Morgan Stanley Will Pay $6.75M Over Claims
This article is for subscribers only.
Morgan Stanley will pay $6.75 million to resolve claims that its futures brokerage unlawfully traded positions off exchanges owned by CME Group Inc.
The trades during an 18-month period in 2008 and 2009 were non-competitive and constituted “fictitious sales” that violated commodity-market rules, the U.S. Commodity Futures Trading Commission said today in a statement announcing a $5 million fine against New York-based Morgan Stanley. The bank, which was accused of supervisory and record-keeping violations, will pay an additional $1.75 million to resolve related complaints from CME and the Chicago Board of Trade.