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RBS suspends Singapore trader over rates setting

Reuters
October 6, 2012, 12:20 am TWN

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LONDON -- Royal Bank of Scotland has suspended a trader for attempting to manipulate a reference lending rate in Singapore, a person familiar with the matter told Reuters, showing the global spread of the scandal over setting rates such as Libor.

The part-nationalized UK bank put senior trader Chong Wen Kuang on leave earlier this year, the source said, for trying to manipulate the Singapore dollar swap offer rate. Chong is the first trader known to have been suspended by RBS in relation to a rate other than Libor.

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