Bloomberg reports that Singapore-based traders contacted colleagues on BNP Paribas’ treasury desk in Sydney between 2007 and 2010 expressing preferences on the direction and level of rate submissions, according to a document published today by the Australian Securities and Investments Commission. An independent expert found that the communications had an 'insignificant' market impact, ASIC said.
Banks are under investigation across the globe on suspicion of manipulating benchmark rates including Libor. A 14-member panel for setting BBSW, the primary interest rate used in Australia’s financial markets, was disbanded in September. UBS, JPMorgan, HSBC and Citigroup were among members submitting prices.
Inquiries in relation to the BBSW submission process are ongoing, the regulator said.
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