Glossary
Every term between trade and settlement.
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.