France fines Morgan Stanley $22 million for manipulating sovereign bonds

PARIS (Reuters) – France’s markets watchdog AMF said on Tuesday it has fined U.S bank Morgan Stanley (N:) 20 million euros ($22 million) for manipulation of sovereign bonds.

The fine relates to manipulations of French and Belgian bonds prices in June 2015, AMF said in a statement.

Morgan Stanley said it intended to lodge an appeal.

“The activities in question were undertaken in accordance with market practice and as part of the firm’s role and obligations as a market maker,” the bank said in a statement.

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