Bank probes find manipulation in Singapore’s offshore FX market: source

Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries.

The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set.

via Business feed http://www.scmp.com/business/banking-finance/article/1137745/bank-probes-find-manipulation-singapores-offshore-fx-market