Brokerage Trade Execution & Settlement — impact tolerance ≤ 4 hours — ITOL

Impact tolerance: ≤ 4 hours — during market hours (9:30am–4:00pm ET), any trade-execution outage (illustrative default — trace the derivation, then replace with your own harm analysis)

Definition: Execute and settle equity, ETF, and mutual-fund trades on behalf of wealth-management and self-directed customers.

Why it is designated: Missed market participation causes measurable customer financial harm (price movement). Settlement runs on a T+1 cycle (trade date plus one business day) as of May 2024, with fixed deadlines set by DTCC/NSCC, the industry's clearing and settlement utility.