133 traders found to have engaged in attempts to rig key benchmark rates: MAS review

A year-long review has found that 133 traders at 20 banks in Singapore tried to rig benchmark interest rates including one that affects the cost of home loans.

The Monetary Authority of Singapore also found that there were flaws in the banks' governance and surveillance systems involved in their benchmark submissions.

These benchmark rates included the Singapore Interbank Offered Rates (SIBOR) and Swap Offered Rates (SOR).

MAS announced on Friday that it will now require 19 of these banks to set aside deposits ranging from $100 million to $1.2 billion for a year at zero interest, depending on the severity of the deficiencies in their rate setting systems or the number of attempts made by their traders to rig the rates.