Instinet fined over HFT breach in Australia
Australia’s securities regulator has fined the agency broker for failing to reject or report stock manipulation by a high-frequency trader that had the potential to damage market efficiency.
Australia’s securities regulator has fined Instinet A$130,000 ($117,700) for failing to reject or report stock manipulation by a high-frequency trader despite being alerted by internal reports.
The Australian Securities & Investments Commission (Asic) found Instinet, an agency broker and the equities execution arm of Nomura, in breach of market integrity rules dating back to 2010.
It noted on its website that Instinet had failed to place an appropriate filter to reject more …
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