Glossary

A tokenized security is a security whose ownership, transfer, or representation uses distributed ledger technology. The legal right depends on the issuer, custody structure, and authoritative record, not on the token alone.

A tokenized security entitlement represents an indirect interest in a financial asset held through a securities intermediary. Its operating model connects custody positions, securities accounts, wallet controls, and authoritative records.

Tokenized security rights and entitlements define the distributions, votes, transfers, elections, disclosures, and servicing a verified holder may receive or direct.

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.

A trade blotter post-trade workflow turns blotter rows into governed operating records for allocation, enrichment, confirmation, settlement instruction, exception management, reconciliation, supervision, and audit evidence.

Trade break aging measures how long post-trade discrepancies have remained open and converts age, settlement proximity, severity, ownership, and evidence into escalation state.

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

The process of resolving data mismatches between trade counterparties before settlement cutoffs to prevent settlement fails.