The Commonwealth government will introduce a "responsible lending test" to the consumer credit code next year according to sources. Under the new rules, lenders.....
Online broker E*Trade has been fined for failing to detect trades which the Australian Securities Exchange says were designed to create a false impression of the value of warrants over Allco Finance Group. The transactions were conducted in February 2007 and involved an intermediary running accounts on behalf of clients placing trades at around 20 per cent above the market rate and placing two buy orders to pull the stock out of the market at the same price only minutes later. The ASX imposed a $50,000 fine on E*Trade but said that it had taken into account E*Trade's actions to close the trading account involved and upgrading its client order filtration systems. The ASX's disciplinary tribunal also issued a $30,000 fine to broker Tollhurst for breaching minimum cash requirements which the company said was caused by a rapid fall in the sharemarket and was rectified within a day.
