UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-40916 / January 11, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9803
___________________________________
:
In the Matter of : ORDER MAKING
FINDINGS : AND IMPOSING
CERTAIN MARKET MAKING : SANCTIONS AS TO
ACTIVITIES ON NASDAQ : MORGAN STANLEY &
: CO., INC., PETER W.
: FERRISO, JR. AND
: ROBERT S. RANZMAN
:
___________________________________:
I.
In the accompanying Order Instituting Proceedings
Pursuant to Sections 15(b) and 21C of the Securities
Exchange Act of 1934 and Findings of the Commission ("Order
Instituting Proceedings"), the Securities and Exchange
Commission ("Commission") instituted these public
administrative proceedings against Morgan Stanley & Co.,
Inc. ("Morgan Stanley"), Peter W. Ferriso, Jr. and Robert S.
Ranzman, and other firms and individuals.
Contemporaneously, Morgan Stanley, Peter W. Ferriso, Jr. and
Robert S. Ranzman ("Respondents") have submitted Offers of
Settlement ("Offers") in anticipation of the institution of
these proceedings, which the Commission has determined to
accept. In their Offers, Respondents, solely for the
purposes of these proceedings and any other proceedings
brought by or on behalf of the Commission or to which the
Commission is a party, prior to a hearing pursuant to the
Commission’s Rules of Practice, and without admitting or
denying the findings herein, except for the findings of
Section II.A., which are admitted, have consented to the
entry of the Order Instituting Proceedings and this Order
Making Findings and Imposing Sanctions as to Morgan Stanley,
Peter W. Ferriso, Jr. and Robert S. Ranzman (which are
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
Exchange Act of 1934 and Findings of the Commission ("Order
Instituting Proceedings"), the Securities and Exchange
and Robert S.
Ranzman,
Contemporaneously, Morgan Stanley, Peter W. Ferriso, Jr.
entry of the Order Instituting Proceedings and this Order
and in the public interest to accept the Respondents’ Offers
in a number of securities traded in the Nasdaq market.
Ridge, New Jersey and, at all relevant times, was a Nasdaq
As a Nasdaq trader, Peter W.
securities traded on the Nasdaq Stock Market.
Proceedings in violation of Section 15of the Exchange
Act and Rule 15c2-7 thereunder,
transaction or related series of market making transactions
By reason of the foregoing,
committing or causing any future violation of
Commission staff, or by U.S. Postal money order,
certified check, bank cashier’s check, or bank
Independent Consultant,
policies,
practices with a view to determining if they would
Within three months of receiving recommendations
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