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Trading Core overview

Trading Core is the trading and settlement platform for licensed digital-asset businesses. It covers everything a dealer needs to run the next transaction: prices and quotes, the customer app, the OTC desk, the ledger, wallets, on-chain compliance controls and regulator reporting.

Trading Core is a Qirin X product. It is designed for digital-asset businesses supervised by the SEC and built for the Thai digital-asset regulatory framework.

Trading Core mapThe customer app, desk app and back office run on one Trading Core platform, which holds the ledger and every rule. Trading Core sends events to the back-office system and receives verdicts and restrictions; sends approved transfers to the wallet provider for signing; sends addresses for screening and Travel Rule messages; files reports with the regulator; and receives prices and fills from market data and liquidity providers.TRADING CORESTANDARD INTERFACESeventsverdicts · limitsapproved transfersscreen · IVMS101results · acceptedreports · mTLSprices · fillsCustomer appprices · trade · RFQdeposits · withdrawalsDesk appblotter · RFQ quoteshedging · reversalsBack officewallets · reconciliationalerts · capital monitorLEDGER FIRSTTrading Coreprices · quotes · RFQhedge tickets · LP accountsdouble-entry ledgerdeposits · withdrawals · day open / closewallets · compliance gatenet capital · reportsBack-office system1 Core System or ownWallet providersigns · broadcastsKYT · Travel Ruleclient's analytics · networkRegulatorelectronic reportingMarket data · LPscomposite mid · hedgingLEGENDApplicationPlatformExternalOutInApproved transfer
Three applications on one platform. Every balance comes from the ledger; outside providers connect through standard interfaces.

Who it is for

Section titled “Who it is for”
  • Digital-asset dealers and brokers who quote their own prices to customers.
  • Firms preparing a licence application that need a working, inspectable trading system.
  • Licensed operators replacing manual desk and spreadsheet processes.

What it covers

Section titled “What it covers”
ModuleWhat it does
Customer trading and pricingLive price board, instant buy and sell on server-issued quotes, request for quote (RFQ) for larger orders
OTC desk and hedgingDealer blotter, RFQ quoting, hedge tickets, liquidity-provider accounts, controlled trade reversal
Ledger and settlementDouble-entry ledger for fiat and digital assets, holds, deposits and withdrawals, day open and close with the back-office system
Wallets and custodyDeposit addresses, on-chain deposit detection, hot / cold sweeps, on-chain reconciliation, outflow monitoring
Compliance controlsWallet risk screening (KYT), self-hosted wallet ownership proof, Travel Rule messaging, account restrictions
Capital and regulatory reportingDaily net capital monitoring, regulator report templates, electronic report submission
Security and accessRoles, multi-factor sign-in for staff, four-eyes approval, immutable records
Deployment and licensingHow Trading Core is licensed, deployed and integrated

Three applications, one platform

Section titled “Three applications, one platform”
ApplicationWho uses itWhat it holds
Customer appThe dealer’s customersPrices, instant trade, RFQ, portfolio, deposits, withdrawals, wallet registration
Desk appDealersBlotter, RFQ quoting, hedging, reversals
Back officeWallet, settlement, risk, finance and compliance staffWallets, reconciliation, alerts, holds and releases, liquidity-provider statements, capital monitor, settings

Design principles

Section titled “Design principles”

Ledger first. Every balance a customer or officer sees comes from the ledger. Nothing moves on screen that has not been posted as a balanced journal.

Held by default. Incoming digital assets are always credited as held. They become available only after every required check has passed.

Records are never rewritten. Journals, events, screenings, Travel Rule messages and alerts are append-only. A correction is a new entry that references the original, never an edit.

Four eyes on anything that moves money outside the normal path. Reversals, adjustments, sweeps, review releases and alert closures need a second, different officer.

Rules live in the system, not on the screen. Every check is enforced in the database on every money path. A screen cannot bypass a restriction, a stale price or a missing approval.

Configurable, not hard-coded. Spreads, quote validity, instant-trade ceilings, confirmation depths, approval roles and risk thresholds are settings. Every change is logged.

Networks and assets

Section titled “Networks and assets”
  • Networks: Bitcoin, Ethereum, BNB Smart Chain, Polygon.
  • Standard asset catalogue: BTC, ETH, USDT.
  • Fiat: THB.

An asset is identified by its network and contract address, never by its ticker alone. The asset catalogue is configurable per deployment.

Trading Core and the back office

Section titled “Trading Core and the back office”

Trading Core runs trading and intraday settlement. KYC, account opening, end-of-day statements and record retention sit in a back-office system: Qirin X’s 1 Core System (KYC Core and CDD Core) or the client’s own. Both connect through the same signed event feed and customer link — see Ledger and settlement and Deployment and licensing.

Section titled “Related”