CBA gets green light for BBSW settlement

Original article by James Frost
The Australian Financial Review – Page: 20 : 22-Jun-18

Federal Court judge Jonathan Beach has ruled that the Commonwealth Bank of Australia’s $A25m settlement for manipulating the bank bill swap rate is appropriate. Justice Jonathan Beach said the magnitude of the fines should be sufficient to deter similar misconduct. However, he criticised CBA’s bank bill traders for abusing their "privileged position" and questioned the adequacy of training and monitoring of the bank’s traders.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s