SYDNEY: Australian banking giant Westpac engaged in "unconscionable conduct" in trying to rig benchmark interest rates four times, but was cleared of market manipulation, a court ruled Thursday. Westpac was the only one of Australia's four big banks to fight charges. Corporate regulator, the Australian Securities and Investments Commission, had claimed Westpac manipulated the bank bill swap reference rate (BBSW) 16 times between 2010 and 2012. Federal Court Justice Jonathan Beach said while Westpac engaged in "unconscionable conduct" in trying to influence the BBSW on four separate occasions, the regulator had not proven they succeeded. "ASIC has not made out its case against Westpac under ... the Corporations Act concerning market manipulation or market rigging," he said.

Source: Bangkok Post May 24, 2018 05:37 UTC