UBS takes personnel measures over review of FX business

UBS building

UBS has said it has taken and will take personnel measures as it conducts an internal review of its foreign exchange business, which is being examined by regulators.

Bloomberg reports that the bank started an internal review of its business immediately after a June media report about 'widespread irregularities in foreign exchange markets,' UBS said in its third-quarter report Tuesday. Since then, the bank has been among financial institutions to receive requests for information from authorities investigating the matter, it said.

Bloomberg News reported in June that traders at some banks said they shared information about their positions through instant messages, executed their own trades before client orders and sought to manipulate the benchmark WM/Reuters rates.

In August, Bloomberg News reported that recurring spikes in trading around the periods in which the rates are calculated suggested that dealers may have been trying to influence the benchmarks.

To access the complete Bloomberg article hit the link below:

UBS Has Taken Personnel Measures as Internal FX Probe Continues

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image: © Martin Abegglen

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