3 Mar 2017
FINANCIAL MARKETS AUTHORITY v WARMINGER [2017] NZHC 327
- Citation
- FINANCIAL MARKETS AUTHORITY v WARMINGER [2017] NZHC 327
- Court
- High Court
On the balance of probabilities the Court found Warminger contravened s11B in two specific instances: Fisher & Paykel Healthcare (27 May 2014) and a2 Milk Company (9 July 2014). In those incidents the defendant used DMA buy orders to move quotes/last traded prices knowing or with constructive knowledge that this would enable higher off-market crossings; purpose and contextual evidence (broker communications, timing and trading patterns) established manipulation. The remaining alleged causes of action were dismissed for failure by the FMA to prove improper purpose or effect given plausible, no…