Glossary
Every term between trade and settlement.
EU law making transfer orders in designated settlement systems legally final and irrevocable, protecting the financial system from participant insolvency contagion.
The point at which an on-chain transaction becomes irrevocable — a property of the consensus mechanism rather than a declaration by any central infrastructure operator.
The statutory guarantee that a completed securities settlement is irrevocable and immune to insolvency court reversal — a protection that depends on designated system status, a precisely logged entry timestamp, and multi-jurisdictional legal alignment.
The irrevocable transfer of legal ownership in a securities transaction — achieved through deterministic, conditional, or probabilistic finality depending on the settlement rail.
Automatically generating and transmitting settlement instructions to custodians and CSDs using pre-loaded SSI data — replacing manual entry, enabling STP, and making T+1 compliance operationally viable.
The operational and control risk created when deterministic smart contract code executes settlement, collateral, lifecycle, or books-and-records functions in financial markets.
The deployment of regulated, reserve-backed stablecoins as the continuous wholesale cash settlement layer for institutional capital markets — enabling 24/7 Delivery-versus-Payment and Payment-versus-Payment workflows.
The three-control-point AML framework for broker-dealer stablecoin operations — pre-broadcast screening, attributed value transfer via IVMS101, and post-settlement change-of-risk monitoring — built on the principle of attributed transparency.
A hierarchy for comparing central bank money, tokenized deposits, money market fund shares, fiat-backed stablecoins, and crypto-backed stablecoins as settlement assets.