Australian market regulator ASIC has fined UBS Securities $30,000 for accidentally selling Betashares Gold Bullion ETF (QAU) shares worth more than $28,000 for $297, then backing out of the deal.
The trade occurred on 16 December 2011, after a UBS trader placed an offer to sell 1,800 QAU shares at $0.165 just before the market opened. QAU closed at $15.75 the previous day.
UBS’ order was filled by a single counterparty within 42 seconds of the market opening. The ASX later cancelled the trades at UBS’ request.
ASIC today said UBS had cooperated with its investigation of the issue and had introduced additional training for its traders and a system upgrade to avoid ‘human error’ in future.
There’s more in ASIC’s announcement.
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