Macquarie U.S. unit fined for client money error
WASHINGTON, Sept 3
WASHINGTON, Sept 3 (Reuters) - A unit of Australia's Macquarie Group Ltd was fined $150,000 for not holding enough cash from clients trading futures in separate accounts, the U.S. derivatives regulator said on Tuesday.
Macquarie discovered a $36.6 million deficiency in accounts to back up customer funds on Oct. 15, 2012, the Commodity Futures Trading Commission said. Macquarie immediately notified the agency, as well as the National Futures Association, the self-regulatory body the CFTC has delegated for day-to-day supervision of the industry.
While Macquarie had sufficient funds during the incident, it did not hold them in the proper accounts, the CFTC said.
The glitch happened when the IntercontinentalExchange Inc changed the nature of swap contracts to futures contracts, which also meant a change in the type of accounts where client assets were held.
The CFTC is working on tougher rules after substantial customer funds went missing when two futures brokerage, MF Global and Peregrine, collapsed in 2011.
Macquarie did not have an immediate comment.
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