Glossary

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 SWIFT connectivity stack — SAG, Alliance Access, and gateway software — connecting broker-dealers and custodians to SWIFTNet for securities settlement messaging.

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.

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.