Singapore’s NDF scandal ain’t what you think

Investigations into whether banks in Singapore have rigged synthetic exchange rates obscure the more fundamental problem of immaturity in the region's capital markets.

The non-deliverable currency forwards market in Singapore has become a casualty of the larger global scandal involving banks rigging Libor benchmark rates.

FX traders at a number of global investment banks and broker-dealers have been suspended as the Monetary Authority of Singapore conducts an investigation of “irregularities” into how prices are set for NDFs involving Indonesian rupiah, Malaysian ringgit, Thai baht, Philippine pesos and Vietnamese dong.

Singapore has developed into the...

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