RBS has suspended a trader for trying to rig the Singapore dollar swap offer rate, according to reports, in the latest case of interest rate benchmark manipulation.
The bank, which is 80%-owned by the UK government, is already one of 12 banks being investigated for potentially rigging the LIBOR rate, an investigation which first came to light in June. Senior trader Chong Wen Kuang left RBS earlier this year after trying to rig the Singaporean interest rate to benefit his trading position, people close to the matter told Bloomberg. He was identified by Tan Chi Min, the former head of Asian delta trading at RBS, who is suing the bank for wrongful dismissal, after being fired for allegedly trying to manipulate LIBOR last year. RBS started its own...
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