The Commonwealth Director of Public Prosecutions has discontinued proceedings against ANZ and its former treasurer Rick Moscati over alleged cartel conduct in relation to a share placement.

JP Morgan, Citi and Deutsche Bank underwrote a A$2.5 billion institutional share placement in 2015.

The placement did not go to plan, with some institutions saying the offer price was too high, and the underwriters were left with close to A$800 million of shares.

The ACCC investigated trading in ANZ shares held by Deutsche Bank and Citi following the placement. The banks are alleged to have formed a cartel to restrict the supply of ANZ shares to maintain their price after the placement.

Along with ANZ and Moscati, charges were laid against Citigroup Global Markets Australia, Deutsche Bank, Michael Ormaechea and Michael Richardson (Deutsche), Stephen Roberts (former Citi country head), Itay Tuchman and John McLean (Citi).

JP Morgan was not charged.

How the CDPP’s decision not to proceed against ANZ and Moscati affects the other parties remains to be seen.