No infrastructure has ever opened its reach for safety alone. It does it for capital and for liquidity, and every benefit below is one of the two, with nothing joined and nothing onboarded to get it.
Talk to us about a pilot →Reach has always been the reason a client leaves, because the relationship follows the settlement. The wall is what moves here, not the client.
Nothing is handed over and nothing is re-papered. The client settles in your product, on your screens, under your terms.
No new venue to join, nothing to onboard, and no system uplift to reach any of the books you could not reach before. Reach the books you could not reach before.
Settlement stops being the reason a client goes elsewhere and becomes something you sell them, so the flow that used to leave settles under your own name.
A preference has always been paid for somewhere: in cash parked ahead of the trade, in the wait between its halves, in the custodian they gave up, or in capital posted twice because what a firm is owed on one venue cannot pay what it owes on another.
Assets stay in the vault holding them, for the whole life of the trade, under the protections that vault provides.
Every leg settles natively on the book it already lives on. Nothing is wrapped, bridged or re-issued to make a preference reachable.
Eligibility, jurisdiction and screening are evaluated before anything commits, so the terms they agreed are the terms that settle.
The benefit is capital and liquidity. Each of the three is money that comes back to the balance sheet, and none of them asks a clearer or a venue to change its rulebook or take on anything it does not already carry.
A member that clears at one house and faces counterparties at another carries the same exposure at both. Settled across the two, it is carried once, and the second collateral pool returns to use.
Cash pre-positioned at every venue and clearer a firm faces is cash doing nothing else, and it is the price of being able to face them at all. Settled from where it already sits, the cash comes back to the balance sheet and the reach it was buying stays.
A clearinghouse's net settlement obligations settle as one batch, all legs or none. The liquidity netting saves is not spent settling gross in real time, and no one carries the principal. KeyStone nets nothing of its own: the counterparty nets on its own book, and the netted result settles against assets and cash held outside it.
Your clients reach counterparties, venues and clearers you do not connect to today, under your name, and the fee on that flow is shared with you. Nothing to license, nothing to build.
No license fee and no integration fee. One connection, and every book on the network is reachable from inside what you already run.
Fees are borne by the transacting parties at settlement finality, paired with a white-labeled, client-specific receipt and audit bundle.
The client-facing rate does not move. KeyStone's share of it compresses as your volume grows, and the difference is yours, paid under your own name at settlement finality.
Bring a settlement your desk runs today and we will walk it through.