A sealed-bid OTC block-trading desk, native on Canton. A rival dealer never receives your quote — the ledger doesn't transmit it. Losing bids are archived, never revealed. Settlement is atomic Vickrey delivery-versus-payment. Privacy is the ledger model, not cryptography bolted on.
A request opened, a dealer's sealed quote, the rival's own session without it, then the privacy verifier and the settlement rails. Screen recording against a live ledger, narrated.
Prefer the longer walkthrough? The four-minute demo covers the same flow at a slower pace.
On Canton, "dealer B cannot see dealer A's quote" is not a cryptographic achievement — it is a signatory/observer declaration. No ZK, no FHE, no TEE.
Buyer invites a dealer panel. The market never sees the RFQ; it carries no price.
Each dealer answers with a sealed quote and locks the asset in escrow. Rivals never receive it — physically, not by policy.
Cheapest ask wins, paid the second-cheapest price. Cash→dealer and asset→buyer settle in one atomic DvP transaction.
A regulator observes executed trades — and only executed trades. The pre-trade flow stays dark.
A Quote has no other observers, so competing dealers and the regulator never receive it. Verified live: a dealer's own node only ever holds its own quote.
The winner is paid the runner-up's price, so dealers quote their true reserve without shading. On a transparent chain this needs ZK or FHE — here it is ~40 lines of Daml.
Cash to the dealer and the escrowed asset to the buyer move in one transaction; any failure rolls the whole exercise back. No half-settled trade.
The asset is locked in escrow the moment a dealer quotes and can't be pulled back mid-auction. Issuer binding rejects counterfeit legs.
A "Verify privacy" view counts what each party's node actually holds — each dealer sees only its own quote, the regulator nothing pre-trade. Not UI filtering; the ledger never transmits it.
Reveal one sealed quote to a named auditor on demand — for a best-execution audit or a dispute — without ever making it public or telling rivals. Canton's real superpower.
No public order book, yet the regulator proves it: from the sealed asks the counterparties disclose to it, the desk confirms the buyer beat every competitor. 16 green attestations live on Devnet, across all three rails.
Run a competitive second-price auction, hit one dealer directly at its ask, or fill part of a lot — all on the same sealed, atomic-DvP rails.
Multi-instrument baskets settle every leg atomically. Treasuries, Gilts, Bunds, OATs, JGBs, corporates and EM sovereigns — real assets, real settlement.
The same sealed-bid OTC thesis costs a different amount of cryptography depending on where you build it. This is what a confidential RFQ desk has to bolt on, chain by chain.
A rival dealer's quote is not hidden from the screen. Its participant node never received the contract, so there is nothing to decrypt and nothing to leak — and no proving system to audit, benchmark or keep up to date.