ANZ suspends seven traders

ANZ, one of Australia's biggest banks, has suspended seven traders as part of an inquiry into the potential rigging of key interbank interest rates.

The BBC reports that The Australian Securities and Investment Commission (ASIC) has been investigating the country's interbank market since mid-2012.

Nigel Williams, chief risk officer of ANZ, said it was co-operating fully with ASIC.

The bank has been also been conducting its own investigation.

Williams said: 'This is a complex issue and ASIC's investigation and ANZ's internal review may not be complete for some time. In light of this, we are taking the precaution of having seven staff involved in markets trading step down pending completion of the investigation into practices to 2013'.

Williams added: 'Appropriate conduct is an overriding priority in everything we do at ANZ. We have worked hard to have the right risk culture including ongoing culture and compliance programs in our markets-facing businesses'.

ASIC's inquiries are ongoing.

Australia's ANZ bank suspends seven traders

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