WASHINGTON (CNN) -- -- The U.S. Commodity Futures Trading Commission says it has levied a multimillion-dollar fine against a division of Morgan Stanley and a smaller fine against UBS for violating trading rules on the New York Mercantile Exchange.
"The CFTC orders require that Morgan Stanley pay a $14 million civil monetary penalty and UBS pay a $200,000 civil monetary penalty," a CFTC statement said. "The orders also require Morgan Stanley and UBS to cease and desist from further violations of the Commodity Exchange ..."
In the trade that took place in early 2009, UBS was acting as a broker for Morgan Stanley as it was buying and then selling some 33,000 crude oil futures contracts. Federal regulations require that transactions be reported within five minutes of their completion.
The closing trade in the deal came around midday on February 6, 2009, but wasn't reported until about two hours later at Morgan Stanley's (MS, Fortune 500) request -- a request that UBS (UBS) complied with, according to the CFTC.
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