How one bank, however big, might manipulate the Australian money market's main benchmark interest rate has been the subject of much conjecture.
Court documents filed on Friday by the Australian Securities and Investments Commission have offered an insight into how traders from various parts of the ANZ Banking Group shared information and facilitated the supply and demand of bank bills.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com