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Investment banks fined for obstruction

The National Association of Securities Dealers has fined Citigroup, Merrill Lynch and Morgan Stanley $250,000 (€201,000) each for failing to cooperate fully during a number of arbitration proceedings overseen by the the US watchdog since 2002.

All three banks will be required to introduce written procedures to ensure that future violations do not occur and that arbitration procedures are referred quickly to senior bank executives.

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