Singapore raps 20 banks for trying to rig rates
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Singapore has rapped 20 banks for allowing 133 traders to attempt to manipulate interest rates and foreign exchange benchmarks during a four-year period.
The Monetary Authority of Singapore found no evidence of criminal behavior during a year-long investigation triggered by the Libor rigging scandal, but said the traders had made several attempts to influence prices inappropriately between 2007 and 2011.
"Although the number of traders involved represents a small proportion of the trading community in Singapore, MAS takes a serious view of the need to uphold high standards of integrity in the industry and expects banks to foster a culture of ethical conduct among all their employees," the central bank said in a statement.
The investigation covered Sibor, the Singapore equivalent of Libor -- a collection of rates set by a panel and used as a benchmark for securities worth trillions of dollars globally. It also included a local benchmark for commercial lending and a foreign exchange rate.
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