Tokenized debt secondary market
Bank-operated client trading for already-issued tokenized debt with issue-parameter-gated enablement, signed-order capture, manual or automatic matching, cash confirmation, authoritative register update, and evidence close.
Overview
Bank-operated secondary trading for already-issued tokenized debt with issue-parameter gating, signed-order capture, manual or automatic matching, cash confirmation, register update, and evidence close.
Use when already-issued tokenized debt must trade through a bank-operated secondary channel with explicit issue gating, signed-order capture, settlement discipline, and register-close evidence.
Route coverage
- Issue-parameter-gated secondary enablement and operating-window control
- Client eligibility, holding availability, and cash readiness checks
- Signed-order capture, admission, and quote context
- Manual counter-order selection and optional automatic matching
- Cash confirmation, asset lock, and authoritative register mutation
- Trade confirmation, portfolio reflection, and evidence-pack close
Infrastructure
- Separate bank-operator, client, match/execution, and register/evidence surfaces
- Signed order is the authoritative execution object, distinct from quote context
- Cash confirmation and register mutation are separate governed stages
- Reconciliation and evidence close downstream of register update
Lifecycle stages
| Stage | Flow steps | Notes |
|---|---|---|
| Market Enablement | Check programme terms, issue-level secondary enablement, and appointed roles; Confirm operating-window state and market-session readiness; Validate market-mode boundary and restriction state; Route enablement decision to operator control surface | Programme terms and operating windows stay with the issuer and bank; StableNexus runs policy alignment. |
| Client Readiness | Verify investor eligibility, account readiness, and linked-instrument state; Check holding availability and custody or safekeeping controls; Confirm cash readiness and restriction snapshot; Admit the client to the tradable issue view | Eligibility and restriction state stay with appointed roles; StableNexus orchestrates the readiness check workflow. |
| Order Capture | Present tradable issue view and quote context to the client; Capture the signed order intent and run admission checks; Record the order admission decision and route to matching; Handle hold, reject, or restriction branches | The signed order is the authoritative execution object; quote context is a supporting surface. |
| Match Execution | Support manual counter-order selection or automatic matching; Route to partner execution adapter where configured; Handle partial fill, cancel, expiry, and pause states; Record match and trade formation with artifact references | The matching engine stays bank-owned or partner-mounted; StableNexus adapts, not owns. |
| Settlement Register | Issue settlement instruction and trigger cash-leg confirmation; Apply asset lock or availability control via custody; Receive cash confirmation and request holder-state update from recordkeeper; Record register mutation and trade close state | Cash confirmation and register mutation are bank/partner-owned; StableNexus aligns state and evidence. |
| Confirmation Evidence | Issue trade confirmation to the client trading app; Reflect updated portfolio position downstream of register mutation; Export reconciliation pack and trade close pack; Surface exception and warning notices as lifecycle branches | Portfolio reflection is downstream of register mutation; StableNexus exports the reconciled evidence pack. |
Setup reference
| Field | Explanation | Related terms |
|---|---|---|
| Trade size | Sets the notional size of the secondary trade. Determines values shown in order, match, settlement, and evidence records. | |
| Market context | Sets the secondary-market context for the trade. Controls which matching, settlement, and evidence path applies. | |
| Investor perimeter | Sets which investor class the trade operates inside. Controls eligibility checks and order admission. | Appointed roles |
| Position model | Supports more than one holding model. Controls how ownership, availability, and register truth are checked. | Registrar |
| Settlement mode | Supports more than one settlement and close path. Controls how cash confirmation and register mutation close. | DvP, Settlement finality |