In affirmation, the side that sends the trade terms to the system can be a broker, a dealer, or a trading venue. The parties check the details and accept them. Discrepancies are resolved in a process between the parties1.

Affirmation and trade matching are both ways for the parties to agree on the details of a trade2. The difference is whether the submitted details are accepted or matched. In affirmation, the parties accept a trade submitted by a broker, a trading venue, or the like. In matching, the trade details that the parties submitted are matched.

Notes

  1. OSTTRA, "Trade Processing", the "Affirm" item and its text (acceptance starts the next step, and discrepancies are handled in a process between the parties). Checked on October 8, 2026. ↩

  2. Markit's response to the European Securities and Markets Authority (ESMA), dated February 13, 2015, footnote 4. It lists "affirmation/confirmation or matching" as the ways the parties reach "agreement". ↩