Royal Bank of Scotland has found evidence that its traders sought to influence its Australian bank bill swap rate submissions and has given the Australian Securities and Investments Commission an undertaking that it will ensure its contributions to interest rate benchmark settings are in accordance with its obligations.ASIC announced yesterday that RBS had reported the conduct, which may have benefited RBS's derivative positions. ASIC also said RBS had reported "limited instances" of communications discussing trading of reference bank bills, with reference to the setting of BBSW.Prior to September 2013, to determine BBSW, which is the benchmark interbank interest rate, panel banks would submit their mid-rates to the Australian Financial Markets Association each morning. After eliminating the outliers AFMA would publish BBSW.Since September last year, BBSW has been calculated electronically and there is no longer a panel of banks making submissions.ASIC said it was concerned that RBS may not have complied with its obligations under the Corporations Act.According to the enforceable undertaking, RBS derivative traders or money market traders discussed their own or their desk's financial position in connection with the entering of RBS's BBSW submissions.A dedicated chat room, BBSW Rate Set, was used for such communications between October 2009 and November 2010. "Submitters openly acknowledged preferences and, at times, solicited preferences," the enforceable undertaking said. RBS withdrew from the BBSW submissions panel in April 2012.Reuters reported that RBS said in an email response to questions: "While there has been no admission of wrongdoing by the bank, it acknowledges ASIC's concerns."In addition to the enforceable undertakings by Royal Bank of Scotland plc and Royal Bank of Scotland NV, RBS will make a voluntary contribution of A$1.6 million to fund financial literacy projects.The RBS undertaking follows undertakings in relation to the BBSW submission process by UBS AG last December and BNP Paribas in January.ASIC said its inquiries in relation to the BBSW submission process and trading in reference bank bills were ongoing.