Interpreting Reconciliation Reports

Position Reconciliation

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 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.

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:

1. ABC123 has trading activity in AAPL but is now flat whereas Sterling is showing a 3,000 share long position.
2. ABC123 did not trade DELL on this day whereas Sterling shows the account long 100 shares.
3. ABC123 is short 100 shares of IBM whereas Stering is short 200.
4. 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. 

Executions Reconciliation

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.
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. Note: items that match are not shown. This means not all internal / external executions for a symbol are displayed – only executions that do not match will appear.
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:

ABC123
    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

For more examples of various execution discrepancies, as well as steps to fix them, please see Common Execution Discrepancies.