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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
|
3.00% |
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S&P California Bond Index
|
2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
|
848.03 |
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S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
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S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
|---|
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Morgan Stanley fined for excessive bond charges |
The Associated Press - Nov. 10, 2011 - From Bloomberg Businessweek
WASHINGTON
The brokerage industry's self-policing organization said Thursday that it fined Morgan Stanley & Co. Inc. and its brokerage business Morgan Stanley Smith Barney LLC $1 million and ordered the companies to repay customers for excessive charges on bond transactions.
The fine and restitution of $371,000 was ordered by the Financial Industry Regulatory Authority.
FINRA found that Morgan Stanley charged markups and markdowns ranging from below 5 percent to 13.8 percent on corporate and municipal bond transactions, which were higher than warranted given factors such as market conditions, the cost of executing the transactions, and the value of the services rendered to the customers, the agency said.
Brokers make money on bonds by selling at a higher price than they paid for them. When brokers buy bonds they may mark down the price they'll pay from the amount they will get when selling to another dealer. Markups and markdowns vary but a difference of 1 percent to 5 percent is common.
"Morgan Stanley clearly violated fair pricing standards and FINRA will continue to require firms that violate such standards to make their customers whole," said Thomas Gira, executive vice president, FINRA Market Regulation, said in a statement.
FINRA found that Morgan Stanley's supervisory system for corporate and municipal bond markups and markdowns was inadequate. Before August 2009, Morgan Stanley's policies and procedures considered only one of two charges that the firm added to the price of a bond when it determined whether a markup or markdown was fair and reasonable. Morgan Stanley was also ordered to revise its written procedures regarding supervisory review of markups and markdowns in fixed-income transactions with its customers.
FINRA said Morgan Stanley neither admitted nor denied the charges, but consented to the entry of the findings.
For the complete article.
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