Morgan Stanley Trading Desk Sees Four Depart

Jul 21 2006 | 5:27pm ET

Morgan Stanley's program-trading desk took a big hit this week with the departure of four traders for rivals. 

Reuters reports that Mike Kelapire, Will McNeely and Jason Santos have joined New York-based Jefferies Group, just one week after Goldman Sachs' Andrew Silverman joined Morgan Stanley as head of U.S. electronic trading distribution. A fourth program trader, Therese Willett, has left for UBS.


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The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.