Glossary
Every term between trade and settlement.
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 mechanics by which stablecoin peg pressure and money market fund redemption shocks propagate into systemic stress — compared across reserve structure, run trigger, and regulatory response.
The use of regulated payment stablecoins as the cash leg in DvP securities settlement, enabling near-real-time finality on a 24/7/365 basis beyond Fedwire and CHIPS operating hours.
Pre-agreed instructions specifying how a counterparty's securities and cash should be delivered or received, applied automatically to every qualifying trade.
End-to-end automation of the post-trade lifecycle from execution to DvP settlement, with STP rate as the primary compliance KPI under T+1.
SWIFT connectivity is the messaging infrastructure over which securities settlement instructions travel between broker-dealers, custodians, and CSDs — MT54x and sese.023 messages, both domestic and cross-border.
The authoritative single source of truth for a firm's positions, trades, and accounts — the system of record that all other systems, reports, and compliance functions derive from.