As suspicious trades kept coming thick and fast, the group should have raised the alarm. Instead, it dropped the ball – and ASIC lost patience.
This week, ASIC highlighted Macquarie’s lax supervision, poor change management practices and an “incomplete understanding” of its own processes and controls, including data governance. Nick Farncomb
Through January and February 2022 a single trading customer used a broker to place four futures orders with Macquarie, all of which were pegged seven-to-14 seconds before the market close.
The timing of the orders was odd. But it was the timing coupled with their impact on the daily settlement price that should have raised an alarm at Macquarie. Instead, the irregularity of the orders went undetected.
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Original URL: https://www.afr.com/companies/financial-services/how-macquarie-s-trading-units-came-unstuck-on-risk-management-20250508-p5lxmv
