Zurich, Switzerland; 27 January 2026 – RULEMATCH today announces the launch of its triparty settlement service designed to empower financial institutions to trade bilaterally with confidence and settle on-demand using the proven institutional-grade clearing infrastructure of RULEMATCH. Against the backdrop of a widely fragmented crypto market, the RULEMATCH triparty settlement service adds a new layer of trust by removing principal settlement risk for bilateral trading parties, while providing enhanced capital efficiency.
RULEMATCH CCO Stefan Lütolf commented, “The post-trade clearing and settlement system of RULEMATCH is a cornerstone of what has made the RULEMATCH interbank venue attractive to banks and securities firms. Now we are making these clearing capabilities available to participants who trade off-exchange so they can trade more flexibly and efficiently – without principal settlement risk.”
A proven clearing and settlement system for crypto markets
Triparty settlement from RULEMATCH leverages the proven clearing and settlement infrastructure already in use on the RULEMATCH interbank trading venue. Since the launch of multi-lateral trading and settlement in December 2023, the RULEMATCH clearing and settlement system has completed over 500 cycles without fail.
In the triparty settlement process, trade reports from participating counterparties are delivered to the RULEMATCH matching engine, running the multi-matching engine trade software of Nasdaq, and are automatically netted. At the conclusion of the clearing cycle – configured by the participants – the trading parties deliver their respective obligations as calculated by RULEMATCH. The system supports ad hoc renegotiation of cycle specifications (cut-off times and deadlines).
Both crypto assets and fiat currencies reserved for settlement are held off-balance sheet at all times, the former in fully segregated wallets, the latter in fiduciary accounts at AA+-rated, state-guaranteed Luzerner Kantonalbank. The delivery-versus-payment (DvP) process is initiated only when obligations from both parties are delivered. Settlement transfers are initiated simultaneously, and the process is deemed final once all transfers are completed, at which point entitlements are made available to the parties.
Making bilateral trading frictionless
The new settlement service from RULEMATCH helps remove a significant layer of friction in bilateral crypto trading. With no principal settlement (Herstatt) risk, financial institutions can now expand risk limits in their trading operations and can trade and settle at any time with confidence – with a wider range of counterparties.
Meanwhile, they retain the capital efficiency advantage of netting, which also removes the need for multiple blockchain transactions for settlement purposes.
The RULEMATCH triparty settlement service can be particularly helpful for OTC trading firms, brokers, and active trading firms. Previously, bilateral trading parties often operated under a free-of-payment settlement process – forcing one party to settle first. Now, however, instead of facing principal settlement risk through delayed or confusing asset transfers – they can rely on proven post-trade infrastructure that streamlines operations and provides greater security.
Users of the RULEMATCH triparty settlement service must be onboarded as participants of RULEMATCH AG in Switzerland and are subject to the RULEMATCH rulebook.
About RULEMATCH
RULEMATCH is the premiere digital asset trading venue for financial institutions. It acts as a market operator for spot trading of the most liquid cryptocurrencies vs fiat. RULEMATCH is never a counterparty in trading. Fiat funds are held in fiduciary accounts with a state-guaranteed, AA+-rated Swiss bank and cryptocurrencies are handled on fully segregated wallets. With integrated multilateral clearing and post-trade settlement, as well as institutional-grade trading technology, RULEMATCH helps provide ultra-low latency, capital efficient trading and robust market integrity. Its offices and operations are located in Zürich. Its participant network is open to banks and securities firms only and limited to select countries. RULEMATCH is not available to US-based financial institutions.
For more information, visit: rulematch.com