How do Correction messages work?

If I identify that I have reported incorrect information on a message or messages what do I do?

Transaction Messages

Where incorrect data has been reported on a message, the user should submit an updated message with the action type of "CORR" and the same event timestamp of the misreported message. 

Where multiple messages where misreported a CORR message with a matching timestamp should be reported for each. 

Why is this important? 

When a Client elects to create trade state reports they can elect to have it run by either [Message submitted timestamp] or [Event timestamp]. As such, when [Event timestamp] is selected and KOR has multiple messages with the same event timestamp, KOR will use the last one based on [Message submitted timestamp] to generate the trade state report for the select "As of" date.