An honorable member of the Coffee Shop Has Just Posted the Following:
If traders have been caught manipulating rates in NY, London and HK, surely they would have done the same in Singapore.
Will Pinky / MAS dare to charge UBS traders in SG with manipulation? UBS is BIG BOY and is partly owned by GIC. Conflict of interest?
UBS Traders Found to Have Tried Rigging Hong Kong Interbank Rate
By Yidi Zhao - Mar 14, 2014
UBS AG traders tried to rig Hong Kong’s benchmark interest rate between 2006 and 2009, the city’s central bank said following a probe that lasted more than a year.
The Hong Kong Monetary Authority had found about 100 internal chat messages containing “change requests” by several UBS traders for the bank’s submissions to set the Hong Kong Interbank Offered Rate, according to a statement distributed to media today.
While the change requests had a negligible impact on the final Hibor fixing, the HKMA has asked UBS to take disciplinary action against the staff members responsible.
The HKMA’s probe into possible misconduct in setting Hibor started with UBS AG (UBSN) in December 2012 and widened about six months later to add lenders including HSBC Holdings Plc after crackdowns by the U.S., U.K., Japan and Singapore. Worldwide fines for rigging interest-rate benchmarks reached $6 billion in December.
Click here to view the whole thread at www.sammyboy.com.
14-03-2014, 06:00 PM
Will Pinky / MAS dare to charge UBS (owned by GIC)?
