CFTC Fines Morgan Stanley for Reporting Failures

The US Commodity Futures Trading Commission (CFTC) has fined Morgan Stanley Capital Services $5 million for reporting failures under its obligations as a registered swap dealer – the firm is also instructed to retain a qualified outside consultant to verify its remediation of the violations of CFTC rules.

The order finds that since December 31, 2012, Morgan Stanley inaccurately reported swap data for approximately 3 million swaps. The errors included, among others, failures to report accurate primary economic terms data fields, including: Legal Entity Identifier, Unique Swap Identifier, notional amount, execution venue LEI, and price notation.

In addition, CFTC says Morgan Stanley reported nearly half of its swaps for one asset class outside of the time parameters required by CFTC regulations.

Julie Ros
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Julie Ros

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