JPMorgan joins UBS in exit from Australia rate setting panel

SYDNEY: JPMorgan Chase & Co is pulling out of the panel that sets Australia's benchmark interbank lending rates, joining UBS in an exodus from regional rate setting panels in the wake of the Libor rate rigging scandal.

The panel that sets Australia's bank bill swap (BBSW) reference rate, administered by the Australian Financial Markets Association (AFMA), will drop to 12 from 14 with the impending departure of JP Morgan.