The New York Stock Exchange has handed out fines of more than $300,000 (€250,000) to Lehman Brothers and Morgan Stanley, and has disciplined 18 bankers in a crackdown on rule violations.

Lehman has been censured and fined $175,000 for sending what appeared to be real orders to the US market during several tests of its electronic order routing system in 2003 and 2004. The bank agreed to the penalty without admission of guilt.