Glossary

Clear terms. Better questions.

Working definitions for exploring tokenized finance. Read the instrument and its evidence before applying a term to a product.

This language revision passed the recorded editorial publication gate.

Language bundle revision: glossary-v1-approved-2026-10-19 · en

Asset

In this course’s financial-instrument analysis, an economic resource or financial interest. Its value and the rights attached to it need separate analysis.

Related published learning

What Is a Real-World Asset?

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: ifrs-conceptual-framework-summary2018 · sec-bonds · sec-stocks

Claim

An entitlement against another party under a financial instrument or contractual arrangement. Its scope depends on the applicable documents and law.

Also used as: Legal claims

Read first: Asset

Related published learning

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-bonds · sec-tokenized-securities · unidroit-digital-assets2023

Custody

An arrangement for holding or safeguarding assets; control, ownership and recovery depend on its terms and applicable law.

Read first: Asset

Related published learning

SPVs, Issuers, Custodians and Transfer Agents

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: ecb-payments-glossary-c · sec-tokenized-securities · bis-pfmi

Liquidity

The ability to transact a desired amount within a time frame without a substantial price concession.

Related published learning

Definition support and open questions

Category: MARKET

Referenced source IDs: sec-liquidity-marketability

Net asset value (NAV)

Assets less liabilities of a fund; per-share NAV divides that amount by outstanding shares.

Read first: Fund

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Asset Valuation, Liquidity and Risk

Definition support and open questions

Category: MARKET

Referenced source IDs: sec-net-asset-value

Settlement

The discharge of obligations from a transaction, such as delivering an asset and its payment.

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: ecb-payments-glossary-s

Tokenization

Recording a representation of an asset or claim on a programmable platform. The token alone does not establish the legal rights.

Read first: Asset · Claim

Related published learning

What Is a Real-World Asset?

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: bis-tokenisation · sec-tokenized-securities

Synthetic exposure

Economic exposure linked to a reference price or outcome through a contract, rather than direct ownership of the referenced asset.

Also used as: Reference exposure

Read first: Claim

Related published learning

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-tokenized-securities

Ownership

The legally recognized position of owning a particular asset. Its powers, limits and remedies depend on the asset, documents and applicable law; control of a token is a separate factual question.

Read first: Asset

Related published learning

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-bonds · sec-stocks · bis-tokenisation · sec-funds · unidroit-digital-assets2023 · sec-tokenized-securities

Liability

An obligation viewed from the party that must perform. The same financial relationship can be an asset for its holder and a payment obligation for the issuer.

Read first: Claim

Related published learning

Assets, Claims, Ownership and Liabilities

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-bonds · sec-stocks · bis-tokenisation · sec-funds · ifrs-conceptual-framework-summary2018

Counterparty

The other party to a particular agreement or obligation. Identify the legal entity and promised performance; a platform brand alone does not identify every counterparty.

Related published learning

Assets, Claims, Ownership and Liabilities

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-bonds · sec-stocks · bis-tokenisation · sec-funds · cftc-glossary · cftc-futures-mechanics

Debt

A financing obligation to pay under agreed terms. A debt claim does not automatically give the lender ownership of the borrower's assets or a security interest in them.

Read first: Claim

Related published learning

Bonds, Funds, Loans and Equity

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-bonds · sec-stocks · sec-funds · bis-tokenisation · sec-corporate-bonds-education

Equity

An ownership interest in an enterprise. Voting, distributions and recovery depend on the particular share and arrangement; a share-price-linked contract need not convey equity.

Also used as: Equity rights

Read first: Ownership

Related published learning

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-bonds · sec-stocks · sec-funds · bis-tokenisation · sec-tokenized-securities

Fund share

An interest in a pooled investment structure. The portfolio assets, holder's share and rules for valuation or redemption are distinct; a unit does not imply direct title to every portfolio asset.

Read first: Claim

Related published learning

Bonds, Funds, Loans and Equity

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-bonds · sec-stocks · sec-funds · bis-tokenisation

Cash flow

Cash received or paid during a stated period. Name its economic source, recipient and expenses; a token allocation rule cannot itself create the resources needed for payment.

Related published learning

Where Does RWA Yield Come From?

Definition support and open questions

Category: MARKET

Referenced source IDs: sec-bonds · sec-stocks · sec-funds · ifrs-ias7-about

Yield

A return measure expressed relative to a stated investment base and period. Expected income, realized receipts, fees and capital price changes must be distinguished before comparing percentages.

Read first: Cash flow

Related published learning

Where Does RWA Yield Come From?

Definition support and open questions

Category: MARKET

Referenced source IDs: sec-bonds · sec-stocks · sec-funds · finra-investment-value · finra-return-rate

Expenses

Resources spent to operate or service an investment arrangement. Expenses can reduce distributions even when gross asset income is unchanged; identify the payer, basis and period.

Read first: Cash flow

Related published learning

Where Does RWA Yield Come From?

Definition support and open questions

Category: MARKET

Referenced source IDs: sec-bonds · sec-stocks · sec-funds

Valuation

An estimate or measurement of worth under a stated method and date. A calculated value is different from an executable market quote or cash actually obtainable on exit.

Related published learning

Asset Valuation, Liquidity and Risk

Definition support and open questions

Category: MARKET

Referenced source IDs: bis-tokenisation · sec-funds · sec-bonds · sec-stocks · ifrs-conceptual-framework-summary2018 · finra-investment-value

Risk

Uncertain outcomes that can include loss or inability to act when needed. Identify the cause, affected obligation and failure path rather than treating physical backing or token visibility as safety.

Related published learning

Asset Valuation, Liquidity and Risk

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: bis-tokenisation · sec-funds · sec-bonds · sec-stocks

Programmability

The ability to express and execute specified rules in software. It may coordinate instructions and checks, while external assets, legal duties and operational exceptions still need accountable arrangements.

Related published learning

Why Tokenize an Asset?

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · sec-bonds · sec-funds · sec-tokenized-securities · erc3643

Reconciliation

Comparing records expected to correspond and investigating differences. A matching ledger entry alone does not prove that external money, assets and all liabilities are complete or correct.

Read first: Registry

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-funds · ecb-payments-glossary-r · bis-pfmi

Issuance

Creating and recording an interest under the instrument's authorized arrangement. Legal acceptance, verified payment and token minting can be separate events that need explicit reconciliation.

Related published learning

How Asset Tokenization Works

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-funds · sec-tokenized-securities · ecb-payments-glossary-r

Redemption

Exchanging or cancelling an interest in return for the agreed consideration under its rules. Eligibility, notice, valuation, timing and delivery conditions must be checked; a request is not completed payment.

Read first: Issuance

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-funds

Registry

An identified record set about an asset, interest or holder. Its authority, permitted writers and relationship to other legal or operational records must be established; a database label does not create title.

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-funds · sec-tokenized-securities · ecb-payments-glossary-r

Issuer

The entity issuing the particular instrument or obligation held by the investor. The underlying company's issuer and an intermediary issuing a linked claim may be different entities.

Read first: Issuance

Related published learning

Issuer-sponsored vs Third-party Tokenization

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-stocks · sec-tokenized-securities · ecb-payments-glossary-r

Intermediary

A party performing a specified role between participants, assets or systems. Safekeeping, distribution and claim issuance are different roles; identify each duty and counterparty rather than assuming one platform performs all of them.

Related published learning

Issuer-sponsored vs Third-party Tokenization

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-stocks · sec-tokenized-securities · ecb-payments-glossary-c · sec-transfer-agents

Authorization

Permission for a specified actor to perform a specified operation. Technical permission and legal authorization have separate scopes; a successful instruction does not establish every necessary approval.

Related published learning

Issuer-sponsored vs Third-party Tokenization

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · sec-stocks · sec-tokenized-securities · nist-authorization · erc3643

Holder rights

What the holder may own, demand, transfer or recover under the actual instrument and law. Analyze payment, voting, transfer, redemption and failure remedies separately; an absent source means unknown.

Also used as: Legal rights · Investor rights · Rights

Related published learning

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-bonds · sec-stocks · bis-tokenisation · sec-tokenized-securities

Token control

The ability to issue instructions affecting a recorded token position under platform rules. It does not by itself establish ownership of an external asset, unrestricted transfer rights or an enforceable redemption claim.

Read first: Tokenization

Related published learning

Token Ownership vs Legal Ownership

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · sec-stocks · sec-bonds · sec-funds · erc20 · erc3643 · sec-tokenized-securities · franklin-onchain-prospectus2026

Special-purpose vehicle (SPV)

An entity used for a specified arrangement. Its name does not prove liability isolation or bankruptcy protection; ownership, obligations and creditor priorities require the actual documents and law.

Also used as: SPV

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-funds · bis-special-purpose-entities2009

Custodian

A party assigned specified safekeeping functions. Identify the assets held, custody chain, segregation and recovery terms; a custodian role does not automatically make its customer the underlying owner.

Read first: Custody

Related published learning

SPVs, Issuers, Custodians and Transfer Agents

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-funds · ecb-payments-glossary-c · sec-tokenized-securities

Transfer agent

A party performing specified record and transfer functions for an instrument. Its mandate and authoritative register depend on the arrangement; it need not perform every custody or payment function.

Read first: Registry

Related published learning

SPVs, Issuers, Custodians and Transfer Agents

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · sec-funds · sec-transfer-agents · sec-transfer-agent-recordkeeping2001

Treasury exposure

Exposure connected to government debt through a direct security, fund share or intermediary claim. Identify the holder's actual instrument; reference to a government portfolio does not give every holder a direct government claim.

Related published learning

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-bonds · sec-funds · bis-tokenisation · sec-tokenized-securities · treasurydirect-marketable-securities

Treasury management

Managing an entity's funds and payment responsibilities within a stated mandate. An automated proposal is different from signing authority, and an instruction is different from evidence of completed settlement.

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Agentic Treasury and Asset Servicing

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: nist-ai-rmf-core · openzeppelin-access-control · act-treasurer-duties · act-treasury-policy · ecb-payments-glossary-s

Fund

A pooled investment arrangement holding a portfolio under its governing rules. Fund assets and the investor's share are distinct; portfolio description alone does not determine redemption access or the investor's legal claim.

Read first: Asset

Related published learning

Tokenized Treasuries and Funds

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-bonds · sec-funds · bis-tokenisation

Cost

The resources needed to achieve a defined outcome. Compare complete operating boundaries and count each charge once; a cheap ledger instruction does not prove a lower total settlement or investment cost.

Also used as: Costs

Related published learning

Definition support and open questions

Category: MARKET

Referenced source IDs: bis-tokenisation · sec-funds · cftc-metals-costs · sba-break-even

Servicing

Continuing work after issuance, including records, communications, calculations, payments and exception handling. Required events depend on the instrument; token creation alone does not complete these duties.

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: sec-bonds · sec-stocks · sec-funds · bis-tokenisation · sec-transfer-agent-recordkeeping2001 · ecb-payments-glossary-c

Scale

The measured operating volume used in an economic comparison, such as completed subscriptions or serviced accounts. Fixed and variable work must be counted consistently; more tokens alone do not demonstrate a sustainable service.

Related published learning

Tokenization Economics

Definition support and open questions

Category: MARKET

Referenced source IDs: bis-tokenisation · sec-funds · cftc-metals-costs · sba-break-even

Origination

In this course’s RWA workflow, sourcing, evaluating and accepting an asset or financing opportunity into an arrangement. The obligation, entitled seller, expected cash generation and servicing responsibilities need evidence before recording the asset as a token.

Related published learning

Asset Origination

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: sec-bonds · bis-tokenisation · bcbs-credit-risk2025 · bis-special-purpose-entities2009

Due diligence

A scoped investigation of material facts and risks before a decision. Document what was examined, by whom and when, preserve unanswered questions, and avoid treating a checklist as a guarantee of future performance.

Related published learning

Definition support and open questions

Category: RESEARCH

Referenced source IDs: sec-bonds · bis-tokenisation · finra-regnotice10-22

Underwriting

In this credit-origination context, evaluating whether to accept financing risk and on what terms. This is not a universal definition of securities underwriting or insurance; those meanings require separate treatment.

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: sec-bonds · bis-tokenisation · occ-credit-underwriting

Legal structure

The documented arrangement connecting entities, instruments, obligations and applicable law. It determines which party owes each performance and which remedies may apply; a marketing label is not a legal conclusion.

Related published learning

Legal Structure and Investor Rights

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-bonds · sec-stocks · bis-tokenisation · sec-tokenized-securities · bis-pfmi

Priority

The order or rank in which competing claims may be satisfied under the relevant arrangement and law. Collateral, seniority and insolvency treatment need their own evidence; asset backing alone does not establish rank.

Related published learning

Legal Structure and Investor Rights

Definition support and open questions

Category: FOUNDATIONS

Referenced source IDs: sec-bonds · sec-stocks · bis-tokenisation · sec-corporate-bonds-education

Know your customer (KYC)

A process for identifying and checking customer information under applicable requirements. Its scope varies by jurisdiction and arrangement; successful identity checks do not automatically establish eligibility for every product.

Also used as: KYC

Read first: Identity

Related published learning

Investor Onboarding and Eligibility

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: fatf-virtual-assets · bis-tokenisation · bcbs-aml-cft2020 · sec-tokenized-securities

Eligibility

Whether a participant meets a particular arrangement's admission conditions. Residence, investor category, identity, agreements and funding can require separate checks; satisfying one condition does not satisfy all of them.

Read first: Identity

Related published learning

Investor Onboarding and Eligibility

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: fatf-virtual-assets · bis-tokenisation · bcbs-aml-cft2020 · bis-pfmi · franklin-onchain-prospectus2026

Identity

Information used to establish which person or entity a record or instruction concerns. A wallet address and a checked real-world identity are different facts, and any connection between them needs a defined process.

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: fatf-virtual-assets · bis-tokenisation · bcbs-aml-cft2020 · sec-tokenized-securities

Subscription

A request and acceptance process for obtaining an issued interest under its rules, including the relevant payment and recording steps. A submitted form or pending payment is not evidence that units were issued.

Read first: Issuance

Related published learning

Subscription and Token Issuance

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: sec-funds · bis-tokenisation · sec-tokenized-securities · franklin-onchain-prospectus2026

Minting

Creating token units in the ledger under its technical rules. It must be linked to authorized issuance and reconciled consideration where required; executing mint does not independently prove a valid subscription.

Read first: Tokenization

Related published learning

Subscription and Token Issuance

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: sec-funds · bis-tokenisation · erc20 · erc3643 · sec-tokenized-securities · franklin-onchain-prospectus2026

Transfer

An instruction or record change moving an asset or interest under specified rules. Distinguish the ledger event from the associated legal transfer and from discharge of the trade's other obligations.

Related published learning

Trading, Transfer and Settlement

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-pfmi · ecb-payments-glossary-t · unidroit-digital-assets2023

Settlement finality

The point at which settlement becomes final under the relevant rules and legal basis. A technical confirmation is not automatically final discharge across every external asset and payment system.

Also used as: Finality

Read first: Settlement

Related published learning

Trading, Transfer and Settlement

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-pfmi · ecb-payments-glossary-f

Corporate actions

Events affecting an instrument or its holders, such as distributions or voting under the actual rights. Eligibility dates, calculations and processing responsibilities must follow the instrument rather than a generic token balance rule.

Related published learning

Redemption, Servicing and Corporate Actions

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: sec-bonds · sec-stocks · sec-funds · bis-tokenisation · ecb-payments-glossary-c

Token standard

A specification of expected interfaces and behavior for compatible software interaction. A balance or transfer interface does not itself specify external ownership, redemption rights or satisfaction of legal requirements.

Related published learning

RWA Token Standards

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: erc20 · erc3643 · sec-tokenized-securities

Interface

The defined operations and responses through which components interact. Check required behavior and failure results; successful communication does not prove the validity of the financial rights represented.

Related published learning

RWA Token Standards

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: erc20 · erc3643 · sec-tokenized-securities

Compliance

Conformity with requirements applicable to the actual activity, actor and jurisdiction. A technical rule engine implements specified checks but cannot by itself decide every applicable legal duty or certify compliance.

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: erc3643 · fatf-virtual-assets · bcbs-aml-cft2020 · unidroit-digital-assets2023

Attestation

A statement made by an identified attester about a specified fact under a defined process. Verify issuer authority, scope and currentness; a signature identifies a key but does not itself prove the external fact true.

Read first: Identity

Related published learning

Identity Registry and Compliance Engine

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: erc3643 · fatf-virtual-assets · w3c-vc-data-model-2

Permissions

Rules specifying which actors may perform which operations. Inspect both operational roles and the authority to grant, revoke or replace them; a restricted role can be bypassed through a more powerful administrator.

Read first: Authorization

Related published learning

Smart Contract Access Control

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: openzeppelin-access-control · erc3643

Governance

How decisions and rule changes are authorized, executed and accountable. Role administrators, upgrades and emergency actions create dependencies that must be included when describing who controls a system.

Read first: Permissions

Related published learning

Smart Contract Access Control

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: openzeppelin-access-control · erc3643 · nist-ai-rmf-core · openzeppelin-proxy

Security

Protection of the arrangement's relevant operations and assets against identified failure or misuse paths. Evaluate contracts, keys, external records and administrators together; a narrow code check is not assurance for the whole arrangement.

Read first: Trust boundary

Related published learning

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · openzeppelin-access-control · nist-security · owasp-threat-modeling · erc3643

Oracle

A mechanism supplying information for another system to consume. Its data source, update rules and failure behavior matter; reporting a value does not create or independently verify the referenced asset.

Read first: Registry

Related published learning

Asset Registry, Oracles and Reconciliation

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · sec-funds · ethereum-oracles · w3c-vc-data-model-2 · sec-tokenized-securities

Stablecoin

A token arrangement seeking a stable reference value. Identify the issuer's obligation, reserves and redemption terms; denomination or a stability objective does not guarantee par value, deposit status or unrestricted redemption.

Related published learning

Stablecoins, Tokenized Deposits and DvP

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: bis-tokenised-deposits · bis-pfmi · fsb-gsc2023 · bis-blueprint2023 · ecb-tokenisation2026

Tokenized deposit

A digital representation connected to a bank deposit arrangement. The bank liability, transfer and settlement structure must be identified; sharing a currency label with a stablecoin does not make the two claims identical.

Also used as: Deposit

Related published learning

Stablecoins, Tokenized Deposits and DvP

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: bis-tokenised-deposits · bis-pfmi · bis-blueprint2023 · ecb-tokenisation2026

Delivery versus payment (DvP)

Linking delivery and payment so final settlement of one occurs if and only if the linked obligation settles, under the stated arrangement. This addresses principal risk without eliminating all legal, liquidity or operational risks.

Also used as: DvP

Read first: Settlement

Related published learning

Stablecoins, Tokenized Deposits and DvP

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenised-deposits · bis-pfmi · ecb-payments-glossary-p

Audit

A scoped examination producing findings under a stated method and date. Identify the examined revision, controls and exclusions; a report on one component or period is not a guarantee for future operation of the entire arrangement.

Related published learning

RWA Security and Auditability

Definition support and open questions

Category: RESEARCH

Referenced source IDs: bis-tokenisation · openzeppelin-access-control · pcaob-as1215 · ethereum-contract-security · w3c-dwbp · owasp-threat-modeling

Trust boundary

A point where information or authority passes between components or parties with different assumptions. Identify the writer, consumer and enforcement rule, including what happens when input is false, stale or unavailable.

Related published learning

RWA Security and Auditability

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · openzeppelin-access-control · owasp-cloud-trust · ethereum-oracles

Taxonomy

A stated set of categories for organizing a comparison or dataset. Classify by the actual instrument, rights and role; overlapping analytical categories are not automatically mutually exclusive legal classifications.

Related published learning

Mapping the RWA Ecosystem

Definition support and open questions

Category: RESEARCH

Referenced source IDs: bis-tokenisation · sec-tokenized-securities · w3c-dwbp · fsb-gsc2023

Ecosystem

A scoped map of participants and dependencies in an arrangement. It should show functions and obligations, not only brands; several apparently different products may rely on the same critical party.

Related published learning

Mapping the RWA Ecosystem

Definition support and open questions

Category: RESEARCH

Referenced source IDs: bis-tokenisation · sec-tokenized-securities · fsb-gsc2023 · fsb-thirdparty2023 · ecb-tokenisation2026

Dependencies

Parties, data or services whose performance an operation requires. Record shared dependencies and failure effects instead of treating separate interfaces or brands as proof of independent risk.

Related published learning

Mapping the RWA Ecosystem

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · sec-tokenized-securities · fsb-thirdparty2023 · ecb-tokenisation2026 · ethereum-oracles

Research

An inquiry using a defined question, inclusion rule, unit and dated evidence. Separate current outstanding value, cumulative issuance and actual volume; a collected number is not meaningful without its measurement boundary.

Also used as: Market research

Related published learning

Definition support and open questions

Category: RESEARCH

Referenced source IDs: sec-bonds · sec-funds · bis-tokenisation · bis-ids-methodology · w3c-dwbp

Evidence

Material supporting a specified claim within a known scope and date. A source's existence does not establish every assertion; preserve the passage, jurisdiction, limitations and unresolved conflicts relevant to the claim.

Related published learning

Definition support and open questions

Category: RESEARCH

Referenced source IDs: bis-tokenisation · sec-tokenized-securities · pcaob-as1105 · w3c-dwbp

Private credit

Credit financing through non-publicly traded debt provided by non-bank lenders, such as credit funds or BDCs. Examine the actual borrower, lender or vehicle, repayment source and transfer terms rather than assuming public-market conditions; one BDC example does not define every private-credit arrangement.

Related published learning

Private Credit Tokenization

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-nontraded-bdc · sec-private-placements · fed-private-credit2024

Default

Failure to perform an obligation under its governing terms. Trigger, cure period, enforcement and recovery need the actual agreement; a token record can remain accurate while the borrower misses payment.

Related published learning

Private Credit Tokenization

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-nontraded-bdc · sec-private-placements · ecb-payments-glossary-d

Real estate exposure

Exposure connected to property through direct rights, company interests, debt, fund shares or another contract. A property image or vehicle interest does not automatically confer title to a particular building.

Also used as: Real estate

Related published learning

Real Estate Tokenization

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: sec-reit · bis-tokenisation · sec-bonds · sec-stocks · sec-funds

Business model

How an arrangement delivers a service, incurs obligations and earns revenue from identified payers. Provider revenue and holder return are different outcomes; the contract and economic incentives need separate analysis.

Related published learning

RWA Platform Business Models

Definition support and open questions

Category: MARKET

Referenced source IDs: bis-tokenisation · sec-funds · cftc-metals-costs

Fees

Amounts charged for specified services or events. Identify the payer, recipient, calculation base, currency and conditions; a known fee does not make other unverified costs zero.

Read first: Cost

Related published learning

RWA Platform Business Models

Definition support and open questions

Category: MARKET

Referenced source IDs: bis-tokenisation · sec-funds · cftc-metals-costs

Incentives

Benefits or costs that can influence a participant's behavior. Analyze who receives them and under which conditions; provider revenue growth, token rewards and improvements in holder outcomes are not interchangeable.

Related published learning

RWA Platform Business Models

Definition support and open questions

Category: MARKET

Referenced source IDs: bis-tokenisation · sec-funds · cftc-metals-costs · dydx-v4-funding

Artificial intelligence (AI)

In this research workflow, software assistance that can propose questions, extracts or drafts. Generated output remains a candidate until material claims are checked; confidence of wording does not create evidence or review authority.

Also used as: AI

Related published learning

AI for RWA Research

Definition support and open questions

Category: RESEARCH

Referenced source IDs: nist-ai-rmf · nist-ai-rmf-core · nist-gai-profile · google-document-extraction

Provenance

The trace connecting a statement or extracted value to its source, version and transformation. Preserve enough context to inspect and correct the result; a source URL alone does not show which passage supports it.

Read first: Evidence

Related published learning

AI for RWA Research

Definition support and open questions

Category: RESEARCH

Referenced source IDs: nist-ai-rmf · nist-ai-rmf-core · w3c-prov-overview · w3c-dwbp · google-document-resource

Extraction

Selecting structured candidate information from a document. Retain the source passage, fee or right type, units, effective period and uncertainty; a plausible isolated value is not a verified product term.

Read first: Evidence

Related published learning

Document Intelligence

Definition support and open questions

Category: RESEARCH

Referenced source IDs: nist-ai-rmf-core · google-document-extraction · google-document-resource · nist-gai-profile

Versioning

Identifying which revision a document, extraction or decision concerns and preserving changes. An older review cannot silently validate new wording or a later effective term.

Read first: Provenance

Related published learning

Document Intelligence

Definition support and open questions

Category: RESEARCH

Referenced source IDs: nist-ai-rmf-core · w3c-dwbp · google-document-resource · nist-gai-profile

Human review

An authorized person's examination and decision on an identified artifact and scope. Automated checks can supply evidence but cannot supply a human identity or approval; changed material needs the appropriate renewed review.

Also used as: Review

Read first: Evidence

Related published learning

Definition support and open questions

Category: RESEARCH

Referenced source IDs: nist-ai-rmf-core · fatf-virtual-assets · google-document-resource · w3c-dwbp

Authority

The legitimate mandate to make a particular decision or perform an operation. Identity checks, product admission, reporting and signing have distinct scopes; an assistant's output does not give it those powers.

Related published learning

AI-assisted Compliance Operations

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: nist-ai-rmf-core · fatf-virtual-assets · act-treasury-policy · bcbs-aml-cft2020

Automation

Software carrying out specified steps under a bounded policy. Separate proposals, authorized actions and observed completion, and inspect whether the software can expand its own permissions.

Read first: Authority

Related published learning

Agentic Treasury and Asset Servicing

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: nist-ai-rmf-core · openzeppelin-access-control · erc3643 · w3c-scxml · nist-authorization

Securities

A category requiring the actual instrument and applicable law to be identified. Shares, debt and fund interests have different holder rights; tokenization does not make all referenced or linked contracts the same security.

Related published learning

The Future of Tokenized Securities

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: bis-tokenisation · sec-tokenized-securities · bis-pfmi

Interoperability

The ability of systems to coordinate compatible records, instructions and outcomes under stated rules. Moving data or a token between systems does not by itself preserve legal rights or complete external settlement.

Related published learning

The Future of Tokenized Securities

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · sec-tokenized-securities · bis-pfmi · bis-blueprint2023 · ecb-tokenisation2026

Market structure

How issuance, trading, intermediaries and settlement are organized and connected. Shared technology can coexist with different legal claims, admission rules and operating hours; architecture does not erase these distinctions.

Related published learning

The Future of Tokenized Securities

Definition support and open questions

Category: MARKET

Referenced source IDs: bis-tokenisation · sec-tokenized-securities · bis-pfmi

Architecture

The arrangement of components, responsibilities and boundaries used to achieve a defined system behavior. Start with instrument rules and authoritative states, then locate enforcement and recovery; a diagram alone is not working control.

Related published learning

Build Your RWA System

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · nist-ai-rmf-core · nist-architecture · owasp-cloud-trust · erc3643 · sec-tokenized-securities

State machine

An explicit set of states and permitted transitions with their conditions and effects. It distinguishes requests, checks and completed outcomes so invalid transitions and repeated actions can be handled deliberately.

Read first: Architecture

Related published learning

Build Your RWA System

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · nist-ai-rmf-core · w3c-scxml

Validation

Checking an input, state or proposed transition against stated requirements at the relevant boundary. Passing one check does not prove every external fact or authorize an operation outside that check's scope.

Related published learning

Build Your RWA System

Definition support and open questions

Category: ENGINEERING

Referenced source IDs: bis-tokenisation · nist-ai-rmf-core · erc3643 · w3c-vc-data-model-2 · nist-authorization

Market functions

Functions such as financing, exchanging existing interests, transferring risk, price discovery and settlement. Identify which function a venue or service actually performs before attributing new financing or completed settlement to every trade.

Related published learning

Definition support and open questions

Category: MARKET

Referenced source IDs: sec-stocks · sec-bonds · sec-funds · bis-tokenisation · cftc-futures-mechanics · cftc-glossary · ecb-payments-glossary-s

Commodity exposure

Economic exposure connected to a commodity through physical rights, delivery claims, fund shares or derivatives. The same price chart can accompany different instruments, payment duties and failure risks.

Related published learning

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: bis-tokenisation · cftc-futures-basics · cftc-futures-mechanics · bis-pfmi · sec-etf · cftc-metals-costs · sec-tokenized-securities

Delivery

Performance of the agreed asset-delivery obligation, with specified quantity, quality, location and terms. A token transfer or reference price is not evidence that the physical goods or legal title were delivered.

Related published learning

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-tokenisation · cftc-metals-costs · cftc-futures-mechanics · ecb-payments-glossary-d · bis-special-purpose-entities2009

Payment lifecycle

The route from funding and authorization through transfer, conversion and the recipient's agreed completion condition. Network confirmation covers one step; merchant receipt or bank settlement may require additional evidence.

Related published learning

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: bis-tokenised-deposits · bis-pfmi · bis-blueprint2023 · wirex-eea-card-terms · coinbase-card-fees

Card operations

The distinct issuing, network, processing and programme functions supporting card use. Identify responsibilities from the actual regional agreement; a shared logo does not establish card type, issuer or balance protection.

Related published learning

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: coinbase-card-overview · wirex-eea-card-terms · cfpb-card-types

Spot market

A commodity market conventionally involving immediate delivery and payment under the agreed delivery terms. The word spot does not mean every payment, warehouse step and legal transfer completes instantly.

Read first: Delivery

Related published learning

Commodity Spot Markets

Definition support and open questions

Category: MARKET

Referenced source IDs: cftc-metals-costs · bis-tokenisation · cftc-glossary

Futures contract

A standardized contract traded on a futures exchange for specified future delivery or cash settlement. Physical or cash settlement, contract size, margin and expiry must be read from the actual contract rather than inferred from the referenced commodity.

Read first: Commodity exposure

Related published learning

Futures and Forwards

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: cftc-futures-basics · cftc-futures-mechanics · bis-pfmi

Forward contract

A negotiated arrangement specifying a future exchange between parties. Read its delivery, payment, collateral and transfer provisions; do not automatically import the rules of an exchange-traded futures product.

Read first: Counterparty

Related published learning

Futures and Forwards

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: cftc-futures-basics · cftc-futures-mechanics · bis-pfmi · cftc-glossary

Perpetual contract

A derivative contract without a scheduled expiry in the documented design. Funding, collateral, settlement asset and closing rules remain product-specific; absence of expiry does not remove ongoing obligations or liquidation risk.

Read first: Synthetic exposure

Related published learning

Perpetuals and Funding

Definition support and open questions

Category: INSTRUMENTS

Referenced source IDs: dydx-v4-funding · deribit-inverse-perpetual · deribit-funding-specifications · deribit-perpetual-risk-disclosure

Funding payment

An ongoing transfer under a perpetual contract's funding mechanism. Direction, reference, formula and timing require that product's specification; a documented example or conflicting formula cannot establish a universal funding rate.

Read first: Perpetual contract

Related published learning

Perpetuals and Funding

Definition support and open questions

Category: MARKET

Referenced source IDs: dydx-v4-funding · deribit-inverse-perpetual · deribit-funding-specifications · deribit-perpetual-risk-disclosure

Margin

Collateral or performance assurance required under a position's rules. In the cited futures teaching context it is not a down payment for the physical goods; initial funds do not necessarily bound possible losses.

Read first: Futures contract

Related published learning

Margin and Liquidation

Definition support and open questions

Category: MARKET

Referenced source IDs: cftc-futures-mechanics · cftc-futures-basics

Liquidation

A mechanism for closing or reducing a position when its collateral conditions fail under the actual rules. A warning threshold is not a promise of execution at that exact price or of no further loss.

Read first: Margin

Related published learning

Margin and Liquidation

Definition support and open questions

Category: MARKET

Referenced source IDs: cftc-futures-mechanics · cftc-futures-basics · dydx-v4-liquidations

Foreign-exchange conversion

Converting value between specified currencies at an identified rate and cost. Separate it from selling crypto to obtain spending funds and from additional programme charges; count overlapping components only once.

Read first: Cost

Related published learning

FX, Spreads and Hidden Fees

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: visa-dcc · wirex-fees · coinbase-card-fees · sec-forex-spread2011

Spread

A difference between relevant quoted or reference prices, which can contribute to transaction cost. Record the comparison basis and what a quoted conversion already includes; an unknown spread must not silently become zero.

Read first: Cost

Related published learning

FX, Spreads and Hidden Fees

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: visa-dcc · wirex-fees · coinbase-card-fees · sec-forex-spread2011 · coinbase-spread

Dynamic currency conversion (DCC)

An optional merchant or ATM conversion of a payment into another currency in the cited Visa education. Inspect the displayed amounts, rate and markup; it is distinct from selling a crypto asset to fund a card.

Read first: Foreign-exchange conversion

Related published learning

FX, Spreads and Hidden Fees

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: visa-dcc · wirex-fees · coinbase-card-fees

Card rewards

A conditional benefit tied to qualifying activity under a card offer. Evaluate the base, rate, cap, settlement asset, timing and exclusions together; a headline percentage is not proof of a user's realized cash saving.

Read first: Cost

Related published learning

Cashback and Rewards

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: coinbase-card-rewards · coinbase-card-fees · cfpb-rewards-spotlight2024

Debit card

In the cited U.S. CFPB education, a card generally spending funds in a linked bank account. That educational distinction does not classify every regional product or establish protection from its network logo.

Read first: Payment lifecycle

Related published learning

Debit vs Prepaid vs Credit Cards

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: cfpb-card-types · wirex-eea-card-terms · fdic-prepaid2019-archive

Prepaid card

In the cited U.S. CFPB education, a card using funds loaded in advance rather than a linked bank account. Check the actual regional balance issuer and terms; the label alone does not prove deposit status or insurance.

Read first: Payment lifecycle

Related published learning

Debit vs Prepaid vs Credit Cards

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: cfpb-card-types · fdic-prepaid2019-archive · wirex-eea-card-terms

Credit card

In the cited U.S. CFPB education, a card borrowing money that must be repaid under its terms, potentially with interest and fees. Crypto funding or a network logo does not independently determine the borrowing relationship.

Read first: Payment lifecycle

Related published learning

Debit vs Prepaid vs Credit Cards

Definition support and open questions

Category: PAYMENTS

Referenced source IDs: cfpb-card-types · coinbase-card-fees · coinbase-card-overview

Principal risk

The risk in an exchange that one obligation is finally performed while the linked counter-obligation is not. A delivery-versus-payment arrangement addresses this linkage without eliminating every credit, legal, liquidity or operational risk.

Read first: Settlement

Related published learning

Trading, Transfer and Settlement

Definition support and open questions

Category: LIFECYCLE

Referenced source IDs: bis-pfmi · ecb-payments-glossary-p

Source evidence

IFRS Foundation · International financial-reporting project summary; not a universal property-law rule