Printer Friendly

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

(C)2016 ENPublishing -

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.

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications -

COPYRIGHT 2016 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2016 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Nov 16, 2016
Previous Article:Indian cooperative banks threaten to close because of cash crisis.
Next Article:HNB Group reports profit increase.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters