Pricing Decision System

Abstract

To provide a pricing determination system capable of realizing trading of financial products with low risk regardless of the amount of trading. [Solution] A pricing determination system 1A that shows customers an offered price corrected from the market price presented in the market, has an offered price determination means 1 that sets the offered price at a price corrected from the market price by the predicted execution volume, and the offered price determination means 1 has a market price information acquisition means 43 that acquires the market price, and a customer order information reference means 45 that references customer order information 451, 452 that summarizes orders from customers, and determines the offered price by correcting the market price acquired by the market price information acquisition means 43 in accordance with the predicted execution volume based on the customer order information 451, 452 acquired by the customer order information reference means 45.

Description

[Technical field]

[0001] The present invention relates to a technique for determining pricing for transactions of various financial products. The present invention can be applied to devices and the like that manage and support transactions of various financial products. [Background technology]

[0002] Known methods of trading various financial products whose market prices fluctuate, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, stock price indexes, crypto assets, and virtual currencies, include market orders (an order form in which a transaction is made at the market price at the time of placing an order) and limit orders (a form in which a transaction is made when the market price reaches a pre-specified price). When a financial product trader (hereinafter referred to as a "trader") trades between a customer and a financial institution such as a bank using this trading method, the trader may conduct a cover transaction. This cover transaction is a transaction that offsets a position that occurs in a financial product transaction concluded between a bank or the like and a customer. By conducting a cover transaction with a bank or the like that is the opposite of the transaction that the trader has undertaken from the customer, it becomes possible to hedge the risk of exchange rate fluctuations.

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

[0004] [Patent Document 1] JP 2017-167820 A Summary of the Invention [Problem to be solved by the invention]

[0005] Here, when a trader trades financial products in accordance with the invention described in Patent Document 1, the trader needs to trade with a customer who will enter into a contract for a financial product that matches the market price, and to carry out a cover trade with a bank, etc. based on the contract. In this case, a trade with a customer is first carried out, and then a cover trade is carried out based on the result of the trade.

[0006] However, if the amount traded at one time is greater than the amount of liquidity provided by the market, such as banks, the risk cannot be eliminated all at once through cover transactions, and trading firms will end up with large positions (open interests) that are exposed to price fluctuations, running the risk of incurring substantial losses, and this is a situation that should be avoided.

[0007] Another purpose is to take into consideration the market impact that may occur depending on the client's contract volume.

[0008] The present invention has been made in consideration of the above-mentioned problems, and it is an object of the present invention to provide a pricing determination system that can realize low-risk financial product transactions regardless of the trading volume when trading financial products using a computer system. [Means for solving the problem]

[0009] In order to solve such problems, the present invention provides a pricing determination system which shows a customer an offered price corrected from a market price presented in the market, and which has an offered price determination means which sets the offered price as a price corrected by a predicted execution volume relative to the market price, and the offered price determination means has a market price information acquisition means which acquires the market price, and a customer order information reference means which references customer order information in which orders from customers are summarized, and is characterized in that the pricing determination system determines the offered price by correcting the market price acquired by the market price information acquisition means in accordance with the predicted execution volume based on the customer order information acquired by the customer order information reference means.

[0010] Furthermore, in addition to the above configuration, the present invention is characterized in that the offered price determination means determines the offered price by correcting the price in accordance with the difference between the execution volume predicted based on the customer order information acquired by the customer order information reference means and the liquidity offered by the market, with respect to the market price.

[0011] Furthermore, in addition to the above configuration, the present invention is characterized in that the quoted price determination means is configured to change a correction range of the quoted price in accordance with a planned execution quantity of a limit order in the customer order information acquired by the customer order information reference means.

[0012] Furthermore, in addition to the above configuration, the present invention is characterized in that the offered price determination means is a pricing determination system configured to change a correction range of the offered price in accordance with a planned execution quantity of a stop-limit order in the customer order information acquired by the customer order information reference means.

[0013] Furthermore, in addition to the above configuration, the present invention is characterized in that the quoted price determination means is configured to change a correction range of the quoted price in accordance with a planned execution quantity of a market order in the customer order information acquired by the customer order information reference means. Effect of the Invention

[0014] According to the present invention, for orders traded based on customer order information, pricing is determined so that the price offered to the customer is corrected from the market price offered in the market by the amount of the predicted contract volume, thereby making it possible to realize low-risk financial product transactions using a computer system regardless of the trading volume.

[0015] Furthermore, according to the present invention, the quoted price is determined by correcting the price in accordance with the difference between the execution volume predicted based on the acquired customer order information and the liquidity offered by the market, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize transactions of financial products with low risk regardless of the trading volume.

[0016] Furthermore, according to the present invention, the correction range of the quoted price is changed according to the planned execution quantity of the limit order in the acquired customer order information, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize low-risk financial product transactions regardless of the trading volume.

[0017] Furthermore, according to the present invention, the correction range of the quoted price is changed according to the expected execution quantity of the stop-limit order in the acquired customer order information, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize low-risk financial product transactions regardless of the trading volume.

[0018] Furthermore, according to the present invention, the correction range of the quoted price is changed according to the expected execution volume of the market order in the acquired customer order information, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize low-risk financial product transactions regardless of the trading volume. [Brief description of the drawings]

[0019] [Figure 1] 1 is a system configuration diagram and a functional block diagram of a pricing determination system according to an embodiment of the present invention. [Diagram 2] 13 is an explanatory diagram showing the spread offered to a customer for the amount of liquidity offered by a financial institution in the pricing determination system of the embodiment. FIG. [Diagram 3] 13 is a flowchart showing a processing procedure in the pricing determination system of the embodiment. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

[0020] [Embodiment of the invention] Hereinafter, an embodiment of the present invention will be described with reference to the drawings.

[0021] [System Configuration] 1 to 3 show an embodiment of the present invention.

[0022] 1 is a system configuration diagram and a functional block diagram of a pricing determination system according to the present embodiment. As shown in the figure, the pricing determination system 1A includes a financial product transaction management device 1 as a quoted price determination means, and n (n≧1) client terminals 21, 22, . . . 2. n and a bank system 3. n and the bank system 3 are capable of communicating with each other via a network 4 serving as a WAN (Wide Area Network). The pricing determination system 1A of this embodiment handles foreign exchange as a financial product.

[0023] The financial instruments transaction management device 1 is a server computer managed and operated by a financial instruments trader (hereinafter simply referred to as "trader") whose business is trading financial instruments, and has a web server function and a database function for storing large amounts of data. Note that the "financial instruments" referred to here are financial instruments whose market prices fluctuate and which can be bought and sold, such as foreign exchange. However, the financial instruments handled by the financial instruments transaction management device 1 may be any type other than foreign exchange.

[0024] Client terminals 21, 22,...,2 n are communication terminals with data communication capabilities that are owned and used by individuals or corporations as “customers” who buy and sell financial products. For example, client terminals 21, 22, . . . , 2 n refers to personal computers, mobile phone terminals, etc. "Customers" are individuals or corporations who primarily trade financial products with dealers.

[0025] Although not shown in FIG. 1, a financial product transaction management device 1, client terminals 21, 22, . . . , 2 n , bank system 3, each have a hardware configuration. This hardware configuration is, for example, at least one CPU (Central Processing Unit), a RAM (Random Access Memory) that functions as the working area of ​​the CPU, and a ROM (Read Only Memory) in which a boot program for startup and the like are recorded. Furthermore, for example, this hardware configuration is an auxiliary storage device such as a hard disk in which various programs and data and the like are recorded, and a communication interface used for transmitting and receiving data. The auxiliary storage device records programs for the OS (Operating System), various application programs, data recorded in a database, and the like, and these programs and data work together with hardware resources to realize various functions through the arithmetic processing of the CPU.

[0026] The financial product transaction management device 1 and the bank system 3 may be formed by one server computer or multiple network computer systems. The financial product transaction management device 1 and the bank system 3 may be configured by multiple pieces of hardware distributed over the network 4, such as a cloud computer system.

[0027] As shown in FIG. 1, the client terminal 21 has an operation unit 21 such as a mouse or keyboard used to input various instructions, and a display unit 22 consisting of an LCD (Liquid Crystal Display) or the like, which displays various instructions and images input from the operation unit 21. The operation unit 21 and the display unit 22 of the client terminal 21 may be configured as a touch panel display that performs various inputs based on coordinate information of the contact position of a pointing device such as a finger or a touch pen. Although not shown, the client terminals 22,... n The client terminals 21, 22, . . . 2 each have a similar operation unit and display unit. n have the same configuration, and will be referred to as client terminal 2 hereinafter unless a distinction is required.

[0028] The bank system 3 is a computer system handled by a trader, such as a bank, that performs cover transactions with traders, and has the functions of a network server and a database server. The bank system 3 has, as a functional means, a transaction execution unit 31 as a "transaction execution means" that performs cover transactions with the financial product transaction management device 1.

[0029] [Details of the financial product transaction management device (offering price determination means)] As shown in Fig. 1, the financial product transaction management device 1 as an offered price determination means comprises an order management device 40 and a dealing device 50. The order management device 40 mainly transmits and receives data and signals to and from the client terminal 2, and performs processes such as receiving orders from clients who use the client terminal 2 and reporting contracted orders to clients. The dealing device 50 mainly transmits and receives data and signals to and from the bank system 3, and performs processes such as carrying out cover transactions associated with the contract of financial products with the bank system 3. The order management device 40 and the dealing device 50 may be formed by separate computer systems or may be formed by the same computer system.

[0030] The order management device 40 includes functional means realized based on the above-mentioned various programs and hardware resources. These functional means are, for example, a customer order information generating unit 41 as a "customer order information generating unit", an offered price correcting unit 42 as an "offered price correcting unit", a market price information acquiring unit 43 as a "market price information acquiring unit", an agreement information processing unit 44 as an "agreement information processing unit", and a customer order information recording unit 45 as a "customer order information referring unit", as shown in Fig. 1.

[0031] The customer order information generating unit 41 generates customer order information for placing an order for the financial product based on the customer's instructions.

[0032] The market price information acquisition unit 43 acquires information on market prices (market prices) of financial products handled by the financial product transaction management device 1. The market price information acquisition unit 43 performs necessary processing and management of the acquired market price information for use in the order management device 40. The market price information acquisition unit 43 continuously and periodically acquires market price information of financial products by continuously acquiring market price information via the network 4, etc., and records and manages the acquired market price information. The market price information acquisition unit 43 is also configured to acquire the liquidity of the latest market price (ease of exchanging trading currencies).

[0033] The contract information processing unit 44 performs a process of contracting the order based on the customer order information. Specifically, the contract information processing unit 44 performs a process of contracting the customer order based on the customer order information generated by the customer order information generating unit 41, and a process of sending the information of the contracted customer order to the client terminal 2 of the customer. Note that "contract" here refers to various procedures and processes for establishing the buying and selling of financial products based on the customer's order. In this embodiment, when a contract is established, foreign exchange is bought and sold. In addition, when a contract is established, the contract information processing unit 44 displays text information, etc., indicating that a contract has been established on the display unit 22 of the client terminal 2, and also performs a deposit and withdrawal process for the bank account of the client terminal based on the buying and selling price.

[0034] The customer order information recording unit 45 is a database, and records data used in the financial product transaction management device 1. The customer order information recording unit 45 in this embodiment is formed by a relational database, but any format, such as an object database, may be used as long as it is suitable for recording and rewriting large amounts of data.

[0035] The customer order information recording unit 45 records an order table, a customer account information table that defines information such as the financial institution where the trader's account is located, the account name, and balance, a currency pair order condition table that defines information such as the combination of currencies to be traded, and a sequence number table (each table is not shown).

[0036] The offered price correction unit 42 corrects the market price (market price) acquired by the market price information acquisition unit 43 in accordance with the contract volume predicted based on the customer order information recorded in the customer order information recording unit 45, and determines the offered price to be shown to the customer. Here, the offered price correction unit 42 corrects the market price acquired by the market price information acquisition unit 43 in accordance with the difference between the contract volume predicted based on the customer order information and the liquidity of the market price offered by the market (mainly financial institutions such as banks), and determines the offered price.

[0037] More specifically, based on the liquidity (liquidity amount) of the market price presented by the market acquired by the market price information acquisition unit 43, the spread difference (= offered price to customers - market price), which is the difference between the buy price Ask and sell price Bid of the price presented to customers for the market price, is expanded or contracted depending on whether the amount of customer order information (buy orders, sell orders) is large or small relative to the liquidity amount, i.e., the liquidity difference (= amount of customer order information - liquidity amount presented by the market), based on the liquidity (liquidity amount) of the market price presented by the market acquired by the market price information acquisition unit 43. This allows price correction to be performed according to the difference between the contract amount based on the customer order information and the liquidity of the market price.

[0038] For example, as shown in Figure 2A, when the amount of customer order information is large compared to the amount of liquidity presented by the market, price adjustment is made so that the spread presented to the customer is wider than the market price. This makes it possible to carry out transactions (contract transactions, cover transactions) in a way that compensates for the large amount of customer order information compared to the amount of liquidity.

[0039] Conversely, as shown in Figure 2B, when the amount of customer order information is small relative to the amount of liquidity presented by the market, price adjustments are made so that the spread presented to customers is narrower than the market price. This makes it possible to conduct transactions (contract transactions, cover transactions) that take into account the small amount of customer order information relative to the amount of liquidity.

[0040] The above correction is applied not only to limit buy orders and limit sell orders, but also to stop buy orders and stop sell orders and the liquidity of the market price. In addition, price correction may be performed by referring to the contract quantity of orders determined on the spot, such as market orders, in addition to limit orders and stop orders, whose order information is recorded in advance. In this case, the exact quantity of a market order is not determined in advance, but the order quantity near the price is predicted based on market liquidity and past records, and is reflected in the price correction.

[0041] The dealing device 50 includes a summary information management unit 51 and a cover trading unit 52 as functional means realized based on the above-mentioned various programs and hardware resources.

[0042] The summary information management unit 51 acquires and records summary information 511 generated from customer order information (including limit orders, stop orders, and market orders) for which contract processing has been performed. Note that, in some cases, the customer order information (including limit orders, stop orders, and market orders) may be sent to the summary information management unit 51 of the dealing device 50 before or in parallel with contract processing.

[0043] The cover transaction unit 52 performs various processes for executing a cover transaction with the bank system 3 based on the summary information 511 acquired and recorded by the summary information management unit 51 .

[0044] In this embodiment, the order management device 40 is configured to use information from the market price information acquisition unit 43 and the customer order information recording unit 45 to calculate the price in the offered price correction unit 42, also in the order management device 40, and display the offered price, but the present invention is not limited to this configuration and processing.

[0045] For example, any or all of the market price information acquisition unit 43, the customer order information recording unit 45, and the offered price correction unit 42 may be disposed in a device other than the order management device 40. Also, among the market price information acquisition unit 43 and the customer order information recording unit 45, only the functions related to price correction may be disposed in a separate device. As an example, the above devices may be configured to be disposed in the dealing device 50.

[0046] The buy customer order information 451 and sell customer order information 452 are mainly information for trading limit orders. However, orders other than limit orders, such as trigger market orders that place and execute market orders when the market price reaches a specific price, or normal market orders may also be used.

[0047] [Processing Procedure] 3 is a flowchart showing the processing procedure in the pricing determination system of this embodiment. The processing procedure in this embodiment will be described below with reference to this flowchart.

[0048] First, the customer order information generating unit 41 of the order management device 40 in the financial product transaction management device 1 generates buy and sell order information for buying and selling financial products in response to instructions from customers, and records the information in the customer order information recording unit 45 as buy customer order information 451 and sell customer order information 452. In this state, financial product transactions are started by the financial product transaction management device 1, and the processing procedure shown in Fig. 3 is started.

[0049] The market price information acquisition unit 43 of the order management device 40 in the financial product transaction management device 1 continuously acquires market price information of financial products (step S1). The contract information processing unit 44 continuously monitors the market price of the financial product acquired by the market price information acquisition unit 43. The market price information acquisition unit 43 also acquires information on the liquidity (liquidity amount) of market prices in the market.

[0050] Next, the customer order information recording unit 45 of the order management device 40 in the financial product transaction management device 1 acquires customer order information at a price corresponding to the market price, and acquires the contract amount at that market price (step S2).

[0051] Then, the offered price correction unit 42 of the order management device 40 in the financial product transaction management device 1 takes in the information of S1 and S2, and performs price correction according to the contract amount relative to the market price (step S3). As a result, for example, based on the liquidity (liquidity amount) of the market price presented by the market, depending on whether the amount of customer order information (buy orders, sell orders) is large or small relative to the liquidity amount, that is, depending on the liquidity difference (=customer order information amount-liquidity amount presented by the market), the spread difference (=offered price to customer-market price), which is the difference between the buy price Ask and the sell price Bid of the price presented to the customer relative to the market price, is expanded or reduced. As a result, price correction is performed according to the difference between the contract amount based on the customer order information and the liquidity of the market price.

[0052] As shown in Figure 2A, when the amount of customer order information is large compared to the amount of liquidity presented by the market, the price is adjusted so that the spread presented to the customer is wider than the market price. This makes it possible to carry out transactions (contract transactions, cover transactions) that compensate for the large amount of customer order information compared to the amount of liquidity. Conversely, as shown in Figure 2B, when the amount of customer order information is small compared to the amount of liquidity presented by the market, the price is adjusted so that the spread presented to the customer is narrower than the market price. This makes it possible to carry out transactions (contract transactions, cover transactions) that take into account the small amount of customer order information compared to the amount of liquidity.

[0053] Thereafter, the system performs a process of displaying the corrected proposed price (step S4).

[0054] [Example of transaction form to which the embodiment is applied (1: Overview)] It is considered that the pricing determination system 1A and the financial product transaction management device (offering price determination means) 1 of this embodiment are applied to transactions in which customer buy order information 451 and customer sell order information 452 are recorded in the customer order information recording unit 45. For example, it is considered that this embodiment is applied when the financial product transaction management device 1 is used for transactions of limit orders, stop-limit orders, and trigger market orders.

[0055] When limit orders, stop orders, or trigger market orders are made using the financial product transaction management device 1, the spread of the offered price is corrected according to the difference between the contract quantity of the customer order information and the liquidity (liquidity) of the market price, so that when the amount of customer order information relative to the liquidity is large, a transaction (contract transaction, cover transaction) can be made to compensate for the large amount. Also, when the amount of customer order information relative to the liquidity is small, a transaction (contract transaction, cover transaction) can be made that takes the small amount into consideration. This makes it possible to reduce the risk of cover transactions for orders to be contracted.

[0056] [Example of transaction form to which the embodiment is applied (2: Specific example)] As a case where limit order transactions and trigger market order transactions are carried out in the financial product transaction management device 1 as outlined in (1) above, transactions such as those shown in the following [Specific Example 1] to [Specific Example 3] are possible. [Specific Example 1] to [Specific Example 3] may all be limit orders, may all be trigger market orders, or may be a mixture of limit orders and trigger market orders. Furthermore, when multiple pieces of customer order information are generated to carry out transactions, all of the customer order information may be generated before all transactions are started, or at least some of the customer order information may be generated at a predetermined timing or any timing after transactions are started.

[0057] [Example 1: Trap trade] This is a trading method in which orders are placed and executed for multiple buy orders set at multiple order prices at once for multiple financial products of the same type, or multiple sell orders set at multiple order prices at once. The multiple buy orders and multiple sell orders set at once are considered to have the same order amount and the same price spread between the orders, but at least some of the order amounts or the price spread between at least some of the orders may differ from the others. At least some of those buy orders and sell orders may be configured to be a first order and a second order placed upon execution of the first order (if-done orders, hereinafter simply referred to as "if-done orders"), and a single if-done order may be executed.

[0058] [Example 2: Trap Repeat If Done] This is a method of trading by setting multiple combinations of if-done orders of first orders and second orders for multiple financial products of the same type. Here, when a first order and a corresponding second order are executed, if-done orders are repeatedly executed with a new first order corresponding to the executed first order and a new second order corresponding to the executed second order. The price spreads between the first orders and the price spreads between the second orders that are set are, in principle, constant, and the profit spreads between each first order and each corresponding second order that are set are also, in principle, constant. However, at least some of the price spreads or at least some of the price spreads may be set to be different from other price spreads or other profit spreads.

[0059] [Example 3: Rakutora] This is a trading method in which a first order or a second order for trading as a "trap repeat if done" is set between a predetermined upper limit price and a predetermined lower limit price. When multiple first orders or multiple second orders are set between the upper limit price and the lower limit price, the highest price among the first orders or second orders may be set to the upper limit price or the lowest price may be set to the lower limit price. Also, the lowest price among the first orders or second orders may be set to the lower limit price, and conversely, the highest price among the second orders or first orders may be set to the upper limit price. Also, the price between the upper limit price and the lower limit price may be set to the average price of all first orders, the average price of all second orders, or the average price of all first orders and all second orders.

[0060] Note that the above [Specific Example 1] to [Specific Example 3] are examples of the application of this embodiment, and the financial product transaction management device 1 of this embodiment can be applied to any transaction form other than the above [Specific Example 1] to [Specific Example 3].

[0061] In addition, in the above [Specific Example 1] to [Specific Example 3], we have explained the case where the first order of the if-done order is a buy order and the second order is a sell order, but this is not limited to this and the present invention can also be applied to the case where the first order of the if-done order is a sell order and the second order is a buy order.

[0062] [Effects] As described above, according to this embodiment, for orders traded based on customer order information, pricing is determined so that the price offered to the customer is corrected from the market price offered in the market by the predicted contract volume, thereby making it possible to realize low-risk financial product transactions using a computer system regardless of the trading volume.

[0063] Furthermore, according to this embodiment, the quoted price is determined by correcting the price in accordance with the difference between the execution volume predicted based on the acquired customer order information and the liquidity offered by the market, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize transactions of financial products with low risk regardless of the trading volume.

[0064] Furthermore, according to this embodiment, the correction range of the quoted price is changed according to the planned execution quantity of the limit order in the acquired customer order information, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize transactions of financial products with low risk regardless of the trading volume.

[0065] Furthermore, according to this embodiment, the correction range of the quoted price is changed according to the expected execution quantity of the stop-limit order in the acquired customer order information, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize low-risk financial product transactions regardless of the trading volume.

[0066] Furthermore, according to this embodiment, the correction range of the quoted price is changed according to the expected execution volume of the market order in the acquired customer order information, so that in financial product transactions conducted using a computer system, it is possible to more reliably realize transactions of financial products with low risk regardless of the trading volume.

[0067] [others] In the above embodiment, it may be a so-called OCO order. Also, when the market resumes after the first interruption, the so-called "Itayose method" may be used, that is, when a second order (or a first order) of an if-done order exists in the price range from the interruption to the resumption of the market, the first order (or the second order corresponding to the first order) corresponding to the second order may be used to execute the buy / sell customer order information 451, 452. This "Itayose method" is applied when a second order (or a first order) of an if-done order exists in the price range from the interruption to the resumption of the market. In this case, the first order (or the second order corresponding to the first order) corresponding to the second order is changed from the order price at the time of the interruption to the order price at the time of the resumption of the market, and the transaction is performed.

[0068] In the above embodiment, foreign exchange is handled as the financial product, but this is not limited to this, and the present invention may be applied to a financial product trading system that handles any type of financial product, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, crypto assets, virtual currencies, etc.

[0069] In the above embodiment, the financial product transaction management system 1A has been described as having one financial product transaction management device 1. However, the present invention is not limited to this, and may be configured with a plurality of financial product transaction management devices, at least some of which are provided at a so-called exchange.

[0070] In the above embodiment, the "information on contract amount" and the "information on order quantity" are, but are not limited to, the information on order quantity and offset information 512 included in summary information 511. For example, the "information on contract amount" may be the quantity or unit of measurement of the contract target of a financial product other than the information on order quantity.

[0071] In the above embodiment, all of the functional means are configured to be provided in the financial product transaction management device 1, but at least a part of the configuration may be configured to be provided in the client terminal 2.

[0072] In the above embodiment, the financial instruments transaction management system 1A is realized in a client-server system of a network computer system. However, the same functions as the financial instruments transaction management system 1A can also be realized in various computers such as personal computers that do not constitute a client-server system, and various communication terminals and mobile information terminals such as mobile terminals and tablets. In this case, it is also possible to realize the same functions as the financial instruments transaction management system 1A by configuring at least a part of the system configuration of the financial instruments transaction management device 1 and the financial instruments transaction management system 1A as a computer program and installing the program in various computers and various communication terminals and mobile information terminals.

[0073] It goes without saying that the above-described embodiments are merely examples of the present invention, and that the present invention is not limited to only the above-described embodiments. [Explanation of symbols]

[0074] 1A Pricing Decision System 1. Financial product transaction management device (offering price determination means) 2. Client terminal 3. Banking System 4. Network 21...Operation unit 22...Display section 31. Transaction Execution Department 40. Order management device 41 Customer order information generation unit (customer order information generation means) 42...Offering price correction unit (offering price correction means) 43 Market price information acquisition unit (market price information acquisition means) 44... Contract information processing unit (contract information processing means) 45 Customer order information recording section (customer order information reference means) 50. Dealing device 51 Summary Information Management Section 52 Cover Trading Department 451 Buy customer order information (buy order customer order information) 452 ··Sell customer order information (Sell order customer order information) 511 Summary information (information on contract volume, information on order quantity) 512··Offsetting information (information on contract amount, information on order quantity)

Claims

1. A pricing determination system that presents a proposed price corrected from the market price of a financial product to a customer, a price correction means for correcting the market price by a predicted contract amount to set the price as the offer price, The offered price determination means includes a market price information acquisition means for acquiring the market price, and a customer order information reference means for referencing customer order information in which orders from customers are summarized, The offered price can be determined by correcting the price according to the liquidity amount offered from the market of the financial product obtained by the market price information acquisition means with respect to the contract amount predicted based on the customer order information obtained by the customer order information reference means, The offered price determination means When the liquidity amount is small relative to the contract amount, the offered price may be corrected so that the spread offered to the client may be increased; A pricing determination system characterized in that, when the liquidity volume is large relative to the contract volume, the offered price can be corrected so that the spread offered to the customer is narrowed.

2. 2. The pricing determination system according to claim 1, wherein the offered price determination means is configured to determine the offered price by correcting the market price in accordance with the difference between the execution volume predicted based on the customer order information acquired by the customer order information reference means and the liquidity volume offered by the market.

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