UBS censured for unintentional breach

Fri, 18 Nov 2022

The New Zealand stock exchange's (NZX) regulatory arm has asked UBS to pay a penalty of $20,000 for a “moderate, operational” breach of market rules in relation to a large sell order for an offshore client.A statement issued by the NZ Markets Disciplinary Tribunal said initial calculations showed that UBS’ participation in the block trade would not be permitted because it would cause its capital adequacy ratio (CAR) to fall below the required 100%.NZX rules require the ratio of net tangible current assets to be always at l...

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