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.
