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Morgan Stanley has been suspended by the treasury of France for three months, barring it from “bond deals”. Some “past deals” happens to be behind this ban on Morgan Stanley, as cited by the state treasury. According to the AFT:
“Agence France Trésor (AFT), on behalf of the Minister of the Economy, Finance and Economic Recovery, has decided to suspend Morgan Stanley from its status of SVT (Spécialiste en Valeurs du Trésor - Primary Dealer) for a minimum period of three months, with effect from 4 August, 2020”.
The suspension came following the transactions that were executed on “June 16, 2015” which in turn caused a serious impact on “the liquidity of the French sovereign bond market” while the U.S. investment bank failed to “disclose” those transaction in an investigation carried out by the “French AMF watchdog”.
On the other hand, Morgan Stanley informed that it noted the decision made by the AFT and was developing “remedial measures” with the hope of regaining its “primary dealership status” in the AFT. Reuters further informed that:
“Last December Morgan Stanley was fined 20 million euros ($23.53 million) by the AMF for manipulation of sovereign bonds, which the bank is appealing against”.
According to AMF, on “June 16, 2015” governments bonds were sold in large scale causing an upset in the “MTS Global Market bond trading system” as a result the transactions stopped for “four minutes” while “liquidity levels” fell for “about an hour”.
References:
reuters.com
“Agence France Trésor (AFT), on behalf of the Minister of the Economy, Finance and Economic Recovery, has decided to suspend Morgan Stanley from its status of SVT (Spécialiste en Valeurs du Trésor - Primary Dealer) for a minimum period of three months, with effect from 4 August, 2020”.
The suspension came following the transactions that were executed on “June 16, 2015” which in turn caused a serious impact on “the liquidity of the French sovereign bond market” while the U.S. investment bank failed to “disclose” those transaction in an investigation carried out by the “French AMF watchdog”.
On the other hand, Morgan Stanley informed that it noted the decision made by the AFT and was developing “remedial measures” with the hope of regaining its “primary dealership status” in the AFT. Reuters further informed that:
“Last December Morgan Stanley was fined 20 million euros ($23.53 million) by the AMF for manipulation of sovereign bonds, which the bank is appealing against”.
According to AMF, on “June 16, 2015” governments bonds were sold in large scale causing an upset in the “MTS Global Market bond trading system” as a result the transactions stopped for “four minutes” while “liquidity levels” fell for “about an hour”.
References:
reuters.com
