Reconciliation

At a glance
Input	The ledger since the last run, the venue’s plans, and outside statements (the NAV, the distribution list, the register).
Output	A run with its verdict and findings; anything unexplained stopped until people release it.
Settlement	Off the ledger: a run reads the ledger and changes nothing on it.

The flow

Who signs what

Transaction	Submitted by	Signed by	Seen by
Tx 1 · Where the finding is a mint the registrar made to itself: the registrar burns it back, naming the run			the registry’s operator

A blocking finding holds the asset. The hold is the venue’s record (its distributions, redemptions and new orders stop), and releasing it takes risk’s request and two approvers’ sign-off. A finding that recurs keeps its hold open; a newer, agreeing statement clears the finding, never the hold.

What it checks

Check	Stops the book?
Every mint and burn against what explains it (a delivered order, a claimed redemption, a distribution line, a move the venue approved)	Yes
The number of holders against the asset’s cap	Yes
Units moved between two holders that no act of the venue explains	Yes, for a fund that rebases or a restricted investor; reported only otherwise
Holders, supply and transfers against the asset’s policy	Yes for who holds and the fund’s size; reported for amounts and times
The price source’s distribution list against the frozen plan	Yes, and holds the asset
An outside register against the holdings	Yes
The NAV feed’s expiry and emergency stop, and the feed against the ledger’s NAV	Yes, and holds the asset
A backed instrument’s reserve against its locked holdings, what it has outstanding against the instrument’s supply, and its cover against its minimum	Yes, and holds the backed instrument
A reserve’s prices, lock agreements, latest report, unabsorbed income and its holder’s credential	Reported
Each holder’s record against its holdings	Reported

For a fund, the outside records are the administrator’s distribution list and NAV and the transfer agent’s register. For a reserve-backed asset (a stablecoin, a gold token) the outside record is a reserve or vault statement; NodeAsset files a custody statement but does not compare it. A backed instrument’s reserve holds its assets on the ledger, and the reserve checks compare them directly.

Worked example

Case	What reconciliation does
617.43 fund units minted to a holder, an amount no order holds	Blocking: the fund is held, its distributions, redemptions and new orders refused, until the mint is unwound and two approvers release the hold
The registrar mints 500 units to itself	Blocking; the registrar burns them back naming the run (Tx 1), and the next run is clean
Fund units passed between two holders	Blocking: the fund held, released under two approvers
A reserve’s assets fall in price until its cover is short	Blocking: the backed instrument held, its new mints refused while redemptions go on, and `reserve.cover-low` announced

Controls

A blocking finding stops the book on its own; risk asks for the release and two approvers besides it sign, never an auditor.
A late statement is noted and announced, but lateness is not a finding and never a reason to stop.
One record stops orders up front: a register configured to cap issuance stops a new order beyond the cap, and stops all issuance while that register’s statement is missing or stale.
The full report (accounts, figures, findings) is for risk, operations and the auditor; monitoring and integrating applications see only the verdict.

Reconciliation also reads the fund’s mints and burns inside settlements paid on the ledger, and accepts each one only when the same transaction delivers the order it names.

Do it

POST /v1/reconciliation-runs                                    # a run now
GET  /v1/reconciliation-verdict                                 # the verdict, for monitoring
POST /v1/external-statements?externalSourceId=admin-list        # an outside statement; it starts a run
POST /v1/holds/{holdId}:release                                 # risk asks; two approvers sign

See Reconciliation and reports. Related: Holds, freezes and issuer powers · Distributions and period end · Reporting

Start here

Workflows

Foundations

The flow

Who signs what

What it checks

Worked example

Controls

Do it

​The flow

​Who signs what

​What it checks

​Worked example

​Controls

​Do it

The flow

Who signs what

What it checks

Worked example

Controls

Do it