Bourse de Montréal fines derivatives broker

The regulatory division of Canada’s Bourse de Montréal has fined Fimat Derivatives Canada C$1,000 after one of its employees entered an electronic order before obtaining approval to work as a trader.

The exchange said it imposed the fine following an investigation by its surveillance department. “Although already being approved by the Bourse as a registered futures contracts and futures options representative, this employee had not obtained from the Bourse the prior approval authorising him to have access to SAM [Montreal Automated System] and to enter orders into it,” said Bourse de Montréal in a statement.

The exchange said that on March 15, the Fimat employee entered an order for options on Canadian banker's acceptances, which are short-term fixed-income investments.

Bourse de Montréal added that the employee responsible had used the identification number and password of an approved trader of Fimat Derivatives Canada – part of international broker Fimat – that had left the company.

Fimat, which is owned by French bank Société Générale, was not immediately available for comment.