Unit of competency Outline
Date retreived
23/07/2026 1:15 AM AWST
23/07/2026 1:15 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Complete confirmation and settlement processes
Complete confirmation and settlement processes
Unit of competency
National Code
FNSFMK514
FNSFMK514
State Code
OBR84
OBR84
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
080101 - Accounting
Original Release Date
02/10/2020
Nominal Hours
40
Description
This unit describes the skills and knowledge required to check dealing transaction information to complete confirmation and settlement processes.The unit applies to individuals who use specialised knowledge and systematic approaches to complete confirmation and settlement processes for both automated and manual settlements.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Validate trades
- 1.1 Validate trades by checking details of transaction recorded on internal trading system to information communicated to clients by front office
- 1.2 Follow up any discrepancies with front office before initiating confirmation flow
2. Confirm trades
- 2.1 Create confirmation outlining details of the trade in line with conditions outlined in master agreement
- 2.2 Forward draft confirmation to appropriate personnel for checking before sending to client
- 2.3 Forward confirmation to client after complying with internal checking protocols
- 2.4 Investigate confirmation discrepancies with appropriate personnel
- 2.5 Follow up outstanding confirmations with client to ensure settlement flow can be actioned within settlement timeframe
- 2.6 Comply with internal process when checking client approval of trade confirmations
- 2.7 Initiate settlement flow for confirmed trades if all confirmation requirements are met
- 2.8 Comply with organisational processes for monitoring and resolving longer-dated outstanding client confirmations
3. Determine settlement details and instructions
- 3.1 Identify details of settlement and settlement instructions, and if inconsistent with standard settlement instructions, follow up with counterparty
- 3.2 Review organisational records on client or counterparty practices for additional instructions if required
- 3.3 Clarify uncertainties around settlement instructions or details with stakeholders
4. Complete settlement procedures
- 4.1 Check data recorded on internal systems for accuracy and adjust details if required
- 4.2 Action settlement, if both counterparties agree with settlement details, according to confirmed settlement procedures in line with organisational and industry requirements
- 4.3 Clarify or escalate unusual transactions or transactions that have not settled
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR15 | FNSFMK504 | Complete confirmation and settlement processes | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AE186 | FNSSS00017 | Custody and Operations Skill Set | Skill set |
| BHU2 | FNS51022 | Diploma of Financial Markets | Qualification |