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

Improving EOFY Planning: The Call for ATO Portal Access for Advisers Improving EOFY Planning: The Call for ATO Portal Access for Advisers
09 Jul 2025: Paige Estritori

In a recent discussion, James O'Reilly, Director and Financial Planner at Northeast Wealth, underscored the benefits that could come from granting financial advisers access to the Australian Taxation Office (ATO) portal. Speaking on The ifa Show, O'Reilly proposed that this access would significantly simplify the services financial advisers provide to clients, particularly at tax time and the end of the financial year (EOFY). - read more
RBA Holds Rates Steady, Shocking Markets and Shifting Economic Expectations RBA Holds Rates Steady, Shocking Markets and Shifting Economic Expectations
09 Jul 2025: Paige Estritori

The Reserve Bank of Australia (RBA) has decided to keep the official cash rate steady at 3.85%, taking many by surprise after expectations of a 25-basis-point cut had built up in financial circles. This unexpected move comes amid recent data indicating easing inflation and weaker than anticipated economic growth, conflicting with prior predictions of a cut. - read more
RBA to Continue Interest Rate Cuts Amid High Unemployment RBA to Continue Interest Rate Cuts Amid High Unemployment
08 Jul 2025: Paige Estritori

The Reserve Bank of Australia (RBA) is anticipated to maintain its trajectory of incremental interest rate reductions, according to insights from leading financial analysts at ANZ. Recent data from the ANZ-Indeed Australian Job Ads series revealed a rise from 114.8 in May to 116.9 in June, suggesting a potential rebound in job advertisements after previous declines. Despite a stable unemployment rate and hours-based underutilisation rate since mid-2024, the Australian labour market remains strained. - read more
RBA Poised for Cash Rate Cut Amid Inflationary Trends RBA Poised for Cash Rate Cut Amid Inflationary Trends
07 Jul 2025: Paige Estritori

As the Reserve Bank of Australia (RBA) prepares for its forthcoming monetary policy announcement, economic analysts anticipate a further reduction in the official cash rate by 25 basis points. This prediction, supported by Finder’s RBA Cash Rate Survey, reveals that 88% of participating experts foresee a cut that would lower the interest rate to 3.6%, aligning the decision with the recent decline in both headline and core inflation to the central bank's target range of two to three percent. - read more
Uncovering the Impact of Unsolicited Solar Sales on Consumers Uncovering the Impact of Unsolicited Solar Sales on Consumers
04 Jul 2025: Paige Estritori

In a concerning revelation, Australian retiree Christine Hirchfield shares her ordeal with an unsolicited solar installation that turned into a financial nightmare. Despite her initial enthusiasm for cheaper energy bills and a greener home, the project remains incomplete more than a year later. Consumer groups are now advocating for a nationwide prohibition on deceptive sales practices that target vulnerable consumers like Ms Hirchfield. - read more
Australian Online Retail Sees Continued Growth in May Amidst Nationwide Spending Surge Australian Online Retail Sees Continued Growth in May Amidst Nationwide Spending Surge
03 Jul 2025: Paige Estritori

Australian online retail sales experienced a modest rise in May, as consumers continued to invest in fashion, games, and toys. According to the latest figures from the National Australia Bank, there was a 0.7% increase in online sales for the month, compared to a 1.1% growth in April. Over the past year, Australians have spent approximately $63 billion on online retail purchases. - read more
Pay Boosts and Policy Changes: A Closer Look at Financial Updates for Australian Workers Pay Boosts and Policy Changes: A Closer Look at Financial Updates for Australian Workers
03 Jul 2025: Paige Estritori

The starting days of the new financial year bring significant changes for Australian workers, particularly those on minimum wage. As of Tuesday, the minimum wage will rise by 3.5 per cent, increasing hourly earnings to $24.95, or $948 weekly. This adjustment also affects award wages and comes as a response to rising living costs, outpacing current inflation rates. - read more


Car Loans Articles

Five Common Mistakes First-Time Car Buyers Make and How to Avoid Them Five Common Mistakes First-Time Car Buyers Make and How to Avoid Them
Buying your first car is an exciting milestone that can offer a sense of independence and freedom. Whether you're envisioning weekend getaways or a smoother daily commute, the joy of car ownership holds a special thrill. However, alongside this excitement, it is crucial to approach this journey with awareness and preparation to ensure you make a smart financial decision. - read more
Loans for Cars: Getting an Even Better Deal Loans for Cars: Getting an Even Better Deal
If you're in the market for a new car, you're probably wondering what you need to do to get the best car loan. It's no secret that the car dealership will try to sell you a loan, but you don't have to take their offer! In fact, you can get a much better loan if you know what you're doing. - read more
Loans for Cars: Understanding the Impact of Your Credit History Loans for Cars: Understanding the Impact of Your Credit History
If you're in the market for a new car, you may be wondering if you can get a loan with poor credit. The answer is yes, but it's important to understand the impact that your credit history can have on the loan process. - read more
10 Common Mistakes Australians Make When Financing Their Car 10 Common Mistakes Australians Make When Financing Their Car
Car financing has become increasingly popular among Australians for a variety of reasons. For many, it offers the opportunity to own a vehicle without having to pay the entire purchase price upfront. - read more
Leveraging Trade-In Values and Loans for an Australian Car Upgrade Leveraging Trade-In Values and Loans for an Australian Car Upgrade
For many Australians, a car is more than just a means of transportation; it's a symbol of freedom, a tool for exploration, and often, a reflection of personal style. With the auto market continually evolving, staying abreast of current trends is key for car buyers looking to upgrade. New models with advanced technology, improved fuel efficiency, and enhanced safety features enter the market each year, making the prospect of upgrading increasingly appealing. - read more
Loans for Cars: Establishing How Much You Can Afford to Borrow Loans for Cars: Establishing How Much You Can Afford to Borrow
When it comes to car loans, one of the first things you need to determine is your budget – how much can you afford to borrow and still comfortably make your monthly car loan repayments? - 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
10 Common Mistakes Australians Make When Financing Their Car 10 Common Mistakes Australians Make When Financing Their Car
Car financing has become increasingly popular among Australians for a variety of reasons. For many, it offers the opportunity to own a vehicle without having to pay the entire purchase price upfront. - 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
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
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
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
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
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


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
Conventional Loan:
A type of mortgage loan that is not insured or guaranteed by the government.