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  1. #1
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    Default NZX - NZ Exchange

    NZX Market Supervision Public Statement

    3 June 2010

    NZX Market Supervision Public Statement


    Introduction

    The NZ Markets Disciplinary Tribunal (“NZMDT”) has considered a Settlement Agreement in respect of a Statement of Case brought by NZX Market Supervision (“NZXMS”) against a Market Participant (the “Participant”). In accordance with the settlement reached between NZXMS and the Participant, and approved by NZMDT, the identity of the Participant has been omitted from this public statement.

    The Statement of Case related to alleged breaches of NZX Participant Rule E10.15.1(f) and NZX Participant Rule 11.16.5(b) in respect of trading by a client of the Participant (the “Client”).

    The NZXMS investigation of this matter arose from NZXMS’s surveillance of the NZDX Market.

    NZX Participant Rules
    NZX Participant Rule E10.15.1(f) requires that:
    “All Trades shall be reported in the Trading System on a gross basis excluding any reasonable brokerage or fees incurred;”
    NZX Participant Rule 11.16.5(b) requires that:
    “Each Client Advising Participant must disclose on a client’s contract note:

    The full extent of any commission and margin charge; and
    …”

    Description of Breaches

    1. Breach One – NZX Participant Rule E10.15.1(f)

    (a) An NZXMS investigation uncovered that, over a two month period, the Participant reported 19 trades to market at a price which included the Participants brokerage fee.

    (b) Reporting Trades to market inclusive of brokerage fees is a breach of NZX Participant Rule E10.15.1(f).

    (c) The Participant has admitted this breach.

    (d) NZXMS accepts the contention of the Participant that the breach resulted from the specific request of the Client as set out in paragraph 2(c) below.


    2. Breach Two – NZX Participant Rule 11.16.5(b)

    (a) Following the trading activity to which Breach One relates, the Participant provided the Client with contact notes which, while it included the brokerage charged, did not separately disclose the Participant’s brokerage fee.

    (b) The provision of contract notes to a client, which do not disclose the full extent of any commission or margin charges, is a breach of NZX Participant Rule 11.16.5(b).

    (c) The Participant has admitted this breach. NZXMS accepts that this arrangement was entered into at the request of the Client who required the brokerage to be presented in that way. However, NZXMS does not consider it appropriate for Market Participants to contract out of the NZX Participant Rules without express permission from NZXMS.

    Decision

    NZXMS and the Participant have reached a settlement in respect of the above breaches that:

    (a) a penalty of $6,500 (plus GST, if any) be imposed on the Participant for the above breaches in aggregate and that such penalty shall be paid into the NZX (Discipline) Fund;

    (b) the Participant will pay the costs incurred and invoiced for both NZXMS and the NZMDT (plus GST, if any); and

    (c) this public statement will be published.

    The settlement has been approved by the NZMDT, as contemplated by section 10 of the NZMDT Rules, and as such, the Settlement Agreement is the determination of NZMDT.

  2. #2
    percy
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    Nice to see the wording "the Paticipant"is this now the correct term for "the Member"which I always enjoyed.?
    Unfortunately the joke still remains.
    Last edited by percy; 03-06-2010 at 04:41 PM.

  3. #3
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    Default

    Once again the NZX slaps one of its own with a wet bus ticket

  4. #4
    percy
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    Quote Originally Posted by Anna Naum View Post
    Once again the NZX slaps one of its own with a wet bus ticket
    Learnt from 'the member'days I would think!!!

  5. #5
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    If you don't like it, don't invest in it. It really is that simple.

  6. #6
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    Quote Originally Posted by Capitalist View Post
    If you don't like it, don't invest in it. It really is that simple.
    I am more concerned at the lack of real punishment for activities that break the rules. As for the investment case, the only way it becomes better is if the NZX is seen to be a true and fair exchange, this sort of behaviour and punishment does nothing to improve the image of the exchange in the eyes of people looking to commit capital to the market, not just those looking to invest in the stock itself.

  7. #7
    percy
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    Quote Originally Posted by Capitalist View Post
    If you don't like it, don't invest in it. It really is that simple.
    You may be right,however I fail t see how anyone can like it.It is a joke that reflects on NZX for issuing it.

  8. #8
    Guru Dr_Who's Avatar
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    Quote Originally Posted by Capitalist View Post
    If you don't like it, don't invest in it. It really is that simple.
    I dont, most of my funds are invested overseas. There is nothing much worth investing on the NZX. This is one of the many reasons why NZers still love properties and not equities.
    Last edited by Dr_Who; 03-06-2010 at 06:58 PM.

  9. #9
    percy
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    Quote Originally Posted by Dr_Who View Post
    I dont, most of my funds are invested overseas. There is nothing much worth investing on the NZX. This is one of the many reasons why NZers still love properties and not equities.
    Unfortunately I think your post is too true.

  10. #10
    Disgruntled Pacifist Thumpa's Avatar
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    I can't stand the NZX announcements . Look's like they are printed on a commodore 64 dot matrix printer .... unreadable

  11. #11
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    Quote Originally Posted by Thumpa View Post
    I can't stand the NZX announcements . Look's like they are printed on a commodore 64 dot matrix printer .... unreadable
    If you log into My NZX (that little box on the right of the webpage) you can view the announcements in all their pdf goodness. Its really not that difficult; click on an announcement and then click on 'Related Attachment' to download.

  12. #12
    Adventurer Silverlight's Avatar
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    I don't get what the joke is, maybe I am just naive?

    Second fine in as many weeks? https://www.i-search.nzx.com/blobs/N...000-119899.pdf
    ~ * ~ De Peones a Reinas ~ * ~

  13. #13
    Legend minimoke's Avatar
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    As an aside anyone here familiar with NZX rules. I need some help on a company's obligation (if any) to report a situation that may impact negatively on earnings. Please PM me.

  14. #14
    EWT student
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    Again NZX getting less than positive publicity. Some issue with late payment for electricity market as administered by NZX. Appears payments were delayed over the weekend and have now been settled. Not good news that the NZX are getting their systems investigated again...
    V.
    Tomorrow's trades will prove me wise or otherwise

  15. #15
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    ASX and Singapore Exchange to join forces?

    I wonder if anyone's interested in taking over the NZX and if so, whether this would breathe some life into our bourse.

    http://www.theaustralian.com.au/busi...-1225942452702

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