A settlement involves several types of parties with different functions. These are the anonymised roles: who does what, and where they sit in the system.
A single organisation may combine several roles. We describe functions, not specific companies.
A licensed fund or bank accepts local fiat and issues a settlement token 1:1, then redeems it at par. It runs KYB and participant identification. The fiat stays in its jurisdiction.
More about this role →
Submits matching instructions so participant trades always have a counterparty. Keeps the opposite flow alive in corridors where netting works more efficiently.
More about this role →
Serves participants in its own jurisdiction: onboarding, support, an interface under its own brand. Connects local clients to the dCLS settlement infrastructure.
More about this role →
A corporate in cross-border trade. Receives contract payment in a settlement token, converts the currency through dCLS when needed, and withdraws local fiat. The goods deal happens outside the system.
More about this role →
Serves clients who prefer working through a familiar bank rather than directly with tokens. It handles fiat in and out and the settlement leg on behalf of its corporate clients.
More about this role →
Every operation involves three independent components. They are split by function and do not substitute for one another.
Accepts local fiat and issues a settlement token (mint), redeems the token and pays out fiat (burn), and runs KYB and identification.
Transfers settlement tokens between participants and tracks positions — the available and locked balance for each currency.
Performs the FX exchange of one currency's tokens for another: netting within a settlement window and an atomic PvP settlement at a pre-agreed rate.
The parties agree the rate between themselves outside the system. dCLS does not set the rate and does not take part in the goods deal — it only executes settlement.