An unnamed New Zealand debt market (NZDX) participant has agreed to pay $6500 to the NZX discipline fund as a settlement following breaches of market rules.The settlement was announced by New Zealand Market Supervision, which said the matter arose from it
An unnamed New Zealand debt market (NZDX) participant has agreed to pay $6500 to the NZX discipline fund as a settlement following breaches of market rules.
The settlement was announced by New Zealand Market Supervision, which said the matter arose from its surveillance of the NZDX market.
Over a two-month period, the participant reported 19 trades at a price which included the participant's brokerage fee. Under market rules trades should be reported excluding brokerage or fees. The participant admitted the breach.
The participant also provided notes to the client which included brokerage charged but did not separately disclose the brokerage fee. The participant also admitted this breach.
As part of the settlement the identity of the participant was omitted from the public statement. The participant will also pay costs.
