Macquarie Bank Donates $2 million, Admits Breaches Over FX Trading Conduct

[kreslik.news]

Macquarie Bank has followed its rivals and entered into so-called enforceable undertakings with the Australian Securities and Investments Commission (ASIC) regarding the conduct of its wholesale spot foreign exchange businesses. The bank has agreed to oversight and operational changes after its FX traders shared confidential information of customers’ trade information and traded to benefit themselves.

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An enforceable undertaking is an Australian legal device that is sometimes used as an alternative to civil action by the country’s watchdog.

The undertakings include ASIC appointing an independent expert to oversee changes to ... (read more)