Exchanges

Exchanges represent transactions between market participants. They are the primary mechanism through which value changes hands.

Structure

An exchange consists of:

• Parties — two or more agents involved, each with a role (e.g., Seller, Buyer)
• Flows — the directional movement of values between parties
• State — the current status of the exchange

States

Exchanges follow a state machine: Open → Completed or Closed.

• A new exchange starts as Open
• It can be Completed when all flows are fulfilled
• It can be Closed if cancelled or abandoned
• A closed or completed exchange can be Reopened

Flows

Each flow represents a directional transfer of value:

• From agent → To agent
• References a specific value or value instance
• Includes a quantity

A typical exchange has at least two flows: one in each direction (e.g., product from seller to buyer, payment from buyer to seller).

Context

Exchanges can be linked to:

• A value stream they belong to
• A channel through which they occur
• A pipeline stage for tracking progress
• A tension they address
• A lead user responsible for the exchange