The Monetary Authority of Singapore is proposing new laws for financial benchmarks, in the wake of a review that found 133 traders in Singapore tried to rig benchmark interest rates.

First, the MAS will introduce specific criminal and civil sanctions under the Securities and Futures Act for attempts to manipulate any financial benchmark.

This will cover all financial benchmarks including SIBOR, SOR and foreign exchange benchmarks.

Second, the MAS plans to subject the setting of key financial benchmarks to regulatory oversight.

For now SIBOR, SOR and foreign exchange benchmarks will be designated as key ones.