Bad Trader Behavior, Short-Sale Breaches Stalk Australian Banks
Australia's finance industry is beset by a raft of compliance lapses — from data reporting breaches to trader misbehavior — reigniting concerns the $541 billion sector has struggled to clean up after a litany of scandals came to light six years ago.
Most recently, the Australian markets regulator sued Macquarie Group Ltd. 's local securities business, alleging the misreporting of millions of short sales for more than a decade. At rival ANZ Group Holdings Ltd., new Chief Executive Officer Nuno Matos said improving risk management is one of his key priorities after missteps plagued his predecessor.
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