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Position Reconciliation
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PropReports compares its computed net positions against another source such as your DMA platform or clearing firm. The report shows the following information:
Account | Whenever comparing against a DMA platform, the account name will be the PropReports Account Id (which should match the DMA platform). When comparing against the Clearing clearing firm, the PropReports Clearing Id is shown and positions are combined across one or more sub-accounts prior to comparison. Note that for all accounts in PropReports without a Clearing Id positions are combined and shown as a discrepancy with a blank account. |
Symbol | This is the ticker symbol of the security with the discrepancy. Symbols for positions that match are not reportedshown. |
PropReports Qty | The first of the two numbers following the symbol is the net position quantity in PropReports. Negative value indicates a short position. 0 indicates flat and a double-dash ("--") indicates that there was no trading activity in that symbol that day. This is a subtle but useful distinction. |
External Qty | The second of the two numbers following the symbol is the net position quantity at the external entity being compared (clearing firm or DMA platform). Negative value indicates values indicate a short position. 0 indicates flat and a double-dash ("--") indicates that there was no trading activity in that symbol that day. Not all sources indicate flat positions and in those cases "--" will be shown regardless if there was trading activity in that security. |
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For more examples of various position discrepancies, as well as steps to fix them, please see Common Position Discrepancies.
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Executions Reconciliation
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PropReports 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:
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. The report shows the following information:
Account | Whenever comparing against a DMA platform, the account will be the PropReports Account Id (which should match the DMA platform). When comparing against the clearing firm, the PropReports Clearing Id is shown and positions are combined across one or more sub-accounts prior to comparison. Note that for all accounts in PropReports without a Clearing Id positions are combined and shown as a discrepancy with a blank account. |
Symbol | This is the ticker symbol of the security with the discrepancy. Symbols that have no execution discrepancies are not shown. |
Source Indicator | Internal source refers to the fills in PropReports. External are fills at the source you are reconciling against. Difference are the trades that would need to be posted in PropReports in order for that discrepancy to reconcile. If there are many unmatched executions, just totals and average prices may be shown.
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Side / Intention | Buy (B), Sell (S), Short (T) or Cover (C). Not all sources indicate short or cover intention. In those cases, just Buy and Sell codes are used. See Fill Intention or Side for more information. |
Quantity | Quantity traded. Note that some clearing firms bunch trades together. In those cases, the external quantity is the bunched quantity as reported by the clearing firm. |
Price | Execution price. Note that some clearing firms bunch trades together. In those cases, the external price will be the average price of the bunched trade as reported by the clearing firm. |
Order Id | Order / Ticket Id as reported by the clearing firm (external) or stored in PropReports (internal). Order Ids are not used for reconciliation. They are displayed to make it easier to locate trades causing a discrepancy. |
Fill Status | If status is blank, it Indicates an execution is a regular trade. For journals, corporate actions and canceled trades, this field will contain various values. See Fill Status for more information. |
Here's a sample reconciliation report showing a busted trade:
| No Format |
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ABC123 XYZ Internal: B 4,300 @ 10.543 ABC001 B 200 @ 10.541 ABC002 ========== B 4,500 @ 10.542 (TOTAL) External: External: B 4,300 @ 10.543 ABC001 B 200 @ 10.541 ABC002 CXLD ========== B 4,300 @ 10.543 (TOTAL) Difference: B 200 @ 10.541 |
Please note the execution discrepancy report is displayed in the following order:
| Side | Qty | Price | Order Number | Fill Status | |
|---|---|---|---|---|---|
| B | 200 | @ | 10.541 | ABC002 | CXLD |
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
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For more examples of various execution discrepancies, as well as steps to fix them, please
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