Page Comparison

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Whenever there is a net position discrepancy, the first value is the position in PropReports and the second is the position at the external entity being compared. For example, here is a sample discrepancy report versus the Sterling platform:

Discrepancies for 2011-03-10
	ABC123
                AAPL 0 3,000
	ABC456
                IBM -100 -200

The above indicates that at the end of 03/10/2011, account ABC123 was flat AAPL whereas Sterling was long 3,000 shares. Account ABC456 is short 100 shares IBM whereas Sterling shows the account short 200.

Interpreting the Executions Reconciliation Report

When running you set up an executions Execution reconciliation, PropReports compares prices and quantities. It first attempts to match individual executions in an effort to identify the exact fill or fills that may be missing. If unable to do so (for example if order bunching is employed) PropReports will switch to aggregate average price matching.

If there is a discrepancy you may see some executions labeled "Internal" and some "External". Internal trades are trades in PropReports and External is a trade at the entity being compared. For example, here's a sample discrepancy report versus Penson:

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will compare internally stored fills against another source such as your clearing firm.  Running the reconciliation daily allows you to double-check that imported trading activity is correct and up-to-date. Below is an example of an execution discrepancy caused by a canceled or busted trade on the external side:

ABC123 (123)
	XYZ
		Internal:
			B 4,300 @ 10.543 ABC001
			B 200 @ 10.541 ABC002
			==========
     
          S 5,100 @ 45.98803921 (TOTAL)              External:
                S 700 @ 46.06142857 1AWGP
                S 4,500 @ 45.97888889 1AWH2
                B 4,500 @ 10.542 (TOTAL)
 
		External:
			B 4,300 @ 10.543 ABC001
			B 200 @ 10.541 ABC002 CXLD
			==========
                        SB 54,200300 @ 4510.99543 (TOTAL)


		Difference:
          Difference:              B 200  S 100 @ 4610.09000029

In account 11112222 there is a trade "Buy 800 ARLP @ 73.90" (order id N7131) at Penson and not in PropReports.This indicates that on 03/10/2011

1. In account 11112222 PropReports has a trade "S 15,000 @ 24.5867" (order id ABC-123) and Penson does not.
2. In account 11112223 Penson has an extra 100 shares of SSO traded. The missing execution is "S 100 SSO @ 46.09000029."

The difference is the the buy and/or sell trade that needs to be booked into PropReports in order to reconcile that discrepancy.

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541

Please note the execution discrepancy report is displayed in the following order:

• Internal: Refers to the fills PropReports is reporting
• External: Refers to the fills the source you are reconciling against is reporting
• Difference: What trades would need to be posted in PropReports in order for that execution to reconcile 

 For examples of frequent and infrequent discrepancies, as well as steps to fix them, please visit the Handling Execution Discrepancies page.