Position discrepancies may occur time to time for will occur when reconciling trades for a number of different reasons. The majority of conflicts are typically the result of:
- Corporate actions (e.g. symbol change, split, merger/acquisition)
- Missing data from your clearing firm or execution provider (e.g. away trades, option exercises).
- Differences in ticker symbols
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PropReports compares its internal positions against positions reported by your clearing firm or the DMA provider. Because various systems use different symbol naming standards PropReports attempts to "normalize" ticker symbols when matching positions. Discrepancies may occur during reconciliation when this normalization process fails. Below are two examples where the symbol used by PropReports does not match the symbol used by the clearing firm:
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ABCXYZ (123) BRK/A 300 -- BRK.A -- 300 LXP-PC 100 -- LXPPRC -- 100 |
In the example above, you can see that PropReports is reporting 300 shares long of "BRK/A" for account ABCXYZ whereas the other system is showing 300 shares for "BRK.A". The correct symbol should be BRK/A . The and the erroneous symbology of BRK.A causes a discrepancy. The same issue exists for the "LXP-PC" / "LXPPRC" discrepancy (the correct symbol is being LXP-PC).
To reconcile this type of discrepancy, you will have to correct the ticker symbol via the "Audit > / Symbols" page page.
Alphanumeric code in place of ticker
When a vendor's symbol database is incomplete they can may send an ISIN or some internally-generated code in place of a ticker. Below Below are two examples where a symbol is missing in the data received from the clearing firm:
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ABCXYZ (123) ASG 58,888 -- US5299904186 -- 58,888 AMD 5,000 -- A005767 -- 5,000 |
Reconcile this type of discrepancy by navigating to the "Audit > Symbols" Audit / Symbols page, searching for the code causing the discrepancy (e.g. A005767 or US5299904186 from the examples above) and correct the ticker symbol.
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To reconcile this type of discrepancy, navigate to the "Audit > / Corporate Actions" page page and select the "Symbol Change" action action. Please visit our Symbol Change support page for complete instructions.
Stock Split
If a trader is holding a position for a stock that did a split or reverse split, a discrepancy will appear on the reconciliation report. The The example below shows a discrepancy for symbol "ABTL". PropReports is reporting 19,000 shares, while the clearing firm is reporting only 3,800. This is because the stock has undergone a 1:5 stock split.
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To reconcile this type of position discrepancy, navigate to the "Audit > / Corporate Actions" page page and select the " Stock Split action. Please visit our Stock Split" action support page for complete instructions.
Option Expiration
Below is an example of a position discrepancy caused by an option that needs to be expired. TheThe option for security "JOSB" was set to expire on 07/21/2012 , and came up as a discrepancy simply because the option matured without being closed out in PropReports.
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To reconcile this type of discrepancy, visit the "Audit > / Corporate Actions" page page and select "Option Expiration" the Option Expiration action to close the position. For more information on using the Option Expiration tool, click herePlease visit our Option Expiration support page for complete instructions.
Configuration Errors
Another common issue is incorrect or missing account names. Below are various examples of discrepancies caused by account name configuration errors.
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To fix these types of discrepancies, navigate to the Accounts / Overview page for the account holding the position and verify the account names are correctly set. If reconciling against the clearing firm, then the Clearing Id and Clearing Firm must be set and accurate. If reconciling against the DMA vendor, ensure the Account Id and Source match. For more information on account names, please click here.
