Comparison and Verification of Confirmations
Once a confirmation has been received, each party must compare and verify the confirmation. Sometimes a party will receive a confirmation for a transaction with terms and conditions it does not accept. It may even receive a confirmation for a transaction it does not recognize at all. Discrepancies between the two trade confirmations must be promptly resolved. If a party cannot confirm the trade, it must immediately notify the confirming party and send within one business day a written notice of non-recognition (“don’t know” or DK notice), indicating its non-recognition of the trade. Once the two parties resolve their differences, the erring party has one business day to send the contra party a corrected confirmation. If the discrepancies cannot be resolved by close of business on the day following receipt of the DK notice, the party that sent the notice of non-recognition may promptly send the other a written cancellation notice, terminating the trade.
MSRB Rule G-12(d)
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