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Australia banks admit to Malaysian ringgit cartel

ANZ has admitted to 10 instances of attempted cartel conduct and Macquarie to eight relating to setting the daily rates for derivative instruments linked to Malaysia's currency in 2011Australian banks ANZ and Macquarie on Friday agreed to pay Aus$15 million (US$11 million) in fines for trying to manipulate the benchmark rate of the Malaysian ringgit. ANZ admitted to 10 instances of attempted cartel conduct and Macquarie to eight relating to setting the daily rates for derivative instruments linked to Malaysia’s currency in 2011. The Australian Competition and Consumer Commission (ACCC) said both banks had cooperated with their investigation, with ANZ agreeing to a Aus$9 million penalty and Macquarie Aus$6 million.

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