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Morgan Stanley dismisses traders linked to concealment of multimillion-dollar loss -Bloomberg

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Saumya Sibi Joseph Reuters
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Credit: REUTERS/Lucas Jackson

Morgan Stanley has fired or placed on leave at least four traders over alleged mismarking of securities that concealed losses of between $100 million and $140 million, Bloomberg reported on Thursday citing people familiar with the matter.

Nov 28 (Reuters) - Morgan Stanley MS.N has fired or placed on leave at least four traders over alleged mismarking of securities that concealed losses of between $100 million and $140 million, Bloomberg reported on Thursday citing people familiar with the matter.

The company is investigating the suspected mismarking that was linked to emerging-market currencies and the traders were based in London and New York, according to the report. (https://bloom.bg/33wcdRI)

A Morgan Stanley spokesman declined to comment on the report. The probe at the sixth largest U.S. bank relates to complex trading products including so-called FX options that give buyers the right to trade currencies at a set price in the future, according to Bloomberg.

(Reporting by Saumya Sibi Joseph in Bengaluru)

((saumya.joseph@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 2290; Twitter: @SaumyaSibi;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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