Reported 7 months ago
Mitsubishi UFJ Financial Group's brokerage venture with Morgan Stanley lost bond deals in Japan after facing potential penalties for sharing client information. Kanagawa Prefecture and Japan Housing Finance Agency decided to drop Mitsubishi UFJ Morgan Stanley Securities Co. from underwriting their bond and residential mortgage-backed securities deals, with Japan's securities commission recommending disciplinary action against MUFG Bank Ltd. and two brokerage units. NEC Corp. is considering removing MUMSS as an underwriter for a planned yen sustainability-linked bond sale, with the agency and prefecture replacing the securities firm due to regulatory penalty risks.
Source: YAHOO