Malaysian central bank slams Ice and SGX over ringgit futures

Making them available offshore goes against foreign exchange rules, says Bank Negara Malaysia

Ringgit: Malaysia's central bank is keen to develop the country's onshore currency market

Bank Negara Malaysia (BNM) has condemned the Singapore Exchange (SGX) and Intercontinental Exchange (Ice) for allowing offshore market participants to trade ringgit foreign exchange futures on their platforms.

The central bank says making ringgit contracts available for trading outside of Malaysia is inconsistent with the country’s foreign exchange rules.

“The recent introduction of the ringgit futures at SGX and Ice or Ice Futures Singapore is inconsistent with Malaysia’s foreign exchange

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