Asic accuses Westpac of insider trading over $12bn Ausgrid privatisation deal

Asic accuses Westpac of insider trading over $12bn Ausgrid privatisation deal

The Guardian

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Corporate regulator alleges the big bank used inside information to execute the largest interest rate swap in Australian history

The corporate regulator has taken legal action accusing Westpac of insider trading over a $12bn interest rate swap linked to the part-privatisation in 2016 of New South Wales’s electricity distribution network, Ausgrid.

In a federal court lawsuit filed on Wednesday, the Australian Securities and Investments Commission accused Westpac of using inside information to trade in interest rate derivatives during the two hours before it executed the swap, which was the largest in Australian history.

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