Glossary

Trade date is when a trade executes and terms are locked; settlement date is when securities and cash change hands and legal ownership transfers — one business day apart under T+1.

The automated augmentation of a raw trade capture with settlement instructions, counterparty identifiers, and regulatory fields required for clearing and settlement.

The discipline of tracking a securities trade through every stage — from order and execution to settlement and position update — with exceptions detected at each handoff.

Bilateral comparison of independently submitted trade records that either confirms settlement-readiness or surfaces the field-level mismatch producing a trade break.

The systematic comparison of internal trade and position records against external sources to identify breaks and resolve them before they become settlement failures.

Real-time reconciliation software for T+1 broker-dealers — streaming FIX and camt.052 data, classifying breaks at detection, and maintaining the WORM-compliant audit trail required by SEC Rules 17a-3 and 17a-4.

Trade surveillance is the automated monitoring systems broker-dealers use to detect manipulative trading patterns, insider trading indicators, and behavioral anomalies across proprietary, market-making, and customer order trading activity.

Trading platform records are the books-and-records layer around institutional trading activity: orders, executions, blotters, positions, cash, supervision, and retained evidence after the platform has generated the event.

Transfer agency operational workflows govern the shareholder register and dealing cycle: onboarding, subscriptions, redemptions, transfers, distributions, omnibus reconciliation, and the evidence that fund accounting consumes.