UPDATE 1-Singapore ready to assist in global currency rigging probe
By Rachel Armstrong and Kevin Lim
SINGAPORE Oct 24 (Reuters) - Singapore's central bank said it was ready to assist in investigations into alleged manipulation of foreign exchange rates, potentially widening a probe in the $5.3 trillion-a-day FX market that already involves authorities in the United States, Britain, Switzerland and Hong Kong.
The announcement by the Southeast Asian city-state, the world's third-largest FX trading centre after London and New York, comes just a week after Hong Kong said it was talking to foreign regulators and banks about the market rigging allegations.
"MAS has been in touch with foreign regulators on the issue of alleged manipulation in the WM/Reuters foreign exchange benchmark rates. We stand ready to assist in their investigations," the Monetary Authority of Singapore (MAS) said in a statement on Thursday.
In echoes of the global probe into interest rate rigging, authorities are examining electronic messages between currency traders to see whether they colluded with counterparts.
Several media reports have suggested that traders manipulated the fixings - snapshots of where currencies are trading at a particular time in the market - which are used to price trillions of dollars worth of investments.
Britain's Financial Conduct Authority (FCA) said last week it had progressed from asking banks for information relating to FX trading to opening a formal probe, and is working with agencies overseas.
The Hong Kong Monetary Authority was the first regulator in Asia to confirm its involvement in the probe, saying last week it had spoken to foreign regulators about the issue and was following up with individual banks. Hong Kong is Asia's third-largest FX trading centre after Singapore and Tokyo. Continued...