SG tokenised collateral + repo operations
Use SG tokenised CMP collateral in repo workflows with explicit eligibility, control-state, opening-leg DvP settlement, daily accrual, substitution, and unwind evidence.
Overview
Tokenised collateral kept financeable with explicit eligibility, opening-leg settlement proof, substitution, accrual, and unwind control.
Partner-led valuation, collateral control, and cash settlement; StableNexus orchestrates eligibility, control instructions, servicing events, and evidence close.
Route coverage
- Eligibility to reconciled close
- Control state, opening-leg DvP, margin, accrual, and substitution
- Substitution and maturity unwind supported
Infrastructure
- Eligibility, valuation, and haircut controls
- Collateral control-state and DvP coordination
- Accrual, margin, substitution, and reconciliation evidence
Lifecycle stages
| Stage | Flow steps | Notes |
|---|---|---|
| Eligibility Haircut | Load instrument, custody location, and counterparty eligibility schedule; Pull valuation source, timestamp, market value, and haircut band; Check CMP classification, concentration, and free-balance availability; Freeze the eligibility decision and publish the valuation snapshot | Valuation source and haircut schedule remain partner-led; the control plane freezes the decision. |
| Lock Pledge | Capture repo side, cash amount, rate, term, and unwind profile; Route GMRA, counterparty limit, and signer approvals; Allocate the approved collateral lot and issue the control instruction; Record the control receipt and opening settlement instruction pack | Collateral allocation and control-state confirmation remain collateral-agent responsibilities; the control plane records the receipt. |
| Finance Settle | Build matched asset-leg and cash-leg settlement instructions; Hold release until both sides affirm the opening DvP; Confirm opening settlement and timestamp the repo start; Publish instruction-match and settlement confirmations | Cash settlement bank and custody connector execute the DvP; the control plane captures linked proof. |
| Margin Unwind Reconcile | Run daily revaluation and compare exposure to thresholds; Issue and resolve margin or substitution actions; Approve unwind and confirm the repurchase price; Release collateral after unwind DvP and publish the close pack | Break resolution and exception handling follow ops-owned escalation paths. |
Setup reference
| Field | Explanation |
|---|---|
| Repo size | Sets the cash and collateral size carried through the repo workflow. Determines the values shown in lock, margin, unwind, and close records. |
| Collateral basket | Fixed for this case. Scoped to one collateral basket. |
| Collateral type | Fixed for this case. Scoped to one collateral type. Determines which eligibility and valuation rules apply. |
| Financing currency | Fixed for this case. Scoped to one financing currency. |
| Repo term type | Fixed for this case. Scoped to one repo term structure. Determines how timing is read. |
| Repo duration | Fixed for this case. Scoped to one repo duration. Determines margin and unwind timing. |
| Haircut band | Fixed for this case. Scoped to one haircut rule. Determines how much collateral is required. |
| Substitution policy | Sets whether collateral can be replaced during the trade. Controls whether the substitution branch is available. |
| Settlement pattern | Fixed for this case. Scoped to one settlement pattern. Determines how lock, settlement, and release are recorded. |