The Australian Securities and Investments Commission (ASIC) has launched legal proceedings against Australian banking major Westpac for bank bill swap reference rate (BBSW) manipulation.
The corporate watchdog alleged Westpac of rigging the BBSW rate between April 2010 and June 2012.
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It said that the lender had intended to create an artificial price for bank bills on 16 occasions during the two-year period.
The watchdog said that on these days, the bank had several products that were priced or valued off BBSW and it traded in the bank bill market with an aim to move the BBSW higher or lower.
"ASIC alleges that Westpac was seeking to maximise its profit or minimise its loss to the detriment of those holding opposite positions to Westpac’s," ASIC said in a statement.
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By GlobalData
