Case Synthesis Essay

998 words - 4 pages

Name: Wong Ka Yan UID: 3035104544 Assessment 2- Case Synthesis: Morgan Stanley 1. Basic Empirical Facts of the problem Du Jun, former Morgan Stanley managing director was jailed for seven years for trading with inside information. He brought shares of the Chinese commodities trader after realizing the proposed acquisition of oilfield assets while he was helping it to sell bonds. He was then ordered to compensate HK$23.9 million to investors who sold him shares in 2007 after his conviction with his assets frozen by SFC at the same time. 2. Causes and Antecedents 2.1 Breach of fiduciary duties Du’s failure to perform his fiduciary duty can be attributed to an easy access to nonpublic ...view middle of the document...

2.3 The lack of managerial oversight The lack of sensitivity of managers in checking against fraudulent roles is revealed. The designated manager was not aware of the form submitted by Du in connection with a request for approval to trade in CRH shares. He did not have an in-depth investigation in whether Du was in possession of any unauthorized information or unpublished research in the security. He ning, another colleague at Morgan Stanley stated that managers normally approve applicants’ trading of shares submission without reviewing them. What’s more, Mr. Shum, an in-house broker who handled the applicant’s trading account was also not aware of Du’s extensive trading in CRH shares (LexisNexis, 2012). 3. Warranted Actions Joint responsibilities and collaborations among stakeholders can be introduced to avoid the reoccurrence of trading frauds. 3.1 Raising the morale of traders Ethical standard should be the first priority for traders regardless of how high the qualification or knowledge he or she possesses (Investopedia, 2014). Thus, more emphasis should be put in business ethics. In the short run, financial institutions may raise traders’ morale by having motivation policies like offering rewards and promotion opportunities if employees act in the best interest of their clients while conducting business. Yet, this proposed measure may only be effective if traders are self-motivated to exercise their expertise but not for the sake of rewards. Therefore, in the long run, the government can promote moral education in the training of traders. For instance, more case studies about ethical issues can be put in the exam syllabus to consistently raise their awareness in rogue trading (Cheng, 2009). Hence, this is likely to solve the problem at its roots by influencing traders’ intrinsic values and thereby reducing their incentives to act unethically.

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3.2 Strengthening Compliance and Governance The risk detecting system should be enhanced to improve the internal control of the company. The firm could invest in new security technology that detects frequent suspicious cash flow from traders instead of merely inspecting and recording the net bases of their activities. In addition, compliance effectiveness can also be bolstered through the...

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