A former Morgan Stanley trader has been fined ￡140,000 ($223,000) and banned by the City of London watchdog after he traded ahead of clients to profit from their orders. It was the third trading-related punishment linked to the bank in the past month.
Nilesh Shroff engaged in so-called “front running”, where a dealer, knowing a client's plans, trades in the same direction before conducting the client's order.
The Financial Services Authority said yesterday that Mr Shroff, a senior trader at the bank, “disadvantaged” clients on seven occasions between June and October 2007 by partially front running their deals.
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