Morgan Stanley (NYSE:MS)
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By Giulia Petroni
The French financial market regulator AMF imposed a fine of 20 million euros ($22.1 million) on Morgan Stanley (MS) for manipulating the price of sovereign bonds and a sovereign bond futures contract.
The AMF said that on June 16, 2015, Morgan Stanley manipulated the price of French (OAT) and Belgian (OLO) bonds, as well a French bond futures contract (FOAT).
"The purpose of the FOAT acquisitions was to influence a price increase of this financial instrument, in order to cause an abnormal and artificial increase in the price of the OATs and OLOs," according to AMF.
The market regulator dismissed the complaint of price manipulation of German sovereign bonds futures contracts.
Morgan Stanley said it will appeal against the decision.
"We are very disappointed with this finding and we fully intend to lodge an appeal," the U.S. bank said in a statement. "The activities in question were undertaken in accordance with market practice and as part of the firm's role and obligations as a market maker."
Write to Giulia Petroni at email@example.com
(END) Dow Jones Newswires
December 10, 2019 02:58 ET (07:58 GMT)
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