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Switzerland: UBS again vets for forex manipulation leniency

By  |  February 24, 2014

After a successful bid for leniency with US and EU regulators regarding interest rate manipulation probes, reports say Swiss bank UBS is again looking for similar treatment as authorities in their investigations into foreign exchange market manipulation.

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    Sources told reporters that UBS is looking to repeat the success it had when it avoided potentially billions in fines last December under the EU leniency program. The lender voluntarily exposed its role in the LIBOR benchmark rate manipulation scandal.

    Now, sources say the bank hopes to be the first to report its own foreign exchange market rigging allegations to both EU and US authorities.

    At least one dozen authorities around the globe are investigating allegations of forex benchmark rigging. When the first reports of such allegations emerged last June, UBS said it launched an internal probe into the matter.

    Full Content: South China Morning Post

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