Tokenized equities on one book, fund units on another, cash on a third. Your clients already pay for that, in cash positioned ahead of the trade and in copies minted elsewhere, and it reaches you as a budget line rather than as a request. The protocol settles between the books as they are, so a product issued anywhere is a product they hold through you.
Request a briefing →To settle against cash on another ledger, the holding has to be represented there, so a copy is minted. Custody moves with it, the copy needs a trust story of its own, and it is your name on the question of who holds what.
All legs have to land on one book, so cash is placed on the asset's venue before anything is agreed. Repeat for every venue and every currency, and tokenization has quietly rebuilt the nostro account.
Holding or offering something issued on another venue means joining that venue, or asking its holders to join yours. Each one is a legal negotiation and an operations build, and all of it has to happen before the first trade.
The protocol coordinates the asset leg on its ledger and the cash leg on its ledger, runs your policy first, and commits all in the same instant or none at all. The books never merge, nothing is wrapped, and custody never moves. The exposure delivery versus payment exists to remove never returns.
No wrapped versions of a security circulating on books you do not control, and no custody questions invented by the settlement route. A holding is the same holding wherever it is recorded, so it is worth the same everywhere.
What your clients position against every venue returns to the balance sheet and is carried once, through you, because a leg no longer has to stand on the same book as the leg it settles against.
Anything issued on a connected book becomes something your clients can hold and trade through you, with no venue to join first. What they can own stops being decided by where it happened to be issued.
Discover how secure settlement expands your addressable market, drives growth and client retention, and brings agency back to you and your clients. Bring a settlement your desk runs today and we will walk it through.