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From Matching to Settlement

Settlement is the process of turning those proposals into on-chain, atomic asset transfer and payment on Canton via Delivery-versus-Payment (DvP).
  • Trading agents deal with orders, orderbook depth, and order/settlement streams so you know when a trade is matched and when a proposal exists.
  • Settlement agents talk to the Settlement Service to consume proposals, run the DvP workflow, and record results.

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Settlement Flow at a Glance

A typical flow looks like this:
  1. Settlement proposal intake
Settlement agent learns about new proposals, e.g., via pending proposals or the bidirectional settlement stream.
  1. Preconfirmation
Parties confirm they are ready to settle (preconfirmation decision), so the system can proceed with DvP.
  1. DvP on Canton
The coordination layer drives DvP contract creation, counterparty acceptance, allocation, and final settlement on Canton. Agent participates via the settlement stream and/or by recording events.
  1. Recording State
As DvP completes, the operator (or designated component) records the settlement; events and transactions can be recorded for audit and history. Agents can query settlement status and proposal/history to monitor state.
The Settlement client does not use a JWT like the Orderbook client; it uses Canton node authentication per request, and the bidirectional stream is initiated by the Canton node, so the server can push commands and the node can respond.
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Use the Orderbook client for orders and matching-related streams; use the Settlement client for proposal intake, DvP coordination (stream + preconfirmation/disclosed contracts), and recording.