News: WBC REUTERS SUMMIT-Australia regulator says in advanced stages of rate-rigging probe

(For other news from Reuters Financial Regulation Summit, click on http://www.reuters.com/summit/FinancialRegulation16)

Australia's markets watchdog is in the advanced stages of an investigation into the fixing of benchmark interest rates in which it has already hauled two of the country's major banks to the courts, a top official said on Wednesday.

The Australian Securities & Investments Commission (ASIC) launched two separate court actions against ANZ Banking Group (ANZ) and Westpac Banking Corp (WBC) earlier this year for allegedly fixing the bank bill swap reference rate (BBSW), an allegation both banks have rejected.

"We are in advanced stages of our investigation in relation to the other organisations that we were looking at but we haven't formed any conclusions at this stage," ASIC commissioner Cathie Armour told the Reuters Financial Regulation Summit.

"We are very keen to complete this process and come to a conclusive view on the outstanding investigations."

ASIC, which is Australia's corporate, markets and financial services regulator, will also publish a report in the next couple of months on equity research independence and will seek industry feedback before introducing definitive guidance, Armour told the summit held at the Reuters office in Sydney.

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