Singapore Sanctions Big Banks Over Rate Rigging

Law360, New York (June 14, 2013, 3:35 PM EDT) -- Financial regulators in Singapore on Friday ordered UBS AG, Royal Bank of Scotland PLC and 18 other global banks to withhold S$12 billion, or around $9.6 billion, in extra capital for allegedly attempting to rig the local benchmark interest rate as part of a broader series of penalties.

The Monetary Authority of Singapore said that an investigation found that 133 traders at the 20 banks had attempted to manipulate submissions used to set the Singapore Interbank Offered Rates, the Swap Offered Rates and foreign exchange benchmarks...
To view the full article, register now.