ASIC chairman Greg Medcraft. The corporate watchdog will not receive some information from NAB until April.Credit:Alex Ellinghausen
However,rather than having the three cases heard simultaneously,Federal Court Justice Jonathan Beach is considering hearing the matter in four phases.
In this scenario the first phase would see the three banks and ASIC fight it out over shared issues including whether the bank bill swap rate can even be manipulated.
A twelve-week trial could take the matter until late December next year.Credit:Darrian Traynor
The second,third and fourth phase would deal withASIC's case against each of the banks separately.
"I'm attracted to the idea of saying I do intend to have the trial conducted in these four phases but at the moment I can't articulate the common issues. Secondly I can't work out questions of cross admissibility,"Justice Beach said.
"I do intend to set a September 25 trial date."
Justice Beach said he expected the trial to take 12 weeks.