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ANZ and Macquarie Bank fined a combined $15 million for attempted currency price fixing
Topic Started: 14 Dec 2016, 02:40 PM (679 Views)
Rastus2
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ANZ and Macquarie Bank fined a combined $15 million for attempted currency price fixing


Oh yeah, that kind of fine will certainly make them think twice about doing this again and making far more money in profits than the fine... oh... wait.... :re:




Dec 14, 2016, 1:35 PM


The Federal Court today fined the ANZ and Macquarie Bank for cartel behaviour by their currency traders.

The ACCC (Australian Competition and Consumer Commission) says a trader at Macquarie, traders at ANZ and a number of other banks in Singapore used private online chatrooms to discuss the benchmark rate for the Malaysian ringgit.

Justice Wigney today fined the ANZ $9 million and Macquarie $6 million.

The banks were also ordered to contribute to the ACCC’s costs.

“Two significant Australian banks have admitted that on several occasions their traders communicated with other banks in an attempt to influence the ABS (Association of Banks in Singapore) MYR (Malaysian ringgit) Fixing Rate,” says ACCC Chairman Rod Sims.

“Australia’s strong cartel laws apply equally across the economy, including in the banking sector.”

In his judgment, Justice Wigney said the conduct of the traders was deliberate and systematic.

“Attempts by banks and other market participants to fix prices or financial benchmarks in the financial system should be regarded as particularly serious contravening conduct,” he said.

“It is essential that market participants and the public generally have confidence in the integrity and efficacy of the financial system.”

The court was told that during 2011, ANZ and Macquarie traders attempted to make arrangements with other banks to make high or low submissions to the ABS MYR Fixing Rate. The rate would ultimately affect settlement payments for MYR denominated non-deliverable forward contracts.

The ACCC estimates that the annual MYR non-deliverable forward turnover in Australia is $9 billion to 10 billion.
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Jon Snow
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Headline should read:

ANZ and Macquarie Bank make $150M in MYR Currency Trading after Costs and Fines

Speak when you are angry and you will make the best speech you will ever regret.
Ambrose Bierce
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Ex BP Golly
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And the court costs, fines and their legal costs are all tax deductible.

Happy days!
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rastus2
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Jon Snow
14 Dec 2016, 07:44 PM
Headline should read:

ANZ and Macquarie Bank make $150M in MYR Currency Trading after Costs and Fines

indeed.

On the day of the news for these 'penalties'... what happens to ANZ share price ?

29.89 AUD Price increase 0.11 (0.37%)


The whole thing is a big pathetic joke really...
Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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