Multilateral netting on a permissioned ledger: 18 settlement legs become 6 transfers
A test build nets nine trades between three banks across two securities and a tokenised deposit, cutting settlement volume by 81–88% per asset, with the live ledger state checked against a simulation.
- Published
- 14 October 2026
- Author
- Simo Lamine
- Regions
- Global
- Reading time
- 2 min
88%
reduction in equity settlement volume after netting
83%
reduction in tokenised-cash settlement volume
18 → 6
settlement legs before and after netting
57
checks: live ledger state equals simulated state
What we built
A settlement engine on a permissioned EVM ledger (Hyperledger Besu, QBFT consensus, zero gas). It can settle each trade on its own (gross), offset obligations across a cycle (net), or tie an on-ledger asset to an off-ledger cash payment (linked). The method is chosen per trade event.
The securities are standard permissioned tokens (ERC-3643) with on-chain identity and eligibility checks. The cash leg is a tokenised sterling deposit (tGBP). Each trade is recorded as a standardised lifecycle event and confirmed by a 2-of-3 quorum of independent signers before it can settle.
All instruments and participants are fictional. The latest run took place on 14 October 2026 on a private test network.
Members only
The full lab report is available to members.
Membership is free for professionals working on collateral, clearing, settlement and tokenisation. The editor reviews each request. Members can read every deep dive, Lab report and tracker in full.
Test network · not audited · not for production use. Labs builds are experimental and show mechanics, not production performance.
Important information. This publication is for information only. It is not investment, legal, tax or accounting advice, and it is not an offer or solicitation to buy or sell any financial instrument. Views are those of TokenResearch at the date of publication and may change. Mentions of firms or products are not endorsements. Published by O’PTCHA Limited.