Morgan Stanley hit by record fine

The New York Stock Exchange (NYSE) has hit US investment bank Morgan Stanley with a record $19m (£10m) fine.

The penalty, the largest so far imposed by the exchange, was the result of regulatory and supervisory lapses at Morgan Stanley, the NYSE said.

The NYSE said it had discovered “supervisory, operational and technological deficiencies” in some of Morgan Stanley’s operations.

The US exchange said it had also censured the firm.

Other shortcomings cited by the NYSE included Morgan Stanley’s failure to deliver prospectuses to 156,000 accounts and provide accurate reports to the exchange.

Morgan Stanley has neither admitted or denied the findings, the NYSE said in a statement.

The bank was not immediately available for comment.

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