General Principles

• Participants in the Institutional Trade Process (ITP) acknowledge the need to confirm trade details as soon as practical after trade execution and develop, maintain and implement policies and procedures based on industry best practices to ensure this happens.
  
  
• Trade related parties, to reconcile trade details, identify trade discrepancies or disputed trades and resolve them as soon as possible after each step in the trade flow process so that processing delays associated with clearing discrepancies are minimized.
  
  
• Trade details are recorded by trade related parties on underlying record keeping applications the same day, and as soon as practical following their receipt from other trade related parties.
  
  
• Participants in the institutional trade process utilize the Standard Data Elements as set out in the CCMA Best Practices. The Standard Data Elements outline the minimum trade information required at each step in the trade flow process to ensure delay-free processing.
  
  
• Communication of trade details among trade related parties should be made via electronic data transfer to minimize errors or delays associated with re-entry of trade details.
  
  
• Participants in the institutional trade flow process provide adequate lead-time for other trade-related parties to meet their requirements to complete the trade confirmation process.