Every asset is recorded on its issuer’s own registry on the DA Registry: the fund’s units on the fund’s registry, and the payment asset (cash such as a bank’s tokenized deposit or a stablecoin) on its issuer’s. A subscription paid on the ledger must move both together, so the venue settles one batch on each registry inside a single transaction. An allocation is an amount set aside for one settlement, and only that settlement can move it. When the venue, as executor, settles both batches inside one transaction, each registry checks its own leg, and if either refuses, the whole transaction fails.

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What makes it safe

  • Each side authorizes its own leg in advance: the investor through its allocations, and the fund’s registrar and treasury through the standing consent they signed at setup. At settlement nobody signs again, and nobody can change an amount, because the consent derives every figure itself.
  • A settlement carries a batch for each registry, and Canton commits a transaction whole or not at all.
  • Each side sees only its own legs: the payment issuer is party only to its own registry’s batch, and one investor never sees another’s.
  • If an order is withdrawn, or its request lapses, after the investor has allocated, the venue as executor cancels the allocations in the same step, and the investor’s cash or units are free again at once.

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Worked example: one leg refused

A dealing cycle behaves the same way: if one investor of many sets aside 499.99 for a 500.00 order, the whole cycle is refused, and every book stays as it was. Related: Subscriptions · Dealing cycles · The on-ledger payment leg