BDR MODI/CORR greater than T+1:

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Status: Best Practice Finalised, Last Updated: 15/02/2024

Question:

Summary: MODI / CORR: where ED is only +1 day prior to the RD:

· Note where references to DTCC event date vs. reporting date logic in this context takes place it means that the logic is checking to see if the ED is one day prior to the RD or greater than one day.
· This is important as where reporting is no more than one day after the ED, certain action types hit the TSR; if not, then only the TAR would be hit.

Current Submissions:

MODI / CORR:

· T vs. T+1 Submissions
· Assuming both sides of the trade have to report and both submission dates are the same.
· Where submission dates are not the same the field populations would need to match.
· Where fields do not match on different submission dates trades can end up paired but not matched on the TSR report, this is because the TR currently compares the event date from day 2 and not on day 1.
· Once both sides of the trade are terminated with an ETRM then both will be removed off of the TSR and appear on the latest reconciliation report for 30 days.

· ED - Event Date
· RD - Reporting Date

· MODI & CORR:
· Action types with an current ED (being T) and a current RD (being T+1) will:
· Hit the TAR
· Hit the latest TSR (once an ETRM is actioned and places the trade on the 30-day Reconciliation Report it should show the latest picture which would have been driven by the MODI or CORR action)
· Pair (pairing both cptys to one UTI)
· Match will take place (checking the fields for validation) and
· Be presented for reconciliation

Best Practice:
(SFTR-824)