CREATE TABLE MTCH_TBL
(
  S_PAID      VARCHAR2(100),
  S_SEC       NUMBER,
  H_PAID        VARCHAR2(100),
  H_SEC         NUMBER
);

CREATE TABLE HIST_TBL
(
  SEC_ALIAS                  NUMBER,
  INSTANCE	                 NUMBER,
  EFF_DATE					 DATE
);

Insert into MTCH_TBL
   (S_PAID, S_SEC, H_PAID, H_SEC)
 Values
   ('Q00', 3944, 'Q00', 526);

select a.h_sec, a.s_paid, a.h_paid
FROM MTCH_TBL a,
HIST_TBL b
where a.S_SEC=b.sec_alias(+)
and b.instance(+)=100
and b.EFF_DATE =
                       (SELECT MAX (b2.EFF_DATE)
                          FROM HIST_TBL b2
                         WHERE b.sec_alias = b2.sec_alias
                               AND b.instance = b2.instance);

SQL> CREATE TABLE MTCH_TBL
  2  (
  3    S_PAID      VARCHAR2(100),
  4    S_SEC       NUMBER,
  5    H_PAID        VARCHAR2(100),
  6    H_SEC         NUMBER
  7  );

Table created.

SQL> 
SQL> CREATE TABLE HIST_TBL
  2  (
  3    SEC_ALIAS                  NUMBER,
  4    INSTANCE                  NUMBER,
  5    EFF_DATE      DATE
  6  );

Table created.

SQL> Insert into MTCH_TBL
  2     (S_PAID, S_SEC, H_PAID, H_SEC)
  3   Values
  4     ('Q00', 3944, 'Q00', 526);

1 row created.

SQL> commit;

Commit complete.

SQL> select a.h_sec, a.s_paid, a.h_paid
  2  FROM MTCH_TBL a,
  3  HIST_TBL b
  4  where a.S_SEC=b.sec_alias(+)
  5  and b.instance(+)=100
  6  and b.EFF_DATE =
  7                         (SELECT MAX (b2.EFF_DATE)
  8                            FROM HIST_TBL b2
  9                           WHERE b.sec_alias = b2.sec_alias
 10                                 AND b.instance = b2.instance);

no rows selected

CREATE TABLE HIST_TBL
(
  SEC_ALIAS                  NUMBER,
  INSTANCE                  NUMBER,
  EFF_DATE      DATE,
  AME			VARCHAR2(100)
);

select a.h_sec, a.s_paid, a.h_paid, B.AME
FROM MTCH_TBL a,
HIST_TBL b
where a.S_SEC=b.sec_alias(+)
and b.instance(+)=100
and b.EFF_DATE =
                       (SELECT MAX (b2.EFF_DATE)
                          FROM HIST_TBL b2
                         WHERE b.sec_alias = b2.sec_alias
                               AND b.instance = b2.instance);

Select a.h_sec
     , a.s_paid
     , a.h_paid
     , b.<other_fields>
...
...
From   mtch_tbl a
   ,   ( Select h.sec_alias
              , h.instance
              , h.other_col
         From   hist_tbl h
            ,   ( Select sec_alias
                       , instance
                       , max(eff_date) eff_date
                  From   hist_tbl
                  Group By sec_alias, instance
                ) h2
         Where  h.sec_alias = h2.sec_alias
         And    h.instance  = h2.instance
         And    h.eff_date  = h2.eff_date
       ) b
Where ...
...

SQL> select a.h_sec, a.s_paid, a.h_paid
FROM MTCH_TBL a,
HIST_TBL b
where a.S_SEC=b.sec_alias(+)
and b.instance(+)=100;
  2    3    4    5
     H_SEC
----------
S_PAID
--------------------------------------------------------------------------------
H_PAID
--------------------------------------------------------------------------------
       526
Q00
Q00


SQL>

SQL> select a.h_sec, a.s_paid, a.h_paid, B.AME
  2  FROM MTCH_TBL a,
  3  HIST_TBL b
  4  where a.S_SEC=b.sec_alias(+)
  5  and b.instance(+)=100
  6  and b.EFF_DATE(+) =
  7                         (SELECT MAX (b2.EFF_DATE)
  8                            FROM HIST_TBL b2
  9                           WHERE b.sec_alias = b2.sec_alias
 10                                 AND b.instance = b2.instance);
                               AND b.instance = b2.instance)
                                                           *

ERROR at line 10:
ORA-01799: a column may not be outer-joined to a subquery

select a.h_sec, a.s_paid, a.h_paid, B.AME
FROM MTCH_TBL a
LEFT OUTER JOIN
HIST_TBL b
ON (a.S_SEC=b.sec_alias)
and (b.instance=100)
and (b.EFF_DATE =
                       (SELECT MAX (b2.EFF_DATE)
                          FROM HIST_TBL b2
                         WHERE b.sec_alias = b2.sec_alias
                               AND b.instance = b2.instance));

select a.h_sec, a.s_paid, a.h_paid, B.AME
FROM MTCH_TBL a
LEFT OUTER JOIN HIST_TBL b ON (a.S_SEC=b.sec_alias)
LEFT OUTER JOIN HIST_TBL b ON (b.instance=100)
LEFT OUTER JOIN HIST_TBL ON (b.EFF_DATE =
                       (SELECT MAX (b2.EFF_DATE)
                          FROM HIST_TBL b2
                         WHERE b.sec_alias = b2.sec_alias
                               AND b.instance = b2.instance));

select a.h_sec, a.s_paid, a.h_paid, b.ame
FROM MTCH_TBL a
LEFT OUTER JOIN
HIST_TBL b
ON (a.S_SEC=b.sec_alias)
and (b.instance=100)
WHERE (b.EFF_DATE =
                       (SELECT MAX (b2.EFF_DATE)
                          FROM HIST_TBL b2
                         WHERE b.sec_alias = b2.sec_alias
                               AND b.instance = b2.instance))
OR b.eff_date IS NULL;

select a.h_sec, a.s_paid, a.h_paid, b.ame
FROM MTCH_TBL a
LEFT OUTER JOIN
HIST_TBL b
ON (a.S_SEC=b.sec_alias)
and (b.instance=100)
WHERE (b.EFF_DATE =
                       (SELECT MAX (b2.EFF_DATE)
                          FROM HIST_TBL b2
                         WHERE b.sec_alias = b2.sec_alias
                               AND b.instance = b2.instance))
OR b.eff_date IS NULL;

Insert into HIST_TBL
   (SEC_ALIAS, INSTANCE, EFF_DATE, AME)
 Values
   (322, 100, TO_DATE('01/20/2006 00:00:00', 'MM/DD/YYYY HH24:MI:SS'), 'USD');
   
Insert into HIST_TBL
   (SEC_ALIAS, INSTANCE, EFF_DATE, AME)
 Values
   (606, 100, TO_DATE('01/20/2007 00:00:00', 'MM/DD/YYYY HH24:MI:SS'), 'USD');

			SELECT c.H_SEC,
                c.S_PAID,
                c.H_PAID,
                table_c.EFF_DATE
			FROM    MTCH_TBL c
                LEFT OUTER JOIN
                   (SELECT b.SEC_ALIAS,
                           b.EFF_DATE,
                           b.INSTANCE
                      FROM HIST_TBL b
                     WHERE b.EFF_DATE =
                              (SELECT MAX (b2.EFF_DATE)
                                 FROM HIST_TBL b2
                                WHERE b.SEC_ALIAS = b2.SEC_ALIAS
                                      AND b.INSTANCE =
                                             b2.INSTANCE
                                      AND b2.EFF_DATE >= '01-Jan-2007')
                           OR b.EFF_DATE IS NULL) table_c
                ON  table_c.SEC_ALIAS=c.H_SEC
                   AND table_c.INSTANCE = 100;

				   
insert into MTCH_TBL
values('6100',50695,'17-Sep-2013','16-Sep-2013','6100',1124);
				   
Insert into HIST_TBL
   (SEC_ALIAS, INSTANCE, EFF_DATE, AME)
 Values
   (1124, 100, TO_DATE('01/20/2006 00:00:00', 'MM/DD/YYYY HH24:MI:SS'), 'USD');
   
Insert into HIST_TBL
   (SEC_ALIAS, INSTANCE, EFF_DATE, AME)
 Values
   (1124, 100, TO_DATE('01/20/2005 00:00:00', 'MM/DD/YYYY HH24:MI:SS'), 'USD');

Plan
SELECT STATEMENT  CHOOSECost: 3,005  Bytes: 5,874,426  Cardinality: 43,839  						
	9 HASH JOIN OUTER  Cost: 3,005  Bytes: 5,874,426  Cardinality: 43,839  					
		1 TABLE ACCESS FULL TABLE (TEMP) MTCH_TBL Cost: 2  Bytes: 117  Cardinality: 1  				
		8 VIEW APP_DEVELOPMENT. Cost: 3,002  Bytes: 745,263  Cardinality: 43,839  				
			7 FILTER  			
				3 TABLE ACCESS BY GLOBAL INDEX ROWID TABLE HIST_TBL Cost: 2,999  Bytes: 745,263  Cardinality: 43,839  Partition #: 5  Partition access computed by row location		
					2 INDEX RANGE SCAN INDEX HIST_IDX1 Cost: 266  Cardinality: 43,839  	
				6 SORT AGGREGATE  Bytes: 17  Cardinality: 1  		
					5 FIRST ROW  Cost: 3  Bytes: 17  Cardinality: 1  	
						4 INDEX RANGE SCAN (MIN/MAX) INDEX (UNIQUE) SECURITYDBO.PK_HIST Cost: 3  Bytes: 17  Cardinality: 1  

AND b2.EFF_DATE >= '01-Jan-2007'

AND b2.EFF_DATE >= TO_DATE('01-Jan-2007', 'DD-Mon-YYYY')

SELECT c.H_SEC,
       c.S_PAID,
       c.H_PAID,
       MAX(h.EFF_DATE)
FROM MTCH_TBL c
LEFT OUTER JOIN HIST_TBL h
ON h.SEC_ALIAS=c.H_SEC
AND h.INSTANCE = 100
AND h.EFF_DATE >= to_date('01-Jan-2007', 'DD-Mon-YYYY')
GROUP BY c.H_SEC,
       c.S_PAID,
       c.H_PAID;