ANZ Bank settles rate-rigging case with securities regulator

Sydney

AUSTRALIA & New Zealand Banking Group Ltd reached a last-minute settlement with the nation's securities regulator over allegations it rigged a benchmark interest rate.

The in-principle agreement was announced on the first day of a court hearing over allegations that ANZ Bank, Westpac Banking Corp and National Australia Bank Ltd traders sought to manipulate the benchmark bank bill swap (BBSW) rate - used to price more than A$10 trillion (S$10.6 trillion) in derivatives - to benefit their institutions' trading positions.