Clearing networks net inside private ledgers, and what their members owe firms that clear elsewhere has no rails. KeyStone is built so infrastructures settle across one another without joining one another or guaranteeing one another's risk.
Talk to us about a pilot → How a settlement happens →US Treasury cash clears from 31 December 2026 and repo from 30 June 2027.
Two new clearers approved beside the incumbent within a year, and asset class by asset class the same.
Interoperating means guaranteeing a rival's risk. Where clearers do, a member posts margin twice.
The benefit is capital and liquidity,
not safety.
A firm that clears at one house and faces counterparties at another has traded flat and funds both sides: margin at both, cash at both, for one exposure. KeyStone is built so one obligation pays the other, with nothing pre-funded on the far side and no balance carried in two places.
Your rulebook, membership, margin model, data and client stay yours. You admit no one and guarantee no one.
Each leg commits where it sits and releases only on proof that every other leg has. A leg outside clearing is designed to be held and visible to the clearing that counts it.
Net settlement obligations arrive matched, netted, margined and agreed. KeyStone takes them as they come and nets nothing.
Settlement on your cycle.
Net where you net, trade by trade where you do not. Your net settlement obligations are designed to settle as one batch and one instruction, against counterparties, assets and cash outside your membership, from inside your book.
Entity screening on LSEG World-Check and wallet screening on CipherOwl run on every side before any leg commits. A failed check is a settlement that never began, and every result is written to the audit bundle each party receives.
Institutions, dealers and liquidity providers come to a clearer for different reasons, and a case that pays only one of them fails.
Custodian and mandate stay put. Face any counterparty wherever it clears.
Clear where you clear. What you are owed at one house pays what you owe at another.
Quote every venue and every clearer from one balance, and join none of them.
Bring a settlement your desk runs today and we will walk it through.