eRecs matching occurs once a day during the EOD processing. During the matching process eRecs will attempt to create a match between the firm's Internal trades and externally sourced trades. External trades can be from Atlantis, GPS or Invoices.
Erecs uses Match Levels to create these matches. The match levels are represented by a number. The match levels start at 01 which is an Exact match. As the match levels increase in number they become less Exact or perfect which allows for exceptions in the matching criteria.
Match Levels are then grouped into Match Categories
Matches are created at one to one or many to many (M2M) levels. In M2M match groups eRecs allows for more than 1 trade on the internal and/or external side.
Match Level 01, 02, 03 or Exact Matches consider all matching ingredients. These matches are automatically Match Approved which trigger the eRecs Auto Affirm or Auto Approve functionality.
Matching Ingredients: Trade Date, Exchange, Quantity, Fee Type, Fee Amount, Fee Currency, Clearing Broker (RCV Side matching), Parent Entity (PAY Side matching), GiveUp Ref, Commodity Code, Trade Price, Buy/Sell, Put/Call
The Info button at the top of the Reconciliation Screens has a Match Level tab which will provide all match levels and matching ingredients considered in each. Match Levels differ across each external source (Atlantis/ GPS/ Invoices). To review matching information per each external source user should use filter on Source.