Glossary

Every term between trade and settlement.

Instrument Master Data

The authoritative golden record of reference data — identifiers, static attributes, and lifecycle parameters — for every instrument a firm can trade, settle, or report.

Investment Book of Record

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.

ISDA Digital Asset Derivatives

OTC digital asset derivatives documented under ISDA frameworks, covering confirmations, price sources, margin, collateral, close-out netting, and lifecycle controls.

ISO 20022 Securities 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.

Legal Entity Identifier (LEI)

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.

Maker-Checker Workflow

A two-person segregation of duties control requiring that any action entered by one operator must be reviewed and approved by a second before it takes effect.

Market Identifier Code (MIC)

The ISO 10383 four-character code that identifies trading venues, operating markets, and market segments for enrichment, reporting, and post-trade routing.

Market Master Data

The authoritative reference layer for countries, currencies, venues, CSDs, settlement rules, tax signals, sanctions evidence, and market infrastructure.

MiCA Digital Asset Operations

The EU regulatory framework governing crypto-asset issuance and service provision — covering EMT and ART stablecoins, CASP authorization, and travel rule compliance — fully operational since December 2024.