How It Works
Built for the trade lifecycle. Not retrofitted for it.
Legacy systems fragment your positions across sub-ledgers, defer your risk data to overnight batch cycles, and break when you add a new asset class. Devancore is a cloud-native platform built from the ground up on a single event-sourced core: one workflow engine, one position model, one settlement infrastructure layer across equities, fixed income, and digital assets.
The hidden cost of legacy post-trade infrastructure isn't the license fee. It's the reconciliation debt: the overnight batch jobs that rebuild positions from scratch, the sub-ledger fragmentation that forces manual tie-outs between systems, the asset-class modules that require separate monitoring when you add digital assets to a traditional portfolio.
Devancore was built once, for the full lifecycle, on a single event-sourced core. Every trade, equity, fixed income, digital asset, tokenized RWA, moves through the same workflow engine, the same position model, and the same settlement infrastructure layer. There are no asset-class-specific modules to maintain and no overnight batch dependency for current-state data.
Core architecture
One event stream, one position model, real-time data: no legacy batch dependency.
- One event stream. No sub-ledger fragmentation.
Every state change in Devancore, from order to execution to trade to allocation to confirmation to settlement to position update, is a timestamped, source-attributed, immutable lifecycle event. There is no separation between the workflow log and the audit log. They are the same record. The operational consequence: sub-ledger fragmentation is eliminated. There is no reconciliation step between the trade ledger and the position ledger, because they are the same event stream read at different points in the lifecycle. There is no end-of-day tie-out between the settlement system and the compliance monitor, because both systems read from the same source. The audit defense consequence: the event stream is the answer to "show me what happened." There is no need to reconstruct the sequence of events from multiple logs after the fact, because the sequence was recorded as it occurred. An examiner query, by entity, actor, time range, or event type, returns the record in the state it was in at the moment of each event. This event stream is designed to support SEC Rule 17a-3 (records of original entry) and 17a-4 (preservation and access requirements) as a structural property of the architecture — not as a reporting module added to satisfy an examination request. The same event stream is the immutable audit trail that supports SEC Rule 17a-3/17a-4 compliance.
- One position model across every instrument
Equities, fixed income, FX, derivatives, money market instruments, digital assets, tokenized real-world assets: Devancore applies the same trade lifecycle, position model, and settlement infrastructure layer across instrument types. There is no "crypto module" or "fixed income module." Asset class is a dimension on the instrument, not a separate system. This matters for firms operating hybrid portfolios today, and for firms that expect to add digital assets or tokenized instruments in the next two years. A unified position model means that a hybrid portfolio, traditional securities and tokenized positions, does not require separate reconciliation runs, separate settlement monitoring, or separate reporting pipelines. The same Unified Position Model that ages a DTC in-transit position also ages an on-chain settlement failure. The cost of the alternative: each new asset class added to a legacy architecture requires a new sub-ledger, a new reconciliation workflow, and a new reporting integration. The operational overhead compounds with every addition. Devancore's instrument-agnostic data model means that adding a new asset class is a configuration change, not an infrastructure project. Rail-aware finality applies across asset classes because the settlement infrastructure layer is instrument-agnostic.
- Real-time positions: no overnight batch dependency
Devancore processes events as they occur. Position updates happen when trades settle, not when an overnight batch job runs. Reserve formula inputs reflect current positions because position data reflects current settlements, not a snapshot from yesterday's 2 AM reconciliation cycle. The capital efficiency consequence is direct: firms that run overnight batch cycles start each trading day with a position picture that is hours old. Reserve formula calculations, net capital computations, and counterparty exposure limits are all calculated against stale data. Under the SEC's 2024 amendment, carrying broker-dealers above $500M in customer credits must compute the reserve formula daily: the overnight batch architecture is not adequate for that cadence. Central to cloud-native delivery: horizontally scalable infrastructure, tenant-isolated data (no data commingling between clients), centrally managed upgrades without client-side version cycles, and no on-premise installation. The operational implication is that the system's data is current enough to answer the question the examiner, the compliance officer, or the risk manager is about to ask, not the question they asked yesterday.
- Multi-asset connectivity: low-friction coexistence with existing infrastructure
Devancore accepts inbound trade messages via FIX 4.4, the industry standard for execution and allocation workflows, and surfaces all data via REST API for downstream consumption. Every inbound message is stored and traceable to the lifecycle events it generated. The integration model is designed for coexistence, not replacement. Devancore connects to existing EMS and OMS infrastructure via FIX without requiring those systems to be replaced. The position and compliance data surfaces via API into existing risk, reporting, and finance systems. The settlement instruction pipeline routes ISO 20022-format messages to clearance and settlement infrastructure as event-triggered outputs: generated when the affirmation event fires, not on a batch schedule. This matters for operations teams evaluating switching costs: Devancore is architected to run alongside existing workflows during transition, with a clear integration model at both ends. There is no period where both systems must run in parallel because one needs to rebuild its position history from scratch: the event stream is current from the moment it starts ingesting.
- No legacy architecture underneath
Devancore does not wrap a legacy system. There is no mainframe batch process underneath the API, no end-of-day netting job that triggers at midnight, no reconciliation pipeline that rebuilds positions from yesterday's data each morning. When a trade settles, the position updates; when a settlement fails, the aging clock starts; when a compliance rule breaches, the event is recorded. These are structural behaviors of an event-driven architecture: they do not require a scheduled job to trigger and they do not produce a position that is hours stale by the time it is read. For operations and technology teams who have managed legacy system migrations: Devancore is designed with a clear migration path. The architectural separation between the event stream and the position model means that onboarding does not require a historical data reconstruction before the system can produce current-state positions.
Architecture is the reason Devancore can compute settlement finality in real time rather than inferring it from message timestamps, and the reason maker-checker controls generate supervisory evidence as a byproduct of normal operations rather than as a separate reporting task. The other two pages in this section explain what that architecture produces: