ASIC has announced that BGC Partners (Australia) Pty Ltd has paid a penalty of $110,250 to comply with an infringement notice imposed by the Markets Disciplinary Panel.
According to the findings of the Markets Disciplinary Panel, BGC Partners transacted pre-negotiated business orders on the ASX 24 market without making the required enquiry through the trading platform’s message facility. This happened on two occasions on 22 March 2019. The Disciplinary Panel also noted that the company has done previous compliance failures of this kind.
The Panel also pointed out that BGC Partners’ failure appeared to be the result of unintentional operator error. It concluded that it is likely this error could have been avoided if BGC Partners had updated its systems to incorporate enhanced technological safeguards.
The official statement said:
Although enhanced technological safeguards may not be required where a compliance system is functioning properly, BGC Partners should have upgraded its compliance processes to include appropriate technological safeguards given its previous compliance failures.
