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Mark Humphery-Jenner, Associate Professor of Finance, UNSW Sydney

ANZ is embroiled in allegations it manipulated government bond sales – what exactly does that mean?

ANZ is being investigated by the Australian Securities and Investments Commission (ASIC) amid serious allegations the bank manipulated markets when it facilitated a A$14 billion sale of government bonds in April last year.

ASIC has now publicly stated it suspects ANZ broke the law. Speaking to the Australian Financial Review on Tuesday, ASIC chairman Joe Longo said:

It’s a matter for the CEO of ANZ how he wants to characterise it, but it’s on the public record that it is an investigation, which means by definition we suspect a contravention of the law.

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