Another aspect of the widening of the FX probes - Reuters reports that Singapore banks will no longer set the benchmark rates for the Indonesian rupiah. This follows last years's investigation by the Monetary Authority of Singapore which censured traders for attempts to manipulate both interest rates and currency rates, including ones used in the pricing of Southeast Asian non-deliverable forward FX contracts.
News stories have spread from the original London close benchmark rate to other FX benchmarks and also include reports of collusion, traders trading for their personal accounts, sharing client orders with certain clients and trades against client interests relating to option levels. Investigations by regulators around the world continue.
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