A former Morgan Stanley trader has been fined £140,000 by the FSA for deliberately disadvantaging hi...
A former Morgan Stanley trader has been fined £140,000 by the FSA for deliberately disadvantaging his clients. Nilesh Shroff was found guilty of pre-hedging trades without their consent. He faces a fine and has been banned from carrying out regulated activities. The news comes less than a fortnight after Morgan Stanley was fined £1.4m for failing to properly supervise a trader. The trader involved received a £105,000 fine. Pre-hedging is a practice where firms carry out their own trading prior to customer requests, to improve the firm's position. When asked to buy shares, Shroff w...
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