PosRECS!
is a high performance, position reconciliation engine. PosRECS!
is the software tool that gives your staff the ability to reconcile
security positions quickly, easily and with confidence. Management
sets the matching rules, PosRECS! identifies the breaks and your
staff spends their time correcting the exceptions
and not finding them.
PosRECS! automates the reconciliation process between multiple sources
- between in house software applications or between counter parties. Management decides what will be matching attributes and if
there are to be any tolerances. For
example, when reconciling equity
positions, typically one would want to use the following matching attributes: security symbol (ticker, CUSIP, Sedol etc.),
quantity, security type, position type (long or short), fund and
location. In some cases, due to fractional shares, exact matches might
be impossible. Rather than have back office personnel deal with
fractional share breaks, management might set a tolerance rule for the
quantity attribute.
The PosRECS! engine is capable of importing data from many different
sources. In addition to supporting a position extract from Advent's Axys,
PosRECS! will import data maintained in Microsoft Access, Excel or text
files. Additionally, data from any leading database server can be
imported. Support for Oracle, MS SQL server, Informax and IBM's DB2 can
also be arranged.
Reporting...
PosRECS! will find full and partial matches. Extensive electronic or paper based reporting is available. Reports will identify position breaks and, if possible, the cause for the break. So if the matching attributes are defined as above, then PosRECS! could potentially produce a quantity break report, as well as security type, security symbol, position type, fund, location and unidentified break reports. Naturally, a match report is also available for auditing purposes. (for more on reporting see below)
Data the way you want to see it...PosRECS! gives you the ability to define the codes the way you want to see them. If you know options generically as "OP" then you'll see options as "OP". If you know them as "cl" or "pt" then you'll see them as "cl" or "pt". Are you use to looking at reports grouped by fund in a particular order? Then you'll see PosREC reports in that same order. Our unique, user defined ordering algorithms do not depend on numeric or alphabetical ordering. Though, naturally you can see your data ordered in that way as well.
What can be reconciled?...
Domestic and foreign equities
Technology...We've posted a sample Break Report and a sample Match Report in Adobe's PDF format. These reports were created using actual production data files from one of our clients (though the fund names were changed). This client has a couple of hundred different positions. It took less than two minutes to import the data, reconcile the positions and print the reports.
You'll notice that the break reports attempt to identify the cause for the breaks. When PosRECS! is unable to identify the cause, the breaks appear on an "Unknown" break report. The sample set of reports also include a "Quantity Break Report" and a "CommonID Break Report". The CommonID may be a Ticker, CUSIP, Sedol or other industry standard identifier. When the two sides match on all attributes except for the CommonID then the breaking position appears on the CommonID Break Report. If in fact the position matches but the two sides use different CommonIDs (a synthetic CUSIP for example) than the program can be instructed to map one side's identifier to use the other sides identifier. Then in future, the position will be matched.
When viewing the Adobe file, you'll want to use Acrobat's "Rotate View Clockwise" command. Ctrl+Shift++. (Press and hold both the Control and Shift keys and tap the "+" key.) We also suggest that you maximize your browser Window so that the the online version of the reports are easier to read.
Here's an explanation of each column if something is not clear.
If you have questions about this program, please send us an e-mail.