BGC Partners has paid a $90,000 fine to comply with an infringement notice issued by the Markets Disciplinary Panel, ASIC has said.
The Markets Disciplinary Panel (MDP) found that BGC Partners had on three occasions breached regulations regarding pre-negotiated business orders on the ASX 24 futures market, ASIC said.
“In circumstances where a market participant has written authority from a client to engage in pre-negotiated business on behalf of the client, the participant is permitted to withhold the implementation of instructions from the client in order to solicit instructions from other clients,” the regulator said.
“Where the participant seeks to execute pre-negotiated business on the market, the participant must make an inquiry through the message facility of the market, wait until 30 seconds has elapsed and then enter the matching orders that reflect the pre-negotiated business for execution on the market.”
According to ASIC’s statement, the MDP found three instances where BGC Partners had failed to to make the required inquiry through the message facility, twice in March regarding electricity futures, and once in July over bonds futures.
“The MDP also found that, in relation to those pre-negotiated business transactions, BGC did not have written authorisations to transact pre-negotiated business with some of the clients,” the regulator said.
More to come:
Trump’s trade policies could benefit the UK
Fintech Business Awards winners revealed
Countplus appoints former FPA chair CEO
Executives who achieve their remuneration by focusing on short-term financial gains and not on customer outcomes will no longer receive mass...
APRA’s chairman has told journalist that he views the independent capability review as an endorsement of its strategic plan written earlie...
ASIC has proposed a ban on unsolicited telephone sales of life and consumer credit insurance following the royal commission recommendation. ...
Get notifications in real-time for staying up to date with content that matters to you.
