04//Netting cycle open · 16:00 ET cut-off
Cadence is a central counterparty for US cash equities, listed options, corporate bonds and overnight repo. Members send executions; we match them, novate to both sides, compress the result across the whole membership and settle a single funding leg per member per currency. Four cycles a day. The last one closes at 16:00 ET and it has never closed late.
12//Months measured
Every figure below is taken from the cycle ledger, not from a sales deck. Where a number moves with the market we give the peak and the date it happened.
Netted volume
6.2M trades / day
Peak 11.4M on 20 Mar 2026, a quadruple-witching session.
Match latency
0.8 ms p99
Engine-in to engine-out. Member network time is excluded and measured separately.
Netting efficiency
98.3 %
Gross notional reduced to net across all members, all cycles.
Settlement fails
0.04 %
Rolling 90 days. Nine of the eleven fails were counterparty funding, not matching.
Figures cover the twelve months to 31 August 2026. Pilot traffic before March 2024 is excluded because the netting engine was single-cycle then and the two are not comparable.
03//Stages
A trade enters at stage 01 and leaves at stage 03. Nothing waits overnight for a batch; the stages run continuously and a cycle close is just a snapshot of where everything is.
01//Matching
Both sides of a trade arrive independently and are matched on economics, not on a shared reference number. An execution that does not pair is returned inside one second naming the field that disagreed, so the desk fixes the trade rather than hunting for it.
02//Netting
Every matched obligation in a cycle is compressed across all members at once, not pair by pair. A member holding four thousand open positions in a single name finishes the cycle owing or owed exactly one of them.
03//Settlement
Cadence novates to both sides and settles one funding leg per member per currency. Collateral is recalculated at every cycle close rather than overnight, so an intraday position change is margined the same afternoon it happens.
05//Asset classes
Cut-off times move with the exchange calendar. Half-day sessions close every cycle three hours early and the schedule is published to members the preceding Friday.
| Asset class | Venues | Cycle | Cut-off (ET) | Netting | Margin call |
|---|---|---|---|---|---|
| US cash equities | 14 | T+0 continuous | 16:00 | Multilateral | Intraday, per cycle |
| ETFs and baskets | 14 | T+0 continuous | 16:00 | Multilateral | Intraday, per cycle |
| Listed options | 6 | T+1 | 16:15 | Multilateral | End of day |
| Corporate bonds | 9 | T+1 | 15:00 | Bilateral | End of day |
| Overnight repo | 4 | Same day | 17:30 | Bilateral | On open |
Scroll the table sideways · Five asset classes · 47 venues counted once
06//Documents
Access required · members only. Every document is versioned and every revision is kept; nothing is edited in place.