On 21 May the new bank bill swap rate (BBSW) calculation methodology commenced. ASIC states that the new methodology calculates the benchmark directly from market transactions during a longer rate-set window and involves a larger number of participants.

ASIC and the RBA expect all bank bill market participants to adhere to the ASX BBSW Guidelines and support the new BBSW methodology.

ASIC also intends shortly to make financial benchmark rules, on which ASIC consulted in 2017.