UBS under investigation by SEC for Libor fixing

Laura Miller
clock

UBS is being investigated by US regulators for allegedly manipulating Libor, the rate at which banks lend to each other.

UBS says is has received subpoenas from the Securities Exchange Commission (SEC), Commodity Futures Trading Commission and Department of Justice, the BBC reports. These refer to submissions the bank made to the British Bankers' Association (BBA), which sets the Libor rate. UBS says it is conducting an internal review into the allegations. "UBS understands the investigations focus on whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate Libor rates at certain times," the bank said in its annual report published on Tuesday. Li...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Canada Life to sell onshore bond business to insurance firm Chesnara

Canada Life to sell onshore bond business to insurance firm Chesnara

Strategic review prompts transfer as Chesnara expands life and pension portfolio

Sahar Nazir
clock 23 December 2024 • 1 min read
Happy holidays from Professional Adviser

Happy holidays from Professional Adviser

Regular newsletters and content will resume on 2 January

Jen Frost
clock 23 December 2024 • 1 min read
The state of financial vulnerability in 2024 and what 2025 holds

The state of financial vulnerability in 2024 and what 2025 holds

'Most firms are now heading in the right direction with their vulnerability processes'

Richard Farr
clock 20 December 2024 • 3 min read