Dealing cycles

At a glance
Input	A day’s subscriptions and redemptions, all priced at one NAV.
Output	Every order settled at its own figure, and one net movement for the treasury account.
Settlement	One transaction for the whole cycle, on two registries: the fund’s registry for the units, the payment asset’s for the payments.

The flow

The payments are in the payment asset: any cash asset on the DA Registry, such as a bank’s tokenized deposit or a stablecoin. A cycle settles one payment asset’s orders, so a fund that takes two settles each asset’s orders in a cycle of its own.

Who signs what

Transaction	Submitted by	Signed by	Seen by
Tx 1 · Each order priced at the strike (one transaction per subscription or claim)		, and on a subscription	; each , its own
Tx 2 · The cycle opened: one record of every leg, at the strike			, its treasury account included; no investor
Tx 3 · One payment request per order			each and its custodian, its own;
Tx 4 · Each investor’s two allocations, one per registry	each	each , with each registry	or ; as executor
Tx 5 · Each request accepted	each	None
Tx 6 · Settle the cycle	as executor	Nobody signs again	each , its own legs only; all of it, its treasury account included; the payments’ batch

Tx 6 is one transaction. On the fund’s registry each order is its own batch, so an investor sees only its own legs; on the payment asset’s registry one batch carries every payment and the treasury’s single allocation, which settles net. Nobody signs again: each investor authorized its legs, and the fund’s registrar and its treasury account signed the standing consent.

Worked example

Two cycles; the payment asset (here a tokenized deposit) has two decimal places:

	Paid in net	Net payout
NAV of the strike	1.004	1.0031
Subscription	40 units: 40.16 paid in	10.5 units: 10.53255, paid as 10.54 (up)
Redemption	30 units: 30.12 paid out	50 units: 50.155, paid as 50.15 (down)
Net for the treasury	+10.04, received in one holding	−39.61
The treasury funds	nothing	39.61 from its deposit: the net, not the redemption’s 50.15

Each order is rounded as if it settled alone; the net is just their sum and is never rounded again.

Controls

Every order of a cycle must be priced by the price source at the same NAV, the cycle’s strike; an order at another NAV goes in another cycle.
The consent checks each subscription and each redemption exactly as it would on its own, and settles only the legs it derives itself.
If any leg is refused on either registry, the whole cycle fails and nothing moves; the venue can release the cycle and open it again without that order.
No investor sees another’s order or the cycle’s full list of legs.
A cycle holds one order per investor, and an order is either in a cycle or settled alone, never both.

Do it

POST /v1/dealing-cycles
{ "instrumentId": "FUND", "subscriptionIds": ["lot-cy-1"], "redemptionIds": ["red-cy-1"] }

POST /v1/dealing-cycles/{dealingCycleId}:settle      # once every allocation is in: settles (Tx 6)
POST /v1/dealing-cycles/{dealingCycleId}:release     # or abandon it

See Dealing cycles. Related: Subscriptions · Redemptions · Settlement across registries

Start here

Workflows

Foundations

The flow

Who signs what

Worked example

Controls

Do it

​The flow

​Who signs what

​Worked example

​Controls

​Do it

The flow

Who signs what

Worked example

Controls

Do it