I don't think the system is Okay at all. I think there is all sorts of manipulatitive tactics out there and hopefully the regulations are tightened or the offenders are caught out.
For example Singapore investigated Banks over Libor manipulation and caught them out and fined them. ASIC should keep a closer eye on our market which I feel is not fair to everyone.
Have a read of this article as an example - http://money.cnn.com/2013/06/14/news/companies/singapore-banks-sibor/index.html?iid=Lead
