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.

Token minting and burning create or retire a controlled tokenized entitlement while keeping its source position, supply, and records reconciled.

A tokenization instruction authorises the controlled conversion of an eligible source position into a defined tokenized representation and destination state.

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.

Tokenized securities interoperability connects tokenized positions with the accounts, records, controls, and lifecycle workflows required to operate them across rails.