Correcting a Trade Through the Clearing Editor

What this video covers

• When a Trading Permit Holder may update an executed trade through the Clearing Editor on the trade's own trading date
• Why the editor can address certain bona fide errors but is not a general-purpose tool for correcting older trades
• Which three default values are available when the firm lacks knowledge: open or close, broker-dealer capacity code B, and day for time-in-force
• Why a default value is permission only, and why the firm must maintain records of later changes
• The firm's continuing responsibility for accurate information in time and sales reports and for matching and clearing
• Why an improper change is processed and given effect but can still result in disciplinary action
• Why exchange action on a default or edit is not a determination that the trade complied with the rules