Morgan Stanley & Co. LLC is a boutique investment banking firm that offers financial advisory and security brokerage services. The firm was founded in 1969 and is based in New York, New York. Morgan Stanley & Co. LLC operates as a subsidiary of Morgan Stanley Domestic Holdings, Inc.
New York, NY 10036-8293
Founded in 1969
Commodity Futures Trading Commission Orders Morgan Stanley & Co. LLC to Pay a $300,000 Civil Monetary Penalty for Violations of Customer Protection Rule for Cleared Swaps
Aug 6 15
The U.S. Commodity Futures Trading Commission issued an Order requiring Morgan Stanley and Co. LLC to pay a $300,000 civil monetary penalty for failing to hold sufficient U.S. Dollars in segregated accounts in the United States to meet all of its U.S. Dollar obligations to cleared swaps customers. The Order also finds that the firm failed to implement adequate procedures and requires Morgan Stanley to cease and desist from violating CFTC Regulations, as charged. As in the Order, on numerous days from March 12, 2013 to March 7, 2014, Morgan Stanley failed to hold sufficient U.S. Dollars in segregated accounts in the United States to meet all U.S. Dollar obligations to the firm's cleared swaps customers, in violation of CFTC Regulation 22.9. On those days, Morgan Stanley held the amount of the U.S. Dollar deficits in Euros and other currencies, rather than in U.S. Dollars, according to the Order. Because Morgan Stanley held the amount of the U.S. Dollar deficits in other currencies, it did not have a shortfall in overall cleared swaps customer collateral. As the Order finds, however, the size of Morgan Stanley's U.S. Dollar deficits ranged from approximately $5 million to approximately $265 million, at times representing more than 10% of the amount that the firm was obligated to maintain in U.S. Dollars for cleared swaps customers. Additionally, the Order finds that from November 8, 2012 to on or about April 8, 2014, Morgan Stanley did not have in place adequate procedures to comply with the currency denomination requirements for cleared swaps customer collateral and did not train and supervise its personnel to ensure compliance with CFTC Regulation 22.9. Morgan Stanley thereby failed to supervise diligently its officers, employees, and agents and did not have sufficient procedures in place to detect and deter the violations found herein, in violation of Regulation 166.3, the Order finds. The Order recognizes that Morgan Stanley promptly reported the deficiencies to the CFTC, implemented corrective procedures, and cooperated with the CFTC's Division of Enforcement in its investigation.
TECO Energy Confirms Strategic Options
Jul 16 15
TECO Energy, Inc. (NYSE:TE) intends to explore strategic options. In response to the market rumors, TECO confirmed that it is exploring strategic alternatives. The company has hired Morgan Stanley & Co. LLC to advise in connection with exploring such strategic alternatives.
TECO Energy Considering Multiple Strategic Alternatives
Jul 16 15
TECO Energy, Inc. (NYSE:TE) is considering multiple strategic alternatives. TECO Energy, Inc. not to confirm or deny market rumors, in response to media reports concerning a potential sale of the company, the company confirmed that it is exploring strategic alternatives. TECO Energy has retained Morgan Stanley & Co. LLC to advise the company in connection with exploring such strategic alternatives. Given the preliminary nature of this exploration, neither the company nor any of its representatives will be providing any additional comments at this time. No assurance can be given that the company will determine to pursue a potential sale or enter into any definitive sale agreement. The company does not intend to make any further press release or announcement regarding these matters unless and until it enters into a binding, definitive agreement with respect to a sale.