# Glossary

## Introduction about Jiko Pockets

Each Jiko Pocket is a combination of a bank and a brokerage account, where clients get the utility of an operating account with the safety, yield, and transparency of direct T-bill ownership.

Each pocket operates as follows:

- Incoming payments (deposits, collections from third parties) in the bank account of the pocket are automatically swept into the brokerage account where they are immediately invested in T-bills.
- Outgoing payments (withdrawals, payments to third parties, fees) from the bank account of the pocket automatically trigger the liquidation of the necessary amount of T-bills in the brokerage account, amount which is then swept back to the bank account to fund the payment.


As a result, the bank and brokerage accounts in each pocket reflect the following daily activity and balances:

| Account in the Pocket | Opening Balance | Transactions | Closing Balance |
|  --- | --- | --- | --- |
| Bank Account | Always $0 | Set of bank transactions (e.g., incoming ACH, incoming Wire, outgoing Wire...). Including sweeps to/from the brokerage account. | Always $0, as a result of sweep transactions. |
| Brokerage Account | Total value of held securities plus any residual cash at the start of the day (see below). | • Held T-bill buy/sell transactions.• Residual cash: any cash amount too small to be invested in a single T-bill (so this cash amount is always inferior to $100 per pocket).• AUM fees.• Gains/Losses: resulting from changes in market prices. | Total value of held securities plus any residual cash at the end of the day. |