Craigs fined for failing to monitor algorithmic trades

Tue, 23 Oct 2018

By Paul McBeth Oct. 24 (BusinessDesk) - Craigs Investment Partners has been censured and fined $35,000 for letting one of its clients with direct market access make a series of algorithmic trades with no ownership change. The brokerage settled with the stock market supervisor on Oct. 3, agreeing to the public censure and penalty. It also paid $6,480 in costs. The NZ Markets Disciplinary Tribunal said Craigs didn't make any effort to check the efficacy of its filters despite being alerted to the trades by its monitoring system. Nor did it...

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