ANZ suspends seven amid interbank markets trading investigation
ANZ said seven staff involved in markets trading have stepped down, pending a review of interbank market trading practices.
ANZ said seven staff involved in markets trading have stepped down, pending a review of trading practices in the Australian interbank market.
The bank confirmed that it is continuing to cooperate with an investigation by the Australian Securities and Investments Commission into historic trading practices in the Australian interbank market, known as the bank bill swap rate (BBSW) market.
ANZ said ASIC has been scrutinising 14 BBSW panel bank members since mid-2012 over their past involvement in BBSW submissions.
ANZ has been undertaking its own internal review covering a period ending in 2013.
“We have been treating this matter very seriously and we are continuing to cooperate fully with ASIC,” ANZ chief risk officer Nigel Williams said.
“In light of this, we are taking the precaution of having seven staff involved in markets trading step down pending completion of the investigation into practices to 2013,” Mr Williams said.
ASIC’s investigation into BBSW trading could result in civil or criminal penalties, among other actions.
In July, the Royal Bank of Scotland made an enforceable undertaking to ASIC over potential misconduct involving the Australian BBSW.
RBS also agreed to make a voluntary contribution of $1.6 million “to fund independent financial literacy projects in Australia”.
That followed similar agreements made by UBS AG and BNP Paribas, which each paid a $1m voluntary contribution.
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