The BBSW is the key rate the market uses to set all other lending rates, such as mortgages and credit cards. ASIC alleged "CBA traded with the intention of affecting the level at which BBSW was set so as to maximise its profits or minimise its losses to the detriment of those holding opposite positions to CBA's". Westpac claims victory in interest rate rigging case. James cases with the "dominant purpose of influencing the level at which BBSW was set in a way that was favourable to its BBSW rate set The bank bill swap rate (BBSW) rate is a major interest rate benchmark for the Australian dollar and is widely referenced in many financial contracts. Previously, BBSW was calculated from the best executable bids and offers for Prime Bank securities. The statement sets out one incident of alleged BBSW manipulation by NAB on December 22, 2011, when the bank had a 90-day BBSW rate set exposure of $1.9 billon. It alleged NAB trader Hermeet Jajjhur sold 90-day Prime Bank Bills with a face value of $620 million in a way that would set the BBSW rate higher for ASIC has taken action against the ANZ, NAB, Westpac and the CBA for allegedly rigging the BBSW. ANZ and NAB settled the matter last year ahead of a long trial for $50 million apiece, while Westpac BBSW rigging is an example of conduct risk writ large. The BBSW, insurance and financial planning scandals being uncovered in Australian banking potentially affect millions of Australians.
4 Mar 2016 Investments Commission (ASIC), has taken the ANZ bank to court for alleged market manipulation of the bank bill swap reference (BBSW) rate.
9 May 2018 CBA to cough up $25m in fines in rate-rigging scandal $25 million to settle legal action brought against it by ASIC over bank bill swap rates. 9 Nov 2017 ANZ to pay $38m to settle rate rigging case in the course of trading on the [ bank bill swap rate] market, a small number of traders attempted to 6 Apr 2018 Some context: BBSW is the bank bill swap rate CBA is accused of rigging (as was Westpac; the other two 'big four' banks have settled out of 11 Jul 2018 this year, after the Federal Court approved a 25 million payment to settle allegations the bank rigged the bank bill swap rate benchmark. 23 Oct 2017 The bank bill swap rate (BBSW) is a key rate at which banks lend to each other over a short period. It is one of the most important interest rates 22 Oct 2017 The regulator began investigating major banks in 2012 over the integrity of their past bank bill swap rate submissions. ANZ was the first bank to 4 Mar 2016 Investments Commission (ASIC), has taken the ANZ bank to court for alleged market manipulation of the bank bill swap reference (BBSW) rate.
Essentially, the BBSW is the interest rate the banks use to trade with each other. It's also used as a reference point to set the interest rate on business loans, which then indirectly impacts personal loans. Each business day, nominated financial institutions have until 10AM to tell
The BBSW is the key rate the market uses to set all other lending rates, such as mortgages and credit cards. ASIC alleged "CBA traded with the intention of affecting the level at which BBSW was set so as to maximise its profits or minimise its losses to the detriment of those holding opposite positions to CBA's".
The statement sets out one incident of alleged BBSW manipulation by NAB on December 22, 2011, when the bank had a 90-day BBSW rate set exposure of $1.9 billon. It alleged NAB trader Hermeet Jajjhur sold 90-day Prime Bank Bills with a face value of $620 million in a way that would set the BBSW rate higher for
9 May 2018 Bank has reached an agreement with the regulator to settle legal proceedings relating to claims of manipulation of the Bank Bill Swap Rate. 22 May 2018 The ASX has begun calculating the bank bill swap rate (BBSW) using a [ Related: Bank Bill Swap Rate rigging to become criminal offence]. 9 May 2018 CBA to cough up $25m in fines in rate-rigging scandal $25 million to settle legal action brought against it by ASIC over bank bill swap rates.
The BBSW rate-rigging scandal hasn't just put Australia's Big Four under scrutiny. It has helped ignite a national debate over the future of Australia's banking landscape.
ASIC has taken action against the ANZ, NAB, Westpac and the CBA for allegedly rigging the BBSW. ANZ and NAB settled the matter last year ahead of a long trial for $50 million apiece, while Westpac BBSW rigging is an example of conduct risk writ large. The BBSW, insurance and financial planning scandals being uncovered in Australian banking potentially affect millions of Australians. The BBSW trial took place in Melbourne in 2017 and was the last of the rate rigging actions to take place around the world, following similar actions in London and New York over the LIBOR A day after being appointed the Commonwealth Bank's new CEO, Matt Comyn has been drawn into the BBSW rate-rigging saga by the corporate regulator beginning court proceedings against the bank.. Mr The BBSW rate-rigging scandal hasn't just put Australia's Big Four under scrutiny. It has helped ignite a national debate over the future of Australia's banking landscape.