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Disclosure Monitoring treats a change as a difference between two versions it actually held. It re-reads each tracked source on a cadence, keeps every version with its hash, and classifies each difference so you only get paged for what matters. This page explains each step and the rules it holds itself to.

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Key concepts

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How it works

  1. Re-read. Every tracked source is fetched again on a schedule. Register, sanctions, named-party and collateral monitors run on their own cadence.
  2. Normalize and hash. The text is normalized before it is hashed with SHA-256, so a re-rendered page or reflowed PDF stays one version.
  3. Compare. Only text that was actually read on both sides becomes a change. A different value, a removed statement or two sources that disagree is a change. Reflowed layout or a renamed heading is not.
  4. Classify. Each change is classified for materiality.
  5. Confirm. A confirmed change is notified. A draft waits and doesn’t count until it is confirmed.

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Follow a field through four re-reads

1

First reading

The first time a source is read, the value is recorded as the first reading (1). Here the reserve_custodian field reads BNY Mellon.
A timeline for the reserve_custodian field with callouts on the first reading, an editorial reflow, a clarification to the same party and a new custodian marked as material.

One field, one source, four re-reads. The values are illustrative.

2

Editorial re-read

In March the PDF is re-rendered. The value is the same, so the change is Editorial · reflowed PDF (2) and is folded away.
3

Clarification

In May the document names The Bank of New York Mellon. It is the same party with a better name, so the change is a Clarification · same party (3). It stays on the timeline without paging anyone.
4

Material change

In August the custodian becomes State Street Bank. A new custodian is Material (4). It is the event a compliance desk sees first, with before, after and the quote.
5

Know the rules

A field that vanishes is re-read several times before it counts as removed (1). Monitoring doesn’t alert on every byte that moves, doesn’t pick a winner when two sources disagree and doesn’t treat a failed fetch as a withdrawn disclosure (2).
The Disclosure Monitoring rules with callouts on the evidence-gated removal rule and the list of things it will not do.

The rules Disclosure Monitoring holds itself to, and what it won't do.

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Reference

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Materiality classes

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Confirmation states

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Change headlines

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Cadence and freshness

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Rules

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Worked example: a reserve attestation changes firm

An issuer’s monthly attestation used to say “Monthly attestation by Firm A LLP”. The next re-read finds “Monthly attestation by Firm B LLP”.
  1. The new text hashes differently, so it is a new version.
  2. The attester field changed value, so it is a Disclosure changed event.
  3. A different firm is a different fact, so it is Material.
  4. Once confirmed, everyone watching the asset gets a notification, whatever their preference.
  5. The change detail shows both quotes, the source, both SHA-256 hashes and the change ID.

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Errors and limits

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FAQ

Text is normalized before it is hashed, so a reflowed PDF stays one version. If the wording changed but the meaning didn’t, the change is Editorial and folded away.
Monitoring records both values and flags the disagreement. It doesn’t pick a winner.
No. A failed fetch is never treated as a withdrawn disclosure, and a removal needs several re-reads first.

Notifications and change detail

Read a change with its proof.

Watchlist

Choose what to be notified about.