Latest Posts
View the latest posts in an easy-to-read list format, with filtering options.
View the latest posts in an easy-to-read list format, with filtering options.
Multi-part posts on a particular topic, grouped together in "series" pages.
Look through our blog archive by year / month, or in a massive title list.
11/27/2024 - The link from the previous weblog has been corrected.... Read More
11/27/2024 - America celebrates its Thanksgiving Day holiday tomorrow, November 28. It is a celebration that co... Read More
11/26/2024 - In the law of tribulation, we read how God intended to bring an increasingly severe judgment upon... Read More
Read over 100 books written by Dr. Jones, available to read for free online. Several of the books have also been translated into different languages, and are also available to read for free. The only time you pay is when you purchase a physical version of a book.
View Full Book List
Read a variety of tracts that condense a topic into a short, single page format. These tracts can be read for free online, or physical copies can be purchased in bundles. If you are subscribed to the FFI Newsletter, you will receive new tracts when they are released.
View Full Tract Listhttp://www.reuters.com/article/2013/01/28/us-singapore-probe-ndfs-idUSBRE90Q0IF20130128
Exclusive: Bank probes find manipulation in Singapore's offshore FX market - source
By Rachel Armstrong
SINGAPORE |
SINGAPORE (Reuters) - Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries.
The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set.
The probes found evidence showing that traders from several banks communicated with each other over electronic messaging about what rates they were going to submit for the local banking association's fixings for non-deliverable foreign exchange forwards (NDFs), aiming to benefit their trading books....
The biggest banks in the Asian NDF markets include UBS, JPMorgan Chase & Co, DBS Group Holdings Ltd and HSBC Holdings Plc....
The Monetary Authority of Singapore told banks in the city state last July to review the way they set interbank lending rates, in the wake of the Libor scandal....
Of the 40 to 50 NDF traders based in Singapore, roughly half had either been put on leave, including those suspended while their activities in the market were under investigation, or left their jobs during the Singapore probes, the source said. It was not clear how many may have been or will be reinstated after the probes' completion.
"A lot of banks are stuck, traders are suspended or have left, so the market is seeing around half its usual volume," the source said.
Comment: It is significant that this article would be published on January 27, 2013, the last day of our prayer campaign against the red dragon. Half of the bankers in Singapore are under investigation and have been fired or arrested for market manipulations similar to the LIBOR scandal in the City of London. Since Singapore is the third largest financial district in the world, this is truly historic.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
We are only able to do what we do because of your support. If you feel led to support this ministry, we deeply appreciate it
