Online stockbroker OpenMarkets Australia has paid a penalty of $200,000 for market integrity breaches related to its trading system.
Open Markets has paid a penalty of $200,000 to comply with an infringement notice given to it by ASIC's Markets Disciplinary Panel (MDP).
According to a statement by ASIC, the MDP had reason to believe that OpenMarkets breached the market integrity rules in relation to the ASX and Chi-X.
The rules "require market participants to have appropriate filters in place for use of their automated order processing system (AOP)", said ASIC in a statement.
The MDP found that OpenMarkets did not have appropriate filters to:
OpenMarkets avoided a larger penalty of $560,000 by agreeing to the imposition of conditions on their licence in December 2016.
"These conditions, which required OpenMarkets to engage an independent expert to review their systems, were imposed to address ASIC’s concerns with the financial services business carried on by OpenMarkets, including the use of its AOP system," said ASIC.
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