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Westpac was "always on both sides of the market", a senior rates trader has explained to a Melbourne court on Friday. read more

The senior Westpac rates trader at the centre of misconduct allegations in the bank bills market told the Federal Court yesterday that he was "probably not all that interested anyway," in much of the.. read more

A Federal Court judge has zeroed in on the case for any "legitimate purposes" afforded to Westpac in its defence against claims by ASIC that the bank engaged in unconscionable conduct in the bank bill.. read more

NAB's rate traders "were judged by [their] P&L outcomes", while the bank was "incentivised to manipulate BBSW" and "maintain yields", two operatives of the bank's treasury told the Federal Co.. read more

Westpac's lawyer gave the audio and chatroom evidence of the bank's traders an entirely different interpretation from the tale of mischief that was presented to the court at the opening of the interes.. read more

Westpac has started its defence against ASIC's allegations of rate fixing with a counter-attack, asserting there were legitimate commercial reasons for Westpac's trading on each of the days in questio.. read more

The mere facts of Westpac having a derivatives book, the sheer size of this portfolio and the material growth of derivatives at the bank provided scaffolding for ASIC agitation at the opening day of a.. read more

Westpac rates' traders "cannot recall" the numerous, colourful, recorded conversations relied on by ASIC to establish a pattern of unconscionable conduct by the bank in the bank bill swap market betwe.. read more

If Westpac seriously wants to move for advantage in the Australian banking market, a stout defence of its BBSW conduct is the way to go. read more

The publication of bank-level performance indicators of trust and confidence might be a reform too far for the Australian banking industry. read more