Don't just assume your broker statement is right - review it every day. New exchange summary action reinforces it
DCM is always amazed how often firms just assume anything from their broker must be correct. Then something like the notice of summary action against Morgan Stanley by the CME that was issued today reinforces the advice to always read your broker statement and check it.
The notice here regards a $2,500 fine from the exchange for improper recordkeeping. The action was because:
Pursuant to the results of a back office CTR exam, for trade dates February 23, 2021 through March 31, 2021, Morgan Stanley & Co. LLC’s data entry errors for sequenced cards, verbal orders, and floor orders exceeded the 10% threshold level mandated by Rule 536.F.
That is right, in just over a 30 day period the data entry errors exceeded 10%.
Just review your statements every day to make sure they are correct.