BizTerm Definition
Fiat
Full Definition

Any user, system or satellite activity that will have an effect on balances and positions will trigger a fiat request. Each transaction is sent to be fiated. The fiat process performs three tasks: 1. Shielding. 2. Position limit checking. 3. Position updating. If the transaction is not allowed, for example because a limit is exceeded, then one of three things occurs: 1. he transaction is rejected and returned to the person who requested the fiat. 2. the transaction is accepted and the details of the fiat `rejection' are kept by the system for possible future action. 3. the transaction is held by the fiateur pending further action.


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