The Reconciliation screen drives the workflow in eRecs. This screen loads all External trades and, where available, the internal matched trade based on selected filters.
There are two separate Reconciliation search screens, one for receivables and one for payables. External trades are sourced from.
The Info button at the top of the reconciliation screen will allow firms to review Match Level details and Alias Groups per Data Source (Atlantis, GPS, or eInvoices).
The Match Levels tab in this menu contains all match levels and matching criteria. The most confident matches are coded 01, Exact Match. As you move down the table, match level codes increase, and more exceptions are considered in the matching criteria. This menu will also indicate which match levels will trigger automation events.
The Alias tab allows you to review all aliases created in the system. Aliases are created to associate the value on the external system to the value on the internal system. Aliases are created for Brokers (for Receivables only), Commodity Codes, and Give Up References (clearing accounts).
Source – User must first filter by a Source. The source will define where the external trades are sourced from being Atlantis, GPS or eInvoice.
Month or Trade Date – The month options will allow user to search by 1 trade month at a time. To filter by more than 1 month at a time user must select at least 2 other filters (Exchange and/or Entity). The Trade Date selection will allow user to search for a single trade date or range of trade dates.
In the Optional portion of the search filters, users can narrow search results through the following filters. The options in the remaining filters are populated based on source and date filters selected.
Exchange – search by one or many exchanges
Billed Entity or Entity – search by counterparty on the trades, which is defined by broker code mappings
M Level- search by one or many match levels defined by the Match Category or Match Description
Invoice (Payables Only) – search for trades by a specific invoice number
Clearing Account- clearing account on Atlantis trade
Reviewer State- trades that are Complete, Receiver Review or Payer Review
Payer State- Payer status is approved, rejected, held or neutral (Pending)
Receiver State- Receiver status is affirmed, held or neutral(Pending)
Settlement Status- Fully Settled or Not Settled
Atl Cannot Settle- Atlantis Cannot Settle reason preventing trades from settlement
Source Reference (Payables)
The selection for Include Reconciled Items will include trades that are marked as Match Approved. Erecs will automatically mark Atlantis trades as Match Approved that are a Match Level 01, 02 or 03 in the Auto Affirm/ Auto Approve process. This selection will also include trades that were marked as Match Approved by a user.
The selection for Include UNK Currency will include trades with UNK as the currency. These trades have no fee amount and are marked with 0 and UNK currency in eRecs only. The UNK is an abbreviation for unknown currency. Best practice for these trades is to review the Atlantis Cannot Settle Reason and Fee Calc Failure reasons to investigate why the trades do not have a fee.
The selection for Include Breaks will include trades with a break indicator such as Rejected trade, Bill Carry trade, or Zero Fee trade. Trades that have open breaks are not considered in eRecs Auto Affirm or Auto Approve functionality. For more information on managing breaks, reference the Open Breaks on Trades documentation.
After entering search criteria, select the Load button. Trades will load in the Reconciliation screen on a trade-by-trade basis, displaying the External trades matching to an Internal trade when possible. The Match Level number, Match Level Name and Match Level Category are all displayed in the first few columns of the grid. Trades load in order of Match Level with 01 being first. If an External trade does not match to an internal trade, it will be labeled as Unmatched.
It is possible that trades are matched in a Many-to-Many group, M2M, where there is more than one trade on the External and/or the Internal source in the match group.