Recipient Resolution

Local Satisfaction

Once assigned, an HSC satisfies the obligation's recipient using liquidity already present in its domain — not liquidity forwarded from the origin domain. This is the mechanism by which NIL decouples recipient-side finality from origin-side capital movement: the recipient is made whole from local liquidity, and the originating domain's exposure is settled separately, later, algebraically.

Disclosure Policy

Recipient resolution respects the obligation's disclosurePolicy. Under MINIMAL disclosure, the HSC receives only the fields necessary to execute — notional, unit, and a recipient reference — without visibility into the originating participant or upstream routing path. STANDARD and DISCLOSED policies progressively widen what is shared, where required by the execution class or destination domain's regulatory posture.