Coast man banned for rogue trading

A GOLD Coast adviser has been banned from providing financial services for six years after engaging in more than 1000 trades when he knew he did not have the authority to do so, the corporate regulator says.

The Australian Securities and Investments Commission said Mudgeeraba resident Rodney Peters, who was a director of Australian Share Registry, engaged in more than 1000 options trades on behalf of clients between April 2015 and April 2016.

ASIC said Mr Peters, an authorised representative of Pulse Markets, had conducted options trading on behalf of clients on a discretionary basis, which was a breach of his authorisation from Pulse.

Discretionary trading is decision-based trading where the trader decides which trades to make based on market conditions. Pulse is authorised to provide general advice and to trade in equities and derivatives, but not on a discretionary basis.

ASIC said Mr Peters, who has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision, was aware he did not have the authority to engage in discretionary trading.