The Australian Competition and Consumer Commission (ACCC) has commenced legal proceedings on a consent basis against ANZ and Macquarie Bank in relation to alleged attempts to engage in cartel conduct in FX markets.
The ACCC says that following cooperation by ANZ and Macquarie, the parties have agreed that a Macquarie trader and multiple traders within ANZ engaged in a private chatroom to discuss daily submissions to be made to the Association of Banks in Singapore (ABS) in relation to the benchmark rate for the Malaysian ringgit fixing rate.
Macquarie Bank says it is merging two of its three capital markets facing businesses: Macquarie Securities Group (MSG) and the Commodities and Financial Markets Group (CFM).
The bank says that CFM group head, Andrew Downe, will become group head of the newly formed Commodities and Global Markets Group (CGM). MSG Head, Stevan Vrcelj, will step down from his current role and from the executive committee but will assist Downe with the integration of the two groups over the coming months.