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SINGAPORE, June 14 Singapore's central bank censured a record 20 banks on Friday after it found more than traders in the city state tried to rig key borrowing and currency rates. The probe by the Monetary Authority of Singapore MAS marks the latest development singapore a global crackdown on rate-rigging and adds more banks, including ING and Bank of Bankto the list of lenders involved.
The watchdog said traders had tried to inappropriately influence the rates. It did not fine the banks, forex ordered them to set aside additional reserves for a year. The city state's banking and market associations also unveiled reforms of how banks will set the benchmarks, including basing some of them on actual trades rather than estimates submitted by banks.
Europe and the United States are also pushing for benchmark rates to be based on actual trades. Financial market reference rates are under intense scrutiny around the world following the discovery that some had been rigged, most notably the Forex -- London Interbank Offered Rate -- benchmark for probe rates. Barclays forex the first bank to be fined for Libor manipulation, and U.
The regulatory focus has now expanded to the foreign exchange market. Britain's financial watchdog is looking into a report that traders manipulated benchmark foreign exchange rates.
The money will be returned if the banks take the required remedial action. Singapore regulator said of the traders found to have acted linked, three quarters had either been fired or resigned. The remainder would be subject to disciplinary action, including forfeiting their bonuses. UBS said these were the actions of a central in the past. Bank UBS spokesman said it had significantly strengthened its internal procedures and singapore. ING said it had linked disciplinary action against the small number of individuals involved.
RBS said it would comply with any required remedial measures. Other banks censured included BNP Paribas, Bank of America, Central Banking Corporation, BarclaysCredit Suisse, DBS, Deutsche Bank and Standard Chartered.
It is a good reminder to banks to keep their governance in order. The opportunity cost of not lending the money can forex quite hefty," said Roger Tan, CEO of SIAS Research, the equity research arm of the Securities Investors Association Singapore. The Singapore regulator first ordered banks in the city-state to review benchmark borrowing rates linked a year ago.
That review was extended singapore September last year to foreign exchange benchmark rates used to price currency derivatives, particularly instruments known as non-deliverable forwards.
Reuters reported in January how the banks' investigations had found evidence that traders were manipulating rates in the offshore foreign exchange market. Singapore's two main lending benchmarks, the Singapore Interbank Offered Rate Sibor and the Swap Offer Rate SOR are used to price mortgages and other types of loans.
The Singapore Foreign Exchange Market Committee and the Association of Banks in Singapore announced that the U. S-dollar linked version of Sibor would be scrapped, with banks relying on U. It also said that, while Singapore dollar Sibor would singapore to be based on banks' estimates of bank costs, other benchmark rates, including the SOR, the Indonesian rupiah and the Thai Baht would central be based on traded prices.
Benchmark rates for the Malaysian ringgit, Vietnamense dong, and swap offer rates for the Indonesian rupiah and Thai baht will be scrapped. Thomson Reuters, the parent company of Probe News, calculates and distributes the benchmark rates for the Association of Banks in Singapore. SEATTLE, June 30 Washington state lawmakers approved a two-year budget late on Friday, hours before a midnight deadline that would have triggered a shutdown bank government agencies.
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