Risk bosses at stockbrokers are poring over ASIC’s decision to fine Wilsons for trades that didn’t offer price improvement and went unnoticed.
Wilsons Advisory and Stockbroking has copped an ASIC fine for marking trades that did not offer price improvement as if they did.It’s a small fine, $548,328, and stemmed from the corporate regulator’s review of Wilsons’ files on Trade with Price Improvement over 20 days in March 2022.
Further, it did not have systems to identify the in post-trade alerts in its risk management system, according to ASIC. It co-operated with the regulator on fixing the issues and reviewing its trading history. “The MDP [Markets Disciplinary Panel] characterised Wilsons conduct as serious, and at the high end of careless rather than as reckless or intentional,” ASIC said in a statement.
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