Fund managers may soon be faced to make a tough choice if they want to reduce operating risk and cost.

They will either have to affirm U.S. equity trades with their broker-dealers before settlement-a process otherwise called "match to settle"-on their own. Or they may have to use an electronic post-trade matching service that acknowledges the details of the transaction with the broker-dealer right after the broker-dealer has confirmed the details but before the trade has settled.

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