ANZ’s toxic trading-floor roulette spins out of control
The big four bank is engulfed in one of the biggest scandals in its 182-year history after a sudden market move cost the federal government tens of millions of dollars.
It’s 1.50pm, April 19, 2023, and a group of bankers are dialled into a call to set the pricing on one of the largest government bond sales ever.
In a room with a glass wall on the ANZ trading floor, a trader eyes the Bloomberg terminal and calls out a number – 96.46. The interest rate the nation will pay on $14 billion of debt until May 2034 is set at 3.635 per cent. Within moments, however, the price has jumped, and the yield has dropped, as though pressure had been released from a coil. What just happened?
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Financial services
Fetching latest articles