Execution receipts and reconciliation

An execution receipt is the desk’s sign-off on a broker-confirmed execution. It names the instruction, the trading order, the instrument, when it executed and the broker’s execution ID. The operations analyst prepares it as a draft, checks it against the verified evidence and submits it; at that point its revision is frozen. An independent reviewer then approves or rejects it. An approved receipt is completed once its local effects are recorded, and a rejected receipt is final.

Every guarded step in the desk, from preparing and submitting an instruction to reconciling evidence and approving a receipt, leaves an operation receipt. It records the operation key, the action, the revision it expected, when it happened, the external reference and the records it affected, with a result of pending, completed, failed or needs review. A retry with the same key returns the original result; conflicting input is refused.

Operation receipts are how the desk sees unfinished work. Anything pending, failed or needing review sits in the exception queue with its failure reason until reconciliation confirms its effects.

Operations analysts prepare receipts and clear exceptions; independent reviewers approve.

• Frozen on submission. The submitted revision is what gets approved.
• No self-approval. The preparer cannot approve the receipt.
• Every step receipted. Retries return the original result.

Agree what must be checked before a receipt is submitted and who may approve it. Agree how often reconciliation runs over the exception queue during the day and who owns each failure reason. Decide when a needs-review receipt is escalated to the desk manager. Prepare examples of an approved receipt, a rejected receipt and a failed submission retried.

A submission to a provider times out. The operation receipt shows pending with the expected revision. The trader retries; the same operation key returns the original pending result and nothing is sent twice. At the next reconciliation pass the provider’s reference matches the instruction, so the receipt is completed and leaves the exception queue.

Later an analyst submits a receipt whose broker execution ID does not match the evidence. The reviewer rejects it and the analyst prepares a new one from the correct evidence.

• Execution receipts awaiting approval — Submitted receipts waiting for a reviewer.
• Operation receipts exceptions — Pending, failed and needs-review operations with their failure reason.

• Execution reconciliation: Receipts from draft to completed.
• Completion verification: Clearing the exception queue.

Review roles and permissions before go-live.