Glossary
Every term between trade and settlement.
The EU regulatory sandbox under Regulation (EU) 2022/858 that authorizes DLT-based market infrastructure under conditional exemptions from MiFID II and CSDR — three operators live as of mid-2025.
Executive Order 14178 is the January 2025 presidential directive that regulatory framework under which the SAB 121-to-SAB 122 transition, the SEC Crypto Task Force, and the GENIUS Act stablecoin framework all operate.
A trade that does not settle on its contractual settlement date because one party cannot deliver the required securities or cash, triggering penalties and buy-in procedures.
An open 12-character financial instrument identifier used to normalize securities, listings, share classes, and vendor symbols across systems.
Financial market interoperability enables institutions to exchange assets, data, and instructions while preserving rights, controls, record hierarchy, and lifecycle state.
The three-way match between sub-ledger, general ledger, and external statement that validates balance sheet integrity — with every break tracked as gross exposure for Rule 17a-5 and Rule 15c3-1 compliance.
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.