ASIC Sues National Australia Bank over Alleged Benchmark Rate Manipulation
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ASIC Sues National Australia Bank over Alleged Benchmark Rate Manipulation
The Australian Securities and Exchange Commission (ASIC) has today announced that it has taken legal action against National Australia Bank (NAB) in a Melbourne Federal Court, in connection with alleged market manipulation that occurred during a 930-day period ending December 24, 2012.
The charges from ASIC are in connection with NAB allegedly artificially moving the price of the bank bill swap (BBSW) reference rate – which is the primary interest rate benchmark used in Australia – during the period in question.
NAB has contested the claims, according to media reports, which will now be settled using the country’s federal ... (read more)
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