A lawyer for a high-profile trader under investigation over his trading in Treasury futures says his client did not engage in any manipulative activity.
The New York Times reports that Glenn Hadden, the head of global rates at Morgan Stanley, is the subject of an inquiry by regulators at the CME, the big Chicago exchange, according to a recent regulatory filing. The trading - which took place when Hadden was at Goldman Sachs — was the subject of a page-one article in the newspaper on Monday.
'The CME matter concerns technical risk management activity in a one-minute period four years ago during which Mr. Hadden acted properly and followed established market practice. There is no legal or factual basis for any suggestion of market manipulation', James J. Benjamin Jr., a lawyer at Akin Gump Strauss Hauer & Feld who is representing Hadden, said in a statement.
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