Macquarie fined for failing to catch irregular algorithmic trading

Wed, 13 Mar 2019

By Paul McBeth March 14 (BusinessDesk) - Macquarie Securities has been publicly ticked off and fined $20,000 for failing to discover that one of its clients with direct market access made more than 100 algorithmic trades over a 10-month period without a change of ownership. The broking house and NZX settled last month after the stock market operator conducted an investigation in 2018 that found 102 trades had been made where Macquarie's client was on both sides of the deal. Listing rules require there to be a change of ownership to preve...

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