Delivery versus payment

Without a standing record: the buyer's fragment consumes a cash note, emits flow_out(e1, cash, p) and flow_in(e2, bond, q), and creates a bond note to the buyer; the seller's fragment consumes a bond note, emits flow_out(e2, bond, q) and flow_in(e1, cash, p), and creates a cash note to the seller. Both actors sign one manifest. J pairs e1 and e2.

With a standing offer: a Trade record signed by both is consumed in the buyer's fragment, whose method asserts the flows match the trade's terms.

Each FI's policy runs over its own customer's fragment. The Polyglot Canton whitepaper's example, in which asset registrars see only their asset's transfer, corresponds to the deferred asset-issuer policy slot; the FI slot here sees its customer's whole view, as a Canton participant does.