LONDON, Feb 6 (Reuters) - Royal Bank of Scotland traders laughed as they manipulated Libor interest rates anddubbed the market a cartel, according to emails published byregulators on Wednesday.
"Our 6m fixing move the entire fixing, hahaha," aJapanese yen derivatives trader boasted to another trader,according to documents released by British and U.S. regulatorson Wednesday.
In another exchange in August 2007, a senior RBS yen tradersaid: "Its just amazing how libor fixing can make you that muchmoney ... it's a cartel now in london."
RBS is paying $615 million to U.S. and British authoritiesto settle allegations it manipulated Libor, making it the thirdbank to be fined for rigging the benchmark rate.
The revelation of dozens of emails sent by traders at RBS tocolleagues and traders at other banks are an echo of theembarrassing emails and messages seen at Barclays andUBS when they settled Libor manipulation cases lastyear.
They have been seized on by politicians and an angry publicas evidence of a brazen attitude to fixing prices, with traderscalling each other "superman" or "a hero" for the manipulation,and promising rewards or praising each other.
Britain's financial regulator said at RBS improper requestsfor Libor submissions occurred between 2006 and 2010. Itinvolved three benchmark rates and at least 21 derivativestraders and primary submitters, mainly in London and Tokyo andalso in the United States and Singapore.
Barclays (BARC)