Macquarie Bank fined for inadequate risk management practices

A trader was able to circumvent the bank’s controls in order to hide his losses for almost two years.

Fictitious trades at the bank, which is part of the Australian investment and financial services group Macquarie Group, were recorded by Travis Klein, a trader working on the bank’s metals and bulks trading desk in London.

Klein traded freight, iron ore, steel and coal derivatives both as an agent

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