Royal Bank of Scotland Group Plc put Ken Choy, a Singapore-based foreign exchange trader, on leave as regulators extend their probes into rate-manipulation beyond interbank lending rates, said a person briefed on the matter.
Choy, a director in the bank’s emerging markets foreign exchange trading unit, was suspended following an inquiry into the possible manipulation of the rates used to set non deliverable-forwards, said the person, who declined to be identified because the investigation is private.
He is one of the first traders to be suspended or fired over the attempted manipulation of NDFs, a derivative traders use to speculate on the movement of currencies that are subject to domestic foreign exchange restrictions. The Monetary Authority of Singapore last month extended the scope of its probes into rate-rigging to include NDFs.
Choy didn’t answer calls after office hours in Singapore. A spokeswoman for RBS in London declined to comment. The news was reported by the Wall Street Journal earlier today.
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