Aussie broker fails to settle trades.

Aussie broker fails to settle trades.

business.smh.com.au

THE risks still in this sharemarket were highlighted yesterday by an extraordinary development: the settlement of all share trades was held up for several hours after the failure of the broking firm Tricom Equities to settle on its transactions.

.......but the bottom line appears to be that the firm had insufficient funds to cover last Friday's trades under the three-day settlement rule.

(visit the link for the full news article)


Related News Links:
www.theaustralian.news.com.au

Can anyone say "counter-party risk"?

I know next to nothing about the Aussie market and how big this group is. I'm seeing rumors on another board that they may have some type of relationship with Merryl Lynch. Anyway it'll probably just give the Fed another reason to cut rates and further debase the dollar.

business.smh.com.au
(visit the link for the full news article)