A Every fill to one address
Readable position
After T6, anyone reads 1,000,000
Each fill adds 166,666.67 to a number anyone can compute, and the next tranche is priced against it before it is sent.
Private OTC for tokenized stocks
The counterparty knows. The market does not have to.
A desk fills a large order away from the open book so the order does not move the price. Settling on a public chain reopens that from the other side: the fills land at one address and the accumulation is readable by everyone who is about to trade against it. This page is what closes that, what it does not close, and where each part stands.
Planned and not built
The venue itself, quotes, matching and settlement, is not written. No book exists, no settlement contract is deployed, and no counterparty has ever been matched here.
This page matches nobody. It takes a size and shows how the accumulation would read on a public chain. It holds no order, shows no counterparty, and there is nothing here to trade against. It ships now because arithmetic is the part that needed no contract.
01
The leak
The leak is not the trade. It is the accumulation.
Everyone reading an accumulation is a market participant: the counterparty who will quote worse next time, the competing buyer, the bot. Not one of them is a regulator, and not one of them is owed the information. Block trading has always been confidential between the parties, with the market learning afterwards in the prescribed form.
02
Your order
The tranches do not aggregate into one readable position.
Set the size and the number of tranches. Both charts hold the same fills at the same sizes and the same times; only where they land changes.
B Every fill somewhere new
Readable position
6 fills of 166,666.67, and no total to read
The same 6 fills, at the same sizes, at the same times. Nothing spans them, so there is nothing to price the next tranche against.
03
What the desk is made of
Three features. Each with its limit beside it.
05
Viewing-key export, scoped Planned · M6
Hand the viewing key to the party entitled to it, scoped to a period or a mandate. The holder sees every address in scope and can move nothing.
Holds againstThe market. Prove the position to your auditor, your investors or your regulator on demand, and stop proving it to everyone else.
Does not hideAnything from the holder of the key, within its scope, for as long as that scope lasts. That is the point of it.
Live whenThe scope is carried in the key material itself and the format is published, so a holder can check what a key covers before accepting it.
06
Order split above a threshold Planned · M6
A large fill lands as tranches at fresh addresses, so the position never aggregates into one readable total.
Holds againstThe counterparty who would quote worse next time, the competing buyer, and the bot, all of whom price the next tranche against the running total.
Does not hideEach fill, its amount and its timing. The desk that fills the order knows exactly who it filled and how much. Consolidating tranches later re-links all of them at once.
Live whenThe book, the tranche splitter, and the first large fill landing as separate tranches with every hash published.
07
Sealed quotes Planned · M6
Signed quotes settle atomically in one two-leg transaction that never warehouses a stock token.
Holds againstOther participants. Each counterparty is sealed from the other until a fill, and sizes and prices stay invisible to the book.
Does not hideOur server, which sees every quote and both sides. That is where the sealing lives, and it is a trust assumption rather than a cryptographic one. A chain analyst still sees two addresses trade.
Live whenThe settlement contract verified on the explorer, and the first sealed fill with its hash.
04
Disclosable, on demand
Prove the position to the party entitled to it. Stop proving it to everyone else.
The viewing key is separate from the key that spends, so it can be handed over. An auditor, an investor or a regulator holding it sees every address in scope and can move nothing. That is the disclosure side of privacy, and it is what makes a position held across many addresses usable by the only buyers a desk is for.
The execution is not front-run by people reading the accumulation. The record is complete, and it is produced for whoever is owed it rather than broadcast to whoever is watching.