The corporate regulator says the bank was warned a dozen times that there were suspicious futures transactions following Russia’s invasion of Ukraine.
Macquarie ignored repeated warnings that it was failing to catch dozens of suspicious electricity futures transactions that could have driven up the cost of power bills, breaking market integrity rules dozens of times, the corporate regulator says.
“The consequences of manipulating energy markets can have a detrimental flow-on impact to supplier funding costs, and in turn energy prices. This can lead to higher energy bills for consumers who are already struggling with the cost of living,” he said.
“It’s been outstanding for way too long and need to understand why the alert is not triggering,” Macquarie said in the October 7 email.
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