MS and Citi agree to pay $6m in FX fines to SEC

The two firms allegedly failed to make adequate disclosures, leading to significant losses for investors

A meat cleaver cutting through the word losses
Investors lost out: the firms made false and misleading statements about the CitiFX Alpha programme

Morgan Stanley and Citigroup have agreed to pay a combined $6 million to settle charges by the Securities and Exchange Commission (SEC) over a foreign exchange programme that resulted in significant losses for investors.

In a January 24 announcement of the penalties, the SEC said the two firms made false and misleading statements about a foreign exchange trading programme called CitiFX Alpha, which was being sold to investors.

The issues appear to regard the programme's marketing, as the agency

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