Hong Kong and Singapore: How tough is enough?

Asia's two leading financial centres, Hong Kong and Singapore, are competing as gateways to the region. They're also learning to cooperate to keep their markets clean. But maybe they're acting too tough. Some bankers fault Singapore's Monetary Authority for responding more like the Delphic oracle than a regulator. Even Hong Kong's once laissez faire regime is getting over-paternalistic, say others, although the local vice of "rat trading" is not quite dead. David Shirreff reports.