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Australian Securities Exchange (ASX) has had a A$1m claim lodged against it for damages in relation to the cancellation of trades on Sydney Futures Exchange (SFE) earlier this year.
Six of the exchanges members - TransMarket Trading Pty Limited, Firehorse Pty Limited, Aminute Pty Limited as Trustee of the Aminute Superannuation Fund, Plutus Commodity Management Pty Limited, Kestrel Trading Pty Limited, and Biskra Aotearoa Limited – have lodged a claim totaling A$985,848.00.
ASX was served the claim lodged in the Federal Court of Australia on 5 October, the exchange said in a statement.
The damages relate to an incident on 25 July where the exchange cancelled 337 orders invoving bank bill and three-year bond futures which the exchange said resulted in “erroneous price discovery”.
"While we support its overall direction, a number of the requirements in the review are needlessly oppressive, particularly the proposed limits on execution-only business and bilateral execution. Additionally, the swathe of costly disclosure obligations is more likely to confuse than inform customers.”
The FOA's Anthony Belchambers responds to the EC's Mifid review.