> ## Documentation Index
> Fetch the complete documentation index at: https://developer.9squid.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Definitions of structured finance and platform-specific terms used throughout the 9Squid documentation.

A reference for structured finance and platform-specific terminology used across the 9Squid API documentation.

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## A

**ALM (Asset-Liability Management)**
The practice of managing financial risks that arise from mismatches between assets and liabilities. On 9Squid, ALM Analytics covers duration, convexity, NII sensitivity, EVE, VaR, and stress testing.

**Allocation**
The assignment of investor capital to a specific tranche within a deal. Allocations are confirmed after subscription and approval.

**Amortization**
The scheduled repayment of a loan's principal over time. Used in pool analytics to model cash flow waterfalls.

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## B

**Bearer Token**
The authentication credential required for all API requests. Passed in the `Authorization: Bearer <token>` header. Contact [support@9squid.com](mailto:support@9squid.com) to obtain one.

**Bulk Loan Upload**
A workflow that allows an originator to submit multiple loan tapes in a single job, each with its own upload URL and independent status tracking.

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## C

**Convexity**
A measure of the curvature of the relationship between bond prices and interest rates. Used in ALM analytics to capture interest rate sensitivity beyond duration.

**Credit Card Loan**
One of the supported loan tape types on 9Squid. Others include Auto, Personal, Mortgage, Student, and Business.

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## D

**Deal**
A structured finance transaction submitted by an originator. A deal begins with a loan tape upload and progresses through review, approval, and securitization.

**Deal Room**
A secure document workspace within a deal where originators upload supporting materials (W9 forms, legal documents, etc.) for investor and platform review.

**Deal Status**
The lifecycle state of a deal. Possible values: `DRAFT`, `IN_REVIEW`, `QC_COMPLETED`, `APPROVED`, `REJECTED`.

**Duration**
A measure of a bond or pool's sensitivity to interest rate changes — specifically the weighted average time to receive cash flows. Used in ALM analytics.

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## E

**Eligibility Rules**
Underwriting criteria configured per deal type that determine whether individual loans pass or fail Selection Criteria validation.

**EVE (Economic Value of Equity)**
A measure of how the present value of a portfolio's equity changes under interest rate stress scenarios. Part of ALM analysis.

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## I

**IOI (Indication of Interest)**
A non-binding expression of intent by an investor to participate in a deal. Submitted before a formal subscription commitment.

**Investor**
A platform role that provides access to the deal marketplace, subscriptions, allocations, portfolio reports, and analytics. Cannot access originator endpoints.

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## L

**Loan Tape**
A structured data file (CSV or XLSX) containing details of individual loans in a pool — loan IDs, balances, rates, terms, borrower attributes, and more.

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## N

**NII (Net Interest Income) Sensitivity**
The impact of interest rate changes on net interest income over a defined horizon. Part of ALM analysis on the 9Squid platform.

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## O

**Originator**
A platform role for entities that submit loan tapes, manage pools, and track deals through the review and approval lifecycle. Cannot access investor endpoints.

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## P

**Pool**
A collection of loans grouped together for securitization. Pool analytics provide aggregate statistics across all loans in the pool.

**Pool Analytics**
Aggregate statistics on a securitization pool: weighted averages (rate, term, LTV), delinquency breakdown, geographic distribution, and more.

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## Q

**QC (Quality Control)**
A platform review step that validates the loan tape data against format, completeness, and consistency standards. A deal in `QC_COMPLETED` status has passed this check.

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## S

**SC (Selection Criteria)**
An eligibility validation run that checks each loan in a tape against underwriting rules. Results include pass/fail status and exception detail per loan.

**Securitization**
The financial process of pooling loans and issuing securities backed by their cash flows to investors.

**Subscription**
A formal investor commitment to participate in a deal at a specific tranche and amount, following an IOI.

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## T

**Tranche**
A portion of a deal with defined risk, return, and seniority characteristics. Investors subscribe to specific tranches. Senior tranches have lower risk and return; junior tranches have higher risk and return.

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## V

**VaR (Value at Risk)**
A statistical measure of the maximum expected loss over a given time horizon at a given confidence level. Part of ALM stress testing on 9Squid.

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## W

**Webhook**
A real-time HTTP notification sent to your server when a platform event occurs (e.g. deal approved, SC completed, trade settled). See the [Webhooks](/workflows/webhooks) guide.