Bloomberg reports ING Groep, Royal Bank of Scotland and UBS were among 20 banks at which 133 traders tried to manipulate the Singapore interbank offered rate, swap offered rates and currency benchmarks in the city-state, the Monetary Authority of Singapore said in a statement Friday.
The regulator said it will also make rigging key rates a criminal offense and bring supervision under its direct oversight.
Singapore, seeking to bolster its reputation as a major financial hub, is cracking down amid a widening global review of benchmarks. Bloomberg News reported this week traders manipulated key foreign-exchange rates in the $4.7 trillion-a-day currency market. Barclays, UBS and RBS have been fined $2.5bn over the past year for rigging Libor.
'It would be important for Singapore, in particular, to signal that business as usual isn’t going to be permitted', said Andrew Verstein, a lecturer at Yale Law School in New Haven. 'Singapore has a very strong reputation for being squeaky clean. It also has a reputation for being a very chummy place where everybody knows everybody'.
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image: © Lisamarie Babik