Financial products trading system and financial products trading control method

A securities trading system 10 which is an example of an financial products trading system includes: a switch 100 including a processor 104 which checks order issue information included in each of order messages received from a participant terminal 300 against a server management table 125, determines the address of a trading server 200 to which the order message is to be sorted, delivers the order message, receives a notification of a result of a predetermined process for the delivered order message from the trading server 200, and sends the notification to the participant terminal 300; and the trading server 200 including a processor 204 which performs a predetermined error check on each of the delivered order messages, sends the switch 100 an error notification or an order reception notification depending on a result of the error check, performs an execution process for each of the order messages whose result of the error check is normal, and sends the switch 100 an execution notification depending on the execution process.

TECHNICAL FIELD

The present invention relates to a financial products trading system and a financial products trading control method. Note that “financial products trading” in the present invention refers to securities trading and derivatives trading defined in the Financial Instruments and Exchange Act and to commodity derivatives trading defined in the Commodity Derivatives Act.

BACKGROUND ART

In recent financial products trading, there is performed so-called algorithmic trading in which a computer automatically performs ordering for financial products trading based on the price and the trading amount. For example, the algorithmic trading based on stock prices and volumes is performed in a securities market. Order processes by the computer are performed at high speed, and intervals of message transmission are far shorter than those in the case where the trading is performed by humans. Accordingly, financial products trading systems including securities trading systems forming the securities market have to match an enormous number of received trading orders in a short period and quickly perform processes such as executions. A trend of increases in the frequency and volume of trading orders is expected to grow stronger in the future with sophistications of functions of machines and communication environments used by market participants.

The following conventional technique is proposed as a technique for preventing poor response time to process such a large volume of messages. Specifically, there is proposed a system (see PTL 1) and the like which determines a work group relating to a received message based on header information in a transmission frame of the message and determines a destination server operating for the determined work group as a destination server to which a client terminal device being a source of the message is to be connected.

CITATION LIST

Patent Literature

SUMMARY OF INVENTION

Technical Problem

A current securities trading system which is an example of the financial products trading system mainly includes a GW (Gate Way) server which is linked to terminals of market participants via dedicated lines, multiple order management servers which receive order messages sorted by the GW server, and trading servers which perform execution and other processes for the order messages delivered from the order management servers.

In such a configuration, the GW server which receives the order messages from the terminals of the market participants performs a series of processes such as performing a format check and a logical check on the order messages, sending an error message for an error in these checks, sending an order reception notification for a massage passing the checks, routing the order messages to the order management servers based on issue information included in the order messages, transferring execution notifications to the terminals of the market participants, and creating a journal. Meanwhile, the order management servers receive the order messages sorted by the GW server, deliver the order messages to the trading servers, and return the execution notifications depending on results of execution processes in the trading servers to the GW server.

The GW server and the order management servers described above are apparatuses which operate under control of an OS (Operating System) and implement functions to execute the series of processes in a software level. In a situation where a large volume of order messages are to be processed at high frequency, the latencies in these apparatuses tend to increase. Moreover, the current securities trading system is configured such that the GW server and the trading servers exchange data, and the latencies occurring in the respective apparatuses may affect each other and result in further latency increase. Meanwhile, when the functions of the apparatuses or the network between the apparatuses are enhanced to avoid occurrence of such latencies, a large increase in running cost is almost inevitable. Similar problems occur also in financial products trading systems other than the securities trading system.

In view of this, an object of the present invention is to provide a technique which can efficiently avoid an increase of latency caused by highly-frequent processes for a large volume of order messages in a financial products market.

Solution to Problem

A financial products trading system of the present invention for solving the problems described above includes:

switch includinga memory which stores a server management table storing addresses of trading servers provided respectively for types of issues (names of financial products) to be traded in financial products trading, anda processor which checks order issue information included in each of order messages received from a participant terminal against the server management table in the memory, determines the address of the trading server to which the order message is to be sorted, delivers the order message to the determined address, receives a notification of a result of a predetermined process for the delivered order message from the trading server, and sends the notification to the participant terminal; and

the trading servers each includinga communication device which exchanges messages with the switch, anda processor which performs a predetermined error check on each of the order messages delivered from the switch, sends the switch an error notification or an order reception notification depending on a result of the error check, performs an execution process for each of the order messages whose result of the error check is normal, and sends the switch an execution notification depending on the execution process.

Moreover, a financial products trading control method of the present invention comprises:

causing a switch including a memory which stores a server management table storing addresses of trading servers provided respectively for types of issues of financial products tocheck order issue information included in each of order messages received from a participant terminal against the server management table in the memory,determine the address of the trading server to which the order message is to be sorted,deliver the order message to the determined address,receive a notification of a result of a predetermined process for the delivered order message from the trading server, andsend the notification to the participant terminal; and

causing each of the trading servers toperform a predetermined error check on each of the order messages delivered from the switch,send the switch an error notification or an order reception notification depending on a result of the error check,perform an execution process for each of the order messages whose result of the error check is normal, andsend the switch an execution notification depending on the execution process.

When the financial products trading system or the financial products trading control method described above is applied to securities trading, so-called stock issues are used as the issues of financial products.

Advantageous Effects of Invention

In the present invention, it is possible to efficiently avoid an increase of latency caused by highly-frequent processes for a large volume of order messages in a financial products market.

DESCRIPTION OF EMBODIMENTS

System Configuration Example

An embodiment of the present invention is described below in detail by using the drawings. Although description is given by using securities trading as an example of financial products trading in the embodiment, the embodiment can be applied to other financial products trading.FIG. 1is a diagram illustrating a network configuration example including a securities trading system10in the embodiment. The securities trading system10illustrated inFIG. 1is a computer system which can efficiently avoid an increase in latency caused by highly-frequent processes for a large volume of order messages in a securities market.

The securities trading system10is a computer system operated by a securities exchange and includes switches100which are linked to participant terminals300in the securities market via dedicated lines30and multiple trading servers200which are linked to the switches100via a securities exchange internal network20. The switches100described above receive messages from the participant terminals300coupled to LAN ports106via the dedicated lines30, perform appropriate processes such as issue routing of the received messages by using switch chips103, and deliver the messages to the trading servers200via the securities exchange internal network20. In other words, the securities trading system10has a configuration including no GW server or order management servers which exist in a conventional system. Note that the aforementioned participant terminals300are computer terminals used by participants of the securities market such as securities companies to place stock trading orders.

Hardware configurations of the apparatuses included in the aforementioned securities trading system10are as follows. FIG.2is a diagram illustrating a configuration example of each of the switches100in the embodiment. The switch100in the embodiment is a so-called L3 switch (Layer 3 Switch) which has functions of both of a LAN switch and a router, and is a network device in which a forwarding function of IP packets in a conventional router is implemented by hardware and the speed of this function is greatly increased.

As illustrated inFIG. 2, main components of the switch100in the embodiment are a packet memory101, an address memory102, the switch chip103, a CPU104, PHY chips105, and the LAN ports106.

Among these components, the packet memory101is a memory for temporarily storing packets of the order messages inputted from the LAN ports106. Moreover, the address memory102is a memory for saving a server management table125and a participant management table126which are route information referred to by the switch chip103. The packet memory101and the address memory102may be the same physical memory or different physical memories.

As illustrated inFIG. 3, the aforementioned server management table125is a collection of records in which codes of stock issues handled in the securities market are associated with addresses (may also be identification numbers whose relationships with the addresses are defined separately), in the securities exchange internal network20, of the respective trading servers200assigned to process the order messages for these stock issues. Moreover, the trading server200assigned to perform processes for unknown issue codes is also specified in the server management table125(in the example ofFIG. 3, “***.0.0.4/ . . . ” is the address of the trading server assigned to perform processes for the unknown issue codes). In this case, “unknown” refers to issues other than those set in advance such as “123.” Updating (creation) of the server management table125is described in a process flow example 2 to be described later.

As illustrated inFIG. 4, the aforementioned participant management table126is a collection of records in which IP addresses of the participant terminals300are associated with participant terminal IDs for identifying the participant terminals.

The switch chip103is formed of a switch ASIC (application specific IC) and is a chip dedicated to processes of a switching operation in the L2 level and a forwarding operation in the L3 level. In the L3 level, the switch chip103performs general processes such as subtraction of TTL and recalculation of check sum, and also searches the route information in the address check memory102for the address of the trading server200to which the message is to be delivered, by means of hardware. Since the message relaying process is performed in the hardware level in the switch chip103as described above, packet loss is less likely to occur in the switch100which is the L3 switch, for example, when the message is sent at the maximum speed of the dedicated line30.

The CPU104is a processor which performs processes of writing the route information (server management table125, participant management table126) into the address memory102. The PHY chips105are chips responsible for physical layer processes, and are chips which shape and amplify current waveforms of the messages inputted from the LAN ports106into certain pulse shapes.

As illustrated inFIG. 5, each of the aforementioned trading servers200has a common hardware configuration of a server apparatus, and includes a storage device201which includes appropriate non-volatile storage elements such as an SSD (Solid State Drive) and a hard disk drive, a memory203which includes a volatile storage element such as a RAM, a processor204such as a CPU which performs overall control of the apparatus by reading a program202held in the storage device201to the memory203and executing the program202and which performs various determination, computation, and control processes, and a communication device205which is coupled to the securities exchange internal network20and which handles communication processes with the switches100.

FUNCTION EXAMPLES

Next, description is given of functions of the apparatuses, included in the securities trading system10of the embodiment, that is functions of the switches100and the trading servers200. Among the functions to be described below, the functions of each switch100are mainly functions implemented in the hardware level by the switch chip103as described above. Meanwhile, the functions of each trading server200are functions implemented by the processor204executing the program202included in the trading server200.

Among these, the switch100has functions of storing the order messages received from the participant terminals300via the dedicated lines30and the LAN ports106in the packet memory101, checking order issue information included in each order message against the server management table125in the memory102, determining the address of the trading server200to which the order message is to be sorted, and delivering the order message to the determined address on the securities exchange internal network20.

The trading server200has functions to execute processes of performing error checks including a format check and a logical check on each of the order messages delivered from the switches100via the securities exchange internal network20, sending the switch100an error notification or an order reception notification depending on the results of the error checks, performing an execution process for each of the order messages whose results of the aforementioned error checks are normal, and sending the switch100an execution notification depending on the execution process.

The switch100has functions of receiving a notification of a result of a predetermined process for the aforementioned order message delivered to the trading server200, from the trading server200having performed various processes for the order message, via the securities exchange internal network20, and sending the received notification to the corresponding participant terminal300on the dedicated line30via the LAN port106(determined from the participant management table126) to the corresponding participant terminal300.

Note that the switch100has functions of, when the switch checks the order issue information included in the order message received from the participant terminal300against the server management table125in the address memory102and cannot determine the trading server200for the stock issue in the server management table125, recognizing that the received order message is a message specifying an issue code not handled in the securities market, delivering the received order message to a predetermined one of the trading servers200in the server management table125, receiving a notification of a result of a predetermined process for the delivered order message from the predetermined trading server200, and sending the received notification to the participant terminal300.

Meanwhile, the trading server200has functions of receiving, from the switch100, the order message for which the switch100cannot determine the trading server corresponding to the order issue information as described above, performing a predetermined process such as error message generation or error correction request message generation for the received order message, and notifying the switch100of the error message, the error correction request message, or the like which is the result of the predetermined process.

Note that a manager or the like of the securities market updates for which stock issue each trading server200is assigned to perform processes, every day or at predetermined intervals, depending on, for example, unevenness in the number of trading orders among the issues (e.g. determination depending on records in a last predetermined time, or determination of an issue whose orders are expected to increase due to a certain situation), a server maintenance plan, and the like. A terminal (not illustrated) operated by the manager of the securities market sends each switch100the information on the stock issue assigned to each of the trading server200(including the address of the trading server200), for example, every time the update is performed. Alternatively, the terminal may send each trading server200information on the stock issue for which the trading server200is assigned to perform processes, every day or at predetermined intervals. In this case, each trading server200preferably has functions of receiving the information on the stock issue for which the trading server200itself is assigned to perform processes from the aforementioned terminal, holding the information in the storage device201or the memory203, and sending the switches100the information together with the address of the trading server200itself at predetermined intervals.

Meanwhile, each switch100has a function of receiving information which is sent from the terminal operated by the manager of the securities market or the like (or the trading server200) and which includes the address of each trading server200and the information on the stock issue for which the trading server200is assigned to process the order messages, and storing a type of the stock issue and the address of the trading server200assigned to process the order messages for this stock issue which are indicated in the received information, in the server management table125of the address memory102.

Process Flow Example 1

Actual procedures in a securities trading control method in the embodiment are described below based on the drawings.FIG. 6is a flowchart depicting a process procedure example 1 of the securities trading control method in the embodiment, andFIG. 7is a diagram illustrating a packet configuration example of the order message in the embodiment.

First, when the switch100receives a connection request from any of the participant terminals300, the switch100performs a connection establishment process (so-called participant control) (s100). In this case, the connection request sent by the participant terminal300includes an IP address of the participant terminal300and an IP address of the switch100which is information specifying a coupling destination. In this case, a participant terminal ID corresponding to the IP address may be additionally included. The switch100performs a predetermined connection establishment process according to a protocol of the dedicated line30, for the participant terminal300specifying the switch100itself. Moreover, the switch100stores the IP address and the participant terminal ID of the participant terminal300in the participant management table126, and sends the participant terminal300a connection establishment completion notification via the LAN port106and the dedicated line30. Note that the participant terminal ID may be registered in the participant management table126in addition to the IP address in association therewith. In this description, the participant terminal ID is a name or the like associated with the IP address and can be omitted. The switch100having completed the connection establishment as described above waits in a state capable of receiving the order message from the participant terminal300.

Meanwhile, the participant terminal300receives the connection establishment completion notification from the switch100and, for example, a program for algorithmic trading inputs order contents according to the algorithm of the program itself. Alternatively, the participant terminal300may display, on an output device, an input screen for a stock trading operation which is included in the storage device or the like in advance and receive an input of an order content made by an operator of the participant terminal300. In this case, the participant terminal300having received the input of order for trading stocks generates an order message70including the order content according to the protocol of the dedicated line30and transmits the order message70to the switch100via the dedicated line30.

As illustrated inFIG. 7, the order message70is an IP packet including data such as an IP header, a TCP header, a trading header, an order price, and an order number. Among these, the IP header includes general IP packet data such as TTL (Time to Live), a higher-level protocol, a check sum, the IP address of a source, that is, the participant terminal300, and the IP address of a destination, that is, the switch100. Moreover, the TCP header includes general TCP packet data such as a source port number (number for identifying an application in the source, that is, the participant terminal300), a destination port number (number for identifying an application in the destination, that is, the switch100), and a check sum. Furthermore, the trading header is a header according to a protocol of the securities trading in the securities trading system10and includes at least the issue code of stocks to be ordered. Moreover, the order price in the IP packet which is the order message70is a value of the order price for the stocks of the issue code included in the trading header, and the order number is a value of the order number for the stocks of the issue code included in the trading header. Although the IP address of the participant terminal300is used as the address in this case, the participant terminal ID alone or a combination of the participant terminal ID and the IP address may be used instead.

Note that it is assumed that each of the participant terminal300, the switch100, and the trading server200performs a reassembly process upon packet reception (when the received packets are fragmented packets, the packets are assembled into a message form) and a fragmentation process upon packet transmission (the message is fragmented into one or more packets according to the size of the message and transmitted) as appropriate for the received and transmitted IP packets which are the order messages70, as in a normal packet communication procedure (the same applies hereafter).

The switch chip103of the switch100receives (the packets of) the order message70from the participant terminal300with which the connection is established, via the dedicated line30and the LAN port106, and stores the order message70in the packet memory101(s101). In this case, the switch chip103of the switch100stores the order message70in the packet memory101as described above. Moreover, the switch chip103checks the issue code (order issue information) included in the trading header of the order message70against the server management table125in the memory102, and determines the address of the trading server200to which the order message70is to be sorted (s102).

For example, when the issue code included in the trading header of the order message70is “123,” the switch chip103of the switch100checks the issue code “123” against the server management table125illustrated inFIG. 3. Then, the switch chip103can determine that the address of the trading server200to which the order message70is to be sorted is “***.0.0.1/ . . . .”

When the address of the trading server200to which the order message70is to be sorted is determined as described above (s102: OK), the switch chip103of the switch100delivers the order message70to the determined address on the securities exchange internal network20(s103).

Meanwhile, when the switch chip103of the switch100checks the issue code included in the trading header of the order message70against the server management table125and cannot determine the address of the trading server200to which the order message70is to be sorted in step S102(s102: NG), the switch chip103of the switch100recognizes that the order message70is an irregular order message specifying an issue code not handled in the securities market, and delivers the order message70to the aforementioned predetermined trading server200in the server management table125(s104).

In this case, the trading server200receives the irregular order message70delivered from the switch100via the securities exchange internal network20, performs the predetermined process such as the error message generation or the error correction request message generation determined in advance for the irregular order message70, and notifies the switch100of the error message, the error correction request message, or the like which is the result of the predetermined process (s105). In this case, the notification includes the participant IP address and/or the participant terminal ID.

The switch chip103of the switch100receives the notification of the result of the predetermined process for the irregular order message from the trading server200, sends the notification to the participant terminal300(s106), and terminates the series of trading processes for the order message70. The participant terminal300to which the notification is sent is determined from the participant IP address and/or the participant terminal ID included in the trading server200. Note that, when the notification includes the participant terminal ID, the destination is determined in s106by determining the IP address corresponding to the participant terminal ID by using the participant management table126depicted inFIG. 4. This applies also to sill and s113to be described later.

Returning to description of processes subsequent to the process of step S103described above, the trading server200receives the order message70delivered from the switch100via the securities exchange internal network20and stores the order message70in, for example, the memory203or the storage device201. Moreover, the trading server200performs a journal obtaining process (process of obtaining a log of the order message70and storing the log in the storage device201) (s107). Contents of the journal obtaining process are the same as those performed in a conventional GW server or the like.

Next, the trading server200performs, for the order message70delivered from the switch100, a format check process of checking the correctness of the order message70in a format level and a logical check process of checking whether the order price specified in the order message70is within price range limits of the issue, checking whether the order number specified in the order message70is a multiple of a minimum order unit of the issue, and performing similar checks (s108).

When any of the results of the error checks, that is, the checks described above is an error (s108: NG), the trading server200transmits an error notification depending on the check content to the switch100(s109) and causes the processing to return to step s105described above. Meanwhile, when the results of the error checks are all normal (s108: OK), the trading server200returns an input guaranteeing message and the order reception notification for the order message70to the switch100and stores the order message70in the memory203or the storage device201as the already-received order message (s110). The input guaranteeing message is normally returned first. This is because the content of the input guaranteeing message indicating the input of the order message as data is determined before the content of the order reception message indicating the reception of order is determined. Note that the reply to the switch100includes the participant terminal IP address and/or the participant terminal ID as in s105.

The switch chip103of the switch100receives the notification (including the input guaranteeing message) of the error check results for the order message70delivered to the trading server200in step s103described above, from the trading server200(trading server200which has performed the error checks on the order message70) via the securities exchange internal network20, and sends the received notification to the participant terminal300on the dedicated line30via the LAN port106(determined by using the participant management table126) to the participant terminal300(s111). When the order message70is received in the securities trading system10, the operator or the program for the algorithmic trading of the participant terminal300which has sent the order message70waits for execution of the order. Alternatively, the operator of the participant terminal300or the program for the algorithmic trading inputs the next order in the participant terminal300on the reception of the aforementioned input guaranteeing message.

Meanwhile, the trading server200performs a specified execution process by matching, based on the order price and the order number, order messages which are for the same issue and which are in buying and selling relationships, out of the order messages70whose error check results are normal as described above and which are held as the already-received order messages, and sends the switch100an execution notification depending on the execution process (s112). Note that the execution notification includes the participant terminal IP address and/or the participant terminal ID as in s105and s110.

The switch chip103of the switch100receives the execution notification sent from the trading server200and sends the execution notification to the participant terminal300on the dedicated line30via the LAN port106to the participant terminal300(s113), and terminates the series of trading processes for the certain order message70. Note that the sending to the participant terminal300is performed for the participant terminal300determined from the participant terminal IP address and/or the participant terminal ID included in the execution notification. The participant terminal ID may be an ID for indentifying a logical (virtual) terminal instead of a physical terminal. In other words, an information processing apparatus operating in a virtual environment can be used as the participant terminal.

Process Flow Example 2

Next, description is given of processes of storing and updating the server management table125in the address memory102of the switch100.FIG. 8is a flowchart depicting a process procedure example 2 of the securities trading control method in the embodiment.

The manager of the securities market or the like updates for which stock issue each trading server200is assigned to perform processes, every day or at predetermined intervals, depending on, for example, unevenness in the number of trading orders among the issues (e.g. determination depending on the records in the last predetermined time, or determination of an issue whose order is expected to increase due to a certain situation), a server maintenance plan, and the like.

The terminal (not illustrated) operated by the manager of the securities market sends each switch100the information on the stock issue assigned to each of the trading server200(including the address of the trading server200), for example, every time the update is performed. Alternatively, the terminal may send each trading server200the information on the stock issue for which the trading server200is assigned to perform processes, every day or at predetermined intervals. In this case, the each trading server200preferably receives the information on the stock issue for which the trading server200itself is assigned to perform processes from the aforementioned terminal, holds the information in the storage device201or the memory203, and sends the switches100the information together with the address of the trading server200itself at predetermined intervals.

Under the assumption described above, the switch chip103of the switch100receives information which is sent from the terminal operated by the manager of the securities market or the like (or the trading server200) and which includes the address of each trading server200and the information on the stock issue for which the trading server200is assigned to process the order messages70, every day or at predetermined intervals (s200). The switch chip103of the switch100stores the type of each stock issue and the address of the trading server200assigned to process the order messages for this stock issue which are indicated in the information received in step s200, in the server management table125of the address memory102(s201), and terminates the processing. The processes of steps s200to s201described above are performed every time the information is transmitted from the terminal operated by the manager of the securities market (or the trading server200), and the server management table125is updated every day or at predetermined intervals to the latest state. Note that, although the switch chip103performs the processes of the switch100in the process flow examples 1 and 2, the CPU104performs other general switching processes.

Although the best mode for carrying out the present invention and the like have been specifically described above, the present invention is not limited to these modes and various changes can be made within a scope not departing from the spirit of the invention.

In the embodiment described above, it is possible to omit a conventional GW server and order management servers in the securities trading system and perform required processes with the switches and the trading servers which are network devices. In such a system configuration, the switches perform the issue routing processes of order messages conventionally performed by the GW server, at high speed, and the cause of a latency increase is appropriately suppressed. Hence, a speed high enough to sufficiently handle highly-frequent processes for a large volume of order messages can be achieved.

Moreover, the system configuration using no GW server or order management servers as described above can achieve a reduction in the number of servers, a reduction of a network between the GW server and the order management servers, and also a reduction in the number of hops due to elimination of a multi-stage configuration. This leads to suppression of latency and a reduction of apparatus running cost and the like in the system as a whole.

Accordingly, in the present invention, it is possible to efficiently avoid the latency increase caused by highly-frequent processes for a large volume of order message in the securities market.

At least the following matters are made obvious by the description. Specifically, the securities trading system of the embodiment may be configured such that the processor of each switch further performs processes of receiving the information which is sent from the trading servers or another predetermined device and which includes the types of the stock issues and the address of the trading server assigned to process the order messages for each of the stock issues, and storing the received information in the server management table.

In this configuration, the information in the server management table on which the issue routing process for the order messages are based can be obtained from the outside and updated. Hence, delivery of the order messages to the trading servers can be appropriately maintained.

Moreover, the securities trading system of the embodiment may be configured such that the processor of each trading server further performs the process of sending information to the switch at predetermined intervals, the information including the address of the trading server and the information on the stock issue for which the trading server is assigned to process the order messages.

In this configuration, the information in the server management table on which the issue routing process for the order messages are based can be periodically updated to the latest state. Hence, the delivery of the order messages to the trading servers can be appropriately maintained.

Moreover, the securities system of the embodiment may be configured such that the processor of each switch further performs, when the switch checks the order issue information included in the order message received from the participant terminal against the server management table in the memory and fails to determine the trading server for the stock issue in the server management table, delivering the order message to the predetermined trading server, receiving the notification of the result of the predetermined process for the delivered order message from the predetermined trading server, and sending the notification to the participant terminal, and the processor of the predetermined trading server further performs the processes of receiving the order message for which the switch fails to determine the trading server corresponding to the order issue information, from the switch, performing the predetermined process on the order message, and sending the switch the notification depending on the result of the predetermined process.

In this configuration, the processes for the order messages of the issue which is not handled in the securities market can be performed in the trading server without bearing unnecessary burden on the switch. Accordingly, it is possible to surely handle an irregular order message specifying an unknown issue code without impairing the high-speed processing in the switches in the system as a whole, and achieve an excellent level of services for participants of the securities market.

Moreover, the securities trading system of the embodiment may be configured such that each of the order messages and the notifications to the switch includes the participant terminal ID for identifying the participant terminal transmitting the order message, the memory of the switch stores the participant management table in which the participant terminal ID and the participant terminal IP address corresponding to the participant terminal ID are associated with each other, and the processor of the switch sends the error notification to the participant IP address associated with the participant terminal ID included in the notification to the switch of an error. In this configuration, since the identification process of participant terminal can be performed by using the ID, the efficiency and speed of the identification process can be improved.

Although the description has been given above by using securities trading as an example of the financial products trading in the embodiment, the embodiment can be also applied to a derivatives trading.

REFERENCE SIGNS LIST