Identifier: C5T7L1 · Revision: 2026-10-26 · Classification: domestic

Decision and objectives

The practical task is to reconcile trade-date holdings with settled MKK and intermediary records. Make the decision reproducible: name the exposure, time horizon, cash requirement and comparison baseline before selecting a product.

Objectives: Reconcile trade-date holdings with settled MKK and intermediary records; Identify blocked, pledged and pending units before selling; Resolve unexplained ownership differences before a transfer.

Prerequisite: C5T5L4; completed Classes 1–4 and the Stock Market School foundation or Forex School foundation. Every example is hypothetical. Prices, dates, rates, fees, contract factors, policies and tax schedules are supplied teaching inputs, not current offers or legal parameters. No live account is needed.

Mechanics

MKK investor records and intermediary statements answer related but different questions. A trade-date statement can include executed purchases not yet settled, while a registry balance reflects relevant settled custody movements and subaccounts. Free, investor-blocked, pledged and other restricted holdings are not interchangeable. An OTC derivative statement is not proof that its reference securities are owned in the investor's registry account.

Match investor identity, member/account, instrument identifier, quantity unit and record timestamp before comparing totals. Investor services help monitor holdings and movements; they do not replace the intermediary's cash, tax-lot and transaction confirmations. A discrepancy can be an explainable timing difference or an error requiring investigation.

Price and return drivers

Expected settled quantity = opening settled units + settled receipts − settled deliveries + documented corporate-action units. Trading exposure may additionally include unsettled receivables or deliveries, which must not be counted twice. Cash reconciliation uses actual settlement dates and fees, not security quantities alone.

Worked case

Hypothetical account starts with 1,000 shares. A Monday sale of 200 settles Wednesday; a Tuesday purchase of 300 settles Thursday under supplied teaching dates. Wednesday after sale settlement, MKK total is 800 while broker trade-date exposure is 1,100: the 300 difference is the documented unsettled purchase. Of the settled 800, 400 are free, 300 investor-blocked and 100 pledged. Under the supplied member policy only settled free shares can support a new sale now; a 500-share request exceeds that amount by 100 despite the 1,100 headline. Sale cash 200 × TRY 19 = TRY 3,800 arrives Wednesday; purchase payment 300 × TRY 20 = TRY 6,000 leaves net flow −TRY 2,200, or −TRY 2,260 after total fees TRY 60. Registry quantity does not explain those cash charges by itself.

Adverse case

If the purchase confirmation cannot be found, do not assume the 300 difference is pending. If Thursday registry becomes 1,050 rather than expected 1,100 with no other movement, the 50-unit gap is unexplained and must be resolved. At a supplied mark TRY 20 it represents TRY 1,000 of recorded value, but a valuation does not prove which account owns the missing units. Selling or transferring based on the larger unverified balance can create a delivery failure.

Practical use

Use synthetic statements here; real investors obtain current e-YATIRIMCI, member statement, confirmations and corporate-action records. Reconcile settlement rather than impose the example's dates as a current universal cycle. Confirm whether blocks/pledges, omnibus or foreign custody and product scope affect the record. Include custody, transaction and transfer charges and preserve acquisition data separately for tax analysis.

Use permitted domestic access routes and the actual instrument documents. Verify intermediary authority, investor eligibility, order/redemption terms, settlement, custody and executable size before implementation. Reconcile spread and commissions, funding, collateral, custody, product expenses, conversion and exit charges; an amount already embedded in a fill or fund unit price is not deducted again. A published mark or product description does not promise an executable price or liquidity.

Tax is excluded unless a numerical schedule is expressly supplied as hypothetical. For actual rules record income year, residence and individual/corporate status, instrument and acquisition/contract dates, taxable event and rule effective date. The GIB investment-income guide, checked 2026-10-26, covers 2025 individual income; its 2026 publication date alone cannot settle a 2026 liability.

Decision boundaries

An explainable timing difference is recorded with an expected completion date, then checked again. An unexplained quantity or identity difference is not closed by choosing the more favorable balance. Defer any dependent sale or transfer until ownership, availability and instructions are established; MKK visibility does not guarantee market value or issuer solvency.

Practice and references

Exercise: hypothetical opening settled 600 units, settled buy 150, settled sale 100 and pending buy 80. Solution: settled total 650; trade-date exposure 730 if the pending buy is valid. If 200 of the settled units are blocked and 50 pledged, free settled units are 400 under the supplied disjoint subaccount assumptions. Do not call all 730 immediately transferable.

Takeaway: Resolve unexplained ownership differences before a transfer with the cash dates, costs and remaining risks stated.

Product card: domestic-custody. Formula: Settled custody quantity reconciliation. Glossary: Settled holding, Subaccount. Next lesson: C5T7L2. Topic test.

Sources checked 2026-10-26:

Shared reference guide