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💴 | Actually, it's so easy!3 steps to invest for the first time in online securities


It's actually so easy!3 steps to invest for the first time in online securities

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Investors are less likely to feel uneasy, such as "I don't know what I'm investing in after all" or "I don't know how the product works, such as foreign exchange trading and derivative trading."

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Wikipedia related words

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金融In theoryDerivatives(British: derivative) Is an asset or contract derived from a more basic asset or product.[1].Financial derivatives(British: financial derivative products) Is also said.

Derivatives are the foundationFinancial instrumentsVariable value of (underlying asset) (Market valueOr an index) refers to a financial product whose value is relatively determined.[2]..The original derivative transactions are bonds and securities (stocks and securities).bill of lading,Real estate-backed securitiesEtc.), a person skilled in the art who handles real products and various rights, etc.Future price fluctuationsIt is a kind of contract made to avoid (hedge).It is a type of insurance (risk hedging) contract that transfers a certain range of price fluctuation risk to other persons skilled in the art or market participants other than those skilled in the art by depositing a certain percentage of the underlying assets as margin.There are "standard products" and "indexes" for bonds and commodities traded in the market.

For the last half century, US dollars, etc.Euro currencyAs it flows out, the market price is rising.Therefore, there is no sign that foreign exchange hedging costs will fall at all.Derivatives that have been involved in many major incidents, but demand is still alive.In addition to "risk hedging", the purpose of using derivatives is "speculation (" speculation (Speculation) ”“ Arbitrage (Arbitrage) ”.Cash settlement transactionAnd short sale.


Over-the-counter market and accounting war

There are two types of derivatives markets.Financial instruments exchangeSuch asOpen marketRelative trading withoutOver-the-counter derivatives) And transactions through the open market (Exchange Traded Derivatives).Over-the-counter derivatives are overwhelmingly larger than exchange-traded derivatives in terms of transaction scale[3]..Over-the-counter derivatives market in the early 1980sEuro currency-Euro bondOccurred in the market.Of the issuerBalance sheetOff-balance sheet transactions that are not listed in the list were openly conducted for derivatives.

1984 years,Financial Accounting Standards BoardIs an emergency issue expert committee (EITF) Was set up to intensively discuss issues related to off-balance sheet finance.Feeling the limits of the follow-up response for each financial product, the Commission called on the Council to develop comprehensive accounting standards. In May 1986, the Council added the Commission's request to the discussion item.For the time being, I decided to disclose it, recognize the actual situation, and consider whether each derivative should be a liability item or a capital item, but the lenient attitude isInstitutional investorWas grown globally.Finally, the standards were published in March 1990 and December 3, respectively.[4], The council sought to enhance disclosure.These criteria were lenient, excluding non-risk derivatives from disclosure.In this regard, it was discontinued due to the response in October 1994.[5].

big BangImmediately December 1985,British Chartered AccountantThe association says "Off-balance finance andFinancial resultsAnnounced a serious accounting standard[6]..It was a Welsh accounting standard that emphasized substantive economic effects, but there was controversy in response to legal experts.It was an institutional investor's time-earning.The compromise proposed by the accounting committee is[7]Although it was supported, it was not enforced due to the revision work of the Companies Act.When the accounting committee steams back[8], Successor Accounting Standards Council (Accounting Standards Board) Says that it cannot be standardized immediately, and time has passed again. Although a thick report came out in 1993-4[9]After all, it was late, and the content was ambiguous as inferred from the results.

Special purpose entity

LeverageDerivatives that have an effect often take advantage of the looseness of accounting standards.SpeculationAnd caused a large loss.City corpWhile prosperingCalifornia-Orange CountyBecause the investment section such as failed to manage assets by derivatives,RegionAdministrationIt had a great influence on the survival of.In englandSpecial purpose entityCoots Trading Company (currentlyRBS) The dealer from which he was born is a derivative speculationBerings BankGo bankrupt.Reflecting on these, many companies have introduced risk monitoring mechanisms for their investments in these derivatives.For derivative investment in the banking industryBIS regulation,Financial inspection manualEtc. promoted voluntary risk management.

However, a special purpose vehicle isEnronIt was part of the problem,Panama documentThe fact that institutional investors are making money has become even clearer.mortgage OfSecuritization(MBSBy mass productionCredit creation) Was also in charge, so the regulations related to this were greatly added.World financial crisisHappened to happen.Derivative products with low liquidity (relative guarantee contracts andCDSEtc)Market makerWas abandoned from.AIG TheFederal ReserveWipe his ass.The problem of not being able to properly describe credit risk (counterparty risk) related to contractors has not been solved since the 1980s.

Underlying asset

The following underlying assetsMarket derivative tradingAsExchangeIs treated in[10].OTC derivative transactionsIn this case, depending on the financial institution, various other things are handled more flexibly.

The share of exchange-traded derivatives in the world by underlying asset in 2017 is as follows (excluding China)[11].

  • Stocks / Stock Indexes / Exchange Traded Funds 56%
  • Bonds / interest rates 18%
  • Forex 13%
  • Energy 9%
  • Other 4%

Long time agoFinancial instrumentsとCommoditiesIn many cases, the exchanges were separated, but in recent yearsGeneral exchangeThe exchanges have been consolidated as a whole.In the worldCME groupとICE groupThere are two major derivative exchange groups.Japan isOsaka ExchangeIs a large derivative exchange.

Transaction type

The main items in derivative transactions are as follows.

Futures trading

Futures trading is a specific standardization on a fixed date (clearing date) in the future.Products(穀物Agricultural products such asoilSuch asmineralOf these, specific stocks that serve as standard indicators) or economic indicators (Exchange rate,Nikkei Stock Average = Nikkei 225, etc.) is a type of transaction that guarantees "sell" and "buy" at "fixed quantity" and "fixed price", because futures trading is usually margin trading by contract for difference. , Secure a certain percentage of the value (unit price x quantity) of the underlying asset to be traded (Margin: It is characterized by a contract that concludes a certain range of price fluctuation risk while insuring (risk hedging) by paying as additional margin or compulsory settlement due to price fluctuation.

Most of the transactions are counter-trading against the same contract month item by the settlement date (contract month / due date), and if the price is higher than the bid price, the difference is received, and if the price is lower, the difference is received. Settled by payingDifference settlementIs the mainstream.Therefore, it is not assumed that the actual consumer (a person skilled in the art) who wants to finally obtain the product uses this trading market as the procurement market.This is different from forward trading.On the other hand, there is a characteristic that the "reading" and expectations of price formation are brought in by a wide range of market participants other than actual consumers (those skilled in the art), and if the current price is too low, I think it is too expensive to buy. In some cases, the sale of futures products should be considered to have a strong influence on the prices of real products as a reflection of expectations and forecasts.For market participants and those skilled in the art who handle the real thing, the difference between the target real price and the selling price in the futures market was used.ArbitrageIs possible, and the actual price is often linked to the futures price.

Securities futures trading
Futures trading for standard products, which is premised on contract for difference, but can also be delivered in kind.
  • Long-term government bond futures
  • Ultra-long-term government bond futures
  • T-BOND futures trading
Futures trading such as securities index
Futures trading for numerical values ​​(indexes) calculated from multiple stocks.Contract for difference only.
Foreign exchange futures trading
Forex derivative transactionsForex margin trading-(English edition)·Foreign exchangeForward transaction(Foreign exchange contract andNon-deliverable forward).Forex Margin Trading (FX) trades at the current exchange rateSpot tradingIs.Forex futures and forwards are traded at the exchange rate specified at a future date and time.For foreign exchange futures trading, the last day of the transaction and the unit of the transaction amount are decided in advance, and the settlement is made by the difference settlement.Chicago Mercantile ExchangeIn contrast to such markets, foreign exchange forward contracts are carried out by customers at financial institutions, and the reservation date and transaction amount can be freely determined by bilateral transactions.
Commodity futures trading
grain(rice-soySuch),sugar,oil,Precious metal(Fri-Silver-platinum)Such

Futures contracts such as financial indicatorsForeign Exchange and Foreign Trade LawIt is a term defined in Article 6, Paragraph 1, Item 14 and refers to derivative transactions in general.Contrary to its name, it does not have to be a financial indicator or a futures contract.

Forward transaction

Forward trading, like futures trading, is currently trading at a future point in time, but it is not a market trading mediated by an exchange equipped with a clearing house (clearing house) like the futures market, but a bilateral trading. In many cases, there is no counter-trading.In the case of a standard contract, such as delivering (delivering) a product contracted at the store one week later, it is customary to recognize it as a physical transaction, but transient and atypical transactions, such as 4 With an import contract of the type that imports 1 tons of U.S. wheat contracted on the 10st of the month and delivers it at the designated warehouse on the 6st of June, there will be a discrepancy in the recognition of the market value at the time of contract and delivery. It is recognized as a forward transaction for accounting purposes.

In the case of a bilateral contract such as a general forward delivery contract or an exchange contract of an exporting company, it is a forward contract.The recipient who signed the forward contract is thatReceivable-Resale of debt on a relative basis is a forward contract, but when buying and selling in the market is a futures contract.In many cases, forward contracts are finally settled in kind rather than in-kind.Financial Instruments and Exchange ActArticle 2, Item 21 defines futures trading, and Article 1, Item 2 defines forward trading as a type of derivative trading.However, under the Financial Instruments and Exchange Act, futures and forward contracts that can be settled in kind but can be settled by difference are classified as derivative transactions, and forward transactions of the type that can never be settled by difference are not derivative transactions. Are[12].

Option trading

An option transaction is a transaction that buys or sells the right to trade a certain underlying asset at a fixed rate or price (exercise rate, exercise price) on a predetermined day or period in the future.The option for the right to buy the underlying asset is called the call option, and the option for the right to sell is called the put option.The consideration for acquiring an option that the buyer of the option pays to the seller is called a premium.

Swap transaction

Swap transactions are based on predetermined conditions for a certain period of time in the future.Cash flowIs a transaction to exchange.


Market and over-the-counter transactions

Derivative transactionsMarket derivative tradingとOTC derivative transactionsIt is divided into.Over-the-counter transactions refer to bilateral transactions conducted with financial institutions without using the market.Orders received by a securities company through over-the-counter transactions may be processed internally by the securities company, or may be returned to the market for processing.

Incidentally,Financial Instruments and Exchange ActArticle 2(20)[13]Derivatives transactions are divided into three types: exchange-traded derivatives, over-the-counter derivatives, and foreign market derivatives, and the confusing definition is that exchange-traded derivatives refer only to the Japanese market.According to Japanese law, exchange-traded derivative contracts refer to the Japanese market.To complicate matters, over-the-counter derivative transactions are defined to include foreign financial institutions.

Financial Instruments and Exchange ActArticle 2 classifies as follows[12].

over the counterFXIs Article 2 No. 22, storefrontCFDIs included in Article 2, Item 22[12].

Problems with Japanese exchanges

Globally, despite the eight-fold increase in commodity market derivatives trading volume from 2004 to 2017, domestic trading volume has fallen by a fifth and has continued to decline after peaking in 8.[17].. Agricultural turnover in 2017 was 1997 / 64th of its peak in 1[17](2020 is even worse than 2017, for example, adzuki beans are 193/1, and the market is about to disappear.[18]).As one of the solutions to that problem, the Osaka Exchange will handle both financial products and commodities on July 1, 2020.General exchangeHowever, for example, general soybean futures continued to decrease steadily, and only two contracts were traded in 2020, and the situation where the trade is not completed properly continues.[18].

Japanese derivatives exchange of major underlying assets
Underlying assetFutures tradingOption trading
Stock indexOsaka Exchange(Active)
Individual stockN/AOsaka Exchange[19]
Long-term government bondsOsaka Exchange[20]
Short-term interest rateTokyo financial exchange
Euroyen 3-month interest rate only[21]
Volume 0[22]
Foreign exchangeN/A
Tokyo Commodity Exchange
For example, gasoline is compared between 2003 and 2020.
The volume is 249/1
The market is disappearing[23].


Derivative pricing theoryFinancial engineeringIs the main topic of.famous"Black-Scholes equationIs an evaluation formula for European options.Derivative pricing theoryliberal artsMany come frombankIn the industry, it is often described as "a difficult theory, only a part of it."Financial industryThen, it is often said that "derivatives cannot be learned after the age of 35" (in fact, in the mathematical theory of derivatives,Stochastic differential equationOften comes out).But in recent yearsFinanceThe number of affiliated universities and graduate schools is increasing, and the number of books and commentary books on derivatives is increasing, and the hurdles for the mathematics of derivatives are gradually decreasing.

In addition, someBondThe pricing method for derivative transactions is also applied to.

Problematic behavior

Sumitomo Mitsui Banking Corporation received an administrative punishment from the Financial Services Agency in April 2006 for abusing its dominant bargaining position in the sale of interest rate swap transactions.[24].

From 2004 to September 2010, megabanks such as Mizuho and Mitsubishi Tokyo UFJ called "risk hedging products" for foreign exchange options that combine "buying" options with risk hedging functions and "selling" options that take risks. It was sold in a big way. (More than 9).In reality, it is a risk-taking product that is the opposite of risk hedging, which bears many times the risk of the risk hedging effect, and many companies suffer a large amount of foreign exchange loss. It occurs frequently and has become a social problem. (6 Weekly Diamond 2010.12.4 Weekly Economist, etc.)

What is the damage situation regarding structured bonds and knock-in investment trusts that incorporate them?Structured bondsSee.


According to current accounting standards, derivative transactions must be recognized for their occurrence at the time of contract conclusion.This is because at the end of the contract, the risks and returns arising from the contract belong to the contracting parties.

In addition, net receivables or payables arising in derivative transactions at the end of each period are recorded on the balance sheet at market value, and the valuation difference is recorded in the income statement as profit or loss for the current period.In other words, the profits and losses caused by derivative transactions are immediately included in the income statement andBalance sheetIt will be reflected in financial statements such as.

However, in the case of deferred hedging in hedge accounting, the valuation difference due to derivative transactions is recorded in the valuation translation difference in the net assets section of the balance sheet, etc., with items such as "deferred hedge gain / loss". Is not recorded in.For example, if hedge accounting by derivative transactions is applied to "other securities" such as holding shares, the income statement may recognize profit or loss until the other securities are sold. However, the valuation difference will be recorded on the balance sheet.

Give-up system

When one person A entrusts an order for a derivative transaction to another person B, B occurs with respect to another person C regarding the order.Liquidation・ To have the payment procedure performedGive upA system for giving upGive-up systemThat is.Also, from the perspective of C in the above example, B will undertake the clearing / settlement procedure.Take upThat.

JapaneseFinancial Services AgencyAccording to a press release released in 2007, this system may reduce the administrative costs and margin requirements of investors related to settlement-related operations, and is common in major derivative markets outside Japan. System[25].

The Financial Services Agency made a public comment in 2007 because there was a request for this system for futures and options trading on Japanese stock exchanges (currently equivalent to financial instruments exchanges due to the revision of the law). Amended the Cabinet Office Ordinance on Securities Companies[25][26].

Give-up system on Japanese exchanges

The Japanese exchanges that have introduced the give-up system as of October 2020 are as follows.It will be introduced by all financial instruments exchanges and commodity exchanges that handle derivative transactions.


[How to use footnotes]

注 釈


  1. ^ Keiichi Omura"Finance Theory-From Introduction to Application"Yuhikaku, 2010, page 195
  2. ^ Corporate Finance System Study Group "Survey Research for Information Disclosure of Derivatives of Finance" Corporate Finance System Study Group 1994 p.56.Also, direct citation is PDF[1]P.4
  3. ^ "Derivatives Market | Japan Exchange Group". 2015/6/19Browse.
  4. ^ Statement of Financial Accounting Standards 105, Disclosure of Information about Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentrations of Credit Risk, March 1990, part 1; Statement of Financial Accounting Standards 107, Disclosures about Fair Value of Financial Instruments, December, 1991.
  5. ^ Statement of Financial Accounting Standards 119, Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments, October 1994.
  6. ^ Technical Release 603, Off-Balance Sheet Finance and Window Dressing, December 1985.
  7. ^ Accounting Standards Committee, Exposure Draft 42, Special Purpose Transactions, March 1988.
  8. ^ Exposure Draft 49, Reflecting the Substance of Transactions in assets and Liabilities, May 1990.
  9. ^ Accounting Standards Board, FRED4, Reporting the Substance of Transactions, February 1993; FRS5, Reporting the Substance of Transactions, April 1994.
  10. ^ World and Japanese Exchanges Dr. Kitahama's Derivatives Class | Japan Exchange Group
  11. ^ Current status of the Tokyo Commodity Exchange (Documents submitted by the Tokyo Commodity Exchange) 38th Regulatory Reform Promotion Council Regulatory Reform Council Depending on the proceedings --Cabinet Office
  12. ^ a b c Arrangement of entry restrictions and conduct restrictions on derivative transactions-Focusing on the Financial Instruments and Exchange Act and the Commodity Derivatives Transaction Act-Financial Law Committee
  13. ^ Financial Instruments and Exchange Act, Article 2, Paragraph 20
  14. ^ Financial Instruments and Exchange Act, Article 2, Paragraph 21
  15. ^ Financial Instruments and Exchange Act, Article 2, Paragraph 22
  16. ^ Financial Instruments and Exchange Act, Article 2, Paragraph 23
  17. ^ a b 38th Regulatory Reform Promotion Council Regulatory Reform Council Depending on the proceedings-Cabinet Office
  18. ^ a b Transaction Summary Table | Japan Exchange Group
  19. ^ Individual securities | Japan Exchange Group
  20. ^ Government Bond Securities | Japan Exchange Group
  21. ^ Information for corporate customers | Tokyo Financial Exchange Co., Ltd.
  22. ^ Historical data on interest rate futures trading | TFX Historical Database | Tokyo Financial Exchange Co., Ltd.
  23. ^ Volume Trends | Tokyo Commodity Exchange
  24. ^ Administrative sanctions against Sumitomo Mitsui Banking CorporationFinancial Services Agency Press Release April 18, 4
  25. ^ a b https://web.archive.org/web/20130223152617/https://www.fsa.go.jp/news/18/syouken/20070226-1.html
  26. ^ https://web.archive.org/web/20130223152527/https://www.fsa.go.jp/news/18/syouken/20070516-1.html
  27. ^ https://web.archive.org/web/20200608231832/https://www.ffaj.or.jp/wp-content/uploads/2019/06/ffaj-kinsaki_chishiki201504.pdf
  28. ^ https://web.archive.org/web/20150316080149/https://t-stockhouse.jp/product/225mini/rule.php
  29. ^ https://www.tocom.or.jp/jp/rule/2_Give-up_191201.pdf
  30. ^ http://ode.or.jp/annai/data/giveup.pdf


  • F. Partnoy "Great Catastrophe" (Tokuma Bunko)

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外部 リンク


exchange(Kase,British: Money order) IsBill of exchange,check,Postal money order,Bank TransferBy a method other than cash, such asmoneyThesettlementIt is a general term for methods to do.When sending cash directly as a means of remittance to a remote locationriskIs used to avoid.It is especially used when importing and exporting.


Exchange is domestic exchangeForeign exchangeIt can be divided into two types.What is domestic exchange?Financial institutionIs done in remote areas of the countryReceivable-debtThis is a method of making payments without transferring cash.Foreign exchangeIscurrencyInternational lending relationships with different differences, without the direct transportation of cashBill of exchange,Demand DraftIt is a method of payment by credit means such as.

Exchange is originally transferred to payment within the same (or neighboring) area in order to avoid the risk of money transportation associated with commercial transactions and the occurrence of distribution costs.It is a kind of premise that the mechanism of occurrence of this relationship is regarded as buying and selling of the right to receive (or offset) the price, or repayment is made on a fixed day.interestSince the Middle Ages, it has been debated whether it is a credit loan with (assuming that the profit generated when buying and selling foreign exchange is interest).There is a strong opinion in favor of the former in the European continent, which is influenced by the position of the Holy See, which has obtained a stable supply of funds through the operation of foreign exchange while prohibiting loans with interest.Reformation,MercantilismHave competed with these countriesUnited KingdomThen the latter opinion is strong.This controversyMarx EconomicsIt was also transmitted to Japan due to the influence of the war, and there was a dispute among Marxian economics after the war.


Ancient Babylonia,Ancient egypt,8st century OfIslamic EmpireThere is also a theory that bills of exchange existed.However, it is unlikely to be directly linked to today's exchange system, and even if it actually exists, it is generally considered inappropriate for its origin.For example, in ancient Egypt, there was a system in which a "deposit certificate" that deposited grains in a warehouse was distributed as securities.Ancient romeIt was cut off because the circulation of money became common due to the rule of the government, and it is not directly connected to the current exchange rate.

Also in China唐As a bill in custodyJiaoziIs born, but eventually it will change to convertible banknotes and non-convertible banknotes, rather than exchange.billIt is linked to the origin of.

中 世For exchange trading todayCoinsDepends on each otherExchangeThere was a petty exchange equivalent to the above and a certificate exchange (exchange by bills) mediated by securities derived from the petty exchange.The prototype of today's exchange transactions is the latter.13st centuryNorth ofItalyTo avoid the danger of money transportation associated with currency exchange in the city ofNotaryArranged payment in betweenDeedIs said to have been created.

It was at that time that this mechanism was promoted(I.e.And the big merchants.The former isPope 10 titheIt was done to collect the collection work in each Christian country.Money changerIs funded by the tax revenueRomeAnd all over ItalyPapal OfficeSelling supplies for your money changer or big merchant,accounts receivableA notarial act that promised to receive the payment was sent to the Holy See, and the Holy See was sent by the servant.accounts receivableI was getting money equivalent to tax revenue by collecting.The latter isChampagne fairsThis is because the person who wants to purchase the product bought the bill drawn out with the big city as the fixed date and paid the price by presenting the bill on the day of the big city.Eventually the latter15st centuryAround the time from the traditional bearer payment notarial act to the presentBill of exchangeIt will change to the format of.

History of Japanese exchange

Japan is,Edo Period OfOsakaTransactions by exchange (bills) have developed around the world, and the best remittance system in the world at that time was built.

The word "kase" in Japan is "exchange" (exchange) in the Middle Ages.Continuous typeWhat was called "dodge" is a change.The word "exchange" was coined in JapanKamakura PeriodIs.At this time, low-ranking officials who received salary in Kamakura appeared and came to Kamakura as salary.TributeWas given the right to preempt.At that time, a "exchange" was issued as a certificate of title.or,Kamakura guard,Kyoto DaibanSmall and medium-sizedLordBut even if they don't bring in money or rice from their local territory,ManorAnd influential gokeninsTributeA currency exchange system has been created as a system for receiving money and rice in Kamakura and Kyoto by piggybacking on the transportation of rice.In other words, the exchange rate of this era was used not only for money but also for the exchange of rice and other goods.

What is the oldest exchange system in Japan for giving and receiving only money?Muromachi Period OfYamatoYoshinoConsidered to avoid the risk of going on mountain roads with large sums of money,KaneiIn a yearEdo ShogunateIt is said that the system has been officially recognized by.Merchants in the surrounding area such as Osaka also come and go in Yoshino, and there is a theory that the exchange of Osaka merchants referred to this.again,Kamakura PeriodHas existed sincetallyThe relationship with is also pointed out.

In Japan during the Edo period, it was a political and consuming city.EdoAnd Osaka, which is the economic center (further development of commerce and industry都-京都In some cases, the distribution of goods has become active.It creates a large and constant demand for money circulation, promotes the development of monetary function as a means of payment, and the development of margin trading.Money changerAlternatively, it has developed foreign exchange transactions through large merchants who have stores in each of the big cities.

For example, when Edo resident "Kou" remits 100 gold to "Otsu" who lives in Osaka, he deposits 100 cars at the money changer "Hei" in Edo, and "Hei" replaces the bills of exchange and bills. Create two copies and give them to "Kou". "A" hands only the bill of exchange to "B" and keeps the bill of exchange. After making a backing on the back side of the bill of exchange, "Otsu" hands the bill of exchange to "Ding" (often a branch office or business partner of "Hei") in Osaka designated by "Hei" and gives 2 gold. To receive[1]..After that, "Ding" was returned to "Hei" and the bill was recovered from "Kou" with the backing of "Otsu" as evidence.In addition to this, there are empty bills that promise to guarantee the acceptance of payment requests from the other party within a certain amount in advance between money changers, and bills that are deposit certificates that indicate that they have been deposited with the money changer in advance. There are also bills that the depositor draws to the money changer who is the deposit destination, and finally they are processed by deducting and offsetting each other's bills between "丙" and "Ding".

Especially between Edo and Osaka, bills for payment from merchants in Edo, a consumer city, and the Edo Shogunate from Osaka, a commercial city.Osaka Castle,Clan OfKurashikiThe sale price of rice and products in the shogunate center and various clanEdo mansionBills for sending money through money changers (called "public money (Edo) exchange" in the shogunate) are exchanged, and the money changers in Osaka are money changers requested by the shogunate and various clan in Edo. Buy bills (lower exchange) for payment from Edo (formation of domestic exchange market) and send them to Edo money changers, who collect them from Edo merchants and pay for them. It was paid to the shogunate and various clan on behalf of the money changer in Osaka.Also, even if you are a merchant, the storage certificate of the warehouse (Postage stamps) Was bought and sold and circulated as a substantial exchange.

Such exchange of bills enhances the creditworthiness of money changers, and the collected funds are also used for investment and loan funds, and the development of credit institutions and cities that are indispensable for the establishment of modern capitalism in Japan. There is a strong view that it contributed to the accumulation of commercial capital.The above-mentioned public money exchange was completely unpaid, but since the merchant was free to use it as funds while depositing public money, it was equivalent to receiving a working capital loan without interest.For that reason, the collapse and abolition of the Edo Shogunate,Abandoned DomainThe accompanying changes in the economic structure have the potential to create credit instability over foreign exchange.For this reason,Meiji governmentDoes not progress slowlyCommercial CodeBills and exchange-related laws were the first to be enacted (Bill of exchange Promissory note ordinance)National bankIt was decided to take monetary policy such as the establishment of.

Exchange transactions in modern Japan

In modern Japan, foreign exchange transactions are "accepted by a request from a customer to transfer funds using a mechanism for transferring funds without directly transporting cash between remote people. To, or to undertake and carry out this. "[2]..Only financial institutions such as banks can carry out foreign exchange transactions for reasons such as protection of users of fund settlement services.

Domestic exchange system (Zengin system)

National Bank Data Communication System(Zengin System), especiallyDomestic exchange systemSometimes called.The Zengin system is a mechanism for making payments between financial institutions when an individual or a company requests bank A to remit money to bank B.In the Zengin system, the lending relationships of all banks in Japan are offset, and excesses and deficiencies are settled in the BOJ's current account.The Zengin system is operated by the Domestic Exchange Management Organization established by the Japanese Bankers Association (inherited from the former Japanese Bankers Association).Not limited to banksCredit union,Credit union,Agricultural cooperative,Fisheries cooperativeOther financial institutions, such as (only if they are in the credit business), are also members of the Zengin System and can use the domestic exchange system.Therefore, transfers to other financial institutions are mutually possible.Japan Post BankWas previously not allowed to join the Zengin system, so only with certain financial institutionsMutual remittanceI couldn't2009 May 1The connection to the Zengin system was started and the domestic exchange system became available.


Japanese call tableso,"OrWhen sending "Exchange power".


[How to use footnotes]

注 釈


  1. ^ In the Edo periodThree currency systemBecause it was actuallyAboveIs distributed inSilverWill be exchanged and received at the market price.
  2. ^ The Third Small Decision March 13, 3 Penal Collection Vol. 12, No. 55, p. 2.


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