Contract Comparison

CONTRACT COMPARISON

Iain Mackay
Global Product Owner
Post-Trade Services
iain.mackay@equilend.com
+44 20 7426 4402

OVERVIEW

Contract Comparison allows users to compare contract terms for US and non-US equities and fixed income contracts, identify discrepancies, and view and reconcile the breaks online. Comparisons can be performed on loan contracts, returns, recalls, and collateral records. Contract Comparison facilitates the Mark-to-Market process and the billing process by enabling users to identify and reconcile differences early in the life cycle of a trade.


HOW CONTRACT COMPARISON WORKS
  • Open contracts or contracts pending settlement are submitted by both counterparties at a pre-agreed time
  • Corresponding counterparty records are compared and discrepancies identified
  • Results are returned immediately after the matching algorithm is complete
  • Counterparties reconcile breaks by taking actions and using comments on the browser
  • Counterparties take appropriate actions in their proprietary systems to correct breaks

KEY FEATURES
  • Contracts can be compared even if not traded on the EquiLend platform
  • Comparison process can run at one of several predetermined times or throughout the day
  • Corporate actions can be reconciled, or managed to avoid breaks by the Security Linker or Exclude Security functions.
  • Flexible exception rules accommodate differences in counterparties’ proprietary systems
  • Customizable tolerances eliminate false breaks due to rounding and small monetary differences
  • Security level aggregation with the ability to see lot level details
  • Customizable browser shows relevant fields in any order
  • A sophisticated matching algorithm ensures that breaks appear cleaner and more succinct
  • Public and private comments provide the ability to record notes on a break
  • Persistent actions and comments allow users to track break age and history
  • Customizable management reporting to review break trending and aging
  • Available through XLS file upload via the browser