CommSec, which entered into an enforceable undertaking with ASIC in December in regards to its money-handling procedures, was found to have contravened Rule 5.9.1 of the ASIC Market Integrity Rules by the MDP.
The penalty related to an order from a client to buy 10,000 My Net Fone Limited (MNF) fully paid ordinary shares at an 'at market' price on 20 December 2012.
"On receipt, the Initial Order immediately triggered CommSec's automated 'orderly market' filter on its Automated Order Processing system and was diverted to a CommSec DTR (CommSec DTR) for assessment," said ASIC.
The CommSec DTR intended to change the initial order price to a limit of $1.01, but the price was incorrectly keyed as $101.00.
"The [CommSec employee] submitted an order to buy 10,000 MNF at a price of $101.00 into the ASX Trading Platform," said ASIC.
The price of MNF subsequently rose from $0.94 to $10 as a result.
"At 10:11:00, CommSec initially notified the ASX of the Relevant Order and requested cancellation of the Relevant Transactions as set out in procedure 3200 of the ASX Operating Rules Procedures at the relevant time," said ASIC.
"The ASX agreed to cancel only one part of the Relevant Transactions, being the Market Transaction for 2,900 MNF at $10.00. The residual two parts of the Relevant Transactions, being one Market Transaction for 1,552 MNF at $1.18 and another for 1,700 MNF at $1.20, were not cancelled."
CommSec has been fined by the MDP twice before for similar infringements, both times in 2012: once for $35,000 and once for $50,000.
