OMX’s disciplinary committee fines Swedish bank for misleading price

OMX’s disciplinary committee fines Swedish bank for misleading price

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OMX’s disciplinary committee has fined the Swedish bank, Carnegie, SEK 300,000 ($46,636). The fine follows an investigation into claims that a bank broker deliberately placed orders with the intention of misleading the price of another derivative instrument.

The committee concluded that at the end of April, a broker employed by Carnegie placed buy and sell orders for an index future on OMX that resulted in the price of four options in the same index to change. The transaction allowed the broker to sell 50 contracts at a price higher than what would have been available had the broker not exercised the buy and sell orders.

The committee concluded that even though the transactions did not involve any substantial amounts, the disciplinary committee concluded that they represented a serious breach of the regulations and ordered Carnegie to the penalty.

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