ANZ admitted to 10 instances of attempted cartel conduct and Macquarie to eight relating to setting the daily rates for derivative instruments linked to Malaysia's currency in 2011. The case involved Singapore-based traders communicating via private online chat rooms about daily submissions on the Malaysian ringgit fixing rate to be made to the Association of Banks in Singapore. "These proceedings are a reminder that Australian cartel laws apply to financial markets, and capture cartel conduct by firms that carry on business in Australia, regardless of where that conduct occurred," said ACCC chairman Rod Sims. ANZ said in a statement the three ANZ traders involved no longer worked for the company. "We have made significant improvements to our compliance, training and monitoring systems to ensure this does not happen again."

Source: The Nation Bangkok November 25, 2016 03:44 UTC