As a market maker on Musubi, you are a liquidity provider — not a payment originator or beneficiary. This shapes your compliance obligations and what data you handle.
Your Regulatory Position
| Responsibility | Who Owns It |
|---|
| KYC/AML on the sender | Sender institution + their custodian |
| KYC/AML on the receiver | Receiver institution + their custodian |
| Sanctions screening | Network operator (Musubi) |
| FX rate compliance | You (competitive quoting, documented) |
| Settlement execution | Network operator (atomic DvP) |
What’s Recorded About You
| Record | Where | Retention |
|---|
| Every quote you submit (rate, amount, validity, timestamp) | Your database + settlement network | Persistent |
| Quote outcomes (accepted, rejected, expired) | Your database | Persistent |
| Settlement records for won trades | Your database + settlement network | Persistent |
Your market_maker_party_id on settled FXOrders | Sender’s and custodians’ records | Per their retention policy |
Privacy Guarantees
The anonymized RFQ model protects both you and the institutions:
What institutions don’t know about you (until your quote wins):
- Your identity is not revealed to institutions during the quoting phase
- Only the winning MM’s
market_maker_party_id appears on the settled order
What you don’t know about institutions (ever):
- Sender identity, receiver identity, custodian identities
- Jurisdiction codes, compliance references
- Intent signatures, contract identifiers
This bidirectional anonymity during quoting ensures that pricing is based on market conditions, not relationship. It supports the institution’s best execution obligations — they can demonstrate that market makers competed on price alone.
Best Execution Support
Your participation supports the institution’s best execution documentation:
- Multiple MMs receive the same anonymized RFQ simultaneously
- Each MM submits quotes independently
- The institution selects the best quote with a documented audit trail
- All quotes (winning and losing) are timestamped and recorded
This competitive RFQ process gives the institution’s compliance team evidence that they achieved best execution — and your participation as a competitive bidder is part of that record.
Audit Trail
Every action you take is timestamped on the settlement network:
| Event | Timestamp | Proof |
|---|
| Quote submitted | submitted_at | Quote contract on your node |
| Quote accepted/rejected | Musubi notification | Quote status update |
| Settlement executed | settled_at | transaction_hash covering all 4 legs |
transaction_hash is the definitive settlement proof — a single cryptographic hash covering the complete atomic DvP. Store this for your own regulatory reporting and reconciliation. 
