Rogue London trader loses $120m - papers 19 June

America’s second-biggest securities firm said that the Financial Services Authority was conducting a full investigation into the conduct of an unnamed employee - understood to be London-based Matt Piper - after Morgan Stanley discovered in May what it called a “$120m negative adjustment to marks previously taken in a trader’s book that did not comply with the firm’s policies”. The markdown is thought to relate to short-term trading in credit index options that may date back as far as last year. BRITAIN'S BOSSES HAVE been warned that they will become targets of future probes by the Fina...