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TRADE FINANCE | Staff Reporter, Japan
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BTMU suspends one more trader over LIBOR scandal

Japan's biggest bank has suspended another London-based trader over the widening LIBOR interest-rate rigging scandal. Bank of Tokyo-Mitsubishi UFJ Ltd. said one trader has been told to be on stand-by at home but withheld further comment. The trader is a non-Japanese who worked for the bank in London. The bank had earlier suspended two other London-based traders because of their suspected involvement in the LIBOR rate-rigging scandal while working for Dutch lender Rabobank. The scandal saw Britain's Barclays PLC fined £290 million after admitting that it attempted to manipulate LIBOR and EURIBOR rates between 2005 and 2009. LIBOR, or the London Interbank Offered Rate, is a flagship instrument used as an interest rate benchmark throughout the world, while EURIBOR is the Eurozone equivalent.

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