S'pore ready to assist in forex manipulation probe
SINGAPORE: The Monetary Authority of Singapore (MAS) said yesterday it has been in touch with foreign regulators looking into the alleged manipulation of foreign exchange rates, and was ready to assist in investigations.
The Asian central bank is the latest authority to get involved in a global probe into whether traders in the US$5.3 trillion (RM16.9 trillion)-a-day market sought to manipulate benchmark foreign currency rates.
"MAS has been in touch with foreign regulators on the issue of alleged manipulation in the WM/Reuters foreign exchange benchmark rates. We stand ready to assist in their investigations," the central bank said.
Singapore is the world's third largest foreign exchange trading centre after London and New York.
Several media reports have suggested that foreign exchange traders manipulated fixings - snapshots of where currencies are trading at a particular time in the market, and which are used to price trillions of dollars worth of investments.
Regulators in Switzerland, Britain and the United States are making inquiries about whether these traders used advance knowledge of client orders and each others' trading positions to rig foreign exchange fixings in their favour.
The Hong Kong Monetary Authority was the first regulator in Asia to confirm its involvement in the probe, saying last week it had spoken to foreign regulators about the issue and was following up with individual banks. Reuters