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Singapore regulator said to plan bank rebuke on rate rigging
Singapore’s central bank plans to reprimand banks in the city-state as early as Friday following an 11-month review into how benchmark interest rates are set, five people with knowledge of the matter said.
The Singapore Foreign Exchange Market Committee, which includes the Monetary Authority of Singapore and banks, plans to separately announce changes to the rate-setting process on the same day, two of the people said yesterday, asking not to be identified before the announcements are made.
http://www.theedgesingapore.com/the-dail...gging.html
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Libor change aims to prevent rigging scandal repeat
12 June 2013 Last updated at 12:48 GMT
A banking industry body is to change how the key Libor interest rate is set, in order to avoid a repeat of last year's rigging scandal.
http://www.bbc.co.uk/news/business-22871584
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Other countries initiate criminal proceedings, ours just give reprimand.
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The report from Singapore Foreign Exchange Market Committee is due soon, as soon as today. Let's give them the benefit of doubt.
In LIBOR case, the manipulation is obvious IMO.
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14-06-2013, 07:59 PM
(This post was last modified: 14-06-2013, 08:10 PM by CityFarmer.)
The report is announced... what exactly is the "deficiencies in setting"? Does it mean inflated?
MAS concludes SIBOR review, finds deficiencies in twenty banks
SINGAPORE — Twenty banks were found to have deficiencies in setting interest rate and foreign exchange benchmarks, and will be required to set aside cash reserves with the authority while they address the issues, said the Monetary Authority of Singapore (MAS) as it unveiled its year-long review on the financial benchmark setting processes yesterday.
The review also uncovered hundreds of attempts by 133 traders from these banks to manipulate the benchmarks, though no conclusive finding suggests that such manipulation has succeeded, MAS added.
http://www.todayonline.com/business/mas-...enty-banks
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wahhh how come all sound so negative on banks
monday ocbc dbs uob red red red
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Will LIBOR move up after this action ?
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