March 08, 2013 at 12:44 PM EST
JPMorgan Exits Aussie Rates Panel In Libor's Wake
Banking giant JPMorgan Chase (JPM) is pulling out of the group that sets Australia's interbank lending rates, as it and other institutions rethink that business in the wake of the Libor rate rigging scandal. JPMorgan shares were down 1.5% on the stock market today. The panel that sets Australia's bank bill swap reference rate will drop to 12, from 14, after JPMorgan drops at the end of the month. Swiss banking giant UBS (UBS) previously withdrew
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