JP7498449B2 - Digital Asset Trading Order Processing System - Google Patents

Description

The present invention relates to a digital asset trading system that trades goods and the like using digital assets such as tokens and digital currencies that can digitally express economic value.
In this specification, the term "system" refers to a computer system that is configured by combining elements such as computers, other electronic devices, software, communication networks, and data, and that concretely realizes software-based information processing using hardware resources.

At major commodity exchanges around the world, transactions are conducted with the economic value of commodities and other items expressed in the currencies issued by each country.

In recent years, digitalization technology has made it easier to trade digital assets such as tokens, which digitally represent the economic value of assets.
In particular, assets with standardized economic value, such as commodities (such as products traded on a commodity exchange), have strong characteristics that make them suitable for trading as digital assets.

However, traditional commodity exchanges do not have systems in place to process trading orders for digital assets such as tokens.
In the future, it is expected that not only major digital values (assets) such as cryptocurrencies, digital currencies, or digital securities such as STOs, but also digital representations of minor values such as individually defined goods and services, such as products and food, will become the subject of exchange and trading.

The inventors of the present invention therefore conducted extensive research and consideration in order to build a system for processing trading orders using digital assets. As a result, they discovered that in cases where transactions between clients with different markup rates for calculating the markup added when creating exchange rates, such as transactions that combine large and small transactions, are performed by combining streaming (market-like orders) and leave orders (limit-like orders), the matching process becomes complicated and has a negative impact on processing performance.

The present invention was made in consideration of the above-mentioned problems in the past, and aims to provide a trading order processing system using digital assets that makes it possible to combine streaming (market-like orders) and leave orders (limit-like orders) in transactions between clients who have different markup rates for calculating the markup to be added when creating exchange rates, such as transactions that combine large and small transactions, while streamlining matching processes and significantly improving processing performance.

In order to achieve the above-mentioned objective, the trading order processing system using digital assets according to the present invention is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values defined digitally in distributed technology such as blockchain, including crypto assets), digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing predetermined processing using the digital assets managed in the distributed ledger, and a markup rate management system for managing the markup rate for each stock, which is set to various numerical values on a customer-by-customer basis. a smart contract for markup rate acquisition having a function of acquiring the markup rate of each customer for each stock from the markup rate management table; a smart contract for creating a first rate (base rate) having a function of creating a first rate (base rate) that is a base for creating a second rate (rate) that is an indicative price at which buying and selling is conducted as a trading counterparty for customer orders; and a smart contract for creating a first rate (base rate) that calculates a markup for each customer by multiplying the first rate (base rate) created by the smart contract for creating the first rate (base rate) by the markup rate of the customer acquired by the smart contract for markup rate acquisition, and multiplying the calculated markup by the first rate (base rate). a smart contract for creating a second rate (rate) having a function of adding on the second rate (rate), a smart contract for distributing the second rate (rate) for each customer created by the smart contract for creating the second rate (rate) to the customer, a smart contract for distributing a second rate (rate) having a function of acting as a counterparty in a transaction for streaming (market-type orders) from a customer, which are placed for the second rate (rate) different for each customer distributed by the smart contract for distributing the second rate (rate), to buy and sell, to make a contract, and to return the contract to the customer, and a smart contract for streaming contract having at least a function of returning buy and sell leave orders (limit-type orders) for buy and sell placed by a customer. The system is characterized by having at least a function of placing all sell and buy leave orders (limit orders) on the order book, a function of acting as a counterparty to a transaction for each of the sell and buy leave orders (limit orders) at the limit price of at least some of the sell and buy leave orders (limit orders) where the price difference between the sell orders and buy orders on the order book is equal to or greater than a predetermined spread to be collected by the exchange, and a function of returning the execution to each of the customers who placed the sell and buy leave orders (limit orders), and a function of instantly distributing the execution price to all customers as the second rate (rate) common to all customers immediately before the leave orders (limit orders) are executed.

In addition, in the trading order processing system using digital assets of the present invention, the smart contract for executing leave orders preferably has a function of acting as the counterparty in a transaction for each of leave orders (limit-type orders) for selling and buying from a customer where the price difference between a sell order and a buy order on the order book is equal to or exceeds a predetermined spread to be collected by the exchange and where the limit price corresponds to the best second rate (rate) among the second rates (rates) that differ for each customer and that are delivered to each customer by the smart contract for delivering the second rate (rate), thereby executing the leave orders and returning the execution to each customer who placed the leave orders (limit-type orders).

Furthermore, in the trading order processing system using digital assets of the present invention, it is preferable that the smart contract for creating the first rate (reference rate) further has a function of selecting the more advantageous price between the price of the best buy and sell orders (the cheapest sell order and the highest buy order) in the leave orders (limit-like orders) from the customer and the price of a third rate (external rate) available for cover trading from an external liquidity supplier, to create the first rate (reference rate).

Furthermore, in the trading order processing system using digital assets of the present invention, it is preferable that the smart contract for creating the first rate (reference rate) further has a function of creating the first rate (reference rate) using the price of a third rate (external rate) that is available for cover trading from an external liquidity provider.

In addition, in the trading order processing system using digital assets of the present invention, the streaming contract smart contract preferably has a function of acting as the counterparty to a transaction to buy or sell streaming (market orders) from a customer, which are placed at the second rate (rate) that differs for each customer and is distributed by the second rate (rate) distribution smart contract, and of placing an order for a cover transaction at a third rate (external rate) from an external liquidity provider that allows cover transactions, and returning the contract to the customer.

In addition, in the trading order processing system using digital assets of the present invention, it is preferable that the smart contract for creating the second rate (rate) further has a function of adjusting the respective markup rates of the customer's sell side and buy side acquired by the smart contract for acquiring the markup rate in creating the second rate (rate) in accordance with the ratio of the sell order quantity and the buy order quantity in the order book.

Furthermore, in the trading order processing system using digital assets of the present invention, it is preferable that the smart contract for creating the second rate (rate) further has a function of adjusting the respective markup rates of the customer's selling side and buying side acquired by the smart contract for acquiring the markup rate when creating the second rate (rate) in accordance with the ratio of the current volume in a given unit time to the average value of the past volume in a given unit time.

In addition, in the trading order processing system using digital assets of the present invention, in a transaction between a large order customer and a small order customer via the leave order (limit order) or streaming (market order), a trading asset management smart contract has a function of managing money or digital assets equivalent to the contract amount to be delivered to the large order customer, which is deposited by the small order customer when placing an order, and a lending smart contract has a function of borrowing digital assets or money equivalent to the contract amount to be received from the large order customer from a specified lender, using the money or digital assets equivalent to the contract amount managed by the trading asset management smart contract as collateral when the large order and the small order are contracted, and a lending smart contract has a function of borrowing digital assets or money equivalent to the contract amount to be received from the large order customer from a specified lender, using the money or digital assets equivalent to the contract amount managed by the trading asset management smart contract as collateral when the large order and the small order are contracted, and and a clearing smart contract having a function of clearing the money in question, and the clearing smart contract preferably has at least the following functions: on the day the large order and the small order are contracted, the digital assets borrowed by the lending smart contract or money equivalent to the contract amount is delivered to the trader of the small order; a predetermined number of days after the day the large order and the small order are contracted, the digital assets or money equivalent to the contract amount is received from the trader of the large order, and at the same time, the money or digital assets equivalent to the contract amount that should be delivered to the trader of the large order managed by the trading asset management smart contract are delivered to the trader of the large order; and a function of repaying the digital assets or money equivalent to the contract amount received from the trader of the large order to the borrower, together with the interest amount generated by the borrowing.

In addition, in the trading order processing system using digital assets of the present invention, it is preferable that the clearing smart contract further has a function of allocating the interest amount to be paid to the borrower, which arises from the borrowing of the digital assets or money equivalent to the contract amount of the lending smart contract, from the markup added when calculating the second rate (rate), which is the quote price for buying and selling large orders and small orders as counterparties in a transaction between the trader of the large order and the trader of the small order, or from the spread obtained from the price difference between a sell order, which is one of the large order and the small order, and a buy order, which is the other.

The present invention provides a trading order processing system using digital assets that can streamline matching processes and dramatically improve processing performance while also enabling transactions between clients with different markup rates for calculating the markup to be added when creating exchange rates, such as transactions that combine large and small transactions, by combining streaming (market-like orders) and leave orders (limit-like orders).

1 is an explanatory diagram illustrating an outline of the overall configuration of a trading order processing system using digital assets according to a first embodiment of the present invention. FIG. FIG. 2 is an explanatory diagram showing an example of the function and configuration of a markup rate management table in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a smart contract for obtaining a markup rate in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a smart contract for creating a first rate (base rate) in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a smart contract for creating a second rate (rate) in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a smart contract for delivering a second rate (rate) in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a streaming contract smart contract in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a smart contract for leaving order execution in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a smart contract for managing trading assets in the trading order processing system using digital assets in FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a lending smart contract in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an overview of the functions of a clearing smart contract in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing a portion of an example of a process flow in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing a continuation of the example of the process flow in the trading order processing system using digital assets of FIG. 1. FIG. 2 is an explanatory diagram showing an example of the flow up to the clearing process in a transaction that combines large and small transactions in the trading order processing system using digital assets of FIG. 1.

Before describing the embodiments, we will explain how the invention was developed and the effects of the invention.

As mentioned above, in recent years, digitalization technology has made it easier to trade digital assets, which represent the economic value of assets digitally.
In particular, assets that have standardized economic value, such as commodities (such as products traded on a commodity exchange), have strong characteristics that allow them to be traded as digital assets, whose economic value is represented digitally.

However, as mentioned above, conventional commodity exchanges do not have systems in place to process trading orders for digital assets such as tokens.
In the future, it is expected that not only major digital values (assets) such as cryptocurrencies, digital currencies, or digital securities such as STOs, but also digital representations of minor values such as individually defined goods and services, such as products and food, will become the subject of exchange and trading.

Therefore, the inventors of the present invention have been studying and examining ways to build a system for processing trading orders using digital assets. In doing so, they have come up with the idea of distributed processing using smart contracts in order to process order data for digital assets quickly and efficiently.
Based on this, the inventor of the present invention considered and examined the processing of decimal points in buying and selling stocks in trading orders using digital assets, order methods (market orders, limit orders), rate creation, order book processing, settlement methods, etc., and found that in cases where transactions between customers with different markup rates for calculating the markup added when creating rates at the exchange, such as transactions that combine large and small transactions, are performed by combining streaming (market orders) and leave orders (limit orders), the matching process becomes complicated and has a negative impact on processing performance. This will be explained in detail below.

Processing of decimal points in buying and selling stocks In the system for processing trading orders using digital assets that the inventor of the present invention has considered and examined, the basic items to be specified in an order are the "buy/sell" category, price, and quantity.
Then, the contract amount is calculated by multiplying the price by the quantity (if a multiplier is specified for each stock, the price by the quantity by the multiplier), and the delivery amount is determined by adding a specified surcharge to the contract amount.
The price and quantity may be expressed as numbers with a decimal point, but the transfer amount will be in whole increments of the smallest unit of the currency (for example, in increments of 1 yen when based on the Japanese yen).
When the currency of each country is used as the base currency, the transfer amount will be rounded off to the nearest integer of the smallest unit of that country's currency.

Here, when buying and selling stocks, if the amount to be delivered may be a number with decimal points less than the smallest unit of currency (for example, 1 yen in Japan), how to round off decimals less than 1 yen becomes an issue.
The inventors of the present invention have considered and examined the following regarding how an exchange, as the counterparty to a customer's order, should round off a number in a transaction using digital assets in which the amount to be delivered is a number with a decimal point less than the smallest unit of currency (e.g., 1 yen in Japan) when buying or selling the number.

Exchanges would like to round up prices (contract amounts) with decimal points to their own advantage. On the other hand, from the perspective of customer protection, if a customer specifies a price, it is not permitted to set the contract price at a price that puts the customer at a disadvantage compared to the price specified by the customer.

The inventors of this case therefore came up with the idea that when an exchange creates the rate (the quote at which it will buy and sell as the counterparty to a customer's order) that it initially presents to customers for limit-type orders (called leave orders), it should add additional amounts such as spreads and markups so that it can still make a profit even if it rounds off the rate to the nearest yen, putting it at a disadvantage.

The inventors of this case also came up with the idea that since market orders (known as streaming) can be disadvantageous to customers (in practice, by specifying the range of allowable slippage (the difference between the order price and the contract price)), the exchange should round off the rate to the nearest yen and add a markup to be more advantageous to itself.

The inventors also considered that the exchange should create the rate at which it will buy and sell as the counterparty to a customer's order by adding a specified amount (spread, markup) to the base reference rate, and present this to the customer.

Incidentally, it is thought that the rates offered by the exchange will differ between large orders and small orders.
Large orders have large order quantities. For this reason, the inventors of the present invention have come up with the idea of setting a minimum order quantity for large orders so that the exchange does not have to round up the contract amount.

However, when small orders are combined with large orders, the bid price (the price increment when buying and selling) for the large order will be a decimal point, and even if the order quantities of the small orders are combined, the contract amount will not be in units of 1 yen, and it is expected that there will be cases where the decimal point is less than 1 yen.

Handling of decimal numbers in streaming (market-type orders) (in the case of streaming (market-type) orders with a specified quantity)
The inventors of the present invention have considered and examined the processing of decimal numbers in small orders (assuming streaming (market-style orders) here) as follows.
When a customer places a small order using streaming (market-like order), a common ordering method in which the quantity is specified in advance when placing the order, the exchange, when creating a rate for small orders, fixes the quantity to the smallest unit, assuming that the customer has ordered in the smallest unit, and for a small order of 1 unit, divides the rate for large orders by the minimum order quantity, rounds it off to its (the exchange's) advantage, and presents it to the customer.
A customer places a small order at a rate provided by the exchange, which has been adjusted to round off the decimal point for small orders, and the exchange returns a contract in increments of 1 yen.

When the contract amount is large, the price absorbs any discrepancies because the quantity is fixed to the smallest unit of measure. The exchange makes slight adjustments to the price so that the contract amount is favorable to the customer, creates an adjusted rate, and presents it to the customer. The customer places a small order at the adjusted rate.

When creating a rate for small orders, if the exchange wants to fix the price at the same price as for large orders, it sets a minimum transaction amount.Then, assuming a value equal to or greater than the standard minimum transaction amount, the exchange rounds off the minimum transaction amount (with decimal point) to a value that is favorable to the exchange, adds it to the rate information, and presents it to the customer.The exchange then has the customer place an order based on the presented amount, and returns the contract in 1 yen increments.
When the contract amount becomes large, the error is absorbed by the quantity. The exchange makes slight adjustments to the quantity so that the contract amount is favorable to the customer, creates an adjusted rate, and presents it to the customer. The customer places a small order at the adjusted rate.

In other words, for small orders, the rates that an exchange can offer are either a rate created by fixing the quantity to the smallest unit of measure (quantity fixing), or a rate created by fixing the price to the same price as a large order (price fixing). Traders of small orders can choose which rate to offer before placing an order, and the exchange will offer the selected rate and order method.

(For streaming orders where the contract amount is specified)
In addition to the above, there is a type of streaming (market-like order) where the client specifies the contract amount. In that case, the exchange fixes either the price or the volume according to the client's selection, and rounds the other to the nearest integer in the same way as above to be favorable to the exchange. In general, it is considered that the client selects the volume, and the exchange fixes the volume.

In the case of streaming orders (market orders) where the contract amount is specified, the exchange does not present a rate to the customer, but rather the exchange rounds off the decimal point to adjust the quantity obtained by dividing the contract amount specified by the customer by the rate to the smallest trading unit in a way that is advantageous to the exchange (the exchange), and then makes minor adjustments to the price obtained by dividing the specified contract amount by this adjusted quantity, presenting it to the customer and processing the contract for the customer's order.

These are functions that take into consideration settlement, etc., and are intended to clarify the contract amount and the delivery amount, and are based on the premise that streaming orders (market orders) from customers can be instantly executed and converted into yen.

Streaming (market-like orders) is an order method that aims for immediate execution at buy and sell rates with a markup added, and adds slippage to allow for fluctuations in the markup.

In contrast, a leave order (a limit order) is an order method used in order book processing (a form of order processing in which orders between customers on the order book are matched and an amount equivalent to a separate commission is collected as a spread).
Since limit orders are more advantageous to customers in terms of price than market orders, customers may place leave orders (limit orders) when simply buying or selling stocks.

In a leave order (a limit-type order), the customer specifies the price and quantity, but if the contract amount is not 1 yen, the customer can choose either the fixed quantity or fixed price as mentioned above. The exchange will present the price to the customer if the customer selects fixed quantity, or the quantity if the customer selects fixed price. The customer can then confirm the presented details (on a screen, for example) before placing the order.

In the case of a leave order with a specified amount (a limit-type order), the customer selects either the fixed quantity or fixed price mentioned above and specifies the selected quantity or price, and the exchange calculates the customer's specified amount ÷ quantity (or price) = price (or quantity), makes minor adjustments, and presents the result to the customer. The customer places the order after confirming the presented details (quantity and price).

In addition, when a customer places a leave order (a limit order), the exchange creates an order book to manage the limit order.

A traditional limit order is placed directly on the order book when the order is placed, whereas a leave order (a limit-like order) is an algorithmic ordering process that is triggered when the rate price set by the exchange matches the limit price specified by the customer.

The inventors of the present invention have conceived of the following contract processing when a leave order (a limit order) is made.
Customer orders are placed on the order book, but the counterparty of the customer is always the exchange (the exchange) and not another customer. Also, when the price difference between a sell order and a buy order between customers exceeds a specified spread that the exchange must collect, the exchange adds that spread as its own surcharge to the base rate to create the buy and sell rates.

The inventors of the present invention then came up with the idea, considered and examined a system for processing trading orders using digital assets that combines processing using an order book and processing using rates (so-called "2-way"), configuring the system to process using an order book internally and to process using rates externally.

The exchange sets the price of the best order on the order book (the cheapest sell order, the highest buy order) as the base rate (base value: best quote), and adds a markup to this base rate to create a rate (the quote price at which the exchange will buy or sell as the counterparty to a customer's order).

In the order book that manages limit orders (limit-like orders), prices and quantities are implemented with decimal points. However, the exchange distributes to customers the rates calculated from the book (the quotes at which the exchange will buy and sell as the counterparty to customer orders) rounded to the nearest 1 yen.
The exchange then executes a contract when the limit price of the order from the customer matches a rate distributed by the exchange (a quote at which the exchange will buy and sell as the counterparty to the customer's order).

Here, an example of rounding processing will be shown when a customer selects either "fixed quantity" or "fixed price" for streaming (market order) or leave order (limit order).
In this example, it is assumed that the customer is willing to purchase the item for 1,500 yen.
For example, in the case of a streaming selling rate of 1g (1 token) = 6,953 yen, the customer's buying amount is 6,953 yen, and the quantity is set as 1500/6953 = 0.2157 tokens (in this example, up to four decimal places can be specified, and the fifth decimal place is truncated).
Also, for example, if a customer selects "fixed quantity" in a leave order and wishes to purchase 0.211 tokens at a specified price of 1,500 yen, the limit price would be 1,500/0.211 = 7,109 yen (in this example, decimals are rounded down).
Also, for example, if a customer selects "fixed price" in a leave order and wishes to purchase tokens at a price of 6,950 yen with a specified price of 1,500 yen, the quantity is set as 1,500/6,950 = 0.2158 tokens (in this example, up to four decimal places can be specified, and the quantity is rounded down to the fifth decimal place).

Note that the explanation so far has been based on the assumption that settlement will be in ￥ and that the contract amount will be rounded to the smallest unit of currency, which is 1 yen; however, settlements of less than 1 yen may emerge in the future. In addition to settlement in ￥, settlement in dollars, gold, etc. may also be considered. For this reason, in a system for processing trading orders using digital assets as considered and examined by the present inventor, it is conceivable that the contract amount may be rounded to a predetermined decimal point for the decimal places of ￥, and further, that the contract amount may be rounded to a predetermined decimal point for the decimal places of dollars, gold, etc.

Differences in transactions that combine large and small amounts (rate differences)
Incidentally, for example, when considering large and small stocks, which have different liquidity, from the perspective of the profitability of an exchange, the stocks with lower liquidity will be unprofitable unless they can increase profits per unit of trading.
In other words, the smaller the stock, the smaller the trading volume, and the smaller the profits that the exchange can make by intervening in the transaction, so a larger markup is required.
In addition, a trading method in which the exchange presents a rate by adding a markup is thought to have the advantage of being able to adjust the profit rate on a stock-by-stock basis, compared to a trading method in which a fee is collected after the transaction is concluded.

It is also considered necessary to vary the preferential rate depending on the customer's creditworthiness, etc. In the case of commission, it would be complicated to set different preferential rates for each customer, but in the case of rates, it is easy to deal with this by adjusting the markup rate uniformly.
Therefore, the inventors of the present invention have devised a structure in which the exchange does not collect fees, but instead presents rates to external parties that include a markup and conducts transactions by doing so.
However, it is better to centralize orders to adjust liquidity. However, the trading method that presents rates is a market-making type trading method, and if rates are presented individually by makers, adjusting liquidity becomes complicated. For this reason, the inventor of the present invention came up with a structure in which order processing is centrally managed as a book.

Incidentally, when creating rates for individual customers, the markup rate differs for each customer, and it is necessary to set different rates (the quotes at which the exchange (itself) buys and sells as the counterparty to a customer's order).
For example, since companies that trade large orders have larger order volumes than individuals that trade small orders, it may be possible to set the markup rate for companies that trade large orders so that the markup amount is smaller than that for individuals that trade small orders.

(Differences in liquidation methods)
Large-lot transactions are wholesale transactions, while small-lot transactions are retail transactions, and the methods of processing trading orders and the purposes of transactions are fundamentally different. For this reason, exchanges basically process large-lot transactions and small-lot transactions separately.
It is assumed that large traders have credit, and for large trades, the order amount is paid later, the stock is delivered later, and the settlement date is a clearing method (net DVP) in which the order is settled by providing collateral equivalent to a margin.
It is assumed that retail traders have no credit, and in retail transactions, the money to buy is paid in advance and the stock to sell must be deposited. After the transaction is concluded, the order amount and stock are immediately handed over using the (gross) settlement method.

Issues with transactions that combine large and small amounts (Issue 1: Complexity of rate creation, order book processing, and clearing methods)
Furthermore, the inventors of the present invention have considered and examined the creation of rates, processing of order books, and methods of clearing in cases where transactions that combine large and small lot transactions are conducted by combining streaming (market-like orders) and leave orders (limit-like orders).

(Consideration of liquidation methods)
In the past, in transactions that combined large and small lot transactions in general trading markets, small lot transactions were processed by adjusting the clearing method to the rules for large lot transactions. The inventors of this case have considered and examined how to process small lot transactions with the original characteristics of small lot transactions.

(Method of solving issue 1: Measures to adapt the clearing method to the rules for small-lot transactions - Eliminating the gap in the delivery date of the items to be cleared by utilizing lending)
Regarding the settlement method, large-scale transactions generally use the DVP (Delivery Versus Payment: simultaneous delivery of the contract amount and the name) clearing method, which is set after the contract date, such as T+2. When large-scale transactions are combined with small-scale transactions that are delivered on the same day, a two-day gap occurs between the contract amount and the delivery of the name between large-scale transactions and small-scale transactions. The inventors of this invention have come up with the idea of eliminating this gap with a smart contract that has a lending function.
When a transaction is concluded between a large trader and a small trader, the contract amount and the stock are handed over in two ways: the small trader hands over the stock to the large trader and receives the contract amount, or the small trader pays the contract amount to the large trader and receives the stock.

When a small trader hands over a stock to a large trader and receives an agreement amount from the large trader, the exchange manages the stock for two days, borrows the agreement amount from the borrower via a smart contract with a lending function using the managed stock as collateral, and pays the agreement amount to the small trader. The exchange then delivers the stock to the large trader two days later. At the time of delivery, the exchange receives the agreement amount from the large trader. The exchange then repays the agreement amount to the borrower.
The interest to be paid to the borrower on the loan of this contract amount is covered by the markup added when calculating the rate, which is the indicative price at which each party buys and sells large and small orders in transactions between large and small traders, or by the spread obtained from the price difference between a sell order (one of the large and small orders) and a buy order (the other).

When a small trader delivers an agreement amount to a large trader and obtains stocks from the large trader, the exchange manages the agreement amount for two days, borrows stocks from the borrower via a smart contract with a lending function using the managed agreement amount as collateral, and delivers the stocks to the small trader. The exchange then delivers the agreement amount to the large trader two days later. At the delivery stage, the stocks are received from the large trader. The exchange then returns the stocks to the borrower.
The interest rate to be paid to the borrower arising from the lending and borrowing of this stock is funded from the markup added when calculating the rate, which is the indicative price at which large and small orders are bought and sold as the counterparty in a transaction between a large trader and a small trader, or from the spread obtained from the price difference between a sell order (one of the large and small orders) and a buy order (the other).

(Adjusting markups based on the size of buy and sell orders when creating rates)
In addition, when creating exchange rates (the quotes at which the company will buy and sell as the counterparty to customer orders), the inventors considered fine-tuning the markup value depending on the situation of the buy and sell order quantities on the order book and distributing it as their own rate.
The reason for fine-tuning the markup value is to make the order quantities of buy and sell orders on the order book as equal as possible. In order to favor the rate for the smaller order quantities on the order book and induce larger order quantities, the markup value added when creating the rate that the exchange (itself) uses as the counterparty for buying and selling is fine-tuned for each sell order and buy order.

For example, in the case of buy and sell orders whose order prices are within a range that can be contracted with the exchange rate (the indicative price at which the exchange (its own) will buy and sell as a trading counterparty to customer orders), if the total order quantity on the sell side of the book is 100 and the total order quantity on the buy side of the book is 200, it is assumed that buying sentiment is (twice) stronger, and when creating the rate (the indicative price at which the exchange (its own) will buy and sell as a trading counterparty to customer orders), an adjustment is made by, for example, increasing the markup rate on the sell side and the buy side by 5% (one-way correction).
The markup rate (%) is adjusted according to the relative ratio of selling and buying sentiment, for example, 8% when buying sentiment is three times that of selling sentiment, 2% when buying sentiment is 1.5 times that of selling sentiment, and so on.

In addition, price stability or instability is judged according to the volume per unit time. For example, the volume per unit time is calculated based on past performance data (e.g., 30-day average value) for a unit time of 10 minutes per day. If the volume per unit time (here, 10 minutes) is twice as high as the 30-day average value, it is considered that the price has risen or fallen sharply in a short period of time, and the order quantities for selling and buying are biased to one side. Therefore, when it is considered that the price is falling sharply, for example, a process of correcting (widening) the range of the markup rate is combined, such as increasing the markup rate on the selling side by 2% and decreasing the markup rate on the buying side by 2%.
For example, if the trading volume in 10-minute increments per day is three times higher than the 30-day average, the markup rate (%) is adjusted in comparison with the 30-day average, such that the increase rate of the selling markup rate and the decrease rate of the buying markup rate are set to 5% and 5%, respectively.
The markup rate is managed by table data for each issue.

(Issue 2: Complicated crossing processing for leave orders (limit-price orders) due to different markup rates for each customer)
In crossing processing for leave orders (limit orders),
- The markup rate differs for each customer, so the rate (the quote price at which the exchange (own) buys and sells as the counterparty to a customer's order) differs.
- Leave orders (limit orders) and streaming orders (market orders) from each customer are matched against leave orders (limit orders) from other parties.
・Accept leave orders (limit orders) from each customer.
When these three conditions are combined, the crossing process becomes very complicated and the processing speed drops significantly.
For leave orders (limit-type orders) received from customers after the delivery of a rate with a markup added individually to each customer (the indicative price at which the exchange (its own) will buy and sell as the counterparty to the customer's order), a contract process must be carried out depending on whether the order price from the customer is within the range that can be contracted with the exchange's rate (the indicative price at which the exchange (its own) will buy and sell as the counterparty to the customer's order).
In other words, for leave orders (limit-type orders) received after a rate (the price at which the exchange (itself) will buy or sell as a trading counterparty to a customer's order) with a markup calculated based on a different markup rate added to it is distributed to each customer, and the order price from the customer is within a range at which it can be executed against the exchange's rate (the price at which the exchange will buy or sell as a trading counterparty to a customer's order), the exchange is considered to need to execute the order by buying or selling as a trading counterparty at the stage of placing the order on the matching server's order book, and not to place the order on the matching server's order book.
On the other hand, for buy and sell leave orders (limit-type orders) whose order prices are outside the range in which they can be executed with the exchange's rates (the indicative prices at which the exchange will buy and sell as the counterparty to customer orders), the exchange is considered to have to post the orders on the matching server's board, and when the price difference between the buy and sell leave orders (limit-type orders) reaches a specified spread that the exchange must collect, regardless of the markup rate, it is necessary for the exchange to act as the counterparty to the transaction and execute the orders.

When considering processing performance, it is desirable to not accept leave orders (limit orders), but only accept streaming orders (market orders), and to create a temporary special order book that applies the relevant conditions for each customer the moment the order is received, and then execute the order.
If leave orders (limit orders and even stop orders) are accepted, matching processing by temporarily creating a special order book will no longer be sufficient; it will be necessary to create an order book for each customer with the same markup rate, synchronize (lock) it, and continue to maintain it simultaneously.
In other words, there will be an order book with the same markup rate set for each customer, making the matching process extremely complicated and adversely affecting processing performance.

In consideration of these problems and other issues, and as a result of further consideration and investigation, the inventor has come up with the trading order processing system using digital assets of the present invention.

The trading order processing system using digital assets of the present invention is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets such as tokens (a general term for values defined digitally in distributed technology such as blockchain, including crypto assets), digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger. The system is constructed with a markup rate management table for managing the markup rate for each stock, which is set to various numerical values on a customer basis, and a markup rate management table for managing the markup rate for each stock, which is set to various numerical values on a customer basis, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger. a smart contract for obtaining a markup rate, which has a function of obtaining the markup rate of each customer for each stock from the markup rate management table; a smart contract for creating a first rate (base rate), which is a base for creating a second rate (rate), which is an indicative price at which a transaction is conducted as a counterparty to a customer's order; and a smart contract for calculating a markup for each customer by multiplying the first rate (base rate) created by the smart contract for creating a first rate (base rate) by the markup rate of the customer obtained by the smart contract for obtaining a markup rate, and adding the calculated markup to the first rate (base rate). a second rate (rate) creation smart contract having a function of creating the second rate (rate) by matching the second rate (rate) with the second rate (rate) creation smart contract; a second rate (rate) distribution smart contract having a function of distributing the second rate (rate) for each customer created by the second rate (rate) creation smart contract to the customer; a streaming contract smart contract having at least a function of acting as a counterparty in a transaction to buy and sell streaming (market orders) from customers placed for the second rate (rate) different for each customer distributed by the second rate (rate) distribution smart contract, entering into a contract, and returning the contract to the customer; The system has at least a leave order execution smart contract having the following functions: placing all sell and buy leave orders (limit-type orders) on the order book, trading as the counterparty to each of the sell and buy leave orders (limit-type orders) at the limit price of at least some of the sell and buy leave orders (limit-type orders) where the price difference between the sell orders and buy orders on the order book is equal to or greater than a predetermined spread to be collected by the exchange, executing the orders, and returning the execution to each of the customers who placed the sell and buy leave orders (limit-type orders), and instantly distributing the execution price to all customers as the second rate (rate) common to all customers immediately before executing the leave orders (limit-type orders).

Like the trading order processing system using digital assets of the present invention, which is configured with at least one type of distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for value defined digitally in distributed technology such as blockchain, including crypto assets), digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing specified processing using the digital assets managed in the distributed ledger, the tokens themselves, which have value recorded in the distributed ledger, can be processed via the smart contract, so unlike conventional market order management systems that relied on a database for order management of order processing, orders can be processed through settlement (clearing) processing in an instant, dramatically improving processing time.
In addition, as in the trading order processing system using digital assets of the present invention, the smart contract for creating a second rate (rate) and the smart contract for distributing a second rate (rate) have the function of creating and distributing a second rate (rate) (an indicative price at which the exchange (itself) will buy and sell as a counterparty to a customer's order) that is a first rate (base rate) plus a markup for each customer of the exchange, the smart contract for streaming contract returns a contract for streaming (market-like orders) from customers that are placed at rates that differ for each customer, and when a leave order (limit-like order) is placed, the smart contract for leave order contract returns a contract for the order price from the customer regardless of whether the order price from the customer is within a range that can be contracted with the exchange's rate (an indicative price at which the exchange (itself) will buy and sell as a counterparty to a customer's order). In this configuration, all sell and buy leave orders (limit-like orders) placed on the order book as they are, and at least some of the sell and buy leave orders (limit-like orders) where the price difference between the sell orders and buy orders on the order book is equal to or greater than the specified spread to be collected by the exchange, are traded at the limit price of the sell and buy leave orders (limit-like orders) as the counterparty to the transaction, and the sell and buy leave orders (limit-like orders) are traded at the limit price of the sell and buy leave orders (limit-like orders) as the counterparty to the transaction, and the trades are settled. In this configuration, the mark-up rate differs from customer to customer, and therefore the second rate (rate) (the indicative price at which the exchange (self) trades for and against customer orders as the counterparty) differs. Therefore, it is possible to place the leave orders (limit-like orders) from each customer on a common book and perform matching processing without having to prepare order books for the number of customers with the same mark-up rate, which simplifies the matching processing and significantly improves processing performance.
Furthermore, if the smart contract for executing leave orders is configured to instantly distribute the price at which the leave order (a limit-type order) is executed as a common second rate (rate) for all customers immediately before the leave order (a limit-type order) is executed, it is possible to leave a history on the blockchain indicating that the second rate (rate) presented by the exchange has been executed against the limit price of the customer's leave order (a limit-type order).

In addition, in the trading order processing system using digital assets of the present invention, preferably, the smart contract for executing leave orders has a function of acting as the counterparty to a transaction for each of sell and buy leave orders (limit-like orders) from a customer where the price difference between a sell order and a buy order on the order book is equal to or exceeds a predetermined spread to be collected by the exchange and where the limit price corresponds to the best second rate (rate) among the second rates (rates) that differ for each customer and are delivered to each customer by the smart contract for delivering the second rate (rate), thereby buying and selling, and returning the execution to each of the customers who placed the sell and buy leave orders (limit-like orders).
This arrangement allows the exchange to maximize its profits without causing any disadvantage to its customers.

In addition, in the trading order processing system using digital assets of the present invention, preferably, the smart contract for creating the first rate (reference rate) further has a function of creating the first rate (reference rate) by selecting the more advantageous price between the price of the best selling and buying orders (the cheapest selling order and the highest buying order) in leave orders (limit-like orders) from customers and the price of a third rate (external rate) available for cover trading from an external liquidity provider.
With this configuration, an exchange can obtain the first rate (base rate) and the second rate (rate) that are most advantageous to it.

In addition, in the trading order processing system using digital assets of the present invention, preferably, the smart contract for creating the first rate (reference rate) further has a function of creating the first rate (reference rate) using the price of a third rate (external rate) available for cover trading from an external liquidity provider.
Even with this configuration, the exchange can obtain the first rate (base rate) and the second rate (rate) that are most advantageous to itself.

In addition, in the trading order processing system using digital assets of the present invention, preferably, the streaming contract for contracting has the function of acting as the counterparty to a transaction to buy or sell streaming (market orders) from a customer, which are placed at the second rate (rate) that differs for each customer and is distributed by the smart contract for distributing the second rate (rate), and of contracting the order for a cover transaction at a third rate (external rate) from an external liquidity supplier that allows for cover transactions, and of returning the contract to the customer.
This arrangement allows the exchange to maximize profits for streaming buys or sells from customers.

In addition, in the trading order processing system using digital assets of the present invention, preferably, the smart contract for creating the second rate (rate) further has a function of adjusting the markup rates for the customer's sell and buy sides acquired by the smart contract for obtaining markup rates when creating the second rate (rate), in accordance with the ratio of the sell order quantity and the buy order quantity in the order book.
With this configuration, it is possible to make the order quantities for selling and buying as equal as possible.

In addition, in the trading order processing system using digital assets of the present invention, preferably, the smart contract for creating the second rate (rate) further has a function of adjusting the markup rates of the customer's selling and buying sides acquired by the smart contract for obtaining markup rates when creating the second rate (rate) in accordance with the ratio of the current volume in a specified unit time to the average value of the past volumes in a specified unit time.
With this configuration, when prices rise or fall sharply in a short period of time and the quantities of buy and sell orders are biased to one side, it is possible to equalize the quantities of buy and sell orders on the order book as much as possible.

Furthermore, in the trading order processing system using digital assets of the present invention, preferably, in a transaction between a large order client and a small order client via the leave order (limit order) or the streaming (market order), the system includes a trading asset management smart contract having a function of managing money or digital assets equivalent to the contract amount to be delivered to the large order client, which is deposited by the small order client when placing an order, a lending smart contract having a function of borrowing digital assets or money equivalent to the contract amount to be received from the large order client from a specified lender, using the money or digital assets equivalent to the contract amount managed by the trading asset management smart contract as collateral when the large order and the small order are contracted, and a lending smart contract having a function of borrowing digital assets or money equivalent to the contract amount to be received from the large order client from a specified lender, using the money or digital assets equivalent to the contract amount managed by the trading asset management smart contract as collateral when the large order and the small order are contracted, and and a clearing smart contract having a function of clearing the digital assets or money equivalent to the contract amount borrowed by the lending smart contract, to the trader of the small order on the day the large order and the small order are contracted, and the clearing smart contract has at least a function of delivering the digital assets or money equivalent to the contract amount borrowed by the lending smart contract to the trader of the small order on the day the large order and the small order are contracted, a function of receiving the digital assets or money equivalent to the contract amount from the trader of the large order a predetermined number of days after the day the large order and the small order are contracted, and at the same time delivering to the trader of the large order the money or digital assets managed by the trading asset management smart contract equivalent to the contract amount to be delivered to the trader of the large order, and a function of repaying the digital assets or money equivalent to the contract amount received from the trader of the large order, together with interest accrued from the borrowing, to the borrower.
By configuring it in this manner, it becomes possible to eliminate the gap in the delivery dates of the items to be cleared (contract amount and name) in a transaction that combines large and small lot transactions and in which a sale and purchase is concluded between a large lot trader and a small lot trader.

In addition, in the trading order processing system using digital assets of the present invention, preferably, the clearing smart contract further has a function of allocating the amount of interest to be paid to the borrower, which arises from the borrowing of the digital assets or money equivalent to the contract amount of the lending smart contract, from a markup added when calculating the second rate (rate), which is an indicative price at which large orders and small orders are bought and sold as counterparties in a transaction between the trader of the large order and the trader of the small order, or from a spread obtained from the price difference between a sell order, which is one of the large orders and the small orders, and a buy order, which is the other.
With this configuration, it is possible to eliminate the gap in the delivery dates of the items to be cleared (contract amount and name) in a transaction that combines large and small lot transactions and where a purchase and sale is concluded between a trader of a large order and a trader of a small order, without charging any additional costs to the traders.

Therefore, according to the present invention, a trading order processing system using digital assets is obtained that makes it possible to perform matching processes more efficiently and significantly improve processing performance, while also enabling transactions between clients who have different markup rates for calculating the markup to be added when creating rates at the exchange, such as transactions that combine large and small transactions, by combining streaming (market-like orders) and leave orders (limit-like orders).
Hereinafter, an embodiment of the present invention will be described with reference to the drawings.

First Embodiment FIG. 1 is an explanatory diagram showing in outline the overall configuration of a trading order processing system using digital assets according to a first embodiment of the present invention.
The trading order processing system using digital assets of the first embodiment is constructed with at least one type of distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values defined digitally in distributed technology such as blockchain, including crypto assets), digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and smart contracts for performing predetermined processing using digital assets managed in the distributed ledger, and has a markup rate management table 11, a smart contract for markup rate acquisition 12, a smart contract for creating a first rate (base rate) 13, a smart contract for creating a second rate (rate) 14, a smart contract for distributing a second rate (rate) 15, a smart contract for streaming contract 16, a smart contract for leave order contract 17, a smart contract for managing trading assets 18, a smart contract for lending 19, and a smart contract for clearing 20.

Markup Rate Management Table The markup rate management table 11 is configured to manage the markup rates for each brand, which are set to various values for each customer, as shown in FIG.

Smart Contract for Obtaining Markup Rate The smart contract for obtaining markup rate 12 is configured to have the function of obtaining the markup rate of each customer 40 for each stock from the markup rate management table 11, for example, as shown in FIG. 3.

Smart contract for creating first rate (base rate) The smart contract for creating the first rate (base rate) 13 is configured to have the function of creating a first rate (base rate) that serves as the basis for creating a second rate (rate), which is an indicative price at which buying and selling is conducted as a counterparty to a transaction in response to an order from a customer 40, as shown in FIG. 4, for example.
In addition, the smart contract 13 for creating the first rate (base rate) is further configured to have the function of selecting the more advantageous price between the price of the best buy and sell orders (the cheapest sell order and the highest buy order) in the leave orders (limit-like orders) from the customer 40 and the price of a third rate (external rate) available for cover trading from an external liquidity provider 50, to create the first rate (base rate).
In addition, the smart contract 13 for creating the first rate (base rate) may be configured to further have the function of creating the first rate (base rate) using the price of a third rate (external rate) available for cover trading from an external liquidity provider 50.

Smart contract for creating second rate (rate) The smart contract for creating second rate (rate) 14 is configured to have the function of calculating a markup for each customer 40 by multiplying the first rate (base rate) created by the smart contract for creating first rate (base rate) 13 by the markup rate for that customer 40 acquired by the smart contract for acquiring markup rate 12, and adding the calculated markup to the first rate (base rate) to create a second rate (rate), for example, as shown in FIG. 5.
In addition, the smart contract 14 for creating the second rate (rate) is further configured to have the function of adjusting the respective markup rates of the selling and buying sides of the customer 40 acquired by the smart contract 12 for acquiring the markup rate when creating the second rate (rate) in accordance with the ratio between the selling order quantity and the buying order quantity in the order book.
In addition, the smart contract 14 for creating the second rate (rate) is further configured to have the function of adjusting the markup rates of the selling and buying sides of the customer 40 acquired by the smart contract 12 for acquiring the markup rate when creating the second rate (rate) in accordance with the ratio of the current volume in a specified unit time to the average value of the past volumes in a specified unit time.

Smart contract for distributing second rate (rate) The smart contract for distributing second rate (rate) 15 is configured to have the function of distributing the second rate (rate) for each customer 40 created by the smart contract for creating second rate (rate) 14 to the customer 40, for example, as shown in Figure 6.

The streaming contract smart contract 16 is configured to have at least the function of acting as a counterparty in a transaction to buy and sell streaming (market orders) from a customer 40, which are placed at a second rate (rate) different for each customer and distributed by the second rate (rate) distribution smart contract 15, as shown in FIG. 7, to conclude the transaction, and return the contract to the customer 40.
Preferably, the streaming contract 16 is configured to have the function of acting as a counterparty to a transaction to buy or sell streaming (market orders) from a customer 40, which is placed at a second rate (rate) different for each customer and distributed by the second rate (rate) distribution smart contract 15, and to execute a contract, and also to place an order for a cover transaction at a third rate (external rate) from an external liquidity provider 50 that allows cover transactions, and to return the contract to the customer 40.

The leave order execution smart contract 17 is configured to have the following functions, for example, as shown in FIG. 8 : a function of placing all buy and sell leave orders (limit-type orders) placed by customers 40 on an order book; a function of acting as a counterparty to a transaction for each of the sell and buy leave orders (limit-type orders) at the limit price of at least some of the sell and buy leave orders (limit-type orders) where the price difference between the sell orders and the buy orders on the order book is equal to or greater than a predetermined spread to be collected by the exchange 30, thereby executing the sell and buy leave orders (limit-type orders), and returning the execution to each of the customers 40 who placed the sell and buy leave orders (limit-type orders); and a function of instantly distributing the execution price to all customers 40 as a common second rate (rate) for all customers 40 immediately before executing the leave orders (limit-type orders).
In this embodiment, the smart contract 17 for leave order execution is configured to have the function of acting as the counterparty in a transaction for each of the sell and buy leave orders (limit-like orders) from a customer 40 where the price difference between the sell order and the buy order in the order book is equal to or exceeds the predetermined spread to be collected by the exchange 30 and the limit price corresponds to the best second rate (rate) among the second rates (rates) that differ for each customer and that are delivered to each customer 40 by the smart contract 15 for delivering the second rate (rate), thereby executing the sell and buy leave orders (limit-like orders), and returning the execution to each of the customers 40 who placed the sell and buy leave orders (limit-like orders).

Smart Contract for Trading Asset Management The smart contract for trading asset management 18 is configured to have the function of managing money or digital assets equivalent to the contract amount to be delivered to a large order trader 40A, which is deposited by a small order trader 40B when placing an order, in a transaction between a customer 40, a large order trader 40A, and a customer 40, a small order trader 40B, via a leave order (limit order) or streaming (market order), as shown in FIG. 9, for example.

The lending smart contract 19 is configured to have the function of borrowing digital assets or money equivalent to the contract amount to be received from the trader 40A of the large order from a specified borrower 60, using money or digital assets equivalent to the contract amount managed by the trading asset management smart contract 18 as collateral, when a large order and a small order are contracted, as shown in Figure 10.

Clearing Smart Contract The clearing smart contract 20 is configured to have the function of clearing digital assets and money equivalent to the contract amount after a large order and a small order are contracted, for example, as shown in FIG. 11 .
More specifically, the clearing smart contract 20 is configured to have at least the following functions: on the day the large order and the small order are agreed upon, to deliver the digital assets or money equivalent to the agreed amount borrowed by the lending smart contract 19 to the trader of the small order 40B; a function to receive the digital assets or money equivalent to the agreed amount from the trader of the large order 40A a predetermined number of days after the day the large order and the small order are agreed upon, and at the same time deliver the money or digital assets equivalent to the agreed amount to be delivered to the trader of the large order 40A managed by the trading asset management smart contract 18 to the trader of the large order 40A; and a function to repay the digital assets or money equivalent to the agreed amount received from the trader of the large order 40A to the borrower 60, together with the interest accrued from the borrowing.
In addition, the clearing smart contract 20 is further configured to have the function of covering the interest payable to the borrower 60 arising from the borrowing of digital assets or money equivalent to the contract amount of the lending smart contract 19 from the markup added when creating a second rate (rate), which is an indicative price at which large orders and small orders are bought and sold as counterparties in a transaction between a large order trader 40A and a small order trader 40B, or from the spread obtained from the price difference between a sell order, which is one of the large orders and the small orders, and a buy order, which is the other.

In addition, the trading order processing system using digital assets in this embodiment has an order input means 21 and an order management smart contract 22.

Order Input Means The order input means 21 is configured to allow input of orders (e.g., sell orders for tokens, buy orders for digital currency) for transactions using digital assets of a predetermined form (e.g., tokens and digital currency) via a screen display unit and an input unit of a computer terminal or other electronic device such as a mobile information terminal. Items input for an order include brand, buy/sell category, quantity unit, currency unit, order price, order quantity, order method, large order/small order, fixed price/fixed quantity, exchange destination (type of digital asset), etc.
In addition, the smart contract 14 for creating the second rate (rate) may be configured with a function to perform the above-mentioned predetermined rounding processing depending on the input items such as the stock, buy/sell category, quantity unit, currency unit, order price, order quantity, order method, large order/small order, fixed price/fixed quantity, etc. input via the order input means 21 when creating the second rate (rate).

Smart Contract for Order Management The smart contract for order management 22 is configured to have the function of recording and storing order data (e.g., data on a sell order using tokens or a buy order using digital currency) input by an orderer (customer, trader 40) via the order input means 21 in a distributed ledger.

An example of the process flow in the trading order processing system using digital assets according to this embodiment configured as above will be described with reference to FIGS.
In addition, in the trading order processing system using digital assets of this embodiment, the ID entered via the order input means 21 having a screen display unit and input unit of a computer terminal or other electronic device such as a mobile information terminal automatically undergoes identity verification processing using the My Number for individuals and the Corporate Number for corporations, and each of the above smart contracts performs processing on the approved ID.
When an order (sell order, buy order) is input by an orderer (customer, trader 40) via the order input means 21, the order management smart contract 22 records and stores in a distributed ledger the order data (sell order, buy order data) for the stock-based order input by the orderer (customer, trader 40) via the order input means 21.
With regard to order-related information, the contents of order messages and contract messages are recorded in a data management area (such as a blockchain) by the order management smart contract 22, the streaming contract smart contract 16, and the leave order contract smart contract 17, and the recorded contents of the order data are updated by the streaming contract smart contract 16 and the leave order contract smart contract 17.
In the case of a limit order, the order data is first recorded in the data management area by the order management smart contract 22.
In the data management area, in addition to order-related information, transaction specifications for handled stocks (stock name, stock code, trading unit, etc.) are recorded.
An order that specifies an "amount" is basically processed at market price (the "quantity" is determined based on the second rate (rate) presented by the smart contract 15 for distributing the second rate (rate)). However, if an orderer (customer, trader 40) wishes to perform limit order processing for an order that specifies an "amount", he or she must specify a "price" or "quantity" in addition to specifying an "amount".

Creation of the First Rate (Reference Rate) First, as shown in FIG. 12, the smart contract 13 for creating the first rate (reference rate) selects the more advantageous price between the price of the best buy and sell orders (the cheapest sell order and the highest buy order) in the leave orders (limit-like orders) from the customers 40 and the price of the third rate (external rate) available for cover trading from the external liquidity provider 50, and creates the first rate (reference rate).
Alternatively, the smart contract 13 for creating the first rate (base rate) creates the first rate (base rate) using the price of a third rate (external rate) available for cover trading from an external liquidity provider 50.

Obtaining the markup rate The markup rate obtaining smart contract 12 obtains the markup rate of each customer 40 for each issue from the markup rate management table 11.

Creation and presentation of second rate (rate) Next, the smart contract 14 for creating the second rate (rate) calculates a markup for each customer 40 by multiplying the first rate (base rate) created by the smart contract 13 for creating the first rate (base rate) by the markup rate for that customer 40 acquired by the smart contract 12 for acquiring the markup rate, and creates a second rate (rate) by adding the calculated markup to the first rate (base rate).
Next, the smart contract 15 for distributing the second rate (rate) distributes the second rate (rate) for each customer 40 created by the smart contract 14 for creating the second rate (rate) to that customer 40.

Processing of streaming (market order) placed by a customer Here, when a streaming (market order) is placed by a customer 40, as shown in FIG. 13, the smart contract for streaming contract 16 acts as the counterparty to the transaction to buy and sell the streaming (market order) from the customer 40, which was placed at the second rate (rate) that differs for each customer and is distributed by the smart contract for second rate (rate) distribution 15, to conclude the transaction, and return the contract to the customer 40.
Alternatively, the streaming contract 16 acts as the counterparty to a transaction in which streaming buy or sell (market orders) from a customer 40 are placed at a second rate (rate) that differs for each customer and is distributed by the second rate (rate) distribution smart contract 15, and buys and sells, thereby completing the transaction, and also places an order for a cover transaction at a third rate (external rate) from an external liquidity provider 50 that allows cover transactions, and returns the transaction to the customer 40.

Processing of leave orders (limit-type orders) placed by customers When a leave order (limit-type order) is placed by a customer 40, as shown in FIG. 13, the leave order execution smart contract 17 places all buy and sell leave orders (limit-type orders) placed by the customer 40 on the order book.
Next, the smart contract 17 for leaving order execution acts as the counterparty to the transaction for each of the leaving orders for selling and buying (limit-type orders) at the limit price of at least some of the leaving orders for selling and buying (limit-type orders) where the price difference between the selling orders and the buying orders on the order board is equal to or greater than the specified spread to be collected by the exchange 30, thereby executing the order, and returning the execution to each of the clients 40 who placed the leaving orders for selling and buying (limit-type orders).
In this example, the smart contract 17 for leave order execution buys and sells as the counterparty to the transaction for each of the sell and buy leave orders (limit-like orders) from the customer where the price difference between the sell order and the buy order on the order board is equal to or exceeds the specified spread to be collected by the exchange and the limit price corresponds to the best second rate (rate) among the second rates (rates) that differ for each customer and are delivered to each customer by the smart contract 15 for delivering the second rate (rate), and executes the transaction, and returns the execution to each of the customers who placed the sell and buy leave orders (limit-like orders).
In addition, the smart contract 17 for leave order execution instantly distributes the execution price to all customers 40 as a common second rate (rate) for all customers 40 immediately before executing the leave order (a limit order).
As a result, a history is recorded on the blockchain indicating that the rate (second rate) offered by the exchange 30 has been agreed to in response to a leave order (a limit-like order) placed by a customer 40 with a different markup rate.

Clearing processing for combined large and small lot transactions In combined large and small lot transactions, as shown in Figure 14, a smart contract 18 for managing trading assets manages the money or digital assets equivalent to the contract amount to be delivered to the large order trader 40A, which is deposited by the small order trader 40B when placing an order, in a transaction between a customer 40, a large order trader 40A, and a customer 40, a small order trader 40B, via a leave order (limit order) or streaming (market order).
Then, when the large order and the small order are contracted, the lending smart contract 19 borrows digital assets or money equivalent to the contract amount to be received from the trader 40A of the large order from a specified borrower 60, using as collateral the money or digital assets equivalent to the contract amount managed by the trading asset management smart contract 18.
On the day that the large order and the small order are contracted, the clearing smart contract 20 transfers the digital assets borrowed by the lending smart contract 19 or money equivalent to the contracted amount to the trader 40B of the small order.
A specified number of days after the large order and the small order are contracted, the clearing smart contract 20 receives digital assets or money equivalent to the contracted amount from the trader 40A of the large order, and at the same time delivers to the trader 40A of the large order the money or digital assets equivalent to the contracted amount that should be delivered to the trader 40A of the large order, which are managed by the trading asset management smart contract 18, to the trader 40A of the large order.
Next, the clearing smart contract 20 repays the digital assets or money equivalent to the contract amount received from the large order trader 40A to the borrower 60, together with the interest accrued on the borrowing.
In addition, the interest to be paid to the borrower 60, which arises from the borrowing of digital assets or money equivalent to the contract amount by the lending smart contract 19, will be funded from the markup added by the clearing smart contract 20 when creating the second rate (rate), which is the indicative price at which large and small orders are bought and sold as counterparties in the transaction between the large order trader 40A and the small order trader 40B, or from the spread obtained from the price difference between a sell order, which is one of the large and small orders, and a buy order, which is the other.

Markup adjustment process according to the status of buy and sell order quantities . Note that the smart contract 14 for creating the second rate (rate) adjusts the markup used when creating the second rate (rate) according to the status of buy and sell order quantities.

In detail, when creating the second rate (rate), the smart contract 14 for creating the second rate (rate) adjusts the markup rates of the selling and buying sides of the customer 40 acquired by the smart contract 12 for acquiring the markup rate in accordance with the ratio of the selling order quantity to the buying order quantity in the order book.
For example, in the case of buy and sell orders whose order prices are within a range that can be contracted with the exchange 30's rate (the quote price at which the exchange 30 (itself) will buy and sell as the counterparty to the order of the customer 40), if the total order quantity on the sell side of the book is 100 and the total order quantity on the buy side of the book is 200, the second rate (rate) creating smart contract 14 assumes that buying sentiment is (twice) stronger and adjusts the markup rate of each of the sell and buy sides by, for example, increasing it by 5% when creating the rate (the quote price at which the exchange 30 (itself) will buy and sell as the counterparty to the order of the customer 40) (one-way correction).
That is, the smart contract 14 for creating the second rate (rate) adjusts the markup rate (%) according to the relative ratio of buying and selling sentiment, for example, 8% when buying sentiment is three times that of selling sentiment, 2% when buying sentiment is 1.5 times, etc.

Alternatively, when creating the second rate (rate), the smart contract 14 for creating the second rate (rate) adjusts the markup rates of the selling and buying sides of the customer 40 obtained by the smart contract 12 for obtaining the markup rate according to the ratio of the current volume in a specified unit time to the average value of the past volumes in a specified unit time.
For example, the volume level per unit time is calculated based on past performance data (e.g., 30-day average value) for a unit time of 10 minutes per day. If the volume per unit time (here, 10 minutes) is twice as high as the 30-day average value, it is considered that the price has risen or fallen sharply in a short period of time, and the order quantities for selling and buying are biased to one side. Therefore, the second rate (rate) creation smart contract 14 corrects (widens) the range of the markup rate, for example, by increasing the markup rate on the selling side by 2% and decreasing the markup rate on the buying side by 2% when it is considered that the price is falling sharply.
For example, the smart contract 14 for creating the second rate (rate) adjusts the value of the markup rate (%) in comparison with the 30-day average value, such as by setting the increase rate of the selling markup rate and the decrease rate of the buying markup rate to 5% each if the volume in 10-minute increments per day is three times higher than the 30-day average value.

Effects of the trading order processing system using digital assets of the present embodiment The trading order processing system using digital assets of the present embodiment is configured to include at least one type of distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for value defined digitally in distributed technology such as blockchain, and including crypto assets), digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and to perform predetermined processing using the digital assets managed in the distributed ledger. Therefore, the tokens themselves, which have value recorded in the distributed ledger, can be processed via the smart contract. Therefore, unlike conventional market order management systems that rely on a database for order management of order processing, orders can be processed through settlement (clearing) processing in an instant, dramatically improving processing time.
In addition, according to the trading order processing system using digital assets of this embodiment, the smart contract 14 for creating the second rate (rate) and the smart contract 15 for distributing the second rate (rate) have a function of creating and distributing a second rate (rate) (an indicative price at which the exchange 30 (itself) will buy and sell as a counterparty to an order from a customer 40) that is a markup added to the first rate (base rate) for each customer of the exchange 30, and the smart contract 16 for streaming contract returns a contract for a streaming (market-like order) from the customer 40 that is placed at a second rate (rate) that differs for each customer 40, and when a leave order (limit-like order) is placed, the smart contract 17 for leave order contract returns a contract based on whether or not the order price from the customer 40 is within a range that can be contracted with the rate of the exchange 30 (an indicative price at which the exchange 30 (itself) will buy and sell as a counterparty to an order from the customer 40). Regardless of the above, all sell and buy leave orders (limit-like orders) placed by the customers 40 are placed on the order book as they are, and the sell and buy leave orders (limit-like orders) are traded and executed as the counterparty of the transaction at the limit price of at least some of the sell and buy leave orders (limit-like orders) where the price difference between the sell orders and the buy orders on the order book is equal to or greater than the predetermined spread to be collected by the exchange 30. Therefore, for leave orders (limit-like orders) from each customer 40 in which the second rate (rate) (the indicative price at which the exchange 30 (itself) trades and executes transactions as the counterparty of the order of the customer 40) differs due to the difference in markup rate for each customer, it is possible to place them on a common book and perform matching processing without preparing order books for the number of customers with the same markup rate, which simplifies the matching processing and significantly improves processing performance.
In addition, the leave order execution smart contract 17 is configured to instantly distribute the execution price as a common second rate (rate) to all customers 40 immediately before executing the leave order (limit order), so that it is possible to leave a history on the blockchain that the second rate (rate) presented by the exchange 30 has been executed against the limit price of the leave order (limit order) of the customer 40.

In addition, according to the trading order processing system using digital assets of this embodiment, the leave order execution smart contract 17 is configured to have the function of acting as the counterparty to a transaction for each of the sell and buy leave orders (limit-type orders) from a customer 40 whose price difference between a sell order and a buy order in the order book is equal to or exceeds the predetermined spread to be collected by the exchange 30 and whose limit price corresponds to the best second rate (rate) among the second rates (rates) that differ for each customer and that are delivered to each customer 40 by the second rate (rate) delivery smart contract 15, thereby executing the sell and buy leave orders (limit-type orders), and returning the execution to each of the customers 40 who placed the sell and buy leave orders (limit-type orders). This allows the exchange 30 to obtain maximum profits without causing any disadvantage to the customers 40.

In addition, according to the trading order processing system using digital assets of this embodiment, the smart contract 13 for creating the first rate (base rate) is further configured to have the function of creating the first rate (base rate) by selecting the more advantageous price between the price of the best selling and buying orders (the cheapest selling order and the highest buying order) in the leave orders (limit-like orders) from the customer 40 and the price of the third rate (external rate) available for cover trading from the external liquidity provider 50, so that the exchange 30 can obtain the first rate (base rate) and second rate (rate) that are most advantageous to itself.

In addition, according to the trading order processing system using digital assets of this embodiment, the smart contract 13 for creating the first rate (base rate) is further configured to have the function of creating the first rate (base rate) using the price of the third rate (external rate) available for cover trading from the external liquidity provider 50, so that the exchange 30 can obtain the first rate (base rate) and second rate (rate) that are most advantageous to itself.

In addition, according to the trading order processing system using digital assets of this embodiment, the streaming contract 16 is configured to have the function of acting as the counterparty to a transaction for buying or selling (market orders) streaming from a customer 40, which is placed at a second rate (rate) different for each customer and distributed by the second rate (rate) distribution smart contract 15, to buy or sell as a trading partner and to execute the contract, and also to place an order for a cover transaction at a third rate (external rate) available for cover trading from an external liquidity provider 50 and to return the contract to the customer 40, so that the exchange 30 can obtain maximum profits from the selling or buying streaming (market orders) from the customer 40.

In addition, according to the trading order processing system using digital assets of this embodiment, the second rate (rate) creating smart contract 14 is configured to further have a function of adjusting the respective markup rates of the customer's sell side and buy side acquired by the markup rate acquisition smart contract 12 when creating the second rate (rate) in accordance with the ratio of the sell order quantity and the buy order quantity in the order book, making it possible to make the sell order quantity and the buy order quantity in the order book as equal as possible.

In addition, according to the trading order processing system using digital assets of this embodiment, the smart contract 14 for creating the second rate (rate) is further configured to have a function of adjusting the respective markup rates of the customer's selling side and buying side acquired by the smart contract 12 for acquiring the markup rate when creating the second rate (rate) in accordance with the ratio of the current volume in a specified unit time to the average value of the past volume in a specified unit time. This makes it possible to equalize the selling and buying order quantities on the order book as much as possible when prices rise or fall sharply in a short period of time and the selling and buying order quantities are biased towards one side.

In addition, according to the trading order processing system using digital assets of this embodiment, in a transaction between a customer 40, a trader 40A of a large order, and a customer 40, a trader 40B of a small order, via a leave order (a limit order) or a streaming order (a market order), a trading asset management smart contract 18 having a function of managing money or digital assets equivalent to the contract amount to be delivered to the large order trader 40A, which is deposited by the small order trader 40B when placing an order; a lending smart contract 19 having a function of borrowing digital assets or money equivalent to the contract amount to be received from the large order trader 40A from a specified borrower 60, using the money or digital assets equivalent to the contract amount managed by the trading asset management smart contract 18 as collateral when the large order and the small order are contracted; and a clearing smart contract 20 having a function of clearing the digital assets and money equivalent to the contract amount after the large order and the small order are contracted. The clearing smart contract 20 has a function of delivering the digital assets or money equivalent to the contract amount borrowed by the lending smart contract 19 to the trader 40B of the small order on the day when the large order and the small order are contracted, and a function of receiving the digital assets or money equivalent to the contract amount from the trader 40A of the large order a predetermined number of days after the day when the large order and the small order are contracted, and at the same time, receiving the digital assets or money equivalent to the contract amount managed by the trading asset management smart contract 18 to be delivered to the trader 40A of the large order. It is configured to have at least the function of delivering an equivalent amount of money or digital assets to trader 40A of the large order, and the function of repaying the digital assets or money equivalent to the contract amount received from trader 40A of the large order to borrower 60 together with the interest accrued from the borrowing, so that it is possible to eliminate the gap in the delivery date of the items to be cleared (contract amount and name) for a transaction that is concluded between a large trader and a small trader in a transaction that combines large and small transactions.

In addition, according to the present embodiment of the trading order processing system using digital assets, the clearing smart contract 20 is further configured to have a function of paying the interest amount to the borrower 60, which arises from the borrowing of the digital assets or money equivalent to the contract amount of the lending smart contract 19, from the markup added when calculating the second rate (rate), which is the indicative price at which the large order and the small order are traded between the large order trader 40A and the small order trader 40B, or from the spread obtained from the price difference between the sell order, which is one of the large order and the small order, and the buy order, which is the other, in a transaction that combines large and small orders. This makes it possible to eliminate the gap in the delivery date of the items to be cleared (the contract amount and the name) of a transaction in which a transaction is concluded between the large order trader 40A and the small order trader 40B, without collecting additional costs from the traders.

Therefore, according to this embodiment, a trading order processing system using digital assets is obtained that can make matching processing more efficient and dramatically improve processing performance, while also enabling transactions between customers with different markup rates for calculating the markup to be added when creating exchange rates, such as transactions that combine large and small transactions, by combining streaming (market-like orders) and leave orders (limit-like orders).

Although the preferred embodiments of the present invention have been described in detail above, the present invention is not limited to the above-described embodiments, and various modifications and substitutions can be made to the above-described embodiments without departing from the scope of the present invention.

The trading order processing system using digital assets of the present invention is useful in fields that handle transactions using digital assets, such as precious metals, non-ferrous metals, energy such as oil, gas, and electricity, storable agricultural products such as rice and sugar, art, and drinking water, which are sold widely, as well as other items whose economic value is digitally represented.

11 Markup rate management table 12 Smart contract for obtaining markup rate 13 Smart contract for creating first rate (base rate) 14 Smart contract for creating second rate (rate) 15 Smart contract for distributing second rate (rate) 16 Smart contract for streaming contract 17 Smart contract for leave order contract 18 Smart contract for managing trading assets 19 Smart contract for lending 20 Smart contract for clearing 21 Order input means 22 Smart contract for order management 30 Exchange (or a place with trading functions)
40 Customer 40A Large order trader 40B Small order trader 50 External liquidity provider 60 Borrower (of digital assets or money equivalent to the contract amount)

Claims (9)

A transaction order processing system using digital assets, the system being constructed with at least one distributed ledger in distributed ledger technology for managing transactions between digital assets in the form of tokens ( a general term for value defined digitally in distributed ledger technology, including crypto assets ) , digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger,
a markup rate management table for managing the markup rate for each brand, which is set to various values on a customer-by-customer basis;
A markup rate acquisition smart contract having a function of acquiring the markup rate of each customer for each stock from the markup rate management table;
a smart contract for creating a first rate (base rate) that has a function of creating a first rate (base rate) that serves as a base for creating a second rate (rate), which is an indicative price at which a transaction is made as a counterparty to a customer order;
a smart contract for creating a second rate (rate), which has a function of calculating a markup for each customer by multiplying the first rate (base rate) created by the smart contract for creating the first rate (base rate) by the markup rate of the customer acquired by the smart contract for acquiring a markup rate, and adding the calculated markup to the first rate (base rate) to create the second rate (rate);
A smart contract for distributing a second rate (rate), which has a function of distributing the second rate (rate) for each customer created by the smart contract for creating the second rate (rate), to the customer;
A streaming contract smart contract that has at least a function of buying and selling as a counterparty to a transaction for a streaming (market order) from a customer, which is placed for the second rate (rate) that is different for each customer and distributed by the second rate (rate) distribution smart contract, making a contract, and returning the contract to the customer;
a smart contract for executing leave orders having the following functions: placing all sell and buy leave orders (limit-type orders) placed by customers on an order book; conducting transactions as a trading counterparty for each of the sell and buy leave orders (limit-type orders) at the limit price of at least some of the sell and buy leave orders (limit-type orders) where the price difference between the sell orders and the buy orders on the order book is equal to or greater than a predetermined spread to be collected by an exchange; and returning the execution to each of the customers who placed the sell and buy leave orders (limit-type orders); and instantly distributing the execution price to all customers as the second rate (rate) common to all customers immediately before executing the leave orders (limit-type orders);
1. A system for processing trade orders using digital assets, comprising at least: The leave order execution smart contract has a function of acting as a counterparty in a transaction for each of the sell and buy leave orders (limit-type orders) from a customer where the price difference between the sell order and the buy order in the order book is equal to or exceeds a predetermined spread to be collected by the exchange and the limit price corresponds to the best second rate (rate) among the second rates (rates) that differ for each customer and are delivered to each customer by the second rate (rate) delivery smart contract, to buy and sell, to execute the transaction, and to return the execution to each of the customers who placed the sell and buy leave orders (limit-type orders). The transaction order processing system using digital assets described in claim 1. The trading order processing system using digital assets according to claim 1 or 2, characterized in that the smart contract for creating the first rate (reference rate) further has a function of selecting the more advantageous price between the price of the best buy and sell orders (the cheapest sell order and the highest buy order) in leave orders (limit-like orders) from customers and the price of a third rate (external rate) available for cover trading from an external liquidity provider to create the first rate (reference rate). A trading order processing system using digital assets as described in any one of claims 1 to 3, characterized in that the smart contract for creating the first rate (reference rate) further has a function of creating the first rate (reference rate) using the price of a third rate (external rate) that is available for cover trading from an external liquidity provider. The trading order processing system using digital assets described in claim 3 or 4, characterized in that the streaming contract for contracting has a function of acting as the counterparty to a transaction to buy or sell streaming (market orders) from a customer, which is placed at the second rate (rate) that is different for each customer and that is distributed by the smart contract for distributing the second rate (rate), and of placing an order for a cover transaction at a third rate (external rate) from an external liquidity provider that allows cover transactions, and of returning the contract to the customer. A trading order processing system using digital assets according to any one of claims 1 to 5, characterized in that the smart contract for creating the second rate (rate) further has a function of adjusting the markup rates of the customer's sell side and buy side acquired by the smart contract for acquiring the markup rate in accordance with the ratio of the sell order quantity and the buy order quantity in the order book when creating the second rate (rate). A trading order processing system using digital assets according to any one of claims 1 to 6, characterized in that the smart contract for creating the second rate (rate) further has a function of adjusting the markup rates of the customer's selling side and buying side acquired by the smart contract for acquiring the markup rate when creating the second rate (rate) in accordance with the ratio of the current volume in a given unit time to the average value of the past volume in a given unit time. a smart contract for managing transaction assets, which has a function of managing money or digital assets equivalent to a contract amount to be delivered to a trader of a large order, deposited by a trader of a small order when placing an order, in a transaction between a trader of a large order (a client) and a trader of a small order (a client) via the leave order (a limit order) or the streaming order (a market order);
a lending smart contract having a function of borrowing, when the large order and the small order are contracted, from a specified borrower, the digital assets or money equivalent to the contract amount to be received from the trader of the large order, using the money or digital assets equivalent to the contract amount managed by the trading asset management smart contract as collateral;
a clearing smart contract having a function of clearing the digital assets and money equivalent to the contract amount after the large order and the small order are contracted;
and
The clearing smart contract comprises:
A function of delivering the borrowed digital assets or money equivalent to the contract amount to the trader of the small order on the same day that the large order and the small order are contracted;
a function of receiving digital assets or money equivalent to the contract amount from the trader of the large order a predetermined number of days after the large order and the small order are contracted, and at the same time, delivering to the trader of the large order the money or digital assets equivalent to the contract amount that should be delivered to the trader of the large order, which are managed by the smart contract for managing trading assets;
A function of repaying the digital assets or money equivalent to the contract amount received from the trader of the large order to the borrower together with the interest amount generated by the borrowing;
8. A trading order processing system using digital assets according to claim 1, comprising at least: The clearing smart contract further has a function of covering the interest payable to the borrower arising from the borrowing of digital assets or money equivalent to the contract amount of the lending smart contract from a markup added when calculating the second rate (rate), which is an indicative price at which large orders and small orders are bought and sold as counterparties in a transaction between the trader of the large order and the trader of the small order, or from a spread obtained from the price difference between a sell order, which is one of the large orders and the small orders, and a buy order, which is the other. A trading order processing system using digital assets as described in claim 8, characterized in that the clearing smart contract further has a function of covering the interest payable to the borrower arising from the borrowing of digital assets or money equivalent to the contract amount of the lending smart contract, from a markup added when calculating the second rate (rate), which is an indicative price at which large orders and small orders are bought and sold as counterparties in a transaction between the trader of the large order and the trader of the small order, or from a spread obtained from the price difference between a sell order, which is one of the large orders and the small orders, and a buy order, which is the other.

Images