As part of the agreement with ASIC, BNP will also make a "voluntary" contrbution of $1 million to fund "independent financial literacy projects in Australia", according to a statement from ASIC.
"In November 2012, BNP reported to ASIC that it had found conduct between 2007 and 2010 that was indicative of seeking to influence its BBSW submissions, based on how the submissions may benefit BNP's derivatives positions. BNP remained a member of the BBSW submissions panel until a new methodology for calculating the BBSW was implemented on 27 September 2013," said ASIC.
"The EU requires BNP to ensure its participation in relation to the setting of Australian interest rate benchmarks upholds the integrity and reliability of those benchmarks.
"At ASIC's request, BNP engaged an independent expert to conduct a review of BBSW submissions. The expert found that any market impact was not significant," the regulator said.
The BBSW is the primary interest rate benchmark used in Australian financial markets, although the way it is calculated differs substantially from the London Interbank Offer Rate, according to ASIC.
