Skip to Primary Navigation

Macquarie Bank fined for inadequate risk management practices

The Australian headquarters for Macquarie Bank.
Photo: Cameron Spencer/Getty Images

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

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience