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Debt dealer fined for not reporting sales

Thursday 16th September 2010

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A dealer has been taken to task by the NZ Markets Disciplinary Tribunal after failing to report 179 sales of debt securities on the NZX Debt Market.

The dealer, whose name was suppressed as part of the settlement, was fined $11,900 after he confessed to breaches which were found to be “detrimental to the operation and transparency of the NZDX”.

The dealer was charged with purchasing debt securities from a financial institution on principal account, and then on-selling 59 of these securities to clients without reporting the original purchase to the NZDX over a period of three months this year.

Under NZX rules, all participants are required to report all crossing through the securities trading system.

The charges were brought to the tribunal after an investigation by NZX Market Supervision following enquires with the financial institution.

The tribunal said the settlement took into consideration the fact that the dealer reported the breaches after initial inquiries, the small number of securities sold, and claim that the market operator’s rules had been “misunderstood”.

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