RBS Traders Sought to Manipulate Australian Rate, Regulator Says
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Royal Bank of Scotland Group Plc traders sought to manipulate Australia’s bank-bill swap rate, the local equivalent of the London interbank offered rate, the country’s securities regulator said.
RBS derivatives and money-markets traders discussed their desks’ financial position when making submissions to the benchmark between January 2007 and April 2012, the Australian Securities and Investments Commission said in a statement today. The maximum possible benefit to RBS was about A$810,000 ($759,000).