chore(use-cases): audit private-fx

CHANGELOG.md

@@ -4,6 +4,7 @@ All notable changes to the EthSystems Map are documented here.
 
 ## [Unreleased]
 
+- fix: factual audit of the [Private FX](use-cases/private-fx.md) entry.
 - fix: factual audit of the [Private Repo](use-cases/private-repo.md) entry and the Private Trade Settlement cards it builds on.
 - fix: factual audit of the [Private Identity](use-cases/private-identity.md) entry and the cards one hop out. 
 - fix: factual audit of the [Private Bonds](use-cases/private-bonds.md) entry and the cards one hop out. In [Private Bonds](use-cases/private-bonds.md) set Trading as secondary domain, add the FHE PoC and the Atomic DvP Settlement approach, correct the PoC RFQ scope, mark ERC-6123 and ERC-7573 Draft and describe ERC-7573 as oracle-conditional settlement that hides no amounts, replace the unsourced HTLC-replacement forecast with the PoCs' actual DvP scope, and link the DvP, crypto-registry and ICMA BDT patterns, the eWpG jurisdiction and sibling bond use cases; in [Private Bonds](approaches/approach-private-bonds.md) refresh the Railgun figure to the project Dune dashboard (~USD 5.7b, Oct 2026), source the Aztec V5 vulnerability to its 2026-08-07 post, describe the PoC whitelist as its compliance hook, set FHE gas to the PoC measurement (~330K per transfer), scope the PoC disclosure claim to what each PoC exercises, and link eWpG, MiCA, the crypto-registry bridge and ERC-7573; in [Verifiable Attestation](patterns/pattern-verifiable-attestation.md) name the EIP-712 vs EIP-191 signing paths, add EAS (MIT) and ONCHAINID (GPL-3.0) licenses, cite ML-DSA (FIPS 204) and EIP-8051 for PQ migration, and note VC Data Model 2.0 Recommendation status; in [ICMA BDT](patterns/pattern-icma-bdt-data-model.md) scope the taxonomy to term-sheet data (no lifecycle event messages), state the royalty-free licence with ICMA-retained IP and replace the 2023 factsheet with the April 2026 FAQ; in [Crypto-registry bridge](patterns/pattern-crypto-registry-bridge-ewpg-eas.md) describe the eWpG register as a decentralised recording system (§4(11), §16) rather than an off-chain notarial store, scope attestation verification to existence, signer and time, replace dead BaFin links with the statute and the current BaFin licensing page and move EAS docs to docs.attest.org; in [DvP via ERC-7573](patterns/pattern-dvp-erc7573.md) state Draft status and that amounts and parties are observable in calls and events; mark ERC-6123 and ERC-7573 Draft and describe ERC-7573 as oracle-conditional settlement in [Private Corporate Bonds](use-cases/private-corporate-bonds.md); move the EAS docs link to docs.attest.org in [Selective Disclosure](patterns/pattern-regulatory-disclosure-keys-proofs.md); link these cards back to Private Bonds

use-cases/private-fx.md

@@ -7,10 +7,14 @@ secondary_domain: Trading
 
 ## 1) Use Case
 
-Cross-border foreign exchange settlement on blockchain where trading intent, positions, and execution details must remain confidential. FX is one of the largest financial markets, and the vast majority of stablecoins are USD-pegged, making cross-currency settlement a natural blockchain application. Institutions require privacy to prevent front-running and protect trading strategies.
+Cross-border foreign exchange settlement on blockchain where trading intent, positions, and execution details must remain confidential. FX is one of the largest financial markets ([$9.6 trillion per day in April 2025](https://www.bis.org/press/p250930.htm), BIS Triennial Survey), and [99.4% of fiat-backed stablecoins by market value are USD-pegged](https://www.bis.org/publ/arpdf/ar2026e3.htm) (BIS Annual Economic Report, June 2026), making cross-currency settlement a natural blockchain application. Institutions require privacy to prevent front-running and protect trading strategies.
 
 ## 2) Additional Context
 
+- The US dollar is on one side of 89% of FX trades ([BIS Triennial Survey, April 2025](https://www.bis.org/press/p250930.htm)).
+- Off-chain, [CLS](https://www.cls-group.com/products/settlement/clssettlement/) settles FX payments in 18 currencies through payment-versus-payment (PvP) to remove settlement risk.
+- Swift [announced a blockchain-based shared ledger in September 2025](https://www.theblock.co/post/372706/swift-blockchain-ledger-consensys) with a Consensys prototype, and launched an initial live pilot of cross-border tokenized-deposit payments with 17 banks in [July 2026](https://www.theblock.co/post/407687/swift-launches-blockchain-ledger-for-tokenized-deposit-pilot-with-17-banks); final settlement still runs through existing systems.
+
 ## 3) Actors
 
 Banks · Payment Networks · Corporate Treasury · Liquidity Providers · Regulators · Stablecoin Issuers
@@ -31,8 +35,7 @@ FX markets are highly competitive with tight spreads. Leaked trading intent enab
 
 - Real-time settlement requirements
 - Liquidity fragmentation across stablecoin venues
-- Regulatory reporting obligations (EMIR, Dodd-Frank)
-
+- Regulatory reporting obligations for FX derivatives: forwards, swaps and options are reportable under EMIR ([Art. 9](https://eur-lex.europa.eu/eli/reg/2012/648/oj); currency derivatives per MiFID II Annex I C(4)) and Dodd-Frank (OTC FX options are swaps under the [CFTC/SEC product definitions](https://www.cftc.gov/LawRegulation/FederalRegister/FinalRules/2012-18003.html); the [Treasury FX determination, 2012](https://www.govinfo.gov/content/pkg/FR-2012-11-20/html/2012-28319.htm) exempts FX swaps and forwards from clearing but not trade reporting); spot FX (delivery within two trading days for major pairs, [Delegated Regulation (EU) 2017/565 Art. 10](https://eur-lex.europa.eu/eli/reg_del/2017/565/oj); T+2 in US practice.
 ### Problem 2: Cross-Border Settlement Privacy
 
 International payments reveal business relationships and transaction patterns that competitors can exploit.
@@ -52,8 +55,8 @@ International payments reveal business relationships and transaction patterns th
 ## 5) Recommended Approaches
 
 See [approach-private-trade-settlement.md](../approaches/approach-private-trade-settlement.md) for general settlement architecture. FX-specific considerations:
-- Privacy-preserving PvP (Payment vs Payment) settlement
-- Integration with [approach-private-bonds.md](../approaches/approach-private-bonds.md) DvP patterns for cash leg
+- Privacy-preserving PvP (Payment vs Payment) settlement: [Private PvP via ERC-7573](../patterns/pattern-private-pvp-stablecoins-erc7573.md) (amount privacy only when the escrow contracts run inside a shielded layer)
+- Cross-network settlement options and their recovery paths in [Approach: Atomic DvP Settlement](../approaches/approach-dvp-atomic-settlement.md)
 - Stablecoin privacy patterns from [private-stablecoins.md](private-stablecoins.md)
 
 ## 6) Open Questions
@@ -66,5 +69,5 @@ See [approach-private-trade-settlement.md](../approaches/approach-private-trade-
 
 - Related: [private-stablecoins.md](private-stablecoins.md) (settlement currency privacy)
 - Related: [private-payments.md](private-payments.md) (payment privacy patterns)
-- Market context: Payment networks exploring Ethereum-based SWIFT alternatives
-- Standards: ERC-7573 (atomic settlement), ISO 20022 (messaging)
+- Market context: Swift's own blockchain-based shared ledger ([tokenized-deposit pilot, July 2026](https://www.theblock.co/post/407687/swift-launches-blockchain-ledger-for-tokenized-deposit-pilot-with-17-banks))
+- Standards: [ERC-7573](https://ercs.ethereum.org/ERCS/erc-7573) (Draft; conditional settlement, atomicity rests on the decryption oracle, hides no amounts or counterparties, no FX rate check), [ISO 20022](https://www.iso20022.org/) (messaging)