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Morgan Stanley & Co Intl. Fined For Manipulating Price Of Sovereign Bonds

The Enforcement Committee of the Autorité des Marchés Financiers has imposed a fine of 20 million euros on Morgan Stanley & Co International plc for manipulating the price of 14 French government bonds and 8 Belgian bonds on 16 June 2015, and also manipulating the price of a French government bonds futures contract. The company has the right to file an appeal against the decision.

On 16 June 2015, the European Government Bonds Desk at Morgan Stanley & Co International plc aggressively purchased a significant number of French sovereign bonds futures contracts and German sovereign bonds futures contracts and Buxl Futures on the German derivatives regulated market, Eurex. Immediately following this, the traders sold 17 different French government bonds for 815 million euros, mainly on the MTS France and BrokerTec electronic trading platforms, and 8 Belgian bonds for 340 million euros on the MTS Belgium platform.

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