The KeyStone system settles every leg of a transaction across ledgers of every kind in one movement: your policy before commitment, an anchored proof after 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.
Not only public networks. Most of the books that will matter to this market are being built by the market itself.
Ethereum, Solana and their kind, permissionless and open to anyone.
Canton, Besu and member-run networks operated by the firms that use them.
A central securities depository's own book of record, run under its own rules.
A clearinghouse's own book, where positions and margin already live. Its net settlement obligations are an instruction KeyStone is built to settle.
An exchange's own issuance and settlement book for the instruments it lists.
A bank's or a provider's internal book, private and never exposed.
In Project Meridian, the Bank of England and the BIS demonstrated synchronized settlement: funds move to the seller only if the asset moves the other way, and neither moves without the other.
Each leg stays with the custodian that holds it, and the legs are synchronized rather than moved to a third party. It exists nowhere as open infrastructure, and that is what KeyStone is built to be.
Bank for International Settlements and Bank of England, Project Meridian, 19 April 2023All legs commit together or none commits. There is no window in which one side has delivered and the others have not.
It is built to settle an exchange or a one-way delivery, gross trade by trade or net in batches on the cycle the parties set, inside each party's own custody perimeter and with no third-party escrow.
This is the risk CLS was built to take out of foreign exchange. Tokenization is reintroducing it, in every asset class at once.
Every settlement writes a proof that can be checked against the ledgers involved, by anyone, without asking us and without trusting us.
Finality is evidenced rather than asserted, which is what makes it usable in a dispute.
Your rules run before anything moves: permissioned assets, counterparty screening, jurisdiction and eligibility.
A settlement that would fail your policy never reaches the engine, so there is nothing to unwind.
Assets stay with the custodian that already holds them. There is no KeyStone wallet, no omnibus account, and nothing for your client to fund with us.
We are not on either side of the trade. There is no KeyStone exposure for your risk team to price, and no limit to set against us.
Nothing is wrapped or re-issued. Each leg settles natively on the ledger it already lives on.
No value passes through KeyStone at any point in a settlement. The instruction carries what each side must know and nothing more.
KeyStone settles pre-matched trades and net settlement obligations only. It matches nothing, prices nothing and nets nothing.
Every provider in this market can build settlement. None of them can build this one, and the reason is structural rather than technical.
Standing between two institutions means seeing both sides of a trade that neither wants the other to see, and holding a position neither wants a competitor to hold. A provider who builds it becomes a counterparty inside its rivals' flow, and its rivals will not route through it. No contract and no internal wall changes that, because the objection is to the position itself.
KeyStone can occupy that position for exactly one reason: it cannot use it. It holds nothing, matches nothing, reads no book, and has no product to sell into the flow it coordinates. It cannot compete with the providers it connects, which is what lets KeyStone coordinate settlement between firms that cannot settle with each other.
Neutrality here is not a policy that a future commercial team could revise. It is the precondition, and the architecture is what enforces it.
Neutral to participants. No venue owns KeyStone. It never holds assets, never matches trades and is never a counterparty.
Neutral to rules and data. Each party's compliance and data rules apply inside its own perimeter before any leg commits, and each side sees only what it must.
Neutral to technology. Settlement runs between institutional and public ledgers, custody locations, venues and clearing networks without changing any of them.
KeyStone sits inside what you already run. Your clients settle in your product, on your screens, under your terms. There is no bilateral onboarding to every counterparty, no second interface, and no account to pre-fund.
What changes for them is that reaching beyond your boundary stops costing them. What changes for you is that the revenue which used to leave, stays.
Bring a settlement your desk runs today and we will walk it through.
You submit your own instruction and watch every leg commit together, or none of them. It runs in the KeyStone pre-production environment, on our side only, with nothing at risk. Access is by arrangement, in closed pilot.
We review every request and reply within one working day. The first step is a mutual non-disclosure agreement, then a scoping call.