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Version 3 Version 4
RBS Libor fixing – the transcripts RBS Libor fixing – the transcripts
(6 months later)
Yen Libor Manipulative Conduct Within RBS:Yen Libor Manipulative Conduct Within RBS:
August 20, 2007: (RBS Order pp. 17-18.)August 20, 2007: (RBS Order pp. 17-18.)
Yen Trader 4: where's young [Yen Trader 1] thinking of setting it?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 callYen 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.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 lowerSenior Yen Trader: the whole HF [hedge fund] world will be kissing you instead of calling me if libor move lower
Yen Trader 1: ok, i will move the curve down[,] 1bp[,] maybe more[,] if I canYen Trader 1: ok, i will move the curve down[,] 1bp[,] maybe more[,] if I can
Senior Yen Trader: maybe after tomorrow fixing heheheSenior Yen Trader: maybe after tomorrow fixing hehehe
Yen Trader 1: fine[,] will go with same as yesterday thenYen Trader 1: fine[,] will go with same as yesterday then
Senior Yen Trader: coolSenior Yen Trader: cool
Yen Trader 1: maybe a touch higher tomorrowYen Trader 1: maybe a touch higher tomorrow
August 20, 2007: (Reflecting awareness of UBS conduct.) (RBS Order pp. 14-15.)August 20, 2007: (Reflecting awareness of UBS conduct.) (RBS Order pp. 14-15.)
Senior Yen Trader: this libor setting is getting nutssSenior Yen Trader: this libor setting is getting nutss
[…][…]
Bank A Trader: im puzzled as to why 3m libor fixing not coming off after the FED actionBank A Trader: im puzzled as to why 3m libor fixing not coming off after the FED action
[…][…]
Bank B Trader: [UBS] is lending dolls through my currencies in 3 month do u see him doing the same in ursBank B Trader: [UBS] is lending dolls through my currencies in 3 month do u see him doing the same in urs
[…][…]
Senior Yen Trader: yes[,] he always led usd in my mkt[,] the jpy libor is a cartel nowSenior Yen Trader: yes[,] he always led usd in my mkt[,] the jpy libor is a cartel now
[…][…]
Senior Yen Trader: its just amazing how libor fixing can make you that much moneySenior Yen Trader: its just amazing how libor fixing can make you that much money
[…][…]
Senior Yen Trader: its a cartel now in london[.] they smack all the 1yr irs ..and fix it very high or lowSenior Yen Trader: its a cartel now in london[.] they smack all the 1yr irs ..and fix it very high or low
December 5, 2007: (RBS Order p. 15.)December 5, 2007: (RBS Order p. 15.)
Yen Trader 2: FYI libors higher again todayYen 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 yenYen 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 yestYen Trader 2: no reason dude[,] [Bank C] and [Bank D] went high yest
Yen Trader 4: send the boys roundYen Trader 4: send the boys round
[…][…]
Yen Manager: pure manipulation going onYen Manager: pure manipulation going on
April 2, 2008: (RBS Order p. 10.)April 2, 2008: (RBS Order p. 10.)
Senior Yen Trader: nice libor[.] our 6m fixing move the entire fixing[.] hahahahSenior Yen Trader: nice libor[.] our 6m fixing move the entire fixing[.] hahahah
Yen Trader 1: the BBA called to ask me about that todayYen Trader 1: the BBA called to ask me about that today
Senior Yen Trader: really?Senior Yen Trader: really?
Yen Trader 1: yesYen Trader 1: yes
Senior Yen Trader: they complain?Senior Yen Trader: they complain?
Yen Trader 1: asked to speak to me about the low 6m rateYen Trader 1: asked to speak to me about the low 6m rate
Yen Trader 1: no[,] just to make sure i was happy with itYen Trader 1: no[,] just to make sure i was happy with it
[…][…]
Senior Yen Trader: i think some banks must have complainSenior Yen Trader: i think some banks must have complain
Yen Trader 1: he called b4 any of the other banks saw our data[,] at about 11.15[,] to check it was okYen Trader 1: he called b4 any of the other banks saw our data[,] at about 11.15[,] to check it was ok
Senior Yen Trader: oh then its fineSenior Yen Trader: oh then its fine
Yen Trader 1: before publishingYen Trader 1: before publishing
Senior Yen Trader: i am sure some HF [hedge fund] will complain tomorrow ..Senior Yen Trader: i am sure some HF [hedge fund] will complain tomorrow ..
Yen Trader 1: toughYen 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 inSenior 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!Senior Yen Trader: good way to boost share price!
Senior Yen Trader: our 3m libor is at top end …6m at bottom end …just the ideal level!Senior Yen Trader: our 3m libor is at top end …6m at bottom end …just the ideal level!
September 3, 2009: (RBS Order p. 9.)September 3, 2009: (RBS Order p. 9.)
Senior Yen Trader: [Yen Trader 6], can you ask [Primary Submitter] to drop 3m Libor by 1 bps? hold 6m libor unchange [sic] thanksSenior Yen Trader: [Yen Trader 6], can you ask [Primary Submitter] to drop 3m Libor by 1 bps? hold 6m libor unchange [sic] thanks
Yen Trader 6: Yes[,] going over to his desk now[,] yup, 6s going unch, 3s will drop by 1Yen Trader 6: Yes[,] going over to his desk now[,] yup, 6s going unch, 3s will drop by 1
Senior Yen Trader: domoSenior Yen Trader: domo
September 14 and 15, 2009: (Primary Submitter agrees to switch direction of submissions over two consecutive days.) (RBS Order p. 16.)September 14 and 15, 2009: (Primary Submitter agrees to switch direction of submissions over two consecutive days.) (RBS Order p. 16.)
September 14:September 14:
Yen Trader 1: high 3s and 6s pleaseYen Trader 1: high 3s and 6s please
Primary Submitter: okPrimary Submitter: ok
September 15:September 15:
Yen Trader 1: can we lower our fixings today please [Primary Submitter]Yen Trader 1: can we lower our fixings today please [Primary Submitter]
Primary Submitter: make your mind up[,] haha , yes no probsPrimary Submitter: make your mind up[,] haha , yes no probs
Yen Trader 1: im like a whores drawersYen Trader 1: im like a whores drawers
Yen Manager's ParticipationYen Manager's Participation
August 22, 2007: (RBS Order pp. 10-11, 18.)August 22, 2007: (RBS Order pp. 10-11, 18.)
Yen Manager: Hi Mate, where are u calling the 6m and 3s Libor today ?Yen Manager: Hi Mate, where are u calling the 6m and 3s Libor today ?
Yen Trader 1: i put in 1.05 and 1.15Yen Trader 1: i put in 1.05 and 1.15
Yen Manager: ok cool...is that close to consensus ?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 todayYen 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 fixingsYen 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 dayYen Trader 1: well let me know if you have any preferencves [sic][,] each day
Yen Manager: thx will doYen Manager: thx will do
December 3, 2007: (RBS Order p. 11.)December 3, 2007: (RBS Order p. 11.)
Yen Manager: for choice we want lower libors...let the [Money Market] guys know plsYen 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 Trader 2: sure i am setting today as [Yen Trader 1] and cash guy off [Primary Submitter]
Yen Manager: great set it nice and lowYen Manager: great set it nice and low
Yen Trader 2: 1.02 in 6m or lowerYen Trader 2: 1.02 in 6m or lower
Yen Manager: yeh lowerYen Manager: yeh lower
Yen Trader 2: 1.01 then cant really go much lower than thatYen Trader 2: 1.01 then cant really go much lower than that
Yen Manager: okYen Manager: ok
Yen Trader 2: u care for 1m and 3m too[?] looks to me like fra map pretty flatYen Trader 2: u care for 1m and 3m too[?] looks to me like fra map pretty flat
Yen Manager: lower generally dudeYen Manager: lower generally dude
Yen Trader 2: coolYen Trader 2: cool
Yen Manager: within the acceptable boundsYen Manager: within the acceptable bounds
Yen LIBOR Collusion With UBS:Yen LIBOR Collusion With UBS:
February 15, 2007: (RBS Order p. 20.)February 15, 2007: (RBS Order p. 20.)
Yen Trader 2: how many people can u get to put this 1m libor lowYen 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 thinkUBS Yen Trader: well us[,] [Bank E,] and a few others i think
February 21, 2007: (RBS Order p. 20.)February 21, 2007: (RBS Order p. 20.)
Yen Trader 2: what ur guys calling 3s libor[?] we need to get some low fixesYen 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 6mUBS 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 goodYen Trader 2: our guy agrees but reckons it will be 67[,] not good
UBS Yen Trader: no way!UBS Yen Trader: no way!
[…][…]
UBS Yen Trader: […] make sure your boys set low 1m and 3mUBS 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 6sYen 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 guyUBS 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: (RBS Order p. 21.)May 7, 2008: (RBS Order p. 21.)
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]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.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.
Swiss Franc LIBOR Manipulative Conduct Within RBS:Swiss Franc LIBOR Manipulative Conduct Within RBS:
December 4, 2008: (RBS Order p. 25-26.)December 4, 2008: (RBS Order p. 25-26.)
Swiss Franc Trader: can u put 6m swiss libor in low pls?Swiss Franc Trader: can u put 6m swiss libor in low pls?
Primary Submitter: NOPrimary Submitter: NO
Swiss Franc Trader: should have pushed the door harderSwiss Franc Trader: should have pushed the door harder
Primary Submitter: Whats it worthPrimary Submitter: Whats it worth
Swiss Franc Trader: ive got some sushi rolls from yesterday?Swiss Franc Trader: ive got some sushi rolls from yesterday?
[…][…]
Primary Submitter: ok low 6m , just for uPrimary Submitter: ok low 6m , just for u
Swiss Franc Trader: wooooooohooooooo[,] 0.01%? thatd be awesomeSwiss Franc Trader: wooooooohooooooo[,] 0.01%? thatd be awesome
Primary Submitter: 1.33Primary Submitter: 1.33
Swiss Franc Trader: perfect[.] u r a nice manSwiss Franc Trader: perfect[.] u r a nice man
January 30, 2009: (RBS Order p. 26-27.)January 30, 2009: (RBS Order p. 26-27.)
Swiss Franc Trader: high 3m libors pls!!!!!!Swiss Franc Trader: high 3m libors pls!!!!!!
Primary Submitter: 0.50??Primary Submitter: 0.50??
Primary Submitter: 0.51Primary Submitter: 0.51
Primary Submitter: 0.52Primary Submitter: 0.52
Primary Submitter: 0.53Primary Submitter: 0.53
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: 0.54Swiss Franc Trader: 0.54
Swiss Franc Trader: and low 6mSwiss Franc Trader: and low 6m
Primary Submitter: Ok i get yaPrimary Submitter: Ok i get ya
Swiss Franc Trader: 0.65Swiss Franc Trader: 0.65
Swiss Franc Trader: 0.65Swiss Franc Trader: 0.65
Swiss Franc Trader: 0.65Swiss Franc Trader: 0.65
Swiss Franc Trader: 0.65Swiss Franc Trader: 0.65
Primary Submitter: okPrimary Submitter: ok
Primary Submitter: libors as requestedPrimary Submitter: libors as requested
Swiss Franc Trader: you a top dogSwiss Franc Trader: you a top dog
May 5, 2009: (RBS Order p. 27.)May 5, 2009: (RBS Order p. 27.)
Swiss Franc Trader: can we get high 3m, low 6m pls!Swiss Franc Trader: can we get high 3m, low 6m pls!
Primary Submitter: maybePrimary Submitter: maybe
Swiss Franc Trader: PPPPLLLLLEEEEEAAAAASSSSEEEEEESwiss Franc Trader: PPPPLLLLLEEEEEAAAAASSSSEEEEEE
Primary Submitter: ok 41 52Primary Submitter: ok 41 52
Swiss Franc Trader: perfect perfectSwiss Franc Trader: perfect perfect
May 14, 2009: (RBS Order p. 28-29.)May 14, 2009: (RBS Order p. 28-29.)
Swiss Franc Trader: [Primary Submitter] pls can we get super high 3m[,] super low 6mSwiss Franc Trader: [Primary Submitter] pls can we get super high 3m[,] super low 6m
Swiss Franc Trader: PRETTY PLEASE!Swiss Franc Trader: PRETTY PLEASE!
Primary Submitter: 41 & 51Primary Submitter: 41 & 51
Swiss Franc Trader: if u did that[,] i would lvoe [sic] u foreverSwiss Franc Trader: if u did that[,] i would lvoe [sic] u forever
Primary Submitter: 41 & 55 then …Primary Submitter: 41 & 55 then …
Swiss Franc Trader: if u did that i would come over there and make love to you[,] your choiceSwiss Franc Trader: if u did that i would come over there and make love to you[,] your choice
Primary Submitter: 41+51 it isPrimary Submitter: 41+51 it is
Swiss Franc Trader: thouht [sic] soSwiss Franc Trader: thouht [sic] so
Primary Submitter: so shallowPrimary Submitter: so shallow
RBS Collusion With Interdealer Brokers:RBS Collusion With Interdealer Brokers:
June 26, 2009: (RBS Order p. 24.)June 26, 2009: (RBS Order p. 24.)
Interdealer Broker B: Hello mate, [Yen Trader 1]? You all set?Interdealer Broker B: Hello mate, [Yen Trader 1]? You all set?
Yen Trader 1: Yeah.Yen Trader 1: Yeah.
Interdealer Broker B: Right listen we've had a couple of words with them, you want them lower right?Interdealer Broker B: Right listen we've had a couple of words with them, you want them lower right?
Yen Trader 1: Yeah.Yen Trader 1: Yeah.
Interdealer Broker B: Alright okay, alright listen, we've had a couple words with them. You want them lower, right?Interdealer Broker B: Alright okay, alright listen, we've had a couple words with them. You want them lower, right?
Yen Trader 1: Yeah.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?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.Yen Trader 1: Cheers.
Interdealer Broker B: Cheers no worries mate.Interdealer Broker B: Cheers no worries mate.
March 3, 2010: (Former Sterling Cash Trader now employed by Interdealer Broker A.) (RBS Order p. 22.)March 3, 2010: (Former Sterling Cash Trader now employed by Interdealer Broker A.) (RBS Order p. 22.)
Former Sterling Cash Trader: can i pick ur brain?Former Sterling Cash Trader: can i pick ur brain?
Primary Submitter: yeahPrimary Submitter: yeah
Former Sterling Cash Trader: u see 3m jpy libor going anywhere btween now and imm?Former Sterling Cash Trader: u see 3m jpy libor going anywhere btween now and imm?
Primary Submitter: looks fairly static to be honest , poss more pressure on upside , but not alotPrimary Submitter: looks fairly static to be honest , poss more pressure on upside , but not alot
Former Sterling Cash Trader: oh[,] we hve a mutual friend who'd love to see it go down, no chance at all?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 chancePrimary Submitter: haha [former UBS Yen Trader at Bank C] by chance
Former Sterling Cash Trader: shhhFormer Sterling Cash Trader: shhh
Primary Submitter: hehehe , mine should remain flat , always suits me if anything to go lower as i rcve fundsPrimary Submitter: hehehe , mine should remain flat , always suits me if anything to go lower as i rcve funds
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, hahaFormer 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 ;-)Primary Submitter: noted ;-)
Former Sterling Cash Trader: 8-)Former Sterling Cash Trader: 8-)
RBS Yen Trader Engaged In Wash Trades to Compensate BrokersRBS Yen Trader Engaged In Wash Trades to Compensate Brokers
September 19, 2008: (RBS Order p. 23.)September 19, 2008: (RBS Order p. 23.)
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] … between UBS. Just get … take it from UBS, give it back to UBS. He wants to pay some bro. We won't bro you…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] … 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, yeahYen 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?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.Yen Trader 1: Yeah.
Interdealer Broker B: Thanks very much. Cheers. Cheers, mate and you choose lunch.Interdealer Broker B: Thanks very much. Cheers. Cheers, mate and you choose lunch.
Continuing Conduct after Commencement of Investigation:Continuing Conduct after Commencement of Investigation:
November 22, 2010: (RBS Order p. 30.)November 22, 2010: (RBS Order p. 30.)
Senior Yen Trader: hey ...you think we be able to convince [Primary Submitter] to change the libor today?Senior Yen Trader: hey ...you think we be able to convince [Primary Submitter] to change the libor today?
Yen Trader 1: i can tryYen Trader 1: i can try
Senior Yen Trader: need to drop 3mth Libor and hike 6m Libor he dropped 6m by 2 bps last FridaySenior Yen Trader: need to drop 3mth Libor and hike 6m Libor he dropped 6m by 2 bps last Friday
Yen Trader 1: at the moment the FED are all over us about liborsYen Trader 1: at the moment the FED are all over us about libors
Senior Yen Trader: thats for the USD?Senior Yen Trader: thats for the USD?
Yen Trader 1: ye[]sYen Trader 1: ye[]s
Senior Yen Trader: dun think anyone cares the JPY liborSenior Yen Trader: dun think anyone cares the JPY libor
Yen Trader 1: not yet[,] i will walk over ot [sic] themYen 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 telephone conversation.) (RBS Order pp. 30-31.)November 24, 2010: (Reflecting feigned refusal over Bloomberg Chat, immediately followed by agreement in telephone conversation.) (RBS Order pp. 30-31.)
Bloomberg Chat:Bloomberg Chat:
Senior Yen Trader: was wondering if it suits you guys on hiking up 1bp on the 6mth Libor in JPY ... it will help our position tremendouslySenior Yen Trader: was wondering if it suits you guys on hiking up 1bp 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 momentPrimary 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 mateSenior Yen Trader: ok no prob ... wouldn't want to cause any problem ... thanks mate
Telephone Conversation:Telephone Conversation:
Senior Yen Trader: Hello?Senior Yen Trader: Hello?
Primary Submitter: Morning, [Senior Yen Trader]? Hi, [Primary Submitter].Primary Submitter: Morning, [Senior Yen Trader]? Hi, [Primary Submitter].
Senior Yen Trader: Yeah, how are you?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].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.Senior Yen Trader: Oh, sorry about that. I didn't know.
Primary Submitter: (laughter)Primary Submitter: (laughter)
Senior Yen Trader: (laughter) Oh because of the, the BBA thing?Senior Yen Trader: (laughter) Oh because of the, the BBA thing?
Primary Submitter: Yes, exactly.Primary Submitter: Yes, exactly.
Senior Yen Trader: Ah, ok ok.Senior Yen Trader: Ah, ok ok.
Primary Submitter: So yeah, leave it with me, and uh, it won't be a problem.Primary Submitter: So yeah, leave it with me, and uh, it won't be a problem.
Senior Yen Trader: Ok, great.Senior Yen Trader: Ok, great.
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