U.S. fines RBS $85 million for forex swap rates manipulation bid

The logo of the Royal Bank of Scotland (RBS) is seen at an office building in Zurich March 27, 2015. REUTERS/Arnd Wiegmann/Files

WASHINGTON (Reuters) - The U.S. Commodity Futures Trading Commission said it ordered the Royal Bank of Scotland RBS.L to pay an $85 million fine as part of a settlement reached on Friday to settle charges RBS tried to manipulate a key foreign exchange swaps benchmark rate.

RBS tried to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX) rate from 2007 to March 2012, the CFTC said in a statement. “RBS engaged in the unlawful conduct in order to benefit certain derivatives positions it held that were priced or valued off of the USD ISDAFIX benchmark,” it said.

Reporting by Eric Walsh