RBS 'suspends Europe rates trading head'
The Royal Bank of Scotland has suspended its head of rates trading for Europe and the Asia- Pacific region as part of its ongoing investigation into rate rigging, according to Bloomberg.
The Royal Bank of Scotland has suspended its head of rates trading for Europe and the Asia- Pacific region as part of its ongoing investigation into rate rigging, according to Bloomberg.
Jezri Mohideen was suspended on 12th October following reports that he instructed colleagues to lower the British lender's submission to the London interbank offered rate (LIBOR) in 2007, Boomberg reported.
The news service quoted unnamed sources who said Mohideen told colleagues in the UK, via Instant Messenger, to lower RBS's submission to yen LIBOR on one day in 2007.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Mohideen has denied the accusation.
So far RBS has fired four traders for trying to rig rates and suspended three others as it continues its two-year investigation into attempts to fix inter-bank lending rates.
It is among several banks that are under investigation over attempts to rig LIBOR in order to either increase profits on derivative trades or to make themselves look healthier than they were during the financial crisis.
In June Barclays bank was fined £290 by regulators for its part in the rate fixing scandal.
MM
-
Should you sell in May this year?
The market adage looks unlikely to apply in 2024, and global equities are proving resilient
By Max King Published
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published