BUSINESS LIVE: Ofgem fines Morgan Stanley for trading comms failures
BUSINESS LIVE: Ofgem fines Morgan Stanley for trading comms failures
By Live Commentary
Updated:
The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Home REIT, Costain and Mulberry. Read the Wednesday 23 August Business Live blog below.
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M&S set for FTSE 100 return but builder Persimmon heading for exit
Marks & Spencer looks set to return to the FTSE 100 after a four-year absence as its turnaround gathers pace.
The High Street stalwart is on course to be one of four companies promoted to the blue-chip benchmark in next month’s quarterly reshuffle, according to an update from index compiler FTSE Russell last night.
Going in the opposite direction could be housebuilder Persimmon, which faces relegation to the FTSE 250 as the property market is battered by rising interest rates.
Ofgem fines Morgan Stanley for trading comms failures
Energy regulator Ofgem has levied a £5.4million fine on Morgan Stanley for not recording and retaining electronic communications relating to trading wholesale energy products.
The fine was for the period between January 2018 and March 2020.
Cathryn Scott, regulatory director of enforcement and emerging issues at Ofgem, said:
‘This fine sends a strong message to market participants that they must comply with all REMIT rules or face enforcement action.
‘It is unacceptable that MSIP failed to prevent electronic communications which could not be recorded or retained. It risks a significant compromise of the integrity and transparency of wholesale energy markets.
‘We welcome the steps MSIP has taken to ensure the breaches do not happen again.’
