MAS overhauls benchmarking practices

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The Monetary Authority of Singapore (MAS) is to implement a new regulatory framework for financial benchmarks that will enhance the integrity of the process, the regulator announced today. The overhaul comes after the MAS conducted a year-long review of benchmark submissions and found deficiencies in the governance, risk management, internal controls and surveillance systems of 20 banks. "A total of 133 traders were found to have engaged in several attempts to inappropriately influence the be