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Reconciliations & Contract Compare

Reconciliations & Contract Compare

ISLA continues to support the use of automated vendor solutions as best practice for reconciliations and contract compare. Best practice for all reconciliations and contract comparing is to use one of these automated market vendors. Contract Compare is a functionality which allows on-line reconciliation of outstanding contracts via external market vendors. These comparisons can be performed against all aspects of the underlying loan details. Comparing these records between counterparties and improves reconciliation rates and reduces the downstream implications of any un-reconciled trade/breaks for counterparties involved *Vendor solutions are also available for a number of other post settlement reconciliations*. (IBP-153 AGREED IN 2017)

File Types

Files provided to automated vendors, offering the counterparty who has signed up to the vendor a similar standard of reconciliation and contract compare product. (IBP-154 AGREED IN 2017)

File Content and Frequency

Files should be sent to the market vendor at least once a day by both counterparties. Where vendors offer more frequent reconciliation capabilities, counterparties may choose to match trades on a more frequent basis. These files should contain all details of underlying loans in order to facilitate complete Compare. This comparison can be performed on all aspects of the underlying loan contract. The minimum amount of fields that should be compared are:
- Security name
- Security identifier
- MIR (Manufactured Income Rate)
- Nominal
- Value
- Fee/Rate
- Trade dates
- Collateral type
- Collateral currency

NB: Further fields can be compared if bilaterally agreed with counterparties. (IBP-155 AGREED IN 2017)

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