ASX to get tough on stockbrokers

The Australian Securities Exchange (ASX) is planning tough penalties for serious professional misconduct in stockbroking firms and investment banks. The ASX wants to increase the fines that the disciplinary tribunal issues in actions over breaches of its operating rules to as much as $2 million, from a current maximum of $250,000. Chief supervisor officer Eric Mayne said the move would bring the penalty regime into line with stock exchanges in New York and London.