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  1. Hong Kong is to investigate possible Libor rigging by UBS, a day after the Swiss bank agreed to pay £940m to regulators for trying to manipulate the key rate on an "epic scale" and two former traders at the bank were charged with conspiracy. The Hong Kong Monetary Authority, the city's de facto central bank, said it has received information from overseas regulators about "possible misconduct" by UBS involving submissions for the city's interbank rate, known as Hibor, and other reference rates in Asia. UBS was fined by Swiss, British and US regulators on Wednesday after an investigation revealed evidence of massive misconduct in the setting of the London interbank offered rate (Libor), a global reference that affects trillions of dollars of loans and mortgages. The penalty is the second-largest banking fine ever. The Hong Kong Monetary Authority said it had "commenced an investigation to assess whether the potential misconduct had any material impact on Hibor, which is considered a key benchmark interest rate for economies in the region. It will work with overseas regulators to gather information and "consider further actions that need to be taken" pending the findings of the investigation. More: http://www.telegraph.co.uk/finance/libor-scandal/9757354/Hong-Kong-joins-UBS-Libor-rigging-probe-as-US-charges-two-ex-traders-at-bank-with-conspiracy-to-manipulate-rate.html
  2. After Swiss bank UBS agree to pay £940m in fines to settle charges of manipulating Libor, Damian Reece, The Telegraph's Head of Business, says the scale of undetected wrongdoing is "shocking". Swiss banking giant UBS has agreed to pay £940m to regulators in order to settle charges of manipulating Libor interest rates, fraud and paying bribes to brokers. UBS' 1.4bn Swiss franc (£940m) fine includes a £160m payment to the Financial Services Authority, the largest penalty ever levied by the British watchdog, and $1.2bn paid to US authorities. The penalty is the second-largest fine paid by a bank and is more than three times the £290m fine levied on Barclays in June for attempting to rig the Libor benchmark rate used to price financial contracts around the world. The FSA said at least 45 people were involved in or were aware of the rigging and that the breaches occurred over a five-year period between January 2005 and December 2010. The watchdog described the misconduct as "extensive and widespread", with at least 2,000 requests for inappropriate submissions documented and "unquantifiable" number of oral requests. Link: http://www.telegraph.co.uk/finance/libor-scandal/9755469/Scale-of-UBS-Libor-abuse-shows-why-FSA-is-being-dismantled.html
  3. Swiss banking giant UBS has agreed to pay £940m to regulators in order to settle charges of manipulating Libor interest rates, fraud and paying bribes to brokers. The penalty is the second-largest fine paid by a bank and is more than three times the £290m fine levied on Barclays in June for attempting to rig the Libor benchmark rate used to price financial contracts around the world. UBS' 1.4bn Swiss franc (£940m) fine includes a £160m payment to the Financial Services Authority, the largest penalty ever levied by the British watchdog, and $1.2bn paid to US authorities. As part of the settlement, UBS' Japanese arm has agreed to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including Yen Libor. The steep fine for UBS is despite the bank, since 2011, cooperating with law-enforcement agencies in their probes. The bank said it received conditional immunity from some regulators. In a statement on Wednesday, UBS said that certain personnel had "engaged in efforts to manipulate submissions for certain benchmark rates to benefit trading positions". Link: http://www.telegraph.co.uk/finance/libor-scandal/9754614/UBS-fined-940m-over-Libor-rigging.html
  4. Swiss bank prepares to pay a fine of around £630m for rigging Libor, a fresh embarrassment after the Kweku Adoboli trading scandal. Banks face another big hit to their reputation as UBS of Switzerland prepares to pay a fine of around £630m for rigging Libor – more than twice the amount Barclays paid for attempting to manipulate the key interest rate. Details of the settlement with the Financial Services Authority and a number of US and Swiss regulators are expected to be released next week. The news will be a fresh embarrassment for the Swiss bank after Kweku Adoboli, a former employee, was jailed for fraudulent trading last month. The potential scale of the fine emerged during a week in which the Serious Fraud Office made its first arrests in the Libor scandal and two British banks – Standard Chartered and HSBC – paid out a total of more than £1.6bn to settle damaging allegations of money laundering and sanctions busting from the US authorities. A former trader from UBS was among three men arrested on Tuesday by City of London police and the SFO in the Libor investigation, which was sparked by Barclays' £290m fine in June. Tom Hayes, who has worked for Citigroup as well as UBS, and two men who worked for City-based inter-dealer broker RP Martin – Terry Farr and Jim Gilmour – were named as those arrested. UBS is not the only bank braced for the fallout from the Libor scandal; bailed-out Royal Bank of Scotland has prepared the ground for a huge fine – also possibly bigger than Barclays' – in the coming weeks. Allegations about RBS's role in the scandal have emerged from Singapore where court filings alleged its traders described the benchmark rate as a "cartel". More: http://www.guardian.co.uk/business/2012/dec/13/ubs-bank-libor-fine
  5. Watchdog slams UBS's computer systems which allowed 'junior trader' to take risky trades Kweku Adoboli, 32, jailed last week for seven years Court heard how trader 'was a gamble away from destroying bank' Read more: http://www.dailymail.co.uk/news/article-2238520/UBS-fined-30million-seriously-defective-controls-allowed-rogue-trader-gamble-away-1-4billion.html#ixzz2DKXzjnev
  6. http://news.sky.com/story/1004485/ubs-cuts-thousands-of-uk-jobs-amid-restructuring
  7. Jury sworn in at start of trial expected to last eight weeks at Southwark crown court. A jury was sworn in at Southwark crown court on Monday to hear the case of Kweku Adoboli, a City trader who is accused of causing £1.4bn of losses for his former employer, the Swiss bank UBS. Adoboli, 32, from Whitechapel, east London, attended the court in a dark suit and red tie at the start of his trial for two counts of fraud and two counts of false accounting. Arrested a year ago after the bank announced the losses, Adoboli denies the charges, which are to be heard in a trial that is expected to last eight weeks. Two of the charges allege false accounting, claiming he falsified records of exchange traded funds (ETFs) – complex financial instruments – between October 2008 and December 2009 and then between January 2010 and September 2011. The third charge alleges he committed fraud between January 2011 and September 2011 while working as a senior trader in global synthetic equities. The fourth charge, of fraud, relates to activity between 1 October 2008 and 31 December 2010. Link: http://www.guardian.co.uk/business/2012/sep/10/city-trader-kweku-adoboli-court-ubs
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