Ex-M Stanley trader banned

AN ex-Morgan Stanley trader who built up a hefty unauthorised oil futures position after a long liquid lunch, and then hid the deals overnight, was yesterday banned from the Financial Services Authority (FSA).<br /><br />David Connor Redmond was a freight and oil trader who, the FSA say, built up a substantial futures position on the ICE crude oil futures market on 6 February, breaching the bank&rsquo;s rules and regulations.<br /><br />He took an &ldquo;extended lunch break&rdquo;, the FSA said. And, though &ldquo;not visibly drunk&rdquo;, the alcohol &ldquo;affected his behaviour on his return to the office.&rdquo;<br /><br />FSA director of enforcement Margaret Cole said Redmond&rsquo;s actions &ldquo;showed a lack of honesty and integrity that falls short of the standards the FSA expects of approved persons.&rdquo;<br /><br />The ruling came a week after a similar case at the same bank.<br /><br />The FSA banned a senior proprietary trader at Morgan Stanley, and fined the bank &pound;1.4m.<br /><br />The watchdog said Morgan Stanley failed to spot a $120m (&pound;76m) mismarking made by Matthew Piper fast enough, which lead to the fine.<br /><br />The FSA is cracking down on financial crime.