Macquarie Securities (NZ) fined $40k, censured over client error in Westpac trading

Tue, 23 Feb 2016

By Jonathan Underhill Feb. 24 (BusinessDesk) - Macquarie Securities (NZ) has been fined $40,000 and publicly censured by the New Zealand Markets Disciplinary Tribunal after a client mistakenly placed orders to buy Westpac Banking Corp shares on the NZX instead of the ASX, causing a 19 percent price spike. As well as the fine, Macquarie must pay costs of the tribunal and NZX costs of $2,400. According to the tribunal's statement, on Nov. 5 last year, a trading execution algorithm used by a direct market access (DMA) client of Macquarie ent...

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