> For the complete documentation index, see [llms.txt](https://onex-3.gitbook.io/onex-document/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://onex-3.gitbook.io/onex-document/swap/institutional.md).

# Institutional

## 44. Institutional Trading Mode

| Capability                     | Specification                                                                                                                                                                             |
| ------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Request for Quote (RFQ)**    | Block trades with price lock — minimum $50,000. Quotes valid for 30 seconds.                                                                                                              |
| **Dark Pool Access**           | Minimum order $50,000. ZK-powered on-chain dark pool with compliance-provable transaction history available on request.                                                                   |
| **API Latency**                | Sub-100ms via co-located infrastructure nodes.                                                                                                                                            |
| **FIX Protocol**               | Full FIX 4.4 support for algorithmic trading system integration.                                                                                                                          |
| **Custom Routing Rules**       | Configurable execution algorithms: TWAP, VWAP, Implementation Shortfall, Arrival Price.                                                                                                   |
| **Custody Integrations**       | Fireblocks, Copper, Anchorage Digital — supported via native APIs.                                                                                                                        |
| **Threshold Signature Scheme** | MPC-TSS (Lit Protocol / ZenGo infrastructure). Single on-chain address controlled by n-of-m parties. No on-chain record of individual signers. Reduces gas cost vs. traditional multisig. |

***

## 45. Real-Time On-Chain Proof of Reserves

ONEx publishes cryptographic proof of reserves **every block** — not periodic attestations. Any user can independently verify at any time that total deposits match protocol balances.

### Technical Implementation — Merkle Sum Tree

* Each user balance is a leaf in a Merkle sum tree
* The root of the tree is published on-chain every block
* Any user can generate a Merkle proof of their own balance inclusion without revealing any other user's balance
* The sum of all leaf values equals the total protocol TVL — independently verifiable by anyone

This eliminates the trust assumption that has caused catastrophic failures at centralized exchanges.

***

## 46. Compliance & Reporting Suite — Optional Institutional Overlay

The ONEx compliance suite is a **VOLUNTARY** overlay for institutional accounts. The core protocol remains permissionless for all users.

| Compliance Feature          | Details                                                  |
| --------------------------- | -------------------------------------------------------- |
| AML/KYC Integration         | Chainalysis and Elliptic wallet screening (licensed)     |
| MiCA Compliance Reporting   | EU Markets in Crypto-Assets regulation reporting package |
| Form 8949 Generation        | US tax reporting for capital gains and losses            |
| FATF Travel Rule Compliance | For transactions above applicable thresholds             |
| SWIFT-Compatible Reporting  | Institutional settlement messaging                       |

{% hint style="warning" %}
**LEGAL NOTE:** ONEx does not impose mandatory KYC on the core protocol. The optional compliance overlay allows institutional users to meet their own regulatory obligations without compromising the permissionless nature of the protocol.
{% endhint %}

***

## 47. Protocol-to-Protocol Liquidity Loans

ONEx enables protocols to borrow liquidity from ONEx LPs for bootstrapping events or emergency liquidity needs.

### Loan Economics

* All loan rates displayed as BOTH the period rate AND the annualized equivalent
* Example: "48-hour rate: 0.80% | Annualized equivalent: 146%"
* Minimum collateralization ratio: 150%
* ONEx AI risk assessment provided as supplementary information
* LP vote required for loans above $1M

***

## 48–50. Additional Institutional Features

| Feature                                     | Specification                                                                                                                                                                           |
| ------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Solver Marketplace Infrastructure**       | Open competitive execution network. Solvers compete to fill intent orders. Best execution guaranteed by competitive market structure.                                                   |
| **Multi-Party Computation Risk Management** | Large institutional positions can require co-signatures from multiple parties (fund manager, compliance officer, risk manager) using MPC. Mirrors TradFi prime brokerage risk controls. |
| **Regulatory Sandbox Mode**                 | For jurisdictions requiring transaction monitoring and travel rule compliance — a dedicated mode that adds these layers without affecting the core permissionless protocol.             |