Banking giant Westpac last week admitted its fixed income trading desk engaged in “unconscionable conduct” in 2016, after a long-running prosecution by securities regulator the Australian Securities and Investments Commission (ASIC). 

The bank hammered out a settlement with ASIC at the Federal Court, leading to a $1.8 million fine that Justice Michael Lee described as “risible”. Westpac also has to pay around $8 million in ASIC’s legal costs. 

The case involved “frontrunning” by the bank’s traders, who double-crossed their clients in the run-up to executing one of the largest trades in the history of Australian money markets.