Ex-Goldman Sachs trader did not manipulate markets: attorney

NEW YORK, Mon Dec 3, 2012 — A CME Group Inc. probe into ex-Goldman Sachs Group Inc. (GS.N) bond trader Glenn Hadden pertains to “technical risk management activity” in 2008, a lawyer for Hadden said on Monday.

Hadden, who is now head of global interest rates trading at Morgan Stanley, is being investigated by the CME for trades he made in Treasury bond futures, according a Financial Industry Regulatory Authority document. Hadden joined Morgan Stanley in March 2011 and was at Goldman at the time when those trades occurred.

“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,” Hadden’s lawyer, James Benjamin of Akin Gump, said in a statement. “There is no legal or factual basis for any suggestion of market manipulation.”