UBS suspended foreign-exchange traders in the U.S., Singapore and Switzerland as its investigation into the alleged rigging of currency markets widened, according to a person with knowledge of the matter.
Bloomberg News reports that the bank opened a review of its currency operations last year after Bloomberg reported in June that traders in the industry had colluded to rig the WM/Reuters rates, a benchmark used by investors and companies around the world.
Authorities in three continents are investigating whether traders at some of the world’s largest banks sought to manipulate the WM/Reuters rates in their favor by pushing through trades before and during the 60-second windows when the benchmarks are set.
Regulators are examining whether bank traders communicated with dealers at other firms and timed trades to influence benchmarks and maximize profits.
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