ANZ trading probe may run into next year

It’s in the “early stages” and Australian Securities and Investments Commission chairman Joe Longo doesn’t “expect a conclusion before the end of this year, perhaps early next year”. — Bloomberg

SYDNEY: Australia’s markets regulator says its investigation into irregularities in ANZ Group Holdings Ltd’s markets unit won’t conclude until the end of this year or early 2025.

The probe “is very complex” and requires interviewing people and assessing the data, Australian Securities and Investments Commission chairman Joe Longo said in a Bloomberg TV interview.

It’s in the “early stages” and he doesn’t “expect a conclusion before the end of this year, perhaps early next year”.

ANZ chief executive officer Shayne Elliott has said he meets daily to review developments and the firm’s board meets “reasonably regularly” on it.

The lender is facing allegations of inflating bond trading data to help it win mandates and problems with the way it handled a government bond sale last year.

Longo earlier told the Bloomberg Australia Briefing event that part of his job is to hold banks accountable, and that the ANZ investigation is just one part of this broader remit.

“We have to maintain a culture of accountability,” Longo said.

“It’s about humility and about avoiding complacency,” adding that his organisation has a very “constructive” and “cordial” relationship with all the nation’s banks. — Bloomberg