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.
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