Settlement & Verification

Settlement is the evidence-backed completion of the economic obligations created by a valid transaction.

Before settlement

Verify trade identity, instrument/right validity, counterparties and authority, quantity/price/terms, prior reservation/commitment, and any EOPP/fee allocations bound to the transaction.

Atomicity and duplicates

Market infrastructure should prevent duplicate execution or settlement and should serialize transitions where concurrent orders could spend/transfer the same scarce entitlement twice.

Settlement record

Record who transferred what right/entitlement, consideration, allocations, time, evidence, and resulting ownership/control/entitlement state as defined by the instrument. Do not imply transfer of underlying bytes if only a licence/right moved.

Post-settlement

Entitlement and usage records should reference the settlement/trade lineage so later derivatives/economic consequences can be traced back to an authorized acquisition.