ASIC alleges that on 50 occasions NAB intended to create an artificial price.
The Australian Securities and Exchange Commission (ASIC) announced today that it has taken legal action against National Australia Bank (NAB) in a Melbourne Federal Court, in connection with alleged market manipulation that occurred during a 930-day period ending December 24, 2012.
The charges from ASIC are in connection with NAB allegedly artificially moving the price of the bank bill swap (BBSW) reference rate - which is the primary interest rate benchmark used in Australia – during the period in question.
NAB has contested the claims, according to media reports, which will now be settled using the country's federal court system. In 2014, Finance Magnates wrote about news in connection with a period subsequent to the above cited years, when a trader at NAB had been nabbed along with an ABS staffer for insider trading.
The new world of Online Trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
Assets priced from benchmark
The allegations from ASIC claim that during the period in question NAB had numerous products that were priced or valued from the value of the BBSW reference rate, and that it had traded in the underlying bank bill market with the intention of moving the BBSW price higher or lower.
An excerpt of the concise statement that accompanied ASIC's announcement regarding the action against NAB can be seen below and which highlights a particular chat transcript between traders:
ASIC alleges that on 50 occasions NAB intended to create an artificial price for the bank bills during the above mentioned period, and in order to maximize its profit or minimize its loss to the detriment of those holding opposite positions to bank.
NAB has fully co-operated with ASIC's review and takes these allegations seriously. We do not agree with ASIC's claims which means they will now be settled by a court process.
ASIC seeks penalties
ASIC described the conduct as unconscionable in relation to NAB’s involvement in setting the BBSW reference rate during the nearly 2.5 year period starting June 8th, 2010, through December 24 2012. The charges by ASIC seeks court pecuniary penalties against NAB, in addition to requiring it to implement a related compliance program.
The Australian Financial Markets Association (AFMA) had changed the manner in which the BBSW reference rate is calculated on September 2013, subsequent to the period cited by ASIC’s charges against NAB. The regulator added in a corporate statement that it will not be making any further comments at this time.
According to coverage by the Sydney Morning Herald earlier this Tuesday, NAB Group’s Chief Risk Officer, David Gall, commented regarding the charges: "NAB has fully co-operated with ASIC's review and takes these allegations seriously. We do not agree with ASIC's claims which means they will now be settled by a court process.”
Mr. Gall has been in his current position since 2014, and has held senior roles across various NAB departments after intially joining in 2008, according to a LinkedIn profile description.
NAB becomes the third bank in Australia that the regulator has taken action against in connection with the BBSW reference rate.
In addition to a number of other historical actions related to misconduct with the BBSW benchmark, ASIC provided background in its announcement today on recent actions it had taken against in March against Australia and New Zealand Banking Group Limited (ANZ) under reference number 16-060MR, and in April against Westpac Banking Corporation under reference number 16-110MR.
The Australian Securities and Exchange Commission (ASIC) announced today that it has taken legal action against National Australia Bank (NAB) in a Melbourne Federal Court, in connection with alleged market manipulation that occurred during a 930-day period ending December 24, 2012.
The charges from ASIC are in connection with NAB allegedly artificially moving the price of the bank bill swap (BBSW) reference rate - which is the primary interest rate benchmark used in Australia – during the period in question.
NAB has contested the claims, according to media reports, which will now be settled using the country's federal court system. In 2014, Finance Magnates wrote about news in connection with a period subsequent to the above cited years, when a trader at NAB had been nabbed along with an ABS staffer for insider trading.
The new world of Online Trading, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
Assets priced from benchmark
The allegations from ASIC claim that during the period in question NAB had numerous products that were priced or valued from the value of the BBSW reference rate, and that it had traded in the underlying bank bill market with the intention of moving the BBSW price higher or lower.
An excerpt of the concise statement that accompanied ASIC's announcement regarding the action against NAB can be seen below and which highlights a particular chat transcript between traders:
ASIC alleges that on 50 occasions NAB intended to create an artificial price for the bank bills during the above mentioned period, and in order to maximize its profit or minimize its loss to the detriment of those holding opposite positions to bank.
NAB has fully co-operated with ASIC's review and takes these allegations seriously. We do not agree with ASIC's claims which means they will now be settled by a court process.
ASIC seeks penalties
ASIC described the conduct as unconscionable in relation to NAB’s involvement in setting the BBSW reference rate during the nearly 2.5 year period starting June 8th, 2010, through December 24 2012. The charges by ASIC seeks court pecuniary penalties against NAB, in addition to requiring it to implement a related compliance program.
The Australian Financial Markets Association (AFMA) had changed the manner in which the BBSW reference rate is calculated on September 2013, subsequent to the period cited by ASIC’s charges against NAB. The regulator added in a corporate statement that it will not be making any further comments at this time.
According to coverage by the Sydney Morning Herald earlier this Tuesday, NAB Group’s Chief Risk Officer, David Gall, commented regarding the charges: "NAB has fully co-operated with ASIC's review and takes these allegations seriously. We do not agree with ASIC's claims which means they will now be settled by a court process.”
Mr. Gall has been in his current position since 2014, and has held senior roles across various NAB departments after intially joining in 2008, according to a LinkedIn profile description.
NAB becomes the third bank in Australia that the regulator has taken action against in connection with the BBSW reference rate.
In addition to a number of other historical actions related to misconduct with the BBSW benchmark, ASIC provided background in its announcement today on recent actions it had taken against in March against Australia and New Zealand Banking Group Limited (ANZ) under reference number 16-060MR, and in April against Westpac Banking Corporation under reference number 16-110MR.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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