Series 27: Reconfirmation Of Fails To Deliver

Taken from our Series 27 Online Guide

Reconfirmation of Fails to Deliver

Member firms that clear their OTC transactions through a registered clearing agency must participate in fail reconfirmation and pricing services when offered. The NSCC’s Reconfirmation and Pricing Service (RECAPS), for example, is an automated fail clearance system for eligible securities.

RECAPS serves as a central depository for failed or unsettled broker-to-broker obligations and allows its u

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