Acceptable trading behaviour questioned
The Milford Asset Management portfolio manager is battling charges of cross-trading and making trades to artificially set prices, which were laid by the Financial Markets Authority (FMA).
Examination of trading behaviour, particularly that of Warminger, dominated proceedings yesterday as both parties sought to establish what “normal” trading conduct might be.
First up in the witness box was First NZ Capital head of securities James Lee who was examined by Warminger’s lawyer, Michael Heron, about a range of trading activities and considerations.
These included the role screen pricing plays in trading, the role of morning order books, algorithms, the balance of the principal book, moving quotes, close orders, and auction processes.
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