Members seek A$1m from ASX
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.
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