Audience
This content applies to clients who report data to GTR.
Message Validation and Exception Management
This section covers the fundamentals for submitting messages that can successfully pass GTR validations. It also contains information on troubleshooting NACK (Negative Acknowledgement) messages. Messages are processed in the order in which they are received.
Messages must pass through the following four stages of validation:
- Schema Validation (Data Formatting)
- Permission Validation (Authority to Submit)
- Core Validation (Logic and Completeness)
- Jurisdictional Validation (Regulatory Validations)
A validation failure at any stage of the process generates a NACK (Negative Acknowledgement) message. Passing validation generates an ACK (Acknowledgement) message.
Expand the accordions for information on the basics of template validation and how to manage and resolve any errors (NACKs) generated during submission.
Audience
This content applies to clients who report data to GTR.
Ingestion Validation
Once your messages reach GTR, the quality assurance (Ingestion Validation) process begins. GTR processes messages in the order in which they are received. All messages pass through four stages of checks before the data is entered into GTR:
- Schema Validation checks for data formatting.
- Permission Validation checks for the authority to submit.
- Core Validation checks for logic and completeness.
- Jurisdictional Validation checks against EMIR specifics regulations.
Failure at any stage generates a NACK (Negative Acknowledgment) response message. An ACK (Acknowledgement) message indicates success.
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Audience
This content applies to clients who report data to GTR.
Resolving NACKs
The NACK resolution process is the same for both the OTC Core and Harmonized templates. However, the diagram below shows the workflow for OTC Core in CSV format. This workflow illustrates the report in which data is stored, depending on whether or not it passed Ingestion Validation.
Both the Batch Download Report (BRD) and the Harmonized Submission Report capture all your submissions, regardless of whether they generated an ACK or a NACK. The Trade Activity and Trade State Reports only capture validated data.
Using the Reports
The method by which you submit data determines which report you use to resolve your NACK submissions. The procedure that follows describes how to troubleshoot NACKs.
- Use the Batch Download Report (CSV) or the Message Response (FpML) to identify all submissions that generated a NACK.
- Consult the Message Specifications Spreadsheet relevant to your template to understand the error codes your NACK has generated and to determine how to solve them.
Resubmitting Corrected NACKS
Resubmit corrected NACK responses using the same formats and channels used for the original submission. Using alternate formats/channels:
- Results in differences between the GTR service and your own internal records.
- Can break the message sequence, resulting in inaccurate trade states or positions.
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