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.
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.
Featured News
Google ExecAdmitted Firm’s Goal Was to “Crush” Digital Ad Rivals, According to Court Docs
Sep 11, 2024 by
CPI
Former Michigan Football Stars File $50 Million Antitrust Lawsuit Against NCAA
Sep 11, 2024 by
CPI
Oasis Fans Could Be in Line for Ticket Refunds Amid Antitrust Concerns
Sep 11, 2024 by
CPI
FCC Chair Calls for More Competition to SpaceX’s Starlink Network
Sep 11, 2024 by
CPI
Singapore Salon Director Jailed for Contempt in Consumer Protection Case
Sep 11, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
CPI
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
CPI
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
CPI
The Cost of Making COFECE Disappear
Sep 3, 2024 by
CPI