Reconcile

Reconcie is a professional slang among a trading business. It means what traders verify profit and loss of their own position, which should be done every day. For doing this "reconcile" task, they need some instrument, that is, market data and risk value are needed. Every day, traders can check risk value such as Delta, Gamma, Vega, Theta and so on, every day from thier model, and they can pick up market data such as IRS Swap rate, FXSpot, FXOption Volatility and so on.
they evaluate their profit and loss by means of easy caluculation with usuful computing machine in their hand from these data. If thier result in their hand is different from official profit and loss which is caluculated by a big computating machine set by company regulation, they including qunats must check our model and we must explain what the cause is. Especially about exotic trading, "reconcile" is more difficult than others because exotic position is consist of many parametars and many risk factors.