Ofgem fines Morgan Stanley for failure to record and retain electronic trading communications

LONDON, UK: Ofgem has levied a fine of £5.41 million on Morgan Stanley & Co. International plc (MSIP) for not recording and retaining electronic communications between January 2018 and March 2020. These communications were made by wholesale energy traders, on privately-owned phones via WhatsApp, which discussed energy market transactions. It is the first-ever fine issued…