A body called the Australian Financial Markets Association (AFMA) determines the BBSW rate. Until 2013, AFMA would every morning at 10am ask each of the 'prime banks' what interest rates they will be offering or asking for that day. AFMA would then calculate the BBSW rate as the average of those quotes. Normally, the longer the term, the higher the offered rate. The system required some level of subjective judgement by the banks, because they would not know at that time of day what their end-of-day position would be. In addition, the system was open to abuse if banks lied to the AFMA, opening the BBSW rate to manipulation to some bank's advantage. To avoid a repeat of alleged manipulations, AFMA changed the method of calculating the BBSW rate to the use of actual market transactions, which, however, is still open to possible manipulation. Besides affecting the BBSW rate, many other financial rates are based on it. The Australian Securities and Investments Commission (ASIC) monitors the BBSW system and prosecutes those that manipulate the system.