Monetary Authority of Singapore (MAS) proposed regulations for key financial rates setting, making it one of the first central banks in the world and the first in Asia to take such measures. Many analysts compliment the move as an example for other central banks to look and learn from.
The regulations were set in place after a review by MAS showed that 133 traders from 20 banks were attempting to rig financial benchmark rates. This shows how serious Singapore is in maintaining its reputation as a key global financial centre.
A point to note is that the financial impact on banks was not that severe, given that the 133 traders represent only a small portion of the ten thousands people in the same industry. However, there is no doubt that reputation and plain embarrassment had been suffered.
MAS had also requested 19 out of the 20 banks to deposit additional reserves, interest-free. This would not affect the local bank’s lending ability, though the sum amounts to hundreds of million. To the bank, as stated by CIMB economist, it may just be opportunity cost of some money locked up by MAS.
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