Clearing plane
Clearing
Obligations accumulate at full nanodollar precision and settle in aggregate. Gross history is never discarded: every cycle can be recomputed from the ledger entries that produced it.
Gross obligations
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Net after clearing
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Open entries
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Transfers avoided
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Next clearing cycle
What bilateral netting would produce if it ran right now.
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Settlement instructions
What would actually move on a rail.
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Completed cycles
Each cycle carries a proof hash over its inputs and outputs, so it can be re-derived and audited.
No clearing cycle has run yet.