Singapore generally dislikes drawing attention to itself when it comes to financial markets.
Having discreetly built itself up as an Asian financial hub, Singapore has now become one of the world’s largest centres for wealth management and commodities trading. But recently the Lion City has been drawing some unwelcome attention in the foreign exchange markets, where it is ranked fourth-largest in the world by trading volume.
Last month two former UBS traders sued the Switzerland-based bank alleging they were wrongfully dismissed and accused by the bank of gross misconduct. In two lawsuits filed in Singapore, they claim they were fired to cover up any role the bank had in allegedly manipulating the pricing of foreign exchange derivatives.
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