SEC fines Citigroup, Morgan Stanley over forex trading program

The SEC said the civil case arose from the marketing of CitiFX Alpha to Morgan Stanley Smith Barney customers from August 2010 to July 2011, when Citigroup held a 49 percent ownership stake in that joint venture. The SEC also said brokers failed to adequately disclose the markups charged on trades. Some of the investors had no experience in foreign exchange trading, and did not understand some basic information about that market, the regulator added.