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      What reconciliation controls does KOR offer?

      Reconciliation allows you to compare the TR trade state against KOR's.

      Reconciliation has some key inputs - endpoint reports, templates, and matching rules. This is all viewable at a record level within the UI, and over API. 

      Batches can be run with the following parameters: 

      Left Universe - KOR Trade State

      Timezone
      Asset Class
      Jurisdiction
      Repository
      As Of Driver
      Right Universe - External TR (DTCC for this example) 
      Report Id
      Asset Class
      O Code

      Monitoring

      A great way to monitor reconciliations is by using the reconciliation dashboard. This provides a high level view of accuracy, status, matches and breaks. To investigate a break, click on it within the dashboard. 

      Over the API, you can programmatically monitor breaks and use those responses to trigger internal alerts. 

      KOR Reconciliation API Developer documentation

      Reconciliation Between KOR and DTCC for CFTC

      The reconciliation offered between KOR and DTCC for CFTC is based on KOR's current trade state (meaning all open CFTC regulatory messages in KOR Reporting services) with the last Trade State Report offered by DTCC. Once a client has granted KOR access to this file in DTCC KOR can automate retrieval daily. 

      KOR offers a reconciliation service between its current trade state and the last Trade State Report provided by DTCC for CFTC reporting. This ensures that all open CFTC regulatory messages in KOR Reporting Services are aligned with the DTCC records.

      How Reconciliation Works:

      1. Current Trade State in KOR: KOR will use the current trade state, which includes all open CFTC regulatory messages in KOR Reporting Services.

      2. DTCC Trade State Report: The reconciliation is performed against the most recent Trade State Report available from DTCC.

      3. Granting Access to DTCC Files:

        • Clients need to grant KOR access to their Trade State Report in DTCC.
        • Once access is provided, KOR can automate the retrieval of this report daily.

      4. Daily Automation: KOR will automatically pull the latest Trade State Report from DTCC on a daily basis and run a comparison against KOR’s current trade state to identify any discrepancies or mismatches. Clients can then automate their API calls to run the reconciliation each morning, we recommend scheduling this for 9:00 AM EPT.

      Reconciliation Between KOR and ICE for ACER

      KOR offers a reconciliation service for ACER reporting between the messages it submits to ICE's Registered Reporting Mechanism (RRM) and the reconciliation file provided by ICE. This ensures that all reports submitted through KOR align with what ACER received from ICE that was reported by KOR.

      How Reconciliation Works:

      1. KOR ACER Regulatory Messages: KOR uses the regulatory messages that have been reported to ICE RRM for the day, covering all ACER reporting activity.

      2. ICE ACER Reconciliation File: The process involves comparing KOR’s reported messages against ICE's ACER Recon file, which lists all messages received by ICE for the day. This does NOT include any messages reported on behalf of the Client by a submitter other than KOR Financial.

      3. Daily Reconciliation:

        • The reconciliation process is performed daily to ensure consistency between what KOR reports and what ICE & ACER receives.
        • KOR can automatically pull the ICE ACER Recon file and perform the comparison to identify any discrepancies.