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 greatest trading centre for those currencies, eclipsing onshore activity.

Although to date no evidence of market manipulation has been revealed, and some of those traders are back at work, many industry executives...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222