The language is fast, profane and occasionally, damning. Even the best financial traders don't have respect without using the often impenetrable and macho lingo of the trading desk.

In ANZ's case, the recordings of its trading desk staff look highly damaging because they –the regulator is arguing, though ANZ is denying – show just how the bank allegedly rigged the market.



Whatever the outcome of this case, which will be highly complex and technical, the 79-page submission lodged by Australian Securities and Investments Commission in the Federal Court on Friday sheds light on the tightly knit world of bond market trading and its verbal shorthand.

ANZ's trading room culture is already under fire after two court cases lodged by sacked ANZ traders exposed trading room chat that was salacious and smutty, though not illegal.

In the taped phone conversations and electronic chat included in the ASIC documents, the language is profane and alpha. The main question is whether it proves market manipulation.