Macquarie Bank hit with whopping $4.995m ASIC fine

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Macquarie Bank hit with whopping $4.995m ASIC fine

Macquarie Bank has been hit with a record $4.995 million fine over failing to stop suspicious orders placed on the electricity futures market.The fifth largest bank in Australia was imposed the biggest fine ASIC's Market Disciplinary Panel (MDP) has ever seen.According to the corporate regulator, Macquarie breached market integrity rules on 50 occasions between January and September 2022 by allowing three clients to place suspicious orders.READ …