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US: UBS wants immunity in market-rigging probes

 |  February 10, 2014

Sources say Swiss bank UBS has approached US regulators looking to avoid possible sanctions for market-rigging under the regulatory leniency program for being the first to approach authorities with alleged collusion, reports say.

UBS first went to the Department of Justice last September with information related to the ongoing investigations into alleged foreign exchange market manipulation. The US, UK, German and Swiss authorities have all launched their own investigations into the suspected market rigging.

Charges have not been brought against any individual or bank as of yet, and UBS says it is cooperating with investigators. But three sources say the lender is looking for immunity under the DOJ’s leniency program should any charges occur.

Reports say UBS similarly received immunity in the US for its role in the LIBOR scandal that preluded the forex case.

Full Content: Irish Times

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