Loans For Cars :: News
SHARE

Share this news item!

Record Fine for Macquarie Bank in Energy Market Breach

Record Fine for Macquarie Bank in Energy Market Breach

Record Fine for Macquarie Bank in Energy Market Breach?w=400
Macquarie Bank's lapse in detecting irregular activities within the electricity futures market has led to it incurring nearly $5 million in penalties.
The Australian corporate watchdog highlighted the bank’s systemic oversight issues and reiterated the potential negative effects on consumer energy bills.

The Australian Securities and Investments Commission (ASIC) handed down a historic $4.995 million fine to Macquarie's Markets Disciplinary Panel on Wednesday, the largest in ASIC's history. The penalty emerged after the panel found Macquarie repeatedly allowed suspicious trading activity by three clients between January and September 2022.

ASIC expressed concerns that these dubious orders, placed in the final minute before market close, appeared intended to manipulate the daily settlement price to benefit the clients' existing contracts. Despite repeated flags, Macquarie allegedly did not act to preemptively mitigate these risks, failing its role as a market overseer.

Joe Lungo, the chair of ASIC, noted, "The substantial penalty underscores the significant and potentially systemic shortcomings by Macquarie in dealing with these suspected manipulations within the energy derivatives landscape." According to Lungo, Macquarie's stature as the largest energy derivatives participant necessitates encoding stringent surveillance measures to curb such suspicious trades.

Despite prior warnings, Macquarie’s surveillance measures proved insufficient to address these issues efficiently. This repeated inability to monitor and manage the pertinent concerns ultimately culminated in the hefty fine.

Lungo further remarked on the broader implications of market manipulations, explaining how these could potentially hike supplier funding costs, cascading down as augmented electricity charges for end consumers already grappling with rising living expenses.

The problematic period coincided with an era of immense volatility in global energy markets, partly due to geopolitical tensions like Russia's actions in Ukraine. On six different occasions, ASIC had addressed the potentially damaging impacts of the orders raised within this volatile context to Macquarie, yet no significant alterations ensued.

"The Markets Disciplinary Panel noted that Macquarie's reluctance to proactively manage ASIC's concerns, especially given the turbulent state of global energy markets, worsened the oversight failures," remarked the regulatory body. "Moreover, it assessed that Macquarie underappreciated the necessity of its duties as a market participant, failing to expedite appropriate actions to manage evident surveillance deficiencies," ASIC concluded.

This record-breaking penalty isn't just a simple reprimand but serves as an imperative reminder for other financial institutions about the importance and accountability in market oversight, especially during periods of heightened volatility.

Published:Friday, 27th Sep 2024
Source: Paige Estritori

Share this news item:

Finance News

Trump Mulls Change of Heart on Firing Fed Chair Powell Trump Mulls Change of Heart on Firing Fed Chair Powell
21 Jun 2025: Paige Estritori

US President Donald Trump is once again contemplating the dismissal of Federal Reserve Chair Jerome Powell, whom he has criticized for not lowering interest rates. Trump expressed his dissatisfaction with Powell's decisions in a Truth Social post, suggesting he might change his mind about firing him. Despite acknowledging that his strong criticisms make Powell's task challenging, Trump remains focused on his agenda for reduced rates, especially with Powell's term set to end in May 2026. - read more
APRA Clarifies HELP Debt Considerations in Home Loan Assessments APRA Clarifies HELP Debt Considerations in Home Loan Assessments
20 Jun 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has released pivotal updates to the Prudential Practice Guide APG 223 and Reporting Standard ARS 223.0, focusing on how Authorised Deposit-taking Institutions (ADIs) should integrate Higher Education Loan Program (HELP) debt into home loan evaluations. The changes are aimed at enhancing regulatory clarity and acknowledging the individual circumstances of borrowers, including the nuances of their HELP debts, without compromising prudent lending practices. - read more
Economic Unrest Spurs Increased Reliance on Financial Advisers Economic Unrest Spurs Increased Reliance on Financial Advisers
20 Jun 2025: Paige Estritori

In the face of ongoing economic turmoil encompassing inflation, market volatility, and other financial stresses, a global survey from Natixis Investment Managers, conducted by CoreData Research, has highlighted a growing trend: investors are increasingly relying on their financial advisers. With 91 per cent of surveyed investors expressing trust in their financial advisers for investment decisions, this highlights an unmistakable shift amidst financial uncertainty. - read more
Global Central Banks Intensify Focus on Gold Reserves Global Central Banks Intensify Focus on Gold Reserves
18 Jun 2025: Paige Estritori

Recent data from the 2025 Central Banks Gold Reserve Survey indicates a renewed focus on gold among the world's central banks. As these financial institutions adapt to the changing economic landscape, their strategies increasingly involve boosting their gold reserves. - read more
Navigating Private Credit Risks for Australian Retail Investors Navigating Private Credit Risks for Australian Retail Investors
17 Jun 2025: Paige Estritori

Investment in private credit is not a contemporary innovation; its roots trace back to ancient times. The evolution of direct lending, particularly in the UK, Europe, and the US, intensified across the 18th to the 20th centuries, serving as a crucial alternative during frequent banking crises. The current surge in private lending originated in the 1990s amidst burgeoning internet startups, and was further propelled by tighter banking regulations and historically low interest rates post the Global Financial Crisis. - read more
AFCA Caught in Scam Operations, Urged to Strengthen Protocols AFCA Caught in Scam Operations, Urged to Strengthen Protocols
17 Jun 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) finds itself inadvertently entangled in sophisticated scamming operations. The Stockbrokers and Investment Advisers Association (SIAA) has identified a tactic whereby fraudsters use AFCA's complaint system to lend credibility to their scams by taking over victims' accounts and falsely lodging complaints. - read more
Sydney Property Market Rebounds with Strong Auction Performance Sydney Property Market Rebounds with Strong Auction Performance
16 Jun 2025: Paige Estritori

The Sydney property market showed signs of revival as the latest auction results indicated a resurgence in buyer enthusiasm. Last weekend, the city recorded a preliminary auction clearance rate of 70.5%, marking a notable rebound from the previous week's low of 58.1%. The recent performance also represents Sydney's first clearance rate above 70% in three weeks and only the second instance in the past thirteen weeks. - read more


Car Loans Articles

Loans for Cars: Finding out if you Qualify Loans for Cars: Finding out if you Qualify
Qualifying for a car loan isn't all that difficult. There are a few key things that lenders will look at when considering your application, including your income, credit history/existing loans, employment, age, and residency atatus. As long as you have a good understanding of these factors, you’ll be in a much better position to qualify for a car loan. Keep reading to learn everything you need to know about qualifying for a car loan! - read more
Insurance Renewal Approaching? Tips to Ensure You're Still Getting the Best Rate! Insurance Renewal Approaching? Tips to Ensure You're Still Getting the Best Rate!
Is it that time of the year again when your car insurance is up for renewal? Often, it comes as a reminder in the mail or a notification from your insurer. But instead of instinctively renewing your existing policy, let's pause and explore the underrated benefits of a periodic insurance review. Taking the time to scrutinize your policy could unveil potential savings and align coverage with your current needs. - read more
Common Car Loan Pitfalls and How to Steer Clear of Them Common Car Loan Pitfalls and How to Steer Clear of Them
Buying a car is a significant financial decision, and for many Australians, this means taking out a car loan. - read more
Understanding Specialist Lenders: The Secret to Better Car Loan Terms Understanding Specialist Lenders: The Secret to Better Car Loan Terms
Specialist lenders are financial institutions that offer tailored loan products to meet the unique needs of borrowers who may not be well-served by traditional banks. These lenders often have more flexible lending criteria and can accommodate a broader range of financial situations. - read more
Essential Guide for Australian First-Time Car Buyers Essential Guide for Australian First-Time Car Buyers
Welcome to your essential guide for Australian first-time car buyers! Whether you're dreaming of your first sleek, new vehicle or a reliable pre-owned car, buying a car for the first time is a big milestone and an exciting experience. - read more
Temporary Resident? Learn How You Can Qualify for an Australian Car Loan Temporary Resident? Learn How You Can Qualify for an Australian Car Loan
Welcome to your comprehensive guide on navigating the Australian car loan landscape as a temporary resident. Whether you're here for work, study, or leisure, having your own vehicle can vastly improve your time in Australia. However, securing a loan for a car might seem like a formidable task given your temporary status. That's where this article steps in—to enlighten and empower you in this financial journey. - read more
Loans for Cars: Finding the Best Financing Options Loans for Cars: Finding the Best Financing Options
The cost of buying a car is a major financial commitment, so it's important to consider all of your options before making a purchase. In this article, we look at some of the pros and cons of the most common car financing options, including leasing, hire purchase and paying cash, and what difference it makes whether you are buying a new or used vehicle. - read more
Self-Employed? Here's How You Can Qualify for a Car Loan in Australia Self-Employed? Here's How You Can Qualify for a Car Loan in Australia
Stepping into the world of self-employment can be a profoundly liberating experience, offering greater flexibility and the potential for financial independence. However, when it comes to securing finance for substantial purchases like a vehicle, self-employed individuals may face unique hurdles. Traditional lenders often favor those with a stable employment history and regular income statements, which can put the self-employed at a disadvantage. - read more
Common Car Loan Pitfalls and How to Steer Clear of Them Common Car Loan Pitfalls and How to Steer Clear of Them
Buying a car is a significant financial decision, and for many Australians, this means taking out a car loan. - read more
Why Australian Car Buyers Should Consider Pre-Approved Car Loans Why Australian Car Buyers Should Consider Pre-Approved Car Loans
Pre-approved car loans are financing arrangements where a lender evaluates your financial situation and determines an approved loan amount before you start shopping for a vehicle. This process provides buyers a clear understanding of their budget, which helps in making more informed decisions. - read more
The Ultimate Guide to Fast Track Your Car Loan in Australia The Ultimate Guide to Fast Track Your Car Loan in Australia
Welcome to The Ultimate Guide to Fast Track Your Car Loan in Australia, designed to help you navigate the exciting journey of buying a car for the first time. Buying a car is a significant milestone, and securing the right finance can make all the difference. - read more
Temporary Resident? Learn How You Can Qualify for an Australian Car Loan Temporary Resident? Learn How You Can Qualify for an Australian Car Loan
Welcome to your comprehensive guide on navigating the Australian car loan landscape as a temporary resident. Whether you're here for work, study, or leisure, having your own vehicle can vastly improve your time in Australia. However, securing a loan for a car might seem like a formidable task given your temporary status. That's where this article steps in—to enlighten and empower you in this financial journey. - read more
Understanding Specialist Lenders: The Secret to Better Car Loan Terms Understanding Specialist Lenders: The Secret to Better Car Loan Terms
Specialist lenders are financial institutions that offer tailored loan products to meet the unique needs of borrowers who may not be well-served by traditional banks. These lenders often have more flexible lending criteria and can accommodate a broader range of financial situations. - read more
Avoid Rejection: Common Pitfalls to Sidestep in Meeting Car Loan Criteria Avoid Rejection: Common Pitfalls to Sidestep in Meeting Car Loan Criteria
Entering the realm of self-employment brings with it not only the freedom to be your own boss but also unique challenges, especially when it comes to securing financing for significant purchases like a car. For the self-employed, the path to obtaining a car loan can be fraught with additional hurdles, stemming from the variable nature of their income and the scrutiny lenders apply to their financial profiles. - read more


Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Life Cover Amount:
Your Postcode:
All quotes are provided free and without obligation. We respect your privacy.
Need A Car Loan Right Now?
Compare Car Loan rates & options to secure the best finance offers from our broad network of leading Australian car finance brokers & specialist lenders. Fast, free … and without accessing or affecting your credit file!

 START HERE.

Loan Amount:
Postcode:
Your quotes are provided free & without obligation. We respect your privacy.
Compare Car Loan rates & options to secure the best finance offers from a broad selection of Australia`s leading car finance brokers & specialist lenders. Fast, free … and without accessing or affecting your credit file!

Knowledgebase
Second Mortgage:
A type of subordinate mortgage made while an original mortgage is still in effect.