1
Order Creation
The sender institution submits an FX order via their API, specifying the source currency, amount, target currency, and an optional cost guard (
source_amount_max).The order is created in PENDING status.2
Quote Request Broadcast
Musubi automatically broadcasts an anonymized quote request to all registered market makers. The request contains only the currency pair, amount, and expiry — no sender or receiver identity.
3
Quote Submission
Market makers evaluate the request and submit competitive quotes with an FX rate, target amount, and validity window. Multiple market makers can quote on the same request.The sender’s custodian can see all incoming quotes.
4
Quote Acceptance
The sender institution selects the best quote, and the sender’s custodian accepts it. This transitions the order to QUOTED status and authorizes the settlement.Musubi validates the quote against the cost guard before proceeding.
5
Atomic DvP Settlement
Musubi executes an atomic Delivery vs. Payment (DvP) swap:
All four legs execute in a single transaction. If any leg fails, the entire settlement rolls back. No party is ever exposed to counterparty risk.
6
Settlement Confirmation
All participants see the settled order on their respective systems. The order moves to SETTLED status. All four legs moved in one Canton transaction, so there is nothing to reconcile between them — and the settling transaction leaves an on-ledger settlement record in each counterparty’s own participant, which is what makes the outcome provable rather than inferred.Each party can use this record for regulatory reporting and reconciliation.