Clearing and settlement.

The transaction is not complete until obligations become final, ownership is recorded, and failure paths are understood.

Validate and confirm the transaction.

Calculate obligations, risk, margin, and collateral.

Move cash and assets with defined finality.

Align records, custody, and asset servicing.

Handle default, disruption, and resolution.

Counterparty risk

Liquidity risk

Settlement risk

Custody risk

Operational risk

Legal risk

Cybersecurity

Concentration

Interdependency

Recovery and resolution