Complex - Missing data causing multiple unknowns
Missing CountryOf properties
Properties such as CountryOfIncorporation and CountryOfIssue are vitally important in order for Rapptr to determine which country a position may be disclosable in. For example, if CountryOfIncorporation is not provided, Rapptr will flag unknowns in all rules that this security could potentially fall under. This is likely to cause a large number of unknowns due to the large number of rules relying on these missing properties.
Although the number of unknowns may seem slightly overwhelming, we recommend looking at the Missing Data Tab. This page summarises missing properties and the affected rules in one line, as shown below.
If you are absolutely unable to source the CountryOfIncorporation for a stock, we recommend setting the CountryOfIncorporation to “??” which means that the position will be evaluated against each rule in Rapptr and will not cause unknown rule results. Positions set with CountryOfIncorporation="??" will be included under breaches instead. These are known as control rules and a separate article on these can be found here. The result of setting the property to "??" is shown below.
A missing IssuerID will almost certainly create multiple unknowns for the same rule, as most disclosure results are grouped by this property. In fact, assets with a missing (or blank) IssuerID will likely create a very large number of unknowns as Rapptr will evaluate it against many rules.
Rapptr is configured this way purposefully. Since rules are often grouped by IssuerID, it's vital that Rapptr does not deliver a result for a) assets with a missing IssuerID or, b) OTHER assets which do have an IssuerID and were captured by the rule.
Consider the example: we hold a Vodafone Equity (5%) and a Travis Perkins Equity (10%). If we remove the IssuerId from the Travis Perkins Equity then an unknown would trigger with the message 'Assets checked by this rule have missing data: IssuerID.'
This Unknown triggers as Rapptr has no way of knowing whether the 10% result should be grouped with the 5% Vodafone result. To put it another way, there are two possibilites for the Vodafone MajorGB result:
- It could be 5% (If the missing IssuerId isn’t Vodafone Plc)
- It could also be 15% (If the Missing IssuerId is Vodafone Plc - 10% + 5%)
It is therefore vitally important that IssuerId is always provided, and in a consistent manner. If you absolutely cannot find a value for the IssuerId, set it to “UNKNOWN” so all unknown IssuerIDs will be grouped together.