Swap panel cut to four
BNP Paribas will no longer contribute pricing data towards the setting of interest rate yields such as the bank bill swap rate. The Australian Financial Markets Association announced the decision on Friday.Only the four major banks now remain on the AFMA list of "prime banks", a result of the take-over of regional banks and the more tightly focussed businesses of foreign banks in Australia that once met the criteria for inclusion.The AFMA announcement said that BNP "requests to be removed" from the panel of "prime banks", which could be coded language for getting kicked off.AFMA noted that BNP's "level of [certificates of deposit] and bills on issue have decreased to below the level which is generally considered to be consistent with prime bank status."