National Australia Bank says ASIC's bill rigging case embarrassing.
Global Banking News-November 16, 2016--National Australia Bank says ASIC's bill rigging case embarrassing
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Global Banking News - 16 November 2016
National Australia Bank (NAB:ASX) has said that corporate regulator ASIC's case that setting of the bank bill swap rate was manipulated is 'embarrassing.'
The bank said that the regulator's claim falls in a period that is outside the period of the investigation. The bank also said that its traders were not able to manipulate the rate because it was set by the market.
The bank was defending the case brought by the Australian Securities and Investments Commission in June for allegedly rigging the bank bill swap rate (BBSW). The firm argued that the regulator could be taking an overly simplistic view of the alleged rigging and said that the five-minute window for setting the benchmark was too short for bank traders to manipulate the rate.
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