Australian banks ANZ and Macquarie have to set aside up to $300 million after they were accused by Singapore’s monetary authority of taking part in a interest rate-ringing scheme, along with several other financial institutions.
According to Fairfax Media, 20 international banks have been censured by regulators in Singapore, and ordered to put aside as much as $12 billion at zero interest while new rules are put into place.
According to the report, 133 traders were accused last Friday by the Monetary Authority of Singapore of trying to manipulate the Singapore interbank offered rate (SIBOR), swap offered rates (SOR) and currency benchmarks.
Australian Financial Markets Associations executive director David Lynch said the local market was not affected.
“It is a matter for Singapore – it is something outside our jurisdiction,” he said. “The benchmark that we have here is derived from quite a different methodology.”
The Australian Financial Review reported Friday that Macquarie had fired one trader, and ANZ had taken bonuses back from two more as a result.
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