The Wire

The ASIC train is on the warpath over bank interest transfer rate rigging – ANZ is the first bank in it’s sights, but are there more to come? At issue is the Bank Bill Swap Rate – the basis for all other rates that financial institutions use. Regulations were changed in 2014 to try and avoid a LIBOR style scandal that rocked the UK and Europe a while back, but it looks as though irregularities have occurred in Australia as well.

LIBOR Scandal