ASIC releases report on key benchmark rates

In a report addressing potential financial benchmark rigging in Australia, ASIC provided what is called an “overview of the importance of financial benchmarks and the need for financial benchmarks to be robust and reliable” as well as some as the investigations ASIC is undertaking. Benchmark interest rates are set by groups of banks, both domestic and foreign, through various mechanisms. These rates are then used as the starting point for...

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