Morgan Stanley suspended from French auctions

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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