ASIC pursues Westpac in BBSW allegations

06 April 2016

 

Last month the Australian Securities and Investments Commission (ASIC) launched legal action against ANZ relating to the bank’s involvement in the manipulation of the bank bill swap rate (BBSW). ASIC had been conducting an investigation of the 14 member BBSW panel since mid-2012 following similar investigations by UK authorities relating to the comparable British benchmark known as LIBOR (London Inter-Bank Offer Rate). These benchmark rates are used to establish the...

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