Macquarie fined for negligent trading


The MDP said it was crucial that participants with Macquarie’s market share and large volumes of orders obeyed the rules because of its “greater potential and capacity to undermine market integrity”.

“A market participant such as this should carry a greater responsibility to properly manage the risks that flow from their conduct. If that risk is poorly managed, the financial consequences to the market participant should be commensurately greater.”

A spokeswoman for Macquarie said it self-reported the errors to the regulator and since had undertaken a comprehensive review of its systems and processes.

“There was no negative impact to clients. Macquarie wrote to all clients at the time advising them of the errors,” Macquarie said.

In addition to the 42 million botched trade orders, Macquarie also transmitted 377,175 trade reports summarising trading activity that were likewise deficient. Macquarie was fined $180,000 for the trade orders and $120,000 for the reports.

While Macquarie has long been a fixture in Australian wealth management, it has recently escalated efforts to dial back its exposure to the troubled sector.

Macquarie largely avoided the scrutiny of the Hayne royal commission after a multi-year overhaul of its operation overseen by Greg Ward.



Source link Finance News Australia

Enter your Email Address

Leave a Reply

Your email address will not be published. Required fields are marked *