Rate Fixing Scandal: RBS Suspends Key Singapore Trader
By Lianna Brinded: Subscribe to Lianna's RSS feed
October 5, 2012 8:48 AM GMT
Receptionist speaks on phone at lobby of RBS office in Singapore (Photo: Reuters)
According to two unnamed sources cited by Bloomberg, the 83 percent British owned bank put Chong on leave earlier this year for trying to rig Sibor, as they continue investigations into his action.
The same sources say that Chong is the first to be suspended or fired in relation to allegedly rigging key benchmark interbank lending rates, other than those related to the Libor.
Sibor is an interbank lending reference that affects both savings deposit rates and mortgages in Singapore. In Asia it is more commonly used than Libor.
It refers to the average cost of borrowing Singapore dollars for a set period by borrowing US dollars and exchanging them into the local currency, as it reflects the lending rate between borrowers and lenders that are directly or indirectly involved in an Asian financial market.
Read more here...
The same sources say that Chong is the first to be suspended or fired in relation to allegedly rigging key benchmark interbank lending rates, other than those related to the Libor.
Sibor is an interbank lending reference that affects both savings deposit rates and mortgages in Singapore. In Asia it is more commonly used than Libor.
It refers to the average cost of borrowing Singapore dollars for a set period by borrowing US dollars and exchanging them into the local currency, as it reflects the lending rate between borrowers and lenders that are directly or indirectly involved in an Asian financial market.
Read more here...
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