UBS said to suspend FX traders in three countries

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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.

To access the complete Bloomberg article hit the link below:

UBS Said to Suspend FX Traders in New York, Zurich and Singapore 

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