The US bank had been unable to hand over communications that took place between 2018 and 2020, the regulator said.
Ofgem has fined US banking giant Morgan Stanley more than £5.4 million after its energy traders communicated via private WhatsApp discussions.
Traders who were buying and selling energy used their private WhatsApp accounts to discuss transactions between January 2018 and March 2020, Ofgem said. Ofgem found that, while Morgan Stanley International plc had policies in place which banned traders from using WhatsApp, it “did not take sufficient reasonable steps to ensure compliance with its own policies and the requirements of the regulations”.
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