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Singapore Punishes 20 Banks in Rate Probe

by Brooke Masters, GATA:


Dear Friend of GATA and Gold:

Singapore authorities have disciplined 20 banks after finding that 133 traders attempted to manipulate three kinds of interest rate and foreign exchange rate benchmarks, in a dramatic expansion of the global rate-rigging probe.

Royal Bank of Scotland, UBS, and ING were singled out for the toughest punishment by the Monetary Authority of Singapore, which said it took into account the number of traders involved as well as the seriousness and frequency of the manipulation attempts.

The MAS action marks the first time that 16 of the 20 banks have been sanctioned for rate-rigging and is the first to conclude that attempted rate-rigging occurred in FX benchmarks. RBS, UBS, Citigroup, and Barclays have previously been sanctioned in other countries for attempted manipultion of interbank rates.

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