Morgan Stanley has been fined £1.4m ($2.1m) by the UK's financial regulator after weak control of its credit derivatives desk allowed a rogue trader significantly to overprice his position for six months.
The Financial Services Authority yesterday penalised the bank for its failure to prevent the mispricing by Matthew Piper, then a trader in complex credit derivative products.
The problem came to light in May last year and Mr Piper was fired in September following an internal investigation. Yesterday the regulator said it had banned him from the industry and fined him £105,000.
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