24 Oct 2013
Singapore regulator ready to assist FX rate rigging investigations
FXstreet.com (London) - The Singapore financial regulator has indicated that it is ready to assist in investigations into alleged FX rate rigging.
The Monetary Authority of Singapore (MAS) joins the Hong Kong Monetary Authority which last week announced that it had been in communication with foreign regulators in connection with the issue.
Authorities in Switzerland, the UK and the US are pursuing allegations that traders front ran client orders to rig WM/Reuters FX fixings. The rates are based on data compiled from Thompson Reuters and calculated by WM. Neither of these organisations form part of the rate rigging allegations.
In a statement, the Singaporean regulator said: “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.”
Singapore is the world’s third largest FX trading centre, after London and New York.
The Monetary Authority of Singapore (MAS) joins the Hong Kong Monetary Authority which last week announced that it had been in communication with foreign regulators in connection with the issue.
Authorities in Switzerland, the UK and the US are pursuing allegations that traders front ran client orders to rig WM/Reuters FX fixings. The rates are based on data compiled from Thompson Reuters and calculated by WM. Neither of these organisations form part of the rate rigging allegations.
In a statement, the Singaporean regulator said: “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.”
Singapore is the world’s third largest FX trading centre, after London and New York.