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Morgan Stanley fined $4 million for market access violation


    NEW YORK (Reuters) - U.S. regulators said on Wednesday they fined Morgan Stanley $4 million for failing to have rules in place to prevent a trader at one of the bank's customer trading firms from fraudulently buying Apple Inc shares, leading to the demise of the trading firm.

    Morgan Stanley did not have the required risk management controls necessary to prevent the trader from entering orders that exceeded pre-set trading thresholds, violating so-called "market access" rules, the U.S. Securities and Exchange Commission said.

    (Reporting by John McCrank; Editing by Jeffrey Benkoe)