One definition per term. No corporate throat-clearing.

Clearing

A clearing house that interposes itself between the two counterparties of a trade, becoming buyer to every seller and seller to every buyer. Replaces bilateral credit risk with CCP credit risk.

Clearing

The legal act by which a CCP becomes a principal to a trade, extinguishing the original bilateral contract and replacing it with two back-to-back contracts against the CCP.

Clearing

Collateral posted by a clearing member at trade inception to cover potential future exposure over a standard close-out period. Typically sized via SPAN or an expected shortfall model.

Clearing

Daily or intraday settlement of mark-to-market gains and losses between clearing members and the CCP. Paid in cash or accepted high-quality liquid assets.

Clearing

A mutualised pool of collateral contributed by clearing members, used to cover losses that exceed the defaulting member's own IM. Sits at a specific layer of the default waterfall.

Clearing

The ordered sequence in which a CCP applies resources after a member default — first the defaulter's IM, then its default-fund contribution, then the CCP's skin-in-the-game, then the mutualised fund.

Clearing

A standard under PFMI (Principles for Financial Market Infrastructures) requiring a CCP to maintain prefunded resources sufficient to withstand the default of the two clearing members that would create the largest aggregate credit exposure.

Clearing

US post-trade financial services infrastructure. Formed 1973 by merger of DTC and NSCC. Wavestar's regulatory and architectural analog for securities clearing.

Clearing

Exchange and CCP for futures and options. Clears the world's leading interest-rate, equity-index, FX, and commodity contracts. Analog for Wavestar's derivatives-clearing track.

Clearing

CCP for interest-rate swaps (SwapClear), repo, and commodities. Now part of LSEG. Reference for Wavestar's OTC-swap-cleared ISL-capacity designs.

Clearing

Society for Worldwide Interbank Financial Telecommunication. The messaging network that moves financial messages between banks globally. The truth-layer analog for Wavestar Attest.

Trust

An append-only log whose contents are summarised by a Merkle tree root. Inclusion proofs let a client verify that a given entry is in the log without downloading the whole log.

Trust

A pairing-friendly elliptic curve used for short signatures and efficient aggregation. Wavestar uses BLS12-381 for Attest quorum signatures — N partial signatures aggregate to one short signature.

Trust

A signature scheme in which any t of n parties can jointly produce a valid signature, but fewer than t cannot. Wavestar Attest uses BLS-based threshold signatures for quorum attestations.

Trust

The minimum number of independent attesters that must co-sign a given fact for it to be accepted as a settlement input. Quorum size is defined per instrument class in the Wavestar rulebook.

Trust

The process of producing a single, deterministic byte representation of structured data — so that two representations of the same logical payload produce the same hash and signature.

Trust

JSON Canonicalization Scheme. The IETF standard that Wavestar uses to produce a canonical JSON byte-representation before any payload is hashed or signed.

Trust

CBOR Object Signing and Encryption. The IETF envelope format Wavestar uses for signed payloads crossing module boundaries.

Registry

A W3C standard (DID Core) for globally unique identifiers that resolve to DID Documents containing public keys and service endpoints. Wavestar extends DID with the did:orbit method.

Trust

The architectural property that one operator's data, transactions, and state can never leak to another operator. In Wavestar, enforced at the database wrapper level — every query is tenant-scoped.

Trust

An explicitly-permissioned operation that reads or joins data across tenants. Requires a named rationale, is logged, and is alerted on. Used sparingly and never silently.

Trust

A log whose contents are publicly auditable and whose history cannot be silently rewritten. Wavestar's permissioned transparency log is built on Google Trillian.

Orbital

A terrestrial antenna and radio system that communicates with spacecraft. Ground stations provide downlink, uplink, telemetry, and tracking services — billed in minutes or bytes.

Orbital

Transmission of data from a spacecraft to a ground station. Downlink minutes and downlink bytes are both cleared asset classes on Wavestar ORCH.

Orbital

A communication link between two spacecraft, typically optical (laser) in modern systems. ISL capacity is a growing clearable asset class as Kepler and SDA Tranche 1 come online.

Orbital

Any spacecraft operation that modifies, refuels, repairs, or assembles another spacecraft in orbit. Includes Orbit Fab fuel transfers and Northrop MEV rendezvous.

Orbital

Coordinated spacecraft manoeuvres bringing two vehicles into close proximity. A prerequisite for every ISAM service — docking, fuel transfer, inspection.

Orbital

The manoeuvre in which one spacecraft approaches another to within operating distance. On Wavestar, a rendezvous success is an Attest-signed fact that may trigger settlement.

Orbital

Physical transfer of propellant mass from a tanker spacecraft to a customer spacecraft in orbit. Cleared as a delivery-contingent contract on ORCH with propellant grams as the settlement unit.

Orbital

An instrument or payload integrated onto a host spacecraft belonging to a third party. Available as power, thermal, attitude, and downlink allocations for a fixed term.

Orbital

A unit of usable radio-frequency capacity, denominated in bandwidth × time × geographic coverage. The clearable deliverable under spectrum-rights contracts.

Orbital

A specific location in orbit — most commonly a GEO longitude — assigned by ITU coordination. Tradable in limited ways and subject to ITU and national regulator approval.

Orbital

A predicted close approach between two space objects. Conjunction coordination requires data exchange between operators — a process today performed bilaterally and at growing cost.

Orbital

A coordinated group of spacecraft designed to deliver a service jointly. Starlink, OneWeb, Planet, Iridium — each has specific orbital, licensing, and clearing characteristics.

Orbital

Orbital altitudes below approximately 2,000 km. Home to the majority of communications and Earth observation constellations.

Orbital

Orbital altitudes between approximately 2,000 and 35,786 km. Home to GPS, Galileo, and GlobalStar-class systems.

Orbital

Orbital altitude of approximately 35,786 km — a spacecraft in GEO appears fixed above a point on the equator. Subject to ITU slot allocation.

Orbital

A LEO orbit that precesses at the same rate as Earth's revolution around the Sun — so the spacecraft passes overhead at the same local solar time every day. Typical for Earth observation.

Orbital

An elliptical orbit with a perigee in LEO and apogee at GEO altitude, used as a transfer orbit to GEO. Often the drop-off orbit for commercial GEO launches.

Regulatory

The ITU's public database of filed space network systems — the authoritative record of spectrum coordination filings by national administrations. Wavestar reconciles its registry against ITU SNS nightly.

Regulatory

International Bureau Filing System — the FCC's electronic filing portal for space, international, and earth-station applications. Authoritative for US spectrum claims.

Regulatory

A CFTC-registered entity that clears contracts of sale of a commodity for future delivery. Wavestar's planned registration for clearing ISAM forwards and ISL-capacity swaps.

Regulatory

A CFTC-registered trading facility for swaps. Required for Dodd-Frank-mandated clearing of certain swap categories. Wavestar's medium-term track for standardised orbital derivatives.

Regulatory

A CFTC-registered board of trade — an exchange for futures and options. Wavestar's long-term track for exchange-traded orbital derivatives.

Regulatory

A FinCEN registration category covering entities that transmit, exchange, or hold funds on behalf of others. Wavestar's first regulatory track, supporting segregated settlement accounts.

Regulatory

An SEC-registered non-exchange trading venue. Wavestar's planned venue for spectrum-rights matching under Form ATS-N.