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CFTC says Morgan Stanley unit to pay $500,000 over supervision failures
September 28, 2017 / 8:40 PM / 2 months ago

CFTC says Morgan Stanley unit to pay $500,000 over supervision failures

WASHINGTON, Sept 28 (Reuters) - The U.S. Commodity Futures Trading Commission said on Thursday Morgan Stanley & Co. LLC agreed to pay $500,000 to settle charges it failed to properly supervise reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions.

The CFTC said in a statement it found that between 2009 and April 2016, the Morgan Stanley subsidiary overcharged customers in the United States $1,550,182 and customers of an affiliate were overcharged $1,439,047. It said the unit fully refunded nearly all of the affected customers and has otherwise taken responsibility for the relevant remaining amounts. (Reporting by Eric Walsh; editing by Diane Craft)

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