2 papers
q-fin.GN2026
Deepening the Secondary Market: Integrating Trade Credit into Market Clearing with the Cycles Protocol
Tomaž Fleischman, Ethan Buchman
Current post-trade clearing systems rely almost exclusively on cash or cash-like collateral, leaving vast reserves of short-term liquidity embedded in trade credit outside formal s…
cs.CE2025
Cycles Protocol: A Peer-to-Peer Electronic Clearing System
Ethan Buchman, Paolo Dini, Shoaib Ahmed +2
For centuries, financial institutions have responded to liquidity challenges by forming closed, centralized clearing clubs with strict rules and membership that allow them to colla…