Morgan Stanley confirmation page poll

Do you support the policy of having one trade on one page and download on at a time ?

  • Yes I support it

    Votes: 0 0.0%

  • No I do not support it and they should have an alternate way to get the information in one download

    Votes: 3 100.0%
  • Total voters
    3
  • Poll closed .
S

status1

Well-known member
I wanted to make a poll of the confirmation page on the Morgan Stanley brokerage website after the implementation of the merger
Specifically before the merger with Etrade when I had a confirmation I can download all trades that were done on one day with one download Now with Morgan Stanley I have to download each leg of the trade one download at a time That is their policy and they are not planing to change it
 
status1 said:
I wanted to make a poll of the confirmation page on the Morgan Stanley brokerage website after the implementation of the merger
Specifically before the merger with Etrade when I had a confirmation I can download all trades that were done on one day with one download Now with Morgan Stanley I have to download each leg of the trade one download at a time That is their policy and they are not planing to change it
Click to expand...
Wow, not good.
 
This was their response to my question about this

"E*TRADE generated combined trade confirmations before the Morgan Stanley conversion and there was no way to request that the trade confirmations be done any other way. Since the Conversion, we generate trade confirmations according to Morgan Stanley's policy which is to say a separate confirmation for every trade. Unfortunately, there is no way to request that the confirmations be done differently at this time."
 
Just wanted to add further disappointment with Morgan Stanley

If the confirmation page was not bad enough even the transaction page is not accurate as they show the commission as $0.51 when in reality it's $0.50 and they included $0.01 Option reg fee but they neglected to include (on purpose) the SPX index fee of $0.51 (just for 1 lot)
I know it's just i cent but why keep showing inaccurate commissions

They say they don't have the option to add an extra line for the index fee but they also don't want to include it in the commission as they did with the Option reg fee
It seems like they want to hide the index fee for some reason or they are so incompetent and lazy that they don't want to change anything

When I make an SPX trade , on the history page it shows the index fee in a separate column called Est fee which sounds good but it's only good for that day because if you download the transactions the next day that column is not there anymore and the index fee is just calculated in the final price

Ever since the merger instead of leaving things the way they were they just made everything worse and have no plans to make things better
So the only choice is left is to download the trades for that day and forget about the confirmation page altogether
 
Here is another doozy
I got my 1099 from Morgan Stanley and they list IWM as section 1256 so I thought maybe it's a mistake but no they insist that it's a 1256 contract saying because it tracks the RUT index it must be a 1256 contract also
Meanwhile the same IWM etf that was transferred from Etrade is listing it as regular stock
They say that they interpret the rules differently than Etrade and everyone else for that matter
Seems to me like they are clueless

What do you think ? Is IWM 1256 contract subject to interpretation ?
I bet next year they can place it with the regular stock and say well we interpret it different this year Are there no rules anymore ?
Does every trader need a tax accountant to figure out how to interpret the irs rules I though this rule was clear to everyone except MS
 
status1 said:
Here is another doozy
I got my 1099 from Morgan Stanley and they list IWM as section 1256 so I thought maybe it's a mistake but no they insist that it's a 1256 contract saying because it tracks the RUT index it must be a 1256 contract also
Meanwhile the same IWM etf that was transferred from Etrade is listing it as regular stock
They say that they interpret the rules differently than Etrade and everyone else for that matter
Seems to me like they are clueless

What do you think ? Is IWM 1256 contract subject to interpretation ?
I bet next year they can place it with the regular stock and say well we interpret it different this year Are there no rules anymore ?
Does every trader need a tax accountant to figure out how to interpret the irs rules I though this rule was clear to everyone except MS
Click to expand...
Interesting, as a recovering CPA, I will not offer my official opinion. But, IWM is usually not accorded the special treatment, as it holds actual stocks and is not just an index. My recollection is that is one of the critical factors.
 
I understand that but it seems that MS don't want to acknowledge that or think they are smarter than everyone else
I saw some other traders complain about MS on reddit as they classified SPY and QQQ as 1256 contracts
 
Last edited by a moderator:
Not sure how that link got inserted in the reply as I did not have a link in the previous reply and has nothing to do with reddit
Maybe this is still an effect from the hacking that was done recently on this website
 
Things are getting worse at MS/Etrade It looks like the secure message is no longer working and the chat person assisting does not seem to know much about options or they have some kind of convoluted way of calculating the p/l for taxes

I sold a 10 lot option for 0.85 which later on was assigned and the 1099 tax form shows I lost $105 So I used the chat to find out what happened and the guy is trying to tell me that I bought back 100 shares for 0.95 which I did not Than later on is trying to tell me that because it was assigned this was a closing trade and they have to buy to close the option which the guy figured it was 0.95 and it was 100 shares which did not add up because I had a 10 lot
Than the guy is insisting that it was a buy to close trade which does not make sense because if I buy to close the option than I do not get assigned So than the guy ran out of explanations and said he will ask someone else but since this was a chat not sure how they will get an answer back

Of course they made the same mistake again buy making all etf's 1256 contract but I knew about that from last year
 
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