Theorem’s Paul Geiger discusses the CFTC fine of Morgan Stanley along with other reconciliation challenges in a recent article by FinOps Report.

The nature of calculating trading fees lends itself to billing errors and fees for trading futures contracts are typically more complicated than those for equities. “Exchanges differ vastly in their fee structures depending on the type of product traded and rebates offered,” explains Paul Geiger, president of Theorem Technologies, a Chicago firm offering software-as-a-service for post-trade reporting and reconciliation for FCMs and commodity trading advisors. “One futures product could easily have over ten fee schedules.” The newly launched Theorem is a spin-off from Thales, an independent introducing broker.

The full article is available online at


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