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NEWS

7:06 AM, 6 May 2008

Tolhurst joins ranks in breach of ASX risk-based capital requirements

Abstracted from The West Australian


Australian stockbroking firm Tolhurst was fined $A30,000 for breaching capital liquidity requirements on 5 May 2008. Tolhurst executive chair, David Browne, said the sudden turnaround in derivatives and equity markets had caught many investors out. The breach occurred in August 2007, although Tolhurst COO David Fotheringham said the problem was resolved within a day. The Australian Clearing House Disciplinary Tribunal said failure to comply with risk-based capital requirements had the potential to affect the financial stability of the market as a whole

Distributed by News Bites. © Lexis-Nexis


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