ASIC Sues National Australia Bank over Alleged Benchmark Rate Manipulation

[kreslik.news]

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)