ASIC targets brokerage City Index

One of the nation's biggest contract-for-difference brokers, City Index, has been forced to appoint an independent expert after the corporate regulator identified several compliance flaws, including weaknesses in client money handling practices.

One of the nation's biggest contract-for-difference brokers, City Index, has been forced to appoint an independent expert after the corporate regulator identified several compliance flaws, including weaknesses in client money handling practices.

City Index, which offers derivative tradings on equities and currencies, said the steps in the enforceable undertaking were "necessary to address the Australian Securities and Investments Commission's concerns and to ensure compliance with the Corporations Act".

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