According to the regulations applying to Exchange Members, an order placed by a broker in the Exchange's trading system must reflect the current market value of the particular shares. When establishing the market value, such factors as changes in the share's price during the day in question and preceding days, the share's volatility, general changes in the pricing of equivalent instruments and other significant conditions that could arise must be taken into account. The member company has the same responsibility for orders placed by the member's customers via an Internet connection (automatic order brokering) as for orders brokered via a stockbroker. On a number of occasions during February, March, April and June, customers of Fischer placed automatically brokered orders in several companies in a manner that, in varying degrees, resulted in a breach of a reasonable interpretation of the said rules concerning the placing of orders. According to the Disciplinary Committee, these rules are of considerable importance to the confidence placed in the Exchange's operations, whereby obvious deviations from the rules must be judged seriously. Despite explicit reminders from the Exchange regarding the breaches, Fischer's efforts to comply with the rules and regulations have not led to satisfactory results. The Disciplinary Committee found that Fischer, as the company responsible for the order placement, had breached the regulations specified above and should therefore pay a fine of SEK 300,000.
2005:8 Fischer Partners Fondkommission AB (EN)
2005:8 Fischer Partners Fondkommission AB (SE)