Trade Reconstruction Repository

The Trade Reconstruction Repository links recorded calls, emails and chat messages to the orders and executions they relate to, so a trade can be reconstructed as one timeline. Compliance teams answer regulator requests, best execution reviews and internal investigations from a single record instead of searching several archives. Every link, search and export is logged, so the reconstruction itself can be evidenced.

The problem it solves

When a regulator or an internal review asks how a trade came about, firms have to assemble the answer from an order management system, a voice recording platform, an email archive and one or more chat archives, each with its own search, clock and identifiers. Analysts match timestamps and trader names by hand, and the result is a document that is hard to repeat and harder to defend. Best execution reviews suffer the same way: the execution data is easy to find, but the conversations that explain the decisions are not.

Who it’s for

• 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

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

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.

Compliance analyst

Builds reconstructions, confirms or rejects links and adds context notes

Compliance reviewer

Approves reconstructions and best execution results before they are released

Best execution reviewer

Samples orders, reviews the related communications and records outcomes

Desk supervisor

Responds to exceptions raised about their desk and sees their desk's reviews

Legal and records

Manages requests, legal holds and retention for the records in the repository

Auditor or examiner (read-only)

Views reconstructions, review results and the audit trail without changing them

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.

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.

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.

Source inventory

We list the order, execution, voice, email and chat sources in scope, their formats and time sources, and agree delivery by file or API.

Identity mapping

Extensions, addresses and chat handles are mapped to people and desks from your directory, and owners are agreed for keeping the mappings current.

Linking rules

Linking factors and time windows are set for your desks and instruments, and tested on sample trades with your compliance team.

Retention and holds

Retention periods and hold procedures are configured to match your records policy and the regimes you are subject to.

Workflow and roles

Request handling, approval steps, desk scopes and roles are configured to match your procedures.

Historical load and go-live

The historical period you choose is loaded and checked for gaps, staff are trained on their own workflows, and the repository goes live source by source.

• 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.

• Reconstruct a past trade you have already reconstructed by hand and compare the results
• Check how each suggested link explains itself and whether your analysts would accept it
• Review how clock differences between your sources are recorded and shown
• Run the communication gap report for a sample period and check what it finds
• Walk a best execution sample from selection to committee results
• Confirm role separation: who can build, approve and export a reconstruction