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
APRA has granted a digital bank founded by a former BNP Paribas executive an authorised deposit-taking institution license. ...
APRA has announced it will delay a proposed product responsibility consultation integral to its implementation of changes to the Banking Exe...
ASIC has rescinded its halt on actively managed ETFs that do not disclose their portfolio holdings daily and engage in internal market makin...