Openmarkets Australia has paid a $4.5 million penalty, the largest sanction ever imposed by an ASIC Market Disciplinary Panel, after contravening market integrity rules.
Macquarie Securities cops fine for market breaches
Macquarie Securities cops fine for market breaches
The banking giant’s broking arm has been slapped with a fine of over $100,000 for breaches of market integrity rules.
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Macquarie Securities has paid a fine of $126,000 over rules it broke while acting as the broker for a buy-back for an ASX-listed firm.
The ASIC Market Disciplinary Panel (MDP) stated it has reasonable grounds to believe that Macquarie Securities contravened rule 3.3.1(b) of the ASIC Market Integrity Rules (Securities Markets) 2017 by entering into a market transaction that was not in accordance with the client’s instructions.
Commsec and CBA’s white label provider of trading services, AUSIEX, are alleged to have breached market integrity rules and the Corporations Act, with Commsec also alleged to have breached the ASIC Act.