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CME Fines Morgan Stanley $50,000 for Oil Trades

By Dan Strumpf NEW YORK--Exchange operator CME Group Inc. (CME) said Friday it ordered Morgan Stanley (MS) to pay a $50,000 fine for allegedly overstating its open interest in a crude-oil contract in November 2011. CME said the investment bank overstated its position in the physically settled December 2011 crude-oil futures contract by 13,267 contracts, or 51.6%, one day before the expiration of the contract. The overstatement violated a CME rule regarding holding concurrent long and short positions in the futures market, CME said. Morgan Stanley agreed to pay the fine as part of a settlement in which it neither admitted nor denied the rule violation, CME said. A Morgan Stanley spokeswoman declined to comment. The fine is the second penalty the bank has faced this week in commodities trading. On Tuesday, the Commodity Futures Trading Commission said it reached a $5 million settlement with Morgan Stanley for alleged misconduct regarding several off-exchange futures trades between April 2008 and October 2009. The trades were executed noncompetitively and were deemed "fictitious sales," resulting in the reporting of false prices, in violation of government regulations, the CFTC said. Ben Fox Rubin contributed to this article. Write to Dan Strumpf at [email protected]

Stock News for Cme Grp. Inc. (CME)
DateTimeHeadline
02/23/201714:51:00CME Group Interest Rate Contracts Shatter Records on Feb. 22
02/17/201712:32:59Current Report Filing (8-k)
02/15/201713:51:00CME Group Announces Copper Futures Open Interest Record, Surpassing...
02/14/201718:26:43Annual Statement of Changes in Beneficial Ownership (5)
02/14/201712:46:00CME Group Inc. Names Slate of Director Nominees
02/13/201717:13:05Current Report Filing (8-k)
02/13/201717:08:15Amended Statement of Ownership (sc 13g/a)
02/13/201716:34:18Additional Proxy Soliciting Materials (definitive) (defa14a)
02/10/201709:37:53Amended Statement of Ownership (sc 13g/a)
02/09/201707:20:24Statement of Ownership (sc 13g)
02/08/201717:50:00CME Group Increases Dividend by 10 Percent
02/07/201709:30:00Ag barometer: Producer sentiment skyrockets again
02/06/201716:19:48Statement of Changes in Beneficial Ownership (4)
02/02/201709:30:00CME Group Reached Average Daily Volume of 16 Million Contracts...
02/02/201708:39:00CME Group's Top and Bottom Lines Jump on Trading Surge
02/02/201707:16:40Current Report Filing (8-k)
02/02/201707:00:00CME Group Inc. Reports Strong Fourth-Quarter and Full-Year 2016...
02/01/201713:12:00Robert Wilson to receive CME Group-MSRI Prize in Innovative Quantitative...
01/30/201714:58:34Annual Statement of Changes in Beneficial Ownership (5)
01/30/201705:59:00CME Tries to Sell Small Investors on Futures Trading

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