Bloomberg reports that UBS’s internal review of foreign-exchange trading includes precious metals, the bank said in its annual report released today. Separately, the HKMA said UBS traders tried to rig Hong Kong’s benchmark rate and asked the lender to take action against the employees involved.
Global scrutiny of benchmarks is shifting from interest rates to the currency and commodity markets. At least a dozen regulators are probing allegations that traders colluded to rig benchmarks in the $5.3ril-a-day currency market. The Bank of Canada is examining the way its own reference rate for the Canadian dollar is set, according to documents obtained by Bloomberg News.
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