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UBS fined $1.5bn for rigging Libor benchmark interest rate

By Patrick   2012 Dec 19, 6:22am   262 views   0 comments   watch (0)   quote      

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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