| 摘要 |
<p><P>PROBLEM TO BE SOLVED: To provide a VWAP hybrid system capable of improving a contract rate, reducing a burden on an ordering source such as an institutional investor, and allowing the efficient processing of a big order by the use of a VWAP value. <P>SOLUTION: This hybrid system has: input/output terminals of the ordering source and a market maker; a VWAP crossing system 12; an ordering source side condition reception means capable of communicating with an information-linkage system 13, storing a condition including an allowable spread value allowable so as to contract with a lapsed order by the ordering source; a market maker side condition reception means storing a condition including an acceptance spread value necessary to make the market maker contract with the lapsed order; a rating value management means 11d managing a rating value; a forwarding destination determination means determining a forwarding destination from the stored conditions and the rating value; a temporary contract management means deciding a temporary contract; and an actual contract management means deciding an actual contract. <P>COPYRIGHT: (C)2010,JPO&INPIT</p> |
