As more titbits of detail come to light in the rate rigging case made against Westpac and ANZ, Pat McConnell, Honorary Fellow at the Macquarie University Applied Finance Centre, unpacks the allegations.
McConnell explains what how the bank bill swap rate, or BBSW, is left open for manipulation by traders, comments on the response from the banks and calls for more regulations like those in place overseas.
The podcast also features some colourful comments from the traders in question.