The engine below is running. It builds a book, offsets the pairs, finds the circular chains and extinguishes them, then stops. Take the sliders whenever you want and it will compute on your figures instead of ours.
An instruction. A shorter, better formed list of payments, on a shorter clock.
A position, and no capital relief. This nets payments, not exposures. IDBX does not novate, does not become the counterparty and takes no principal or settlement risk.
Post trade netting, clearing and finality belong to the settlement infrastructure. A different licence and a different balance sheet.
The panel above is live and you drive it. This is the same arithmetic run as a sequence, from our own seven member book where no circular chain exists, through to twenty one members where forty six of them do. Every tone you hear is a chain being extinguished, placed at the moment it happens and weighted by the liquidity it released. Sound is worth turning on, though it reads perfectly well without.
The figures above are yours. These are ours, computed at the execution stage from real matched trades on the venue, inside one settlement set, in the deepest currency it holds. We publish them because a number you are willing to show against yourself is the only kind worth trusting. Across the same book the gate saw ninety seven trades, netted thirty three and excluded sixty four, all of them FX pairs and outrights. No bond ISIN slipped through, which is how the gate was verified.
Seven members cannot form a circular chain. What runs today is bilateral offsetting between pairs, and the cycle count is zero. We do not fabricate one to make the panel look better. Watch the sweep above and you can see for yourself where cycles begin, which is the argument for mutual ownership stated as a measurement.
A trade is included only when its instrument resolves in the reference table. On the live book that is ninety seven trades seen, thirty three netted and sixty four excluded, and the excluded count is printed beside the saving.
Same rail, same currency, same settlement date. Nothing nets across a boundary it cannot actually settle across, because that figure is not a cash position in any market.
What comes out is an instruction, not a position. IDBX does not become the counterparty and takes no principal or settlement risk. Clearing, settlement and finality belong to the settlement infrastructure. So the saving is payment count, intraday liquidity and reconciliation load, not capital. Nothing here relieves a balance sheet, and anyone who tells you execution stage netting does is selling you something.
Drop a CSV of obligations and the same engine computes it here, on your machine. The file is read by the browser and never sent anywhere, because there is nowhere to send it. This page has no server behind it. Columns wanted are from, to, amount, currency and settlement date, in any order, under any reasonable heading.