Justice Jayne Jagot may settle the penalties that must be paid by National Australia Bank and ANZ for their misconduct in the bank bill swap market more than six years ago.Justice Jonathan Beach yesterday designated his Federal Court colleague Justice Jagot to handle the final phase of the ANZ and NAB matters. Beach has handled the BBSW rate rigging matter since ASIC launched civil action in early 2016. He will now prioritise the trial on this affair that ASIC, as plaintiff, must now centre on a single bank.Westpac, the third defendant in a series of linked cases, will be in the dock as ASIC opens its case this morning.Counsel for Westpac, in a brief hearing in Melbourne, reiterated the bank would continue to defend the matter. ASIC confirmed that it expected the trial to proceed, though settlements talks with Westpac must continue in the background.ASIC has alleged "that Westpac traded in a manner intended to create an artificial price for bank bills on 16 occasions during the period of 6 April 2010 and 6 June 2012."ASIC alleges that "Westpac was seeking to maximise its profit or minimise its loss to the detriment of those holding opposite positions to Westpac's."Witnesses for the trial are booked into late November, though Westpac's counsel has told justice Beach they will set out to shorten the hearing.ANZ's counsel, Alan Archibald, told the court the bank had concluded a settlement with ASIC.Neil Young, for NAB, told Justice Beach that the bank had also executed a settlement.ANZ and NAB have until next week to finalise an agreed statement of facts on the BBSW affair for Justice Jagot to determine for herself whether a penalty in the order of A$10 million is sanction enough.If Westpac settles in coming days, Justice Beach made clear he would wrap up the penalty assessment for all three banks.