Australian regulator issues fine over pre-arranged crossings

Wealth management group Ord Minnett fined over ‘genuine error’ breach of market integrity rules.

Australian-based wealth management group Ord Minnett has been fined A$888,000 ($594,000) after being found to have twice broken market integrity rules when conducting a share buy-back. The case is interesting because crossings were seen to be pre-arranged outside the ordinary course of trading, which gave preference to the selling client

Ord

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