Glossary
Every term between trade and settlement.
A settlement instruction that transfers an asset without a simultaneous payment leg, exposing the delivering party to principal risk until payment is separately confirmed.
The 2025 federal law establishing the statutory framework for payment stablecoins — defining issuer tiers, 1:1 HQLA reserve requirements, CEO/CFO certification, and insolvency super-priority for token holders.
Operational architecture running T+1 securities and T+0 digital blockchain settlement in parallel, unified by orchestration and reconciliation.
The daily process of comparing the forward-looking investment book of record (IBOR) against the custodian-confirmed accounting book of record (ABOR) to identify and resolve position differences arising from the settlement cycle.
Institutional asset tokenization creates programmable digital representations of regulated financial assets — enabling faster settlement, lower issuance cost, collateral mobility, and automated lifecycle servicing.
The authoritative golden record of reference data — identifiers, static attributes, and lifecycle parameters — for every instrument a firm can trade, settle, or report.
The IBOR — a real-time position record used by investment managers, capturing unsettled trades, accruals, and corporate actions ahead of custodian confirmation and ABOR settlement.
International financial messaging standard where sese.023 settlement instructions and sese.025 confirmations replace legacy SWIFT MT54x messages, enabling richer settlement data, STP, and interoperability across global custodians and CSDs.
20-character alphanumeric code under ISO 17442 that uniquely identifies legal entities in financial transactions, required for MiFID II, EMIR, and CAT regulatory reporting, and the primary party identifier in ISO 20022 sese.023 settlement instructions.