Trust trading on AEON does not settle trade-by-trade in isolation. The venue batches matched trust units into a multilateral netting cycle, so only residual obligations move on-chain. This is the same principle that cleared the way for modern derivatives clearinghouses after the 1987 crash, when bilateral gross settlement proved too fragile under stress.

Three mechanics matter for the advanced practitioner:

Novation — once matched, the original counterparties are replaced by the venue's settlement layer, extinguishing bilateral exposure.
Netting — offsetting long and short trust-unit positions collapse into a single net obligation per participant per cycle.
Finality — settlement is irrevocable once the net transfer confirms, not when the trade prints.

Layer	What Moves	Timing
Match	Intent only	T+0 instant
Net	Residual units	End of cycle
Settle	Final transfer	Cycle close +1 block