Singapore banks to stop setting Indonesia FX reference rate

A move against benchmark rigging.

According to a report by Reuters, banks in Singapore are to stop setting a reference rate for the Indonesian rupiah, the local banking and foreign exchange associations said on Tuesday, eight months after 20 banks were censured for trying to rig benchmark rates in the city-state.

Singapore's foreign exchange market came under pressure last year after the central bank found 133 traders had tried to manipulate borrowing and currency rates, some of which were used to price derivatives linked to other Southeast Asian currencies.

Read full report here.

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