JP2002183446A - Trading system and trading processing method - Google Patents

Abstract

PROBLEM TO BE SOLVED: To improve convenience of a customer by allowing receipt of a plurality of orders about the same trading object. SOLUTION: This trading system capable of transmitting information between the customer side and it via a communication network is provided with a server 31 controlling respective order conditions on the basis of an order management database 33. As to the same trading object, if a first order and a second order of different kinds are received from the customer, the server 31 adds records about the first and second orders to the order management database 33 after relating the two orders each other. At the same time, the server 31 updates the order management database 33 if the first order is accepted and performs processing for acceptance of the first order, while the second order related to the first order is processed automatically.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0001]

[0001] 1. Field of the Invention [0002] The present invention relates to a trading system and a trading method for handling a trading object whose price fluctuates.

[0002]

2. Description of the Related Art With the rapid spread of communication networks typified by the Internet and the like, customers (investors) use the Internet and i-mode to perform various procedures in commodity futures trading, securities trading, and the like. There has been realized.

[0003] At present, the present applicant provides an Internet home trade system to customers (htt).
p: //www.fuji-ft.co.jp). This system is used for commodity futures trading ("board-side trading" is widely used)
The customer can issue a sales order instruction on the Web site. Then, the trustee (commodity trader) who has received the order from the customer places an order on the commodity exchange (market) based on this.

[0004] Here, the above-mentioned "board-to-board transaction" refers to FIG.
As shown in FIG. 8, a predetermined number of times a day (for example, 4
This is a transaction form unique to Japan in which auctions are conducted intensively (~ 6 times). The day is divided into morning (foreground) and afternoon (after), and witnesses are held at predetermined time intervals (“section 1”, “section 2”,
"Section 3"). Then, the group attends at each “bazaar” at a time, and raises or lowers the selling price until the total selling quantity and the buying quantity match. Since all transactions are completed at the price (contract price) at the time when these quantities match, the side-by-side transaction is a “single contract price” method of trading. This trade-in transaction is used only for domestic commodity futures trading, and is widely used in exchange brands other than the Tokyo Kogyo Exchange and rubber on the Tokyo Kogyo Exchange.

[0005] At present, Japan Online Securities Co., Ltd. has also realized a securities transaction ordering system called "Kabnavi" (see http://www.kabu.com). This system adds various conditions to the "limit order" and "market order" in securities trading ("zaraba trading"), so that the contents of one order can be changed according to the situation. This is an order system that can be changed as needed. In the case of securities trading, the stock exchange does not accept the order form of "Stop order". However, by setting conditions when a customer outsources an order, an order such as a “stop order” can be handled by the trustee side system. According to the URL homepage information, Japan Online Securities Co., Ltd. has filed a patent application for this securities transaction ordering system.

[0006] Here, the above-mentioned "salava transaction" refers to FIG.
As shown in FIG. 7, for a predetermined period of the day (for example, AM9:
00-AM11: 00, PM0: 30-PM3: 30). The sellers and buyers compete with each other for selling and buying in a fixed period of time and within a certain period of time based on the principle of price priority and time priority, and a transaction is established each time a sale and a purchase match. Since a plurality of prices are continuously formed within a certain period of time, zaraba trading is a "multiple contract price" type trading method. Zaraba trading is used not only in securities trading but also in commodity futures and securities trading in the United States and Europe. In domestic commodity futures trading, it is used for precious metals and energy stocks on the Tokyo Industrial Exchange. The reference book on futures trading is “Introductory Futures Market”
(Publisher: Toyo Keizai Shimpo, Author: Usami Hiroshi, Publication Date:
March 9, 2000).

[0007]

However, in the conventional trading system, only a single order can be input for the same trading object (only a single order is accepted from the trustee side). However, there are the following restrictions on inputting an order (instructing a trustee to place an order). • If it is not after the "new order" established, can not be the input of the "partition order" about it. -Only one type of "partition order" for the same transaction object can be entered.

[0008] For this reason, the customer cannot designate a plurality of orders (order sets) relating to the same business object after setting conditions for handling them.
For this reason, in the buying and selling process from purchase to resale or from sale to repurchase, the customer has to separately instruct the order he or she desires each time. As a result, it is necessary to constantly monitor the price of the transaction target in the market and the status of the order placed earlier, which has placed a great burden on the customer. Here, the term “trade target” refers to a target that can be a target of commercial transaction, and “Tategoku” in a commodity futures transaction.
In addition, the concept also includes securities held, positions, and the like. The term “open interest” refers to a sales contract that has been settled on a commodity exchange and that has not been settled. In particular, a sales contract is referred to as “open position” and a purchase contract is referred to as “open position”.

The present invention has been made in view of the above circumstances, and an object of the present invention is to make it possible to accept a plurality of orders relating to the same business object after setting conditions for handling them. The purpose is to improve the convenience of the customer by reducing the burden on the customer.

[0010]

According to a first aspect of the present invention, there is provided a communication system for receiving, via a communication network, an order from a customer regarding a trading of a trading object which is handled at an exchange and has a price fluctuation. In a trading system, information can be transmitted between a customer and the order management database that manages orders related to sales and purchases to be traded via a communication network, and the status of each order is managed based on the order management database. Server. Here, the server associates the first order related to the same transaction object received from the customer with the second order having a different order type from the first order, and stores the first order in the order management database. Add a record for the first order and a record for the second order. In addition, when the first order placed is fulfilled, the server updates the order management database to perform the first order fulfillment process and automatically performs the second order process.

[0011] In the first invention, in the first order and the second order, a condition concerning order handling is set in advance by a customer, and the server performs automatic processing on the second order according to the condition. Is preferred.

Further, the first order and the second order may be orders belonging to different trading stages in a trading process for the same trading object, wherein the first order is a new order and the second order is a second order. May be a partition order.
In this case, when the server receives the new order and the partition order from the customer, the server validates the new order and performs the order processing of the new order. In addition, when a new order is completed, the server performs the processing of establishing the new order, validates the partition order, and performs the order processing of the partition order.

[0013] Further, when the customer specifies a limit order as a partition order, the server adds or subtracts a price set in advance by the customer to a contract price of the new order, thereby executing the execution price of the limit order. It is preferable to calculate the condition. Similarly, if the customer has specified a stop order as a stop order, the server adds or subtracts the price preset by the customer to the fill price of the new order, thereby executing the stop price of the stop order. It is preferable to calculate the condition.

On the other hand, the first order and the second order may be orders belonging to the same trading stage in a trading process relating to the same trading object, the first order is a limit order, and the second order is a limit order. The order may be a stop order. In this case, the server simultaneously performs order processing of the limit order and the stop order. At the same time, the server will determine if one of the limit or stop order is
The processing for establishing one order is performed, and the processing for canceling the other order is performed.

[0015] Further, when the customer sets an option for the expiration date for the partition order, the server sets the limit order and the stop order until the limit order or the stop order is completed within the range of the expiration date. It is preferable to keep the order status.

Further, the server cancels the limit order and the stop order if neither the limit order nor the stop order is established by the predetermined period when the customer sets the market order option, It is preferable to perform a market order ordering process for this transaction object.

[0017] The second aspect of the present invention are handled in the Exchange, and the order from the customer related to the buying and selling of the transaction subject to price fluctuations, in a trading system that accepts via the communication network, to manage the order related to the buying and selling of traded order It has a management database and a server capable of transmitting information between the customer side via a communication network and managing the status of each order based on the order management database. The server associates a new order and a partition order with respect to the same transaction object received collectively from the customer and adds a record relating to the new order and a record relating to the partition order to the order management database. In addition, when the ordered new order is completed, the server updates the order management database to execute the processing of establishing the new order and automatically executes the order processing of the partition order.

According to a third aspect of the present invention, there is provided a trading system for receiving, via a communication network, an order from a customer relating to trading of a trading object whose price is fluctuated and handled by an exchange, the order managing the order relating to trading of the trading object. It has a management database and a server capable of transmitting information between the customer side via a communication network and managing the status of each order based on the order management database. This server associates a limit order and a stop order related to the same transaction object, which are collectively received as a partition order from a customer, and stores a record related to the limit order and a record related to the stop order in the order management database. to add. In addition, when one of the limit order or stop order placed at the same time is completed, the order management database is updated to execute the processing of one order and automatically cancel the processing of the other order. Do.

According to a fourth aspect of the present invention, there is provided a trading system for receiving, via a communication network, an order from a customer regarding a trading of a trading object whose price is fluctuated and handled by an exchange, the order managing the order regarding the trading of the trading object. It has a management database and a server capable of transmitting information between the customer side via a communication network and managing the status of each order based on the order management database. This server associates a limit order and a stop order related to the same transaction object, which are collectively received as a partition order from a customer, and stores a record related to the limit order and a record related to the stop order in the order management database. to add. In addition, when one of the limit order and the stop order placed at the same time is fulfilled, the server updates the order management database to perform the fulfillment processing of one order and automatically performs the cancellation processing of the other order. . Furthermore, the server updates the order management database and cancels the limit order and the stop order when neither the limit order nor the stop order is completed within the period set by the customer, The order processing of the market order related to the business object set in advance by the customer is automatically performed.

According to a fifth aspect of the present invention, there is provided a trading system for receiving, via a communication network, an order from a customer relating to trading of a trading object whose price is fluctuated and handled by an exchange, the order managing the order relating to trading of the trading object. It has a management database and a server capable of transmitting information between the customer side via a communication network and managing the status of each order based on the order management database. This server associates new orders, limit orders as stop orders, and stop orders as stop orders for the same traded items received from customers collectively, and records the new order records in the order management database. And a record related to the limit order and a record related to the stop order.
In addition, when a new order is fulfilled, the server updates the order management database to perform a new order fulfillment process, and automatically performs a limit order and a stop limit order.

[0021] The first to fifth inventions described above may be applied to a system relating to a trade object traded by a boarding transaction.

On the other hand, a sixth invention is a trading method for receiving, via a communication network, an order from a customer for trading of a trading object whose price is fluctuated and handled by an exchange. The first communicated and related to an object
Accepting the order of the first order, the second order being transmitted via the communication network from the customer side and relating to the same transaction target as the first order and having a different order type from the first order.
Accepting the order of the first order in association with the first order; ordering the first order with the exchange;
Based on the processing results for the first order is ordered to provide a trading method and performing a process of the second order automatically.

Here, it is preferable that the step of performing the processing of the second order automatically performs the processing of the second order in accordance with a condition concerning the handling of the order set in advance by the customer.

Also, the first order and the second order may be orders belonging to different trading stages in the trading process for the same trading object, the first order being a new order, and the second order being a new order. May be a partition order.
Here, if a new order is established, it is preferable that a partition order be automatically placed. If the customer specifies a limit order as a partition order, the execution price condition of the limit order is calculated by adding or subtracting the price set by the customer in advance to the contract price of the new order. Is preferred. Furthermore, if the customer specifies a stop order as a partition order, by adding or subtracting the price the customer has preset for execution price of the new order, the execution price conditions stop order is calculated It is desirable.

On the other hand, the first order and the second order may be orders belonging to the same trading stage in a trading process relating to the same trading object, the first order is a limit order, and the second order is a limit order. The order may be a stop order. Here, when one of the limit order and the stop order is established, it is preferable to automatically cancel the other order. Also, if the customer has set an option for the expiration date for the partition order, the order status of the limit order and the stop order must be continued until a limit order or stop order is completed within the validity period. Is preferred. Furthermore, if the customer sets the market order option, if neither the limit order nor the stop order is completed within a predetermined period, the limit order and the stop order are canceled and the market order for the trading object is canceled. It is desirable to order.

According to a seventh aspect of the present invention, there is provided a trading method for accepting, via a communication network, an order from a customer regarding a transaction of a trading object which is handled at an exchange and fluctuates in price, and is transmitted from the customer side via the communication network. Associating a new order and a partition order relating to the same transaction object with each other and receiving the lump sum;
Automatically placing an order for a partition order when a new order is placed, is provided.

[0027] An eighth invention is handled in exchanges and customer orders related to the buying and selling transactions subject to price fluctuations in the trading method receives via a communication network, it is transmitted via the communication network from the customer Associating a limit order and a stop order as a stop order relating to the same transaction object and receiving them collectively; a step of simultaneously ordering the limit order and the stop order to an exchange; Automatically canceling the other order if one of the limit order or the stop order is fulfilled.

According to a ninth aspect of the present invention, in a trading method for receiving, via a communication network, an order from a customer for trading of a trading object which is handled at an exchange and has a price change, the customer side receives the order as a partition order via the communication network. Receiving the limit order and the stop order related to the same traded object transmitted in a lump and associating them together, and simultaneously ordering the limit order and the stop order to the exchange; and Automatically canceling the other order if one of the limit order or the stop order is closed; and, within a period preset by the customer, both the limit order and the stop order. If not, the limit order and the stop order are canceled and the customer's preset trade To provide a trading method and a step of automatically ordering the order.

According to a tenth invention, in a trading method for accepting, via a communication network, an order from a customer for trading of a trading object which is handled on an exchange and fluctuates in price, the order is transmitted from the customer side via the communication network. Receiving new orders, limit orders as stop orders, and stop orders as stop orders for the same transaction object and accepting them collectively, and placing a new order on the exchange And a step of automatically and simultaneously ordering a limit order and a stop order when a new order is placed.

[0030] The sixth to tenth aspects of the present invention can be applied to a transaction object traded by a side-by-side transaction.

[0031]

BEST MODE FOR CARRYING OUT THE INVENTION System Configuration FIG. 1 is an overall configuration diagram of a trading system according to the present embodiment. This system is known as "Venus"
It is a home trade mainly dealing with commodity futures. Various commodity futures such as rubber and corn are traded on the commodity exchange 1 established based on the law (the commodity exchange law). This commodity exchange 1 is equivalent to a market for commodity futures, and currently there are seven in Japan including the Tokyo Industrial Exchange. Since the commodity exchange 1 is configured as a non-profit corporation with a member organization, participation in transactions is limited to that member. Therefore, when the general customer 2 participates in the futures transaction, it is necessary to entrust the transaction to the commodity trader 3 who is a member having the entrusted business qualification. In addition, in view of such a trust relationship, in this specification,
Customer 2 is referred to as “consignor” as appropriate, and
Is referred to as the “trustee” as appropriate.

The system of the trustee 3 is mainly composed of a server 31 and a storage device 32,
A network environment capable of transmitting information to and from external systems including a system on the customer side and a system on the customer 2 side is provided. The storage device 32, various databases necessary to operate the home trade to be described later is stored, as a key database in the context of the present invention, it includes order management database 33. Trustee side systems are centrally manage a huge number of orders for commodity transactions received from the consignor 2 by the order management database 33. Although the order management database 33 will be described later, basically, each record constituting the database 33 (hereinafter, referred to as “order record”) has one-to-one correspondence with each order. Order instruction from customer 2, order placement on commodity exchange 1, order fulfillment / failure,
Alternatively, when an order is canceled or the like, the server 31 accesses the database 33 as appropriate and performs addition / update processing of the order record.

On the other hand, the customer 2 operates his / her own terminal device to access the home trade site (typically, a Web site) of the trustee 3 via the communication network. Enter various orders (instructions)
I do. Further, the customer 2 can also obtain various kinds of information regarding the product price, the success or failure of the order, and the like via the communication network. Here, the communication network is used in a sense including both a wireless network and a wired network, but the Internet, i-mode and the like will be the most popular communication media at present. The terminal device on the customer 2 side may be any device as long as it can be connected to such a communication network. Typically, however, the personal computers 21 and i that can be connected to the Internet A mobile terminal 22 that can use a mode or the like is given. Alternatively, a home game machine 23 or the like that can be connected to a communication network may be used.

The trustee 3 and the commodity exchange 1 are connected by a dedicated line with high security and reliability.
And the notification from the commodity exchange 1 are performed through this dedicated line.

2. Flow of Commodity Futures Transaction (Overview) The general flow of commodity futures transaction will be described. First,
The consignor 2 deposits the margin to the trustee 3,
A new order for selling or buying is instructed (step (A)). Specifically, the client 2 accesses the home trade site of the client 3 and displays a predetermined screen on the image device of the personal computer 21 of the client 2. Next, an authentication procedure for the two entrustors is performed, and necessary information regarding the new order is entered in accordance with a procedure specified in advance. Then, after passing through a procedure for confirming the entries, they are transmitted to the trustee side system as order information.

When the trustee system receives the order information, the server 31 newly adds an order record relating to the new order to the order management database 33. Then, in accordance with an instruction from the client 2, a new order for selling or buying is placed on the commodity exchange 1 at an appropriate time (step (B)). By this ordering procedure, a new order is executed in the market (commodity exchange 1). When a new order is established (step (C)), the order record of the new order is updated, and
The conclusion of the transaction is reported to the client 2 by the sales report (step (D)). The sales report is also transmitted by e-mail, and the contents of the establishment are updated on the screen.

Thereafter, when the consignor 2 terminates the transaction by “difference settlement” in accordance with the fluctuation of the commodity price, the consignor 2 sends the resale or repurchase “partition order” to the trustee 3.
(Step (E)). As in the case of a new order, this instruction is also performed by accessing the home trade site of the trustee 3, and an order record relating to the partition order is newly added to the order management database 33.
Here, the “net settlement” is defined as the price of the original sales contract,
A settlement method in which settlement is carried out only by receiving and paying the difference from the price obtained by resale and repurchase, and does not involve the exchange of the actual product and its price. The “partition order” refers to an order for ending a transaction such as reselling a long position or repurchasing a short position.

Then, according to the instruction from the client 2, a sell or buy partition order is placed at an appropriate time (step (F)). When the partition order is established (step (G)), the order record relating to the partition order is updated, a trading report and a trading statement are sent to the client 2, and the transaction is completed. Is reported (step (H)). Here, only the sales report is distributed by e-mail, and the contents of the establishment are updated on the screen. And, by performing the difference settlement by resale repurchase,
A series of transactions (trading process) ends. If you buy cheaply and sell high or buy cheaply and buy cheaply, a profit equivalent to the difference is generated.

In short, the commodity futures transaction is basically a transaction that promises to deliver goods at a certain time in the future and determines its price at the present time. Moreover,
By buying and selling the opposite (resale or repurchase of what you bought) at any time before the promised date,
This is a transaction that can cancel a sale or buy contract and close the transaction with only the difference (accurately, “difference”) without giving or receiving the actual item. Because of this difference settlement method, sales contract can be made even if there is no product at hand,
Even if a purchase contract is made, it is not necessary to receive the product if the settlement of the difference is made. That is, a major feature of commodity futures transactions is that transactions can be started from either selling or buying. This point is significantly different from spot transactions in securities transactions and the like, which are limited to the transaction form of resale of the purchase.

3. Basic Structure of Order Management Database FIG. 2 is an explanatory diagram of the basic structure of the order management database 33. In order to clarify the concept of the order management database 33, here, an example in which the order management database 33 is configured by a single database is shown. However, the order management database 33 may be configured as a set of a plurality of related databases. The order management database 33 is a set of order records corresponding to individual orders, and the order details, order status, link information with other orders, and the like are described in association with each other. Order contents include "order number", "stock code", "contract month", "execution conditions", "limit price", "trading category", "order quantity", "new / partition category", "partition target" , "Valid date", and "valid order period". The “order number” is given a different number for each order, and the order is specified by the “order number”. The order status is specified by the “establishment status code” and the “cancel flag”. Basically, when both the "establishment status code" and the "cancel flag" are "0",
This indicates that the order is valid, and indicates that the order is valid (meaning that the order or the order state is continued). Then, when the order is completed, "1", which means that the order is completed, is set in the "satisfaction status code" (processing result = order completed). When canceling the order, "1" is set in the "cancel flag" (processing result = order cancel). “RNO (relation number)” is information indicating a link relationship with another order record (details will be described later).

4. Before describing the features of the order types present trading system, as its introduction matter described type of order to be used in commodity futures. In addition to the above-mentioned classification methods of “new order” and “partition order”, there are other classification methods of “market order”, “limit order”, and “stop order”. Whether you place a new order or a break order, you must always specify execution conditions such as "market order", "limit order" or "stop order". Here, the "market order" refers to an order that does not specify a trading price, such as "want to buy or sell because of any price", that is, want to prioritize the establishment of a trade regardless of the price. Used in cases. In the case of Zaraba trading, market orders are filled before limit orders (price priority). Also, if the market orders are the same, the order placed earlier is filled with priority (time priority). Also,
The “limit order” refers to an order that is established only at a designated price or at a price that is more favorable than the limit price, and is an order that has a condition of “want to buy if less than or sell more than how much”. For example, if the order “Buy April 2000 contract of Tokyo Gold with a limit price of 1,100 yen” is made, 1,100
The contract is executed at a contract price below the yen, and is not executed while the transaction price is higher than 1,100 yen. When this order is used at the time of settlement, the level of profit determination is mainly set. Further, the "stop order" refers to an order that is established only at a designated price or a less favorable price, and is an order with a condition of "want to buy more than how much and sell less than how much". For example, if a customer buys Tokyo red beans for 12,000 yen and wants to lose red beans if the price drops below 11,500 yen, if they place a sell order with a stop order of 11,490 yen, it will be less than 11,490 yen. The order is executed at that point. When this order is used at the time of settlement, the level of determining the loss is mainly set.

5. Features of the Trading System The trading system is designed so that it is possible to collectively (in other words, simultaneously) input (instruction) of a plurality of orders from the client 2 for the same trading object. I have. Thereby, the convenience of the client 2 can be remarkably improved as compared with the conventional trading system. This point will be described in detail using the following four order receiving systems as examples.・ Consecutive assumption continuous order ・ Double partition order ・ Double partition order with market setting ・ Confirmation continuous double partition order

5-1. Successful assumption continuous order At the time of input (instruction) of a new order, the consignor 2 sets "new order"
And is an order acceptance system to be able to enter the "partition order" about it in advance collectively. Trustee 3,
Of these orders received at the same time, only a new order is placed on the commodity exchange 1 first. Then, when a new order is made in the market, the trustee 3 who has been notified of the completion is
Performs the closing process for the order, and automatically calculates the partitioning order of the same trading object (open interest) by calculating the "execution price condition" (that is, equivalent to the execution condition of the price order), and automatically Order.

Here, the following model case is considered. (Model Case 1) When a new trading order is placed and the new order is completed, if the price moves as expected, a “limit order” for settlement is set up so that profit settlement can be performed immediately. Want to order.

FIG. 3 is an explanatory diagram of an order form when the model case 1 is realized by the conventional home trade. In the conventional home trade, there is a restriction that the acceptance of a partition order is not permitted unless a new order is established. This is because, as a mechanism of the commodity exchange 1, separate orders are not handled in association with each other, in other words, orders are handled independently of each other. Another reason may be that the conventional home trade is merely an idea of "only passing the order specified by the consignor 2 to the commodity exchange 1". Therefore, in the past, in order to improve the convenience of the client 2, the idea itself that the order format that the commodity exchange 1 does not support is handled by the trustee 3 side automatically has not been born. There is a background.

The consignor 2 first instructs the consignor 3 to place an order for a new order, confirms the establishment of the ordered new order, and then instructs to order a partition order, which requires three actions. It is. In addition, since it is not known when an order is completed, the consignor 2 must always check the movement of the market price and the status of the new order that has been placed. This places a heavy burden on the client 2.

In the case where a price change contrary to the prediction occurs after a new order is made, a case in which it is desired to place an order of “Stop order” for settlement so that settlement of loss can be immediately performed. Since a plurality of actions occur as in the case of the model case 1, a heavy burden is imposed on the client 2.

On the other hand, by using the “continuation order on premise”, an order form like the model case 1 can be easily realized without causing a burden on the client 2. FIG. 4 is an explanatory diagram of an ordering form using the “continuation order premised on establishment”. First, when inputting a new order on the home trade site, the consignor 2 collectively inputs a new order and a partition order (limit order) to be made effective when the new order is established. In response to this, a new order is placed, and the ordering state is basically maintained until the new order is completed. A partition order is not placed until a new order placed earlier is fulfilled. When the new order that has been placed is established, the reserved partition order (limit order) related to the same transaction object becomes valid and is placed “automatically”. Here, "automatically" means that a partition order is placed mainly in accordance with the fact that a new order has been established (fact) in accordance with a previously entered partition order ordering instruction. Unless the conditions are set, the ordering state is continued until the partition order is completed. Then, when the market price matches the condition, a partition order is established.

As can be seen from FIG. 4, in the “continuation presupposed order”, when a new order is input, the input of a new order and the input of a partition order relating to the same business object can be collectively performed, so that only one An order form like model case 1 can be realized by an action. In addition, when a new order is established, the partition order is automatically enabled, and the order state is maintained. Therefore, unlike the conventional home trade, the consignor 2 does not need to check the market price movement and the order status of the new order at any time. Therefore, the client 2
Can be significantly improved.

Next, a description will be given of the processing procedure of the system in the "continuation order for premise of establishment". FIG. 5 shows the client 2
FIG. 10 is an explanatory diagram of a display screen at the time of “continuation prerequisite for establishment” displayed on the display device of the personal computer 21 on the side. The entrustor 2 has its own personal computer 21
To access the home trade site of the trustee 3 and display an input screen 41 for a new order on the display device. The entrustor 2 sequentially inputs necessary information on the contents of the new order on this input screen 41, and presses the "continue to partition order input" button 41a after completing the input of all the necessary information. With this action, the input screen 42 of the partition orders for traded and the same of the new order is displayed. The entrustor 2 sequentially inputs necessary information on the contents of the partition order on this input screen 42. Here, at the time of inputting a new order, the execution price (contract price) of the new order is undecided. Therefore, if only a simple limit order can be placed, a limit order for profit may become an order for determining a loss due to a change in market price. Therefore, the execution condition of a partition order (for example, a limit order for selling) to be placed upon the establishment of a new order is set to “more than the price that is higher than the new order establishment price by what yen”. After entering all necessary information, the entrustor 2 clicks the “execute / send” button 4
Press 2a. Then, after confirming the contents of the new order and the contents of the partition order related thereto on the reception contents confirmation screen 43 displayed by this action, the "send / execute" button 43a is pressed again. As a result, a new order and a partition order for the same transaction object are simultaneously transmitted to the trustee side system.

FIG. 6 is an explanatory view of an order record generated by the “continuation premise order”. When order information from the client 2 is received by the client system, the server 3
1 newly adds an order record relating to the received order to the order management database 33. In the “continuation presupposed order”, a new order and a partition order are a set, and the same item is dealt with. Therefore, these orders are related to each other. Therefore, a new order record and a partition order record are generated separately, and these are related by “RNO (relation number)”. As shown in FIG.
= 001 "indicates that the order records are linked to each other. The reason for providing this “RNO” is that the status of one order changes (for example, valid → closed), and the status of another order also changes (for example,
It is possible to deal with it because it can be effective → canceled.

At the time of acceptance of the “continuation premise successive order”, a new order is generated as a complete order record (parent A) in which all necessary information is described (“order number =
001 "). On the other hand, at this point, the partition order is generated as a preparation record (child A). As described above, since the execution condition of the partition order is set to “+/- how many yen based on the new order establishment price”, the limit price of the partition order cannot be set unless the contract price of the new order is determined. Further, since no partition order is placed unless a new order is established, there is no need to generate an order record at this time. In the above reasons, with respect to the order content related to partition order, it is generated as an "executive condition" (for example, limit) and "limit price" (for example, + α circle) preparation record that was blank except for (child A) . Child A says "RNO
= 001 ”and the same number“ RNO ”is associated with the parent A.

FIGS. 7 and 8 are a state transition diagram of the order record and a transition diagram of each order over time in the “continuation order premised on establishment”. In FIG. 8, “は” indicates that the order record is valid, and indicates that the order related to this order record is in the ordering state (see FIGS. 14, 20, and 26 described below). The same).

First, immediately after the generation of the parent A (new order record), both the “establishment status code” and the “cancel flag” are set to 0 (valid state). As long as the parent A is valid, the order state of the new order to the commodity exchange 1 is continued.

[0055] For example, when a new order is established in the afternoon session Section 1 shown in FIG. 8, the server 31 to change the "established status code" of the parent A from "0" to "1" (processing result = order matching) . Then, due to the processing result of order completion,
Child A (preparation record of partition order) associated with parent A by "RNO = 001" is parent B (order record of partition order)
(See FIG. 6). As a result, “order number = 002” is assigned to the parent B, and the partition order is managed as a formal order on the trustee side system. In addition, the order contents that are blank with respect to the partition order are basically specified based on the parent A data. In FIG. 6, “←” indicates that the parent A data is taken over. The “limit price” of the parent B is a price obtained by adding the “limit price = α yen” of the child A to the contract price Z of the new order (in the case of a sell partition order). In the case of a buy partition order, the price is obtained by subtracting the “limit price = α yen” of the child A from the contract price Z yen of the new order. The “valid order time” of the parent B is from the generation of the parent B to the last time of the “valid date” of the parent A. At this time, regarding the order status of parent B, both the “establishment status code” and the “cancel flag” are set to “0” (valid state).

Further, “RNO” of parent B is replaced by “RNO = 00” of child A.
Since "1" is inherited as it is, the relationship with parent A is maintained. The original “RNO = 001” is retained as “KEEPRNO (retention relation number)” of the parent B. This means that it has a relationship with parent A, and parent B
Is a sign of the change from child to parent due to the completion of the order of parent A instead of parent from the beginning. By the above processing, the valid order is switched from parent A (new order) to parent B (partition order), and the partition order is automatically placed in the latter section. Unless the order is completed, the ordering state of the partition order is continued until the parent B's “valid order time”.

As can be understood from the above description, the status of each order record is managed by the "establishment status code" and the "cancel flag", and the related order records are linked by "RNO". handle. Therefore, new and partition orders belonging to different buying and selling stages (buying and reselling, or selling and repurchasing) in a series of buying and selling processes (from buying and reselling or from selling and repurchasing). To
It can be received collectively in the trustee system. At the same time, it becomes possible to automatically perform the order processing of the partition order, which is the order form of the later stage, according to the “processing result” of the new order, which is the order form of the previous stage. Here, the “processing result” refers to the final disposal of the ordered order in the system on the trustee side, and includes not only the processing for fulfilling the order but also the cancellation processing for requesting the commodity exchange 1 to cancel. It is.

5-2. With respect to double partition order the same transaction object (open interest), is an order acceptance system that can consignor 2 is input in advance collectively and "limit order" and "stop loss order". The trustee 3 simultaneously places the order of the limit order and the order of the stop order with respect to the commodity exchange 1, and when one order is established, the other order is automatically canceled.

Here, the following model case is considered. (Model Case 2) Regarding the same transaction target (open interest)
We anticipate future price movements, and if we are likely to make price movements as originally predicted, we would like to order a “limit order” for settlement so that profit settlement can be settled. Conversely, if the price movement that was contrary to the original prediction seems, to allow the settlement of loss confirmed, I want to order a "stop order" for the settlement. And I want to repeat this order until it is settled.

FIG. 9 is an explanatory diagram of an order form when the model case 2 is realized by the conventional home trade. In the conventional home trade, only the order format supported by the commodity exchange 1 is accepted. If one of the limit order or the stop order is completed, a request to cancel the other partition order is issued to the commodity exchange 1. Did not accept orders that required additional action, such as That is, only one type of partition order can be selected. Therefore, the consignor 2 first performs an action of predicting a future price movement of the current transaction target (open interest) and inputting a partition order of either a limit order or a stop order. Thereafter, if the price moves against the forecast, the consignor 2 instructs the cancellation of the current partition order, sets a repetition of the additional action of re-ordering the partition order after predicting the future price movement again, and the settlement. there is a need to do every day until it is done. As market conditions change,
Repeating the previous instruction for canceling the partition order and the instruction for ordering a new partition order each time places a heavy burden on the client 2.

On the other hand, if the “double partition order” is used, an order form like the model case 2 can be easily realized without causing a burden on the client 2. FIG. 10 is an explanatory diagram of an order form using the “double partition order”. First, the client 2 performs two types of partition orders (limit order and stop order) for the same transaction object.
And the expiration date of these orders (up to 1 month = end of month)
And all at once. In response to this, the trustee 3 simultaneously orders the limit order and the stop order to the commodity exchange 1. These partition orders are continued until the order is completed within the validity period. Thereafter, when the market price matches the condition and one of the partition orders is established, the other partition order is automatically canceled (a cancellation request is made to the commodity exchange 1).

As can be seen from FIG. 10, in the “double partition order”, the input of two partition orders of different types and the input of the expiration date of this order can be performed collectively, so that only one action is required. Thus, an order form like model case 2 can be realized. Therefore, the inconvenience in the conventional home trade can be solved, and the convenience of the client 2 can be remarkably improved.

Next, the processing procedure of the system in "double partition order" will be described. FIG. 11 is an explanatory diagram of a display screen at the time of “double partition order” displayed on the display device of the personal computer 21 on the client side. The entrustor 2 has an input screen 44 displayed on the display device.
, Necessary information on the contents of the partition order is sequentially input for each transaction object. In the “double partition order”, a limit order and a stop order for the same transaction object (open position) are simultaneously placed on the commodity exchange 1. Therefore, the consignor 2 needs to set a limit price for each of the limit order and the stop order. After all necessary information including the expiration date is completed, the entrustor 2 executes “execute / send”.
Press the button 44a. Then, after confirming the contents of the partition order on the reception contents confirmation screen 45 displayed by this action, the "send / execute" button 45a is pressed again. As a result, the limit order and stop order for the same transaction object are simultaneously transmitted to the trustee side system.

FIG. 12 is an explanatory diagram of an order record generated by a “double partition order”. "Double partition order"
In this example, a limit order and a stop order are set as a partition order, and the trading objects are the same. Therefore, the separately generated order record for the limit order and the order record for the stop order are, for example, “RNO = 0
"01" are associated with each other. Unlike the above-described “continuous premise order”, in the case of the “double partition order”, order records of two partition orders are generated at the time of receiving the order (preparation records are not generated).

FIG. 13 and FIG. 14 are a state transition diagram of the order record in the “double partition order” and a transition diagram of each order with time. Immediately after the parent A (limit order record) and the parent B (stop order record) are generated,
Parent A and parent B both have the “established status code” and the “cancel flag” set to “0”. Therefore, unless special order start conditions are set, both the parents A and B are valid, and their orders are placed simultaneously.

For example, when the limit order is established in the first section of the second game shown in FIG. 14, the server 31 changes the “establishment status code” of the parent A from “0” to “1” (processing result = order fulfillment). . At the same time, the “cancel flag” of parent B associated with parent A by “RNO = 001” is switched from “0” to “1”. Along with this cancellation processing, the stop loss order in which the order status has been continued is automatically canceled (commodity exchange 1).
Request for cancellation).

[0067] As can be seen from the above description, "established status code", "cancel flag", by "RNO", to manage and relevance of the order record between the situation of each order record. Thereby, the limit order and the stop order belonging to the same stage (at the time of resale or at the time of repurchase) in the trading process can be collectively received by the trustee side system. At the same time, on the basis of one of the processing result of the limit order or stop order, it becomes possible to automatically perform the cancellation processing of the other orders.

5-3. Double partition order with market setting This is a double partition order with an option setting to order a third type “market order” after a specific time. Trustees 3, when it reaches the specified time, cancel the limit orders and the stop order was ordered earlier, automatically ordering an order Shigeyuki instead.

Here, the following model case is considered. (Model Case 3) Regarding the same transaction target (open interest)
We anticipate future price movements, and if we are likely to make price movements as originally predicted, we would like to order a “limit order” for settlement so that profit settlement can be settled. On the other hand, if the price is expected to move contrary to the initial forecast, we would like to place a “Stop order” for settlement so that the settlement of loss can be settled. If the condition of "limit order" or "stop order" is not reached by a certain time and the condition is not satisfied, we want to give priority to settlement by ordering "market order" without price conditions. .

FIG. 15 is an explanatory diagram of an order form when the model case 3 is realized by the conventional home trade. As in the case of the model case 2 described above, the client 2 first performs an action of predicting a future price movement of the current trading object (open interest) and inputting a partition order of either a limit order or a stop order. . Thereafter, when the price movement becomes contrary to the prediction, the consignor 2 instructs cancellation of the current partition order, performs an additional action of re-ordering the partition order after predicting the future price movement again. Then, if the order does not appear to be completed within a certain period of time, at that time, instruct the cancellation of the previous stop order (limit order or stop order) and place a new stop order (market order). It is necessary to take the action of instructing. For this reason, a heavy burden is imposed on the client 2.

On the other hand, if the “double partition order with market setting” is used, an order form like the model case 3 can be easily realized without causing a burden on the client 2. FIG. 16 is an explanatory diagram of an order form using “double partition order with market setting”. First, as in the case of the above-mentioned "double partition order", the consignor 2 inputs two types of partition orders (limit order and stop order) for the same transaction object at once. At the same time, if neither of the partitioning orders is established, if a marketer wants to order a partitioning order, the time (field / section) is also specified. In response to this, the limit order and the stop order are placed on the commodity exchange 1 at the same time. If neither order is completed by the time (place / section) specified by the client 2, both orders are automatically canceled and a market order is placed. Since the market order is placed instead of the limit order and the stop order, the possibility that the order will be completed in the market is very high.

As can be seen from FIG. 16, in the “double partition order with market setting”, the input of two partition orders of different types and the setting of a timer for canceling these orders and validating the market order are collectively performed. Therefore, an order form such as the model case 3 can be realized with only one action. Therefore, the convenience of the client 2 can be significantly improved.

Next, the processing procedure of the system in the double partition order with market setting will be described. FIG. 17 is an explanatory diagram of a display screen at the time of “double partition order with market setting” displayed on the display device of the personal computer 21 on the client side. The entrustor 2 sequentially inputs necessary information on the contents of the partition order for each transaction object on the input screen 46 displayed on the display device, as in the case of the “double partition order”. Then, as in the case of the "double partition order", the limit price is set for each of the limit order and the stop order. And
Check box 46 of "Enable market order setting"
Check b. This option cancels the limit order and the stop order if neither the limit order nor the stop order is fulfilled by the designated end clause, and automatically places a market order after the end clause. The entrustor 2 presses the "execute / send" button 46a after completing input of all necessary information. Then, after confirming the contents of the partition order on the reception content confirmation screen 47 displayed by this action, the “send / execute” button 4
Press 7a. As a result, the limit order and stop order for the same transaction object are simultaneously transmitted to the trustee system with the option of setting the market.

FIG. 18 shows a "double partition order with market setting".
FIG. 5 is an explanatory diagram of an order record generated by the. The “double partition order with market setting” is a set of three types of orders related to the same transaction object, in which a market order is added in addition to a limit order and a stop order. Therefore, the three order records for the limit order, stop order, and market order, which are separately generated, are associated with each other by giving “RNO = 001”.

FIGS. 19 and 20 are a state transition diagram of the order record in the “double partition order with market setting” and a transition diagram of each order with time. In the initial state, all of parent A (limit order record), parent B (stop order record) and parent C (market order record)
The “establishment status code” and the “cancel flag” are both set to “0”. However, the end time of “valid order time” of parent A and parent B and the start time of “valid order time” of parent C are set to be the same. Therefore, at first, the parent A and the parent B are valid, but the parent C that has not reached the start time of the “valid order time” is not valid. As a result, only the limit order and the stop order are placed at the same time. And
For example, when the limit order related to parent A is completed, the “completed status code” of parent A is changed from “0” to “1” (processing result = order completed) and the remaining parent B, C “ The “cancel flag” switches from “0” to “1” (processing result = order cancel). As a result, a process for establishing a limit order is performed, and a process for canceling a stop order and a market order is automatically performed.

On the other hand, “valid order time” of parent A and parent B
If no order is established within the period, the “cancel flag” of the parent A or B switches from “0” to “1” with the end of the “valid order time”. At the same time, when the parent C reaches the start time of the “valid order time”, a market order is automatically placed.

As can be seen from the above description, the valid state of each order record is set and managed by appropriately setting the “valid order time” in addition to the “satisfied status code” and the “cancel flag”. As a result, 3
A “double partition order with market order setting” in which types of partition orders (limit order, stop order, market order) are linked can be realized by the system processing on the trustee 3 side.

5-4. Prerequisites Continuous double partitioning order When entering a new order, the consignor 2 collectively inputs a "new order" and two types of "partitioning orders"("limitorder" and "stop order") in advance. It is an order reception system that can do. The trustee 3 first places an order for a new order, and when the new order is established in the market,
Two types of partition orders (“limit orders”)
And "Stop order") automatically. This order receiving system is equivalent to a combination of the above-mentioned “continuation premise order” and “double partition order”.

Here, the following model case is considered. (Model Case 4) If a new buy / sell order is placed and the new order is fulfilled, future price movements are predicted, and if price movements are expected to be as originally predicted, settlement is made so that profit settlement can be performed. Want to place a "limit order" for
On the other hand, if the price is expected to move contrary to the initial forecast, we would like to place a “Stop order” for settlement so that the settlement of loss can be settled.

FIG. 21 is an explanatory diagram of an order form when the model case 4 is realized by the conventional home trade. In this case, the consignor 2 needs to perform four actions: input of a new order, confirmation of establishment of a new order, prediction of future price movement, and input of a partition order. At the same time, if the price movement in the market is contrary to the prediction made at the time of inputting the partition order, additional actions such as an instruction to cancel the partition order, a re-prediction of future price movement, and a re-entry of the partition order are required. For this reason, the client 2 must constantly check the price movement in the market, which is a heavy burden.

On the other hand, if the “continuation premise continuous double partition order” is used, an order form like the model case 4 can be easily realized without causing a burden on the client 2. FIG. 22 is an explanatory diagram of an order form using the “continuation premise continuous double partition order”. First, when inputting a new order, the consignor 2 collectively inputs a new order and two types of partition orders (limit order and stop order) to be validated when the new order is established.
In response, the trustee 3 places a new order. The two types of partition orders are not placed until the new order placed earlier is satisfied. When the ordered new order is established, the two kinds of reserved partition orders (limit order and stop order) related to the same transaction object become valid and are automatically ordered. Thereafter, if the market price matches the condition and one of the partition orders is completed, the other partition order is automatically canceled. As can be seen from FIG. 22, in the "continuation premise double partition order", when a new order is input, the input of a new order and the input of two types of partition orders for the same transaction object can be performed at once, so that only 1 An order form such as model case 4 can be realized by multiple actions. In addition, when a new order is completed, the partition order is automatically enabled, so like the conventional home trade,
There is no need to constantly check the market price movement and the status of establishment of new orders. Therefore, the convenience of the client 2 can be significantly improved.

Next, "Consecutive Assumption Continuous Double Partition Order"
Will be described. FIG.
FIG. 8 is an explanatory diagram of a display screen at the time of “continuation premise double partition order” displayed on the display device of the personal computer 21 on the client side. The client 2 sequentially inputs necessary information on the contents of the new order on the input screen 48 displayed on the display device, and after all necessary information has been input, a "continue to double partition order input" button. Press 48a. By this action, the input screen 49 of the double partition order relating to the same object as the trading object of the new order 49
Is displayed. The entrustor 2 sets the limit price for each of the limit order and the stop order on the input screen 49. Here, at the time of inputting a new order, the execution price (contract price) of the new order is undecided. Therefore, the execution conditions of the limit order and the stop order ordered by the completion of the new order are set to “more than (or less than) the price plus (or minus) from the new order completion price”. The entrustor 2 presses the "execute / send" button 49a after inputting all necessary information. Then, the reception content confirmation screen 50 displayed by this action
Then, after confirming the contents of the new order and the contents of the partition order (limit order / limit order), the "send / execute" button 50a is pressed again. As a result, a new order and a partition order for the same transaction object are simultaneously transmitted to the trustee side system.

FIG. 24 is an explanatory diagram of the order record generated by the “continuation premise continuous double partition order”. In the "continuation premise continuous double partition order", three sets of a new order, a limit order as a partition order, and a stop order are set, and the corresponding records of parent A, child A and child B are "RNO". = 001 ". As in the case of the "continuation premised order", at the time of receiving this order, the new order is added to the order management database 33 as a complete order record (parent A) in which all necessary information is described. On the other hand, two partition orders are generated as preparation records (child A, child B).

FIG. 25 and FIG. 26 are a state transition diagram of the order record and a transition diagram of each order with time, respectively, in the “continuation premise continuous double partition order”. First, in a state immediately after the generation of the parent A (new order record), only the parent A is valid because both the “establishment status code” and the “cancel flag” are set to 0. As long as the parent A is valid, the order state of the new order to the commodity exchange 1 is continued.

For example, when a new order is established in the previous section 3 shown in FIG. 26, the server 31 changes the “establishment status code” of the parent A from “0” to “1” (processing result = order fulfillment). . With this establishment processing, the children A and B associated with the parent A with “RNO = 001” change to the parents B and C, respectively (see FIG. 24). As a result, the limit order and the stop order are managed as formal orders on the receiving system. Further, the order contents that are blank for the children A and B are basically specified based on the parent A data. The parent B's “limit price” is the child A's “α”
(In the case of a sell partition order) or the subtraction (in the case of a buy partition order), the price (corresponding to the execution price condition of the parent B). Conversely, the “limit price” of the parent C is a price obtained by subtracting or adding the “β yen” of the child A from the contract price Z of the new order (corresponding to the execution price condition of the parent C). . Further, the “effective order time” of the parents B and C is
Is the start time, until the last time of the “valid date” of the parent A.

At this time, regarding the order status of the parents B and C, both the “establishment status code” and the “cancel flag” are set to “0” (valid state). Therefore, since the parents B and C become valid due to the establishment of the new order relating to the parent A (processing result = establishment of order), the limit order and the stop order are automatically ordered.

Note that “RNO = 002” is newly assigned to the parents B and C. Therefore, after this, the handling associated with the parents B and C is performed apart from the relationship with the parent A. However, “KEEPRNO” of parents B and C has the original “RNO
= 001 ”, the information that the parents B and C are not the parents from the beginning, but have changed from the child to the parent due to the completion of the order of the parent A is stored as information.

Thereafter, for example, when the limit order is completed in the third section, the server 31 changes the “establishment status code” of the parent B from “0” to “1” (processing result = order completed). Based on this processing result, the “cancel flag” of the parent C is switched from “0” to “1”. As a result, the process of establishing the limit order is performed, and the process of canceling the stop order is automatically performed.

As can be understood from the above description, when a new order is established, the parents B and C are newly generated as order records relating to the partition order, and the parents B and C become valid.
A limit order and a stop order are placed at the same time. Parent B,
Since “RNO = 002” is newly assigned to C, subsequent handling and management between the parents B and C can be performed independently of the parent A. As a result, three types of orders (new order, stop order (limit order), and stop order (stop order)) linked to the same transaction object are linked to the system processing on the trustee 3 side of the "continuation prerequisite continuous double stop order". Can be realized by:

6. Summary Figure 29 of the trading system is an explanatory view of a basic concept of the trading system according to the present embodiment. Although this explanatory diagram illustrates an example of a side-by-side transaction, as will be described later, the present trading system can be applied to zaraba transactions and the like.
The company server, which is a trustee system, receives a plurality of different types of orders A, B, and
It is possible to accept C in "collective" (in other words, "simultaneously"). These orders A, B, and C are “combined conditional orders”, that is, an order set related to the same transaction object in which “conditions” are set in advance for “handling” of each order. This order set is used for different trading stages (for example, when buying and reselling, etc.) in a buying and selling process (buying to resell or selling to buyback) for a certain transaction object, such as a new order and a partition order.
(“Continuous prerequisite order”) or an order form belonging to the same buying and selling stage (for example, resale), such as a limit order and a stop order (“ Double partition order ”,“ double partition order with market setting ”). Also, an order form combining these may be used (“continuation premise continuous double partition order”).

Regarding the "conditions" relating to the "handling" of the order, for example, in the case of "continuous presupposition order", the "handling" of ordering a partition order is performed with the completion of a new order as a "condition". . In the case of a "double partition order", a condition is fulfilled that one of the partition orders is fulfilled, and the other partition order is canceled. In the case of the "double partition order with market setting", the "handling" of ordering a market order is performed on the condition that neither a limit order nor a stop order is fulfilled within a predetermined period. Furthermore, in the case of "continuation premise continuous double partition order", "handling" is performed in which two types of limit orders are ordered with the establishment of a new order as a "condition".

The company server (contractor system) that has received such a conditional composite order, sets at least one order A (in the case of a limit order and stop order, two orders A, B) is ordered from the commodity exchange. Then, based on the processing result of the order A (order establishment processing, cancellation processing, correction processing, etc.), the processing of the remaining orders B and C is performed in the company server, and the processing satisfies the preset conditions. , A new order (or cancellation request, correction, change, etc.) is made to the commodity exchange.

By performing such automatic processing at the company server (contractor side), regardless of the order handling mechanism at the commodity exchange, the order format (conditional composite Order) can be substantially realized. As a result, the customer can designate a plurality of orders generated in a series of trading processes to the trustee in a lump after setting appropriate conditions, thereby significantly improving customer convenience. There is an effect that can be.

Note that the present invention is not limited to the above-described embodiment, but includes (1) an exchange where price-changing “things (trade objects)” are traded, and (2) customers (typically, (Investors). Therefore, it is naturally possible to apply to commodity futures to be subjected to rough trade, in addition to commodity futures to be traded. Also, securities trading, bond trading,
It can also be applied to financial futures transactions, other financial derivatives, etc. (these have individual exchanges). It should be noted that exchange transactions can be applied if an organization such as an exchange is established.

Note that, depending on the trading object, the exchange may not accept the above-mentioned "Stop order". However, for example, in Zaraba trading of commodity futures, the Tokyo Kogyo Securities Exchange has an "IRO order"
Of the IRO instead of the stop order
By using the order, a system similar to the above-described embodiment can be realized. In that sense, in the context of the present invention, the term "stop order" is used in a broad concept including IRO orders with similar contents.

[0096]

As described above, according to the present invention, a conditional complex order for the same transaction object from the client is collectively received by the client, and the contractor automatically processes the complex order on the exchange. Place an order in a suitable form. Then, other orders are processed as appropriate according to the status of the order, and when the predetermined conditions are met, ordering of a new order, cancellation / correction of an already ordered order, etc. are performed on the exchange. . With this, the customer can set a plurality of orders to the trustee after setting appropriate conditions, so that the convenience of the customer can be significantly improved.

[Brief description of the drawings]

FIG. 1 is an overall configuration diagram of a trading system according to an embodiment.

FIG. 2 is an explanatory diagram of a basic structure of an order management database.

FIG. 3 is an explanatory diagram of a conventional ordering form relating to a continuous order on a premise of establishment.

FIG. 4 is an explanatory diagram of ordering a continuous order on the assumption of completion.

FIG. 5 is an explanatory diagram of a display screen at the time of a continuous order on a premise for establishment.

FIG. 6 is an explanatory diagram of an order record generated in a continuous order on the assumption of success.

FIG. 7 is a state transition diagram of an order record in a continuous order on a premise of establishment.

FIG. 8 is a transition diagram of each order in a continuous order on a premise of establishment.

FIG. 9 is an explanatory diagram of a conventional order form regarding a double partition order.

FIG. 10 is an explanatory view of ordering a double partition order.

FIG. 11 is an explanatory diagram of a display screen when a double partition order is placed.

FIG. 12 is an explanatory diagram of an order record generated in a double partitioned order.

FIG. 13 is a state transition diagram of an order record in a double partition order.

FIG. 14 is a transition diagram of each order in the double partition order over time.

FIG. 15 is an explanatory diagram of a conventional order form regarding a double partition order with market setting.

FIG. 16 is an explanatory diagram of ordering of a double partition order with market setting.

FIG. 17 is an explanatory diagram of a display screen at the time of a double partition order with market setting.

FIG. 18 is an explanatory diagram of an order record generated in a double partition order with market setting.

FIG. 19 is a state transition diagram of an order record in a double partition order with a market setting.

FIG. 20 is a time-dependent transition diagram of each order in a double partition order with market setting.

FIG. 21 is an explanatory diagram of a conventional ordering form on the Formation premise continuous double partition order

FIG. 22 is an explanatory diagram of ordering of a continuous double partition order on the premise of establishment.

FIG. 23 is an explanatory view of a display screen at the time of a continuous premise double partition order

FIG. 24 is an explanatory diagram of an order record generated in a continuous double partition order premised on establishment.

FIG. 25 is a state transition diagram of an order record in a continuous double partition order premised on establishment.

FIG. 26 is a transition diagram of each order over time in a premise continuous note double partition statement.

FIG. 27 is an explanatory view of zaraba transaction.

FIG. 28 is an explanatory diagram of a side-by-side transaction

FIG. 29 is an explanatory diagram of a basic concept of a trading system according to the present embodiment.

[Explanation of symbols]

 1 Commodity Exchange, 2 Customer (Consignor), 3 Commodity Dealer (Consignor), 21 Personal Computer, 22 Mobile Terminal, 23 Game Machine, 31 Server, 32 Storage Device, 33 Order Management Database

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[Procedure amendment]

[Submission date] May 28, 2001 (2001.5.2)
8)

[Procedure amendment 1]

[Document name to be amended] Statement

[Correction target item name] Name of invention

[Correction method] Change

[Correction contents]

Patent application title: TRADING SYSTEM AND TRADING PROCESSING METHOD

[Procedure amendment 2]

[Document name to be amended] Statement

[Correction target item name] Claims

[Correction method] Change

[Correction contents]

[Claims]

[Procedure amendment 3]

[Document name to be amended] Statement

[Correction target item name] 0001

[Correction method] Change

[Correction contents]

[0001]

BACKGROUND OF THE INVENTION 1. Field of the Invention The present invention relates to a trading system and a trading method for dealing with a trading object whose price fluctuates.

[Procedure amendment 4]

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On the other hand, a sixth invention is a trading processing method for accepting, via a communication network, an order from a customer for trading of a trading object which is handled at an exchange and has a price fluctuating. Receiving a first order related to a certain business object, and receiving the first order related to the same business object as the first order and transmitted from the customer via a communication network. Receiving a second order of a different type in association with the first order, ordering the first order with an exchange, and processing the first order placed based on a processing result of the first order placed. Automatically performing a process related to a second order.

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According to a seventh aspect of the present invention, there is provided a trading method for accepting, via a communication network, an order from a customer for trading of a trading object which is handled at an exchange and fluctuates in price, and is transmitted from the customer side via the communication network. Accepting a new order and a partition order for the same traded object, and accepting them in a lump; placing a new order on the exchange; Automatically placing an order.

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According to an eighth aspect of the present invention, in a trading method for receiving, via a communication network, an order from a customer relating to a sale or purchase of a trading object whose price is fluctuated and handled at an exchange, the customer side transmits the order via the communication network. A step of associating the limit order and the stop order as a stop order relating to the same traded object with each other, and accepting them collectively, and a step of simultaneously ordering the limit order and the stop order to the exchange, A step of automatically canceling one of the ordered limit order and stop order when the other is completed.

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According to a ninth aspect of the present invention, in a trading method for receiving, via a communication network, an order from a customer for trading of a trading object which is handled at an exchange and fluctuates in price, the communication network is used as a partition order by the customer side. Receiving a limit order and a stop order related to the same traded object transmitted through the system and associating them collectively, a step of simultaneously placing a limit order and a stop order on an exchange, and an order Automatically canceling the other order if one of the limit order and stop order is closed, and both the limit order and stop order are closed within a period preset by the customer. If not, the limit order and stop order are cancelled, and the market pre-set by It provides a trading processing method and a step of automatically ordering the sentence.

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[0029] A tenth invention is a trading processing method for accepting, via a communication network, an order from a customer relating to a sale or purchase of a trading object whose price is fluctuated and handled by an exchange, wherein the order is transmitted from the customer via the communication network. And for the same business object,
A step of associating a new order, a limit order as a stop order, and a stop order as a stop order and receiving them collectively, a step of ordering a new order to an exchange, and a new order placed And a step of simultaneously and automatically ordering the limit order and the stop order when the condition is satisfied.

Continued on the front page F term (reference) 5B049 AA06 BB47 CC05 CC08 CC22 CC31 DD01 DD05 EE01 FF03 FF04 FF09 GG04 GG07 5B055 BB20 CB15 CC10 EE02 EE21 EE27 FA01 FB03 FB04 MM00 PA02 PA34

Claims (32)

[Claims] Claims: 1. An order management database that manages orders related to trading of a trading object in a trading system that receives orders from customers related to trading of a trading object whose price is fluctuated and handled by an exchange via a communication network; A server that manages the status of each order based on the order management database, the server being capable of transmitting information to and from the customer via a communication network; After associating a first order related to a transaction object with a second order having a different order type from the first order, the order management database stores
A record relating to the first order and a record relating to the second order are added, and when the first order placed is completed, the order management database is updated and the first order is completed. 2. A trading system for automatically processing order 2. 2. The first order and the second order are set in advance with conditions for handling the order, and the server performs the automatic processing on the second order in accordance with the conditions. The trading system according to claim 1. 3. The method of claim 1, wherein the first order and the second order are
3. The trading system according to claim 1, wherein the orders belong to different trading stages in a trading process for the same trading object. 4. The server according to claim 1, wherein the first order is a new order, the second order is a partition order, and the server determines that the new order is valid when the new order and the partition order are received from the customer. And then, when a new order is placed, the new order is placed, the partition order is made valid, and the partition order is placed. Item 4. The trading system according to item 1, 2, or 3. 5. The server executes a limit order by adding or subtracting a price preset by the customer to a contract price of a new order when the customer specifies a limit order as a partition order. The trading system according to claim 4, wherein a price condition is calculated. 6. The server according to claim 1, wherein, when the customer specifies a stop order as a partition order, the server adds or subtracts a price set in advance by the customer to a contract price of the new order, thereby setting the stop order. The trading system according to claim 4, wherein an execution price condition is calculated. 7. The method according to claim 1, wherein the first order and the second order are
The trading system according to claim 1, wherein the orders belong to the same trading stage in the trading process for the same trading object. 8. The server according to claim 1, wherein the first order is a limit order, the second order is a stop order, and the server performs order processing of the limit order and the stop order simultaneously, 8. The trading system according to claim 1, wherein, when one of the stop orders is completed, the processing for closing the one order is performed and the processing for canceling the other order is performed. . 9. The server, when a customer sets an option for an expiration date for a partition order, within the range of the expiration date, the limit order and the stop order are processed until a limit order or a stop order is established. 9. The trading system according to claim 8, wherein the order status is maintained. 10. The server according to claim 1, wherein when the customer sets an option for a market order, if neither the limit order nor the stop order is established by a predetermined period, the server cancels the limit order and the stop order. 9. The trading system according to claim 8, wherein a market order for the trading object is placed. 11. A trading system for receiving, via a communication network, an order from a customer relating to trading of a trading object which is handled at an exchange and has a price fluctuating, an order management database for managing an order relating to trading of a trading object, A server that manages the status of each order based on the order management database based on the order management database, wherein the server collectively receives information from the customer; In addition, after associating a new order and a partition order with respect to the same transaction object, a record relating to the new order and a record relating to the partition order are added to the order management database, and when the ordered new order is established, While updating the order management database to process new orders, Trading system, which comprises carrying out the order processing of the switching order automatically. 12. A trading system for receiving, via a communication network, an order from a customer for trading of a trading object which is handled at an exchange and has a price fluctuating, an order management database for managing the order for trading of the trading object, A server that manages the status of each order based on the order management database based on the order management database; and After associating the limit order and the stop order related to the same transaction object received and added to the order management database, a record related to the limit order and a record related to the stop order are added to the order management database. Or, if one of the stop orders is completed, the order management Trading system, characterized in that updating the database performs establishment processing of one order the automatically performs the cancellation processing of the other orders. 13. A trading system for receiving, via a communication network, an order from a customer for trading of a trading object whose price is fluctuated and handled by an exchange, an order management database for managing the order for trading of the trading object, A server that manages the status of each order based on the order management database based on the order management database; and After associating the limit order and the stop order related to the same transaction object received and added to the order management database, a record related to the limit order and a record related to the stop order are added to the order management database. Or, if one of the stop orders is completed, the order management database Is updated and the processing for closing one order is performed, and the processing for canceling the other order is automatically performed.If neither the limit order nor stop order is closed within the period set by the customer A trading system for updating the order management database to cancel limit orders and stop orders, and automatically executing order processing for market orders relating to the business objects set in advance by a customer. 14. A trading system for receiving, via a communication network, an order from a customer for trading of a trading object which is handled at an exchange and has a price fluctuating, an order management database for managing the order for trading of the trading object, A server that manages the status of each order based on the order management database based on the order management database, wherein the server collectively receives information from the customer; In addition, after associating a new order, a limit order as a stop order, and a stop order as a stop order with respect to the same transaction object, the order management database records a record relating to the new order, a record relating to the limit order, Adds a record about the pending order and creates a new order If you, trading system that performs the establishment process of a new order to update the order management database, and performs the ordering process and limit orders and the stop order automatically. 15. The trading system according to claim 1, wherein the transaction object is traded by a boarding transaction. 16. A trading method for receiving, via a communication network, an order from a customer for trading of a trading object which is handled at an exchange and fluctuates in price, which is transmitted from the customer side via the communication network, and
Accepting a first order related to a certain trade object; and a second order transmitted from a customer side via a communication network and related to the same trade object as the first order and having a different order type from the first order. Receiving the order of the first order in association with the first order; ordering the first order with the exchange; processing the second order based on the processing result of the ordered first order Automatically performing the following. 17. The method according to claim 16, wherein the step of processing the second order automatically performs the processing of the second order in accordance with a preset condition regarding handling of the order. Trading method. 18. The trading method according to claim 16, wherein the first order and the second order are orders belonging to different trading stages in a trading process for the same trading object. . 19. The system according to claim 1, wherein said first order is a new order and said second order is a partition order.
The trading method described in 6, 17, or 18. 20. The trading method according to claim 19, wherein when a new order is established, a partition order is automatically placed. 21. If the customer specifies a limit order as a partition order, calculated for execution price of the new order, by the customer to add or subtract the price set in advance, the execution price conditions limit orders 21. The trading method according to claim 19, wherein the trading method is performed. 22. When the customer specifies a stop order as a stop order, the execution price condition of the stop order is determined by adding or subtracting a price preset by the customer to the contract price of the new order. 21. The trading method according to claim 19, wherein the value is calculated. 23. The trading system according to claim 16, wherein the first order and the second order are orders belonging to the same trading stage in a trading process for the same trading object. Method. 24. The trading method according to claim 16, wherein the first order is a limit order, and the second order is a stop order. 25. The trading method according to claim 24, wherein when one of the limit order and the stop order is established, the other order is automatically canceled. 26. When a customer sets an option for an expiration date for a partition order, the order status of the limit order and the stop order is changed until a limit order or a stop order is established within the range of the expiration date. The trading method according to claim 24 or 25, wherein the method is continued. 27. When a customer sets options for a market order, if neither a limit order nor a stop order is established by a predetermined period, the limit order and the stop order are canceled and the target 26. The trading method according to claim 24 or 25, wherein a market order is placed. 28. A trading method for receiving, via a communication network, an order from a customer for trading of a trading object that is handled at an exchange and has a price that fluctuates, wherein the same transaction transmitted from the customer side via the communication network. A step of associating a new order and a partition order with respect to the target and collectively receiving the order; a step of ordering a new order to the exchange; and automatically setting the order of the partition order when the new order is established. And a performing step. 29. A trading method for receiving, via a communication network, an order from a customer for trading of a trading object which is handled on an exchange and has a price fluctuating, wherein the same transaction transmitted from the customer side via the communication network. Associating a limit order and a stop order as a stop order relating to a target and collectively accepting the order; a step of simultaneously ordering the limit order and the stop order to an exchange; and an ordered limit order Or automatically canceling the other order if one of the stop orders is fulfilled. 30. A trading method for receiving, via a communication network, an order from a customer for trading of a trading object that is handled at an exchange and fluctuates in price, wherein the same transaction transmitted from the customer side via the communication network is provided. Associating a limit order and a stop order, which are partition orders related to the target, in a lump and accepting them collectively; a step of simultaneously ordering a limit order and a stop order to an exchange; and a limit order placed Or automatically canceling one of the stop orders when the other order is closed; and neither the stop order nor the stop order is closed within a period preset by the customer. In this case, the limit order and the stop order are canceled, and a market order related to the trading object preset by the customer is automatically set. Trading method characterized by a step of dynamically ordered. 31. A trading method for accepting, via a communication network, an order from a customer for trading of a trading object that is handled on an exchange and fluctuates in price, wherein the order is transmitted from the customer side via the communication network, and
A step of associating a new order, a limit order that is a stop order, and a stop order that is a stop order with respect to the same trading object, and accepting them collectively; and a step of placing a new order on an exchange. And a step of automatically and simultaneously ordering a limit order and a stop order when a new order is placed. 32. The trading method according to claim 16, wherein the transaction object is traded by a boarding transaction.