25 May 2018

RBB expert testifies in interest rate manipulation case in Australia

RBB provided expert testimony in the Federal Court in Melbourne in November 2017 in relation to allegations from ASIC that Westpac manipulated the Bank Bill Swap Rate. An RBB team led by Simon Bishop and supported by George Siolis and Chris Whelan produced two expert reports responding to both ASIC’s allegations and expert reports produced for ASIC. A key point of disagreement was on whether the econometric analysis presented by Professor Putnins, one of ASIC’s experts, could be used to determine effects of the alleged manipulation. During the hearing, Simon Bishop testified in two hot tubs with experts acting for ASIC and was cross-examined on his expert evidence. The Federal Court judge Justice Jonathan Beach found that ASIC failed to show the trades amounted to market manipulation. Justice Beach agreed with Mr Bishop’s analysis on most points. The judgement is available here.

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