Executions and evidence

When the provider reports back, each report becomes an evidence line on the instruction: a line number, the provider’s event ID, when it happened, the executed quantity, executed price and fees in US dollars, and the instruction revision it refers to. Lines start as pending. An operations analyst reconciles each one against its instruction and marks it verified when quantity, price, fees, revision and scope all match, or rejected when they do not.

Each provider event is taken once. A repeated event ID returns the earlier result and leaves a receipt, so a provider that sends the same message twice does not double-count. The instruction moves to confirmed only when verified evidence covers what was instructed; partial evidence leaves it open at the provider.

Broker executions on trading orders are kept beside the evidence: execution number, provider execution ID, quantity, price, fees, notional and time. A reversal names the execution it reverses, so a broker correction is recorded as a new line rather than an edit.

Operations analysts work the unverified list and the recent executions; traders see their instructions confirm.

• Pending until verified. Unverified evidence never confirms an instruction.
• Each event once. Duplicate provider events are recognised and ignored.
• Reversals, not edits. A broker correction is its own execution.

Agree the tolerance for price and fee differences, if any, and who decides on a line outside it. Agree which provider events count as evidence and how their IDs are mapped. Agree how broker reversals are reported and posted. Prepare examples of a matching line, a line with the wrong fees, a duplicate event and a reversal.

An instruction to buy US$1.5 million of an exchange-traded fund is submitted. The provider sends two evidence lines. The first matches quantity and price and is verified. The second shows fees of US$310 against an agreed US$210; the analyst rejects it and asks the provider for a corrected line. The instruction stays open at the provider.

The corrected line arrives with a new event ID and is verified. Verified evidence now covers the instruction, so it moves to confirmed with the confirmation time recorded.

• Execution evidence unverified — Pending evidence lines with quantity, price and fees.
• Recent executions — Broker executions with notional and fees.
• Instructions open at provider — Instructions still waiting for evidence.

• Execution reconciliation: From evidence line to confirmed instruction and approved receipt.

Check the data model before mapping provider events.