Reported about 1 month ago
The Australian Securities and Investments Commission (ASIC) has criticized Macquarie Group for showing a 'reckless and poor attitude to compliance' after it failed to address warnings regarding suspicious futures trades on its platform. The bank facilitated approximately 50 questionable electricity futures trades just before market closure, contributing to market manipulation. Macquarie was fined A$5 million following an investigation that revealed the company ignored multiple warnings and lacked proper staff training to manage the situation. ASIC's chair highlighted the seriousness of Macquarie's obligations as a key market player.
Source: YAHOO