Knowledge Base
Exchange Technology Glossary
A 250-term reference for exchange technology, clearing, settlement, risk management, market infrastructure and ADEX infrastructure concepts.
Exchange Fundamentals
Exchange TechnologyExchange technology is the specialised software and infrastructure used to operate an organised market. It supports order entry, matching, market data, risk management, clearing, settlement, surveillance and reporting.Exchange InfrastructureExchange infrastructure is the full technology and operational environment required to operate a market. It includes trading, matching, market data, risk, clearing, settlement, custody, surveillance, reporting and administration.Exchange SoftwareExchange software refers to the applications used to operate a trading venue. It may include the trading interface, matching engine, market data system, risk engine, administration tools and reporting systems.Exchange-as-a-ServiceExchange-as-a-Service is a model where a specialist technology provider supplies the infrastructure required to operate a market. It may include trading, risk, clearing, settlement, surveillance, APIs and managed services.Regulated Exchange PlatformRegulated Exchange Platform is a exchange fundamentals term used in exchange infrastructure. It is relevant to regulated exchange platform and institutional market operations.Market InfrastructureMarket infrastructure is the set of systems, institutions and workflows that allow markets to operate. It includes trading, clearing, settlement, custody, payments, reporting and supervision.Market OperatorMarket Operator is a exchange fundamentals term used in exchange infrastructure. It is relevant to exchange technology and institutional market operations.Trading VenueTrading Venue is a exchange fundamentals term used in exchange infrastructure. It is relevant to exchange technology and institutional market operations.Multilateral Trading FacilityMultilateral Trading Facility is a exchange fundamentals term used in exchange infrastructure. It is relevant to regulated exchange platform and institutional market operations.Organized Trading FacilityOrganized Trading Facility is a exchange fundamentals term used in exchange infrastructure. It is relevant to regulated exchange platform and institutional market operations.Central Limit Order BookA central limit order book, or CLOB, is a market structure where buy and sell orders are displayed in a central book and matched according to defined rules, usually price-time priority.Order BookAn order book is the record of resting buy and sell orders in a market. It shows bids, offers, quantities and price levels.Limit OrderLimit Order is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Market OrderMarket Order is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Stop OrderStop Order is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Iceberg OrderIceberg Order is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Post-Only OrderPost-Only Order is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Time in ForceTime in Force is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Good Till CancelledGood Till Cancelled is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Immediate or CancelImmediate or Cancel is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Fill or KillFill or Kill is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Trading SessionTrading Session is a exchange fundamentals term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Opening AuctionOpening Auction is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Closing AuctionClosing Auction is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Continuous TradingContinuous Trading is a exchange fundamentals term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.
Matching and Market Data
Matching EngineA matching engine is the execution core of an exchange. It receives orders, maintains the order book, applies matching rules and creates trades when compatible interests meet.Order MatchingOrder Matching is a matching and market data term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Price-Time PriorityPrice-time priority is a matching method where the best price has priority, and orders at the same price are ranked by arrival time.Pro-Rata MatchingPro-Rata Matching is a matching and market data term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Hybrid Matching AlgorithmHybrid Matching Algorithm is a matching and market data term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Matching PriorityMatching Priority is a matching and market data term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Trade ExecutionTrade Execution is a matching and market data term used in exchange infrastructure. It is relevant to matching engine technology and institutional market operations.Execution ReportExecution Report is a matching and market data term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Trade CaptureTrade capture is the recording of executed trades into the exchange, clearing or post-trade system. Accurate trade capture is essential for clearing, settlement, reporting and audit trails.Trade ConfirmationTrade Confirmation is a matching and market data term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Order Entry GatewayOrder Entry Gateway is a matching and market data term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Session GatewaySession Gateway is a matching and market data term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Market Data FeedMarket Data Feed is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Full Depth FeedFull Depth Feed is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Top of BookTop of Book is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Level 1 Market DataLevel 1 Market Data is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Level 2 Market DataLevel 2 Market Data is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Incremental RefreshIncremental Refresh is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Snapshot FeedSnapshot Feed is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Sequence NumberSequence Number is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Market Data ReplayMarket Data Replay is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Reference DataReference Data is a matching and market data term used in exchange infrastructure. It is relevant to market data technology and institutional market operations.Instrument DefinitionAn instrument definition describes the tradable product listed on an exchange. It may include symbol, asset class, tick size, lot size, expiry, settlement method and trading status.Tick SizeTick size is the minimum price increment by which an instrument can move. It is defined in the contract specification and enforced by the exchange system.Lot SizeLot size is the standard trading unit for an instrument. Exchange technology must enforce lot sizes through order validation and product configuration.
APIs and Connectivity
FIX APIA FIX API uses the Financial Information eXchange protocol for institutional trading connectivity. It is widely used by banks, brokers, market makers and professional trading firms.JSON APIA JSON API is a modern application interface commonly used for web, mobile, dashboard and digital asset workflows. It may support trading, balances, positions, market data, settlement and administration.Binary APIA binary API is a high-performance connectivity protocol designed to reduce message size and processing overhead. Binary APIs are often used by latency-sensitive trading firms and market data consumers.REST APIREST API is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.WebSocket APIWebSocket API is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Order Entry APIOrder Entry API is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Market Data APIA market data API provides access to price, trade, order book, reference and settlement data. It may support real-time feeds, snapshots, incremental updates and historical data.Clearing APIClearing API is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Settlement APISettlement API is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Admin APIAdmin API is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Custody APICustody API is a apis and connectivity term used in exchange infrastructure. It is relevant to custody infrastructure and institutional market operations.API AuthenticationAPI Authentication is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.API AuthorizationAPI Authorization is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.API ThrottlingAPI Throttling is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Rate LimitRate Limit is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Message ProtocolMessage Protocol is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Low-Latency ConnectivityLow-Latency Connectivity is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Co-LocationCo-Location is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Drop CopyDrop Copy is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Post-Trade FeedPost-Trade Feed is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Participant PortalParticipant Portal is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Client ConnectivityClient Connectivity is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Gateway FailoverGateway Failover is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Message SequencingMessage Sequencing is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Protocol CertificationProtocol Certification is a apis and connectivity term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.Exchange APIAn exchange API allows participants, brokers, market makers and third-party systems to connect to the exchange for trading, market data, account information, reporting or administration.
Risk and Margin
Pre-Trade RiskPre-trade risk checks occur before an order enters the market. They may include collateral, account status, permissions, order size, price reasonability and position limits.Post-Trade RiskPost-Trade Risk is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Real-Time MarginingReal-Time Margining is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Initial MarginInitial margin is collateral required to support a position before or when it is opened. It is intended to protect the market against potential future losses.Variation MarginVariation margin reflects gains and losses on open positions as market prices move. It helps reduce the build-up of unpaid losses in futures and derivatives markets.Maintenance MarginMaintenance Margin is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Portfolio MarginingPortfolio margining calculates margin based on the risk of a portfolio rather than each position in isolation. It can recognise offsets between related or correlated positions.SPAN MarginSPAN Margin is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Value at RiskValue at Risk is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Stress TestingStress Testing is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Scenario AnalysisScenario Analysis is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Concentration MarginingConcentration Margining is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Margin EscalatorMargin Escalator is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Cross-MarginingCross-Margining is a risk and margin term used in exchange infrastructure. It is relevant to portfolio margining system and institutional market operations.Collateral HaircutCollateral Haircut is a risk and margin term used in exchange infrastructure. It is relevant to collateral intelligence and institutional market operations.Collateral EligibilityCollateral Eligibility is a risk and margin term used in exchange infrastructure. It is relevant to collateral intelligence and institutional market operations.Credit LimitCredit Limit is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Trading LimitTrading Limit is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Position LimitA position limit restricts the maximum position that a participant, account, firm or clearing member may hold in a product, contract or market.Exposure LimitExposure Limit is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Kill SwitchKill Switch is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Price Reasonability LimitA price reasonability limit prevents orders from being entered or executed too far away from a reference price. It helps reduce erroneous trades and disorderly markets.Fat Finger CheckFat Finger Check is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.DAMSDAMS™, or Dynamic Account Margining System, is ADEX Technology’s approach to account-level margining and portfolio risk management. It is designed to support real-time margin calculations across related contracts and positions.Dynamic Account Margining SystemDynamic Account Margining System is a risk and margin term used in exchange infrastructure. It is relevant to dams and institutional market operations.Dynamic IMRDynamic IMR is a risk and margin term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.
Clearing
Central CounterpartyA central counterparty, or CCP, is an entity that interposes itself between buyers and sellers. It becomes the buyer to every seller and the seller to every buyer, reducing bilateral counterparty exposure and centralising risk management.CCP SoftwareCCP Software is a clearing term used in exchange infrastructure. It is relevant to ccp software and institutional market operations.Clearing TechnologyClearing Technology is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Clearing House SoftwareClearing house software is technology used to manage trades, positions, margin, collateral, netting, default waterfalls, clearing member accounts and settlement obligations.Trade ClearingTrade Clearing is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Real-Time ClearingReal-time clearing is the continuous or near-continuous updating of trades, positions, margin and obligations after execution. It reduces delays between trading and risk recognition.Pre-Funded ClearingPre-Funded Clearing is a clearing term used in exchange infrastructure. It is relevant to pre funded clearing and institutional market operations.NovationNovation is a legal process where an original trade between two counterparties is replaced by new contracts involving a clearing house or CCP.Open InterestOpen interest is the total number of outstanding derivative contracts that remain open. It is a key risk metric in futures and options markets.NettingNetting reduces obligations by offsetting exposures. It may apply to positions, payments or settlement deliveries. Netting can reduce operational complexity and collateral requirements.Multilateral NettingMultilateral Netting is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Trade CompressionTrade Compression is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Default WaterfallA default waterfall defines the sequence of resources used if a participant defaults. It may include the defaulting participant’s margin, clearing member resources, clearing house resources, default funds and loss allocation mechanisms.Guarantee FundGuarantee Fund is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Default FundDefault Fund is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Clearing MemberClearing Member is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.General Clearing MemberGeneral Clearing Member is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Direct Clearing MemberDirect Clearing Member is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Client ClearingClient Clearing is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Clearing AccountClearing Account is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.House AccountHouse Account is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Client AccountClient Account is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Give-Up TradeGive-Up Trade is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Clear ChainClear Chain™ is ADEX Technology’s clearing architecture designed to connect execution, risk, collateral and settlement logic into an integrated clearing layer. It reflects the move towards real-time or near real-time clearing infrastructure.Cleared TradeCleared Trade is a clearing term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.
Settlement and Custody
Settlement TechnologySettlement Technology is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Settlement CycleA settlement cycle defines when settlement occurs after the trade date. Examples include T+0, T+1 and T+2.T+0 SettlementT+0 Settlement is a settlement and custody term used in exchange infrastructure. It is relevant to real time settlement system and institutional market operations.T+1 SettlementT+1 Settlement is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.T+2 SettlementT+2 Settlement is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Spot SettlementSpot settlement is the settlement of a spot trade, where the buyer and seller exchange assets on or shortly after the trade date.Futures SettlementFutures settlement is the process of completing the final obligations of a futures contract. It may involve cash payment, physical delivery or delivery of a digital or tokenised asset.Delivery SettlementDelivery Settlement is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Settlement FinalitySettlement Finality is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Delivery Versus PaymentDelivery versus payment, or DvP, is a settlement principle where delivery of the asset occurs if and only if payment occurs. It reduces principal risk in settlement.Payment Versus PaymentPayment Versus Payment is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Digital Asset SettlementDigital Asset Settlement is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Token SettlementToken Settlement is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Custody InfrastructureCustody Infrastructure is a settlement and custody term used in exchange infrastructure. It is relevant to custody infrastructure and institutional market operations.Digital CustodyDigital custody is the safekeeping and control of digital assets. It includes wallet infrastructure, private key management, transaction approvals, access controls, segregation and reconciliation.Qualified CustodyQualified Custody is a settlement and custody term used in exchange infrastructure. It is relevant to custody infrastructure and institutional market operations.Collateral ManagementCollateral Management is a settlement and custody term used in exchange infrastructure. It is relevant to clear vault and institutional market operations.Collateral TransferCollateral Transfer is a settlement and custody term used in exchange infrastructure. It is relevant to clear vault and institutional market operations.Collateral SubstitutionCollateral Substitution is a settlement and custody term used in exchange infrastructure. It is relevant to clear vault and institutional market operations.Settlement InstructionSettlement Instruction is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Settlement QueueSettlement Queue is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Failed SettlementFailed Settlement is a settlement and custody term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Clear VaultClear Vault™ is ADEX Technology’s settlement and collateral operations interface. It is designed to support post-trade allocation, treasury management, collateral visibility, settlement readiness and asset control.Collateral IntelligenceCollateral Intelligence™ is ADEX Technology’s concept for collateral that is actively understood, optimised and connected to the risk, clearing and settlement lifecycle of the market. It treats collateral as a programmable infrastructure component rather than a passive balance.Programmable CollateralProgrammable collateral is collateral that can be governed by rules, allocated dynamically, linked to obligations and restricted or released according to market events.
Markets and Instruments
Spot MarketA spot market is a market where assets are bought and sold for immediate or near-immediate delivery.Futures MarketFutures Market is a markets and instruments term used in exchange infrastructure. It is relevant to futures exchange technology and institutional market operations.Perpetual FuturesPerpetual futures are derivative contracts without a fixed expiry date. They are common in digital asset markets and usually rely on funding payments or similar mechanisms to align with the underlying market.Options MarketOptions Market is a markets and instruments term used in exchange infrastructure. It is relevant to derivatives exchange technology and institutional market operations.Derivatives ExchangeDerivatives Exchange is a markets and instruments term used in exchange infrastructure. It is relevant to derivatives exchange technology and institutional market operations.Commodity ExchangeA commodity exchange is a venue for trading products linked to physical goods such as metals, energy, agricultural products, fuel or warehouse receipts. Commodity exchanges often require physical delivery, custody and settlement infrastructure.Digital Asset ExchangeDigital Asset Exchange is a markets and instruments term used in exchange infrastructure. It is relevant to crypto exchange technology and institutional market operations.Crypto ExchangeCrypto Exchange is a markets and instruments term used in exchange infrastructure. It is relevant to crypto exchange technology and institutional market operations.Carbon ExchangeCarbon Exchange is a markets and instruments term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Climate MarketA climate market is a market for products linked to weather, climate or environmental variables. These markets require reliable data ingestion, contract methodology, settlement calculations and auditability.Freight MarketA freight market is a market for products linked to transport, shipping or logistics capacity. It may involve route definitions, delivery windows, container capacity and settlement workflows.FX ExchangeFX Exchange is a markets and instruments term used in exchange infrastructure. It is relevant to fx exchange technology and institutional market operations.Equities ExchangeEquities Exchange is a markets and instruments term used in exchange infrastructure. It is relevant to equities exchange technology and institutional market operations.Bond ExchangeBond Exchange is a markets and instruments term used in exchange infrastructure. It is relevant to bond exchange technology and institutional market operations.Hash Rate MarketA hash rate market is a market linked to computational power used in proof-of-work blockchain networks. It can allow miners, investors and other participants to hedge or trade exposure to mining economics.Hash Rate FuturesHash Rate Futures is a markets and instruments term used in exchange infrastructure. It is relevant to hash rate market technology and institutional market operations.Deliverable FuturesDeliverable futures are futures contracts that can result in delivery of the underlying asset at expiry. They require delivery rules, custody arrangements, settlement workflows and controls over delivery readiness.Cash-Settled FuturesCash-Settled Futures is a markets and instruments term used in exchange infrastructure. It is relevant to futures exchange technology and institutional market operations.Physically Delivered FuturesPhysically Delivered Futures is a markets and instruments term used in exchange infrastructure. It is relevant to deliverable futures infrastructure and institutional market operations.Forward ContractForward Contract is a markets and instruments term used in exchange infrastructure. It is relevant to derivatives exchange technology and institutional market operations.Contract SpecificationA contract specification defines the terms of a listed product. It may include the underlying asset, contract size, tick size, expiry date, settlement method, delivery process, trading hours and margin rules.Expiry DateExpiry Date is a markets and instruments term used in exchange infrastructure. It is relevant to futures exchange technology and institutional market operations.Last Trading DayLast Trading Day is a markets and instruments term used in exchange infrastructure. It is relevant to futures exchange technology and institutional market operations.Delivery PeriodDelivery Period is a markets and instruments term used in exchange infrastructure. It is relevant to deliverable futures infrastructure and institutional market operations.Settlement PriceSettlement Price is a markets and instruments term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Tokenised Real-World AssetsTokenised Real-World Assets is a markets and instruments term used in exchange infrastructure. It is relevant to tokenised real world assets and institutional market operations.
Carbon and Climate
Carbon CreditA carbon credit is an environmental instrument representing a claimed reduction, removal or avoidance of greenhouse gas emissions. Its value depends on factors such as project type, vintage, methodology, registry, jurisdiction, verification and eligibility.Carbon AllowanceCarbon Allowance is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Carbon OffsetCarbon Offset is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Verified Carbon UnitVerified Carbon Unit is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Climate FutureClimate Future is a carbon and climate term used in exchange infrastructure. It is relevant to climate market technology and institutional market operations.Renewable Energy CertificateRenewable Energy Certificate is a carbon and climate term used in exchange infrastructure. It is relevant to climate market technology and institutional market operations.Guarantee of OriginGuarantee of Origin is a carbon and climate term used in exchange infrastructure. It is relevant to climate market technology and institutional market operations.Emissions Trading SystemEmissions Trading System is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Cap-and-TradeCap-and-Trade is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Voluntary Carbon MarketVoluntary Carbon Market is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Compliance Carbon MarketCompliance Carbon Market is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Carbon RegistryCarbon Registry is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Carbon SettlementCarbon Settlement is a carbon and climate term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Carbon DeliveryCarbon Delivery is a carbon and climate term used in exchange infrastructure. It is relevant to staggered delivery and institutional market operations.Climate ProductClimate Product is a carbon and climate term used in exchange infrastructure. It is relevant to climate market technology and institutional market operations.Environmental CommodityEnvironmental Commodity is a carbon and climate term used in exchange infrastructure. It is relevant to commodity exchange technology and institutional market operations.Carbon Market InfrastructureCarbon Market Infrastructure is a carbon and climate term used in exchange infrastructure. It is relevant to carbon market infrastructure and institutional market operations.Climate Market InfrastructureClimate Market Infrastructure is a carbon and climate term used in exchange infrastructure. It is relevant to climate market technology and institutional market operations.Offset RetirementOffset Retirement is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Tokenized Carbon CreditTokenized Carbon Credit is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Carbon Credit CustodyCarbon Credit Custody is a carbon and climate term used in exchange infrastructure. It is relevant to custody infrastructure and institutional market operations.Climate Risk ContractClimate Risk Contract is a carbon and climate term used in exchange infrastructure. It is relevant to climate market technology and institutional market operations.Carbon FuturesCarbon Futures is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Carbon Spot MarketCarbon Spot Market is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.Emissions Allowance FuturesEmissions Allowance Futures is a carbon and climate term used in exchange infrastructure. It is relevant to carbon exchange technology and institutional market operations.
Operations and Surveillance
Market SurveillanceMarket surveillance is the monitoring of orders, trades and participant behaviour to identify potential abuse, disorderly activity, manipulation or breaches of market rules.Market Abuse MonitoringMarket Abuse Monitoring is a operations and surveillance term used in exchange infrastructure. It is relevant to market surveillance technology and institutional market operations.Trade SurveillanceTrade surveillance is the monitoring of orders and trades to identify unusual, abusive or disorderly behaviour.Order SurveillanceOrder Surveillance is a operations and surveillance term used in exchange infrastructure. It is relevant to market surveillance technology and institutional market operations.Audit TrailAn audit trail is a complete record of orders, amendments, cancellations, trades, risk actions, administrative changes, settlement instructions and system events. Audit trails are central to regulated exchange technology because they allow the venue to reconstruct market activity.Trade ReconstructionTrade Reconstruction is a operations and surveillance term used in exchange infrastructure. It is relevant to market surveillance technology and institutional market operations.Alert WorkflowAlert Workflow is a operations and surveillance term used in exchange infrastructure. It is relevant to market surveillance technology and institutional market operations.Exception ManagementException Management is a operations and surveillance term used in exchange infrastructure. It is relevant to market surveillance technology and institutional market operations.Market HaltMarket Halt is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Circuit BreakerCircuit Breaker is a operations and surveillance term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Volatility InterruptionVolatility Interruption is a operations and surveillance term used in exchange infrastructure. It is relevant to risk management technology and institutional market operations.Trading SegmentTrading Segment is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Participant ManagementParticipant Management is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Member OnboardingMember Onboarding is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Role-Based Access ControlRole-Based Access Control is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Privilege GroupPrivilege Group is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Maker-Taker FeeMaker-Taker Fee is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Trading RebateTrading Rebate is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Fee ScheduleFee Schedule is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Regulatory ReportingRegulatory reporting is the production and submission of required information to regulators, supervisors or internal compliance teams. It may include trades, positions, market data, client assets, custody records and incidents.Operational ResilienceOperational Resilience is a operations and surveillance term used in exchange infrastructure. It is relevant to market infrastructure technology and institutional market operations.Disaster RecoveryDisaster Recovery is a operations and surveillance term used in exchange infrastructure. It is relevant to market infrastructure technology and institutional market operations.High AvailabilityHigh Availability is a operations and surveillance term used in exchange infrastructure. It is relevant to market infrastructure technology and institutional market operations.Business ContinuityBusiness Continuity is a operations and surveillance term used in exchange infrastructure. It is relevant to market infrastructure technology and institutional market operations.Service Level AgreementService Level Agreement is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange as a service and institutional market operations.Reporting APIReporting API is a operations and surveillance term used in exchange infrastructure. It is relevant to exchange api and institutional market operations.
ADEX Concepts
ADEX TechnologyADEX Technology is a adex concepts term used in exchange infrastructure. It is relevant to company and institutional market operations.Exchange Infrastructure BrandExchange Infrastructure Brand is a adex concepts term used in exchange infrastructure. It is relevant to company and institutional market operations.Clear Chain Real-Time ClearingClear Chain Real-Time Clearing is a adex concepts term used in exchange infrastructure. It is relevant to clear chain and institutional market operations.Clear Vault Collateral ManagementClear Vault Collateral Management is a adex concepts term used in exchange infrastructure. It is relevant to clear vault and institutional market operations.DAMS MarginingDAMS Margining is a adex concepts term used in exchange infrastructure. It is relevant to dams and institutional market operations.Staggered Delivery MechanismStaggered Delivery Mechanism is a adex concepts term used in exchange infrastructure. It is relevant to staggered delivery and institutional market operations.Collateral Intelligence FrameworkCollateral Intelligence Framework is a adex concepts term used in exchange infrastructure. It is relevant to collateral intelligence and institutional market operations.Pre-Funded Risk ModelPre-Funded Risk Model is a adex concepts term used in exchange infrastructure. It is relevant to pre funded clearing and institutional market operations.Real-Time Settlement LayerReal-Time Settlement Layer is a adex concepts term used in exchange infrastructure. It is relevant to real time settlement system and institutional market operations.Exchange Administration PlatformExchange Administration Platform is a adex concepts term used in exchange infrastructure. It is relevant to exchange administration technology and institutional market operations.Risk EngineA risk engine is the component of exchange infrastructure that calculates and monitors margin, collateral, exposures, limits, open interest and account status.Clearing EngineClearing Engine is a adex concepts term used in exchange infrastructure. It is relevant to clearing technology and institutional market operations.Settlement EngineSettlement Engine is a adex concepts term used in exchange infrastructure. It is relevant to settlement technology and institutional market operations.Surveillance EngineSurveillance Engine is a adex concepts term used in exchange infrastructure. It is relevant to market surveillance technology and institutional market operations.Custody LayerThe custody layer is the part of exchange infrastructure that controls or connects to asset safekeeping. It is central to market integrity because the exchange must ensure that traded assets are properly held, controlled and reconciled.Multi-Asset SupportMulti-Asset Support is a adex concepts term used in exchange infrastructure. It is relevant to exchange technology and institutional market operations.24/7 Market Operations24/7 Market Operations is a adex concepts term used in exchange infrastructure. It is relevant to market infrastructure technology and institutional market operations.Real-Time Clearing InfrastructureReal-Time Clearing Infrastructure is a adex concepts term used in exchange infrastructure. It is relevant to clear chain and institutional market operations.Real-Time Settlement InfrastructureReal-Time Settlement Infrastructure is a adex concepts term used in exchange infrastructure. It is relevant to clear vault and institutional market operations.Deliverable Futures Collateral TransitionDeliverable Futures Collateral Transition is a adex concepts term used in exchange infrastructure. It is relevant to staggered delivery and institutional market operations.Strategic Collateral ManagementStrategic Collateral Management is a adex concepts term used in exchange infrastructure. It is relevant to collateral intelligence and institutional market operations.Programmable Market InfrastructureProgrammable Market Infrastructure is a adex concepts term used in exchange infrastructure. It is relevant to market infrastructure technology and institutional market operations.Regulated Digital Asset InfrastructureRegulated Digital Asset Infrastructure is a adex concepts term used in exchange infrastructure. It is relevant to digital asset market infrastructure and institutional market operations.Institutional Exchange InfrastructureInstitutional Exchange Infrastructure is a adex concepts term used in exchange infrastructure. It is relevant to exchange technology and institutional market operations.Market Infrastructure Technology ProviderMarket Infrastructure Technology Provider is a adex concepts term used in exchange infrastructure. It is relevant to market infrastructure technology and institutional market operations.Staggered DeliveryStaggered Delivery™ is ADEX Technology’s model for reducing delivery risk in deliverable futures by progressively transitioning collateral requirements towards the underlying delivery asset as expiry approaches.