Singapore regulator proposes new rules for financial benchmarks

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 licenced.

"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.