ASIC in advanced stages of its rate-rigging probe

The Australian Securities and Investments Commission (ASIC) is now in its advanced stages of its investigation into the fixing of benchmark interest rates, which has already resulted in ANZ Banking Group and Westpac being taken to court, says an official.

Australia regulator says in advanced stages of rate-rigging probe

By Swati Pandey and Michelle Price

SYDNEY/HONG KONG, May 18 (Reuters) Australia's markets watchdog is in the advanced stages of an investigation into the fixing of benchmark interest rates in which it has already hauled two of the country's major banks to the courts, a top official said on Wednesday.

The Australian Securities & Investments Commission ASIC launched two separate court actions against ANZ Banking Group and Westpac Banking Corp earlier this year for allegedly fixing the bank bill swap reference rate BBSW, an allegation both banks have rejected.