The Australian Securities and Investments Commission (ASIC) has begun legal proceedings in the Federal Court against the ANZ Banking Group Limited.  This is in relation to alleged interest rate rigging among Australia's big four banks.

ASIC says ANZ committed "unconscionable conduct and market manipulation" in relation to the setting of the bank bill swap (BBSW) reference rate between March 2010 and May 2012.  On several days during that period, ASIC accuses ANZ of having "a large number of products which were priced or valued off BBSW and that it traded in the bank bill market with the intention of moving the BBSW higher or lower".  The BBSW is the primary interest rate benchmark used in Australian financial markets, and is administered by the Australian Financial Markets Association.

ANZ spokesman Paul Edwards said the bank rejected ASIC's allegations and would be "vigorously defending Asic legal action".