The Australian Competition and Consumer Commission (ACCC) has commenced legal proceedings on a consent basis against ANZ and Macquarie Bank in relation to alleged attempts to engage in cartel conduct in FX markets.
The ACCC says that following cooperation by ANZ and Macquarie, the parties have agreed that a Macquarie trader and multiple traders within ANZ engaged in a private chatroom to discuss daily submissions to be made to the Association of Banks in Singapore (ABS) in relation to the benchmark rate for the Malaysian ringgit fixing rate.
ANZ and Westpac have both accepted enforceable undertakings (EU) from the Australian Securities and Investment Commission (ASIC) relating to control failures in their global FX businesses.
In December, the other two “majors” in Australia, CBA and NAB, each paid AUD 2.5 million after accepting similar charges.
Both ANZ and Westpac will both make a “community benefit payment” of AUD 3 million to support the financial capability of vulnerable people including women experiencing family violence, the elderly and youth at risk, ASIC says.
In a brief statement today, ANZ has announced it has reached a confidential in-principle agreement with the Australian Securities and Investments Commission (ASIC) to settle court action relating to the Australian interbank BBSW market.
ANZ, along with NAB and Westpac, has been charged by ASIC in respect of allegations it attempted to manipulate the local interest rate benchmark setting process – the Bank Bill Swap Rate.
The bank has not said how much it has agreed to pay, nor whether it is admitting guilt.
Profit & Loss understands that David Roughley has joined 360T in Sydney as a sales manager for Australia and New Zealand – he will report to Jamie Salamon, COO, of Asia for 360T.
Roughley is a founding director of First Green Capital, a trading firm he established in February 2015 after leaving ANZ in Sydney where he was a senior FX dealer.
Prior to ANZ, Roughley also held trading roles at BNY Mellon in London, RBC in Sydney, Bank of Boston in Singapore and Chase Manhattan Bank in Sydney. He started his career in FX trading in 1989 at Banque Indosuez, Sydney.
The Reserve Bank of Australia and ANZ have announced that they have signed a statement of commitment to the FX Global Code of Conduct.
At the beginning of the month, Profit & Loss reported that 15 central banks had signed this statement of commitment to the Code and in a separate article, noted comments from Mark Carney, governor of the Bank of England, in which he said that the Code may become “more firmly embedded” in the UK’s Senior Managers Regime (SMR), a move which could potentially lead to tangible penalties for firms that do no comply with the Code.
Market sources tell Profit & Loss that two staffers in ANZ’s FX business have left the firm.
The sources say that Paul Kenney and Rob Guerin have both left the firm in Sydney as part of a wider reorganisation of the business.
Guerin is a 20 year veteran of ANZ, having joined the firm in 1998 on the FX sales desk.
Kenney, meanwhile, was an associate director on the FX trading desk, having joined the bank in 2007 and was last on the G10 and EMEA desk.