Glossary

The two-leg settlement lifecycle of a securities loan — FoP delivery of loaned securities, daily mark-to-market margining, and sese.034 recall return — managed as a continuous operational process across the relevant settlement infrastructure.

The end-to-end sequence from trade execution through clearing, affirmation, and DvP settlement — seven operational stages that must complete within the T+1 regulatory window.

Segregation of duties (SoD) is the internal control principle that no single operator can book, approve, and settle a transaction — enforced through conflict matrices, maker-checker workflows, and access certification reviews to satisfy SOX Section 404.

EU law making transfer orders in designated settlement systems legally final and irrevocable, protecting the financial system from participant insolvency contagion.

The point at which an on-chain transaction becomes irrevocable — a property of the consensus mechanism rather than a declaration by any central infrastructure operator.

The irrevocable transfer of legal ownership in a securities transaction — achieved through deterministic, conditional, or probabilistic finality depending on the settlement rail.

Automatically generating and transmitting settlement instructions to custodians and CSDs using pre-loaded SSI data — replacing manual entry, enabling STP, and making T+1 compliance operationally viable.

The mechanics by which stablecoin peg pressure and money market fund redemption shocks propagate into systemic stress — compared across reserve structure, run trigger, and regulatory response.

The use of regulated payment stablecoins as the cash leg in DvP securities settlement, enabling near-real-time finality on a 24/7/365 basis beyond Fedwire and CHIPS operating hours.