Tech
Morgan Stanley fined £5.4m for energy trading via WhatsApp
Fine follows moves US clamp down on the use of WhatsApp on Wall Street trading floors
A Morgan Stanley unit was fined £5.4 million (€6.34 million) for failure to retain messages sent by traders over WhatsApp in the first-ever penalty of its type issued under the UK energy regulator’s powers.
Morgan Stanley & Co. International failed to record and retain electronic communications between January 2018 and March 2020 made by energy traders on privately-owned phones which discussed transactions, Ofgem said in a statement on Wednesday.
Morgan Stanley has taken steps to ...