Small-lot ST trading system

Abstract

To provide a trading system for small-lot ST classes, which is not subject to a PTS, reduces a system load and a workload, and can improve execution rates.SOLUTION: In a trading system 1 for small-lot ST classes having a plurality of trader systems 10 and a central management system 30, each trader system includes: means 14 for managing limit orders within a predetermined range from prices in a main market for large-lot ST classes; means 15 for executing matching managed orders; and means 16 for forwarding inquiry information of un-executed orders in an IOI format to the system. The central management system includes: means 31 for centrally managing inquiry information, means 32 for searching for other orders matching an order in the inquiry information in the order of inquiries; and means 33 for sending information with the possibility of executing the order that matches execution conditions of another order to an inquiry source. The trader system further includes: means 17 for receiving information with the possibility of execution; means 18 for forwarding the order to the other system of the order received the information; and means 19 for accepting the forwarded order.SELECTED DRAWING: Figure 1

Description

[Technical field]

[0001] The present invention relates to a system for trading digital securities (STs, which can be applied to finance in general, such as crypto assets and banking transactions), in particular small-scale STs, which are small in scale and have insufficient liquidity. [Background technology]

[0002] Among ST types, those that fall under Section 2 securities, which are deemed securities (trustee rights in trust assets, anonymous partnership agreements, membership rights in limited liability companies, etc.), or those that are Section 1 securities (stocks, trusts, securities, etc.) that have been split into smaller units, or those that are classified as others, are often small-scale and have insufficient liquidity.

[0003] For small-scale STs with insufficient liquidity, in transactions such as many:many (such as order book processing) or one:many (rate distribution processing), holding orders from many customers within the system and processing them using a method of calculating price validity from the balance of liquidity of buy and sell orders is unlikely to be optimal from the perspective of price discovery, which is defined as "the transaction price fairly represents the value of the subject of the transaction."

[0004] In addition, it is assumed that many of the customers in small-scale ST transactions are amateur investors who find it difficult to grasp appropriate prices. In addition, because transactions of STs can be conducted in real time 24 hours a day in a trading system using distributed technologies such as blockchain, the transaction prices may be dispersed and may vary. For this reason, it is necessary to ensure the validity of the contract prices of STs. Summary of the Invention [Problem to be solved by the invention]

[0005] One measure that could be considered to increase the probability of execution and reduce variance in execution prices would be a PTS-type centralized order processing system in which the data on leave orders received by each trading firm (securities company) (system) is integrated within each trading firm (securities company) (system) and crossing processing is performed on the integrated data. However, the requirements (hurdles) for implementing PTS-type centralized order processing in each trading firm (securities company) (system) are very high, and the cost burden is likely to be enormous.

[0006] Typically, at exchanges and PTSs (proprietary trading systems) that process many-to-many transactions (such as order book processing), an order book (BOOK) is created when an order is received from a customer, and multiple quotes, order book information, and in some cases converted rate information are generated from the order book.

[0007] However, if trading firms (securities companies) (systems) were to create rates and distribute them at a 1:many ratio, this would increase the load on the systems used by trading firms (securities companies) (systems) to conduct small-lot ST transactions. In particular, for trading companies (securities firms), if rates are created manually and distributed at a 1:man ratio, the workload of creating the rates increases.

[0008] The present invention has been made in consideration of the above-mentioned problems, and aims to provide a trading system for small-lot ST that can reduce the load on the system, reduce the workload on humans, and increase the contract rate without building a system equivalent to a PTS (Proprietary Trading System). [Means for solving the problem]

[0009] In order to achieve the above object, the trading system for small-lot STs according to the present invention is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values ​​defined digitally in distributed technology such as blockchain), digital currencies, stable coins (hereinafter, digital currencies), tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and includes a system for multiple traders (securities companies) and a central management system (or central management function) connected to the systems of the multiple traders (securities companies), and each of the systems of the traders (securities companies) has a main market price acquisition means having a function of acquiring the buying and selling prices of large-lot STs in the main market, and a function of setting a predetermined range of prices based on the buying and selling prices of large-lot STs in the main market acquired by the main market price acquisition means as a limit price range for which orders for small-lot STs can be accepted. a leave order acceptance limit price range setting means, a leave order acceptance means having a function of accepting leave orders from customers designated at prices within the limit price range set by the order acceptance limit price range setting means in an undisclosed state, a leave order management means having a function of managing (holding) leave orders from customers accepted by the leave order acceptance means in an undisclosed state, a leave order execution means having a function of executing the leave orders in an undisclosed state when leave orders from customers managed (held) by the leave order management means collide with each other, and and an IOI inquiry information forwarding means having a function of forwarding inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities company) in an IOI (bilateral transaction type indication of intention) format to the central management system (or central management function) in a non-disclosed state, regarding the presence or absence of other leave orders that can be executed with the leave order from the customer accepted by the leave order accepting means that is not yet executed, and the central management system (or central management function) comprises:An inquiry information management means having a function of centrally managing the inquiry information forwarded from the IOI inquiry information forwarding means of the system of each of the trading companies (securities companies) in a non-disclosed state, and an IOI inquiry processing device having a function of, when the inquiry information is forwarded from the IOI inquiry information forwarding means of the system of a predetermined trading company (securities company), making a one-to-one inquiry with other inquiry information managed in the inquiry information management means in a non-disclosed state and searching for other leave orders that match the leave order received from the customer in a non-disclosed state. a matching order search means; and a possibility of contract information transmission means having a function of transmitting information on the possibility of contract to the trading company (securities company) (system) that made the inquiry in a non-disclosed state when a leave order received from the customer and managed (held) by the trading company (securities company) (system) that is the destination of the inquiry matches the contract conditions of another leave order received from another customer and managed (held) by the other trading company (securities company) (system) that is the destination of the inquiry, by a search by the IOI inquiry matching order search means, with priority given to the order of inquiry. The system of each of the trading companies (securities companies) further includes a contract possibility information receiving means having a function of receiving the contract possibility information from the contract possibility information transmitting means in a non-disclosed state, and when the contract possibility information receiving means receives information indicating that the leave order received from the customer managed (held) by the trading company (securities company) (system) may be contracted with another leave order received from another customer managed (held) by another trading company (securities company) (system), The system includes a leave order forwarding means having a function of forwarding an order to the system of the other trading firm (securities company) in an undisclosed state, and a forwarded leave order receiving means having a function of receiving, in an undisclosed state, the leave order forwarded by the leave order forwarding means in the system of the other trading firm (securities company), and the leave order contracting means further has a function of contracting the leave orders in an undisclosed state when a leave order from a customer managed (held) by the leave order management means matches a leave order received by the forwarded leave order receiving means. In this specification, a "smart contract" is a program that runs on a blockchain and automates processing.

[0010] The trading system for small-lot STs according to the present invention is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values ​​defined digitally in distributed technology such as blockchain), digital currencies, stable coins (hereinafter, digital currencies), tokens and digital currencies, or between tokens and between digital currencies, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and includes a system for a plurality of traders (securities companies) and a central management system (or central management function) connected to the systems of the plurality of traders (securities companies), and each of the systems of the traders (securities companies) includes a similar market price acquisition means having a function of acquiring the buying and selling prices of small-lot STs in a similar market (reference price disclosed by an investment entity, etc.), and a function of setting a limit price range for which orders for small-lot STs can be accepted, based on a predetermined range of prices based on the buying and selling prices of small-lot STs in a similar market acquired by the similar market price acquisition means. a leave order acceptance limit price range setting means, a leave order acceptance means having a function of accepting leave orders from customers designated at prices within the limit price range set by the order acceptance limit price range setting means in an undisclosed state, a leave order management means having a function of managing (holding) leave orders from customers accepted by the leave order acceptance means in an undisclosed state, a leave order execution means having a function of executing the leave orders in an undisclosed state when leave orders from customers managed (held) by the leave order management means match each other, and and an IOI inquiry information forwarding means having a function of forwarding inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities company) in an IOI (bilateral transaction type indication of intent) format to the central management system (or central management function) at a predetermined time in a condensed manner and in a non-disclosed state, regarding the presence or absence of other leave orders that can be executed with the leave order from the customer accepted by the leave order accepting means that has not been executed, and the central management system (or central management function)an inquiry information management means having a function of managing the inquiry information forwarded from the IOI inquiry information forwarding means of the system of each of the trading companies (securities companies) in a non-disclosed manner in a centralized manner; and when the inquiry information is forwarded in a centralized manner at a predetermined time from the IOI inquiry information forwarding means of the system of a predetermined trading company (securities company), a one-to-one inquiry is made in a non-disclosed manner with other inquiry information managed by the inquiry information management means within the predetermined time, and other inquiry information corresponding to the leave order received from the customer is forwarded in a centralized manner. An IOI inquiry matching order search means having a function of searching for leave orders in a non-disclosed state, and when a leave order received from a customer managed (held) by the trading company (securities company) (its system) matches the contract conditions of other leave orders received from other customers managed (held) by the other trading company (securities company) (its system) that is the destination of the inquiry, the means performs a search by giving priority to the order of inquiries, and provides information on the possibility of contract to the trading company (securities company) (its system) that made the inquiry in a non-disclosed manner. and a contract possibility information transmitting means having a function of transmitting the information indicating the possibility of a contract from the contract possibility information transmitting means in a non-disclosed state, and each of the systems of the trading companies (securities companies) further comprises a contract possibility information receiving means having a function of receiving the information indicating the possibility of a contract from the contract possibility information transmitting means in a non-disclosed state, and when the contract possibility information receiving means receives information indicating the possibility of a contract between a leave order received from the customer and managed (held) by the trading company (securities company) (system) and another leave order received from another customer and managed (held) by another trading company (securities company) (system), a leave order forwarding means having a function of forwarding a leave order from the customer received by the trading company (securities company) (its system) to the system of the other trading company (securities company) in an undisclosed state, and a forwarded leave order receiving means having a function of receiving a leave order forwarded by the leave order forwarding means of the system of the other trading company (securities company) in an undisclosed state, and the leave order agreement means further determines, when a leave order from a customer managed (held) by the leave order management means matches a leave order received by the forwarded leave order receiving means,It is characterized by having a function to execute the leave orders in a confidential state.

[0011] In addition, in the trading system for small-lot STs of the present invention, the main market price acquisition means has a function of acquiring, when the main market for large-lot STs is open, a real-time buying and selling price in the open main market as the buying and selling price in the main market for large-lot STs, and when the main market for large-lot STs is closed, acquiring the closing price of the main market as the buying and selling price in the main market for large-lot STs, and the IOI inquiry information forwarding means, when the main market for large-lot STs is open, forwards the IOI inquiry information of the customer that is managed (held) by the leave order management means and accepted by the leave order acceptance means that is uncontracted. Regarding the presence or absence of other leave orders that can be executed with a leave order from a customer, inquiry information including the leave order (including information on the issue name, buy / sell type, and limit price) and the system identification information of the trading company (securities firm) is forwarded to the central management system (or central management function) in an IOI (overt transaction indication of intent) format in a confidential state, and when the main market for large STs is closed, other leave orders that can be executed with leave orders from customers that are managed (held) by the leave order management means and accepted by the leave order acceptance means that have not been executed are forwarded to the central management system (or central management function). The central control system (or central control function) has a function of transmitting inquiry information regarding the presence or absence of an order, the inquiry information including the leave order (including information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities company) in an IOI (overt transaction type indication of intent) format in a centralized manner at a specified time in a non-disclosed state, and the IOI inquiry corresponding order search means searches for the order in a centralized manner at a specified time in a non-disclosed state, the IOI inquiry corresponding order search means searches for the order in a centralized manner at a specified time in a centralized manner ... centralized manner, the IOI inquiry corresponding order search means searches for the order in a when the main market for large ST classes is closed, when the inquiry information is intensively forwarded from the IOI inquiry information forwarding means of the system of a specified trading company (securities firm) at a predetermined time, one-to-one inquiries are made in a non-disclosure state with other inquiry information managed in the inquiry information management means, and other leave orders that match the leave order received from the customer are searched for in a non-disclosure state; when the main market for large ST classes is closed, when the inquiry information is intensively forwarded from the IOI inquiry information forwarding means of the system of a specified trading company (securities firm) at a predetermined time, one-to-one inquiries are made in a non-disclosure state with other inquiry information managed in the inquiry information management means, within the predetermined time period;It is preferable to have a function of searching for other leave orders that match the leave order received from the client in a non-disclosed state.

[0012] In addition, in the small-lot ST trading system of the present invention, the IOI inquiry corresponding order search means is preferably configured to prioritize (search) inquiry information forwarded from the IOI inquiry information forwarding means of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders, in terms of the order of search of other inquiry information managed by the inquiry information management means.

[0013] In addition, in the small-lot ST trading system of the present invention, it is preferable that the forwarding leave order receiving means in the trading firm (securities company) (system) has an agreement condition reviewing means having a function of changing the limit price of the leave order received from a customer managed (held) by the trading firm (securities company) (system) that received the leave order, in a non-disclosed state, to a direction unfavorable to the trading firm (securities company), as a review of the agreement conditions of the leave order received from the customer managed (held) by the trading firm (securities company) (system) that received the leave order, when the forwarding leave order receiving means receives the leave order forwarded by the leave order forwarding means, and an agreement condition revision information distribution means having a function of transmitting, in a non-disclosed state, to the trading firm (securities company) (system) that made the one-to-one inquiry in the form of an IOI (bilateral transaction-based indication of trading intent) format, the agreement condition review information in which the limit price constituting the agreement condition for the leave order has been changed by the agreement condition reviewing means to a direction unfavorable to the trading firm (securities company).

[0014] In addition, in the small-lot ST type trading system of the present invention, it is preferable that the central management system (or central management function) further has an own order information management means having a function of separately managing information (including name of stock, type of buy / sell, and limit price) of a specified own order, the IOI inquiry matching order search means further has a function of making a one-to-one inquiry of the information (including name of stock, type of buy / sell, and limit price) of the own order managed in the own order information management means in a non-disclosed state with other inquiry information managed in the inquiry information management means, and searching for other leave orders matching the own order in a non-disclosed state, and the contract possibility information sending means further has a function of sending, in a non-disclosed state, information of the possibility of contract to the trading company (securities company) (system) that made the inquiry about the order matching the own order, when the own order managed in the own order information management means matches the contract conditions of a leave order received from a customer managed (held) by a specified trading company (securities company) (system) through the search by the IOI inquiry matching order search means. Effect of the Invention

[0015] According to the present invention, a small-lot ST type trading system can be obtained that can reduce the load on the system, reduce the workload on humans, and increase the contract rate without building a system equivalent to a PTS (Proprietary Trading System). [Brief description of the drawings]

[0016] [Figure 1] 1 is a block diagram conceptually showing the overall configuration of a trading system for small ST types according to a first embodiment of the present invention. [Diagram 2] 1 is a block diagram conceptually showing the function and configuration of a main market price acquisition means in a trading system for small STs according to this embodiment. FIG. [Diagram 3] 1 is a block diagram conceptually showing the function and configuration of an order acceptable limit price range setting means in a trading system for small ST types according to this embodiment. FIG. [Figure 4]FIG. 2 is a block diagram conceptually showing the function and configuration of a leave order receiving means in the trading system for small STs according to the present embodiment. [Diagram 5] FIG. 2 is a block diagram conceptually showing the function and configuration of a leave order management means in the trading system for small STs according to the present embodiment. [Figure 6] 1 is a block diagram conceptually showing the function and configuration of a leave order contract means in a small ST type trading system according to this embodiment. FIG. [Figure 7] A block diagram conceptually showing the function and configuration of an IOI inquiry information forwarding means in a small-amount ST type trading system in this embodiment. [Figure 8] 1 is a block diagram conceptually showing the function and configuration of a contract possibility information receiving means in a small-amount ST type trading system according to this embodiment. FIG. [Figure 9] 1 is a block diagram conceptually showing the function and configuration of a leave order forwarding means in a small ST type trading system according to this embodiment. FIG. [Figure 10] 1 is a block diagram conceptually showing the function and configuration of a forwarding leave order receiving means in a trading system for small STs according to this embodiment. FIG. [Figure 11] A block diagram conceptually showing the function and configuration of the contract condition review means in the small-amount ST type trading system of this embodiment. [Figure 12] 1 is a block diagram conceptually showing the function and configuration of a contract condition revision information distribution means in a small-lot ST type trading system according to this embodiment. FIG. [Figure 13] 1 is a block diagram conceptually showing the functions and configuration of an inquiry information management means in a small-amount ST type trading system according to this embodiment. FIG. [Figure 14] A block diagram conceptually showing the function and configuration of an IOI inquiry corresponding order search means in a small ST type trading system in this embodiment. [Figure 15] 1 is a block diagram conceptually showing the function and configuration of a contract possibility information transmitting means in a small-amount ST type trading system according to this embodiment. FIG. [Figure 16] 1 is a block diagram conceptually showing the function and configuration of a self-order information management means in a small-lot ST type trading system according to this embodiment. FIG. [Figure 17] 1 is a flowchart showing an outline of a part of the process flow using a small-amount ST type trading system according to this embodiment. [Figure 18] 13 is a flowchart outlining another part of the processing flow using the small ST type trading system according to this embodiment. [Figure 19] 13 is a flowchart outlining yet another part of the processing flow using the small ST type trading system according to this embodiment. [Figure 20] FIG. 11 is a block diagram conceptually showing the overall configuration of a trading system for small ST types according to a second embodiment of the present invention. [Figure 21] 1 is a block diagram conceptually showing the function and configuration of a similar market price acquisition means in a trading system for small STs according to this embodiment. FIG. [Figure 22] 1 is a block diagram conceptually showing the function and configuration of an order acceptable limit price range setting means in a trading system for small ST types according to this embodiment. FIG. [Diagram 23] A block diagram conceptually showing the function and configuration of an IOI inquiry information forwarding means in a small-amount ST type trading system in this embodiment. [Figure 24] A block diagram conceptually showing the function and configuration of an IOI inquiry corresponding order search means in a small ST type trading system in this embodiment. [Diagram 25] 1 is a flowchart showing an outline of a part of the process flow using a small-amount ST type trading system according to this embodiment. [Figure 26] 13 is a flowchart outlining another part of the processing flow using the small ST type trading system according to this embodiment. [Figure 27] FIG. 13 is a block diagram conceptually showing the overall configuration of a trading system for small ST types according to a third embodiment of the present invention. [Figure 28]1 is a block diagram conceptually showing the function and configuration of a main market price acquisition means in a trading system for small STs according to this embodiment. FIG. [Figure 29] A block diagram conceptually showing the function and configuration of an IOI inquiry information forwarding means in a small-amount ST type trading system in this embodiment. [Diagram 30] A block diagram conceptually showing the function and configuration of an IOI inquiry corresponding order search means in a small ST type trading system in this embodiment. [Diagram 31] 1 is a flowchart showing an outline of a part of the process flow using a small-amount ST type trading system according to this embodiment. [Diagram 32] 13 is a flowchart outlining another part of the processing flow using the small ST type trading system according to this embodiment. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0017] Prior to describing the embodiments, the circumstances under which the present invention was derived and the effects of the present invention will be described.

[0018] As mentioned above, among ST types, those that fall under Section 2 securities, which are deemed securities (trustee rights in trust assets, anonymous partnership agreements, membership rights in limited liability companies, etc.), and those that are fractionalized versions of Section 1 securities (stocks, trusts, securities, etc.), are often small-scale and lack liquidity.

[0019] For small-scale STs with insufficient liquidity, in transactions such as many:many (such as order book processing) or one:many (rate distribution processing), holding orders from many customers within the system and processing them using a method of calculating price validity from the balance of liquidity of buy and sell orders is unlikely to be optimal from the perspective of price discovery, which is defined as "the transaction price fairly represents the value of the subject of the transaction."

[0020] In addition, it is assumed that many of the customers in small-scale ST transactions are amateur investors who find it difficult to grasp appropriate prices. In addition, because transactions of STs can be conducted in real time 24 hours a day in a trading system using distributed technologies such as blockchain, the transaction prices may be dispersed and may vary. For this reason, it is necessary to ensure the validity of the contract prices of STs.

[0021] One measure that could be considered to increase the probability of execution and reduce variance in execution prices would be a PTS-type centralized order processing system in which the data on leave orders received by each trading firm (securities company) (system) is integrated within each trading firm (securities company) (system) and crossing processing is performed on the integrated data. However, the requirements (hurdles) for implementing PTS-type centralized order processing in each trading firm (securities company) (system) are very high, and the cost burden is likely to be enormous.

[0022] Typically, at exchanges and PTSs (proprietary trading systems) that process many-to-many transactions (such as order book processing), an order book (BOOK) is created when an order is received from a customer, and multiple quotes, order book information, and in some cases converted rate information are generated from the order book.

[0023] However, if trading firms (securities companies) (systems) were to create rates and distribute them at a 1:many ratio, this would increase the load on the systems used by trading firms (securities companies) (systems) to conduct small-lot ST transactions. In particular, for trading companies (securities firms), if rates are created manually and distributed at a 1:man ratio, the workload of creating the rates increases.

[0024] In securities, there are two factors that induce market impact: one is large orders (the impact of each order is large), and the other is stocks with low liquidity (even small orders have a large impact). For this reason, measures are taken to reduce market impact by not disclosing quote information, such as dark pools. However, these dark pools mainly process large orders, and for small, impactful transactions, they tend to use market-making order processing, which is mostly used overseas and difficult to put into practical use in Japan. In other words, in Japan, order processing is mainly automated, with centralized price discovery, and services based on pricing functions that calculate price validity, such as market making, are hardly used in Japan. Furthermore, small-value transactions in Japan are mainly conducted by one-on-one telephone negotiations or crossing processing.

[0025] Therefore, the inventors have considered and examined measures that would enable efficient price discovery such as many-to-many, while taking a 1:1 type format for small transactions, by effectively utilizing order status and inquiry information systematically within the participating network, without disclosing order information and inducing market manipulation. And, originally, a crossing engine that processes orders receives and manages orders, discloses quotes and order book information, and calls for orders, but the inventors of this invention came up with the idea of ​​having one or more order processing functions that supply liquidity receive order inquiries, retain records of those inquiries (not orders), and when the recorded inquiry information crosses, place an order with the inquiry destination to encourage contract. The process of consideration and investigation is explained in detail below.

[0026] First, the inventor of the present invention has considered and examined the following measures for efficiently processing 1:1 bilateral transactions in an IOI (bilateral indication of intent to trade) format and increasing the execution rate, particularly with regard to transactions of digital securities (STs, but applicable to general finance such as crypto assets and banking transactions), rather than existing transactions such as many:many (such as order processing) or one:many (rate distribution processing).

[0027] For transactions of ST types that fall under Section 1 securities, such as stocks, trusts, and securities, it is expected that there will be a main market for large-lot (wholesale market) ST types, and that small-lot (retail market) ST types will be treated separately.

[0028] Generally, for large-volume transactions, transaction data is compiled daily, summarized, and then settled a few days later, such as T+2. In contrast, in small-scale transactions, it is unclear whether the transactor, such as the customer who placed the order, has the creditworthiness to be extended, so it is desirable to pay the purchase price in advance and settle immediately when the transaction is completed.

[0029] Types of processing for small ST transactions There are two possible types of processing for small-scale ST transactions: (1) A type in which the prices of small-lot ST classes are determined within a specified range based on the buying and selling prices of large-lot ST classes in the main market (a process that targets small-lot ST classes that fall under Section 1 securities, such as stocks, trusts, and securities). (2) In the absence of a major market for large-scale STs, pricing of small-scale STs is carried out within a specified range of prices based on the buying and selling prices in similar markets (for example, the benchmark prices disclosed by investment managers, etc.) (processing applicable to STs that fall under Section 2 securities (deemed securities)).

[0030] As an example of processing for transactions of the above type (1) (processing for small lots of STs that fall under Section 1 securities), processing may be carried out using the buying and selling price in the main market via a PTS (Proprietary Trading System). As an example of processing for transactions of the above type (2) (processing for ST types that fall under Section 2 securities (deemed securities)), a possible processing would be a process in which a market-making trading firm (securities company) presents a set price (price) such as a rate.

[0031] Consideration and examination of measures to streamline the processing of small-lot ST transactions Measures to streamline the processing of transactions of type (1) above The inventors of the present invention have conducted the following considerations and studies on measures for efficiently processing small-lot ST transactions using a digital asset trading system that employs distributed technologies such as blockchain, for example, processing in transactions of the above type (1) (processing for small-lot STs that fall under Section 1 securities), using the processing in commodity transactions as a reference.

[0032] In commodity trading, because the main commodity market is overseas, conversions are made regarding the trading unit and exchange rate, and a rate based on the legal tender of JPY is generated. The generated rate is then received by a specified trading application. The customer uses the rate received by the trading application as a reference price when placing an order, and places an order with the trading firm (securities company) (system) at an order price with a specified slippage range, assuming a certain degree of deviation from the contract price.

[0033] Here, the inventor of the present invention has conceived a way of processing small-lot ST transactions in which a trading firm (securities company) (its system) that receives an order from a customer would make a one-to-one inquiry to other trading firms (securities companies) (their systems) in the form of an IOI (overall indication of intent to trade) to ascertain whether there are any other orders that can be matched with the customer's order, and, giving priority to the order in which the inquiries were made, would enable the order to be matched if it matches the execution conditions of other orders from other customers managed (held) by the other trading firm (securities company) (their system) that was the subject of the inquiry.

[0034] This processing method is the opposite of the method in which a market-making trading firm (securities company) creates a rate and distributes it at a 1:multiple ratio, and a customer places an order that matches the contract conditions at the distributed rate, which is then traded with the customer's order at the rate created and distributed by the market-making trading firm (securities company), in that the order data is sent in the opposite direction until the order is traded.If a market-making trading firm (securities company) (system) distributes a rate at 1:multiple, the distributed rate may fluctuate in a direction unfavorable to the customer by being used for arbitrage trading, etc., and there may be cases where the contract is not made at a price favorable to the customer.

[0035] For this reason, the inventor of the present invention considered it preferable to use a method for processing small-lot ST transactions with low liquidity, in which a one-to-one inquiry is made in the form of an IOI (over-the-counter indication of intent) and a contract is concluded, as described above.

[0036] The inventors also considered distributing information on the possibility of execution of orders that can be executed by one-to-one inquiries in the form of IOI (overall indication of intent to trade) to each trading firm (securities company) (or its system). As for the order of inquiries to other trading firms (securities companies) (their systems), we considered giving priority to trading firms (securities companies) (systems) with high contract rates separately for buy and sell orders. Business hours of trading firms (securities companies) vary widely, for example, some trading firms (securities companies) trade 24 hours a day, while others only trade during normal business hours. For this reason, priority is given to other trading firms (securities companies) (systems) that are open at the time of one-to-one inquiry in IOI (overall indication of intent to trade) format by the trading firm that received an order from a customer and that are able to perform search processing to see whether there are other orders that can be executed with the inquired order. The inventors of the present invention also considered the possibility of sharing information regarding business hours of trading firms (securities firms) between trading firms (securities firms) (their systems).

[0037] Inquiries in the IOI (over-the-counter indication of intent) format are handled on a one-to-one basis, and the idea was that orders from the customer making the inquiry to the trading firm (securities firm) (system) would basically be placed at limit prices, similar to dark pools, where orders are matched within the securities firm (system) without the involvement of a stock exchange, and a deal is executed if the limit prices of both orders match. For this reason, even if another trading firm (securities company) (system) accepts a one-to-one inquiry in the form of an IOI (over-the-counter indication of intent) from a trading firm (securities company) (system) that has received an order from a customer and searches for other orders that can be executed (at a matching limit price), it is considered that there may be cases where the order is not executed immediately. In addition, when a customer places an order at a limit price with a trading firm (securities company) (system), it may be outside the business hours of the other trading firm (securities company), and it is considered that there is no problem even if a time lag occurs between the actual time of execution and the time the execution report is received. In particular, it is considered that such a time lag may occur in foreign securities transactions, etc.

[0038] In this way, the inventor of the present invention has conceived of a system for processing small-scale ST transactions using a digital asset trading system in which orders from customers are treated as orders based on market prices, rather than as orders based on rates created by a trading firm (securities company) (system) and distributed on a 1:many basis, and in which the trading firm (securities company) (system) that receives an order from a customer forwards it to another trading firm (securities company (system)) as a one-to-one inquiry in the form of an IOI (over-the-counter indication of intent).

[0039] This would eliminate the need for trading firms (securities companies) (systems) to create rates or distribute them at a 1:many ratio, which is expected to reduce the load on the systems used by trading firms (securities companies) (systems) to conduct small-lot ST transactions. In particular, trading firms (securities companies) often create rates manually and distribute them on a 1:many basis, but if the settlement method is based on one-to-one inquiries in the IOI (overall indication of intent) format, this eliminates the need to create rates, thereby reducing the burden of human work.

[0040] The inventors of the present invention also considered that the other trading firm (securities company) (system) that received the inquiry could increase the number of inquiries from the trading firm (securities company) (system) that originated the inquiry in one-to-one inquiries in IOI (bilateral indication of trading intent) format, review the conditions for increasing the frequency with which limit orders of both parties match and the execution rate (for example, making changes to the limit prices of other orders (for example, from other customers) managed (held) by the other trading firm (securities company) (system) that received the inquiry in one-to-one inquiries in IOI (bilateral indication of trading intent) format in a direction that is unfavorable to the other trading firm (securities company)), and then distribute information about the review to the person who submitted the limit order in the one-to-one inquiry in IOI (bilateral indication of trading intent) format (the trading firm (securities company) (system) that made the inquiry).

[0041] Typically, at exchanges and PTSs (proprietary trading systems) that process many-to-many transactions (such as order book processing), an order book (BOOK) is created when an order is received from a customer, and multiple quotes, order book information, and in some cases converted rate information are generated from the order book.

[0042] In contrast, in the processing of small-scale ST transactions using a digital asset trading system as considered and examined by the inventor of the present invention, when an order is received from a customer, the trading firm (securities company) (its system) does not create an order book, etc., but instead inquires of a central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) as to whether there are any other orders that can be matched with the order from the customer, and the central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) accepts inquiries from each trading firm (securities company) (its system) that has accepted an order from a customer, and the order information including limit orders from each customer that is the source of the received inquiries is centrally managed as inquiry information. Then, by connecting each trading firm (securities company) (its system) to a central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) that centrally manages order information, including limit orders, each trading firm (securities company) (its system) that accepts an order from a customer will be able to make a one-to-one inquiry about whether there are any other orders that can be executed with the customer's order, and through the central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system), it will be possible to identify other trading firms (securities companies) that manage (hold) other orders that can be executed with the customer's order.The central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) will then send information about the possibility of execution between orders that can be executed with each other to the trading firm (securities company) (its system) that made the inquiry about the order, making it possible to match up individual orders managed (held) by each trading firm (securities company) (its system). In addition, the inventors have devised a system that, in certain cases, when a central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) is the counterparty and an order is inquired about one-to-one in an IOI (overall indication of intent to trade) format, and one of its own orders matches that order, it can also send information indicating the possibility of a contract to the trading firm (securities company) (its system) that made the inquiry about the matching order.

[0043] In addition, the inventors of the present invention have conceived of making it possible, in processing of ST transactions of the above type (1) (processing for small lots of ST transactions that fall under Section 1 securities), even when large lot securities transactions exist, to carry out small lot ST transactions by a method in which a settlement is made through a one-to-one inquiry in the same IOI (over-the-counter indication of intent) format as above, at a certain range of prices based on the prices in the large lot securities transactions.

[0044] Regarding the processing of transactions of ST types of the above type (1) (processing for small lots of ST types that fall under Section 1 securities), if it were possible to conduct small lots of ST types through a settlement method based on one-to-one inquiries in the form of IOI (over-the-counter indication of intent), trading firms (securities companies) (their systems) would not need to create price information such as rates or distribute it on a 1:many basis, and therefore trading firms (securities companies) (systems) would not need to build systems equivalent to PTSs (proprietary trading systems), which would reduce the load on the system and the workload on humans.

[0045] Measures to streamline the processing of transactions of type (2) above Next, in regard to the processing of transactions of ST types of the above type (2) (processing for ST types that are Type 2 securities (deemed securities)), for example, for trust-related ST types such as real estate-related STs, a base value is calculated that is adjusted within a certain range of prices based on the buying and selling prices in similar markets depending on the management status of the management entity or market trends (hot or cold, etc.). And since there is basically no information on the main market, the idea was that each trading firm (securities company) (its system) would accept leave orders based on benchmark values ​​from customers, and at regular time intervals (for example, every four hours), within the same predetermined time period (for example, one minute), would centrally forward one-to-one inquiries to a central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) about whether there are any other orders that can be executed with the leave orders managed (held) by each trading firm (securities company) (its system), and then perform crossing processing between centrally managed orders via the central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system).

[0046] If the number of leave orders accepted from customers by each trading firm (securities company) (system) is small, there are few cases where orders are executed through crossing processing between orders managed (held) within each trading firm (securities company) (system), or even if orders are executed, the execution prices may be dispersed among trading firms (securities companies) (systems), resulting in variations. In order to address such a problem, the inventor of the present invention has come up with the idea of ​​centrally forwarding inquiries about leave orders from customers managed (held) in each trading company (securities company) (system) to a central system (the trading system itself, or the system of a specific trading company (securities company) selected as the central system) that connects to each trading company (securities company) (system), centrally managing order information as inquiry information, and processing the leave orders centrally managed as inquiry information like a dark pool. In addition, although leave orders from customers are distributed to each trading company (securities company) (system), if a crossing time is determined and each trading company (securities company) (system) centrally inquires of the central system (the trading system itself, or the system of a specific trading company (securities company) selected as the central system) during a specified time when inquiries can be made, it is possible to increase the frequency at which limit orders of both parties match and the contract rate. For example, if inquiries from each trading firm (securities firm) (its system) were concentrated on a central system (the trading system itself, or the system of a specific trading firm (securities firm) selected as the central system) within a specified period of time and a one-minute crossing time was set, it would be possible to virtually process inquiries about buy and sell leave orders via the central system (the trading system itself, or the system of a specific trading firm (securities firm) selected as the central system) like a dark pool for within one minute.

[0047] One measure that could be considered to increase the probability of execution and reduce variance in execution prices would be a PTS-type centralized order processing system in which the data on leave orders received by each trading firm (securities company) (system) is integrated within each trading firm (securities company) (system) and crossing processing is performed on the integrated data. However, the requirements (hurdles) for implementing PTS-type centralized order processing in each trading firm (securities company) (system) are very high, and the cost burden is likely to be enormous.

[0048] For this reason, the inventors of the present invention have devised the following two types of processing methods as a measure to prevent each trading firm (securities company) (its system) from having to build a system equivalent to a PTS (proprietary trading system). (A) A method in which (each trading firm (securities firm) (system)) does not distribute multiple quotes or rates, but instead concentrates order inquiries from customers received by each trading firm (securities firm) (system) in a central system (the trading system itself, or the system of a specific trading firm (securities firm) selected as the central system) and processes them like a dark pool. (B) A processing method in which (each trading firm (securities firm) (system)) does not distribute orders from customers to a central system (the trading system itself, or the system of a specific trading firm (securities firm) selected as the central system), but instead each trading firm (securities firm) (system) processes leave orders (effectively limit orders) like a dark pool, and periodically queries the central system (the trading system itself, or the system of a specific trading firm (securities firm) selected as the central system) in the form of an IOI (over-the-counter indication of intent) and individually executes orders via the central system (the trading system itself, or the system of a specific trading firm (securities firm) selected as the central system) if the execution conditions of the orders received through one-to-one queries in the form of an IOI (over-the-counter indication of intent) match. It is believed that these two types of processing methods can reduce costs, etc. In the first place, in the processing of transactions of ST types of the above type (2) (processing for ST types that are Class 2 securities (deemed securities)) that are the targets of these processing methods, the reference price for the agreement is disclosed by the investment entity, etc., and the customer may place a leave order at that reference price, resulting in an agreement. Therefore, the inventor of the present case considered that building a system equivalent to an expensive PTS (Proprietary Trading System) to process transactions of ST types of the above type (2) (processing for ST types that are Class 2 securities (deemed securities)) would be excessive, inefficient, and unnecessary.

[0049] As for the processing of transactions of ST types of the above type (2) (processing for ST types that are Section 2 securities (deemed securities)), if small-lot transactions of ST types were conducted using a contract method based on one-to-one inquiries in the form of IOI (over-the-counter indication of intent) at a certain range of prices based on the buying and selling prices in similar markets (for example, the benchmark price disclosed by an investment manager), trading firms (securities companies) (their systems) would not need to create and transmit rates, and trading firms (securities companies) (their systems) would not need to build systems equivalent to PTS (proprietary trading systems), which would reduce the load on the system and the workload on humans.

[0050] Furthermore, the inventors of the present invention have conceived of a system in which, when it is difficult to conclude a transaction through a central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) which centrally manages the inquiry information that is the basis of the crossing process, the central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) can refer to the inquiry information (order information including limit orders from each customer that is the source of the inquiry) received from and managed by each trading firm (securities company) (its system) and intervene in orders from customers as itself, and when its own order matches an order for which there has been a one-to-one inquiry in the form of IOI (overall indication of intent to trade) it can promote agreement by sending information indicating the possibility of agreement to the trading firm (securities company) (its system) that made the inquiry about the matching order. In the processing of transactions of ST types (2) above (processing targeting ST types that are Class 2 securities (deemed securities)), when crossing between orders managed (held) within each trading firm (securities company) (its system), even when the central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) refers to inquiry information (order information including limit orders from each customer that is the source of the inquiry) and mediates orders from customers on its own behalf to facilitate execution, it processes like a dark pool.

[0051] Furthermore, the inventors of the present invention have considered making it possible to combine the method of processing transactions of the above type (1) (processing for smaller amounts of ST types that fall under Section 1 securities) in which a transaction is concluded through a one-to-one inquiry in the form of an IOI (bilateral transaction-based indication of trading intent) with the method of processing transactions of the above type (2) (processing for ST types, which are Section 2 securities (deemed securities)) in which each trading firm (securities company) (its system) makes concentrated inquiries to a central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) within a specified period during which inquiries can be made, and concludes the transactions through crossing processing between the orders it manages.

[0052] For example, in the case of transactions of the type (1) above (transactions involving fractionalized STs that fall under Section 1 securities), during the hours when the main market is open, transactions of STs of the type (1) above will be processed in a manner that involves executing transactions through one-to-one inquiries in the form of an IOI (overt order indication of intent) and during the hours when the main market is closed, transactions of STs of the type (2) above will be processed in a manner that involves each trading firm (securities company) (its system) making intensive inquiries to a central system (the trading system itself, or the system of a specific trading firm (securities company) selected as the central system) during a specified period during which inquiries can be made and executing transactions through crossing processing between orders that are centrally managed as inquiry information. In this case, when switching to a method of executing ST transactions of the type (2) above by crossing orders that are centrally managed as inquiry information, the trading firm (securities company) (system) will use the current price index of the main market closing price (where the market closure flag is set) as the base, open a spread using the main market closing price as the base price, and set the price range at which orders for one-to-one inquiries in the IOI (over-the-counter indication of intent) format can be accepted.

[0053] In this case, the "current price index" refers to a price that is considered to be a reasonable price (a benchmark). For example, in the case of gold tokens, it is the price per gram on a yen basis on major overseas exchanges. The "current price index" is, for example, information provided by news agencies such as Reuters. In the case of real estate-related STs, the investment body of the real estate-related ST will disclose the base price. The investment body will then determine a certain range of prices (such as 5% above or below) from the disclosed base price, and transactions can be made freely within that range.

[0054] All of the above measures for processing ST transactions eliminate the need for trading firms (securities companies) (systems) to distribute price information to attract orders from customers, and therefore trading firms (securities companies) (systems) do not need to build systems equivalent to PTS (proprietary trading systems), which is thought to reduce the load on systems and the workload of people.

[0055] Furthermore, the inventors of the present invention have carried out the following considerations and studies regarding transactions involving one-to-one inquiries in the form of IOI (overall indication of intent to trade). In general, there is a concept that IOI (bilateral indication of intent) information is manipulated by humans and that IOI (bilateral indication of intent) information is recognized by humans. Therefore, it is considered that people do not want to disclose information about their own orders (orders that may cause market impact) to others as much as possible. That is, in reality, it is considered desirable not to inquire about order information over a wide range as much as possible. This is because, if an order placed is an order that will cause a market impact, the orderer may be put at a disadvantage due to front-running.

[0056] Therefore, the inventors of this invention came up with the idea of ​​making one-to-one inquiries without disclosing IOI (bilateral transaction-style indication of intent) information to humans. By treating order inquiry information as undisclosed information only between machines as dark IOI (non-disclosed confirmation of order intent between machines) and processing it automatically, it is believed that it will be possible to find matching orders efficiently without worrying about front-running. In other words, by sending inquiries in the form of IOIs (over-the-counter indications of intent) rather than actual orders between functions in the trading firm's system, and treating the IOIs (over-the-counter indications of intent) as order-like liquidity information, it is believed that it may be possible to discover liquidity hidden within PTS (private trading system)-like functions or even systems beyond that. More specifically, not all customer orders are forwarded to the PTS, and in many cases the PTS receives orders as the counterparty and places them in small increments so that they do not have an impact on the customer's order, but if inquiry information as IOI (over-the-counter indication of intent) is exchanged between functions in the trading company's system, even orders with an impact can be processed in small increments so that they do not have an impact, without humans being able to recognize them within the system, and it is believed that all order inquiries with an impact can be handled.As a result, it is believed that it will be possible to match IOI (over-the-counter indication of intent) orders with a very large impact that are not submitted to the PTS.

[0057] The inventors of the present invention have, after much consideration and investigation into ways to reduce the load on the system, reduce the workload on humans, and increase the execution rate without building a system equivalent to a PTS (Proprietary Trading System), have arrived at the small-amount ST trading system of the present invention.

[0058] The trading system for small-lot STs of the present invention is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets such as tokens (a general term for values ​​defined digitally in distributed technology such as blockchain), digital currencies, stable coins (hereinafter, digital currencies), tokens and digital currencies, or between tokens or between digital currencies, and smart contracts for performing predetermined processing using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets such as tokens (a general term for values ​​defined digitally in distributed technology such as blockchain), digital currencies, stable coins (hereinafter, digital currencies), tokens and digital currencies, or between tokens or between digital currencies, and smart contracts for performing predetermined processing using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with a smart contract for performing predetermined processing using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with a smart contract for performing predetermined processing using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with a smart contract for performing predetermined processing using the digital assets managed in the distributed ledger, and a value range setting means, a leave order receiving means having a function of receiving leave orders from customers specified at a price within the limit price range set by the order acceptable limit price range setting means in an undisclosed state, a leave order management means having a function of managing (holding) leave orders from customers received by the leave order receiving means in an undisclosed state, a leave order contracting means having a function of contracting the leave orders in an undisclosed state when leave orders from customers managed (held) by the leave order management means collide with each other, and and an IOI inquiry information forwarding means having a function of forwarding inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities company) in an IOI (bilateral transaction type indication of intent) format to the central management system (or central management function) in a non-disclosed state with respect to the presence or absence of other leave orders that can be executed with the leave order from the customer accepted by the leave order accepting means that has not been executed, and the central management system (or central management function) comprises:An inquiry information management means having a function of centrally managing the inquiry information forwarded from the IOI inquiry information forwarding means of the system of each of the trading companies (securities companies) in a non-disclosed state, and when the inquiry information is forwarded from the IOI inquiry information forwarding means of the system of a predetermined trading company (securities company), a function of making a one-to-one inquiry with other inquiry information managed in the inquiry information management means in a non-disclosed state and searching for other leave orders that match the leave order received from the customer in a non-disclosed state. I inquiry matching order search means, and a contract possibility information transmission means having a function of transmitting information on the possibility of contract to the trading company (securities company) (system) that made the inquiry in a non-disclosed state when a leave order received from the customer managed (held) by the trading company (securities company) (system) that is the inquiry destination and received from another customer managed (held) by the IOI inquiry matching order search means by searching with priority given to the order of inquiries and each of the systems of the trading companies (securities companies) further comprises a contract possibility information receiving means having a function of receiving the contract possibility information from the contract possibility information transmitting means in a non-disclosed state, and when the contract possibility information receiving means receives information that a leave order received from the customer managed (held) by the trading company (securities company) (system) may be contracted with another leave order received from another customer managed (held) by another trading company (securities company) (system), The system includes a leave order forwarding means having a function of forwarding a leave order from a customer to the system of the other trading company (securities company) in an undisclosed state, and a forwarded leave order receiving means having a function of receiving a leave order forwarded by the leave order forwarding means in the system of the other trading company (securities company) in an undisclosed state, and the leave order contracting means further has a function of, when a leave order from a customer managed (held) by the leave order management means matches a leave order received by the forwarded leave order receiving means, contracting the leave orders with each other in an undisclosed state.

[0059] Like the trading system of small-lot STs of the present invention, if the system of each of the traders (securities companies) has "a main market price acquisition means having a function of acquiring the buying and selling prices of large-lot STs in the main market, an order acceptable limit price range setting means having a function of setting a predetermined range of prices based on the buying and selling prices of large-lot STs in the main market acquired by the main market price acquisition means as the limit price range in which orders of small-lot STs can be accepted, and a leave order acceptance means having a function of accepting leave orders from customers specified at prices within the limit price range set by the order acceptable limit price range setting means in a non-disclosure state," then the traders (securities companies) will not need to create rates, and the workload of people who create rates can be reduced. Also, in the system of the traders (securities companies), there will be no need to distribute in a 1:many ratio, and the load on the system can be reduced. And, there will be no need to build a system equivalent to a PTS (Proprietary Trading System), and costs can be reduced.

[0060] Also, as in the small-lot ST trading system of the present invention, the system of each of the trading companies (securities companies) has "an IOI inquiry information forwarding means having a function of forwarding to the central management system (or central management function) inquiry information in an IOI (bilateral transaction type indication of trading intent) format, regarding the presence or absence of other leave orders that can be executed with a leave order from a customer that is managed (held) by the leave order management means and accepted by the leave order acceptance means that has not been executed, the inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities company) in question in a non-disclosed state," and the central management system (or central management function) has "an inquiry information management means having a function of centrally managing the inquiry information forwarded from the IOI inquiry information forwarding means of the systems of each of the trading companies (securities companies) in a non-disclosed state, and when the inquiry information is forwarded from the IOI inquiry information forwarding means of the system of a predetermined trading company (securities company), If the system is configured to include an IOI inquiry matching order search means having a function of making one-to-one inquiries with other inquiry information managed in the inquiry information management means in a non-disclosed state and searching for other leave orders that match the leave order received from the customer in a non-disclosed state, and an agreement possibility information sending means having a function of sending information on the possibility of agreement in a non-disclosed state to the trading company (securities company) (system) that made the inquiry when the leave order received from the customer and managed (held) by the trading company (securities company) (system) matches the agreement conditions of other leave orders received from other customers and managed (held) by the other trading company (securities company) (system) that is the destination of the inquiry, as a result of the search by the IOI inquiry matching order search means prioritizing the order of inquiries., it becomes possible to increase the possibility of agreement by concentrating the number of inquiries, and to increase the possibility of agreement for orders received by each trading company (securities company) (system).

[0061] In addition, as in the small-lot ST type trading system of the present invention, the system of each of the trading companies (securities companies) further comprises: "a contract possibility information receiving means having a function of receiving the contract possibility information from the contract possibility information transmitting means in a non-disclosed state; and when the contract possibility information receiving means receives information indicating that a leave order received from the customer managed (held) by the trading company (securities company) (system) may be contracted with other leave orders received from other customers managed (held) by another trading company (securities company) (system), the system of the trading company (securities company) may be contracted with other leave orders received from other customers managed (held) by another trading company (securities company) (system), and an IOI inquiry information forwarding means having a function of forwarding the leave order in a non-disclosed state to the system of a trading company (securities firm), and the leave order agreement means further having a function of, when a leave order from a customer managed (held) by the leave order management means matches a leave order received by the forwarded leave order receiving means, matching the leave orders in a non-disclosed state, it becomes possible to match the leave orders in a non-disclosed state in the case where a leave order from a customer managed (held) by the leave order management means matches a leave order received by the forwarded leave order receiving means in the system of each trading company (securities firm), thereby making it possible to further increase the agreement rate.

[0062] Furthermore, like the small-lot ST trading system of the present invention, if the system of each of the trading companies (securities companies) is configured to have an "order acceptable limit price range setting means having the function of setting a predetermined range of prices based on the buying and selling prices in the main market of large-lot STs acquired by the main market price acquisition means as the limit price range for which orders of small-lot STs can be accepted," it will be possible to reduce the variation in trading prices and ensure price appropriateness even for small-lot STs with low liquidity.

[0063] The trading system for small-lot STs of the present invention is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values ​​defined digitally in distributed technology such as blockchain), digital currencies, stable coins (hereinafter, digital currencies), tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values ​​defined digitally in distributed technology such as blockchain), digital currencies, stable coins (hereinafter, digital currencies), tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and the trading system for small-lot STs is constructed with an acceptable limit price range setting means; a leave order receiving means having a function of receiving, in an undisclosed state, leave orders from customers designated at prices within the limit price range set by the order acceptable limit price range setting means; a leave order management means having a function of managing (holding) in an undisclosed state leave orders from customers received by the leave order receiving means; a leave order contracting means having a function of contracting the leave orders in an undisclosed state when leave orders from customers managed (held) by the leave order management means collide; and an IOI inquiry information forwarding means having a function of forwarding inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities company) in an IOI (bilateral transaction type indication of intent) format to the central management system (or central management function) at a predetermined time in a condensed manner and in a non-disclosed state, regarding the presence or absence of other leave orders that can be executed with the leave order from the customer accepted by the leave order accepting means that has not been executed, and the central management system (or central management function)an inquiry information management means having a function of managing the inquiry information forwarded from the IOI inquiry information forwarding means of the system of each of the trading companies (securities companies) in a non-disclosed manner in a centralized manner; and when the inquiry information is forwarded in a centralized manner at a predetermined time from the IOI inquiry information forwarding means of the system of a predetermined trading company (securities company), a one-to-one inquiry is made in a non-disclosed manner with other inquiry information managed by the inquiry information management means within the predetermined time, and other inquiry information corresponding to the leave order received from the customer is forwarded in a centralized manner. An IOI inquiry matching order search means having a function of searching for leave orders in a non-disclosed state, and when a leave order received from a customer managed (held) by the trading company (securities company) (its system) matches the contract conditions of other leave orders received from other customers managed (held) by the other trading company (securities company) (its system) that is the destination of the inquiry, the means performs a search by giving priority to the order of inquiries, and provides information on the possibility of contract to the trading company (securities company) (its system) that made the inquiry in a non-disclosed manner. and a contract possibility information transmitting means having a function of transmitting the information indicating the possibility of a contract from the contract possibility information transmitting means in a non-disclosed state, and each of the systems of the trading companies (securities companies) further comprises a contract possibility information receiving means having a function of receiving the information indicating the possibility of a contract from the contract possibility information transmitting means in a non-disclosed state, and when the contract possibility information receiving means receives information indicating the possibility of a contract between a leave order received from the customer and managed (held) by the trading company (securities company) (system) and another leave order received from another customer and managed (held) by another trading company (securities company) (system), a leave order forwarding means having a function of forwarding a leave order from the customer received by the trading company (securities company) (its system) to the system of the other trading company (securities company) in an undisclosed state, and a forwarded leave order receiving means having a function of receiving a leave order forwarded by the leave order forwarding means of the system of the other trading company (securities company) in an undisclosed state, and the leave order agreement means further determines, when a leave order from a customer managed (held) by the leave order management means matches a leave order received by the forwarded leave order receiving means,It has the function of executing the leave orders in a confidential manner. Like the trading system for small-lot STs of the present invention, if the system of each of the traders (securities companies) has "similar market price acquisition means having the function of acquiring the buying and selling prices of small-lot STs in similar markets (reference prices disclosed by investment entities, etc.), order acceptable limit price range setting means having the function of setting a limit price range in which orders of small-lot STs can be accepted based on a predetermined range of prices acquired by the similar market price acquisition means based on the buying and selling prices of small-lot STs in similar markets, and leave order acceptance means having the function of accepting leave orders from customers specified at prices within the limit price range set by the order acceptable limit price range setting means in a non-disclosed state," then it becomes unnecessary for the traders (securities companies) to create rates, and it becomes possible to reduce the workload of people who create rates. Also, in the system of the traders (securities companies), there is no need for 1:many distribution, which makes it possible to reduce the load on the system. And it becomes unnecessary to build a system equivalent to a PTS (Proprietary Trading System), which makes it possible to reduce costs.

[0064] Also, as in the small-lot ST trading system of the present invention, the system of each of the trading companies (securities companies) "transfers inquiry information including the leave order (information including the name of the issue, type of buy / sell, and limit price) and the system identification information of the trading company (securities company) in an IOI (bilateral transaction type indication of trading intent) format regarding the presence or absence of other leave orders that can be executed with the leave order from the customer that is managed (held) by the leave order management means and accepted by the leave order acceptance means that is not yet executed, to the central management system (or central management function) in a centralized manner at a predetermined time and in a non-disclosed state," and the central management system (or central management function) "transfers inquiry information including the leave order (information including the name of the issue, type of buy / sell, and limit price) and the system identification information of the trading company (securities company) in an IOI (bilateral transaction type indication of trading intent) format to the central management system (or central management function)," and "transfers inquiry information to the inquiry information management means in a centralized manner in a non-disclosed state when the inquiry information is transmitted in a centralized manner at a predetermined time from the IOI inquiry information transmission means of the system of a predetermined trading company (securities company), and transmits the inquiry information to the inquiry information management means within a predetermined time." and a match possibility information sending means having a function of sending information on the possibility of execution in a non-disclosed state to the trading company (securities company) (system) that made the inquiry when a leave order received from the customer and managed (held) by the trading company (securities company) (system) matches the execution conditions of other leave orders received from other customers managed (held) by the other trading company (securities company) (system) that is the destination of the inquiry, by searching with the IOI inquiry matching order search means while prioritizing the order of inquiries, the possibility of execution can be increased by concentrating the number of inquiries in a short period of time, even for small-lot STs with very low liquidity that do not have a main market, and the execution rate of orders received by each trading company (securities company) (system) can be increased.

[0065] In addition, in the trading system for small-lot STs of the present invention, preferably, the main market price acquisition means has a function of acquiring, when the main market for large-lot STs is open, a real-time buying and selling price in the open main market as the buying and selling price in the main market for large-lot STs, and, when the main market for large-lot STs is closed, acquiring the closing price of the main market as the buying and selling price in the main market for large-lot STs, and the IOI inquiry information forwarding means, when the main market for large-lot STs is open, forwards the IOI inquiry information received by the leave order receiving means that is managed (held) by the leave order management means and is uncontracted. Regarding the presence or absence of other leave orders that can be executed with the leave order from the customer that has been accepted by the leave order acceptance means, the leave order acceptance means transmits inquiry information including the leave order (including information on the issue name, buy / sell type, and limit price) and the identification information of the trading company (securities firm) in an IOI (overt transaction indication of intent) format to the central management system (or central management function) in a confidential state, and when the main market for large STs is closed, the leave order acceptance means transmits inquiry information including other leave orders that can be executed with the leave order from the customer that has been accepted by the leave order acceptance means that is managed (held) by the leave order management means and has not been executed, to the central management system (or central management function). The system has a function of transmitting inquiry information regarding the presence or absence of a leave order, which includes the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trader (securities company) in an IOI (overt transaction type indication of intent) format, in a centralized manner at a specified time and in a non-disclosed state to the central management system (or central management function), and the IOI inquiry corresponding order search means transmits the inquiry information from the IOI inquiry information transmission means of the system of the specified trader (securities company) when the main market for large STs is open. when the inquiry information is forwarded from the IOI inquiry information forwarding means of the system of the specified trading company (securities firm) in a concentrated manner at a predetermined time, one-to-one inquiries are made in a non-disclosed state with other inquiry information managed in the inquiry information management means, and other leave orders that match the leave order received from the customer are searched for in a non-disclosed state; when the main market for large STs is closed, when the inquiry information is forwarded in a concentrated manner at a predetermined time from the IOI inquiry information forwarding means of the system of the specified trading company (securities firm), one-to-one inquiries are made in a non-disclosed state with other inquiry information managed in the inquiry information management means within the predetermined time period;The system has a function of searching for other leave orders that match the leave order received from the customer in a confidential manner. In this way, it will be possible to increase the contract rate and trade efficiently for small-lot STs, even during market closing hours, where there is a main market for large-lot STs.

[0066] In addition, in the small-lot ST trading system of the present invention, the IOI inquiry corresponding order search means is preferably configured to search preferentially for inquiry information forwarded from the IOI inquiry information forwarding means of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders, in terms of the order of searching other inquiry information managed by the inquiry information management means. In this way, it is possible to further increase the contract rate.

[0067] In addition, the small-lot ST trading system of the present invention preferably comprises an agreement condition reviewing means having a function of, when the forwarding leave order receiving means in the trading firm (securities company) (system) receives the leave order forwarded by the leave order forwarding means, changing the limit price of the leave order received from the customer managed (held) by the trading firm (securities company) (system) that received the leave order in a non-disclosed state to a direction unfavorable to the trading firm (securities company), and an agreement condition revision information distribution means having a function of transmitting, in a non-disclosed state, agreement condition review information in which the limit price constituting the agreement condition for the leave order has been changed by the agreement condition reviewing means in a direction unfavorable to the trading firm (securities company), to the trading firm (securities company) (system) that made the one-to-one inquiry in IOI (bilateral transaction-based indication of trading intent) format. Even if information indicating a possibility of execution is forwarded, it is possible that at the time of forwarding, the leave order managed by the trading firm has already been executed by other orders, and there are cases where the leave order managed by the trading firm does not have any orders that can match the forwarded leave order of the other trading firms. In such a case, if the limit price of the leave order is revised in an unfavorable direction (favorable to the leave orders of the other trading firms) and the revised information is sent to the trading firm (securities firm) (system) that made the one-to-one inquiry in the form of an IOI (overall indication of intent), it is possible to increase the possibility that the order with the revised limit price will be executed against the leave order of the other trading firm.

[0068] In addition, in the small-lot ST type trading system of the present invention, preferably, the central management system (or central management function) further has an own order information management means having a function of separately managing information (including name of stock, type of buy / sell, and limit price) of a specified own order, the IOI inquiry matching order search means further has a function of making a one-to-one inquiry of the information (including name of stock, type of buy / sell, and limit price) of the own order managed in the own order information management means in a non-disclosed state with other inquiry information managed in the inquiry information management means, and searching for other leave orders matching the own order in a non-disclosed state, and the contract possibility information sending means further has a function of sending, in a non-disclosed state, information of the possibility of contract to the trading company (securities company) (system) that made the inquiry about the order matching the own order, when the own order managed in the own order information management means matches the contract conditions of a leave order received from a customer managed (held) by a specified trading company (securities company) (system) through the search by the IOI inquiry matching order search means. In this way, by having the own orders intervene, it becomes possible to match the individual orders managed by each trading firm (securities company) with the remaining unconfirmed orders after they have been contracted, thereby making it possible to further increase the contract rate.

[0069] Therefore, according to the present invention, a small-lot ST type trading system can be obtained that can reduce the load on the system, reduce the workload on humans, and increase the contract rate without building a system equivalent to a PTS (proprietary trading system).

[0070] Hereinafter, an embodiment of the present invention will be described with reference to the drawings as appropriate. First embodiment FIG. 1 is a block diagram conceptually showing the overall configuration of a trading system for small STs according to a first embodiment of the present invention. The small-scale ST trading system 1 in FIG. 1 is constructed with at least one type of distributed ledger in distributed technology such as blockchain for managing transactions between all types of digital assets, such as tokens (a general term for value defined digitally in distributed technology such as blockchain), digital currencies, stable coins (hereinafter referred to as digital currencies), tokens and digital currencies, or between tokens or between digital currencies, and smart contracts for performing predetermined processing using the digital assets managed in the distributed ledger, and has a central management system (or central management function) 30 connected to the systems 10(1) to 10(n) (n is an integer equal to or greater than 2) of multiple traders (securities companies) and the systems 10(1) to 10(n) (n is an integer equal to or greater than 2) of multiple traders (securities companies). Each trading company (securities company) system 10(1) to 10(n) (where n is an integer of 2 or more) has a main market price acquisition means 11, an order acceptable limit price range setting means 12, a leave order acceptance means 13, a leave order management means 14, a leave order agreement means 15, an IOI inquiry information forwarding means 16, an agreement possibility information receiving means 17, a leave order forwarding means 18, a forwarded leave order acceptance means 19, an agreement condition review means 20, and an agreement condition revision information distribution means 21. The central management system (or central management function) 30 also has an inquiry information management means 31, an IOI inquiry corresponding order search means 32, a contract possibility information transmission means 33, and a self order information management means .

[0071] The main market price acquisition means 11, as shown in FIG. 2, for example, is configured to have a function of acquiring the buying and selling prices of large-lot STs in the main market.

[0072] The order acceptance limit price range setting means 12 is configured to have the function of setting a predetermined range of prices based on the buying and selling prices in the main market of large-lot STs acquired by the main market price acquisition means 11 as the order acceptance limit price range of small-lot STs, for example, as shown in Figure 3.

[0073] The leave order receiving means 13 is configured to have a function of receiving leave orders from customers in an undisclosed state, the leave orders being specified at prices within the limit price range set by the order acceptable limit price range setting means 12, as shown in FIG. 4, for example.

[0074] The leave order management means 14 is configured to have a function of managing (holding) leave orders from customers received by the leave order receiving means 13 in a confidential state, for example, as shown in FIG.

[0075] The leave order agreement means 15 is configured to have a function of, for example, as shown in FIG. 6, when leave orders from clients managed (held) by the leave order management means 14 match, to agree on the leave orders in a non-disclosed state. In addition, the leave order agreement means 15 is also configured to have a function of, when a leave order from a customer managed (held) by the leave order management means 14 matches a leave order received by the forward leave order reception means 19, matching the leave orders in a non-disclosed state.

[0076] The IOI inquiry information forwarding means 16 is configured to have a function of forwarding inquiry information, for example as shown in FIG. 7, in an IOI (bilateral transaction-based indication of trading intent) format regarding the presence or absence of other leave orders that can be matched with a leave order from a customer that is managed (held) by the leave order management means 14 and accepted by the leave order receiving means 15 and is not yet executed, including the leave order (information including the name of the stock, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities firm) in a confidential state to the central management system (or central management function) 30.

[0077] The deal possibility information receiving means 17 is configured to have a function of receiving information indicating that a deal is possible from the deal possibility information transmitting means 33 in a non-disclosed state, as shown in FIG. 8, for example.

[0078] For example, as shown in FIG. 9, when the agreement possibility information receiving means 17 receives information that a leave order accepted from the customer managed (held) by the trading firm (securities company) (its system) may be agreed with another leave order accepted from another customer managed (held) by another trading firm (securities company) (its system), the leave order forwarding means 18 is configured to have a function of forwarding the leave order accepted from the customer accepted by the trading firm (securities company) (its system) in a confidential state to the system of the other trading firm (securities company).

[0079] The forwarding leave order receiving means 19 is configured to have the function of accepting leave orders forwarded by a leave order forwarding means 18 of the system of another trading company (securities company) in an undisclosed state, for example, as shown in Figure 10.

[0080] The contract condition review means 20 is configured to have a function, for example, as shown in FIG. 11, where, when a forwarded leave order receiving means 19 in a trading firm (securities company) (system) receives a leave order forwarded by a leave order forwarding means 18, change the limit price of the leave order in an undisclosed manner in a direction unfavorable to the trading firm (securities company) as a review of the contract conditions of the leave order received from a customer managed (held) by the trading firm (securities company) (system) that received the leave order.

[0081] The contract condition revision information distribution means 21 is configured to have the function of transmitting contract condition review information, in which the limit price constituting the contract condition for the leave order has been changed by the contract condition review means 20 in a direction unfavorable to the trading firm (securities company), in a confidential state to the trading firm (securities company) (its system) that made the one-to-one inquiry in IOI (overall indication of intent to trade) format, as shown in, for example, FIG. 12.

[0082] The inquiry information management means 31 is configured to have the function of centrally managing, in a confidential state, the inquiry information forwarded from the IOI inquiry information forwarding means 16 of each trading company (securities company) system, as shown in, for example, FIG. 13.

[0083] The IOI inquiry matching order search means 32 is configured to have the function, for example, as shown in FIG. 14, when inquiry information is forwarded from the IOI inquiry information forwarding means 16 of the system of a specified trading company (securities company), to make a one-to-one inquiry in a confidential state with other inquiry information managed in the inquiry information management means 31, and to search in a confidential state for other leave orders that match the leave order received from the customer. In addition, the IOI inquiry corresponding order search means 32 is configured to prioritize (search) inquiry information forwarded from the IOI inquiry information forwarding means 16 of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders, in terms of the order of searching other inquiry information managed in the inquiry information management means 31. In addition, the IOI inquiry matching order search means 32 is further configured to have the function of making a one-to-one inquiry of the information of the own order (including the stock name, buy / sell type, and limit price) managed in the own order information management means 34 with other inquiry information managed in the inquiry information management means 31 in a non-disclosed state, and searching for other leave orders that match the own order in a non-disclosed state.

[0084] The execution possibility information transmitting means 33 is configured to have a function of transmitting, for example, as shown in FIG. 15, when a leave order received from the relevant customer and managed (held) by the relevant trading company (securities firm) (its system) matches the execution conditions of another leave order received from another customer and managed (held) by the other trading company (securities firm) (its system) that is the destination of the inquiry, when the IOI inquiry corresponding order search means 32 searches while prioritizing the order of inquiries, the execution possibility information transmitting means 33 has a function of transmitting, in a confidential state, information on the possibility of execution to the relevant trading company (securities firm) (its system) that made the inquiry. In addition, the execution possibility information sending means 33 is further configured to have a function of transmitting, in a confidential state, information on the possibility of execution to the trading company (securities firm) (its system) that made the inquiry about an order that matches the own order, when a own order managed in the own order information management means 34 matches the execution conditions of a leave order received from a customer managed (held) by a specified trading company (securities firm) (its system) through a search by the IOI inquiry matching order search means 32.

[0085] The own order information management means 34, as shown in FIG. 16, for example, is configured to have a function of separately managing information on predetermined own orders (including issue names, types of buy / sell, and limit prices).

[0086] In addition, the small-lot ST trading system 1 has a clearing means (not shown) for clearing orders after contract in each of the trading companies (securities companies) systems 10(1) to 10(n) (where n is an integer of 2 or more). Also, for a contracted order, a value indicating "contracted" is set in a predetermined area indicating a predetermined processing state in the leave order management means 14 via a processing state setting means (not shown). Also, for an order cleared by the clearing means (not shown), a value indicating "contracted" is set in a predetermined area indicating a predetermined processing state in the leave order management means 14 via a processing state setting means (not shown), and the inquiry information managed by the inquiry information management means 31 is erased. These settlement means (not shown) and processing status setting means (not shown) are the same in the small ST type trading systems 1' and 1'' of each embodiment described later.

[0087] Processing flow using the small-lot ST transaction system of the first embodiment The flow of processing using the trading system for small STs of the first embodiment having the above-mentioned configuration will be described with reference to Figs.

[0088] (S1-1) Acquisition of purchase and sale prices - Acceptance of small-scale ST orders - Forwarding of inquiry information (Figure 17) In the trading system 1 for small STs of the first embodiment, the main market price acquisition means 11 acquires the buying and selling prices of large STs in the main market. Next, the limit price range setting means 12 for setting the acceptable limit price range for orders of small STs is set to a predetermined range of prices based on the buying and selling prices in the main market for large STs acquired by the main market price acquisition means 11 as the limit price range for accepting orders of small STs. The leave order receiving means 13 receives leave orders from customers in an undisclosed state, the leave orders being specified at prices within the limit price range set by the order acceptable limit price range setting means 12. The leave order management means 14 manages (holds) the leave orders from the customers received by the leave order receiving means 13, for example, in a predetermined management area in a non-disclosed state. When leave orders from clients managed (held) by the leave order management means 14 match, the leave order agreement means 15 matches the leave orders in a non-disclosed state. Also, when a leave order from a client managed (held) by the leave order management means 14 matches with a leave order received by the forwarding leave order receiving means 19, the leave order agreement means 15 matches the leave orders in a non-disclosed state. The IOI inquiry information forwarding means 16 forwards inquiry information in an undisclosed state to the central management system (or central management function) 30, in an IOI (bilateral transaction-based indication of trading intent) format, regarding the presence or absence of other leave orders that can be matched with leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order receiving means 13 and are not yet executed, and that include the leave order (information including the name of the stock, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities firm).

[0089] (S1-2) Managing inquiry information - Searching for matching orders through one-to-one inquiries - Sending information on possible execution (Figure 18) The inquiry information management means 31 centrally manages the inquiry information forwarded from the IOI inquiry information forwarding means 16 of each trading company (securities company) system in a confidential manner. The own order information management means 34 separately manages information on a given own order (including the name of the stock, the type of buy / sell, and the limit price). When inquiry information is forwarded from the IOI inquiry information forwarding means 16 of the system of a specified trading company (securities firm), the IOI inquiry matching order search means 32 makes a one-to-one inquiry with other inquiry information managed in the inquiry information management means 31 in a confidential state, and searches for other leave orders that match the leave order received from the customer in a confidential state. In addition, in terms of the order of searching other inquiry information managed by the inquiry information management means 31, the IOI inquiry corresponding order search means 32 gives priority (to searching) to inquiry information forwarded from the IOI inquiry information forwarding means 16 of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders. In addition, the IOI inquiry matching order search means 32 performs a one-to-one inquiry of the information of the own order (including the stock name, buy / sell type, and limit price) managed in the own order information management means 34 with other inquiry information managed in the inquiry information management means 31 in a non-disclosed state, and searches for other leave orders that match the own order in a non-disclosed state. When the IOI inquiry corresponding order search means 32 searches, prioritizing the order of inquiries, and finds that the leave order received from the customer managed (held) by the trading firm (securities company) (its system) matches the agreement conditions of other leave orders received from other customers managed (held) by the other trading firm (securities company) (its system) that was the destination of the inquiry, the agreement possibility information sending means 33 sends information on the possibility of agreement in a confidential state to the trading firm (securities company) (its system) that made the inquiry. In addition, when a search by the IOI inquiry matching order search means 32 finds that a own order managed in the own order information management means 34 matches the contract conditions of a leave order received from a customer managed (held) by a specified trading company (securities firm) (its system), the contract possibility information sending means 33 transmits information on the possibility of contract in a confidential state to the trading company (securities firm) (its system) that made the inquiry about an order that matches the own order.

[0090] (S1-3) Receiving information that a contract may be possible - Forwarding the leave order to the system of the other trading company (securities firm) (Figure 19) The deal possibility information receiving means 17 receives the information indicating that a deal is possible from the deal possibility information transmitting means 33 in a non-disclosed state. When the agreement possibility information receiving means 17 receives information that a leave order accepted from the customer and managed (held) by the trading firm (securities company) (its system) has the possibility of being agreed with another leave order accepted from another customer and managed (held) by another trading firm (securities company) (its system), the leave order forwarding means 18 forwards the leave order accepted from the customer by the trading firm (securities company) (its system) in an undisclosed state to the system of the other trading firm (securities company). When a leave order from a customer managed (held) by the leave order management means 14 matches a leave order received by the forward leave order receiving means 19, the leave order agreement means 15 in the system of the other trading company (securities company) matches the leave orders in a non-disclosed state.

[0091] Note that, after an order is contracted, it is cleared via a clearing means (not shown). Furthermore, for a contracted order, a value indicating "contracted" is set in a predetermined area indicating a predetermined processing status in the leave order management means 14 via a processing status setting means (not shown). Furthermore, for an order cleared by the clearing means (not shown), a value indicating "contracted" is set in a predetermined area indicating a predetermined processing status in the leave order management means 14 via a processing status setting means (not shown), and the inquiry information managed by the inquiry information management means 31 is deleted.

[0092] (S1-4) Other processing: Review of contract terms When a leave order forwarding receiving means 19 in a trading firm (securities company) (system) receives a leave order forwarded by a leave order forwarding means 18, the agreement condition reviewing means 20 can change the limit price of the leave order in a direction unfavorable to the trading firm (securities company) in an undisclosed state as a review of the agreement conditions of the leave order received from a customer managed (held) by the trading firm (securities company) (system) that received the leave order. For example, even if information indicating the possibility of execution is forwarded, if the leave order managed by a trading company has already been executed by other orders at the time of forwarding, and there is no order among the leave orders managed by the trading company that can be matched with the forwarded leave order of another trading company, the trading company (securities company) (its system) will change the limit price of the leave order in a direction unfavorable to the trading company (securities company) in an undisclosed manner via the execution condition review means 20.

[0093] Effects of the small-lot ST trading system of the first embodiment According to the first embodiment of the trading system 1 for small-lot STs, each trading company (securities company) system 10(1)-10(n) (where n is an integer of 2 or more) has a configuration including "a main market price acquisition means 11 having a function of acquiring the buying and selling prices of large-lot STs in the main market, an order acceptable limit price range setting means 12 having a function of setting a predetermined range of prices based on the buying and selling prices of large-lot STs in the main market acquired by the main market price acquisition means 11 as the limit price range in which orders of small-lot STs can be accepted, and a leave order acceptance means 13 having a function of accepting leave orders from customers specified at prices within the limit price range set by the order acceptable limit price range setting means 12 in a non-disclosure state." This eliminates the need for the trading company (securities company) to create rates, and reduces the workload of the person creating the rates. In addition, the system of the trading company (securities company) does not need to distribute in a 1:many ratio, and the load on the system can be reduced. In addition, it is not necessary to build a system equivalent to a PTS (Proprietary Trading System), and costs can be reduced.

[0094] In addition, according to the small-lot ST trading system 1 of this embodiment, the systems 10(1) to 10(n) (where n is an integer of 2 or more) of each trading company (securities company) "confirm the presence or absence of other leave orders that can be contracted with the leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order acceptance means 13 and are not yet contracted, in an IOI (indication of intent in a bilateral transaction) format, including the leave orders (including information on the issue name, buy / sell type, and limit price) and the system identification information of the trading company (securities company)." The central management system (or central management function) 30 has an IOI inquiry information forwarding means 16 having a function of forwarding the inquiry information, which is composed of the above-mentioned information, in a non-disclosed state to a central management system (or central management function) 30, and the central management system (or central management function) 30 has an inquiry information management means 31 having a function of centrally managing the inquiry information, which is forwarded from the IOI inquiry information forwarding means 16 of each trading company (securities company) in a non-disclosed state, and an IOI inquiry information forwarding means 31 of the system of a specified trading company (securities company). and an IOI inquiry matching order search means 32 having a function of, when inquiry information is forwarded from the forwarding means 16, making a one-to-one inquiry with other inquiry information managed in the inquiry information management means 31 and searching, in a non-disclosed state, for other leave orders matching the leave order received from the customer, and an agreement possibility information sending means 33 having a function of, when the leave order received from the customer and managed (held) by the trading company (securities company) (its system) matches the agreement conditions of other leave orders received from other customers managed (held) by the other trading company (securities company) (its system) that is the destination of the inquiry, by the search by the IOI inquiry matching order search means 32 while giving priority to the order of inquiries, sending information on the possibility of agreement, in a non-disclosed state, to the trading company (securities company) (its system) that made the inquiry. Therefore, by concentrating the number of inquiries, the possibility of agreement can be increased, and the agreement possibility for orders received by each trading company (securities company) (its system) can be increased.

[0095] In addition, according to the small-lot ST trading system 1 of this embodiment, each of the systems 10(1) to 10(n) (where n is an integer of 2 or more) of the trading companies (securities companies) further includes a contract possibility information receiving means 17 having a function of receiving information on the possibility of contract from the contract possibility information transmitting means 33 in a non-disclosed state, and a function of forwarding the leave order from the customer accepted by the trading company (securities company) (system) in a non-disclosed state to the system of the other trading company (securities company) when the contract possibility information receiving means 17 receives information on the possibility of contract between a leave order accepted from the customer managed (held) by the trading company (securities company) (system) and another leave order accepted from another customer managed (held) by another trading company (securities company) (system). and forwarded leave order receiving means 19 having a function of accepting, in a non-disclosed state, a leave order forwarded by the leave order forwarding means 18 in the system of another trading company (securities company), and the leave order agreement means 15 further has a function of, when a leave order from a customer managed (held) by the leave order management means 14 matches with a leave order received by the forwarded leave order receiving means 19, matching the leave orders with each other in a non-disclosed state. Therefore, when a leave order from a customer managed (held) by the leave order management means 14 matches with a leave order received by the forwarded leave order receiving means 19 in the system of each trading company (securities company), the leave orders can be matched with each other, making it possible to further increase the agreement rate.

[0096] Furthermore, according to the trading system 1 for small-lot STs of this embodiment, each trading company (securities company)'s system 10(1) to 10(n) (where n is an integer of 2 or more) is configured to have "order acceptable limit price range setting means 12 having a function of setting a predetermined range of prices based on the buying and selling prices in the main market of large-lot STs acquired by the main market price acquisition means 11 as the limit price range for which orders of small-lot STs can be accepted," so that even for small-lot STs with low liquidity, it is possible to reduce fluctuations in trading prices and obtain price appropriateness.

[0097] Furthermore, according to the small-lot ST trading system 1 of this embodiment, "the IOI inquiry corresponding order search means 32 prioritizes (searches for) inquiry information forwarded from the IOI inquiry information forwarding means 16 of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders, in terms of the order of search of other inquiry information managed in the inquiry information management means 31," thereby making it possible to further increase the contract rate.

[0098] In addition, according to the small-lot ST trading system 1 of this embodiment, "when a leave order forwarding receiving means 19 in a trading company (securities company) (system) receives a leave order forwarded by a leave order forwarding means 18, as a review of the contract conditions of the leave order received from a customer managed (held) by the trading company (securities company) (system) that received the leave order, a contract condition review means 20 having a function of changing the limit price of the leave order in a non-disclosed manner to a direction unfavorable to the trading company (securities company) and a one-to-one inquiry in the form of an IOI (bilateral transaction-type transaction intention) to receive contract condition review information in which the limit price constituting the contract condition for the leave order has been changed to a direction unfavorable to the trading company (securities company) by the contract condition review means 20. and a contract condition revision information distribution means 21 having a function of transmitting the contract condition revision information in a non-disclosed state to the trading company (securities firm) (system) that originated the inquiry. Therefore, even if information indicating a possibility of contract is forwarded, when the leave order managed by the trading company has already been contracted with other orders at the time of forwarding, and there is no order among the leave orders managed by the trading company that can match the forwarded leave order of the other trading company, the limit price of the leave order is revised in an unfavorable direction (a favorable direction for the leave orders of the other trading companies) and the revised information is transmitted to the trading company (securities firm) (system) that originated the one-to-one inquiry in the form of an IOI (overall indication of intent to trade) format, thereby increasing the possibility that the order with the revised limit price will be matched against the leave orders of the other trading companies and be contracted.

[0099] According to the small lot ST trading system 1 of this embodiment, the central management system (or central management function) 30 further has an own order information management means 34 having a function of separately managing information (including the name of the stock, the type of buy / sell, and the limit price) of a specific own order, the IOI inquiry matching order search means 32 further has a function of making a one-to-one inquiry of the information of the own order (including the name of the stock, the type of buy / sell, and the limit price) managed by the own order information management means 34 with other inquiry information managed by the inquiry information management means 31 in a non-disclosure state, and searching for other leave orders matching the own order in a non-disclosure state, and the execution possibility information transmission means 3 3 is configured to further have a function of transmitting information on the possibility of execution in a confidential state to the trading company (securities company) (system) that made the inquiry about an order that matches the own order, when a own order managed in the own order information management means 34 matches the execution conditions of a leave order received from a customer managed (held) by a specified trading company (securities firm) (system) through a search by the IOI inquiry matching order search means 32. Therefore, by having the own order intervene, it becomes possible to match the remaining unexecuted orders after the individual orders managed by each trading company (securities firm) are executed with each other, making it possible to further increase the execution rate.

[0100] Second embodiment FIG. 20 is a block diagram conceptually showing the overall configuration of a trading system for small STs according to the second embodiment of the present invention. In the small-lot ST trading system 1' of Figure 20, each trading company (securities company) system 10(1) to 10(n) (where n is an integer of 2 or more) has a similar market price acquisition means 11', an order acceptable limit price range setting means 12', a leave order receiving means 13, a leave order management means 14, a leave order agreement means 15, an IOI inquiry information forwarding means 16', an agreement possibility information receiving means 17, a leave order forwarding means 18, a forwarded leave order receiving means 19, an agreement condition reviewing means 20, and an agreement condition revision information distribution means 21. The central management system (or central management function) 30 also has an inquiry information management means 31, an IOI inquiry corresponding order search means 32', a contract possibility information transmission means 33, and a self order information management means .

[0101] The similar market price acquisition means 11' is configured to have a function of acquiring the buying and selling price (reference price disclosed by an investment entity or the like) of small-lot STs in a similar market, for example, as shown in FIG.

[0102] The order acceptance limit price range setting means 12' is configured to have the function of setting a limit price range at which orders of small STs can be accepted, for example, as shown in Figure 22, based on a predetermined range of prices based on the buying and selling prices of small STs in similar markets acquired by the similar market price acquisition means 11'.

[0103] The IOI inquiry information forwarding means 16' is configured to have a function of forwarding inquiry information, for example as shown in FIG. 23, in a centralized manner at a specified time and in a non-disclosed state to the central management system (or central management function) 30, in an IOI (bilateral transaction-type indication of trading intent) format regarding the presence or absence of other leave orders that can be matched with leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order receiving means 13 and are not yet executed, and that include the leave order (information including the name of the stock, the type of buy / sell and the limit price) and the system identification information of the trading company (securities company). The specified time here is preferably a time between a specified time at a fixed time interval, for example every four hours, and a specified time at a short time interval, for example one minute.

[0104] The IOI inquiry matching order search means 32' is configured to have the function, for example, as shown in FIG. 24, when inquiry information is intensively forwarded at a specified time from the IOI inquiry information forwarding means 16' of the system of a specified trading company (securities company), to intensively make one-to-one inquiries in a non-disclosed state with other inquiry information managed in the inquiry information management means 31 within a specified time period, and to search for other leave orders that match the leave order received from the customer in a non-disclosed state. Here, the predetermined time is preferably a short time in minutes, such as one minute. In addition, the IOI inquiry corresponding order search means 32' is configured to prioritize (search) inquiry information forwarded from the IOI inquiry information forwarding means 16' of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders, in terms of the order of search of other inquiry information managed in the inquiry information management means 31. In addition, the IOI inquiry matching order search means 32' is further configured to have the function of making a one-to-one inquiry of the information of the own order (including the stock name, buy / sell type, and limit price) managed in the own order information management means 34 with other inquiry information managed in the inquiry information management means 31 in a non-disclosed state, and searching for other leave orders that match the own order in a non-disclosed state.

[0105] In addition, the configurations of the leave order receiving means 13, leave order management means 14, leave order agreement means 15, agreement possibility information receiving means 17, leave order forwarding means 18, forwarded leave order receiving means 19, agreement condition review means 20, agreement condition revision information distribution means 21, inquiry information management means 31, agreement possibility information transmission means 33, and own order information management means 34 are approximately the same as those in the small ST type trading system 1 of the first embodiment.

[0106] Processing flow using the small-lot ST trading system 1' of the second embodiment The flow of processing using the trading system 1' for small STs of the second embodiment having the above-mentioned configuration will be described with reference to Figs. (S2-1) Obtaining buying and selling prices - Accepting small-scale ST orders - Sending inquiry information (Figure 25) In a trading system 1' for small STs according to the second embodiment, a similar market price acquisition means 11' acquires the buying and selling prices (reference prices disclosed by investment entities, etc.) of small STs in similar markets. Next, the limit price range setting means 12' for accepting orders sets a limit price range for accepting orders of small STs, which is a predetermined range of prices based on the buying and selling prices of small STs in similar markets acquired by the similar market price acquisition means 11'. The leave order receiving means 13 receives leave orders from customers in an undisclosed state, the leave orders being specified at prices within the limit price range set by the order acceptable limit price range setting means 12'. The leave order management means 14 manages (holds) the leave orders from the customers received by the leave order receiving means 13, for example, in a predetermined management area in a non-disclosed state. When leave orders from clients managed (held) by the leave order management means 14 match, the leave order agreement means 15 matches the leave orders in a non-disclosed state. Also, when a leave order from a client managed (held) by the leave order management means 14 matches with a leave order received by the forwarding leave order receiving means 19, the leave order agreement means 15 matches the leave orders in a non-disclosed state. The IOI inquiry information forwarding means 16' forwards inquiry information including the leave order (information including the name of the stock, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities firm) in an IOI (bilateral transaction-based indication of trading intent) format at a specified time in a centralized and confidential state to the central management system (or central management function) 30 regarding the presence or absence of other leave orders that can be matched with leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order receiving means 13 and are not yet executed.

[0107] (S2-2) Management of inquiry information - Searching for matching orders through one-to-one inquiries - Sending information on possible execution (Figure 26) The inquiry information management means 31 centrally manages the inquiry information forwarded from the IOI inquiry information forwarding means 16' of each trading company (securities company) system in a non-disclosed state. The own order information management means 34 separately manages information on a given own order (including the name of the stock, the type of buy / sell, and the limit price). When inquiry information is intensively forwarded at a specified time from the IOI inquiry information forwarding means 16' of the system of a specified trading company (securities company), the IOI inquiry matching order search means 32' intensively makes one-to-one inquiries in a non-disclosed state with other inquiry information managed in the inquiry information management means 31 within a specified time period, and searches for other leave orders that match the leave order received from the customer in a non-disclosed state. In addition, in terms of the order of searching other inquiry information managed by the inquiry information management means 31, the IOI inquiry corresponding order search means 32' prioritizes (searches) inquiry information forwarded from the IOI inquiry information forwarding means 16' of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders. In addition, the IOI inquiry matching order search means 32' performs a one-to-one inquiry of the information of the own order (including the stock name, buy / sell type, and limit price) managed in the own order information management means 34 with other inquiry information managed in the inquiry information management means 31 in a non-disclosed state, and searches for other leave orders that match the own order in a non-disclosed state. When the IOI inquiry corresponding order search means 32' searches, prioritizing the order of inquiries, to find that a leave order received from the customer managed (held) by the trading firm (securities company) (its system) matches the agreement conditions of another leave order received from another customer managed (held) by the other trading firm (securities company) (its system) that was the destination of the inquiry, the agreement possibility information sending means 33 sends information on the possibility of agreement in a confidential state to the trading firm (securities company) (its system) that made the inquiry. In addition, when a search by the IOI inquiry matching order search means 32' finds that a own order managed in the own order information management means 34 matches the contract conditions of a leave order received from a customer managed (held) by a specified trading company (securities firm) (its system), the contract possibility information sending means 33 transmits information on the possibility of contract in a confidential state to the trading company (securities firm) (its system) that made the inquiry about an order that matches the own order. Other processes, such as receiving information indicating a possibility of contract, forwarding the leave order to the system of the other trading firm (securities company), and reviewing the contract conditions, are substantially the same as those in the small-lot ST trading system 1 of the first embodiment.

[0108] Effects of the Small-Amount ST Trading System of the Second Embodiment According to the second embodiment of the trading system 1' for small-lot STs, each trading company (securities company) system 10(1)-10(n) (where n is an integer of 2 or more) has a similar market price acquisition means 11' having a function of acquiring the buying and selling prices (reference prices disclosed by the investment body, etc.) of small-lot STs in a similar market, an order acceptable limit price range setting means 12' having a function of setting a limit price range in which orders of small-lot STs can be accepted based on a predetermined range of prices acquired by the similar market price acquisition means 11' based on the buying and selling prices of small-lot STs in a similar market, and a leave order acceptance means 13 having a function of accepting leave orders from customers specified at prices within the limit price range set by the order acceptable limit price range setting means 12' in a non-disclosure state. This makes it unnecessary for the trading company (securities company) to create rates, and reduces the workload of the person who creates the rates. Also, in the trading company (securities company) system, it becomes unnecessary to distribute in a 1:multi ratio, and the load on the system can be reduced. Furthermore, there is no need to build a system equivalent to a PTS (Proprietary Trading System), which reduces costs.

[0109] According to the small-lot ST trading system 1' of this embodiment, the systems 10(1) to 10(n) (where n is an integer of 2 or more) of each trading company (securities company) "confirm the existence or absence of other leave orders that can be contracted with the leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order acceptance means 13 and are not yet contracted, in an IOI (bilateral transaction type indication of intent) format, the inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities company) The central management system (or central management function) 30 has an IOI inquiry information forwarding means 16' having a function of forwarding the inquiry information in a non-disclosed state in a concentrated manner at a specified time to a central management system (or central management function), and the central management system (or central management function) 30 has an inquiry information management means 31 having a function of managing in a concentrated manner in a non-disclosed state the inquiry information forwarded from the IOI inquiry information forwarding means 16' of the system of each trading company (securities company), and when the inquiry information is forwarded in a concentrated manner at a specified time from the IOI inquiry information forwarding means 16' of the system of a specified trading company (securities company), and an IOI inquiry matching order search means 32' having a function of intensively making one-to-one inquiries with other inquiry information managed in the inquiry information management means 31 within a certain period of time in a non-disclosed state and searching for other leave orders that match the leave order received from the customer in a non-disclosed state, and a search by the IOI inquiry matching order search means 32' giving priority to the order of inquiries, thereby determining whether the leave order received from the customer that is managed (held) by the trading company (securities company) (its system) is a matched order with the other trading company (securities company) that is the inquiry destination. and a contract possibility information sending means 33 having a function of sending, in a confidential state, information on the possibility of contract to the trading firm (securities company) (system) that made the inquiry when the contract conditions of the left order received from another customer managed (held) by the trading firm (securities company) match those of the left order received from another customer managed (held) by the trading firm (securities company) (system). Therefore, even for small-lot STs with very low liquidity that do not have a main market, by concentrating the number of inquiries, the possibility of a match can be increased, and the contract possibility for orders received by each trading firm (securities company) (system) can be increased. Other functions and effects are substantially the same as those of the trading system 1 for small STs of the first embodiment.

[0110] Third embodiment FIG. 27 is a block diagram conceptually showing the overall configuration of a trading system for small STs according to the third embodiment of the present invention. In the small-lot ST trading system 1" of Figure 27, each trading company (securities company) system 10(1) to 10(n) (where n is an integer of 2 or more) has a main market price acquisition means 11", an order acceptable limit price range setting means 12, a leave order receiving means 13, a leave order management means 14, a leave order agreement means 15, an IOI inquiry information forwarding means 16", an agreement possibility information receiving means 17, a leave order forwarding means 18, a forwarded leave order receiving means 19, an agreement condition reviewing means 20, and an agreement condition revision information distribution means 21. The central management system (or central management function) 30 also has an inquiry information management means 31, an IOI inquiry corresponding order search means 32'', a contract possibility information transmission means 33, and a self order information management means 34.

[0111] The main market price acquisition means 11″ is configured to have a function of acquiring, for example, as shown in FIG. 28, a real-time buying and selling price in the open main market as a buying and selling price in the main market for large-scale STs when the main market for large-scale STs is open, and acquiring the closing price of the main market as a buying and selling price in the main market for large-scale STs when the main market for large-scale STs is closed.

[0112] As shown in FIG. 29, for example, when the main market for large STs is open, the IOI inquiry information forwarding means 16" transmits inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trader (securities company) in an IOI (bilateral transaction type indication of trading intent) format regarding the presence or absence of other leave orders that can be executed with the leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order acceptance means 13 that have not yet been executed, to the central management system (or central management function) 30 in a non-disclosed state. When the main market for large STs is closed, the leave order management means 14 is configured to have a function of forwarding inquiry information including the leave order (information including the name of the stock, type of buy / sell, and limit price) and the system identification information of the trading company (securities firm) in an IOI (overall transaction indication of intent) format regarding the presence or absence of other leave orders that can be executed with the leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order acceptance means 13 and that are not yet executed, to the central management system (or central management function) 30 in a centralized and confidential manner at a specified time.

[0113] The IOI inquiry matching order search means 32" is configured to have a function of, for example, as shown in FIG. 30, when the main market for large STs is open, when inquiry information is forwarded from the IOI inquiry information forwarding means 16" of the system of a specified trading company (securities firm), making one-to-one inquiries with other inquiry information managed in the inquiry information management means 31 in a non-disclosed state, and searching for other leave orders that match the leave order received from the customer in a non-disclosed state, and when the main market for large STs is closed, when inquiry information is forwarded in a concentrated manner at a specified time from the IOI inquiry information forwarding means 16" of the system of a specified trading company (securities firm), making one-to-one inquiries in a non-disclosed state with other inquiry information managed in the inquiry information management means 31 within a specified time period, and searching for other leave orders that match the leave order received from the customer in a non-disclosed state. In addition, the IOI inquiry corresponding order search means 32" is configured to prioritize (search) inquiry information forwarded from the IOI inquiry information forwarding means 16" of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders, in terms of the order of search of other inquiry information managed in the inquiry information management means 31. In addition, the IOI inquiry matching order search means 32" is further configured to have a function of making a one-to-one inquiry of the information of the own order (including the name of the stock, the type of buy / sell, and the limit price) managed in the own order information management means 34 with other inquiry information managed in the inquiry information management means 31 in a non-disclosure state, and searching for other leave orders that match the own order in a non-disclosure state.

[0114] In addition, the configurations of the order acceptable limit price range setting means 12, leave order receiving means 13, leave order management means 14, leave order agreement means 15, agreement possibility information receiving means 17, leave order forwarding means 18, forwarded leave order receiving means 19, agreement condition review means 20, agreement condition revision information distribution means 21, inquiry information management means 31, agreement possibility information sending means 33, and own order information management means 34 are approximately the same as those in the small lot ST type trading system 1 of the first embodiment.

[0115] Processing flow using the small-lot ST transaction system of the third embodiment The flow of processing using the third embodiment of the small ST type trading system 1″ having the above-mentioned configuration will be described with reference to FIGS. 31 and 32.

[0116] (S3-1) Acquisition of purchase and sale prices - Acceptance of small-scale ST orders - Forwarding of inquiry information (Figure 31) In the third embodiment of the trading system 1" for small-lot STs, when the main market for large-lot STs is open, the main market price acquisition means 11" acquires the real-time buying and selling prices in the open main market as the buying and selling prices in the main market for large-lot STs, and when the main market for large-lot STs is closed, acquires the closing price of the main market as the buying and selling price in the main market for large-lot STs. Next, the order acceptable limit price range setting means 12 sets a predetermined range of prices based on the buying and selling prices in the main market of large-lot STs acquired by the main market price acquisition means 11'' as the order acceptable limit price range of small-lot STs. The leave order receiving means 13 receives leave orders from customers in an undisclosed state, the leave orders being specified at prices within the limit price range set by the order acceptable limit price range setting means 12. The leave order management means 14 manages (holds) the leave orders from the customers received by the leave order receiving means 13, for example, in a predetermined management area in a non-disclosed state. When leave orders from clients managed (held) by the leave order management means 14 match, the leave order agreement means 15 matches the leave orders in a non-disclosed state. Also, when a leave order from a client managed (held) by the leave order management means 14 matches with a leave order received by the forwarding leave order receiving means 19, the leave order agreement means 15 matches the leave orders in a non-disclosed state. When the main market for large STs is open, the IOI inquiry information forwarding means 16" transmits inquiry information including the leave order (information including the name of the issue, the type of buy / sell, and the limit price) and the system identification information of the trader (securities company) in an IOI (bilateral transaction format transaction intention indication) format regarding the presence or absence of other leave orders that can be matched with the leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order acceptance means 13 and are not yet executed, to the central management system (or central management function) 30 in a non-disclosed state. When the main market for large STs is closed, the leave order management means 14 transmits inquiry information in an IOI (overall transaction indication of intent) format, which includes the leave order (information including the name of the stock, the type of buy / sell, and the limit price) and the system identification information of the trading company (securities firm) in question, in a centralized manner at a specified time and in a confidential state, to the central management system (or central management function) 30 in order to check whether there are any other leave orders that can be executed with the leave orders from customers that are managed (held) by the leave order management means 14 and accepted by the leave order acceptance means 13 and that have not yet been executed.

[0117] (S3-2) Managing inquiry information - Searching for matching orders through one-to-one inquiries - Sending information on possible execution (Figure 32) The inquiry information management means 31 centrally manages the inquiry information forwarded from the IOI inquiry information forwarding means 16" of each trading company (securities company) system in a confidential manner. In addition, the own order information management means 34 separately manages information on predetermined own orders (including issue name, type of buy / sell, and limit price). When the main market for large STs is open, the IOI inquiry matching order search means 32" makes one-to-one inquiries with other inquiry information managed in the inquiry information management means 31 in a non-disclosed state when inquiry information is forwarded from the IOI inquiry information forwarding means 16" of the system of a specified trading firm (securities company), and searches for other leave orders that match the leave order received from the customer in a non-disclosed state, and when the main market for large STs is closed, when inquiry information is forwarded in a concentrated manner at a specified time from the IOI inquiry information forwarding means 16" of the system of a specified trading firm (securities company), makes one-to-one inquiries in a non-disclosed state with other inquiry information managed in the inquiry information management means 31 within a specified time period, and searches for other leave orders that match the leave order received from the customer in a non-disclosed state. In addition, in terms of the order of searching other inquiry information managed by the inquiry information management means 31, the IOI inquiry corresponding order search means 32'' gives priority (to searching) to inquiry information forwarded from the IOI inquiry information forwarding means 16'' of a trading company (securities firm) (system) with a high contract rate, separately for sell orders and buy orders. In addition, the IOI inquiry matching order search means 32" performs a one-to-one inquiry of the information of the own order (including the name of the stock, the type of buy / sell, and the limit price) managed in the own order information management means 34 with other inquiry information managed in the inquiry information management means 31 in a non-disclosure state, and searches for other leave orders that match the own order in a non-disclosure state. When the "IOI inquiry corresponding order search means 32" searches for a leave order received from the customer managed (held) by the trading company (securities firm) (its system) while prioritizing the order of inquiries, and finds that the leave order received from the customer managed (held) by the trading company (securities firm) (its system) that is the destination of the inquiry matches the agreement conditions of another leave order received from another customer managed (held) by the other trading company (securities firm) (its system), the agreement possibility information sending means 33 sends information on the possibility of agreement in a confidential state to the trading company (securities firm) (its system) that made the inquiry. Furthermore, when an own order managed in the own order information management means 34 matches the contract conditions of a leave order received from a customer managed (held) by a specified trading company (securities firm) (system) through a search by the IOI inquiry matching order search means 32", the contract possibility information sending means 33 transmits information on the possibility of contract in a confidential state to the trading company (securities firm) (system) that made the inquiry about an order that matches the own order. Other processes, such as receiving information indicating a possibility of contract, forwarding the leave order to the system of the other trading firm (securities company), and reviewing the contract conditions, are substantially the same as those in the small-lot ST trading system 1 of the first embodiment.

[0118] Effects of the Small-Amount ST Trading System of the Third Embodiment According to the third embodiment of the trading system 1" for small-lot STs, the "main market price acquisition means 11" has a function of acquiring the real-time buying and selling prices in the open main market as the buying and selling prices in the main market for large-lot STs when the main market for large-lot STs is open, and acquiring the closing price of the main market as the buying and selling price in the main market for large-lot STs when the main market for large-lot STs is closed, and the IOI inquiry information forwarding means 16" has a function of forwarding the IOI inquiry information managed (held) by the leave order management means 14 and uncontracted leave order acceptance means 13 when the main market for large-lot STs is open. Regarding the presence or absence of other leave orders that can be executed with the leave order received from the customer, inquiry information including the leave order (including information on the issue name, buy / sell type, and limit price) and the system identification information of the trading company (securities firm) is forwarded in an undisclosed state to the central management system (or central management function) 30 in an IOI (overt transaction indication of intent) format, and when the main market for large STs is closed, the leave order management means 14 manages (holds) and executes leave orders from customers received by the leave order receiving means 13 that have not been executed. The central management system (or central management function) 30 has a function of transmitting inquiry information including the leave order (including the name of the issue, the type of buy / sell, and the limit price) and the identification information of the trading company (securities company) in the form of an IOI (overt transaction indication of intent) in a centralized manner at a specified time in a non-disclosed state with regard to the presence or absence of other leave orders that may be placed. When the main market for large STs is open, the IOI inquiry corresponding order search means 32" transmits an inquiry to the central management system (or central management function) 30 in the form of an IOI inquiry information forwarding means 16" in the system of the specified trading company (securities company). When the information is forwarded, a one-to-one inquiry is made in a non-disclosed state with other inquiry information managed in the inquiry information management means 31, and other leave orders that match the leave order received from the customer are searched for. When the main market for large STs is closed, when inquiry information is forwarded in a concentrated manner at a specified time from the IOI inquiry information forwarding means 16" of the system of a specified trading company (securities company), a one-to-one inquiry is made in a non-disclosed state with other inquiry information managed in the inquiry information management means 31 during a specified period of time.The system has a function of searching for other leave orders that match the leave order received from the customer in a non-disclosed state, so that it is possible to trade efficiently while improving the contract rate for small-lot STs, even during market closed hours, where there is a main market for large-lot STs. Other functions and effects are substantially the same as those of the trading system 1 for small STs of the first embodiment.

[0119] Therefore, according to the first to third embodiments, a small-scale ST type trading system can be obtained that reduces the load on the system, reduces the workload on humans, and increases the contract rate without building a system equivalent to a PTS (proprietary trading system).

[0120] The above describes the small-amount ST type trading system of the present invention using an embodiment, but the small-amount ST type trading system of the present invention is not limited to the configuration described in the above embodiment, and can be configured in any form within the scope of the claims of the present invention. [Industrial Applicability]

[0121] The small-amount ST trading system of the present invention is useful in fields where it is necessary to trade small-amount STs that are on a small scale and have insufficient liquidity. [Explanation of symbols]

[0122] 1, 1', 1" Small-lot ST trading system 10(1)~10(n) Systems of trading companies (securities firms) 11, 11” Main market price acquisition method 11' Means of obtaining comparable market prices 12, 12' Means for setting limit price range for order acceptance 13. Leave order acceptance method 14 Leave Order Management Measures 15 Leave Order Execution Method 16, 16', 16" IOI inquiry information transfer means 17. Means of receiving contract possibility information 18 Leave order delivery means 19. Means of accepting forwarding leave orders 20. Means of reviewing contract terms 21. Means of distributing contract condition revision information 30 Central Management System (or Central Management Function) 31 Inquiry information management means 32, 32', 32" IOI inquiry to search for the corresponding order 33 Means for sending execution possibility information 34 Self-order information management means

Claims

1. A trading system for small-scale STs, which is constructed with at least one distributed ledger in blockchain or other distributed ledger technology for managing transactions between all forms of digital assets, including tokens as a general term for value defined digitally in blockchain or other distributed ledger technology, digital currencies such as digital currencies and stable coins, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing specified processing using the digital assets managed in the distributed ledger, A system of a plurality of securities companies as trading companies and a central management system or a central management function that is connected to the systems of the plurality of securities companies as trading companies, The system of each of the securities companies acting as trading companies is as follows: A main market price acquisition means having a function of acquiring the buying and selling prices of large-volume STs in the main market; an order acceptable limit price range setting means for setting a predetermined range of prices based on the buying and selling prices in the main market of the large-lot ST class acquired by the main market price acquisition means as an acceptable limit price range of orders of the small-lot ST class; a leave order receiving means having a function of receiving, in an undisclosed state, leave orders from customers designated at prices within the limit price range set by the order acceptable limit price range setting means; a leave order management means having a function of managing or holding the leave orders from customers accepted by the leave order acceptance means in a confidential state; a leave order execution means having a function of executing the leave orders in a non-disclosed state when the leave orders from customers managed or held by the leave order management means match each other; and an IOI inquiry information forwarding means having a function of forwarding inquiry information including information including a name of the issue, a type of buy / sell, and a limit price in the leave order and identification information of the system of the securities company as the trading company in a bilateral trading format called an IOI, regarding the presence or absence of other leave orders that can be executed with the leave order from a customer that is managed or held by the leave order management means and accepted by the leave order acceptance means that has not yet been executed, to the central management system or central management function in a non-disclosed state, the inquiry information including information including a name of the issue, a type of buy / sell, and a limit price in the leave order and identification information of the system of the securities company as the trading company in the bilateral trading format called an IOI, The central management system or function comprises: an inquiry information management means having a function of centrally managing the inquiry information forwarded from the IOI inquiry information forwarding means of the system of each of the securities companies as the trading companies in a non-disclosed state; an IOI inquiry matching order search means having a function of, when the inquiry information is forwarded from the IOI inquiry information forwarding means of the system of the securities company as the predetermined trading company, making a one-to-one inquiry with other inquiry information managed by the inquiry information management means in a non-disclosed state and searching for other leave orders that match the leave order received from the customer in a non-disclosed state; and a contract possibility information transmitting means having a function of transmitting, when a leave order received from the customer managed or held by the system of the securities company as the trading company, which is the destination of the inquiry, through a search by the IOI inquiry matching order searching means prioritizing the order of inquiry, that information on the possibility of an agreement is matched to the system of the securities company as the trading company which made the inquiry in a non-disclosed state, The system of each of the securities companies as trading companies further includes: A contract possibility information receiving means having a function of receiving the information indicating the possibility of a contract from the contract possibility information transmitting means in a non-disclosed state; a leave order forwarding means having a function of forwarding the leave order from the customer received in the system of the securities company as a trading company in a non-disclosed state to the system of the securities company as another trading company when the contract possibility information receiving means receives information indicating that a leave order received from the customer managed or held by the system of the securities company as a trading company may be contracted with another leave order received from another customer managed or held by the system of the securities company as another trading company; and a forwarding leave order receiving means having a function of receiving the leave order forwarded by the leave order forwarding means of the system of the securities company as another trading company in a non-disclosed state, The leave order contracting means further has a function of contracting the leave orders in a non-disclosed state when a leave order from a customer managed or held by the leave order management means matches a leave order accepted by the forwarding leave order accepting means. A small-lot ST type trading system.

2. A trading system for small-scale STs, which is constructed with at least one type of distributed ledger in blockchain or other distributed ledger technology for managing transactions between all forms of digital assets, including tokens as a general term for value defined digitally in blockchain or other distributed ledger technology, digital currencies such as digital currencies and stable coins, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing specified processing using the digital assets managed in the distributed ledger, A system of a plurality of securities companies as trading companies and a central management system or a central management function that is connected to the systems of the plurality of securities companies as trading companies, The system of each of the securities companies acting as trading companies is as follows: A similar market price acquisition means having a function of acquiring the base price disclosed by the investment entity as the trading price in a similar market for small-lot STs; an order acceptance limit price range setting means having a function of setting a limit price range in which small-lot ST orders can be accepted, based on a predetermined range of prices based on the buying and selling prices of small-lot STs in the similar market acquired by the similar market price acquisition means; a leave order receiving means having a function of receiving, in an undisclosed state, leave orders from customers designated at prices within the limit price range set by the order acceptable limit price range setting means; a leave order management means having a function of managing or holding the leave orders from customers accepted by the leave order acceptance means in a confidential state; a leave order execution means having a function of executing the leave orders in a non-disclosed state when the leave orders from customers managed or held by the leave order management means match each other; an IOI inquiry information forwarding means having a function of forwarding inquiry information including information including the name of the issue, the type of buy / sell, and the limit price in the leave order and identification information of the system of the securities company as the trading company in a bilateral trading format called an IOI, regarding the presence or absence of other leave orders that can be executed with the leave order from a customer that is managed or held by the leave order management means and accepted by the leave order acceptance means that has not been executed, to the central management system or central management function in a centralized manner at a predetermined time in a non-disclosed state; having The central management system or function comprises: an inquiry information management means having a function of centrally managing the inquiry information forwarded from the IOI inquiry information forwarding means of the system of each of the securities companies as the trading companies in a non-disclosed state; an IOI inquiry matching order search means having a function of, when the inquiry information is intensively forwarded at a predetermined time from the IOI inquiry information forwarding means of the system of the securities company as the predetermined trading company, intensively making one-to-one inquiries with other inquiry information managed by the inquiry information management means within a predetermined time period in a non-disclosed state, and searching for other leave orders that match the leave order received from the customer in a non-disclosed state; and a contract possibility information transmitting means having a function of transmitting, when a leave order received from the customer managed or held by the system of the securities company as the trading company, which is the destination of the inquiry, through a search by the IOI inquiry matching order searching means prioritizing the order of inquiry, that information on the possibility of an agreement is matched to the system of the securities company as the trading company which made the inquiry in a non-disclosed state, The system of each of the securities companies as trading companies further includes: A contract possibility information receiving means having a function of receiving the information indicating the possibility of a contract from the contract possibility information transmitting means in a non-disclosed state; a leave order forwarding means having a function of forwarding the leave order from the customer received in the system of the securities company as a trading company in a non-disclosed state to the system of the securities company as another trading company when the contract possibility information receiving means receives information indicating that a leave order received from the customer managed or held by the system of the securities company as a trading company may be contracted with another leave order received from another customer managed or held by the system of the securities company as another trading company; and a forwarding leave order receiving means having a function of receiving the leave order forwarded by the leave order forwarding means of the system of the securities company as another trading company in a non-disclosed state, The leave order contracting means further has a function of contracting the leave orders in a non-disclosed state when a leave order from a customer managed or held by the leave order management means matches a leave order accepted by the forwarding leave order accepting means. A small-lot ST type trading system.

3. the main market price acquisition means has a function of acquiring, when the main market for large-volume STs is open, a real-time buying and selling price in the open main market as the buying and selling price in the main market for large-volume STs, and, when the main market for large-volume STs is closed, acquiring the closing price of the main market as the buying and selling price in the main market for large-volume STs; When a main market for large-lot STs is open, the IOI inquiry information forwarding means forwards, in a confidential state, to the central management system or central management function, inquiry information regarding the presence or absence of other leave orders that can be executed with leave orders from customers that are managed or held by the leave order management means and accepted by the leave order acceptance means that have not yet been executed, in a bilateral transaction-type trading intention indication format called an IOI, the inquiry information including information on the issue name, buy / sell type, and limit price in the leave order, and identification information of the system of the securities company as the trading company, when a main market for large STs is closed, the leave order management means has a function of transmitting inquiry information, which includes information on the issue name, buy / sell type and limit price in the leave order and identification information of the system of the securities company acting as the trading company, in a bilateral trading format called an IOI (indication of intent on an intermediary transaction basis), to the central management system or central management function in a centralized manner at a predetermined time in a non-disclosed state, regarding the presence or absence of other leave orders which can be executed with the leave orders from customers which are managed or held by the leave order management means and have not yet been executed and which have been accepted by the leave order acceptance means, and 2. The trading system for small ST classes according to claim 1, wherein the IOI inquiry matching order search means has a function of, when a main market for large ST classes is open, making a one-to-one inquiry with other inquiry information managed in the inquiry information management means in a non-disclosed state when the inquiry information is forwarded from the IOI inquiry information forwarding means of the system of the securities company as the specified trading firm, and searching for other leave orders that match the leave order received from the customer in a non-disclosed state, and when a main market for large ST classes is closed, making a one-to-one inquiry with other inquiry information managed in the inquiry information management means in a non-disclosed state in a specified time period when the inquiry information is forwarded in a concentrated manner at a specified time from the IOI inquiry information forwarding means of the system of the securities company as the specified trading firm, and searching for other leave orders that match the leave order received from the customer in a non-disclosed state.

4. The IOI inquiry corresponding order search means is configured to search for other inquiry information managed by the inquiry information management means in a search order that prioritizes inquiry information forwarded from the IOI inquiry information forwarding means of a securities company's system as a trading company with a high contract rate, separately for sell orders and buy orders. A small-lot ST trading system as described in any one of claims 1 to 3, characterized in that the IOI inquiry corresponding order search means is configured to search for other inquiry information managed by the inquiry information management means in a search order that prioritizes inquiry information forwarded from the IOI inquiry information forwarding means of a securities company's system as a trading company with a high contract rate, separately for sell orders and buy orders.

5. an agreement condition reviewing means having a function of, when the forwarding leave order receiving means in the system of the securities company as the trading company receives the leave order forwarded by the leave order forwarding means, changing the limit price of the leave order in a non-disclosed state in a direction disadvantageous to the securities company as the trading company as a review of the agreement conditions of the leave order received from a customer managed or held by the system of the securities company as the trading company that received the leave order; and a contract condition revision information distribution means having a function of transmitting contract condition revision information, in which the limit price constituting the contract condition for the leave order has been revised by the contract condition revision means in a direction unfavorable to the securities company as the trading company, in a non-disclosed state to the system of the securities company as the trading company which made the one-to-one inquiry in a bilateral trading style transaction intention indication format called IOI.

4. A trading system for small-lot STs according to claim 1.

6. The central management system or the central management function further includes a self-order information management means having a function of separately managing information including a stock name, a type of buy / sell, and a limit price of a predetermined self-order; The IOI inquiry matching order search means further has a function of performing a one-to-one inquiry of information including a stock name, a buy / sell type, and a limit price of an own order managed by the own order information management means in a non-disclosure state with other inquiry information managed by the inquiry information management means, and searching for other leave orders matching the own order in a non-disclosure state; The execution possibility information transmitting means further has a function of transmitting, in a non-disclosed state, information indicating the possibility of execution to the system of the securities company as a trading company that has made an inquiry about an order that matches the own order, when the own order managed in the own order information managing means matches the execution conditions of a leave order received from a customer managed or held by the system of the securities company as a specified trading company, as a result of a search by the IOI inquiry matching order searching means.

4. A trading system for small-lot STs according to claim 1.

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