Law \ Legal

Meet The Newest Member Of Morgan Stanley’s Block-Trading Desk

It must have been a rude surprise for those manning Morgan Stanley’s block-trading desk (and, of course, their customers) to learn that their conversations were being monitored, retrospectively, by the Justice Department and Securities and Exchange Commission. (Although exactly when that surprise came is open to interpretation.) Seems the Feds had gotten it into their heads that block-trading, as much a cornerstone of what investment banks do as anything, is just a big old square fig leaf for a whole lot of insider-trading.

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