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.