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Macquarie admits to misconduct inside its foreign exchange trading arm

Macquarie Bank will donate $2 million to charity and open up its foreign exchange arm to scrutiny after the corporate watchdog uncovered a series of breaches by its traders. 

The Australian Securities and Investments Commission (ASIC) reached a deal with Macquarie to enter an enforceable undertaking with the bank over misconduct on its foreign exchange desk between Jan. 2008 and June 2013. 

According to ASIC, traders disclosed confidential details of client orders to third parties and revealed material information about Macquarie's trading activity in relation to large Australian-dollar trades. 

Traders were also found "triggering" prices in order to meet client orders, trading "in a manner that may have been intended to cause the trigger price to trade when it might not have traded at that time", ASIC said.