Revealed: The Secret Libor Messages
Updated: 3:48pm UK, Wednesday 06 February 2013
Sexual references, free meals and coded discussions were all part of the communications between RBS staff and others as they abused Libor rate-setting - even after they knew investigators were on the trail.
:: August 20, 2007
Yen Trader 4: where's young [Yen Trader 1] thinking of setting it?
Yen Trader 1: where would you like it[,] libor that is[,] same as yesterday is call
Yen Trader 4: haha, glad you clarified ! mixed feelings but mostly I'd like it all lower so the world starts to make a little more sense.
Senior Yen Trader: the whole HF [hedge fund] world will be kissing you instead of calling me if libor move lower
:: December 5, 2007
Yen Trader 2: FYI libors higher again today
Yen Trader 4: 'ucksake. keep ours low if poss. don't understand why needs to go up in yen
Yen Trader 2: no reason dude[,] [Bank C] and [Bank D] went high yest
Yen Trader 4: send the boys round
Yen Manager: pure manipulation going on
:: April 2, 2008
Senior Yen Trader: i am sure some HF [hedge fund] will complain tomorrow
Yen Trader 1: tough
Senior Yen Trader: we will say we lower every tenor ..1m 3m 6m ..we feel rbs name has very good credit ..no problem getting money in
Senior Yen Trader: good way to boost share price!
:: September 15, 2008
Yen Trader 1: can we lower our fixings today please [Primary Submitter]
Primary Submitter: make your mind up[,] haha , yes no probs
Yen Trader 1: im like a whores drawers
:: August 22, 2007
Yen Manager: Hi Mate, where are u calling the 6m and 3s Libor today?
Yen Trader 1: i put in 1.05 and 1.15
Yen Manager: ok cool...is that close to consensus?
Yen Trader 1: i think my 3s are too high[,] 6s will prob be 1.13 too[,] but i wanted high fixes today
Yen Manager: ok cool[,] its all a random variable for us at this stage it is just we have some small fixings
Yen Trader 1: well let me know if you have any preferencves [sic][,] each day
Yen Manager: thx will do
:: December 3, 2007
Yen Manager: for choice we want lower libors...let the [Money Market] guys know pls
Yen Trader 2: sure i am setting today as [Yen Trader 1] and cash guy off [Primary Submitter]
Yen Manager: great set it nice and low
Yen Trader 2: 1.02 in 6m or lower
Yen Manager: yeh lower
Yen Trader 2: 1.01 then cant really go much lower than that
Yen Manager: ok
Yen Trader 2: u care for 1m and 3m too[?] looks to me like fra map pretty flat
Yen Manager: lower generally dude
Yen Trader 2: cool
Yen Manager: within the acceptable bounds
:: February 15, 2007, showing Libor collusion between RBS and UBS
Yen Trader 2: how many people can u get to put this 1m libor low
UBS Yen Trader: well us[,] [Bank E,] and a few others i think
February 21, 2007
Yen Trader 2: what ur guys calling 3s libor[?] we need to get some low fixes
UBS Yen Trader: .64[,] yes will ask for low low high[,] 1m 3m 6m
Yen Trader 2: our guy agrees but reckons it will be 67[,] not good
UBS Yen Trader: no way! …
UBS Yen Trader: […] make sure your boys set low 1m and 3m
Yen Trader 2: will try though [Yen Trader 1/backup Yen LIBOR submitter] wants high 3s and 6s
UBS Yen Trader: we want high 6's too? don't let [Yen Trader 1] keep 3m high to help [Senior Yen Trader][,] i hate that guy
:: May 7, 2008
UBS Yen Trader: Hi [Sterling Cash Trader] if this is you can you pls ask for a low 6m in jpy for the next few days[.] Hope you are ok, was good seeing you last week[.] Cheers [UBS Yen Trader]
Sterling Cash Trader: Hi mate, I mentioned it to our guy on Friday and he seemed to have no problem with it, so fingers crossed.
:: December 4, 2008, showing Swiss Franc Libor manipulative conduct within RBS
Swiss Franc Trader: can u put 6m swiss libor in low pls?
Primary Submitter: NO
Swiss Franc Trader: should have pushed the door harder
Primary Submitter: Whats it worth
Swiss Franc Trader: ive got some sushi rolls from yesterday? …
Primary Submitter: ok low 6m , just for u
Swiss Franc Trader: wooooooohooooooo[,] 0.01%? thatd be awesome
Primary Submitter: 1.33
Swiss Franc Trader: perfect[.] u r a nice man
:: January 30, 2009
Primary Submitter: libors as requested
Swiss Franc Trader: you a top dog
:: May 5, 2009
Swiss Franc Trader: can we get high 3m, low 6m pls!
Primary Submitter: maybe
Swiss Franc Trader: PPPPLLLLLEEEEEAAAAASSSSEEEEEE
Primary Submitter: ok 41 52
Swiss Franc Trader: perfect perfect
:: May 14, 2009
Swiss Franc Trader: [Primary Submitter] pls can we get super high 3m[,] super low 6m
Swiss Franc Trader: PRETTY PLEASE!
Primary Submitter: 41 & 51
Swiss Franc Trader: if u did that[,] i would lvoe [sic] u forever
Primary Submitter: 41 & 55 then …
Swiss Franc Trader: if u did that i would come over there and make love to you[,] your choice
:: June 26, 2009, :: RBS collusion with interdealer brokers
Interdealer Broker B: Hello mate, [Yen Trader 1]? You all set?
Yen Trader 1: Yeah.
Interdealer Broker B: Right listen we've had a couple of words with them, you want them lower right?
Yen Trader 1: Yeah.
Interdealer Broker B: Alright okay, alright listen, we've had a couple words with them. You want them lower, right?
Yen Trader 1: Yeah.
Interdealer Broker B: Alright okay, alright, no we're okay just confirming it. We've, so far we've spoke to [Bank F]. We've spoke to a couple of people so we'll see where they come in alright. We've spoke, basically one second, basically we spoke to [Bank F], [Bank G], [Bank H], who else did I speak to? [Bank I]. There's a couple of other people that the boys have spoke to but as a team we've basically said we want a bit lower so we'll see where they come in alright?
Yen Trader 1: Cheers.
Interdealer Broker B: Cheers no worries mate.
March 3, 2010, Former Sterling Cash Trader now employed by Interdealer Broker A
Former Sterling Cash Trader: can i pick ur brain?
Primary Submitter: yeah …
Former Sterling Cash Trader: oh[,] we hve a mutual friend who'd love to see it go down, no chance at all?
Primary Submitter: haha [former UBS Yen Trader at Bank C] by chance
Former Sterling Cash Trader: shhh
Primary Submitter: hehehe …
Former Sterling Cash Trader: gotcha, thanks, and, if u cud see ur way to a small drop there might be a steak in it for ya, haha
Primary Submitter: noted ;-)
Former Sterling Cash Trader: 8-)
:: September 19, 2008 RBS Yen Trader engaged in 'wash trades' to compensate brokers
Interdealer Broker B: can you do me a favour … you're not going to get paid any bro for this and we'll send you lunch around for the whole desk. Can you flat…can you switch two years semi at 5 3/4 , 100 yards [meaning 100 billion yen] … between UBS. Just get … take it from UBS, give it back to UBS. He wants to pay some bro. We won't bro you …
Yen Trader 1: Yeah, yeah …
Interdealer Broker B: Yeah. Yeah. 100 yards … actually can you make it 150 and I'll send lunch around for everybody?
Yen Trader 1: Yeah.
:: November 22, 2010, conduct continues after US investigatrions start
Senior Yen Trader: hey ...you think we be able to convince [Primary Submitter] to change the libor today?
Yen Trader 1: i can try ... at the moment the FED are all over us about libors
Senior Yen Trader: thats for the USD? [$]
Yen Trader 1: ye[]s
Senior Yen Trader: dun think anyone cares the JPY libor
Yen Trader 1: not yet[,] i will walk over ot [sic] them
:: November 24, 2010, reflecting feigned refusal over Bloomberg Chat, immediately followed by agreement in recorded telephone conversation
Senior Yen Trader: was wondering if it suits you guys on hiking up 1bp [base point] on the 6mth Libor in JPY ... it will help our position tremendously
Primary Submitter: how you doing with all the volatilities these days? … to be honest happy with levels we see at the moment
Senior Yen Trader: ok no prob ... wouldn't want to cause any problem ... thanks mate
A telephone conversation commences: Senior Yen Trader: Hello?
Primary Submitter: Morning, [Senior Yen Trader]? Hi, [Primary Submitter].
Senior Yen Trader: Yeah, how are you?
Primary Submitter: I'm pretty good sir. Very Good. We're just not, we're not allowed to have those conversations on [instant messages].
Senior Yen Trader: Oh, sorry about that. I didn't know.
Primary Submitter: (laughter)
Senior Yen Trader: (laughter) Oh because of the, the BBA [British Bankers' Association] thing?
Primary Submitter: Yes, exactly.
Senior Yen Trader: Ah, ok ok.
Primary Submitter: So yeah, leave it with me, and uh, it won't be a problem.
Senior Yen Trader: Ok, great.