France fines Morgan Stanley $22mn for manipulating sovereign bonds

• The fine relates to manipulations of French and Belgian bonds prices in June 2015.
•  Morgan Stanley said it intended to lodge an appeal.

The fine relates to manipulations of French and Belgian bonds prices in June 2015, AMF said in a statement.

Morgan Stanley said it intended to lodge an appeal.

"The activities in question were undertaken in accordance with market practice and as part of the firm's role and obligations as a market maker," the bank said in a statement.