  The Interbank Offered Rate is a vital benchmark interest rate in the
financial markets of every country to which financial contracts are tied. In
the light of the recent LIBOR manipulation incident, this paper seeks to
address the fear that Interbank Offered Rate are entirely controlled by the
bank. The paper will focus on the comparison between LIBOR and SIBOR especially
with regards to the behavior of the interest rate with time. Because of the
nature of IBORs, banks will naturally be submitting similar rates which should
not differ excessively from the market as well as the other banks. We will
compare the LIBOR and SIBOR from 2005 to 2011 with respect to the 1 month rates
on an annual basis. We will present the result that the SIBOR is not
manipulated like LIBOR.
