Comparisons, Confirmations, and DK Notices
Chapters in this video
- 0:00 Uniform comparison contents and mutual double-entry rule
- 1:01 End-of-trade-date deadline with no exceptions
- 2:36 Corrected comparison for discrepancies, not DK
- 3:24 DK notice triggers and formal workflow
- 4:24 One-business-day response window and silence-as-rejection
- 5:17 The customer confirmation trap: no such thing as customer DK
- 6:34 Rapid-fire exam recap
What this video covers
- What the Uniform Comparison must contain (trade date, settlement date, CUSIP plus name and type, quantity, price, parties, capacity, special terms) and why any missing element makes it incomplete
- Why both members must send their own comparison by the end of the trade date, with no extra day for non-cash trades
- How a discrepancy between two received comparisons is fixed: the party in error sends a corrected comparison, not a DK notice
- The two exclusive triggers for a Don't Know (DK) notice: no record of the trade, or no comparison received from the contra party by the trade date close
- The one-business-day response rule after DK receipt, and why silence means automatic DK with zero further liability for the confirming member
- Why DK notices are strictly inter-member (broker-to-broker) and never apply to retail customer disputes, which trigger complaints instead
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 24 course also includes adaptive practice questions and spaced-repetition flashcards, free through the end of 2026.