Australia & New Zealand Banking Group (ANZ) has suspended seven staff pending the outcome of an investigation into suspected manipulation of Australia’s interest-rate benchmark.
The Australian Securities and Investments Commission (ASIC) has been examining trading practices from 2007 to 2013 in the Australian interbank market known as the Bank Bill Swap Rate (BBSW) market.
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ANZ said it has also been conducting its own internal review of possible misconduct covering a period ending in 2013. The ASIC probe could result in civil and criminal penalties.
The bank confirmed that it is continuing to cooperate with an investigation by the Australian Securities and Investments Commission (ASIC) over rigging of BBSW market.
Nigel Williams, chief risk officer of ANZ, 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," he added.
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By GlobalDataAlso, the ASIC has been inquiring the country’s interbank market or BBSW since mid-2012 by a panel of 14 banks that contributed prices to the rate-setting process.
