BBSW

AcronymDefinition
BBSWBank Bill Swap Reference Rate (Australian financial market)
BBSWBijdrageregeling Bedrijfstaksgewijze Scholing Werklozen (Dutch: Training Unemployed Industry Contribution)
BBSWBay of Bengal Surface Water
BBSWBritish Boarding Schools Workshop (UK)
References in periodicals archive ?
Following the legal action against banks in Australia for potential manipulation of the BBSW, banks have become more risk averse, and require more legal certainty around what constitutes acceptable practice during the rate set, before they resume full participation.
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.
BNP however, stayed a member of the BBSW submissions panel till a new methodology for calculating the BBSW was executed on 27 September 2013.
Seven traders within the bank's institutional banking division were suspended in November 2014 after ASIC flagged bad behaviour within the BBSW team.
At ASIC's request, BNP engaged an independent expert to conduct a review of BBSW submissions.
The calculation of BBSW substantially differs from the method that is used to calculate the London Interbank Offer Rate (LIBOR), in that BBSW submissions were required to be based on the panel banks' view of the average mid-rate for Reference Bank Bills, which are of similarly high credit standing, at a particular point in time each day as opposed to a subjective view of the bank's cost of obtaining unsecured funding from other banks.
At ASIC's request, UBS engaged an independent expert to conduct a review of BBSW submissions.
The pricing represents a margin of 170 basis points over BBSW once fully swapped back into Australian currency.
Medcraft has used strong language in the past in addressing the issue of BBSW and FX manipulation but was at his severest when he said that he had the support of the government to use USD50m of funds to fight the banks.
At the same time, Bank of Queensland, rated at BBB+ by Standard & Poor's and Fitch, is said to sell a two-and-a-half-year bond at around 145 basis points over BBSW, according to fund managers.
The debt will be repo-eligible with Australia's central bank and is expected to price at 190 basis points over swap and BBSW, Reuters reports citing a term sheet it has obtained.
After ASIC made enquiries, RBS reported that it had found evidence of conduct seeking to influence its BBSW submissions.