Australia and New Zealand Bank Group (ANZ), which was cited in the Competition Commission’s referral to the Competition Tribunal for foreign-exchange market rigging, has agreed to pay a A$3m (£1.87m) fine in Australia for “improper conduct relating to the forex market”, which may bolster the commission’s case.

But the company has not yet approached the commission, even though the offences detailed in the “enforceable undertaking” with the Australian regulator are similar to those in the commission’s referral.

“ANZ has not approached the commission to negotiate settlement,” said the head of its cartels division, Makgale Mohlala.