Erecs will automatically Match Approve all “Exact Match” Match Levels.
Exact Matches that are systematically marked as Match Approved are subject for Auto-Affirm or Auto-Approve.
An Exact Match occurs when all 12 matching ingredients match between the internal and external trade(s).
- Matching Ingredients: Trade Date, Exchange, Quantity, Fee Type, Fee Amount, Fee Currency, Broker, GiveUp Ref, Commodity Code, Trade Price, Buy/Sell, Put/Call
If a Match Group contains any breaks, it will not be Match Approved, therefore no Automated Affirm/ Approve.
Payable trades will not be Auto Approved until the Receiver has Affirmed the trades. Then eRecs automatically Approves the trades.
If the Match Group contains many trades, then eRecs will not Approve until the Receiver Affirms all trades in the Match Group to prevent partial settlement of a match group.