Subscribe to our newsletter

Former Deutsche Bank FX trader banned

Former Deutsche Bank FX trader banned

Reporter
— 1 minute read

ASIC has banned former Deutsche Bank FX options and futures trader Andrew Donaldson from providing financial services.

The ban follows an ASIC investigation into Mr Donaldson's conduct between 2013 and 2014 in entering a "significant number" of false entries into Deutsche Bank's records.

By making the false entries, said ASIC, Mr Donaldson "temporarily offset trading losses he had suffered and artificially increased his reported trading profits".

The entries related to trades purported to have been carried out by Mr Donaldson on behalf of Deutsche Bank, and resulted in a temporary overstatement of the bank's Australian Management Accounting revenue result of "approximately 28 million euros".

No external parties were affected, since the entries related to the trades were never executed in the market.

ASIC found Mr Donaldson contravened financial services law by engaging in misleading and deceptive conduct in relation to a financial product.

The regulator determined his conduct was "extremely serious", and that ASIC had "reason to believe that Mr Donaldson was not of good fame and character".

Mr Donaldson's conduct was detected by Deutsche Bank and reported to ASIC.

ASIC Commissioner Cathie Armour said, "The integrity of our financial markets is vitally important and ASIC will take action to remove anyone in the financial services industry who engages in conduct that undermines this integrity.

"This action is also a reminder to financial institutions to ensure that they have the right systems, people and processes in place to monitor trading conduct and detect and address trading discrepancies in a timely manner."

Mr Donaldson has the right to apply to the Administrative Appeals Tribunal for a review of the banning order, said ASIC.

Read more:

Super funds targeted over fossil fuels

Investor confidence remains weak in September

Draft legislation for $1.6m super cap released

Bennelong expands analyst team

Bank of Japan adopts ‘flexible’ policy

 

Former Deutsche Bank FX trader banned
investordaily image
ID logo

related articles

promoted stories