A greater level of desktop application interoperability between buy- and sell-side firms may be coming as BlackRock and Morgan Stanley embraced an open source standard overseen by the Fintech Open Source Foundation (FINOS), which held its annual Open Source in Finance Forum in New York City (OSFF NY) last week. The standard known as FDC3… Read More >>
Morgan Stanley Settles Wrap-Fee Case with SEC
Morgan Stanley Smith Barney (MSSB) is settling charges that it provided misleading information to retail clients in its retail wrap fee programs regarding trade execution services and transaction costs, and the firm will pay a $5 million penalty that will be distributed to harmed investors, the U.S. Securities and Exchange Commission (SEC) reports. The commission’s… Read More >>
California Alleges Morgan Stanley Misled Key Pension Funds
The State of California has filed suit against Morgan Stanley & Co., accusing it of knowingly misleading the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), enticing the two huge pension funds to buy toxic mortgage-backed securities during the housing bubble that led to the Great Recession. The complaint,… Read More >>
