(Reuters) The Australian corporate regulator accused Westpac Banking Corp (WBC.AX) of playing a leading role in the widespread manipulation of an important financial trading rate as it took the country’s No. 2 lender to court on Tuesday. In an opening address to the Federal Court, the Australian Securities and Investments Commission (ASIC) laid out its case against Westpac, saying the bank was motivated to influence the Bank Bill Swap Rate, a crucial rate for the Australian finance system usually referred to as BBSW, because billions of dollars worth of its products were affected it.
Australia’s Westpac Was A Lead Actor In Rates Rigging, Regulator Tells Court
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