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UBS fined $1.5bn for rigging Libor benchmark interest rate


By Patrick   Follow   Wed, 19 Dec 2012, 6:22am PST   173 views   0 comments
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http://www.bbc.co.uk/news/business-20767984

Swiss banking giant UBS has agreed to pay $1.5bn (940m) to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate. It becomes the second major bank to be fined over Libor after Barclays was ordered to pay $450m to UK and US authorities in the summer. Regulators worldwide are investigating a number of banks for rigging Libor. Libor tracks the average rate at which the major international banks based in London lend money to each other. The bank also admitted to manipulating Euribor and Tibor - the equivalent interest rates set by lenders in the...

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