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Switzerland: UBS headed for forex immunity

By  |  April 2, 2014

Swiss bank UBS is reportedly headed for immunity in EU regulators’ investigation of foreign exchange market manipulation, according to a source.

After avoiding fines in the EU’s LIBOR rigging investigation, the bank is reportedly looking to repeat the situation under a leniency program. But while UBS avoided a $3.45 billion LIBOR sanction, reports say critics will likely slam authorities should they again allow UBS to get off without a penalty. A decision on whether UBS will obtain full immunity will not be made until the probe concludes, reports say.

Forex market rate manipulation claims are currently being probed by authorities in the US, EU, Hong Kong and other jurisdictions.

Full Content: Businessweek

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