Glossary

Financial market infrastructure built on distributed ledger technology — enabling atomic DvP settlement, programmable cash legs, and shared-ledger synchronization that replaces the bilateral reconciliation burden of traditional capital markets.

A DK is a counterparty's declaration that it cannot recognize or confirm an alleged trade — a data discrepancy that, unresolved before the affirmation deadline, significantly raises settlement fail risk.

e settlement system operated by the Depository Trust Company (DTC) that executes final book-entry delivery-versus-payment transfers of US securities after NSCC clearing, with end-of-day cash finality through the Federal Reserve.

A DTC service enabling the conversion of book-entry securities into on-chain tokenized entitlements for T+0 settlement and automated collateral management under a 2025 SEC No-Action Letter.

Dual-rail settlement architecture runs traditional Fedwire and digital USDC settlement in parallel under a single system of record, unified compliance overlay, and automated rail routing.

The EU regulatory sandbox under Regulation (EU) 2022/858 that authorizes DLT-based market infrastructure under conditional exemptions from MiFID II and CSDR — three operators live as of mid-2025.

Executive Order 14178 is the January 2025 presidential directive that regulatory framework under which the SAB 121-to-SAB 122 transition, the SEC Crypto Task Force, and the GENIUS Act stablecoin framework all operate.

A trade that does not settle on its contractual settlement date because one party cannot deliver the required securities or cash, triggering penalties and buy-in procedures.

FINRA supervision technology is the software infrastructure broker-dealers use to implement, enforce, and document the supervisory controls required under FINRA Rules 3110 and 3120.