there's not much exotic about a fine.
Reuters reports that Morgan Stanley has agreed to pay a $100,000 fine to New Jersey state securities regulators for selling exotic exchange-traded funds to unwary investors, state officials said on Tuesday.
The New Jersey Bureau of Securities says improperly trained Morgan Stanley financial advisers sold non-traditional funds, such as leveraged and inverse ETFs, to elderly investors seeking investments that would provide income. The investments resulted in losses for those clients, regulators said.
In a statement, Morgan Stanley said they were 'pleased' to reach a resolution.
In the meantime, the news agency also reports that South Africa's Standard Bank is in advanced talks to sell its London commodity trading business to its biggest shareholder Industrial and Commercial Bank of China, a person familiar with the matter said on Tuesday.
The deal would mark the latest move by Africa's top bank to hive off businesses outside the continent as it focuses on building its presence in fast-growing sub-Saharan markets.
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