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Showing 11 - 20 of 51 results for "Bank bill swap rate"

ASIC outlines enforcement efforts

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 APR 2019
... the period in question, ASIC also resolved 10 market integrity related cases. Of key concern, ASIC won the Bank Bill Swap Rate case against Westpac in November - with the Federal Court ordering Westpac to pay $3.3 million for contravening the ASIC Act ...

Westpac cops BBSW fine

HARRISON WORLEY  |  MONDAY, 12 NOV 2018
Westpac will pay a $3.3 million penalty over its involvement in the bank bill swap rate saga that's ensnared Australian banks this year. On Friday the Federal Court ordered the bank pay $3.3 million for contravening the ASIC Act in its involvement in ...

CBA should have done more: Federal Court

HARRISON WORLEY  |  WEDNESDAY, 11 JUL 2018
... Court judge who slapped the Commonwealth Bank with a $5 million pecuniary penalty over its role in setting the bank bill swap rate said the bank should have better supervised its staff. Justice Beach of the Federal Court delivered the assessment in noting ...

New Government body to advance financial literacy

JAMIE WILLIAMSON  |  MONDAY, 28 MAY 2018
... made by ANZ and NAB as part of the settlement agreements with ASIC, resulting from the manipulation of the bank bill swap rate (BBSW). An additional $10 million will be committed by the Government, as outlined in the recent Federal Budget, specifically ...

Westpac off the hook in BBSW scandal

KANIKA SOOD  |  FRIDAY, 25 MAY 2018
The Federal Court ruled Westpac's conduct in handling bank bill swap rates was "unconscionable" on four of the 16 occasions that ASIC alleged the bank manipulated the BBSW. While ASIC failed to prove Westpac traders had manipulated the BBSW, the bank ...

BBSW methodology restores trust

DARREN SNYDER  |  TUESDAY, 22 MAY 2018
The new calculation methodology for Australia's bank bill swap rate began on Monday, a direct response to maintain trust in the interest rate benchmark following misuse. In a joint statement the RBA and ASIC said the new BBSW methodology calculates ...

CBA cops $25 million for BBSW rigging

KANIKA SOOD  |  WEDNESDAY, 9 MAY 2018
Commonwealth Bank will fork out $25 million to settle its bank bill swap rate rigging scandal, adding to the bank's pile of settlement payouts. CBA will acknowledge it "attempted to engage in unconscionable conduct in breach of the ASIC Act" while trading ...

CBA affirms BBSW position

DARREN SNYDER  |  TUESDAY, 27 FEB 2018
... Commonwealth Bank reiterated it is disputing ASIC allegations in relation to trading which allegedly affected the Bank Bill Swap Rate on six occasions in 2012. CBA said yesterday that ASIC lodged an updated Statement of Claim to the Federal Court and ...

ASIC recoups $40m from NAB and ANZ

ALEX BURKE  |  TUESDAY, 21 NOV 2017
... pay ASIC $20 million each to cover investigation costs over the banks' participation in the setting of the bank bill swap rate (BBSW). On November 10, the Federal Court ruled that both banks had attempted to engage in "unconscionable conduct" with regards ...

ANZ Wealth drags group's earnings

KARREN VERGARA  |  THURSDAY, 26 OCT 2017
... that it reached a confidential and in-principle agreement to settle court action relating to the Australian bank bill swap rate market with ASIC, but the financial impact was not covered in the results. The group reported a cash profit of $6.94 billion ...