15 Mar '13, 4am

Exclusive: Singapore banks likely to drop Malaysia FX reference rate - source - Chicago Tribune

Exclusive: Singapore banks likely to drop Malaysia FX reference rate - source - Chicago Tribune

SINGAPORE (Reuters) - Banks in Singapore will likely abandon their reference rate for the Malaysian ringgit, a person with knowledge of the matter told Reuters, handing a victory to Malaysia's central bank as it seeks to control and deepen its onshore currency market. Singapore's foreign exchange market has come under pressure for change since regulators, spurred by a global scandal over bankers rigging key lending rates, ordered reviews last autumn into various rates set by the city-state's banking association. The probes uncovered attempts by traders to manipulate Singapore's rate fixings for certain currencies, fuelling the ire of central bankers in Malaysia and Indonesia who for years have held concerns about the impact of offshore speculation on their own spot currency markets. The Association of Banks in Singapore, which is hammering out reforms to improve the integr...

Full article: http://www.chicagotribune.com/business/sns-rt-us-asia-ndf...

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Exclusive: Singapore banks likely to drop Malaysia FX reference rate - source

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