Information processing system and program

Abstract

To provide a mechanism for realizing investor-to-investor transaction suitable for investors who prioritize low price volatility in investment targets in an information processing system enabling transaction of securities or equity interests among investors.SOLUTION: An information processing system determines purchase and sale prices of securities or equity interests in advance and presents them, as determined prices, to investors. The information processing system adopts such a configuration that each investor can submit an order quantity (the number of units bought and sold) when placing an order, but cannot freely input and set desired sell limit prices or buy limit prices regarding investment targets, so that price volatility of the investment targets is suppressed, and transaction at fixed prices of the investment targets is guaranteed. Thereby, the investors no longer need to worry about setting limit prices, and can secure opportunities of stable investment recovery.SELECTED DRAWING: Figure 2

Description

[Technical Field]

[0001] The present invention relates to technology related to the transfer of securities or investment interests (hereinafter sometimes abbreviated as "securities, etc.") backed by assets such as real estate, and in particular to technology for intermediating sales and purchases between investors. [Background technology]

[0002] When individual investors buy and sell stocks and other securities on the market, they usually do so via a stock exchange or a proprietary trading system (PTS). A PTS is a system for conducting transactions on a market on a computer network set up by a securities company, rather than a stock exchange. In other words, it is a system for conducting transactions electronically by a securities company outside of an exchange.

[0003] The method of determining buying and selling prices at stock exchanges is the "continuous trading method," which follows the principles of price priority and time priority, and executes transactions in the order in which the specified buying and selling prices match. In addition, in the event of an opening or closing, the "itayose method" is used, where a matching price is found from buy and sell orders, and that price becomes the single contract price.

[0004] There are several methods for determining buying and selling prices used in PTS markets, including an auction system similar to that used on exchanges, a bid and sell quote system in which securities companies (market makers) submit multiple bid and ask prices and use the price based on these, a customer order matching system in which an investor's limit price matches the limit price submitted by another investor who will be the counterparty to the transaction, and a customer negotiation system in which customers negotiate terms such as price and quantity and buy and sell under the terms agreed upon by both parties.

[0005] The PTS market, operated by securities companies authorized by the Financial Services Agency, has a small number of established exchanges and a limited number of participating investors, which creates problems with price rigidity and liquidity. For this reason, the following patent document proposes a mechanism for appropriate price control. [Prior art documents] [Patent documents]

[0006] [Patent Document 1] Patent No. 4205148 [Patent Document 2] Patent No. 4682244 Summary of the Invention [Problem to be solved by the invention]

[0007] In both of the above-mentioned trading methods in securities exchanges and PTS trading, a desired price is determined in advance before a trade is executed. Even in over-the-counter markets where buyers and sellers trade directly one-on-one at the counter of financial institutions, etc., it is naturally assumed that the desired buying and selling price will be presented. As suggested by the titles of the inventions in Patent Documents 1 and 2, "quote information presentation processing system" and "buying and selling price determination method," the focus in the buying and selling of securities, etc. is how to appropriately control the "buying and selling price" that is determined based on the basic principle of supply and demand.

[0008] The fact that the buying and selling prices of securities and other securities are determined by the relationship between supply and demand means that in the buying and selling of securities, sellers seek the highest possible price, while buyers seek the lowest possible price, resulting in price competition. Since the buying and selling prices of securities and other securities are formed through this competitive process, price fluctuations are inevitable. REITs are known as a representative example of real estate fractionalization products, but because REITs are listed on the stock market, their prices fluctuate greatly due to fluctuations in interest rates and stock prices, and they tend to produce results similar to those of stock investments.

[0009] On the other hand, investors who invest in securities or equity interests backed by assets such as real estate, which are the subject of the present invention, tend to seek stable profits. Rather than aiming for trading profits based on ever-changing prices, such as publicly traded stocks on a stock exchange, they desire relatively long-term yields generated from rental income generated by the target real estate, which is the underlying asset of the securities, and one of the conditions for selecting an investment is that the price of the investment target has little fluctuation.

[0010] Another characteristic of real estate is that no two properties are identical. Therefore, there is no concept of a "fixed price" like there is for general consumer goods in real estate transactions. Furthermore, the transaction price is determined between the parties, the seller (who provides the property) and the buyer (who purchases it), and the transaction price is characterized by being greatly influenced by individual circumstances. For example, if a seller is relocating due to a job transfer and wants to sell quickly, the transaction price is often lower than the fair market price for comparable properties in the neighborhood. It is difficult for the average investor to obtain such individual transaction details, and even if they were able to obtain transaction details, it would be extremely difficult to understand the individual circumstances involved, determine what the fair market price for the target property would be in the absence of those individual circumstances, and then submit a bid.

[0011] Therefore, an object of the present invention is to provide a system that can realize investor-to-investor trading suitable for investors in securities or investment interests backed by assets such as real estate. [Means for solving the problem]

[0012] The present invention is an information processing system for realizing the buying and selling of rights related to securities or rights related to a business based on a partnership contract, which can be digitally divided into two or more units, and is characterized by comprising: a selling information presenting means for providing a seller who holds the rights with a price based on the unit price of the rights; a selling order receiving means for receiving, from the seller, a selling order email that does not include a desired selling price for the rights; an order information sending means for sending the selling order email to investors other than the seller; a buying order receiving means for receiving, in response to the selling order email that has been sent, a buying order email from the investor that does not include a desired purchasing price for the rights; an approval means for approving a buying order from the buying order email received by the buying order receiving means; and an agreement processing means for executing a transfer process for the rights after approval by the approval means.

[0013] The present invention is also characterized in that the sell order email includes the number of shares to be transferred for the right, and the buy order email includes the number of shares to be acquired for the right, and further, the base price corresponds to the amount obtained by converting the total net assets, which is the assets minus the liabilities, for the right into the number of units, and the selling information presentation means provides the seller with an amount that is the same as the base price or that is adjusted within a predetermined range by adding or subtracting the base price. Furthermore, the base price is further determined in relation to the real estate appraisal value. [Effects of the Invention]

[0014] The information processing system of the present invention predetermines the buying and selling prices of securities or investment interests backed by assets such as real estate, and presents them to investors as confirmed prices. While each investor can submit an order quantity (number of shares) when placing a buy or sell order, they cannot freely input and set their desired limit sell and buy prices for the investment. Since the system does not accept any desired buying or selling price for the investment, but instead bases the transaction on the confirmed price (or a price approximating the confirmed price) presented by the information processing system, there is no price fluctuation. As a result, buying and selling at a confirmed price is guaranteed, investors no longer need to worry about how much to set their limit order, as they did in the past, and investors can conduct transactions directly with peace of mind without price fluctuations.

[0015] Furthermore, the final price presented by the information processing system is set based on, for example, the NAV (Net Asset Value) of the net assets at market value used when evaluating the value of the investment target or the appraised value by a real estate appraiser, so that the transaction can be realized at a fair price calculated by objectively evaluating the investment target. Therefore, investors can trade with confidence that the presented price is the fair price (so-called fair value) of the investment target.

[0016] This will provide investors who invest in securities or equity interests backed by assets such as real estate with stable opportunities for investment recovery, which will lead to increased investment activity. [Brief explanation of the drawings]

[0017] [Figure 1] 1 is a diagram showing an outline of an overall scheme including an embodiment of an information processing system according to the present invention; [Figure 2] FIG. 2 is a diagram illustrating an outline of functions provided in the information processing system. [Figure 3] 10 is a flowchart showing the main processing steps of the information processing system when fractional securities are transferred between investors. [Figure 4] 10 is a timing chart showing the process executed by the information processing system between the investor and the like. [Figure 5] This is a list screen when the unit price for the security tokens held by the selling investor is provided. [Figure 6] This is an example of a sell order email presented to a seller investor. [Figure 7] 10 is an example of a screen displayed after a sell order email is sent to an information processing system. [Figure 8] This is a list screen when sell order information is sent to the buyer investor. [Figure 9] This is an example of a purchase order email presented to a buyer investor. DETAILED DESCRIPTION OF THE INVENTION

[0018] An embodiment of the processing executed by the information processing system according to the present invention will be described below with reference to the drawings. The present invention is directed to the buying and selling between investors of securities and the like backed by assets such as real estate, but in this embodiment, the system will be described as an investment interest management system 100 that handles the buying and selling procedures between investors of investment interests backed by actual real estate. Note that the buying and selling does not necessarily have to be of real estate, and the subject of the buying and selling transaction may also be rights such as ships, aircraft, other movable property, or loan claims.

[0019] Furthermore, in this embodiment, the system is referred to as an "investment share management system", but this can be replaced with "device" or "server".

[0020] In the following explanation, "investors" refers not only to individuals (natural persons), but also to corporations and qualified institutional investors. Qualified institutional investors are "persons designated by Cabinet Office Ordinance as having specialized knowledge and experience related to investing in securities," as defined in Article 2, Paragraph 3, Item 1 of the Financial Instruments and Exchange Act. These are so-called professional investors, and include securities companies, investment trust management companies, banks, insurance companies, investment advisory companies, and pension fund management funds.

[0021] Figure 1 shows an overview of the overall scheme including the equity interest management system 100 according to this embodiment. As shown in Figure 1, a special purpose company 1 enters into a silent partnership agreement with an investor 2 and then acquires real estate 3 from the real estate owner using the capital contributions etc. collected from the investor 2. Thereafter, the special purpose company 1 is expected to distribute to the investor 2 the profits (rent and sales profits) it has gained from leasing or selling the target real estate 3.

[0022] Here, "anonymous partnership agreement" in this embodiment refers to an anonymous partnership agreement as defined in Article 2, Paragraph 2, Item 5 of the Financial Instruments and Exchange Act, and "special purpose company" refers to a "special business operator" as defined in Article 58 of the Real Estate Specified Joint Enterprise Act.

[0023] The investment equity management system 100 registers and manages investors and distributes profits to the special purpose company 1. The investment equity management system 100 is communicably connected to the investor terminals of investors 2 via communication lines such as the Internet. The special purpose company 1 may delegate some of its operations, such as sales and management, to a designated entrusted company 4.

[0024] As will be described later, the investment share management system 100 of this embodiment records and manages information based on distributed ledger technology, such as blockchain. Each investor's anonymous partnership investment share is granted in the form of a security token (hereinafter sometimes abbreviated as "ST") that is generated and issued using distributed ledger technology.

[0025] To summarize the above, when a predetermined total amount of investment is collected from Investor 2 (or when the fund is established in the case of crowdfunding), Equity Share Management System 100 tokenizes the investment shares based on the anonymous partnership agreement between Special Purpose Company 1 and Investor 2 using a blockchain platform, issues the tokens, and transfers these security tokens to each investor's individual wallet according to each investor's investment ratio. Furthermore, if there is a transfer of security tokens between investors during the operation period, the security tokens are transferred directly between the parties' wallets. Then, at the end of the operation period, the security tokens in Investor 2's wallet are transferred to a wallet managed by Special Purpose Company 1 simultaneously with the payment of the redemption amount.

[0026] It should be noted that investors are not necessarily required to enter into a silent partnership agreement through the special purpose company 1, and the present invention can be applied to transaction forms using various schemes.

[0027] Below, we will provide a detailed explanation of the functions of the equity management system 100, which enables investors to buy and sell equity rights backed by real estate. The equity rights can be digitally divided into two or more units. In other words, a large investment is divided into smaller units, such as 10,000 yen or 100,000 yen, and some or all of these units are traded directly between investors. For the purposes of the following explanation, we will assume that Investor 2, who has signed a silent partnership agreement, holds security tokens corresponding to his or her investment ratio when the specified total investment amount is collected or when a crowdfunded fund is established.

[0028] As shown in FIG. 2, the investment share management system 100 includes a selling information presentation means 100a, a selling order receiving means 100b, an order information transmission means 100c, a buying order receiving means 100d, and an agreement processing means 100e to complete transactions between investors.

[0029] The selling information presentation means 100a provides the unit price per unit to the seller investor 5, who holds security tokens corresponding to the rights of the investment shares. In this embodiment, the specific method for calculating the unit price is based on the net asset value (NAV), which is used to evaluate the value of an investment target. The net asset value (NAV) is an indicator used in the financial and securities industries to evaluate the value and performance of investment targets such as companies and funds. It is the amount obtained by subtracting liabilities from assets on the balance sheet of the investment target. The unit price is the NAV converted into the number of units. Therefore, investors will recognize that the unit price is calculated based on a familiar and objective valuation indicator. Note that, in calculating the unit price, methods for evaluating the asset value of physical real estate other than those based on NAV may also be used.

[0030] The selling information presentation means 100a sets the base price based on the NAV itself, or an amount obtained by adding or subtracting the base price based on the NAV within a predetermined range. The selling information presentation means 100a of this embodiment sets an amount obtained by adding or subtracting the base price based on the NAV within a predetermined range, and this amount will be referred to as the presented base price hereinafter. Furthermore, it is desirable that the presented base price be correlated with the appraisal value by a real estate appraiser, who is an expert in real estate prices, and be consistent to prevent any discrepancy.

[0031] The sell order receiving means 100b receives sell order emails from investors who have referenced the proposed unit price provided by the selling information providing means 100a. In other words, it receives the intention of the seller investor 5 to sell the rights related to his / her own investment shares. Because the rights related to the investment shares are divided into small units as security tokens, the sell order email from the seller investor 5 includes information on the number of security tokens that the seller investor 5 wishes to sell. However, it should be noted that the seller investor 5 cannot indicate the desired selling price for the security tokens. Neither the selling price per security token nor the total selling price can be presented as a desired limit price. The price of the security token per unit is set at the proposed unit price provided by the selling information providing means 100a.

[0032] The order information sending means 100c sends the sell order email received by the sell order receiving means 100b to investors who have already registered in the equity management system 100. These investors are buyer investors 6 who have the possibility of purchasing rights (ST) related to the equity of others. By sending sell order emails simultaneously, for example, each buyer investor 6 can fairly grasp the information on which STs are currently being offered for sale. Needless to say, in order to send emails, the email addresses of each investor are registered in advance in a database 7 or the like.

[0033] The buy order receiving means 100d receives buy order emails from investors who have referenced the sell order emails sent by the order information sending means 100c. In other words, it receives the intention of the buyer investor 6 to purchase the rights related to the offering equity. Like the sell order receiving means 100b, the buy order email from the buyer investor 6 includes information on the number of security tokens the buyer investor 6 wishes to purchase, but the buyer investor 6 cannot indicate the desired purchase price for the security tokens. Neither the purchase price per security token nor the total purchase price can be presented as a desired limit price. The price of the security tokens per unit is set at the proposed unit price provided by the sell information presenting means 100a. Each buyer investor 6 can specify the number of units they wish to purchase and reply to the equity management system 100 as a buy order email.

[0034] One type of order for buying and selling stocks, etc., is called a "market order," which does not specify a price. At first glance, the present invention may be interpreted as being the same as a conventional market order in that it does not specify a price. However, a market buy order corresponds to the lowest priced sell order and is immediately executed, and similarly, a market sell order corresponds to the highest priced buy order and is immediately executed. In other words, a price is presented in the opposite order to a market order, which is completely different from the present invention, where neither a price is (can be) specified for either a sell order or a buy order.

[0035] When the buy order receiving means 100d receives the buy order email, the buy order is approved after going through a predetermined procedure, thereby establishing a direct security token purchase transaction between the seller investor 5 and the buyer investor 6. Here, "directly" means that the ST is transferred directly from the seller investor 5 to the buyer investor 6 without the involvement of a securities company or the like as a buyer, as opposed to a format in which a securities company or the like first purchases the security token of the seller investor 5 and then sells it to the buyer investor 6. This transfer goes through the investment interest management system 100, but direct transactions between investors have the advantage of enabling low-cost buying and selling for each investor, as it eliminates the unnecessary indirect costs of commissions associated with the purchase and sale of securities companies or the like.

[0036] The agreement processing means 100e executes the transfer process of the rights related to the investment shares between the seller investor 5 and the buyer investor 6, and performs the process of transferring the number of security tokens to be transferred in connection with the sale and purchase from the wallet of the seller investor 5 to the wallet of the buyer investor 6.

[0037] Fig. 3 is a flowchart showing the procedure of the processing executed by the equity management system 100, and Fig. 4 is a timing chart. The processing will be explained in order while showing examples of screens provided by the equity management system 100.

[0038] The selling information presentation means 100a of the equity management system 100 sets a price corresponding to the unit price per unit determined based on the net asset value (NAV) (step S301 in FIG. 3) and provides it to the seller investor 5 as the proposed unit price (step S302 in FIG. 3). The proposed unit price may be increased by adding a system usage fee equivalent to the investor's fee for using the equity management system 100. In this embodiment, a real estate appraiser or other expert appraises the actual real estate that is the investment target, and associates the appraisal value with the proposed unit price, so that the proposed unit price consistent with the appraisal value is provided.

[0039] Figure 5 shows an example of a list screen when a certain seller investor 5 holds security tokens (ST) related to two investment target real estate (fund names "ABC" and "DEF") and the proposed unit price for each is displayed on the seller investor's information terminal by the selling information presentation means 100a. The "unit price" in Figure 5 corresponds to the proposed unit price. Now, assume that the seller investor 5 wants to sell the ABC fund. When the seller investor 5 selects the ABC fund on the screen of the seller investor's information terminal, a sell order email like the one shown in Figure 6 is displayed. If the seller investor 5 wants to sell only 10 shares of the 100 STs he holds (however, the number of tokens that can be ordered is 80), he enters "10" in the order quantity field 6a. The total selling amount corresponding to the number of shares to be sold is automatically calculated and displayed in field 6b. The seller investor 5 checks the contents of the screen display and presses the send button 6c (401 in Figure 4). A screen like the one shown in Figure 7 is displayed to the seller investor 5, and the seller investor 5 confirms that the sell order has been accepted.

[0040] The sell order email from the seller investor 5 is received by the sell order receiving means 100b of the investment equity management system 100 (step S303 in FIG. 3). When the investment equity management system 100 receives the sell order email, it provisionally registers the sell order and locks the ST for the sell order held by the seller investor 5 to prevent double transfer (step S304 in FIG. 3, 402 in FIG. 4).

[0041] The special purpose company 1 (operator in FIG. 4) that has concluded a silent partnership agreement with the investor determines whether to approve the information on the sell order provisionally registered by the equity management system 100 (step S305 in FIG. 3, 403 in FIG. 4). In this embodiment, because the large number of transactions that occur daily, such as general stock trading, are not fully automated, the special purpose company 1 intervenes in the approval process for buy and sell transactions, and is not equivalent to a stock exchange or PTS. For example, approval is performed manually at 3:00 PM every business day. However, in other embodiments, approval may be automated on the equity management system 100 without manual approval by the special purpose company 1, and automatic approval is not necessarily excluded.

[0042] If the sell order is approved, the provisional registration is changed to a final registration (step 404 in FIG. 4). If the sell order is not approved, the sell order is invalidated (step S306 in FIG. 3).

[0043] Next, the order information transmission means 100c transmits the approved sell order to the information terminal of the investor who has already registered in the equity management system 100 (step S307 in FIG. 3, 404 in FIG. 4). In this embodiment, sell order emails are sent simultaneously to multiple investors. FIG. 8 shows an example of a list screen when two sell order information items are sent to an investor, i.e., the buyer investor 6 (405 in FIG. 4). The order information transmission means 100c may also transmit this sell order email to the seller investor 5 who sent the sell order email to the sell order receiving means 100b as a confirmation.

[0044] Suppose a buyer investor 6 wishes to purchase ABC Fund. When the buyer investor 6 selects ABC Fund on the screen of his / her information terminal, a buy order email like the one shown in Figure 9 is displayed. The buyer investor 6 enters the desired number of shares to purchase, for example "10", out of the number of shares available for sale in the order quantity field 9a. The total purchase amount corresponding to the number of shares to be purchased is automatically calculated and displayed in field 9b. The buyer investor 6 checks the contents displayed on the screen and presses the send button 9c (406 in Figure 4). It is also possible to display a confirmation screen equivalent to the screen shown in Figure 7 displayed to the seller investor 5 to the buyer investor 6. This allows the buyer investor 6 to confirm that the buy order has been accepted.

[0045] As shown in Figure 9, in the buy order email, the buyer investor 6 can enter the number of security tokens to purchase, but cannot enter the desired purchase price. The purchase price of security tokens is limited to the proposed unit price.

[0046] The buy order email from the investor buyer 6 is received by the buy order receiving means 100d of the equity management system 100 (step S308 in Fig. 3). When the equity management system 100 receives the buy order email, it provisionally registers the buy order and locks the investment margin of the investor buyer 6 for the number of shares purchased to prevent double acquisition (step S309 in Fig. 3, 407 in Fig. 4).

[0047] Similar to the approval of a sell order, the special purpose company 1 (the operator in FIG. 4) determines whether to approve the information on the buy order provisionally registered by the equity interest management system 100 (step S310 in FIG. 3, 408 in FIG. 4). In this embodiment, the approval process is performed manually by the special purpose company 1. However, in other embodiments, the approval process may be automated on the equity interest management system 100 without the need for manual approval by the special purpose company 1, and automatic approval is not necessarily excluded.

[0048] As mentioned above, sell order emails are sent simultaneously to multiple investors from the viewpoint of fairness, but buy order emails are also adopted in the order in which they are received by the buy order receiving means 100d. If there is a designation to limit the total number of sell order emails to a lump sum purchase, the buy order email received first will be adopted.

[0049] Instead of sending sell order emails all at once, sell order emails may be sent preferentially to a specific group of investors, taking into consideration, for example, whether their investment capacity is above a predetermined amount, their purchase history, etc. Also, the selection of buy order emails does not necessarily have to be determined in the order in which the emails arrive.

[0050] If the buy order is approved, the buy order is changed from provisional registration to actual registration (409 in FIG. 4). If the buy order is not approved, the buy order is invalidated (step S311 in FIG. 3).

[0051] When the buy order is approved, the security token sale transaction is concluded. Therefore, the agreement processing means 100e executes the agreement processing of the rights related to the investment shares between the seller investor 5 and the buyer investor 6 (step S312 in FIG. 3, 411 in FIG. 4). It also performs processing to transfer the number of security tokens to be transferred by the transaction from the wallet of the seller investor 5 to the wallet of the buyer investor 6 (step S312 in FIG. 3, 412 in FIG. 4). The investors are also notified of the agreement processing (step S313 in FIG. 3, 413 and 414 in FIG. 4).

[0052] Finally, the deposit transfer process is executed (step S314 in FIG. 3, 415 in FIG. 4), and the deposit is made to the seller investor 5 (418 in FIG. 4) and the investor is notified of the deposit transfer process (416 and 417 in FIG. 4).

[0053] As described above, a feature of the present invention is that investors, who are parties to a transaction, cannot submit any desired selling price or purchasing price for the security tokens they are selling or purchasing. However, if strictly refusing to accept the desired price would be insufficient to protect investors, it may be possible to set a price within a certain range while using the proposed unit price as the base price. However, unlike stocks, etc., which can be set at any price on a stock exchange, the investment share management system 100 provides options within a settable price range, such as allowing a price to be set within a range of 9,000 to 11,000 yen, with the proposed unit price (e.g., 10,000 yen) as the center value, and investors are only given the freedom to select their desired selling price or purchasing price from within that range.

[0054] The investment share management system 100 of this embodiment issues security tokens using distributed ledger technology, such as blockchain technology, and records and manages the transfer of security tokens whenever such transfer occurs.

[0055] When a security token is issued and transferred between the investment interest management system 100 and the investor 2, or when a security token is transferred between investors, the distributed ledger managed by the investment interest management system 100 is instantly rewritten, making it possible to grasp the transfer status of the security token in real time. In addition, the distributed ledger can be accessed upon request from the investor or the special purpose company 1. This allows not only the administrator of the investment interest management system 100 but also the investor to grasp the status of token holdings and transfers, and it can be shown that the distributed ledger is not simply created administratively or arbitrarily within the token issuer or the administrator of the investment interest management system 100.

[0056] Blockchain technology is already well known. This specification will not go into detail about the method of calculating a hash value for each data block and recording transaction data along with the hash value in a distributed ledger while linking them together like a chain, but the advantages of this technology are outlined below.

[0057] Distributed ledger technology, exemplified by blockchain technology, is characterized by its ability to determine the legitimacy of transactions and actions without relying on verification by a specific server, and instead relies on a decentralized peer-to-peer (P2P) network for communication between multiple devices. Rather than a specific server managing the ledger of transactions, multiple devices manage updates to their own databases from the past to the present as a single, unified ledger. Furthermore, because each device manages the same ledger data, new transactions are added to each ledger only if they are deemed to have no inconsistencies in any of the ledgers, ensuring the authenticity of the data in the database.

[0058] Due to these characteristics, blockchain technology (1) makes it impossible to tamper with past transaction data, (2) is resistant to system failures and has high availability, as even if some of the devices that manage the data fail, it is possible to continue services by using data from other devices, and (3) is extremely difficult to tamper with because communications within the blockchain are encrypted and verified by certificates.

[0059] Furthermore, electronic signatures or electronic certificates may be used for transmitting and receiving various data between the investment equity management system 100 and investors or between investors. These technologies are also well known and will not be described in this specification.

[0060] The present invention includes within its scope programs installed or downloaded onto a computer through various recording media such as optical disks such as CD-ROMs, magnetic disks, and semiconductor memories, or by downloading via a communication network, and these storage media.

[0061] Furthermore, the terminals that communicate with the investment equity management system 100 via a network are computers connected to a network such as the Internet or a dedicated line. Specific examples include personal computers (PCs), mobile phones, smartphones, personal digital assistants (PDAs), tablets, and wearable devices. Examples of the investor 2's mobile terminals include mobile phones, smartphones, PDAs, tablets, and wearable devices. A business scheme including the investment equity management system 100 is formed by terminals and mobile terminals connected to a network via wired or wireless connections being configured to be able to communicate with each other. Furthermore, while the investment equity management system 100 in the above-described embodiment is a P2P system, it does not necessarily have to be a P2P distributed ledger technology system, and may be configured as a system linked to an ASP (Application Service Provider). [Explanation of symbols]

[0062] 1. Special purpose companies 2 Investor 3. Real Estate 5. Seller investors 6 Buyer Investor 100 Equity Share Management System

Claims

1. A security token trading system that enables the trading of security tokens between investors, receiving an electronic message of a sell order request from a seller investor holding security tokens, the sell order information including token identification information and the number of tokens to be sold; transmitting the sell order information in an electronic message to a plurality of potential buyer investors to determine who will respond to the sell order request; receiving an electronic message from the potential buyer investor indicating an intention to purchase in response to the sell order request; determining the buyer investor of the earliest received electronic message indicating intent to purchase; determining a buyer for the sell order request of the seller investor as the determined buyer investor; A security token trading system that executes the above.

2. The security token trading system according to claim 1, wherein the buyer investor determined in response to the sell order request of the seller investor is requested to purchase the sold tokens indicated in the sell order information in bulk.

3. The security token trading system according to claim 1 , wherein the transmission of electronic messages to the potential buyer investors is carried out simultaneously.

4. 2. The security token trading system according to claim 1, wherein the trading price of the security token is determined based on an amount equal to the base price of the rights backing the security token or an amount obtained by adding or subtracting the base price within a predetermined range.

5. A program executed in a security token trading system that establishes the trading of security tokens between investors, the security token trading system comprising: receiving an electronic message of a sell order request from a seller investor holding security tokens, the sell order information including token identification information and the number of tokens to be sold; transmitting the sell order information in an electronic message to a plurality of potential buyer investors to determine who will respond to the sell order request; receiving an electronic message from the potential buyer investor indicating an intention to purchase in response to the sell order request; determining the buyer investor of the earliest received electronic message indicating intent to purchase; determining a buyer for the sell order request of the seller investor as the determined buyer investor; A program to execute.

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