Which report is used to reconcile orders and their statuses?

Which report is used to reconcile orders and their statuses?

• A. Order Reconciliation Report (ORR)
• B. Trade Reconciliation Report (TRR)
• C. Central Limit Order Book (CLOB)
• D. Pre-trade transparency

Answer: (A)

The key idea is keeping order records in sync across systems. An Order Reconciliation Report tracks each order and its life cycle—when it was sent, accepted, amended, canceled, or filled—and compares the broker’s internal records with the venue’s feed. This helps catch mismatches like an order that the OMS shows as active while the venue already canceled it, or an order that was acknowledged by the exchange but not reflected correctly in the broker’s system. The other items don’t serve this purpose: a Trade Reconciliation Report focuses on matching trades to confirm execution details; a Central Limit Order Book is the venue’s actual list of live buy and sell interests, not a reconciliations tool; pre-trade transparency relates to displaying quotes and orders to the market before execution, not reconciling statuses.

The key idea is keeping order records in sync across systems. An Order Reconciliation Report tracks each order and its life cycle—when it was sent, accepted, amended, canceled, or filled—and compares the broker’s internal records with the venue’s feed. This helps catch mismatches like an order that the OMS shows as active while the venue already canceled it, or an order that was acknowledged by the exchange but not reflected correctly in the broker’s system.

The other items don’t serve this purpose: a Trade Reconciliation Report focuses on matching trades to confirm execution details; a Central Limit Order Book is the venue’s actual list of live buy and sell interests, not a reconciliations tool; pre-trade transparency relates to displaying quotes and orders to the market before execution, not reconciling statuses.