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

FCA: Most firms unable to meet bereavement claims performance levels

FCA: Most firms unable to meet bereavement claims performance levels

Call for improved bereavement handling times

Cameron Roberts
clock 22 November 2024 • 3 min read
ETF providers launch unlisted share classes to tackle slow MPS adoption

ETF providers launch unlisted share classes to tackle slow MPS adoption

Technological and cost barriers

Valeria Martinez
clock 22 November 2024 • 5 min read
Advisers expect regulation to limit time taken on giving advice

Advisers expect regulation to limit time taken on giving advice

Industry expects it will constrain their ability to meet demand

Isabel Baxter
clock 22 November 2024 • 2 min read