32 Custom House St.
Suite 501
Providence, RI 02903

Tel (401) 831-3600
Fax (401) 831-4376

“By using MITL-MATCH to verify our daily transactions, we are able to significantly reduce the number of errors and adjustments during month end position reconciliation.”

- Robert J. Anslow, General Partner of Globeflex Capital -

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Data Import and Matching

           MITL-MATCH is designed to import two types of feeds. One from the in-house record keeper and one from the outside reconciling source. The system expects one daily feed from the in-house record keeper and multiple feeds from the outside sources. This allows the systems to take in feeds from various outside sources and perform the reconciliation in one pass. MITL-MATCH also includes a facility that allows its users to build message files for transmission to the outside reconciliation sources, such as DTC.

           During the reconciliation process, MITL-MATCH employs a two-tiered matching process. The first matching tier identifies trades that were matched perfectly based on the client-specified matching criteria. This tier also takes into account preset tolerances of the financial data items such as commissions, fees and price. These tolerances are defined by the client and established by MITL during the initial system installation. The second matching tier identifies trades that are closely matched. The closely matched criteria is defined by the client and normally includes trades that were matched based on items such as price, net amount and broker but were NOT matched based on items such as Bank Id, Agent Account Number or Portfolio. Remaining trades are then deemed unreconclied and are reported as such.

Trade and Statistical Reporting

           MITL-MATCH offers a comprehensive reporting package that allows the back-office to view the transactions being fed into the system from the record-keeper as well as from outside sources. Additional reports are generated throughout the matching process that detail the matched trades and the closely matched trades as well as those trades that have no logical potential match.

           One of the other features MITL-MATCH offers is a daily and historical statistical reporting package allowing the back-office to identify patterns in unmatched trades by broker, portfolio and manager. Within a very short period of time, our clients are able to identify and correct the patterns in unmatched trades and ultimately achieve a matching rate of at least 97% resulting in a savings of time researching mismatched positions at month-end.