Westpac star trader denies rate-rigging allegations

( November 17, 2017, 06:49 GMT | Insight) -- Westpac’s former top interest rate trader, Col “The Rat” Roden, has denied in court that he acted to manipulate the bank bill swap rate, claiming his actions were just for hedging, The Australian reports.Westpac’s former top interest rate trader, Col “The Rat” Roden, has denied in court that he acted to manipulate the bank bill swap rate, claiming his actions were just for hedging, The Australian reports. Presented with evidence showing he told his team to stockpile three-month bank bills to use as “ammo” to sell during days when the benchmark rate was higher, he acknowledged that could have the effect of pushing the rate up, but claimed it was just for hedging. However, he admitted some of his conversations with other traders had breached the “Chinese wall” between his treasury desk and the bank's financial markets desk....

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Westpac star trader denies rate-rigging allegations

Prepare for tomorrow’s regulatory change, today

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