Glossary

Same-day settlement achieved through atomic delivery versus payment at execution or accelerated same-day netting, requiring zero-latency processing, real-time liquidity management, and deterministic finality.

Compressed post-trade discipline under SEC Rule 15c6-1 — every pre-settlement step must typically complete on trade date, one business day before DvP settlement finality.

The operational sequence from issuance structuring through smart contract deployment, DvP settlement, coupon servicing, and maturity redemption — replacing CSD book entries with ledger state transitions.

Repurchase agreements using tokenized securities as collateral, settled on distributed ledger infrastructure for atomic DvP and intraday availability.

Tokenized money market fund settlement replaces T+1 transfer agent processing with atomic on-chain USDC redemption, giving institutions 24/7 instant liquidity access from yield-bearing fund positions.

The middle-office operating model for on-chain money market fund positions — covering subscription and redemption workflows, rebasing vs accumulating yield treatment, NAV oracle monitoring, and whitelist lifecycle management.

Two structural representations of Treasury exposure on distributed ledgers — fund-share wrappers settling via transfer agent and direct tokens settling via DTC — each with distinct finality, pricing, and collateral mechanics.

Post-execution process that splits a block trade into account-level positions, each generating a separate confirmation and settlement obligation.

The exception workflow for identifying, classifying, and resolving post-trade discrepancies before they breach the T+1 affirmation cutoff or trigger CSDR cash penalties.