Bank Probes Find Manipulation in Singapore's Offshore FX Market: Internal reviews by banks in Singapore have fou...

Singapore Traders May Have Manipulated Forex Rates

cnbc.com 27 Jan '13, 11pm

Bank Probes Find Manipulation in Singapore's Offshore FX Market: Internal reviews by banks in Singapore have fou...

Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries. The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set. The probes found evidence showing that traders from several banks communicated with each other over electronic messaging about what rates they were going to submit for the local banking association's fixings for non-deliverable foreign exchange forwards (NDFs), aiming to benefit their trading books. (Read More : Japan Denies Currency Manipulation Claims Ahead of G20 ) "Traders were talking to traders, saying: 'I need you to help me today, I n...

Full article: http://www.cnbc.com/id/100410762

Tweets

@TheOppTime » 29 Jan '13, 12am
Traders in Singapore may have colluded to manipulate rates submitted for NDFs, another fallout from the Libor scandal. [link]
@pjduvivier » 28 Jan '13, 7am
RT @SkyZeLimit: Si on peut plus déconner ! RT @bank_able: "Singapore traders may have manipulated FX rates". @SkyZeLimit, avoue! [link]
@Bank_Able » 28 Jan '13, 6am
"Singapore traders may have manipulated FX rates". @skyzelimit, avoue! [link]
@price4u2 » 28 Jan '13, 3am
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@CNBCAsia » 28 Jan '13, 2am
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@urwebfreak » 28 Jan '13, 1am
Bank Probes Find Manipulation in Singapore's Offshore FX Market: Source [link]
@UCWNews » 28 Jan '13, 12am
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@Kazi_Canada » 28 Jan '13, 12am
#AsiaNews ▪ Bank Probes Find Manipulation in Singapore's Offshore FX Market: Internal reviews by banks in Singap... [link]
@NbfcAsia » 28 Jan '13, 12am
Singapore Traders May Have Manipulated Forex Rates: Internal reviews by banks in Singapore have found evid... [link] -CNBC
» 28 Jan '13, 12am
ASIA Singapore Traders May Have Manipulated Forex Rates [link] CNBC
@sgdeal33 » 27 Jan '13, 11pm
RT @FxAddicts: Bank Probes Find Manipulation in Singapore's Offshore FX Market: Internal reviews by banks in Singapore have fou... [link]
@FxAddicts » 27 Jan '13, 11pm
Bank Probes Find Manipulation in Singapore's Offshore FX Market: Internal reviews by banks in Singapore have fou... [link]
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@ewana_ew » 28 Jan '13, 12am
Singapore Traders May Have Manipulated Forex Rates [link]
@Deryworldscorp » 28 Jan '13, 12am
Bank Probes Find Manipulation in Singapore's Offshore FX Market: Internal reviews by banks in Singapore have fou... [link]