Merrill Lynch Equities (Australia) Ltd pays an infringement notice penalty
Australia
- 12/4/2017
- Fine
- 140,000.00
- Australian Securities and Investments Commission
Detail
Merrill Lynch Equities (Australia) Limited ('MLEA') has paid a total penalty of $140,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel ('the MDP').
The MDP found that between July 2014 and April 2016, MLEA:
- executed orders contrary to wholesale clients' instructions to opt out of the 'best execution' rule;
- failed to conduct adequate periodic reviews to ensure that it could comply with those instructions;
- failed to permit wholesale clients to opt out of its crossing systems by allowing trades to be executed on its crossing system; and
- entered into transactions on behalf of clients without instructions to do so.
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