Op risk data: Morgan Stanley clocked in block trading shock
Also: HSBC deposit guarantee gaffe; Caixa hack cracked; reg fine insult to cyber crime injury. Data by ORX News
Topping 2024’s first batch of op risk losses, Morgan Stanley made a $249.4 million settlement for a block trading fraud that spanned more than three years. Between January 2018 and August 2021, the firm’s equity desk leaked confidential information to investors ahead of block trades, according to a settlement made jointly between the US Department of Justice and the Securities and Exchange Commission.
It was found that then-head of the US equity syndicate desk, Pawan Passi, along with one of the
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