Bank experts call for financial system inquiry | Law

Bank experts call for financial system inquiry

Professor Justin O'Brien and Dr George Gilligan's submission to the Treasurer's financial system inquiry urges the government to examine implications of potential manipulation of financial benchmarks in Australia and overseas, The Sydney Morning Herald, 8 April 2014.

''If critical benchmarks on which trillions of dollars of over-the-counter derivatives have been corrupted, the entire edifice underpinning capital markets and their governance is weakened,'' Professor O'Brien and Dr Gilligan said. ''The inquiry should explicitly evaluate the implications to the integrity of the financial services system if evidence of a cartel is uncovered.''

Professor Justin O'Brien was Director of the Centre for Law, Markets and Regulation (CLMR) at UNSW Law. Dr George Gilligan is a Senior Research Fellow at CLMR.