Following ASIC enquiries, RBS reported to ASIC that it had found evidence of conduct seeking to influence its BBSW submissions, based on how the submissions may benefit RBS's derivatives positions.
RBS also reported to ASIC that it had found limited instances of communications discussing trading of Reference Bank Bills with reference to the setting of BBSW.
As a result of the information provided by RBS and ASIC s enquiries, ASIC is concerned that RBS may not have complied with its obligations under the Corporations Act by reason of its conduct in relation to the BBSW rate set process.
BNP however, stayed a member of the BBSW submissions panel till a new methodology for calculating the BBSW was executed on 27 September 2013.
ASIC asked BNP to get an independent expert to do a review of BBSW submissions and the expert found that any market impact was not important.
The BBSW is the main interest rate benchmark used in Australian financial markets.
At ASIC's request, BNP engaged an independent expert to conduct a review of BBSW submissions.
ASIC's inquiries in relation to the BBSW submission process are ongoing.
At ASIC's request, UBS engaged an independent expert to conduct a review of BBSW
Investec's bond issue, the first under the guarantee introduced in December, is priced at 125 basis points over swap and BBSW
and will mature in February 2012.
The offer included AUD700m of two-year notes priced at 75 basis points over BBSW
and AUD425m of three-year notes priced at 90 basis points over swap and BBSW
25bn) of five-year bonds at 128 basis points over swap and BBSW
, reports Reuters.