The Australian Securities and Investments Commission (ASIC) has explosive evidence it may use in a lawsuit against Westpac over allegations employees manipulated the bank bill swap rate, according to reports. ASIC is investigating whether there was any manipulation of the bank's benchmark interest rate from July last year until March this year, when it changed its policy on how much money could be borrowed at variable rates.
The Australian Securities and Investments Commission (ASIC) has explosive evidence it may use in a lawsuit against Westpac over allegations employees manipulated the bank bill swap rate, according to reports. It includes excerpts of recorded phone calls revealing how traders at the bank opening discussed manipulated the rate set.