The FCA has written to the market for an unprecedented second time in a year regarding the requirement for reconciliations.
It has highlighted the below common errors they have been seeing in TR data. The CN tools are being reviewed and if required updated to capture all these items.
Price and price currency not consistent
Price multiplier inconsistent with price and quantity
Inaccurate reporting of national ids (1st 2nd 3rd priorities)
Buyer DM = buyer id
Buyer DM not populated when client is buyer
Buyer DM not populated when asset manager has a fund as buyer
Buyer as fund when investment manager expected
Wrong executing entity
Submitting entity must be the ARM
Misuse of INTC
Default of SSI to UNDI
Default of Commodity Derivative indicator to FALSE for transactions executed in financial instruments that are not commodity derivatives.