Libor May Be Just the Tip of the Iceberg When it Comes to Manipulation

“Royal Bank of Scotland Group Plc (RBS) suspended a trader for trying to rig the Singaporedollar swap offer rate, indicating employees may have sought to manipulate more than just Libor, two people briefed on the matter said.

Senior trader Chong Wen Kuang was put on leave earlier this year for trying to rig the interest rate to benefit his trading position, said the people who asked not to be identified because the bank is probing his actions. He is the first RBS employee to be suspended or fired for attempting to rig a benchmark other than the London interbank offered rate, one of the people said.”

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