Regulator Hits Macquarie Over Futures Compliance Failures
Sydney-based Macquarie is a key player in global commodities markets, with its other businesses spanning asset management and advisory.
Photographer: Ian Waldie/Bloomberg
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Australia’s regulator demanded improvements at Macquarie Bank Ltd. after repeated compliance failures within its futures business related to misreporting of trades and suspicious activity.
The unit of Macquarie Group Ltd. needs to prepare a plan to remedy longstanding issues at its futures dealing and over-the-counter derivatives businesses, the Australian Securities and Investments Commission said in a statement Wednesday. The firm also has to appoint an independent expert to review, report and assess the plan, according to the statement.