Settlement Instruction Model

Status: draft
Version: 0.1.0

Purpose

Define the shared instruction object and lifecycle vocabulary for Meridian Clear settlement.

Core fields

• instruction id
• venue id
• legs
• affirmations
• mediators
• receipts
• expiry
• status

Portfolio-linked leg fields

• fromPortfolioId optionally binds one source leg to one replayable Vault portfolio when the holder acts through a named custody sleeve.
• toPortfolioId optionally binds one destination leg to one replayable Vault portfolio when the receiving position is directed into a named custody sleeve.
• linked portfolio ids do not replace the holder ids on the leg; they refine the governed settlement path and portfolio directory views above the same participant identities.

Lifecycle vocabulary

Phase I uses these governed terms for the instruction object:

• venue registration
• instruction recording
• instruction affirmation
• instruction readiness
• instruction cancellation
• settlement

These terms map to the core fields above and keep the Clear workflow language consistent across docs.

Phase AO runtime vocabulary

• portfolio-aware settlement keeps the existing instruction lifecycle while letting one source and one destination leg carry governed Vault portfolio links.
• instruction recording rejects any fromPortfolioId or toPortfolioId that does not align to the owner or custodian participant recorded on that active portfolio.
• replay projects instructions by linked portfolio id and distinguishes whether a portfolio appears as a source, destination, or both.