Bank Negara Fines Local Bank Over Fixing Misconduct, Claims NDF Problem Solved

Malaysia’s central bank, Bank Negara, has continued its offensive against what it believes to be market misconduct, saying it has initiated enforcement actions against an un-named local bank relating to dealers’ misconduct involving the fixing of the USD/MYR exchange rate.
Bank Negara says, “The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process. In this regard, the Bank has commenced the due process as stipulated under the Financial Services Act.”