Netting Engine Pipeline

Gross obligations collapse into net positions under a frozen cutoff, capped before settlement

Netting Engine Pipeline Gross obligations collapse into net positions under a frozen cutoff, capped before settlement 01 / Ingest 02 / Snapshot 03 / Netting 04 / Control 05 / Settle Obligation Ledger · append-only · 01 / Ingest · one currency Obligation Ledger append-only one currency Cycle Snapshot · frozen set · 02 / Snapshot · cycle_hash Cycle Snapshot frozen set cycle_hash Net Matrix · N x N positions · 03 / Netting · sum net = 0 Net Matrix N x N positions sum net = 0 Net-Debit Cap · per party · 04 / Control Net-Debit Cap per party Settlement · pay-in / pay-out · 05 / Settle Settlement pay-in / pay-out Unwind / Collateral · breach path · 05 / Settle Unwind / Collateral breach path obligations frozen cycle bilateral nets within cap breach Legend primary data policy / PII async batch data store

Snapshot Discipline

  • • One obligation belongs to exactly one cycle
  • • Content-addressed cycle_hash for replay
  • • Late items roll to the next cycle

Netting Invariant

  • • Integer minor units, single currency per cycle
  • • Multilateral net = credits minus debits
  • • Net positions must sum to zero to settle

Risk Control

  • • Each debit checked against its net-debit cap
  • • Breach posts collateral or triggers unwind
  • • Credits released only after all pay-ins land

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