WASHINGTON (Reuters) - The U.S. Commodity Futures Trading Commission on Tuesday ordered Morgan Stanley to pay $5 million to settle charges it executed unlawful noncompetitive trades.
The CFTC said Morgan Stanley executed, processed and reported off-exchange futures trades to the Chicago Mercantile Exchange and Chicago Board of Trade as exchanges for related positions (EFRPs) over an 18-month period.
The EFRPs constituted "fictitious sales" because the futures trades were executed noncompetitively and not in accordance with exchange rules, the CFTC said.
(Reporting By Karey Wutkowski; editing by Jeffrey Benkoe)
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