Citigroup Global Markets Australia has paid a $40,000 penalty to comply with an infringement notice given to it by the Markets Disciplinary Panel . According to a statement released by the Australian Securities and Investments Commission , the penalty was for "failing to demonstrate prudent risk management procedures by not setting and documenting appropriate maximum price change limits, as required." The penalty related to a buy order for a 30 day interbank cash rate futures contract placed via Citigroup's Direct Market Access system placed on November 23, 2011 . The system set an inadequate maximum of 999.9 basis points for ASX 30 Day Interbank Cash Rate Futures Contracts, the statement said. The breach was careless on the part of Citigroup and had the potential to damage the reputation and integrity of the market, the statement said.
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