Trade reconciliation
Match internal/executed trades to broker/custodian records.
MIDDLE OFFICE SERVICES
Reconciliation that turns breaks into resolved exceptions.
Match trades, positions and cash across internal books and appointed institutions—and make every unresolved difference visible.
Overview
Reconciliation compares independent records of the same economic activity to identify missing, duplicated or inconsistent trades, positions, cash and balances. The control value comes from classification, ownership, ageing and resolution—not simply a match percentage.
It is foundational to hedge-fund and asset-manager operations and feeds NAV, treasury, collateral, reporting and oversight. It also matters in private credit and multi-bank family-office environments.
Our capabilities
Position reconciliation
Compare holdings by instrument and account.
Cash reconciliation
Compare internal/expected cash to bank/provider balances.
Break classification
Identify timing, mapping, economic or missing-record causes.
Ownership & ageing
Assign responsibility and monitor SLA.
Root-cause improvement
Convert recurring breaks into approved mapping or process fixes.
Service coverage
Core records
- OMS/PMS data
- PB / custodian files
- Bank statements
- Administrator books
- Security master / identifiers
- Prior exception rules
Operating activities
| Step | Activity | What happens |
|---|---|---|
| 1 | Normalise | Map formats, identifiers, accounts, currencies and dates. |
| 2 | Match | Apply deterministic approved matching logic. |
| 3 | Classify | Group unresolved differences by cause and materiality. |
| 4 | Assign | Route to Kelton/client/provider owner. |
| 5 | Resolve & evidence | Record correction or explanation. |
| 6 | Improve | Update mappings/rules after approved root-cause analysis. |
Reporting and oversight
- Daily reconciliation dashboard
- Break queue with owner/age/materiality
- Cash / position / trade reconciliations
- SLA / aged-break report
- Root-cause analytics
- Resolution evidence
What clients gain
Accurate trade matching
Match internal/executed trades to broker/custodian records.
Complete position comparison
Compare holdings by instrument and account.
Clear cash reconciliation
Compare internal/expected cash to bank/provider balances.
Faster root-cause classification
Identify timing, mapping, economic or missing-record causes.
Governance and integration
Reconciliation is delivered through defined responsibilities, controlled records and documented review. Material exceptions, judgements and approvals remain visible and attributable throughout the operating process.
- Independent-source comparison.
- Tolerance/materiality rules.
- No silent write-off of breaks.
- Maker/checker for rule changes.
- Full history of resolution and mapping updates.
Expertise and delivery
Experts behind the service.
Relevant professionals support service design, exception review and delivery governance where specialist judgement is required.
Meet our Experts & ProfessionalsTechnology that supports control.
Controlled data, workflow and review capabilities support consistent execution, transparent oversight and traceable evidence.
Explore Technology & ExpertiseConfigured around your operating model.
Services can be delivered through managed operations, technology enablement, co-sourced delivery or transition support.
See How We WorkFrequently asked questions
What should a reconciliation service explain?
Sources, matching logic, break taxonomy, ownership, ageing, escalation and evidence—not just “automated matching”.
Can AI resolve breaks?
It can classify breaks and propose explanations, but material corrections follow approved rules and review.
Does it duplicate the administrator?
It can be a focused manager-side control or integrated operations layer rather than a duplicate of every administrator process.
Discuss Reconciliation
Start with one workflow, one operating issue or one provider transition. We will map the current process, responsibility boundaries, required data and a practical first engagement.