Company News Summary
Australia & New Zealand Banking Group Announces Settlement Regarding Singapore MYR Derivatives Trading
Original announcement: ANZ and ACCC settlement re Singapore MYR derivatives trading
Australia & New Zealand Banking Group announced that it has reached an agreed settlement with the Australian Competition and Consumer Commission in relation to conduct associated with Non-Deliverable Forward FX contracts for the Malaysian Ringgit undertaken in Singapore during 2011. In a Statement of Agreed Facts lodged with the Australian Federal Court, the Company has acknowledged three employees based in Singapore engaged in conduct that contravened Australia's Competition and Consumer Act. The Company has agreed the employees unsuccessfully attempted to influence the setting of benchmark rates used to settle NDF contracts for the Malaysian Ringgit on 10 occasions in 2011. The three employees involved are no longer employed by the Company.
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