About: Same-day affirmation

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In securities trading, same-day affirmation (SDA) also known as T0 refers to completing the entire trade verification process on the same day that the actual trade took place, and was invented in the early '90s by James Karat, the inventor of straight-through processing, in London. Trade verification is carried out on the institutional side of the market between the investment manager and the broker/dealer. This process ensures that the parties are in agreement about the essential trade details. The three key steps in the verification process that Karat created are:

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rdfs:label	Same-day affirmation (en)
rdfs:comment	In securities trading, same-day affirmation (SDA) also known as T0 refers to completing the entire trade verification process on the same day that the actual trade took place, and was invented in the early '90s by James Karat, the inventor of straight-through processing, in London. Trade verification is carried out on the institutional side of the market between the investment manager and the broker/dealer. This process ensures that the parties are in agreement about the essential trade details. The three key steps in the verification process that Karat created are: (en)
dcterms:subject	Settlement (finance) Transaction processing Financial markets
Wikipage page ID	24364970 (xsd:integer)
Wikipage revision ID	1058701198 (xsd:integer)
Link from a Wikipage to another Wikipage	Electronics Day trading software Depository Trust & Clearing Corporation Operational risk Straight-through processing Back office Settlement (finance) Financial News Failure rate Investment management Electronic trading Transaction processing Financial markets Transaction cost Audit trail Central Securities Depository Value chain T+2 Computer storage Securities trading Straight Through Processing List of European Union member states
Link from a Wikipage to an external page	http://www.omgeo.com/ http://www.oxera.com/ http://www.swift.com/ http://ec.europa.eu/internal_market/financial-markets/central_securities_depositories_en.htm http://www.bankingtech.com/bankingtech/article.do%3Farticleid=20000134948 http://www.efinancialnews.com/tradingandtechnology/trading/content/2451073351 http://www.lse.co.uk/FinanceGlossary.asp%3FsearchTerm=&iArticleID=238&definition=trade_confirmation http://ds.thomasmurray.com/sites/default/files/CMI/pdf/20130401%20CMI%20In%20Focus%20-%20Pre-matching%20and%20Matching%20Processes.pdf https://archive.today/20130125194914/http:/icfamagazine.com/public/showPage.html%3Fpage=icfa_display_news&tempPageId=803447 https://web.archive.org/web/20040618085257/http:/www.fixprotocol.org/ https://web.archive.org/web/20091229095939/http:/www.oxera.com/main.aspx%3Fid=7531 http://www.investopedia.com/terms/p/post-trade-processing.asp
sameAs	Same-day affirmation Same-day affirmation Same-day affirmation Same-day affirmation
dbp:wikiPageUsesTemplate	dbt:Reflist
has abstract	In securities trading, same-day affirmation (SDA) also known as T0 refers to completing the entire trade verification process on the same day that the actual trade took place, and was invented in the early '90s by James Karat, the inventor of straight-through processing, in London. Trade verification is carried out on the institutional side of the market between the investment manager and the broker/dealer. This process ensures that the parties are in agreement about the essential trade details. The three key steps in the verification process that Karat created are: 1. * Notice of execution by the broker/dealer. “CONFIRMATION” 2. * Affirmation or Rejection by the client of the transaction details. “AFFIRMATION” or "REJECTION" 3. * Transmission of allocation details by the investment manager (the splits). “ALLOCATION” The trade verification process concludes when the affirmation/allocation has been completed and then the clearing and settlement process begins, which also involves custodians, central securities depositories (CSDs), and other participants in the post-trading value chain. SDA leaves more time for the clearing and settlement processes within the intended settlement period, which in most markets means on the second day after trade execution (known as "T+2"). A market where SDA is the standard is also referred to as a "trade-date environment". This is seen as a critical enabler to achieving shortened settlement cycles, an objective the European Commission is driving through its Central Securities Depositories Regulation, and about which the United States has begun discussions as well, propelled in part by research commissioned by the Depository Trust & Clearing Corporation in 2012. (en)
prov:wasDerivedFrom	wikipedia-en:Same-day_affirmation?oldid=1058701198&ns=0
page length (characters) of wiki page	15390 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Same-day_affirmation
is Link from a Wikipage to another Wikipage of	T0 Straight-through processing Reference data (financial markets) SDA Same day affirmation Same-Day Affirmation
is Wikipage redirect of	Same day affirmation Same-Day Affirmation
is Wikipage disambiguates of	SDA
is foaf:primaryTopic of	wikipedia-en:Same-day_affirmation

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