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ANZ & Macquarie Employees Tried to Rig Benchmark Rate of Ringgit in Singapore

ANZ & Macquarie Employees Tried to Rig Benchmark Rate of Ringgit in Singapore

ANZ & Macquarie has admitted that some of their employees in Singapore tried to manipulate the benchmark rate for the Malaysian Ringgit. Australia’s antitrust regulator claims that the banks tried to be involved in cartel conduct.

“ANZ & Macquarie has admitted that some of their employees in Singapore tried to manipulate the benchmark rate for the Malaysian Ringgit.”

~ Wall Street Journal

ANZ has agreed that three employees unsuccessfully tried to influence the setting of benchmark rates used to settle contracts for the ringgit on 10 occasions. It agreed to a 9 million Australian dollar (US$6.7 million) penalty. Macquarie, which agreed to pay a A$6 million penalty, said the regulator acknowledged that no senior manager or other employees were involved in the conduct of its junior employee in Singapore.

Related Reports: Wall Street Journal, Australian Financial Review

 

About Macquarie Group

On 10 December 1969, Macquarie’s predecessor organisation, Hill Samuel Australia, opened its doors with three staff and an ambition to provide advisory and investment banking services of an international standard to the Australian market. Now we are a global business operating across 28 countries and with specialist expertise in areas such as resources, agriculture and commodities, energy and infrastructure, with a particular knowledge of the Asia-Pacific region. Since its inception, Macquarie has differentiated itself by focusing on new opportunities, both in product and geography, progressively building expertise in these disciplines and expanding into adjacent areas.

Visit: Macquarie Group

 


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