ASIC to investigate alleged manipulation of the bank bill swap rate at ANZ

The Australian Securities and Investments Commission (ASIC) is to investigate a group of traders at ANZ Bank in relation to alleged manipulation of the bank bill swap rate, with sources expecting the ASIC to file a civil action against the bank in the next few weeks; whether the probe goes beyond ANZ is of keen interest. ANZ said in a statement that it continues to co-operate with the investigation.

ANZ Banking Group said it's continuing to co-operate with a probe into possible manipulation of Australia's interest-rate benchmark, amid a report the regulator is on the verge of taking legal action against the bank.

The Australian Securities and Investments Commission is expected to file a civil action against ANZ in relation to breaches of the law relating to the bank-bill swap rate between 2007 and 2013, The Australian Financial Review reported Monday, without citing sources. An announcement is expected in the next few weeks, the report said.

ANZ's New York office has been accused of hosting a discriminatory culture. Credit: Jessica Shapiro

"We are continuing to co-operate with the ASIC investigation," ANZ said in a statement commenting on the report.

ASIC said in the statement that it didn't comment on its investigations.