Trade details data could be sent to Canopy via data feed or via ePDF statements.
Data provided includes transactions, and also holdings i.e. security and cash positions. With both transactions and holdings available, Canopy is able to upload the trades from the transactions data, and reconcile the closing positions to the holdings data. Canopy would also save the custodian-provided prices, to provide a closer match to the closing net worth values.
Usually, ePDF statements are sent in on a monthly basis, while data feeds are sent in on a daily basis.
Both of these options mean that there is a time lag as to when trade details would be sent to Canopy, and thus positions are not ‘live’.
As a separate service, Canopy is also able to scrape trade details coming from trade confirmations sent in via e-mail by the bank. From such trade confirmations, if all relevant trade details are provided, transactions could then be automatically uploaded to Canopy. This process is largely automated based on available data, with the aim of uploading transactions with minimal time lag.
As no positions file are provided (only transactions), there would be no reconciliation done, and no prices would be saved with this method. Further details on the process can be found below.
1. Transactions Data sent via e-mail. Trade Confirmation is sent via e-mail, either forwarded to Canopy by the client, or Canopy is copied in as a recipient.
2. Data Extraction and Normalization Trade details are scraped from the e-mail content, and the data would then be normalized and uploaded as a task into Canopy’s Engine.
Relevant trade details to be included: