Latest News:

ASX to take over BBSW administration

The ASX been appointed to administer the bank bill swap rate (BBSW) following a tender process by the Australian Financial Markets Association (AFMA).


The AFMA announced in May 2016 it would hand over the administration of the BBSW resulting in a competitive tender process for the job.

As a result, the ASX has been appointed to become the administrator of the benchmark interest rate on 1 January 2017.

ASX managing director and chief executive Dominic Stevens said, "ASX is delighted to be chosen as the new administrator of the Bank Bill Swap benchmark rate for Australia’s financial markets."

The ASX and AFMA will work together on coming up with a new BBSW calculation methodology based on volume weighted average price (VWAP).

Currently, the BBSW is calculated via the nationally observed best bid and offer (NBBO) methodology.

"The change in methodology will support the recommendation of the Council of Financial Regulators and reflects the evolution of market practice," said the ASX.

Three of the four major banks are currently defending court action brought by ASIC regarding manipulation of the BBSW.

Read more:

TIPS the new ‘risk-free’ asset: Pimco

Vanguard Australia launches equities database

ANZ boss ‘not convinced’ on robo-advice

Concentrated funds produce better returns: Zenith

New advice executive for AMP

 

 

promoted stories

Appointments

Synchron, AFSL, Australian Financial Services Licence, Sheridan Wright, South Australia, Northern Territory, Don Trapnell

Staff Reporter

Fitzpatricks Private Wealth, Melbourne, Chris Giaouris, David Marasea, Chronos Private, Marasea Partners, John McMurdo

Staff Reporter

AMP, Evermore Money Management, Chris Chetham, Amirthan Arasaratnam, AFSL, dealer group

Staff Reporter

Analysis

Jost Stollmann

Standish Mellon, BNY Mellon, Rowena Geraghty, Marine Le Pen, Francois Fillon, Emmanuel Macron, French elections, France, presidential election, Frexit, European Union, EU, European markets

Rowena Geraghty

Aleks Vickovich

fa-twitter