Link

Australia ends interbank rate-setting panel after Libor scandal

Australia ends interbank rate-setting panel after Libor scandal

SYDNEY (Reuters) – Australia is scrapping the panel that sets interbank lending rates after the proposal of new international guidelines and an exodus of the banks that set the rate in the wake of the Libor rate-rigging scandal.

The Australian Financial Markets Association (AFMA), which administers Australia’s bank bill swap (BBSW) reference rate, said it would bypass the panel and derive the rates directly from brokers and electronic markets.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s