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Westpac's closing court arguments claim ASIC failed to prove rate rigging

( December 14, 2017, 06:18 GMT | Insight) -- A lawyer for Westpac Banking Corp. argued in court that the Australian Securities and Investments Commission failed to prove the bank’s traders purposely manipulated the bank-bill swap rate, as the closely watched trial drew to a close, the Australian Financial Review reports.A lawyer for Westpac Banking Corp. argued in court that the Australian Securities and Investments Commission failed to prove the bank’s traders purposely manipulated the bank-bill swap rate, as the closely watched trial drew to a close, the Australian Financial Review reports. The bank’s defense questioned the wisdom of trying to deduce what traders really meant in conversations about the benchmark rate, including plans to "f--- the rate set," which formed part of the ASIC’s key evidence. The bank also pointed out that the rate in fact went up on the day the ASIC alleged Westpac traders attempted to bring it down. A ruling is expected in March at the earliest....

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