By Chris Wright
Citigroup added Australia to its bulging global portfolio of regulatory clashes in April but the latest case might have implications that go well beyond that country’s borders. At stake is the legal status of proprietary trading at investment banks that also conduct advisory business – that is, most of them.
The Australian Securities & Investments Commission filed charges in Australia’s Federal Court alleging, among other things, that Citi engaged in insider trading and did not have sufficient measures in place to stop conflicts of interest.
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