First NZ censured, fined

The NZ Markets Disciplinary Tribunal released a statement this morning, saying the finance house had been found to have breached the rules.

First NZ offers share broking, portfolio management, investment banking, financial and economic research services.

Last July, it entered an order into the trading system in error which resulted in a market impact on the securities of an issuer.  First NZ did not notify the NZX of the error and tried to restore the market itself.

Participants are required to notify the NZX immediately of an error that might affect the market. The tribunal said this was critical to ensure a false market did not exist in relation to any security and that trading was fair, orderly and transparent.