Singapore

Securities / Derivatives

SGX Probes Societe Generale Over Timeliness of Disclosure

By Editors | 14/05/2020

As a goodwill gesture, SocGen will extend a one-off payment to investors who suffered losses trying to short-sell Singapore Airlines with daily leverage certificates.

Fintech / Regtech

MAS, SFA, AMTD Jointly Launch S$6m ‘FinTech Solidarity Grant’

By Editors | 13/05/2020

Fintechs can apply for a one-time grant to cover daily working capital expenses, or for funding to cover proofs-of-concept developed with financial institutions on APIX.

AML / KYC

1MDB Tainted Swiss Bank to Exit Private Banking Business

By Editors | 13/05/2020

Falcon Private Bank was forced to shut down its Singapore operations in 2016. Nearly four years later, it has decided to exit private banking in Switzerland.

Securities / Derivatives

SGX RegCo to Scrap Minimum Trading Price Rule from 1 June

By Editors | 11/05/2020

The MTP rule is described as a “blunt tool” for addressing risk of market manipulation, compared to more effective tools that target such manipulation directly.

AML / KYC

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

By Editors | 10/05/2020

Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.

Enforcement

MAS Issues Prohibition Orders Against Two Former Bank Employees

By Editors | 09/05/2020

A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.

Securities / Derivatives

Singapore: HSBC Seeks Court Order to Replace ZenRock Management

By Editors | 07/05/2020

ZenRock is the latest Singapore commodities trader to come under scrutiny, for allegedly using the same cargo to secure financing from multiple banks.

Market Infrastructure

DBS Prices Singapore’s First SORA-based Floating Rate Notes

By Editors | 06/05/2020

DBS has priced the first floating-rate notes referencing SORA, identified last August as Singapore’s alternative interest rate benchmark to SOR.

Securities / Derivatives

Singapore Allows Electronic Dissemination of Offer Documents

By Editors | 06/05/2020

Electronic dissemination will enable rights issues and takeover or merger transactions to take place while reducing the need for staff to be physically present at workplaces.