Capital Markets Settlement Integrity
Cryptographic provability for trade settlement, NAV, and tokenized assets.
Capital markets settlement is where neutral, court-admissible integrity infrastructure meets its most natural buyer base. Failed trades, corporate-action mismatches, reconciliation breaks, securities-lending disputes, and tokenized-asset settlement are all problems where cryptographic provability of state, post-quantum signing, and FRE 902(14) admissibility are present-day differentiators.
JIL is not a CSD, not a clearing house, not a custodian. It is a settlement-integrity layer that sits alongside existing market infrastructure, providing cryptographic verification of state across institutions and producing CREB-grade evidence packages whenever integrity fails.
Capital Markets Settlement Integrity at a glance.
Where the integrity layer sits, what it produces, and how the sealed CREB flows back to the buyer's existing systems.
Where this product earns its place.
The strategic case for Capital Markets as a JIL line of business - what makes the wedge defensible, what makes it economically meaningful, and how it compounds with the rest of the platform.
Neutral integrity infrastructure
The product converts the neutral-settlement-infrastructure positioning from narrative into operating reality. JIL operates against existing DTCC, Euroclear, Clearstream, and emerging tokenized-securities rails.
Compressed settlement removes the slack
US equities moved to T+1 in May 2024. T+0 is on the regulatory roadmap. As the reconciliation window collapses, pre-settlement integrity becomes structurally more valuable, not less.
No standard exists yet
Tokenized money market funds (BUIDL, FOBXX), tokenized US Treasuries, real estate, and private credit are growing quickly with no credible settlement-integrity standard. JIL can define it.
Post-quantum is immediately relevant
Capital markets infrastructure is a known state-actor target. The Ed25519 + Dilithium-III + ML-DSA-65 + Kyber stack is a sales differentiator at a level it is not in healthcare or P&C.
Net-new checks, sealed evidence.
A representative slice of the Capital Markets-specific check pack. Each one runs in the same five-stage pipeline as the rest of the platform - intake, profile load, parallel checks, verdict, sealed CREB - and ships with a 14-of-20 BFT signature, a CourtChain L1 anchor, and a reproducibility manifest pinning the exact check-logic version.
Position Reconciliation Break
Cross-system position reconciliation across broker, custodian, fund administrator, and CSD. Detects breaks, classifies by type, runs aging analysis.
NAV Recalculation
Independent NAV recalculation from underlying holdings. Cross-references the administrator's NAV. Detects calculation errors, stale-pricing usage, and fee miscalculation.
Atomic Settlement Verification
Verifies both legs of a DvP transaction settled atomically. Detects partial-settlement events and cross-chain integrity failures across tokenized-asset rails.
Corporate Action Entitlement
Independent entitlement calculation against record-date positions. Cross-references multiple data providers. Catches dividend, merger, spin-off, and rights miscalculations.
Settlement Failure Prediction
Predicts probability of settlement failure from counterparty history and securities and cash availability. Pre-emptive action recommendation per SEC Rule 204.
Wash Trade Detection
Detects circular trade patterns where the same beneficial owner is on both sides. Securities Exchange Act Section 9, CEA Section 4c(a)(2).
Spoofing and Layering
Detects order entry without intent to execute - rapid placement and cancellation, layered opposite-side orders. Dodd-Frank Section 747, CFTC Rule 1.38.
Sub-Custodian Chain Integrity
Verifies each link in the custody chain. Confirms asset segregation at each layer. Flags chain-of-custody gaps in emerging-market sub-custodian networks.
Who runs this in production.
The buyer pattern for Capital Markets - who carries the budget, who carries the regulatory exposure, and how the engagement starts. Most first engagements are a Retroactive Proof Audit on a defined lookback window; Pre-Settlement integration follows once the check pack is calibrated to the customer's profile.
BNY Mellon, State Street, JPMorgan, Citi, Northern Trust, BNP Paribas Securities Services, HSBC Securities Services, Brown Brothers Harriman. Tier 1 custodians manage $15T-$45T+ AUC each.
Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, Citi, UBS, Deutsche Bank, Barclays. Mid-tier specialty: Cowen, Jefferies, Wells Fargo, BTIG, Cantor Fitzgerald.
SS&C, Citco, Northern Trust, BNY Mellon, State Street, Apex Group, IQ-EQ, Trident Trust, Maples Group, Ocorian. Independent NAV recalculation is the entry product.
BlackRock (BUIDL), Franklin Templeton (FOBXX), Fidelity, WisdomTree, Securitize, Tokeny, INX, ADDX, Ondo Finance, Maple Finance, Centrifuge.
Four-SKU model. No percentage. No contingency.
Pricing carries over from the canonical four-SKU model unchanged - Retroactive Scan (flat fee), Retroactive Proof Audit (with credit-back against the next subscription tier), Pre-Settlement Subscription (tiered annual), and per-case CREB bundles (Tier 3 court-ready evidence). Asset Intelligence is the standard fifth SKU where the vertical needs it.
No percentage of recovery. No contingency. No success fees. JIL is detection and proof, not recovery. Recovery sits with the customer or its existing partners (subrogation counsel, recovery vendors, regulators). The structure is what allows JIL to operate as neutral integrity infrastructure across plaintiffs and defendants, payers and payees, regulators and the regulated, on the same case.
Ready to scope a Capital Markets engagement?
Initial briefings are 60 minutes. Retroactive Proof Audit lookback windows, check-pack profile design, and integration runbook are available under NDA. We start where the buyer's procurement gate is shortest.