JP7597414B2 - Financial product transaction management device, financial product transaction management system, financial product transaction management method in financial product transaction management system, and program - Google Patents

Description

The present invention relates to a technology for managing and supporting transactions of various financial products. The present invention can be applied to devices that manage and support transactions of various financial products.

Known methods of trading various financial products whose market prices fluctuate, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, and stock price indexes, include market orders (order format in which a transaction is made at the market price at the time of placing the order) and limit orders (format in which a transaction is made when the market price reaches a pre-specified price). Conventionally, there are known inventions that use computer systems to carry out transactions using these order formats, such as limit orders (see, for example, Patent Document 1). That is, in this invention, an order for a financial product with a position set at a pre-set price is placed, and when the market price of the financial product reaches this price, the order is executed, thereby carrying out the transaction.

JP 2006-99787 A

Here, for example, the demand and supply for buying and selling financial products do not necessarily match. Also, when buying an ordered financial product, the amount of funds may be insufficient for the ordered amount. Therefore, for an ordered financial product, it is not always possible to execute the entire order amount of the ordered order, and only a part of the ordered order amount may be executed (such an execution form is called "partial execution"; the same applies hereinafter in this specification). Also, when the market price of a financial product fluctuates around an arbitrary price range, a request may arise to continuously execute transactions around this price range in a chronological order. However, the above-mentioned Patent Document 1 cannot deal with cases where all orders cannot be executed, and when continuously executing transactions at an arbitrary price range, the trader must place orders many times, which causes problems such as excessive effort required for the trader to trade.

The present invention has been made in consideration of such problems, and aims to provide a financial instruments transaction management device, a financial instruments transaction management system, and a transaction management method in a financial instruments transaction management system that enable traders to appropriately manage transaction types, including partial contracts, in financial instruments transactions conducted using a computer system.

In order to solve the above problem, the invention described in claim 1 is a financial product transaction management device for trading financial products whose market prices fluctuate, comprising an order information generation means for generating order information for ordering financial products, and an agreement management means for managing the agreement of the financial products, wherein the order information generation means generates first order information for executing a first order at a first order price, and second order information for executing a first order at a second order price that is a predetermined profit margin with respect to the agreement price of the first order, and the agreement management means generates a first order that is formed by the order information and that can be executed in part or in whole, and an agreement management means for executing and holding based on the first order. a process of settling a position to be traded by a contract between a specific part of the first orders and a second order which can be traded in part or in whole, when a specific part of the first orders satisfies a condition for contract and further a part of the remaining orders satisfies a condition for contract, and/or when a specific part of the second orders satisfies a condition for contract and further a part of the remaining orders satisfies a condition for contract, the process of settling the specific part of the first orders which have satisfied the condition for contract and the specific part of the first orders which have satisfied the condition for contract at different timings in the order in which the conditions for contract were satisfied, and/or the process of settling the specific part of the second orders which have satisfied the condition for contract and the specific part of the remaining orders which have satisfied the condition for contract and the second orders of the first and second orders at different timings in the order in which the contract conditions are satisfied, and the order information generating means generates a specific portion of the first order information for trading the specific portion of the first orders for which the contracting process has been performed, and a specific portion of the second order information for contracting a specific portion of the second orders corresponding to the specific portion of the first orders at the second order price, and generates a specific portion of the first order information for trading the remaining portion of the first orders, and a specific portion of the second order information for contracting a specific portion of the second orders corresponding to the first orders of the remaining portion at the second order price. the processing for generating the first order information for trading the specific part of the first orders for which the processing for contracting has been performed and the first order information for trading the remaining part of the first orders, while maintaining a separate state, is repeated one to multiple times; and/or the processing for generating the second order information for trading the specific part of the second orders for which the processing for contracting has been performed and the second order information for trading the remaining part of the second orders, while maintaining a separate state, is repeated one to multiple times.

The invention described in claim 2 is characterized in that, in addition to the configuration described in claim 1, the execution management means splits the second order, which holds the position by execution and the second order which settles the position by execution, into a part of the second orders that are executed in response to the executed first order and another part of the second orders that are not executed in response to the executed first order, at a time when the first order is executed, or at a specified timing after the first order is executed, or at a time when the second order is executed, or at a specified timing after the second order is executed.

The invention described in claim 3 is characterized in that, in addition to the configuration described in claim 1 or 2, when only a portion of the first order is executed, the execution management means splits the first order into the executed first order and the unexecuted first order at any of the following points: when the first order is executed, or at a specified timing after the first order is executed, or when the second order, which is executed and settles a position held by the first order, is executed, or at a specified timing after the second order is executed.

The invention described in claim 4 is characterized in that, in addition to the configuration described in any one of claims 1 to 3, when the order information forms first orders and second orders, and only a portion of the first orders is executed to hold a position, the execution management means causes a state in which the portion of the first orders that holds the position, or the first orders before the portion of the first orders splits, correspond to a portion of the second orders that settles the position of the portion of the first orders that holds the position by execution.

The invention described in claim 5 is characterized in that, in addition to the configuration described in any one of claims 1 to 4, the order information generation means generates the order information for placing a first order and a second order, respectively, and repeatedly holds the position based on the order information of the first order and settles the position based on the order information of the second order, and the execution management means, for the repeatedly generated first order and second order, when only a portion of the first order and/or the second order before the repetition is executed is executed, executes the repeated first order and/or second order in a manner that maintains the classification of the executed orders and the unexecuted orders before the repetition.

The invention described in claim 6 is characterized in that, in addition to the configuration described in claim 5, the order information generation means generates the first order and the second order as order information for placing each of the first order and the second order at a plurality of prices, and the contract management means provides a plurality of price ranges between the price of the first order and the price of the second order corresponding to the first order, and repeatedly places the first order and the second order in at least one of the plurality of price ranges.

The invention described in claim 7 is characterized in that, in addition to the configuration described in claim 6, the order information generating means sets one or more of the price ranges in a price range formed between a specific upper limit price and a specific lower limit price.

The invention described in claim 8 is characterized in that, in addition to the configuration described in any one of claims 1 to 7, the order information generating means sets the order information as the first order so that the position is held after the market price falls or rises beyond the first order price, which is set as a reference price for the first order to hold the position, and then becomes equal to or lower than the first order price again; the order information as the second order is set so that the position is settled after the market price rises or falls beyond the second order price, which is set as a reference price for closing the position by the second order, and then becomes equal to or higher than the second order price again; the order information as the second order includes trail width information, and the order information as the second order is set to move in an upward or downward direction based on the trail width information.

The invention described in claim 9 is characterized in that, in addition to the configuration described in any one of claims 1 to 8, it further includes a contract information generating means for contracting the order information after the order information matches the predetermined market price.

The invention described in claim 10, in addition to the configuration described in claim 9, is characterized in that it includes a fund management means for managing fund information as information on the balance of funds in a specified account of a trader who trades the financial product, and the contract information generation means checks the fund information, and if the balance of funds is less than the amount necessary to contract the financial product, only a portion of the orders based on the order information placed at the same price are contracted.

The invention described in claim 11 is a financial product transaction management system for trading financial products whose market prices fluctuate, comprising an order information generation means for generating order information for ordering financial products, and an execution management means for managing execution of the financial products, wherein the order information generation means generates first order information for executing a first order at a first order price, and second order information for executing a first order at a second order price that is a predetermined profit margin with respect to the execution price of the first order, and the execution management means generates a first order that can be executed in part or in whole, formed by the order information, and a position to be held by executing the first order. When a specific part of the first orders satisfies the conditions for contract and the remaining part also satisfies the conditions for contract, and/or when a specific part of the second orders satisfies the conditions for contract and the remaining part also satisfies the conditions for contract, a process of executing the specific part of the first orders that have satisfied the conditions for contract and the remaining part of the first orders at different timings in the order in which the conditions for contract are satisfied, and/or a process of executing the specific part of the second orders that have satisfied the conditions for contract and the remaining part of the second orders at different timings in the order in which the conditions for contract are satisfied, and/or a process of executing the specific part of the second orders that have satisfied the conditions for contract and the remaining part of the second orders at different timings in the order in which the conditions for contract are satisfied. the order information generating means generates the first order information of a specific part for trading the specific part of the first orders for which the processing for executing has been performed and the second order information of a specific part for trading the specific part of the second orders corresponding to the specific part of the first orders at the second order price, and generates the first order information of a remaining part for trading the remaining part of the first orders and the second order information of the remaining part for trading the second part of the remaining orders corresponding to the remaining part of the first orders at the second order price, and repeats one or more times a process of generating the first order information for trading the specific part of the first orders for which the processing for executing has been performed and the first order information for trading the remaining part of the first orders while maintaining a separate state, and/or repeats one or more times a process of generating the second order information for trading the specific part of the second orders for which the processing for executing has been performed and the second order information for trading the remaining part of the second orders while maintaining a separate state.

The invention described in claim 12 is a financial product transaction management method in a financial product transaction management system for trading financial products whose market prices fluctuate, comprising an order information generation procedure for generating order information for ordering financial products, and an execution management procedure for managing execution of the financial products, wherein the order information generation procedure generates first order information for executing a first order at a first order price, and second order information for executing a first order at a second order price that is a predetermined profit margin with respect to the execution price of the first order, and the execution management procedure generates a first order that can be executed in part or in whole, formed by the order information, and a second order information for executing a second order based on the first order. a process of settling a position held by a specific order by contract, and/or a process of settling a position held by a specific order by contract, in a case where a specific part of the first orders satisfies a condition for contract and further a part of the remaining orders satisfies a condition for contract, and/or in a case where a specific part of the second orders satisfies a condition for contract and further a part of the remaining orders satisfies a condition for contract, the process of settling the specific part of the first orders that satisfies the condition for contract and the first orders of the remaining part at different timings in the order in which the conditions for contract are satisfied, and/or a process of settling the specific part of the second orders that satisfies the condition for contract and the second orders of the remaining part. and a process of executing the first and second orders at different timings in the order in which the execution conditions are satisfied, and in the order information generation step, a specific part of the first order information for trading the specific part of the first orders for which the execution process has been performed and a specific part of the second order information for executing a specific part of the second orders corresponding to the specific part of the first orders at the second order price are generated, and a remaining part of the first order information for trading the remaining part of the first orders and a remaining part of the second orders corresponding to the remaining part of the first orders at the second order price are generated. the processing for generating the first order information for trading the specific part of the first orders for which the processing for execution has been performed and the first order information for trading the remaining part of the first orders, while maintaining a separate state, is repeated one or more times; and/or the processing for generating the second order information for trading the specific part of the second orders for which the processing for execution has been performed and the second order information for trading the remaining part of the second orders, while maintaining a separate state, is repeated one or more times.

According to the inventions of claims 1, 11 and 12, when only a part of a first order is executed based on first order information for executing the first order at the first order price and second order information for executing the first order at the second order price that is a predetermined margin with respect to the execution price of the first order, a specific second order is split and a process of generating a specific part of the first order information and a remaining part of the first order information while maintaining a separate state can be repeated once or multiple times, and/or a process of generating a specific part of the second order information and a remaining part of the second order information while maintaining a separate state can be repeated once or multiple times . This allows traders to appropriately operate a trading form including partial execution in trading of financial products using a computer system.

According to the invention described in claim 2, when a specific first order is only partially executed, a specific second order can be split at a timing that matches the cause and circumstances of the partial execution. This allows for appropriate management and operation of transactions that include partial execution.

According to the invention described in claim 3, when a specific first order or a second order corresponding to the specific first order is only partially executed, the specific first order can be split at a timing appropriate to the cause and circumstances of the partial execution. This allows for appropriate management and operation of transactions including partial execution.

According to the invention described in claim 4, a first order that holds a position, or a first order before the split occurs in the case where this first order splits, can be matched with a second order that settles it, allowing traders to appropriately operate a trading format that includes partial execution.

According to the invention described in claim 5, by repeatedly holding a position and settling the held position, it is possible to provide continuous trading opportunities and opportunities to obtain a large profit. Furthermore, when only a portion of the first order and/or the second order is executed in the repetition of the first order and the second order, the distinction between executed orders and unexecuted orders before the repetition is maintained, so that in a configuration in which the first order and the second order are repeatedly executed, traders can be allowed to appropriately operate a trading form including partial execution of all of the first order and/or the second order in the case where only a portion of the first order and/or the second order is executed.

According to the invention described in claim 6, by setting price ranges and repeatedly placing first orders that can only be partially executed and/or second orders that can only be partially executed in each price range, it is possible to provide continuous trading opportunities in a price range and provide an opportunity to earn a lot of profits, and also to allow traders to appropriately operate a trading form including partial execution for all first orders and/or second orders in the case where only a portion of the first orders and/or second orders are executed in each price range.

According to the invention described in claim 7, a price range or ranges can be set in the price range formed between a specific upper limit price and a specific lower limit price, and a first order that can only be partially executed and/or a second order that can only be partially executed can be repeatedly placed in each price range.

According to the invention described in claim 8, the order information as the first order or the order information as the second order is set to be executed after the market price falls or rises beyond the first order price or the second order price and then falls above or below the first order price or the second order price again. This increases the possibility of trading at a price at which a falling market price turns to an uptrend or a price close to a price at which a rising market price turns to a downtrend, and makes it possible to obtain a large profit from trading. This provides an opportunity to obtain a large profit in trading financial products using a computer system. In addition, the order information as the second order is provided with trail width information, and the order information as the second order moves in the upward or downward direction based on the trail width information, thereby increasing the profit obtained from a single buying and selling transaction of the first order and the second order.

According to the invention described in claim 9, orders can be executed based on the generated order information, and financial product transactions can be carried out reliably.

According to the invention described in claim 10, only orders that have the necessary funds to execute a financial product are executed, and while executing only a portion of the orders, it is possible to prevent losses that exceed the amount of funds, thereby ensuring the safety of transactions.

According to the invention described in claim 13, the present invention can be implemented on a variety of computers and computer systems.

1 is a block diagram conceptually showing configurations of a financial product transaction management system, a first financial product transaction management device, and a second financial product transaction management device in accordance with a first embodiment of the present invention. 1. FIG. 4 is a diagram showing field definitions of an order table stored in the second financial product exchange management device shown in FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a basic operation of partial contract in the financial product transaction management system and the first and second financial product transaction management devices. FIG. 4 is a flowchart showing a processing procedure when placing an order in the financial product transaction management system shown in FIG. 1 . 1 is a conceptual diagram illustrating a transaction display screen displayed on a display unit of a client terminal in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. FIG. 1 is a conceptual diagram illustrating a transaction display screen shown on a display unit of a client terminal in the above financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a conceptual diagram illustrating a transaction display screen shown on a display unit of a client terminal in the above financial product transaction management system and the first and second financial product transaction management devices. FIG. 1 is a table and charts that show, in a schematic manner, order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the first embodiment. 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 4A to 4C are tables and charts that show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 4A to 4C are tables and charts that diagrammatically show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 4A to 4C are tables and charts that show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 4A to 4C are tables and charts that show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 4A to 4C are tables and charts that show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 4A to 4C are tables and charts that show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 4A to 4C are tables and charts that show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 13A and 13B are tables and charts that diagrammatically show a first modified example of order information and the placing and contracting of orders when a transaction is conducted in the financial product transaction management system and the first and second financial product transaction management devices. 13A and 13B are tables and charts that show a second modified example of order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 11 is a table and charts that show, in a schematic manner, order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the second embodiment. 4A to 4C are tables and charts that show order information and the placing and contracting of orders when transactions are conducted in the financial product transaction management system and the first and second financial product transaction management devices. 13 is a table and charts that show, in a schematic manner, order information and the placing and contracting of orders when a transaction is carried out in the financial product transaction management system and the first and second financial product transaction management devices according to the third embodiment. 13 is a table and charts that show, in a schematic manner, order information and the placing and contracting of orders when a transaction is conducted in the financial product transaction management system and the first and second financial product transaction management devices according to the fourth embodiment.

[First embodiment of the invention]
A first embodiment of the present invention will now be described with reference to the drawings.

[System configuration]
FIG. 1 is a system configuration diagram and a functional block diagram of the financial product transaction management system of the first embodiment. As shown in the figure, the financial product transaction management system 1A includes a first financial product transaction management device 1 as a "financial product transaction management device", a second financial product transaction management device 2 as a "financial product transaction management device", and n (n≧1) client terminals 3 ₁ to 3 _n , and the first financial product transaction management device 1 and the client terminals 3 ₁ to 3 _n can communicate with each other via the Internet 4 as a Wide Area Network (WAN). The first financial product transaction management device 1 and the second financial product transaction management device 2 can communicate with each other via a dedicated line 5. However, the second financial product transaction management device 2 may be connected to the Internet 4, and the first financial product transaction management device 1 and the second financial product transaction management device 2 may be configured to be able to communicate with each other via the Internet 4. The financial product transaction management system 1A of the first embodiment handles various financial products, such as stock price indexes.

The first financial instruments transaction management device 1 is a server computer managed and operated by a financial instruments dealer that transacts with a financial instruments exchange (described later), and is equipped with a web server function, a function for receiving orders for financial instruments placed by customers using client terminals ₃₁ , ..., _3n and exchanging information with the second financial instruments transaction management device 2 to place the orders, and a function for sending information on executed orders to client terminals ₃₁ , ..., _3n and displaying the information to the customers.

Furthermore, the first financial instrument exchange management device 1 associates the first order with the second order, etc., and transmits the associated first order, second order, etc. to the second financial instrument exchange management device 2 in a state suitable for processing by the second financial instrument exchange management device 2. Furthermore, the first financial instrument exchange management device 1 records the placement, contract, information, and partial contracts (described below) of the first order, second order, etc. received from the second financial instrument exchange management device 2 as the state of the associated first order, second order, etc. Furthermore, the first financial instrument exchange management device 1 sends the associated first order, second order, etc. to the client terminals 3 ₁ , ..., 3 _n to display them to the client. The details of the "first order" and "second order" described here will be described later.

The second financial instruments transaction management device 2 is a server computer managed and operated by a financial instruments exchange (a financial instruments membership corporation or company that operates a financial instruments market with a license from the Prime Minister as stipulated in Article 2, Paragraph 16 of the Financial Instruments and Exchange Act. Hereinafter referred to simply as the "financial instruments exchange"), etc., and is equipped with a web server function, a function for executing orders for financial instruments that have been placed, a database function for storing large volumes of data, etc.

Specifically, the second financial product transaction management device 2 places orders for and executes contracts for financial products based on information received from the first financial product transaction management device 1 and client terminals 3 ₁ , ..., 3 _n, etc. In addition, the second financial product transaction management device 2 records and manages information on placed orders and executed orders, and transmits information on placed orders and executed orders to the first financial product transaction management device 1 and client terminals 3 ₁ , ..., 3 _n , etc.

The first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may both be server computers managed and operated by a financial instruments exchange, or may both be server computers managed and operated by a dealer of financial instruments that does not trade with a financial instruments exchange. In the latter case, the dealer that manages and operates the first financial instruments transaction management device 1 and the dealer that manages and operates the second financial instruments transaction management device 2 may be the same dealer, or different dealers. The first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may also be configured not via the Internet 4, for example, configured to be provided within the same LAN (Local Area Network) or configured as the same computer system, etc.

The client terminals 3 ₁ , ..., 3 _n are communication terminals with data communication functions owned and used by individuals or corporations who trade financial products, and include personal computers, tablets, smartphones, mobile phone terminals, etc. The client terminals 3 ₁ , ..., 3 _n have operation units 31 ₁ , ..., 31 _n used to input various instructions such as a mouse or keyboard, and display units 32 ₁ , ..., 32 _{n as "information display means" consisting of an LCD (Liquid Crystal Display) or the like and displaying various instructions and images input from the operation units 31 1 , ..., 31 n . However, the operation units 31 1 , ..., 31 n and the display units 32 1 , ..., 32 n may be configured as} touch panels or the like that are operated by an operator touching or moving a finger or a touch pen on the screen.

In addition, the client terminals 3 ₁ , ..., 3 _n , the operation units 31 ₁ , ..., 31 _n , and the display units 32 ₁ , ..., 32 _n have the same configuration, and therefore will be referred to as the client terminal 3, the operation unit 31, and the display unit 32 hereinafter unless a distinction needs to be made.

Although not shown in Fig. 1, the first financial product transaction management device 1, the second financial product transaction management device 2, and the client terminals ₃₁ , ..., _3n each include at least one CPU (Central Processing Unit), a RAM (Random Access Memory) that functions as a working area for the CPU, a ROM (Read Only Memory) in which a startup boot program and the like are recorded, an auxiliary storage device such as a hard disk in which various programs and data and the like are recorded, a communication interface used for transmitting and receiving data, etc. The auxiliary storage device records programs for the OS (Operating System), various application programs, data recorded in a database, etc., and these programs and data realize various functions in cooperation with hardware resources through the arithmetic processing of the CPU.

The first financial product transaction management device 1 and the second financial product transaction management device 2 may be formed by a single server computer or multiple network computer systems.

As shown in FIG. 1, the first financial product transaction management device 1 has a data processing unit 10 as a functional means realized based on the various programs and hardware resources described above.

The data processing unit 10 performs processes such as generating and processing various data used in the first financial product transaction management device 1, and further includes a front page distribution unit 11, an order input reception unit 12, a deposit/withdrawal information management unit 13, an account information management unit 14 as a "funds management means", an order information generation unit 15 as an "order information generation means", an agreement management unit 16 as an "agreement management means", a database connection base unit 17, and a database 18.

The front page distribution unit 11 creates data to be displayed on the display unit 32 of the client terminal 3 and transmits the created data to the client terminal 3.

The order input reception unit 12 receives data regarding various orders input from the client terminal 3 and performs various processes required to complete orders for financial products.

The deposit/withdrawal information management unit 13 accepts deposit/withdrawal requests from the client terminal 3 and manages a list of deposits and withdrawals based on the requests.

The account information management unit 14 has the function of managing the deposit balance information of customers (same as "traders"; the same applies in this specification) as fund information (i.e., information that confirms that an order can be concluded). The information on deposit balances generated by the account information management unit 14 is periodically compared with information on actual deposit balances of customers provided by financial institutions such as banks to ensure consistency with the actual deposit balances.

The order information generation unit 15 generates information about orders for financial products based on the information processed by the order input reception unit 12. Orders here include so-called market orders, limit orders, stop orders, and if-done orders.

The contract management unit 16 manages the contract of financial products. Specifically, the contract management unit 16 communicates with the contract information generation unit 25 described later, and causes the contracted order by the contract information generation unit 25 to be displayed on the display unit 32 of the client terminal 3. Specifically, the contract management unit 16 records the order information of the contracted order in the order table 181 (described later) of the database 18, or performs various processes such as modifying, adding, and deleting data of the order information recorded in the order table 181, and various processes required for searching, transmitting, receiving, and searching the recorded order information. The contract management unit 16 may also be configured to perform a process of instructing the contract information generation unit 25 on the mode of contract (whether or not to perform partial contract, described later, etc.) based on input by the trader via the operation unit 31 of the client terminal 3 or specific order conditions, etc.

The database connection base unit 17 converts data generated and processed in the data processing unit 10 to data recorded in the database 18 (e.g., converting between logical data structures and physical data structures), and also performs the processing required to exchange data between the data processing unit 10 and the database 18.

The database 18 records data used by the first financial product transaction management device 1. In this embodiment 1, the database 18 is formed by a relational database, but any format suitable for recording and rewriting large amounts of data, such as an object database, may be used. The database 18 records an order table 181 as an "order information recording means", a customer account information table 182 as a "customer account information recording means", a financial product order condition table 183, a sequence number table 184, a contract information table 185, and a position information table 186.

The customer account information table 182 records information about the account of each customer. The financial product order conditions table 183 records the order conditions of financial products for which orders are accepted. The sequence number table 184 records a sequence number that is uniquely assigned to each piece of order information (described below). The contract information table 185 records information about contracted orders. The position information table 186 records information about positions held after a first order is contracted. Details of the order table 181 will be described later.

As shown in FIG. 1, the second financial product transaction management device 2 has a data processing unit 20 as a functional means realized based on the various programs and hardware resources described above. The data processing unit 20 performs processes such as generating and processing various data used in the second financial product transaction management device 2, and further has, as functional means, a price information reception management unit 21 as a "market price information management unit", a deposit/withdrawal information generation unit 22, an account information generation unit 23, an order information management unit 24, an agreement information generation unit 25 as an "agreement information generation unit", a database connection base unit 26, and a database 27.

The price information reception management unit 21 acquires information on the prices of financial products handled by the second financial product transaction management device 2, and performs the necessary processing and management of the acquired information for use in the data processing unit 20, data processing unit 10, and client terminal 3. In this embodiment 1, the price information reception management unit 21 periodically acquires, records, and manages market price information. The deposit/withdrawal information generation unit 22 generates a list of deposits and withdrawals for each client, and supplies the deposit/withdrawal information to the deposit/withdrawal information management unit 13. The account information generation unit 23 generates deposit balance information for each client, and supplies the account information to the account information management unit 14.

The order information management unit 24 has the function of generating order information based on information regarding financial product orders generated by the order information generation unit 15 of the first financial product transaction management device 1, creating an order table 271 in the database 27 based on the generated order information, and managing the data in the order table 271 (creating, modifying, deleting, etc. data).

The contract information generating unit 25 performs a process for sending information on the contract process based on the order generated by the order information generating unit 15 and the completed contract process to the client terminal 3 of the customer. In this case, "contract" refers to various procedures and processes for completing the buying and selling of financial products based on the customer's order. As described later, when a contract is completed in this embodiment 1, the buying and selling of financial products is performed, and as a result, the account information generating unit 23 and the account information managing unit 14 convert the fund information (described later) according to the buying and selling amount, and further, the deposit and withdrawal information generating unit 22 and the deposit and withdrawal information managing unit 13 enter the deposit and withdrawal status in the deposit and withdrawal list. In addition, the contract information generating unit 25 sends information that the contract has been completed and information on the contents of the contract to the contract managing unit 16, and causes the contract managing unit 16 to display the fact that the contract has been completed and the contents of the completed contract on the display unit 32 of the client terminal 3 by text information, etc. The contract information generating unit 25 also processes deposits and withdrawals from the account of the client terminal based on the buying and selling price. Note that some or all of these components of the contract information generating unit 25 may be provided by other functional means, for example, the contract management unit 16.

The database connection base unit 26 performs various processes between the data processing unit 20 and the database 27, similar to the database connection base unit 17 of the first financial product transaction management device 1.

The database 27 records data used in the second financial product transaction management device 2. The basic configuration of this database 27 is the same as that of the database 18 of the first financial product transaction management device 1. In addition, the database 27 records an order table 271 as an "order information recording means", a client account information table 272 as a "customer account information recording means", a financial product order condition table 273, a sequence number table 274, a contract information table 275, and a position information table 276. The order table 271 has the same configuration as the order table 181, the client account information table 272 has the same configuration as the customer account information table 182, the financial product order condition table 273 has the same configuration as the financial product order condition table 183, the sequence number table 274 has the same configuration as the sequence number table 184, the contract information table 275 has the same configuration as the contract information table 185, and the position information table 276 has the same configuration as the position information table 186.

Although not shown, the second financial product transaction management device 2 has a timer that acquires and manages date and time information, and a deadline management means that manages the order deadlines of the first priority order information, the first sell stop order information, and the second sell stop order information (all of which are described below) based on the date and time information acquired from the timer.

The data processing unit 10, front page distribution unit 11, order input reception unit (order input reception means) 12, deposit/withdrawal information management unit 13, account information management unit 14, order information generation unit 15, contract management unit 16, database connection base unit 17, and database 18 in the first financial product transaction management device 1, and the data processing unit 20, price information reception management unit 21, deposit/withdrawal information generation unit 22, account information generation unit 23, order information management unit 24, contract information generation unit 25, database connection base unit 26, and database 27 in the second financial product transaction management device 2 may be configured in any form. For example, when the first financial product transaction management device 1 and the second financial product transaction management device 2 are formed as a network computer system consisting of multiple server computers, each component may be distributed and arranged on multiple server computers. Furthermore, these server computers may be distributed across computer systems owned by multiple traders or server administrators (e.g. computer systems owned or managed by a financial securities exchange, another financial instruments transaction management business operator, a provider, a hosting system provider, etc.) The server computers constituting the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 may be formed as a so-called cloud computer system. Furthermore, at least some of the components of the data processing unit 10, front page distribution unit 11, order input reception unit 12, deposit/withdrawal information management unit 13, account information management unit 14, order information generation unit 15, contract management unit 16, database connection base unit 17, database 18, and the data processing unit 20, price information reception management unit 21, deposit/withdrawal information generation unit 22, account information generation unit 23, order information management unit 24, contract information generation unit 25, database connection base unit 26, and database 27 may be provided in the client terminal 3 constituting the financial instruments transaction management system 1A, rather than in the first financial instruments transaction management device 1 or the second financial instruments transaction management device 2, or may be configured as a program that causes a computer to function as these functional means.

Figure 2 is a schematic diagram of the field definitions of the order table 181 in the first financial product transaction management device 1. As shown in the figure, the order table 181 has fields for the number of items, and the field name (field name), data type (type) such as character, number, date and time, data length (length) such as bit length, designation of not allowing blanks (Not Null), presence or absence of default values (default values), data item names (remarks), etc. are specified.

The first financial product transaction management device 1 and the second financial product transaction management device 2 described above can realize various transactions for the same type of financial product through a single order or multiple orders.

[Order Processing in the First Financial Instruments Transaction Management Device and the Second Financial Instruments Transaction Management Device]
An outline of order processing by the first financial product exchange management device 1 and the second financial product exchange management device 2 of this embodiment 1 will be described with reference to FIG.

The first financial product transaction management device 1 records sell orders and buy orders as first orders and second orders for each customer in an order table 181 based on financial product orders received from the customer's client terminal 3, and performs various processes (for example, accepting orders and generating orders (generating order information for placing an order and placing an order with the second financial product transaction management device 2; the same applies throughout this specification)). The first financial product transaction management device 1 records information from the customer account information table 182, financial product order condition table 183, sequence number table 184, contract information table 185, position information table 186, etc. as attribute information in the information on the first and second orders recorded in the order table 181.

Meanwhile, the second financial instruments transaction management device 2 manages information on buy orders and sell orders placed by customers and the first financial instruments transaction management device 1 (for example, performing various processes required for financial instrument transactions, such as recording order information in the order table 271 and performing various processes on those buy orders and sell orders (for example, processes for changing the order status such as "not ordered", "ordered", "contracted" etc. according to the transaction situation, and processes for recording such changes, etc.). Hereinafter, simply referred to as "management"). The second financial instruments transaction management device 2 records information from the trustor account information table 272, financial instruments order condition table 273, sequence number table 274, contract information table 275, position information table 276, etc. as attribute information in the buy order and sell order information recorded in the order table 181.

In this embodiment 1, the first financial instruments transaction management device 1 and the second financial instruments transaction management device 2 having such functions work together to process orders for financial instruments. That is, as shown in FIG. 3, for example, an order for a financial instrument placed by a customer from a client terminal 3 is supplied to the first financial instruments transaction management device 1, which records the customer's order information in an order table 181 and generates an order and supplies it to the second financial instruments transaction management device 2. The second financial instruments transaction management device 2 manages the orders generated by the first financial instruments transaction management device 1. When an order for a financial instrument is placed or a contract is made in the second financial instruments transaction management device 2, the order and contract information is supplied to the first financial instruments transaction management device 1, recorded in the first financial instruments transaction management device 1, and transmitted to the customer's client terminal 3.

When an order is repeatedly placed (for example, when a first order (e.g., an order to buy a financial product) and a second order (e.g., an order to sell a financial product) are repeated), the first financial product transaction management device 1 generates information for this repetition and transmits it to the financial product transaction management device 2.

The timing of the generation of an order in the first financial instruments transaction management device 1 and the transmission of the generated order to the second financial instruments transaction management device 2 may be any. For example, when a transaction is made using a first order (e.g., a buy order) and a second order (e.g., a sell order) for a financial instrument, the first financial instruments transaction management device 1 may first transmit information to the second financial instruments transaction management device 2 indicating that a buy order will be placed, and the second financial instruments transaction management device 2 may transmit information indicating that the buy order will be placed when the buy order is placed to the first financial instruments transaction management device 1, and then the first financial instruments transaction management device may transmit information to the second financial instruments transaction management device 2 indicating that the sell order will be placed, and the second financial instruments transaction management device 2 may transmit information indicating that the sell order will be placed to the first financial instruments transaction management device 1. Alternatively, the first financial instruments transaction management device 1 may transmit information on the second order to the second financial instruments transaction management device 2 before acquiring information on the first order's contract.

In this way, the first financial product transaction management device 1 and the second financial product transaction management device 2 work together to process buy orders and sell orders as first orders and second orders, and also process the first orders and second orders repeatedly.

In this embodiment 1, the orders generated by the first financial product transaction management device 1 and the orders managed by the second financial product transaction management device 2 may be the same or different. Specifically, for example, the orders recorded in the order table 181 and the order table 271, the data recorded in the customer account information table 182 and the data recorded in the entrustor account information table 272, the data recorded in the financial product order condition table 183 and the data recorded in the financial product order condition table 273, the data recorded in the sequence number table 184 and the data recorded in the sequence number table 274, the data recorded in the position information table 186 and the data recorded in the position information table 276, and the data recorded in the contract information table 185 and the data recorded in the contract information table 275 may be the same or different.

[Basic operation of partial contract]
3 to 11 are conceptual diagrams showing the principle of partial contract processing in the financial product transaction management system 1A of this embodiment 1. Partial contracts of financial products in this embodiment 1 are processed based on the figures and the following [Basic Operation 1] to [Basic Operation 7] which explain the figures. In Figs. 3 to 11, a solid circle in the chart 110 indicates an "executed" order, i.e., an order that has been executed, a dashed circle indicates a "partially executed" order, i.e., an order that has been partially executed, a dotted circle with black characters indicates an "order on order", i.e., an order that has been placed but not yet executed, and a dotted circle with white characters indicates a "waiting" order, i.e., an order that has not been placed or an order that is scheduled to be placed repeatedly.

The processes based on [Basic Operation 1] to [Basic Operation 7] are primarily used for processing in the second financial instruments exchange management device 2, but may also be used for processing in the first financial instruments exchange management device 1, or may be used in both the first financial instruments exchange management device 1 and the second financial instruments exchange management device 2.

[Basic operation 1: Price priority, time priority principle]
When there are multiple orders for the same type of financial product at multiple prices, they will be processed in accordance with the following (Principle 1) and (Principle 2).
(Principle 1) When the same financial product has multiple quoted prices (prices at which the buyer wishes to buy or sell), buy orders will be filled in order from the highest quoted price to the highest sell order, and buy orders will be filled in order from the lowest quoted price to the lowest sell order (price priority principle).
(Principle 2) When there are multiple buy or sell orders for the same financial product at the same quote price, the orders will be executed in the order in which they were placed (time priority principle).

[Basic operation 2: Processing to change the number of agreements based on supply and demand]
For example, consider a case where buy orders and sell orders are placed at multiple prices for a particular financial product (e.g., stocks) as shown in Figure 3. Suppose the offered rates 101 at this time are 19,402 for the sell order and 19,403 for the buy order.

Here, if there are 80 orders 102 to sell at a price of 19,401 or higher, and there are 18 buy orders 103 at a quote price of 19,402 (i.e., the quote quantity is 18), and there are 37 buy orders 104 at a quote price of 19,401, then based on the price priority principle described above, the 18 buy orders 103 at a quote price of 19,402 are filled first, and then the 37 buy orders 104 at a quote price of 19,401 are filled.

Next, suppose that the sell order 105 is priced at 19,400 and the quantity of the sell order 105 is 10 lots. Meanwhile, suppose that there are 21 buy orders 106 with a quote of 19,400. As shown in FIG. 4, the 21 buy orders 106 are broken down into four buy orders 107 from another trader (different from the specific trader), ten buy orders 108 from the specific trader, and seven buy orders 109 from other traders, and that they were placed at different times in the order of buy orders 107, buy orders 108, and buy orders 109. In this case, based on the principle of time priority, as shown in FIG. 4, all four buy orders 107 and six buy orders 108a of the buy orders 108 are executed.

As a result, as shown in FIG. 5, a specific trader's buy order 108 for 10 lots is split into a buy order 108a for 6 lots (contracted in FIG. 4) and a buy order 108b for 4 lots (uncontracted in FIG. 4). In this way, a partial contract occurs when only a portion of an order is contracted.

[Basic operation 3: splitting an order and the timing of splitting]
In this first embodiment, a partial contract causes an order to be split at a predetermined timing.

Here, "splitting" an order refers to at least one of the following states (State 1) to (State 3):

(State 1)
This refers to a state in which a specific order is split into a executed order and an unexecuted order as a result of a portion of the order being executed.
For example, this corresponds to a state in which a portion (e.g., 6 out of 10 lots) of the first order 111 shown in Figure 6 is executed, resulting in the order being split into an executed first order 111a of 6 lots and an unexecuted first order 111b of 4 lots, as shown in Figure 8.

(State 2)
This refers to a state in which, as a result of a portion of a specific order being executed, another specific order corresponding to that specific order is split into an ordered order and an unordered order.
For example, this corresponds to a state in which a portion (e.g., 6 out of 10 lots) of the first order 111 shown in FIG. 6 is executed, and as a result, the second order 112 that settles the position held by the execution of this first order 111 is split into an already placed second order 112a of 6 lots and an unplaced second order 112b of 4 lots, as shown in FIG. 8.

(State 3)
This refers to a state in which, when a specific order is partially executed and then part or all of that specific order is repeatedly placed, the unexecuted original order and the newly placed order coexist.
For example, after a portion (e.g., 6 out of 10 lots) of first order 111 for 19,400 yen shown in FIG. 10 is executed, a second order 112a for 6 lots which settles the position held by the execution of first order 111 is executed, and then, as shown in FIG. 11, a first order 111a for 6 lots for 19,400 yen which corresponds to the portion (6 out of 10 lots) of first order 111 that has already been executed is re-ordered, and the portion (4 out of 10 lots) of first order 111 that remains unexecuted and the newly placed first order 111a coexist.

In the above (State 1) to (State 3), the split orders shown in Figures 8 and 11 show a state in which an order that was one before the split is split into two orders (for example, the state in which the first order 111 shown in Figure 6 is split into first orders 111a and 111b shown in Figure 8), but this is not limited to this and the order may be split into three or more orders after the split. In the above (State 1) to (State 3), the split states shown in Figures 8 and 11 show a state in which all the orders after the split are the same price as before the split (for example, the first orders 111a and 111b in Figure 8 are 19,400 yen, the same as the first order 111 in Figure 6), but this is not limited to this and at least one of the orders after the split may be a different price than before the split. In addition, any state that generates a state similar to the above (State 1) to (State 3) may form a "split".

In addition, in this embodiment 1, order splitting occurs at at least one of the following times (Timing 1) to (Timing 4).

(Timing 1)
A split of a particular order occurs simultaneously when a portion of that particular order is filled.
For example, in the above (state 1), this corresponds to a time when the first order 111 (FIG. 6) is divided into first order 111a and first order 111b (FIG. 8) and a part of the first order 111 is executed.

(Timing 2)
When a portion of a specific order is executed, another specific order corresponding to that specific order splits off.
For example, in the above (state 2), this corresponds to the case where the second order 112 (FIG. 6) is divided into second orders 112a and 112b (FIG. 8) and a part of the first order 111 is executed.
In addition, for example, in a configuration in which first order 111 and second order 112 are repeatedly placed (see FIG. 8 ), if a portion of second order 112 (e.g., 6 out of 10 units) is executed, and as a result, first order 111, which is repeatedly placed based on the execution, is divided into first order 111a of 6 units that has been placed and first order 111b of 4 units that has not been placed (waiting) (see FIG. 8 ), this corresponds to the time when a portion of second order 112 is executed.
In addition, for example, in a configuration in which first order 111 and second order 112 are repeatedly placed (see FIG. 8 ), if a portion of second order 112 (e.g., 6 out of 10 units) is executed and the repeatedly placed first order 111a (6 units) is executed, the partially executed second order 112 is divided into 6 units of second order 112a that have been executed and 4 units of second order 112b that have not been executed (see FIG. 8 ), this corresponds to the time when first order 111a is executed.

(Timing 3)
A split occurs when a particular order is partially filled and then part or all of that particular order is repeatedly submitted, resulting in the coexistence of the original unfilled order and the newly submitted order.
For example, in the above (State 3), a state is formed in which a portion of the first orders 111 that remain unfilled coexists with the newly placed first order 111a, which corresponds to the time when the second order 112a is filled or when the first order 111a is placed.
In addition, for example, when a portion of the second order 112 (e.g., 6 out of 10 units) is executed and the first order 111 which is repeatedly placed is divided into an already-ordered first order 111a of 6 units and an unordered (waiting) first order 111b of 4 units (see FIG. 8), and the already-ordered first order 111a is executed, a state in which the remaining unexecuted second order 112 (4 out of 10 units) and a newly-ordered second order 112a of 6 units (see FIG. 8) coexist, this situation occurs when the second order 112a is placed.

(Timing 4)
A split occurs when a particular order splits into a filled order and an unfilled order at a predetermined time after a portion of the particular order is filled.
For example, as shown in FIG. 10, this corresponds to the case where a portion of first order 111 (e.g., 6 out of 10 lots) is executed and then this first order 111 splits into executed first order 111a and unexecuted first order 111b (see FIG. 8) at a specific time (e.g., while trading of the financial product is suspended).

The timing of division is not limited to the above (Timing 1) to (Timing 4), and division can occur at any time in a state similar to these.

Note that [Basic Action 4] to [Basic Action 7] shown below are based on the split state and timing shown in [Basic Action 3].

[Basic Operation 4: Partial Execution Pattern 1]
For example, as shown in the chart 110 of Fig. 6, consider a case where there is a first order 111 of 10 pieces and a second order 112 of 10 pieces, and the first order price 113, which is the contract price of the first order 111, is 19,400 yen, and the second order price 114, which is the contract price of the second order, is 19,500 yen. If, for example, only 6 pieces of the first order 111 of 10 pieces are contracted based on [Basic Operation 2] or the like due to fluctuations in the market price 115 of the financial product, the first order of 10 pieces is split into a contracted first order 111a of 6 pieces and an uncontracted first order 111b of 4 pieces as shown in Fig. 7. Note that if the market price does not match the second order price but matches the first order price again, the uncontracted first order 111b will be contracted if the conditions for contract are met. In this case, however, the first order 111a and the first order 111b are not combined again, and thereafter the first order 111a and the first order 111b are treated as independent orders.

[Basic Operation 5: Partial Execution Pattern 2]
For example, when the first order 111 is partially executed as in "Basic Operation 4" to become first order 111a and first order 111b, the second order 112 (which was scheduled to be placed as a result of the execution of the first order 111 through an if-done order as shown in FIG. 6) is also split into second order 112a of six units and second order 112b of four units, as shown in FIG. 7. Of these, second order 112a of six units has been ordered in response to the execution of first order 111a, and second order 112b of four units has not yet been ordered.

If the market price reverses in this state (i.e., for example, the market price changes from falling to rising in FIG. 8) and the market price matches the second order price, the second order 112a for six lots is executed.

Here, in the case where the first order and the second order are repeated multiple times (described in detail later), as shown in FIG. 8, the first order 111a will be re-ordered due to the execution of the six second orders 112a, but if there are four unexecuted first orders 111b remaining, then the re-ordered first order 111a and the remaining first order 111b will coexist, as shown in FIG. 8.

[Basic Operation 6: Partial Contract Pattern 3]
Incidentally, partial execution occurs not only for the first order but also for the second order.

This partial contract of the second order may occur in the second order after the first order is partially contracted. Specifically, as shown in FIG. 8, for example, when a first order 111 of 10 lots and a second order 112 of 10 lots (see FIG. 6) are split into a contracted first order 111a of 6 lots and an uncontracted first order 111b of 4 lots, and then the market price reverses and the market price matches the second order price, if the second order is in a state where only 4 lots are contracted due to the above-mentioned "basic operation 2" or the like, as shown in FIG. 9, only 4 of the 6 second orders 112a are contracted. As a result, the placed 6 second orders 112a are split into a contracted second order 112aa of 4 lots and an uncontracted second order 112ab of 2 lots, and the uncontracted second order 112b also coexists.

Here, in the case where the first order and the second order are repeated multiple times (described in detail later), as shown in FIG. 9, when the second order 112aa of four units is executed, the first order 111a of six units is also split, and four first orders 111aa are placed, but the unexecuted second order 112ab of two units remains as it is. Also, the two first orders 111ab that are the split of the first order 111a are placed when the two second orders 112ab are executed.

[Basic Operation 7: Partial Contract Pattern 4]
In addition to the cases shown in [Basic Operation 6] above, partial execution of the second order may occur when a portion of a first order is executed, resulting in the first order not splitting but splitting a second order that settles the position held by the first order due to the execution of the first order.

Specifically, as shown in FIG. 10, consider the case where 6 of the 10 first orders 111 are executed. At this time, the executed first order 111 does not split, but continues in a state where some (6) are executed and some (4) are not executed. On the other hand, due to an if-done order, the second order 112 (see FIG. 6) that was scheduled to be placed upon the execution of the first order 111 splits into a second order 112a of 6 and a second order 112b of 4, as shown in FIG. 10, based on the first order 111 being partially executed and partially not executed. Of these, the second order 112a of 6 has been ordered in response to the partial execution of the 6 first orders 111, and the second order 112b of 4 has not been ordered in response to the partial unexecution of the 4 first orders 111.

If the market price reverses in this state (i.e., for example, the market price changes from falling to rising in FIG. 10) and the market price matches the second order price, the placed second order 112a for six lots is executed, as shown in FIG. 11.

Here, in the case where the first order and the second order are repeated multiple times (described in detail later), the partially executed first order 111 splits for the first time when the 6 second orders 112a are executed and the if-done order is settled. As a result, as shown in FIG. 11, the first order 111, which is partially executed (6 units) and partially unexecuted (4 units), splits and a newly executed first order 111a of 6 units is placed. At this time, the newly placed 6 units of the first order 111a and the first order 111 (4 units of which remain unexecuted) coexist. Note that if the first order 111 (4 units of which are unexecuted out of 10 units) remaining after the repetition is executed and the first order is repeated again, a first order of 4 units (not shown in FIG. 11) is placed in place of the first order 111 with 4 units of which are unexecuted out of 10 units.

Note that in Figures 10 and 11, partial execution has been explained only for the first order 111 with a first order price 113 of 19,400 yen and the second orders 112a and 112b with a second order execution price of 19,500 yen, but similar partial executions can also be generated or similar processing can be performed for other first order prices of 19,400 yen and other second order prices of 19,500 yen.

The processing procedure of this embodiment 1 described below is based on the above [Basic Operation 1] to [Basic Operation 7]. Note that [Basic Operation 1] to [Basic Operation 7] do not always need to be used in their entirety in the processing of this embodiment 1, and any of the basic operations may be replaced with a different basic operation. For example, the price priority and time priority principles of [Basic Operation 1] may be configured to use only one of them, or if partial execution is performed in [Basic Operation 4] to [Basic Operation 7], the orders that were once split by the partial execution may be recombined in the subsequent processing.

[Processing Steps (Generation of Order Information)]
Next, a processing procedure for generating order information in the financial product transaction management system 1A of this embodiment 1 will be described with reference to Figs.

Here, generating order information refers to forming data for placing and executing orders for financial products in the financial product transaction management system 1A of this embodiment 1. Then, as described below, in this embodiment 1, orders are placed and executed based on this order information.

Figure 12 is a flowchart showing the processing steps when a buy order (new buy order) at the "first price" and a sell order (new sell order) at the "second price" are accepted in the first financial product transaction management device 1 of this embodiment 1. The processing steps at the time of acceptance will be explained below with reference to this figure.

A customer using the financial product transaction management system 1A accesses the first financial product transaction management device 1 using a client terminal 3. The front page distribution unit 11 of the first financial product transaction management device 1 displays the transaction display screen 50 shown in FIG. 13 on the display unit 32 of the accessed client terminal 3, and when the order screen display button 51 on the transaction display screen 50 is clicked, an order input screen 52 pops up on the transaction display screen 50 as shown in FIG. 131. The customer inputs the order details into this order input screen 52 (step S1).

In FIG. 13, in this order input screen 52, in a configuration in which a first order and a second order are repeated, the customer selects "BUY" in a buy/sell selection field 53 for selecting whether the first order is a buy order or a sell order, indicating that the first order is a buy order (select "SELL" if the first order is a sell order). The customer also selects the order type in the order type input field 54 (here, a "trap repeat if done order" in which multiple first orders and multiple second orders are each repeated multiple times).

13, the customer selects "Nikkei 225" in the product selection field 55 for selecting the type of financial product, indicating that trading will be based on the Nikkei 225 (Nikkei Stock Average). The customer also inputs "1" as the order quantity (for example, 100 times the stock price index is one lot) in the order quantity input field 56, inputs "limit price" in the execution condition input field 57 for selecting the execution condition (what kind of order the first order and/or second order should be executed as, such as a market order or a limit order), and inputs "19200" in the start price input field 58 for inputting the desired execution price of the first order. In addition, "10000" is entered in the profit amount input field 59 as information for calculating the desired contract price of the second order (the order information generating unit 15 described later divides the "10000" yen entered in the profit amount input field 59 by 1 (x 100) entered in the order quantity input field 56, i.e., 10000÷100=100 (yen), and adds this to the "19200" yen entered in the start price input field 58 to calculate the contract price of the second order as "19300" yen).
In this embodiment 1, instead of the profit amount input field 59, a configuration for inputting a desired contract price of the second order may be provided. In addition, instead of these, any configuration for calculating or setting a "profit margin" due to the contract between the first order and the second order, or for calculating or setting a "price spread" between first orders or between second orders may be provided. Specifically, for example, the type of the selected financial product, the current market price of the financial product, the fluctuation state of the financial product in a predetermined period in the past or a future fluctuation forecast (fluctuation range, upward or downward trend, etc.), the transaction period, the transaction amount, the margin balance, and other conditions may be converted into predetermined numerical values to calculate the price spread between the first orders or between the second orders, the profit margin between the first order and the second order, the number of first orders or the second orders, the set price range, and the like.

If the customer wishes to set a stop loss price, the customer inputs the desired stop loss price in the stop loss price input field 60 (no stop loss price is input in FIG. 13). Note that the information to be input in the trap price range input field 61 shown in the same figure will be explained in [Embodiment 2 of the invention].

When the Confirm button 62 is clicked in this state, the data entered and selected on the order input screen 52 is supplied to the first financial product transaction management device 1. The order input reception unit 12 of the first financial product transaction management device 1 confirms the contents of the entered order. Furthermore, the order input reception unit 12 inspects the price of each order (step S2).

Specifically, for example, the order input acceptance unit 12 checks whether a profit can be obtained by trading the selected financial product based on the prices entered in the start price input field 58 and the profit amount input field 59, based on a predetermined calculation. For example, the order input acceptance unit 12 may be configured to compare the current market price of the selected financial product with the reference price of the order entered from the order input screen 52, and check whether this reference price is lower (or higher) than the market price at the time when the confirmation button 62 or the order button 66 is clicked. For example, the order input acceptance unit 12 may be configured to check whether the desired contract price of the first order is lower than the market price at the time when the confirmation button 62 or the order button 66 is clicked, if the first order is a buy order, or to check whether the desired contract price of the second order is higher than the desired contract price of the current first order.

If the check in step S2 shows that the entered price is appropriate (for example, if the order input acceptance unit 12 is set such that a price is appropriate only if a profit can be made by trading at that price, and the setting is satisfied), the order input acceptance unit 12 determines that the entered price is an appropriate price.

If the price of the buy order is judged to be a fair price ("No" in step S3), the account information management unit 14 obtains the financial information of the customer from the customer account information table 182.

The order input reception unit 12 compares the acquired financial information with the customer's total order amount and verifies whether the amount of funds is equal to or exceeds the order allowance.

Here, "order allowance" refers to the amount required for an order (as used throughout this specification).

The order information generation unit 15 generates "order information" (described below) and an "order information group" including the "order information" only when the amount of funds is equal to or greater than the order allowance ("No" in step S5). This allows an order to be accepted only when the customer is able to reliably make payment.

If the amount of funds is equal to or greater than the order allowance ("No" in step S5), the order input reception unit 12 checks whether the order conditions satisfy various order conditions other than those described above, based on the data recorded in the financial product order conditions table 183 (step S6).

If the various conditions of the order are not met ("Yes" in step S7), the order input reception unit 12 treats the input order as an error and rejects the order (step S10).

If the various conditions of the order are met ("No" in step S7) and it is determined that the order conditions meet all the conditions necessary for the order described above, the front page distribution unit 11 pops up a confirmation screen 65 shown in FIG. 14 on the display unit 32 of the client terminal 3. This confirmation screen 65 displays the contents of the order that are generated based on the numerical values entered on the order input screen 52, the selected conditions, etc.

When the customer clicks the order button 66 in this state, the order information generation unit 15 generates order information based on the information entered into the order input screen 52 in step S1 and transmitted from the client terminal 3 to the first financial product transaction management device 1 (step S8, order information generation procedure).

Specifically, the multiple data input in the above procedure are grouped in units of order prices, and each piece of order information is formed by assigning a sequence number to the order recorded in sequence number table 184 for each unit of information. At this time, information for identifying the sequence number used in the order information as an unused number is assigned to sequence number table 184. The multiple order information generated in one procedure of step S8 forms an order information group (hereinafter simply referred to as "order information group") consisting of order information for ordering the same type of financial product at a first order price (described later) and order information for ordering at a second order price (described later). The generated order information and orders based on the order information are displayed on the display unit 32 of the client terminal 3 by the order information generation unit 15 and the contract management unit 16.

The order information generation unit 15 transmits the information of the generated order information group to the second financial product transaction management device 2, and the order information management unit 24 of the second financial product transaction management device 2 records the received order information in the order table 181 (step S9). The order information is recorded in the order table 181 based on the definition of each field shown in FIG. 2.

For example, the "ord_seq" field 181b of the order table 181 defines the sequence number assigned in step S8 (see "Notes" 181a of the order table 181; the same applies below). The "cust_seq" field 181c defines the customer number uniquely assigned to each customer, and the "style_id" field 181d defines the product name. The "com_id" field 181e defines the ID number uniquely assigned to each financial product. The combination of this ID number and financial product is recorded in an ID table (not shown) separately provided in the database. The "ord_amnt" field 181f defines the order quantity entered in the order quantity input field 56 (or the quantity of a stock price index or the like defined based on that quantity). The "buy_sell_id" field 181g defines whether the order is a sell order or a buy order selected in the order type input field 54, the "ord_rate" field 181h defines the order price, and the "limit_time" field 181i defines the order deadline. The "ord_cond" field 181j defines the order type selected in the buy/sell selection section 53. The "trail_range" field 181k defines the trail width (see [Fourth embodiment of the invention]), and the "through_range" field 181m defines the through price range (see [Fourth embodiment of the invention], which is set in advance as a uniform price here).
The "new_close" field 181n defines whether it is a new order or a settlement order. Although not shown in FIG. 2, the order table 181 also has fields for defining other data entered on the order entry screen 52. All data entered on the order entry screen 52 is recorded in the order table 181 using these fields. The order acceptance process in this embodiment 1 is completed by the above procedure.

If at least one of the buy order price and the sell order price is determined to be an inappropriate price in step S3 ("Yes" in step S3), or if the amount of funds is less than the total order amount in step S5 ("Yes" in step S5), the order input acceptance unit 12 treats the input order as an error and rejects the order (step S10). In this case, order information (described below) is not generated, and text information or the like indicating that the order has been rejected is displayed on the display unit 32 of the client terminal 3.

The information entered into the order input screen 52 may be sent to the first financial product transaction management device 1 when the confirmation button 62 is clicked as described above, or when the order button 66 is clicked. The information sent to the order information generation unit 15 may be any information other than the information entered into each of the input and selection fields 54 to 61, so long as it is information that can be used to generate the first order information and second order information described below through various calculations. Specifically, the information may be, for example, the period during which the order is placed, the amount of profit desired to be earned within the period, the amount of funds to be used for the transaction, etc.

The order information shown in step S8 may be generated when all the order information (or a group of order information) is generated at once when the confirmation button 62 or the order button 66 is clicked, or when the first order or the second order is placed, or each time the first order or the second order is repeatedly placed, or when the first order price (described below) or the second order price (described below) is changed, or at any other timing.

The order of steps S1 to S10 is not limited to that shown in FIG. 12, and may be any order. Furthermore, the timing of when the Confirm button 62 or the Order button 66 is clicked and the timing of when steps S1 to S10 are processed may be any timing. For example, the order information generation unit 15 may be configured to process steps S1 to S10 after the Confirm button 62 or the Order button 66 is clicked.

Furthermore, at least a part of the processing of steps S1 to S10 may also be performed in the second financial instruments transaction management device 2. For example, in step S9, the order information generation unit 15 may transmit the generated order information to the second financial instruments transaction management device 2, and the order information management unit 24 of the second financial instruments transaction management device 2 may record this order information in the order table 271. Also, for example, the processing of steps S1 to S10 may be performed in the second financial instruments transaction management device 2 based on data in the trustor account information table 272, financial instruments order condition table 273, sequence number table 274, etc. of the second financial instruments transaction management device 2, and the order information may be recorded in the order table 271.

[Configuration of order information and order information groups]
15 is a diagram showing a typical transaction display screen 50 after order information generation, which is displayed on the display unit 32 of the client terminal 3 in this embodiment 1. This transaction display screen 50 shows order information (first order information and second order information) and order information groups processed by the order information generating unit 15 and the contract management unit 16 (contract management procedure).

Note that the second financial product transaction management device 2 also manages similar order information and order information groups, but for simplicity, the order information and order information groups on the second financial product transaction management device 2 side will not be described here.

The order information group 71A according to this embodiment 1 shown in FIG. 15 (and also in FIGS. 16 to 25) is composed of first order information 72a constituting a first order (a new order, i.e., an order that holds a position when executed), and second order information 72b constituting a second order (a settlement order, i.e., an order that is placed when the first order is executed and that, when executed, settles the position held by the execution of the first order). Note that the order information group 71A may further include other order information (for example, stop-loss order information constituting a stop-loss order, etc.).

Note that the order information group 71A shown in FIG. 15 and the order information group 71A shown in FIG. 16 to FIG. 25 differ in the content of the order information that constitutes them (e.g., order number 181A, order acceptance date and time information 181B, and specified price information 181J). However, for simplicity of explanation, they will be described below as being the same unless there is a particular need to distinguish between them.

As shown in FIG. 15, both the first order information 72a and the second order information 72b include an order number 181A that functions as an ID consisting of a 16-digit order number body and an 8-digit subnumber, order acceptance date and time information 181B indicating the date and time the order information was generated, product information 181C indicating the type of financial product (here, "Nikkei 225" indicating that the Nikkei 225 (Nikkei Stock Average) will be traded), and order status information 181D indicating the status of each order, either on order (ordered but not yet executed), waiting (not yet executed), or executed (executed) (however, these three Some of the states may not be displayed, or states other than these three states may be displayed.), order type information 181E indicating the order type (order type, in this case, a state in which a plurality of first orders and a plurality of second orders are placed at a plurality of prices, and the characters "Toraripi" are displayed indicating that it is a "trap repeat if done" in which each of the first orders and each of the second orders are repeated), buying and selling information 181F indicating whether each order is a buy order or a sell order, and whether each order is a new order, a settlement order (or a stop loss order). settlement classification information 181G indicating which of the orders is a "limit order", "market order", "stop-limit order", "stop-loss order", etc., execution condition information 181H indicating which of the orders is a "limit order", "market order", "stop-limit order", "stop-loss order", etc., designated price information 181J as the desired settlement price for each order (the price at which the customer wishes to execute the order), order quantity information 181K (shown in FIG. 16, etc.) indicating the quantity of each order (here, 10 lots for each), executed quantity information 181L (shown in FIG. 16, etc.) indicating the quantity of the executed (i.e., executed) order, and expiration date of each order (here, "GTC" indicating an unlimited expiration date). " information), repeat count information 181N (shown in FIG. 16, etc.) indicating the number of times the first order and the second order are repeated (here, the "unlimited" information indicating an unlimited number of repetitions), slippage information 181P (shown only in FIG. 15, but the value is not shown) as the allowable amount of slippage that occurs at the time of contract, etc., trail information 181Q (shown only in FIG. 15, but the value is not shown) as whether a trail is set and the numerical value of the trail width if a trail is set, etc.

When the first order or the second order splits due to a partial contract, which will be described later, the quantity of the first order or the second order constituting one order information group 71A increases, or one order information group 71A splits into multiple order information groups 71A, 71A, etc. In this way, when an order information group 71A splits, the amount of order quantity information 181K of the order information constituting each order information group 71A decreases.

Furthermore, both the first order information 72a and the second order information 72b may not include any of the information 181A to 181L, or may include other information. Furthermore, in a configuration in which stop order information (not shown) is provided for each order information group 71A, or in which one stop order information (not shown) is provided for multiple (e.g., all) order information groups 71A, the stop order information (not shown) may be included in addition to the information 181A to 181P.

The first order information 72a and the second order information 72b constituting one order information group 71A here are used to place and execute one first order, and to place and execute one second order. Specifically, one first order (new order) is placed and executed by one first order information 72a to hold a position in a financial product, one second order (settlement order) is placed by one second order information 72b based on the execution of the first order, and the held position is settled by the execution of the second order (settlement order). Therefore, if first and second orders are repeated, multiple order information groups 71A, 71A, 71A... are required.

In this embodiment 1, when the first order and the second order are repeated by the order information group 71A, a new order information group 71A is generated when the order information group 71A is repeated (for example, when the second order is executed based on the second order information 72b). However, a configuration may also be adopted in which multiple order information groups 71A, 71A, 71A... for repeating the first order and the second order are generated all at once when the confirmation button 62 or the order button 66 is clicked.

The display unit 32 of the client terminal 3 used by the customer may display a table 73 and a chart 74 of the order information group 71A, the first order information 72a, and the second order information 72b as shown in FIG. 16, etc., through the processing of the order information generation unit 15 and the contract management unit 16, allowing the customer to easily grasp the generated order information, the order placement, contract, and split status, and the transaction status based on the order, etc.

[Processing procedure (when there is no partial contract)]
16 to 25 show a table 73 showing the state of order information based on the processing in the financial product transaction management system 1A of this embodiment 1, and a chart 74 showing market fluctuations and the state of order placement and contract. Below, the transaction state based on the processing of this embodiment 1 will be explained with reference to these figures.

Note that table 73 shown in Figures 16 to 25 is information constituting the order information or order information group corresponding to the transaction, which is displayed in part of the transaction display screen 50 shown in Figure 13 when the transaction shown in chart 74 is being carried out.

In addition, in Figures 16 to 25, a solid circle in chart 74 indicates an "executed" order, i.e., an order that has been executed, a dashed circle indicates a "partially executed" order, i.e., an order that has been partially executed, a dotted circle with black text indicates an "order on order", i.e., an order that has been placed but not yet executed, and a dotted circle with white text indicates an "on hold", i.e., an order that has not been placed or an order that is scheduled to be placed repeatedly (note that charts 74 in Figures 26 to 29, described below, also show the same state).

In the following description, the generation of order information related to the placing of an order is performed by at least one of the order information generation unit 15 and the order information management unit 24 of the financial product transaction management system 1A. In addition, the rewriting or erasure of order information related to the contract of an order is performed by at least one of the contract information generation unit 25 and the contract management unit 16 of the financial product transaction management system 1A. However, depending on the system configuration and the state of the data configuration, each process can be performed by a function other than the above (for example, the process related to the contract of an order is performed by the order information generation unit 15 or the order information management unit 24). In addition, depending on whether the process is to contract the entire order or only a portion of the order, it is also possible to distinguish whether the process is performed by the order information generation unit 15 or the order information management unit 24 or the contract information generation unit 25 or the contract management unit 16.

First, consider a case where there is an order information group 71A consisting of first order information 72a with specified price information 181J of 19,200 yen and second order information 72b with specified price information 181J of 19,300 yen, and the first order and the second order are placed and executed without partial execution. In this case, as shown in table 73 of FIG. 16, a first order 72a1 of 10 sheets is placed at 19,200 yen, which is the desired execution price of the first order (hereinafter referred to as the "first order price") 75 set based on the specified price information 181J of the first order information 72a. At this time, the order status information of the first order information 72a is "on order", which indicates a state in which an order has been placed but not yet executed, and the order status information 181D of the second order information 72b is "on hold", which indicates a state in which an order has been placed but not yet executed.

Then, when the market price 77 falls from the state shown in chart 74 of FIG. 16 to 19,200 yen as shown in chart 74 of FIG. 17, the first order 72a1 is contracted and the position is held. When the first order 72a1 is contracted, a second order 72b1 of 10 pieces is placed at 19,300 yen, which is the second order's desired contract price (hereinafter referred to as the "second order price") 76 set based on the specified price information 181J of the second order information 72b, based on the second order information 72b. Then, as shown in FIG. 18, when the market price reaches 19,300 yen, the second order 72b1 is contracted and the held position is settled. Then, from the state shown in table 73 of FIG. 17, the first order information 72a is erased, and the order status information 181D of the second order information 72b is rewritten from "waiting" to "ordered", resulting in the state shown in table 73 of FIG. 18.

When a first order 72a1 and a second order 72b1 are placed and executed based on one order information group 71A, the second order information 72b shown in table 73 of FIG. 18 is erased on the transaction display screen 50 shown in FIG. 15, and an order information group 71A (new order information group 71A) having the first order information 72a and the second order information 72b is displayed as shown in table 73 of FIG. 19. Based on this order information group 71A, a new first order (first order 72a1 shown in dotted lines in the same figure) and a new second order (not shown) are similarly placed and executed. Then, when the first order and the second order are placed and executed, the first order and the second order are placed and executed based on the new order information group 71A, and this procedure is repeated thereafter.

16 to 19, the designated price information 181J of the first order information 72a and the designated price information 181J of the second order information 72b of all the order information groups 71A, 71A, 71A... are all the same, and the ordering and execution of the first order 72a1 with a first order price 75 of 19,200 yen and the ordering and execution of the second order 72b1 with a second order price 76 of 19,300 yen are repeated. J may differ, and the first order price 75 and the second order price 76 may change sequentially accordingly (for example, the designated price information 181J of each first order information 72a displayed on the transaction display screen 50 may change sequentially by 1 yen to 19,200 yen, 19,201 yen, 19,202 yen, etc., and the designated price information 181J of each second order information 72b may also change sequentially by 1 yen to 19,300 yen, 19,301 yen, 19,302 yen, etc., and the first order price 75 and the second order price 76 may change correspondingly).

In addition, the execution condition information 181H of the specific order information of the specific order information group 71A (for example, the specific first order information 72a of the initial order information group 71A) may be set to "market", and this order (for example, the initial first order 72a1) may be placed and executed as a market order based on the prevailing price at a specific time (for example, the market price at the time when the confirmation button 62 or the order button 66 is clicked is set as the first order price 75). In this case, the designated price information 181J of other limit orders (orders based on the first order information 72a or the second order information 72b whose execution condition information 181H is "limit price") may be set based on the prevailing price at a specific time. In this case, the order price of the market order and the order price of the limit order may be set based on different criteria (for example, the market price at the time when the confirmation button 62 is clicked is set as the designated price information 181J of the limit order, and the market price at the time when the order button 66 is clicked is set as the designated price information 181J of the market order).

The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, the repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer, and also record the generation of such order information in the order table 181, and manage the placing and contracting of orders, the repetition of orders, etc. by modifying, deleting, or adding to the order information recorded in the order table 181.

[Processing procedure (Processing in the case of partial contract (1))]
Next, consider the case where a partial contract occurs based on the above-mentioned [Basic Operation 7].

For example, as shown in FIG. 17, consider a case where there is a first order 72a1 of 10 units and a second order 72b1 of 10 units based on first order information 72a and second order information 72b, each of which has a quantity of "10" in its order quantity information 181K, and only a portion of the 10 units of the first order 72a1, for example, 6 units as shown in FIG. 20, is filled. In this case, as shown in table 73 in FIG. 20, the filled quantity information 181L of the first order information 72a is rewritten from "0" to "6". As a result, 6 units of the 10 units of the first order 72a1 are filled and 4 units remain unfilled, resulting in a partial fill.

As a result of the first order 72a1 being partially executed, second order information 72b is generated as shown in table 73 of FIG. 20, with second order information 72ba being placed (order status information 181D being "ordered" and order quantity information 181K being "6") and second order information 72bb being placed (order status information 181D being "waiting" and order quantity information 181K being "4"). As a result, second order 72b1 of 10 lots shown in chart 74 of FIG. 17 is split into second order 72ba1 of 6 lots that has been placed and second order 72bb1 of 4 lots that has not yet been placed, as shown in chart 74 of FIG. 20.

Here, if the four unfilled lots of the first order 72a1, of which four lots are unfilled, are filled before the market price 77 reaches the second order price 76, the filled quantity information 181L of the first order information 72a in table 73 of FIG. 20 is rewritten from "6" to "10." As a result, as shown in table 73 of FIG. 21, the first order information 72a is erased from the display 32 of the client terminal 3.

Then, the order status information 181D of the four pieces of second order information 72bb is rewritten from "Waiting" shown in table 73 of FIG. 20 to "Ordered" shown in table 73 of FIG. 21. As a result, the second order 72bb1 changes from the unordered state shown in chart 74 of FIG. 20 to the ordered state shown in chart 74 of FIG. 21.

After the state shown in chart 74 in FIG. 21, when market price 77 reaches second order price 76 as shown in chart 74 in FIG. 22, second order information 72ba and second order information 72bb are deleted, and order status information 181D changes from "Ordering" to "Contracted", and second orders 72ba1 and 72bb1 change from an ordered state to a contracted state.

As shown in chart 74 of Fig. 22, when second order 72ba1 and second order 72bb1 are contracted, a new order information group 71A is generated as shown in table 73 of Fig. 22. As shown in Fig. 22, this order information group 71A consists of first order information 72aa with order quantity information 181K of "6", first order information 72ab with order quantity information 181K of "4", second order information 72ba with order quantity information 181K of "6", and second order information 72bb with order quantity information 181K of "4", instead of the first order information 72a and the second order information 72b (see Fig. 19), and the order status information 181D of the first order information 72aa and the first order information 72ab is "Ordering", and the order status information 181D of the second order information 72ba and the second order information 72bb is "Waiting". As a result, a first order of six units 72aa1 and a first order of four units 72ab1 have been placed (see chart 74 in FIG. 22), and second orders 72ba1 and 72bb1 are in an unordered state.

When the market price 77 reaches the first order price 75 after the state shown in chart 74 in FIG. 22, the first order information 72aa and the first order information 72ab shown in table 73 in FIG. 22 are deleted as the order status information 181D changes from "on order" to "contracted", and the first orders 72aa1 and 72ab1 change from an ordered state to an engaged state. Then, the order status information 181D of the second order information 72ba and the second order information 72bb change from "waiting" to "on order", and the second orders 72ba1 and 72bb1 change from an unordered state to an ordered state.

Furthermore, when the market price subsequently reaches the second order price 76, the order status information 181D of the second order information 72ba and the second order information 72bb changes from "Ordering" to "Contracted," and the second orders 72ba1 and 72bb1 change from an ordered state to an engaged state. Then, a new order information group 71A is placed.

On the other hand, from the state shown in chart 74 in FIG. 20, as shown in chart 74 in FIG. 23, if the market price 77 reaches the second order price 76 while four of the ten lots of the first order 72a1 remain unfilled, then the six lots of the second order ba1 will be filled while the four lots of the second order 72bb1 remain unfilled.

In this case, the first order information 72aa and the second order information 72ba shown in table 73 of FIG. 23 are newly generated, and as shown in chart 74 of FIG. 23, a new first order 72aa1 of six units is placed while the first order 72a1 of four units with no contract and the second order 72bb1 of four units with no order remain as they are (though not shown in chart 74 of FIG. 23, the new second order of six units also exists in an unordered state at this time). In this case, as shown in table 73 of FIG. 23, the first order information 72a remains in a state where the execution quantity information 181L is "6". As a result, as shown in chart 74 of FIG. 23, even after the first order 72aa1 of six units is placed, the first order 72a1 of six units with contracts still exists, and the first order 72a1 is in a split state after the contract of the second order 72ba1.

Although not shown in FIG. 23, if a first order 72a1 for six out of ten contracts is contracted and then a first order for four more contracts is repeatedly placed, first order information 72a with contracted quantity information 181L of "6" is replaced with first order information 181K with order quantity information 181K of "4" and contracted quantity information 181L with "0" (not shown in FIG. 23). Thereafter, the ordering and contracting of a first order 72aa1 for six contracts and a first order for four contracts (not shown in FIG. 23), and the ordering and contracting of a second order 72ba1 for six contracts and a second order 72bb1 for four contracts are repeated. In addition, if the number of repetitions is set to a specific value in the repeat count information 181N (see Figures 16 to 25), the ordering and execution of first orders 72a1, 72aa1 (including the first order of four units, not shown) and the ordering and execution of second orders 72b1, 72ba1, 72bb1 will be repeated the set number of times.

The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, the order information and order splitting, the repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer, and also manage the splitting and repetition of orders by modifying and adding to the order information recorded in the order table 181, etc.

At this time, when only a portion of the first order 72a1 is executed, the order information generation unit 15 and the execution management unit 16 split the second order 72b1 into a second order 72ba1 corresponding to the executed portion of the first order 72a1 and the other second order 72bb1 corresponding to the unexecuted portion, and display the first order information 72a and the second order information 72ba, 72bb on the display unit 32 of the client terminal 3, and also record and manage the first order information 72a and the second order information 72b recorded in the order table 181 as first order information 72aa, 72ab and second order information 72ba, 72bb. In this embodiment 1, as shown in FIG. 22, for example, the split first order information 72aa, 72ab and the split second order information 72ba, 72bb have the same 16-digit order number body of the order number 181A and consecutive 8-digit branch numbers, and are recorded in the order table 181 as corresponding to each other and are displayed on the transaction display screen 50. They are also corresponding to the first order information 72a and the second order information 72b before the split, because they are similarly assigned a correspondence relationship with the order number body and branch numbers of the order number 181A.

In addition, when the order information forms a first order 72a1 and a second order 72b1, and only a portion of the first order 72a1 is executed to hold a position, the order information generation unit 15 and the execution management unit 16 display the first order information 72a and the second order information 72ba on the display unit 32 of the client terminal 3 in a state in which the first order 72a1, which holds a position for a portion, i.e., 6 out of 10, corresponds to the second order 72ba1, which settles the held position of a portion of the first order 72a1 by execution, and also record and manage them in the order table 181.

Specifically, as shown in FIG. 20, the executed quantity information 181L of the first order information 72a is displayed as "6", indicating that a partial contract has occurred, and the order quantity information 181K of the second order information 72ba in the second row is "6". In other words, the executed quantity information 181L of the first order information 72a and the order quantity information 181K of the second order information 72ba are the same number, which indicates that the first order 72aa1 related to the first order information (first order information 72a) that was split from the first order information 72a and the second order 72ba1 related to the second order information 72ba are corresponding orders, and they can be managed in a corresponding state.

In this embodiment 1, in the initial state in which the transaction display screen 50 is displayed, the customer operates the operation unit 31 of the client terminal 3 to display the first order information 72aa and the second order information 72ba in a state in which the first order 72a1 and the second order 72ba1 correspond to each other. However, the customer can arbitrarily change the display order and items of each piece of information 181A to 181Q by operating the operation unit 31 of the client terminal 3.

In addition, any other configuration may be used as long as the order that is executed by partial execution and the order that is placed based on it are displayed on the display unit 32 of the client terminal 3 in correspondence (with the correspondence clearly indicated) or are recorded and managed in the order table 181. Specifically, for example, the part of the second order 72ba1 that is executed in correspondence with the executed first order 72aa1, or the other part of the second order 72bb1 that is not executed in correspondence with the executed first order 72aa1, may be displayed in the same or similar colors, displayed together with figures of the same or similar shapes, or displayed in the same or similar fonts. In addition, when recording and managing the order information related to these orders in the order table 181, it is also possible to record and manage them in a corresponding state by adding the same or similar attribute information.

[Processing Procedure (Processing in Case of Partial Contract (2))]
Next, consider a case where only a portion of first order 72a1 is executed, resulting in partial execution (see chart 74 in Figure 20), and then the market price becomes second order price 76, and one or both of second orders 72ba1, 72bb1, for example, second order 72ba1, is partially executed (see chart 74 in Figure 24).

For example, as shown in chart 74 of FIG. 20, consider a case in which market price 77 becomes first order price 75 and six of the ten first orders (not shown) are filled, and then market price 77 becomes second order price 76 and four of the six second orders 72ba1 are filled.

In this case, when the market price reaches first order price 75 due to the execution of four lots of first order 72a1, executed quantity information 181L of first order information 72a (see table 73 in FIG. 20) changes from "0" to "6." This results in the state of first order information 72aa in the first row of table 73 in FIG. 24. Also at this time, first order information 72ab shown in the fourth row of table 73 in FIG. 24 is generated.

As shown in chart 74 of FIG. 24, as six of the ten first orders 72a1 are executed, second order information 72ba in which order status information 181D is "Ordering" and order quantity information 181K is "6" and second order information 72bb in which order status information 181D is "Waiting" and order quantity information 181K is "4" are generated as shown in table 73 of FIG. 20 and displayed on the transaction display screen 50.

Furthermore, if only four of the six second orders 72ba1 are executed, the executed quantity information 181L of the second order information 72ba changes from "0" to "4" as shown in table 73 of FIG. 24.

As a result of four of the six second orders 72ba1 being contracted, as shown in table 73 of FIG. 24, first order information 72aa with order quantity information 181K of "4" and order status information 181D of "on order" and second order information 72baa with order quantity information 181K of "4" and order status information 181D of "waiting" are generated as data constituting a new order information group 71A, and these are displayed on the transaction display screen 50. As a result, as shown in chart 74 of FIG. 24, the four first orders 72aa1 are placed, and the four second orders (not shown in FIG. 24) are placed but waiting.

The first order 72a1 shown in FIG. 24, in which 6 out of 10 lots are executed, is processed in the same manner as described above in "Processing in the event of partial execution (1)," and new first order information is generated.

Also shown in FIG. 24. When two unfilled lots of the second order 72ba1, in which four out of six lots are filled, are filled, second order information (not shown in FIG. 24) with order quantity information 181K of "4" and filled quantity information of "0" and second order information (not shown in FIG. 24) with order quantity information 181K of "2" and filled quantity information of "0" are generated in place of the second order information 72ba shown in FIG. 24. In this case, the corresponding first order information (not shown in FIG. 24) is also generated with order quantity information 181K of "4" and filled quantity information of "0" and first order information (not shown in FIG. 24) with order quantity information 181K of "2" and filled quantity information of "0". Thereafter, if-done orders are repeatedly made for each of the split first orders and each of the split second orders based on these order information.

The order information generation unit 15 and the execution management unit 16 display the generation of order information, the placing and execution of orders, the order information and order splitting, the repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer. Specifically, the order information generation unit 15 and the execution management unit 16 cause the display unit 32 of the client terminal 3 to display, when only a portion of the multiple order information, for example, the second order 72b of 10 sheets related to the second order information 72b having the order quantity information 181K of "10", has been placed, a split order into an placed order, for example, the second order 72ba1 of 6 sheets and an unplaced order, for example, the second order 72bb1 of 4 sheets, and/or cause the display unit 32 of the client terminal 3 to display, when only a portion of the multiple order information, for example, the second order 72b1 of 10 sheets related to the second order information 72b having the order quantity information 181K of "10", has been executed, a split order into an executed order, for example, the second order 72ba1 of 6 sheets and an unexecuted order, for example, the second order 72bb1 of 4 sheets, and also record and manage them in the order table 181. In addition, the order information generation unit 15 and the contract management unit 16 also display, manage, record, and manage the first order 72a1 based on the first order information 72a (see FIG. 24).

At this time, if only a portion of the second order, for example, second order 72baa1, out of the second orders corresponding to a first order, for example, first order 72a1, in which a portion, for example, 6 out of 10, holds a position, has its position settled, the order information generation unit 15 and the contract management unit 16 display the first order information, for example, first order information 72aa, and the second order information, for example, second order information 72baa, 72bab, on the display unit 32 of the client terminal 3 in a state in which the second order, for example, second order 72baa1, which has settled the position, and the second order, for example, second order 72bab1, whose position has not been settled, are split, and also record and manage them in the order table 181. In this embodiment 1, as shown in FIG. 24, the second order information 72ba before the split and the second order information 72baa after the split have the same 16-digit order number body of order number 181A and consecutive 8-digit branch numbers, and are recorded in a corresponding state in the order table 181 and displayed on the transaction display screen 50. Although not shown, the second order information 72bab after the split also has the same 16-digit order number body of order number 181A and is assigned an 8-digit branch number that corresponds to the order number 181A of the second order information 72ba before the split and one of the second order information 72baa after the split.

[Processing procedure (processing in the case of partial contract (3))]
FIG. 25 shows a variation of the above-mentioned "Processing (1) in the case of partial contract."

25 shows a modified example in which only 6 of the 10 first orders 72a1 shown in FIG. 20 are executed. As shown in the figure, in this modified example, instead of the first order information 72a (see FIG. 20) relating to the partially executed first order 72a1, a portion of the first order 72a1 (6 of the 10) is executed, and the placed 10 first order 72a1 is split into a executed first order 72aa1 of 6 and an unexecuted first order 72ab1 of 4. At this time, as shown in table 73 in FIG. 25, first order information 72ab used for the transaction of the unexecuted 4 first orders 72ab1 is generated. In the first order information 72ab, the order status information 181D is "on order", the order quantity information 181K is "4", and the execution quantity information 181L is "0".

As described above, in this modified example, when a portion of the first order 72a1 is executed, it splits into an executed first order 72aa1 of six lots and an unexecuted first order 72ab1. The structure and processing of the first orders 72aa1 and 72ab1 are the same as those in the above-mentioned "Processing (1) in the event of partial execution."

By configuring in this manner, first order information 72ab is generated when only a portion of first order 72a1 is executed, and split into executed first order 72aa1 and unexecuted first order 72ab1. The executed and unexecuted portions of first order 72a1 that is only partially executed are recorded and managed as separate and independent information from the time of execution, allowing the executed first order 72aa1 and the unexecuted first order 72ab1 to be processed and managed separately and independently with a high degree of freedom.

[Processing Procedure (Processing in Case of Partial Contract (4))]
FIG. 26 shows a variation of the above-mentioned "Processing (2) in the case of partial contract."

This figure shows a modified example in which only four of the six second orders 72ba1 shown in FIG. 24 have been filled. As shown in the figure, in this modified example, two pieces of second order information 72baa and 72bab are generated in place of the second order information 72ba (see FIG. 24) relating to the second order of which only a portion has been filled. Of these, the second order information 72baa is used for trading the second order 72baa1 of four pieces that has been placed, with order status information 181D being "on order", order quantity information 181K being "4", and executed quantity information 181L being "0". On the other hand, the second order information 72ba is used for trading the second order 72ba1 of two pieces that has been placed, with order status information 181D being "on order", order quantity information 181K being "2", and executed quantity information 181L being "0". Immediately after the second order information 72baa is generated, the order status information 181D changes from "Ordering" to "Contracted," and the second order 72baa1 is processed as if it had been contracted, and the second order is erased from the display unit 32. As shown in FIG. 24, in this modified example, the first order 72a1 is processed in the same manner as in "Processing (3) in the event of partial contract" described above.

As described above, in this modified example, when a portion of the second order 72baa1 is executed, it splits into an executed second order 72baa1 of four lots and an unexecuted second order 72bab1.

By configuring in this way, second order information 72baa, 72bab is generated at the time when only a portion of second order 72ba1 is executed, and split into executed second order 72baa1 and unexecuted second order 72bab1, and the partially executed second order 72ba1 is recorded and managed as separate and independent information from the time of execution, allowing the executed second order 72baa1 and the unexecuted second order 72bab1 to be processed and managed separately and independently with a high degree of freedom.

In the modified example shown in FIG. 26, when both the first order 72a1 and the second order 72ba1 are partially executed, the first order information 72aa, 72ab and the corresponding second order information 72baa, 72bab are generated and split. However, this is not limited to the above. For example, the first order 72a1 may be split when only a portion of the first order 72a1 is executed and the corresponding second order 72ba1 is executed, as in the case of "Processing (1) in the event of partial execution," and the second order 72ba1 may be split when only a portion of the first order 72a1 is executed and split into second orders 72baa1, 72bab1.

[Processing Procedure (Processing in Case of Partial Contract (5))]
As a modified example, as shown in FIG. 20, when only a portion (six in this figure) of the placed first order 72a1 of 10 pieces is executed, the first order can be split into an executed first order 72aa1 and an unexecuted first order 72ab1 at a predetermined timing after the execution.

Specifically, for example, the contract management unit 16 may perform a process to split a first order 72a1 that was only partially contracted while trading of the financial product was suspended.

More specifically, for example, for financial products handled by the first financial product transaction management device 1 and the second financial product transaction management device 2, consider a case where, in a specific week, only six of the ten first orders 72a1 are contracted as shown in FIG. 20, and then, after a trading suspension period, trading of the financial products is resumed. In this case, the contract management unit 16 generates the first order information 72aa and 72ab shown in FIG. 25 instead of the first order information 72a shown in FIG. 20 during the trading suspension period. As a result, during the trading suspension period, the first order 72a1 shown in FIG. 20 is split into the first orders 72aa1 and 72ab1 shown in FIG. 25, and when trading begins, the display unit 32 of the client terminal 3 displays the first order information 72ab and the second order information 72ba and 72bb shown in table 73 in FIG. 25, and trading is carried out based on the split first orders 72aa1 and ab1.

Similarly, when a portion of the second order 72ba1 shown in FIG. 24 (four out of six lots in the figure) is executed, the execution management unit 16 can be configured to generate second order information 72baa and 72bab shown in FIG. 26 during the trading suspension period in place of the second order information 72ba and 72bb shown in the figure, and split the second orders into 72baa1 and 72bab1.

As described above, in this first embodiment, when only a portion of the first order 72a1 and/or only a portion of the second order 72b1 is executed, the first order 72a1 that is only partially executed and/or the second order 72ba1 that is only partially executed are split at a predetermined timing after only a portion of the order is executed, thereby splitting the first order 72a1 that is only partially executed and/or the second order 72b1 that is only partially executed at a timing that suits the cause and situation of only a portion of the order being executed, thereby making it possible to appropriately manage and operate transactions including partial execution. This allows traders to appropriately operate trading forms including partial execution in financial product trading conducted using a computer system.

In this embodiment 1, when a specific second order 72b1 or a first order 72a1 corresponding to the specific second order 72b1 is only partially executed, the specific second order 72b1 can be split at a timing appropriate to the cause and circumstances of only being partially executed. This allows for appropriate management and operation of transactions including partial execution.

In this first embodiment, when a specific first order 72a1 or a second order 72b1 corresponding to the specific first order 72a1 is only partially executed, the specific first order 72a1 can be split at a timing appropriate to the cause and circumstances of only being partially executed. This allows for appropriate management and operation of transactions including partial execution.

In this embodiment 1, first orders 72a1 and second orders 72b1 that are only partially executed and partially unexecuted are recorded, managed, and processed using order quantity information 181K and executed quantity information 181L of first order information 72a and second order information 72b, respectively. This makes it possible to uniformly record and manage orders that are partially executed, simplify data, and achieve consistent processing.

In this embodiment 1, an order that is executed when only a portion of the first order 72a1 and second orders 72b1 based on the first order information 72a and second order information 72b, for example the first order 72a1, is executed, is displayed as first order information 72aa on the display unit 32 of the client terminal 3. This makes it possible to correctly operate a transaction in which only a portion of the first order 72a1 and second orders 72b1 to be placed or a transaction in which only a portion of the placed first order 72a1 and second order 72b1, for example the first order 72a1, is executed, for an ordered financial product. In addition, when only a portion of the first order 72a1 (e.g., 6 out of 10) is executed, the second order 72b1 is split into a second order 72ba1 corresponding to the executed portion of the first order 72a1 and a second order bb1 corresponding to the other portion of the executed portion of the first order 72a1, and in this state, the second order information 72ba, 72bb is displayed on the display unit 32 of the client terminal 3, thereby allowing a transaction in which only a portion of the first order 72a1 (e.g., 6 out of 10) and a portion of the second order, e.g., the second order 72ba1, are executed can be properly managed. This allows traders to properly manage a transaction type including partial execution in financial product transactions conducted using a computer system.

In this embodiment 1, by splitting a partially executed first order, e.g., first order 72a1, into an placed order, e.g., second order 72ba1, and an unplaced order, e.g., second order 72bb1, and/or into an executed order, e.g., first order 72aa1, and an unexecuted order, e.g., first order ab1, it is possible to allow traders to appropriately operate a trading format including partial execution in a trading mode in which, for example, only a portion of first order 72a1 (e.g., 6 out of 10) is placed and/or executed.

In this embodiment 1, by matching a part of the first order 72a1 of an if-done order that holds a position with a part of the second order 72b1 that settles it, for example, the second order 72b1, and by displaying the order quantity information 181K and the executed quantity information 181L of the first order information 72a and the order quantity information 181K and the executed quantity information 181L of the second order information 72ba on the display unit 32 of the client terminal 3, it is possible for the trader to appropriately operate a trading form that includes partial contracts.

In this embodiment 1, when only a portion of a second order 72ba1, which settles a position held by a first order 72a1 that partially holds a position, settles a position by a second order 72baa1, the second order can be split into a settled second order, e.g., second order 72baa1, and an unsettled second order, e.g., second order 72bab1, allowing traders to appropriately operate a trading format that includes partial contracts.

In this embodiment 1, by repeatedly holding a position through the execution of the first order 72a1 and settling the held position through the execution of the second order 72b1, continuous trading opportunities are created through the repetition of the first order 72a1 and the second order 72b1, making it possible to provide opportunities to make significant profits. In addition, when the first order 72a1 and the second order 72b1 are split and repeated, if only a part of the first order 72a1, the first order 72aa1, and/or a part of the second order 72b1, the second order 72ba1, is executed, the distinction between the executed orders before the repetition, for example, the first order 72aa1, and the unexecuted orders, for example, the first order 72ab1, is maintained, and the first order information 72aa, 72ab and the second order information 72ba, 72bb are displayed on the display unit 32 of the client terminal 3. In a configuration in which the first order and the second order are repeated, when only a part of the first order 72a1 and/or the second order 72b1 is executed, all of the first orders 72aa1, 72ab1, and/or the second orders 72ba1, 72bb1 are displayed, allowing the trader to appropriately operate a trading form including partial execution.

In this embodiment 1, the contract information generation unit 25 contracts orders based on the generated first order information, e.g., first order information 72a, and second order information, e.g., second order information 72b, and the contract status is managed by the contract management unit 16, thereby ensuring the trading of financial products.

In the above embodiment 1, the first order 72a1 and the second order 72b1 of the first order when partial execution is not performed, and the first orders 72aa1, 72aaa1, 72ab1 and the second orders 72ba1, 72bab1, 72bb1 that are repeated when partial execution is performed are configured to be repeated at the same first order price 75 and the same second order price 76, but this is not limited thereto, and when the first orders 72aa1, 72aaa1, 72ab1 and the second orders 72ba1, 72bab1, 72bb1 are repeated, the first order price 75 and the second order price 76 may be changed under a predetermined condition.

Specifically, for example, the first order price 75 and/or the second order price 76 may be configured to fluctuate upward or downward under a predetermined condition (e.g., 1 yen each time the first orders 72aa1, 72aaa1, 72ab1 and the second orders 72ba1, 72bab1, 72bb1 are repeated a predetermined number of times (e.g., each time they are repeated once), or when the price difference between the first order price 75 and/or the second order price 76 and the market price becomes equal to or exceeds a predetermined price difference (e.g., when the price difference between the first order price 75 or the second order price 76 and the market price becomes equal to or exceeds 10 yen), the first order price 75 and/or the second order price 76 may be configured to fluctuate upward or downward by a predetermined price (e.g., 10 yen in the direction of market fluctuation).

In addition, in this embodiment 1, if the order information group 71A includes stop order information (not shown), and a stop-loss order is placed and executed based on this stop order information (not shown), when the first order 72a1 or the second order 72b1 is split based on the first order information 72a or the second order information 72b, the stop order information (not shown) and the stop-loss order (not shown) may be similarly split. Then, when the stop-loss order (not shown) is executed, the corresponding first order (e.g., first order 72aa1) or second order (e.g., second order 72ba1) is canceled. In this case, only the first order (e.g., first order 72aa1) or second order (e.g., second order 72ba1) corresponding to the placed stop-loss order (not shown) may be canceled, or all the first orders and second orders (e.g., first order 72ab1 and second order 72bb1) that constituted the first order 72a1 or second order 72b1 before the split may also be canceled. In addition, the first order (e.g., first order 72aa1) and the second order (e.g., second order 72ba1) that are scheduled to be repeatedly placed or executed thereafter may also be canceled. Furthermore, the first orders (e.g., first orders 72aa1 and 72ab1) and the second orders (e.g., second order 72ba1) may not be canceled.

[Embodiment 2]
27 and 28 show a second embodiment of the present invention.

In this second embodiment, first orders and second orders are each placed at multiple prices, and the process of holding a position through the execution of each first order and then settling the held position through the execution of each second order is repeated.

When a number, for example, "10," is entered in the trap quantity input field 64 on the order input screen 52 shown in FIG. 13 and the confirmation button 62 is clicked, and then the order button 66 on the confirmation screen 65 shown in FIG. 14 is clicked, a number, for example, 10 sets of order information 71A, 71B, ... 71H, 71J, 71K, is generated, which is the number entered in the trap quantity input field 64. As a result, the transaction display screen 50 (see FIG. 15) displays 10 pieces of first order information 72a, 72c, ... 72q, 72s relating to orders that have been placed, and 10 pieces of second order information 72b, 72d, ... 72r, 72t relating to orders that have not yet been placed, as shown in table 73 in FIG. 27.

As shown in the charts 74 of Figs. 27 and 28, when the market price 77 fluctuates and reaches the first order price 75 (19,250 yen), the above-mentioned [basic operation 1] [basic operation 2], etc. are reached, and only 6 out of 10 orders can be executed. In this case, the execution information generating unit 25 performs a process for partially executing the first order information 72a and the second order information 72b. As a result, the first order information 72a and the second order information 72b are in the state shown in Fig. 28. Then, one or more first orders, for example, the first order 72a1 shown in Fig. 27, are split into the first order 72aa1 (executed) and the first order 72ab1 (unexecuted) as shown in Fig. 28, with 6 out of the total 10 being partially executed. Furthermore, at this time, the corresponding second order, for example the second order 72b1 of 10 pieces shown in FIG. 27, is split into second order 72ba1 (of 6 pieces already ordered) and second order 72bb1 (of 4 pieces not yet ordered).

After that, in accordance with fluctuations in market price 77, the first orders 72aa1 and 72ab1 are repeatedly placed and executed, and the second orders 72ba1 and 72bb1 are repeatedly placed and executed. In addition, similar orders and executions or partial executions are repeatedly performed for the other first orders 72c1, ..., 72q1, 72s1 and the other second orders 72d1, ..., 72r1, 72t1.

The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, the order information and order splitting, the repetition of orders, etc. in this processing procedure on the transaction display screen 50 of the display unit 32 of the client terminal 3 used by the customer.

At this time, the order information generating unit 15 and the contract management unit 16 display the first order information, e.g., the first order information 72a and the second order information, e.g., the second order information 72b, for the first order, e.g., the first order 72a1 and the second order, e.g., the second order 72b1, which are repeatedly generated, on the display unit 32 of the client terminal 3. In addition, when only a portion of the first order, e.g., the first order 72a1 and/or the second order, e.g., the second order 72b1, before the repetition is performed is contracted, the order information generating unit 15 and the contract management unit 16 display the first order information, e.g., the first order information 72aa, 72ab, and the second order information, e.g., the second order information 72ba, 72bb, for the repeated first order, e.g., the first order 72aa1 and/or the second order, e.g., the second order 72ba1, on the transaction display screen 50 of the display unit 32 of the client terminal 3 in a manner that maintains the distinction between contracted and uncontracted orders before the repetition.

The order information generation unit 15 and the contract management unit 16 also display the first order information, e.g., first order information 72aa, and the second order information, e.g., second order information 72ba, on the transaction display screen 50 of the display unit 32 of the client terminal 3 for the first order, e.g., first order 72aa1, and the second order, e.g., second order 72ba1, that are repeatedly generated in at least one of the multiple price ranges.

The rest of the configuration is the same as in embodiment 1 of the invention.

As described above, in this second embodiment, multiple price ranges are set, and in each price range, the first orders 72a1, 72c1, ..., 72q1, 72s1, which can only be partially executed, are repeatedly placed and executed, and/or the second orders 72b1, 72d1, ..., 72r1, 72t1, which can only be partially executed, are repeatedly placed and executed. This provides an opportunity to make many profits by providing continuous trading opportunities in multiple price ranges, and also provides an opportunity to make many profits by repeatedly placing and executing the first orders 72a1, 72c1, ..., 72q1, 72s1, which can only be partially executed, in each price range. In the case where only a portion of first orders 72a1, 72c1, ..., 72q1, 72s1, and/or second orders 72b1, 72d1, ..., 72r1, 72t1 is executed, first order information relating to all first orders 72a1, 72c1, ..., 72q1, 72s1, for example, first order information 72aa, 72ab, and/or second order information relating to all second orders 72b1, 72d1, ..., 72r1, 72t1, for example, second order information 72ba, 72bb can be displayed, allowing traders to appropriately operate a trading format including partial execution.

In this embodiment 2, as in the case of embodiment 1, the ordering and execution of first orders 72a1, 72c1, ..., 72q1, 72s1 and the ordering and execution of second orders 72b1, 72d1, ..., 72r1, 72t1 are repeated at the same first order price 75 and the same second order price 76. However, as in embodiment 1, this is not limited to this, and when the ordering and execution of first orders 72a1, 72c1, ..., 72q1, 72s1 and the ordering and execution of second orders 72b1, 72d1, ..., 72r1, 72t1 are repeated, the first order price 75 and the second order price 76 may change under a predetermined condition.

In addition, in this embodiment 2, when stop-loss order information (not shown) exists in some or all of the order information groups 71A, 71B, ... 71H, 71J, 71K and stop-loss orders are placed and executed based on this stop-loss order information (not shown), when the first order 72a1 and the second order 72b1 are split based on the first order information 72a and the second order information 72b, the stop-loss order information (not shown) and the stop-loss order (not shown) may be similarly split. The manner in which the first order (e.g., first order 72a1) and the second order (e.g., second order 72b1) are canceled due to the split stop-loss order is the same as in the case of embodiment 1. In addition, when stop order information exists for each of the order information groups 71A, 71B, ..., 71H, 71J, 71K, the first orders 72a1, 72c1, ..., 72q1, 72s1 and the second orders 72b1, 72d1, ..., 72r1, 72t1 related to all of the order information groups 71A, 71B, ..., 71H, 71J, 71K may be cancelled by the execution of one stop-loss order (not shown).

Third Embodiment
FIG. 29 shows a third embodiment of the present invention.

In this embodiment 3, the order input screen 52 shown in FIG. 13 is provided with an upper limit price input field (not shown) and a lower limit price input field (not shown). Then, the order information generating unit 15 performs a predetermined calculation process based on information on the price range 83 (in FIG. 29, 600 yen, which is the price obtained by subtracting the minimum price 81 from the maximum price 82) formed based on the upper limit price information input in the upper limit price input field (not shown) (in this embodiment 3, information on the value of the upper limit price 82 that coincides with the top first order price 75 (19,700 yen) in FIG. 29)) and the minimum price information input in the minimum price input field (not shown) (in this embodiment 3, information on the minimum price 81 (19,250 yen) shown in FIG. 29) and the number of orders input in the trap number input field 64, for example, "10", and sets the order prices of each of the multiple, for example, ten, first orders 72a1, 72c1, ..., 72q1, 72s1 and the order prices of each of the ten second orders 72b1, 72d1, ..., 72r1, 72t1. As shown in FIG. 28, the order prices are formed as a first order price for a predetermined first order that holds a position through contract, and a second order price for a predetermined second order that settles a position held through contract, for example, first order price 75 for first order 72a1 and second order price 76 for second order 72b1. In this third embodiment, the price ranges 84, 84, ... 84, 84 of these first and second orders are set to belong to price range 83 (that is, all or part of all of the price ranges 84, 84, ... 84, 84 belong to price range 83).

The multiple first orders and second orders that have been set, for example, first orders 72a1, 72c1, ..., 72q1, 72s1 and second orders 72b1, 72d1, ..., 72r1, 72t1, are split by partial execution as in the second embodiment, and the ordering and execution of the corresponding first orders and second orders are repeated.

The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, the order information and order splitting, the repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer.

The rest of the configuration is the same as in embodiment 2 of the present invention.

As described above, in this third embodiment, one or more price ranges 84 are set in the price range 83 formed between a specific upper limit price 82 and a specific lower limit price 81, and the first orders 72a1, 72c1, ..., 72q1, 72s1, which can only be partially executed, and/or the second orders 72b1, 72d1, ..., 72r1, 72t1, which can only be partially executed, are repeatedly placed and executed in each price range 84, and all first orders and/or second orders in the cases where the first orders 72a1, 72c1, ..., 72q1, 72s1 and/or the second orders 72b1, 72d1, ..., 72r1, 72t1 are only partially executed in each price range 84, 84, ..., 84, 84 are displayed, thereby allowing traders to appropriately operate a trading format including partial execution.

Fourth embodiment of the invention
FIG. 30 shows a fourth embodiment of the present invention.

In this fourth embodiment, the first and second orders, for example, first orders 72a1, 72c1, ..., 72q1, 72s1 and second orders 72b1, 72d1, ..., 72r1, 72t1, are configured to be executed when the market price exceeds the first order price 75 or the second order price 76, falls or rises, then rises or falls, and reaches the first order price 75 or the second order price 76 again, and then becomes equal to or higher than the first order price 75, or becomes equal to or higher than the second order price 76.

Specifically, the order input screen 52 shown in FIG. 13 has a through price spread information input field (not shown) and a trail information input field (not shown). Then, depending on the values entered in these input fields (not shown), through price spread information (not shown) for a predetermined value (hereinafter referred to as the "through price spread") between the order price and the market price is set in each piece of first order information, for example, first order information 72a, and each piece of second order information, for example, second order information 72b, or in any table of the database 18.

As shown in chart 74 of FIG. 30, the first order 72a1 that has already been placed falls below the first order price 75, and the first order 72a1 is placed when the price difference between the first order price 75 and the market price 77 exceeds the value of the through price range 85. When the market price then becomes equal to or higher than the first order price 75 again, the first order 72a1 is executed as a stop order, and the second order 72b1 changes from an unordered state to an ordered state. When the market price 77 rises above the second order price 76, and the price difference between the second order price 76 and the market price 77 exceeds the value of the through price range 85, the second order 72b1 is placed, and when the market price then becomes equal to or lower than the second order price 76 again, the second order 72b1 is executed. When the second order 72b1 is executed, the first order 72a1 is placed and executed, and the second order 72b1 is placed and executed again in the same manner based on the first order information 72a and the second order information 72b. Thereafter, the first order 72a1 is placed and executed, and the second order 72b1 is placed and executed in the same manner.

In addition, in this embodiment 4, trail width information (not shown) is set as a specific value related to the price at which the trail is activated (hereinafter referred to as the "trail width." Here, this "trail width" is used both as the price width that triggers the activation of the trail and as the fluctuation width of the order price) in each piece of second order information, for example, trail information 181Q (see FIG. 15) of second order information 72b (or in any table in database 18, etc.) using a specific numerical value. Then, in this embodiment 4, when the market price rises further after exceeding second order price 76, and the price difference between second order price 76 and market price exceeds trail width 86 as shown in FIG. 30, second order price 76 is newly set to a price in the upward direction by the value of trail width 86. If the market price continues to rise after the second order price 76 has been newly set and the price difference between the second order price 76 and the market price exceeds the trail width 86, the second order price 76 is again newly set to an upward price by the value of the trail width 86. This resetting of the second order price 76 based on the trail width 86 is repeated until the market price 77 falls to the second order price 76 without exceeding the trail width 86, as shown in FIG. 30.

When the market price reaches the second order price 76 and the second orders, for example second orders 72ba1 and 72bb1 as shown in FIG. 30, are executed, second order 72b1 is again placed at the original second order price 76 before the second order price 76 is newly set based on the trail width 86 (for example, for second orders 72ba1 and 72bb1 in FIG. 30, the second order price 76 before the trail was activated is 19,350 yen).

The order information generation unit 15 and the contract management unit 16 display the generation of order information, the placing and contracting of orders, the order information and order splitting, the repetition of orders, etc. in this processing procedure on the display unit 32 of the client terminal 3 used by the customer.

The rest of the configuration is the same as in the first and second embodiments of the present invention.

As described above, in this fourth embodiment, the first order information 72a, 72c, ..., 72q, 72s and the second order information 72b, 72d, ..., 72r, 72t are set to be executed after the market price falls or rises above the first order price 75 and then falls above or below the first order price 75 again, or after it rises or falls above the second order price 76 and then falls below or above the second order price 76 again, so that it is more likely that a transaction can be made at a price at which a falling market turns into an uptrend or at a price close to a price at which a rising market turns into a downtrend, and it is possible to obtain a large profit from the transaction. This provides an opportunity to obtain many profits in the trading of financial products using a computer system. In addition, the order information as the second order includes trail width information (not shown), and the order information as the second order moves in an upward or downward direction based on the trail width information (not shown), thereby increasing the profit obtained from a single buying and selling transaction between the first orders 72a1, 72c1, ..., 72p1, 72r1 and the second orders 72b1, 72d1, ..., 72r1, 72t1.

In this embodiment 4, the trail width information may be set in each first order information, for example, the first order information 72a, and the first order price 75 of the first order 72a1 may also be reset in a downward direction by the trail width due to a fall in the market price. In this embodiment 4, the price range as a trigger for the trail width information and the fluctuation range of the order price may be set to different prices. The first order price 75 and the second order price 76 may be reset almost simultaneously with the fluctuation of the market price 77, or the first order prices 75, 75, ..., 75, 75 of the first order information 72a, 72c, ..., 72q, 72s may be compared with the current market price 77, and the second order prices 76, 76, ..., 76, 76 of the second order information 72b, 72d, ..., 72r, 72t may be compared with the current market price 77, and the first order price 75 and the second order price 76 may be reset when the price difference between them becomes equal to or greater than the trail activation price range.

In the above embodiments, the case where the first order is a buy order and the second order is a sell order has been described, but this is not limited thereto, and the present invention can also be applied to the case where the first order is a sell order and the second order is a buy order.

In addition, in each of the above embodiments, a configuration has been described in which the placing and execution of a first order and the placing and execution of a second order at one or more prices, such as the first order 72a1 and the second order 72b1, are repeated, but this is not limited to the above. In addition to the first order information 72a and the second order information 72b, the order information generation unit 15 generates one or more pieces of stop-loss order information (not shown) for placing and executing a stop-loss order for a loss cut (stop loss), and when the first order 72a1 is executed, a stop-loss order (not shown) is placed together with the second order 72b1, and the stop-loss order is executed. When the value order is executed, the ordering and execution of the already placed second order 72b1 and the first orders 72a1 and second orders 72b1 that were scheduled to be repeated thereafter (which may be only the specific first order 72a1 and the specific second order 72b1, or in the second to fourth embodiments, which may include first orders 72c1, ..., 72q1, 72s1 other than the specific first order 72a1 and second orders 72d1, ..., 72r1, 72t1 other than the specific second order 72b1 related to the if-done orders other than the if-done order) may be canceled. Also, a so-called OCO order other than the configuration in which the second order 72b1 and the stop order (not shown) are placed simultaneously (for example, a first buy order 72a1 and a first sell order (not shown) are placed simultaneously, and when the first buy order 72a1 is executed due to fluctuations in the market price of the financial product, the second sell order 72b1 is placed and the first sell order (not shown) (and the second buy order (not shown) that was scheduled to be placed after that) is canceled) may be used. Also, a configuration in which the first order 72a1 and the second order 72b1 are executed using the so-called "itayose method" when the market resumes after a temporary interruption may be used.

In each of the above embodiments, when a partial execution occurs, the first order 72a1 and the second order 72b1 are split, but this is not limited to the above. When a certain condition is met (for example, when a trader inputs an instruction to combine, or when the quantity of all first orders 72a1 and all second orders 72b1 reaches the minimum quantity of "1"), multiple first orders that were once split, such as first orders 72a1 and 72a2, and multiple second orders, such as second orders 72b1 and 72b2, may be combined to become one first order 72a1 and one second order 72b1.

In each of the above embodiments, a configuration is used in which multiple first orders and multiple second orders are placed at the same order price when a partial execution occurs, but this is not limited to the above, and the configurations of embodiments 1 to 4 of the invention may be combined with a configuration in which multiple first orders and multiple second orders are always placed at the same order price, regardless of whether a partial execution occurs.

In each of the above embodiments, a stock price index is handled as a financial product, but this is not limited thereto, and the present invention may be applied to a financial product trading system that handles any type of financial product, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, etc.

In each of the above embodiments, the financial instruments transaction management system 1A is configured with a first financial instruments transaction management device 1 and a second financial instruments transaction management device 2, but this is not limited to the above, and all of the functional means may be provided in one financial instruments transaction management device. Specifically, for example, the financial instruments transaction management system 1A shown in FIG. 1 may not have a second financial instruments transaction management device 2 managed and operated by a financial instruments exchange or the like, and all of the functional means of the second financial instruments transaction management device 2 shown in FIG. 1 may be provided in the first financial instruments transaction management device 1 managed and operated by a financial instruments dealer. Conversely, the financial instruments transaction management system 1A shown in FIG. 1 may not have a second financial instruments transaction management device 2, and all of the functional means of the second financial instruments transaction management device 2 shown in FIG. 1 may be provided in the first financial instruments transaction management device 1.

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

It goes without saying that the above-mentioned embodiments are merely examples of the present invention, and do not mean that the present invention is limited to only the above-mentioned embodiments.

1A...Financial product transaction management system 1...First financial product transaction management device (financial product transaction management device)
2...Second financial product transaction management device (financial product transaction management device)
14: Account information management unit (funds management means)
15: Order information generation unit (order information generation means)
16...Execution management department (execution management means)
25...Contract information generation unit (contract information generation means)
72a1, 72aa1, 72ab1, 72aaa1...First order 72b1, 72ba1, 72bb1, 72baa1, 72bab1...Second order 75...First order price 76...Second order price 77...Market price 81...Lower price 82...Upper price 83...Price range 84...Price band 85...Through price range 86...Trail width

Claims (13)

A financial product transaction management device for trading financial products whose market prices fluctuate,
an order information generating means for generating order information for ordering a financial product;
An agreement management means for managing the agreement of the financial product,
The order information generating means
generating first order information for executing a first order at a first order price and second order information for executing a first order at a second order price that is a predetermined profit margin with respect to the execution price of the first order;
The contract management means includes :
When a specific part of the first orders, which are formed based on the order information and can be executed in part or in whole, and a second order, which is executed based on the first order and can be executed in part or in whole, and which settles a held position by execution based on the first order, satisfies a condition for execution and a remaining part also satisfies a condition for execution and/or when a specific part of the second orders satisfies a condition for execution and a remaining part also satisfies a condition for execution, a process is performed in which the specific part of the first orders that satisfies the condition for execution and the remaining part of the first orders are executed at different times in the order in which the conditions for execution are satisfied, and/or the process is performed in which the specific part of the second orders that satisfies the condition for execution and the remaining part of the second orders are executed at different times in the order in which the conditions for execution are satisfied,
The order information generating means
generating a specific portion of first order information for trading the specific portion of the first orders for which the processing for contracting has been performed and a specific portion of second order information for contracting a specific portion of the second orders corresponding to the specific portion of the first orders at the second order price;
generating first order information of the remaining portion for trading the first orders of the remaining portion and second order information of the remaining portion for executing the second orders of the remaining portion corresponding to the first orders of the remaining portion at the second order price;
Repeating once or a plurality of times a process of generating the first order information for trading the specific part of the first orders for which the contract process has been performed and the first order information for trading the remaining part of the first orders while maintaining them in separate states; and/or
A financial product transaction management device characterized by repeating, one or more times, a process of generating second order information for trading a specific portion of the second orders for which the process of contracting has been performed, and second order information for trading a remaining portion of the second orders, while maintaining them in separate states. The contract management means includes:
2. The financial instruments transaction management device according to claim 1, wherein, for the first order that holds the position through execution and the second order that settles the position through execution, at any one of the time points when the first order is executed, or a predetermined timing after the first order is executed, or when the second order is executed, or a predetermined timing after the second order is executed, the second order is split into a part of the second orders that are executed in response to the executed first order and another part of the second orders that are not executed in response to the executed first order. The contract management means includes:
3. The financial instruments exchange management device according to claim 1 or 2, characterized in that, for the first order that holds the position through contract and the second order that settles the position through contract, the first order is split into the contracted first order and the uncontracted first order at any one of the following points: when the first order is contracted, or at a predetermined timing after the first order is contracted, or when the second order is contracted, or at a predetermined timing after the second order is contracted. The financial instruments transaction management device according to any one of claims 1 to 3, characterized in that, when the order information forms first orders and second orders, and only a portion of the first orders is executed to hold a position, the contract management means brings into correspondence a portion of the first orders that hold the position, or a portion of the first orders before the split occurs in the case where the portion of the first orders splits, with a portion of the second orders that settle the position of the portion of the first orders that hold the position by contract. the order information generating means generates the order information for placing a first order and a second order, and repeatedly holds the position based on the order information of the first order and settles the position based on the order information of the second order,
The contract management means includes:
Regarding the first order and the second order,
5. A financial instruments transaction management device as described in any one of claims 1 to 4, characterized in that when only a portion of the first order and/or the second order before the repetition is executed is executed, the repeated first order and/or second order is executed in a manner that maintains the distinction between the executed orders and the unexecuted orders before the repetition. the order information generating means generates order information for placing the first order and the second order at a plurality of prices,
6. The financial product exchange management device according to claim 5, characterized in that the contract management means sets up a plurality of price ranges between the price of the first order and the price of the second order corresponding to the first order, and repeatedly places the first order and the second order in at least one of the plurality of price ranges. The financial product transaction management device according to claim 6, characterized in that the order information generating means sets one or more of the price ranges in a price range formed between a specific upper limit price and a specific lower limit price. the order information generating means sets the order information as the first order such that the position will be held after the market price falls or rises beyond the first order price, and then falls below or equal to the first order price again, with respect to a first order price set as a reference price for the first order to hold the position;
setting the order information as the second order such that, with respect to a second order price set by the second order as a reference price for settling the position, the position is to be settled after the market price rises or falls beyond the second order price and then falls below or above the second order price again;
The order information for the second order includes trail width information,
8. The financial product transaction management device according to claim 1, wherein the order information which is the second order is set to move in an upward or downward direction based on the trail information. The financial product transaction management device according to any one of claims 1 to 8, further comprising a contract information generating means for contracting the order information after the order information matches the predetermined market price. a fund management means for managing fund information as information on the balance of funds in a specified account of a trader who trades the financial product;
The financial product transaction management device according to claim 9, characterized in that the contract information generation means checks the fund information, and if the balance of the funds is less than the amount required to contract the financial product, contracts only a portion of the orders based on the order information placed at the same price. A financial instruments transaction management system for trading financial instruments whose market prices fluctuate,
an order information generating means for generating order information for ordering a financial product;
An agreement management means for managing the agreement of the financial product,
The order information generating means
generating first order information for executing a first order at a first order price and second order information for executing a first order at a second order price that is a predetermined profit margin with respect to the execution price of the first order;
The contract management means includes :
When a specific part of the first orders, which are formed based on the order information and can be executed in part or in whole, and a second order, which is executed based on the first order and can be executed in part or in whole, and which settles a held position by execution based on the first order, satisfies a condition for execution and a remaining part also satisfies a condition for execution and/or when a specific part of the second orders satisfies a condition for execution and a remaining part also satisfies a condition for execution, a process is performed in which the specific part of the first orders that satisfies the condition for execution and the remaining part of the first orders are executed at different times in the order in which the conditions for execution are satisfied, and/or the process is performed in which the specific part of the second orders that satisfies the condition for execution and the remaining part of the second orders are executed at different times in the order in which the conditions for execution are satisfied,
The order information generating means
generating a specific portion of first order information for trading the specific portion of the first orders for which the processing for contracting has been performed and a specific portion of second order information for contracting a specific portion of the second orders corresponding to the specific portion of the first orders at the second order price;
generating first order information of the remaining portion for trading the first orders of the remaining portion and second order information of the remaining portion for executing the second orders of the remaining portion corresponding to the first orders of the remaining portion at the second order price;
Repeating once or a plurality of times a process of generating the first order information for trading the specific part of the first orders for which the contract process has been performed and the first order information for trading the remaining part of the first orders while maintaining them in separate states; and/or
A financial product transaction management system characterized by repeating, one or more times, a process of generating, while maintaining separate states, the second order information for trading the specific portion of the second orders for which the process of contracting has been performed and the second order information for trading the remaining portion of the second orders. A financial instruments transaction management method in a financial instruments transaction management system for trading financial instruments whose market prices fluctuate, comprising:
an order information generation step for generating order information for placing an order for a financial instrument;
a contract management procedure for managing the contract of the financial product;
In the order information generation procedure,
First order information for executing the first order at a first order price and second order information for executing the first order at a second order price that is a predetermined profit margin with respect to the execution price of the first order are generated;
In the contract management procedure,
When a specific part of the first orders, which are formed based on the order information and can be executed in part or in whole, and a second order, which is executed based on the first order and can be executed in part or in whole, and which settles a held position by execution based on the first order, satisfies a condition for execution and a remaining part also satisfies a condition for execution and/or when a specific part of the second orders satisfies a condition for execution and a remaining part also satisfies a condition for execution, a process is performed in which the specific part of the first orders that satisfies the condition for execution and the remaining part of the first orders are executed at different times in the order in which the conditions for execution are satisfied, and/or the process is performed in which the specific part of the second orders that satisfies the condition for execution and the remaining part of the second orders are executed at different times in the order in which the conditions for execution are satisfied,
In the order information generation procedure,
A specific portion of first order information for trading the specific portion of the first orders for which the processing for contracting has been performed and a specific portion of second order information for contracting a specific portion of the second orders corresponding to the specific portion of the first orders at the second order price are generated, and
first order information of the remaining portion for trading the first orders of the remaining portion and second order information of the remaining portion for executing the second orders of the remaining portion corresponding to the first orders of the remaining portion at the second order price are generated;
Repeating once or a plurality of times a process of generating the first order information for trading the specific part of the first orders for which the contract process has been performed and the first order information for trading the remaining part of the first orders while maintaining them in separate states; and/or
repeating once or a plurality of times a process of generating the second order information for trading the specific part of the second orders for which the process of executing the contract has been performed and the second order information for trading the remaining part of the second orders while maintaining the second order information in a separate state;
A financial product transaction management method in a financial product transaction management system. A program that causes a computer to function as a financial product transaction management device according to any one of claims 1 to 10 or as a financial product transaction management system according to claim 11.

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