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OTTAWA (Reuters) - Morgan Stanley's (MS.N) Canadian unit won approval from Canadian authorities to participate directly in auctions for government securities, the Bank of Canada said on Tuesday.
Morgan Stanley Canada Limited became the nineteenth financial institution designated as a government securities distributor, giving it access to an electronic bidding platform for marketable bonds and treasury bills.
In order to obtain the status, the bank had to provide detailed records of its fixed-income trading data and other information to the Bank of Canada.
The bank could eventually join the much narrower list of "primary securities dealers" if it meets certain conditions.
Reporting by Louise Egan