close
MENU
1 mins to read

NZDX participant admits rule breaches

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

NZPA
Fri, 04 Jun 2010

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.

NZPA
Fri, 04 Jun 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined

Free News Alerts

Sign up to get the latest stories and insights delivered to your inbox – free, every day.

I’m already subscribed/joined
NZDX participant admits rule breaches
5673
false