JP7773270B2 - Financial product transaction management device and program - Google Patents

Description

The present invention relates to 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.

Market orders (orders in which a transaction is made at the market price at the time of order placement) and limit orders (in which a transaction is made when the market price reaches a pre-specified price) are known as trading methods for various financial instruments with fluctuating market prices, such as stocks, bonds, investment trusts, real estate investment trusts, commodities, foreign exchange, stock indexes, crypto assets, and virtual currencies. Financial instruments trades made between customers and financial institutions such as banks using these trading methods may be intervened by financial instruments business operators (hereinafter referred to as "financial instruments business operators") that trade various financial instruments. Financial instruments business operators may engage in cover transactions for financial instruments. A cover transaction is a transaction that a financial instruments business operator conducts with a financial institution to settle a position held by the financial instruments business operator when a customer's order is executed. By conducting a cover transaction with a bank or other institution that is the opposite of the transaction undertaken by the customer, the financial instruments business operator can hedge against the risk of currency fluctuations.

Conventionally, there are known inventions that use computer systems to perform transactions using these order types, such as limit orders, including cover transactions (see, for example, Patent Document 1). In this invention, in currency transactions such as foreign exchange transactions, the current market value of a currency trading indicator is periodically obtained, and a provisional decision is made as to whether or not to conclude a currency transaction at the current market value based on a previously accepted designated value for the currency trading indicator and the obtained current market value. If it is provisionally decided to conclude a currency transaction at the current market value, it is confirmed whether or not a cover transaction for the currency transaction can be concluded, and if it is confirmed that a cover transaction can be concluded, the cover transaction is concluded and the provisionally decided currency transaction is concluded.

Japanese Patent Application Laid-Open No. 2017-167820

When a financial instruments business operator trades financial instruments using the invention described in Patent Document 1, the financial instruments business operator must trade with a customer who will execute a financial instrument at the market price, and then perform a cover transaction with a bank or other institution based on the contract. In this case, the transaction with the customer is first conducted, and the cover transaction is then performed based on the results of the first transaction. Because market prices change from moment to moment, the time difference between the transaction with the customer and the cover transaction creates a price difference between the contract price of the financial instrument and the transaction price at the time of the cover transaction, creating a risk that the financial instruments business operator will incur a substantial loss.

However, in the invention described in Patent Document 1, data on each financial instrument traded with a customer is sequentially sent to a dealing device that constitutes a computer system. The dealing device then sequentially performs cover trades based on the data on the financial instruments. Therefore, when a large number of trades occur, the amount of data on financial instruments to be processed becomes enormous. For this reason, the invention described in Patent Document 1 poses a problem in that the risk of financial instruments traders suffering substantial losses increases as the trading volume increases.

On the other hand, whether or not a financial instruments business operator incurs a substantial loss as mentioned above depends on fluctuations in market prices after a transaction is concluded with a customer. However, in the invention described in Patent Document 1, processing when a transaction is concluded with a customer is carried out regardless of fluctuations in market prices. As a result, the invention described in Patent Document 1 has the problem of not allowing financial instruments business operators to avoid risk in response to fluctuations in market conditions.

The present invention was made in consideration of these issues, and aims to provide a financial product transaction management device that can reduce the risk of losses in response to fluctuations in market conditions when trading financial products using a computer system.

In order to achieve this object, the invention of claim 1 is a financial instruments transaction management device for trading financial instruments, comprising : order information generation means for generating order information for placing an order for the financial instruments; existing order information recording means for recording existing order information generated as existing order information for trading existing orders as existing orders for trading in the financial instruments transaction management device, which are orders that are currently executed or that are scheduled to be executed in the future, among the order information generated by the order information generation means; market price information acquisition means for acquiring market price information for the financial instruments; and a predetermined risk as the risk that the financial instruments business operator trading the financial instruments will incur losses due to positions held by the financial instruments business operator trading the financial instruments, due to trading of a predetermined order as an order for the financial instruments that is newly placed after trading has started and fluctuations in the market price. and a risk assessment means for assessing whether it is possible to continue holding all or a part of the position, wherein the risk assessment means assesses the specified risk by checking information on the position held by the financial instruments business operator through the transaction of the specified order for the financial instrument, information on the market price of the financial instrument acquired by the market price information acquisition means when the position is held based on information on the position held by the financial instruments business operator through the transaction of the specified order for the financial instrument, information on the market price of the financial instrument acquired by the market price information acquisition means, a position evaluation price as the evaluation price of the position generated through the transaction of the specified order, and whether or not there is existing order information with an order price corresponding to the position evaluation price, and if there is existing order information with an order price corresponding to the position evaluation price, assessing whether or not to continue holding the position .

The invention of claim 2, in addition to the configuration of claim 1, is characterized in that the existing order information recording means records, as the existing order information, existing order information for buying to transact a buy order and existing order information for selling to transact a sell order, and the risk assessment means adds up the order volume of the existing order information for buying, which is specified based on an order price of a value obtained by calculating one specific value on the position valuation price, and the order volume of the existing order information for selling, which is specified based on an order price of a value obtained by calculating another specific value on the position valuation price, calculates a total amount of the order volumes of the existing orders based on the result of the addition, and evaluates the predetermined risk by comparing the calculated total amount of order volume with the amount of the position held by the financial instruments business operator.

The invention of claim 3, in addition to the configuration of claim 1 , is characterized in that the existing order information recording means records the existing order information under a plurality of different execution conditions as the existing order information, and the risk assessment means adds up the order volume of the existing orders under one execution condition of the plurality of execution conditions and the order volumes of the existing orders under other execution conditions of the plurality of execution conditions, calculates a total volume of the order volumes of the existing orders based on the result of this addition, and evaluates the predetermined risk by comparing the calculated total order volume with the volume of the position held by the financial instruments business operator .

The invention of claim 4 is characterized in that, in addition to the configuration of claim 1, when the market price fluctuates after the financial instruments business operator holds a position and the held position fluctuates in a loss-generating direction in which the financial instruments business operator will incur a loss , it is evaluated whether it is possible to continue holding all or a part of the position using the existing order information , which is an order price in the loss-generating direction rather than the market price at the time the position was held.

The invention described in claim 5 is characterized in that, in addition to the configuration described in claim 1, the result of the risk assessment means's assessment of whether it is possible to continue holding all or part of the position is used in processing by the financial instruments business operator to conduct a cover transaction with a financial institution in connection with the execution of the specified order.

According to a sixth aspect of the present invention, in addition to the first aspect, the predetermined order is a market order.

The invention described in claim 7 is characterized in that, in addition to the configuration described in claim 1, it further comprises a risk hedge execution means for performing risk hedging processing to execute the existing order based on the result of evaluation by the risk evaluation means as to whether it is possible to continue holding all or part of the position .

The invention described in claim 8 is characterized in that, in addition to the configuration described in claim 7 , the risk hedge execution means, as the execution of the risk hedge processing, processes a cover transaction associated with the execution of the specified order to a financial institution system managed by a financial institution that conducts transactions with the financial instruments business operator.

The invention described in claim 9 is a program that causes a computer to function as the financial product transaction management device described in any one of claims 1 to 8 .

According to the invention of claim 1, market price information is acquired, and a predetermined risk, which is the risk that a financial instruments business operator trading financial instruments will incur losses due to a position held by the financial instruments business operator, is evaluated as to whether it is possible to continue holding all or part of the position, based on the trading of a predetermined order as an order for a financial instrument placed after trading has begun and fluctuations in market price. The system then checks information on the position held by the financial instruments business operator, information on the market price of the financial instrument acquired when the position was held, the position valuation price generated by the trading of the predetermined order, and whether or not there is existing order information with an order price corresponding to the position valuation price. If there is existing order information with an order price corresponding to the position valuation price, the system evaluates whether or not to continue holding the position, thereby evaluating the predetermined risk. This allows the risk of losses to be reduced in response to fluctuations in market conditions when trading financial instruments using a computer system.

According to the invention of claim 2, by comparing the calculated total order volume with the volume of the position held by the financial instruments business operator to evaluate a predetermined risk, it is possible to reduce the risk of losses occurring in response to fluctuations in market conditions in financial instruments transactions conducted using a computer system.

According to the invention of claim 3, by comparing the calculated total order volume with the volume of the position held by the financial instruments business operator to evaluate a predetermined risk, it is possible to reduce the risk of incurring losses in response to fluctuations in market conditions in financial instruments transactions conducted using a computer system.

According to the invention of claim 4, when the market price fluctuates after a financial instruments business operator has held a position and the market price fluctuates in a loss-incurring direction, i.e., a direction in which the financial instruments business operator will incur a loss due to the held position, by evaluating whether it is possible to continue holding all or part of the position using the existing order information, which is an order price that is more in the loss-incurring direction than the market price at the time the position was held, it is possible to reduce the risk of loss occurrence with a high degree of certainty by using orders that already exist and are recorded.

According to the invention described in claim 5 , the result of the evaluation of whether it is possible to continue holding all or part of a position is used in processing a specific transaction in which a financial instruments business operator conducts a cover transaction with a financial institution in connection with the execution of a specified order, thereby making it possible to reduce the risk of incurring losses with a high degree of certainty.

According to the sixth aspect of the present invention, in market order transactions in which the risk of loss due to fluctuations in market prices is high, the risk of loss can be reduced with high certainty.

According to the invention described in claim 7 , the risk of losses occurring can be reduced in actual trading processing by executing a process to execute an existing order based on the results of an evaluation of whether it is possible to continue holding all or part of a position.

According to the invention of claim 8 , it is possible to increase the accuracy of reducing a predetermined risk caused by fluctuations in market prices by using existing order information, and to realize processing in actual trading that reduces the risk of occurrence of losses with high accuracy in accordance with fluctuations in market conditions.

According to the ninth aspect of the present invention, the present invention can be realized on a variety of computer systems.

1 is a system configuration diagram and a functional block diagram of a financial product transaction management system and a financial product transaction management device, which include an account status display device according to a first embodiment of the present invention; 10 is a schematic diagram of target order information in the financial product transaction management device. FIG. 10 is a schematic diagram of target order information in the financial product transaction management device. FIG. 3 is a flowchart showing a processing procedure in the financial product transaction management device. 10 is a flowchart showing the detailed procedure of step S3 of the financial product transaction management device. 10 is a flowchart showing a processing procedure in the financial product transaction management device in accordance with Embodiment 2 of the present invention; 10 is a flowchart showing the detailed procedure of step S3 of the financial product transaction management device. 1A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order is executed and a position is created in the financial product transaction management device, and FIG. 1B is a time chart. 10A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order position is held in the financial product transaction management device, and FIG. 10B is a time chart. 10A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order position is settled in the financial product transaction management device, and FIG. 10B is a time chart. 10A is a conceptual diagram of an existing order information recording unit and existing sell order information when a new order position is settled in the financial product transaction management device, and FIG. 10B is a time chart.

[First embodiment of the invention]
1 to 5 show a first embodiment of the present invention.

[System configuration]
1 is a system configuration diagram and functional block diagram of a financial instruments transaction management system and a financial instruments transaction management device according to this embodiment 1. As shown in the figure, the financial instruments transaction management system 1A comprises a financial instruments transaction management device 1, n (n≧1) client terminals ₂₁ , ₂₂ , ... _2n , and a bank system 3 as a "financial institution system." The financial instruments transaction management device 1, client terminals ₂₁ , ₂₂ , ... _2n , and bank system 3 are capable of communicating with each other via a network 4 as a WAN (Wide Area Network). The financial instruments transaction management system 1A according to this embodiment 1 handles foreign exchange as a financial product.

The financial instruments transaction management device 1 is a server computer managed and operated by a financial instruments business operator whose business involves trading financial instruments, and is equipped with web server functions and database functions for storing large amounts of data. Note that "financial instruments" here refer to financial products whose market prices fluctuate and can be bought and sold, such as foreign exchange. However, the financial instruments handled by the financial instruments transaction management device 1 may be any type other than foreign exchange.

Client terminals ₂₁ , ₂₂ , ..., _2n are communication terminals with data communication functions that are owned and used by individuals or corporations as "customers" who buy and sell financial products. For example, client terminals ₂₁ , ₂₂ , ..., _2n correspond to personal computers, mobile phone terminals, etc. Note that "customers" are individuals or corporations who primarily buy and sell financial products with dealers.

Although not shown in Fig. 1, the financial product transaction management device 1, the client terminals ₂₁ , ₂₂ , ..., _2n , and the bank system 3 each have a hardware configuration. This hardware configuration includes, for example, at least one CPU (Central Processing Unit), a RAM (Random Access Memory) that functions as a working area for the CPU, and a ROM (Read Only Memory) in which a boot program for startup and the like are recorded.
The hardware configuration is, for example, an auxiliary storage device such as a hard disk on which various programs and data are recorded, and a communication interface used for sending and receiving data. The auxiliary storage device stores programs for the OS (Operating System), various application programs, data recorded in a database, etc., and these programs and data work together with the hardware resources to realize various functions through the arithmetic processing of the CPU.

The financial instruments transaction management device 1 and bank system 3 may be formed by a single server computer or multiple network computer systems. Furthermore, the financial instruments transaction management device 1 and bank system 3 may be configured by multiple pieces of hardware distributed across the network 4, such as a cloud computer system.

1, the client terminal ₂₁ has an operation unit 21 such as a mouse or keyboard used to input various instructions, and a display unit 22 consisting of an LCD (Liquid Crystal Display) or the like that displays various instructions and images input from the operation unit 21. The operation unit 21 and display unit 22 of the client terminal ₂₁ may be configured as a touch panel display that performs various inputs based on coordinate information of the contact position of a pointing device such as a finger or a touch pen. Although not shown, the client terminals ₂₂ , ..., _2n also have similar operation units and display units. Note that, because the client terminals ₂₁ , ₂₂ , ..., _2n have the same configuration, they will hereinafter be referred to as client terminal 2 unless it is necessary to distinguish between them.

The banking system 3 is a computer system operated by a financial institution, such as a bank, with which financial instruments traders conduct cover transactions, and has the functions of a network server and a database server. As a functional means, the banking system 3 has a transaction execution unit 31, which serves as a "transaction execution means" for conducting cover transactions with the financial instruments transaction management device 1.

[Details of the financial instruments transaction management device]
As shown in Fig. 1, the financial product transaction management device 1 comprises a customer order management device 40 and a dealing device 50. The customer order management device 40 mainly transmits and receives data and signals to and from the client terminal 2, and performs processes such as receiving orders from customers who use the client terminal 2 and reporting executed orders to customers. The dealing device 50 mainly transmits and receives data and signals to and from the bank system 3, and performs processes such as conducting cover transactions associated with the execution of financial product contracts with the bank system 3. The customer order management device 40 and the dealing device 50 may be formed by separate computer systems or may be formed by the same computer system.

The customer order management device 40 comprises functional means implemented based on the various programs and hardware resources described above. These functional means are, for example, the order information generation unit 41 (as "order information generation means"), the market price information acquisition unit 42 (as "market price information acquisition means"), the contract information processing unit 43, and the existing order information recording unit 44 (as "existing order information recording means"), as shown in FIG. 1.

The order information generation unit 41 generates order information for placing an order for the financial product based on the customer's instructions.

The market price information acquisition unit 42 acquires market price information for financial instruments handled by the financial instrument transaction management device 1. The market price information acquisition unit 42 performs the necessary processing and management of the acquired market price information for use in the customer order management device 40. The market price information acquisition unit 42 continuously and periodically acquires market price information for financial instruments by continuously acquiring market price information via the network 4, and records and manages the acquired market price information.

The contract information processing unit 43 performs processing to contract the order based on the order information. Specifically, the contract information processing unit 43 performs processing to contract a customer order based on the order information generated by the order information generation unit 41, and processing to send information about the contracted customer order to the customer's client terminal 2. Note that "contract" here refers to the various procedures and processes for completing the sale and purchase of a financial product based on a customer's order. In this embodiment 1, when a contract is completed, a foreign exchange transaction is carried out. Furthermore, when a contract is completed, the contract information processing unit 43 displays text information, etc., indicating that a contract has been completed on the display unit 22 of the client terminal 2, and also processes deposits and withdrawals from the bank account of the client terminal 2 based on the purchase and sale price.

The existing order information recording unit 44 is a database that records the "existing order information" data used by the financial product transaction management device 1. This "existing order information" will be described later.

In this embodiment 1, the existing order information recording unit 44 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. In addition to "existing order information," the existing order information recording unit 44 also records an order table, a customer account information table that defines information such as the financial institution where the customer's account is located, account name, and balance, a currency pair order conditions table that defines information such as the combination of currencies to be traded, and a sequence number table (each table is not shown).

The dealing device 50 includes, as functional means realized based on the various programs and hardware resources described above, a cover trading unit 51, a risk assessment unit 52 as a "risk assessment means," and a risk hedge execution unit 53 as a "risk hedge execution means."

The cover transaction unit 51 performs various processes to execute cover transactions for the bank system 3.

The risk assessment unit 52 assesses whether or not a predetermined process needs to be performed for a predetermined risk. These "predetermined risks" and "predetermined processes" will be described later.

The risk hedging execution unit 53 performs predetermined processing for orders that are assessed by the risk assessment unit 52 as requiring risk hedging.

[Existing order information (1. Overview)]
The "existing order information" in this embodiment 1 is information for trading currently executed orders and orders scheduled to be executed in the future, which are placed by customers, in the financial instruments transaction management device 1. Furthermore, the "existing order" in this embodiment 1 refers to an order that is traded based on the above-mentioned "existing order information."

For example, in this embodiment 1, existing order information is order information for financial products placed by a customer and to be placed or executed after the time of order placement. Existing order information is, for example, order information for limit orders or stop-loss orders. However, existing order information may also be order information for market orders. Furthermore, market orders traded based on existing order information may be so-called "trigger market orders," which are set to be placed when a financial product reaches a specific market price. In this case, "existing orders" are limit orders, stop-loss orders, market orders, etc., traded based on this order information. As schematically shown in FIG. 1, the existing order information recording unit 44 records multiple existing order information, such as existing buy order information 441 and existing sell order information 442. Both existing buy order information 441 and existing sell order information 442 are data used to electronically place and execute orders at multiple order prices (for example, in the case of US dollars/Japanese yen, 1 dollar = 90.90 yen, 1 dollar = 91.00 yen, 1 dollar = 99.90 yen, 1 dollar = 100.00 yen, etc.).

The existing buy order information 441 and the existing sell order information 442 are each information relating to multiple orders for financial products received by the financial product transaction management device 1 from multiple customers. However, one or both of the existing buy order information 441 and the existing sell order information 442 may only be orders from a single customer. Also, one or both of the existing buy order information 441 and the existing sell order information 442 may only be orders from a single customer.

In addition to order price information, existing buy order information 441 and existing sell order information 442 may include attribute information such as information identifying the customer who placed the order, information indicating the order date and time and contract date and time, and information indicating the order status and contract status.

[Existing Order Information (2. Function as Different Execution Conditions)]
In addition, a buy order based on existing buy order information 441 and a sell order based on existing sell order information 442 in this embodiment 1 function as individual buy orders and individual sell orders, and in addition, they also function as orders with two different execution conditions when executing a specific order.

For example, when a customer order results in the opening of a position (e.g., a position opened by a financial instruments business operator), based on whether the held position is a buy position or a sell position, the financial instruments transaction management device 1 can function the buy order based on existing buy order information 441 and the sell order based on existing sell order information 442 as orders with two different execution conditions when executing a specific order, and can be used for risk hedging by the risk hedge execution unit 53. This is because, when a position is opened due to the execution of a specific order, the existing buy order and the existing sell order can each be used for risk hedging against the resulting position as orders with different execution conditions, such as one being a limit order and the other being a stop order.

For example, consider a case where a financial instruments business operator holds a sell position in a customer's transaction using the financial instruments transaction management device 1 of this embodiment 1. In this case, the risk hedge execution unit 53 functions the existing buy order information 441 as a buy limit order and the existing sell order information 442 as sell stop order information, thereby determining whether to continue holding the risk.

Also, for example, consider a case where a financial instruments business operator holds a buy position in a customer's transaction using the financial instruments transaction management device 1 of this embodiment 1. In this case, the risk hedging execution unit 53 executes a sell limit order based on the existing sell order information 442, and executes a buy stop order information based on the existing buy order information 441, thereby determining whether to continue holding the risk.

In this embodiment 1, the financial instruments transaction management device 1 can use a buy order based on existing buy order information 441 and a sell order based on existing sell order information 442 as orders with two different types of execution conditions in the process of identifying a "target order" described below. This process will be explained below in the section "Target Order and Target Order Information."

In the above example, the existing buy order information 441 and the existing sell order information 442 were described as having execution conditions of limit orders and stop orders, respectively, but this is not limited to a combination of limit orders and stop orders. For example, one or both of the existing buy order information 441 and the existing sell order information 442 may be set to execution conditions different from limit orders or stop orders, such as the above-mentioned market order or "trigger market order."

[Existing order information, existing orders and target order information, target orders]
In this first embodiment, some or all of the existing buy orders traded based on the existing buy order information 441 and the existing sell orders traded based on the existing sell order information 442 constitute "target orders." These "target orders" refer to the above-mentioned existing orders that can be used to hedge against "predetermined risks."

For example, in this embodiment 1, a "target order" refers to an existing order that satisfies predetermined conditions and is traded based on existing buy order information 441 and existing sell order information 442.

The process for identifying "target orders" from existing buy and sell orders will be explained below with examples in [Risk Assessment (3...)] - [Risk Assessment (6...)].

[New Order]
In this first embodiment, the financial product transaction management device 1 carries out transactions of new orders (hereinafter referred to as "new orders") as "predetermined orders."

In this embodiment 1, a new order is a new order for a financial product placed by a customer after trading has commenced, and may be a buy order or a sell order. The type of financial product in the new order is generally the same as the type of financial product in the target order (for example, a currency pair of US dollar and Japanese yen), but it may also be a different type of financial product from the target order. The new order is considered to be a market order. However, the new order may also be a limit order or a stop order, or a market order such as the "trigger market order" described above.

[Risk hedging]
In this embodiment 1, the risk assessment unit 52 performs risk hedging using the target order information. When processing to execute a new order is performed, the risk assessment unit 52 performs risk hedging by evaluating the risk that arises from the execution of the new order by performing a "predetermined assessment" of the "predetermined risk" and determining the subsequent processing.

[Specified risk]
In this first embodiment, the risk assessment unit 52 assesses the "predetermined risk." This "predetermined risk" refers to the risk of a loss incurred by a financial instruments business operator when the financial instruments business operator holds a position by executing a new order from a customer. The "predetermined risk" occurs when the financial instruments business operator continues to hold the executed new order while the financial instruments business operator does not conduct a cover transaction with a financial institution, etc.

However, the risk assessment unit 52 may treat transaction risks arising from orders other than new orders as "predetermined risks" if they arise from transactions of financial products in the financial product transaction management device 1.

For example, the risk assessment unit 52 may treat as a "predetermined risk" the holding of a position arising from the execution of an order other than a new order, such as an order executed based on "existing order information," or the holding of a position arising from the execution of another order. Furthermore, the risk assessment unit 52 may treat as a "predetermined risk" the risk of any transaction other than the holding of a position arising from the execution of an order. Furthermore, for example, the risk assessment unit 52 may treat as a "predetermined risk" the risk arising from a transaction other than the execution of a new order, such as the placing of an order. Furthermore, the risk assessment unit 52 may treat as a "predetermined risk" the risk of a transaction resulting from the holding of a position other than a position held in a transaction between a customer and a financial instruments business operator, such as a position held in a transaction between a financial institution such as a bank and a financial instruments business operator, as a "predetermined risk."

[Prescribed evaluation]
In this first embodiment, the risk assessment unit 52 performs a "predetermined assessment." This "predetermined assessment" is an assessment of the possibility of hedging (avoiding) risks that arise when a financial instruments business operator trades financial instruments.

For example, as a "predetermined evaluation," the risk assessment unit 52 assesses the magnitude of the risk that a financial instruments business operator will incur a loss due to a position held by the financial instruments business operator that arises from the execution of a specific new order, and the possibility that the financial instruments business operator will be able to avoid incurring a loss.

For example, in performing the "predetermined evaluation," the risk assessment unit 52 acquires, in real time, market price information for financial instruments acquired by the market price information acquisition unit 42. The risk assessment unit 52 then compares the order price and execution price of the new order with the real-time market price of the financial instrument after execution. Furthermore, if the real-time market price fluctuates in the "direction of a loss" from the order price and execution price of the new order, the risk assessment unit 52 checks whether existing buy order information 441 or existing sell order information 442 (see Figure 1) exists.

This "direction of loss occurrence" refers to the direction in which a financial instruments business operator will incur a loss when it deducts the market price of the financial instrument at the time a new order is placed or executed from the market price of the financial instrument at the time the financial instruments business operator engages in a cover transaction with a bank, etc. in conjunction with the execution of the new order (hereinafter referred to simply as the "direction of loss occurrence").

The direction of loss occurrence is determined by the buying and selling conditions of the new order. For example, if the new order is a buy order, the direction of loss occurrence is a downward fluctuation in the market price at any time after the new order is executed (see time t1 in Figures 8-11) (see time t2 in Figures 8-11). If the new order is a sell order, the direction of loss occurrence is a fluctuation in the market price toward the higher price. Note that in this embodiment 1, the direction of fluctuation in the market price from one time point to another, including cases where a time point other than the time of execution of the new order is the reference time, is collectively referred to as the "loss occurrence direction" or the "opposite direction to the loss occurrence direction." For example, from time t2 (not the time of execution of the new order) to time t3 in Figures 10 and 11, similar to the period from time t1 to time t2, if the new order is a buy order, the direction of loss occurrence is a downward fluctuation in the market price, and if the new order is a sell order, the direction of loss occurrence is a fluctuation in the market price toward the higher price.

When performing the "predetermined evaluation," if the "new order" is a buy order, the risk assessment unit 52 checks for the existence of existing sell order information 442. Conversely, if the "new order" is a sell order, the risk assessment unit 52 checks for the existence of existing buy order information 441. This is because a position held by a financial instruments business operator as a result of a new buy order being executed can eliminate or reduce the actual loss if an existing sell order is executed, thereby eliminating or reducing the risk for the financial instruments business operator (see (b) in Figure 10). Similarly, a position held by a financial instruments business operator as a result of a new sell order being executed can eliminate or reduce the actual loss if an existing buy order is executed, thereby eliminating or reducing the risk for the financial instruments business operator.

When performing the "predetermined evaluation," the risk assessment unit 52 checks whether there is existing buy order information 441 or existing sell order information 442 in the direction of movement of the market price of the financial instrument. If there is existing buy order information 441 or existing sell order information 442 in the direction of movement, the existing buy order information 441 or existing sell order information 442 will be executed, thereby avoiding or reducing losses from positions held by the financial instruments business operator due to the execution of new orders, etc.

In addition, in the "predetermined evaluation," the risk assessment unit 52 may check whether existing buy order information 441 or existing sell order information 442 exists within a predetermined range up to the higher or lower end of the price range of the market price fluctuation (for example, up to the higher or lower end by 0.1 yen).

In the "predetermined evaluation," the risk assessment unit 52 compares the order volume of the new order with the order volume of existing buy order information 441 and the order volume of existing sell order information 442 to assess whether the position can be held and the order volume of the new order that allows the position to be held.

For example, the risk assessment unit 52 is set so that the order volume of existing buy order information 441 and existing sell order information 442, which can eliminate or reduce risk, is equal to the order volume of a new order that has established a position. In this case, if existing sell order information 442 is recorded for 30,000 units of currency in the existing order information recording unit 44, the risk assessment unit 52 evaluates that "new order positions can be maintained up to 30,000 units of currency." In this case, if the order volume of the new order exceeds the order volume of existing buy order information 441 or existing sell order information 442, the excess position maintained upon execution of the new order (for example, in the above example, if the new order position is 32,000 units of currency, then 2,000 units of currency) is used for cover trading. Meanwhile, the new order position that does not exceed the order volume of existing buy order information 441 or existing sell order information 442 (30,000 units of currency) is maintained.

In addition, as long as the risk of the new order can be eliminated or reduced, the allowable amount of position holding for the new order may be greater or less than the order volume of the existing buy order information 441 or the order volume of the existing sell order information 442 recorded in the existing order information recording unit 44.

The risk assessment unit 52 may be set with a price range for making a "predetermined assessment." For example, the risk assessment unit 52 may set a predetermined price (for example, within 0.2 yen toward the occurrence of a loss) as the price range for making a "predetermined assessment" based on the order price of the existing buy order information 441 or the order price of the existing sell order information 442. The risk assessment unit 52 may then process new orders that exceed this price range as outside the scope of assessment. The risk assessment unit 52 may be configured to vary the price range for making a "predetermined assessment" depending on the type of financial product (for example, the creditworthiness of each financial product) and the order volume.

If the risk assessment unit 52 confirms through its "predetermined assessment" that there is existing buy order information 441 or existing sell order information 442 that can eliminate or reduce the "predetermined risk," the risk hedge execution unit 53 continues to hold the position resulting from the execution of the new order.

On the other hand, if the result of the "predetermined evaluation" by the risk assessment unit 52 is that there is no existing buy order information 441 or existing sell order information 442 that can avoid or reduce the "predetermined risk," the risk hedge execution unit 53 will carry out a cover transaction for the new order. This is because, when there is no existing buy order information 441 or existing sell order information 442 that can be used for risk hedging, it is better to close the position that has arisen from the execution of the specific order as soon as possible, as this will prevent losses from increasing and will lead to risk hedging.

Furthermore, if the result of the "predetermined evaluation" by the risk evaluation unit 52 is that the market price of the financial product fluctuates in the opposite direction to the "loss occurrence direction" (toward the higher price if the new order is a buy order, or toward the lower price if the new order is a sell order) compared to the execution price of the new order, the risk hedge execution unit 53 will execute the new order or perform a cover transaction. This is because the position created by the execution of the new order is likely to provide an opportunity to make a profit.

[Position evaluation price]
In this first embodiment, the risk assessment unit 52 determines the above-mentioned "predetermined risk" based on the position assessment price. This "position assessment price" refers to the assessment price of a position arising from a transaction of a financial product, etc.

For example, the position evaluation price in this embodiment 1 is the weighted average price of multiple positions held through one or more transactions in one financial product or one currency pair.

Here, the weighted average is the price obtained by, for example, adding up the price and quantity of each of the multiple positions held and dividing by the added quantity. For example, if there are 1,000 units of currency at 100 yen and 3,000 units of currency at 90 yen, then {100 (yen) x 1,000 (currency) + 90 (yen) x 3,000 (currency)} ÷ (1,000 (currency) + 3,000 (currency)) = 92.5 (yen), and this price is the position valuation price. Note that in this embodiment 1, the position valuation price may be calculated using any items or weighted average calculations other than those listed above, and the position valuation price may be calculated using any calculation other than the weighted average.

In the following description, as an example, the position held by a financial instruments business operator in a transaction between a customer and the financial instruments business operator will be the subject of setting a position valuation price. However, any other position held (for example, a position held by a financial instruments business operator in a transaction between a financial institution such as a bank and the financial instruments business operator, as mentioned above) may also be the subject of setting a position valuation price.

[Risk Assessment (1. Overview)]
In this first embodiment, the risk assessment unit 52 assesses the above-mentioned "predetermined risk" based on the held position and the "target order."

Figures 2 and 3 are conceptual diagrams of tables of existing order information in this embodiment 1. Figures 2 and 3 illustrate the relationship between existing order information and target order information, thereby also showing the relationship between existing orders and target orders.

The buy target order information 451 for buy limit orders and stop orders (hereinafter referred to as "buy target order information 451") shown in Figures 2 and 3 is extracted from existing buy order information 441 by a predetermined calculation. The sell target order information 452 for sell stop orders and limit orders (hereinafter referred to as "sell target order information 452") shown in Figures 2 and 3 is extracted from existing sell order information 442 by a predetermined calculation. This buy target order information 451 and sell target order information 452 are formed, for example, when a financial instruments business operator holds a buy position, and the buy target order information 451 functions as information for trading as a buy limit order, and the sell target order information 452 functions as information for trading as a sell stop order.

In contrast to the above example, when a financial instruments business operator holds a short position in a transaction with a customer, the buy target order information 451 functions as information for trading as a buy stop order, and the sell target order information 452 functions as information for trading as a sell limit order.

[Risk Assessment (2. Overview of Assessment Examples)]
For example, consider the case where a financial instruments business operator holds a buying position in a transaction with a customer.

In this case, the risk assessment unit 52 of the financial instruments transaction management device 1 performs the calculations of the following (Equation 1) and (Equation 2). Then, it extracts target buy orders based on target buy order information 451, which are limit orders, that satisfy (Equation 1), and target sell orders based on target sell order information 452, which are stop orders, that satisfy (Equation 2), and sets these as "target orders."

These limit orders and stop orders are used to hedge risk against positions that arise from the execution of a customer's "new order" to sell (i.e., to hedge risk against a buy position that a financial instruments business operator holds in a transaction with a customer). This is because when a customer holds a sell position in a transaction with a financial instruments business operator, the financial instruments business operator conversely holds a buy position in a transaction with the customer, and such positions held by the financial instruments business operator are subject to risk hedging in this embodiment 1.

In this first embodiment, whether risk hedging is possible is determined based on the above-mentioned "position evaluation price" and the value of the existing order price.

For example, consider the case where a financial instruments business operator holds a long position in a transaction with a customer in financial instruments trading. For example, this would apply if the customer holds a short position with the financial instruments business operator by entering into a "new order" to sell, and conversely, the financial instruments business operator holds a long position with the customer.

The risk assessment unit 52 assesses whether risk hedging is possible for this buy position held by the financial instruments business operator based on the calculation of the following (Equation 1). If there is existing buy order information 441 or existing sell order information 442 with an existing order price that satisfies the following (Equation 1) for the position assessed price, the risk assessment unit 52 assesses that risk hedging is possible and maintains the position.
Position evaluation price ± α ≦ existing order price (Equation 1)
Note that "α" in "±α" in the above (Equation 1) is an arbitrary parameter, a value for arbitrarily correcting or changing the value of the position evaluation price. This "α" may be a positive value, a negative value, or 0. This "α" may be a specific value of 1, or may be a predetermined price range.

For example, the above-mentioned "α" may be set as a specific numerical value preset in the financial instruments transaction management device 1. Also, for example, the above-mentioned "α" may be a numerical value arbitrarily set by a financial instruments business operator or a customer through numerical input, etc. Also, for example, the above-mentioned "α" may be a numerical value automatically set by the financial instruments transaction management device 1 based on the market price of the financial instrument, the order price and order quantity of the placed/contracted order, etc. Furthermore, the above-mentioned "α" may be set by any operation or process other than those described above. Hereinafter, in this specification, the "α" in "±α" is considered to be an arbitrary parameter as described above.

Also, for example, consider the case where a financial instruments business operator holds a short position in a transaction with a customer in financial instruments trading. This corresponds to the opposite of the example above, where the customer holds a long position with the financial instruments business operator by entering into a "new order" to buy, and conversely, the financial instruments business operator holds a short position with the customer.

The risk assessment unit 52 assesses whether risk hedging is possible for this short position held by the financial instruments business operator based on the calculation of the following (Equation 1). If there is existing buy order information 441 or existing sell order information 442 with an existing order price that satisfies the following (Equation 1) for the position assessed price, the risk assessment unit 52 assesses that risk hedging is possible and maintains the position.
Position evaluation price ± α ≧ existing order price (Equation 2)
The "±α" in the above (Equation 2) is an arbitrary parameter, just like the "±α" in the above (Equation 1).

As with (Formula 1), it is desirable to set information about the acceptable loss range in the "position valuation price" for this (Formula 2). For example, values can be modified, terms can be added or changed, etc., as appropriate to the calculation of (Formula 1) above in line with the actual trading situation, as information about the acceptable loss range.

[Risk Assessment (3. Detailed Case of Assessment 1: Buy Orders from the Perspective of Financial Instruments Business Operators)]
As described above, when the risk assessment unit 52 assesses the risk of a long position held by a financial instruments business operator, the risk assessment is performed by using existing order information to determine whether or not to continue holding the position.

As described above in [Existing Order Information (2. Function as Different Execution Conditions)], in this embodiment 1, the existing order information includes existing buy order information 441 for a buy order and existing sell order information 442 for a sell order, with one of the buy order and the other functioning as a limit order and a stop order, respectively. In this embodiment 1, the risk assessment unit 52 treats the buy order in the existing buy order information 441 as a limit order and the sell order in the existing sell order information 442 as a stop order, and performs the calculations of the following (Equation 11) and (Equation 12) using these orders. Based on the results of these calculations, the risk assessment unit 52 identifies target buy and sell orders to be used for risk assessment from the existing buy orders and the existing sell orders, respectively. The risk assessment unit 52 sums up the identified target buy and sell orders and evaluates whether risk hedging is possible using the result of this summation.
(Target order for buying)
Position evaluation price ± α ≦ order price of existing order (Equation 11)
This (Equation 11) is the same as the above (Equation 1), and "±α" in the above (Equation 11) is an arbitrary parameter, just like the above (Equation 1).

The risk assessment unit 52 determines whether or not there is an existing buy order that satisfies the above (formula 11) among the existing buy orders that are "existing orders" for which transactions are to be made based on the existing buy order information 441, and if there is an existing buy order that satisfies the above (formula 11), that existing buy order is designated as the target order for buying. For example, in FIG. 2, if the position evaluation price is 130 yen and α = 0, then, as shown in FIG. 2, existing buy order information 441 of 130 yen or more (on the high side) becomes target buy order information 451a that satisfies (formula 11). Then, existing buy orders of 130 yen or more become the target buy orders.
(Eligible sell orders)
Position evaluation price ±α - spread setting value ≦ order price of existing order ... (Equation 12)
"±α" in the above (Equation 12) is an arbitrary parameter, just like in the above (Equation 1). Furthermore, the "spread setting value" in the above (Equation 12) is the value of the difference between the buy and sell prices presented by the financial instruments business operator. The "spread setting value" in this embodiment 1 is a value that is set automatically or manually depending on the difference between buy orders and sell orders, such as the difference in risk that arises when existing buy order information 441 is used and when existing sell order information 442 is used for a held position. Hereinafter in this specification, this value will be simply referred to as the "spread setting value."

The risk assessment unit 52 determines whether there is an existing sell order that satisfies the above formula (12) among the existing sell orders that are traded based on the existing sell order information 442, and if there is an existing sell order that satisfies the above formula (12), that existing sell order becomes the target order for selling. For example, in Figure 2, if the position evaluation price is 130 yen, α = 0, and the "spread setting value" is 0.3 yen, then, as shown in Figure 2, existing sell order information 442 of 129.7 yen or more (on the high side) becomes target sell order information 452a that satisfies formula (12). Then, existing sell orders of 129.7 yen or more become target sell orders.

[Risk Assessment (4. Detailed Case Study 2: Sell Orders from the Perspective of Financial Instruments Business Operators)]
When the risk assessment unit 52 assesses the risk of a short position held by a financial instruments business operator, the risk assessment unit 52 also assesses the risk by using existing order information to determine whether or not to continue holding the position.

As described above in [Existing Order Information (2. Function as Different Execution Conditions)], in this embodiment 1, the existing order information includes existing sell order information 442 for placing a sell order and existing buy order information 441 for placing a buy order, with one of the sell order and the buy order functioning as a limit order and the other as a stop order. In this embodiment 1, the risk assessment unit 52 treats the sell order in the existing sell order information 442 as a limit order and the buy order in the existing buy order information 441 as a stop order, and performs the calculations of the following (Equation 21) and (Equation 22) using these orders. Based on the results of these calculations, the risk assessment unit 52 identifies target orders for selling and buying to be used for risk assessment from the existing sell orders and the existing buy orders, respectively. The risk assessment unit 52 sums up the identified target orders for buying and selling, and uses the result of this summation to evaluate whether risk hedging is possible.
(Eligible sell orders)
Position evaluation price ± α ≧ order price of existing order (Equation 21)
This (Equation 21) is the same as the above (Equation 2), and "±α" in the above (Equation 21) is an arbitrary parameter, just like the above (Equation 2).

The risk assessment unit 52 determines whether there is an existing sell order that satisfies the above (equation 21) among the existing sell orders that are "existing orders" for which transactions are to be made based on the existing sell order information 442, and if there is an existing sell order that satisfies the above (equation 22), then that existing sell order is designated as the target order for selling. For example, in FIG. 3, if the position evaluation price is 129.7 yen and α = 0, then, as shown in FIG. 3, existing sell order information 442 that is 129.7 yen or less (the lower price side) becomes target sell order information 452a that satisfies (equation 21). Then, existing sell orders of 129.7 yen or less become target sell orders.
(Target order for buying)
Position evaluation price ± α + spread setting value ≥ order price of existing order (Equation 22)
The "±α" in the above (Equation 22) is an arbitrary parameter, just like in the above (Equation 2).

The risk assessment unit 52 determines whether there is an existing buy order that satisfies the above (equation 22) among the existing buy orders serving as "existing orders" for which trading is to be performed based on the existing buy order information 441, and if there is an existing buy order that satisfies the above (equation 22), that existing buy order becomes the target order to buy. For example, in Figure 3, if the position evaluation price is 129.7 yen, α = 0, and the "spread setting value" is 0.3 yen, then, as shown in Figure 3, existing buy order information 441 for 130 yen or less (the low side) becomes target buy order information 451a that satisfies (equation 22). Then, existing buy orders for 130 yen or less become the target buy orders.

[Risk Assessment (5. Detailed Assessment Example 3: Specific Example 1 of Calculation of Target Orders)]
The above-mentioned [Risk Assessment (3. Detailed Example of Assessment Calculation 1...)] will be explained in detail based on a specific example.

Figure 2 is a diagram that schematically shows existing buy order information 441 and existing sell order information 442 as customer order information. Figure 2 shows the transaction between a customer and a financial instruments business operator as viewed from the customer's perspective. Therefore, Figure 2 shows existing buy order information 441 as a buy limit order (from the customer's perspective), and existing sell order information 442 as a sell stop order (from the customer's perspective).

The following description shows an example in which existing buy order information 441 and existing sell order information 442 shown in Figure 2 are calculated using the above (Equation 11) and (Equation 12).

First, assume that the position evaluation price of a financial instruments trader's buy position at a specific point in time is 130.2.
Furthermore, it is assumed that the value of "±α" in the above (Equation 11) and (Equation 12) set in the financial product transaction management device 1 is 0.2.
Also, it is assumed that the spread setting value in the above (Equation 12) set in the financial product transaction management device 1 is 0.3.

At this time, the target sell order of the financial instruments business operator (=target buy order of the customer) is calculated as shown in the following (Equation 11') based on the above (Equation 11).
130.2-0.2=130.0...(Formula 11')
This (Equation 11') satisfies the relationship of (Equation 11). In FIG. 2, the order volume corresponding to the price of 130.0 calculated by (Equation 11') is 20,000 units.
Therefore, the target order as a buy limit order is Price: 130.0... (Price 01)
Order amount: 20,000 units... (Order amount 01)
The limit buy order (price 01) is traded according to the buy target order information 451a of price 130 shown in FIG.

At this time, the target buy order of the financial instruments business operator (=target sell order of the customer) is calculated as shown in the following (Equation 12') based on the above (Equation 12).
130.2-0.2-0.3=129.7...(Formula 12')
This (Equation 12') satisfies the relationship of (Equation 12). In FIG. 2, the order volume corresponding to the price of 127.7 calculated by (Equation 12') is 10,000 units.
Therefore, the target order for a sell stop order is price: 129.7... (Price 02)
Order amount: 10,000 units... (Order amount 02)
The sell limit order (price 02) is traded using the sell target order information 452a at a price of 129.7 as shown in FIG.

Here, the above (Order Amount 01) is the order amount for a limit order, and (Order Amount 02) is the order amount for a stop order, so the combined order amount for both is calculated as (Order Amount 01) minus (Order Amount 02).

Therefore, the total order quantity of the target orders described above is calculated by the following calculation (Order quantity 03).
(Order volume of the target order)
20,000 (currency: limit order) - 10,000 (currency: stop order) = 10,000 (currency) ... (order amount 03)
The risk assessment unit 52 of this embodiment 1 calculates (order volume 03) by the above-mentioned calculation and sets this as an order that can be risk-hedged. That is, in the above case, the risk assessment unit 52 sets the order volume that can be risk-hedged to 10,000 units based on the calculated value of (order volume 03), and treats this order volume value as the range in which a position can be maintained.

The above example is one example. Even if the position evaluation price, the "±α" value, the spread setting value, etc. are other than those described above, the risk evaluation unit 52 will use the same calculations as above or similar calculations to evaluate whether it is possible to place a risk-hedgeable order or maintain a held position.

[Risk Evaluation Pair (6. Detailed Example of Evaluation 4: Specific Example of Calculation of Target Order 2)]
The above-mentioned [Risk Assessment (4. Detailed Example of Assessment Calculation 2...)] will be explained in detail based on a specific example.

Figure 3 is a diagram that shows existing buy order information 441 and existing sell order information 442 as "customer order information." Figure 3 shows the transaction between a customer and a financial instruments business operator as viewed from the customer's perspective. Therefore, Figure 3 shows existing sell order information 442 as a sell limit order (from the customer's perspective), and existing buy order information 441 as a buy stop order (from the customer's perspective).

The following description shows an example in which existing buy order information 441 and existing sell order information 442 shown in Figure 3 are calculated by applying the above (Equation 21) and (Equation 22).

First, assume that the position evaluation price of a short position of a financial instruments trader at a certain point in time is 129.5.
Furthermore, it is assumed that the value of "±α" in the above (Equation 21) and (Equation 22) set in the financial product transaction management device 1 is 0.2.
Also, it is assumed that the spread setting value in the above (Equation 22) set in the financial product transaction management device 1 is 0.3.

At this time, the target buy order of the financial instruments business operator (=target sell order of the customer) is calculated as shown in the following (Equation 21′) based on the above (Equation 21).
129.5+0.2=129.7...(Formula 21')
This (Equation 21') satisfies the relationship of (Equation 21). In FIG. 3, the order volume corresponding to the price of 129.7 calculated by (Equation 21') is 20,000 units.
Therefore, the target order for a sell limit order is price: 129.7... (price 11)
Order amount: 20,000 units... (order amount 11)
The limit order for selling at the price of 11 is traded according to the sell target order information 452a at a price of 129.7 shown in FIG.

At this time, the target sell order of the financial instruments business operator (=target buy order of the customer) is calculated as shown in the following (Equation 22') based on the above (Equation 22).
129.5+0.2+0.3=130.0...(Formula 22')
This (Equation 22') satisfies the relationship of (Equation 22). In FIG. 3, the order volume corresponding to the price of 130.0 calculated by (Equation 22') is 10,000 units.
Therefore, the target order for a buy stop order is price: 130.0... (price 12)
Order amount: 10,000 units... (order amount 12)
The stop order for buying at the price 12 is traded based on the buy target order information 451a at the price 130 shown in FIG.

Here, the above (Order quantity 11) is the order quantity for limit orders, and (Order quantity 12) is the order quantity for stop orders, so the combined order quantity for both is calculated as (Order quantity 11) minus (Order quantity 12).

Therefore, the total order quantity of the target orders described above is calculated by the following calculation (Order quantity 13).
(Order volume of the target order)
20,000 (currency: limit order) - 10,000 (currency: stop order) = 10,000 (currency) ... (order amount 13)
The risk assessment unit 52 of this embodiment 1 calculates (order volume 13) by the above-mentioned calculation and sets this as an order for which risk hedging is possible. That is, in the above case, the risk assessment unit 52 sets the order volume for which risk hedging is possible as 10,000 units based on the calculated value of (order volume 13), and treats this order volume value as the range in which a position can be maintained.

The above calculations are only a partial example. Even if the position evaluation price, the "±α" value, the spread setting value, etc. are other than those described above, the risk assessment unit 52 will use the same calculations as above or similar calculations to determine whether it is possible to place a risk-hedgeable order or maintain a held position.

[Processing Procedure]
4 and 5 are flowcharts showing the processing procedure in this embodiment 1. The processing procedure in this embodiment 1 will be explained below with reference to these figures.

[Record existing order information]
In this first embodiment, existing buy order information 441 and existing sell order information 442 are recorded in the existing order information recording unit 44. The existing buy order information 441 and existing sell order information 442 may be recorded in the existing order information recording unit 44 either before or after the client starts trading financial products using the financial products transaction management device 1.

[After trading begins]
4, when a customer places a new order after the financial product transaction has started using the financial product transaction management device 1, the order information generation unit 41 acquires the order information of the new order. If a position is opened due to a financial product transaction (e.g., a financial product contract) based on the order information generated by the order information generation unit 41 ("Yes" in step S1), the process proceeds to step S2. If a position is not opened ("No" in step S1), step S1 continues until a position is opened.

If a position is held in a financial product transaction ("Yes" in step S1), the market price information acquisition unit 42 acquires market price information for the financial product (step S2).

The risk assessment unit 52 uses the market price information acquired in step S2 to assess whether risk hedging is possible (step S3). Specifically, the risk assessment unit 52 calculates a position evaluation price using the acquired market price information, and uses the calculated position evaluation price to assess whether risk hedging is possible.

Figure 5 shows details of step S3 in Figure 4.

The risk assessment unit 52 performs a predetermined calculation based on the market price information acquired by the market price information acquisition unit 42 and the positions held based on financial product transactions at each market price, and obtains a position evaluation price (step S31). The position evaluation price is obtained using the calculation method described in the [Position Evaluation Price] section above.

The risk assessment unit 52 uses the obtained position assessment price to confirm whether risk hedging is possible using the above (Equation 1), (Equation 2), (Equation 11), (Equation 12), (Equation 21), (Equation 22), etc. (Step S32).

Specifically, for example, the risk assessment unit 52 assesses the holding of a position by using the overview described above in [Risk Assessment (1...)], applying the calculation theory described above in [Risk Assessment (2...)] to [Risk Assessment (6...)] to individual cases, or substituting the calculation examples with the numerical values and information of individual cases. In this way, the risk assessment unit 52 assesses whether there is existing buy order information 441 or existing sell order information 442 at an existing order price that allows for risk hedging against the position assessment price. The risk assessment unit 52 also assesses whether the order volume of the existing buy order information 441 or existing sell order information 442 is an order volume that allows for risk hedging.

If the risk assessment unit 52 determines in the above evaluation that the held position is one that can be risk-hedged ("Yes" in step S32), the risk assessment unit 52 continues to hold the position (step S4), and processing returns to step S2. On the other hand, if the risk assessment unit 52 determines in the above evaluation that the held position is not one that can be risk-hedged ("No" in step S32), the cover trading unit 51 performs a cover trade for the transaction that holds the position (e.g., a executed order) (step S5), and if all processing has not been completed ("No" in step S6), processing returns to step S1. The above procedure is repeated until all processing has been completed ("Yes" in step S6).

[Action and effect]
As described above, in this first embodiment, the financial product transaction management device 1 acquires market price information and evaluates whether or not it is necessary to perform a predetermined process for a predetermined risk that can be limited by performing a predetermined process based on the trading of new orders for financial products and fluctuations in market prices using existing buy order information 441 and existing sell order information 442. The financial product transaction management device 1 then recognizes the direction of fluctuations in market prices that change over time, and can determine whether or not to perform a process that can limit the risk based on the results of this recognition.

For example, in this embodiment 1, as shown in FIG. 2, when a financial instruments business operator holds a position through a financial instrument transaction (e.g., the execution of a new order), the risk assessment unit 52 acquires market price information (step S2). The risk assessment unit 52 then calculates the position evaluation price, and from the existing buy order information 441 and the existing sell order information 442, calculates the price and order volume of the buy order corresponding to the buy order information 451, 451a, and the price and order volume of the sell order corresponding to the sell order information 452, 452a, and evaluates whether the position can be continued ("Yes" or "No" in step S3). If the risk assessment unit 52 evaluates that the position can be maintained ("Yes" in step S3), it continues the position (step S4).

In other words, in this first embodiment, the risk of a financial instruments business operator, etc. continuing to hold a position held through a financial instruments transaction such as the execution of a new order is automatically evaluated. This makes it possible to increase the profits that can be obtained from financial instruments transactions while preventing excessive risks arising from continuing to hold positions that arise from financial instruments transactions. This makes it possible to reduce the risk of losses occurring in response to fluctuations in market conditions in financial instruments transactions conducted using a computer system.
In this first embodiment, the possibility that a position held by a financial instruments business operator will cause a disadvantage to the financial instruments business operator is treated as a predetermined risk. The risk assessment unit 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 can then determine whether to perform processing to reduce the predetermined risk, depending on the possibility of holding a position that will result in a high loss. This allows the risk of loss occurrence to be reduced with a high degree of certainty.

In this embodiment 1, the risk assessment unit 52 assesses the magnitude of a predetermined risk that can be held, depending on the order volume of existing orders based on existing buy order information 441 and existing sell order information 442 recorded in the existing order information recording unit 44. It can then determine whether to perform processing to reduce the predetermined risk, depending on the order volume of a financial product that is highly correlated with the occurrence of risk. This makes it possible to reduce the risk of loss occurrence with a high degree of certainty.

In this first embodiment, the risk assessment unit 52 uses existing buy order information 441 and existing sell order information 442 to assess whether a certain risk, such as the risk of maintaining a position due to fluctuations in the market price of a financial product, is manageable. This makes it possible to reduce the risk of incurring losses with a high degree of certainty using orders that already exist and are recorded.

In this first embodiment, the risk of loss can be reduced with a high degree of certainty based on the specific transaction processing in which a financial instruments business operator conducts a cover transaction with a financial institution in conjunction with the execution of a new order.

In this first embodiment, it is possible to reduce the risk of losses with a high degree of certainty in market order transactions, which have a high risk of losses due to fluctuations in market prices.

In this first embodiment, the risk of losses can be reduced in actual trading processes by implementing a process that limits risk.

In this first embodiment, the accuracy of reducing certain risks arising from fluctuations in market prices is increased by using existing buy order information 441 and existing sell order information 442, and processing that reduces the risk of losses with high accuracy in response to fluctuations in market conditions can be realized in actual trading processing.

Second Embodiment
6 to 11 show a second embodiment of the present invention.

This second embodiment is implemented in the financial instruments transaction management system 1A used in the first embodiment, as shown in Figure 1. The financial instruments transaction management device 1, client terminal 2, bank system 3, and network 4 used in this second embodiment have the same configurations as those in the first embodiment.

In this second embodiment, the manner in which the "predetermined assessment" is performed by the risk assessment unit 52 and the processing procedures based on the "predetermined assessment" differ from those in the first embodiment. Below, we will explain this second embodiment, focusing on the differences from the first embodiment.

[Prescribed evaluation]
In this second embodiment, the risk assessment unit 52 performs a "predetermined assessment." The concept of the "predetermined assessment" in this second embodiment is the same as the "predetermined assessment" in this first embodiment.

In this embodiment 2, the risk assessment unit 52 performs a "predetermined assessment" by acquiring market price information for financial instruments acquired by the market price information acquisition unit 42 in real time. The risk assessment unit 52 then compares the order placement price and execution price of the new order with the real-time market price of the financial instrument after execution. Furthermore, if the real-time market price fluctuates in the "direction of a loss" from the order placement price and execution price of the new order, the risk assessment unit 52 checks whether existing buy order information 441 or existing sell order information 442 (see Figure 1) exists.

This "direction of loss occurrence" refers to the direction in which a financial instruments business operator will incur a loss when it deducts the market price of the financial instrument at the time a new order is placed or executed from the market price of the financial instrument at the time the financial instruments business operator engages in a cover transaction with a bank, etc. in conjunction with the execution of the new order (hereinafter referred to simply as the "direction of loss occurrence").

The direction of loss occurrence is determined by the buying and selling conditions of the new order. For example, if the new order is a buy order, the direction of loss occurrence is a downward movement in the market price at an arbitrary time (time t2 in Figures 9 and 11) after the new order is executed (time t1 in Figures 8 and 11). If the new order is a sell order, the direction of loss occurrence is a upward movement in the market price.

In this second embodiment, the direction of market price fluctuation from one point in time to another point in time is collectively referred to as the "loss occurrence direction" or the "opposite direction to the loss occurrence direction," including cases where a point in time other than the time of execution of a new order is the reference point. For example, from time t2 (not the time of execution of a new order) to time t3 in Figures 10 and 11, similar to the period from time t1 to time t2, if the new order is a buy order, a fluctuation in market price toward the lower price is the loss occurrence direction, and if the new order is a sell order, a fluctuation in market price toward the higher price is the loss occurrence direction.

When performing the "predetermined evaluation," if the "new order" is a buy order, the risk assessment unit 52 checks for the existence of existing sell order information 442. Conversely, if the "new order" is a sell order, the risk assessment unit 52 checks for the existence of existing buy order information 441. This is because a position held by a financial instruments business operator as a result of a new buy order being executed can eliminate or reduce the actual loss if an existing sell order is executed, thereby eliminating or reducing the risk for the financial instruments business operator (see (b) in Figure 10). Similarly, a position held by a financial instruments business operator as a result of a new sell order being executed can eliminate or reduce the actual loss if an existing buy order is executed, thereby eliminating or reducing the risk for the financial instruments business operator.

When performing the "predetermined evaluation," the risk assessment unit 52 checks whether there is existing buy order information 441 or existing sell order information 442 in the direction of movement of the market price of the financial instrument. If there is existing buy order information 441 or existing sell order information 442 in the direction of movement, the existing buy order information 441 or existing sell order information 442 will be executed, and the new order will be executed, thereby avoiding or reducing losses from positions held by the financial instruments business operator.

In addition, in the "predetermined evaluation," the risk assessment unit 52 may check whether existing buy order information 441 or existing sell order information 442 exists within a predetermined range up to the higher or lower end of the price range of the market price fluctuation (for example, up to the higher or lower end by 0.1 yen).

In the "predetermined evaluation," the risk assessment unit 52 compares the order volume of the new order with the order volumes of existing buy order information 441 and existing sell order information 442 to assess whether a position can be held and the order volume of the new order that allows the position to be held.

For example, the risk assessment unit 52 is set so that the order volume of existing buy order information 441 or existing sell order information 442, which can eliminate or reduce risk, is equal to the order volume of a new order that maintains a position. In this case, if existing sell order information 442 is recorded for 30,000 units of currency in the existing order information recording unit 44, the risk assessment unit 52 evaluates that "a new order position can be maintained up to 30,000 units of currency." In this case, if the order volume of the new order exceeds the order volume of existing buy order information 441 or existing sell order information 442, the excess position maintained upon execution of the new order (for example, in the above example, if the new order position is 32,000 units of currency, then 2,000 units of currency) is used for cover trading. Meanwhile, the new order position that does not exceed the order volume of existing buy order information 441 or existing sell order information 442 (30,000 units of currency) is maintained.

In addition, as long as the risk of the new order can be eliminated or reduced, the allowable amount of position holding for the new order may be greater or less than at least one of the order amounts of the existing buy order information 441 and the existing sell order information 442 recorded in the existing order information recording unit 44.

The risk assessment unit 52 may be set with a price range for making a "predetermined assessment." For example, the risk assessment unit 52 may set a predetermined price (for example, within 0.2 yen toward the risk of a loss) as the price range for making a "predetermined assessment" based on the order prices of existing orders in the existing buy order information 441 and the existing sell order information 442. The risk assessment unit 52 may then process new orders that fall outside this price range as outside the scope of assessment. The risk assessment unit 52 may be configured to vary the price range for making a "predetermined assessment" depending on the type of financial product (for example, the creditworthiness of each financial product) and the order volume.

If the risk assessment unit 52 confirms through its "predetermined assessment" that there is existing buy order information 441 or existing sell order information 442 that can eliminate or reduce the "predetermined risk," the risk hedge execution unit 53 continues to hold the position resulting from the execution of the new order.

On the other hand, if the result of the "predetermined evaluation" by the risk assessment unit 52 is that there is no existing buy order information 441 or existing sell order information 442 that can avoid or reduce the "predetermined risk," the risk hedge execution unit 53 will carry out a cover transaction for the new order. This is because, when there is no existing buy order information 441 or existing sell order information 442 that can be used for risk hedging, it is better to close the position that has arisen from the execution of the specific order as soon as possible, as this will prevent losses from increasing and will lead to risk hedging.

Furthermore, if the result of the "predetermined evaluation" by the risk evaluation unit 52 is that the market price of the financial product fluctuates in the opposite direction to the "loss occurrence direction" (toward the higher price if the new order is a buy order, or toward the lower price if the new order is a sell order) compared to the execution price of the new order, the risk hedge execution unit 53 will execute the new order or perform a cover transaction. This is because the position created by the execution of the new order is likely to provide an opportunity to make a profit.

[Processing Procedure]
6 and 7 are flow charts showing the processing procedure in this embodiment 2. The processing procedure in this embodiment 2 will be explained below with reference to these figures.

[Record existing order information]
In this second embodiment, existing buy order information 441 and existing sell order information 442 are recorded in the existing order information recording unit 44. The existing buy order information 441 and existing sell order information 442 may be recorded in the existing order information recording unit 44 either before or after the client starts trading financial products using the financial product transaction management device 1.

Figures 8(a) to 11(a) show a schematic representation of the existing order information recording unit 44. As mentioned above, for simplicity, these figures only show the recorded existing sell order information 442.

[After trading begins]
8, when a client places a new order after the start of trading of a financial product by the financial product transaction management device 1, the order information generation unit 41 acquires the order information of the new order. A position is held by trading the financial product based on the order information generated by the order information generation unit 41 (step S11).

(b) in Figure 8 shows, as an example of this case, a schematic diagram of a new market order 61 being placed at 130.00 yen per dollar. In this case, the contract information processing unit 43 processes this order information to contract new order 61 at time t1. This contract creates a position for new order 61 (hereinafter simply referred to as "position"). The financial instruments business operator holds the position from the time new order 61 is contracted until the position is settled by conducting a cover transaction for new order 61 with a bank or the like.

The market price information acquisition unit 42 continues to acquire market price information for financial products from the time the new order 61 is placed or executed (step S12).

For simplicity's sake, the following explanation will assume that processing is based on the time new order 61 is executed.

The risk assessment unit 52 performs a "predetermined assessment" using the real-time market price information acquired by the market price information acquisition unit 42. Based on fluctuations in the market price after the new order 61 is executed, the risk assessment unit 52 performs a risk assessment to determine whether it is possible to hedge the risk of holding a position through the new order 61 (step S13).

Details of the evaluation procedure in step S13 are shown in Figure 7. The risk evaluation by the risk evaluation unit 52 is basically performed based on the principles described above in [Risk Hedging]. Details of the risk evaluation by the risk evaluation unit 52 shown in Figure 7 are explained below.

If there is a possibility that a financial instruments business operator will incur a loss (hereinafter referred to as "loss possibility") by holding the position of new order 61, the risk assessment unit 52 evaluates whether there is a way to mitigate the loss. Furthermore, if there is a way to mitigate the loss, the risk assessment unit 52 evaluates whether the risk arising from holding the position is so high that immediate risk hedging is necessary.

Consider the case where the risk assessment unit 52 assesses that the market price 62 after the execution of the new order 61 has fluctuated in the direction opposite to the direction of the loss. Specifically, if the new order 61 is a buy order, the market price 62 fluctuates toward the higher price side, transitioning from time t1 shown in Figure 8(b) to time t3 shown in Figure 11(b), and if the new order 61 is a sell order, the market price 62 fluctuates toward the lower price side (not shown).

In this case, the risk assessment unit 52 immediately causes the cover trading unit 51 to execute a cover trade for the position held by the new order 61 (step S17). This is because risk hedging is not necessary.

On the other hand, consider a case where the risk assessment unit 52 assesses that the market price 62 after the execution of the new order 61 has fluctuated in the direction of incurring a loss. Specifically, if the new order 61 is a buy order, it will fluctuate toward a lower price, such as transitioning from (b) in Figure 8 to (b) in Figure 9, and if it is a sell order, it will fluctuate toward a higher price (not shown).

In this case, the risk assessment unit 52 evaluates whether it is possible to hedge the risk of holding a position resulting from the execution of the new order 61.

Specifically, for example, the risk assessment unit 52 assesses whether risk hedging is possible by assessing whether existing buy order information 441 or existing sell order information 442 exists in the direction in which the new order 61 will incur a loss (step S131).

As shown at time t2 in Figure 10(b), if existing buy order information 441 or existing sell order information 442 exists in the direction of the loss of the new order 61 ("Yes" in step S131), the risk assessment unit 52 performs the processing of step S132, described below. On the other hand, if existing buy order information 441 or existing sell order information 442 does not exist in the direction of the loss of the new order 61 ("No" in step S131), the risk assessment unit 52 causes the cover transaction unit 51 to perform a cover transaction for the position held by the new order 61 (step S135 → step S15). This is because risk hedging is not possible. If existing buy order information 441 or existing sell order information 442 exists in the direction of the loss of the new order 61 ("Yes" in step S131), the risk assessment unit 52 obtains information such as the contract price of the new order 61 and the prices of the existing buy order information 441 or existing sell order information 442, and compares these prices.

For example, the risk assessment unit 52 verifies whether the following (Condition 1) or (Condition 2) is met.
(Condition 1)
[If the new order is a buy order (for the customer)]
Execution price of new order ≧ order price of existing order (1)
(Condition 2)
[If the new order is a sell order (for the customer)]
Execution price of new order ≦ order price of existing order ... (2)
If (1) of (Condition 1) or (2) of (Condition 2) is met ("Yes" in step S132), the risk assessment unit 52 performs the process of step S133, which will be described later. On the other hand, if (Condition 1) or (Condition 2) is not met ("No" in step S132), the risk assessment unit 52 causes the cover trading unit 51 to carry out a cover trade for the position held by the new order 61 (step S135 → step S15). This is because risk hedging is not possible.

If (Condition 1) (1) or (Condition 2) (2) is met ("Yes" in step S132), the risk assessment unit 52 verifies whether the order volume of the new order 61 is less than or equal to the order volume of the existing order.

The processing of step S133 when new order 61 is a buy order will be explained.

If the new order 61 is a buy order and the order volume of the held position is equal to or less than the order volume of the existing sell order based on the existing sell order information 442 ("Yes" in step S133), the risk assessment unit 52 performs the processing of step S14, described below, for all new orders 61 (step S134 → step S14). On the other hand, if the order volume of the held position of the new order 61 for a buy order is greater than the order volume of the existing sell order ("No" in step S133), the risk assessment unit 52 subjects the held position of the new order 61, whose order volume is the same as the order volume of the existing sell order, to step S14, described below. Furthermore, the risk assessment unit 52 performs a cover transaction for the held position of the new order 61 for a buy order whose order volume exceeds the order volume of the existing sell order (step S135 → step S15). This is because the risk of the held position of the new order 61 cannot be hedged for the amount exceeding the order volume of the existing sell order.

On the other hand, if the order volume of the position held by the new order 61 is greater than the order volume of the existing sell order based on the existing sell order information 442 ("No" in step S133), the risk assessment unit 52 can also make all positions held by the new order 61 subject to cover trading (step S135 → step S15).

The processing of step S133 when new order 61 is a sell order will be explained.

If the new order 61 is a sell order and the order volume of the held position is equal to or less than the order volume of the existing buy order based on the existing buy order information 441 ("Yes" in step S133), the risk assessment unit 52 performs the processing of step S14, described below, for all new orders 61 (step S134 → step S14). Also, if the order volume of the held position of the new order 61 is greater than the order volume of the existing buy order ("No" in step S133), the risk assessment unit 52 subjects the held position of the new order 61, a sell order with an order volume equal to the order volume of the existing buy order, to step S14, described below. Furthermore, the risk assessment unit 52 performs a cover transaction for the held position of the new order 61, a sell order with an order volume that exceeds the order volume of the existing buy order (step S135 → step S15).

Also, although not shown, whether the new order 61 is a buy order or a sell order, if the answer to "Yes" in step S133 above is met, the risk assessment unit 52 can also assess whether the risk is within an acceptable range.

For example, if new order 61 is a buy order, risk assessment unit 52 can also assess whether the risk is within an acceptable range by checking whether the price difference between the order price of the existing sell order based on existing sell order information 442 and market price 62 is within a preset price range in the above (Condition 1) and (Condition 2). This is because if the real-time market price 62 deviates significantly from the order price of the existing sell order, the risk of holding a position due to the execution of new order 61 becomes high. Note that any assessment other than the above may be used to assess whether the risk is within an acceptable range.

When the risk is evaluated to be within the acceptable range ("Yes" in step S133 of FIG. 7), such as when the order volume of the position held by the new buy order 61 is equal to or less than the order volume of the existing sell order based on the existing sell order information 442, the risk hedging unit 53 maintains the position held by the executed new order 61 (step S14), as shown in FIG. 6. This is because the risk of holding the position is low. (b) of FIG. 9 shows a state in which the position held by the new order 61 is maintained. In this case, as shown in (b) of FIG. 9, the risk hedging unit 53 does not conduct a cover transaction for the position held by the executed new order 61. The risk assessment unit 52 then returns to step S12 and repeats the process.

On the other hand, if the risk of the position held by new order 61 is assessed to be outside the acceptable range ("No" in step S132 of FIG. 7), as shown in FIG. 7, the risk hedge execution unit 53 causes the cover transaction unit 51 to execute a cover transaction for the position held by new order 61 (step S15). This may occur, for example, when the market price 62 makes a significant downward transition from the state shown in FIG. 8(b) to the state shown in FIG. 9(b), increasing the risk of holding the position.

In addition, when the market price 62 becomes the price corresponding to the order price of the existing buy order information 441 or the existing sell order information 442, the contract information processing unit 43 processes the existing buy order information 441 or the existing sell order information 442 to execute the contract.

For example, consider the case where market price 62 changes from 129.90 yen to 1 dollar to 129.80 yen, as shown at time t2 in FIG. 9(b) and then at time t3 in FIG. 10(b). In this case, the contract information processing unit 43 executes the process of executing the existing orders, separate from the evaluation by the risk evaluation unit 52. Specifically, the contract information processing unit 43 first executes the existing order for 129.90 yen to 1 dollar, and then executes the existing order for 129.80 yen to 1 dollar (see FIG. 10(a)). With this execution, the order quantities of the existing order information 442 for selling at 129.90 yen to 1 dollar and 129.80 yen recorded in the existing order information recording unit 44 in FIG. 8(a) and FIG. 9(a) change to "2 (10,000 units) → 0" and "1 (10,000 units) → 0," as shown in FIG. 10(a).

If an existing order is executed and a new order 61 that can be risk-hedged exists ("Yes" in step S132 → "Yes" in step S133), the risk assessment unit 52 can assess whether the executed existing order should be used to settle the position held by the new order 61. If assessed in this way, the risk hedge execution unit 53 can settle the executed existing order and the new order 61 that holds the position.

In Figures 9 to 11, the order volume of new order 61 (30,000 units) and the order volume of the existing orders (a total of 30,000 units) are the same. Therefore, when settlement is carried out using the executed existing order and the position held by new order 61, neither a position is created by the execution of the existing order nor a position remains held by new order 61, and therefore no cover transaction is carried out.

On the other hand, when an existing order is executed and a new order 61 exists that can be risk-hedged ("Yes" in step S132 → "Yes" in step S133), the risk assessment unit 52 can also assess that the executed existing order will not settle the position held by the new order 61. This may occur, for example, when the risk assessment unit 52 assesses that the risk of continuing to hold the position held by the new order 61 is within an acceptable range (for example, when the market price 62 of the financial product is assessed to have a high tendency to fluctuate in the direction opposite to the direction of loss occurrence).

When the cover trading unit 51 sends order information, etc. for trading the new order 61 that is the subject of the cover trade to the bank system 3, the transaction execution unit 31 of the bank system 3 performs processing to execute the cover trade based on the received order information, etc. for the new order 61 (step S15).

[Action and effect]
As described above, in this second embodiment, the financial product transaction management device 1 acquires information on the market price 62, and evaluates whether or not it is necessary to perform a predetermined process for a predetermined risk that can be limited by performing a predetermined process using the existing buy order information 441 and the existing sell order information 442, depending on the transaction of the new order 61 for the financial product and fluctuations in the market price 62. The financial product transaction management device 1 then recognizes the direction of fluctuation in the market price 62, which changes over time, and can decide whether or not to perform a process that can limit the risk based on the results of this recognition.

For example, in this embodiment 2, as shown in Figure 8(b), when a new order 61, which is a market order to buy, is executed after trading of a financial product begins and a financial products business operator holds a position, the risk assessment unit 52 assesses the risk of the position, which changes depending on fluctuations in market price 62. The risk assessment unit 52 checks the order volume of the existing sell order (30,000 units in total) in the existing sell order information 442 recorded in the existing order information recording unit 44 shown in Figure 8(a), and compares it with the order volume of the new order 61 (30,000 units). Furthermore, the risk assessment unit 52 acquires and compares the execution price of the new order 61 (130.00 yen per dollar) with the order prices of the existing sell orders in the existing sell order information 442 (129.90 yen, 129.80 yen per dollar), and real-time market price 62 information.

Then, if the market price 62 shifts toward a loss with a small fluctuation range as shown in Figure 8 (b) to Figure 9 (b), there is existing sell order information 442 that can be used for settlement, and the risk of holding the position is small, the risk assessment unit 52 maintains the holding of the new order 61 position.

If the market price 62 further transitions from Figure 9(b) to Figure 9(b) in the direction of a loss, and the risk of holding the position becomes greater compared with the market price 62 and order volume of the existing sell order that can be used for settlement, the risk assessment unit 52 settles the position of the new order 61. By settling the position of the new order 61 using the execution of the existing sell order based on the existing sell order information 442, the actual loss 63 shown in Figure 10(b) can be reduced compared to settling the position based only on the execution of the new order 61.

On the other hand, if the market price 62 transitions in the opposite direction to the loss direction, as shown in Figure 9(b) to Figure 11(b), the risk assessment unit 52 will settle the position by only executing the new order 61, as shown in Figure 11(a), without using the existing sell order in the existing sell order information 442. By settling this position, the financial instruments business operator can earn a profit 64, as shown in Figure 11(b).

That is, in this second embodiment, by using the existing sell order information 442 in the risk assessment of the position held by the execution of the new order 61, it is possible to reduce the risk of a loss-making fluctuation in the market price 62 while reliably obtaining a profit 64 from the fluctuation in the market price 62. This makes it possible to reduce the risk of a loss occurring in response to fluctuations in the market conditions in financial product transactions conducted using a computer system.
In this second embodiment, the possibility that a position held by a financial instruments business operator will cause a disadvantage to the financial instruments business operator is treated as a predetermined risk. The risk assessment unit 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 also evaluates whether the predetermined risk held is of a size that can be limited. The risk assessment unit 52 can then determine whether to perform processing to reduce the predetermined risk, depending on the possibility of holding a position that will result in a high loss. This allows the risk of loss occurrence to be reduced with a high degree of certainty.

In this second embodiment, the risk assessment unit 52 evaluates the magnitude of a predetermined risk that can be held, depending on the order volume of existing orders based on existing buy order information 441 and existing sell order information 442 recorded in the existing order information recording unit 44. Then, depending on the order volume of a financial product that is highly correlated with the occurrence of risk, it can determine whether or not to perform processing to reduce the predetermined risk. This makes it possible to reduce the risk of loss occurrence with a high degree of certainty.

In this second embodiment, the risk assessment unit 52 uses existing buy order information 441 and existing sell order information 442 to assess whether a certain risk arising from fluctuations in market price 62 is manageable. This makes it possible to reduce the risk of loss with a high degree of certainty using existing and recorded orders.

In this second embodiment, the risk assessment unit 52 evaluates whether or not it is necessary to perform a predetermined process by using existing buy order information 441 and existing sell order information 442, starting with the price closest to the market price 62 at the time of the order transaction. The predetermined process can then be performed at a price close to the order transaction price. This prevents a divergence between the market price 62 and the price at which the predetermined process is performed, thereby reducing the risk of loss with a high degree of certainty.

In this second embodiment, the risk of loss can be reduced with a high degree of certainty based on the specific transaction processing in which a financial instruments business operator conducts a cover transaction with a financial institution in conjunction with the execution of a new order 61.

In this second embodiment, it is possible to reduce the risk of losses with a high degree of certainty in market order transactions, which have a high risk of losses due to fluctuations in market price 62.

In this second embodiment, the risk of losses can be reduced in actual trading processes by implementing processing that limits risk.

In this second embodiment, the accuracy of reducing a specified risk arising from fluctuations in market price 62 is increased by using existing buy order information 441 and existing sell order information 442, and processing that reduces the risk of loss occurrence with high accuracy in response to fluctuations in market conditions can be realized in actual trading processing.

The risk assessment in steps S132 and S133 in the second embodiment is merely an example, and risk assessment may be performed in any manner other than the assessments exemplified in the above embodiments. Furthermore, any criteria may be set for the extent of losses that a financial instruments business operator may tolerate or avoid as a result of risk assessment, and any changes or modifications may be made during the course of a transaction.

For example, in step S132 above, the risk assessment unit 52 can apply the following formula (3) instead of formula (1) or the following formula (4) instead of formula (2) depending on the relationship between the held position and the existing order.
[If the new order is a buy order (for the customer)]
Execution price of new order > Order price of existing order... (3)
(Condition 2)
[If the new order is a sell order (for the customer)]
Execution price of new order < order price of existing order... (4)
Furthermore, for example, if the order volume of the position held due to the execution of the new order 61 is greater than the order volume of the existing order ("No" in step S133), the risk assessment unit 52 may perform an assessment different from the above assessment (step S135 → step S15). Specifically, in this case, the risk assessment unit 52 may perform an assessment in which the position with an order volume exceeding the order volume of the existing order is continued to be held (step S134 → step S14).

Furthermore, the risk assessment unit 52 can also assess the time a position for a executed new order 61 can be held for by setting a limit.

In addition, the risk assessment unit 52 can change the assessments in steps S132 and S133 sequentially or sequentially based on changes in the type of financial product or the market value of the financial product.

Furthermore, while in each of the above embodiments the present invention is applied to one type of foreign exchange, it is not limited to this and can be applied to various types of financial products. For example, if the financial product is foreign exchange, it is conceivable to apply this embodiment to multiple different currency pairs, such as the Japanese yen and the US dollar, or the European euro and the Australian dollar. It is also conceivable to apply this embodiment to multiple different financial products, such as foreign exchange and stocks, or bonds and crypto assets.

Although the above-mentioned Embodiments 1 and 2 have been described as separate embodiments, they may also be used together in an embodiment. For example, in the financial instruments transaction management device 1 of this embodiment, the risk assessment unit 52 may be configured to assess the risk of maintaining a held position using calculations such as (Equation 1), (Equation 2), (Equation 11), (Equation 12), (Equation 21), and (Equation 22) of this Embodiment 1, and to perform risk hedging processing by performing the processing of Steps S11-S15 (including Steps S131-S135) described above.

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.

1...Financial product transaction management device 41...Order information generation unit (order information generation means)
42...Market price information acquisition unit (market price information acquisition means)
44: Existing order information recording unit (existing order information recording means)
441, 442... Existing order information 52... Risk assessment section (risk assessment means)
53...Risk hedge execution unit (risk hedge execution means)
61...New order (predetermined order)
62...Market price

Claims (9)

A financial product transaction management device for trading financial products,
an order information generating means for generating order information for placing an order for the financial product;
existing order information recording means for recording existing order information generated as the existing order information for trading existing orders that are currently executed or are scheduled to be executed in the future, among the order information generated by the order information generating means; and
market price information acquisition means for acquiring market price information of the financial product;
a risk assessment means for assessing whether it is possible to continue holding all or part of a position, with respect to a predetermined risk that a financial instruments business operator who trades the financial instruments may incur a loss due to a position held by the financial instruments business operator who trades the financial instruments , due to a transaction of a predetermined order as an order for the financial instruments newly placed after the start of trading and fluctuations in the market price,
The risk assessment means
Information on the positions held by the financial instruments business operator through the trading of the predetermined orders for the financial instruments;
When the position is held based on the market price information acquired by the market price information acquisition means, market price information of the financial product acquired by the market price information acquisition means;
a position evaluation price as an evaluation price of the position generated by the transaction of the predetermined order, and whether or not there is existing order information of an order price corresponding to the position evaluation price;
Check the
A financial instruments transaction management device characterized in that, when there is existing order information with an order price corresponding to the position evaluation price, the device evaluates whether or not to continue holding the position, thereby evaluating the specified risk . the existing order information recording means records, as the existing order information, the existing order information for buying to transact a buy order and the existing order information for selling to transact a sell order;
The risk assessment means
an order quantity of the existing buy order information, which is specified based on an order price obtained by calculating a specific value on the position evaluation price;
The order quantity of the existing sell order information is specified based on an order price of a value obtained by calculating another specific value on the position evaluation price; and
Add up the above and
Calculating the total order amount of the existing orders based on the summation result;
The predetermined risk is evaluated by comparing the calculated total order amount with the amount of the position held by the financial instruments business operator.
2. The financial product transaction management device according to claim 1. The existing order information recording means records the existing order information under a plurality of different execution conditions as the existing order information,
The risk assessment means
an order volume of the existing order under one of the plurality of execution conditions; and
the order volume of the existing order under other execution conditions among the plurality of execution conditions; and
Add up the above and
Calculating the total order amount of the existing orders based on the summation result;
2. The financial instruments transaction management device according to claim 1, wherein the predetermined risk is evaluated by comparing the calculated total order amount with the amount of the position held by the financial instruments business operator. 2. The financial instruments transaction management device according to claim 1, wherein the risk assessment means, when the market price fluctuates in a loss direction in which the financial instruments business operator will incur a loss due to the held position if the market price fluctuates after the financial instruments business operator holds the position, evaluates whether it is possible to continue holding all or part of the position using the existing order information which is an order price in the loss direction higher than the market price at the time the position was held. 2. The financial instruments transaction management device according to claim 1, wherein the result of the risk assessment means' assessment of whether it is possible to continue holding all or part of the position is used in the processing by the financial instruments business operator to conduct a cover transaction with a financial institution in connection with the execution of the specified order. The financial product transaction management device described in claim 1, characterized in that the specified order is a market order. 2. The financial instruments transaction management device according to claim 1, further comprising a risk hedge execution means for performing risk hedging processing to execute the existing order based on the result of evaluation by the risk evaluation means as to whether it is possible to continue holding all or part of the position. The financial instruments transaction management device according to claim 7, characterized in that the risk hedge execution means, as the execution of the risk hedge processing, processes a cover transaction associated with the execution of the specified order to a financial institution system managed by a financial institution that conducts transactions with the financial instruments business operator. A program that causes a computer to function as the financial product transaction management device according to any one of claims 1 to 8 .