Daily News: October 29, 2012

Bloomberg: Traders Suspended as Probe Goes Past LIBOR

Bloomberg reported that UBS and Royal Bank of Scotland suspended more than three traders in Singapore as regulators investigating LIBOR-rigging turn their attention to the rates used to set prices on foreign exchange derivatives.

Bloomberg said regulators around the world are broadening the scope of their investigations beyond interbank offered rates such as the LIBOR to encompass more benchmarks. The article said the Monetary Authority of Singapore is extending its probe into rate-rigging to include non-deliverable forwards. About $1.02 trillion of the contracts are traded in a year, according to 2003 figures, the most recent available, compiled by the Emerging Markets (EEM) Traders Association, Bloomberg said.

To read the full Bloomberg article click here.