 and to execute the order placement process. Display unit 426 receives the results of the order placement process based on order information 311 and 312.

[0085] Furthermore, if investor 21 requests the execution of a transaction using the gross price, screen 420 will display a display section showing the contents of order information 301 instead of display sections 423 to 425.

[0086] Figure 11 shows an example of order request message data transmitted from the intermediary system to the securities company system used by investors. The order request message data 430 shown in Figure 11 is an example of the data structure of order request information transmitted from the intermediary system 100 to the securities company system 240. This order request message data 430 is data for when the execution of a transaction using the net price is requested, and includes the contents of order information 311 and 312.

[0087] In the order request message data 430 in Figure 11, the data with tags "109", "100", "55", "54", "44", "47", "430", "12", "13", and "8107" correspond to the contents of order information 312. In addition, the data with tags "8108" to "8111" correspond to the differences between order information 311 and order information 312.

[0088] The tag "109" is set with the identification code of the securities company to which the order is being placed (i.e., securities company 24). The tag "100" is set with the identification code for specifying the stock exchange. The tag "55" is set with the identification code of the stock being traded. The tag "54" is set with the type of trade (buy or sell). For example, the tag "54" is set to "1" for a buy order and to "2" for a sell order.

[0089] The tag "44" is set to the price at which the order was placed. In this example, the net price is set for tag "44". The tag "47" is set to identification information indicating whether the order is being sent to the commissioned trading department 24a or the proprietary trading department 24b. For example, tag "47" is set to "A" for commissioned trading department 24a and to "P" for proprietary trading department 24b.

[0090] The tag "430" is set to the price type for order information 312. For example, tag "430" is set to "1" for net price and to "2" for gross price. The tag "12" is set to the commission rate of securities company 24. The tag "13" is set to identification information indicating the unit of tag "12".

[0091] The tag "8107" is assigned a name indicating the source of the transaction request. For example, if investor 21 requests the execution of a transaction from intermediary service 10 via trading service 22, the tag "8107" will be assigned the name of trading service 22. Alternatively, if investor 21 directly requests the execution of a transaction from intermediary service 10, the tag "8107" will be assigned the name of investor 21.

[0092] The tag "8108" is set to the buy / sell type for order information 311. The tag "8109" is set to the price for order information 311. In this example, the gross price is set for the tag "8109". The tag "8110" is set to the identification code of securities company 25. The tag "8111" is set to the price type.

[0093] If information indicating the gross price is set for tag "430", tags "12", "13", and "8108" to "8111" will not be set in the order request message data 430. In this case, the remaining information will indicate the contents of order information 301, and the gross price will be set for tag "44".

[0094] Next, the processing flow in the securities trading system during transaction execution will be explained using sequence diagrams in Figures 12 to 16. In Figures 12 to 16, it is assumed that there are three market maker systems 230a to 230c as destinations for the RFQ.

[0095] Figure 12 is a sequence diagram showing an example of the process when a transaction using gross price is requested. The investor system 210 generates an RFQ (step S31). This RFQ is set to "buy" as the buy / sell type, "gross" as the price type, and the desired amount or number of units for the buy transaction is specified. The RFQ is sent to the broker system 100 via the trading broker system 220 (step S32).

[0096] The price bid processing unit 141 of the brokerage system 100 transmits the received RFQ to the market maker systems 230a to 230c (steps S33a to S33c). The market maker systems 230a to 230c present prices (ask prices) to the brokerage system 100 (steps S34a to S34c). The price bid processing unit 141 of the brokerage system 100 selects the best (in this case, the lowest) price from the presented prices and transmits the selected price to the investor system 210 via the trading broker system 220 (step S35). Here, as an example, we assume that the price presented by the market maker system 230a is selected. The transmitted price is displayed on the display device of the investor system 210. This presents the best gross price to investor 21.

[0097] The investor system 210 requests the execution of a trade using the quoted gross price in response to the input operation of the person in charge (step S36). The trade execution request is sent to the broker system 100 via the trading broker system 220. The price quoted processing unit 141 of the broker system 100 sends a request for approval of the trade at the quoted price to the market maker system 230a (step S37). The market maker system 230a notifies the broker system 100 of the result of the approval request (step S38). Here, it is assumed that the notification has been made that the trade has been approved. In this case, the process shown in Figure 13 below is executed.

[0098] Figure 13 is a sequence diagram showing an example of the process when the transaction requested in Figure 12 is executed. The transaction request processing unit 142 of the brokerage system 100 generates order information 302 for placing a sell order at gross price. The transaction request processing unit 142 transmits the order request information, including the generated order information 302, to the securities company system 250 corresponding to the market maker system 230a (step S41).

[0099] Furthermore, the transaction request processing unit 142 generates order information 301 for placing a buy order at the gross price. The transaction request processing unit 142 transmits the order request information, including the generated order information 301, to the securities company system 240 corresponding to the investor 21 (step S42). Note that the processing order of steps S41 and S42 may be reversed.

[0100] The commissioned trading processing unit 241 of the securities company system 240 generates order information 301a for placing a buy order at the gross price based on the received order request information (step S43). The commissioned trading processing unit 241 sends the generated order information 301a to the stock exchange system 260 to place the order (step S44). At this point, the securities company system 250 generates order information 302a for placing a sell order at the gross price based on the order request information sent in step S41, and sends the generated order information 302a to the stock exchange system 260. The stock exchange system 260 executes the trade based on the order information 301a and 302a. When the trade is executed, the securities company systems 240 and 250 are notified accordingly.

[0101] The commissioned trading processing unit 241 of the securities company system 240 notifies the intermediary system 100 of the transaction results (step S45). The transaction request processing unit 142 of the intermediary system 100 notifies the investor system 210 of the notified transaction results via the trading company system 220 (step S46).

[0102] Next, Figure 14 is a sequence diagram showing an example of the process when a transaction using net price is requested. The investor system 210 generates an RFQ (step S51). This RFQ is set to "buy" as the buy / sell type, "net" as the price type, and the desired amount or number of units for the buy transaction. The RFQ is sent to the broker system 100 via the trading broker system 220 (step S52).

[0103] The price quotation processing unit 141 of the brokerage system 100 transmits the received RFQ to the market maker systems 230a to 230c (steps S53a to S53c). If the RFQ contains a price for which a buyer is desired, the price quotation processing unit 141 calculates the amount by subtracting the brokerage firm's commission from this amount, and transmits the RFQ with the original amount changed to the calculated amount to the market maker systems 230a to 230c.

[0104] Market maker systems 230a to 230c present prices (bid prices) to the broker system 100 (steps S54a to S54c). The price presentation processing unit 141 of the broker system 100 selects the best (in this case, the lowest) price from among the presented prices. Here, as an example, we assume that the price presented by market maker system 230a is selected. The price presentation processing unit 141 also obtains the commission rates corresponding to the investor 21 and the securities company 24 from the requester information database 131. The price presentation processing unit 141 adds the commission based on the commission rate to the selected best price to calculate the net price, and transmits the calculated net price to the investor system 210 via the trading broker system 220 (step S55). The transmitted net price is displayed on the display device of the investor system 210. As a result, the best net price is presented to the investor 21.

[0105] The investor system 210 requests the execution of a trade using the quoted net price in response to the input operation of the person in charge (step S56). The trade execution request is sent to the broker system 100 via the trading broker system 220. The price quoted processing unit 141 of the broker system 100 sends a request for approval of the trade at the quoted price to the market maker system 230a (step S57). The market maker system 230a notifies the broker system 100 of the result of the approval request (step S38). Here, it is assumed that the notification has been made that the trade has been approved. In this case, the process shown in Figure 15 below is executed.

[0106] Figures 15 and 16 are sequence diagrams showing an example of the process when the transaction requested in Figure 14 is executed. The transaction request processing unit 142 of the brokerage system 100 generates order information 313 for placing a sell order at gross price. The transaction request processing unit 142 transmits the order request information, including the generated order information 313, to the securities company system 250 corresponding to the market maker system 230a (step S61).

[0107] Furthermore, the transaction request processing unit 142 generates order information 311 for placing a buy order at the gross price and order information 312 for placing a buy order at the net price. The transaction request processing unit 142 transmits the order request information, which includes the generated order information 311 and 312 respectively, to the securities company system 240 corresponding to the investor 21 (step S62). Note that the processing order of steps S61 and S62 may be reversed.

[0108] The commissioned trading processing unit 241 of the securities company system 240 generates order information 311a for placing a buy order at the gross price based on the received order request information. The commissioned trading processing unit 241 sends the generated order information 311a to the proprietary trading processing unit 242 to request the order to be placed (step S63). The proprietary trading processing unit 242 sends the received order information 311a to the stock exchange system 260 to place the order (step S64).

[0109] Here, the securities company system 250 generates order information 313a for placing a sell order at the gross price based on the order request information transmitted in step S61, and transmits the generated order information 313a to the stock exchange system 260. The stock exchange system 260 executes the trade based on the order information 311a and 313a. When the buy and sell transactions are completed, the securities company systems 240 and 250 are notified of this. The proprietary trading processing unit 242 notifies the commissioned trading processing unit 241 of the transaction results (step S65).

[0110] Next, the commissioned trading processing unit 241 generates order information 312b for placing a sell order at the net price based on the order request information, which includes the order information 312. The commissioned trading processing unit 241 then sends the generated order information 312b to the self-trading processing unit 242 to request that the order be placed (step S66).

[0111] Furthermore, the commissioned trading processing unit 241 generates order information 312a for placing a buy order at the net price based on the order request information, which includes order information 312 (step S67). The commissioned trading processing unit 241 sends the generated order information 312a to the stock exchange system 260 to place the order (step S68). Meanwhile, the proprietary trading processing unit 242 sends the order information 312b received in step S66 to the stock exchange system 260 to place the order (step S69). As a result, a cross trade is executed between the commissioned trading processing unit 241 and the proprietary trading processing unit 242, and the buy and sell transactions are concluded.

[0112] The proprietary trading processing unit 242 notifies the commissioned trading processing unit 241 of the transaction results (step S70). The commissioned trading processing unit 241 notifies the intermediary system 100 of the transaction results (step S71). The transaction request processing unit 142 of the intermediary system 100 notifies the investor system 210 of the notified transaction results via the trading agent system 220 (step S72).

[0113] In addition, in steps S66 to S69, transactions may be executed between the commissioned trading processing unit 241 and the proprietary trading processing unit 242 without using the stock exchange system 260. For example, transactions may be executed using a PTS or via OTC.

[0114] In the description of the second embodiment above, an example was given of a case where investor 21 requests a "buy" transaction of securities. However, investor 21 can also request a "sell" transaction of securities. In this case, the buy / sell type of order information 301 and 301a will be "sell," and the buy / sell type of order information 302 and 302a will be "buy." Also, the buy / sell type of order information 311, 311a, 312, and 312a will be "sell," and the buy / sell type of order information 312b, 313, and 313a will be "buy."

[0115] Furthermore, the processing functions of the devices and systems shown in each of the above embodiments (for example, intermediary system 1, securities company system 2, broker system 100, investor system 210, trading company system 220, market maker system 230, securities company systems 240, 250, and stock exchange system 260) can be implemented by a computer. In this case, a program describing the processing content of the functions that each device should have is provided, and by executing that program on a computer, the above processing functions are implemented on the computer. The program describing the processing content can be recorded on a computer-readable recording medium. Computer-readable recording mediums include magnetic storage devices, optical discs, and semiconductor memory. Magnetic storage devices include hard disk drives (HDDs) and magnetic tapes. Optical discs include CDs (Compact Discs), DVDs (Digital Versatile Discs), and Blu-ray Discs (BD, registered trademark).

[0116] When distributing a program, portable recording media such as DVDs and CDs containing the program are sold. Alternatively, the program can be stored in the storage device of a server computer and transferred from the server computer to other computers via a network.

[0117] A computer executing a program stores programs, for example, those recorded on a portable storage medium or transferred from a server computer, in its own memory. The computer then reads the program from its memory and executes the processing according to the program. Alternatively, the computer can directly read the program from the portable storage medium and execute the processing according to that program. Furthermore, the computer can sequentially execute the processing according to the programs received from a server computer connected via a network, each time a program is transferred. [Explanation of Symbols]

[0118] 1. Intermediary System 2. Securities company system 3 investors 4 Market Makers 5a~5c Order Information S1-S6 Steps

Claims

1. A trading method in a securities trading system that includes an intermediary system for mediating securities transactions between investors and market makers, and a securities company system of a securities company where the investor has opened a securities account, The aforementioned intermediary system, When the investor system on the investor's side receives a first transaction request that requests either a buy or sell transaction of securities, and the first transaction request specifies a net price which is the gross price provided by the market maker plus the commission of the securities company, it transmits to the securities company system a first order information which places an order for the one transaction using the gross price and a second order information which places an order for the one transaction using the net price. The aforementioned securities company system is Based on the received first order information, the order processing is executed. Based on the received second order information, a third order information is generated using the net price to place an order for the other of the buy or sell transactions of the securities, and the order processing is executed based on the second order information and the third order information. Transaction method.

2. When the intermediary system receives a second transaction request from the investor system, specifying the gross price and requesting one of the transactions, it transmits a fourth order information to the securities company system, which places an order for the one transaction using the gross price. The securities company system executes order processing based on the received fourth order information. The transaction method according to claim 1.

3. The aforementioned intermediary system, The aforementioned fees are stored in the memory unit, linked to the investor and the securities company. The investor system receives input indicating that the price of the aforementioned securities should be displayed net. The best bid price is selected from among the bid prices offered by multiple market makers, including the aforementioned market maker, and the net price, calculated by adding the commission stored in the memory unit to the selected bid price, is displayed on the display device of the investor system. The first transaction request is accepted based on the displayed net price. The transaction method according to claim 1.

4. The first order information is transmitted to the securities company's proprietary trading department, which conducts transactions using the securities company's own funds, in order to request a transaction. The second order information is transmitted to the brokerage department of the securities company to request a transaction using funds entrusted by the customer. The transaction method according to claim 1.

5. The order processing based on the first order information in the aforementioned securities company system is performed as processing by the proprietary trading department of the securities company, which conducts transactions using the securities company's own funds. The order processing based on the second order information and the third order information in the aforementioned securities company system is carried out as a process between the commissioned trading department, which conducts transactions using funds entrusted by customers at the securities company, and the proprietary trading department. The transaction method according to claim 1.

6. A trading intermediation method that facilitates securities transactions between investors and market makers, Computers A first transaction request, which requests either a buy or sell transaction of securities, wherein the first transaction request specifies a net price which is the gross price provided by the market maker plus the commission of the securities company where the investor has opened a securities account, is received from the investor's system. The first order information for placing the aforementioned transaction using the gross price and the second order information for placing the aforementioned transaction using the net price are transmitted to the securities company's system. Transaction intermediary methods.

7. A trading intermediary program that facilitates securities transactions between investors and market makers, On the computer, A first transaction request, which requests either a buy or sell transaction of securities, wherein the first transaction request specifies a net price which is the gross price provided by the market maker plus the commission of the securities company where the investor has opened a securities account, is received from the investor's system. The first order information for placing the aforementioned transaction using the gross price and the second order information for placing the aforementioned transaction using the net price are transmitted to the securities company's system. A transaction intermediary program that executes the transaction.

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