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Hong Kong joins UBS Libor rigging probe as US charges two ex-traders at bank with conspiracy to manipulate rate

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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


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The shocking thing here is that the FSA does nothing about it. They've just said that big banks are too big to jail:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9743839/Banks-are-too-big-to-prosecute-says-FSAs-Andrew-Bailey.html


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