According to “Financial Times” reported that the Monetary Authority of Singapore survey found that 133 traders attempt to manipulate including Singapore Interbank Offered Rate (SIBOR), including interest rates and exchange rates of the three benchmark price, the agency has on UBS Group, ING Group (ING) and other 20 financial institutions were punished, they increase the reserve requirements, the central bank kept interest rates at zero for more deposits.
Monetary Authority of Singapore said in a statement: “Although there is no conclusive evidence that SIBOR, Singapore swap rate (SOR) and foreign exchange benchmark price was successfully manipulated, but the trader’s behavior illustrates their lack of professional ethics.”
Monetary Authority of Singapore does not impose fines on the banks involved, but requires Royal Bank of Scotland, UBS and ING Group will reserve increased to more than 799 million U.S. dollars. Bank of America, BNP Paribas and OCBC Bank Singapore, local agencies are required to increase reserves less.
Reported that three quarters of the traders involved remain in the bank, and the rest will be subject to transfer or forfeiture of pay penalties. MAS also said it has entered into a benchmark price for the three planned new regulatory framework for interest rate manipulation set specific standards in civil and criminal penalties.
Earlier, Royal Bank of Scotland and UBS has since manipulated LIBOR (LIBOR) by the United States and the United Kingdom financial authorities punished. The Monetary Authority of Singapore punishment suffered financial institutions also include Barclays Bank, Credit Agricole, Credit Suisse, DBS Bank, Deutsche Bank, Commerzbank, Standard Chartered Bank, UOB Bank, ANZ Bank, Citibank , JP Morgan, Macquarie, Mitsubishi Tokyo UFJ Bank and HSBC.
MAS 2012 announced that it is investigating whether SIBOR been manipulated. To 9, the investigation expanded to include non-deliverable forward contracts, foreign exchange derivatives and SOR.