Glossary

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.

CAT clock synchronization is the broker-dealer control workflow for synchronizing, monitoring, logging, and evidencing business clocks used to timestamp CAT reportable events.

CAT linkage error 3701 is a specialist CAT feedback issue that should be investigated as a linkage break between reported order lifecycle events, source systems, and reporting parties.

The obligation under FINRA Rule 6800 Series and SEC Rule 613 for broker-dealers to report every NMS and OTC equity order event to the CAT Central Repository by 8:00 AM ET on T+1, with customer account data updated daily through CAIS.

A CCP clearing workflow is the controlled post-trade process that turns executed trades into accepted, novated, margined, netted, settled, or failed clearing states.

A machine-readable lifecycle model that standardizes how tokenized securities, collateral, repo, securities lending, and derivatives events are represented and automated.

Financial market infrastructure that legally interposes itself as the counterparty to every trade through novation, eliminates bilateral credit risk, and reduces settlement volume through multilateral netting.

Central counterparty novation is the clearing state change where a CCP replaces the original bilateral counterparty relationship with cleared obligations to the CCP.

The financial market infrastructure that holds securities in book-entry form and executes DvP settlement finality — the legal transfer of ownership that converts a CCP's netted instruction into a confirmed change in beneficial ownership.