ETrade Australia Securities has paid a penalty of $55,000 to comply with an infringement notice issued by ASIC's Markets Disciplinary Committee.
The penalty was handed down for failing to prevent the entry into the ASX Trading Platform of an erroneous order for the SPDR MSCI Australia Select High Dividend Yield Fund (SYI).
The relevant order saw 225 units of SYI sold for $20, causing the price of SYI to decrease from $27.15 to $20, representing a $7.15 or 26 per cent decrease in the price of SYI.
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"ETrade co-operated with ASIC throughout its investigation and did not dispute any material facts," the regulator said.
"ETrade agreed not to contest the matter, thereby saving time and costs that would otherwise have been expended."
