ASIC says no misconduct in pre-RBA move

The Australian fin industry watchdog ASIC has said that the preliminary results of their investigation revealed that the sharp moves in the FX market just shortly ahead of the RBA rate decision were caused by low liquidity and not someone having insider information and taking advantage of that. It says further “The reduction in liquidity providers is a usual occurrence prior to announcement in all markets. Much of the trading reviewed to date was linked to position unwinds by automated trading accounts linked to risk management logic and not misconduct”.

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