Stockbroker rapped over private client rebate

The Australian Stock Exchange will develop guidelines for “book builds” for new listings and related equity offers, after the exchange decided to censor Goldman Sachs JB Were for providing selected private clients with a 15 cent rebate on the float last year of Just Group. Goldman Sachs JB Were provided the rebate after the book build for institutional investors failed to meet the target price, and with the broker left as underwriter as more shares than it wanted to hold.