Singapore banks curb e-communications

Several banks in Singapore have taken steps to curb the free use of internet chat rooms and electronic communications, according toFCA - traderbroker this story in Bloomberg News.

The move comes as part of a bid by banks to increase governance by curbing the multi-dealer chat room conversations which created a forum for  traders to agree on transactions, share rumours and exchange tips on business flows.

“Bloomberg News reported in June that dealers used chat rooms to pool information about their positions, executed their own trades before client orders and sought to manipulate benchmark rates by pushing through trades around the 60-second windows when they are set.”

 

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