Fined: Morgan Stanley & Co. LLC Fined by FINRA

Fined
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Morgan Stanley & Co. LLC Fined by FINRA

October 18, 2018

An AWC was issued in which the firm was censured and fined a total of $56,000, of which $8,000 is payable to FINRA. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to take reasonable steps to establish that intermarket sweep orders (ISOs) it had routed met the definitional requirements set forth in the Securities Exchange Act of 1934 Rule 600(b)(30) of Regulation NMS primarily due to systems issues. The findings stated that as a result of the systems issues, the firm routed ISOs to multiple markets, which potentially traded through protected quotations in NMS stocks.

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