| 摘要 |
<P>PROBLEM TO BE SOLVED: To provide a loan transaction system, a computer program and a method, allowing effective utilization of assets such as securities without selling the assets, so as to raise a fund. <P>SOLUTION: A brokerage firm borrows a stock certificate of a customer of the brokerage firm by a consumption loan transaction, and pays cash to the customer as its security. The customer returns the paid security money to the brokerage firm when the loan transaction is completed, and the stock certificate is returned from the brokerage firm. Thereby, the customer can obtain a temporary cash flow without selling the stock certificate. Though there is risk, as fall risk of a stock price, to the customer that a price of the stock certificate returned from the brokerage firm becomes lower than the security money returned to the brokerage firm when the transaction is completed, the customer purchases put option allowing execution of right at a price corresponding to a cash security money amount from the brokerage firm to hedge the risk in this transaction even when the price of the stock certificate loaned to the brokerage firm falls. <P>COPYRIGHT: (C)2005,JPO&NCIPI |
