Morgan Stanley will pay $6.75 million to resolve claims that its futures brokerage unlawfully traded positions off exchanges owned by CME Group Inc. (CME) (CME) 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.
Monday, June 11, 2012
Morgan Stanley Will Pay $6.75M Over Claims
Morgan Stanley will pay $6.75 million to resolve claims that its futures brokerage unlawfully traded positions off exchanges owned by CME Group Inc. (CME) (CME) 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.
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