Two senior figures in the equities division at Morgan Stanley in London have been fined £40,000 (€64,564) between them and ordered to pay costs of over £30,000 by the UK securities regulator.

Brad Bilgore, the former head of UK equity trading at the firm, was reprimanded by the Securities and Futures Authority (SFA), fined £15,000, and ordered to pay costs of over £11,000. His colleague Hugh Rance, the former head of UK equity sales trading, was reprimanded, fined £25,000 and ordered to pay costs of over £19,000.