GCF Repo Transactions are submitted on a Locked-In basis by a GCF-Authorized Inter-Dealer Broker (deemed a Locked-In Trade Source, per the FICC GSD Rulebook). Locked-In comparison requires only a designated Locked-In Trade Source to submit trade details to affect a match. A trade is deemed compared by GSD at the point in time at which GSD is in receipt of the trade data from the Locked-In Trade Source.
Trade Comparison consists of the receipt, validation and reporting of trade data received from GCF-Authorized Inter-Dealer Brokers on their GCF Repo Transactions. Trade data on GCF Repo Transactions are reported to GCF Counterparties who are obligated to either affirm or cancel GCF Repo Transactions submitted against them. Such affirmation or cancellation must occur within established timeframes (refer to the Schedule of GCF Repo Timeframes in the GSD Rulebook). The reporting of GCF Repo Transactions to GCF Counterparties results in the evidence of valid, binding and enforceable contract for such Compared Trades even if the GCF Counterparties have not affirmed such transactions.
GCF Repo Transactions are novated to GSD upon comparison, provided that such compared GCF Repo Transactions meets the requirements of FICC GSD Rules and are entered into in good faith.