SYDNEY, March 4 (Reuters) - Australia's markets watchdog on Friday said it will commence legal proceedings against ANZ Banking Group (ANZ) for "unconscionable conduct and market manipulation" over fixing of the benchmark inter-bank interest rates and currencies.
"It is alleged that ANZ traded in a manner intended to create an artificial price for bank bills on 44 separate days during the period of 9 March 2010 to 25 May 2012," Australian Securities and Investment Commission said in a statement.
The Bank Bill Swap Reference Rate (BBSW) is the primary interest rate benchmark used in Australian financial markets. Australia changed the method by which it calculated the mechanism in 2013 after an exodus of banks from the panel that set the rate, the first major market to dismantle the tarnished structure.
News: ANZ Australian watchdog starts legal action against ANZ
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