Interpreting the Positions Reconciliation Report
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 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 for positions that match are not shown. |
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 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. |
Here is a sample discrepancy report of PropReports versus Sterling:
ABC123
AAPL 0 3,000
DELL -- 100
IBM -100 -200
YHOO 500 --
The above indicates four discrepancies for account ABC123:
- ABC123 has trading activity in AAPL but is now flat whereas Sterling is showing a 3,000 share long position.
- ABC123 did not trade DELL on this day whereas Sterling shows the account long 100 shares.
- ABC123 is short 100 shares of IBM whereas Stering is short 200.
- ABC123 is long 500 shares of YHOO whereas Sterling is flat and it was not traded that day.
For more examples of various position discrepancies, as well as steps to fix them, please see Common Position Discrepancies.
Interpreting the Executions Reconciliation Report
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. 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. |
Side / Intention | Buy (B), Sell (S), Short (T) or Cover (C). Note that 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 | |
Price | |
Order Id |
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
==========
B 4,500 @ 10.542 (TOTAL)
External:
B 4,300 @ 10.543 ABC001
B 200 @ 10.541 ABC002 CXLD
==========
B 4,300 @ 10.543 (TOTAL)
Difference:
B 200 @ 10.541
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