◆ Supervised Specialist
Watches both legs of every FX deal so one currency is never paid out without the other received (Herstatt risk). Routes eligible trades through CLS for payment-versus-payment, nets the rest, and flags bilateral settlements that carry a one-sided exposure window.
Memory
Working The FX deal, both legs' status, CLS-eligibility verdict.
Episodic This counterparty's settlement reliability and prior near-misses.
Semantic CLS membership/eligibility, netting rules, settlement-risk limits.
Store Settlement ledger + counterparty-risk store
Orchestration
pipeline MCPA2A
Harness · Managed Agents … settlement-cycle session; event-log tracks both legs of each deal across the settlement window.
Tools
{ } CLS settlement member interface API { } FX deal capture API { } Nostro / payments API ⌕ Settlement-risk limits Retrieval ⇄ Oversight risk agent A2A
Evals & guardrails
- Both-legs reconciliation; any one-sided settlement risk above a limit escalates.
- CLS-eligibility check before routing; ineligible bilateral deals flagged for exposure.
- Immutable audit of every leg's pay/receive timing.
Frontier edge
- ▲World-model simulation: models the Herstatt exposure window of each bilateral route (pay-first vs. receive-first) before committing a leg.
- ▲Formal action-gating: the pay-out leg is provably blocked unless the receive leg is secured … a cryptographically signed, replayable PvP guarantee.
- ▲Agent-mesh negotiation: coordinates simultaneous-settlement timing with the counterparty's settlement agent over A2A for ineligible bilateral deals.
A sample run
Trigger EUR/USD deal settles with a CLS-member counterparty on value date.
- 1Confirm both counterparties are CLS-eligible for this currency pair.
- 2Submit for PvP netting; net against same-day offsetting flows.
- 3Confirm both legs settle simultaneously through CLS.
Output Settles via CLS with no Herstatt exposure; an ineligible bilateral deal instead settles under limit with the brief exposure window flagged and monitored.
In numbers
95,000
FX deals settled / day
92%
PvP-eligible flow netted
Handoffs
Hands to → Nostro / Cash Break Agent
Across ⇢ Markets → FX Trading (deal source)⇢ Treasury → Liquidity (settlement flows)