Trade Reconstruction Repository

Principal workflows

• Ingest: Orders, executions and communications arrive from your trading, recording and archiving systems, and are normalized to one timeline with recorded time sources.
• Link: Communications are matched to orders and executions by participant, instrument, client and time window, and each link shows the reason it was made.
• Reconstruct: A reconstruction brings together everything linked to a trade or a set of trades as one ordered timeline, ready for review and approval.
• Review best execution: Best execution samples pull in the conversations and instructions behind each order, so reviewers can see how the execution factors were weighed.

Who uses it

• Compliance and surveillance teams at broker-dealers, investment firms and banks
• Best execution committees and the analysts who support them
• Legal and investigations teams responding to regulator requests
• Records management teams who answer for retention and retrieval
• Internal audit, who need to test that reconstructions are complete

Reporting

• Open requests by status, assignee and due date
• Reconstructions produced, approved and released
• Communication gaps by trader, desk and source
• Best execution review results and open exceptions
• Active legal holds and their review dates
• Access to communications by user and period

Features

• Unified trade timeline: Orders, amendments, fills, calls, emails and chat messages for a trade shown in one ordered view.
• Explainable links: Each suggested link between a communication and a trade shows why it was suggested: participant, instrument, client, time window or text match.
• Analyst confirmation: Suggested links stay suggestions until an analyst confirms them; rejected links are kept with the reason.
• Time normalization: Timestamps from each source are converted to a common time standard, with the original value and source kept alongside.
• Transcript search: Search call transcripts produced by your recording platform or transcription service alongside email and chat text.
• Reconstruction packages: Approved reconstructions exported as an indexed package with the timeline, source files and audit record.
• Best execution sampling: Draw samples of orders for review, see the related communications and record the outcome against your execution policy.
• Identity mapping: Phone extensions, email addresses and chat handles mapped to people and desks, with the history of each mapping.
• Gap detection: Periods where a trader has trades but no recorded communications, or where a source was unavailable, are flagged for review.
• Legal holds: Place records linked to a matter on hold so they are kept beyond their normal retention period until the hold is released.
• Request tracking: Regulator and internal requests logged with their scope, assignee, due date you enter and the packages delivered.
• Exam-ready audit trail: Every search, view, link decision, approval and export recorded with the person and time.

Integrations

• Order and execution management: Orders, amendments, cancellations and fills from your OMS and EMS by scheduled file or API, including FIX drop copies where available.
• Voice recording platform: Call recordings, metadata and transcripts from the voice recording system you already use, including those run as a Moraph managed service.
• Communications archive: Email and chat messages from your archive, including Moraph's Communication Archiving managed service.
• Directory and HR: People, desks and reporting lines from your directory, used to map identities to traders and supervisors.
• Trade surveillance: Alerts from Moraph's Trade Surveillance & Market Abuse Monitor or your own surveillance system can open a reconstruction directly.
• Single sign-on: Staff sign in through your identity provider (SAML or OpenID Connect).
• Work API: Requests, reconstructions and review results available to your reporting tools through the Moraph Work API.

Deployment

• Moraph cloud: Hosted and operated by Moraph in the United States, United Kingdom or Australia region, chosen to match where your records must be held.
• Dedicated environment: A single-tenant environment for firms whose policies require isolation, scoped in the proposal.
• With managed archiving: Optionally run alongside Moraph's Communication Archiving or Voice Recording Compliance managed services, so sources and the repository are supported together.

Security and privacy

• Single sign-on: Staff sign in through your identity provider, so your password and multi-factor policies apply.
• Role-based access: What each person can see follows their role and their desk and period scope; approving a reconstruction is separate from building one.
• Encryption and keys: Client data is encrypted, with keys Moraph staff cannot use without explicit, time-bound authorization.
• Complete audit trail: Every search, view, link decision, approval and export is logged with the person and time, and cannot be edited.
• Source integrity: Source records are stored as received and never altered; notes and links are kept as separate, attributed records.
• Data residency: Data stays in the hosting region you choose: the United States, the United Kingdom or Australia.

Limitations

• The repository does not record calls or capture messages itself. It uses the recordings and archives your existing systems produce, and its completeness depends on theirs.
• Suggested links are suggestions. An analyst confirms each link, and the firm is responsible for the reconstructions it releases.
• Transcripts come from your recording platform or transcription service; the repository does not guarantee their accuracy.
• It is not a trade surveillance system. It can receive alerts from one and reconstruct the trades behind them.
• It does not decide whether best execution was achieved. It records the reviewer's judgment against your execution policy.
• It does not submit anything to regulators. Approved packages are delivered to your legal or compliance team for production.
• Records are retained for the periods you configure. Choosing retention periods that meet your obligations is your firm's decision.
• Hosting is available in the United States, United Kingdom and Australia regions; other regions are not offered.

Next steps

Book a demonstration or a technical briefing at www.moraph.com/solutions/trade-reconstruction-repository. Purchasing routes and company information: www.moraph.com/how-to-buy.