Architecture
A firm trades with one system made of four parts. The same on-chain code runs for every participant, the system holds no position of its own, and the dealers compete only on price.
One system, four parts
The RFQ engine takes a request for a custom contract at any size and any tenor. The dealer network competes to price it and returns one firm quote. The margin engine allocates the firm's collateral into each position. The risk engine holds the book and acts when collateral can no longer back a position.
Each part has its own page. How a Trade Works follows one trade through the RFQ engine and the dealer network. The Margin Engine, The Risk Engine, and The Oracle hold the mechanics of each.
The unlock: no credit underwriting
Smart contracts hold both sides' margin and run close-out. Neither side underwrites the other's credit: a failed position closes from its own posted collateral, read at the mark.
This removes the per-dealer credit relationship. In legacy FX, that relationship forced a separate onboarding, agreement, and minimum for every dealer. On CRX a firm onboards once: one standard agreement, eligibility and KYB, one allowlisted wallet. That single onboarding reaches the whole network.