portfolio reconciliation
The term portfolio reconciliation means any process by which the counterparties to one or more security-based swaps:
(1) Exchange the material terms of all security-based swaps in the security-based swap portfolio between the counterparties;
(2) Exchange each counterparty's valuation of each security-based swap in the security-based swap portfolio between the counterparties as of the close of business on the immediately preceding business day; and
(3) Resolve any discrepancy in valuations or material terms.