A PYMNTS Company

Singapore: Regs become first to acknowledge probe of WM/Reuters rates

By  |  October 24, 2013
Singapore: Regs become first to acknowledge probe of WM/Reuters rates

Authorities in Singapore have become involved in probe into the global foreign exchange market and, according to reports, have also become the first regulator in the world to confirm the investigation is into alleged manipulation of the WM/Reuters benchmark rates.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The Monetary Authority of Singapore confirmed in an emailed statement Thursday that it was assisting foreign authorities with their probes into the market, worth $5.3 trillion a day, and has become the first regulator to confirm those probes involve the WM/Reuters benchmarks.

    The benchmarks are published every hour by State Street Corp and Thomson Reuters and determine the price of foreign exchange for companies. Those benchmarks are also used to determine indexes.

    Various regulators in the US and Europe have opened investigations into the allegations that traders colluded to manipulate the benchmarks.

    Singapore is Asia’s largest foreign-exchange center.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.