Morgan Stanley suspended from French auctions

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By Lewis McLellan
04 Aug 2020

The Agence France Trésor (AFT) has suspended Morgan Stanley’s primary dealership in French government bonds, making it the first bank to suffer such a proscription.

The suspension is a result of some transactions executed on June 16, 2015 that “seriously affected the liquidity of the French sovereign bond market”.

The Autorité des Marchés Financiers fined Morgan Stanley €20m in December 2019 over these trades, alleging that they were sold at “an abnormal ...

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