Glossary

The control layer between execution and settlement that automates trade validation, compliance monitoring, allocation, IBOR maintenance, and exception management in real time under T+1 and hybrid digital asset workflows.

Comparing a firm's nostro ledger against correspondent bank statements — closing fee, FX, and value date breaks before they become T+1 settlement funding failures.

The ops workflow for classifying, aging, and resolving nostro breaks — from break identification and SWIFT query through wash account entry and escalation.

DTCC's central counterparty that novates equity trades, nets obligations multilaterally by CUSIP, and carries unsettled positions until DvP finality at DTC.

The identification and mitigation of risks from failed processes, human errors, technology failures, and external events that disrupt securities operations or cause financial loss.

Payment stablecoin reserve requirements mandate 1:1 backing of outstanding tokens with high-quality liquid assets — short-duration Treasuries, insured deposits, and central bank balances.

PvP links both currency legs of an FX trade so that neither payment is released unless both are confirmed — the mechanism that prevents one party from delivering its currency and receiving nothing in return.

The PBOR — a position record that extends the IBOR with return attribution, risk analytics, and benchmark data, providing the authoritative basis for investment performance measurement and client reporting.

The 24-principle CPMI-IOSCO framework that every systemically important clearinghouse, CSD, and payment system must satisfy — covering legal basis, settlement finality, money settlement, operational resilience, and disclosure.