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Deutsche BankCorporate Banking & Securities

http://autobahn.db.com

Portfolio ReconciliationUser Guide

1 Portfolio Reconciliation

Autobahn is Deutsche Bank’s award-winning electronic service.

Since 1996, Autobahn has been connecting clients to Deutsche Bank’s innovative Capital Markets products and services. Originally launched as an execution tool, the new Autobahn now offers an integrated experience, and provides electronic access to Deutsche Bank’s wealth of sales, trading and research know-how as well as seamless access to all of our transaction banking services.

Autobahn is a simple, intuitive and consistent way for you to:

– Gain unparalleled access to markets and liquidity

– Electronically trade across multiple asset classes: Foreign Exchange, Fixed Income, Equities, Commodities, Credit, Rates and Emerging Markets

– Intuitively access Deutsche Bank’s powerful analytics and published content

– 24/7 access to all of your transaction banking services, independent of physical location

Autobahn. Evolving Intelligent Trading.


ContentsIntroduction 2

Logging into Autobahn 2

Launching Portfolio Reconciliation 3

Views within Portfolio Reconciliation 4

Components of Trade Reconciliation View 4

Client View 5

Published Data 5

Trade Reconciliation Filters 6

Trade Reconciliation Grid 6

Actions within Trade Reconciliation View 8

Positive Affirmation on Trades or Portfolios 8

Negative Affirmation on Trades or Portfolios 9

Notify Reconciliation Break or Dispute 9

Populating ‘Notify and Rec Break/ Dispute’ Dialog Box 10

Dispute Management View 11

Dispute Management Grid 11

Dispute Management Filters 13

Dispute Management Footer 14

Dispute Details Tab 14

Trade Details Tab 15

Message Tab 16

Audit Trail Tab 16

Actions within Dispute Management View 17

Send Messages 17

Changing Dispute Status 17

Update Dispute Values 19

Update Dispute Root Cause 19

Other Actions 20

Export to Excel 20

Iconography 21

Contacts 22

Portfolio Reconciliation 2

IntroductionFor OTC Derivative trades, both Dodd Frank and EMIR regulations mandate timely, proactive portfolio reconciliation and resolution of discrepancies.

Portfolio Reconciliation Manager enables you to meet these regulatory requirements easily and efficiently. Published OTC Derivative trade data is provided in a single view that can be exported to facilitate reconciliation.

Key features of the App:

– View all published portfolios and trades for reconciliation

– Manage portfolio and trade level affirmation

– Notify a reconciliation break or dispute

– Manage dispute resolution within the App

– Monitor and update progress status of disputes

– Filter trades to narrow down the search

– Export trade or dispute details into Excel or CSV format

Logging into AutobahnPortfolio Reconciliation is hosted on Deutsche Bank’s Autobahn platform. To launch this App, you will first need to login to Autobahn:

1. Type http://autobahn.db.com/login into your browser (see Fig. 1.0)

2. Enter your username and password

Note: Your login credentials are provided in the welcome email upon initial registration to Autobahn. You can always change your password using the following link: https://login.isso.db.com/websso/sso_ExpiredPwdChange.sso

Fig. 1.0 – Logging into Autobahn

3. Click Submit button

4. Click the Continue to original resource @ Autobahn Toolbar link in the centre of the page.


Launching Portfolio ReconciliationTo launch Portfolio Reconciliation:

1. Select the Browse Apps section from the high-level navigation bar (See Fig. 2.0)

2. Click the Post Trade link in the left-hand menu

3. Select the Add to My Apps link

4. Click Launch

Note: By selecting the Add to My Apps link, going forward, you will be able to launch the App from the My Apps section.

Fig. 2.0 – Launching Portfolio Reconciliation


Views within Portfolio ReconciliationThere are 2 main views within Portfolio Reconciliation (See Fig. 3.0)

1. Trade Reconciliation View – View, affirm portfolios or trades and raise reconciliation breaks or dispute against trade data

2. Dispute Management View – Manage communication and resolution of all open reconciliation breaks and disputes. Monitor age of reconciliation breaks and dispute for regulatory reporting purposes.

Fig. 3.0 – Portfolio Reconciliation Views

Components of Trade Reconciliation ViewComponents of the Trade Reconciliation View: See Fig. 4.0 below

1. Client View – displays client name

2. Published View - allows you to toggle historical published portfolio and trades

3. Filters - search trades using various fields

4. Trade Reconciliation Grid – allows you to view, affirm and dispute portfolio or trades

Fig. 4.0 – Components of Trade Reconciliation


Client ViewClient View displays the client name

Fig. 4.1 – Client View

Published DataHistorical portfolio reconciliation data can be viewed depending on the frequency of publication using Published Data View. See Fig 4.2

Fig. 4.2 – Published Data View

Data can be retrieved based on frequency of the portfolio reconciliation undertaken with Deutsche Bank.

Frequency Historical View

Daily Published data within the last 5 days

Weekly Published data within the last 4 weeks

Quarterly Published data within the last 4 quarters

Annually Prior year’s published data


Trade Reconciliation FiltersThe Filter panel is used to narrow down trade level search details for easy navigation

Fig. 4.4 – Trade Reconciliation Filters Panel

Search by DB Portfolio Reference, Trade Type, Trade Status, DB Trade ID, Valuation Base Amount, Valuation Native Amount, Independent Amount and DB Entity Name. You can also specify range of values such as Valuation Date, Trade Date, Start Date and End Date.

Click Apply to initiate your search or Clear All to reset the filters

Note: when ‘Clear All’ is selected the ‘Client View’ selection will also be cleared and will return display to default setting.

Trade Reconciliation GridTrade Reconciliation Grid consists of two sections the Portfolio List and the Trade List. See Fig 4.5.

Fig. 4.5 – Trade Reconciliation Grid

Portfolio List displays the list of all your published portfolios.

Column shows the portfolio details such as Paragon ID, Legal Name, Counterparty Domicile as well as the trade count for each ‘Trade Status’

Trade List displays the list of trades as well as the trade economics associated to the portfolio/s selected in the ‘Portfolio List’.


Once a portfolio is published, by default, all trade status will have a status of ‘Published’. Depending on the action undertaken by you or your DB client service team, each status may vary through a number of statuses with the following color coding:

Published Dispute Rec. Break.

Affirmed (P) or Affirmed (N). No client action (when regulator is Dodd Frank).

Closed

A trade can also be flagged as D or R depending on the status

– D for dispute

– R for Rec Break.

– D will be displayed where a trade has both a Rec Break and a Dispute raised against it.

Export icons can be used to download portfolio list and trade list into excel or csv formats.


Actions within Trade Reconciliation View

Positive Affirmation on Trades or PortfoliosYou can positively affirm a trade or portfolio depending on your primary regulatory. Positive affirmation can only be undertaken within a set period from publication date:

EMIR = 5 days, unless otherwise agreed

Dodd Frank = 2 days

There are 3 available buttons you can select to positively affirm trades in the App. See Fig 4.6

Fig. 4.6 – Positive Affirmation

1. Affirm All Portfolios – Select this button if you want to affirm “ALL” portfolios. This will affirm all portfolios in the portfolio list as well as all related trades to each portfolio.

2. Affirm Selected Portfolios – Select this button if you prefer to affirm one portfolio or multiple portfolios in the portfolio list. If no portfolio is selected the button is disabled.

3. Affirm Selected Trades –Select this button if you only wish to affirm one trade or multiple trades within a certain portfolio. If no trade is selected this button is disabled.

Once you select any of the 3 buttons, a confirmation dialog appears asking you to accept or cancel the action.

Fig 4.7 – Confirmation dialog box

When the you click “Accept” button, trade status for selected trades is updated from Published to Affirmed (P).


Negative Affirmation on Trades or PortfoliosNegative affirmation is only available if your primary regulator is EMIR.

Post the publication of the trade reconciliation where the time elapsed period exceeds 5 business days (or a pre agreed period) the App will automatically affirm all portfolios. The app will update the trade status from Published to Affirmed (N).

If your primary regulator is Dodd Frank and no positive affirmation has been done after 2 business days the portfolio/s were published, the App will automatically change the status of the trades from Published to No Client Action.

Notify Reconciliation Break or DisputeBoth you and your DB Service team (on your behalf) are able to raise a Reconciliation Break or a Dispute against a published trade. There will be One-to-Many relationship between a trade and Rec Break or Dispute i.e. a trade can have more than one Rec Break and/or Dispute but a Rec Break or Dispute relates back only to one trade. So every Rec. Break/Dispute raised will be individually handled in the Dispute Management view. To Notify Rec Break/Dispute See Fig 4.8.

Fig 4.8 – Notify Rec Break/Dispute.

1. Select a single or multiple trades from the Trade list in a published portfolio

2. Click the ‘Notify Rec Break Dispute’ button.

3. A pop up dialogue box will appears and you must select a Rec Break/ Dispute Type Category, a Root Cause Explanation and complete the free text section providing specific details of the reconciliation break or dispute.

4. Check the tick box if you wish to raise the issue as a ‘Dispute’. It means DB is obligated to monitor and report this dispute to the relevant regulatory bodies.

5. Select ‘Notify’ to confirm the action or ‘Cancel’ to discontinue the operation.

When you select ‘Notify’ button the trade status on the selected trade(s) is updated from Published to Rec Break or Dispute (Given that you ticked the checkbox to mark it as a dispute).

In addition, the trade is given a Dispute Status of “New” in in the Dispute Management view.


Populating ‘Notify and Rec Break/Dispute’ Dialog BoxBelow table shows the description of the fields in the Notify Rec Break/Dispute dialog box.

Fig 4.9 – Notify Rec Break/Dispute dialog box

Field Name Description

Dispute Type Category

A mandatory field where you are required to select an appropriate dispute type category via drop down menu:

– Unmatched- When trade not recognized.

– Economic Break - If trade terms on the trade are incorrect.

– Valuation Difference - If MTM values do not match.

– Ind. Amt/Initial Margin Difference - If Ind. Amt/Initial Margin values do not match.

– Wrong Legal Entity - When the legal entity on the trade is incorrect.

Ind. Amt Value on Rec Date

Mandatory field that needs to be populated when you select “Ind. Amt / Initial Margin Difference” as Dispute Category Type.

You will need to provide the value on Rec Date for the Ind. Amt in the valuation currency of the trade.

The dialogue box will provide a label indicating the currency in which the independent amount should be entered and this will be the Val Base Ccy of the trade.

MTM Value on Rec Date

Mandatory field that needs to be populated when you select “Valuation Difference” as Dispute Category Type.

You will need to provide the MTM value on Rec Date in the valuation currency of the trade. The dialogue box will provide a label indicating the currency in which the MTM should be entered and this will be the Val Base Ccy of the trade.

Root Cause Explanation

A mandatory field where you are required to select an appropriate dispute type category via drop down menu.

The root cause explanations are dependent on the Dispute Category See Dispute Category Type the Root Cause Explanation mapping table (right).

Comments Free text field to specify the details of the rec break/ dispute.


If you try to raise a ‘Rec. Break’ or ‘Dispute’ against an affirmed trade (positive or negative) or a ‘client no action’ trade below error dialog will pop up.

Fig 4.10 – Dialog Box for Affirmed trades in Dispute

Dispute Management ViewDispute Management view displays all open Reconciliation Breaks and Disputes.

Components of Dispute Management View: See Fig. 5.0

1. Dispute Management Grid – Provides dispute data list information

2. Filters – Search trades using various fields

3. Footer – Contains Dispute detail, Trade Details, Messages, Audit Trail

Fig. 5.0 – Dispute Management View

Dispute Management GridDispute Management Grid displays reconciliation break and dispute data where the Trade Status is equal to ‘Rec Break’ or ‘Dispute’. The Grid is automatically sorted so that ‘Disputes’ appear before ‘Rec Breaks’. Note: By default, any Reconciliation Breaks or Dispute with status of ‘Resolved’ will be excluded from Dispute Management Grid.


Fig. 5.1 – Main Grid Field Description

Field Name Description

Dispute ID DB Trade Id concatenated to Notification Date and Time.

Type Displays the trade type: 'Dispute' or 'Rec Break'

Status Displays the status of the ‘Dispute’ or ‘Rec Break’:

– New

– Open

– DB Resolved

– Declares Resolved

– Resolved

Category Displays the ‘Dispute’ or ‘Rec Break’ type categories/reason:

– Valuation Difference

– Ind. Amt Difference

– Wrong Legal Entity

– Economic Break

– Unmatched

DB Group ID Displays DB Group ID

DB Trade ID Displays DB Trade ID

Paragon ID Displays the Paragon ID of the trade

Legal Name Displays the trade legal name

Rec Date Displays the trade reconciliation date

Notification Date Displays the trade last notification date

Region Regional ownership of the trade: “APAC”, “EMEA” or ”US”

Regulator Specifies the Primary Regulator of the Trade: “EMIR” or “DF” (Dodd Frank).

US Person Indicates client status as "YES" or "NO" if client is a US person or not


Priority Flag colors indicated by icon can be red, amber or yellow are displayed depending on priority.

Fig. 5.2 – Priority Flag Table

Dispute Management FiltersThe Filter panel is used to narrow down trade level search details for easy navigation.

Fig. 5.3 – Dispute Management Filters Panel

Search by Trade Status, Dispute Status, Dispute Type Category, Priority, DB Trade ID, DB Group ID, Paragon ID, Legal Name, Region, Regulator, US Person. You can also specify range of values such as Reconciliation Date and Notification Date

Click ‘Apply’ to initiate your search or “Clear All” to reset the filters

Note: when ‘Clear All’ is selected the ‘Client View’ selection will also be cleared and will return display to default setting.


Dispute Management FooterDispute Management footer consists of four tabs:

1. Dispute Details Tab

2. Trade Details

3. Messages

4. Audit Trail

Dispute Details Tab displays the detail about the Rec Break / Dispute. See Fig 5.4

Fig 5.4 – Dispute Details Tab

The Reconciliation Break / Dispute Details tab is split up into 3 sections:

1. Rec Break / Dispute Information. This section contains the Rec Break / Dispute category. When the Rec Break / Dispute category is “Value Difference” or “Ind. Amt /Initial Margin Difference”, then two additional sub-sections are displayed containing the Rec Break/ Dispute Values and Regulatory Reporting Values.

– Rec Break / Dispute Values:

– When Dispute Category is “Value Difference”, this section displays the DB MTM, Cpty. MTM values and value of the difference on Reconciliation Date and the latest values.

– When Dispute Category is “Ind. Amt/Initial Margin Difference”, this section displays the DB IA, Cpty. IA values and value of difference on Reconciliation Date and the latest values.

The Latest Values for Cpty. MTM/IA value can also be updated by you or your DB client service team. See ‘Update Dispute Values’ Section. All of the values displayed in this section will be read only.

Value of the Difference will be calculated by the App, where the Cpty value will be added to the DB value.

– Regulatory Reporting Values:

– FX Rates used for converting the Value Difference into EUR or USD values, on Reconciliation Date and the date of the latest values.

– When Dispute Category is “Value Difference”, this section displays Cpty. MTM values and value of the difference on reconciliation date and the latest values in EUR (EMIR Regulatory).

– When Dispute Category is “Ind. Amt/Initial Margin Difference”, this section displays the Cpty. IA values and value of difference on reconciliation date and the latest values in USD (DF Regulatory).

All of the values displayed in this section will be read only.

Value of the Difference will be calculated by the App, where the appropriate FX Rate is applied to the Value Difference calculation is displayed.


2. Root Cause Explanation. Dropdown and text area with specific cause explanation details. This will be read-only. Root Cause Explanation can also be updated by you or your DB client service team. See ‘Update Root Cause’ Section.

3. Dispute Aging. Displays values based on the following calculation logic.

– Age since Reconciliation: No of business days since reconciliation date

– Rec Break Age: No of business days since notification of the Rec Break

– Dispute Age: No of business days since notification of the Dispute

– EMIR Regulatory Reporting Age: No of business days since notification of the Dispute, and client satisfies below conditions,

– Primary Regulator = “EMIR”

– A trade is in a trade status = “Dispute”

– Client entered Value of the Difference >15 million EUR

– DF Regulatory Reporting Age ($20m): No of business days since notification of the Dispute or Rec Break, and client satisfies below conditions

– Primary Regulator = “DF”

– A trade is in a trade status = “Rec Break” or “Dispute”

– Client entered Value of the Difference > 20 million USD

OR

– Primary Regulator = “EMIR” and US Person = “Yes”,


– Client entered Value of the Difference > 20 million USD

– DF Regulatory Reporting Age (10%): No of business days since notification of the Dispute or Rec Break, and client satisfies below conditions

– Primary Regulator = “DF” (in Client Details),


– Value difference is greater than 10% of the MTM value (based on the highest value)

OR

– Primary Regulator = “EMIR” and US Person = “Yes”


– Value difference is greater than 10% of the MTM value (based on the highest value)

Note: If the Value of the Difference is updated and falls below the EMIR or DF thresholds then the Regulatory Reporting Aging can stop. If is updated a third time and rises above the EMIR or DF thresholds, then the Regulatory Reporting Aging has to restart.

Trade Details Tab provides a history of trade since the Rec Break / Dispute has been raised

Fig 5.5 – Trade Details Tab


Message Tab displays the messages history between you and your DB service team

Fig 5.6 – Message Tab

Audit Trail Tab records the history and actions associated with the trade in dispute. This includes information such as dispute notification, dispute status update, dispute values and root cause update.

Fig 5.7 – Audit Trail


Actions within Dispute Management ViewDispute Management view show all outstanding Rec Breaks and Disputes, the following actions can be done to manage reconciliation breaks and disputes

Send Messages

Messaging can be performed on a single or multiple trade bases via the App.

There are 2 methods for messaging. See Fig 6.0

1. The Conversation message icon allows you to receive and respond to messages on a single dispute basis. The icon also indicates the number of messages within each dispute

– Select the relevant dispute you wish to respond by clicking the conversation message icon

– Fill out your communication in the Message section

– Select the ‘Send’ Action button to send the message

2. Send Message button can also be used to send messages to your DB service team on a multiple dispute basis.

– Select the tick box of a dispute or set of disputes you wish to query

– Select ‘Send Message’ button

– Fill out your communication in the Message section

– Select the ‘Send’ Action button to send the message

Fig 6.0 – Conversation Message

Changing Dispute Status

You can manually update the progress the status of a Rec. Break or Dispute. By default, once the Rec. Break or Dispute is raised if status will be set to ‘New’. On the following business day and the Rec. Break or Dispute is not resolved the status will be automatically changed to ‘Open’.

There are three types of status updates you user can choose: ‘Declares Resolved’, ‘Reopen’ or ‘Withdraw a dispute’. See Fig 5.3 for the summary if dispute status description


To change rec break or dispute status: See Fig 6.1

1. Select a single or multiple trades with same status from the Dispute Management grid

2. Click ‘Actions Button’

3. Select the appropriate status you wish to assign the trade e.g. Declares Resolved

4. Populate with free text comments in the ‘Change Status’ dialog box

5. Select the status option to confirm the changes in this case ‘Declares Resolved ‘or ‘Cancel’ to discontinue the operation

Fig 6.1 – Changing dispute status

For the Status description: See Fig 6.2

Fig 6.2 – Dispute Status Description Summary

Dispute Status Description

New Status when a dispute or rec break is raised within the day

Open Status automatically updated by the app when 'new' rec break or dispute is not resolved within the day.

DB Resolved Status used by DB agent to mark trades as 'resolved' on your behalf (where confirmation is received by e-mail) based on an agreed resolution to the reconciliation break/dispute.

Reopen Status used to reopen a rec. Break/ dispute when it is in “DB Resolved” or “Cpty Resolved” status. This action is not available when the rec. break or dispute is in “Resolved” status.

Declares Resolved Status available for you mark trades as 'resolved'

Resolved Status when both you and your DB service team selects status as 'DB/ Ctpy resolved ‘or DB Agent select status as DB resolved and no action done by client after 5 business days

Note: Withdraw a dispute function is only enabled when status is ‘new’, ‘open’ or ‘DB Resolved’


Update Dispute ValuesThis action allows client you to update the MTM and Ind. Amt / Initial Margin Difference after raising a Rec Break or Dispute.

To update a Rec Break or Dispute values See Fig 6.3

1. Select a single dispute from the Dispute Management grid

2. Choose ‘Actions Button’

3. Select ‘Update Values’

4. Update MTM Value amount in the ‘Update Rec Break/ Dispute’ dialog box. The remaining fields in the dialog box will be non-editable and cannot be updated

5. Select ‘Update’ to confirm the action or ‘Cancel’ to discontinue the operation

Fig 6.3 – Updating Dispute Values

Update Dispute Root CauseThis action allows you to update the root cause explanation after raising the dispute.

To update root cause explanation: See Fig 6.4

1. Select a single or multiple dipsutes from the Dispute Management grid

2. Choose ‘Actions Button’

3. Select ‘Update Root Cause’

4. Update ‘Root Cause Explanation’ in the ‘Update Root Cause Explanation Rec Break/ Dispute’ dialog box via a dropdown menu

5. Select ‘Update ‘confirm the action or ‘Cancel’ to discontinue the operation

Fig 6.4 – Updating Dispute Root Cause


Other Actions

Export to ExcelExport to Excel Functionality can be used by selecting the Export icon to export filtered trades into Excel or CSV format

Fig. 7.0 – Export to excel


IconographySee Figure 8.0 below for details of the various icons used within Portfolio Reconciliation

Fig. 8.0 – Icons Explainede

Icon Description

Reload Grid icon

Priority Flag Icon

In-App Messaging – Blue denotes outgoing message

In-App Messaging – Red denotes incoming message

DB Message icon

Client Message Icon

Export to Excel Functionality icon

Export to CSV Functionality icon

Published

Dispute

Rec. Break.

Affirmed (P) or Affirmed (N)

No client action (when regulator is Dodd Frank)

Closed

Deutsche BankCorporate Banking & Securities


Marketing materialThis document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates (“DB”). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to www.globalmarkets.db.com/riskdisclosures. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with DB, you do so in reliance on your own judgement. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgement as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. DB is authorised under German Banking Law (competent authority: BaFin – Federal Financial Supervising Authority) and regulated by the Financial Services Authority for the conduct of UK business. ©Copyright 2014 Deutsche Bank AG.

Contact: For technical assistance, please contact the Autobahn App Market and Toolbar Support team:

Europe: +44 207 547 3030US: +212 250 8651Asia Pacific: +65 6423 5660Email: [email protected]


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