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Top Morgan Stanley commodities executives leave after rules breach: Bloomberg News Reuters Staff (Reuters) - Two of the most senior commodit Empty Top Morgan Stanley commodities executives leave after rules breach: Bloomberg News Reuters Staff (Reuters) - Two of the most senior commodit

في الثلاثاء 20 أكتوبر 2020 - 23:01
Top Morgan Stanley commodities executives leave after rules breach: Bloomberg News
Reuters Staff
(Reuters) - Two of the most senior commodities executives at Morgan Stanley (MS.N) are leaving the bank after compliance breaches related to use of communication tools, Bloomberg News reported on Tuesday, citing two people familiar with the matter.

FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo
Nancy King, global head of commodities, and Jay Rubenstein, head of commodities trading, are leaving, the Bloomberg report said. The departures were first reported by energy news service SparkSpread.

The move has stoked concerns among some market participants about use of different communications services. Commodity trading brokers across the world commonly use messaging services including WhatsApp, WeChat and Intercontinental Exchange (ICE) chat to communicate with traders who put in orders and execute trades.

However, banks, oil majors and commodity merchants have long had strict compliance rules when it comes to communications and several sources have expressed concerns about being monitored by companies when using chat services.

Shell Trading, for example, records and monitors communications (including those by telephone, mobile phones, IM, e-mail and other media) for legal, regulatory and/or business purposes, where it is legally permissible to do so.

This month, Reuters reported BP (BP.L) terminated four trading and operations staff responsible for Chinese crude oil sales as a result of an internal investigation into trades with Singapore's Hontop Energy.

One of the sources said that a factor behind the terminations was improper use of the WeChat messaging platform as a tool for commercial discussions with counterparties.

Morgan Stanley did not immediately respond to a Reuters request for comment. King and Rubenstein did not respond to requests for comment.

The bank did not find any wrongdoing, but the use of those communication channels went against policy, according to the Bloomberg report.

King joined Morgan Stanley as an oil trader in 1986 and was named the sole global head of commodities in June 2016.

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Rubenstein joined in 2007 as a power trader and was named global head of commodities trading in June last year, according to his LinkedIn profile.

Reporting by Devika Krishna Kumar in New York, Niket Nishant in Bengaluru; Editing by Ramakrishnan M. and David Gregorio
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