7 September 2022 - ABN AMRO Clearing Sydney Pty Ltd pays $222,000 infringement notice
ABN AMRO Clearing Sydney Pty Ltd (ABN AMRO) has paid a penalty of $222,000 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP).
The MDP found that although ABN AMRO’s operations team performed a check for the Minimum Volume Threshold of the total aggregate of each of the relevant block trades, that check was not applied individually to each order within the relevant block trade to confirm those individual orders also met or exceeded the Minimum Volume Threshold requirement. This reflected ABN AMRO’s block trade checklist at the time, which did not specify the need to check whether allocations for split orders were greater than or equal to the Minimum Value Threshold. The MDP also noted that ABN AMRO’s procedures document dealing with block trades placed considerable reliance on hyperlinks to the underlying obligations, rather than providing key details concerning those obligations in the procedures document itself.
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