Private Treasury RFQ
Canton lets a treasury request quotes from several dealers while each dealer sees only its own price.
The problem
On a public chain, every dealer sees everything
Institutional RFQ needs private bilateral quotes. On a public chain every dealer sees competitors’ prices, counterparties, and trading intent — so the workflow breaks.
Competitors' prices
Quotes broadcast on-chain reveal where every dealer is willing to trade.
Counterparties
Anyone can see which desk is talking to which dealer — and who isn't.
Trading intent
The book itself leaks: size, direction, and timing are all public.
The Canton fix
One RFQ. Each dealer sees only its own price.
RFQ and bilateral quotes run as Canton/Daml contracts with party-scoped visibility. The treasury can compare and accept without leaking the book.
Quote #A-1 — visible to Dealer A and Treasury
Party-scoped contract: Dealer A observes only its own quote and the RFQ.
Quote #B-1 — visible to Dealer B and Treasury
Dealer A’s quote — not visible
Proof: Dealer A cannot see Dealer B’s quote. Visibility is enforced by the ledger’s party model, not by application code.
Who it’s for
Corporate and institutional treasury desks that buy or sell digital assets OTC and must keep quotes confidential.
How it works
From RFQ to audit receipt in five steps
- 1
Treasury creates RFQ
The desk opens an RFQ as a Canton contract, naming the invited dealers.
- 2
Dealers quote privately
Each dealer submits a bilateral quote visible only to itself and the treasury.
- 3
Treasury compares
The treasury sees every quote side by side; dealers never see each other's.
- 4
Accept one
The treasury accepts a single quote; the rest are never revealed.
- 5
Allocate & settle, then audit
Allocation and settlement execute, and an audit receipt is recorded.
Try it
Run the flow yourself: open an RFQ, watch dealers quote privately, compare, and accept — then check the audit receipt.