CBA Says Court Approves Rate-Manipulation Settlement

Pedestrians are reflected in the window of a branch of the Commonwealth Bank of Australia (CBA), Australia's biggest bank by market value, in Sydney, Australia, on Nov. 8, 2017. Reuters/Steven Saphore/File Photo

Commonwealth Bank of Australia (CBA) said on Thursday, June 21, the federal court had approved its settlement with the Australian Securities and Investments Commission (ASIC) in relation to allegations it manipulated the bank bill swap rate (BBSW).

CBA reached the settlement with the regulator in May, in which it admitted that it engaged in “unconscionable conduct” in the course of trading on the BBSW market in Australia on five occasions from February through June 2012.