French Regulator AMF Fines Morgan Stanley EUR20 Million
December 10 2019 - 3:13AM
Dow Jones News
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 giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 10, 2019 02:58 ET (07:58 GMT)
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