SINGAPORE, July 29 Singapore's central bank
announced new proposals on Tuesday to regulate financial
benchmarks, in the wake of a series of scandals around the world
involving traders manipulating Libor and other key rates.
The Monetary Authority of Singapore (MAS) said it proposed
to make the manipulation of financial benchmarks a civil and
criminal offence. It will also force the administrators and
submitters of systemically important benchmark rates to become
"The proposed regulatory framework will deter manipulation
of financial benchmarks and enhance the integrity of benchmarks
set in Singapore," said Lee Boon Ngiap, an assistant managing
director at MAS.
(Reporting by Rachel Armstrong; Editing by Clarence Fernandez)