Securities trading system

Abstract

The present invention relates to a securities trading system for trading securities, the securities being issued for procuring funds of a prescribed business and being set with: a face value; a redemption deadline; a guarantee rate which is a ratio of a guarantee amount, which is paid by a guarantor to an investor who is an owner of the securities, to the face value when the interest of the securities has gone insolvent and / or defaulted; a profit rate which determines the interest that is defined as a ratio to the face value or a ratio to a non-guaranteed portion which is a portion obtained by excluding the guarantee amount from the face value, and that is to be periodically paid to the investor; and a business profit distribution which is given for the non-guaranteed portion and is returned to the investor with respect to the profit of the prescribed business.

Description

Securities trading system

[0001] The present invention relates to a securities trading system used for trading securities to raise funds for implementing public utilities, private enterprises, etc.

[0002] For example, the construction and operation of public facilities such as roads and railways, and the construction and operation of public welfare facilities such as medical facilities and social welfare facilities are matters closely related to the daily lives of the residents in the areas where these facilities are constructed, and are major concerns. Therefore, the improvement of infrastructure (abbreviation for basic facilities of society, infrastructure) directly related to the backbone of life such as roads and medical facilities is important in urban development. In addition, administrative services using such infrastructure are indispensable for residents.

[0003] Therefore, when a country or a local public entity conducts urban development, it is first necessary to improve infrastructure. However, some countries or local public entities are facing financial difficulties, and the fact is that they cannot adequately allocate annual expenses to public projects for infrastructure improvement. On the other hand, in order to secure funds for infrastructure improvement, there is an idea of raising funds from the private sector.

[0004] As a means of raising funds from the private sector, a country or a local public entity may issue public bonds such as national bonds and local bonds. Among public bonds, government-guaranteed bonds are issued in the private financial market, and the government fully guarantees the repayment obligations of the principal and interest that the bond issuer should bear.

[0005] Also, for example, there is PPP (Public Private Partnership) as a scheme in which the government and the private sector cooperate in the construction, maintenance management, operation, etc. of public facilities. In PPP, the creativity of the private sector is utilized to achieve efficient use of financial funds and improvement of administrative efficiency. PFI (Private Finance Initiative), which is one of the typical methods of PPP, is a method of utilizing private funds for social capital improvement, and an operator conducting a public project such as infrastructure improvement raises funds by issuing bonds.

[0006] Furthermore, there are bonds issued by private businesses (corporate bonds), such as those related to SPCs (Specific Purpose Companies). SPC bonds are bonds related to so-called project finance, and are issued to raise funds to carry out a specific project. For example, in the case of SPC bonds issued to construct and operate a large building in front of a train station, the use of the funds raised by the SPC bonds is specified for the project of "construction and operation of the building in front of the station."

[0007] However, not all projects are profitable. For financially struggling national or local governments, it is difficult to guarantee all of the debt of national or local government bonds (public bonds) if a project fails. In the case of project finance bonds such as PFI and SPC, unlike public bonds, there is no guarantee of principal or interest, so investors may hesitate to purchase the bonds, and there is a risk that sufficient funds cannot be raised. In addition, when the bonds reach maturity, the principal must be repaid, which places a heavy burden on the project operator (bond issuer). Furthermore, some administrative services are not profitable, and it is difficult to raise funds from the private sector to develop the infrastructure used for such administrative services.

[0008] Another way for businesses to raise funds is through stocks. Stocks are securities issued to investors by businesses to raise funds when they start a company or launch a new business. Investors (shareholders) who purchase stocks can participate in the business of the issuing company and receive dividends. However, it is difficult to predict the performance of a new company or new business. If a company or business performs poorly and undergoes a capital reduction or is liquidated, the value of the stocks will decrease. Therefore, issuing stocks to raise funds for a new company or new business may be difficult to attract investors, and there is a risk that sufficient funds may not be raised.

[0009] In response to this, a securities trading system has been proposed that allows businesses to easily issue securities to raise funds for new ventures (Patent Document 1). Securities traded in this securities trading system have a guaranteed portion set at a part of their face value, and if the issuing company of the securities falls into poor business performance, an amount equivalent to the guaranteed portion is refunded to the securities holder. In addition, securities holders are periodically paid interest defined by an interest rate on the face value or the guaranteed portion, and dividends on the non-guaranteed portion of the face value, which is the part of the face value other than the guaranteed portion, are returned to the securities holder after the new business begins to generate profits.

[0010] International release WO2015 / 133419

[0011] The securities trading system described in Patent Document 1 includes a processing unit that determines the ratio of the guaranteed portion to the face value of the security, the interest rate, and the dividend yield, and then issues the security. Therefore, a business operator can issue any security by using the securities trading system.

[0012] For investors considering purchasing securities, details such as the percentage of the security's guarantee, interest rates, and dividend yield are important. However, the aforementioned securities trading system provides investors with no way of knowing the criteria used to determine the terms of a security. Therefore, it has been difficult for investors to judge whether the terms of securities issued to raise funds for a new business are appropriate.

[0013] The problem that this invention aims to solve is to provide a securities trading system that allows investors to easily determine the appropriateness of the contents of securities issued for the purpose of financing new businesses.

[0014] The securities trading system according to the present invention, which was developed to solve the above problems, is a securities trading system for trading securities that are issued to raise funds for a predetermined business, and which have a face value, a redemption date, a guarantee rate which is the ratio of the guarantee paid by a guarantor to the face value in the event that the interest on the securities becomes unpayable and / or defaults, an interest rate which is defined as the ratio to the face value or the ratio to the unguaranteed portion which is the face value minus the guarantee, and a business profit share which is granted to the unguaranteed portion and returned to the investor from the profits of the predetermined business, and comprises a securities trading computer configured to be connectable to an external terminal via a communication network, and the securities trading computer, The system includes a securities management unit that manages multiple securities in association with securities information, including the face value, maturity date, guarantee rate, interest rate, and business profit distribution information set for each security; business information, relating to the business from which funds are raised through the issuance of the securities; business information, relating to the business operator that carries out the business; securities issuer information, relating to the issuer that issues the securities; and guarantor information, relating to the guarantor of the securities. The system also includes a securities selection screen for allowing the user to select a predetermined security from among the multiple securities managed by the securities management unit, and a securities-related information display screen for displaying the securities information, business information, business operator information, securities issuer information, and guarantor information managed by the securities management unit for the security selected on the securities selection screen, all of which are displayed on an external terminal connected to the securities trading computer.

[0015] The securities traded in the securities trading system according to the present invention are securities issued to raise funds for a predetermined business. The securities have items set, including a face value, a redemption period, a guarantee rate which is the ratio of the guarantee paid by the guarantor to the face value in the event that the interest on the securities becomes unpayable and / or defaults, an interest rate which determines the interest to be paid periodically to the investor, defined as a ratio to the face value or a ratio to the unguaranteed portion which is the face value minus the guarantee, and a business profit share which is returned to the investor from the profits of the predetermined business and is granted to the unguaranteed portion. The items are set by the business operator, the securities issuer, or the guarantor. The operator of the securities trading system may also set the items. The business operator, securities issuer, guarantor, and operator may each be an individual or an organization such as a company or cooperative. The business operator, securities issuer, and guarantor who set the items may each be one or more. All of the above items may be set by one party selected from the business operator, securities issuer, and guarantor, or they may be set jointly by two or more parties selected from the business operator, securities issuer, and guarantor. Alternatively, one party selected from the business operator, securities issuer, and guarantor may set some of the above items, and another party may set the remaining items.

[0016] As an example of a business operator, securities issuer, and guarantor setting the aforementioned items, one possible scenario is that the face value, redemption period, interest rate, and business profit distribution are set by the business operator and securities issuer, while the guarantee rate is set by the guarantor. Alternatively, one possible scenario is that the face value, redemption period, and interest rate are set by the securities issuer, the business profit distribution is set by the business operator, and the guarantee rate is set by the guarantor.

[0017] Thus, the setting of each item of securities traded in the securities trading system according to the present invention involves the business operator, the securities issuer, and the guarantor. The securities trading system includes a securities trading computer configured to be connectable to external terminals via a communication network, and bidirectional communication takes place between the securities trading computer and the external terminals connected to the securities trading computer via the communication network. Therefore, by each using the external terminal, the business operator, the securities issuer, and the guarantor can work together to smoothly set each item of the securities, or the business operator, the securities issuer, and the guarantor can work together with the operator.

[0018] The securities information, which is information relating to each item set in the aforementioned securities, is managed by the securities management unit of the securities trading computer. The securities management unit manages the securities information in association with business information relating to the business from which funds are raised through the issuance of the securities, business information relating to the business operator that carries out the business, securities issuer information relating to the securities issuer that issues the securities, and guarantor information relating to the guarantor of the securities.

[0019] Furthermore, the display processing unit of the securities trading computer displays a securities selection screen for selecting a predetermined securities from among the securities managed by the Securities Management Department, and a securities-related information display screen for displaying securities information, business information, business information, securities issuer information, and guarantor information managed by the Securities Management Department for the securities selected on the securities selection screen, on an external terminal connected to the securities trading computer.

[0020] Therefore, by using the external terminal, investors can check securities information, business information, business operator information, securities issuer information, and guarantor information related to securities traded in the securities trading system, and then decide whether or not to purchase those securities.

[0021] In the securities trading system according to the present invention, the specified businesses include a variety of businesses, such as businesses that construct transportation infrastructure connecting cities, businesses that construct new cities along the said transportation infrastructure, and businesses that construct educational facilities, welfare facilities and / or medical facilities in the said new cities.

[0022] In the aforementioned securities trading system, the operators include the planners, implementers, and funders of the specified projects, and examples include private companies such as planning companies and construction companies, as well as the national and local governments.

[0023] Furthermore, in the aforementioned securities trading system, securities issuers include securities companies, financial institutions, the Development Bank of Japan, international development financial institutions (such as the Inter-American Development Bank, the European Bank for Reconstruction and Development, and the Asian Development Bank), and governments. In some cases, two or more parties, such as a government and a securities company, a government and a financial institution, or a securities company and the Development Bank of Japan, may jointly issue securities. The aforementioned businesses can also become securities issuers.

[0024] In the aforementioned securities trading system, guarantors include non-life insurance companies, securities companies, financial institutions, the Development Bank of Japan, international development financial institutions (such as the Inter-American Development Bank, the European Bank for Reconstruction and Development, and the Asian Development Bank), and governments. In some cases, the securities issuer mentioned above may also act as a guarantor.

[0025] The securities trading system according to the present invention comprises a securities trading computer connected to external terminals via a communication network. As described above, external terminals include terminals used by investors (investor terminals), terminals used by securities issuers (securities issuer terminals), terminals used by guarantors (guarantor terminals), and terminals used by businesses (business terminals). Terminals used by persons interested in securities traded in the securities trading system or by persons interested in businesses funded by such securities can also be considered external terminals. By making various external terminals connectable to the securities trading system according to the present invention via a communication network, participation in securities trading through the securities trading system can be encouraged from a wide range of people.

[0026] In the securities trading system according to the present invention, the business information managed by the Securities Management Department includes the purpose and content of the business, the region and period in which the business is implemented. It may also include information such as the political situation, human resources, material resources, infrastructure development status, and climate of the region in which the business is implemented. The business operator information, securities issuer information, and guarantor information managed by the Securities Management Department include, if the business operator, securities issuer, and guarantor are companies, information such as the company's performance, number of employees, capital, and the location of its head office and branches. If the business operator, securities issuer, and guarantor are national or local governments, it includes information such as the political situation, population, budget, and the status of issuance of national and local government bonds.

[0027] According to the present invention, information regarding items set for securities traded in a securities trading system, as well as information regarding the business, operator, issuer, and guarantor involved in said securities, can be confirmed by operating an external terminal connected to a securities trading computer via a communication network. Therefore, when the operator of the external terminal is considering purchasing securities, they can easily determine the appropriateness of the contents of each security.

[0028] A schematic diagram of the securities trading system according to the first embodiment of the present invention. A diagram showing the structure of securities traded in the securities trading system of the first embodiment. (a) is a diagram illustrating the process of separating one security into two securities with different ratios of guaranteed and unguaranteed portions, and (b) is a diagram illustrating the process of separating one security into two other securities with different ratios of guaranteed and unguaranteed portions. A diagram illustrating the process of separating one security into two securities with different redemption dates. A flowchart illustrating the flow of processing in the securities trading system. A diagram showing an example of a new business application screen. A diagram showing an example of a new securities application screen. A diagram showing an example of a securities trading screen. A diagram showing an example of a securities information screen. A diagram showing another example of a securities information screen. A diagram showing an example of a business information screen. A diagram showing an example of a securities information setting screen. A diagram showing an example of a securities range setting screen. An image diagram of securities management data. A schematic diagram of the securities trading system according to the second embodiment of the present invention.

[0029] The embodiments for carrying out the present invention will be described in detail below with reference to the drawings. However, the present invention is not limited to the following embodiments, and various modifications are possible without departing from the spirit of the invention.

[0030] [First Embodiment] <Securities Trading System> The securities trading system 1 of this embodiment is a system for trading securities issued to raise funds for a predetermined business. As shown in Figure 1, the securities trading system 1 comprises a securities trading computer 10 that performs processing for securities trading, and a plurality of external terminals connected to the securities trading computer 10 via a communication network 20. Each of the plurality of external terminals is equipped with a display unit and an input operation unit such as a mouse and keyboard. The plurality of external terminals include at least a securities issuer terminal 30, a business operator terminal 40, an investor terminal 50, and a guarantor terminal 60. The external terminals may also include a terminal owned by a coordinator who coordinates the entire business (coordinator terminal 51), and a terminal owned by a forecaster who analyzes and forecasts the trading status of securities and the performance of securities issuers, business operators, and guarantors (companies) (forecaster terminal 52).

[0031] The communication network 20 can be a communication line dedicated to the securities trading system or a general-purpose communication line that has been virtually dedicated (virtual dedicated communication line). Specifically, it can be an Internet VPN (Virtual Private Network) that uses protocols such as PPTP (Point to Point Tunneling Protocol) or SSL (Secure Socket Layer) to transmit encrypted data over the internet. Alternatively, a dedicated line provided by an Internet Service Provider (ISP) may be used. A CATV network may also be used.

[0032] External terminals include high-performance computers such as workstations, desktop computers, laptop computers, smartphones, and mobile phones—portable or small general-purpose computers. They may also be digital television receivers capable of data communication.

[0033] The securities issuer terminal 30 is owned by a securities issuer that issues securities using the securities trading system 1. The securities issuer may be any of the following: a person who plans the specified business which is the purpose of issuing the securities, a person who invests in the specified business, or a person who carries out the specified business. It may also be a company that issues securities, such as a securities company or a bank, which is not related to the specified business. Examples of securities issuers include securities companies, financial institutions, the Development Bank of Japan, international development financial institutions (such as the Inter-American Development Bank, the European Bank for Reconstruction and Development, and the Asian Development Bank), and governments. In some cases, two or more parties, such as a government and a securities company, a government and a financial institution, or a securities company and the Development Bank of Japan, may jointly be securities issuers. As will be described later, businesses can also be securities issuers.

[0034] The business operator terminal 40 is owned by the business operator that carries out the specified business. The business operator issues securities using the securities trading system 1 in order to raise funds necessary for carrying out the specified business. The business operator may issue securities itself, or may request the securities issuer to issue securities. Examples of the specified business include a project to construct transportation infrastructure connecting cities, a project to construct a new city along the transportation infrastructure, and a project to construct educational facilities, welfare facilities and / or medical facilities in the new city. Business operators include the planner, implementer, and funder of the specified business, and examples include private companies such as planning companies and construction companies, as well as the national and local governments.

[0035] The investor terminal 50 is a terminal owned by an investor who uses the securities trading system 1 to buy or sell securities. By purchasing securities issued by the securities issuer, the investor invests in the specified business, and the investor who purchases and holds the securities becomes a securities holder. Investors include institutional investors who manage and operate funds entrusted to them by their clients, and individual investors. Examples of institutional investors include life insurance companies, non-life insurance companies, investment advisory companies, trust banks, and pension funds.

[0036] The guarantor terminal 60 is owned by the guarantor of the security. The guarantor is a different entity from the security issuer and is typically a national or local government, but can also be a private company or a public-private joint venture; in short, any organization can be a guarantor. Examples of guarantors include non-life insurance companies, securities companies, financial institutions, the Development Bank of Japan, and international development financial institutions (such as the Inter-American Development Bank, the European Bank for Reconstruction and Development, and the Asian Development Bank). The guarantee portion set in the security will be described later.

[0037] The securities trading computer 10 is owned by the operating company of the securities trading system 1, and the operating company may be either a securities issuer or a guarantor, or it may not be either a securities issuer or a guarantor.

[0038] The securities trading computer 10 is a high-performance, high-function computer such as a workstation, equipped with a processor 101, a data recording device 102, memory 103, a communication interface 104, and the like. This securities trading computer 10 can realize so-called crowdfunding, where an unspecified number of users issue securities to raise funds for their businesses or provide funds for designated businesses via the internet. In other words, all users using external terminals can become businesses and investors.

[0039] The communication interface 104 controls communication between the securities trading computer 10 and external terminals.

[0040] Memory 103 stores programs and data necessary for various processes performed by the securities trading system 1. The processor 101 reads and executes the programs stored in memory 103, thereby functioning as the authentication unit 1010, securities design unit 1011, securities listing unit 1012, order acceptance unit 1013, securities issuance unit 1014, conversion unit 1015, determination unit 1016, securities management unit 1017, and display processing unit 1018.

[0041] The securities trading computer 10 is connected to the database unit 70, and the securities management unit 1017 works in conjunction with the database unit 70 to manage the securities handled by the securities trading system 1, as well as the securities issuer terminal 30, the business operator terminal 40, the investor terminal 50, and the guarantor terminal 60.

[0042] The database unit 70 includes a basic database 71, a securities database 72, and a securities management database 73. The basic database 71 stores information for identifying one or more securities issuers (securities issuer information), information for identifying one or more businesses (business information), information for identifying one or more guarantors (guarantor information), and information for identifying one or more investors (investor information).

[0043] Investor information includes the investor's name, place of residence, email address, telephone number, and bank account number used for securities trading. Before trading securities using the securities trading system 1, investors connect their investor terminal 50 to the securities trading computer 10 via the communication network 20 and register their investor information. This assigns a user ID to the investor. The basic database 71 stores the investor information in association with the user ID.

[0044] The information of the securities issuer includes the name of the securities issuer, information regarding the reliability of the securities issuer, and details of the securities previously issued by the securities issuer (such as business content, repayment term, face value, guarantee rate, interest rate, distribution of business profits, etc.). Information regarding the reliability of the securities issuer includes, when the securities issuer is a company, information such as the company's performance, number of employees, capital, locations of the head office and branches, etc., and when the securities issuer is a country or local public entity, information such as the political situation, population, budget, issuance status of national and local government bonds, etc. of that country or local public entity. Before issuing securities using the securities trading system 1, the securities issuer connects the securities issuer terminal 30 to the securities trading computer 10 via the communication network 20 and registers the securities issuer information. Thereby, a user ID is assigned to the securities issuer. In the basic database 71, the securities issuer information is stored in association with the user ID.

[0045] The information of the business operator includes the name of the business operator, information regarding the reliability of the business operator, information regarding the business in which the business operator is involved (business information), etc. Information regarding the reliability of the business operator includes, when the business operator is a company, information such as the company's performance, number of employees, capital, locations of the head office and branches, etc., and when the business operator is a country or local public entity, information such as the political situation, population, budget, issuance status of national and local government bonds, etc. of that country or local public entity.

[0046] In addition, the business in which the business operator is involved includes the business the business operator has carried out in the past, the business currently being carried out, and the business planned to be carried out in the future. Also, the business information includes the purpose and content of the business, the region and period in which the business is carried out. In the case of a current or future business, information such as the political situation, human resources, physical resources, infrastructure development status, climate, etc. of the region where the business is carried out may be included in the business information. In this embodiment, the business information is included in the business operator information, but the business information may be stored in the basic database independently of the business operator information.

[0047] Before requesting the issuance of securities using the securities trading system 1, the business operator connects the business operator terminal 40 to the securities trading computer 10 via the communication network 20 and registers the business operator information. As a result, a user ID is assigned to the business operator. The business operator information is stored in the basic database 71 in association with the user ID.

[0048] The guarantor information includes the name of the guarantor and information regarding the reliability of the guarantor. Information regarding the reliability of the guarantor includes, when the guarantor is a company, information such as the company's performance, number of employees, capital, locations of its head office and branches, etc., and when the guarantor is a country or local public entity, information such as the political situation, population, budget, issuance status of national and local government bonds, etc. of that country or local public entity. Before selecting the securities to be guaranteed using the securities trading system 1, the guarantor connects the guarantor terminal 60 to the securities trading computer 10 via the communication network 20 and registers the guarantor information. As a result, a user ID is assigned to the guarantor. The guarantor information is stored in the basic database 71 in association with the user ID.

[0049] Although detailed explanations are omitted, in addition to the securities issuer information, business operator information, guarantor information, and investors, the basic database 71 stores information for identifying the users of the coordinator terminal and the predictor terminal respectively in association with the user ID. Also, in addition to these, it is assumed that the basic database 71 stores information for identifying the users of various external terminals that can be connected to the securities trading system 1 via the communication network 20 in association with the user ID.

[0050] In the securities database 72, information regarding the securities issuer and guarantor, and information regarding the details of the securities (business operator and business content, repayment term, face value, guarantee rate, interest rate, business profit distribution, etc.) are stored in association with various types of securities traded in the securities trading system 1.

[0051] The securities management database 73 stores securities management data in which the securities holders are associated with the information of the securities held by those securities holders.

[0052] The securities traded in the aforementioned securities trading system 1 can be broadly divided into two types: securities with a maturity date and securities without a maturity date. Securities with a maturity date and securities without a maturity date will be explained in turn. In the following explanation, securities with a maturity date will be referred to as Type 1 securities, and securities without a maturity date will be referred to as Type 2 securities.

[0053] <Securities No. 1 (Securities with a Redemption Period)> Securities No. 1 are issued to finance a specified business, and differ from bonds such as corporate bonds and government bonds in that the content of the specified business is clearly defined, while being similar to bonds in that a redemption period is set and interest is paid to the securities holders. Furthermore, Securities No. 1 are similar to shares in that securities holders can receive a shareholder share of business profits equivalent to dividends from shares.

[0054] The first security has information set on it, including the details of the specified business, the redemption period, the face value to be paid to the security issuer, the guarantee rate, the interest rate, and information regarding the distribution of business profits (first security information). The first security information is stored in the security database 72 of the database unit 70.

[0055] The details of the specified project include information such as the project name, the business operator (project, planner, investor, implementer), the project area, and the project implementation period and duration.

[0056] The aforementioned guarantee rate means the rate at which the guarantor will refund the amount to the securities holder in the event that the securities issuer becomes unable to pay interest and / or defaults on its obligations, and is defined as a percentage of the face value.

[0057] The aforementioned interest rate means the rate at which interest is to be paid periodically to the holder of the security, and is defined as a percentage of the face value or a percentage of the guaranteed portion guaranteed by the aforementioned guarantee rate.

[0058] The aforementioned business profit distribution is a profit distribution that is returned to the holders of the securities after the business funded by the first securities begins to generate profits, and is granted to the non-guaranteed portion other than the guaranteed portion guaranteed by the guarantee rate.

[0059] The aforementioned first security consists of a portion guaranteed by the guarantor and a portion not guaranteed by the guarantor. For example, as shown in Figure 2, the guaranteed portion is the business operator's liability portion, and if this portion is X% of the face value (0% ≤ X ≤ 100%), then 100 - X = Y% is the portion not guaranteed. When X is 0, the security has no guaranteed portion by the guarantor, in other words, it is a security consisting only of the portion not guaranteed. On the other hand, when X is 100, the security consists only of the guaranteed portion.

[0060] The aforementioned non-guaranteed portion constitutes a "risk portion" that will not be returned to the securities holder if the securities issuer becomes unable to pay interest and / or defaults on its obligations. However, the non-guaranteed portion is subject to a business profit share, and from the securities holder's perspective, this non-guaranteed portion is the investment portion. The business profit share will be returned to the securities holder after the business for which the first security was issued begins to generate profits. In other words, if the proportion of the non-guaranteed portion of the first security is large, the risk of purchasing the first security is large, but conversely, the business profit share paid to the securities holder when the business becomes profitable will be large.

[0061] The aforementioned guaranteed portion is the portion guaranteed by the guarantor in the event that the issuer of the securities becomes unable to pay interest and / or defaults on its obligations. The interest on the first security is determined as a percentage of the face value (interest rate) or as a percentage of the aforementioned guaranteed portion (interest rate).

[0062] The ratio of the guaranteed portion to the unguaranteed portion of the first security may be predetermined for each business for which the first security is issued, or it may be set arbitrarily by the security holder. Furthermore, even for securities issued to finance the same business, the ratio of the guaranteed portion to the unguaranteed portion may be changed depending on the timing of issuance. For example, since it is more difficult to predict whether a business will proceed smoothly before it starts than after it starts, the guaranteed portion ratio may be smaller for first security issued after the business has started than for first security issued before the business starts.

[0063] If the business is carried out smoothly until the redemption date, the above-mentioned Securities No. 1 will be paid annually to the securities holders according to the interest rate, and a share of the business profits will be paid as a return on the profits generated by the business. Furthermore, when Securities No. 1 reaches its redemption date, an amount equivalent to the face value will be refunded to the securities holders.

[0064] On the other hand, if the business fails before the redemption date and the securities issuer becomes unable to pay interest and / or defaults on its debt, the guarantor will repay the guaranteed amount (an amount calculated from the face value and the guarantee rate of X%).

[0065] If the guarantee rate X% is not 0%, the first security is guaranteed. Such a first security is suitable for financing new businesses where it is difficult to determine whether the business will succeed or fail. Also, if the guarantee rate X% is not 100%, the first security has a non-guaranteed portion (debt portion), and the business profit share is attached to this non-guaranteed portion. Such a first security is suitable for financing consumer-participatory product development businesses and community-participatory urban development businesses, as it is expected that the security holders will actively participate in the business in order to ensure the business's success and to receive a larger share of the business profits.

[0066] The interest rate of the first security may be fixed or variable. In this embodiment, the guarantee rate set for the first security is defined as a percentage of the face value, but it may also be defined as a percentage of the sum of the face value and the interest paid periodically to the security holder. In this case, a portion of the interest for the year in which the security issuer becomes unable to pay the interest may be guaranteed. Such a first security can be issued without restrictions on the number, scale, or type of business from which the funds are raised, as long as the guarantor can guarantee it.

[0067] Of the above-mentioned first security, the first security in which a guaranteed portion is established (i.e., the first security in which X ≠ 0) can be separated into multiple securities with different ratios of guaranteed portion to non-guaranteed portion, as long as the security is held by the security holder.

[0068] As shown in Figure 3(a), for example, if the first security (1) has a face value of 1 million yen and a guaranteed portion of 60%, it can be separated into a security (1-1) consisting of a 60% guaranteed portion and a security (1-2) consisting of a 40% unguaranteed portion, or, as shown in Figure 3(b), it can be separated into a security (1-3) consisting of a 50% guaranteed portion and a security (1-4) consisting of a 10% guaranteed portion and a 40% unguaranteed portion. Security (1-1) has a face value of 700,000 yen and is a fixed-term security consisting only of the guaranteed portion. Security (1-2) has a face value of 300,000 yen and is a fixed-term security consisting only of the unguaranteed portion. Security (1-3) has a face value of 600,000 yen and is a fixed-term security consisting only of the guaranteed portion. Security (1-4) has a face value of 400,000 yen and is a fixed-term security consisting of a 20% guaranteed portion and an 80% unguaranteed portion.

[0069] Although this example illustrates the separation of one security into two securities, it is also possible to separate one security into three or more securities. Each of the securities separated from the first security can be traded independently in the securities trading system 1. The decision of whether or not to separate the first security into multiple securities, and the timing of the separation, is determined by the holder of the first security.

[0070] Furthermore, the first security described above can be separated into multiple securities with different redemption dates during the period until an investor purchases the security and / or at the time the investor purchases the security. Separating into securities with different redemption dates means, for example, separating the first security (2), which has a face value of 1 million yen and a redemption date of December 31, 2040, into a security (2-1) with a face value of 600,000 yen and a redemption date of December 31, 2040, and a security (2-2) with a face value of 400,000 yen and a redemption date of December 31, 2030, as shown in Figure 4. Furthermore, although not illustrated, separating a first security with a face value of 1 million yen and a redemption date of December 31, 2040, into a security with a face value of 300,000 yen and a redemption date of December 31, 2040, a security with a face value of 300,000 yen and a redemption date of December 31, 2030, and a security with a face value of 400,000 yen and no redemption date is also included in separating the security into securities with different redemption dates. Whether or not to separate the first security into securities with different redemption dates is decided by the security issuer or the security holder.

[0071] <Securities No. 2 (Securities No Redemption Date)> Second-class securities differ from first-class securities in that they do not have a redemption date, but in other respects, first-class and second-class securities are almost identical. Second-class securities are also securities issued to raise funds for a specified business, and the business details, face value, guarantee rate, interest rate, and business profit distribution are set. Information regarding the contents of these second-class securities is stored in the securities database 72.

[0072] Similar to the first security, the second security can also be separated into a guaranteed portion and a non-guaranteed portion, or into securities with different maturities, that is, securities with a maturity date and securities without a maturity date. In other words, in the case of a second security without a maturity date, it will be separated into a security with a maturity date (first security) and a security without a maturity date (second security).

[0073] The business purpose of issuing the second security, the issuer of the second security, and the guarantor guaranteeing the guaranteed portion may be the same as, or different from, the business content, issuer, and guarantor of the first security.

[0074] Secondary securities are similar to shares in that they have no redemption deadline and include a share of business profits equivalent to dividends. However, holders of secondary securities are not granted the same status as shareholders. Also, because they have no redemption deadline, secondary securities are suitable for securities issued to finance long-term or permanent business operations.

[0075] <Explanation of processing in the securities trading system> Next, the flow from securities issuance processing to securities conversion processing in the securities trading system 1 described above will be explained with reference to the flowchart in Figure 5.

[0076] The process in the securities trading system 1 described above begins with a user connecting their external terminal via the communication network 20 and logging in to the securities trading computer 10 from the login screen displayed on the external terminal's display unit (Step 1). The login screen prompts the user to enter a user ID and password. The authentication unit 1010 compares the user ID and password entered on the login screen with the user ID and password registered in the basic database 71. Once the user ID and password are authenticated by the authentication unit 1010, it permits the external terminal to connect to the securities trading computer 10, and the display processing unit 1018 displays a screen on the external terminal's display unit corresponding to the user information associated with that user ID.

[0077] For example, if a user who has logged into the securities trading computer 10 is a business operator considering raising funds for a new business, the display processing unit 1018 displays a new business application screen 411, such as the one shown in Figure 6, on the display unit 41 of the business operator terminal 40. The new business application screen 411 includes a business information input area 412 and an operation area 413 displaying a temporary save button 4131, a confirmation button 4132, and a send button 4133.

[0078] On the new business application screen 411, in the business information input area 412, the business operator operates the input unit (not shown) of the business operator terminal 40 to input information about the business (business information), the amount of money to be raised through securities (procurement amount), etc. The data including business information and procurement amount is called securities order data. Business information includes the business content, business purpose, region and period in which the business will be implemented. If the business is to be implemented jointly, information about the joint implementers is also included in the business information. Once the input of securities order data is completed on the new business application screen, the business operator operates the confirmation button 4132 and the send button 4133 in order using the input unit of the business operator terminal 40, and the securities order data is sent to the securities trading computer 10. If the business operator wishes to interrupt the input of securities order data, they operate the temporary save button 4131. This temporarily saves the securities order data entered up to that point in the memory 103 of the securities computer 10.

[0079] In the securities trading computer 10, the order receiving unit 1013 receives and accepts securities order data sent from the business terminal 40 (step 2). The accepted securities order data is stored in the order receiving unit 1013. Once the acceptance of the securities order data is confirmed in the order receiving unit 1013, the display processing unit 1018 displays a new securities order acceptance screen 421, such as the one shown in Figure 7, on the display unit of the securities issuer terminal 30 and the display unit of the guarantor terminal 60, respectively, in response to requests from the securities issuer terminal 30 and the guarantor terminal 60, which are logged into the securities trading system 1. This makes the contents of the newly accepted securities order data in the order receiving unit 1013 public (step 3). The new securities order acceptance screen 421 includes a securities order acceptance area 422 that displays the business information and procurement amount included in the securities order data, as well as input fields for securities issuer information and guarantor information, and an operation area 423 that displays a send button 4231.

[0080] A securities issuer who wishes to issue securities to raise funds for a business displayed on the new securities application screen 421 operates the input unit of the securities issuer terminal 30 and clicks the securities issuer button 4221 in the securities application area 422. The securities issuer information input field 4223 then switches to an editable state, so the issuer enters their own information into the input field 4223 and operates the submit button 423. Also, a person who wishes to become a guarantor of securities when securities to raise funds for a business displayed on the new securities application screen 421 are issued operates the input unit of the guarantor terminal 60 and clicks the guarantor button 4222 in the securities application area 422. The guarantor information input field 4224 then switches to an editable state, so the issuer enters their own information into the input field 4224 and operates the submit button 423.

[0081] In the securities trading computer 10, the securities design unit 1011 receives and accepts securities issuer information transmitted from the securities issuer terminal 30 (step 4). Similarly, the securities design unit 1011 receives and accepts guarantor information transmitted from the guarantor terminal 60 (step 5). The securities design unit 1011 may accept information from one securities issuer terminal 30 and one guarantor terminal 60, or it may accept information from multiple securities issuer terminals 30 and multiple guarantor terminals 60. Once the securities design unit 1011 confirms receipt of the securities issuer information and guarantor information, it designs the securities based on the securities order data (step 6). Specifically, it determines whether to issue a first security or a second security, and if a first security is issued, it determines the issuer, face value, redemption date, guarantee rate, guarantor, and interest rate of that security; if a second security is issued, it determines the issuer, face value, guarantee rate, guarantor, and interest rate of that security.

[0082] The decision of whether to issue the first or second type of security, the content of the security to be issued, and the total issuance amount will be determined through discussions between the operator of the securities trading system 1 (securities trading computer 10), the securities issuer (securities issuer terminal 30), and the guarantor (guarantor terminal 60). The discussions may also include the business operator (business operator terminal 40), the coordinator (coordinator terminal 51), and the forecaster (forecaster terminal 52).

[0083] In addition, instead of, or in addition to, a meeting between the operator of the securities trading system 1 (securities trading computer 10), the securities issuer (securities issuer terminal 20), and / or the guarantor (guarantor terminal 40), the securities design unit 1011 may design securities based on information contained in the securities order data and information publicly available on the communication network 20, which the securities trading computer 10 has obtained by connecting to the communication network 20 via the communication interface 104.

[0084] Whether the securities issued by the securities trading computer 10 (securities issuance unit 1014) are classified as first-class securities or second-class securities is determined by referring to the nature of the business from which the securities will raise funds and the details of the business operator that will carry out that business. Therefore, the operating company of the securities trading computer 10 and the users of external terminals that participate in the design of securities can view the information contained in the securities order data and the detailed information of the business operator, respectively. For example, the display processing unit 1018 displays the business operator information screen 512, described later, on the display unit of an external terminal in response to a request from the external terminal, so that the user of the external terminal can view the detailed information of the business operator from this business operator information screen 512.

[0085] The securities design unit 1011 can also design securities using generating AI, utilizing securities order data and data stored in the basic database 71 and the securities database 72, or utilizing this data and information publicly available on the communication network 20.

[0086] Once the securities design department 1011 has finished designing the securities, the securities management department 1017 stores information about those securities in the securities database 72. The securities database 72 stores information about the issuer and guarantor, and information about the securities (business operator and business details, redemption period, face value, guarantee rate, interest rate, business profit distribution, etc.) for various types of securities traded in the securities trading system 1, with the information associated with each other.

[0087] The Securities Public Offering Department 1012 publishes information about securities stored in the securities database 72 (step 7). Possible destinations for publishing this information include the websites of financial institutions and securities companies that issue the securities, and the websites of the company operating the securities trading system 1. By managing the number of times users view the web pages on which the securities are publicly listed (page views (PV)), the Securities Public Offering Department 1012 can identify securities that are attracting user attention.

[0088] In addition, the Securities Public Offering Section 1012 may disclose the details of the securities on the websites of financial institutions, securities companies, or operating companies, as well as through mass media such as TV, newspapers, and magazines.

[0089] Furthermore, the Securities Public Offering Unit 1012, in response to a public offering request from an investor terminal 50 logged into the Securities Trading Computer 10, reads information about securities currently being traded in the Securities Trading System 1 from the Securities Database 72 and has the Display Processing Unit 1018 display that information on the display unit of the investor terminal 50.

[0090] For example, Figure 8 shows an example of a securities trading screen (corresponding to the securities selection screen of the present invention) that displays securities traded in the securities trading system 1, as shown on the display unit 51 of the investor terminal 50. The securities trading screen 510 includes a display area for a list of tradable securities (securities trading list) 5101 and three types of operation buttons (select button 5102, confirm button 5103, and send button 5104). The securities trading list 5101 includes, for example, the type of security, security ID, issue date, business operator, guarantor, security issuer, and face value. When an investor operates the input operation unit of the investor terminal 50 to select a security ID displayed in the securities trading list 5101 and operates the select button 511, the display processing unit 1018 switches the screen of the display unit 51 of the investor terminal 50 to a securities information screen (corresponding to the securities-related information presentation screen of the present invention).

[0091] Figures 9 and 10 show examples of the securities information screen 511. This securities information screen 511 consists of multiple pages that can be switched using tabs, and each of these pages displays detailed information about one security. The detailed information displayed on the securities information screen 511 includes information about the business (name of the business operator, name of the business, business content, business implementation area, implementation period) and information about the security (redemption date, face value, guarantee rate, interest rate, whether or not business profits are distributed, names of the security issuer and guarantor). Therefore, investors can check the detailed information of various securities by displaying the securities information screen 511 on the display unit 51 of the investor terminal 50.

[0092] Furthermore, when an investor operates the input unit of the investor terminal 50 to select one of the names of the business operator, guarantor, or securities issuer displayed on the securities trading list 5101 on the securities trading screen 510, and clicks the selection button 5102, the display processing unit 1018 switches the screen of the display unit 51 of the investor terminal 50 to the business operator information screen, the guarantor information screen, or the securities issuer information screen. Figure 11 shows an example of the business operator information screen 512. The business operator information screen 512, like the securities information screen 511, consists of multiple pages that can be switched using tabs, and each of the multiple pages displays detailed information about one business operator. Although not shown in the figures, the guarantor information screen and the securities issuer information screen also consist of multiple pages that can be switched using tabs, similar to the business operator information screen 512. Therefore, when an investor purchases securities traded in the securities trading system 1, they can check the detailed information of various securities, as well as information about the business operators, guarantors, and securities issuers involved in each security, on the screen of the display unit 51 of their investor terminal 50.

[0093] Furthermore, when an investor operates the input unit of the investor terminal 50 to select a security ID displayed in the security trading list 5101 on the security trading screen 510 and clicks the confirmation button 5103 displayed in the lower right corner of the security trading screen 510, the order acceptance unit 1013 accepts the security order (step 8). Once the order acceptance unit 1013 accepts the security order, the display processing unit 1018 displays the security information setting screen on the display unit 51 of the investor terminal 50. Figure 12 shows an example of the security information setting screen 513. The security information setting screen 513 has a security information display area and an operation area. The operation area displays a change button 5131, a confirmation button 5132, and a send button 5133, and the security information display area displays the security information. By operating the change button 5131 via the input unit of the investor terminal 50, the investor can change the redemption period and guarantee rate (the numbers in the fields labeled with symbols 5134 and 5135 in Figure 12) set for that security.

[0094] In this case, investors may be allowed to change the redemption period and guarantee rate at their discretion, but it is preferable that they be allowed to change the redemption period and guarantee rate within a predetermined range. The predetermined range may be set in advance, but the security issuer and guarantor may each set the upper and lower limits for the redemption period and guarantee rate. For example, based on the securities trading computer 10 receiving a request from the security issuer terminal 30, or based on the request from the guarantor terminal 60, the display processing unit 1018 displays a security range setting screen 514, such as the one shown in Figure 13, on the display unit (not shown) of the security issuer terminal 30, or the display unit (not shown) of the guarantor terminal 60. The security range setting screen 514 has a security information display area and an operation area. The operation area displays a change button 5141, a confirmation button 5142, and a send button 5143, and the security information display area displays the contents of a predetermined security, a redemption period range setting field 5144, and a guarantee rate range setting field 5145. The securities issuer and guarantor set the redemption period or the lower and upper limits of the guarantee rate on the display screen of their respective terminals by operating them. In this configuration, the securities range setting screen 514 corresponds to the redemption period range setting screen or the guarantee rate range setting screen of the present invention.

[0095] After changing the redemption period and guarantee rate on the securities information setting screen 513, when the confirmation button 5132 is pressed, the details of the security are finalized with the changed redemption period and guarantee rate. When the send button 5133 is pressed, the order data for the security indicated by that security ID is sent from the investor terminal 50 to the securities trading computer 10. The securities order data includes security information such as the type of security and face value, as well as the investor's user ID.

[0096] When the order receiving unit 1013 receives securities order data transmitted from the investor terminal 50, it compares the user ID included in the securities order data with the investor's user ID registered in the basic database 71. Once the user ID is authenticated, the securities order is confirmed (step 9), and the order receiving unit 1013 accesses the basic database 71 to obtain the bank account included in the investor information for that user ID and checks the balance of that bank account. If the balance of the bank account is greater than the face value of the securities included in the securities order data, the order receiving unit 1013 sends the securities order data to the securities issuing unit 1014. The securities issuing unit 1014 executes the process of issuing securities to the investor based on the securities order data sent from the order receiving unit 1013 (step 10). As a result, the investor becomes a securities holder.

[0097] When the Securities Issuance Department 1014 executes the process of issuing securities, the Securities Management Department 1017 uses the investor's user ID included in the securities order data as the securities holder's user ID, associates this user ID with information regarding the securities held by that securities holder, and stores it in the Securities Management Database 73 (Step 11). Hereinafter, the information stored in the Securities Management Database 73 will be referred to as securities management information. Figure 14 is an illustrative diagram of the securities management information stored in the Securities Management Database 73. If the investor's securities management information is already stored in the Securities Management Database 73 and that investor (i.e., securities holder) purchases new securities, the Securities Management Department 1017 updates the balance of the securities holder's bank account to an amount reduced by the purchase price of the securities.

[0098] Furthermore, when the Securities Management Unit 1017 receives a request from a securities holder terminal (corresponding to the investor terminal 50), it reads the securities management information corresponding to the user ID of that securities holder from the securities management database 73 and displays the screen showing the securities management information on the display unit of the securities holder terminal.

[0099] Furthermore, if a securities holder holds a security designated as Security No. 1, they may separate that Security No. 1 into multiple securities with different ratios of guaranteed and unguaranteed portions during the period until that Security No. 1 reaches its redemption date (see Figure 2). Similarly, if a securities holder holds Security No. 1 with a guaranteed portion, they may separate that Security No. 1 into multiple securities with different ratios of guaranteed and unguaranteed portions (see Figure 3). Moreover, if a securities holder holds Security No. 2 with a guaranteed portion, they may, at an appropriate time while the business funded by that security is underway, separate Security No. 2 into multiple securities with different ratios of guaranteed and unguaranteed portions, or separate them into multiple securities with different ratios of guaranteed and unguaranteed portions. A securities holder may sell some or all of the multiple securities separated from a single security. After a security is separated or sold, the securities management unit 1017 adds that information to the securities management information of that security and stores it in the securities management database 73 (updating the securities management information).

[0100] Furthermore, after a security is issued by the securities trading system 1, the conversion unit 1015 considers whether to issue a new security (hereinafter referred to as "substitute security") to replace the security (step 12) at an appropriate time while the business that raises funds using that security (issued security) is underway. The conversion unit 1015 corresponds to the securities conversion unit of the present invention. An appropriate time is, for example, when the issued security is the first security, when that security reaches its redemption date, and in the case of the second security, for example, 10 years or 20 years after the issuance of that security. The conversion unit 1015 considers whether to issue a substitute security using information stored in the basic database 71, the securities database 72, and the securities management database 73, respectively, and information made public on the communication network 20, regarding the issued security.

[0101] The conversion unit 1015 decides to issue substitute securities in the following cases, for example: (1) When it is expected that the business or the company operating the business will generate significant profits due to various factors such as changes in the social, political, or economic conditions surrounding the business or the company operating the business that is the subject of the securities financing; (2) When the subject business is a construction project for tourist facilities, and the tourist facilities become famous overseas and are expected to attract many visitors; (3) When the subject business is a construction project for expressways or railways, and it is decided that large-scale urban development will be carried out in the surrounding area after the expressways or railways have been completed; (4) When it becomes necessary to review the contents of the securities due to changes in socioeconomic conditions; (5) When the subject business is a development project for urban infrastructure, and the developed urban infrastructure becomes in need of further development due to deterioration caused by disasters such as earthquakes, fires, heavy rains, or war; (6) When the country in which the subject business is implemented is different from the country of residence of the securities holder, and exchange rate fluctuations cause a significant divergence between the currency value of the country in which the subject business is implemented and the currency value of the country of residence of the securities holder. Furthermore, various factors other than those mentioned above may be considered as factors that lead the conversion unit 1015 to decide to issue substitute securities.

[0102] Once the conversion unit 1015 decides to issue substitute securities (step 13), the order data for those substitute securities is sent to the order receiving unit 1013. The process from when the order receiving unit 1013 receives the order data for the substitute securities until the securities design unit 1011 designs the substitute securities is almost the same as the process from receiving the order data for new securities to designing the securities (steps 2 to 6), so the explanation is omitted.

[0103] When a substitute security is designed, the securities management unit 1017 adds information about the substitute security (referred to as "substitute security information" in Figure 14) to the securities management information of the issued security and stores it in the securities management database 73. As described above, when the securities management unit 1017 receives a request from a securities holder terminal (corresponding to the investor terminal 50), it reads the securities management information corresponding to the user ID of that securities holder from the securities management database 73 and displays a screen (securities management information screen) showing the securities management information on the display unit of the securities holder terminal. Therefore, holders of issued securities can see the securities management information screen (not shown) displayed on the display unit of the securities holder terminal and recognize that a substitute security has been designed for the issued security. In addition, holders of issued securities can decide whether or not to convert the issued security into a substitute security, and when to do so, on the securities management information screen by operating the input operation unit of the securities holder terminal. Information regarding conversion to a substitute security and the timing of the conversion is stored in the securities management database 73 along with the securities management information.

[0104] When a security held by a security holder (security holder terminal) is a security that can be converted into a substitute security, the conversion unit 1015 performs a process to convert the security into a substitute security when the conversion period arrives (step 14). The time at which a security holder decides whether or not to convert a security into a substitute security and the timing of the conversion can be any time after the security has been issued, but in the case of the first security, it is preferable that it be before the redemption date. Furthermore, the conversion time for the first security is preferably when the redemption date arrives, or before the redemption date, within a predetermined period from the issuance of the security. In the case of the second security, the conversion time can be set to any time selected by the security holder after the issuance of the security. When a security is converted into a substitute security, the original security is extinguished, and the substitute security remains. Examples of substitute securities include securities that are the same as the original security except for the presence or absence of a redemption date, and securities that are the same as the original security except for the guarantee rate (guarantee limit). For example, if the security before conversion is Security No. 1, and it is converted into Security No. 2 with a 100% guarantee rate, it will be a security that pays interest but does not receive a share of business profits. On the other hand, if it is converted into a security consisting only of the unguaranteed portion (i.e., with a 0% guarantee rate), it will pay 0% interest but will receive a share of business profits equivalent to a dividend, making it very similar to a stock certificate.

[0105] In addition to converting a security into a substitute security, the conversion unit 1015 may also perform, for example, when the first security reaches its redemption date, or at a predetermined time before the redemption date, a process to change the guarantee rate (guarantee limit) of the first security, or a process to divide the first security into a guaranteed portion and a non-guarantee portion.

[0106] Furthermore, after the securities are designed by the securities design unit 1011, the determination unit 1016 may determine the appropriateness of the content of the designed securities. The determination process by the determination unit 1016 may be performed at an appropriate time, such as before the issuance of the securities or after a predetermined period has elapsed since the issuance of the securities. The determination by the determination unit 1016 is made based on information such as the social conditions and weather in the region where the business for which the securities are issued is to be implemented, including whether the business is a long-term or permanent business.

[0107] If the target project is, for example, the construction of a railway, even after the construction of the railway is completed, repairs to the tracks and infrastructure, repairs to rolling stock and station buildings will be necessary, requiring long-term or permanent funding. Therefore, for example, when issuing securities to raise funds for railway construction, the determination unit 1016 will determine that a first security with a redemption period should be issued before the start of railway construction, and a second security without a redemption period should be issued after the completion of railway construction. Alternatively, the determination unit 1016 may determine that the first security should be issued before the start of railway construction and converted into a second security upon completion of railway construction.

[0108] If the determination unit 1016 determines that the content of the security designed by the security design unit 1011 is inappropriate, the security design unit 1011 is notified of this. Based on the determination result of the determination unit 1016, the security design unit 1011 designs the security again.

[0109] The securities traded in the above-mentioned securities trading system 1 are issued to raise funds for various businesses, some examples of such businesses are described below.

[0110] <1. Examples of urban infrastructure development> 1-1. Development of a highly earthquake-resistant highway network In an earthquake-prone country like Japan, despite the uncertainty of where earthquakes will occur, there are significant regional disparities in the development of highways. In some areas, if main roads collapse due to an earthquake, it becomes impossible to transport the heavy machinery and supplies necessary for reconstruction. Therefore, in order to raise funds for projects to develop highly earthquake-resistant highways, businesses can use the first or second securities issued in the above securities trading system 1.

[0111] After the expressway is constructed, it may be owned by the operator, or it may be purchased and owned by the operating company of Securities Trading System 1 from the operator. Alternatively, it may be purchased and owned by an investor (investment company) from the operator. The owner of the expressway may lease it to an expressway management company (for example, East Nippon Expressway Co., Ltd. (NEXCO East Japan), Central Nippon Expressway Co., Ltd. (NEXCO Central Japan), West Nippon Expressway Co., Ltd. (NEXCO West Japan) in Japan) or the government, and use the lease payments to cover interest and profit sharing paid to holders of Securities 1 or Securities 2.

[0112] The superstructure of expressways (the road surface and the part above it) is leased to expressway management companies, while the substructure is leased to the national or local government. Expressway management companies collect tolls from expressway users (drivers) and can use these tolls to cover the lease fees and management and operation costs of the expressway. On the other hand, the national and local governments manage the substructure of expressways (the part below the road surface) using their respective budgets.

[0113] 1-2. Development of Permeable Pavement The drainage pipes buried underground (under roads) in some cities are designed based on conventional rainfall. As a result, with the heavy rains caused by global warming in recent years, the drainage capacity of the pipes is insufficient, and rainwater is frequently gushing out of manholes like fountains. Therefore, in order to raise funds for projects to switch road pavements to permeable pavements that allow rainwater to penetrate, businesses can use the first or second securities issued in the above securities trading system 1. Replacing old drainage pipes with drainage pipes with higher drainage capacity is also an option, but replacing drainage pipes requires large-scale construction work and takes time. In contrast, permeable pavement can be implemented in a relatively short period of time, and since the maintenance and repair costs of permeable pavement are lower than those of drainage pipes, securities issued to raise funds for permeable pavement can be said to be low-risk securities.

[0114] The completed permeable pavement may remain under the ownership of the business operator, or the operating company of Securities Trading System 1 may purchase it from the business operator and take ownership of it. The owner of the permeable pavement may lease it to a local government and use the rental income to fund the construction of the permeable pavement, or to pay interest or profits to holders of Securities 1 or 2.

[0115] 1-3. Construction of Rainwater Retention Tanks Similar to the permeable pavement described above, rainwater retention tanks may be constructed underground in a city to prevent flooding caused by heavy rain. Such rainwater retention tanks are designed to store large amounts of rainwater and to gradually release the accumulated rainwater. To raise funds for the construction of rainwater retention tanks, the business operator may use the first or second securities issued in the securities trading system 1 described above. The constructed rainwater retention tanks may remain under the ownership of the business operator, or the operating company of the securities trading system 1 may purchase them from the business operator and take ownership. The owner of a rainwater retention tank may lease the tank to the national or local government and use the rental fees to fund the construction of the rainwater retention tanks, or to pay interest or profit sharing to holders of the first or second securities.

[0116] 1-4. Replacement of old bridges To finance projects to replace bridges that have exceeded their service life with new, earthquake-resistant bridges, the first or second security will be issued using the above-mentioned securities trading system 1. In earthquake-prone countries like Japan, bridges that have exceeded their service life are highly likely to collapse during an earthquake, making replacement with new bridges an urgent issue. However, due to insufficient budgets from the national and local governments, many bridges remain in service and cannot be replaced. To advance bridge replacement projects, businesses can utilize the first or second security issued through the above-mentioned securities trading system 1. The newly replaced bridge may remain under the ownership of the business, or the operating company of the securities trading system 1 may purchase and own it from the business. The owner of the new bridge can lease it to the national or local government, using the lease payments to fund the construction of the bridge or to pay interest and profits to holders of the first or second security.

[0117] <2. Development of disaster prevention facilities> In Japan, it is said that in the near future, earthquakes such as a major earthquake directly beneath the capital, a major Nankai Trough earthquake, and a volcanic eruption of Mount Fuji will occur, and the development of disaster prevention facilities as a countermeasure is required.

[0118] 2-1. Flood Control Measures (1) Tsunami Countermeasures due to the Nankai Trough In the event of a Nankai Trough mega-earthquake, earthquakes are expected to occur in Kyushu, Shikoku, the Kii Peninsula, Aichi, and Shizuoka, and tsunamis are expected to surge along the coasts of these regions. For example, if a tsunami surges along the coast of Osaka Prefecture, a wide area will be submerged. Therefore, it is desirable to construct embankments along rivers in Osaka Prefecture that are expected to overflow. In addition, in cities including Osaka Prefecture that have underground shopping areas or subways that may be submerged by a Nankai Trough mega-earthquake, it is desirable to install devices to prevent flooding in underground shopping areas and subway stations, or to construct tsunami countermeasures facilities such as tsunami evacuation towers.

[0119] To finance projects such as the construction of embankments, the installation of flood prevention devices, and the construction of tsunami countermeasures facilities, businesses may use the First or Second Securities issued through the above-mentioned Securities Trading System 1. The embankments, flood prevention devices, or tsunami countermeasures facilities may remain owned by the businesses, or the operating company of Securities Trading System 1 may purchase them from the businesses and take ownership of them. Owners of embankments, etc., may lease them to the national or local government and use the lease payments to fund the construction of the embankments, etc., or to pay interest or profit sharing to holders of the First or Second Securities.

[0120] (2) Measures against flooding caused by a major earthquake directly beneath the capital (Tokyo) If a major earthquake directly beneath the capital occurs, a wide area west of the Yamanote Line, one of Tokyo's railway lines, may be submerged. Therefore, new embankments and sluice gates will be constructed along rivers and canals in Tokyo that are prone to flooding, or old embankments and sluice gates will be replaced with new ones. In order to raise funds necessary for the construction or replacement of embankments and sluice gates, businesses can use the first or second securities issued in the above securities trading system 1. Businesses, securities issuers, etc. can recover their funds by leasing or selling the newly constructed embankments and sluice gates to the national government or local governments.

[0121] Furthermore, central Tokyo is home to many important computers and power supply facilities, including those of the Tokyo Stock Exchange. If central Tokyo were to be submerged by a major earthquake directly beneath the capital, the functions of the capital would be impaired or shut down. Therefore, facilities for installing computers and power supply equipment should be constructed in locations that are not at risk of flooding even if a major earthquake directly beneath the capital occurs. To finance such construction projects, businesses can use the First or Second Securities issued by the aforementioned Securities Trading System 1. The constructed computer and power supply equipment facilities may be owned by the business, or the operating company of Securities Trading System 1 may purchase and own them from the business. The owner of the computer and power supply equipment facilities can lease the facilities to the holders of the computer and power supply equipment, and use the rent to fund the construction of the facilities or to pay interest and business profits to holders of the First or Second Securities.

[0122] 2-2. Measures to prevent building collapse (1) When a large-scale disaster occurs, road clearing is carried out to secure routes for emergency vehicles, etc. In order to carry out road clearing quickly, it is desirable that buildings along main roads and other roads that are subject to clearing have high seismic resistance. Therefore, local governments inspect the seismic resistance of buildings along main roads and carry out seismic reinforcement work on buildings that are not seismically resistant. Normally, a portion of the cost of seismic reinforcement work is borne by the owner of the building subject to the work, and the remainder is borne by the local government. To procure the costs borne by the owner and / or the costs borne by the local government, the first or second securities issued in the above securities trading system 1 can be used.

[0123] (2) If some buildings in a certain area have poor seismic resistance, road clearing in that area cannot be carried out smoothly. It is desirable that seismic inspections and seismic reinforcement work be carried out throughout the entire area. Therefore, it is desirable to have laws in place to compel local residents to carry out seismic inspections and seismic reinforcement work, and it is possible to use the first or second securities issued in the above securities trading system 1 to raise funds for the project to develop such laws.

[0124] 2-3. Measures to Prevent Communication Disruptions It is desirable to develop a communication network using communication satellites, anticipating that mobile phone base stations may become unusable due to large-scale disasters. Since it is expected that it will take time to restore mobile phone base stations that have become unusable due to large-scale disasters, the satellite communication network will be operated for a predetermined period after it has been established. In order to procure the costs of developing such a satellite communication network, the business operator may use the First or Second Securities issued in the above-mentioned Securities Trading System 1. The established satellite communication network may be owned by the business operator, or the operating company of Securities Trading System 1 may purchase it from the business operator and own it. The owner of the satellite communication network may collect usage fees from the users of the satellite communication network (communication companies) and use those usage fees to fund the development of the satellite communication network, or to pay interest or business profit distribution to holders of the First or Second Securities.

[0125] 2-4. Reconstruction of infrastructure and buildings destroyed by disaster (1) Reconstruction of infrastructure Expressways, regular roads, sewer pipes, water pipes, and other infrastructure that have been destroyed by earthquakes or floods need to be reconstructed quickly. Therefore, in order to finance infrastructure reconstruction projects, businesses can use the First or Second Securities issued in the above Securities Trading System 1. The reconstructed infrastructure may be owned by the business, or the operating company of Securities Trading System 1 may purchase it from the business and own it. The owner can lease the reconstructed infrastructure to the national or local government and use the rental income to fund infrastructure reconstruction projects, or to pay interest or profit sharing to holders of the First or Second Securities.

[0126] (2) Renovation and rebuilding of buildings Buildings that have collapsed due to earthquakes or floods need to be renovated or rebuilt, but the renovation and rebuilding of buildings incur considerable costs. Therefore, in order to finance the renovation and rebuilding of buildings, businesses can use the First or Second Securities issued on the Securities Trading System 1 mentioned above. The business may own the building after the renovation or rebuilding is completed, or the operating company of Securities Trading System 1 may purchase it from the business and own it. The owner of the renovated or rebuilt building (new building) can lease it to the owner of the building before it collapsed (old building), and use the rent to finance the renovation and rebuilding of buildings, or to pay interest or business profits to holders of the First or Second Securities.

[0127] <3. Development of Transportation Facilities> 3-1. Development of Shinkansen (1) In order to raise funds for the development of the Linear Shinkansen, which is currently under development in Japan, the operator may issue the First Securities or the Second Securities using the Securities Trading System 1 described above. The development of the Linear Shinkansen includes laying rails on the track bed and purchasing rolling stock. In this case, the completed Linear Shinkansen may be owned by the operator, or it may be purchased and owned by the operating company of the Securities Trading System 1 described above. The owner of the Linear Shinkansen separates the Linear Shinkansen into a superstructure and a substructure, leasing the superstructure to a railway company and the substructure to the national or local government. The owner collects rent from the railway company and the national or local government, and can use that rent to fund the development of the Linear Shinkansen, or to pay interest or profits to holders of the First Securities or the Second Securities. (2) In the case of constructing a new Shinkansen line, similar to the Linear Shinkansen, the operator may issue the first or second securities using the above securities trading system 1 to raise funds for the construction project. In addition, the owner of the Shinkansen line may separate the Shinkansen line into a superstructure and a substructure and lease them to a railway company and the national or local government, respectively.

[0128] 3-2. Expressways Existing toll expressways in Japan are managed and operated under a sub-separation system. The substructure of toll expressways (the part below the road surface) is managed by the Japan Road Holding and Debt Repayment Agency, an independent administrative agency that holds road assets and repays debts, while the superstructure (the road surface and the part above the road surface) is managed and operated by six expressway companies. The operating company of the above-mentioned securities trading system 1 acquires and owns such a substructure of toll expressways. Furthermore, it is envisioned that development of the substructure and its surrounding areas will be carried out. In that case, the operating company can use the first or second securities issued by the above-mentioned securities trading system 1 to raise funds for these developments. In addition, the operating company of the above-mentioned securities trading system 1 may undertake management business of the superstructure of the toll expressways (for example, road surface maintenance and inspection business, road surface repair business), and the operating company may use the first or second securities issued by the above-mentioned securities trading system 1 to raise funds for the management business (especially road surface repair business).

[0129] <4. Measures against global warming> 4-1. Development of renewable energy facilities In order to curb the progression of global warming, the construction of renewable energy power generation facilities such as wind power generation, solar power generation, and biomass power generation is underway. Therefore, in order to raise the funds necessary for the development of renewable energy power generation facilities, businesses can use the first or second securities issued in the above securities trading system 1. The developed renewable energy power generation facilities may be owned by the businesses, or the operating company of securities trading system 1 may purchase them from the businesses and own them. Owners of renewable energy power generation facilities can sell the electrical energy obtained from the facilities to power companies and use the proceeds from the sale to fund the development of renewable energy power generation facilities, or to pay interest or profits to holders of the first or second securities.

[0130] 4-2. Construct electric vehicle charging stations. It is said that in the future all automobiles will be replaced by electric vehicles (EVs), and it is necessary to prepare electric vehicle charging stations in preparation for that time. To raise funds for such an electric vehicle charging station construction project, the business operator may use the first or second securities issued in the above securities trading system 1. In this case, the business operator may use the revenue from the electric vehicle charging stations to pay interest and business profit distributions to holders of the first or second securities.

[0131] 4-3. Revitalizing the forestry industry: CO2 is released when young trees grow. ２ Since this will be absorbed, increasing the area planted with trees will contribute to measures against global warming, and therefore, the formulation of forestry revitalization projects is desirable. In order to raise funds for such forestry revitalization projects, businesses (forestry workers, forestry cooperatives, etc.) can use the first or second securities issued in the above securities trading system 1. In this case, businesses can use the profits from the sale of timber to pay interest and business profit distribution to holders of the first or second securities, and thus plan forestry revitalization projects that take into account the profits from the sale of timber.

[0132] <5. Facility Construction Project> 5-1. Construction of a Multi-Purpose Facility for Academia, Startup Companies, and Investors In order to promote science and technology and academics in Japan and to strengthen the research and development base, a project to develop research and development bases is underway. It is desirable that research and development bases be equipped with research facilities with various equipment and materials, facilities for startup companies (laboratories and offices), accommodation for domestic and international researchers, and accommodation for investors who invest in researchers and startup companies. However, a large amount of money is required to construct these facilities, procure various equipment, raise research funds, and invite researchers. Therefore, in order to raise funds for the research and development base development project described above, the business operator may use the first or second securities issued on the securities trading system 1 described above. If a patent right is obtained for research results at the research and development base, the business operator, the operating company of the securities trading system 1 described above, investors (securities holders), etc. can jointly hold the patent right, and the profits from the patent right (license fees) can be used to pay interest and business profit distribution to investors who are holders of the first or second securities.

[0133] 5-2. Chain-type urban regeneration projects When implementing land readjustment projects and redevelopment projects on temporary land allocations for urban development, the first or second securities issued on the above-mentioned securities trading system 1 can be used to raise the necessary funds for these projects. By using the above-mentioned securities trading system 1, urban development can be carried out on a wider scale. An example of a wide-area urban development project is the chain-type urban regeneration project carried out in the Otemachi district of Tokyo, Japan. In the chain-type urban regeneration project in the Otemachi district, aging buildings can be rebuilt in a chain-like manner without interrupting business activities, and the Otemachi district can be reconstructed as a strategic base for global business. The project operator can sell or lease the buildings reconstructed through the chain-type urban regeneration project to those who were planning to build buildings on the temporary land allocation, or lease them to a third party, and use the rent to pay interest or business profit distribution to holders of the first or second securities.

[0134] 5-3. Development of buildings that can adapt to future technological developments and environmental changes / climate change Predicting future trends in technological development and environmental changes / climate change, and developing buildings that can adapt to these trends, environmental changes, and climate change will lead to a reduction in the frequency of rebuilding and renovation work on buildings. To finance such building development projects, businesses can use the first or second securities issued in the above securities trading system 1. Examples of buildings that can adapt to future technological developments include buildings with a structure that allows for easy conversion of a rooftop terrace on an intermediate floor into a parking lot when flying cars become commonplace, buildings equipped with a system that takes in air from outside, draws in indoor air at the intersection of the floor and walls, and exhausts it to the outside, so that a rapid response can be made even in the event of an infectious disease outbreak, and port facilities that enable efficient collection, delivery, and storage of cargo using digital technology.

[0135] <6. Power Distribution Project for the Entire District> In a mixed-use district that includes offices, residences, and commercial facilities, the timing of electricity demand differs for each of these facilities. Therefore, it is preferable to develop a district equipped with facilities that can distribute electricity according to the timing of electricity demand for each of the offices, residences, and commercial facilities in the mixed-use district. To raise the necessary funds for the development project of such a district equipped with power distribution facilities, the business operator may use the first and second securities issued in the above-mentioned securities trading system 1. Once such a district is completed, the business operator can recover high profits from both the real estate revenue of the district (rent from offices and residences) and electricity revenue, and can allocate a portion of the profits to interest and business profit distribution paid to holders of the first or second securities.

[0136] Although this explanation has focused primarily on construction projects, the aforementioned securities trading system 1 can also be used for fundraising necessary for financial projects such as tender offers (TOBs).

[0137] [Second Embodiment] The configuration of the second embodiment of the securities trading system according to the present invention will be described with reference to Figure 15. The differences in the basic configuration from the first embodiment will be described.

[0138] The securities trading system of the second embodiment is characterized by including an insurer terminal that manages insurance to compensate for potential future losses incurred by securities issuers, securities holders, and guarantors with respect to securities traded in securities trading system 1. Aside from the insurer terminal, the configuration of the second embodiment of the securities trading system is almost identical to that of the first embodiment. The following describes the differences between the basic configuration of the second embodiment of the securities trading system and that of the first embodiment.

[0139] In Securities Trading System 1, for each of several types of businesses, one or more securities (first and second securities) are prepared and traded to raise funds for that business. In other words, there are many types of securities handled in Securities Trading System 1. Furthermore, for each type of security, whether it is a first or second security, a guaranteed portion (X%) and an unguaranteed portion (Y%) are set (see Figure 2).

[0140] The non-guaranteed portion of a security represents a loss for the security holder if the issuer becomes unable to pay interest and / or defaults on its obligations. The guaranteed portion of a security represents the portion guaranteed by the guarantor to the security holder if the issuer becomes unable to pay interest and / or defaults on its obligations; in such a case, the guaranteed portion represents a loss for the guarantor.

[0141] Therefore, the second form of securities trading system 1 is equipped with an insurer terminal 80 managed by an insurance company that provides insurance to compensate for the above losses. By having securities holders and guarantors subscribe to (contract for) such insurance, the risks of securities holders and guarantors are reduced, making it easier to issue securities to raise funds for the business.

[0142] Specifically, as shown in Figure 15, the securities trading system 1 includes a securities trading computer 10, a securities issuer terminal 30, a business operator terminal 40, an investor terminal 50, a coordinator terminal 51, a forecaster terminal 52, a guarantor terminal 60, a database unit 70, and an insurer terminal 80. The insurer terminal 80 and the securities trading computer 10, securities issuer terminal 30, business operator terminal 40, investor terminal 50, and guarantor terminal 60 are connected to each other via a communication network 20 so that they can communicate with one another.

[0143] The insurer terminal 80 is a terminal owned by an insurance company that operates an insurance business, and provides and manages the aforementioned insurance company. The insurer terminal 80 is generally a high-performance computer such as a workstation, but it may also be a desktop computer or a laptop computer. The insurer terminal 80 has a processor such as a CPU, memory, a communication interface, etc., and functionally comprises a calculation unit and a payment determination unit, with the processor executing the processing of each unit.

[0144] The insurer terminal 70 manages multiple insurance policies, and one insurance policy is assigned to a group of policies. Each policyholder or guarantor who guarantees the insured portion of the policy subscribes to the insurance.

[0145] Insurance taken out by policyholders (hereinafter referred to as "holder insurance") applies to the non-insured portion of the policy. The premium for holder insurance may be paid by the policyholder who has taken out the insurance, or all or part of the interest received by the policyholder may be allocated to it. Alternatively, all or part of the business profit distribution may be allocated to the premium instead of, or in addition to, the interest. Furthermore, the sum of the interest or business profit distribution and the premium paid by the policyholder may constitute the premium for holder insurance.

[0146] On the other hand, insurance taken out by the guarantor (hereinafter referred to as "guarantor insurance") applies to the guarantee portion of the policy. The premium for guarantor insurance is paid by the guarantor who has taken out the insurance.

[0147] Furthermore, the multiple securities constituting a single group may be multiple securities issued to finance a single business, multiple securities issued to finance each of several related businesses, or multiple securities issued to finance each of several unrelated businesses. Related businesses include, for example, a business to construct a theme park at one location along a certain railway line and a business to develop an academic city including a university and residential areas at another location along the same line.

[0148] For the insurance described above, the calculation unit calculates the premium to be paid by the policyholder. In calculating the premium, the calculation unit can be configured to take into account the total number of views of the web page relating to the content of the securities published by the Securities Listing Unit 1012 over a predetermined period. That is, securities with a large total number of views are expected to attract more attention and popularity, and the business funded by those securities is expected to have a higher probability of commercial success. Therefore, the calculation unit calculates the premium by multiplying the base premium by a coefficient corresponding to the total number of views of the web page publishing multiple types of securities belonging to a certain group. The coefficient is set to a larger value as the total number of views increases.

[0149] Alternatively, the insurance premium may be calculated by multiplying the standard insurance premium by a coefficient corresponding to the total viewing time over a predetermined period, instead of using the number of web page views, or in addition to the number of views. In this case, the coefficient will be larger the longer the total viewing time.

[0150] Furthermore, coefficients based on total views and total viewing time can be set for each security and for each business funded by the security.

[0151] Furthermore, the insurance company (insurer terminal 80) may provide insurance that applies to the entire policy, in addition to insurance that applies to the guaranteed and unguaranteed portions. The policyholder of this insurance is the policy issuer. Alternatively, the insurance company may provide insurance that guarantees business profits for businesses. Such insurance would incentivize policy issuers to issue securities to raise business funds, and incentivize businesses to use securities to raise business funds.

[0152] [Embodiments] It will be apparent to those skilled in the art that the exemplary embodiments described above are specific examples of the following embodiments.

[0153] (Section 1) One aspect of the present invention is a securities trading system for trading securities issued to raise funds for a predetermined business, wherein the securities have a face value, a redemption period, a guarantee rate which is the ratio of a guarantee paid by a guarantor to the face value in the event that the interest on the securities becomes unpayable and / or defaults, an interest rate which is defined as the ratio to the face value or the ratio to the unguaranteed portion which is the face value minus the guarantee, and a business profit share which is distributed to the investor from the profits of the predetermined business and is granted to the unguaranteed portion, the system comprising a securities trading computer configured to be connectable to an external terminal via a communication network, the securities trading computer, A securities trading system comprising: a securities management unit that manages multiple securities in association with securities information including the face value, redemption date, guarantee rate, interest rate, and business profit distribution information set for each security; business information relating to the business from which funds are raised by the issuance of the securities; business information relating to the business operator that carries out the business; securities issuer information relating to the securities issuer that issues the securities; and guarantor information relating to the guarantor of the securities; a securities selection screen for allowing the user to select a predetermined security from among the multiple securities managed by the securities management unit; and a securities-related information display screen for displaying the securities information, business information, business operator information, securities issuer information, and guarantor information managed by the securities management unit for the security selected on the securities selection screen, on an external terminal connected to the securities trading computer.

[0154] According to the securities trading system described in paragraph 1, information regarding items set for securities traded in the securities trading system, as well as information regarding businesses, operators, issuers, and guarantors involved in those securities, is managed by the Securities Management Department. This information can be accessed by operating an external terminal connected to the securities trading computer via a communication network. Therefore, when an operator of the external terminal is considering purchasing securities, they can easily determine the appropriateness of the contents of each security.

[0155] (Paragraph 2) The securities trading system relating to Paragraph 2 is a securities trading system relating to Paragraph 1, wherein the external terminal is an investor terminal used by an investor, and based on the securities trading computer receiving a request from the investor terminal, the display processing unit displays the securities selection screen on the investor terminal for the investor to select the securities to trade, and the securities trading computer further includes a securities issuing unit that issues the selected securities to the investor when the investor terminal is operated and a securities are selected on the securities selection screen, and the securities management unit manages information relating the securities issued by the securities issuing unit to the investor to whom the securities were issued.

[0156] According to the securities trading system described in paragraph 2, the process from when an investor operating an investor terminal selects a security to when the security is issued to that investor can be easily executed, and moreover, the securities issued to the investor can be managed in association with that investor.

[0157] (Paragraph 3) The securities trading system relating to Paragraph 3 is a securities trading system relating to Paragraph 1, wherein the external terminal is an investor terminal used by an investor, and based on the securities trading computer receiving a request from the investor terminal, the display processing unit displays the securities selection screen on the investor terminal for the investor to select the securities to trade, and when a securities are selected on the securities selection screen as a result of the investor terminal being operated, the display processing unit displays the securities information setting screen on the investor terminal for the investor to set the redemption period and guarantee rate included in the securities information managed by the securities management unit for that securities, and the securities trading computer further includes a securities issuing unit that issues securities to the investor from the issuer of the securities for which the redemption period and guarantee rate have been set on the securities information setting screen, and the securities management unit manages information relating the securities issued by the securities issuing unit to the investor to whom the securities were issued.

[0158] According to the securities trading system described in paragraph 3, investors can change the redemption period and guarantee rate pre-set for securities they have decided to purchase, based on various information obtained from the securities-related information display screen shown on the investor's terminal.

[0159] (Paragraph 4) The securities trading system relating to Paragraph 4 is configured such that, in the securities trading system relating to Paragraph 3, the securities information managed by the Securities Management Department includes the lower and upper limits of the redemption period and the lower and upper limits of the guarantee rate, and the Securities Issuance Department is configured to issue securities for which the redemption period and guarantee rate have been set on the securities information setting screen, when the redemption period and guarantee rate fall within the range from the lower limit to the upper limit, respectively.

[0160] According to the securities trading system described in paragraph 4, it is possible to prevent investors from changing the redemption period and guarantee rate predetermined for a security to an inappropriate redemption period and guarantee rate that deviate from the nature of the business to which the security is used to raise funds.

[0161] (Paragraph 5) The securities trading system relating to Paragraph 5 is a securities trading system relating to Paragraph 4 in which the external terminal is a securities issuer terminal used by a securities issuer, and based on the securities trading computer receiving a request from the securities issuer terminal, the display processing unit displays a redemption period range setting screen, which is a screen for setting the lower limit and upper limit of the redemption period, on the securities issuer terminal.

[0162] According to the securities trading system described in paragraph 5, a securities issuer can set the lower and upper limits of the redemption period for securities it issues.

[0163] (Paragraph 6) The securities trading system relating to Paragraph 6 is a securities trading system relating to Paragraph 4 or Paragraph 5 in which the external terminal is a guarantor terminal used by a guarantor, and based on the securities trading computer receiving a request from the guarantor terminal, the display processing unit displays a guarantee rate range setting screen, which is a screen for setting the lower limit and upper limit of the guarantee rate, on the guarantor terminal.

[0164] According to the securities trading system described in paragraph 6, a guarantor can set the lower and upper limits of the guarantee rate for securities they guarantee.

[0165] (Paragraph 7) The securities trading system relating to Paragraph 7 includes, in the securities trading system relating to any one of Paragraphs 1 to 6, multiple types of securities managed by the Securities Management Department, all of which have the same information except for whether or not they have a redemption date.

[0166] The aforementioned multiple types of securities all share the same business information, business operator information, securities issuer information, and guarantor information, with only the redemption date differing among the securities information. Therefore, according to the securities trading system described in paragraph 7, it is possible to trade a variety of securities that correspond to the period required to carry out the business and the nature of the business from which the funds are raised through the issuance of the securities.

[0167] (Paragraph 8) The securities trading system relating to Paragraph 8 is a securities trading system relating to any one of Paragraphs 1 to 7, in which the securities managed by the Securities Management Department include multiple types of securities in which the information other than the guarantee portion is the same.

[0168] The aforementioned multiple types of securities all share the same business information, business information, issuer information, and guarantor information, with only the guarantee rate differing among the securities information (including those with a guarantee portion of 0 (zero)). According to the securities trading system described in paragraph 8, it is possible to trade securities with guarantee rates corresponding to the risks associated with carrying out the business for which funds are raised through the issuance of securities.

[0169] (Paragraph 9) The securities trading system relating to Paragraph 9 includes, in the securities trading system relating to Paragraph 2, a securities conversion unit which determines to convert the issued securities into securities of a different type at a predetermined time after the securities have been issued to the investors, the securities management unit which includes multiple types of securities in which the securities managed by the securities management unit are the same except for the presence or absence of a redemption date or information other than the guarantee portion.

[0170] According to the securities trading system described in paragraph 9, securities can be converted into securities with content that reflects changes in the social, political, and economic conditions surrounding the business from which the securities are issued.

[0171] (Paragraph 10) The securities trading system relating to Paragraph 10 is a securities trading system relating to any one of Paragraphs 1 to 9, wherein the external terminal is a business terminal used by a business operator, and based on the securities trading computer receiving a request from the business operator terminal, the display processing unit displays a new business registration screen on the business operator terminal for the business operator to input new business information, and displays a new securities registration screen on an external terminal connected to the securities trading computer for accepting new securities to raise funds for the new business entered on the new business registration screen.

[0172] According to the securities trading system described in paragraph 10, new securities can be easily issued in accordance with the content of the new business.

[0173] 1...Securities trading system 10...Securities trading computer 101...Processor 1010...Authentication unit 1011...Securities design unit 1012...Securities listing unit 1013...Order acceptance unit 1014...Securities issuance unit 1015...Conversion unit 1016...Determination unit 1017...Securities management unit 1018...Display processing unit 102...Data recording device 103...Memory 104...Communication interface 20...Communication network 30...Securities issuer terminal 40...Business operator terminal 50...Investor terminal 60...Guarantor terminal 70...Database unit 71...Basic database 72...Securities database 73...Securities management database 80...Insurer terminal

Claims

1. A securities trading system for trading securities issued to raise funds for a specified business, wherein the securities have a face value, a maturity date, a guarantee rate which is the ratio of the guarantee paid by a guarantor to the face value in the event that the interest on the securities becomes unpayable and / or defaults, an interest rate which determines the interest to be paid periodically to the investor, defined as a ratio to the face value or a ratio to the unguaranteed portion which is the face value minus the guarantee, and a business profit share which is distributed to the investor from the profits of the specified business, which is granted to the unguaranteed portion, comprising a securities trading computer configured to be connectable to an external terminal via a communication network, wherein the securities trading computer, A securities trading system comprising: a securities management unit that manages a plurality of securities in association with securities information including the face value, redemption date, guarantee rate, interest rate, and business profit distribution information set for each security; business information relating to the business from which funds are raised by the issuance of the securities; business information relating to the business operator that carries out the business; securities issuer information relating to the securities issuer that issues the securities; and guarantor information relating to the guarantor of the securities; and a display processing unit that displays on an external terminal connected to the securities trading computer a securities selection screen for selecting a predetermined security from the plurality of securities managed by the securities management unit, and a securities-related information display screen for displaying the securities information, business information, business operator information, securities issuer information, and guarantor information managed by the securities management unit for the security selected on the securities selection screen.

2. A securities trading system according to claim 1, wherein the external terminal is an investor terminal used by an investor, and based on the securities trading computer receiving a request from the investor terminal, the display processing unit displays the securities selection screen on the investor terminal for the investor to select the securities to be traded, and the securities trading computer further includes a securities issuing unit that issues the selected securities to the investor when the investor terminal is operated and a securities are selected on the securities selection screen, and the securities management unit manages information relating the securities issued by the securities issuing unit to the investor to whom the securities were issued.

3. A securities trading system according to claim 1, wherein the external terminal is an investor terminal used by an investor, and based on the securities trading computer receiving a request from the investor terminal, the display processing unit displays the securities selection screen on the investor terminal for the investor to select a security to trade, and when a security is selected on the securities selection screen as a result of the investor terminal being operated, the display processing unit displays the securities information setting screen on the investor terminal for the investor to set the redemption period and guarantee rate included in the securities information managed by the securities management unit for that security, and the securities trading computer further comprises a securities issuing unit that issues the securities to the investor from the issuer of the securities for which the redemption period and guarantee rate have been set on the securities information setting screen, and the securities management unit manages information linking the securities issued by the securities issuing unit to the investor to whom the securities were issued.

4. A securities trading system according to claim 3, wherein the securities information managed by the securities management unit includes the lower limit and upper limit of the redemption period and the lower limit and upper limit of the guarantee rate, and the securities issuing unit issues securities for which the redemption period and guarantee rate have been set on the securities information setting screen, when the redemption period and guarantee rate fall within the range from the lower limit to the upper limit, respectively.

5. A securities trading system according to claim 4, wherein the external terminal is a securities issuer terminal used by a securities issuer, and based on the securities trading computer receiving a request from the securities issuer terminal, the display processing unit displays a redemption period range setting screen, which is a screen for setting the lower limit and upper limit of the redemption period, on the securities issuer terminal.

6. A securities trading system according to claim 4, wherein the external terminal is a guarantor terminal used by a guarantor, and based on the securities trading computer receiving a request from the guarantor terminal, the display processing unit displays a guarantee rate range setting screen, which is a screen for setting the lower limit and upper limit of the guarantee rate, on the guarantor terminal.

7. A securities trading system according to claim 1, wherein the securities managed by the securities management department include multiple types of securities that have the same information other than whether or not they have a redemption date.

8. A securities trading system according to claim 1, wherein the securities managed by the securities management department include multiple types of securities having the same information other than the guarantee portion.

9. A securities trading system according to claim 2, wherein the securities managed by the securities management unit include multiple types of securities that are the same except for the presence or absence of a redemption date or information other than the guarantee portion, and the securities trading system includes a securities conversion unit that decides to convert the issued securities into different types of securities at a predetermined time after the securities have been issued to the investors.

10. A securities trading system according to claim 1, wherein the external terminal is a business terminal used by a business operator, and based on the securities trading computer receiving a request from the business operator terminal, the display processing unit displays a new business registration screen on the business operator terminal for the business operator to input new business information, and displays a new securities registration screen on an external terminal connected to the securities trading computer for accepting new securities to raise funds for the new business entered on the new business registration screen.

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