System, method, and apparatus for trading in a decentralized market

Abstract

A system for conducting transactions in a decentralized market includes two or more execution systems, each of which is associated with a party that is a participant in the decentralized market. Each execution system can originate a transaction on behalf of its associated participant by sending structured offers to the execution systems associated with other participants, wherein the other participant then becomes a counterparty to the transaction. The execution systems can send different offers associated with the transaction to different counterparties, receive a structured acceptance of an offer from the execution system of a counterparty, receive a structured counteroffer associated with the transaction from the execution system of a counterparty, send a structured message containing a counter offer, and execute a trade while simultaneously revoking all other offers and counteroffers.

1 . A system for conducting transactions in a decentralized market, wherein the transactions comprise an exchange of at least one of goods, services, financial instruments and currency, and wherein the decentralize market comprises:
 a plurality of execution systems, each in non-transitory, computer-readable memory on a device with a processor for executing instructions stored in the non-transitory, computer-readable memory;
 wherein the execution systems are electronically interconnected; 
 wherein each execution system of the plurality of execution systems is associated with a different respective participant in the decentralized market; 
 wherein an originating execution system of the plurality of execution systems originates a transaction, on behalf of its associated participant, by sending structured offers to a plurality of counterparty execution systems of the plurality of execution systems, whereby the respective participants associated with counterparty execution systems become counterparties to the transaction; 
   wherein the originating execution system sends structured offers associated with the transaction to different ones of the counterparty execution systems;   wherein, in response, one of the counterparty execution systems sends a structured message containing a structured counter-offer to the originating execution system; and   wherein, in response to an acceptance message of a received one of the structured offers sent by one of the counterparty execution systems or acceptance of the structured counteroffer to the originating execution system all other structured offers and structured counteroffers associated with the transaction are simultaneously revoked.   
     
     
         2 . The system of  claim 1  wherein the originating execution system creates an execution point, associated with the transaction, that contains information and rules that are specific to the transaction, and used to enable automatic execution of the structured offer. 
     
     
         3 . The system of  claim 2  wherein the execution point comprises information and rules for revoking the structured offer. 
     
     
         4 . The system of  claim 2  wherein the execution point comprises information and rules to accept the structured counteroffer. 
     
     
         5 . The system of  claim 1  wherein the originating execution system sets clock times relating to lifespans of the structured offers, and wherein the clock times are not equal for every one of the for the structured offers provided to the counterparty execution systems. 
     
     
         6 . The system of  claim 1  wherein each of the counterparty execution systems comprises information and rules to send a structured acceptance message to the originating execution system. 
     
     
         7 . The system of  claim 1  wherein each of the counterparty execution systems comprises information and rules to compose and send a structured counteroffer message to the originating execution system. 
     
     
         8 . The system of  claim 1  wherein each of the counterparty execution systems is denied access to messages sent between other counterparty execution systems and the originating execution system. 
     
     
         9 . The system of  claim 1  wherein each of the execution systems resides in a secure environment and wherein all messages are encrypted. 
     
     
         10 . The system of  claim 9  wherein encryption is unique for each transaction. 
     
     
         11 . A system for conducting transactions in a decentralized market, wherein the transactions comprise an exchange of at least one of goods, services, financial instruments and currency, and wherein the decentralize market comprises:
 a plurality of execution systems, each in non-transitory, computer-readable memory on a device with a processor for executing instructions stored in the non-transitory, computer-readable memory;
 wherein the execution systems are electronically interconnected; 
 wherein each execution system of the plurality of execution systems is associated with a different respective participant in the decentralized market; 
 wherein an originating execution system of the plurality of execution systems originates a transaction, on behalf of its associated participant, by sending either an invitation or structured offers to a plurality of counterparty execution systems of the plurality of execution systems; 
 wherein other ones of the execution systems participate in the transaction by either accepting the invitation from the originating execution system or receiving one of the structured offers from the originating execution system; 
 wherein each execution system can create a private and secure link among transactions to which it is a participant; and 
 wherein, the originating execution system revokes any unaccepted offer and unaccepted counteroffer associated with the transaction in response to: an acceptance, revocation of the structured offer, or origination of a new transaction.