Morgan Stanley beefs up block trade supervision
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 30 August 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Morgan Stanley has tapped a lawyer to keep an eye on its block trading, and airlines are bracing for a chilly winter. Plus, Liz Truss, the frontrunner to be UK prime minister, has been talking tough with US officials but is likely to keep UK-US ties on track.
Mentioned in this podcast:
Morgan Stanley orders internal lawyer to supervise block trading desk
Airlines braced for grim winter as slowdown threatens recovery
Inside Liz Truss’s not so special relationship with the US
New York Yankees and LA fund join investors in AC Milan
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.3 | Today is Tuesday, August 30th. |
| 0:13.3 | This is your FT News Briefing. |
| 0:18.4 | Morgan Stanley seems to be getting nervous about a federal probe into its block trading. |
| 0:22.8 | Airlines, meanwhile, are nervous about a winter chill. |
| 0:26.3 | Plus, UK Foreign Minister Liz Truss looks like she'll be the next Prime Minister |
| 0:30.8 | and she's already ruffling some feathers in Washington. |
| 0:34.2 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:43.8 | Morgan Stanley has been under federal investigation into its block trading, |
| 0:48.0 | which is basically when banks are hired to sell a large number of shares and a publicly traded |
| 0:53.3 | company. And now the FT has learned that Morgan Stanley has placed an internal lawyer |
| 0:58.5 | in its block trading unit in order to beef up supervision. |
| 1:02.1 | The FT's US banking editor Josh Franklin says the move shows just how seriously Morgan Stanley |
| 1:08.0 | is taking this investigation. So what we understand is that the SEC, the Securities and Exchange |
| 1:15.1 | Commission has been looking into this for several years now, but things really did gather momentum |
| 1:20.3 | after the collapse last year of Bill Wong's family office. I'm sure FT listeners will remember |
| 1:25.7 | archaegos capital management and the big story that that was last year. And there were a number of |
| 1:30.0 | block trades that kind of precipitated the collapse of archaegos and the trading around that has |
| 1:35.4 | increased the scrutiny around block trading and it resulted in the Department of Justice |
| 1:40.4 | then also taking a look at this area. And now it seems to have Morgan Stanley in its sites. |
... |
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