Broker fined over trading breach

A joint brokerage venture between Morgan Stanley and Citigroup was fined $450,000 (£286,992) after a trader broke trading limits and amassed a $1.3bn position, Financial Industry Regulatory Authority (Finra) records released yesterday show. Morgan Stanley Smith Barney, the joint venture, faced the fine from Finra after it allowed its trader to breach caps permitted on the size of a position, by more than ten times the limit allowed.