24 Sep '12, 3pm

#Libor investigation widens as Singapore starts probing how banks set currency reference rates

BY MARTIN VAUGHAN AND SAM HOLMES SINGAPORE—Singapore's central bank expanded a two-month old probe into how banks set benchmark rates, sweeping industry-set reference rates for certain Asian currencies into its investigation. The announcement opens a potential new front in a global inquiry by regulators into suspected attempts by banks to influence rates that until now had focused on interest-rate benchmarks like the London Interbank Offered Rate, or Libor. The Monetary Authority of Singapore said it has instructed banks to review their processes to set foreign-exchange rates used to settle certain currency forward contracts.

Full article: http://online.wsj.com/article/SB1000087239639044481310457...

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