Gemini Clearing workflow

Gemini Clearing allows two parties to settle a trade off the order book. The initiator enters the trade details for any supported symbol and generates a trade_id. If a counterparty_id is supplied, only the specified counterparty can confirm the order. If a counterparty_id is not supplied, the ticket will generate a trade_id that can filled by any counterparty.

Bilateral Trade

1. Initiator places a New Order Cross <s> message with the order details
2. Did the initiator use a counterparty_id?
   • Yes, only the Gemini account associated with the counterparty_id will be able to complete the order.
   • No, anybody with the clearing_id will be able to confirm the order.
3. The counterparty will be able to confirm the order on the web interface, via FIX, or via REST
   • The order initiator can cancel the order if the counterparty has not yet confirmed. Cancellation can be performed on the web interface, via FIX, and REST.
4. Once confirmed, Gemini will attempt settlement. Settlement can only occur when both parties have the funds required in their account to fill the trade.
   • If any party does not post the funds required to settle the trade before the expiration time, then the order will expire.

Broker Trade

1. The broker submits a New Order Cross <s> message with the order details and both counterparty_ids of the buyer and seller.
2. The buyer and seller can both review the trade details and confirm the order on the web interface, via FIX, or via REST
   • Either side can cancel the trade if both the buyer and seller have yet to confirm the order. Cancellation can be done via the web interface, FIX, and REST
   • The broker will be able to see the status of the order on the web interface and over the /v1/clearing/status endpoint on the REST API
3. Once confirmed, Gemini will attempt settlement. Settlement can only occur when both parties have the funds required in their account to fill the trade.
   • If any party does not post the funds required to settle the trade before the expiration time, then the order will expire.