Privacy and market transparency

Edel Markets keeps your positions private to your account while making order-book liquidity public. Other traders can see the market’s bids, asks and executed trades; the public feeds do not give them access to your open positions or account risk details.

Our privacy model extends to the Canton layer. Collateral and settlement workflows use Canton’s native selective disclosure, so entitled participants receive the transaction information relevant to their role without broadcasting the full transaction across the network.

Market transparency, private account access and Canton transaction disclosure work together. The order book supports price discovery, authorized account views show your exposure, and Canton controls who receives the underlying transaction details.

Orders resting on the order book contribute to public liquidity. The book publishes aggregated bid and ask sizes at each price level, rather than an account’s individual order list. A displayed order-book size is not a trader’s position size.

Executed trades publish market, price, size and taker side. The trade feed also includes trade and maker/taker order identifiers, but does not include an account identifier. Public market activity can still be analysed; private account access is not a promise that trading patterns cannot be inferred.

Your positions endpoint requires an authorized bearer token, and private account streams require a scoped realtime ticket. Sessions and delegated keys can access only the account data and actions their permissions allow. Edel can access account positions to operate matching, risk and settlement.

Keep API keys, passkeys, session credentials and custody signing material confidential. A public leaderboard handle does not grant access to the underlying account, and pseudonymous reporting does not guarantee anonymity. See authentication, API key permissions and account streams.

Private account views and a public order book are complementary parts of a trading venue. Edel’s use of Canton adds selective disclosure at the collateral and settlement layer: transaction participants can verify the information they are entitled to receive without every network participant receiving the full business transaction.

Contract roles and permissions determine the relevant views. Signatories, observers, counterparties and the validator services supporting them may receive information needed for their role. Visibility follows the transaction and application configuration; it is not limited to the end user alone.

This is how we use Canton’s native privacy alongside off-chain execution. Account authorization protects the product’s private views; Canton governs disclosure of ledger transactions. See settlement and the Canton privacy model.

Consider a transaction with two connected parts. Parties A and B are involved in the first, and B and C in the second. A receives its part, C receives its part and B receives both. An unrelated party D receives neither simply by participating in the network. The application’s roles and permissions determine the actual disclosure.

Validator services process the views needed by the parties they host. The synchronizer coordinates encrypted messages without receiving their decrypted business payloads. Authorized transaction participants still receive the information necessary for their role.