Glossary
Every term between trade and settlement.
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.
The software layer managing FIX session state, message sequencing, heartbeats, and failover for broker-dealers connecting to brokers, venues, and ECNs.
The open messaging standard governing order routing, execution reporting, and allocation between broker-dealers, buy-side firms, and trading venues — upstream of SWIFT.
Open financial messaging standard where MsgType 8 Execution Reports trigger real-time trade capture and settlement pipeline processing for broker-dealers.
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.