MAS to reprimand banks by Friday

[TheOnlyGayInTheVillage]

And revise SIBOR rate setting end June.

http://mobile.bloomberg.com/news/2013-06-12/singapore-regulator-said-to-plan-bank-reprimand-on-rates.html

[TheOnlyGayInTheVillage]

http://www.channelnewsasia.com/news/business/singapore/mas-to-release-results-of/709190.html

[phantom_opera]

so banks rigged it higher or lower

if SIBOR calculation is changed, would it be lower or higher?? :rolleyes:

3M SIBOR at 0.1% or 0.5% leh??

[TheOnlyGayInTheVillage]

http://www.straitstimes.com/breaking-news/money/story/133-traders-found-have-engaged-attempts-rig-key-benchmark-rates-mas-review

[TheOnlyGayInTheVillage]

Foreign perspectives on the issue. For balance.

http://dealbreaker.com/2013/06/singapore-fines-some-sibor-manipulating-banks-but-they-can-have-the-money-back-if-theyre-good/

http://www.gmanetwork.com/news/story/312951/economy/moneyandbanking/singapore-punishes-20-banks-for-trying-to-rig-lending-currency-rates

[TheOnlyGayInTheVillage]

Local-currency Sibor, to which most Singapore mortgages are pegged, will continue to be based on the survey method to reflect interbank borrowing costs, according to the statement. The benchmark will be subject to regular reviews, it said. The U.S. dollar Sibor rate and Malaysian ringgit spot rates will be replaced with U.S. dollar-Libor and onshore ringgit spot rates.

http://mobile.bloomberg.com/news/2013-06-14/singapore-censures-20-banks-for-attempts-to-rig-benchmark-rates.html

It also said that, while Singapore dollar Sibor would continue to be based on banks' estimates of borrowing costs, other benchmark rates, including the SOR, the Indonesian rupiah and the Thai Baht would now be based on traded prices.

http://uk.mobile.reuters.com/article/idUKBRE95D0CG20130614?irpc=932