Glossary

Shared post-trade infrastructure that runs trade capture, enrichment, settlement, reconciliation, and compliance on a common primitive core — decoupling ops headcount from trade volume through platform-scale automation.

The end-to-end sequence from trade execution through clearing, affirmation, and DvP settlement — seven operational stages that must complete within the T+1 regulatory window.

Securities settlement software controls settlement instructions, external status, fail management, finality evidence, and ledger handoff for institutional trades.

A security entitlement is an account-based property interest in a financial asset held through a securities intermediary under UCC Article 8.

Segregation of duties (SoD) is the internal control principle that no single operator can book, approve, and settle a transaction — enforced through conflict matrices, maker-checker workflows, and access certification reviews to satisfy SOX Section 404.

EU law making transfer orders in designated settlement systems legally final and irrevocable, protecting the financial system from participant insolvency contagion.

The point at which an on-chain transaction becomes irrevocable — a property of the consensus mechanism rather than a declaration by any central infrastructure operator.

The statutory guarantee that a completed securities settlement is irrevocable and immune to insolvency court reversal — a protection that depends on designated system status, a precisely logged entry timestamp, and multi-jurisdictional legal alignment.

The irrevocable transfer of legal ownership in a securities transaction — achieved through deterministic, conditional, or probabilistic finality depending on the settlement rail.