A record-breaking fine has pushed Openmarkets to a $5.2 million loss, but the brokerage’s chief executive, Dan Jowett, says the Sydney-based company is still powering towards a Nasdaq listing by early next year.

The competition watchdog slapped the trading platform with a $4.5 million fine in June for failing to identify suspicious trading between 2018 and 2021, describing the company’s history of compliance as “poor”. To date, it is the largest fine ever imposed by the regulator’s markets disciplinary panel.