Tag: ASIC

ASIC

AxiCorp Wins Stay Over ASIC Suspension

The Australian Administrative Appeals Tribunal (AAT) has granted retail broker AxiCorp a stay on the local regulator, the Australian Securities and Investments Commission’s (ASIC) decision to suspend its licence for four months. ASIC issued the ban at the start of the year, at which time AxiCorp appealed the decision, and also asked for the proceedings […]

Australian Regulator Seeks Improvement in Banks’ FX Businesses

The Australian Securities and Investment Commission (ASIC) has published a review of its investigation into practices in the wholesale FX market and says that while it has identified conduct and process improvements in banks’ FX businesses, there remain a number of areas in need of further improvement. Specifically, ASIC says that more can be done […]

ASIC Vows to Bring OTC Markets Supervision in Line with Listed

In its latest five-year Corporate Plan, the Australian Securities and Investment Commission (ASIC) has confirmed previous hints that the regulator’s wholesale OTC market oversight will be brought into line with those in listed markets In the report, ASIC states, “We are enhancing our oversight of market infrastructure providers and intermediaries in wholesale over-the-counter (OTC) markets […]

ASIC Warns on Retail FX; Provides Observations on FX Global Code

In a speech delivered at an ACI Australia event in Sydney this week, Commissioner Cathie Armour of the Australian Securities and Investment Commission (ASIC) observed that the regulator “continues to respond to a high incidence of misconduct in the retail OTC derivatives sector and to see large sums of client losses”. In 2018 ASIC published […]

Former Deutsche FX Trader Sentenced for Fraudulent Activity

An Australian court has sentenced former Sydney-based Deutsche Bank FX options and futures trader Andrew Donaldson to 18 months imprisonment after he pled guilty to falsifying entries in Deutsche’s internal financial records and systems.
Donaldson pleaded guilty to one charge of using his position dishonestly with the intention of directly or indirectly gaining an advantage for himself, however the sentence was fully suspended and he was released on his own recognisance with a condition to be of good behaviour for two years and a security sum of AUD 10,000.

In the FICC of It

In this week’s podcast, Galen Stops lights the blue touchpaper and steps back to watch the fireworks by asking Colin Lambert about not only the Benchmark Fix, more specifically the research paper published this week, but last look as well following the news that a regional regulator is investigating the practice. Just to add to the mix, he also gets him going on another Lambert favourite, tracking error.
They also discuss the FX Global Code and fintechs and ask, ‘should they be adhering and signing up to the Code?’ and Lambert shares some reader feedback on this week’s opinion piece on FX options brokerage.

ASIC to Investigate Last Look

The Australian Securities and Investments Commission (ASIC) is to further investigate the use of last look in foreign exchange markets.
ASIC commissioner Cathy Armour told a conference this week that while the regulator accepts that last look may help facilitate a liquidity provider’s legitimate risk management, it also introduces the potential to exploit confidential client trading intentions and to otherwise treat clients unfairly.
The regulator says it will also conduct more sets of on site reviews of local banks’ foreign exchange businesses.

NEX Regulatory Reporting Launches Australian Solution

NEX Regulatory Reporting has launched a new solution for derivatives transaction and position reporting under the Australian Securities and Investments Commission’s (ASIC) OTC derivatives trade reporting requirements.The ASIC solution expands the firm’s global reporting coverage and provides Australian firms and international companies trading in Australia, with a full end-to-end transaction reporting solution to both licensed trade repositories.
ASIC introduced OTC derivatives trade reporting in 2013 to improve risk management and enhance transparency in the OTC derivatives market – it was phased-in between 2013-2015.

Cappitech Integrates with CME in Australia

Regulatory reporting technology provider Cappitech says it has expanded its integrated reporting solution to CME Group’s Australian Trade Repository (ATR). The firm says the move provides investment firms with automation technology to comply with the Australian Securities and Investment Commission’s (ASIC) Derivative Reporting requirements.
Cappitech’s currently cooperates with CME Group on the latter’s European Trade Repository (ETR) that supports EMIR reporting. The firm says that since 2016, over 500 million trades have been submitted to the ETR through its reporting platform.

ASIC Warns Retail OTC Industry Over Conduct

The Australian Securities and Investments Commission (ASIC) has called on participants in the retail OTC derivatives sector to improve their practices after recent ASIC activities showed their conduct “fell short of expectations”.
The products offered by retail OTC derivatives issuers in Australia include binary options, margin foreign exchange and contracts for difference.
ASIC says that a recent review of 57 retail derivative issuers identified a number of risks associated with the products offered to retail investors by OTC derivatives issuers.