As part of the industry-wide review into the trading activities of participants in the bank bill market, ASIC has today filed a claim against the Commonwealth Bank of Australia that alleges the bank engaged in market manipulation and unconscionable conduct in relation to the Bank Bill Swap Rate (BBSW).

ASIC alleges that the conduct occurred between January 2012 and around October 2012.

Commonwealth Bank has fully co-operated with ASIC’s investigation over the last two years.

Commonwealth Bank disputes the allegations made by ASIC. As this matter is before the courts, it is not appropriate to comment further at this time.