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Morgan Stanley

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Morgan Stanley - associated by some traders to aggressively bearish market positions - yesterday issued 17.44 million put warrants on HSBC. The issue carries a strike price of $216.30 and matures in May next year.

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'They were selling [futures] all day long,' one trader said.

A Morgan Stanley spokesman would not comment on the bank's market activity, but stressed that a substantial portion of its trading was not proprietary.

Brokers said there were rumours Morgan had been acting on behalf of Julian Robertson's Tiger Fund, which had built a sizeable short position over the past week.

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