Fideres was retained by Australia’s financial markets regulator Australian Securities and Investments Commission (ASIC) to provide financial expertise and develop economic evidence to support allegations of benchmark manipulation within the bank bill swap reference rate (BBSW) market.  ASIC alleged that ANZ engaged in market manipulation, unconscionable conduct and other unlawful behaviour which likely influenced the setting of the BBSW in such a way as to advantage ANZ over others with an opposite exposure to the BBSW.

Fideres provided an expert report analysing ANZ’s trading patterns and exposure levels and analysing BBSW submissions for market manipulation.

The case settled in November 2017 via an enforcement undertaking of AUD 35m including payment into a fund to be applied to the benefit of the community.