Cathmere Quant Network Quant Network IBM Research This document describes the Secure Asset Exchange (SAE) Protocol. SAE is an extension of the Secure Asset Transfer (SAT) Protocol that enables the asset exchange interoperability mode. It specifies the required modifications necessary to the SAT message flows to facilitate asset exchange between asset networks. Gateways that support the SAT protocol can be extended to also support SAE, enabling support for both asset transfer and asset exchange in a single set of gateways.