Final answer:
When a discrepancy in unrecognized trades is resolved, the party responsible for the error should send a corrected confirmation quickly, often within 24 to 48 hours, as per market regulations.
Step-by-step explanation:
For unrecognized trades, anytime that a difference is found and subsequently resolved, the party in error should send a corrected confirmation within a timeframe that is often specified by the market regulations or agreement between the parties. This period can vary but is typically a short timeframe to ensure the correction is made promptly, potentially within 24 to 48 hours.
Financial institutions, traders, and other market participants should adhere to these standards to maintain order, accuracy, and integrity in the markets. It's also relevant for compliance with regulatory requirements and for the efficient functioning of financial systems.