Submission and Processing Rules
GTR’s primary function is to ensure your submissions meet regulatory requirements, in the jurisdictions supported.
The process for submissions is designed to ensure that GTR captures all the required data at the required quality. GTR rejects submissions that fail screening (ingestion validation). So, any submissions that do make it past the screening process must, by virtue of this success, meet the standards required by whichever regulator is being reporting to.
However, if you submit incorrect values, for example, if you state that a trade was for $1,000 but it was actually $10,000 (a zero or decimal-place mis-keyed), the standard GTR screening cannot possibly detect that error, as the data is in the correct format and will have been submitted in the correct data field. In examples such as this, only you and your counterparty will know the true value of the trade.
It is critical to always be aware that GTR is merely a tool and that the trade party always retains responsibility for the accuracy and veracity of the trades reported to regulators.