Glossary
Every term between trade and settlement.
A settlement mechanism (DvP) that links the transfer of securities to the simultaneous transfer of payment, ensuring neither leg completes without the other.
The requirement for broker-dealers to apply Rules 17a-3 and 17a-4 to digital asset securities, linking on-chain transaction data to the account-level records regulators require.
The use of distributed ledger technology as books and records infrastructure for financial institutions, subject to the same substantive standards as traditional recordkeeping systems.
Financial market infrastructure built on distributed ledger technology — enabling atomic DvP settlement, programmable cash legs, and shared-ledger synchronization that replaces the bilateral reconciliation burden of traditional capital markets.
A DK is a counterparty's declaration that it cannot recognize or confirm an alleged trade — a data discrepancy that, unresolved before the affirmation deadline, significantly raises settlement fail risk.
e settlement system operated by the Depository Trust Company (DTC) that executes final book-entry delivery-versus-payment transfers of US securities after NSCC clearing, with end-of-day cash finality through the Federal Reserve.
A DTC service enabling the conversion of book-entry securities into on-chain tokenized entitlements for T+0 settlement and automated collateral management under a 2025 SEC No-Action Letter.
Dual-rail settlement architecture runs traditional Fedwire and digital USDC settlement in parallel under a single system of record, unified compliance overlay, and automated rail routing.