ASX breached the market integrity rules on more than 8000 occasions over almost four years, the corporate regulator says, finding “serious” misconduct in how the market operator configured its internal trading systems.
The impost is the latest woe for ASX, which remains embroiled in multiple regulatory investigations and actions over its failure to replace its clearing and settlement technology. “This issue arose out of a failure by ASX to correctly configure certain order functionality on its trading system. ASIC considers ASX’s conduct was serious,” the regulator said.
Pointing to continuing governance issues, ASIC said, “the consequences of the incorrect system configuration and ASX’s failure to detect and escalate for remediation was an aggravating factor” when it assessed the $1.05 million fine. ASIC described ASX’s conduct as “indicative of carelessness rather than recklessness or intentional misconduct” and said once made aware, ASX took immediate steps to remedy the issue and notify ASIC.“As a market operator, ASX strives towards the highest standards and this includes providing appropriate pre-trade transparency at all times,” ASX chief executive Helen Lofthouse said.
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Source: FinancialReview - 🏆 2. / 90 Read more »