RBS traders accused of rate rigging by Australian regulator

Australia's markets regulator on Monday said it had censured the Royal Bank of Scotland after an investigation found that RBS traders had sought to influence the setting of the country's benchmark inter-bank interest rate.

Reuters reports that an internal RBS investigation found evidence that derivatives traders discussed preferred settings for the Bank Bill Swap Reference Rate (BBSW), the Australian Securities and Investment Commission (ASIC) said.

'Submitters openly acknowledged preferences and, at times, solicited preferences', according to the censure document, adding a dedicated chat-room 'BBSW rate set' was used for such communications during October 2009 and November 2010.

RBS said it had voluntarily reported to the watchdog and did not admit to any wrongdoing.

To access the complete Reuters article hit the link below:

Australian watchdog censures RBS over traders' bid to influence interest rate

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