Glossary
Every term between trade and settlement.
The requirement that broker-dealers keep client funds and securities strictly separate from firm assets under Rule 15c3-3 — enforced through the reserve formula, the Special Reserve Bank Account, and good control location requirements.
The ABOR: custodian-confirmed settled positions used as the authoritative basis for NAV calculation, financial statements, and regulatory reporting.
Monitoring systems and procedures used by broker-dealers to detect suspicious activity under the Bank Secrecy Act and FINRA Rule 3310, with SAR filing to FinCEN as the required reporting output.
Circle institutional Layer-1 for stablecoin finance, featuring deterministic finality. It uses USDC as native gas and supports atomic PvP settlement to eliminate Herstatt risk in global FX operations.
The immutable, chronologically linked record of every trade lifecycle event — from order receipt through settlement — maintained to satisfy SEC Rules 17a-3 and 17a-4, FINRA clock synchronization requirements, and CAT reporting obligations.
The software layer that enables broker-dealers to meet SEC and FINRA regulatory obligations — books and records, net capital, supervisory controls, and audit trail — through automation rather than manual processes.
The SEC rule requiring broker-dealers to maintain minimum liquid net capital at all times, calculated under either the Basic Method or the Alternative Method, to support orderly operations and customer protection.
The buy-side workflow that transforms block trade executions into settled, reconciled account positions — covering allocation, affirmation, multi-custodian reconciliation, and IBOR shadow accounting under T+1 compression.
Software that matches a broker-dealer's internal cash ledger against bank statements and clearing utility records in real time, surfacing breaks for resolution before they create reserve formula errors, missed sweeps, or Rule 15c3-3 violations.